Richard Vague

Involvement

Richard Vague is Acting Secretary of Banking and Securities for the Commonwealth of Pennsylvania. He is the author of A Brief History of Doom, a chronicle of major world financial crises, The Next Economic Disaster, a book with a new approach for predicting and preventing financial crises, and the upcoming Illustrated Business History of the United States, to be released in early 2021.

Previously, he was managing partner of Gabriel Investments, and early stage venture capital company. Vague was also co-founder, Chairman and CEO of Energy Plus, an electricity and natural gas supply company operating in states throughout the U.S. that was sold to NRG Energy in 2011, and also co-founder and CEO of two credit card companies – First USA, which grew to be the largest Visa issuer in the industry and which was sold to Bank One in 1997, and Juniper Financial, the fastest growing credit card in its era, which was sold to Barclays PLC in 2004.

Richard currently serves on the University of Pennsylvania Board of Trustees and the Penn Medicine Board of Trustees, and on a number of business boards. He is chair of FringeArts Philadelphia, chair of the University of Pennsylvania Press, and chair of the Innovation Advisory Board of the Abramson Cancer Center. He also serves on the Governing Board of the Institute for New Economic Thinking. Vague is the founder of the economic data service Tychos (tychosgroup.org) and the email newsletter service Delanceyplace.com, which focuses on non-fiction literature.

By this expert

It’s Time for a Debt “Jubilee”

Article | Sep 11, 2020

Why freeing American households and businesses from crippling private debt would be a boon to the economy. Article reposted from DemocracyJournal.org.

Technology: From Copycats to Innovators

Article | Mar 19, 2019

Richard Vague looks at what it’ll take for the U.S. to win the R&D race

Rapid Money Supply Growth Does Not Cause Inflation

Article | Dec 2, 2016

Neither do rapid growth in government debt, declining interest rates, or rapid increases in a central bank’s balance sheet

The Private Debt Crisis

Article | Sep 21, 2016

China is drowning in it. The whole world has too much of it. History suggests: This won’t end well.

Featuring this expert

Debt Talks Episode 4 | Do We Need a Debt Jubilee?

moderated by Moritz Schularick with Sebnem Kalemli-Ozcan, Astra Taylor and Richard Vague

Event Webinar | Hosted by Private Debt | Nov 17, 2020

What is the current situation in private indebtedness in the U.S.? Recent ideas suggest that excessive levels of debt are an obstacle to a quick recovery and sustained economic growth.

INET Board Member Richard Vague on Rescuing the Coronavirus Economy

News Apr 1, 2020

INET Board Member Richard Vague writes in The Hill on how to rescue the coronavirus economy

A Brief History of Doom

Video | Jun 26, 2019

Richard Vague and Rob Johnson discuss the role of excessive lending in causing financial crises throughout history

NextGen

Private Debt Initiative

Event Conference | Hosted by Private Debt | Jun 20–21, 2019

Shaped by the 2008 financial crisis, a new generation of economists is expanding the boundaries of economic thinking on credit cycles, private debt, and financial stability.