Richard Murphy and occasional friends talking about everything you need to know to understand the economy, tax, finance and how we fund our future.
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Richardmurphy7 Podcasts
For forty years we were told that Britain didn’t need manufacturing — finance would make us rich. That experiment has failed. We import more than we export, our towns have been hollowed out, and our prosperity rests on hot money and property bubbles rather than productive capacity. In this video, I explain why Britain’s industrial collapse was a po…
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Rachel Reeves is presenting a budget built on assumptions that simply cannot survive the world we are about to enter. Share prices are likely to fall sharply. A banking crisis may follow. Pension funds could be hit harder than at any time since 2008. And the Chancellor? She has offered only cuts, caution and neoliberal wishful thinking. In this vid…
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Across the West, governments are failing. Trump, Starmer, Macron, Merz and others are losing authority at the very moment crises demand leadership. Far-right movements are fracturing. Neoliberalism has run out of ideas. In this video, I explore why political legitimacy is evaporating and why a politics of care – grounded in real action, community i…
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Financial markets across the world are flashing red. The S&P 500 has finally turned down after weeks and even months of irrational optimism. The FTSE 100 is sliding. Gold is falling. Bitcoin and the broader crypto market are collapsing. In this video, I explain why these signals point to an imminent crash – not next year, not in theory, but now. I …
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Profit can be good if it serves society. But when profit becomes the only goal, trust collapses, workers suffer, and the planet pays the price. In this video, I ask whether modern capitalism has lost its moral foundation and what a profit with purpose would look like.By Richard Murphy
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Why do accountants, economists, lawyers, medics, politicians and civil servants all resist the very changes the world needs? In this video, I explain why top-tier professionals cling to failing systems, defend obsolete ideas, and punish those who challenge accepted wisdom. From currency debates to medical hierarchies, the professions close ranks to…
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John Maynard Keynes said, “We can afford whatever we can do.” Few sentences in economics are more radical. In this video, I explain what he really meant — and why it matters more now than ever. A currency-issuing government cannot run out of its own money. The true constraints on public action are people, skills, energy and materials — not a Treasu…
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Most people in the UK still believe in the power of royalty — and the power of the honours system. We accept that a knighthood is created from nothing with a tap of the King’s sword. Yet many refuse to accept that the government creates money in exactly the same way: by tapping a few keys on a keyboard. In this video, I explain why knighthoods and …
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Can Reeves' budget survive Labour's collapse?
6:51
6:51
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6:51Rachel Reeves plans to deliver a budget on 26 November — but how can she do that when the Labour government is falling apart? Cabinet briefings, internal plotting and collapsing confidence mean Labour has lost its coherence just when Britain needs leadership. A budget is a statement of belief and purpose. Right now, this government has neither. In …
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Is there a coup underway at the BBC? When journalists are punished for minor mistakes while truth-tellers are silenced, that’s not accountability — that’s control. In this video, I explore how the BBC has become the front line in a far-right campaign to destroy truth itself, and why this matters for democracy in Britain and beyond.…
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Every day we’re told that Britain can’t afford the poor and that there isn’t enough money for care, housing or wages. But the truth is the opposite: it’s the poor who can’t afford the rich. In this video, I explain how wealth extraction through interest, rent, and monopoly profit acts like three hidden taxes on us all. These “taxes of rentier capit…
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We’re told that the 1970s proved Keynesian economics failed, that inflation and unemployment could rise together, and only neoliberalism could fix it. But the truth is very different. External shocks, not excessive spending, drove that crisis. Governments panicked, misunderstood money, and abandoned Keynes when they needed him most. In this video, …
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The news is lying to you — and Britain is falling apart behind the scenes Every night, the lights are bright, the headlines loud — but the real news is missing. While the media fixates on Trump, Farage and the Royals, Britain’s children go hungry, families can’t afford homes, and carers are exhausted. In this video, I explain how the theatre of dis…
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Arthur Laffer’s “curve” is one of the most destructive ideas in modern economics. Sketched on a napkin in the 1970s, it claimed that cutting tax rates could increase government revenue. It became gospel for Reagan, Thatcher and every neoliberal government since. But it was wrong. In this video, I explain why Laffer misunderstood tax, ignored inequa…
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Donald Trump’s Great Gatsby–style party at Mar-a-Lago reveals everything about modern America — excess at the top, hunger at the bottom, and the deliberate cruelty of power without care. As millions faced cuts to essential payments, Trump partied. This is what happens when power forgets compassion.By Richard Murphy
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The government says there’s a “black hole” in the public finances — but the black hole is really in our hospitals, schools, and local councils, not the Treasury. The UK can never run out of money. What we’ve run out of is political courage. Austerity was not fiscal responsibility. It was economic vandalism. Britain is not broke. It’s been broken by…
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Nationalism can be a politics of care — about belonging, culture, and democracy — or a politics of control, built on fear and exclusion. In this video, I explore how nationalism can empower the powerless, but also how it can curdle into prejudice. I suggest that identifying the two is easy: good nationalism expands empathy, whilst toxic nationalism…
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Thomas Piketty called it the most important formula in economics: it's R > G , which means that the rate of return on capital (R) is greater than the rate of growth in the economy (G). That simple equation explains why the wealthy always get richer, why inequality keeps growing, and why governments pretend it’s inevitable when it isn’t. In this vid…
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Rachel Reeves stood at a Downing Street podium this morning and panicked. Three weeks before her budget, she admitted what many already feared, that she's going to deliver austerity for most, and comfort for the City. In this video, I explain why her panic matters, why she misunderstands how money works, and how she could take control of the econom…
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What if we designed society before we knew who we’d be in it? Philosopher John Rawls asked that question in A Theory of Justice, and his answer was revolutionary. Fairness, he said, means building institutions that protect everyone, not just the powerful. In this video, I explore how Rawls’ veil of ignorance could reshape politics, taxation, and ec…
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Is the breakup of Britain inevitable? Scotland, Wales and Northern Ireland are turning away from Westminster while England clings to a failing system of centralised power. In this video, I ask whether the UK can survive much longer in its current form, and whether its collapse might be the chance to start again. Could four sovereign democracies eme…
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Global stock markets are at record highs. Everyone knows it’s a bubble, but no one wants to leave the dance. In this video, I explain why AI hype, leveraged finance and shadow banking have created the biggest financial bubble since 2008 and why its collapse could wipe £1 trillion off UK stock markets. More importantly, I set out how we can rebuild …
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At the age of 65, Andrew Mountbatten-Windsor has lost it all - every royal title, and every symbol of inherited privilege. Two weeks ago, we were told that this was impossible. But it’s happened, and the myth that some are born superior has fallen apart. This video explores what that means for Britain. Because when a prince can become a commoner, t…
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Martin Wolf says only economic growth can save democracy. Yet his economics serves only the wealthy. When workers are sacrificed, rents soar, and insecurity spreads, as he demands so that growth might grow, come what may, then democracy is weakened — and fascism thrives. It’s time to build instead an economics of care: secure jobs, strong public se…
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Apple has crossed a $4 trillion valuation. That’s $495 for every single person on Earth — if we all shared it. But we don’t. This video explores how its shareholders extract vast profits from billions of people locked into Apple’s ecosystem — and what it means for inequality, democracy and tax justice. I ask: who really creates Apple’s wealth — and…
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The UK is stuck in a self-inflicted fiscal trap. Larry Elliott, former Guardian Economics Editor and my co-author in the Green New Deal, joins me to explain why Rachel Reeves’ rulebook is economic guesswork, how the Bank of England is failing to control inflation and why capital controls could help rebuild Britain’s productive economy. Plus, the te…
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Politicians and tech billionaires want us to believe AI will solve every problem. But automation has always delivered gains to owners, not workers. AI risks concentrating power, destroying purpose and undermining democracy. This video explains why real productivity comes from education and care, not code, and why a humane future means using AI to s…
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We’re told that competition makes everything better — cheaper, fairer, more efficient. But when it comes to banks, that’s a myth. Six giant institutions dominate the UK market. They are all charging high fees, paying low interest, closing branches, and abandoning communities. But banking shouldn't be a marketplace engaged in a race to the bottom in…
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Economics isn’t just about spreadsheets. It’s about people, power, and place. In this video, filmed in Ely, where I live, I explore what my friend Danny Blanchflower calls 'the economics of walking about', which is the idea that you learn more about the real economy by walking through it than by staring at data. From Ely Cathedral to Oliver Cromwel…
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Trump is demolishing the East Wing of the White House to build a privately funded $300 million ballroom. It’s being paid for by undisclosed corporate donors and is being built without proper regulatory approval. This isn’t restoration or renewal. It’s a hostile takeover of one of democracy’s most symbolic buildings, and when money rebuilds power, c…
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We’re told tax is a curse and even “theft.” That’s wrong. Tax is how we build a fair society. It plays an essential role in the funding of education, healthcare, and economic stability and justice. It’s how we express our shared responsibility. The real immorality lies in avoiding tax. In this video, I explain why tax is not a burden but the founda…
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Catherine Mann of the Bank of England says inflation will stay above 2%. But what if the problem isn’t inflation but is the target itself? The 2% rule was invented in the 1990s to please markets, not to help people. In this video, I explain why our obsession with hitting that number is crushing wages, stalling investment, and protecting the rich at…
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There’s a real debt crisis in Britain – but it’s not the one the politicians or journalists are talking about. While Rachel Reeves and the media obsess over government borrowing, 4 million people are already in negative budgets, meaning they're unable to afford the basics of life without debt. This video explains why the real debt crisis in the UK …
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Rachel Reeves says she needs to raise taxes to “balance the books.” But that’s not how government finance works. In this video, I explain why that tax doesn’t fund spending, why raising taxes on most people now would kill demand, and why idle wealth, and not workers, should be taxed if anything has to be at this moment. The government’s job is to s…
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Every pound of so-called “government debt” is a private financial asset. When the government spends, it creates money that becomes your wealth. Yet politicians pretend debt is a burden. In this video, I explain how our politicians' dangerous ignorance about the real nature of government debt drives austerity, destroys prosperity, and keeps Britain …
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People keep asking why I still make these videos every day at the age of 67. The truth is simple: our economy is still deeply unfair. I’ve seen inequality, prejudice, and the injustice created by privilege all my life — and I can’t stay silent. This is why I keep going: because another world is possible.…
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Donald Trump has built his entire political project on hype and delusion — the same ingredients that fuel every economic bubble. But belief cannot defy reality forever. When cruelty replaces competence and lies replace truth, collapse follows. In this video, I explain why Trump’s political and economic bubble is unsustainable, how tariffs and specu…
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Why are Britain’s politicians so hopeless? From Tory fantasists to Labour deniers, Westminster has driven out the talented, the imaginative and the honest. The Conservative Party destroyed itself with Brexit and a cult of property and privilege. Labour has buried its belief in care, collective purpose and truth under Treasury orthodoxy. Both partie…
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Britain’s housing market has become a Ponzi scheme — built not on value, but on debt, illusion and exclusion. Successive governments have turned homes into speculative assets, trapping generations in rent, despair and insecurity. In this video, I explain how tax breaks, financialisation and political cowardice created a housing system that rewards …
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AI doesn’t think. Crypto isn’t money. Both claim to be revolutionary, but both are built on fantasy. In this video, I unpack the shared myth that code can replace care, that hype can replace real value, and that speculation can replace society. From the greed driving crypto to the fear driving AI, I argue that both reflect a deeper crisis in capita…
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Neoliberalism promised prosperity but delivered austerity, insecurity, and despair. It hollowed out our public services, undermined democracy, and left wealth in the hands of the few. In this video, I ask "What comes next?" A new economics must put people before markets, care before profit, and truth before fear. This is about rebuilding democracy …
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Around the world, people are marching: against Trump’s authoritarianism in the USA, Macron’s failures in France, and the cruelty of Gaza policy in the UK. Everywhere, governments are asking how to stop protest? when they should be asking why people feel the need to protest?. In this video, I argue that protest is a democratic safety valve — a sign …
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The Financial Times asked whether the global economy can survive another shock. I think it’s the question of our time. Debt, war and climate change are pushing us to breaking point and yet our governments still pretend that markets will save us. In this video, I explain why that’s a dangerous illusion, how neoliberal policy has made us fragile, and…
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Right-wing commentators claim inequality in Britain is falling. It isn’t. The Office for National Statistics says the Gini coefficient has improved — but the truth is that it ignores capital gains, wealth accumulation, debt, and inflation that hits the poor hardest. In this video, I expose the real story behind Britain’s growing inequality and why …
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The Cowardly State vs The Courageous State
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11:54
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11:54In 2011 I wrote The Courageous State — a call for governments that act with purpose and confidence, not cowardice. Fourteen years later, we still live with austerity, outsourcing and fear. I argue it’s time to reclaim the language of democracy — to speak of courage, care, and common purpose. The words we choose decide the world we live in. Watch no…
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What if the UK government admitted it already uses modern monetary theory? Would markets panic — or would we finally have the power to rebuild Britain? In this video, I explain: Why MMT isn’t a policy, but a fact. How the “market panic” MMT would supposedly create is a myth. How the UK could use MMT to invest, create jobs, and tackle inequality. Th…
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By Richard Murphy
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By Richard Murphy
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By Richard Murphy
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The Economist claims Britain is trapped in a “debt doom loop.” But they’re wrong. The UK does not face a government debt crisis. What we really face is chronic underinvestment, inequality, and an elite media pushing austerity to protect the wealthy. In this video, I explain why The Economist’s story is false, what they deliberately ignore, and what…
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