Between Debt and the Devil: Money, Credit, and Fixing Global Finance (1st EDITION)

Author: Adair Turner

Condition: Good. Identifying mark in ink on first page 

Hardcover 

Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008. In this eye-opening book, he sets the record straight about what really caused the crisis. 

Between Debt and the Devil is a gripping current affairs book that 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 monetise 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.

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