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The Debt We Don't Talk About

How do you know a major financial crisis is coming? Look for a spike in privately held debt, by households and corporations. That's the argument of Richard Vague, author of The Next Economic Disaster: Why It's Coming and How to Avoid It. Having worked for more than 30 years in consumer banking, Vague describes how he saw the build-up of private debt in the mortgage and credit card industries first hand--even though it's an issue that neoclassical economists like Milton Friedman barely acknowledge. To avoid another crisis, Vague says firms and governments need to take debt forgiveness--the biblical "jubilee"--seriously. As he says, after the financial crisis "We helped the banks, we didn't help the households."