• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Go to Positive Money Europe

Positive Money

Making money and banking work for society

  • About us
    • Our vision
    • Who we are
    • History & highlights
    • Contact us
    • There are currently no vacancies available
    • In the media
    • Funding & Annual Reports
  • What we do
    • Educate & empower
    • Research and Policy
    • Campaign & local groups
    • Influence decision makers
    • In the media
    • International Movement
    • Events
  • Resources
    • Videos
    • Publications
    • Local group resources
    • Lobby your MP
    • Organise an Event
    • Policy resources
    • Shop
  • Press
  • Blog
  • Donate
  • Positive Money Europe

Adair Turner's Keynote Speech at INET Conference

by Positive Money

The Institute for New Economic Thinking (INET) is holding its annual plenary conference in Hong Kong (April 4-7 2013).

Former FSA chairman Lord Adair Turner delivered a keynote speech entitled “Private Debt and Fiat Money: Lessons from the crisis and from some old economic texts” at this conference last night.

You can watch his groundbreaking keynote speech (with an introduction by George Soros) here (Adair Turner starts at 00:09:23):

[youtube height=”390″ width=”640″]http://www.youtube.com/watch?v=ZhrY_coLK_k[/youtube]

 

“There is a huge wisdom in some old economics texts. And I’m going to begin by referring to some old economics texts, and perhaps the surprising ones… some of the founding fathers of the Chicago school of economics, people who supported very strong, clear laissez-faire economics, but to some particular issues in finance were not laissez-faire at all. I’m talking about Henry Simons, I’m talking about early Milton Friedman (in 1948) and I’m talking about Irving Fisher. Those economists came up with two really quite radical propositions in their writings in the 30’s and 40’s. *

The first was that the finance – and in particular banking – was subject to such potential instability that not only we should regulate banks tightly but that we should regulate banks out of existence. They didn’t believe that fractional reserve banks should exist. They believed that we have made a major elementary mistake in allowing banks to create private money and credit, that the creation of money was an essential monopoly function of the state and therefore they argued for 100% reserve banks in which the monetary base is the money supply.”

 

square-MM* Positive Money reform proposals are based on a proposal initially put forward by Irving Fisher and Henry Simons. (However while inspired by these original works, our proposals have some significant differences.)

 

Here you can watch CNBC interview with the billionaire George Soros about the Adair Turner’s keynote speech.

Screen Shot 2013-04-05 at 12.47.07

 

Here you can watch livestream from the INET conference. (Conference Agenda here)

 

 

In the News, Video

Positive Money

Primary Sidebar

Get our latest campaign updates

Recent Posts

  • Quantitative easing “turbocharges” inequality: our evidence to the House of Lords
  • Surprise for Sunak: 60,000 demand climate action on frontpage of his local paper
  • QE or not to QE? Soaring inequality shows it’s time for a new macroeconomic approach
  • Update from Chair of the Board on Interim Leadership
  • Why GameStop reveals the flaws of big finance

Footer

Follow us on social media

  • Facebook
  • Instagram
  • Twitter
  • YouTube

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.


Privacy Policy, Terms & Conditions


Positive Money is a company limited by guarantee registered in England and Wales. Registered number 07253015.
Registered office: 307 Davina House, 137-149 Goswell Road, London EC1V 7ET.


Positive Money Europe