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Great interview with Lord Adair Turner on the global financial system and how ostensible remedy's for collapse are counterintuitive and actually stimulate the next collapse.
As J.K. Galbraith said the cause of the boom are the same as the collapse.
hmmmmm.
Adair Turner became chairman of Britain’s Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our 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 fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and depression. 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. 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. Turner also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. 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. Each has its advantages, and each creates risks that public policy must consciously balance.
Adair Turner is chairman of the Institute for New Economic Thinking and the author of Economics after the Crisis. He lives in London.
yes indeedy.
and then it was time for New Classical Music (sic).
In the end Krumpy asked the bubble headed post modern boofhead is she really thought that a sound (noise ) without tempo was music she replied with a boosters assurance that it was and played another one. aaaaaaaaaaaaaaaaaaaaaaaaaaaaaargh.
When this modern maestro attempted waht was either a scale or an an arpeggio it was so stiff and wooden and in fact downright clunky that I immediately switched to RNZ Concert for a dose of the real stuff.
the originals still the greatest!
hehehehehehehe.
As J.K. Galbraith said the cause of the boom are the same as the collapse.
hmmmmm.
Adair Turner became chairman of Britain’s Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn’t happen because banks are too big to fail—our 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 fact, most credit is not needed for economic growth—but it drives real estate booms and busts and leads to financial crisis and depression. 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. 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. Turner also debunks the big myth about fiat money—the erroneous notion that printing money will lead to harmful inflation. 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. Each has its advantages, and each creates risks that public policy must consciously balance.
Adair Turner is chairman of the Institute for New Economic Thinking and the author of Economics after the Crisis. He lives in London.
yes indeedy.
and then it was time for New Classical Music (sic).
In the end Krumpy asked the bubble headed post modern boofhead is she really thought that a sound (noise ) without tempo was music she replied with a boosters assurance that it was and played another one. aaaaaaaaaaaaaaaaaaaaaaaaaaaaaargh.
When this modern maestro attempted waht was either a scale or an an arpeggio it was so stiff and wooden and in fact downright clunky that I immediately switched to RNZ Concert for a dose of the real stuff.
the originals still the greatest!
hehehehehehehe.
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