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The richer people, when they get another $100,000, or another million, or 10 million, don’t tend to spend it as much as the poorer people would if they got another $100 or $1,000 or $5,000.

Jonathan Adair Turner

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Another Get Income Million People Rich Richer Spend

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We’re not where we should be in terms of our national economies.
JONATHAN ADAIR TURNER

Business Economic National Power Rule Term
In finance and economics, ill-designed policy is a more powerful force for harm than individual greed or error.
JONATHAN ADAIR TURNER

Beyond Demonisation Designed Economic Error Moving Finance Greed Overpaid Policy Trader
If we don’t constrain them, and the fact that credit is primarily created to fund the purchase of urban real estate and land, which is somewhat fixed in supply.
JONATHAN ADAIR TURNER

Constrain Created Fact Land Primarily Purchase Real State
We need to move beyond the demonisation of overpaid traders
JONATHAN ADAIR TURNER

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Instability mostly comes from the interface between the fact that the banks (or shadow banks) can create credit, money, and purchasing power in infinite quantities
JONATHAN ADAIR TURNER

Bank Create Instability Interface Land Mostly Real Shadow
In economics, when you put together a highly elastic thing and a highly inelastic thing, you create extraordinary potential for turbulence, volatility, and for unstable prices.
JONATHAN ADAIR TURNER

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The probability that we face global warming caused by fossil fuels is now so overwhelming that it is legitimate to doubt the motives of those who deny it
JONATHAN ADAIR TURNER

Doubt Fossil Fuel Legitimate Overwhelming Probability
All the empirical evidence suggests that the rich tend to consume a lower proportion of income than middle and lower-income people.
JONATHAN ADAIR TURNER

Another Empirical Evidence Get Income Million Rich Richer Spend
In absolute terms, we may have to look at restricting the number of flights people take.
JONATHAN ADAIR TURNER

Energy Numbers People
This isn’t a stable system.
JONATHAN ADAIR TURNER

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We don’t know how to get out of this malaise and I think we now have to consider more radical policies.
JONATHAN ADAIR TURNER

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Rising inequality can create a more highly leveraged economy, and it can then make the economy vulnerable to a crash like 2008.
JONATHAN ADAIR TURNER

Crash Create Economy Highly Inequality Leveraged Rising Vulnerable
The richer people, when they get another $100,000, or another million, or 10 million, don’t tend to spend it as much as the poorer people would if they got another $100 or $1,000 or $5,000.
JONATHAN ADAIR TURNER

Another Get Income Million People Rich Richer Spend
If your credit is going to grow at 10-15 percent per year in order to get your 5 percent GDP growth per year, eventually you’re going to have a problem.
JONATHAN ADAIR TURNER

Credit GDP Going Growth Order Percent Year
The capitalist system is not delivering those decade-after-decade increases it promised.
JONATHAN ADAIR TURNER

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