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2019-08-13

How Richard Vague Discovered Gravity: An Interview + Book Review of A Brief History of Doom: Two Hundred Years of Financial Crises

Richard Vague observes in this book, of the economic hierophants who are “… in power at the time of a financial crisis to later assert that crises cannot be predicted or prevented and that when a crisis happens, we are in the grip of economic complexities that we can neither foresee nor prevent nor entirely understand” 

Richard Vague has discovered with “causal elegance” that we can understand the performance of any modern economy through changes in the ratio of privatedebt to GDP and that private“overlending is the necessary and sufficient explanation for a majority of financial crises…” 

Posted on August 13, 2019 by Yves Smith

Highly recommended

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