When fiction parades as expert commentary – the US has run out of money again!

It didn’t take long before the elites started predicting that the US government would become bankrupt as a result of the Democrats taking control of the Congress and allegedly planning to go on a spending spree. Even the UK Guardian is propagating this line. In an article (November 11, 2026) – Democrats’ US election sweep brings the price of their promised social contract into focus – we are told that “The post-election wish list is about to run into harsh fiscal reality: there is no money”. Repeat after me: there is no money. And once more just to make sure I got it right: there is no money. And I expect that line to be repeated ad nauseum as the campaign to preserve the interests of capital revs up in what is allegedly a hostile political environment for the elites now.

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My presentation in Tokyo (October 30, 2026) promoting a degrowth agenda

A UK Guardian editorial last week (November 3, 2026) – The Guardian view on Labour’s growth obsession: a different economics is possible – challenges the dominant obsession with achieving ever faster levels of GDP growth that, in part, is linked to the fictions advanced about fiscal capacity – viz, nations must have growth to generate the tax revenue to pay for government services. On October 30, 2026, I gave a presentation in Tokyo challenging this obsession and advancing the idea that Japan is perfectly placed to lead the world into a degrowth phase of human development, one that will help reduce the ecological footprint and underpin an environmentally sustainable future. In this post, I provide a summary of the presentation.

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The RBA hikes again using spurious justifications – ideology triumphing over evidence

Last week, the RBA hiked interest rates for the fifth time this year claiming that there were excess demand pressures in the economy and that unemployment had to rise further to bring demand back into line with supply. They talk about the information they get from their so-called ‘liaison’ groups but don’t disclose further information about these ‘meetings’. The fact is they are talking to lobby groups from business and the financial markets who variously want rate hikes because the rising unemployment suppresses wage demands and boost bank profit margins. So of course they are going to tell the RBA anything that is required to elicit the policy change in their favour. The evidence does not support the claim that there is excess demand at the heart of the inflationary pressures. Indeed, the evidence supports two conclusions: (a) the rising oil prices is an overwhelming cause and is invariant to domestic interest rate changes; and (b) the income boost that the rising interest rates is providing for wealth holders is boosting some expenditure categories (restaurants, overseas travel etc) within the CPI, which will further push the CPI up as interest rates rise. It is amazing the established journalists never really demand answers from the RBA on these points.

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Kyoto Report 2026 – 6

This weekly report will provide some insights into life for a westerner (me) who is working for an extended period at Kyoto University in Japan but who over the years of working here has increasingly began to understand the language and local cultural traditions.

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The intersection of neoliberalism and traditional Japanese values – Part 3

One of the unsurprising but disturbing results of my enquiry into neoliberalism in Japan is the way the so-called ‘progressive’ side of politics has embraced the main tenets of neoliberalism. For a Westerner, Japanese politics is somewhat confounding and to understand what is going on, one must abandon the typical Left=Progressive/Right=Conservative dichotomy. In Japan, the conservative Liberal Democratic Party looks like a conservative party in most ways except for its approach to economic policy. Similarly, the opposition parties are quite often the ones espousing ‘market-based’ economic policies, while also aspiring to be like any progressive party anywhere on social issues. The discussion today is about why the progressives act in this way and it goes to the heart of the tension between the traditional cultural norms and a desire to be free of them. This is Part 3 in the series on this topic.

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Seminar in Tokyo – Thursday, October 29, 2026

On Thursday, October 29, 2026, I will be giving a presentation in Tokyo. The title of the seminar is: “The Need for and Feasibility of a ‘High-Pressure Economy: Determining Appropriate Levels of Investment in Light of Construction Sector Capacity'”. Read on for the details of how you can join via the live stream.

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Kyoto Report 2026 – 5

This weekly report will provide some insights into life for a westerner (me) who is working for an extended period at Kyoto University in Japan but who over the years of working here has increasingly began to understand the language and local cultural traditions.

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The intersection of neoliberalism and traditional Japanese values – Part 2

Neoliberalism has scammed everyone. It told citizens that if we were liberated from government regulations and government control of enterprises that delivered essential services then we would attain the best possible outcomes that were available. A barrage of messaging from media companies blatantly serving the interests of capital and think tanks masquerading as independent research organisations but which are in reality just propaganda machines for their funding sources reinforced the narrative that freedom lay in reducing the government footprint on our lives. That was all a ruse. In his 2005 book – A Brief History of Neoliberalism – David Harvey referred to the use of “vague rhetorical devices” that worked on our intuition. Of course, cognitive linguists and related scientists repeatedly tell us that our intuition regularly leads us astray. The ‘freedom’ narrative hid the real agenda, which was to overturn the progressive advances achieved during the full employment period following WW2. Neoliberalism was about restoring the dominance of capital and creating mechanisms to retrench the advances that had reduced inequality and improved prosperity for workers. In Japan, the same forces were unleashed by the context was somewhat different to the West, particularly the English-speaking world. This is Part 2 of my brief enquiry into the neoliberal ideology has interacted with the traditional cultural features of modern Japan.

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The intersection of neoliberalism and traditional Japanese values – Part 1

In the West, particularly the English-speaking world, neoliberalism seemed to easily replace the collectivist values of the full employment era that followed the Second World War. It constructed a world where individualism was prioritised over society, even though it claimed that society (all of us) would be better off by pursuing our own greedy interests. All the collective apparatus of the full employment era – welfare state, democratic institutions, social solidarity – were attacked by the phalanx of think tanks, media companies that sprung up in the 1970s to propagate the ideology. These machines played on our natural suspicion of politicians to mount a major reconfiguration of the state under the pretence that through privatisation outsourcing, and the promotion of unfettered ‘markets’ we would all prosper. It was a fraud – a deliberate deception and the question is whether the ideological onslaught has become so entrenched in our value structures that it will be hard to move beyond. Today, I want to convey some of the research I am doing tracing the way the neoliberal ideology has interacted with the traditional cultural values of Japan. Japan is a curious mix or hybrid of Western and Eastern values and one might venture to say that the latter make it harder for neoliberal precepts to spread as deeply as they have in the West. That is what I am writing about today. This is Part 1 of a two-part series on this topic.

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Kyoto Report 2026 – 4

This weekly report will provide some insights into life for a westerner (me) who is working for an extended period at Kyoto University in Japan but who over the years of working here has increasingly began to understand the language and local cultural traditions.

Read more
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