The Radical Middle Podcast

Thomas McMurtry
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The Radical Middle is about getting beyond black and white. We challenge assumptions, ask better questions, and look for answers that don't fit neatly on either side. Common sense shouldn't be radical.

Episodes

  1. May 28

    The Radical Middle Podcast Episode 4 - Did Housing Make Us Richer?

    In this the fourth episode of The Radical Middle, host Thomas McMurtry and special guest Ian Hull discuss the impact of real estate investment on Canada's economy and wealth creation. They explore how rising housing costs have made Canadians feel economically precarious, despite some individuals benefiting from increased property values. The conversation covers Canada's low productivity compared to the US, lack of investment in capital and infrastructure, and the challenges of redistributing wealth versus increasing the overall size of the economic pie.  Potential solutions discussed included decentralized community lending systems, digital currencies, and increasing competition in the banking sector, while acknowledging the difficulty of unwinding the current debt-laden housing-focused lending model that dominates the Canadian economy.

    17 min

  2. May 14

    The Radical Middle Podcast Episode 3 - What Creates Real Wealth? Housing, Debt & Productive Growth

    In Episode 3 of The Radical Middle Podcast, Thomas McMurtry and Ian Hull explore a question that was central to early political economy: what actually creates wealth in an economy? Drawing on thinkers such as David Ricardo and more contemporary economists like Michael Hudson and Richard Werner, the discussion examines the distinction between productive investment and wealth derived from rising asset prices. The conversation explores whether modern economies have increasingly confused asset appreciation with genuine productive growth. Using Canada as a case study, Thomas and Ian discuss how rising real estate prices, household debt, and mortgage lending may be reshaping the broader economy — influencing business investment, productivity, entrepreneurship, and the cost of living for younger generations. The episode also explores whether alternative banking and lending models, including more decentralized or development-oriented financial institutions, could better support productive investment and small business growth in the future. Please like, subscribe and follow! Inquires: theradicalmiddlemedia@gmail.com   Further Reading: Classical Political Economy * Adam Smith — The Wealth of Nations * David Ricardo — Principles of Political Economy and Taxation * Henry George — Progress and Poverty Modern Banking & Political Economy  * Michael Hudson — Killing the Host * Richard Werner (2014) — Can Banks Individually Create Money Out of Nothing? * Bezemer et al. (2023) — Credit Policy and the "Debt Shift" in Advanced Economies

    17 min

  3. May 4

    The Radical Middle Podcast Episode 2 - How Banks Create Money

    In this the second episode of The Radical Middle Podcast, Thomas McMurtry and Ian Hull discuss how modern banks create money through lending, and why this matters for the real economy. Moving beyond the traditional "fractional reserve" view of banking, the conversation explores the modern credit creation theory increasingly acknowledged by central banks themselves: when banks issue loans, they simultaneously create new deposits within the financial system.   The discussion then turns to a deeper question: what happens when most new credit flows into housing and existing assets rather than productive investment? Using Canada as a case study, Thomas and Ian explore how mortgage lending, rising real estate prices, and household debt may shape broader economic outcomes, including weaker business investment, declining productivity growth, rising costs, and the growing concentration of capital in real estate markets.   Rather than treating finance as separate from the real economy, this episode examines how credit allocation influences investment, innovation, entrepreneurship, and long-term economic development.   Further Reading   - Bank of England (2014) — Money Creation in the Modern Economy - Deutsche Bundesbank (2017) — Money Creation Process - Jakab & Kumhof (2015) — Banks Are Not Intermediaries of Loanable Funds - Werner (2014) — Can Banks Individually Create Money Out of Nothing? - Jordà, Schularick & Taylor (2016) - Bezemer et al. (2023) Please like and subscribe! Inquires: theradicalmiddlemedia@gmail.com

    18 min

  4. Apr 27

    The Radical Middle Podcast Episode 1 - The Canadian Housing Crisis & Declining Productive Investment

    In this the premiere episode of The Radical Middle Podcast, host Thomas McMurtry, M.A. in International Political Economy, and special guest Ian Hull, LSM,, lawyer and co-founder of Hull & Hull LLP, discuss the Canadian housing crisis and financialization of the economy. Thomas and Ian examine how Canada's high debt-to-income ratios and heavy mortgage lending by banks have created "virtual wealth" while diverting resources away from business investment and infrastructure. The discussion highlighted how Canada's financialized economy, with 80% of bank lending directed to mortgages, has created systemic risks while not necessarily driving sustainable economic growth. Further Reading: - Bezemer et al. (2023) - Jordà, Schularick & Taylor (2016) - Chakraborty et al. (2018) Please like and subscribe, new episodes to be released on a regular basis. Inquires: theradicalmiddlemedia@gmail.com

    23 min
  • 4 Episodes

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The Radical Middle is about getting beyond black and white. We challenge assumptions, ask better questions, and look for answers that don't fit neatly on either side. Common sense shouldn't be radical.

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