We’re told that the 1970s proved Keynesian economics failed, that inflation and unemployment could rise together, and only neoliberalism could fix it. But the truth is very different. External shocks, not excessive spending, drove that crisis. Governments panicked, misunderstood money, and abandoned Keynes when they needed him most.
In this video, I unpack what really caused stagflation — and why repeating those mistakes today risks another lost decade for Britain.
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00:00 – Are we facing 1970s-style stagflation again?
01:00 – What really caused stagflation in the 1970s
02:00 – The oil shocks and imported inflation
03:30 – Union power, wage rises, and government panic
04:30 – The collapse of understanding: Keynes vs confusion
05:30 – The end of the gold standard and floating currencies
07:00 – How political choices, not Keynes, created the crisis
08:30 – Milton Friedman, monetarism, and the birth of neoliberalism
09:30 – What Keynes actually taught about inflation and power
10:30 – Why stagflation didn’t disprove Keynes
11:30 – Today’s inflation: supply shocks, not wages
12:00 – What we must do instead: planning, public investment, and care
13:30 – Reclaiming Keynes for a fairer, stable, prosperous economy
TRANSCRIPT
A transcript for this video is available at: https://www.taxresearch.org.uk
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There are a lot of places, conditions, and situations that just don’t seem all that survivable for most people. But for certain populations of humans, conditions that would be fatal for most of us are no sweat. Here are a few of these super-powered human populations, from altitude masters to deep-diving champions to poison-proof people.
Correction:
14:50 This should be Gah-NAY-an
Hosted by: Savannah Geary
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7 Nov 2025 MANCHESTER
Hello again! My previous video highlighted the immense growth taking place in Manchester currently. To strengthen that growth further, the city’s mayor and transport authority revealed their ‘Rapid Transit Strategy’ in July 2024 (updated in August 2025). This revealed ambitious plans to massively expand the tram network, bring the rail network into local control as early as 2028, and build an extensive new underground network by digging three new tunnels underneath the city centre.
While the plans are quite vague at this early stage, I’ve read between the lines to try and work out what this future network could look like.
The first tunnel, positioned a north-west to south-east axis, would carry national rail services under the city, addressing major capacity problems on the existing rail network through Manchester. This would help underpin a new ‘Thameslink-style’ network bringing together several commuter lines radiating out from the city centre. This is similar to how London’s Elizabeth line has been delivered. It would enable a step change in capacity for rail services, allowing for more frequent trains across the region.
The second tunnel, on a south-west to north-east axis, would convert existing tram lines to a metro network. The strategy hints that the Metrolink lines to Bury, Altrincham, and East Didsbury would run through the new tunnel. Already the busiest lines on the network, the new tunnel would allow services to be strengthened with longer, more frequent trains instead of trams.
A third tunnel is proposed to address two long-standing gaps in Manchester’s rail network – one in the north and another in the south (roughly around the Oxford Road Corridor). Connecting to the Airport in the south of the city, the strategy envisages this tunnel connecting to various universities and hospitals across south Manchester before running through and under the city centre and into north Manchester. It would resurface around Simister and plug into the emerging plans for Atom Valley – a major new development proposed to the north of the city (between Middleton, Heywood and Bury).
This increase in new capacity would unlock opportunities for a massive expansion of the existing tram network as well, and would enable Greater Manchester to take full advantage of nationally-significant plans such as High Speed Two and the proposed Liverpool to Leeds Railway, both of which are planned to link into Manchester.
I believe this plan is exactly the sort of thing central government should throw their support behind if the UK is to emerge from its current economic malaise. Manchester has already proven its potential as an economic juggernaut for the UK, and a plan like this sends a strong signal that Manchester is open for business and ready to become the UK’s second global city.
As always, please let me know what you think!
Here’s the Metro Map I created which I mention towards the end of the video (and the one shown in the thumbnail!). As mentioned, it’s very much my interpretation of the plans, it’s not the official plans or anything like that. I’m just a bit of a transit map geek and wanted to try and visualise how Manchester’s transport network COULD LOOK if these plans go ahead. I’m not affiliated in any way with Transport for Greater Manchester or the mayor:
https://drive.google.com/file/d/1jOgd…
Links and further reading:
My video on How Manchester Became the UK’s Economic Miracle: How Manchester became the UK’s economic miracle
TfGM’s Rapid Transit Strategy (July 2024): https://democracy.greatermanchester-c…
TfGM – August 2025 Update: https://democracy.greatermanchester-c…
Excellent drone footage from Richard Storey, thanks again to him for letting me use these clips:
https://www.instagram.com/richardstor…
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msamba 