EBOOK
About
The Financial Times said of the author's previous book The Greatest Crash: How contradictory policies are sinking the global economy, "Radical thinkers might have a point."
Now the author challenges the existing academic and political consensus about how economies should be managed, showing that finance is the root cause of public dissatisfaction with the elite and their policies. Serious problems of both inequality and populism have their origin in monetary and economic policy. Estimates show that one-fifth of all economic output is spent on interest: this is too high an overhead and cannot be allowed to increase.
Whether you are a concerned individual, an academic, politician, banker or even a policymaker, read about a different view of the current financial orthodoxies, one that will provoke serious debate and even action.
Three related concepts are discussed in this book:
• the true cost of debt to society,
• the central banking economic cycle, and
• the financial system limit.
The old arguments about sound money versus stimulus, as well as contemporary arguments that governments controlling their own currency can create as much credit as they wish, are fundamentally unsuited to the way the financial world works now. Recovery from the 2020 pandemic should not result in an expensive mortgage on our future. A different financial system based on equity rather than debt, needs to be encouraged to emerge.
Now the author challenges the existing academic and political consensus about how economies should be managed, showing that finance is the root cause of public dissatisfaction with the elite and their policies. Serious problems of both inequality and populism have their origin in monetary and economic policy. Estimates show that one-fifth of all economic output is spent on interest: this is too high an overhead and cannot be allowed to increase.
Whether you are a concerned individual, an academic, politician, banker or even a policymaker, read about a different view of the current financial orthodoxies, one that will provoke serious debate and even action.
Three related concepts are discussed in this book:
• the true cost of debt to society,
• the central banking economic cycle, and
• the financial system limit.
The old arguments about sound money versus stimulus, as well as contemporary arguments that governments controlling their own currency can create as much credit as they wish, are fundamentally unsuited to the way the financial world works now. Recovery from the 2020 pandemic should not result in an expensive mortgage on our future. A different financial system based on equity rather than debt, needs to be encouraged to emerge.