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. Adair Turner is chairman of the Institute for New Economic Thinking and the author of Economics after the Crisis. He lives in London. Reviews: "[A] remarkable new book."–Will Hutton, Observer Endorsements: "This is a superb book. A must-read for anyone interested in understanding the unhealthy relationship between debt and the modern economy."–Atif Mian, coauthor of House of Debt "This is the most penetrating analysis of the inherent imperfections of our financial system to appear since the crash of 2008. It will and should provoke extensive debates about the policies needed to avoid future crises."–George Soros "Adair Turner is a writer who thinks unusually deeply and is prepared to follow his answers to their logical conclusion, however unsettling. Here, he offers a set of proposals for financial reform that are radical yet practical. As the global financial crisis recedes and the danger mounts that the momentum for change will be lost, we can only hope that the world heeds Turner’s clarion call."–Barry Eichengreen, University of California, Berkeley "Turner’s fresh and deep insights into our financial system come with the expertise of an insider. Between Debt and the Devil is a landmark in monetary economics, with profound implications for policy reform."–Joseph E. Stiglitz, Nobel Laureate in Economics "A masterwork! Insightful, scholarly, and persuasive. Adair Turner has provided a convincing analysis of what has gone wrong before, and what could go wrong again, among the intertwined complexities of money, credit, and misguided theories of finance."–Paul Volcker, former chairman of the U.S. Federal Reserve and the U.S. Economic Recovery Advisory Board "Between Debt and the Devil is a devastating critique of the banking system and a powerful intellectual challenge to conventional wisdom. A splendid book."–Robert Skidelsky, author of John Maynard Keynes, 1883-1946: Economist, Philosopher, Statesman Lord Adair Turner Biography Lord Turner has been a Senior Fellow at the Institute for New Economic Thinking since 2013, and in 2015 became Chairman of the Institute’s Governing Body. Prior to that he chaired the UK Financial Services Authority from 2008 until 2013, during which time he played a leading role in the redesign of the global banking and shadow banking regulation as Chairman of the International Financial Stability Board’s major policy committee. Lord Turner has combined a business career with public policy and academia. He led the McKinsey practice in East Europe and Russia in the early 1990s, and was Director General of the CBI (Confederation of British Industry) 1995-2000. He was Vice-Chairman of Merrill Lynch Europe (2000-06) and a Non-Executive Director of a number of companies, including Standard Charteredd plc (2006-08). In 2015 he joined the Board of UK start-up bank OakNorth, and became non-Executive Director at Prudential in September. He became a cross-bench member of the House of Lords in 2005; served as the first Chairman of the Climate Change Committee (2008-12), and chaired the Pensions Commission (2003-06) and the Low Pay Commission (2002-06). He has also been a Trustee of the British Museum since 2013. His publications include ‘Just Capital-The Liberal Economy’ (2001); ‘Economics After the Crisis’ (2012); and ‘Between Debt and the Devil: Money, Credit and Fixing Global Finance’ (Princeton 2015). He is Senior Fellow at the Centre for Financial Studies (Frankfurt); a visiting professor at London School of Economics, Cass Business School and City University; and as of recently, Visiting Fellow at the People’s Bank of China School of Finance, Tsighua University (Beijing); and Visitig Professor at the International Center for Islamic Finance (INCEIF) in Kuala Lumpur. For details, link here:

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