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Between debt and the devil? In the eye of a new global financial storm

NEF and Princeton University Press

Wednesday, 10 February 2016 from 18:00 to 19:30 (GMT)

Between debt and the devil? In the eye of a new global...

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So far this year gloom has dominated the headlines – falling stock markets, low commodity prices, risks of debt crises in developing countries and the dangers of deflation. But what lessons can we learn from the 2008 financial crash and what new innovations are required from economic policy?


One the world’s most respected thinkers on financial reform, Lord Adair Turner joins the New Economics Foundation (NEF) for a special event to discuss these questions in the context of his new book, Between Debt and the Devil. 


The former Chair of the Financial Services Authority will share his thoughts on the challenges facing the global economy with responses from Josh Ryan-Collins, Associate Director of Economy and Finance at NEF.


The event will be chaired by Anastasia Nesvetailova, Professor in Political Economy at the Department of International Politics at City University, London and Director of City Political Economy Research Centre (CITYPERC).

Anastasia has published on the political economy of financial innovation, liquidity and international financial governance and is a member of John McDonnell's Economic Advisory Committee.


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In modern economies, banks create the vast majority of money in the form of credit and its flipside, debt. In his new book, Between Debt and the Devil, Adair Turner shows how the build-up of excessive private debt in advanced economies led to the financial crisis of 2008 and how this was neglected by many economists and policy makers, who were instead focussed on inflation and economic growth. Lord Turner argues that to prevent future crises, a fundamentally different understanding of macroeconomics and monetary policy is required, one which puts at its heart the need to regulate the quantity and quality of bank credit and ensure it goes to the right parts of the economy. His suggested solutions are radical, including the need to monetize portions of public debt and limit certain kinds of lending, including mortgages.


Lord Adair Turner (@AdairTurnerUK) is Chairman of the Institute for New Economic Thinking (INET) and a non-executive director of both Prudential plc and OakNorth Bank. He was made Chairman of Britain’s Financial Services Authority just as the global financial crisis arrived in 2008, and he played a leading role in redesigning the global financial regulatory architecture in its aftermath as Chairman of the International Financial Stability Board's major policy committee and was then an ex-officio member of the UK’s Financial Policy Committee. Lord Turner has combined careers in business, public policy and academia, including being Director General of the Confederation of British Industry, Vice Chairman of Merrill Lynch Europe, Chair of the Low Pay Commission from 2002 to 2006 and Chair of the Climate Change Committee from 2008 to 2012. He became a cross-bench member of the House of Lords in 2005. 


Josh Ryan-Collins (@jryancollins) is Associate Director (Economy and Finance) at the New Economics Foundation (NEF).  He is the lead author of the bestselling book ‘Where Does Money Come From’, the first comprehensive guide to the modern monetary system dominated by commercial bank money creation. It is now used as a text book in universities in both the UK and the U.S. Josh recently completed PhD examined the relationship between bank credit, monetary policy and the wider economy and he is leading a two year project with NEF examining the potential for state money creation or ‘sovereign money reform’.


Do you have questions about Between debt and the devil? In the eye of a new global financial storm? Contact NEF and Princeton University Press

When & Where

New Economics Foundation
10 Salamanca Place
SE1 7HB London
United Kingdom

Wednesday, 10 February 2016 from 18:00 to 19:30 (GMT)

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