Richard Werner

EconomistModernb. 1967· German

German banking economist who coined the term 'quantitative easing' and developed the Quantity Theory of Credit, which holds that banks create money when they lend and that where credit flows decides boom or bust. His book Princes of the Yen documented how central-bank credit policy transformed Japan, and his 2014 study delivered the first empirical proof of money creation by an individual bank. A professor at the University of Winchester, he campaigns for decentralized community banking as a counterweight to concentrated monetary power.