May 19th 2018


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Articles from this issue:

COVER STORY The real cost of institutionalised child care

EDITORIAL AGL dismisses $250m bid for Liddell Power Station

GENDER POLITICS As Queensland transgenders birth certificates, 300 women quit UK Labour Party

CANBERRA OBSERVED No pressure on Malcolm to call election this year

NATIONAL AFFAIRS Can Greens regenerate, or are they mulch?

POLITICS Conservative shift in the Victorian Liberal Party

OPINION No fairytale ending from the Land of a Fair Go

LAW REFORM The Nordic Model: proven to curtail sex trafficking

NATIONAL AFFAIRS Committal hearing dismisses main serious charges against Cardinal Pell

GENDER AND ETHICS Transgenderism and the dissolution of identity

PHILOSOPHY The supercharged cheetah

INTERNATIONAL AFFAIRS One Belt, One Road: China's new empire

HUMOUR

MUSIC Business as usual: The sweet tinkle of falling coins

CINEMA Avengers: Last Flag Flying and Infinity War

BOOK REVIEW A hungry beast that ate up 4 million lives

BOOK REVIEW Skewed analysis of republic in crisis

POETRY

LETTERS

CANBERRA OBSERVED Bill Shorten's Budget-Reply speech: for what ails you

FOREIGN AFFAIRS Behind the U.S.-North Korea rapprochement

Books promotion page

BETWEEN DEBT AND THE DEVIL:
Money, Credit and Fixing Global Finance

Adair Turner

$39.99


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About the book

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.

About the author

Adair Turner is chairman of the Institute for New Economic Thinking and the author of Economics after the Crisis. He lives in London.


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