Adrian Buck’s Reviews > Between Debt and the Devil: Money, Credit, and Fixing Global Finance > Status Update

"Rather than pursuing an unattainable utopia, we should identify where free markets have the greatest potential to diverge from social optimality and design public policies in response."

"There are no perfect markets, and there can be no perfect planner."

"A totally relaxed attitude to private credit creation produced; and a total prohibition on fiat money creation has made recovery weaker than it could have been. Absolute beliefs and simple rules are dangerous."

"[The ISLM model] failed to specify how people's behaviour was determined by expectations about the future, why they held particular expectations, and how those expectations would evolve in the light of changing circumstances and public policies."

"But underlying these specific failings was also a methodological and philosophical bias - a preference for mathematical precision and elegance at the expense of realism and a desire at certain answers that made possible unchanging public policy rules."

"Pre-crisis macroeconomic orthodoxy combined total anathema against money finance with an almost totally relaxed attitude to private credit creation." - shouldn't both be anathema?

increasing longevity can increase savings - how much 'deleveraging' is this responsible for in Japan? This is also happening in the buy-to-let phenomena in the UK.

For the euro, monetary finance is banned because of the political problems Turner highlights. The longterm solution is federalism: well, that's the plan anyway, isn't it?

"...the precise use of the [fiat] money would in itself have implications for the stimulative impact, fiscal and monetary authorities would need to discuss optimal policy design." - uh oh, planning!