Between Debt and the Devil
Money, Credit, and Fixing Global Finance
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Narrated by:
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Richard Lyddon
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By:
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Adair Turner
About this listen
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.
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Critic reviews
"One of The Independent’s Best Economics Books of the Year"
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"One of Bloomberg Businessweek’s Best Books of 2015, chosen by Vítor Constâncio"
"[Between Debt and the Devil] represents an important challenge to economic orthodoxy, which, as [Turner] rightly notes, has already failed us once."—John Cassidy, New Yorker
"Extensively researched and well-written."—Edward Chancellor, Wall Street Journal
"[A] remarkable new book."—Will Hutton, Observer
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Story
Financial crises happen time and again in post-industrial economies - and they are extraordinarily damaging. Building on insights gleaned from many years of work in the banking industry and drawing on a vast trove of data, Richard Vague argues that such crises follow a pattern that makes them both predictable and avoidable. A Brief History of Doom examines a series of major crises over the past 200 years in the United States, Great Britain, Germany, France, Japan, and China - including the Great Depression and the economic meltdown of 2008.
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Great Continuity
- By Anonymous User on 08-24-22
By: Richard Vague
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The End of Normal
- The Great Crisis and the Future of Growth
- By: James K. Galbraith
- Narrated by: L. J. Ganser
- Length: 9 hrs and 27 mins
- Unabridged
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The years since the Great Crisis of 2008 have seen slow growth, high unemployment, falling home values, chronic deficits, a deepening disaster in Europe - and a stale argument between two false solutions, “austerity” on one side and “stimulus” on the other. Both sides and practically all analyses of the crisis so far take for granted that the economic growth from the early 1950s until 2000 - interrupted only by the troubled 1970s - represented a normal performance.
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Other People's Money
- The Real Business of Finance
- By: John Kay
- Narrated by: Walter Dixon
- Length: 11 hrs and 54 mins
- Unabridged
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The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.
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Listened twice. Everyone must read this.
- By Tristan on 01-18-16
By: John Kay
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13 Bankers
- The Wall Street Takeover and the Next Financial Meltdown
- By: Simon Johnson, James Kwak
- Narrated by: Erik Synnestvedt
- Length: 8 hrs and 59 mins
- Unabridged
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Even after the ruinous financial crisis of 2008, America is still beset by the depredations of an oligarchy that is now bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks, which together control assets amounting to more than 60 percent of the country's gross domestic product, these financial institutions (now more emphatically "too big to fail") continue to hold the global economy hostage.
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Easy to Understand and Comprehend
- By Kyle on 04-11-10
By: Simon Johnson, and others
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The Death of Money
- The Coming Collapse of the International Monetary System
- By: James Rickards
- Narrated by: Sean Pratt
- Length: 13 hrs and 13 mins
- Unabridged
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The international monetary system has collapsed three times in the past hundred years, in 1914, 1939, and 1971. Each collapse was followed by a period of tumult: War, civil unrest, or significant damage to the stability of the global economy. Now James Rickards, the acclaimed author of Currency Wars, shows why another collapse is rapidly approaching - and why this time, nothing less than the institution of money itself is at risk.
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A good review of the global financial system
- By Jean on 04-22-14
By: James Rickards
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Dead Aid
- Why Aid Is Not Working and How There Is a Better Way for Africa
- By: Dambisa Moyo, Niall Ferguson - foreword
- Narrated by: Mike Chamberlain
- Length: 6 hrs and 29 mins
- Unabridged
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A national best-seller, Dead Aid unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined - and millions continue to suffer. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Dambisa Moyo offers a bold new road map for financing the development of the world's poorest countries.
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Dangerous / Right Wing US view
- By David O'Donovan on 03-05-19
By: Dambisa Moyo, and others
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Red Flags
- Why Xi's China Is in Jeopardy
- By: George Magnus
- Narrated by: Derek Perkins
- Length: 9 hrs and 59 mins
- Unabridged
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Over the past four decades, China's remarkable transformation has garnered admiration but also sparked concern. George Magnus draws on his intimate knowledge of this dynamic nation to uncover the origins of its ascent and show why the economic traps it faces at home and the political challenges it faces abroad pose a serious threat to its continued rise.
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A pessimistic vision with western liberal bias
- By Jeronimo L. Jimenez on 10-23-20
By: George Magnus
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The Instant Economist
- Everything You Need to Know About How the Economy Works
- By: Timothy Taylor
- Narrated by: Don Hagen
- Length: 9 hrs and 35 mins
- Unabridged
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Economics isn't just about numbers: It's about politics, psychology, history, and so much more. We are all economists - when we work, save for the future, invest, pay taxes, and buy our groceries. Yet many of us feel lost when the subject arises. Award-winning professor Timothy Taylor here tackles all the key questions and hot topics of both microeconomics and macroeconomics, so you can understand and discuss economics on a personal, national, and global level.
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Timothy Taylor is the best
- By Jake on 02-15-15
By: Timothy Taylor
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China's Economy
- What Everyone Needs to Know®
- By: Arthur R. Kroeber
- Narrated by: Paul Heitsch
- Length: 11 hrs and 31 mins
- Unabridged
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China's Economy: What Everyone Needs to Know® is a concise introduction to the most astonishing economic growth story of the last three decades. In the 1980s, China was an impoverished backwater, struggling to escape the political turmoil and economic mismanagement of the Mao era. Today it is the world's second biggest economy, the largest manufacturing and trading nation, the consumer of half the world's steel and coal, the biggest source of international tourists, and one of the most influential investors in developing countries from southeast Asia to Africa to Latin America.
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An interesting insight
- By Cole Peters on 11-28-18
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The Ascent of Money
- A Financial History of the World
- By: Niall Ferguson
- Narrated by: Simon Prebble
- Length: 11 hrs and 27 mins
- Unabridged
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Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. Niall Ferguson shows that finance is in fact the foundation of human progress.
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A mostly successful and interesting history
- By A reader on 02-24-09
By: Niall Ferguson
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Currency Wars
- The Making of the Next Global Crises
- By: James Rickards
- Narrated by: Walter Dixon
- Length: 9 hrs and 52 mins
- Unabridged
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In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics.
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don't be misled
- By peter on 04-01-12
By: James Rickards
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Globalization and Its Discontents
- By: Joseph E. Stiglitz
- Narrated by: Derek Perkins
- Length: 10 hrs and 33 mins
- Unabridged
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This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. When it was first published, this national best-seller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank.
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Plea
- By Asma on 10-13-20
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Stocks for the Long Run (Fifth Edition)
- The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies
- By: Jeremy J. Siegel
- Narrated by: Scott Pollak
- Length: 13 hrs and 25 mins
- Unabridged
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The stock-investing classic - updated to help you win in today’s chaotic global economy. Much has changed since the last edition of Stocks for the Long Run. The financial crisis, the deepest bear market since the Great Depression, and the continued growth of the emerging markets are just some of the contingencies directly affecting every portfolio in the world. To help you navigate markets and make the best investment decisions, Jeremy Siegel has updated his best-selling guide to stock market investing.
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Boring!!!!
- By Frankie on 01-20-23
By: Jeremy J. Siegel