Economists' reliance on flawed economic theories has sown the seeds for a calamitous economic collapse as great, if not greater than the Great Depression. This event will shake the very foundations of the world as we know it.
Mainstream economists have perpetuated a gigantic fraud on the people of the world by implying that they understand how modern economies work, and that they can control economic outcomes. If mainstream economists had such wisdom and power, the world would be on a trajectory of unbridled economic growth rather than standing on the edge of an economic precipice.
In perpetuating this fraud, economists have created a number of myths, myths that are not only wrong, but are actually damaging to economic growth. These include that central banks control interest rates and inflation, inflation and low interest rates are necessary for economic growth, and deflation is bad for the economy.
The banking and corporate elites have exploited these failures to hijack the economy for their own benefit. In so doing, they have massively increased the size of the banking sector relative to the real economy. This has not only created huge asset bubbles, but transferred hundreds of billions of dollars of wealth from the low and middle classes to the elite, while creating a massive underclass of serfs financially beholden to the banks. It has also led to a massive build-up in debt, malinvestments and distortions in the global economy, at levels far greater than at any other time in human history.
China has also exploited the global trading system by using unfair and illegal trade practices in chasing her ambitions for regional and global hegemony.
The purpose of this book is to demystify economics and expose this fraud so that people can use the knowledge gained to actively engage in debate. This will enable everyday people to challenge the fraud perpetuated by economists and the elite and return some balance and fairness to society.