The Paradox of Debt

 The Paradox of Debt: A New Path to Prosperity Without Crisis, Richard Vague, 2023

These days, all the talk about debt usually means "government debt." This book provides evidence that debt is not always a bad thing.

Did you know that the levels of private debt, including mortgages, credit cards and student loans, is several times greater than government debt? Debt can be a good thing. A married couple getting a mortgage to buy their first home, or a businessman buying equipment for his company, are examples of "good" debt. "Bad" debt drives periodic financial crises and fast-rising levels of income inequality.

According to the author, debt needs to be carefully monitored in areas like housing, trade and student loans (the book explains). His creation of the mythical LoanLand, to help explain some of these topics in very basic terms, helps a lot.

This is an interesting book. For those who are into charts, there are many of them. Yes, this is worth reading for those who want to learn about the financial world.