Richard Vague, private debt and financial crises

Jussi Ora interviews Richard Vague, the Secretary of Banking and Securities for the commonwealth of Pennsylvania, USA, about his research into causers for financial crisis. Mr Vague has 35 years experience from the banking industry and their boardrooms. Author of several books, information here: www.richardvague.com/
More about his research can be found here: privatedebtproject.org/pdp/in...

[@joebhed1]

A nicely crafted walk around the global crisis driven 'lending' problem, being that for the non-banker it's more of a 'borrowing' problem (they OWE it) , but in either case transacted as to produce mostly debt.
To me, the main societal fail of this crisis is the resulting 'debt overhang' that is implicitly borne in a debt-based system of money. And banking.
That's the problem.
We should agree.
And while bankers might wish us looking at the changes in the borrowing level of customers(loans), the users of the system would prefer a system of money that is not based entirely on the debt-contracts of the bankers for its existence.
It's the money system that's failed.
There, in the exchange of goods and services that make up the GDP, the financed transaction produces a DEBT of 'money' repayable only with real money, and then only a fraction of that amount of debt as money with which to pay the debt.
There's more debt than there is money to pay the debt, in every transaction in the GDP.
Richard Vague touched on, briefly, the cause that workers have not received increases in real pay in decades, an income deficit for which only additional unsecured DEBT was available. From the same bank.
Gotcha coming and going.
It's the money system NEEDs changing.
The Money Apprentice

[@donpierce3996]

might get a much better view of this by watching michael hudson

[@joebhed1]

What would MH solution be? Thanks.