Thank you Richard for being a truthteller❤ Repetition is required to remove the false messages that are pushed out by right wing think tanks, in the interests of a minority wealth hoarders.
'They' being the 55 Tufton Treet far right Libertarian think tanks. We saw their handiwork in spreading lies to achieve Brexit, a Trojan horse to facilitate progress to small government and dismantling of public services. Remember the illegal doings of Cambridge Analytica using Facebook data to target people with their deceitful personalised adverts to convert them to no voters.
Brilliant Richard! I’ve been onboard with this basic narrative since I got out of the idiocy of London 50 years ago. I’m sharing this as much as I can. Oh…and btw…we MUST change to PR voting. It’s the beginnings of so many door opening possibilities.
The wealthiest era of Britain was the 'Tally Stick' era. Government has been hijecked by private currency speculators. Nothing can change until the means of exchange returns to something like that. It doesn't have to be tally sticks but has to be a means of exchange divorced from debt, commodity, and speculation. I'm suggesting TWO ECONOMIES as a solution. A residential economy founded on a fair means of exchange and the commercial economy similar to this one wherein capitalism is not allowed in four areas: housing,. food, education, and healthcare.
It works. I started watching this channel recently and repeat the 'spend first, then tax' line to my customers, all of them are surprised. Interesting stuff thanks for your viewpoints.
I experience on a daily basis the results of mass privatisation - dental care, telecoms, gas and electricity, even pet care etc - and they are horrendous. Time for a total rethink
Excellent. Tufton Street's version is that the big struggle is the one between what they call "liberty" and tyranny. In fact, their real enemy (and they know it) is democracy. Democracy and everything that enhances it (free speech and association, fair distribution of wealth, human rights, fairer elections, devolution etc) is the story which we need to tell to counter their "liberty".
The average audience member, like myself, has no training in economics. Thanks for repeating lessons, to help me (us)understand better how money is used and works.❤
That’s where typical university textbook classical economics fails. It makes unrealistic assumptions (such as markets always being in equilibrium) which makes it inapplicable to reality.
@@JupiterThunder Sorry if you think tis man is far left then you understand zero. Left leaning and putting people first yes all day long. Juts remember this the "Right" only care about the rich and no one else and the rich are the top 1% only, everyone else is disposable.
@@markwelch3564 We have 50 years of data showing trickle down doesn't work and also 50 years of data showing that tax cuts don't pay for themselves in generating enough additional GDP to cover the Revenue shortfall
I agree. This is my third heating free winter coming up. I have tweeted since my boycott was only a few days old...mainly to keep my own spirits up....but that has developed to a rejection of the correlation between shame and poverty. This summer I started wild swimming in the north sea at Portobello. I am starting to see the benefit: the cold I feel in the sea is the cold I feel in the house, and I understand now how to help my body cope with the cold. I refuse to be a victim, and I intend to stay alive as long as possible out of sheer damn spite.
Thank you Richard, a breath of fresh air in the stagnant environment of our political climate. I enjoy listening to your videos which are presented clearly and confidently. Keep up the good work.
You're absolutely right, & doing a great job of pointing out the way in which the world economy just drifts along unchallenged. Watch out for the contents of think tanks being poured upon you. Best wishes. Al.
Thank you for your hard work Richard, I have learnt a lot and I'm passing it on to anyone who will listen, mainly I ask questions to make people think.
The rich are asset owners. If their tax liability is increased, they'd naturally want to keep the amount leftover at the same level or higher. To do this, they would increase the cost of the products and services consumed by the general public. This would result in the general public being no better off, as despite having more left after tax, it would be spent on higher-priced products and services.
Utopia is ever illusive. Your post is accurate. The management and governance to achieve the goals is non-existent in Britain. We have observed this over the past 40 years. After the Blair/Brown regime I can’t believe Labour has had another chance. It won’t end well, of that I am sure.
I find that hearing explanations several times helps me to understand and assimilate the argument and increases my confidence in explaining to others. More widely, the pervasiveness of the message is critical to its acceptance. While some are only willing to be persuaded through reasoned argument the majority are not interested in the theoretical niceties and will tend to follow the majority view. A message repeated in numerous different contexts will begin to give the feeling of that majority. While this is the tactic of advertisers in this case the heart of the message can be substantiated.
I appreciate the effort you put in. It is occasionally necessary to tell a story / message a few times, and sometimes with just a slight vocabulary change in order to get a message across. So ,please, keep up the challenge and the balance.
I saved the video, shared it, and will remix it. Much love and support. Thank you so much for your channel. Because of people like you who share authentic insights and genuine knowledge of the reality in which we found ourselves, real change is possible.
'Spend first and then tax'. And right now this government needs to spend to ignite growth, innovation and progress and when the economy is vibrant and growing strongly the tax take will grow, naturally. Invest, invest, invest - now.
Well said. There is definitely a story to tell insofar as we seem to be using the same economic model which crashed in 2008 and in the aftermath it is just creating more debt.
Thanks for your work, Richard. I've seen a lot of your videos, but none that suggest you acknowledge that 'economic growth' itself fundamentally goes hand in hand with the destruction of the planet, which is now all but complete given our trajectory. What we need is open discussion of post-growth, 'ecological economics' and DEGROWTH. Before the inevitable and unjust degrowth that WILL happen to us in ways entirely beyond control.
Growth is what we define it to be by including it in or excluding it from our calculation of GDP, GNP and NNP. If we considered learning to be economic activity and paid all students a wage, then we would have ‘growth’. The same thing could be said of care for the young, the ill and the elderly.
Starmer didn't get elected because he was brilliant, he got elected because the Tories did so badly and he promised Rupert Murdoch and the other billionaires that he would continue to trickle the wealth upwards from the poor.
we will see, one of the new MP's is Torsten Bell ex resolution Foundation is currently a Cabinet Secretary I'm unsure on Reeve her everyday economy stuff is an anathema to NeoLiberlism but the stuff she has come out with since taking office have been weird and don't fill you with much confidence. Still real economists in government is at least a start
I repeat to my wife ... she now hates me ! Lecturer mantra ... tell them .. tell them that you have told them ... tell them that you have told them again
How close is the Federal Reserve and US Government to following MMT? The central bank balance sheet rose historically to gargantuan levels post GFC - QE and beyond! They might now start to pause doing QT after an inflation spike which wasn't just about supply constraints across the pond. Regular bills are passed to increase budget deficits in the US, but they don't get passed without drama - suggesting some fiscal discipline. What concerns me about MMT in the UK combined with reigning in the powers of the Bank of England, are Sterling and the packs of wolf-traders in the City. We have not tended to elect governments which understand how money works and contracting some of this job out to a Monetary Policy Committee has probably helped the UK curb the excesses of flip-flopping government policy changes over the past 30+ years. I am enjoying your channel and looking forward to you fleshing out your ideas, repetition is fine too.
I find, sadly, most find it hard to believe due to the strong mainstream narrative & those who do have critical thinking, often don't look deep enough to see the truth so revert back to said narrative.✌
Thank you Richard. I am trying to explain to my MP that the £300 winter fuel payment that I will no longer receive could easily be paid for and that there is no "black hole" in the first place. I got the standard-we have been left with a 22 billion deficit-letter from him. I am responding to it now. Wish me luck.
and even by it's own standards, it's nonsense If a household needs something big, like a car, they use credit rather than not take that well paying job that needs a car!
That's a great point! I find it's hard to repeat this story, as I don't not fully understand how tax is good for inflation and how would it all work together - perhaps I am not alone. Maybe worth making some video that would explain it visually? Like what is the story about and how would it work end to end
I mean, let's say government gets money back via taxes. As it takes it back it keeps inflation at bay. If inflation is increasing, then taxes would be increasing as well, right? Ok now I pay more tax, effectively making my actual income less. It does not sound a good! What is the next step? How would it actually benefit me and work together?
Well said, but I believe that everybody who is supportive of this message, because it is true, should also acquaint themselves with the "Lewis Powell Memo" written in 1971 in the USA and sent to every business. It's intention was to persuade businesses to organize and fund lobbying groups to rein in all the creative thinking that had started to take hold in the 1960's giving rise to demands that were seen as threatening to the Capitalist rentier economy.
In the country many are economically left wing as we have seen with the reaction to winter fuel allowance. Say no to this totalitarian system whereby we are economic units. Spread the word. It’s on all of us not just Richard
Thank you I've learnt a lot from this channel and do keep repeating "how money works" to anyone who will listen. The problem we have though is, while there is no doubt in my mind "Governments CAN be a force for good" Governments we actually have are made up of those politicians who are good at persuading people to vote for them. We end up with incompents in charge and the only alternative little better. No wonder people look at those Governments and think "Do I really want to give these people more control over my life?"
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Yes! I'm celebrating £32K stock portfolio today... Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family and life ahead of me.
Can’t express just how much I like this particular piece. I was able to continue teaching Keynesian economics right through the Thatcher/Regan years. I know Cambridge continued using Keynes’ General Theory and used to hold an annual wake for his ideas on his birthday. As for the UK’s adoption of the ‘Free Market’ ideology you are describing, as well as extolling Free Market thinking itself, two other pieces of poor economic theory were heavily promoted. These were ‘The Augmented Phillips Curve’ which gave a reason for destroying the welfare state and ‘The Fischer Equation’ which underlies Monetarism. A particularly significant paper ‘Too Few Producers’ (written by Eltis and Bacon in the mid 70s I believe) provided ammunition that governments used to reduce the public sector. I never hear it mentioned these days but it contained a fundamental error by equating production with manufacturing and demonising services. This led to the introduction of SET (Selective Employment Tax). Thatcher then took the concept into greater idiocy by equating production with the private sector and services with the public sector. I really enjoyed hearing you speak recently at our Scottish Currency Group Conference.
Strange that there is no limit to the level of profits that can cause any harm to the economy but Philips provided his reason why fuller employment would.
I live in Scotland and use your vids about the false neo con narative, which is so often used as a reason for keeping the Union with England. I start my conversations with the way bank loans work, i.e., the principle is created out of nothing, and the interest is the lenders profits. Profit, profit from your labor for something created on a keyboard. I then explain that this is called fiat currency, and almost every trading nation on earth uses it. Then i tell them that the concept of Fiat currency was invented by a Scot John Law they of course think Fiat currency is agret idea and we can use it to escape the Union by doing what the BOE does every day.
Yes, please repeat, repeat, repeat! You and your like must be heard more often and louder than Neoliberals! 🙏 Abd in the end, lesrninh and memorozing ist al about repetetion starting in esrly childhood - so repetition is blessful!🙏🇩🇪
I'm so happy I made productive decisions about my finances that changed my life forever., bought my second house in August and hoping to retire next year at 41 if things keep going smoothly for me....
Congratulations dear. You're really doing well yourself, I'm 48 and my financial life is in a mess. Any great tips would really go a long way in shaping my life. I want to buy my own house, that's really a big flex
I know this woman you just mentioned. Stacey Macken is a portfolio manager and investment advisor. She gained recognition as the first female trader educator; a renowned investor she is. Stacey has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well .
She changed my life Financially I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Stacey Macken, for her expertise and exposure to different areas of the market.
Exactly this. However Richard, please look beyond the borders a bit. The narrative isn't easy to just transplant to e.g. the EU, since the central bank is not in the hands of the member governments, nor in the hands of the EU commission or parliament. Would love to hear your story translated to that situation.
I think one aspect to all of this is that of competence. In a neo-liberal scenario, it is easy to see how highly talented and competent people can emerge and keep the philosophy moving. Each believe they will, personally, benefit from this approach. Moving to the left, where government takes a bigger role, it has always been perceived that the comparable quality of the individuals involved is somehow less. As such there might be a commensurate lack of faith in them to actually deliver on the policies needed, both efficiently, effectively, and without bias. Moreover, the well known corruption that has been seen in government circles in the past suggests that even this group of people may be wearing neo-liberal underwear in actual fact. In order for a left-leaning alternative to neo-liberalism to emerge, I think something has to be done to balance the competencies of the former with those of the latter.
All learning is about repetition.Then, taking actions, and sometimes getting it wrong, and then keeping on keeping on... This brings success eventually. This is why poverty makes lives more difficult for many. The poorest walk on a tightrope,causing high anxiety. 1. Choices are few 2.Experiences are limited or non-existent. EG hobbies, sports,holidays. Extra tuition before exams.(all confidence building) ( all joyful things) 3. Study space,warm and quiet. 4. Enough nutritious foods. Take money management. Notice how the poor are accused of no ability in money management. 1. First pocket money is earliest way to learn. In poverty this may not be available. 2. Practice makes us better.eg we waste our money a few times, then realise that saving for a few months gains us bigger buys. The poor cannot practice this life skill while living hand to mouth. Money management could be taught in school, along with sociology, to stop the poor from believing their poverty is their problem, rather than our unjust system, and absolute lack of meritocracy.❤
Did you have similar grandparents to what I was blessed with? both paternal and maternal were active Labour supporters and they instilled us with the same message wth one slight difference. "Keep asking your audience questions to stop them saying here he goes again same old story" I am still amazed on how mant people dont know what neo-libralisem is. One thing is, the word is never uttered by a neoliberal.
Keep up the good work Richard. I find it odd that anyone can set up a group and call it a think tank. An honest group would call itself exactly what it is, like a right wing group that wants to keep all the wealth in the hands of the few rich. But then many of those who currently accept what these groups say would then question their validity.
I don't look around me and observe that Keynesian tax-and-spend has failed to become the economic model for all governments to apply over the last 20 years or so
@@physiocrat7143 I know that. But those who promote it seem to believe that either it has never been tried or that it has gone out of fashion. As a result we are now supposed to be in some kind of free market capitalist, low tax, in adequate public spending free for all. This is self evidently not so
@@alexdavis1541 We are in a mess because the basic principles of classical economics have been buried for the past century. Left and right are equally guilty. This is like trying to do physics while ignoring gravity and Newton''s Laws of Motion. Classical economics is not the whole story but it was been taken forward outside mainstream academia by writers such as Henry George, and more recently, Brian Hodgkinson.
@@physiocrat7143 All I know is that regardless of left and right, the state never stops growing. Every now and then a marker reveals this to all. The 2008 banking crisis revealed that the state and the banks are, in the final analysis, one. Lockdowns showed that science, the medical profession and the state are one. Watching anything on the mainstream media shows that the media and the state are one. Central bank digital currencies will mean that even money and the state are one. Despite the ever growing role of the state, no one is happier
Yeah, the "Nordic Model" didn't work. "The Golden Age of Capitalism" didn't work. "Les Trente Glorieuses" (France - Glorious Thirty years) didn't work. Kōdo keizai seichō (Japanese Economic Miracle) didn't work. And China today is not working. (end of sarcasm) British ruling class will gaslight us about economics the same as they'll gaslight us about their imperial wars. Historically, and currently, Keynesian economics has delivered prosperity for the people everywhere it was tried. We can see with our own eyes. Meanwhile, Neoliberal economies across the West are stagnant, fascism is growing out of the economic catastrophe for 99%, and our leaders are pushing us into genoc!de and WW3. We can see with our own eyes
Most teachers repent themselves, it's an occupational trait. But Mr Murphy, there's more serious pondus in your teachings, than in the ramblings of right wing, so-called `think?` tanks.
In the spirit of "What you measure is what you get", I would like to understand what the critical measures of national economic performance would be, and why, if we actually had a goverment using your economic theory. RE repetition. Its been a given of lecturing/ speechmaking to always make your point three times. Thats three times to make your point. Your point - three times.
Maybe, just maybe, problem is in something else and not in "right wing" or "left wing" theories? All theories and views can be used for the concrete needs of interest groups. Interest groups use theory only partially and how it suits them at some particular moment in time. For example- lobbyists actualy don't like neoliberal theory, because they would be without job in laissez-faire economy, but on the other hand, they are fierce proponents of neoliberalism when it comes to austerity for the many and not the few.
Ascribing this information to right wing (which has been absent for who knows how long in everything but media stories) or left wing for that matter. Which has always represented global financial interests, since Fabians breathed life into labour. Or London school of economics.
Well said Richard, keep pushing that rock.
Keep repeating Richard, I'm learning and I'm repeating.
@@JupiterThunderself awareness fail, there!
@@JupiterThunder 👋
@@JupiterThunderexactly like a parrot, you've got it.
Thank you Richard for being a truthteller❤
Repetition is required to remove the false messages that are pushed out by right wing think tanks, in the interests of a minority wealth hoarders.
@@JupiterThunderthat's exactly what they are doing
'They' being the 55 Tufton Treet far right Libertarian think tanks. We saw their handiwork in spreading lies to achieve Brexit, a Trojan horse to facilitate progress to small government and dismantling of public services. Remember the illegal doings of Cambridge Analytica using Facebook data to target people with their deceitful personalised adverts to convert them to no voters.
It was neither of those @@JupiterThunder ..... most famously it was Joseph Goebbels, of the National Socialists.
Don't make it too obvious Richard.
Brilliant Richard! I’ve been onboard with this basic narrative since I got out of the idiocy of London 50 years ago. I’m sharing this as much as I can. Oh…and btw…we MUST change to PR voting. It’s the beginnings of so many door opening possibilities.
What people really need to know is that a country's finances are NOT the same as a household
The wealthiest era of Britain was the 'Tally Stick' era. Government has been hijecked by private currency speculators. Nothing can change until the means of exchange returns to something like that. It doesn't have to be tally sticks but has to be a means of exchange divorced from debt, commodity, and speculation. I'm suggesting TWO ECONOMIES as a solution. A residential economy founded on a fair means of exchange and the commercial economy similar to this one wherein capitalism is not allowed in four areas: housing,. food, education, and healthcare.
It works. I started watching this channel recently and repeat the 'spend first, then tax' line to my customers, all of them are surprised. Interesting stuff thanks for your viewpoints.
Please keep repeating yourself, it is not only effective, but also appreciated. Thank you.
Thank you, Richard. Please keep telling us these truths. It makes my day a tad more tolerable.
Tall stories on both sides.
I'm afraid neoliberalism has already cost us a liveable environment.
"Yes, the planet was destroyed, but for a beautiful moment in time we created a lot of value for shareholders."
I experience on a daily basis the results of mass privatisation - dental care, telecoms, gas and electricity, even pet care etc - and they are horrendous. Time for a total rethink
Was pet care nationalised at some point I didn't notice?
Excellent. Tufton Street's version is that the big struggle is the one between what they call "liberty" and tyranny. In fact, their real enemy (and they know it) is democracy. Democracy and everything that enhances it (free speech and association, fair distribution of wealth, human rights, fairer elections, devolution etc) is the story which we need to tell to counter their "liberty".
I've said it before; I'll say it again. Thank you, Richard!
Nothing wrong with repeating lessons until they’re learned 🙂
Absolutely right Richard, well done and keep it up. Thank you so much.
Thank you for all your videos and for challenging the lies of the establishment
Wenn es richtig ist, warum nicht?
The average audience member, like myself, has no training in economics. Thanks for repeating lessons, to help me (us)understand better how money is used and works.❤
@@MargaretDeakin-d6m Economics is based on models, not reality.
That’s where typical university textbook classical economics fails. It makes unrealistic assumptions (such as markets always being in equilibrium) which makes it inapplicable to reality.
@@Truth_above_everythingso how did Trussonomics do when tested in reality?
@@JupiterThunder Sorry if you think tis man is far left then you understand zero. Left leaning and putting people first yes all day long. Juts remember this the "Right" only care about the rich and no one else and the rich are the top 1% only, everyone else is disposable.
@@markwelch3564 We have 50 years of data showing trickle down doesn't work and also 50 years of data showing that tax cuts don't pay for themselves in generating enough additional GDP to cover the Revenue shortfall
Thank you! Richard. I need to hear all this often and again.
I agree. This is my third heating free winter coming up. I have tweeted since my boycott was only a few days old...mainly to keep my own spirits up....but that has developed to a rejection of the correlation between shame and poverty. This summer I started wild swimming in the north sea at Portobello.
I am starting to see the benefit: the cold I feel in the sea is the cold I feel in the house, and I understand now how to help my body cope with the cold.
I refuse to be a victim, and I intend to stay alive as long as possible out of sheer damn spite.
Thank you Richard, a breath of fresh air in the stagnant environment of our political climate. I enjoy listening to your videos which are presented clearly and confidently. Keep up the good work.
Thank you, Richard. Keep telling the stories.
Bravo Richard! Keep it up man.
Well said.
You're absolutely right, & doing a great job of pointing out the way in which the world economy just drifts along unchallenged. Watch out for the contents of think tanks being poured upon you. Best wishes. Al.
There are both right and leftwing think tanks. The CCP and Lenin are both there to help you along in life, but honestly, I've seen better.
I'm very much in agreement -
we need a much better, clearer narrative
Thank you for your hard work Richard, I have learnt a lot and I'm passing it on to anyone who will listen, mainly I ask questions to make people think.
Do go on, that marketing genius phraseology leaves me with baited breath...
Thank you again, Richard. Incidentally, if you ever consider a podcast, I for one would be interested in it.
"..the way we should be living" is a chilling statement.
borderlands
Very perceptive. Why can't we all just do as Mr Murphy tells us?
Why?
so you think our current public services are desirable, and don't want to change anything?
Are you American?
@@markwelch3564
Telling that you focus only on public services.
well said Richard,well said Richard,well said Richard
Repetition of the mission is good.
Tax the rich. Renationalise our public services. No political donations - 1 Vote 1 Person.
The rich are asset owners. If their tax liability is increased, they'd naturally want to keep the amount leftover at the same level or higher. To do this, they would increase the cost of the products and services consumed by the general public.
This would result in the general public being no better off, as despite having more left after tax, it would be spent on higher-priced products and services.
Tax the rich - so they invest in, and bring their skills to, another country. Genius. Now why hasn't anyone that of that before?
Thank you Richard for making an informative difference and promoting a real understanding of the myriad misrepresented issues that plague our nations.
Perfectly put and accurate.
Richard you must get on Newsnight and Politics Live to repeat these simple truths.
Interesting point about repetition, it's how we learned our times table and it most certainly works. 'Spend first, then tax'.
Sound advice. Thank you Richard.
Well said!
The problem is, that it's pretty much worldwide.
Brilliant video, thank you, so consise and well explained.
i appreciate this. thank you.
Repetition, change, repetition change - is how we bring about change repeating the story and adapting to an ever evolving situation.
Utopia is ever illusive. Your post is accurate. The management and governance to achieve the goals is non-existent in Britain. We have observed this over the past 40 years. After the Blair/Brown regime I can’t believe Labour has had another chance. It won’t end well, of that I am sure.
I find that hearing explanations several times helps me to understand and assimilate the argument and increases my confidence in explaining to others.
More widely, the pervasiveness of the message is critical to its acceptance. While some are only willing to be persuaded through reasoned argument the majority are not interested in the theoretical niceties and will tend to follow the majority view. A message repeated in numerous different contexts will begin to give the feeling of that majority. While this is the tactic of advertisers in this case the heart of the message can be substantiated.
I appreciate the effort you put in. It is occasionally necessary to tell a story / message a few times, and sometimes with just a slight vocabulary change in order to get a message across. So ,please, keep up the challenge and the balance.
I hope the professor repeats the one about “Government Surpluses Don’t Create Cash” …
I didn’t understand a bloody word of that one.
I saved the video, shared it, and will remix it. Much love and support. Thank you so much for your channel. Because of people like you who share authentic insights and genuine knowledge of the reality in which we found ourselves, real change is possible.
As the phrase goes, 'Repetition legitamises'.
I’m certainly more confident in telling others that their taxes don’t pay for anything having previously felt I needed in depth knowledge of MMT
'Spend first and then tax'. And right now this government needs to spend to ignite growth, innovation and progress and when the economy is vibrant and growing strongly the tax take will grow, naturally. Invest, invest, invest - now.
What the country needs is a reasonable patriotism and a not overdone nationalism.
Well done.
Well said. There is definitely a story to tell insofar as we seem to be using the same economic model which crashed in 2008 and in the aftermath it is just creating more debt.
Tall stories all round, I am afraid.
Thanks for your work, Richard. I've seen a lot of your videos, but none that suggest you acknowledge that 'economic growth' itself fundamentally goes hand in hand with the destruction of the planet, which is now all but complete given our trajectory. What we need is open discussion of post-growth, 'ecological economics' and DEGROWTH. Before the inevitable and unjust degrowth that WILL happen to us in ways entirely beyond control.
Growth is what we define it to be by including it in or excluding it from our calculation of GDP, GNP and NNP.
If we considered learning to be economic activity and paid all students a wage, then we would have ‘growth’.
The same thing could be said of care for the young, the ill and the elderly.
Could you please record a video with the response to MMT criticism? Would be interesting to explore MMT from that perspective.
Most MMT criticism is straw men. They claim MMT says something absurd, then they declare it is absurd
There's no left
There's no right
In the middle we all sleep
In the bell curve that is humanity, of course there is a left, of course there is a right, in the middle are the sheep.
Horseshoe theory is nonsense.
God knows Labour is not the change we need.
Starmer didn't get elected because he was brilliant, he got elected because the Tories did so badly and he promised Rupert Murdoch and the other billionaires that he would continue to trickle the wealth upwards from the poor.
we will see, one of the new MP's is Torsten Bell ex resolution Foundation is currently a Cabinet Secretary
I'm unsure on Reeve her everyday economy stuff is an anathema to NeoLiberlism but the stuff she has come out with since taking office have been weird and don't fill you with much confidence.
Still real economists in government is at least a start
Who or what,in your opinion, is the answer ?
@@anthonysteel6877a real left wing government offering an alternative to lobbying and the neoliberal system.
@@anthonysteel6877 it's rigged against us
Great content Richard. Keep going!
I repeat to my wife ... she now hates me ! Lecturer mantra ... tell them .. tell them that you have told them ... tell them that you have told them again
I think i can understand her.
Thanks for all you do.
I'm going to do my bit, promise.
How close is the Federal Reserve and US Government to following MMT? The central bank balance sheet rose historically to gargantuan levels post GFC - QE and beyond! They might now start to pause doing QT after an inflation spike which wasn't just about supply constraints across the pond. Regular bills are passed to increase budget deficits in the US, but they don't get passed without drama - suggesting some fiscal discipline. What concerns me about MMT in the UK combined with reigning in the powers of the Bank of England, are Sterling and the packs of wolf-traders in the City. We have not tended to elect governments which understand how money works and contracting some of this job out to a Monetary Policy Committee has probably helped the UK curb the excesses of flip-flopping government policy changes over the past 30+ years. I am enjoying your channel and looking forward to you fleshing out your ideas, repetition is fine too.
I find, sadly, most find it hard to believe due to the strong mainstream narrative & those who do have critical thinking, often don't look deep enough to see the truth so revert back to said narrative.✌
Thank you Richard. I am trying to explain to my MP that the £300 winter fuel payment that I will no longer receive could easily be paid for and that there is no "black hole" in the first place. I got the standard-we have been left with a 22 billion deficit-letter from him. I am responding to it now. Wish me luck.
You could possibly use the letter for toilet paper, then send it back to him.
Thatchers story of the housewife's purse was my first realisation of this.
and even by it's own standards, it's nonsense
If a household needs something big, like a car, they use credit rather than not take that well paying job that needs a car!
@@JupiterThunderhousewife’s don’t print the money they use or borrow from a bank they own.
@@JupiterThunderyou have been taken in.
@@JupiterThunder so "fiscal responsibility" is quitting your job rather than buying a car on credit?
Thanks
Good teachers always repeat and repeat
Great teaching method
Pity both left and right economics are bogus
repetition is simplest form of brain washing.
That's a great point! I find it's hard to repeat this story, as I don't not fully understand how tax is good for inflation and how would it all work together - perhaps I am not alone. Maybe worth making some video that would explain it visually? Like what is the story about and how would it work end to end
I mean, let's say government gets money back via taxes. As it takes it back it keeps inflation at bay. If inflation is increasing, then taxes would be increasing as well, right? Ok now I pay more tax, effectively making my actual income less. It does not sound a good! What is the next step? How would it actually benefit me and work together?
UK is lacking history of economics at school, so society understands it's economic prosperity depends on free trade
What do you propose? Forced trade?
My sons are telling me that i am always repeating myself so Richard your not the only one
Thank you keep up the repetition the more you do we will realise we've been gaslighted by our governments
Well said, but I believe that everybody who is supportive of this message, because it is true, should also acquaint themselves with the "Lewis Powell Memo" written in 1971 in the USA and sent to every business. It's intention was to persuade businesses to organize and fund lobbying groups to rein in all the creative thinking that had started to take hold in the 1960's giving rise to demands that were seen as threatening to the Capitalist rentier economy.
In the country many are economically left wing as we have seen with the reaction to winter fuel allowance. Say no to this totalitarian system whereby we are economic units. Spread the word. It’s on all of us not just Richard
What's the point if you have no leaders to deliver them ?
Who backs down every time the billionaires threaten to leave.
Thank you I've learnt a lot from this channel and do keep repeating "how money works" to anyone who will listen. The problem we have though is, while there is no doubt in my mind "Governments CAN be a force for good" Governments we actually have are made up of those politicians who are good at persuading people to vote for them. We end up with incompents in charge and the only alternative little better. No wonder people look at those Governments and think "Do I really want to give these people more control over my life?"
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Brian! Imagine i invested $50,000 and received $190,500 after 14 days
Absolutely! Profits are possible, especially now, but complex transactions should be handled by experienced market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian C Nelson.
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
I'm surprised that you just mentioned and recommend Mr Brian Nelson. I met him at a conference in 2018 and we have been working together ever since.
Yes! I'm celebrating £32K stock portfolio today... Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family and life ahead of me.
Can’t express just how much I like this particular piece.
I was able to continue teaching Keynesian economics right through the Thatcher/Regan years.
I know Cambridge continued using Keynes’ General Theory and used to hold an annual wake for his ideas on his birthday.
As for the UK’s adoption of the ‘Free Market’ ideology you are describing, as well as extolling Free Market thinking itself, two other pieces of poor economic theory were heavily promoted. These were ‘The Augmented Phillips Curve’ which gave a reason for destroying the welfare state and ‘The Fischer Equation’ which underlies Monetarism.
A particularly significant paper ‘Too Few Producers’ (written by Eltis and Bacon in the mid 70s I believe) provided ammunition that governments used to reduce the public sector.
I never hear it mentioned these days but it contained a fundamental error by equating production with manufacturing and demonising services. This led to the introduction of SET (Selective Employment Tax). Thatcher then took the concept into greater idiocy by equating production with the private sector and services with the public sector.
I really enjoyed hearing you speak recently at our Scottish Currency Group Conference.
Strange that there is no limit to the level of profits that can cause any harm to the economy but Philips provided his reason why fuller employment would.
The right and the left are both right; we just need the right balance to operate the machine.
The Chinese government just proved that strong government rules industrial economic power.
I live in Scotland and use your vids about the false neo con narative, which is so often used as a reason for keeping the Union with England. I start my conversations with the way bank loans work, i.e., the principle is created out of nothing, and the interest is the lenders profits. Profit, profit from your labor for something created on a keyboard. I then explain that this is called fiat currency, and almost every trading nation on earth uses it. Then i tell them that the concept of Fiat currency was invented by a Scot John Law they of course think Fiat currency is agret idea and we can use it to escape the Union by doing what the BOE does every day.
Yes, please repeat, repeat, repeat!
You and your like must be heard more often and louder than Neoliberals! 🙏
Abd in the end, lesrninh and memorozing ist al about repetetion starting in esrly childhood - so repetition is blessful!🙏🇩🇪
Profits are not the only consideration
Richard, have you spoken with Gary Stevenson from Gary's economics channel? It would be good to hear you two discuss economics together.
Thus the term TINA (there is no alternative) but there is...
I'm so happy I made productive decisions about my finances that changed my life forever., bought my second house in August and hoping to retire next year at 41 if things keep going smoothly for me....
Congratulations dear. You're really doing well yourself, I'm 48 and my financial life is in a mess. Any great tips would really go a long way in shaping my life. I want to buy my own house, that's really a big flex
I know this woman you just mentioned. Stacey Macken is a portfolio manager and investment advisor. She gained recognition as the first female trader educator; a renowned investor she is. Stacey has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well .
Been debt free for two years thanks to Stacey Macken. So sad to see my friends in their 40s with car loans, mortgages and credit card debt
She changed my life Financially I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Stacey Macken, for her expertise and exposure to different areas of the market.
Exactly this. However Richard, please look beyond the borders a bit. The narrative isn't easy to just transplant to e.g. the EU, since the central bank is not in the hands of the member governments, nor in the hands of the EU commission or parliament. Would love to hear your story translated to that situation.
I think one aspect to all of this is that of competence. In a neo-liberal scenario, it is easy to see how highly talented and competent people can emerge and keep the philosophy moving. Each believe they will, personally, benefit from this approach.
Moving to the left, where government takes a bigger role, it has always been perceived that the comparable quality of the individuals involved is somehow less. As such there might be a commensurate lack of faith in them to actually deliver on the policies needed, both efficiently, effectively, and without bias.
Moreover, the well known corruption that has been seen in government circles in the past suggests that even this group of people may be wearing neo-liberal underwear in actual fact.
In order for a left-leaning alternative to neo-liberalism to emerge, I think something has to be done to balance the competencies of the former with those of the latter.
All learning is about repetition.Then, taking actions, and sometimes getting it wrong, and then keeping on keeping on... This brings success eventually.
This is why poverty makes lives more difficult for many. The poorest walk on a tightrope,causing high anxiety.
1. Choices are few
2.Experiences are limited or non-existent. EG hobbies, sports,holidays. Extra tuition before exams.(all confidence building)
( all joyful things)
3. Study space,warm and quiet.
4. Enough nutritious foods.
Take money management. Notice how the poor are accused of no ability in money management.
1. First pocket money is earliest way to learn. In poverty this may not be available.
2. Practice makes us better.eg we waste our money a few times, then realise that saving for a few months gains us bigger buys.
The poor cannot practice this life skill while living hand to mouth.
Money management could be taught in school, along with sociology, to stop the poor from believing their poverty is their problem, rather than our unjust system, and absolute lack of meritocracy.❤
I will continue to share these uploads!
Hi Richard, can you share your BlueSky handle in future videos?
Oh man, I’m gonna need some good catch phrases for my tax clown.
Did you have similar grandparents to what I was blessed with? both paternal and maternal were active Labour supporters and they instilled us with the same message wth one slight difference. "Keep asking your audience questions to stop them saying here he goes again same old story" I am still amazed on how mant people dont know what neo-libralisem is. One thing is, the word is never uttered by a neoliberal.
Keep up the good work Richard. I find it odd that anyone can set up a group and call it a think tank. An honest group would call itself exactly what it is, like a right wing group that wants to keep all the wealth in the hands of the few rich. But then many of those who currently accept what these groups say would then question their validity.
Wasn't it Goebbels who said that "tell a lie once and it is still a lie. Repeat a lie a thousand times and it becomes the truth"?
We need to challenge the false narratives
I don't like societies ,unless it's the co -op and a good co operative 😂
You know what Herr Goebbels said, 'Repeat a lie, no matter how big, often enough and it becomes the truth'
Yes, if you repeat a lie often enough it becomes the truth.
There's a slight typo in the title of this video. It needs the word "fairy" before the word "story".
I don't look around me and observe that Keynesian tax-and-spend has failed to become the economic model for all governments to apply over the last 20 years or so
Keynesian economics has never worked in practice. Back to the drawing board.
@@physiocrat7143 I know that. But those who promote it seem to believe that either it has never been tried or that it has gone out of fashion.
As a result we are now supposed to be in some kind of free market capitalist, low tax, in adequate public spending free for all. This is self evidently not so
@@alexdavis1541
We are in a mess because the basic principles of classical economics have been buried for the past century. Left and right are equally guilty. This is like trying to do physics while ignoring gravity and Newton''s Laws of Motion.
Classical economics is not the whole story but it was been taken forward outside mainstream academia by writers such as Henry George, and more recently, Brian Hodgkinson.
@@physiocrat7143 All I know is that regardless of left and right, the state never stops growing. Every now and then a marker reveals this to all.
The 2008 banking crisis revealed that the state and the banks are, in the final analysis, one. Lockdowns showed that science, the medical profession and the state are one. Watching anything on the mainstream media shows that the media and the state are one. Central bank digital currencies will mean that even money and the state are one.
Despite the ever growing role of the state, no one is happier
Yeah, the "Nordic Model" didn't work. "The Golden Age of Capitalism" didn't work. "Les Trente Glorieuses" (France - Glorious Thirty years) didn't work. Kōdo keizai seichō (Japanese Economic Miracle) didn't work. And China today is not working. (end of sarcasm)
British ruling class will gaslight us about economics the same as they'll gaslight us about their imperial wars. Historically, and currently, Keynesian economics has delivered prosperity for the people everywhere it was tried. We can see with our own eyes.
Meanwhile, Neoliberal economies across the West are stagnant, fascism is growing out of the economic catastrophe for 99%, and our leaders are pushing us into genoc!de and WW3. We can see with our own eyes
Most teachers repent themselves, it's an occupational trait. But Mr Murphy, there's more serious pondus in your teachings, than in the ramblings of right wing, so-called `think?` tanks.
In the spirit of "What you measure is what you get", I would like to understand what the critical measures of national economic performance would be, and why, if we actually had a goverment using your economic theory.
RE repetition. Its been a given of lecturing/ speechmaking to always make your point three times. Thats three times to make your point. Your point - three times.
Maybe, just maybe, problem is in something else and not in "right wing" or "left wing" theories? All theories and views can be used for the concrete needs of interest groups. Interest groups use theory only partially and how it suits them at some particular moment in time. For example- lobbyists actualy don't like neoliberal theory, because they would be without job in laissez-faire economy, but on the other hand, they are fierce proponents of neoliberalism when it comes to austerity for the many and not the few.
Ascribing this information to right wing (which has been absent for who knows how long in everything but media stories) or left wing for that matter. Which has always represented global financial interests, since Fabians breathed life into labour. Or London school of economics.