They just don’t get it, these “experts”. Here’s Adair Turner (former Director-General of the Confederation of British Industry, former Chairman of the UK Financial Services Authority, member of the Financial Policy Committee, part-time lecturer at the London School of Economics) explaining very clearly why debt is the main problem with the UK economy and then completely missing the point about how to fix it. He either doesn’t know (or doesn’t want to admit) that banks create money as debt, which means that debt (private and public) will always rise, which means interest payments rise, which means the economy will be progressively starved of money. Tinkering with bank regulation will not reverse the trend, ever. Nothing less than comprehensive reform of how we create and use money will do it.

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