These taboos and fears also make us blind to the threat of out-of-control private debt and credit wasted on real estate and speculation rather than growth that lifts everyone. For Turner, thinking radically is the most practical way forward.
Adair Turner discusses his new book, Between Debt and the Devil: Money, Credit, and Fixing Global Finance and the critical questions -- and radical solutions -- that can help lift the economy for everyone.
When Federal Reserve Chief Ben Bernanke appeared on 60 Minutes to persuade us to bail out the banking system, he didn't bother with charts, figures or lengthy argument. Instead, he used something far more powerful: Analogy and metaphor.
The backlash after the next financial calamity will make the Dodd-Frank Act look so mild that many will wonder if it was written by bankers themselves. Handcuffs and prison sentences will not likely be in short supply next time.
Financing has become a robotic form of mass production, designed to generate ever-increasing wealth within an artificial system by draining it from the real world. In a word, banks have lost their souls.