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b"Join Scott Cluthe on FACEBOOK HERE\\xa0\\n\\nGet a FREE Book from 1,500 Titles from Scott HERE\\xa0\\xa0\\n\\n8 PM EST-7 CST-6 MST-5 PST Call in: 347-308-8478\\nScott Cluthe talks live with the author of the new book, The Next Economic Disaster-Why It's Coming and How to Avoid It,\\xa0Richard Vague\\n\\nCurrent debates about economic crises typically focus on the role that public debt and debt-fueled public spending play in economic growth. This illuminating and provocative work shows that it is the rapid expansion of private rather than public debt that constrains growth and sparks economic calamities like the financial crisis of 2008.\\n\\nRelying on the findings of a team of economists, credit expert Richard Vague argues that the Great Depression of the 1930s, the economic collapse of the past decade, and many other sharp downturns around the world were all preceded by a spike in privately held debt. Vague presents an algorithm for predicting crises and argues that China may soon face disaster. Since American debt levels have not declined significantly since 2008, Vague believes that economic growth in the United States will suffer unless banks embrace a policy of debt restructuring.\\n\\nPhilanthropist and former banker Richard Vague is a managing partner of Gabriel Investments and Chairman of The Governor's Woods Foundation.Vague was 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 issuer of the past decade, which was sold to Barclays PLC in 2004."