I did the Jeremy Vine Show on BBC Radio 2 today, although it was not Jeremy hosting.
The social media reaction has been very strong and positive so I will share it here - via the BBC Sounds App, to which I have no shortcut. Start at the time shows:
The link is here.
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Wow Richard that was just about the most conclusive debating win I’ve ever heard. I love that you started by pointing out the IEA funding black box. Just incredible.
Thank you
I decided I was not taking prisoners
Impressive – thanks Richard
Bravo Richard. I wish we could hear you more often.
A very interesting listen and I thought it was a convincing victory for you, Richard
I noticed he was very quiet when you asked whether he had run a business and obviously did not want to reveal who funds the organisation he works for.
Craig
As many have noted…well said Richard.
The following comment regarding Odey was in today’s Guardian : “There’s a mad idea that one’s behind every twist and turn,” said Odey. “All I can do is catch the wind now and again.”
Odey is also a well-known Tory donor, having channelled £870,000 into Brexit campaign groups, including Ukip, before making an estimated £220m profit by shorting the pound and government bonds which collapsed following the leave victory. He also donated £10,000 to Boris Johnson’s Tory leadership campaign in 2019.” Exactly as you stated, Richard, they have taken advantage of this reckless government. It’s not clear if the government and some in the financial sector could be proven to be in cahoots but Odey’s support of Brexit and shorting it and similarly shorting the pound certainly highlights the very unhealthy relationship between the Tory government and big business.
I am utterly astonished at the sheer lack of competence of Perry. None of the arguments he put forward hold water…they certainly don’t make economic sense.
I have run global businesses for many years, earn in the highest tax bracket and have never voted Tory…and with this Dozy – rather than Dynamic – Duo (or maybe it should be Dumb and Dumber) I cannot imagine that anyone who takes any interest in economics, politics or just has a basic sense of social justice or conscience could ever vote for such reckless incompetence that is simply widening the wealth gap and further damaging the ecology of our planet. Simply, until we embrace distributive and regenerative economic policies and put the financial sector in service to the productive economy which, in turn, needs to be enacted in the interests of humankind and the planet in general, we will continue to see these failed, rapine policies being enacted upon us time after time.
Coming back to taxation of corporations. Whilst I applaud your crusade (I hope you don’t mind me describing it as such) to address global taxation and make it fairer, more transparent, etc., there will still be major organisations – usually enjoying significant or monopolistic market share such as the aggressive tax avoidance schemes recently reported in the Guardian featuring Anglo Beef Processors UK and Pilgrim’s Pride Corporation (owned by Brazilian beef giant JBS). Nonetheless, taxation in itself is highly unlikely – probably never going – to deter an organisation from investing in a given market. Basically the decision would be based on a strategic business plan (as you indicated) and feature P&L, cash flow, balance sheet analysis as well as aspects such as market share, geographic positioning, etc. Taxation may be considered, however, unethical companies such as those I highlighted will find a way to circumvent it and more ethical companies will consider R&D relief, etc., etc. This is just the utter rubbish that economic and business illustrates trot out.
It does occur to me that Dum and Dumber are trying to turn the UK economy into a replica of Dubai’s, i.e., extreme wealth for a few, enables money laundering, gives crime organisations (human trafficking, drugs, etc) a safe base and all the while it is largely supported by slave labour.
Whilst the consensus seems to be that Starmer’s speeches have been received favourably. Personally, I think he is completely missing the point by talking about turning the “UK into growth superpower”. Undoubtedly we need growth from the current economic shambles imposed on us by the Tories but we actually need to change the narrative to an economic plan based on a redistributive and regenerative economy. Growth cannot happen for ever – even the flawed models that some economists still seem to stick to don’t even show that (certainly if asked a few questions about their assumptions). If Labour are to capture English and Welsh votes, they need to clearly articulate that they are acting in the interests of the many, not the few and almost create a ‘movement’ again. Focusing on economic growth just sounds like the Tories and will simply result in ludicrous future PMQ’s, etc., with Lithium Liz talking up GDP (and claiming growth), etc. They NEED to try to get through to the (unfortunately large) Sun-reading populace who still believe the economic hogwash that Tories have trotted out since Thatcher (and before). They need to make it clear there is another sensible economic way that is both ethical, fairer to all and can help restore the ecology of our planet…it certainly is not about GDP, FTSE, etc., and growth, if any, that simply transfers greater and greater wealth to the 1%.
Truss-favoured thinktank (the IEA) attacks ‘massive transfer of wealth’ to landowners
Thanks and a lot to agree with
Excellent comment but talking about a “growth superpower” is much worse than simply “missing the point”; it is utter denial of the climate and ecological calamities in which the world is now ensnared. The north polar ice-cap is steadily decreasing so that, one September soon, it will be more or less ice-free. The refreeze will then be slower … at which point we will begin to learn how difficult it is to grow food with an increasingly unpredictable climate.
It’s not just that, as you say, “Growth cannot happen for ever”. For 150 years our country has exploited colonial peoples and precious resources with reckless disregard for the future. Yes, “redistributive” but with serious resolve. ‘A maximum speed limit of 50mph *from midnight tonight* as during the OPEC oil crisis of 1973, would show urgency. And to inform our populace that such matters are at the pinnacle of importance, campaigns (not just for Sun-readers) could learn from the war-time *Is your journey really necessary?*
Absolutely brilliant performance, particularly the points on IEA funding and public spending. Thank you Richard!
Oh, well done, Richard. Not only what you had to say about the government’s incompetence and economic policy generally but your sustained pace and delivery. I haven’t heard the intelligent fight-back rendered that effectiovely – well, ever!
Thanks
Yep “For all I know Putin is funding you” Epic.
M
Bravo Richard!
I was delighted to hear your succinct and very keen analysis of where we presently stand. I hope that this leads to many more opportunities for you to deliver such an important message to a wide audience.
Link to the above: https://www.bbc.co.uk/sounds/play/m001c7j4
Letch, I think I heard his name was? He certainly has drunk the neoliberal Kool-Aid. And seemingly unable to think outside his little box. He didn’t adequately reply to your comment about his org’s funding, did he. If this is an example of neoliberal argumentation, it is pathetic. My only criticism – segment was not long enough.
I knew I had to get my punches in
At last someone allowed on radio who dosnt just repeat tired old lies about the economy being run like a household budget or a business, it isn’t. Govt borrowing isn’t borrowing as “experts” would have you think. The govt dosnt pay market interest they set interest rates. Govt is the sole issuer of currency and as such can spend into existence whenever it wants or needs to, new money. The tories have proved this but they’ve funnelled it into the hands of donors and the like rather than things that benefit the country as a whole. The whole how will you pay for it line is a trap which the media seems normally only to apply to progressive policies. Taxes don’t pay for spending. The “deficit” is essentially money spent into existence by the govt which hasn’t been taxed back to the treasury
I tried….
Can you explain taxes don’t pay for spending for me?
Read Money for nothing and my Tweets for free. Free here https://www.taxresearch.org.uk/Blog/2021/04/14/mfnamtff/
I found one of my favourite descriptions of money in this article:
https://scribe.rip/moneylike-d20f8279a72e
The basic point is that sterling is simply a slip of paper of a number in a spreadsheet that’s guaranteed by the Bank of England. They can and do create it at will.
Hence, the government claiming back tax is not them filling their coffers, they have no need of your money, to them money is infinitely available. Tax is them deleting your money to control the flow of money in society.
Government creates money through legislating to spend, and the BoE makes sure the money is available. It destroys it through tax.
Brilliant – you had his credibility destroyed before he opened his mouth (not that anything he said subsequently did anything to recover his position). The other question is why the BBC think that these shills are acceptable as the ‘alternative’ view. I think you landed lucky that Jezza wasn’t hosting today – he would have been objecting to your Putin jibe before the shill did.
Very entertaining, Richard; especially to hear a representative of the IEA on the spot, and floundering; he seemed astonished a Neoliberal was not entitled to a free ride. Was it because it was Radio 2 and the host didn’t realise Neoliberals were supposed to start and finish with all the advantages of time and nuance?
The producers of that programme will be up before the beak in the morning! Meanwhile, back in BBC Pacific Quay, Glasgow BBC Radio does it by the Neoliberal book. Confronted yesterday with Sterling (£) tanking against the US dollar ($), a BBC Radio News journalist explained that the Euro was also falling (but failed to explain that compared with late August, when the £ was £1.18 against the Euro, yesterday it was £1.12, a loss of 5% in relative value in less than a month). This is how Brexit Unionism is done in Scotland. We are awash in disgorged rubbish.
Thanks
The Vine Show know what they get from me
Excellent. It takes a lot of courage and confidence to articulate so powerfully on national radio. Thank you for voicing for so many of us.
You did very well indeed Richard, considering the context.
It is really interesting how all of a sudden the bankers shorting the pound are being picked on when you rightly pointed out that they are only able to do that because they have been enabled to do so by the Tory Government in the first place.
You came out fighting like a rodeo bull I have to say – straight into the IEA, leaving them sprawling on the floor whilst you got your points in. Nice one chap.
I like your use of the ‘loud sigh’ too to get you back in – everyone please note – very effective. If that had been me I think it would have been peppered with expletives!!
But the IEA – I mean come on – bleating about red tape – the planning system I can assure you all is already broken by Tory centralised housing need requirements forced onto LAs – all planning decisions will err on the side of housing and our green belt is going to be dug up like never before. And tax cuts – oh dear, oh dear.
And we all know where the ‘economic plan’ demanded by the markets who did not have to fund the ‘growth’ is going to come from – based entirely on the lie that the Government can run out of money and not pay it back. As you interjected at the end – it will be from the further degradation of the public sector.
Thanks
The sighs are, I admit, deliberate
Very good Richard. Not least the IEA challenge – some of their people are actually esconsed in No. 10. People should know the toxic nexus between them and Truss/Kwarteng. Good to mention Putin – why not – just points up their refusal to say who does fund them – but I think big oil has been proved.
Next stop flagship R4 News? Don’t hold your breath.
I won’t
Tracklist selection was very fitting:
Started with The Man Who Sold the World.
In the middle was Radio Ga Ga.
Ended with a song by Madness.
High grade trolling
Not forgetting the “Sorcerer’s Apprentice” by Dukas.
Ha! – now the new bogeyman is the IMF this morning – listening to Justin Webb telling me that the IMF’s comments are ‘extraordinary’ and then the serial liar Lord Frost telling us that the IMF’s policies are associated with ‘low growth’ (oh – nothing to do with Tory BREXIT and breaking international agreements then!?).
I don’t know how I actually managed to get into work this morning – the BBC out did itself in 30 minutes as the Tory Broadcasting Corporation once again.
Deary me!
Brilliant performance, please keep going!
An outstanding performance, you were right not to take prisoners. The IEA person clearly lacked any substance and was reduced to bluster. One has to wonder why we don’t have opposition politicians or even a shadow chancellor who can perform like this? Is it that they don’t get asked, frightened rabbit syndrome or that they have bought the other sides narrative?
Isn’t it time that it is made clear that QE works only if it is then pushed into the places where it will do what is needed – hospitals education etc etc. In 2008 much of QE ended up back in the pockets of the bankers and simply served to increase the gap between the very wealthy and the poor. On top of all that why on earth did Labour never deny the blame for 2008? Bizarre and self destructive.
Wonderful stuff. I recommend the latest episode of the David McWilliams podcast for an interesting contrast between the latest mini budgets in Ireland and the UK, w some commentary on inequality in Ireland, the UK, US and Norway.
https://pca.st/episode/63dc8822-3ed4-428a-89f3-809f080c7070
Mike Tomasky’s new podcast w Felicia Wong (How to Save a Country)
https://pca.st/podcast/460aba60-14ee-013b-05a7-0acc26574db2
Also worthwhile, his latest book The Middle Out. Haven’t got it yet but it is on the same page as Biden.
Thanks
The funding transparency attack line on the IEA is powerful. It’s one IEA and other secretive think tanks cannot manage to deflect. This unanswered question must unsettle programme producers and some donors. Keep asking!
Many former senior BBC journalists and news presenters seem to have had enough and have left (O’Brien, Marr, Maitlis, Sopal, Goodall etc.). Wonder what we might read into the fact that the BBC has finally positioned itself with this look behind the door of 55 Tufton Street? https://www.bbc.co.uk/news/uk-politics-63039558
You absolutely ripped that guy to shreds but in a polite and calm way. Brilliant to hear.
No doubt helped by the fact that the host did not come to his aid by interrupting and refocusing the discussion, as so many hosts do when someone is on the ropes.