Mephistopheles at the Controls of a Helicopter: A Warning from the Adair Turner’s Latest Book
Mephistopheles at the Controls of a Helicopter: A Warning from the Adair Turner’s Latest Book
Author(s): Andrzej SławińskiSubject(s): Economic policy, Financial Markets, Public Finances, Fiscal Politics / Budgeting
Published by: Instytut Nauk Ekonomicznych Polskiej Akademii Nauk
Keywords: helicopter money; public debt; monetary policy; banking crisis; credit creation;
Summary/Abstract: On the last pages of his book Between Debt and the Devil Adair Turner states that “Pre-crisis orthodoxy treated free market private credit creation as by definition optimal and fiat money creation as in all circumstances dangerous – the work indeed of the devil”. Now we know that the devil, whose licensed job is to tempt people, might sue them to court, because they tempted themselves to create a highly destructive credit-intense model of economic growth. The price for yielding to this temptation was paid in form of the global banking crisis and the Great Recession it caused.
Journal: Ekonomista
- Issue Year: 2016
- Issue No: 3
- Page Range: 422-426
- Page Count: 5
- Language: English
