August 25th 2018


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Articles from this issue:

COVER STORY Current policies leave farmers high and dry in drought

CANBERRA OBSERVED Captain and Lieutenant's $444 million munificence

MEDICAL ETHICS Changes to AHPRA's code of conduct would gag doctors

FOREIGN AFFAIRS Trump delivers for U.S. economy and workers

CHILDREN AND SOCIETY Treating depressed children: How will history judge us?

PRIVACY Big Brother is marketing you

THE FAMILY Humanae Vitae: a prophetic document at 50

SOCIETY AND MORES Novel features of child sexual abuse in our time

EUTHANASIA International expert emphasises palliative care

BIOGRAPHY The trouble with Harry (Freame) is that we've forgotten him

OPINION Just asking ... sauce for the goose ...?

HISTORY Christianity has died. Agreed, and yet ...

MILITARY HISTORY The volunteering spirit proves best in the test

HUMOUR

MUSIC Chilly exposure: The sound and the fury

CINEMA Mission Impossible: Fallout: Ethan Hunt, knight errant

BOOK REVIEW A good diagnosis enables the cure

BOOK REVIEW End of the American empire?

LETTERS

POETRY

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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