William has developed a new theory of economics called Resilience Economics.
Resilience Economics is a new and easy-to-understand theory by Wm that explains why the world economy is in danger of an economic depression or total economic collapse.
The full theory is detailed in his short book titled: 'Why Economic Depressions happen - we're heading for one' .
Satyajit Das, an economic commentator and retired banker, has reviewed Wm's book and said:
"Ordinary people will gain a clear view of what is wrong with modern economies and economics."
This website gives an overview of Wm's theory..
The global economy has very low resilience which means it does not have the ability to withstand something major going wrong. Our combined economic resilience continues to go down. At the same time, larger and larger risks are being taken which increases the likelihood of something major going wrong.
Governments, businesses and people are doing ‘resilience reducing', and, 'risk increasing’ things that are collectively likely to cause a world economic depression or total economic collapse. Some large examples include:
Governments are:
· Printing money on an industrial scale,
· Artificially lowering interest rates massively,
· Manipulating exchange rates
· Spending much more than they collect.
Companies:
· Many major banks including in the US and Australia are gambling on a gargantuan scale in derivatives markets
· Most banks are lending irresponsibly and funding speculative booms in housing, commercial real estate, bonds, shares and many other asset classes
· Many companies are borrowing massive amounts of money to buy back their own shares, pay dividends to shareholders plus other speculative spending
Individuals
· Many people have been borrowing money to speculatively buy real estate, shares and to live extravagant lifestyles
Plus...
· Fraud and corruption by rich and powerful people is common yet in most cases nothing is done to hold perpetrators to account
· Governments have rigged the system so the system is looking after the rich and powerful at the expense of ordinary people
· Most people are not benefiting financially from our economy while some rich people get much more rich
Intuitively, most people understand that these actions can’t be good for the long-term health of the economy, or the people, yet economists and politicians reassure us that they have things under control and that their actions are good for both the economy and us.
To expand on the above and explain to the average person why our world economy is so vulnerable please read Wm's short book titled ‘Why economic depressions happen – we’re heading for one’. Once you read his book you will realise what a dangerous position we are in and how far off track economists and politicians have taken us.
This web site includes extracts from his book plus the table of contents and recent observations. Please read on...
The next web sub page is Book Table of Contents which gives you an overall feel for the book...