Leading UK property economist done for crack

The recent revelations of orgies and pimping around Dominic Strauss-Kahn of the IMF have surprised few given that august institution’s record of debauched policy. And today we get further confirmation that contemporary economics is largely high with one the UK’s most prominent economists, in his own words “world leading“, getting done for smoking crack, from Zero Hedge:

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’.”

At last, UK property policy explained.