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Economics textbooks teach a “mythological” story about what banks do, claims former bank regulator Lord Adair Turner (Full transcript)

Turner Toronto

Lord Adair Turner, who was the chairman of the UK Financial Services Authority from 2008-2013, gave a brief but hard-hitting speech last week, where he claimed that university textbooks were teaching a 'mythological' story about what banks do. Speaking on a panel at the INET "Human After All" conference in Toronto, he made a number of strong points:

joebhedTodd,Good luck in you wending.I would rather spend my time elsewhere and engage with someknowledgeable people in how the money system really works and how we need to reform it, than to further accommodate your ever-expanding dialogue efforts to Occupy Positive Money.Perhaps that is my very lazy inte...

April 2014

Todd B. MarshallvvvvvYour MoE management construct is a figment of your imagination…….. later confirmed (*)^^^^^No more than Retained Earnings = Assets - Liabilities is from someone's imagination. What is is.vvvvvSorry, it is you who should wake up….. I give you the most noted monetary historian in this count...

April 2014

joebhedTodd,Your MoE management construct is a figment of your imagination…….. later confirmed (*)Sorry, it is you who should wake up….. I give you the most noted monetary historian in this country, whose epic piece on the history of “monetary systems’ explains that only nations have money syste...

April 2014
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piliphMost of the things do remain the same but the aspect ofhaving a good layout and user friendly site has become the key things in myeyes. So apart from posting good quality content, we need to focus on creatinga good lay out for our blogs as well....

last month

GuestMost of the things do remain the same but the aspect ofhaving a good layout and user friendly site has become the key things in myeyes. So apart from posting good quality content, we need to focus on creatinga good lay out for our blogs as well....

last month

TalamosAre BitCoins a good currency? I think not (yet).What makes a good currency? A good currency is any entity (physical or not) , that PEOPLE 1. want use (for buying and selling) and 2. want to keep (for whatever reason).If 1. and 2. are not present over a longer time, the currency will disappear.Now yo...

April 2014
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Mark StapletonWe need council houses by the tens of thousands and tens of thousands more....why have we not got them?...

May 2014

jamesmurraylawSurely the 'help to buy' scheme is a wonderful policy for a temporary stimulus to the country if, but only if, it is confined to 'new build'.Land Value Tax may hit out a little at those that buy land and property, probably with leveraged money, and sit on it waiting for property inflation to make th...

April 2014

SimonioThe 'help to buy' was a predictable disaster. The idea that house price increases of this proportion is considered GDP is utterly absurd. The fact that this is also not measured as inflation is also absurd (even if the inflation won't be evenly spread as a percentage profit from this). High house...

April 2014
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joebhedPMOn the videos, it says Turner starts 1 min in........on which vid?I could not find it on the first one.Am I doing something wrong.Is there a YT of this?...

April 2014

joebhedHe's lose his "Four" for the weekend links.Much too hard to explain....

April 2014

joebhed"when they spend more than they tax", government's WOULD create money, but instead they borrow their deficit balances.When Guv borrows, it is using already-created money.So, the government NEVER spends more than it taxes and borrows, as it is against the law.If you don't see any difference between p...

April 2014
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