Econintersect: Adair Turner, former chairman of the UK FSA (Financial Services Authority), spoke last week at an INET (Institute for New Economic Thinking) conference "Human After All" in Toronto. His presentation focused on textbook 'mythology' about banking functions and that much financial sector activity is not useful to the general economy, but is inefficient and parasitic.
Ben Dyson (Positive Money) has a transcript of the presentation with added emphasis of highlights. (Hat tips to Roger Erickson and Tom Hickey.) Click on the video image below to start at the 48 minute mark when Adair Turner starts speaking. After Turner is finished at 60 minutes the remaining time on the video (40 minutes) is a panel discussion involving all four speakers.
- Economics textbooks teach a “mythological” story about what banks do, claims former bank regulator Lord Adair Turner (Full transcript) (Ben Dyson, Positive Money)