Funding the Future

Funding the Future

Richard Murphy and occasional friends talking about everything you need to know to understand the economy, tax, finance and how we fund our future.

Episodes

January 23, 2026 18 mins

Donald Trump has declared a trade war on Europe, and he might still be threatening physical conflict over Greenland and Canada. That forces a question most politicians will dodge: how do we pay for a war economy, even if no shots are fired?

John Maynard Keynes tackled exactly this issue in 1940. He argued that the real constraint is not money. The real constraints are resources, inflation, and fairness.

In this video, I expl...

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Andrew Bailey has warned MPs that substantial risks are building in global markets — and for once, I agree with him.

Trump’s attacks on the Fed, the escalating threats around Greenland, and the weaponisation of tariffs are turning political instability into financial instability. That’s already showing up in equity sell-offs — and it won’t stop there.

In this video, I explain:

- Why political risk is now systemic financial r...

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January 21, 2026 22 mins

We are living through fascism. That is the first message of this video.

We are therefore living through unprecedented chaos. That is the second message.

And the US is no longer our ally — which means NATO is over. That is the third message.

Trump’s incoherence is not simply personal. It is being weaponised as policy, backed by the machinery of the American state. The result is a dangerous collapse in the world order, where coercion...

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January 20, 2026 15 mins

Trump's threat to Greenland is an emergency, and it must be treated as one.

This is not just a territorial dispute. It is a deliberately chosen test of whether coercion can be normalised and then repeated to spread an empire in a way and for an aim that can only be described as evil.

This video sets out:

  • Why Greenland is symbolically massive.

  • Why diplomatic understatement now is denial of the political reality of this momen...

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January 19, 2026 19 mins

People keep asking: “When are we going to do MMT?”

That question is built on a misunderstanding.

Modern monetary theory is not a manifesto, and it’s not a magic “print money” promise. It is an explanation of how the monetary system already works, in the UK and elsewhere. It describes what government spending really is, why taxation does not fund spending, and what “borrowing” really means in a sovereign currency system.

In this vid...

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January 18, 2026 16 mins

We’re constantly told that people in rich countries live longer and that GDP growth is therefore the route to health, well-being, and social progress.

But the evidence is far less simple than the slogans.

In this video, I use 2022 data to show four versions of the same relationship between GDP per person and life expectancy, and explain how the way economists present that data can create a misleading story.

The key point is this: t...

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January 17, 2026 17 mins

AI is happening. We are not going to stop it, and we shouldn’t pretend we can.

But we can manage the economy that AI will reshape. And we must.

In this video, I explain what it means to manage the AI economy through regulation that makes AI pay its full resource costs and through an investment-led programme to cut inflation structurally while creating the jobs AI cannot replace, most especially in energy, housing, skills, transport...

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January 16, 2026 16 mins

Is the US dollar losing the trust required of a global reserve currency? The dollar isn’t just America’s currency. It is the plumbing of global trade—the world’s settlement mechanism, safe haven, and store of value. But Trump’s tariff agenda, political interference in the Federal Reserve, and broader institutional instability are changing how the rest of the world assesses US credibility. This video explains: - Why reserve curre...

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January 15, 2026 10 mins

Westminster’s new “common sense” says defence spending must rise and that the price must be paid in cuts to care, public services, and social security.

But that isn’t realism. It is ideology dressed up as prudence because if we hollow out the state to fund missiles and weapon systems, we don’t strengthen national security, we undermine it. A society built on insecurity, collapsing services, and rising poverty is not a society peopl...

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January 14, 2026 46 mins

Universal basic income (UBI) is often dismissed as unaffordable, unrealistic, or politically impossible. But the conversation I had recently with Howard Reed and Elliott Johnson of the Common Sense Policy Group at Northumbria University left me less sure of that.

The Group's research challenges the Treasury orthodoxy in two important ways:

  • Public investment multipliers are far bigger than assumed, and

  • Even current spending ...

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January 13, 2026 9 mins

Politics is being recast as dominance: strength, winning, threats, hierarchy. Donald Trump may be the loudest advocate of this worldview, but he is not alone.

In this video, I explain what I call the politics of might — rule by threat, the rejection of restraint, and the treatment of institutions, law and truth as optional. It shapes taxation, welfare, international relations and democracy itself. It legitimises inequality and make...

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January 12, 2026 13 mins

Artificial intelligence is often presented as a growth driver. I argue the opposite risk is emerging.

AI-driven cost-cutting threatens jobs and demand, with the risk of a GDP decline, while shortages of chips, energy, water, and grid capacity threaten higher prices and inflation across the whole economy. Exciting economic policy tools can't resolve either problem.

This video shows why relying on central banks to solve our crises wo...

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January 11, 2026 11 mins

We like to believe medicine exists solely to heal. History tells a different story.

From slavery to women’s dissent, from homosexuality to neurodivergence, medical authority has repeatedly been used to define resistance as illness and compliance as health.

This video explores how diagnosis has been shaped by power, how difference has been pathologised, and how mental health is increasingly used as a tool of governance in schools, w...

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January 10, 2026 10 mins

A growing number of high-paid professionals in the UK are choosing to work fewer hours. Some commentators claim this signals economic weakness, declining productivity, or the consequence of bad tax policy. This video explains why that interpretation is wrong.

When people reach a point of sufficiency, working fewer hours can improve health, well-being, productivity per hour, and the transition into retirement. It can also open oppor...

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January 9, 2026 11 mins

Artificial intelligence is not virtual, clean, or weightless. It has a rapidly escalating physical cost in electricity, water, and emissions—and ordinary people will pay the price.

Research shows that AI data centres could soon consume electricity on the scale of entire nations. At the same time, AI cooling systems are diverting vast quantities of water in a world already facing severe shortages.

This video asks the questions polit...

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January 8, 2026 6 mins

The United States is openly threatening to take Greenland, a self-governing territory linked to Denmark and therefore to NATO. That creates a crisis no one planned for. What happens when a NATO member threatens another NATO member?

This video explains why Donald Trump’s claim has no legal basis, how extractive fantasies are driving geopolitical aggression, and why Europe now faces a choice between law and force.

If rules only apply...

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Across the UK and beyond, politicians talk endlessly about affordability — yet nothing improves.

Why?

Because they are blaming inflation when the real issue is structural income extraction. Rent, mortgage interest, utilities, subscriptions, fees, and financial add-ons are permanently draining household income, leaving people with no real choice over how they live.

In this video, I explain how weakened regulation, captured competiti...

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January 6, 2026 9 mins

Venezuela has become a test case for the world. If external control backed by force is allowed to stand, then sovereignty, international law, and democratic accountability all become conditional, tyranny rules and care has been consigned to history.

This video argues that Britain can no longer pretend to sit on the fence. Outside the EU, the UK must decide whether to subordinate itself to US power or recommit to Europe, multilatera...

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January 5, 2026 14 mins

Why is infrastructure crumbling, care failing, and democracy under strain?

In this video, I explain two concepts that quietly shape everything around us and help us answer this question. They are capital, and capital maintenance.

Importantly, capital is not just money. It is the accumulated stock of financial, physical, environmental, human, and societal resources that make future well-being possible. When we fail to maintain those...

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January 4, 2026 6 mins

As the Christmas break ends and reality intrudes, many people feel deeply uncomfortable with the world around them. The news feels alien. Politics feels broken. The economy feels cruel and irrational.

In this video, I explain why that discomfort is not a personal failing; it is a rational response to a world driven by neoliberal madness, authoritarian politics, and moral collapse.

If you think Trump is mad, Farage is dangerous, Lab...

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