Adair Turner: unless we fix our debt addiction, it’s just a matter of time before the next crisis hits
In his latest BBC Radio 4 broadcast, Adair Turner argues that we urgently need to fix our addiction to debt – otherwise it’s just a matter of time before the next crisis hits. At the moment, debt isn’t being reduced – it’s merely being shifted between households, businesses and government. To avoid catastrophe, we need to accept that debts will have to be written off, but this in itself will be a painful process, both economically and politically.
Adair Turner is Chairman of the Institute for New Economic Thinking, His latest book, Between Debt and the Devil: Money, Credit and Fixing Global Finance, is published by Princeton University Press in October 2015.