TY  - BOOK
AU  - Turner,Adair
TI  - Between debt and the devil: money, credit, and fixing global finance 
SN  - 9780691169644
AV  - HG3881 .T88 2016
U1  - 332/.042 23
PY  - 2016///]
CY  - Princeton
PB  - Princeton University Press
KW  - International finance
KW  - Finance
KW  - Financial institutions
KW  - Credit
KW  - Financial crises
KW  - Monetary policy
KW  - Economic policy
KW  - BUSINESS & ECONOMICS
KW  - Money & Monetary Policy
KW  - bisacsh
KW  - Public Finance
KW  - Economic Conditions
KW  - Government & Business
KW  - Economics
KW  - General
KW  - Finances internationales
KW  - eclas
KW  - Politique monétaire
KW  - Institutions financières
KW  - Crise financière
KW  - Politique économique
KW  - Crédit bancaire
KW  - Dette privée
KW  - fast
KW  - Bank
KW  - gnd
KW  - Eigenkapital
KW  - Finanzkrise
KW  - Finanzwirtschaft
KW  - Inflation
KW  - Schulden
N1  - Includes bibliographical references and index; Swollen finance. The utopia of finance for all ; Inefficient financial markets -- Dangerous debt. Debt, banks, and the money they create ; Too much of the wrong sort of debt ; Caught in the debt overhang trap ; Liberalization, innovation, and the credit cycle on steroids ; Speculation, inequality, and unnecessary credit -- Debt, development, and capital flows. Debt and development : the merits and dangers of financial repression ; Too much of the wrong sort of capital flow : global and eurozone delusions -- Fixing the system. Irrelevant bankers in an unstable system ; Fixing fundamentals ; Abolishing banks, taxing debt pollution, and encouraging equity ; Managing the quantity and mix of debt -- Escaping the debt overhang. Monetary finance -- breaking the taboo ; Between debt and the devil -- a choice of dangers ; The Queen's question and the fatal conceit
N2  - "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 assumption 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."--
ER  -