David McWilliams (economist) facts for kids
Quick facts for kids
David McWilliams
|
|
|---|---|
.jpg)
David McWilliams in 2014
|
|
| Born | 1966 (age 58–59) |
| Education | Blackrock College |
| Alma mater | |
| Occupation | |
| Spouse(s) | Sian Smyth |
| Children | 2 |
David McWilliams, born in 1966, is a well-known Irish economist, writer, and journalist. Since 1999, he has been a popular broadcaster and commentator on economic topics. He is also a documentary maker.
He has written six books, including The Pope's Children and Money: A Story of Humanity. He also wrote regular articles for newspapers like the Irish Times and Irish Independent. David is known for making complex economic ideas easy to understand. He often uses memorable phrases or characters, like "breakfast roll man," to explain things.
About David McWilliams
His Early Life and Family
David McWilliams was born in Dún Laoghaire, Ireland, in 1966. He grew up in Monkstown, Dublin. His father worked in a factory, and his mother was a teacher.
David is married to Sian Smyth, who used to be a lawyer. They live in Dublin and have two children.
His Education Journey
David went to Blackrock College in Dublin. After that, he studied economics at Trinity College Dublin, graduating in 1988. He then earned his Master's degree in economics from the College of Europe in Belgium in 1989.
Starting His Career in the 1990s
From 1990 to 1993, David worked as an economist at the Central Bank of Ireland. During this time, he saw big changes happening in Europe. These experiences helped shape his ideas about how economies work. He often thought about how money in Ireland, German retirement funds, and European money rules were all connected.
Moving to London and Early Warnings
David later moved to London. He worked for big banks like UBS and Banque Nationale de Paris. He was one of the economists who helped make the phrase "Celtic Tiger" popular. This term described Ireland's very fast economic growth in the 1990s. He believed this growth was thanks to government spending cuts in the late 1980s.
However, David also warned that Ireland's housing market was growing too fast. He thought it was like a "price bubble," similar to what happened in Boston or Thailand. A price bubble means prices go up very quickly and might crash later. In 1996, he predicted a recession by 2005. He said that Ireland's low interest rates, set for all of Europe, were not right for Ireland's fast growth. In 1998, he even predicted that Irish house prices could drop by 20% if there was a world recession. Some people called his warnings "alarmist," but others thought mainstream economists were too relaxed.
From 1999 to 2002, he worked for a company called Rockwest Capital in New York.
In 2000, David warned about a "Hong Kong style property market collapse" in Ireland. He pointed out that Ireland had labor shortages, rising prices, and high borrowing. Even though some critics dismissed his warnings, he was known as a major critic of the Irish economy.
Writing and Broadcasting in the 2000s
After returning to Ireland, David hosted several TV and radio shows. These included Agenda on TV3 and a show on NewsTalk 106.
In 2005, David published his first book, The Pope's Children. It became a huge bestseller and made him a household name in Ireland. In this book, he created fun characters like "HiCo" and "Breakfast Roll Man" to describe different types of people in the economy. He wrote three more bestsellers: The Generation Game, Follow the Money, and The Good Room.
After the 2008 Financial Crisis
After the 2008 financial crisis, many people felt David McWilliams had been right all along. He became even more famous in Irish media. He wrote and presented documentaries about economics in Ireland and Australia. He also contributed to RTÉ's Ireland's Greatest series, arguing for Mary Robinson, a former President of Ireland.
In 2010, he created "Outsiders," a show that mixed stand-up comedy, discussion, and social observations at the Abbey Theatre in Dublin. He also hosted Leviathan: Political Cabaret, a live event with discussions and satire, at the Electric Picnic festival for many years.
- Kilkenomics & Dalkey Book Festival
In 2010, David co-founded two yearly events. One is the Dalkey Book Festival, which he started with his wife, Sian. The other is Kilkenomics, a unique festival that combines economics with stand-up comedy.
David also uses animated videos in his "Punk Economics Series" on YouTube. He uses animations, music, and video in his online economics course, "Economics without Boundaries."
- Global Irish Forum
David came up with the idea for The Global Irish Forum. This event is like the World Economic Forum in Switzerland. It brings together Irish businesses and leaders from Ireland and around the world. The goal is for them to work together to help Ireland's economy and build stronger ties with Irish communities globally.
- Podcast (2019-Present)
After appearing on a live podcast, David decided to start his own weekly podcast in 2019.
His Views on Economy and Politics
David McWilliams has not publicly supported any political party in Ireland. However, he has hinted at running as an independent candidate in elections. He also supported individual candidates like Stephen Donnelly, who later became a Health Minister. He believes in "Schumpeterian economics," which is about how new ideas and businesses can change the economy.
Ireland and the 2008 Recession
In the 1990s, David often said that Ireland was heading for a housing bubble. He predicted a big crash in the early 2000s, which did not happen exactly then. After Ireland recovered from some economic shocks, his predictions were sometimes dismissed.
However, he continued to describe Ireland's housing boom as a "confidence trick." He said it was caused by bankers, landowners, and politicians. He warned that this would lead to many people owing more on their homes than they were worth. In 2008 and 2009, the Irish economy faced a severe downturn, much like David had predicted.
The Bank Guarantee
Initially, David supported the Irish government's decision in September 2008 to guarantee all bank deposits. He called it a "masterstroke" that would bring confidence to the financial system. He even advised the government on this policy.
However, he later explained that he thought the guarantee should have been temporary. He believed it should have been ended, not continued for a long time. He felt the government gave too much support to the banks without conditions.
NAMA
David believed that a "bad bank" would be needed to deal with bad loans, as long as the banks were reformed. He suggested creating "financial skips" to hold these bad loans.
In 2009, David criticized the government's plan for NAMA (National Asset Management Agency). He was then criticized by the Minister for Finance at the time, Brian Lenihan.
Economic and Monetary Union
After the 2008 financial crisis, David questioned if Ireland should stay in the Eurozone. He argued that if Ireland faced serious problems, it would affect the whole of Europe and the Euro currency. He suggested that Ireland might need to consider leaving the Euro if it could not get enough support from other European countries.
David is also a member of the Advisory Panel for DiEM25, a European political movement.
Brexit and Europe
David has often suggested that Ireland should leave the Euro. He believes that the European Union is often controlled by countries like Germany, which have different goals than Ireland.
Even though he hoped Britain would vote to stay in the EU, he understood why British people voted for Brexit. He noted that countries like Switzerland and Norway pay to access the European market but remain independent. He said they value the "feeling" of being in charge of their own country.
Ireland and Israel
David McWilliams briefly worked in Tel Aviv. He has often suggested that Ireland could learn from Israel's economy and society. He believes Ireland should focus on building ties with Irish people living around the world. He thinks these connections could be more important than ties with some EU countries.
After the Gaza war, David wrote that Ireland has a very pro-Palestinian population but a very pro-American economy. He said that "the Irish street is Palestinian, while the Irish boardroom is American." He believes Ireland needs the Western world to be strong and united.
While David has defended and praised Israel in his writings, he says he is not a "Friend of Israel." He states he is "just somebody who is prepared to see an Israeli point of view."
Awards and Recognition
In January 2007, David McWilliams was chosen as one of 250 Young Global Leaders by the World Economic Forum. This award recognizes young leaders from around the world.
