February 24th 2018


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Articles from this issue:

COVER STORY Weatherill demand places Murray-Darling in jeopardy

EDITORIAL China completes island building in South China Sea

CANBERRA OBSERVED Greens: wouldn't know a cowardly act if they did one

REDEFINITION OF MARRIAGE Government forms say it is fluid gender marriage

FREEDOM AND LAW Gender and anti-discrimination: wedges between you and freedom

HISTORY A look back at B.A. Santamaria gives us a forward impulse

GENDER POLITICS Transgenderism: A state-sponsored religion

LAW AND SOCIETY Protecting freedom of religion in Australia

HISTORY Hungary, 62 years on from the anti-Soviet uprising

MUSIC Reel to real: Johann Johannsson, RIP

CINEMA Sweet Country: Sour taste of bush justice

HUMOUR

BOOK REVIEW Lessons from the UK front of the GFC

BOOK REVIEW The dragon has woken and rumbled

BOOK REVIEW Recovery manual for morals and culture

LETTERS

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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