Between Debt and the Devil: Money, Credit, and Fixing Global Finance
| Author | : | |
| Rating | : | 4.45 (918 Votes) |
| Asin | : | 0691175985 |
| Format Type | : | paperback |
| Number of Pages | : | 320 Pages |
| Publish Date | : | 2016-06-01 |
| Language | : | English |
DESCRIPTION:
Interesting perspectives on how to fix modern finance with a focus on the negative spillovers of credit creation Between the Debt and the Devil takes a fresh approach to the issues facing our modern economy. Adair Turner became chairman of the FSA in the UK right at the beginning of the financial crisis and has direct experience with the crisis and radical perspectives on the solutions. The financial crisis is still impacting financial markets and the broad economy. Inequalities of income have gotten worse and credit to GDP has increased monotonically. Tackling these issues is extremely complex and the interrelationships make causality almost impossible to determine. Betwee. Broadly right, but you've heard most of it before Eric Lonergan Too many books have now been written on the causes and consequences of the 2008 financial crisis. Do we really need another? Most of the ground Adair Turner covers has already received exhaustive treatment in Martin Wolf’s The Shifts and the Shocks. Turner’s view is very familiar: the financial sector is too big, we have too much debt, and the banking system should be heavily regulated. There is little surprising or original here. For example, Turner has virtually nothing to say about the interaction between the financial sector and technological inno. "An interesting point of view" according to D. Ginn. Turner's main point, as I understand it, is that it is insufficient to focus merely on the unemployment rate, economic growth and inflation in order to monitor economic health. Private debt levels, and what use that debt is being put to, matter greatly. An interesting point of view, though political realities will likely prevent consideration of most of his proffered solutions.
Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. It didn’t happen because banks are too big to failour addiction to private debt is to blame.Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In this eye-opening book, he sets the record straight about what really caused the crisis. Each has its advantages, and each creates risks that public policy must consciously balance.. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money.Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Adair Turner became
Adair Turner is chairman of the Institute for New Economic Thinking and the author of Economics after the Crisis.
A bold and thought provoking book."--Vitor Constancio, Vice president, European Central Bank, one of Bloomberg's Best Books of 2015"This book lays down a challenge which subsequent accounts of monetary policy will have to address."--David Willetts, Prospect"An excellent book."--Nick Butler, Financial Times"His extensive work both at financial institutions and in academia, have given Turner an insider's view of the world of finance and economics. One of The Independent’s Best Economics Books of the YearBloomberg Businessweek’s Best Books of the YearFinancial Times Best Economics Books of of the YearOne of Financial Times (FT) Best Economics Books of 2015, chosen by Martin WolfOne of the Strategy+Business Best Business Books 2016 in