#134 - Steve Keen - How Modern Economics Became Ideology
Release Date: 12/09/2025
#149 - Kathryn Porter - Energy is Civilisation: Why Power Matters
The Peter McCormack Show
In this episode, Kathryn Porter explains why energy is civilisation and how he UK grid may be heading toward rationing and rolling blackouts within the next decade. We discuss aging gas power stations, unrealistic utilisation assumptions, weak grid conditions, North Sea decline and why no single institution is accountable for security of supply. We also cover what a blackout would actually look like, why nuclear build timelines matter, and how regulation and governance failures are compounding energy risk. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -...
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#148 - Jeff Booth - Debt v AI: The Trillion Dollar Collision
The Peter McCormack Show
In this episode, Jeff Booth explains why the natural state of a free market is deflationary and why a debt-based monetary system can’t allow it. We discuss AI as an acceleration event: exponential productivity should make life cheaper, but the system has to create scarcity to keep debt serviceable. We cover how inflation functions as hidden extraction, why regulation favours monopolies, why politics becomes a fight over who controls broken money and why AI will intensify centralisation, surveillance, and social conflict unless the monetary layer changes. - - - - - - - - - - - - - - - - - - -...
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PMQs #010 - AI Is Coming For Everything
The Peter McCormack Show
In this PMQs episode, we discuss the claim that most white-collar work could be automated within 12-18 months, and what that actually means. We talk through jobs, incentives, education, and AI safety - why companies can’t slow down even if they want to, why schools may be preparing kids for a world that’s disappearing, and why safety teams are warning about systems they’re still accelerating. If AI can do the productive work, what happens to status, money, and meaning? And if models are already showing deceptive behaviour in testing, who decides what “broadly safe” really means?...
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#147 - Andrea Miotti - The War Against AI Has Begun
The Peter McCormack Show
What happens if we build something smarter than ourselves - and can’t turn it off? In this interview, I chat with Andrea Miotti about the global race toward superintelligent AI: systems designed to outperform humans across every task, operate autonomously, and integrate directly into the economy. We discuss how today’s AI tools quietly cross from assistance into replacement, why “kill switches” don’t work, and how a handful of companies are pushing toward a point of no return. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -...
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#146 - Izabella Kaminska - The Soviet Collapse of Britain
The Peter McCormack Show
Is Britain in the midst of a Soviet style collapse? In this episode, I speak to journalist Isabella Kaminski about why today’s Britain is starting to resemble the final years of the Soviet system. She describes what collapse feels like before it’s obvious: fake economics, hollowed-out institutions, collapsing trust, and a population slowly realising that the systems meant to protect them no longer function. We also discuss how inflation, debt, housing policy, bureaucratic expansion, and political incentives work, and why many voters now feel elections don’t change direction, only the...
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#145 - Montgomery Toms - The British Charlie Kirk
The Peter McCormack Show
Is the British State actively at war with the next generation? In this episode I talk to Montgomery Toms, a 20-year-old rising conservative voice, who argues that the social contract with the youth has been broken. Monty explains the "institutional rot" within our education system, detailing how he was "strong-armed" out of university for refusing to wear a mandatory pronoun badge on his first day. We discuss deep on the "psychological warfare" of lockdowns , the indoctrination of "victim culture" in schools , and the reality of two-tier policing that targets political...
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#144 - Rupert Lowe - Is the Government Organised Crime?
The Peter McCormack Show
Is the British Government incompetent, or is it a criminal enterprise? I am joined by sitting MP Rupert Lowe as he asks the ultimate question: "Is the state in the hands of organized crime?" From the billions missing in procurement contracts to the "sticky fingers" of the political class, Rupert argues that the British state has become the active enemy of its own people, and that the UK is sleepwalking into an Enron-style bankruptcy. We also discuss the "institutional rot" destroying the nation, including the cover-up of the grooming gangs, the "Weimar" economics of money printing, and the...
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#143 – Emmanuel Maggiori – The Economics of State Failure
The Peter McCormack Show
Emmanuel Maggiori joins me to explain how inflation, incentives, and broken monetary rules quietly reshape behaviour inside an economy. From Argentina’s black markets and capital controls to money printing, MMT, saving vs spending, and institutional credibility, we explore why inflation destroys trust long before it destroys prices — and why countries don’t collapse overnight, but drift into dysfunction as rational people adapt. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - TIMESTAMPS: 00:00 – Introduction 02:34 – Argentina As...
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#142 – Andrew Gold – The Incentives Driving Radicalisation on Both Sides
The Peter McCormack Show
Andrew Gold joins me to discuss how incentives are driving extremism, distrust, and cultural breakdown in the UK. From YouTube algorithms and purity spirals to immigration, economics, feminism, AI, and debt, we explore why honest debate is collapsing and why every political movement now frames itself as an existential last stand. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - TIMESTAMPS: 00:00:00 – Introduction 00:05:29 – Purity Spirals Explained 00:10:18 – the Overton Window Effect 00:17:21 – When Ideas Become Unworkable 00:25:23...
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#141 – Khaled Hassan – The Silent Coup: How The Muslim Brotherhood Captured The UK
The Peter McCormack Show
Peter sits down with Khaled Hassan to discuss immigration, extremism, and why Britain’s institutions have become incapable of enforcing boundaries or even discuss them honestly. From counter-terrorism failures to media self-censorship, we examine how fear of controversy has replaced decision-making and why suppressing uncomfortable conversations doesn’t reduce risk, but pushes it into darker, more dangerous directions. This is a conversation about red lines, state authority, and what happens when a country refuses to define either. - - - - - - - - - - - - - - - - - - - - - - - - - - - - -...
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
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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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