Debunking Economics - the podcast

In real terms the amount the UK spends on healthcare has risen from £500 in 1970 to £3,000 per person today. That’s a massive increase, but the payback has been that we are living 10 years longer. Ask people if they would be prepared to spend 10% of their income to live ten years longer, most would say yes. Yet we have a real problem in having the government spending more on healthcare.As always, it gets back to the question of where is the money coming from? A government provided healthcare system is funded with government created money. A privatised system is vying for a share of your pay packet, using money that is already in circulation.Phil and Steve discuss how our approach to healthcare is based on the standard question of, ‘where does the money come from?’, rather than ‘what can we be doing to make everyone’s life that much better?’ Hosted on Acast. See acast.com/privacy for more information.

Financial markets don’t like it when governments announce plans to spend more money. That’s why there’s concern over Donald Trump’s Big Beautiful Bill, which will add, by some accounts, $4 trillion to the US budget deficit over the next decade. Steve Keen says it’s not a problem. Banks buy up the bonds and the central bank ensures they have the liquidity to do so.  In which case, why are people ditching US bonds in favour of other sovereign debt elsewhere? And isn’t there a risk that higher treasury yields will reduce the differential with corporate bonds, which could discourage investment in the real economy? As Phil and Steve nut it out, they both agree, Trump’s bill is a bad one when it comes to income distribution. It assumes trickle down economics. When has that ever worked? Hosted on Acast. See acast.com/privacy for more information.

The discussion centers on the declining dominance of the U.S. dollar, which has dropped from 71% to 58% in foreign reserves. It highlights the motivations behind de-dollarization, particularly China's shifting role. The complexities of currency dynamics and speculative trading are explored, revealing their impact on international relations and economic stability. A look at alternatives to the dollar and the potential rise of a tech-driven currency system adds depth to the conversation. Historical shifts in financial practices also provide insight into future possibilities.

The podcast dives into the concept of manufacturing fetishism, highlighting its global implications and questioning the wisdom of government support for a sector that may not yield the best economic outcomes. Discussions revolve around the challenges facing American manufacturing, including skill loss and inefficiencies, contrasted with Japan's resilience. The narrative critiques protective tariffs and incentives, urging a balanced view of manufacturing's role versus the service economy. Listeners are encouraged to consider how personal values intersect with economic choices.

The podcast tackles the irony of inheritance tax on farmers while discussing the UK's dependency on food imports. It highlights Jeremy Clarkson's tax loophole from his farm purchase. The conversation encourages UK self-sufficiency in food production, contrasting it with France's high self-reliance. Further discussions explore the impacts of deregulation on health and the environment, alongside innovative farming methods like vertical farming. Ultimately, it addresses the balance between economic sustainability and cultural preservation in agriculture.

Bill Gates envisions a two-day work week thanks to AI, prompting a reevaluation of our workplaces. There's a debate about whether new jobs will emerge as automation takes over existing roles. The discussion highlights rising housing costs and workforce stress exacerbated by neoliberal policies. With automation potentially leading to greater economic disparities, voices call for universal basic income solutions amid concerns about increasing energy consumption from AI. The landscape of labor and tech ethics raises urgent questions about our societal future.

The podcast dives into the insurance industry's struggle with rising premiums and the exclusion of lower-income households. It suggests that insurers might drive climate change action more effectively than politicians, acting as a warning system. Personal anecdotes reveal frustrations with navigating insurance complexities. The discussion also highlights the need for government-run insurance models amidst increasing uninsurable areas and the urgent adaptation required from the industry as catastrophic events surge, marking critical intersections of finance and the environment.

Discussing the unsettling reality of future pandemics, experts predict another outbreak could happen in the next five to eight years. They highlight governmental spending failures and the need for better understanding of economic systems to bolster preparedness. With humor and critical insight, they examine the evolving threat of viruses and the lasting impacts of COVID-19. The conversation also touches on the financial struggles of the NHS and advocates for innovative healthcare solutions to ensure a robust response to looming health crises.

Dive into the heated debate on whether government spending can truly rescue an ailing economy. The hosts challenge the notion that high debt cripples growth, emphasizing the vital role of confidence and investment from the private sector. They explore the intricate dance between credit availability and unemployment, revealing the cyclical nature of economic factors. Unpacking common myths about debt, they advocate for a reassessment of fiscal policies while keeping a light touch with humor about identity protection and the digital age.

The podcast dives into the urgent need for a complete reset in our approach to climate change, emphasizing that current global agreements are failing. It highlights the stark gap between climate scientists, who warn of dire consequences, and economists, who underestimate the impact on GDP. Innovative solutions are deemed crucial, but costly investments raise questions about funding. Mixed with humor, the discussion critiques political responses and examines revolutionary ideas like carbon sequestration, stressing that the time for effective action is now.