The Peter McCormack Show

Emmanuel Maggiori joins me to explain how inflation, incentives, and broken monetary rules quietly reshape behaviour inside an economy.
From Argentina's black markets and capital controls to money printing, MMT, saving vs spending, and institutional credibility, we explore why inflation destroys trust long before it destroys prices — and why countries don't collapse overnight, but drift into dysfunction as rational people adapt.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TIMESTAMPS:
00:00 – Introduction
02:34 – Argentina As Warning
05:00 – Anti-Business Drift
23:49 – Black Markets Emerge
44:40 – Credibility Ends Inflation
57:36 – Corruption Normalised
1:17:14 – MMT Political Reality
1:48:21 – Why Saving Dies
2:00:40 – Discipline Over Time
2:54:44 – Pain Enables Reform
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CONTACT PETE
› Website – http://petermccormack.com
› Feedback – https://www.petermccormack.com/contact
› Email – [email protected]
› Instagram – /mccormack555
› X/Twitter – https://x.com/petermccormack/
CONNECT WITH EMMANUEL MAGGIORI
› Website – https://emaggiori.com/
› LinkedIn – https://uk.linkedin.com/in/emaggiori
SPONSORS
› IREN - https://www.iren.com/
› Ledger - https://www.ledger.com/
› Gemini - https://gemini.com/
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
LISTEN / SUBSCRIBE
› Apple Podcasts: https://apple.co/40ruY9K
› Spotify: https://spoti.fi/3Wc94Vu
› Fountain: https://bit.ly/FountainPM
› YouTube: https://bit.ly/YouTube_PM
› Rumble: https://bit.ly/RumblePM
FILMED BY CURTIS TAYLOR
› https://www.curttaylor.co.uk/
› https://x.com/curttayloruk/
EDITED BY CONOR MCCORMACK
› https://x.com/ConorM04
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Andrew Gold joins me to discuss how incentives are driving extremism, distrust, and cultural breakdown in the UK.
From YouTube algorithms and purity spirals to immigration, economics, feminism, AI, and debt, we explore why honest debate is collapsing and why every political movement now frames itself as an existential last stand.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TIMESTAMPS:
00:00:00 – Introduction
00:05:29 – Purity Spirals Explained
00:10:18 – the Overton Window Effect
00:17:21 – When Ideas Become Unworkable
00:25:23 – Leaving Britain for Perspective
00:35:10 – Diagnosing the Uk
00:44:42 – Culture vs Economics
00:54:56 – Existential Politics
01:05:58 – Inflation & Asset Capture
01:43:29 – Red Lines and Leaving
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CONTACT PETE
› Website – http://petermccormack.com
› Feedback – https://www.petermccormack.com/contact
› Email – [email protected]
› Instagram – /mccormack555
› X/Twitter – https://x.com/petermccormack/
CONNECT WITH ANDREW GOLD
› Twitter – https://x.com/AndrewGold_ok
› YouTube – https://www.youtube.com/@andrewgoldheretics
SPONSORS
› IREN - https://www.iren.com/
› Ledger - https://www.ledger.com/
› Gemini - https://gemini.com/
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
LISTEN / SUBSCRIBE
› Apple Podcasts: https://apple.co/40ruY9K
› Spotify: https://spoti.fi/3Wc94Vu
› Fountain: https://bit.ly/FountainPM
› YouTube: https://bit.ly/YouTube_PM
› Rumble: https://bit.ly/RumblePM
FILMED BY CURTIS TAYLOR
› https://www.curttaylor.co.uk/
› https://x.com/curttayloruk/
EDITED BY CONOR MCCORMACK
› https://x.com/ConorM04
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Peter sits down with Khaled Hassan to discuss immigration, extremism, and why Britain's institutions have become incapable of enforcing boundaries or even discuss them honestly.
From counter-terrorism failures to media self-censorship, we examine how fear of controversy has replaced decision-making and why suppressing uncomfortable conversations doesn't reduce risk, but pushes it into darker, more dangerous directions.
This is a conversation about red lines, state authority, and what happens when a country refuses to define either.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TIMESTAMPS:
00:00:00 – Versions Of Islam
00:03:19 – Policy Decisions Matter
00:06:01 – Media Silence
00:09:24 – Radicalisation Feedback
00:22:35 – Demographic Debate
00:37:38 – Policing Speech
00:46:40 – Authority Breakdown
00:56:16 – Extremism Threat
01:23:37 – Britain Is Declining
01:30:30 – Where's The Money
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CONTACT PETE
› Website – http://petermccormack.com
› Feedback – https://www.petermccormack.com/contact
› Email – [email protected]
› Instagram – /mccormack555
› X/Twitter – https://x.com/petermccormack/
CONNECT WITH KHALED HASSAN
› Twitter – https://x.com/Khaledhzakariah
SPONSORS
› IREN - https://www.iren.com/
› Ledger - https://www.ledger.com/
› Gemini - https://gemini.com/
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
LISTEN / SUBSCRIBE
› Apple Podcasts: https://apple.co/40ruY9K
› Spotify: https://spoti.fi/3Wc94Vu
› Fountain: https://bit.ly/FountainPM
› YouTube: https://bit.ly/YouTube_PM
› Rumble: https://bit.ly/RumblePM
FILMED BY CURTIS TAYLOR
› https://www.curttaylor.co.uk/
› https://x.com/curttayloruk/
EDITED BY CONOR MCCORMACK
› https://x.com/ConorM04
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

In this episode, I'm joined by Ben Habib for a conversation about Reform, Nigel Farage and where British politics is heading.
Ben argues that Reform is far more fragile than most people realise. That it lacks a clear political philosophy, is driven by personality rather than principle, and could fail badly if it ever reaches power. His fear isn't just that Reform collapses, it's that its failure would discredit the wider pro-British cause for a generation.
We discuss Farage's leadership, ambition, and record, the danger of movements built around individuals rather than ideas, and why simply breaking the two-party system isn't enough if what replaces it isn't serious, coherent, and capable of governing.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TIMESTAMPS:
00:00:00 – Reform's Fragility
00:01:02 – No Credible Leaders
00:02:18 – Need New Force
00:05:58 – Reform Becomes Establishment
00:10:00 – Voters Sense Decay
00:11:28 – Farage as Campaigner
00:15:13 – Why Parliament Fails
00:20:00 – Selecting Weak Leaders
00:24:06 – Culture Labeled Extremism
00:32:03 – Economy Can't Recover
00:39:32 – Why Reform Would Fail
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
CONTACT PETE
› Website – http://petermccormack.com
› Feedback – https://www.petermccormack.com/contact
› Email – [email protected]
› Instagram – /mccormack555
› X/Twitter – https://x.com/petermccormack/
CONNECT WITH BEN HABIB
› Website – https://linktr.ee/advanceuk
› Twitter – https://x.com/benhabib
SPONSORS
› IREN - https://www.iren.com/
› Ledger - https://www.ledger.com/
› Gemini - https://gemini.com/
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
LISTEN / SUBSCRIBE
› Apple Podcasts: https://apple.co/40ruY9K
› Spotify: https://spoti.fi/3Wc94Vu
› Fountain: https://bit.ly/FountainPM
› YouTube: https://bit.ly/YouTube_PM
› Rumble: https://bit.ly/RumblePM
FILMED BY CURTIS TAYLOR
› https://www.curttaylor.co.uk/
› https://x.com/curttayloruk/
EDITED BY CONOR MCCORMACK
› https://x.com/ConorM04
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

In this PMQs episode, we discuss Robert Jenrick's defection to Reform and how it signals a political system that can only manage decline, not reverse it.
We discuss debt, inflation, incentives, and accountability - why every party borrows, why promises don't bind, and why voters are increasingly trapped choosing between different speeds of the same outcome.
SHOW NOTES
› https://substack.com/@petermccormack
› https://www.inolongerconsent.com/
› https://x.com/ConsentEnds
CONTACT PETE
› Website - http://petermccormack.com
› Feedback - https://www.petermccormack.com/contact
› Email - [email protected]
› Instagram - /mccormack555
› X/Twitter - https://x.com/petermccormack/
SPONSORS
› IREN - https://www.iren.com/
› Ledger - https://www.ledger.com/
› Gemini - https://gemini.com/
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TIMESTAMPS:
00:00:00 – Britain in decline
00:01:33 – Jenrick defects
00:03:38 – Economic reality
00:06:01 – Same establishment
00:07:02 – Are we complicit
00:10:34 – Voting for decay
00:14:02 – Accountability problem
00:20:00 – Debt trap explained
00:30:40 – Political theatre
00:53:02 – Stop playing
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
LISTEN / SUBSCRIBE TO THE PODCAST
› Apple Podcasts: https://apple.co/40ruY9K
› Spotify: https://spoti.fi/3Wc94Vu
› Fountain: https://bit.ly/FountainPM
› YouTube: https://bit.ly/YouTube_PM
› Rumble: https://bit.ly/RumblePM
FILMED BY CURTIS TAYLOR
› https://www.curttaylor.co.uk/
› https://x.com/curttayloruk/
EDITED BY CONOR MCCORMACK
› https://x.com/ConorM04
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -