Funding the Future

Richard Murphy
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Sep 9, 2025 • 10min

Democracy or bankers?

We are told that central banks are neutral and above politics. The truth is, they’re not. Central bank independence was created to remove responsibility from politicians and hand power to unelected bankers. This video explains why the idea is a con trick, how it undermines democracy, and why it’s time to put money back under democratic control.  
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Sep 8, 2025 • 7min

Fiscal rules stop everything

Fiscal rules are not laws of economics. They are political straitjackets designed to stop change. Every Chancellor since Gordon Brown has used them to limit public spending, block climate action, and enforce permanent austerity. The result? A weaker NHS, failing schools, inadequate housing, stagnant wages, and rising inequality. It’s time to abandon fiscal rules and rebuild democracy with fiscal freedom.
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Sep 7, 2025 • 12min

Without tax, MMT fails

Some claim modern monetary theory (MMT) proves that tax doesn’t matter. They’re wrong. Tax is not about funding government spending—it’s about controlling inflation, creating demand for currency, and sustaining democracy. In this video, I explain why without tax, MMT collapses.
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Sep 6, 2025 • 11min

Stablecoin crash?

Stablecoins are being sold as safe, secure cryptocurrencies. In reality, they are shadow banking in disguise – with the same risks that nearly destroyed the global economy in 2008. Nobel Prize–winning economist Jean Tirole is worried, and so am I. If these private tokens collapse, the public will pick up the bill. It’s time to call stablecoins what they are: a threat to financial stability and democracy.
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Sep 5, 2025 • 7min

Who owns this £5 note?

Politicians love to talk about “taxpayers’ money.” But here’s the truth: every pound in circulation is created by the government or banks licensed by it. This video explains why a £5 note is really a promise from the state, not something you or I created. If we stop believing in the myth of taxpayers’ money, we can start demanding real accountability for how government spends its own money.
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Sep 4, 2025 • 9min

Labour’s economic problem

Labour has an economic problem – and appointing Minouche Shafik as Starmer’s senior economic adviser will not fix it. Shafik represents the neoliberal technocracy that has failed for decades. She may talk progressive language, but her loyalties lie with the institutions that defend the elite. Labour is out of ideas, still clinging to a broken model that fuels inequality, debt, and ecological collapse. In this video, I explain why Shafik’s appointment shows Labour is paralysed – and why we need modern monetary theory, tax justice and democratic accountability instead.
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Sep 3, 2025 • 6min

Austerity: fascism's midwife

History shows it clearly: austerity creates the conditions in which fascism thrives. When governments strip away public services, weaken safety nets and deepen inequality, people lose hope in democracy and turn to authoritarian “strongmen.” From Weimar Germany to modern Britain, austerity is the midwife of fascism. The only way forward is investment, trust and care.
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Sep 2, 2025 • 19min

MMT vs Keynes

Is Modern Monetary Theory just Keynes rebadged? Many think so—but they’re wrong. This video compares Keynesian ideas on borrowing and balanced budgets with MMT’s claim that governments create money when they spend. Understanding this difference changes how we think about debt, inflation, and what governments can really do.
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Sep 1, 2025 • 13min

Should rents be controlled?

We talk about food poverty and fuel poverty, but almost never about rent poverty. Yet rent is now the biggest driver of inequality in Britain. Thatcher’s deregulation turned homes into speculative assets, and tenants into disposable people. It’s time for a change. In this video, I explain why rent poverty is central to our inequality crisis — and why Britain urgently needs a new Rent Act.
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Aug 31, 2025 • 11min

People, planet, or profit?

The UK doesn’t just have one economy: it has three. They are the real economy, the sustainable economy, and the monetary economy. However, the government is fixated on the wrong one. In this video, I explain why the real economy matters more than the monetary economy, why sustainability needs to get a look in, and why Rachel Reeves seems to have no clue about almost any of this, at cost to us all.   

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