Funding the Future

In this discussion, John Christensen, co-founder of the Tax Justice Network and a former economist for Jersey, highlights the 'finance curse' and its impact on housing inflation. He reveals how rising house prices have locked out younger generations from economic security. The consequences of government policy on the crisis are examined, along with the vulnerability of 'zombie banks' to asset price declines. Christensen advocates for reforms like mass social housebuilding and capital controls, urging a clear choice: reform or societal rupture.

Ultra-processed foods dominate UK supermarkets, posing a serious public health crisis driven by corporate interests. These engineered products not only undermine appetite control but also contribute to rising obesity and related diseases. The podcast exposes the economic burden on the NHS while highlighting the inequalities that force many into cheap food options. It calls for government intervention through policies like advertising bans and food labeling reforms, advocating for a shift towards healthier, real food alternatives.

The discussion challenges the misguided household analogy often used by politicians. It highlights how governments create money, contrasting that power with household financial limitations. Cutting government spending can ironically reduce tax revenue, a situation not faced by families. The emphasis is on real resource management rather than mere cash flow. The conversation ties austerity to a decline in public services and trust, advocating for a reimagined economic approach focused on resource outcomes rather than strict budgets.

The discussion delves into the consequences of prioritizing finance over manufacturing for decades, leading to unemployment and hollowed towns. Manufacturing is highlighted as essential for fostering skills, innovation, and social stability. The impact of Thatcherism in dismantling industry is critiqued, along with the drawbacks of foreign takeovers and short-term finance. A call for robust regional public investment banks and strategic tax reforms to encourage productive investments is made. The importance of integrating care, education, and research into modern industrial strategies is also emphasized.

Richard Murphy critiques Rachel Reeves’ budget, highlighting its shaky assumptions and the risks of a looming financial crisis. He predicts falling share prices and potential banking meltdowns that could severely impact pension funds. Emphasizing the need for government intervention over austerity measures, he suggests strategies for economic stabilization, including money creation and bank support. Murphy warns that Reeves’ austerity-driven mindset may leave her ill-prepared for the impending challenges facing the UK economy.

Governments across the West are struggling with legitimacy, as crises expose their failures. Trump faces scandals that may hinder his political future, while Labour's popularity wanes amid immigration issues. In France and Germany, leadership is proving unstable, with Macron and Merz losing public confidence. The podcast delves into the collapse of far-right movements and the exhaustion of neoliberal ideas. Advocating for a 'politics of care,' the host emphasizes the need for community investment and actionable leadership to restore faith in democracy.

Financial markets are in a downturn, with the S&P 500 and FTSE 100 showing troubling signs. Hype has overshadowed fundamentals, fueling a bubble that's about to burst. Analysts predict a tech decline reminiscent of 2008, and concerns grow over political leaders' abilities to manage the crisis. The population is more vulnerable than in previous downturns, raising fears of harsher outcomes. Timing is key; experts agree that a crash is imminent. The big question remains: can governments respond effectively without worsening the situation?

Profit is vital, but it should serve society rather than just fill corporate coffers. The obsession with shareholder value often leads to greed and short-term thinking, harming workers and the environment. Many companies focus more on money extraction than genuine innovation. Richard Murphy argues for a redefined concept of profit that emphasizes stewardship over exploitation. He calls for regulations to promote ethical investment and engage listeners in a conversation about the moral foundations of capitalism.

Explore why top-tier professionals resist important changes and cling to outdated systems. Learn how fear, conformity, and institutional culture stifle innovation across fields like medicine and law. Discover the impact of peer reputation and how it often prioritizes belonging over truth. Delve into the troubling influence of Big Pharma on medical practices and the collective error that prevents progress. Ultimately, the discussion champions the need for courageous rebels willing to challenge the status quo for true reform.

Dive into the radical notion that a government, especially one that issues its own currency, cannot run out of money. Discover how the true limits to action lie in available resources like people and skills, not financial constraints. Explore the debate on whether markets or the state should set societal goals, as well as the vital role of government in directing investments for housing, education, and climate action. The discussion emphasizes that taxation and spending should serve the greater good, underscoring a moral approach to economics.