Professor Richard Werner warned of the coming collapse of the Japanese banking system and economy in 1991, at a time when most strategists recommended investors to buy Japanese equities. He stayed ahead of the curve by predicting a major slump in Japan and worked on a solution – which he called “Quantitative Easing”. Well-known in financial circles for his analysis of bank credit creation and his recognition that our money supply is created through bank lending and bank asset purchases, by the late 1990s Richard had become a top forecaster advising the largest institutional investors in the world.

In his bestselling books Princes of the Yen (2003, full English edition 2018, Quantum Publishers) and New Paradigm in Macroeconomics (2005) Richard warned of the coming credit bubbles and banking crises, which hit the world economy in 2008, and again in the following years in Europe with the bursting of the credit and property bubbles in Ireland, Spain, Portugal and Greece. At that time Richard predicted the creation of a property bubble in Germany, which has now burst. A major banking crisis is now likely in a couple of years in Germany.

Richard has demonstrated through careful empirical work how the economy really functions and has revealed much of the ‘official economics’ as a smokescreen. Behind it he has repeatedly been able to expose the ‘guiding hands’ of the central planners at key central banks, working together with other international organisations dedicated to increasing their powers through a process of concentration and centralisation.


Richard Werner graduated from the London School of Economics with First Class Honours in Economics and holds a doctorate in Economics from the University of Oxford. Richard is a Member of Linacre College, Oxford. From 2018 to 2021 he was Professor of Finance at Fudan University, Shanghai. From 2004 to 2018 he was Professor of International Banking at the University of Southampton, England, and prior to this Assistant Professor of economics at Sophia University, Tokyo (one of Japan’s top private universities). He was also professor of economics at Goethe University, Frankfurt, Germany.

His professional experience includes more than four years as chief economist at Jardine Fleming Securities (Asia) Ltd. in Tokyo, a stint as Senior Managing Director at Bear Stearns Asset Management Ltd., and founding Senior Portfolio Manager of the Bear Stearns Global Alpha Fund. He has run several global macro funds, been senior consultant to the Asian Development Bank, first Shimomura Fellow at the Development Bank of Japan and board member of a number of companies, including chairman of the audit committee of an LSE-listed international corporation with 5,000 staff.

In 1995, Richard advanced a new monetary policy to pull out of banking crises quickly, which he called ‘quantitative easing’ . This has since been adopted by major central banks. His book ‘Princes of the Yen’ (Quantum Publishers) was a No. 1 bestseller in Japan, beating Harry Potter for six weeks as general bestseller. He warned of the coming credit bubbles and banking crises, including the 2008 crisis. In 2014, Richard published the first empirical proof of the fact that banks create new money when they grant loans (“Can banks individually create money out of nothing?”)