So here's what we all understand about money in our own lives.

We understand that we cannot just wish it into existence for ourselves.

If we want to get money, we're going to have to work hard for it or invent something that we can sell for it, or we're going to have to inherit it, or we're going to have to steal it.

There is just no way to go one, two, three, poof, and suddenly you have more money.

Unless, of course, you happen to be the central bank of the United States, also known as the Fed, which has since 2008, in order to head off financial crisis, has put almost $4 trillion into the hands of banks to stimulate lending and hence business activity.

Where did the Fed get that money from? Well poof, they wished it into existence.

And does that sort of financial incantation actually make sense?

Does it work, or does it do more harm than good? Well, that sounds like the making of a debate, so let's have it.

Yes or no to this statement. Central banks can print prosperity.

Debate from Intelligence Square, US. I'm John Donovan. We are at the Kaufman Music Center in New York City with four superbly qualified debaters on the stage who will argue for and against this motion.

Central banks can print prosperity. As always, our debate will go in three rounds, and then our live audience here in New York City will vote to choose the winner and only one side wins.

Our motion again, central banks can print prosperity. Let's meet the team arguing for the motion. Please let's welcome first Roger Boodle.

Roger, welcome from the UK just off of a plane yesterday. You are executive chairman of Capital Economics, author of the book The Trouble with Europe.

You are well known for your crystal ball powers. You have forecast major events and market movements like the real estate bubble and sustained low inflation, which we're living through now.

You are also winner of the first Wolfson Economics Prize. You beat out over 400 people by coming up with the best plan for doing away with the European currency known as the euro. And is that also a prediction you're making? Is that going to happen?

You bet. I think the euro has been a complete disaster. I think it will break, but I'm not sufficiently good at forecast to be able to tell you when it's going to break or indeed which country is going to leave first.

We'll check back in with you a little bit later. Thank you Roger Boodle. And can you tell us who your partner is?

Yes, my partner is the distinguished Simon Johnson. Ladies and gentlemen, Simon Johnson.

Simon, welcome back to your second debate now with intelligence squared. You're also arguing for the motion that central banks can print prosperity.

You are a professor at MIT Sloan School of Management. You are former chief economist of the IMF. You are an expert on financial and economic crises. You wrote a book called 13 bankers, which detailed the 2008 financial crisis, which has been described as essential reading 2008 was quite a while ago. Is that crisis over?

The crisis of 2008 will always be with us John. And not in a good way. I take it. Not usually in a good way.

Okay, ladies and gentlemen, the team arguing for the motion. Central banks can print prosperity. And we have one team arguing against the motion. Please first let's welcome Edward Conard.

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