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Economics as a science has a terrible track record. Time and again the “dismal science” misses predictions or whole financial crises altogether. The problem: Mainstream economics ignores the fact banks create and manage our money and the whole system stands and falls with the process.
Lord Adair Turner, the ex-chief British financial regulator, lifts the mystery on what banks are really doing in the economy.
Quantitative easing alone doesn’t do it.
