000			02645cam a2200325 i 4500
008			150810s2016 njua b 001 0 eng
020			_a9780691169644 (hardback : alk. paper)
020			_a0691169640 (hardback : alk. paper)
050	0	0	_aHG3881 _b.T88 2016
082	0	0	_a332/.042
100	1		_aTurner, Adair,
245	1	0	_aBetween debt and the devil : _bmoney, credit, and fixing global finance / _cAdair Turner.
260			_aNew Jersey _bPrinceton _c2016
300			_axiv, 302 pages : _billusrations ;
520			_a"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. "--
650		0	_aInternational finance.
650		0	_aFinance.
650		0	_aFinancial institutions.
650		0	_aCredit.
650		0	_aFinancial crises.
650		0	_aMonetary policy.
650		0	_aEconomic policy.
650		7	_aBUSINESS & ECONOMICS / Money & Monetary Policy.
650		7	_aBUSINESS & ECONOMICS / Public Finance.
650		7	_aBUSINESS & ECONOMICS / Economic Conditions.
650		7	_aBUSINESS & ECONOMICS / Government & Business.
650		7	_aBUSINESS & ECONOMICS / Economics / General.
650		7	_aBUSINESS & ECONOMICS / Finance.
942			_cBK
999			_c3427 _d3427