Uploaded June 2026 | Updated September 2026, 3 weeks ago
In this video, I challenge one of the most deeply embedded assumptions in modern economics: the idea that there is a shortage of money.
The reality is very different. The world is awash with cash. Investment funds, pension funds and wealthy savers are sitting on enormous piles of money that they cannot find productive uses for. Berkshire Hathaway alone is holding hundreds of billions of dollars in cash because it cannot identify investments that offer acceptable returns.
At the same time, societies face urgent and obvious needs. We need new housing, better public transport, upgraded energy systems, flood defences, schools, hospitals and environmental restoration. The resources to fund these investments exist, but the connection between savings and social need has broken down.
I explain why this is happening, why stock markets increasingly look detached from reality, why bond markets are sending warning signals, and why governments are choosing not to create the investment opportunities that both savers and society need.
Most importantly, I argue that the problem is not financial. Currency-issuing governments can always facilitate investment. The real obstacle is political. Fiscal rules and neoliberal assumptions are preventing money from being directed where it is most needed.
As a result, I also suggest practical reforms to ISAs and pension savings that could release more than £100 billion a year for socially useful investment and help rebuild the UK economy.
The money exists. The need exists. What is missing is the political will to connect the two.
Take a look at the poll below: youtube.com/post/Ugkx1622GCw13_oVFiP7jztmV4iKPjsQuS2S
The Taxing Wealth Report 2024: taxingwealth.uk
TRANSCRIPT
A transcript for this video is available at: taxresearch.org.uk
IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO
If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp
HOW TO SUPPORT US
Please consider donating: ko-fi.com/taxresearch
ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
RICHARD MURPHY ON BLUESKY:
https://bsky.app/profile/richardjmurphy.bsky.social
OR
ON MY BLOG: taxresearch.org.uk/Blog
HIT SUBSCRIBE & GET NOTIFICATIONS
Subscribe and get notified of new videos released.
INTRODUCTION: youtube.com/watch?v=HdHsRPy3060
PLAYLISTS:
The Wealth Series
youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD
Ecenomics
youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4
Britain
youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10
Tax
youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY
MMT
youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX
Money
youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m
Climate Change
youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ
USA
youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H
Labour
youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw
The Trump Administration
youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx
#richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #Economics #Investment #Finance #Money #PoliticalEconomy #StockMarket #AI #ArtificialIntelligence #Bonds #Saving #Pensions #ISAs #Infrastructure #Housing #PublicInvestment #EconomicPolicy #Capitalism #Neoliberalism #Wealth #Markets #EconomicReform #GovernmentSpending #FiscalPolicy #Banking #SocialInvestment #EconomicJustice #FinancialSystem #UKPolitics #Inequality #EconomicChange
In this video, I challenge one of the most deeply embedded assumptions in modern economics: the idea that there is a shortage of money.
The reality is very different. The world is awash with cash. Investment funds, pension funds and wealthy savers are sitting on enormous piles of money that they cannot find productive uses for. Berkshire Hathaway alone is holding hundreds of billions of dollars in cash because it cannot identify investments that offer acceptable returns.
At the same time, societies face urgent and obvious needs. We need new housing, better public transport, upgraded energy systems, flood defences, schools, hospitals and environmental restoration. The resources to fund these investments exist, but the connection between savings and social need has broken down.
I explain why this is happening, why stock markets increasingly look detached from reality, why bond markets are sending warning signals, and why governments are choosing not to create the investment opportunities that both savers and society need.
Most importantly, I argue that the problem is not financial. Currency-issuing governments can always facilitate investment. The real obstacle is political. Fiscal rules and neoliberal assumptions are preventing money from being directed where it is most needed.
As a result, I also suggest practical reforms to ISAs and pension savings that could release more than £100 billion a year for socially useful investment and help rebuild the UK economy.
The money exists. The need exists. What is missing is the political will to connect the two.
Take a look at the poll below: youtube.com/post/Ugkx1622GCw13_oVFiP7jztmV4iKPjsQuS2S
The Taxing Wealth Report 2024: taxingwealth.uk
TRANSCRIPT
A transcript for this video is available at: taxresearch.org.uk
IF YOU WANT TO WRITE TO YOUR MP ABOUT ISSUES IN THIS VIDEO
If you want to write a letter to your MP on the issues raised in this blog post, there is a ChatGPT prompt to assist you in doing so, with full instructions, here. taxresearch.org.uk/Blog/2025/06/20/chatgpt-prompt-for-a-letter-to-your-mp
HOW TO SUPPORT US
Please consider donating: ko-fi.com/taxresearch
ABOUT RICHARD MURPHY
Richard Murphy is Emeritus Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best-known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
RICHARD MURPHY ON BLUESKY:
https://bsky.app/profile/richardjmurphy.bsky.social
OR
ON MY BLOG: taxresearch.org.uk/Blog
HIT SUBSCRIBE & GET NOTIFICATIONS
Subscribe and get notified of new videos released.
INTRODUCTION: youtube.com/watch?v=HdHsRPy3060
PLAYLISTS:
The Wealth Series
youtube.com/playlist?list=PLvRueM6wBgobQLeyZYAagFDMjEFTKbhRD
Ecenomics
youtube.com/playlist?list=PLvRueM6wBgob54Gs-fOL-8OAQ-IpduwB4
Britain
youtube.com/playlist?list=PLvRueM6wBgobwTT4ATvJjsf8OO6S7wD10
Tax
youtube.com/playlist?list=PLvRueM6wBgoaMni_12J6ULp3yUJisUZoY
MMT
youtube.com/playlist?list=PLvRueM6wBgoZ6jvRGSW5YXu8qogE6aClX
Money
youtube.com/playlist?list=PLvRueM6wBgoYnLk1c7syTvoIo8bKYUs5m
Climate Change
youtube.com/playlist?list=PLvRueM6wBgob4_wsYaVivWd2WumpPLYwJ
USA
youtube.com/playlist?list=PLvRueM6wBgoYYd3dSyU2Oyl3x7bWJOP7H
Labour
youtube.com/playlist?list=PLvRueM6wBgoa-KhzG-fnjDSg1WROL1zMw
The Trump Administration
youtube.com/playlist?list=PLvRueM6wBgobz41-GLimTho27A3flVWQx
#richardmurphy #richardjmurphy #economy #economics #accountancy #accounting #tax #uktax #ukeconomy #greennewdeal #uk #money #economy #politics #government #tax #labour #health #life #Economics #Investment #Finance #Money #PoliticalEconomy #StockMarket #AI #ArtificialIntelligence #Bonds #Saving #Pensions #ISAs #Infrastructure #Housing #PublicInvestment #EconomicPolicy #Capitalism #Neoliberalism #Wealth #Markets #EconomicReform #GovernmentSpending #FiscalPolicy #Banking #SocialInvestment #EconomicJustice #FinancialSystem #UKPolitics #Inequality #EconomicChange
