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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.
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.
Resource-intensive practices of yesterday can no longer sustain the
world. The future of our planet hinges on timely transitions to
efficiency of resource-use across ecosystems of people, products,
and processes. This will happen through transitions to low-carbon
global energy systems. Against this, it is vital to take a closer
look at the ongoing transitions in India. India is a country faced
with the triple challenges of raising a substantial amount of its
population out of poverty, shifting to a low-carbon economy, and
fighting climate change. It is unquestionable that India's energy
demand and consumption will only continue to rise in the decades to
come; nonetheless, with multiple synchronized steps in the right
direction, India can set the wheel in motion to achieve its
development goals while containing its carbon footprint. This book
brings together the valued perspectives from key stakeholders in
these transitions. Experts and practitioners from the mobility,
clean energy, agriculture and energy efficiency sectors, among
others, have shared their outlook on challenges that lie in the way
of energy transitions in India, and offered solutions and next
steps to move the country forward on the decarbonisation pathway.
The overarching message is clear: the Indian energy sector of the
future will be noticeably different from what it is today. Please
note: This book is co-published with TERI Press, India. Taylor
& Francis does not sell or distribute the Hardback in India,
Pakistan, Nepal, Bhutan, Bangladesh and Sri Lanka
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