The Next Economic Disaster
Current debates about economic crises typically focus on the role that public debt and debt-fueled public spending play in economic growth. The Next Economic Disaster is an illuminating and provocative work that shows that it is the rapid expansion of private rather than the public debt that constrains growth and sparks economic calamities like the financial crisis of 2008. All informed citizens, but especially those interested in economic policy and history, will want to contend with the distressing arguments and evidence within this book.
Praise for The Next Economic Disaster
"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
"Economists failed to predict the 2007 meltdown and they'rEcon 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
"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