"World-Leading Economist" And Advisor To Chancellor Osborne Busted For Smoking Crack

Tyler Durden's picture

All those times when the general population asks if panglossian, clueless economists are smoking crack... apparently there was a reason for that.

When the UK and the rest of Europe proposed and implemented a change to the way GDP is calculated last year (a change which single-handedly pushed Britain above France as the world's 5th largest economy) one which "estimated" the contribution of prostitution and illegal drugs to national economic output, little did we know that such "estimates" would be based on personal experience (also see "How Britain Calculates Its Hooker "GDP Boost": 60,879 Prostitutes x 25 Clients Per Week x £67.16 Per Visit").

Enter professor Douglas McWilliams, 63, head of the well-known Centre for Economic and Business Research (CEBR) think tank and one of the most prominent modern economists, in fact in his own words "one of the world’s leading economists...best known for his work in forecasting" as well as advisor (and cheerleader) to none other than UK Chancellor George Osborne.

First, a little background. From his CEBR background:

Douglas is one of the world’s leading economists and was chosen in 2012 from over 300 applicants to become the Gresham Professor of Commerce.


His Gresham lecture series ‘The world’s greatest ever economic event’ looking at the impact of globalisation on the Western economies has attracted widespread attention and large audiences. He covers all aspects of economics but is best known for his work in forecasting, the economics of the IT and telecoms sectors and transport economics and for his knowledge of the Far East economies. He works with clients who are particularly looking for an economist with a public presence to help make their case.


After setting up Cebr, he was our Chief Executive for 20 years. Previously he was Chief Economic Adviser to the Confederation of British Industry and Chief Economist for IBM UK. Douglas is famed for his communications skills and is one of the most widely quoted economists.

Yes, a "forecasting" economist. That in itself could have been the joke right there, but the real reason why we bring up Professor McWilliams is not due to his seasonally-adjusted oracular abilities but because as the Mail reports, this "world leading" economist also does whatever he can to boost UK GDP through the use of illegal narcotics, or to avoid the political correctness, crack cocaine.

A leading economist is to step down as executive chairman of an influential City think-tank amid drug abuse allegations.


Professor Douglas McWilliams, 63, revealed last night that he is to leave his role at the Centre for Economic and Business Research after footage emerged of him allegedly smoking crack cocaine in a north London drug den. The think-tank, which he founded in 1992, confirmed he will take a five-month sabbatical.


Professor McWilliams, who has also advised London Mayor Boris Johnson on housing, said last night he was ‘taking time off to deal with issues I have not had the chance to address fully when I have been in full-time work’.


It comes just two weeks before the launch of his book The Flat White Economy which tells how London swapped the City’s champagne and supercars lifestyle for bicycles and trendy flats.

Suddenly, the top echelon of politicians are doing everything they can to distance themselves as much as possible, starting with the UK's own Secretary of the Treasury. "Referring to reports that Professor McWilliams was an adviser to George Osborne, the spokesman added that ‘neither he nor any other member of CEBR staff has spoken to or met George Osborne since he became Chancellor’, but that CEBR has ‘briefed or advised all four major political parties’."

The two seen in happier times:

Douglas McWilliams arrives at his London home

Here is why the "world-famous economist" is suddenly non-grata, from the Sunday Telegraph:

One of Chancellor George Osborne’s senior advisers on economic policy has been captured on video smoking crack cocaine in a drugs den. Prof Douglas McWilliams, who last year ­estimated we would all be £165 a year better off by the election, is seen inhaling it through a glass tube at a flat in North London.


The executive chairman of influential City think-tank the Centre for Economic and Business Research then slumps dazed on a sofa after repeatedly smoking on the makeshift crack pipe involving a miniature Martell Cognac bottle.


Red-faced and slurring his speech, he later told the dealer he had “too much” and that he had spent the day on a binge.


Two rocks of the deadly drug can clearly been seen on a table beside the dazed professor. The grainy footage, seen by the Sunday Mirror, will heap embarrassment on the Chancellor and raise serious ­questions about his choice of adviser.


A source said: “Last Sunday McWilliams turned up at the den around 10pm and was there about a hour and a half. There were two rocks of the drugs. He smoked it over a table and then sat there all spaced out.


“He was in a suit and started talking about the economy and all that for about 20 minutes. He kept mentioning someone famous he worked with but didn’t make much sense. He was asked if he wanted any more and said ‘I’ve had too much’.”

Oh the irony:  On Christmas Day he tweeted about an Office for National Statistics decision to include earnings from drugs and the sex trade in economy figures. He wrote: “Prostitution and illegal drugs help UK overtake France in global wealth league.”

Little did the world know then that a small portion of the contribution was due to the "economist" himself.

Of course, none of this would actually be a problem and certainly worth the mention if only the CBER wasn't actually taken seriously. As the Mail reminds us, "the think-tank's website states: 'CEBR's clients are mainly public, private, government, professional bodies and third sector organisations. Most are UK based although several have a global reach. We advise 25 of the FTSE 100 companies.' It adds: 'We advise a number of UK government departments and independent government bodies. Recent projects include the Department for Business Innovation and Skills (BIS) and Arts Council England.'"

In December the CEBR claimed Britain's economy would be larger than Germany's by 2030, and suggested that the UK overtook France in 2014 to become the world's fifth largest economy.  That would mean smoking a whole lot of crack in the next 15 years...

* *  *

The worst news is that now that the entire world has become one massive, and terminal, experimental playground for precisely these Keynesian fanatic world-leading economists, crack cocaine addicted "central planners" is just one more reason why 7 years after QE was started, everyone - except for the 0.01% of course - is wondering: why has nothing been fixed yet? For the answer, please check your local opium den: chance are you will run into at least one "world-respected" economist.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Shizzmoney's picture

I mean, this isn't a shock.

Anyone who calls this a "recovery", especially in the UK, *has* to be smoking something.

Canadian Dirtlump's picture

I would have expected him to be snorting it instead of sucking the glass dick though. The upshot is he has a bright political future in canada.

PartysOver's picture

Is he BFF with Mayor Ford.  Just asking.

Son of Loki's picture

"Mr McWilliams could not be reached for comment."

ParkAveFlasher's picture

"Ay yo, Whitey's at the do'.  Muthafucka be tremblin' an' shi'."

PAPA ROACH's picture

Too bad the camera didn't pan over a bit, it would have shown his buddy Krugman with 5 rocks!!

pods's picture

Was it:

"The bitch set me up"


"Bangin seven gram rocks."

Either way, Winning.


NoDebt's picture

This dude has to go to a crack house?  He couldn't have gotten it delivered to a place of his choosing?  Shit even I could get it delivered, if I wanteed it, and I've been out of circulation for almost 2 decades.

That's nuts.  There's more going on here than just a drug addiction.  This dude has some other kind of issues.  I mean other than being an economist, poor wretch.



Pure Evil's picture

So what's worse?

Being a political elitist pedophile?

Or a "forecasting" crack head economist?

NidStyles's picture

What makes you think he isn't both?

turnoffthewater's picture

Lying is hard for honest people

palmereldritch's picture

He did some of his best work in that crack den

jez's picture

"Hey white boy, what you doin' uptown?

Hey white boy, you chasin' our women around?"

(Lou Reed)


But in any case, after making hedonic adjustments and seasonal adjustments, I discover that he wasn't actually smoking anything at all.

That's economics in action.

Pladizow's picture

Well, Yeah! How else could you explain Keynesianism?

smlbizman's picture

nothing 28 days in the marian barry rehab center cant fix....

WTFRLY's picture

Just saved 15 pounds by switching to crack!

Tall Tom's picture

Sucking the Glass Dick.


Ooooh...But that orgiastic feeling is just sooooooo goooooood.

Tall Tom's picture

Actually it does make sense that these guys are smoking Crack Cocaine.


How can you have unbridled entushiasm about how well things are going when it is apparent that the nonsense that you spout off has no basis in reality?


Irrational exuberance is just a polite way of saying that someone has been Sucking upon the Glass Penis and is suffering from the Manic Psychosis of the Crack Cocaine experience.

Canadian Dirtlump's picture

I recall reading that back in the day Keynes and other men of reknown used to get together and get squirreled out on whatever they could get their hands on then have bum dart tournaments.


Some things never change I guess. Every one of those fuckers is compromised and is in to SOMETHING.

Herd Redirection Committee's picture

How do you get into 'The Club'? Simple.  Start w/ a  perverse hobby, allow them to take pictures of you engaged in said hobby, and voila, you will now be offered whatever it is your heart desires.  You are now easily compromised, so they have no qualms 'making you', because what they 'make', they can 'break'.

This is why sociopaths find entry to the club so easy.

NotApplicable's picture

Blows my mind how this isn't obvious to everyone. Ritual initiations exist for a damn good reason.

Fun Facts's picture

we are ruled by crackheads, homicidal maniacs and pedophiles. Pick your perversion. The worst humanity has to offer.

This is why no one should expect a good result going forward and why we aren't having a good result now.

Fun Facts's picture

Let Freedum ring in Rahm Emanuel's Chicago Torture Center

Canadian Dirtlump's picture

Want to come over, splut a bottle of nyquil and watch some movies?

Wait What's picture

cocaine and opium were all the rage during keynes' time. now it's crack and heroin. it seems hedonic adjustments are not without a sense of irony.

find a copy of Uber Coca by Freud. a good read.

Chupacabra-322's picture

"I would have expected him to be snorting it instead of sucking the glass dick though."

@ Canadian,

Funny you should mention that. One Criminal Psychopath smokes from a Glass dick & the other (Obama) just smokes Reggie's Cock.

TheFourthStooge-ing's picture

Not a big deal. He's on the Chancellor's team of crack economists.

Carl Spackler's picture

Finally, Larry Kudlow has a fellow economist with whom he can party.

NotApplicable's picture

Keynsian crack-heads, FTMFW!

Monetary crank, indeed.

BorisTheBlade's picture

It makes perfect sense actually. It all adds up now. Crack, whores and mirrors.

TideFighter's picture

Damn he looks like Philip Seymour Hoffman.

booboo's picture

all junkies look the same, hopium comes in many forms, the last one comes with a toe tag.

TomGa's picture

It's all smoke and mirrors, and, uh, razorblades..

The.Harmless.Jew's picture


Anyone who calls this a "recovery", especially in the UK, *has* to be smoking something.

Hear Hear! +100  They have a thing here called "Zero Hours Contract" (think "On the Water Front" - waiting by the dock for that tap on the shoulder for a day's pay). This is usedto lower the unemployment count (just like the US fiddles with the Employment data to hide participation rates, the UK also tries to be, how does one put it? "Creative") The afflicted would be angry, feeling shame perhaps?  No! They've got facebook, and mobile phones and "insert-your-country-here-got-talent"
pendragon's picture

yes and it works. now crawl back under your muslamic rock isil lapdog.

The.Harmless.Jew's picture



WTF is your malfunction pendragon??? 


what's a "muslamic" anyway? Is it a Jewish Sect I've not heard of. 


Wishing you good mental health - but that really is wishful thinking! 




The Harmless Jew.



ColoQ's picture

Another conspiracy theory becomes conspiracy fact.

whatsinaname's picture

He was just helping boost the GDP. 

agent default's picture

Now I am finally beginning  to understand economists.

NotApplicable's picture

As well as their visions of manipulating aggregates.

Chuck Knoblauch's picture

He picked the wrong week to quit sniffing glue.