The David McWilliams Podcast

The David McWilliams Podcast

The aim of this weekly podcast is to make economics easy, uncomplicated and accessible. With the world at a political, technological and financial tipping point, economics has never been so important to all of us and yet, it’s made inaccessible and complicated by so many. I’ve always thought what is complicated is rarely important and what is important is rarely complicated. That will be our motto. Every week we are going to tease out some big economic or political issue facing us, not just here in Ireland but in Europe and further afield. Globalisation has brought us all together. We all face similar challenges whether you live in Dublin, London, Minnesota or Milan. If you would like to enjoy all of our content ad-free and have early access to episodes, subscribe to DMCW+ on Apple Podcast. If you would like to support the show, please consider becoming a patron at www.patreon.com/DavidMcWilliams. Hosted on Acast. See acast.com/privacy for more information.

Episodes

August 27, 2025 36 mins
Ten years ago, Angela Merkel opened Germany’s doors to more than 1.1 million asylum seekers in a single year with the words “Wir schaffen das” (“We can do this”). Today, Germany has over 3.4 million asylum seekers, about 4% of its population, and politics, society, and culture have been transformed. In this episode, we dive into what really happened over the last decade. We talk with historian Katja Hoyer about the numbers, the cul...

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The state has quietly become the biggest buyer of new homes. In fact, builders like Cairn Homes now have forward sales of nearly €946 million, much of it locked in by government deals. That means up to 80–85% of new builds are being bought by the state, at an average price of €382,000 per unit, while wages lag far behind rising house prices, which jumped 7.8% last year. So who’s being pushed out? First-time buyers. Instead of solvi...

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After nearly 11 years of war, Putin’s maximalist demands have shrunk to a sliver of land in Donetsk, a pyrrhic victory after countless lives lost and millions displaced. But while the Kremlin clings to a symbolic scrap of territory, we explore whether Ukraine’s true future lies not in NATO membership but in becoming what political economist Harold Laswell once called a “garrison state.” What does that mean? Think of countries like ...

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August 19, 2025 38 mins
Have we caught a case of Dutch Disease? Ireland’s dependence on foreign multinationals looks less like a golden goose and more like Japanese knotweed, invasive, overwhelming, and slowly strangling everything around it. Yes, the jobs are plentiful and the tax coffers are bulging, but the hidden costs are piling up: small businesses being elbowed out, rents spiralling, public spending ballooning, and a state increasingly captured by ...

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We’ve always known Dutch Disease as what happens when a country strikes oil or gas and accidentally hollows out the rest of its economy. But what if the United States’ great “resource discovery” wasn’t energy, it was debt? This week we talk to Brendan Greeley about his brilliant framework for understanding America’s political economy: the world’s insatiable appetite for U.S. Treasuries has turned debt into a commodity tap Washingto...

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We’ve always said to understand the economy, you have to understand human nature, and nothing reveals that better than watching the biggest players do a Godfather-style U-turn for easy money. In this episode, we connect the dots between Marlon Brando’s Don Corleone and Jamie Dimon’s pivot from calling crypto “a fraud” to using it as loan collateral, all while the President of the United States holds stakes in coins of his own. We u...

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August 6, 2025 41 mins
We all love a boom story, until it turns into a 40‑year hangover. In 1995, Japan’s nominal GDP hit its high‑water mark. It took until the 2020s to get back there. Debt has exploded to 250% of GDP. The population is shrinking so fast that by 2070, one in three Japanese will have vanished, down from 128 million in 2010 to just 87 million. What went wrong? A bursting property bubble, a banking system in denial, and a culture...

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This week marks 80 years since the atomic bombings of Hiroshima and Nagasaki, and we’re taking a deep dive into Japan’s extraordinary economic story. In part one of our two-part series, we explore how Japan went from a feudal, isolated society to one of the most powerful economies in the world. With our guest Russell Jones, a brilliant economist and my old boss, we look at the Meiji Restoration, post-war reconstruction under Americ...

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This week we talk to Matthew Ruddy, a young Dublin entrepreneur who did everything right - built his first business at 17, worked alongside the lads at Dogpatch Labs. Except he's now living in Brisbane, not Dublin. Matthew's story captures what's happening to an entire generation. These aren't traditional emigrants heading to London building sites, they're highly educated risk-takers who desperately want to stay home but can't...

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July 28, 2025 32 mins

Not so fast! We unpack the surprise EU-US trade deal that has everyone shouting sellout but we see it differently. In this episode, we take a deeper look at what really went down in the Trump-triggered tariff negotiations. The headlines scream defeat: Europe folds, Trump wins, 15% tariffs slapped on all EU goods while the US gets full access to the European market. But is that the full story? We break it down, the EU runs...

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This week, we take you back to the final years of Yugoslavia, a country that exploded into one of the bloodiest wars Europe has seen since WWII. We trace how ethnic tensions, decades of suppressed rivalries, and opportunistic leaders tore the region apart, while Europe watched on, paralysed. We explore how the Serb army launched brutal assaults across Croatia and Bosnia, committing acts of ethnic cleansing that left over 100,000 Bo...

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In this week’s episode, we dive headfirst into the economic storm clouds gathering over Ireland, and the urgent need to act before we get soaked. We explore how U.S. tariffs, Trumpian MAGA economics, and a Europe shrinking on the global stage all combine to put Ireland in the danger zone. We break it down simply: Trump’s $50 billion in new tariffs? Instead of hurting China, they’re taxing Americans. If America turns fully inward, t...

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In this episode, we dive headfirst into one of Europe’s most brutal and under-discussed chapters: the collapse of Yugoslavia. Live from Croatia, where the scars of that war still linger, and where, 30 years on, the economic, political, and human fallout continues to echo across the continent. We explore how hyperinflation, sparked by debt-fuelled mismanagement and ethnic tension, helped tear the country apart. At one point, Yugosla...

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This week on the podcast, we take on the two biggest issues shaping our future: immigration and housing. We begin with the looming threat of U.S. tariffs, which could hit by August 1st. A 30% levy would be catastrophic for Ireland, the most open economy in the world, with nearly €600 billion in imports and exports annually. While China retaliates in unison, Europe squabbles over wine, cars, and Big Tech. Meanwhile, Ireland, so depe...

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This week, we start with Oasis and end in Silicon Valley, via Tír na nÓg. We’re talking about the economics of not dying, and how tech billionaires are pouring billions into that dream. From Oasis belting Live Forever to Irish mythology’s take on eternal youth, we ask: why are we so obsessed with dodging death? We explore the surreal story of Brian Johnson, the tech bro spending $2 million a year trying to reverse ag...

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July 7, 2025 37 mins
Trieste is a city that’s belonged to everyone, and no one. This week, we go walking through a place that’s been Austrian, Italian, Yugoslav, and, at one point, technically run by the United Nations. It's a port city without a hinterland, a European crossroads where empires once collided, and identities blurred. What if this strange, stateless city is actually a glimpse of the future? Trieste thrived when borders were open and trade...

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July 2, 2025 39 mins
After travelling through Montreal, Bilbao, and Vilnius, cities alive with colour, sound, and soul, I returned home and felt the contrast sharply. Dublin, like many cities across the developed world, feels hollowed out. Despite booming economic growth and over €150 billion sitting idle in savings accounts, our capital is crumbling. Streets are lifeless, dereliction is everywhere, and policy seems paralysed. So what went wrong? This ...

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Are we living through the death of innovation? We’re back in HQ asking a tough question: has culture stagnated, and if so, is economics to blame? We explore the twin juggernauts of our age: financialisation and tech. From Florence under the Medicis to Hollywood in 2023, we trace how once-risky bets on the new have been replaced by spreadsheets and streaming algorithms. In 2023, all of the top 10 highest-grossing global films were s...

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Has Israel just become the undisputed power in the Middle East? After a lightning-fast 12-day conflict, oil prices fell instead of spiking, Iran backed off with symbolic missile strikes (after giving the U.S. a heads-up), and Russia is suddenly too nostalgic about its expats in Tel Aviv to pick a side. We unpack how this war, short, sharp, and stunning, shifted the entire balance of power in the region. Why didn’t the Strait of Hor...

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 Live from a packed GAA hall at the Dalkey Book Festival, this episode tackles one of the wildest questions in economics: how did humans, flimsy, anxious apes, end up running the world, and why did we invent money to do it? We dig into the evolution of money as a collective hallucination hardwired into our psychology. Along the way, we unpack how 90% of dollars exist only digitally, how the pandemic rewired our sense of value,...

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