Description
Book SynopsisIn this illuminating and provocative work, Richard Vague argues that the rapid expansion of private debt-rather than public spending-is what constrains economic growth and triggers economic calamities like the financial crisis of 2008.
Trade Review"Economists failed to predict the 2007 meltdown and they're on course to miss the next one too. As a consumer lending practitioner who saw it coming, Richard Vague's voice should not be ignored. His emphasis on the dangers of rising private household debt is a key both to the last crisis and the next." * Ed Luce,
Financial Times Chief U.S. Commentator and Columnist *
"If you want to understand why financial crises occur, read
The Next Economic Disaster. In this penetrating new book, serial entrepreneur Richard Vague succinctly documents how all financial collapses originate with too much private borrowing. In plain English, he outlines some of the steps we need to take to avoid the next cataclysm." * Liaquat Ahamed, author of
Lords of Finance: The Bankers Who Broke the World *
"We all know that too much debt is bad. But if you want to know how bad, you need to read this book. Packed with insightful analysis, it is a must-read for anyone who wants to understand how we got onto the road to financial ruin-and how to avoid the next disaster." * Megan McArdle,
Bloomberg View *
Table of ContentsPreface
Chapter One. Boom and Crisis
Chapter Two. The Deleveraging Challenge
Chapter Three. The Paradox of Debt and the Long-term View
Conclusion
Acknowledgments
Appendices can be found online at www.debt-economics.org/appendix/
