Inflation, Inequality and the Next Economic Disaster - with Richard Vague

Jason Hartman interviews Secretary of Banking and Securities for the Commonwealth of Pennsylvania Richard Vague about the history of business in the United States. Will history repeat itself in the next economic disaster? Jason and Richard discuss the effects of the recent pandemic on our financial system, inflation and the exacerbation of inequality and hollowing out of the middle class through increased debt.

0:00 Introduction
1:12 Richard Vague is secretary of banking and securities for the Commonwealth of Pennsylvania and former managing partner of Gabriel Investments
3:05 It's clear the central business of the United States from the very beginning was real estate
6:06 The single largest component of the private sector debt market in the United States is real estate
8:29 The Great Depression came on the heels of a massive real estate boom in the 1920s
12:49 Home Sales, mortgage debt levels and ratio to GDP are far below those levels are below that problematic 2005 - 2007 period
15:18 We've just gone through one of the most stressful periods in American history, however the financial services industry has held up really well
17:07 Inflation in the US has been fairly benign with the exception of the post war periods
19:22 Money supply has outgrown GDP dramatically
21:54 We issue more debt instead of printing actual currency because debt has maturity, an interest rate and an accountability regime associated with it
22:49 Twenty to thirty-five percent of all dollars ever created, were created last year, during the pandemic
25:01 More debt brings lower interest rates, higher inequality and inflation of asset prices
26:01 Money is created by debt and debt is created by money
27:00 One of the biggest problems in American society right now is the exacerbation of inequality and the hollowing out of the middle class

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#nationaldebt #inflation #economicdisaster #mortgageinterestrates #wealthinequality