Richard A. Werner, D. Phil. (Oxon)

In A Nutshell

In 1992, while European Commission Fellow at Oxford University, Richard invented and described the Quantity Theory of Credit. He is widely credited for coining the term “Quantitative Easing”, defined as an expansion in credit creation, which has since become a mainstay of neoclassical economics.

An expert in the East Asian high growth system, as well as the Western low-growth system of destructive credit cycles, today he is uniquely equipped to predict and describe what these policies, pushed to their inflection point, will produce for the world.

Bank credit for asset purchases

Debilitating credit expansion for asset purchases or consumption is bound to cause an implosion of the Bretton Woods debt-based money and credit system.

Controlled Demolition

Key policymakers know this, and have been deploying credit policy accordingly: their policies amount to a scripted and controlled demolition of Western institutions, and the end of the Washington Consensus.

Multi-Polar World Order

The “World To Come”, as the central planners refer to the post-crisis world, is euphemistically dubbed the “multi-polar world order”. In reality, it amounts to a destruction of the new Rome: the USA and its satellites.

« We must oppose the introduction of CBDCs! »

Prof. Richard A. Werner, European Conference on Banking and the Economy 2024

What central planners are doing has been tried before, hundreds of times. It is the misuse of the powerful tool called bank credit creation. While we could use it to have high, sustainable, equitable economic growth without crises and without inflation in every country, based on a system of hundreds of small, local banks lending to small firms, the central planners have delivered the opposite. They are killing the small banks and concentrating the banking system. While we could have almost unthinkable abundance for all, the central planners have used the power of bank credit creation to cause big cycles and crises and increasing their powers.

Since the 1970s, more and more central banks have been made independent and de facto unaccountable. As their powers have increased, the number, frequency and amplitude of boom-bust cycles has increased. Each crisis has served to increase their power further, advancing the centralisation of the economy and their ultimate goal of total control. The introduction of central bank digital currencies would allow them to reach even for the powers previously reserved for elected representatives. CBDCs represent a totalitarian control tool infamous dictators could only have dreamed about.

What Is This Website?

It allows you to engage with Richard’s many activities and join the battle for a democratic future in peace and prosperity.

There are different ways to engage with this content: first and foremost, make sure you subscribe, in order to receive the latest updates, and possible urgent warnings should the situation deteriorate quickly. Secondly, please support this work, as these ideas are not generally tolerated in the corridors of Western academia. Thirdly, check back regularly, as new content is frequently being posted.

Instead of addressing an academic public, this website is meant to help the general public understand the exceptional economic circumstances the world finds itself in, and how to navigate them.

The website will be continuously updated with the latest insight and analysis, as we progress through these turbulent times:

  • Blog posts describing events as they unfold
  • A regular video series
  • Excerpts from Richard’s new books
  • Interviews of like-minded peers
  • A series of online courses

Other Resources

For Richard’s rigorous scholarly research, please visit his academic website.

In order to follow Richard’ video messages, please follow him on his YouTube channel Werner Economics. Follow him on his academic Twitter/X account: @DrRichardWerner.

For information about the one-week in-person courses in economics at Oxford that Richard is organising this Summer, about a Masters degree program he is leading and about upcoming academic conferences and events, please visit, the website of the registered educational charity ‘Association for Research on Banking and the Economy’ (ARBE).

For information about Richard’s activities in establishing local banks, please see If you want to support the establishment of local banks, please fill in the contact form and get in touch!

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