"Credit, Money and Leverage", Adair Turner former Chairman UK Financial Services Authority
Lord Adair Turner, former Chairman of the UK Financial Services Authority, gave a public talk entitled “Credit, Money and Leverage.” Lord Turner played a leading role in the redesign of the global banking and shadow banking regulation. He is the author of “Just Capital – The Liberal Economy” (Macmillan, 2001), and “Economics after the Crisis,” (MIT Press, 2012), and holds Visiting Professorships at the London School of Economics and at Cass Business School, City University.
In his talk, Lord Turner argued that the fundamental driver of the 2008 financial crisis and the depth of the post-crisis recession was a multi-decade increase in private sector leverage not only within the financial system, but also in the real economy. He argued that post-crisis reforms have still not addressed the issue of how to develop a less debt-intensive model of growth.