Is Gary Stevenson Wrong About the UK’s Finances? Richard Murphy Thinks So [sS9lr5P1wSl]
Richard Murphy says Gary Stevenson is wrong about the UK “running out of money” because, under Modern Monetary Theory (MMT), the UK issues its own currency and can always create more. Orthodox economics rejects MMT, and markets believe the government can run out, creating real constraints: inflation, exchange rates, asset concentration, credibility. Gary, a former trader, understands market perception and uses simplified, politician-like framing to highlight wealth inequality and advocate a wealth tax. His reach (1.4 million subscribers) contrasts with Richard’s accuracy. Both are needed: truth and persuasion, to fund services like the NHS without austerity, balancing economic reality and political effectiveness.