Funding the Future

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Posts

Labour is failing people by hidden design. Reform would do so explicitly.

Trump’s actions do not sell Farage’s narratives

Neoliberalism was not an accident

Lbour’a audit filure

The problem with AI is it just does not care

The biggest shocks of 2026 have yet to happen

What is happening with gold?

Are you the media now?

Reform: a care home for failed Tories

Crass news story of the day

Talking to the British Medical Journal

Creating a social media impact

Leith, 21 March 2026

Are we near a tipping point?

Keeping “my shit” together

Neoliberalism, Marxism and the USA share the same fatal flaw

The AI Bubble is a Prelude to a Much Bigger Economic Collapse

If the state can kill an observer and then lie about it, the question is not just who is safe, but who is believed.

Will Trump do for Farage?

Neoliberalism is dying: what’s next?

Time with white-fronts

Thinking time

Is defence about more than weaponry?

The new world we need is going to be messy – and that will be the foundation of its strength

How can we ensure that people get their say?

What to think now of Burnham?

Who must pay for war with Trump?

More sovereign US bases? I dont think so

Do we need a European Federation?

Mark Carney, the end of neoliberalism, and what comes next

The necessary post-Trump consensus

Global biodiversity loss, ecosystem collapse and UK national security.

Is 2026 going to be brutal for financial markets?

How to write a social media post

Can King Donald deliver?

2026 looks as if it will be a brutal year

Why Europe must act now: the post-NATO world has begun

Don’t ignore UK unemployment: it’s the breeding ground for domestic fascism

Does MMT apply to the Euro?

Isn’t it time to stop pretending and get off the fence?

You should never accommodate fascists

Is Trump evil?

What can you do now about the US threat to the world?

Will a US Treasury sell off work?

Saying ‘please’ nicely is not going to work with Trump

Denmark’s real defence mechanism is its pharmaceutical trade

MMT is not theory: it’s fact

Do we succumb to the politics of might, or choose the politics of care?

Why think about defence?

Can Europe rise to the US challenge?

GDP doesn’t buy life expectancy

Sharing time with a buzzard

Reading, elsewhere

The toxic politics of might and money

How to manage the AI economy

How to campaign with Funding the Future?

Glossary entry: Globalisation

Farage unravelled

The day of the dollar: is it over?

Toxic Tories

There is no pension crisis, but there is a political crisis that won’t address the issue of pensions

Contextualising data

What happens when the internet is turned off?

Liberals and the politics of care

A post-neoliberal consensus? Not on this basis

Glossary entry: the politics of care

What are we defending?

Is it time for England to go out on its own?

Wales has had enough of English politics

Wny won’t the media tell the truth?

People will not accept enforced prejudice

The politics of care in 2026

Scotland is moving in the right tax direction

Podcast: UBI and the Common Sense Policy Group

Trump, the dollar and you

Trump and the Fed: an MMT perspective

Putting SAD behind us

PDFs

The MMT Guide: your opinion is sought

Zahawi reveals some truths about Reform

Might or care? The political choice that will define our future

Standing Up to the Rise of Fascism

Meaning, care and adversity

Why not a think tank?

Speaker Mike Johnson and the denial of political freedom

Economic questions: the Erich Fromm Question

When AI, unemployment, and inflation collide

Keen’s Law

What to do?

Medicine is not neutral

Fascism: the view from the USA in 1945

Goosing

Facing fascism

Do you want to work less?

Unreasonable people

Renee Good was murdered and that needs to be acknowledged

Economic questions: the Wynne Godley question

What are we defending?

We, the people, feel the squeeze

AI is draining our energy

Who is going to trust the USA again?

Illth, wealth and GDP

The UK could end “shadowy maritime activity”

Is NATO about to collapse?

This will crash

What Badenoch and Starmer have in common

A polotics of care will be needed

Glossary entry: sectoral balances

Are government debt and trade deficits linked – and does it matter?

Why politicians won’t fix affordability

January 6 and the Power of Inaction

Most people in Scotland think Niogel Farage is a racist

Because a few are seeking to exploit the many the world must live in fear

Cambridge, 28 February 2026

Why is the US taking control of Venezuela?

Tyranny or care? The choice Britain must make in 2026

Venezuela and the Warning to Britain

Worry

Trump’s Trojan Horse in Europe

Is Scotland on Trump’s list?

The President of Venezuela did some bad things too

Capital is not just about finance

We have to live in hope

Who cares now?

Venezuela and freedom from fear

You’re not crazy

Venezuela, war, and Trump

By the light of the morning moon

Going short

AI on the scale now envisaged will create a recession on a scale hard to imagine

Trump: the greatest threat in 2026

Will the Bank of England base rate tumble in 2026?

Will AI create a new digital divide and drag the economy down?

Older consumers are rejecting the market

Campaigners against poverty must get their economics right

Can you hear the music?

There are no free markets

New Year’s Eve entertainment

Glossary entry: social capital

Glossary entry: human capital

Glossary entry: environmental capital

Glossary entry: financialisation

Glossary entry: financial engineering

Glossary entry: financial capitalism

The madness of financial capitalism

Glossary entry: Financial capital

Glossary entry: Borrower of last resort

Economic questions: the Richard Feynman question

Care matters, after all

What is private equity up to?

Where we go next in 2026

For how long is the pretence that we are a United Kingdom viable?

Glossary entry: Capital maintenance concepts

Glossary entry: Capital

Glossary entry: bond vigilantes

The correction begins

2026: the year politics breaks

Fools and their money are still being parted

Redfining capital as the basis for a politics of care: a task for 2026

Down time

The politics of light

Who is stealing the light?

Economic questions: the Karl Polanyi question

Light, entropy and why care keeps society alive

Boxing Day waders

Zak Polanski, migration, the Greens, and an economics of care

The economy runs on light

One the nature of light – entropy

Deficit myths at Christmas

Christmas and the gift of light

The light, this morning

Economic questions: the Schrödinger question

Thank you

Why light matters this Christmas

The MMT toolbox and why it matters

The risk of a crash is far from over

MMT and exchange rates

What we need for Christmas

There is no excuse for poverty in the UK

Glossary entry: land value taxation

Post-financialisation

The right way to tax wealth in 2026

Has public debt become unmanageable?

My talk at Keele

Christmas is weird

Full reserve banking

Funding the Future over the Christmas period

The Tax Research LLP accounts for 2025

Of course we are doing badly

What is really wrong with the NHS?

The Bank of England cuts it base rate

Steve Keen on money

Polanski, Meadway and a bit of Murphy

Do we need Keir Starmer, or do we need doctors? That is the question

Tax is not theft

People matter

Top-down and bottom-up thinking

The importance of enlightenment

Neuro-nontypicality: the background to this morning’s post

The FT’s analysis of autism and ADHD prevalence is deeply worrying

Economics is not about money

Is the UK about to investigate Trump’s interference in UK politics?

Doctors, strikes and the failures of Wes Streeting and Labour

Glossary entries: tax and the reasons to tax

Economic questions: the William Nordhaus question

When will Labour tell Trump where to go?

Beware the end of December

Inequality is a political choice

Why, Labour? Why?

Why economic policy matters for the Greens

What will happen if economic growth has come to an end?

Another dud Nobel prize?

The second Christmas book – our MMT guide

Dull brown content

The changing political landscpe

The Best of the Blog 2025: the Introduction

Big company chief executives don’t create value – they extract it

We really are living in dangerous times

Starmer is the NHS’s problem

Economic questions: the William Beveridge question

The Best of the Blog 2025

Is Trump at war with Europe?

The end of growth

What is a theory?

My best of the year, in the National

Inequality is a political choice – and the UK keeps choosing it

If every country is in debt, where’s the money?

Why do we need a politics of care?

Breakfast, coffee and some paracetamol

How to prepare for a crash

Just work out what you want to do

Economic questions: the James Tobin question

New glossary entry: Spahn taxation

Trump’s war on Europe is all about racism

Making capital controls work

Where does the money lost in a crash go?

Nine people need to go to the Bank of England

Fallacy of composition

Paradox of thrift

The ship is sinking

This is not a way to run an economy

Where’s the plan?

Scotland should take control of its banks

People want democratic control of the City and money

Optimisim is in short supply

Giving in

Why don’t people engage with politics?

Hate, or peace?

Why are people are frightened?

Planning for a crash

Tax in modern monetary theory

What should have been done to prevent a crash?

12 questions about modern money

Light

Where are we?

The difference modern monetary theory makes to managing the modern money economy

Who is to blame for the crash to come?

The Bank of England is warning a financial crash is coming

Fighting Farage

The National: speaking truth to power

Cracking omlettes

Markets look very vulnerable right now

Is spend and tax just the same as tax and spend?

Why is the government sacking doctors?

Wes Streeting’s exercise in thought control

Cambridge, 28 February 2026

Economic questions: the Thomas Hobbes Question

What coalitions might work?

The Survival of the Shameless

Is it time to abolish the OBR?

We need deep thinking on delivery, and only get slogans

On Politics Joe

Why left vs right politics is over in the UK

Money’s too tight to mention

Coming publications

Descartes was wrong: economics is not a class war machine – it is a system of relationships

The Funding the Future event: 28 February 2026

Grace Blakeley: the next round

Is there something rotten in the state of the Treasury?

Why is the left so frightened of MMT?

Is my work aimed at preserving capitalism?

Why won’t so much of the left believe in the sovereign power to make money?

Is the new politics about to be born?

Rachel Reeves: time to go

Why the UK budget system is broken — and how to fix it

What do the Marxist opponents of MMT want?

MMT matters because it reveals power – and gives us back the right to choose

The best ever month

Questions to ask a left-wing critic of MMT

Why Grace Blakeley is wrong about MMT — and why that matters for the left

Why do we still have poverty?

MMT and the quantity theory of money

MMT and trade: looking beyond the money

Interlude

Reeves’ budget: built on fear?

Is MMT as dangerous as its opponents claim?

Feedback request on our PDF downloads

Rachel Reeves is a truly reactionary Chancellor

The Scottish spin

The UK is cursed: how finance destroyed our economy

Yesterday on Radio 2

The Treasury’s deeply misleading data on the impact of the Budget

The hypocrisy of bankers needs to come to an end

Phew: what a day

The Budget: No growth. No hope?

Why Rachel Reeves just failed the British public

The Budget: live commentary

The Budet in nutshell before Reeves has spoken

Today’s agenda

Modern Monetary Theory, mythology and a glossary update

Labour no longer answers any question this country has

The Alternative Budget 2025: The download version

The alternative budget we need: the video

The Alternative Budget 2025, Part 11: Conclusions

Labour’s sinking ship

The left is always playing on the opposition’s turf. No wonder it’s not winning.

Why is so much of the left economically incompetent?

Polanski is spooking his opponents

Economic questions: the Eugene Fama question

The Alternative Budget 2025, Part 10: tax reforms

Is Britain at the peak of a great financial wave?

Economic questions: the John Christensen question

We need capital controls

Hot money

The Alternative Budget 2025, Part 9: Essential economic reforms

The ultra-processed food crisis

Privilege and power

Britain’s oil, gas and finance curses

Socialism and anti-socialism

The Alternative Budget 2025, Part 8: Abolishing national insurance

A black swan moment

Why the government is nothing like a household

Does the US Congress know what socialism is?

Economic questions: the Thomas Paine question

Re-moralising economic life is not an optional extra

Extortion from the gullible and innocent

The Alternative Budget 2025, Part 7: The politics of care

Why did Britain stop making?

AI and the Budget

Covid: the Tories deserve all the criticism they’re getting

The Top 250 Blogpost List

Alternatives to neliberalism

The Alternative Budget 2025, Part 6: Addressing issues in housing

Rachel Reeves is unravelling

Ultra-processed food is not a dietary choice. It is a political economy problem.

Building economic narratives, one step at a time

Economic questions: the Stephanie Kelton question

The Alternative Budget 2025, Part 5: Reforming the UK’s Savings System

Is the political order collapsing?

My sincere apologies

Economic questions: (one of) the Steve Keen question(s)

The Alternative Budget 2025, Part 4: Renationalisation

Is the crash happening?

The crypto party’s over

Reform piles high the politics of hate

Hate fuelled politics

Does taxing the wealthy control inflation?

The Alternative Budget 2025, Part 3: Creating a new fiscal framework

Profit, purpose and society

How far can these callous idiots fall?

Not long ago Labour thought it could win in Scotland

Can you imagine?

Economic questions: the Adam Smith question

The Alternative Budget 2025, Part 2: Understanding tax and ‘borrowing’

Why do professionals hate change?

Economic questions: the Jesus of Nazareth question

The Alternative Budget 2025 – The Background

AI: How to use it as a campaigner

“We can afford whatever we can do”

The economic questions: the Amartya Sen question

Why Rachel Reeves is making a mess of things

Kings, knights and modern monetary theory

300,000

Economic questions: The David Graeber question

Young people are alienated by neoliberalism

The lull before the storm

The PDF Shop

Why Reeves’ November budget is already broken

Taking ideas for a walk

Growth has disappeared

How can Rachel Reeves deliver a Budget when the government is collapsing?

What does growth mean?

Is the BBC suffering a far-right attack?

It’s the way you tell them that counts

Tea, marshes and opinions

Is this what the endgame of neoliberal politics might look like?

Does the coup at the BBC matter?

We can’t afford the wealthy

The higher the FTSE rises, the further it will fall

I must go down to the sea again….

Democracy is being undermined, deliberately

Be careful what you ask for when it comes to the BBC

Did the 1970s really kill Keynes?

The media really does need to be objective about Trump and the BBC

Wny carry on tackling climate change?

Economic questions: The Nancy MacLean question

Birding

Unless the Tories and Labour agree on electotal reform they’re over

The crisis in the news

Energy privatisation is bust

The US right wing is devouring itself

New glossary entry: the Full Funding Rule

Economic question: the Tony Judt question

Laffer’s curve: the tax myth that promoted inequality

Roosting

Limiting horizons to expand them

Money, and the stories that are told to engineer control and privilege

Ne’er a truer word

The unaffordability of Trump

A reminder

Who is killing the coffee trade?

The oppression goes on

Where is Britain’s black hole?

MMT v fascism

Economic questions: the Paul Krugman question

Tax, Budgets and Scotland

Would you attend a Funding the Future event?

Nationalism: good or bad?

The economic fundamentals of a Scottish currency

On racism

The tipping point?

Mamdani’s win will sweep away the deadwood of the supposed neoliberal left-wing

Why is it that the rich always seem to win?

Rachel Reeves is panicking

Reeves’ rabbit in the headlights moment

Reflections

Reeves, and the folly of increasing basic income tax rates

The Union must change

If you didn’t know who you’d be, would you design this society?

Who owns companies, and why?

How can the economy survive when most wages are too low?

Economics questions: The Greg Mankiw question

Can the UK survive?

Pricing

Economic myths: Supply and Demand Curves

The white collar world is falling apart

Was Guy Fawkes as bad as history makes out?

There’s a £1 trillion crash waiting to happen

While the world watches the circus, the country is falling apart

Economic questions: the Gary Becker question

Economic myths: Diminishing Returns and Marginalism

Is royalty over?

Economic myths: perfect competition

The significance of Mr Mountbatten-Windsor

The growth delusion

In progress

The state of right wing thinking on the economy

The market is not the solution to our housing problems

Where does the money go when the government spends — and when it taxes?

Is Apple worth $4 trillion?

What Rachel Reeves is signalling in advance of her budget

Why are people who are capable of massive misjudgement allowed to run public companies?

Growth is not coming back — and nor should our democracy depend upon it

Economic myths: perfect information

A narrative for a Scottish currency

Larry Elliott on fiscal failure, technological anxiety and cautious optimism

Why would anyone want to be fleeced by Farage?

When will Labour admit we need PR?

Tax, redistribution, the relationship between the two, and why it matters

Racism is now being called out: calling out fascism must be next

Economic questions: the Thomas Piketty question

It’s time to end elite entitlement

AI won’t save us

The demands for independence are growing by the day

Why taxing idle wealth is the only tax rise Britain needs

Steve Keen on the housing crisis

When all that’s left is the rentier economy

Bonds and the bond markets

The Quantum Essays: You can try it if you like, but you’d far better notter

It is time we got on with the process of change

We need a Basic British Bank

Economcs questions: the John Rawls question

Nationalism – good or bad?

Starmer’s finally found what he’s good at

Cathedrals, cannons and Cromwell: lessons in power

Ireland says no to neoliberalism

Why the Tories deserve the fate they are suffering.

We are in a fight for democracy

A day on, Caerphilly is still giving me hope

Trump’s marching East

Economic myths: your opinion is sought

Ireland is moving against neoliberalism

Economic questions: The E F Schumacher question

Caerphilly brings hope

The moral case for tax

The great British energy rip-off is now killing our green energy hopes – and the chance of cheaper electricity

Why does the government tackle benefit fraud and ignore tax cheats? Could it be prejudice?

Economic questions: the Joseph Schumpeter question

Talking with Zach Polanski

Why 2% inflation?

The Scottish Currency Group conference

Fools, the ability to think, and crashes

Inflation: there’s nothing to say except the big question no one wants to ask

Andrew Windsor, the media, and the wrong question

What is the UK’s real debt crisis?

Prince Andrew: still too privileged?

There will be a lot of nonsense talked about government borrowing today

The working day

Bonds

As a government, Labour has not added an iota of value to the UK

Not bad

Why most tax rises now would be economic madness

English A-level? For migrants? Why?

What I mean by political economy

Solution-foscused thinking

Blurring boundaries

Government debt is private wealth, so why do people want to get rid of it?

Question Time, and more

The difficulty of building political economic narratives based on metaphors

The Chinese have worked it out: stablecoins are the privatisation of money

Why do I still do this at 67?

Rachel Reeves’ nasty prejudice is coming into play

Quantum(ish) Essay: What if Darwin was wrong? The case for the survival of the wisest

It’s time for democracy to topple those who would be king

When will the Trump bubble burst?

Bitcoin is falling again

Quantum economics from the perspective of quantum biology: Coupling and Uncoupling

What do you do when the target’s wrong?

Labour’s shame and Tory delusion: how mediocrity took power

People are consigning Labour and the Tories to history

Radio 5 this morning

Quantum economics from the perspective of quantum biology: The circuit of value and its pathologies

Not on the Budget bingo card

We could have avoided a crash

Britain’s housing market is a giant Ponzi scheme

What is the harm of trying?

The IMNF can’t join the dots between interest rates and inflation

Reeves really is doing her best to fail

Quantum economics from the perspective of quantum biology: Labour, value and reflection

The IMF is now saying it’s time to worry

Crypto or AI — which bubble bursts first?

Economic myths: perfect competition

Climate change is lapping at your door

Why are both the UK’s major political parties running out of talent?