A Brief Discussion of Doom - Richard Vague #5343

<p><strong>Summary:</strong><br /> How do we minimize the ever-increasing debt? I have Richard Vague on the podcast to talk about the pursuit of financial stability—which has become extremely difficult in our times. His mission as a public official is looking at debt and putting together strategies to remediate this.</p> <p><strong>Highlights:</strong><br /> -Richard preaches a messages of financial stability, which he represents in his books<br /> -Perhaps a debt jubilee is what we need<br /> -His mission as a public official is looking at debt and putting together strategies to deal with this<br /> -Public and private sector debt are growing faster than GDP<br /> -Anytime debt in a sector grows too rapidly, it means over-capacity is being created<br /> -A debt boom creates illusory good times—jobs are being created, tax revenues at the government level are increasing, etc. Things appear to be really good<br /> -It is only in the aftermath that we see desire to do something about it, and oftentimes capitalism gets blamed<br /> -Vague puts out practical ideas for remediating debt that has been accumulated<br /> -What incentives can the government put out to avoid these debt situations?<br /> -The level of new homes being built right now are is below what it was in 2007<br /> -Growth in debt has also come from lending standards/private equity lending<br /> -They estimate that there are 90 million empty residences in China<br /> -It used to be believed that credit creation went hand in hand with the increase of the money supply, but this is not necessarily the case<br /> -Our country is not in an enviable position in terms of debt<br /> -There is a mess coming down the road that will be hard to manage</p> <p><strong>Useful Links:</strong><br /> <a href="https://www.financialsurvivalnetwork.com" target="_blank" rel="noopener">Financial Survival Network</a><br /> <a href="https://www.richardvague.com/" target="_blank" rel= "noopener">Richard Vague</a></p>