Funding the Future

A massive banking collapse is coming — and the cause isn’t speculation this time. It’s climate change. Uninsurable homes mean worthless mortgages, and worthless mortgages mean broken banks. Unless governments act now with public banking and sustainable cost accounting, society itself is at risk.

Every action has a reaction. That’s true in life – and in economics. Every pound the government spends becomes someone’s income, which creates tax, confidence and prosperity. Yet politicians and journalists still talk about spending as if it’s waste. In this video, I explain why that’s wrong – and why we need to ask the right question: what possibilities does government spending create?

Welcome to a new series on this channel: the history of economic thought. I’m Richard Murphy, political economist and professor. In this series, I’ll explore how economics has always been shaped by hope and fear, and how different schools of thought—from the classical economists like Adam Smith, Ricardo, and Marx, through to Keynes, Hayek, Friedman, and today’s heterodox thinkers like MMT—have tried to explain (and shape) the world they lived in. Economics is never neutral. It reflects power, politics, and society. Understanding that helps us make sense of our present crises, and why renewal is always needed. This is not a dry academic history. It’s a journey through ideas that still shape law, politics, and justice today. Join me to understand why economics matters—and why its stories are always stories of power.  

Politicians and economists pretend forecasts are facts. But they’re not. They’re guesses – and running the economy on guesses guarantees failure. In this video, I explain why fiscal rules based on forecasts are absurd, why Rachel Reeves is already using them to justify austerity, and why we must plan on the basis of present needs, not imagined futures.

Capitalism is not driven by rational homo economicus, but by power, greed and vested interests. Neoclassical economists' tidy models still shape policy, but other insights into conspicuous consumption, monopoly and political capture better explain today’s world—and remind us economics must face reality, not fantasy, if it is to serve society.

Donald Trump arrives in the UK today on a state visit – and Keir Starmer has exposed his complete lack of political judgment. Why did Starmer invite Trump? Why is Trump unfit for such treatment? And what does this say about the state of democracy in both the UK and USA? In this video I argue that: Trump promotes genocide, economic warfare and racism. Starmer has embarrassed Britain by aligning with Trump. Both leaders are products of failing democracies that no longer reflect the will of their people. We urgently need electoral reform, a credible foreign policy, and accountability for leaders who normalise the far-right. This isn’t just about one state visit. It’s about whether democracy can survive when opportunism replaces principle.

CEO pay in the UK is spiralling out of control. The median FTSE 100 boss now takes home £4.5 million a year – while millions struggle to live on the minimum wage. If we can set a minimum wage, why not a maximum pay cap? In this video, I explore why inflated executive pay is unjustified, how it fuels inequality, and how a cap – at around £370,000 – could rebalance our economy. Would a maximum pay cap strengthen fairness, rebuild trust in business, and restore democracy? Watch to find out – and let us know what you think in the poll.  

The conversation dives into how our thoughts shape reality, emphasizing the impact of collective paranoia on politics. It examines fears surrounding war with China, immigration crises, and fiscal concerns, highlighting how these narratives distract from pressing issues like poverty and climate change. The discussion encourages a mindful approach to thinking, asking whether we will succumb to fear or choose to frame the world positively.

Donald Trump promised to Make America Great Again. Instead, he is wrecking the US economy. Job creation has collapsed, farmers can’t sell their crops, foreign investors are leaving, and tariffs are pushing up prices for ordinary Americans. In this video, I explain why Trump’s economic policies are a disaster — and why the UK should take note as the far-right tries to copy them.

The truth is stark: companies are hiding the real cost of the net-zero transition. Without honest accounting, capital is misallocated, pensions are at risk, and businesses will fail. Sustainable cost accounting is the solution.