The David McWilliams Podcast

Cycling through Brisbane in the heat, we've found a country that hasn’t had a recession in nearly half a century; a statistical miracle in modern capitalism. Australia’s economy has grown steadily since the 1980s, powered by the luck of geography and the grit of immigration. Iron ore alone earns more than €100 billion a year, and one in three residents were born abroad, making it the most immigra...

Live from Christchurch, literally tomorrow, we bring on Andrew Maxwell, fresh off stage in Riyadh, to ground-truth the social shift you won’t see in think-tank PDFs: 8k-seat comedy arenas, mixed audiences, and a culture moving at startup speed. With approximately 17% of the world’s proven crude reserves, a sovereign fund near $900bn, and a population that’s 65% under 35, Riyadh can bankroll outcom...

We promise this isn’t another boring budget breakdown! This week, we’re asking a bigger question: what if taxation isn’t really about raising money, but about changing behaviour? With Ireland awash in corporate tax revenue, the old logic of “tax to fund spending” doesn’t quite hold. So, should we start using taxes to shape how people act, from derelict sites to carbon emissions, and borrow the mon...

We’re back with The Edge for part two of our conversation. This time, on the creative mind itself, we talk about what connects the artist and the entrepreneur: the instinct to imagine something that doesn’t exist and make it real. From James Joyce’s Volta Cinema to U2’s Berlin reinvention, we explore how creativity and risk are two sides of the same coin, and why failure, not success, is what real...

Live from the basement, we sit down with The Edge, the musician who wanted to be a scientist, to talk about the spark that connects rock bands and startups. From U2’s early ambition to his work with Endeavour, The Edge shares how curiosity, mentorship, and a willingness to fail can turn creativity into success. We explore why Ireland can’t rely on multinationals forever, how to build a real cultur...

We like to think of the centre as steady, sensible, and grounded, but what if the “centre” is actually the most radical place in politics right now? The real fault line in modern politics isn’t about tax or spending, it’s about culture. Onn those cultural questions the political class has drifted miles away from the people they claim to represent. In Britain, nearly  9 in 10 people  thin...

While the West burns itself out on culture wars, the East is quietly stitching together something bigger. This is the age of geo-economics, where oil, factories, and sheer population size matter more than headlines. On Russia’s border, the numbers tell the story: 4.5 million Russians facing 107 million Chinese. Add India into the mix and you see the outline of an alliance with the power to redraw...

We’re in New York this week, celebrating my mam’s 90th birthday and launching  The History of Money  in the U.S., but the backdrop is America’s deepening culture war. With the 250th anniversary of the Revolution looming, both liberals and MAGA are fighting to “own” the flag, the story, and the soul of America. We dive into Ken Burns’s new PBS series  The American Revolution , the fo...

What does golf tell us about money, power, and the way economies work? From billion-dollar sponsorship deals to the rise of LIV Golf, from Tiger Woods to Trump’s golf courses, the fairways of golf are lined with lessons about globalisation, soft power, and the business of status.  In this episode, we tee off on the economics of golf, how a game that loo...

Between 250,000-300,000 tourists land on the island every year, 2,500 a day in summer, and yet it still feels authentic, alive, and deeply Irish. In this episode, we ask: how do remote places like Inishmore thrive in today’s economy, while once-wealthy regions like France’s Île de Ré struggle with emptying out? We dig into the wild history of cod and salt (the currency of empires), why Ireland sal...

What if the solution to Ireland’s housing crisis has been sitting on our doorstep all along? We dive into the Danish model of cooperative housing, where 7% of Danes live in co-ops, and a full third of Copenhageners do too, and explore how the GAA, with its 2,200 clubs and pristine community pitches in every village, could spearhead something similar here. Forget developer margins and speculat...

AI investment is exploding: the “Magnificent Seven” of Apple, Microsoft, Google, Amazon, Meta, Tesla, and NVIDIA, are ploughing almost 7% of US GDP into AI and data centres. That’s the same scale as the US housing boom in 2006, and greater than the dot-com bubble at its peak. Today, just seven firms make up 34% of the S&P 500, the highest concentration in history. Earnings per share in these c...

Broadcast from Île de Ré, we dive into France’s mounting fiscal mess and political paralysis. With Macron a lame-duck, bond markets charging Paris more than Athens, and a nationwide strike looming, we ask: could Europe’s cornerstone become its weakest link? We unpack France’s towering state-and-semi-state debts, why Japan can print and Paris can’t, the ECB’s “will they/won’t they” backstop if Le P...

We took economics to a music festival, and somehow packed the tent. In this Electric Picnic highlights episode from Mindfield, we rock up bleary-eyed and buzzing, then dive straight into the big stuff: what Trump’s assault on America’s institutions means for money, markets, and the rest of us. We map the new super-cycle from post-war social democracy to Reagan-Thatcher finance, to today’s populist...

Is the US drifting into Peronism? We trace the playbook, tariffs and import substitution, national champions, censorship-by-intimidation, and a war on independent institutions, and map it onto Trump’s America: sacking a Fed governor, menacing J-Powell, firing the head of the Bureau of Labor Statistics, deploying the National Guard, and the Treasury taking a slice of Intel. Along the way, we tell t...

Ten years ago, Angela Merkel opened Germany’s doors to more than 1.1 million asylum seekers in a single year with the words “Wir schaffen das” (“We can do this”). Today, Germany has over 3.4 million asylum seekers, about 4% of its population, and politics, society, and culture have been transformed. In this episode, we dive into what really happened over the last decade. We talk with historian Kat...

The state has quietly become the biggest buyer of new homes. In fact, builders like Cairn Homes now have forward sales of nearly €946 million, much of it locked in by government deals. That means up to 80–85% of new builds are being bought by the state, at an average price of €382,000 per unit, while wages lag far behind rising house prices, which jumped 7.8% last year. So who’s being pushed out?...

After nearly 11 years of war, Putin’s maximalist demands have shrunk to a sliver of land in Donetsk, a pyrrhic victory after countless lives lost and millions displaced. But while the Kremlin clings to a symbolic scrap of territory, we explore whether Ukraine’s true future lies not in NATO membership but in becoming what political economist Harold Laswell once called a “garrison state.” What does...

Have we caught a case of Dutch Disease? Ireland’s dependence on foreign multinationals looks less like a golden goose and more like Japanese knotweed, invasive, overwhelming, and slowly strangling everything around it. Yes, the jobs are plentiful and the tax coffers are bulging, but the hidden costs are piling up: small businesses being elbowed out, rents spiralling, public spending ballooning, an...

We’ve always known Dutch Disease as what happens when a country strikes oil or gas and accidentally hollows out the rest of its economy. But what if the United States’ great “resource discovery” wasn’t energy, it was debt? This week we talk to Brendan Greeley about his brilliant framework for understanding America’s political economy: the world’s insatiable appetite for U.S. Treasuries has turned...

We’ve always said to understand the economy, you have to understand human nature, and nothing reveals that better than watching the biggest players do a Godfather-style U-turn for easy money. In this episode, we connect the dots between Marlon Brando’s Don Corleone and Jamie Dimon’s pivot from calling crypto “a fraud” to using it as loan collateral, all while the President of the United States hol...

We all love a boom story, until it turns into a 40‑year hangover. In 1995, Japan’s nominal GDP hit its high‑water mark. It took until the 2020s to get back there. Debt has exploded to  250% of GDP . The population is shrinking so fast that by 2070, one in three Japanese will have vanished, down from  128 million in 2010 to just 87 million . What went wrong? A bursting property bubble, a...

This week marks 80 years since the atomic bombings of Hiroshima and Nagasaki, and we’re taking a deep dive into Japan’s extraordinary economic story. In part one of our two-part series, we explore how Japan went from a feudal, isolated society to one of the most powerful economies in the world. With our guest Russell Jones, a brilliant economist and my old boss, we look at the Meiji Restoration, p...

This week we talk to Matthew Ruddy, a young Dublin entrepreneur who did everything right - built his first business at 17, worked alongside the lads at Dogpatch Labs. Except he's now living in Brisbane, not Dublin. Matthew's story captures what's happening to an entire generation. These aren't traditional emigrants heading to London building sites, they're highly educated risk-takers who desp...

Not so fast! We unpack the surprise EU-US trade deal that has everyone shouting  sellout  but we see it differently. In this episode, we take a deeper look at what really went down in the Trump-triggered tariff negotiations. The headlines scream defeat: Europe folds, Trump wins, 15% tariffs slapped on all EU goods while the US gets full access to the European market. But is that the full...