In "The Credit Crunch," Graham Turner predicted that banks would be
nationalised and interest rates would be reduced too slowly to halt
the crisis. His predictions were correct. His new book, "No Way to
Run an Economy," is the essential guide to the turbulent times
ahead. Turner recommended radical measures, such as quantitative
easing, in early 2008 but argues that action has been taken too
late and been too timid to make a real difference. He dissects the
policy mistakes of the last 12 months including Obama's doomed
market-led response to the crisis and the obsession of central
banks with the red herring of inflation. Turner also warns that the
collapse of Eastern European economies will lead to political
crisis in the ex-Soviet states that embraced neoliberalism and
massive debt levels so fully. There is no doubt we are in a
depression, but Turner shows that learning from the mistakes made
so far can prevent a situation worse than that of the 1930s crisis.
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