How to end a recession?
Take a leaf from Eric Lonergan’s Money
How do governments end recessions and stimulate growth? How do we end a crisis the breadth and depth of that suffered in the Eurozone from 2009-2012? We might think increasing government spending, cutting taxes, or reducing interest rates – the traditional go-to tools of government economic policy – are the best way. Or that austerity, although with its detractors, is effective in stimulating the economy. Not so, argues Eric Lonergan in his new book Money.
Through a masterful analysis and critique of what money actually is, Lonergan reveals the wrong turns that effect economies at the national and global level. In twelve chapters, he presents and knocks down economic shibboleths, demonstrating:
- How the Eurozone crisis began and finished with actions by the ECB
- Saving is not better than borrowing
- Nothing ends a financial panic better than overwhelming and unconditional intervention
- How a deposit to a bank is an unbacked loan to a highly leveraged financial institution
- Why money transfers to the public are the surest way of jump-starting the economy…and why no government has tried them.
In a highly readable analysis, taking in Marx, Friedman, Simmel and Pokémon, Lonergan addresses the social aspect of money; its impact on our psyche and how our myopia infects our decisions about money with prejudice, rather than reason. He encourages a fuller understanding of the role money plays and our relationship with it: one based on acknowledging risk; the temporal nature of borrowing and spending; and its function as essentially ‘liberating and enabling’, expanding our capacity to be moral.
About the Author
Eric Lonergan is a hedge fund manager at M&G investments in London. He is a frequent contributor to the Financial Times.
More information on the book can be found here.
To request a review copy or for interviews please contact:
Michael King, Senior Marketing Manager |+44 (0)207 017 6073 | Email: michael.king@tandf.co.uk
Michael King, Senior Marketing Manager |+44 (0)207 017 6073 | Email: michael.king@tandf.co.uk
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