Between Debt and the Devil

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

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.

Book Review Between Debt and the Devil

But this book is not a memoir of his role in steering us through the financial crisis.

Book Review Between Debt and the Devil

Turner's book presents a new approach to monetary theory and policy. What's novel in Turner's book is not the proposition that debt can be dangerous, but that debt is what modern financial systems naturally create; and always to excess. Debt as an economic evil is an old characterization. Aristotle was sniffy about the money lenders, some of the world's major religions have prescribed or stigmatisedusury. And modern economic thinkers have denounced leverage just as sternly as the ancients. Irving Fisher saw the Great Depression as stemming from the curse of "debt deflation". The shocking results of that 2008 failure meant that subsequently the authorities, quite rightly, did what they had to do to avoid a complete meltdown in the markets. But this book is not a memoir of his role in steering us through the financial crisis. Instead, he addresses deeper questions about what got us into such a mess in the fi rst place, and demolishes much of the conventional wisdom about the functioning of financial markets and monetary policy.

Global Debt Dynamics

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 1 For instance, Mian and Sufi, House of Debt; King, The End of Alchemy; Turner, Between Debt and the Devil: Money, Credit, and Fixing Global Finance; Keen, Can We Avoid Another ...

Global Debt Dynamics

This comprehensive volume explores debt dynamics and the intensification of debt crises across the globe, bringing together several recent but underexplored debt crises from different regional and socioeconomic contexts. Using detailed case studies, the authors recast the perils of debt-based growth in the context of regional/global imbalances; not to advocate ‘one-size-fits-all’ reforms, but to point to the need for accommodating diversity. They examine how current economic developments put developing and developed countries under new strain. They also interrogate the opportunities and challenges generated for developing countries by the new development finance landscape and newly (re)emerged geopolitical tensions. The book also explores the inability of existing dominant structures and thinking to effectively manage the multiple facets of the ongoing global debt crisis, pointing to responses that exacerbate rather than address unsustainable debt dynamics. The authors illustrate the adverse effects of ad hoc crisis management mechanisms which are not fit for purpose, and indicate the negative consequences that existing policies may have for democracy. They then put forward a framework for alternative thinking as well as concrete ideas on what needs to be done, in response. This book will be of great interest to students, scholars and professionals in the field of global debt studies. It was originally published as a special issue of the online journal Third World Thematics.

The Global Financial Crisis in Retrospect

The case for “helicopter money” has been forcefully argued by Adair Turner (2015) Between Debt and the Devil: Money, Credit and Fixing Global Finance (Princeton, NJ: Princeton University Press). The issue of spillover effects from the ...

The Global Financial Crisis in Retrospect

This book provides a uniquely comprehensive explanation of the 2008-2009 global financial crisis and resulting scholarly research in the context of building an agenda for reform. With the clarity provided by almost a decade of hindsight and a careful eye toward planning for prevention, Elson guides readers through both historical fact and scholarly interpretation, highlighting areas where careful critique of and changes in the international financial architecture and the mainstream macroeconomic paradigm can promote greater financial stability in the future. Given the great public concern over growing income and wealth inequality, the book examines their links to the increased financialization of the economy, both prior to and since the crisis. Finally, the book identifies a number of lessons that need to be recognized if adequate and effective reforms are to be introduced to avoid a financial crisis of similar magnitude in the future. Comprehensive enough for university students and sufficiently innovative for financial policymakers, this book will appeal to a wide range of readers interested in understanding not just where the crisis has brought us, but what key economists have said about it and how we can strengthen our financial system oversight to deal with the continuing challenges of globalization.

Global Finance in the 21st Century

These developments pose particular risks to the financial and economic sectors (and, therefore, to society more broadly). ... the Devil: Money, Credit, and Fixing Global Finance (Princeton University Press 2015) 1–2.

Global Finance in the 21st Century

Global Finance in the 21st Century: Stability and Sustainability in a Fragmenting World explains finance and its regulation after the global financial crisis. The book introduces non-finance scholars into the wider debate regarding the conduct and regulation of finance to encourage broader discussion on important societal issues that relate to finance. The book also explores the ineffectiveness of the current approach to global prudential governance and places this discussion within the more expansive context of global governance and nationalism in the twenty-first century. The book argues that fragmentation and the growing trend of promoting informality and voluntarism has facilitated a return to nationalism as a primary form of global governance that acts contrary to post-crisis reforms that seek to promote stability and sustainability in the conduct of finance. As a remedy, Kourabas suggests that we need more, not less, of what we have traditionally conceived as international law – treaties and treaty-based international organisations. In the field of finance, this means not only pursuing financial liberalisation through free trade and investment treaties, but also the inclusion of provisions in these treaties that promotes systemic financial stability and sustainable development objectives. Of interest to legal and non-legal academics and students, legal professionals and policy-makers, this book offers a nuanced defence of international law as an approach to global governance in finance and beyond, as well as reform of international law to meet the needs of twenty-first century society.

Economic Policies since the Global Financial Crisis

Washington, DC: International Monetary Fund. Turner, A. (2015). Between Debt and the Devil: Money, credit, and fixing global finance. Princeton: Princeton University Press. Vickers, J. (2016, April). The systemic risk buffer for UK ...

Economic Policies since the Global Financial Crisis

This book investigates the changing nature of economic policies following the Global Financial Crisis of 2007–9. Well-respected, international scholars come together to discuss the level of economic growth following the crisis, concerns over inequality in industrialised countries, and labour market policies.

Business Ethics After the Global Financial Crisis

The philosophy of money (2nd enlarged ed.) (D. Frisby, Ed.). London: Routledge. Turner, A. (2016). Between debt and the devil: Money, credit and fixing global finance. Princeton, NJ: Princeton University Press.

Business Ethics After the Global Financial Crisis

The global financial crisis (GFC) that began in 2007 concentrated attention on the morality of banking and financial activities. Just as mainstream businesses became increasingly defined by their financial performance, banks, it seemed, got themselves – and everyone else – into trouble through an over-emphasis on themselves as commercial enterprises that need pay little attention to traditional banking virtues or ethics. While the GFC had many causes, criticism was legitimately levelled at banks over the ethics of mortgage creation, excessive securitisation, executive remuneration, and high-pressure customer sales tactics, amongst other things. These criticisms mirror those that have been levelled at the business more generally, particular in the last decade, although the backdrop provided by the GFC is more dramatic, and the outcomes of supposed wrongdoing more severe. This book focuses on business ethics after the GFC; not on the crisis itself, but how we should respond to it. The GFC has focused minds on the proper role of ethics in the understanding and conduct of business activity, but it is essential to look beyond the crisis to address the deeper challenges that it highlights. The aim of this volume is to present examples of the latest philosophically-informed thinking across a range of ethical issues that relate to business activity, using the banks and the GFC – the consequences of which continue to reverberate – as a point of departure. The book will be of great value to researchers, academics, practitioners, and students interested in business, ethics in general, and business ethics in particular.

The Global Business Environment

Turner, A. (2015) Between Debt and the Devil: Money, credit and fixing global finance (Princeton: Princeton University Press). Zestos, G. (2015) The Global Financial Crisis: From US subprime mortgages to European sovereign debt ...

The Global Business Environment

This bestselling textbook offers a comprehensive introduction to the global business environment, blending cross-disciplinary topics from sociology, politics and economics with a compelling exploration of how contemporary events relate to worldwide business practice. Truly international in scope, the book allows students to explore multiple perspectives and scenarios to prepare them for the highly globalised business operations of today. This new edition is thoroughly up-to-date, covering the profound global changes that are impacting upon how we do business, such as the rethinking of populism, the worsening of climate change effects and the rise of nationalist populism. With a new enhanced focus on the sustainability issues that challenge businesses today, applicability to real-world business practice remains the book's core principle. Janet Morrison's characteristically clear and authoritative writing style, combined with an unrivalled range of learning features, ensures that this book offers all of the essential tools to support skills development, critical thinking and academic insight. Ideal for undergraduate and MBA modules on the Business Environment or Business Contexts, this book is also suitable for International Business modules that offer an introduction to the issues of global economics in the context of other political, social and cultural environments. New to this Edition: - An increased focus on sustainability, covering climate change, individual and societal wellbeing, good governance and financial stability - New pedagogical features, including mini-case studies, 'Shining a Light on Business Decisions', insight boxes, video links and marginal definitions - New case studies, including more on emerging economies - Up-to-date coverage of how business reacts to key contemporary issues and controversies, such as the opioid epidemic, the plastic crisis and new appointments to the US supreme court

Necessary Evil

2 (2014): 111–37; and Matthew Sherman, A Short History of Financial Deregulation in the United States (Washington ... Between Debt and the Devil: Money, Credit and Fixing Global Finance (Princeton, NJ: Princeton University Press, 2015).

Necessary Evil

Finance governs almost every aspect of modern life. Every day, we use the financial system to mortgage our homes, to insure our health, to invest in our futures through education and pension funds, to feed and clothe ourselves, to be paid for our labor, and to help others in need. As the fuel of capitalism, finance has been a major force for human progress for centuries. Yet it has periodically generated disasters too, from the Great Depression to the recent sub-prime mortgage crisis. In writing Necessary Evil, eminent human rights law scholar David Kinley spent ten years immersed in researching finance's many facets--from how it is raised and what it is spent on, to when it is gambled and who wins and who loses--to produce this unique account of how finance works from a human rights perspective. He argues that while finance has historically facilitated many beneficial trends in human well-being, a sea change has occurred in the past quarter century. Since the end of the Cold War, the finance sector's power has grown by leaps and bounds, to the point where it is now out of control. Oversight of the sector has been weakened by deregulation, as powerful lobbyists have persuaded our leaders that what is good for finance is good for the economy as a whole. Kinley shows how finance has become society's master rather than its servant, and how, as a consequence, human rights concerns are so often ignored, sidelined, or crushed. Using episodes of financial malfeasance from around the globe--from the world's banking capitals to the mines of central Africa and the factories of East Asia--Kinley illustrates how the tools of international finance time and time again fail to advance the human condition. Kinley also suggests financial policies that can help protect and promote human rights and thereby regain the public trust and credibility it has so spectacularly lost over the past decade. An authoritative account of the extraordinary social consequences of the financial system at the heart of the world's economy, Necessary Evil will be an essential tool for anyone committed to making global capitalism a fairer and more effective vehicle for improving the lives of many, and not just providing for the comfort of a few.

People Get Ready

John Kay, Other People's Money: Masters of the Universe or Servants of the People? (London: Profile Books 2015); Adair Turner, Between Debt and the Devil: Money, Credit and Fixing Global Finance (Princeton: Princeton University Press ...

People Get Ready

Jeremy Corbyn’s Labour stands on the brink of power, promising a fundamental re-ordering of British politics. But what, in practice, will this entail? How can a radical government stand up to an establishment that is hostile to any significant redistribution of wealth and power? People Get Ready!dives into the nitty gritty of what’s needed to bring about transformative change. Unlike a decade ago, the left’s problem is no longer a shortage of big ideas. Inside and outside the Labour Party, an agenda for new forms of public and community ownership is taking shape. Today the biggest danger facing the left is lack of preparedness—the absence of strategies that can make these ideas a reality. People Get Ready! draws on previous attempts at radical change, from the election of Labour at the end of the Second World War and the progressive early days of Mitterrand’s presidency in France, to Tony Benn’s battles with Harold Wilson and Margaret Thatcher’s icy insistence that there was no alternative to free markets. These stories highlight the importance of knowing your allies and, even more, your enemies, of being ready to deal with sabotage and resistance from the highest levels, of being bold enough to transform the structures of government, and of having a mass movement that can both support the leadership and hold it to its radical programme when the going gets tough. Remarkably, democratic socialism in Britain is closer to government than in any other European country. The responsibilities this brings for those supporting the Corbyn project are as great as the opportunities it presents. But there isn’t much time to get ready …

Money and Debt The Public Role of Banks

Between debt and the devilMoney, credit, and fixing global finance. Princeton: Princeton University Press. van Dixhoorn, C. (2013). Full Reserve Banking: An analysis of four monetary reform plans. Utrecht: Sustainable Finance Lab.

Money and Debt  The Public Role of Banks

This Open Access book from the Netherlands Scientific Council for Government Policy explains how money creation and banking works, describes the main problems of the current monetary and financial system and discusses several reform options. This book systematically evaluates proposals for fundamental monetary reform, including ideas to separate money and credit by breaking up banks, introducing a central bank digital currency, and introducing public payment banks. By drawing on these plans, the authors suggest several concrete reforms to the current banking system with the aim to ensure that the monetary system remains stable, contributes to the Dutch economy, fairly distributes benefits, costs and risks, and enjoys public legitimacy. This systematic approach, and the accessible way in which the book is written, allows specialized and non-specialised readers to understand the intricacies of money, banking, monetary reform and financial innovation, far beyond the Dutch context.

Paper Dragons

8 A. Turner (2016) Between Debt and the Devil: Money, Credit, and Fixing Global Finance. Princeton NJ: Princeton University Press, p. 93. 9 J. Lybeck (2016) The Future of Financial Regulation. Cambridge: Cambridge University Press, p.

Paper Dragons

Emerging relatively unscathed from the banking crisis of 2008, China has been viewed as a model of both rampant success and fiscal stability. But beneath the surface lies a network of fissures that look likely to erupt into the next big financial crash. A bloated real-estate sector, roller-coaster stock market, and rapidly growing shadow-banking sector have all coalesced to create a perfect storm: one that is in danger of taking the rest of the world’s economy with it. Walden Bello traces our recent history of financial crises – from the bursting of Japan’s ‘bubble economy’ in 1990 to Wall Street in 2008 – taking in their political and human ramifications such as rising inequality and environmental degradation. He not only predicts that China might be the site of the next crash, but that under neoliberalism this will simply keep happening. The only way that we can stop this cycle, Bello argues, is through a fundamental change in the ways that we organise: a shift to cooperative enterprise, respectful of the environment, and which fractures the twin legacies of imperialism and capitalism. Insightful, erudite and passionate, Paper Dragons is a must-read for anyone wishing to prevent the next financial meltdown.

Routledge Handbook of Ethics and International Relations

Adair Turner, Between Debt and the Devil: Money, Credit, and Fixing Global Finance (Princeton: Princeton University Press, 2015). E. Helleiner, The Status Quo Crisis: Global Financial Governance after the 2008 Meltdown (Oxford: Oxford ...

Routledge Handbook of Ethics and International Relations

Ethics and International Relations (IR), once considered along the margins of the IR field, has emerged as one of the most eclectic and interdisciplinary research areas today. Yet the same diversity that enriches this field also makes it a difficult one to characterize. Is it, or should it only be, the social-scientific pursuit of explaining and understanding how ethics influences the behaviours of actors in international relations? Or, should it be a field characterized by what the world should be like, based on philosophical, normative and policy-based arguments? This Handbook suggests that it can actually be both, as the contributions contained therein demonstrate how those two conceptions of Ethics and International Relations are inherently linked. Seeking to both provide an overview of the field and to drive debates forward, this Handbook is framed by an opening chapter providing a concise and accessible overview of the complex history of the field of Ethics and IR, and a conclusion that discusses how the field may progress in the future and what subjects are likely to rise to prominence. Within are 44 distinct and original contributions from scholars teaching and researching in the field, which are structured around 8 key thematic sections: Philosophical Resources International Relations Theory Religious Traditions International Security and Just War Justice, Rights and Global Governance International Intervention Global Economics Environment, Health and Migration Drawing together a diverse range of scholars, the Routledge Handbook of Ethics and International Relations provides a cutting-edge overview of the field by bringing together these eclectic, albeit dynamic, themes and topics. It will be an essential resource for students and scholars alike.

The Crisis of Representation

Financial collapse, the unravelling of chains of credit, causes liquidity problems in the real economy, bankruptcies, ... 15 Adair Turner, Between Debt and the Devil: Money, Credit and Fixing Global Finance (Princeton, NJ: Princeton ...

The Crisis of Representation

The term “Crisis of Representation” rose to fame through Michel Foucault. The crisis, in the context of this issue, has not only a political and economic dimension, but a cultural, aesthetic and religious one as well. Thus, a serious inquiry into this complex and multidimensional phenomenon requires an interdisciplinary approach. The issue targets the phenomena at hand through 15 contributions – all with unique and innovative approaches to the topic. One common aim that holds the issue together is the analysis of the nature of the crisis, which helps to find suitable theoretical frameworks. On the other hand, the term itself functions as a tool that enables the analysis of specific societal developments. Contributing authors brought with them expertise from their respective fields including philosophy, political sciences, theology, Islamic studies and religious studies. This allowed for a cross-disciplinary approach on the phenomenon with special foci on politics, religions, societies and finance, as well as theoretical developments on current philosophical and post-colonial discourses.

Economic Theology

Credit and Faith II Philip Goodchild. 17. King, The End of Alchemy, 59. ... Adair Turner, Between Debt and the Devil: Money, Credit and Fixing Global Finance (Princeton: Princeton University Press, 2016), 6. 22. Turner, Between Debt and ...

Economic Theology

In Economic Theology, Goodchild offers a philosophical analysis of the contemporary economy in terms of the way it structures credit and faith. The Great Financial Crisis of 2007 and onwards has exposed the extent to which the economy functions as a network of credits and debts. Credit and debt may now be understood as the driving force of economic behaviour. In this analysis, economic theories of markets and money are also ways of ordering trust. Similarly, the institutions of money, finance and banking provide the framework enabling trust and cooperation. Goodchild explores how reliance on such theories and institutions produces disequilibrium dynamics, growing inequalities, increasing enclosure, resource depletion and breakdown. Nevertheless, the failures of the system only intensify efforts to extend the system itself. Building on and extending Goodchild’s Theology of Money, the author exposes the extent to which humanity has become enslaved within theories and institutions of its own making. As the second volume in his Credit and Faith trilogy, Goodchild explains how the economy itself is a way of shaping time and attention, care and evaluation, trust and cooperation, so directly assuming a theological role. This volume extends the theological critique of the dynamics of financial capitalism.

Wealth Inequality Asset Redistribution and Risk Sharing Islamic Finance

Adair Turner highlights in his book “Between Debt and the Devil: Money, Credit, and Fixing Global Finance” that growth rate of private credit outpaced growth rate of nominal GDP in many countries for several decades before the GFC ...

Wealth Inequality  Asset Redistribution and Risk Sharing Islamic Finance

Wealth inequality has been not only rising at unsustainable pace but also dissociated from income inequality because of the fact that wealth is increasing without concomitant increase in savings and productive capital. Compelling evidence indicates that capital gains and other economic rents are mainly responsible for wealth inequality and its divergence from income inequality. The main argument of the book is that interest-based debt contracts are one of the drivers of wealth inequality through creating disproportional economic rents for the asset-rich. The book also introduces the idea of risk-sharing asset-based redistribution, which is a novel and viable policy proposal, as an effective redistribution tool to address the wealth inequality problem. Furthermore, a large-scale stock-flow consistent macroeconomic model, which is step by step constructed in the book, sheds light on the formation of wealth inequality in a debt-based economy and on the prospective benefits of implementing risk-sharing asset-based redistribution policy tools compared to traditional redistribution policy options. The research presented in this book is novel in many respects and first of its kind in the Islamic economics and finance literature.

The REGTECH Book

The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries in Regulation Janos Barberis, ... However, in his book Between Debt and the Devil: Money, Credit and Fixing Global Finance,7 Lord Turner refers to the ...

The REGTECH Book

The Regulatory Technology Handbook The transformational potential of RegTech has been confirmed in recent years with US$1.2 billion invested in start-ups (2017) and an expected additional spending of US$100 billion by 2020. Regulatory technology will not only provide efficiency gains for compliance and reporting functions, it will radically change market structure and supervision. This book, the first of its kind, is providing a comprehensive and invaluable source of information aimed at corporates, regulators, compliance professionals, start-ups and policy makers. The REGTECH Book brings into a single volume the curated industry expertise delivered by subject matter experts. It serves as a single reference point to understand the RegTech eco-system and its impact on the industry. Readers will learn foundational notions such as: • The economic impact of digitization and datafication of regulation • How new technologies (Artificial Intelligence, Blockchain) are applied to compliance • Business use cases of RegTech for cost-reduction and new product origination • The future regulatory landscape affecting financial institutions, technology companies and other industries Edited by world-class academics and written by compliance professionals, regulators, entrepreneurs and business leaders, the RegTech Book represents an invaluable resource that paves the way for 21st century regulatory innovation.

The Misery of International Law

Confrontations with Injustice in the Global Economy John Linarelli, Margot E. Salomon, Muthucumaraswamy Sornarajah ... 45 A Turner, Between Debt and the Devil: Money, Credit, and Fixing Global Finance (Princeton UP 2016) 90–91. 46 ibid.

The Misery of International Law

Poverty, inequality, and dispossession accompany economic globalization. Bringing together three international law scholars, this book addresses how international law and its regimes of trade, investment, finance, as well as human rights, are implicated in the construction of misery, and how international law is producing, reproducing, and embedding injustice and narrowing the alternatives that might really serve humanity. Adopting a pluralist approach, the authors confront the unconscionable dimensions of the global economic order, the false premises upon which they are built, and the role of international law in constituting and sustaining them. Combining insights from radical critiques, political philosophy, history, and critical development studies, the book explores the pathologies at work in international economic law today. International law must abide by the requirements of justice if it is to make a call for compliance with it, but this work claims it drastically fails do so. In a legal order structured around neoliberal ideologies rather than principles of justice, every state can and does grab what it can in the economic sphere on the basis of power and interest, legally so and under colour of law. This book examines how international law on trade and foreign investment and the law and norms on global finance has been shaped to benefit the rich and powerful at the expense of others. It studies how a set of principles, in the form of a New International Economic Order (NIEO), that could have laid the groundwork for a more inclusive international law without even disrupting its market-orientation, were nonetheless undermined. As for international human rights law, it is under the terms of global capitalism that human rights operate. Before we can understand how human rights can create more just societies, we must first expose the ways in which they reflect capitalist society and how they assist in reproducing the underlying terms of immiseration that will continue to create the need for human rights protection. This book challenges conventional justifications of economic globalization and eschews false choices. It is not about whether one is "for" or "against" international trade, foreign investment, or global finance. The issue is to resolve how, if we are to engage in trade, investment, and finance, we do so in a manner that is accountable to persons whose lives are affected by international law. The deployment of human rights for their part must be considered against the ubiquity of neoliberal globalization under law, and not merely as a discrete, benevolent response to it.

Sovereign Money

The Global Financial Cycle and Monetary Policy Independence. Proceedings of the Jackson Hole Economic Policy Symposium. ... Between Debt and the Devil. Money, Credit and Fixing Global Finance. Princeton: Princeton University Press. van ...

Sovereign Money

In coming to terms with the still smoldering financial crisis, little attention has been paid to the flaws within our monetary system and how these flaws lie at the root of the crisis. This book provides an introduction and critical assessment of the current monetary system. It begins with an up to date account of the workings of today’s system of state-backed ‘bankmoney’, illustrating the various forms and issuers of money, and discussing money theory and fallacy past and present. It also looks at related economic challenges such as inflation and deflation, asset inflation and bubble building that lead to market instability and examines the ineffectual monetary policies and primary credit markets that are failing to reach some sort of self-limiting equilibrium. In order to fix our financial system, we first need to understand its limitations and the flaws in current monetary and regulatory policy and then correct them. The concluding part of this book is dedicated to the latter, advocating a move towards the sovereign monetary prerogatives of issuing the entire stock of official money and benefitting from the gain thereof (seigniorage). The author argues that these functions should be made the sole responsibility of independent and impartial central banks with full control over the stock of money (not the uses of money) on the basis of a legal mandate that would be more detailed than is the case today. This includes a thorough separation of monetary and fiscal powers, and of both from banking and wider financing functions. This book provides a welcome addition to the banking literature, guiding readers through the inner workings of our monetary and regulatory environments and proposing a new way forward that will better protect our economy from financial instability and crisis.

The Scandal of Money

Adair Turner, Between Debt and the Devil: Money, Credit, and Fixing Global Finance (Princeton, NJ: Princeton University Press, 2016). 4. Joseph E. Stiglitz, Globalization and Its Discontents (New York, NY: W. W. Norton, 2002); and Paul ...

The Scandal of Money

"Why do we think governments know how to create money? They don't. George Gilder shows that money is time, and time is real. He is our best guide to our most fundamental economic problem." --Peter Thiel, founder of PayPal and Palantir Technologies "Thirty-five years ago, George Gilder wrote Wealth and Poverty, the bible of the Reagan Revolution. With The Scandal of Money he may have written the road map to the next big boom." --Arthur B. Laffer, coauthor of the New York Times bestseller An Inquiry into the Nature and Causes of the Wealth of States "Gilder pushes us to think about the government monopoly on money and makes a strong case against it. If you believe in economic freedom, you should read this book." --Senator Jim DeMint, president of The Heritage Foundation As famed economist and New York Times bestselling author George Gilder points out, “despite multi-billion dollar stimulus packages and near-zero interest rates, Wall Street recovers but the economy never does.” In his groundbreaking new book, The Scandal of Money, Gilder unveils a radical new explanation for our economic woes. Gilder also exposes the corruption of the Federal Reserve, Washington power-brokers, and Wall Street’s “too-big-to-fail” megabanks, detailing how a small cabal of elites have manipulated currencies and crises to stifle economic growth and crush the middle class. Gilder spares no one in his devastating attack on politicians’ economic policies. He claims that the Democrats will steer us to ruin – but points out that Republicans are also woefully misguided on how to salvage our economic future. With all major polls showing that voters rank the economy as one of the top three “most important problems” facing the nation, Gilder’s myth-busting, paradigm-shifting recipe for economic growth could not come at a more critical time. In The Scandal of Money, the reader will learn: Who is to blame for the economic crippling of America How the new titans of Wall Street value volatility over profitability Why China is winning and we are losing Who the real 1% is and how they are crushing the middle class The hidden dangers of a cashless society What Republicans need to do to win the economic debate—and what the Democrats are doing to make things worse