Comments by "David McCulloch" (@davidmcculloch8490) on "Richard J Murphy" channel.

  1. The rich also got richer after the crash, as much of the newly-created money flowed in their directions through loans to buy up assets, which they rent back to us at extortionate rates. Gary Stevenson explains this in his videos.
    241
  2. America may have become the world joke yet again but the consequences are not a laughing matter. With our single transferable party system in the UK, we could well slide into fascism. We need people who care about humanity to come together.
    186
  3. A tax on employment while promising growth: a kindergarten error.
    99
  4. Absolutely true. Inequality also stifles growth, as money in the pay packet of the average person is largely spent in the domestic economy. Money in the bank accounts of the rich is either moved offshore, spent on luxury goods, or used to buy assets to rent back to us at excessive prices. The rich extract more from society; that's how they become rich.
    90
  5. Growth is largely restricted by inequality. Put money in the pockets of the average citizens and they spend it in the local economy. Put it in the bank accounts of the wealthiest and they either move it offshore or buy assets to rent back to us at extortionate prices.
    75
  6. Many of the execs of fortune 500 companies are sociopathic, which chimes with your comment.
    66
  7. Just like Farage
    50
  8. Sadly true, and I'm glad you said the quiet part out loud. We will not be returning to austerity because we never left it. As a pensioner losing the WFA, I can attest to the irony of her claim. Growth from hope - the business-friendly party with a begging bowl...expect more PFI when we need government-led investment. No plans to tax wealth? No plans to address inequality, which is stifling growth? Sadly, a speech written by AI and delivered by a robot.
    45
  9. Making money work for society is a novel idea, because the financial sector is consumed by greed. We need government to work for the people.
    44
  10. President Moron would qualify as pure comedy if the consequences of his madness weren't so serious. Neoliberalism has failed the majority, as was intended.
    41
  11. The brain of America - tariff man Chump - promises to reduce inflation while imposing tariffs. Perhaps he has a new system of maths.
    40
  12. Reeves is the worst chancellor Starmer could have chosen. A traditional ex-BofE economist devoid of progressive policies. She talks about growrh get suppresses it. Inequality stifles growth and targeted investment stimulates it. As a recipient of one of the worst state pensions in Europe, I'm p1ssed that I must give up a winter fuel allowance while energy companies profiteer. Why not increase the windfall tax on them?
    39
  13. 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
    38
  14. Resistance of MMT is motivated by keeping power in the hands of banks for the imposition of austerity. No politician (in office) in Britain is brave enough to embrace it.
    37
  15. Since Thatcher we have done the reverse. Selling off our national assets to foreign companies (some owned by foreign governments) and failing to invest in Britain. We are left with a nation of bankers and speculators, along with relatively few skilled and knowledgeable trades people propping us up. Neoliberalism (free market economics) is extractive by nature. We need change and Richard is telling us how to achieve that.
    36
  16. Martin Lewis declared, at least a year ago, that "the market is broken". We also find that regulation is a joke and no politician is brave enough to nationalise supply. Politicians work for corporate interets and NOT for the people.
    34
  17. A ruse to keep the debt off balance sheet but we pay through the nose for "rent". We are already owned by corporate interests. Time for real democracy.
    33
  18. I believe we are in a void, rather than in any political space. Our economy is in paralysis because of inequality, with politicians lacking the courage to change it. We exist in an elective dictatorship when we need real democracy.
    32
  19. So poignant. I suspect that Starmer dances to the same tune as Trump and Farage. A follower; not a leader.
    31
  20. Yes. The unicorns were lining up in Brexiter's imagination.
    28
  21. The book Bullshit Jobs by the late David Graeber explained how the jobs most useful to society were often low paid. So much for the free market.
    27
  22. Not sure how much she knows, or doesn't... But putting yourself in a straightjacket by accepting Tory fiscal rules and failing to put pressure on the BofE is crass stupidity.
    27
  23. The misunderstanding is perpetuated by lazy journalism: taking briefings from press releases without analysis or explanation. I have an ongoing debate with the BBC labelling the difference between government spending and tax receipts as debt. It's either a deficit or a surplus, which is entirely different.
    25
  24. I had an enlightened boss while working in a role from 25 to 12 years ago (before retirement). Although I travelled nationally for site visits, my office work was done from a well equipped home office in Lancashire. I reported in to London and my boss did not want me to be biased towards any region. My productivity was also improved by this arrangement, as I often worked longer hours instead of travelling.
    25
  25. ​ @billB101 would you call Switzerland weak? Weakness and strength are terms for consumption by the vacuous.
    24
  26. Words do matter. Yet they probably matter far less to a sociopath. Society is important and we should work together, against the lunatics who have taken over the asylum.
    22
  27. Absolutely true. Does the economy work for banks or are banks to provide a service to the economy?
    21
  28. Government simply retreats when the word "investment" is mentioned. We need a larger state working with and for its citizens.
    20
  29. Great work, prof. You clearly care about society, while calling out the danger of neoliberalism. Change is long overdue and you are one of the few making the case.
    20
  30. Agreed. Pathetic, petty and duplicitous.
    20
  31. ​ @kr050 or the Devil?
    20
  32. The last thing we need is the mindset of a banker in office. The BofE is currently working against the government. We need transformative economics, and banks working for society in support.
    20
  33. It's more about the use and distribution of money. Inequality stifles growth. Put money in the pocket pf the average person and they will spend it in the home economy. Put most of the cash in the hands of the richest and they will either move it offshore or buy assets to rent back to us at extortionate prices. Gary Stevenson of the patriotic millionaires further explains this in his videos.
    20
  34. The dilemma, imo, is that we don't have real democracy - we have an elective dictatorship (to quote Lord Hailsham). We need a system where all votes are equal and seats are commensurate with votes (PR). We need rules of accountability where a manifesto is a contract and needs referenda to change any significant policy outside it. We need to stop interference at elections and prohibit corporate funding of parties. We need to reform the system and clean up politics to achieve democracy. We also need media reform by implementing Leveson as a start.
    19
  35. Our "special relationship" is that of a serf with their master. It's hard to laugh with their foot on our throat.
    19
  36. Politicians swallow an obsession with "borrowing" as the media talk about the national debt, without taking cognisance of state assets. In reality, when creating money we are borrowing from ourselves, yet no distinction is made for the purposes of forcing a small state and imposing austerity. We are continually being scammed and our politicians are complicit.
    18
  37. Credit and respect to you, Richard. Follow your dreams and develop your vision. Your work is an inspiration. All the best for 2025.
    18
  38. The situation with Truss had one big difference. She wanted to cut taxes for the failed scam of trickle down. We need the opposite: government investment in infrastructure and public services.
    18
  39. Another excellent summary from a professor who communicates clearly. Thank you. I remember David Cameron, when PM, praising the British buccaneering spirit. That would be great language for an entitled sociopath who views dodgy trading as a game; but for a national leader? Unfortunately the London laundromat is symptomatic of our attitude to trade: money is king and profiteering is part of the game. Responsibility is for mugs. Del Boy was a saint compared with the charlatans with power. Who will clean up the mess?
    18
  40. We have yet to see a government brave enough to embrace modern monetary theory (MMT) and think beyond tax and spend. Our politicians act as though Tricky Dickie (Nixon) didn't abolish the gold reserve, so they can govern in the interests of wealth and capital to keep the rest of us relatively poor. These videos explain the possibilities and cut through government excuses. If only Reeves and Starmer would listen...
    17
  41. I would say asset rather than agent. An asset may not know how they are being used, and Putin is playing him like a cheap fiddle.
    17
  42. Why make something simple, when government can use a ruse to benefit the financial sector, then pay through the nose for it? Our system exists to fund and exacerbate inequality. We even had the insult of Hunt reducing taxation on banks after they took the money. We all work for the banks; they don't work for us.
    17
  43. We get less transparency and accountability when we need more, both in government and in commerce. Another great insight, Richard.
    17
  44. There is the further question of how newly created money is used. When money has been created recently, it has been sloshing around in banks then used by the wealthiest to buy assets, who rent them back to us at extortionate prices. If we created new money for direct investment in infrastructure, that would hold less risk of inflation and wouldn't exacerbate inequality. A stonger infrastructure would also attract new business investment.
    17
  45. Quite the reverse: the state must regulate and mitigate corporate power. We live in an oligarchy.
    16
  46. This argument was proved by Iceland after the banking crash. Put money in the pockets of the lower paid and they will spend it in the home economy. Put money in the hands of the wealthiest and they will either invest it (some of it offshore) or spend it on assets that offer less growth to the home economy. Assets such as homes often push up house prices, making them unaffordable to the poorest.
    16
  47. A great description. Neoliberalism has been disastrous for society because it has succeeded in its central objective: to get the poor to vote for the rich to have more. We have trickle down when we need flow down for investment in efficient state services and infrastructure.
    16
  48. A classic sociopath
    16
  49. ​ @physiocrat7143 Enjoy your trolling? Tax is not left in a bank; it is spent again and circulates. Taxation also controls inflation.
    16
  50. Yet there will be some delusional followers who will believe his excuses when he shifts blame - even after multiple cock-ups and mayhem.
    16