During the 2008 economic / banking crises I will never forget the words of an economist being interviewed on TV . He said words to the effect of , it would've been much cheaper and much better for the government to have bailed out the people with mortgages and bad loans . Instead the government bailed out the banks and we've never really recovered from this insanity .
He was in the minority. Iceland did this but Britain was far too dependant on financial services to do it. The solution has to fit the economy. America also followed us btw
If the banks not been "bailed out", the system would have collapsed. Everyone's money would have disappeared instantly and there would have been a depression like the 1930s. Individuals' savings would have been lost; small, medium and large businesses would not have been able to trade; mortgage repayments would not have been paid, etc.
Wrong. Alistair Darling had literally hours in which to persuade Fred the shred to accept govenment takeover of RBS and other banks. He succeeded. Otherwise the whole banking system would have collapsed. There would have been no money for anyone. Good to see Richard praising Gordon Brown and Alistair Darling. Giants compared to today's pygmy politicians.
This is why the independence of media is essential. It can portray some as incompetent and hamstring and take over rational responses. The tories did a number on the BBC.
Actually, I'll make one major exception to this - Lord Timpson. He seems to actively be trying to fix the prison system and I do not envy him that task.
@@unatwomey7112 I don't want an independent media, I want a very dependent and accountable media that answers to ordinary people, and not billionaires That's subtly different to independent 🙂
Wasn't 2008 when socialism for the rich and austerity for the poor kicked off, propping up the pyramid schemes, leaving millennials and zoomers perpetually screwed and naturally becoming increasingly interested in extreme politics / behaviour?
@@CurtOntheRadio QE means that central banks are buying bonds (from govt) hence driving up their prices (and lowering yields). The lower yields on bonds push investors (rich people via large funds) to seek higher returns in riskier assets, such as stocks and real estate inflating it's price. QE is pretty bad for working class in the long run especially due eroding housing market and their pension savings. I like Richard, but I cannot support his view on QE. QE also distorts markets in general (due playing with yields that are usually great way to show capital where it's most useful) and lowers growth in longer run. It can be useful as short term remedy when used in moderation, but it never is and never will be in age of continuous campaigning for next election.
@@MathewLewit I'm happy to accept that criticism of QE (playing with yields). On asset price inflation, that seems a marginal factor imo. What's the evidence for it and at what scale does it impact, say, regular house prices? More generally, at least in 2008, it was to avert catastrophe. So some degree of lesser evil is acceptable - nobody wanted the catastrophe in the first place. So I guess of course there was asset price inflation if it's versus the alternative outcome of everything becoming near worthless. And QT should unwind such inflation, if there were any, shouldn't it?
Bollocks. The bankers should have gone to prison and a sustainable financial system established. The current system is nearly dead anyway so we would, by now have been on our feet.
He is 100% correct about the Tice/Farage fandango called Reform UK, they want a re-set to a Dickensian economy where the rich get richer, the middle is squeezed and the poor simply die off; a form of social Darwinism that will be a way of concentrating wealth and advantage for the few at the expense of the many. The bankers need greater regulation, yes, but that is one sector Reform would happily de-regulate further as long as it made the 1% richer, which is their undeclared aim!
Totally agree, this video is total nonsense. I thought this guy was talking some sense in previous vids but this one is shocking nonsense. The idea that it was great that a massively corrupt financial system was saved TWICE is a good thing this guy wants us to applaud! (and thank Gordon Brown and Alistair Darling) ) He is twisting reality to have a dig at Reform, I am a no fan of Reform but they're right about quantitive easing! (euphemism for looting).
I don't think the current system is nearly dead - I've given up being sutprised how those in charge can make the lives of the people they are supposed to represent more unlivable and more unhappy at each and every moment in order to prop up their own blinkered and selfish existence - and we wouldn't be on our feet already if they admitted that neolibreal economics was unfit for purpose (it would take time to recover, even if Keynesian economics was immediately rolled out). I do agree with the soul of your comment, though: the bankers should have gone to prison, as should all of those in positions of power within companies who have made decisions that have damaged the people of the countries in which they operate (thinking of water and energy companies in particular, although you can add any others you wish to this list), by which I mean only thinking of their wealth. All this said, there are laws that allow those responsible for where we are now to wriggle off the hook and ingrained attitudes (built into the system and the populace) that blame those at the bottom (the minimum waged workforce and those fed up with feeding that system) for all ills - note that 'subprime' mortgage holders have had the 'naughty' finger pointed at them and the knock-on effects on poorer sections of society since (especially in how your ability to pay your rent is calculated). What we need is to stop voting for the main parties (and that definitely includes not voting for parties like reform) and holding politicians (and their policy influences and financial backers) accountable: if you were a Minister 'Responsible' you are a Minister 'Accountable'! No ifs, no buts, no maybes! Essentially I agree with you, though.
The current system doesn’t work for the majority and will end in poverty and corruption, so it’s insane to keep the old system as it is, without making everyone including the monarchy and the rich pay their fair share of taxes and not put the burden on the workers.
I totally agree with you. However the rich and powerful will never allow any government to introduce a ethical and sustainable economic system, because an ethical and sustainable economic system would result in the rich and powerful losing out financially.
I agree. Reforms proposals will make all of those abuses worse. They will give tax cuts to the wealthy and implement policies that repress wages even further, as well as strip away even more of the social safety net and crush unions even more. They represent the billionaire class. The only people taking wealth inequality and the problems facing ordinary people seriously is the UK are the Green Party. They are the only major voice with any real solutions.
@@FART-REPELLENT That's why community wealth building and trade union membership are so important. We can vote for progressive parties like the Greens who want to take power away from the ultra-wealthy but we can't depend on that alone.
@@peteduch2151 I' m not sure you can really compare though. A lot of people lost everything in Iceland, can you imagine the blowback to any Gov if that had happened at scale with the size of our financial industry here.
We're already bankrupt.....you dismiss and ridicule this ,but happy for the iht on farmers and if land price did drop ( which I very much doubt) loads go bust , and the import of more of our food.....double standard s to suit your bias...
The UK has never been the same since 2008! Bailing out the banks at the expense of the tax payer was a mistake in my view. A proper recession gets rid of weak unsuccessful businesses. That never happened in 2008. Greedy bankers were empowered.
the problem is, the banks are state institutions in themselves, without banks, modern economies can't work, as they are like the conduits money flows through. the government and most employers have no way of getting money to people without banks these days.
‘Too big to fail’ banks/bankers felt nowhere near the pain they should have from high-risk business strategies prior to 2008. Instead, nationalised their losses through state ownership and QA, which has been paid through higher-than-normal inflation by the rest of us since. Ask yourself: when has any government really cared about the plebs? Covid lockdowns were also an attempt to quell a black-death style ‘upending’ of the economic status quo.
Moral hazard? Sir Fred Goodwin of RBS retired in the south of France. Investing in war as a safe bet for the merchants of death in UKRAINE. See Middle East today all failed States.
You say the country hasn’t been the same after 2008 and QE. Do you know what occurred at the same time? Austerity. That’s what killed the British spark. The negative effects of QE could have been quite easily rectified with a proper taxation system afterwards. QE isn’t inherently bad, but it depends who does it, and who benefits.
lol , u must be getting paid for this bs , credit to Gordon brown , the man that sold all our gold for nothing , the world cannot survive on a debt based economy
@@darthkek1953 Richard knows this, see his earlier videos, but banks are not 'supposed' to create money, they are supposed the find the assets first. They don't do this and that's why banks are regulated.
Where are the billions of £s handed out to the wealthy, family and friends of the Tories with no interest payments or conditions? .... just free public money handed over on a silver plate!
@@davidmcculloch8490 The working people suffer either way but at least letting it collapse stops those who caused it getting richer! Some accountability.
@@quadders9198 precisely. Have they have let the banks fail in 2008…. And or simply not given ridiculous bailouts…… we would have a much more sustainable economy
Allowing the Government to print money gives them an easy way out, which they will always take. The quality of the pound is in the pan purely because of QE. And purely because governments always print money before upsetting the voters
I am on the other side of the political spectrum but I still read the Guardian and track lefty youtube channels to see what direction these nut jobs are thinking in. Wealth taxes etc. These friendly avuncular "prof" types are paving the path to Britain becoming a Cuba or Venezuala. They will destroy the British middle and working classes while all the time pretending they are supporting them. Support for QE is a perfect example. It was a banker bailout of the elite masquerading as a bailout for the people.
I'm a working class factory worker. I left school at 14 so I'm no economic or political genius but even I can see what reform are about and unfortunately it's the people like me who are falling for them
Most honest and accurate comment I have read! Unfortunately, so many normal working people are becoming fanatical about individuals such as Farage. They truly believe reform has their best interests at heart!
Its partly because Farage is now a TV celebrity fixture continually pushed on us for years like the most agressive advertising ever. Advertising works, google is a testament to how well advertising works as is brexit.
The first step in your economics journey should be recognising that Richard Murphy is no economic genius either. All of his arguments are based on the idea that the government is the only thing that creates growth and that the only way it can do it is by printing money. Imagine if I printed enough money myself to open a Cafe, I would be outbidding someone who had saved for years to open their dream business. By introducing money into the system and giving into myself I've myself richer but I've also made everyone else poorer and the value of any ten pound note reduces, and so everyone needs more of them to get by. The moral of the story is if you print 100 quid and you give one person 80 and two other people 10 quid each, you haven't made everyone richer you've just made two people poorer. Quantitative easing only makes the economy richer because it gives money directly to the rich to open business and pay off their poorly managed debt. If you want to be for the little man you don't put up with that shit, part of that is not printing money willy nilly, and other parts are making sure the pound doesn't fall in value faster than people can save them. the only reason they're obsessed with quick loans if they've made it impossible for people to save, even the government has to save double what it will need in the future because of how fast money loses its value.
Saving the banks instead of rationalizing them was the most stupid thing that the citizens accepted to happen. not just in the UK, in Greece we also saved the bankers 4 times with 50 billion euros that were never "tricked down" but in the pockets of the bankers. That while the banks were denying to lend to businesses or demanded crazy high interest. Banks are not necessary for an economy today, payments can be processed by other means(digital platforms, blockchain) And for lending you only need a publicly owned national bank to give out money to the economy .
As a US citizen, I see many parallels with the situation in the UK. But the US would never prohibit the creation of money by the central bank. Debt is our biggest export, by far. Scary? Yes! But all that money is reinvested back into our financial markets. Without that, the US would implode.
Never? One would have said the same about UK. This nonsense won't pass so I guess we can still say it. Nevertheless, that "never" isn't as comforting as once it was. ;)
Since US started with QE, growth trend slowed down and zombie companies share is up. US used to grow by 4% annually before 2008 and QE start, now we are happy for 2%. US had period of slowest post-crash recovery in modern history. So no, it does more harm than good in long run and we live the consequences. Wealth inequality also rose sharply after QE introduction and that is no accident.
There’s a difference between printing money borrowing it. Borrowing for capital expenditure is usually justifiable whereas borrowing to fund current account expenditure is a recipe for disaster
Nigel Garbage makes £190k advertising gold for 4 hours... he then decides his party should support bills that drive gold sales... yea he's a man of the people... he cares about you and the UK 🤣🤣
Murphy couldn't be more wrong on today's topic. QE was a useless policy, the main effect of which was to cause asset inflation, and the house (land) price bubble. QE has been described as pushing on a piece of string. The UK currency has lost 98% of its value in the past 80 years. This prevents money from fulfilling its principal purpose as a store of value. As a result, people use real estate as a hedge against inflation, distorting the economy by directing it into an asset which adds nothing to the capacity of the economy to produce wealth. If governments create money but have a tax system which gives rise to massive deadweight losses and other ill effects, then permanent and accelerating inflation is the inevitable result. Mortgages are the main driver of the house price bubble. If they are severely curbed, the prices of houses will gradually reflect their value as places to live. If you want to have a fiat currency, the German Rentenmark is the model. It stopped the 1923 inflation in its tracks. It seems to have been sabotaged by US bankers though the Dawes and Young plans, but information is hard to come by. With that history in mind, QE should be recognised as a dangerous game.
The *principle* purpose of money is not a store of value, but a (universal) means of exchange. The things money is used to buy have the value. As an ardent advocate of land tax I'm surprised you made such a basic mistake!
it doesn't matter who you vote for, all of the party system are on the same side and it's not ours! only vote for independent candidates you have personally chosen. not these career criminals who claim to represent parties or the system
Quantitative easing is basically the privatization of profits and the socialization of losses. And not a single banker was arrested or fired, and continued to receive bonuses. And to think initially I thought this guy was intelligent...
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Divorcing reaction from action is what QE did. Divorcing consequences from actions.It passed on the consequences of bank indebtedness and greed onto future generations and funded stock market gains and buybacks with ultra low interest rates . In 2013 they had what was called a taper tantrum as a collective reactionary panic developed that the QE stimulus was going to be withdrawn proving what QE was really doing which was making a lot of easy money to be made if you were anything in the existing financial system. The consequences are still there,the collapse of inter generational responsibilities
the UK has monetary sovereignty. This bill wants to take away that sovereignty......which is somewhat bizarre, given Reform are (supposedly) all for sovereignty
That's a bit of a strawman. They want governments to be able to exercise some degree of fiscal responsibility and not use QE to fund corruption. QE 1 created an asset bubble. QE 2 ( COVID) created an massive inflation. ( Cost of living crisis) UK gov now have to borrow from Private equity firms amongst others. And that's just to pay the interest on the debt.
@@randle-s9y but the alternative to QE2 would have been massive borrowing and debt for decades. Neither way is ideal, but one is much less costly than the other.
@@randle-s9y govt selling bonds simply switches one interest bearing public sector liability (reserve balances) for a slightly different interest bearing public sector liability (bonds). Govt buying bonds back simply reverses that switch. It has nothing to do with fiscal responsibility. The govt can spend what it likes over and above what it collects in tax and can either issue reserves or bonds when it does so. Buying and selling bonds can neither create or prevent inflation, If govt spending is going to cause inflation, it will do so whether the govt issues reserves or bonds. They are both interest bearing public sector liabilities. The govt doesn't borrow its own currency from anyone. It issues it (as reserve balances). It then offers holders the opportunity to hold a savings bond instead. Paying interest on debt is no different to any other govt spending and like any other govt spending it is a policy choice. The govt chooses to pay more money to people with money in proportion to how much money they already have as policy tool that is meant to reduce aggregate demand and thus limit upward pressure on the Price level. It doesn't work, but it is what they choose to do.
Interesting. You say the pound in my pocket is worth a pound because the government says so. That is certainly true. But over the period of QE the actual real purchasing value of that pound in my pocket has been reduced by the inflation driven by the QE. Can you help me understand why the buying power of gold over the same period has increased? Is that just coincidence?
So if the buying power of gold has increased, and most of the gold is overseas, the gold standard moves economic power overseas Not sure that helps the UK much!
@@markwelch3564 I think what they suggest is that by purchasing that gold and then physically possessing that gold in the UK, you have something on value that you can base your currency on.
During the COVID-19 pandemic, Sweden was among the few countries that did not enforce strict lockdown measures but instead relied more on voluntary and sustainable mitigation recommendations. THere was no good that came out of lockdowns
So endless borrowing to fund state largesse sponsored by the BOE is the path to prosperity? Do me a favour. New paradigms and ways of thinking are needed.
Not true. The Pound is backed by the power to create demand. Period. Don't be fooled by private tokens claiming to be money. They're not. Crypto is wannabe money, because the banks can't force everyone to use it. Without the power of forcing people to use it, it's noting but private Monopoly money, and you might as well exchange that or DnD trading cards. It is for that reason crypto is backed by unaudited financial "asset pools" like Tether of fiat currency for liquidity. And plutocrats and corporations busy are throwing money at trying to persuade us crypto is money, and weakening state power by themselves. It's a tool of distraction, because their ultimate goal is to replace the state, and to seize state power for themselves. Crypto is worth as much as the promises of the Pigs in Orwell's Animal Farm.
The ultimate truth of all currency is that is worth the amount of tax you can pay with it. £1 is worth £1 because you can pay £1 of your taxes with it. That's been true since the first king issued the first coin with his face on it, it was worth what he said it was going to be worth when he demanded it back in tax.
@@AshenVictor easily falsified by places where you don't pay taxes. Money still has value there if there is demand for it. Sure anyone can put a gun to your head and make you say something is valuable, but that is not practical globally. Money has value outside the sphere of violent coercion, because it's also a useful voluntary medium of exchange.
Reform isn't in government. Never likely to be in government under present system. We currently have a bunch of neoliberal entryists posing as a Labour government and I find this more concerning.
labour aren't patriots nor are they for the people; their number one priority is to one up the tories at any given opportunity. Zero urgency to actually steer this country straight. if else fails just blame tory mismanagement, who introduced austerity as a solution to previous labour mismanagement, and so on and so fourth. The only party i can sense good intentions from is Reform
@SilentWalker-if4nc imo Labour need to drastically and publicly cut LEGAL. Immigration significantly (700k people a year is ridiculous) and actually deal with "illegal" immigration. Process quick, deport if necessary quick
@@SilentWalker-if4nc Good god! Patriots! and reform in the same sentence. Orwell was right. Double speak is now being used by everyone. We are well and truly fucked.
@@SilentWalker-if4nc then your senses are way off. Are you happy to have a US style insurance system instead of the NHS? Are you happy to surrender your rights by coming out of the ECHR so a government can do whatever they want to you without consequence?
The problem was never liquidity, it is solvency which has been papered over by devaluing Sterling by creating new units of currency. This will keep happening until people lose confidence in Sterling and we get hyperinflation. The banks should not have been saved, they should have been nationalised and all the bonuses and the majority of salaries should have been clawed back.
He telegraphed how much he would sell and when he would sell it to ensure the lowest possible price. It was done for a reason, government doesn’t like gold because they can’t print it, they constantly do their utmost to keep the gold price artificially low. But like King Canute, they can’t control it when the tide finally turns. They will panic and their last resort will be to make it illegal for private citizens to own it.
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I think that Rupert Lowe is perfectly on the money with this. Kick out illegal immigrants, control budgets of every government department. Get rid of excessive non productive administration, and incentivise the wasted workforce living on benefits
Love this channel but disagree about claiming labour were great to bail out the banks as surely had the politicians done their jobs and not deregulated the banks they would have not been so careless. I also thought much of the crash was due to losses on derivatives which again were due to deregulation.
The actual cause of the crash was sub-prime mortgages which were issued under pressure from the US government. There’s a film called “The Big Short” which covers the derivatives which resulted from sub-prime mortgages
Im not sure Richard agreed with the bank bail outs either. He is not New Labour. The left wanted money put into society to kick start economy with spending.
More gold in my jewellery box. Gordon Brown sold the UKs gold. Country is in an absolute mess. I am beginning to sense an ideological bent to this guy, he seems like a Tax and Social Engineer. Cards on the table I am not into any party. This guy sounds a weeny bit socialist and that stuff just makes everyone miserable. Could someone have some answers for government that work for human beings, we aren’t ants. Good government needs to know what they should get involved in and what they shouldn’t.
Thank you for posting this Richard - it is food for thought. Previously I read that Rupert Lowe has proposed a bill to give Parliamentary oversight to Quantitative Easing and Quantitative Tightening, not ban it. You have to read the substance not just the clickbait headlines. QE helped us through the pandemic era but now there is a price to pay
Government does not create money - they create credit/debt and issue currency. The Romans debased their coin, which was quantitative easing and it ended badly for them as for Zimbabwe. It did not save the economy then or now. Look at the high street, look at manufacturing.
Money is flow. It doesn't matter how much is created so long as a sufficient amount is removed, given the growth in the economy. The problem is where the money is being removed from. I.e., people who used the money to survive, rather than the people who bought assets with it!
@@rfrisbee1 Currency is not money, "currency is flow" but of credit not money - money is a store of value as well as being currency if in the form of gold. Currency in the fiat form is no different from an IOU and if you don't have the assets to back that IOU you go bust. Bank notes say "I promise to pay the bearer on demand the sum of.... " meaning gold. Without the distinction between money and currency modern economies that depend on credit would not work at all. When the public lose faith in the fiat currency the value falls eventually close to zero in the worst case. The value of gold/silver does not do this, in times of agricultural surplus the cost of food falls in terms of money, this does not change the cost of another scarce commodity in terms of the same money (gold/silver).
So true. The UK is embracing Zimbabwe economics and we're going to end up equally impoverished. Idiotic socialists like Richard Murphy will end up with us having Venezuelan style inflation while throwing infinite worthless pounds at an NHS that can't even source bog roll. They just do not get how their money printing, tax and spend policy of kleptocracy winds up with working people in poverty, 🤮
It's not QE that's the problem, it's what our politicians spend our money on that's the problem. Funding gen0cide & provoking Russia via Ukraine, then there's their own rampant exponential greed. We are being told to live within our own means, but politicians don't seem to be able to.
Provoking Russia are you having a laugh. IMHO we should grow a pair and fix the root cause of the issue properly before it’s too late and stop sweeping it under the carpet.
Aaand another bot. This happens every time a certain amphibian faced grifter and his party is mentioned. The more paranoid mind might think there's a link between Farage and Putin?
Russia starts was every few years because authoritarian regimes need war to sustain power. Did UK also provoked Russia to invade Chechnya, Moldova, Georgia or Ukraine back in 2014 too? Get fu*ked, greetings from Eastern Europe, where Russia occupied us and imprisoned us for four decades.
@@st200ol During German reunification the west promised not to expand NATO “one inch eastwards”, they subsequently broke that promise and Ukraine was the final straw for Putin
Printing money (our enemies did this during the wars I an effort to render the currency worthless)means that savings have less and less buying power ,and become pointless making the future a great deal more uncertain to put it nicely .
I'm not arguing that a gold, or even crypto standard is feasible but the main people hurt by this would be the governments as it would wreck their ability to steal money from the public. It wouldn't wreck the real economy only the phoney economy. Economies don't need governments but governments need economies.
The question is what sane person would advocate for gold backed money when most of the worlds gold reserves are in despotic fiefdoms in subsaharan africa. We have enough trouble with oil being in the hands of the arabs & russians. To put the supply of money itself in the hands of african tyrants is the definition of economic suicide. Particularly when if anyone has the ear of the africans its the chicoms.
I’ve been trying to piece together the underlying libertarian intent, to hide money in crypto while improving it’s stability, and removing the ability of sovereign states to control tax. You’ve just explained it
I agree, I think governments and democracy are ultimately to be removed, in favor of the markets and private banks. There would be no more borders. There would be no more state. Full market control with no accountability. That was the aim of the Capitalist Neoliberal Doctrine. That would cause complete mayhem. An increase in authority would be needed to quell revolt. This would be essential, by who's authority would that come with no governments? That is another question. Having a guess, it would be the wealthiest. What a thought.
@ well yes he is , we did not have any lockdown here but how do you see that comparing to the UK ? Sweden is Twice as big and has 1 sixth of the population of the Uk and i can tell you that the streets were empty for months and people kept themselves to themselves and worked from home
@@steveharrison4176 Completely and totally irrelevant, everyone got infected, even the Queen and it had an effect on almost no one. The NHS was never in any danger of overload, hindsight proves that conclusively. No more died in that period than a typical year of flu. However a hell of a lot more 'excess' deaths HAVE occurred since...
The gold standard, like other things reform back, the king, the empire, and the war is based on a false nostalgia for the 'good old days' that the majority of their voters never knew because they hadn't even been born then
Fantastic Richard you are on a role and this is your best yet. Even better would be a complementary piece on how the UK compatible Left is possessed of the very same economic thinking, albeit cloaked in grown up seeming language combined with popularly accepted notions of money. This economic logic can only lead into the abyss of Right thinking; I would guess that is in fact what it has been designed to do. If, as it is said, most people drift right as they get older, it is precisely by the mechanism of this "false" economic logic, that this occurs. The UK Left is possessed of the very same evil, we need the exorcist! Richard
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I like alot of your analysis but quantative easing is a disaster, death by 1000 cuts. It only benefits super wealthy asset owners and bankers Also your COVID statements about reform are completely baseless, they where not in power and therfore cannot be held accountable for actions they couldn't take
That depends entirely on where the easing goes If it goes to already rich people, so they can buy even more houses, then it will be terrible Spend it on infrastructure and it will be great for ordinary people
@@markwelch3564 Infrastructure spending is constrained by resources. There also seems to be a lot of spending which is poor value for money. I will put my neck out and put the Elizabeth Line in that category. It began as a tube line to relieve existing east-west routes inside London. This would have been a self contained route, and been completed a decade earlier at a fraction of the cost. The decision to run from Shenfield to Reading over existing routes added hugely to the costs and makes the service subject to disruption. Then there is HS2, a money pit or a gold mine for consultants.
@@markwelch3564 sorry but it's a tool of hubris, the piper always comes for payment in the end fiat currency and the ability to print on demand only leads one way. An eventual complete debasement of the currency
@@CurtOntheRadio Kept savings intact??? 😂 I'll ask the pensioners if they are better off now than before 2008. QE is a short sighted hammer of a tool that is only good for making the people feel like everything is under control and to not worry, because the nanny state and bank of England is here to look after you, creating more dependence on large government. They don't have our best interest at heart simple as that. Big government wants to retain power and influence that's what QE is ultimately for
There is so much wrong with what Murphy is saying! His claim that nobody knew much about QE before 2008 is ludicrous! This has been known in economics for over a hundred years! The Austrian school and the Chicago school are crystal clear on the dangers of QE.
I thought it was widely understood that QE caused the massive inflation in house prices, and turned them into financial assets. This has caused much misery on young people, but inflated the net worth of older folk like myself.
Nobody in the UK who wasn't an economist had heard the term quantitiave easing before 2008. Quantitative easing was only widely aplied as a practical policy following the financial crisis. That's all he means.
A pound is not a pound anymore, because I would be able to buy a pound of sterling silver with £1 Quantitative easing is not making money it's diluting it.
True, that is why our debt grew, but at least we had no collapse and some growth, now Brexit Britannia is heading for sustained stagflation and a manged decline, how far it will go is an academic question and will be very very ugly on the many!
Thing is though a lot of people will vote reform ( as they did with Brexit ) as a protest vote, they won't even brother to read their manifesto. Turkeys, Christmas and all that.
In 2008 we had embraced neo libralism fully. No intervention from the government, deregulation. If that was really the case then why did we bail out the banks? We should have let them go to the wall. You can't strategise one economic policy then as soon as it fails fall back onto another at a cost to the system that you've effectively abandoned.
It disturbs me that so many think Farage is the answer. Read the manifesto I say but they just like that "Nige" is angry about foreigners and wokeness. God help us.
So if it's not Farage then who? You have a choice of Mein Stormer, or 419 Badenoch and that's it. People are sick of the failure of the uniparty offering the same failure as each other. Farage is a creature of the establishment though, he appears to offer something different but the civil service who really run the country won't allow it, and so Britain is doomed.
Tribalism in politics in action. Way too many people vote for their "team" on an emotional choice. If people need any idea on what Farage will be like for the economy, we can look at two bits of recent history. Brexit and the Truss budget. Farage might as well have been the biggest backer for Brexit, and he said the mini budget was "the best since 1986" and yet both seriously damaged the UK economy. Also considering what happened in the US and their recent elections bringing in the populist right. If people think Farage will do anything for immigration... look at Trump/Musk and their 180 flip from saying they'll stop immigration to openly saying they'll replace American workers with H1B visa hires. I doubt Farage as a member of that same populist right will be any different. History tells us Farages ideas are terrible, and the company he keeps tells us the promises he makes are hollow.
Praising Gordon Brown for imaginative and creative thinking in using government power to print money is just bizarre. This has been done repeatedly by rulers and governments in the course of history. Absolutely no imagination or creativity was required to devise the scheme or to predict its consequences.
This guy is a socialist, he has that cocky self inflated opinion of himself and cherry picks economic aspects. Watch his stinking attitude on a talk radio interview where he was cut off. Not very nice, pompous, self opinionated and devoid of critical thinking.
Even your loyal followers are struggling to agree with you on this one. I love watching your video to listen to you wishy wash logic into a new fact/ belief. You need to watch the monty python sketch on the trial of the witch. Your logic reminds me every time of it.
Quoting Monty Python as a credible economist? That's desperate. "Loyal followers" or Reform groupies struggling? All of Richard's arguments make sense because the problem has been created by the aftermath. In a word, AUSTERITY.
The reason we have hardly any gold in reserve is that geniuses G Brown and his mate, E Balls, sold most of it when the price of gold was at rock bottom. Such foresight. As to QE, why were the banks not mandated to invest the money we all gave them in productive industries, not just property?
I don't know where you heard that reform are looking to go back to the gold standard or cut government spending, this is the first I've heard of it. Can you provide your sources?
Reform UK has no plan to return to the gold standard. Richard Murphy just made it up. Also, Richard Lowe does not want to ban quantitative easing. Richard Murphy just made that up too.
@@jackitcovitz1816 Unfortunately the callous disregard for others of the Brexiters has put an accelerating negative pressure on the UK economy for every year until Brexit is cancelled - or did you not know what you were voting for?
If you think that printing money is a good idea then I am afraid you are away with the Fairies. Possibly had the cash been passed to the proletariat it would have been spent in the economy. A £1 used to be worth 1/4oz Gold, the Sovereign and our currency was pretty stable for a hundred years. How much is a 1/4 oz of Gold worth now compared £1. This is Richards preferred. option. Actually 1/4oz Gold today is worth £547. Glad I invested in gold and not Currency.
That didn’t stop some people ( and I might say wise people) from keeping some of their hard earned gold away from the sticky fingers of the ruling classes. After all, who, after the great depression, benefited most? The bankers and money movers and those who had their little pot of gold buried for the inevitable man made rainy day.
It's not going to happen the way you think. You might only care about economics but that's not on anyone else's mind. There's a lot of racial tension at the moment with the grooming gangs and the scale of migration. We actually have minority majority cities now! People are angry and frightened. Many are disenfranchised and the last thing they care about is whether or not the GDP increases by another 2% at the end of the financial year.
The thing about gold reserves is a little bit like the stupidity with my countries currency (the Icelandic krona). We have the world’s smallest single currency and it costs us billions every year, having to have a reserves in foreign currency which we cannot use anywhere in the universe except in this small island in the North Atlantic. Utter stupidity.
Like melei in Argentina look what he is doing dragging them from the abyss 😊 qe is a disaster for our economy look at covid they printed £500 billion out of thin air with interest on top , countries should live within their means , all debt is in dollars you can go to world debt clock see the debt table , we are $4 trillion in debt plus interest, last year we paid £102 billion in interest alone , how much longer do you think this can go one , not much longer as the gilts are showing you , how much longer before the imf is brought in 🙄
@ il tell you why I got the name 😀March 22 inflation was 3% I came on UA-cam warned everyone inflation will skyrocket to 10% this year, everyone laughed at me saying I’m bonkers 😛 they weren’t laughing by Xmas 😊
@@imbonkers3629inflation wasn't created by printing money. It was all the corporations that decided to gauge the public and go for covid record profits and they ncreased prices by 100%-200%.
@ got is gdp debt down to 92% of gdp ours is over 100% maybe do your homework 📄 he as slashed government spending, let’s just take the civil service, why does a small island have the biggest civil service in the world 🙄
Quantitative easing is the route of inflation and currency debasement. This video is entirely dishonest. We need to separate money from the state. Those closest to the money printer have an unfair advantage, and money printing disproportionately benefits the wealthy who have assets. The fact that you were a professor at University is alarming.
The banks were iver extended with loans going bad....like 125 per cent mortgages, like buy to let mortgages , like liar mortgages where the income was merely declared and not proved.... And q.e came to their rescue You're out of touch pal
I didn’t look at this video because I knew it would be utter nonsense. If Mr Murphy thinks Reform UK wants to trash our economy, where has he been since 1979?
During the 2008 economic / banking crises I will never forget the words of an economist being interviewed on TV .
He said words to the effect of , it would've been much cheaper and much better for the government to have bailed out the people with mortgages and bad loans .
Instead the government bailed out the banks and we've never really recovered from this insanity .
He was in the minority. Iceland did this but Britain was far too dependant on financial services to do it. The solution has to fit the economy. America also followed us btw
@@davidmcculloch8490so Iceland's economy is special in exactly what way?
Sure but that's not how it is supposed to work.
If the banks not been "bailed out", the system would have collapsed.
Everyone's money would have disappeared instantly and there would have been a depression like the 1930s.
Individuals' savings would have been lost; small, medium and large businesses would not have been able to trade; mortgage repayments would not have been paid, etc.
Wrong. Alistair Darling had literally hours in which to persuade Fred the shred to accept govenment takeover of RBS and other banks. He succeeded. Otherwise the whole banking system would have collapsed. There would have been no money for anyone. Good to see Richard praising Gordon Brown and Alistair Darling. Giants compared to today's pygmy politicians.
Welcome to the UK, life is bad and every person in politics is insane, incompetent, or working for foreign powers.
Often all three...
This is why the independence of media is essential. It can portray some as incompetent and hamstring and take over rational responses. The tories did a number on the BBC.
The media and politicians seem to be working for foreign powers. The same can be said for most of the west.
Actually, I'll make one major exception to this - Lord Timpson. He seems to actively be trying to fix the prison system and I do not envy him that task.
@@unatwomey7112 I don't want an independent media, I want a very dependent and accountable media that answers to ordinary people, and not billionaires
That's subtly different to independent 🙂
The banks were saved, 🤣 they’re still happy to take your house if you can’t pay them, no government bailouts for the average person.
Is it "your house" if you haven't paid for it?
@ good point, but then is it the banks if they’ve paid for it with borrowed capital?
@@CurtOntheRadio The bank will take it if you’ve paid back 99% of the loan inclusive of interest.
@@adrianchetwynd1334 Not if you sell it first. ;)
@ 🤔🤣
Wasn't 2008 when socialism for the rich and austerity for the poor kicked off, propping up the pyramid schemes, leaving millennials and zoomers perpetually screwed and naturally becoming increasingly interested in extreme politics / behaviour?
No 2010 under the Cameron/Osbourne drive of austerity!
This video is fantasy! I thought this guy was sensible until this vid!
stop asking questions
Nah that's been going on since Reagan lol
Great post! Summed it up perfectly.
Well, I'd argue QE is responsible for housing unaffordability and cost of living crisis all around the world.
How so?
How much QE has there been in the last 5 or so years? Or are you talking about tax breaks for the wealthiest?
It’s the quantitive tightening that is destroying us right now.
@@CurtOntheRadio QE means that central banks are buying bonds (from govt) hence driving up their prices (and lowering yields). The lower yields on bonds push investors (rich people via large funds) to seek higher returns in riskier assets, such as stocks and real estate inflating it's price. QE is pretty bad for working class in the long run especially due eroding housing market and their pension savings. I like Richard, but I cannot support his view on QE. QE also distorts markets in general (due playing with yields that are usually great way to show capital where it's most useful) and lowers growth in longer run. It can be useful as short term remedy when used in moderation, but it never is and never will be in age of continuous campaigning for next election.
@@MathewLewit I'm happy to accept that criticism of QE (playing with yields).
On asset price inflation, that seems a marginal factor imo. What's the evidence for it and at what scale does it impact, say, regular house prices?
More generally, at least in 2008, it was to avert catastrophe. So some degree of lesser evil is acceptable - nobody wanted the catastrophe in the first place.
So I guess of course there was asset price inflation if it's versus the alternative outcome of everything becoming near worthless.
And QT should unwind such inflation, if there were any, shouldn't it?
Bollocks. The bankers should have gone to prison and a sustainable financial system established. The current system is nearly dead anyway so we would, by now have been on our feet.
He is 100% correct about the Tice/Farage fandango called Reform UK, they want a re-set to a Dickensian economy where the rich get richer, the middle is squeezed and the poor simply die off; a form of social Darwinism that will be a way of concentrating wealth and advantage for the few at the expense of the many. The bankers need greater regulation, yes, but that is one sector Reform would happily de-regulate further as long as it made the 1% richer, which is their undeclared aim!
Totally agree, this video is total nonsense. I thought this guy was talking some sense in previous vids but this one is shocking nonsense. The idea that it was great that a massively corrupt financial system was saved TWICE is a good thing this guy wants us to applaud! (and thank Gordon Brown and Alistair Darling) ) He is twisting reality to have a dig at Reform, I am a no fan of Reform but they're right about quantitive easing! (euphemism for looting).
@@quadders9198 I don't trust any political party . Thank you for yours view
I don't think the current system is nearly dead - I've given up being sutprised how those in charge can make the lives of the people they are supposed to represent more unlivable and more unhappy at each and every moment in order to prop up their own blinkered and selfish existence - and we wouldn't be on our feet already if they admitted that neolibreal economics was unfit for purpose (it would take time to recover, even if Keynesian economics was immediately rolled out). I do agree with the soul of your comment, though: the bankers should have gone to prison, as should all of those in positions of power within companies who have made decisions that have damaged the people of the countries in which they operate (thinking of water and energy companies in particular, although you can add any others you wish to this list), by which I mean only thinking of their wealth.
All this said, there are laws that allow those responsible for where we are now to wriggle off the hook and ingrained attitudes (built into the system and the populace) that blame those at the bottom (the minimum waged workforce and those fed up with feeding that system) for all ills - note that 'subprime' mortgage holders have had the 'naughty' finger pointed at them and the knock-on effects on poorer sections of society since (especially in how your ability to pay your rent is calculated).
What we need is to stop voting for the main parties (and that definitely includes not voting for parties like reform) and holding politicians (and their policy influences and financial backers) accountable: if you were a Minister 'Responsible' you are a Minister 'Accountable'! No ifs, no buts, no maybes!
Essentially I agree with you, though.
You must be a Reform UK? Do you understand basic money theory?
The current system doesn’t work for the majority and will end in poverty and corruption, so it’s insane to keep the old system as it is, without making everyone including the monarchy and the rich pay their fair share of taxes and not put the burden on the workers.
I totally agree with you. However the rich and powerful will never allow any government to introduce a ethical and sustainable economic system, because an ethical and sustainable economic system would result in the rich and powerful losing out financially.
I agree. Reforms proposals will make all of those abuses worse. They will give tax cuts to the wealthy and implement policies that repress wages even further, as well as strip away even more of the social safety net and crush unions even more. They represent the billionaire class.
The only people taking wealth inequality and the problems facing ordinary people seriously is the UK are the Green Party. They are the only major voice with any real solutions.
@@FART-REPELLENT That's why community wealth building and trade union membership are so important. We can vote for progressive parties like the Greens who want to take power away from the ultra-wealthy but we can't depend on that alone.
Vote Reform every time
Exactly why?
In Iceland they let the banks collapse because they caused the debt in the first place/ by keep saving the banks you saying do what you want
Iceland's population is only 400K, you can't even begin to compare it to the UK. A lot of people lost everything too.
Some of the bankers went to prison.
@billB101 this is about taking responsability, take Ireland money was loaned to build homes in the countryside and force the people to pay the bill
@@peteduch2151 I' m not sure you can really compare though. A lot of people lost everything in Iceland, can you imagine the blowback to any Gov if that had happened at scale with the size of our financial industry here.
We're already bankrupt.....you dismiss and ridicule this ,but happy for the iht on farmers and if land price did drop ( which I very much doubt) loads go bust , and the import of more of our food.....double standard s to suit your bias...
The UK has never been the same since 2008! Bailing out the banks at the expense of the tax payer was a mistake in my view.
A proper recession gets rid of weak unsuccessful businesses. That never happened in 2008. Greedy bankers were empowered.
the problem is, the banks are state institutions in themselves, without banks, modern economies can't work, as they are like the conduits money flows through. the government and most employers have no way of getting money to people without banks these days.
@blackbearish Governments are beholden to the corporates? I mean how can we forget "Too big to fail".
‘Too big to fail’ banks/bankers felt nowhere near the pain they should have from high-risk business strategies prior to 2008. Instead, nationalised their losses through state ownership and QA, which has been paid through higher-than-normal inflation by the rest of us since. Ask yourself: when has any government really cared about the plebs? Covid lockdowns were also an attempt to quell a black-death style ‘upending’ of the economic status quo.
Moral hazard? Sir Fred Goodwin of RBS retired in the south of France. Investing in war as a safe bet for the merchants of death in UKRAINE. See Middle East today all failed States.
You say the country hasn’t been the same after 2008 and QE. Do you know what occurred at the same time? Austerity. That’s what killed the British spark.
The negative effects of QE could have been quite easily rectified with a proper taxation system afterwards. QE isn’t inherently bad, but it depends who does it, and who benefits.
lol , u must be getting paid for this bs , credit to Gordon brown , the man that sold all our gold for nothing , the world cannot survive on a debt based economy
Factual error, government is not the only one who can create money. Commercial banks create money every time they issue a loan. This is a proven fact.
It is literally how money is created, but don't expected economics from a Socialist Economist.
@@darthkek1953 Richard knows this, see his earlier videos, but banks are not 'supposed' to create money, they are supposed the find the assets first. They don't do this and that's why banks are regulated.
@@paulsoutham2454 the asset is the house plus the deposit, both of which the bank keeps upon default.
Where are the billions of £s handed out to the wealthy, family and friends of the Tories with no interest payments or conditions? .... just free public money handed over on a silver plate!
Printing money to cover stupid decisions is stupid
Whereas letting the economy collapse? Who would have suffered most?
@@davidmcculloch8490 The working people suffer either way but at least letting it collapse stops those who caused it getting richer! Some accountability.
@@quadders9198 precisely.
Have they have let the banks fail in 2008…. And or simply not given ridiculous bailouts…… we would have a much more sustainable economy
This idea that we can never have recessions or any economic hardship without the government stepping in, needs to end.
It just needs to be balanced with an assessment of where that money will end up and how it can be redistributed (ie taxation)
Allowing the Government to print money gives them an easy way out, which they will always take. The quality of the pound is in the pan purely because of QE. And purely because governments always print money before upsetting the voters
Seems a good idea to have mechanisms to deal with culture destroying crises no?
This video is an absolute masterclass in language hijacking.
I am on the other side of the political spectrum but I still read the Guardian and track lefty youtube channels to see what direction these nut jobs are thinking in. Wealth taxes etc. These friendly avuncular "prof" types are paving the path to Britain becoming a Cuba or Venezuala. They will destroy the British middle and working classes while all the time pretending they are supporting them. Support for QE is a perfect example. It was a banker bailout of the elite masquerading as a bailout for the people.
Aaaaaand the other 2 parties are not actively doing just that RIGHT NOW!!!! Wake up, see how a government treats its young, poor and old...
I'm a working class factory worker. I left school at 14 so I'm no economic or political genius but even I can see what reform are about and unfortunately it's the people like me who are falling for them
Most honest and accurate comment I have read! Unfortunately, so many normal working people are becoming fanatical about individuals such as Farage. They truly believe reform has their best interests at heart!
Its partly because Farage is now a TV celebrity fixture continually pushed on us for years like the most agressive advertising ever. Advertising works, google is a testament to how well advertising works as is brexit.
Well said
The first step in your economics journey should be recognising that Richard Murphy is no economic genius either.
All of his arguments are based on the idea that the government is the only thing that creates growth and that the only way it can do it is by printing money.
Imagine if I printed enough money myself to open a Cafe, I would be outbidding someone who had saved for years to open their dream business. By introducing money into the system and giving into myself I've myself richer but I've also made everyone else poorer and the value of any ten pound note reduces, and so everyone needs more of them to get by.
The moral of the story is if you print 100 quid and you give one person 80 and two other people 10 quid each, you haven't made everyone richer you've just made two people poorer.
Quantitative easing only makes the economy richer because it gives money directly to the rich to open business and pay off their poorly managed debt. If you want to be for the little man you don't put up with that shit, part of that is not printing money willy nilly, and other parts are making sure the pound doesn't fall in value faster than people can save them. the only reason they're obsessed with quick loans if they've made it impossible for people to save, even the government has to save double what it will need in the future because of how fast money loses its value.
@@andypandy1986 your 2nd sentence contains a false premise. so I stopped reading.
And who sold the uk's gold? Gordon Brown🧐
And who sold everything Britain owned? The Tories.
What did he buy with the money? US Treasury Bonds
Saving the banks instead of rationalizing them was the most stupid thing that the citizens accepted to happen.
not just in the UK, in Greece we also saved the bankers 4 times with 50 billion euros that were never "tricked down" but in the pockets of the bankers.
That while the banks were denying to lend to businesses or demanded crazy high interest.
Banks are not necessary for an economy today, payments can be processed by other means(digital platforms, blockchain)
And for lending you only need a publicly owned national bank to give out money to the economy .
The people who made the most money out of the 2005-to-2008 banking crash were the bankers (and some hedge funds got a few bucks too).
As a US citizen, I see many parallels with the situation in the UK. But the US would never prohibit the creation of money by the central bank. Debt is our biggest export, by far. Scary? Yes! But all that money is reinvested back into our financial markets. Without that, the US would implode.
Never? One would have said the same about UK. This nonsense won't pass so I guess we can still say it. Nevertheless, that "never" isn't as comforting as once it was. ;)
Since US started with QE, growth trend slowed down and zombie companies share is up. US used to grow by 4% annually before 2008 and QE start, now we are happy for 2%. US had period of slowest post-crash recovery in modern history. So no, it does more harm than good in long run and we live the consequences. Wealth inequality also rose sharply after QE introduction and that is no accident.
@MathewLewit I think it's a disaster, but since 2008 the QE has been the main driver of the stock market. It's like an addiction.
@@Quagma-b2iSimple as Peter Schiff just said, take away the Punch Bowl. 😊
There’s a difference between printing money borrowing it.
Borrowing for capital expenditure is usually justifiable whereas borrowing to fund current account expenditure is a recipe for disaster
Nigel Garbage makes £190k advertising gold for 4 hours... he then decides his party should support bills that drive gold sales... yea he's a man of the people... he cares about you and the UK 🤣🤣
Nigel also works for Nomad capitalist helps super wealthy pay less tax.
Spot on!!
Sadly, many don’t do their homework and that’s what Farage utilises.
Ignorance!!
Farage works for Farage’s interests. It’s not as though he hides it, but unfortunately, some people will buy anything!
So true he's a con man
@@dom5673 you can't teach pork dom.
Murphy couldn't be more wrong on today's topic. QE was a useless policy, the main effect of which was to cause asset inflation, and the house (land) price bubble. QE has been described as pushing on a piece of string.
The UK currency has lost 98% of its value in the past 80 years. This prevents money from fulfilling its principal purpose as a store of value. As a result, people use real estate as a hedge against inflation, distorting the economy by directing it into an asset which adds nothing to the capacity of the economy to produce wealth.
If governments create money but have a tax system which gives rise to massive deadweight losses and other ill effects, then permanent and accelerating inflation is the inevitable result.
Mortgages are the main driver of the house price bubble. If they are severely curbed, the prices of houses will gradually reflect their value as places to live.
If you want to have a fiat currency, the German Rentenmark is the model. It stopped the 1923 inflation in its tracks. It seems to have been sabotaged by US bankers though the Dawes and Young plans, but information is hard to come by. With that history in mind, QE should be recognised as a dangerous game.
Asset inflation? What does 'curbing mortgages' mean?
The *principle* purpose of money is not a store of value, but a (universal) means of exchange. The things money is used to buy have the value. As an ardent advocate of land tax I'm surprised you made such a basic mistake!
100% Right 👍
@CurtOntheRadio
Re-imposing limits on how much buyers can borrow.
@rfrisbee1
Indeed but if the value withers away while you have the money in your pocket then it isn't much use as a medium of exchange.
This man thinks it's the puppets who are in control.
He's got it a bit off.... the issue is the Govt is corrupt...
Click bait
it doesn't matter who you vote for, all of the party system are on the same side and it's not ours! only vote for independent candidates you have personally chosen. not these career criminals who claim to represent parties or the system
Rubbish! It does matter who you vote for. Weigh up your options, follow the current affairs, learn about your candidates, and make an informed choice.
Banks got bailed out while most others suffered. They should have been left to fail. There were alternatives
Wow.... Nearly everything this guy said in this video was wrong.... He sounds like those Peronists who destroyed Argentina's economy...
Our country is finished! We pay most of our earned money in taxes , we get very little back , what we do get back is substandard.
Actually we pay a good deal less tax than the Scandinavian countries and those countries are the happiest and most civilised countries in the world.
Quantitative easing is basically the privatization of profits and the socialization of losses. And not a single banker was arrested or fired, and continued to receive bonuses. And to think initially I thought this guy was intelligent...
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I've come across this name before. Now I am interested. How can I reach her?
She's mostly on Telegrams, using the user name.
@KathleenEisen
Your going to tell me next the labour party have not got a recession on their hands next and that its the fault of the tories, stick to your day job.
Divorcing reaction from action is what QE did. Divorcing consequences from actions.It passed on the consequences of bank indebtedness and greed onto future generations and funded stock market gains and buybacks with ultra low interest rates . In 2013 they had what was called a taper tantrum as a collective reactionary panic developed that the QE stimulus was going to be withdrawn proving what QE was really doing which was making a lot of easy money to be made if you were anything in the existing financial system. The consequences are still there,the collapse of inter generational responsibilities
the UK has monetary sovereignty. This bill wants to take away that sovereignty......which is somewhat bizarre, given Reform are (supposedly) all for sovereignty
I also fail to understand their subservience to Musk who is a foreigner...ah he's a multi billionaire!
That's a bit of a strawman.
They want governments to be able to exercise some degree of fiscal responsibility and not use QE to fund corruption.
QE 1 created an asset bubble.
QE 2 ( COVID) created an massive inflation. ( Cost of living crisis)
UK gov now have to borrow from Private equity firms amongst others.
And that's just to pay the interest on the debt.
@@randle-s9yPrivate equity firms have been courted since Thatcher (Farage’s idol).
@@randle-s9y but the alternative to QE2 would have been massive borrowing and debt for decades.
Neither way is ideal, but one is much less costly than the other.
@@randle-s9y govt selling bonds simply switches one interest bearing public sector liability (reserve balances) for a slightly different interest bearing public sector liability (bonds). Govt buying bonds back simply reverses that switch.
It has nothing to do with fiscal responsibility. The govt can spend what it likes over and above what it collects in tax and can either issue reserves or bonds when it does so.
Buying and selling bonds can neither create or prevent inflation, If govt spending is going to cause inflation, it will do so whether the govt issues reserves or bonds. They are both interest bearing public sector liabilities.
The govt doesn't borrow its own currency from anyone. It issues it (as reserve balances). It then offers holders the opportunity to hold a savings bond instead.
Paying interest on debt is no different to any other govt spending and like any other govt spending it is a policy choice. The govt chooses to pay more money to people with money in proportion to how much money they already have as policy tool that is meant to reduce aggregate demand and thus limit upward pressure on the Price level. It doesn't work, but it is what they choose to do.
Interesting. You say the pound in my pocket is worth a pound because the government says so. That is certainly true. But over the period of QE the actual real purchasing value of that pound in my pocket has been reduced by the inflation driven by the QE. Can you help me understand why the buying power of gold over the same period has increased? Is that just coincidence?
So if the buying power of gold has increased, and most of the gold is overseas, the gold standard moves economic power overseas
Not sure that helps the UK much!
What inflation "driven by QE"?
We dont have any gold.
@@markwelch3564 I think what they suggest is that by purchasing that gold and then physically possessing that gold in the UK, you have something on value that you can base your currency on.
@@davehoughton7474 but if other people have that gold, that's exactly the problem I'm talking about!
So banks don’t create ‘money’ every time they issue a loan….ok….
I heard that too. Odd.
Banks expand the central banks money supply up to a fixed proportion by lending, hopefully the loans get paid back so the money contracts again ;-)
Just like having a gold standard again then.
During the COVID-19 pandemic, Sweden was among the few countries that did not enforce strict lockdown measures but instead relied more on voluntary and sustainable mitigation recommendations. THere was no good that came out of lockdowns
Could you imagine the UK doing the same as Sweden did? The population would have carried on as usual!
So endless borrowing to fund state largesse sponsored by the BOE is the path to prosperity? Do me a favour. New paradigms and ways of thinking are needed.
Do you have any suggestions?
One generation survived at the expense of next, by QE
@@manojnellanickal5883 which generation?
OUR ECONOMY WAS DESTROYED IN 2008!!
Richard, the Pound isn't valued based on any law except the law of supply and demand. The end.
Not true. The Pound is backed by the power to create demand. Period. Don't be fooled by private tokens claiming to be money. They're not. Crypto is wannabe money, because the banks can't force everyone to use it. Without the power of forcing people to use it, it's noting but private Monopoly money, and you might as well exchange that or DnD trading cards. It is for that reason crypto is backed by unaudited financial "asset pools" like Tether of fiat currency for liquidity. And plutocrats and corporations busy are throwing money at trying to persuade us crypto is money, and weakening state power by themselves. It's a tool of distraction, because their ultimate goal is to replace the state, and to seize state power for themselves. Crypto is worth as much as the promises of the Pigs in Orwell's Animal Farm.
QE increases the supply.
The ultimate truth of all currency is that is worth the amount of tax you can pay with it. £1 is worth £1 because you can pay £1 of your taxes with it. That's been true since the first king issued the first coin with his face on it, it was worth what he said it was going to be worth when he demanded it back in tax.
@@AshenVictor easily falsified by places where you don't pay taxes. Money still has value there if there is demand for it. Sure anyone can put a gun to your head and make you say something is valuable, but that is not practical globally. Money has value outside the sphere of violent coercion, because it's also a useful voluntary medium of exchange.
Quantitative easing de-valued the pound.
Reform isn't in government. Never likely to be in government under present system. We currently have a bunch of neoliberal entryists posing as a Labour government and I find this more concerning.
Reform are neoliberal too
labour aren't patriots nor are they for the people; their number one priority is to one up the tories at any given opportunity. Zero urgency to actually steer this country straight. if else fails just blame tory mismanagement, who introduced austerity as a solution to previous labour mismanagement, and so on and so fourth. The only party i can sense good intentions from is Reform
@SilentWalker-if4nc imo Labour need to drastically and publicly cut LEGAL. Immigration significantly (700k people a year is ridiculous) and actually deal with "illegal" immigration. Process quick, deport if necessary quick
@@SilentWalker-if4nc Good god! Patriots! and reform in the same sentence. Orwell was right. Double speak is now being used by everyone. We are well and truly fucked.
@@SilentWalker-if4nc then your senses are way off. Are you happy to have a US style insurance system instead of the NHS? Are you happy to surrender your rights by coming out of the ECHR so a government can do whatever they want to you without consequence?
So Reform is bad for UK, Labour is bad and Torys are bad.... yep, that leaves voters with a lot of choice...
Green have the best policies. Look into it.
If you are a normal working person, the Green Party are a far better option!
The problem was never liquidity, it is solvency which has been papered over by devaluing Sterling by creating new units of currency. This will keep happening until people lose confidence in Sterling and we get hyperinflation. The banks should not have been saved, they should have been nationalised and all the bonuses and the majority of salaries should have been clawed back.
Gordon brown sold off the gold
He telegraphed how much he would sell and when he would sell it to ensure the lowest possible price.
It was done for a reason, government doesn’t like gold because they can’t print it, they constantly do their utmost to keep the gold price artificially low. But like King Canute, they can’t control it when the tide finally turns.
They will panic and their last resort will be to make it illegal for private citizens to own it.
Say hello to your wife's boyfriend for me.
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I'm feeling motivated,
could you share some details about the biweekly topic you brought up?
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Wow 😱 I know her too
miss Claudia Ann Brandon is a remarkable individual whom has brought immense positivity and inspiration into my life.
Very possible!, especially at this moment.
Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals like the woman you just mentioned.
She is really a good investment advisor. I was privileged to attend some of her seminars, that's how I started my crypto investment
I think that Rupert Lowe is perfectly on the money with this. Kick out illegal immigrants, control budgets of every government department. Get rid of excessive non productive administration, and incentivise the wasted workforce living on benefits
Love this channel but disagree about claiming labour were great to bail out the banks as surely had the politicians done their jobs and not deregulated the banks they would have not been so careless. I also thought much of the crash was due to losses on derivatives which again were due to deregulation.
Agreed that deregulation was a huge problem. Once most banks are on the precipice, no government should stand by and watch the whole economy collapse.
The actual cause of the crash was sub-prime mortgages which were issued under pressure from the US government.
There’s a film called “The Big Short” which covers the derivatives which resulted from sub-prime mortgages
Im not sure Richard agreed with the bank bail outs either. He is not New Labour. The left wanted money put into society to kick start economy with spending.
More gold in my jewellery box. Gordon Brown sold the UKs gold. Country is in an absolute mess. I am beginning to sense an ideological bent to this guy, he seems like a Tax and Social Engineer. Cards on the table I am not into any party. This guy sounds a weeny bit socialist and that stuff just makes everyone miserable. Could someone have some answers for government that work for human beings, we aren’t ants. Good government needs to know what they should get involved in and what they shouldn’t.
Thank you for posting this Richard - it is food for thought. Previously I read that Rupert Lowe has proposed a bill to give Parliamentary oversight to Quantitative Easing and Quantitative Tightening, not ban it. You have to read the substance not just the clickbait headlines. QE helped us through the pandemic era but now there is a price to pay
Your previous understanding of Rupert Lowe's bill was correct. There is no genuine food for thought in this video. It is stuff Richard Murphy made up.
The financial crash destroyed my private pensions!!!!!!
Poor baby
Maxwell
Government does not create money - they create credit/debt and issue currency. The Romans debased their coin, which was quantitative easing and it ended badly for them as for Zimbabwe. It did not save the economy then or now. Look at the high street, look at manufacturing.
Money is flow. It doesn't matter how much is created so long as a sufficient amount is removed, given the growth in the economy. The problem is where the money is being removed from. I.e., people who used the money to survive, rather than the people who bought assets with it!
@@rfrisbee1 Currency is not money, "currency is flow" but of credit not money - money is a store of value as well as being currency if in the form of gold. Currency in the fiat form is no different from an IOU and if you don't have the assets to back that IOU you go bust. Bank notes say "I promise to pay the bearer on demand the sum of.... " meaning gold. Without the distinction between money and currency modern economies that depend on credit would not work at all. When the public lose faith in the fiat currency the value falls eventually close to zero in the worst case. The value of gold/silver does not do this, in times of agricultural surplus the cost of food falls in terms of money, this does not change the cost of another scarce commodity in terms of the same money (gold/silver).
So true. The UK is embracing Zimbabwe economics and we're going to end up equally impoverished. Idiotic socialists like Richard Murphy will end up with us having Venezuelan style inflation while throwing infinite worthless pounds at an NHS that can't even source bog roll. They just do not get how their money printing, tax and spend policy of kleptocracy winds up with working people in poverty, 🤮
If there's no issue with QE why don't they post a cheque for a million to every house in the country
Reform are the only people who are calling out the bank of england.
For that alone they get my vote.
Imagine being the loser that defends QE.
You have no clue
@Redf322 I dont like my money losing value, thats what QE does.
@@AEgonCholakian Buy gold or BTC and hold
It's not QE that's the problem, it's what our politicians spend our money on that's the problem. Funding gen0cide & provoking Russia via Ukraine, then there's their own rampant exponential greed. We are being told to live within our own means, but politicians don't seem to be able to.
Provoking Russia are you having a laugh. IMHO we should grow a pair and fix the root cause of the issue properly before it’s too late and stop sweeping it under the carpet.
":Funding gen0cide & provoking Russia via Ukraine,"
I mean, really??
Aaand another bot.
This happens every time a certain amphibian faced grifter and his party is mentioned.
The more paranoid mind might think there's a link between Farage and Putin?
Russia starts was every few years because authoritarian regimes need war to sustain power. Did UK also provoked Russia to invade Chechnya, Moldova, Georgia or Ukraine back in 2014 too? Get fu*ked, greetings from Eastern Europe, where Russia occupied us and imprisoned us for four decades.
@@st200ol
During German reunification the west promised not to expand NATO “one inch eastwards”, they subsequently broke that promise and Ukraine was the final straw for Putin
Printing money (our enemies did this during the wars I an effort to render the currency worthless)means that savings have less and less buying power ,and become pointless making the future a great deal more uncertain to put it nicely .
Not the same
@@paulmccarter908
Exactly the same
I'm not arguing that a gold, or even crypto standard is feasible but the main people hurt by this would be the governments as it would wreck their ability to steal money from the public. It wouldn't wreck the real economy only the phoney economy. Economies don't need governments but governments need economies.
The question is what sane person would advocate for gold backed money when most of the worlds gold reserves are in despotic fiefdoms in subsaharan africa.
We have enough trouble with oil being in the hands of the arabs & russians. To put the supply of money itself in the hands of african tyrants is the definition of economic suicide. Particularly when if anyone has the ear of the africans its the chicoms.
Why are. China,India,Russia,Poland etc etc etc buying Gold and Silver in exchange for Fiat currencies?
Because they are not part of the G7 and want to be independent of the West.
I’ve been trying to piece together the underlying libertarian intent, to hide money in crypto while improving it’s stability, and removing the ability of sovereign states to control tax.
You’ve just explained it
I agree, I think governments and democracy are ultimately to be removed, in favor of the markets and private banks.
There would be no more borders.
There would be no more state.
Full market control with no accountability.
That was the aim of the Capitalist Neoliberal Doctrine.
That would cause complete mayhem.
An increase in authority would be needed to quell revolt. This would be essential, by who's authority would that come with no governments?
That is another question.
Having a guess, it would be the wealthiest.
What a thought.
This Keynsian narratve is what got us into this mess in a first place.. debt is bad, no matter how much you try and justify it
Bail out the people not the banks vote reform
Not too sure their banking friends and lobbyists will support that.
"get out of the frying pan and into the fire - Vote Reform"
The video says reform want to stop quantative easing money that would gi to the banks.
Sweden disproves all the things you talked about in Covid shutdowns etc.
Yup, lockdown was also used to loot us the taxpayer.
i live in Sweden but come from London an comparing the two countries shows that you know little about them
@@steveharrison4176 ...but hes NOT wrong!
@ well yes he is , we did not have any lockdown here but how do you see that comparing to the UK ? Sweden is Twice as big and has 1 sixth of the population of the Uk and i can tell you that the streets were empty for months and people kept themselves to themselves and worked from home
@@steveharrison4176 Completely and totally irrelevant, everyone got infected, even the Queen and it had an effect on almost no one. The NHS was never in any danger of overload, hindsight proves that conclusively. No more died in that period than a typical year of flu. However a hell of a lot more 'excess' deaths HAVE occurred since...
Oh dear, they've left it a bit late, the Tories and Labour have done that already. The economy is broken.
The gold standard, like other things reform back, the king, the empire, and the war is based on a false nostalgia for the 'good old days' that the majority of their voters never knew because they hadn't even been born then
Sticking to the gold standard when we couldn't afford it in the 1920s/30s caused huge economic problems.
Fantastic Richard you are on a role and this is your best yet.
Even better would be a complementary piece on how the UK compatible Left is possessed of the very same economic thinking, albeit cloaked in grown up seeming language combined with popularly accepted notions of money.
This economic logic can only lead into the abyss of Right thinking; I would guess that is in fact what it has been designed to do.
If, as it is said, most people drift right as they get older, it is precisely by the mechanism of this "false" economic logic, that this occurs.
The UK Left is possessed of the very same evil, we need the exorcist! Richard
Also to note, Google - wtf happened in 1971 and that's a result of coming off the gold standard.
Some accountant you are your in debt hey just borrow more 😂😂😂
Borrowing from the Bank of England a bank you own.
I'm so happy I made productive decisions about my finances that changed my life forever. I'm 51 living in Melbourne Australia, bought my new house in August and hoping to do more if things keep going smoothly for me..
I like alot of your analysis but quantative easing is a disaster, death by 1000 cuts.
It only benefits super wealthy asset owners and bankers
Also your COVID statements about reform are completely baseless, they where not in power and therfore cannot be held accountable for actions they couldn't take
That depends entirely on where the easing goes
If it goes to already rich people, so they can buy even more houses, then it will be terrible
Spend it on infrastructure and it will be great for ordinary people
@@markwelch3564
Infrastructure spending is constrained by resources. There also seems to be a lot of spending which is poor value for money.
I will put my neck out and put the Elizabeth Line in that category. It began as a tube line to relieve existing east-west routes inside London. This would have been a self contained route, and been completed a decade earlier at a fraction of the cost.
The decision to run from Shenfield to Reading over existing routes added hugely to the costs and makes the service subject to disruption.
Then there is HS2, a money pit or a gold mine for consultants.
QE benefitted regular people in myriad and profound ways. It kept them in jobs. It kept their savings intact. It prevented vast calamity.
@@markwelch3564 sorry but it's a tool of hubris, the piper always comes for payment in the end fiat currency and the ability to print on demand only leads one way. An eventual complete debasement of the currency
@@CurtOntheRadio Kept savings intact??? 😂 I'll ask the pensioners if they are better off now than before 2008. QE is a short sighted hammer of a tool that is only good for making the people feel like everything is under control and to not worry, because the nanny state and bank of England is here to look after you, creating more dependence on large government.
They don't have our best interest at heart simple as that. Big government wants to retain power and influence that's what QE is ultimately for
There is so much wrong with what Murphy is saying! His claim that nobody knew much about QE before 2008 is ludicrous! This has been known in economics for over a hundred years! The Austrian school and the Chicago school are crystal clear on the dangers of QE.
I thought it was widely understood that QE caused the massive inflation in house prices, and turned them into financial assets. This has caused much misery on young people, but inflated the net worth of older folk like myself.
The Austrian School is very outdated…
Highly suspect he's some kind of foreign asset 🤔
Nobody in the UK who wasn't an economist had heard the term quantitiave easing before 2008. Quantitative easing was only widely aplied as a practical policy following the financial crisis. That's all he means.
@@marksimons8861 They were already insanely high BEFORE QE! Let's not re-write history, eh?
A pound is not a pound anymore, because I would be able to buy a pound of sterling silver with £1
Quantitative easing is not making money it's diluting it.
True, that is why our debt grew, but at least we had no collapse and some growth, now Brexit Britannia is heading for sustained stagflation and a manged decline, how far it will go is an academic question and will be very very ugly on the many!
Thing is though a lot of people will vote reform ( as they did with Brexit ) as a protest vote, they won't even brother to read their manifesto.
Turkeys, Christmas and all that.
A lot of people read the Labour manifesto, remember, fully costed. As soon as they got in a different story.
@philipcovell3272 whatabout
Yep, I say never trust anyone who is HyperPatriotic, that is how I view Reform UK LTD.
They love those flags so much, but you can't eat a flag!
In 2008 we had embraced neo libralism fully. No intervention from the government, deregulation. If that was really the case then why did we bail out the banks? We should have let them go to the wall. You can't strategise one economic policy then as soon as it fails fall back onto another at a cost to the system that you've effectively abandoned.
It disturbs me that so many think Farage is the answer. Read the manifesto I say but they just like that "Nige" is angry about foreigners and wokeness. God help us.
So if it's not Farage then who? You have a choice of Mein Stormer, or 419 Badenoch and that's it. People are sick of the failure of the uniparty offering the same failure as each other. Farage is a creature of the establishment though, he appears to offer something different but the civil service who really run the country won't allow it, and so Britain is doomed.
@@flakieflake9616
Alright bot, if you like.
As if the civil service shapes government policy...
@@flakieflake9616you realise reform are only offering a more extreme version of the policies that have put us in this mess.
@@dylanyoung1326 I’m interested to know how people like you envisage the future of politics? Do you bother voting?
Tribalism in politics in action. Way too many people vote for their "team" on an emotional choice.
If people need any idea on what Farage will be like for the economy, we can look at two bits of recent history. Brexit and the Truss budget. Farage might as well have been the biggest backer for Brexit, and he said the mini budget was "the best since 1986" and yet both seriously damaged the UK economy.
Also considering what happened in the US and their recent elections bringing in the populist right. If people think Farage will do anything for immigration... look at Trump/Musk and their 180 flip from saying they'll stop immigration to openly saying they'll replace American workers with H1B visa hires. I doubt Farage as a member of that same populist right will be any different.
History tells us Farages ideas are terrible, and the company he keeps tells us the promises he makes are hollow.
Praising Gordon Brown for imaginative and creative thinking in using government power to print money is just bizarre. This has been done repeatedly by rulers and governments in the course of history. Absolutely no imagination or creativity was required to devise the scheme or to predict its consequences.
This guy is a socialist, he has that cocky self inflated opinion of himself and cherry picks economic aspects. Watch his stinking attitude on a talk radio interview where he was cut off. Not very nice, pompous, self opinionated and devoid of critical thinking.
It’s the reason that milled edges were used to prevent coin clipping
Even your loyal followers are struggling to agree with you on this one. I love watching your video to listen to you wishy wash logic into a new fact/ belief. You need to watch the monty python sketch on the trial of the witch. Your logic reminds me every time of it.
I unsubscribed but continue to watch for its comedy value.
Quoting Monty Python as a credible economist? That's desperate. "Loyal followers" or Reform groupies struggling? All of Richard's arguments make sense because the problem has been created by the aftermath. In a word, AUSTERITY.
@davidmcculloch8490
How can a problem be created by its aftermath?
The reason we have hardly any gold in reserve is that geniuses G Brown and his mate, E Balls, sold most of it when the price of gold was at rock bottom. Such foresight. As to QE, why were the banks not mandated to invest the money we all gave them in productive industries, not just property?
... because British people love the housing market.
I don't know where you heard that reform are looking to go back to the gold standard or cut government spending, this is the first I've heard of it.
Can you provide your sources?
Hes talking bs
hansard.parliament.uk/commons/2025-01-08/debates/8B7172B2-ADDA-4448-B830-D96FAF3FAD5E/QuantitativeEasing(Prohibition)
Reform UK has no plan to return to the gold standard. Richard Murphy just made it up. Also, Richard Lowe does not want to ban quantitative easing. Richard Murphy just made that up too.
Tjis video is not about the proposed bill, it is about your distsaste for Reform.
Can Tice refund the British people for Brexit costs through taxing him maximally?
Get over it
@@jackitcovitz1816 Unfortunately the callous disregard for others of the Brexiters has put an accelerating negative pressure on the UK economy for every year until Brexit is cancelled - or did you not know what you were voting for?
Ban... quantitative easing.
Sure, let's ban one of the only two controls available to the government to influence the money supply.
Duuuuur
If you think that printing money is a good idea then I am afraid you are away with the Fairies. Possibly had the cash been passed to the proletariat it would have been spent in the economy. A £1 used to be worth 1/4oz Gold, the Sovereign and our currency was pretty stable for a hundred years. How much is a 1/4 oz of Gold worth now compared £1. This is Richards preferred. option. Actually 1/4oz Gold today is worth £547. Glad I invested in gold and not Currency.
In the Great Depression, the US Government required everyone to hand over their gold. Be careful
That didn’t stop some people ( and I might say wise people) from keeping some of their hard earned gold away from the sticky fingers of the ruling classes. After all, who, after the great depression, benefited most? The bankers and money movers and those who had their little pot of gold buried for the inevitable man made rainy day.
And?
@@jbenn43457
Another example of the way governments steal from the governed
They want to go down the road that Argentina has gone down.
Hopefully the electorate will wise up and make Reform a foot note in British politics.
They won't be. Labour offering nothing but misery, so a desperate public will turn to the untested Reform
I think the Brits want it as a jackboot, not a footnote.
It's not going to happen the way you think. You might only care about economics but that's not on anyone else's mind. There's a lot of racial tension at the moment with the grooming gangs and the scale of migration. We actually have minority majority cities now! People are angry and frightened. Many are disenfranchised and the last thing they care about is whether or not the GDP increases by another 2% at the end of the financial year.
Reform friend says they will stop immigration. Stop people taking our jobs ...simple message with no substance.
@ Which cities?
Who is disenfranchised?
Who doesn't care about GDP?
The thing about gold reserves is a little bit like the stupidity with my countries currency (the Icelandic krona). We have the world’s smallest single currency and it costs us billions every year, having to have a reserves in foreign currency which we cannot use anywhere in the universe except in this small island in the North Atlantic. Utter stupidity.
Why are we allowing Reform MPs to submit bills in the first place? Just take their crayons off them and tell them to stop eating the lego.
As much as I think Reform ARE crap we should listen to their ideas and if necessary debate them...that's what democracy is about
The gold we do have access to should be categorically reserved for use in electronics.
It's sad that the UK's main political parties have failed so badly that people are likely to give the loonies of Reform a go.
They cannot do any worse that the other showers
Like melei in Argentina look what he is doing dragging them from the abyss 😊 qe is a disaster for our economy look at covid they printed £500 billion out of thin air with interest on top , countries should live within their means , all debt is in dollars you can go to world debt clock see the debt table , we are $4 trillion in debt plus interest, last year we paid £102 billion in interest alone , how much longer do you think this can go one , not much longer as the gilts are showing you , how much longer before the imf is brought in 🙄
Appropriate username
@ il tell you why I got the name 😀March 22 inflation was 3% I came on UA-cam warned everyone inflation will skyrocket to 10% this year, everyone laughed at me saying I’m bonkers 😛 they weren’t laughing by Xmas 😊
Melei is only described as "doing a good job" when Melei marks his own homework
@@imbonkers3629inflation wasn't created by printing money. It was all the corporations that decided to gauge the public and go for covid record profits and they ncreased prices by 100%-200%.
@ got is gdp debt down to 92% of gdp ours is over 100% maybe do your homework 📄 he as slashed government spending, let’s just take the civil service, why does a small island have the biggest civil service in the world 🙄
Quantitative easing is the route of inflation and currency debasement. This video is entirely dishonest. We need to separate money from the state. Those closest to the money printer have an unfair advantage, and money printing disproportionately benefits the wealthy who have assets. The fact that you were a professor at University is alarming.
Should have just ended at “reform wants to destroy the UK”.
Rubbish
The banks were iver extended with loans going bad....like 125 per cent mortgages, like buy to let mortgages , like liar mortgages where the income was merely declared and not proved....
And q.e came to their rescue
You're out of touch pal
Reform IS UK maga!
Quantitative easing is making us poorer.
I didn’t look at this video because I knew it would be utter nonsense. If Mr Murphy thinks Reform UK wants to trash our economy, where has he been since 1979?
So you don’t want to watch the video because he criticises Reform UK for having shit policies? Shows how seriously people can take you.
@@evilthefirst3833
I watched the video. It is utter nonsense. I explained why in an earlier comment.
The 'Power to create money' is another way of saying the power to tax every citizen more. It isn't their money to give away to banks!