Business and Economics

Audio only

Between Debt and the Devil

Money, Credit, and Fixing Global FinanceBy Adair TurnerNarrated by Richard Lyddon

Length11h 17m

About this audiobook

A classic book now available on audio With narration by Richard Lyddon, who reveals why our addiction to debt caused the global financial crisis and is the root of our financial woes 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.

Audiobook details

GenreBusiness and Economics

Length11 hrs 17 mins

Narrated byRichard Lyddon

FormatAudiobook

Publish dateJan 31, 2023

LanguageEnglish

1Opening Anno, Dedication, Preface The Crisis I didn't see coming

13Chapter 8 - Debt and Development: The Merits and Dangers of Financial Repression

2Introduction

14Chapter 9 - Too Much of the Wrong Sort of Capital Flow Global and Eurozone Delusions

3Part 1 , Swollen Finance

15Part 4, Fixing the System

4Chapter 1 - The Utopia of Finance for All

16Chapter 10 - Irrelevant Bankers in an Unstable System

5Chapter 2 - Inefficient Financial Markets

17Chapter 11 - Fixing Fundamentals

Show all chapters

6Part 2 , Dangerous Debt

18Chapter 12 - Abolishing Banks, Taxing Debt Pollution, and Encouraging Equity

7Chapter 3 - Debt, Banks, and the Money They Create

19Chapter 13 - Managing the Quantity and Mix of Debt

8Chapter 4 - Too Much of the Wrong Sort of Debt

20Part 5 , Escaping the Debt Overhand

9Chapter 5 - Caught in the Debt Overhang Trap

21Chapter 14 - Monetary Finance—Breaking the Taboo

10Chapter 6 - Liberalization, Innovation, and the Credit Cycle on Steroids

22Chapter 15 - Between Debt and the Devil—A Choice of Dangers

11Chapter 7 - Speculation, Inequality, and Unnecessary Credit

23Epilogue, The Queen's Question and the Fatal Conceit

12Part 3, Debt, Development, and Captial Flows

24Afterword to the Paperback Edition, Closing Anno

About the author

Adair Turner

View all by Adair Turner

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