#134 - Steve Keen - How Modern Economics Became Ideology
Release Date: 12/09/2025
PMQs #006 - The Quiet Leviathan — Inflation Is Breaking Everything
The Peter McCormack Show
Inflation is the thing breaking everything. Not just prices - but trust, politics, institutions and people’s belief that the system even works for them anymore. There’s no sudden collapse coming and no dramatic moment where it all falls apart. It is slower than that and we’re living through it right now. In this episode of PMQs, I talk through how inflation hollowed out living standards, why people are withdrawing from politics altogether, and why what looks like incompetence is often something closer to design. This isn’t left vs right. It’s extraction vs creation. And once you see...
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#137 - Larry Sanger - Will AI Replace Wikipedia?
The Peter McCormack Show
In this conversation, Larry Sanger explains how Wikipedia’s governance structure allowed anonymous editors, activist groups, PR firms, and institutional power to capture what became the world’s default source of truth. This isn’t a culture-war rant. It’s a structural explanation of how neutrality failed and why reform may no longer be possible. We discuss: – How Wikipedia was originally designed – Why expert review was rejected – Anonymous power and editor oligarchies – Activism, PR firms & source blacklists – Israel, Trump & political bias – Why “consensus”...
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PMQs #005 - This Country Doesn’t Work Anymore
The Peter McCormack Show
This country doesn’t work anymore. In this episode, I explain why I no longer believe voting can fix what’s broken and why the real problem isn’t left vs right, race vs race, or party vs party but unconstrained government power. This is a continuation of ideas sparked by recent debates around Nick Fuentes, Carl Benjamin, identity politics and the collapse of legitimacy in modern democracies. I’m not calling for violence. I’m not calling for chaos. I’m calling for something far more dangerous to the state: Withdrawal of consent. This is a conversation about: – Why living standards...
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#136 - Carl Benjamin - The System That Creates Nick Fuentes
The Peter McCormack Show
Carl Benjamin is a political commentator and cultural critic. This discussion focuses on diagnosis — not slogans — and on understanding consequences before they arrive. Young men aren’t radicalising because of ideology, they’re reacting to a world that no longer works for them. In this conversation with Carl Benjamin, we break down why the post-war consensus has collapsed, why politics feels illegitimate and why a generation feels pushed to the edge. In this episode we discuss: – Why young men feel shut out of the system – The collapse of the post-WWII consensus – Piers Morgan,...
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PMQs #004 - I’m Withdrawing My Consent from the British State
The Peter McCormack Show
I’ve reached an inflection point. I no longer believe Britain’s political system can fix itself. This isn’t about left vs right, Labour vs Conservative, or the next election. It’s about unconstrained power, broken incentives and a system that rewards failure while hollowing out the next generation. In this PMQs episode, I explain why I’m withdrawing my consent from the British state and why so many young people have already done the same. This isn’t apathy. It’s a vote of no confidence. In this episode: – Why politicians care about only one thing: staying in power – How...
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#135 - Michael Green - The Benchmark That Broke America
The Peter McCormack Show
Mike Green is a macro strategist known for his work on market structure, benchmark distortions, passive flows and systemic fragility. A single benchmark shaped American markets and policy for decades and economist Mike Green believes it distorted risk, inflated asset prices, weakened the middle class and misled policymakers about the true state of the economy. In this conversation, he breaks down how a flawed model became accepted as truth, how it quietly rewired incentives, and why he thinks the consequences are now impossible to ignore. In this episode we discuss: – What the “broken...
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#134 - Steve Keen - How Modern Economics Became Ideology
The Peter McCormack Show
Modern economics is built on competing theories that often describe the world in very different ways. In this conversation, economist Steve Keen sets out his explanation for how money works, why he believes mainstream economic models fail, and why debt, banking and housing play a far greater role in economic crises than most policymakers acknowledge. Keen’s perspective challenges the assumptions of neoclassical, Keynesian and Austrian economists alike. In this episode we discuss: – How economics became political ideology – Why neoclassical theory broke the West – The Left vs Right...
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#133 - Karl-Friedrich Israel - Inflation, Inequality, Socialism & the Future of Europe
The Peter McCormack Show
Inflation isn’t an economic metric — it’s a political tactic. When governments lie about inflation, they’re not miscalculating; they’re stealing from you. Economist Karl-Friedrich Israel explains how inflation quietly enriches asset holders, punishes workers and pushes Europe into a slow, silent decline. If your living standards are falling while politicians insist everything is fine, this conversation will make sense of it. If you still believe governments can print prosperity without consequences, you won’t enjoy what follows. In this episode we discuss: – How inflation...
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#132 - James Esses - Is Gender Ideology Harming Children?
The Peter McCormack Show
James Esses is a psychotherapist and former Childline volunteer who was expelled from his degree and blacklisted by his profession for opposing gender ideology. He now works with young people suffering from gender dysphoria and is one of the UK’s most articulate defenders of reality, safeguarding and children’s rights. CONTACT PETE › Website - http://petermccormack.com › Feedback - https://www.petermccormack.com/contact › Email - me@petermccormack.com › Instagram - /mccormack555 › X/Twitter - https://x.com/petermccormack/ CONNECT WITH JAMES ESSES › X/Twitter -...
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#131 - Angela McArdle - The Fight for Freedom in a Post-Rational World
The Peter McCormack Show
Angela McArdle is the former Chair of the US Libertarian Party and a leading voice in the global liberty movement. In this conversation, we explore the ideological war raging beneath the surface: between those who want freedom and those who want control. CONTACT PETE › Website - http://petermccormack.com › Feedback - https://www.petermccormack.com/contact › Email - me@petermccormack.com › Instagram - /mccormack555 › X/Twitter - https://x.com/petermccormack/ CONNECT WITH ANGELA MCARDLE › X/Twitter - https://x.com/RealAngelaMc SPONSORS › IREN - https://www.iren.com/ ›...
info_outlineModern economics is built on competing theories that often describe the world in very different ways. In this conversation, economist Steve Keen sets out his explanation for how money works, why he believes mainstream economic models fail, and why debt, banking and housing play a far greater role in economic crises than most policymakers acknowledge.
Keen’s perspective challenges the assumptions of neoclassical, Keynesian and Austrian economists alike.
In this episode we discuss:
– How economics became political ideology
– Why neoclassical theory broke the West
– The Left vs Right illusion in economic policy
– What money really is (and how banks actually create it)
– Why inflation is misunderstood by almost everyone
– How private debt fuels instability and inequality
– Housing, mortgages & the destruction of the middle class
– Why equilibrium economics is fantasy
– What a sane, reality-based economic model looks like
– How young people can survive a debt-driven system
Economics didn’t fail by accident — it failed because ideology replaced reality.
Steve Keen is one of the world’s leading heterodox economists, known for his critiques of mainstream theory and his work on private debt, banking, financial instability and the 2008 crisis, which he warned about years in advance.
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TIMESTAMPS:
00:00:00 – Introduction
00:03:12 – Why Economics Became Ideology
00:09:04 – Economists vs Reality
00:14:47 – How Money Actually Works
00:21:18 – Banks, Loans & Money Creation
00:33:44 – Inflation: What Really Drives It
00:38:59 – Wages, Markups & Bargaining Power
00:47:55 – The Housing Crisis Explained
00:54:03 – Deregulation & the Death of Affordability
00:59:22 – Middle Class Collapse
01:04:48 – Left and Right Get Economics Wrong
01:11:02 – Neoclassical Economics
01:17:26 – The Problem With Economic Models
01:22:31 – Why Economists Misunderstand Production
01:28:08 – AI, Automation & The Future of Work
01:44:28 – Structural Failures
01:55:46 – Can Government Use Good Economics?
02:01:23 – Global Debt, Fragility & Future Crises
02:06:40 – What Would Real Reform Look Like?
02:13:28 – Why Young Generations Feel Hopeless
02:19:47 – Can We Build a Post-Ideological Economics?
02:25:10 – Final Thoughts
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CONTACT PETE
› Website – http://petermccormack.com
› Feedback – https://www.petermccormack.com/contact
› Email – me@petermccormack.com
› Instagram – /mccormack555
› X/Twitter – https://x.com/petermccormack/
CONNECT WITH STEVE KEEN
› Website – https://www.patreon.com/ProfSteveKeen
› Twitter – https://x.com/profstevekeen
SPONSORS
› IREN - https://www.iren.com/
› Ledger - https://www.ledger.com/
› Gemini - https://gemini.com/
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LISTEN / SUBSCRIBE
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FILMED BY CURTIS TAYLOR
› https://www.curttaylor.co.uk/
› https://x.com/curttayloruk/
EDITED BY CONOR MCCORMACK
› https://x.com/ConorM04
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