The Debt Machine

The Hidden Architecture Holding the Global Economy TogetherBy Rio Vale
Listen with Sir Michael Caine™ and 1,000+ voices
Length8h 48m

About this audiobook

$315 trillion is held together by hand-offs no one fully sees - until one slips. $315 trillion. That's the size of the machine running underneath everything you own, owe, and depend on - and almost no one can see the whole thing at once. The Debt Machine follows the money through twenty-four moments since March 2020 when the global debt system nearly buckled: a Treasury auction that almost failed to clear, a pension fund margin call in London, a currency panic in a finance ministry two time zones away. Reporting from twenty-one cities across three continents, Rio Vale sits down with the people who each hold one link of a chain none of them designed - bond dealers, central bankers, IMF officials, and the ordinary borrowers whose mortgages and car loans feed the machine from the bottom. Every debt system runs on a relay: issuer to dealer, dealer to buyer, buyer to custodian, custodian to central bank. Nobody sees the whole chain. Everybody assumes someone else does.

Audiobook details

GenreBusiness and Economics
Length8 hrs 48 mins
Narrated byListen with 1,000+ voices
FormateBook with Audio
Publish dateJul 5, 2026
LanguageEnglish

Table of contents

1Dedication
2Acknowledgments
3Chapter 1: “Three Hundred Trillion”
4Chapter 2: “Twenty-Four Stations”
5Chapter 3: “The Refunding Room”
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6Chapter 4: “March 12, 2020”
7Chapter 5: “March 23, 2020”
8Chapter 6: “The Constellation Building”
9Chapter 7: “Aladdin”
10Chapter 8: “Shadow”
11Chapter 9: “The Gilt Crisis”
12Chapter 10: “Silicon Valley Bank”
13Chapter 11: “Signature”
14Chapter 12: “Credit Suisse”
15Chapter 13: “The Debt Ceiling and the Near-Miss Premium”
16Chapter 14: “Japan’s Structural Transition”
17Chapter 15: “Beijing’s Ledger”
18Chapter 16: “Zambia”
19Chapter 17: “Sri Lanka”
20Chapter 18: “Ghana and Egypt”
21Chapter 19: “Climate and the Coastal Spread”
22Chapter 20: “Central Bank Digital Currencies”
23Chapter 21: “Stablecoins”
24Chapter 22: “Rate Shock and the Community Bank”
25Chapter 23: “QT and the Plumbing”
26Chapter 24: “The Dollar System”
27Chapter 25: “The Operators”
28Chapter 26: “The Refunding Room, Revisited”
29Chapter 27: “What the Machine Owes”
30Character Guide
31References & Bibliography
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