Part of my study of capitalism from all angles includes debt. Debt is how many of us build wealth (it’s hard to buy a house without a mortgage); it’s also how millions of Americans find themselves in debt.

I first encountered Richard Vague’s book, The Paradox of Debt on NetGalley, and it sat in my to-be-read pile forever. Once I read it, I knew I had to chat with him. The idea of the paradox of debt is that it’s both necessary and dangerous. His answer to the growing problem of personal debt centers on strategic debt forgiveness. He’s a banker, a historian, and overall, a thinker. I benefitted greatly from listening to him and I hope you do, too.

Debt becomes a problem only when we cannot pay. There are many reasons that a debt that seems reasonable to assume at one point becomes unbearable at another. There’s a prevailing belief that anyone who gets deep in debt was foolish at some point. Sometimes, that may be the case, but more often, we simply can’t forecast our future ability to pay, and neither, for whatever reason, can banks.

If you are worried about debt, if it’s keeping you up at night, if you have money shame and feel trapped, please talk to someone. We don’t have debt jubilees yet, but there are other solutions.

This interview was done as part of the New Books Network, a fantastic podcast platform that features dozens of author interviews with leading academics and thoughtleaders each week.

The Paradox of Debt by Richard Vague offers a thought-provoking analysis of the role debt plays in the global economy, challenging conventional wisdom. Vague's insightful examination provides a compelling narrative that is essential reading for anyone interested in understanding the complexities of financial systems.