Sheffield University economic department published a white paper some years ago trying to determine what is actualy happening with money in the UK, it estimated from 2008 to 2018 at least 5 trillion pounds has simply vanished out of the UK economy. TLDR; the wealth that is generated basically goes to London then it vanishes through complex networks of shadow banks and offshore corporations. It would appear we are being strip mined of wealth and have been for decades, money that should by all means remain in the UK to encourage development, prosperity etc is simply being removed. Basicaly why we are now in this situation.
Being hollowed out. That is indeed what's happening. People sadly don't understand it though. It's a parasitic economic system, eating us alive from the inside out.
tax heavens babe, why do you think the rich got frontmen like Johnson and Farage to get Brexit through. They want tax havens open for business. It will be impossible under the EU rule soon.
It's all through futures trading - none of the money gets invested in shares or real value, instead the real money being traded is earning profits by speculating (i.e manipulating/rigging) the flucuations in theactual stock market. there is no incentive for the price of shares to contin ually increase, as this does not allow for futures trading. Therefore, instead of purchasing shares that add to a companies value, the vast sums of money are spent on virtual 'tokens' that add zero value, and in effect siphon the value from the company itself into international private an institutional hands. The whole point is denying the average person any scraps off the table, as the cost of shares stagnate, while the rich make mad money in the process...
You mean the guy that made millions through dodgy trades in the city and only after making said millions, decided to expose how corrupt the system is? Noble.
@@youmustmonthebiff That's such a stupid non-argument. He never said he was good. But he is sounding the alarm bells and you don't want to listen. Choice is yours, you want living standards to fall that's fine. Don't expect to be popular and don't expect people not to think you're a fucking idiot for thinking that.
@@youmustmonthebiff which "Dodgy trades"?? WHat's so dodgy about them? He traded interest and did so by betting on the economy never recovering. Nothing dodgy about it. HMRC would be on his case a LONG time ago.
I'm a Brit living in Eastern Europe, it is no problem at all for the average earner here to afford food and heating. The Tories have inflicted such harm on the British people that former communist Eastern Europe is a more comfortable and easier place to live. Let that sink in.
Agree. Because they’re extreme fascists who just don’t care about their own population. Which is in fact a legal criminal offence. The poverty in England shocked me when I saw it. Yet ppl believed Johnson et al.
We need a Fair (PR) Voting system, Right To Vote at 16, Automatic Voter Registration & Compulsory Voting. You need a fair political system that affords you the maximum chance to give Left & Centre-Left political power. Words & protest is not enough.
Grew up in South Africa, it always makes top 5 most unequl countries in the world. I concur. Once u have this kind of inequality....it brings many horrendous problems.
@@anatolydyatlov5196 Uh, you just walk/ swim to another country. Especially as a british person, you will have an easy time getting a residence permit wherever you go.
Lost my house because of 2008, now live in a mouldy private rented one bedroom basement flat. People should have to listen to Gary, our politicians definitely should. Great guy.
But you all get easily bamboozled with stupid inconsequential stories in the daily rags to generate faux outrage, and you fall for it EACH AND EVERY SINGLE TIME. it is so disheartening to see the UK turn slowly into a third world state. I was born in such countries and it kills the human spirit
He openly says he was trading in the early days but part reason WHY he stopped was because of how he thought how wrong it was! He's focusing on raising awareness in why the system is set up to fail Joe bloggs and benefit the super rich.
I come from a very poor background, and I've established myself pretty well. Not quite as high flying as Gary here, but I did quite well eventually, and now run a small business and have a modest level of income and wealth. Very much middle class now. Gary is the closest person to me in philosophy and attitude when it comes to money, probably because of relatively similar backgrounds. He's not against the idea of making money, but he's against the idea of one group grabbing all the wealth, power and income. If we don't resolve this, we're all in trouble - even the rich, because eventually it ends with revolutions and the rich finding themselves with nothing at all.
We need a Fair (PR) Voting system, Right To Vote at 16, Automatic Voter Registration & Compulsory Voting. You need a fair political system that affords you the maximum chance to give Left & Centre-Left political power. Words & protest are not enough.
All wealth in the hands of a few people makes working hard, having ideas and innovating not appealing to most people, since you will not get a piece of the pie anyway. The very best/only selling point of capitalism dissapears.
Have you looked at Nick Hanauer’s work? You’d find that interesting too. Quite similar points to Gary’s, but specifically predicts pitchforks if we don’t act now.
Economies are moving into the endgame of Monopoly where most the properties are in the hands of one player and everyone else is rolling around the board until they drop out. The solution to this within the rules of the game is to stop playing but that is not an option in reality; you can't stop being in the economy (while still being alive). I don't think anyone told the super rich that you can't "win" economics, you only push people closer and closer to flipping the board and, while that might make a mess in your living room, it's going to make a much bigger mess in the real world
That's a bloody good analogy (the board flipping) Just a matter of time... Where I live, an estate of homes that were affordable (priced at 2 x working man's wage when we moved in) the homes are no longer affordable, and worse, higher earners move in, and spend a fortune updating them, rendering them less affordable... So, a house built to sell at £8,000 in 1978, sells at £240,000, is refurbished, and is no longer affordable... There are few areas where homes are affordable, and where jobs are available, accessible by public transport or bicycle. Inflation in the intervening years was 700%, but house price inflated 3,000% Wage inflation maybe 700%/800%? What hope?
The irony in your comment is that the original monopoly was made to show ordinary folk the impact of monopolisation on their lives, in this sense monopoly the game was made as an analogy 🥴
While that's true, it's also true that most of the "secret" ways in which the lower classes' aspirations are being (always were) suppressed... Happen in full view... The techniques deployed by the capitalists/industrialists/bourgeoisie are deployed in full view. From annual changes in clothing styles last year's suit cut? so passe... and mobile phones, etc, to selling jugs of "cocktails" made cheaply, sold profitably for the less discerning, to serving beer in unmarked (capacity marking's required by law) glasses that don't hold a full pint, and serving with excess head... Just look back over the years at all the shiny useless shit we've been sold, that was shortly consigned to landfill because it didn't make us happy... We used to buy music as physical media... vinyl, tapes, CDs. Now, as Bruce Willis discovered, when he investigated leaving his "Apple Music" collection for his kids' appreciation when he died, you don't own that, only get to use it while you live, can't pass it on... Despite having paid for it... and you can't pick up an MP3 and think "dad handled this disc, he loved track 5..." and it was cheaper to distribute than physical media, didn't need a physical demo booth like the record shops of my youth... The buyer can use his own resources at home to listen before buying...@@fontle2653
@@robertlawson8572the spiral will only continue until a government emerges with the will to stop it. Unfortunately I suspect Gary's going to be making healthy returns on his bets for some time yet, at least the next two election cycles (presumably Starmer, followed by Tories again because he will fail to achieve any meaningful progress and be left out to dry in the press) and by then it will be far too late for a centrist solution. Britain has long avoided massively violent upheaval of its political order by facilitating gradual change, but now that living standards are reversing and nobody appears capable to prevent it within the system, I suspect that people will increasingly look outside of the ballot box for answers to their predicament.
I agree, but It’s not that clear cut. 20% of average boomers also own substantial number of rentals as their retirement plans. How do we undo that without destroying those “pensions”?
@@jagman999force them to sell. Those homes are worth a lot now. Having a nice 300k or more in the bank is enough to live off the interest. On top of that they have a government pension. Nobody should own more than one or two homes in this economy so I have no sympathy for anyone who's a career landlord. If things were different then it would be ok. Maybe in the future we can allow people to own more, but right now we've got a crisis on our hands
Yes, precisely what has happened to Ireland. Hedge funds buying up properties. The plot is even more sinister in UK, '7 flats Hunt', Jeremy Hunt, with his new company tax breaks is to force smaller landlords to buy under the company banner, which makes it easier for large investment firms to buy up stock.
@@jagman999 Firstly, wealth taxes. This wouldn't really affect the pensioner who is landlord because they own one other property but it would affect those hoarding large amounts of assets. Secondly, is you build council houses (or take over private lets). That would lower rents and therefore lower yields long-term but it isn't going to mean Jim Smith's 1 property nest egg is going to lose all value overnight either.
This guy has got big 5am at the afters energy. Feels weird to hear these conversations without being interrupted by the tapping of a credit card and snorting sounds every few mins. Agree with every word he says though. Spot on.
Ah sorry i keep interupting you, what we're you saying again? Ah yeah right right yeah, fuck me this is spot on, he's got bags under his eyes up his nose and down the back of his throat. Gary's played the bugle for so long he's got callused bank notes.
Looking at the Office for National Statistics, under the Consumer Price Index, one can notice that in the last quarter of this year, stocks are not really doing well, especially energy stocks as they seem to be below the zero point. However, I don't know if stocks will quickly rebound as I have no clue the direction of the market. Can I get an advice on any other stocks that I can acquire to diversify my reserve of $200k across multiple markets while creating a comprehensive portfolio.
Consult a fiduciary counsellor; these professionals are among the best in the business and offer individualized guidance to clients based on their risk tolerance. There are undesirable ones, but some with a solid track record can be excellent.
For you to grow your portfolio in today's market, you really need to be coachable and willing to get off your high horses. I for example, have managed to grow mine from $150k to 300% of my initial deposit within the past 14 months just by copying trades from a broker that has better skillset and technical know-how than me.
Nice recommendation. Lady looks great seems to know her salt. I am at a crossroads for investing right now, maybe I will get insights from her. What the fee like?
Gary, the banking millionaire who now helps the poor, exposing the system that brought him his wealth but only after he’d made said wealth. Ridiculous.
@@youmustmonthebiffwhat’s your problem? You’re commenting negatively about him all over the place. Do you have anything worthwhile to say at all? If not sling your hook and go do something useful- like Gary does.
I think Gary should start his own party and run for PM. Within a few years, I bet he'd be PM, and one of the best that England has ever had. We need more people like him in politics and fewer Ritchie Riches.
Discussions of the Covid wealth transfer never highlight how many smaller and community involved businesses were destroyed while the furlough payments spent, were funnelled into the larger corporations, this accelerated the wealth transfer from local business towards global business, further eroding the very fabric of liveable local society.
In Spain this didn't happen due to a socialist govt. All small businesses were given help. Now we have one of the lowest rates of inflation and economy is better than it has ever been (despite high unemployment which we will always have due to historic reasons too long to go into)
Spain has been taking great strides in good governance for a while now. I also noticed it decided not to cut the UN refugee agency money after most of the western establishment did which shows how Spain has a much higher sense of integrity than a lot of the Northern Europeans who like to lord it over everyone - Viva España!@@hypatia4754
I've yet to listen to a more authentic, honest straight talking young man. And his courage, to come out and try to help the everyday person who's not really living.....more SURVIVING, is really humbling.
@@murdock6450 People didnt suppose life would be easy. They supposed that life would be as easy or easier than the life of their parents. Instead, everyone is struggling more than they used to, more than they need to. You are playing defence for the people siphoning off money from the UK into their offshore bank accounts, and for what?
Please, please get Gary on every LBC radio presenters time slot. This wonderful guy who has dedicated his time and energy for the last four years. Love Gary Stevenson ❤ Thank you Oli for promoting Gary's intellect and foresight ❤
LBC….please, just have a quick look at who owns LBC (global media and entertainment limited) Gary discussing wealth inequality on LBC, a platform owned by the very people he’s pointing the finger at! The only people that stop this is US, but we’re all fighting with each other over pathetic shit!
Think you for this video. Real insight. My situation, I'm working full time as a lorry driver, spend 5 days on the road while my partner takes care of our child. She lives at home with her parents, she works part time in retail, while our child is being looked after by her disabled mother. When I'm not living in my truck I'm living in my caravan. So depressing, its unbelievable and I'm starting to lose all hope of a bright future ahead.
Leave the country, go somewhere where there are fewer people. IN the UK nothing is going to change coz money printing and immigration are out of control. You have no chance for a home at a normal price.
Your situation is not right, there is no accountability from govt. Earlier comment summed it up, elderly scared to use heating but British gas profits skyrocketed. I'm sure thints will change, people can see what's going on more these days.
It is refreshing to listen to this. Whilst I have none of the knowledge, training and experience that Gary has, I have been saying much of what he is saying for some time now. It’s the reverse of “trickle down economics”, “bigger bath economics” that’s at play here. It is a fundamental fact that policy decisions have accelerated the transfer of wealth from less well off households to the wealthy. It’s my opinion that the current government have essentially been filling their and their backers’ pockets since the opportunity that they saw in Covid-19 arrived. I am aghast that there is none of this clarity of exposition from any other political party right now. It saddens me that there is so little ambition in UK politics.
Well it absolutely hasn't and a total nonsense to even begin to think like that and a shocking indication of an unmitigated lack of education on that subject matter.
Not just UK... all of Europe. I've been saying the same... I feel we are in pre WW2 days. World is becoming sinister. Biggest threat in my view.. is klauss schwabb WEF. 'YOU WILL OWN NOTHING & YOU WILL BE HAPOY' - Klauss Schwabb.
@@apollomemories7399 well it is a former power loosing world influence with it's economy shrinking and no political direction with rising inequality leading to people going to more extreme ends of politics for answers. These are facts that are the same between the two sorry if you feel different. Is there anything you can point out is historically wrong here?
Gary, u are not wrong, ive been saying for years that Brexit and Trump weren't about Brexit or Trump, they were both about the financial mailise of the working class and middle classes.
I am lucky enough to own a flat in east London, the freehold is owned by Lord Astor, who won BILLIONs of pounds of property in UK held in offshore Adriatic Land (oil rig in Singapore), They employ insurance companies who charge us 500k to insure a small block, 6.5k for 2 bed, because a large developer builds it and cut corners. It is all for the super-rich run by the super-rich and they are . Media and government bodies, and regulators are only in place to maintain the status quo for them. Gary is right, poverty and super wealth exist side by side, all while the diversion tactic of the government to not fix issues in UK is let them happen, telling u that is the problem when they just could not give damn to fix the problems. Procurement of services in NHS is filling the pockets of the rich. No leaders in politics today, all fronts for big business. Why do they all run off to JP Morgan or Chase to speak for millions. Tax the super rich
The EU is a globalist extortion racket and centralised power grab...thd EU is the establishment, hence the crestfallen wailing when we voted to leave. Get a clue mate. Same with Democrats in the States who own entire media and big tech for their activism. Biden is currently destroying the USA after stealing an election
I have a confession I watched one of Gary’s videos just before I was supposed to be on shift. I was soo depressed afterwards I couldn’t go. As a nurse watching the demise of the NHS and still not being able to pay my bills at the end of the month,despite working hard, I couldn’t do it. The rot is irreversible Gary it’s too late
Brexit was a project of the rich to avoid tax. Unfortunately working class and middle class people were persuaded by the Right wing media that it was all about them.
This guy hits the nail on the head with everything, he’s walked the walk and now talking the talk. These are the types of voices we need influencing decision making…
As someone who bought a house in 1987 and has seen it increase in cost by 10+X, but in the same time has seen wage growth of half that its hardly rocket science. You only need to play monopoly to see what profiteering of housing and utilities can do. The UK has been seriously harmed in its output by high utility costs , investing in generation by the people for the people was needed. A bit like EDF for the French government. Water and Electricity are life essentials and not for profiting from.
people in this country are treated like cattle by foreign companies, the government sold sources of essentials, and that's the result of it. The last thing left is the NHS. Once it goes the country will collapse. You can see it already by looking at number of long-term ill people of working wage, There are millions of them and nobody to help reasonably quick. There is no return from this, not even immigration will help as there are not enough skilled people who would like to come over here and work for long enough. not in the country where every river has more shit than water in it.
Are you saying its less than 10x? little confused by your statement. He did specify cost. 3 decades since roughly, so thats 2x, 4x, 8x (price). Then when you factor in mortgages, where often on a 300k home you'll pay 500k over the lifetime; dependant on interest rates and length. You could argue that the 'cost' is indeed over 10x +. I can actually give figures for a smaller timeframe as I bought a house from my family. They paid £91,000 in like 2001. I bought it in 2022 roughly, and it cost 255,000. thats a 2.8x over 2 decades. So lower than both your approximations. I'd love to know what it cost when built.... i might have to go see if I can dig that up. @@JohnSmith-le5oe
I come from a tough background too but how Gary uses it as an excuse to morally justify being a trader (and still boasts about it, very crass) is pretty weak, I didn't have to go and rip people off for years to realise it was wrong - he made his money and cashed out, nothing to admire there for me
Everyone should listen to this guy, he speaks so much sense and one of the few voices talking complete sense on a number of current issues in the UK and beyond.
I absolutely agree with you. I simplify it down to this. 'There are enough apples for everyone. We could all be sustained. If one person holds a thousand apples, a thousand people have to starve. If one person holds a million apples, a million people starve, meanwhile the apples rot. There really must be a better way.
Ha ha, communism? We are literally getting there. No one wants to work, everyone demands WFH, days off, no one cares about a good service or an impeccable product, all they care is "mental health", and their entitlement to the easiest life possible. A few good, concientious hard workers are being fleeced by taxes, lawlessness, shoddy services, bad infrastructure, ridiculous energy prices, so soon, they too will join the armies of "stay home" "mental health" "benefits" etc
No, there are not enough apples for everyone, unless someone gets their backside out of bed and gets to work. You can then confiscate the rich man's apples and give them to the poor. Then the poor realise it is a great life getting apples for free while staying in bed all day. But those who do get their backsides out of bed and work the fields collecting the apples soon realise too that it is much better to just stay home and receive the apples every two weeks. In the mean time the inventor who just created an automatic apple-picking machine and the enterpreneur who financed it, both had all their apples taken away to be given to those who decided it is better to stay in bed. The genius inventor in particular, who had worked day and night for many years on his invention, saw nothing in return, and as a matter of fact no one in management recognised his contribution over a hundred 9-to-5ers who simply clock in and out just to collect their apples at the end of the week. And the long awaited promotion went instead to Vicky the new office assistant migrant from some far away country who hardly speaks the language and has never seen an apple tree. And then you reach the point that the apples are rotting on the ground by the trees because no one can be bothered picking them up before the ants and the birds get to them.
This is probably one of the best interviews I've seen in a while. I would like to see Gary asked about his plans for the future though and pressed more about concrete steps that can be made to change people's thinking about the economy. It's fair enough if he wants to write and sell a few books and carry on with CZcams, but I wonder if he has a hunger for something more. He's definitely someone who could be an increasingly important voice for positive change, if he wants to be. It would be nice to see people like him be part of a (perhaps non-partisan) movement advocating for and working towards more fairness in society.
My dad aged 88 has hardly turned on the heating since December 2022 because he's scared of the costs. He has a good pension and received the winter heating allowance, but every night he'd watch the news and all the talk of the so-called energy crisis, so was worried sick he'd get a massive bill. He said it reminded him when he was a kid, just a coal fire in the living room for heat, the windows in the bedroom frozen with ice and cold and damp bedding. But that was back in the 1930s, today its 2024 and this government is pushing us back to the times of Dickens! How has it come to this? Energy crisis? So how come the energy companies made billions the last two years in clear profits? Cost of living crisis, yet the supermarkets are rolling in millions in profits. Corporate greed at a time when it shouldn't have happened and shouldn't have been allowed, yet the Tories did sweet FA to soften the blow. Instead throwing taxpayers money at the problems instead of telling the corporations to ride the storm and use their profits to keep prices down.
I bet a lot of the 'inflation' money was diverted to fund the 'forever' wars. There is always a money tree for that. Inflation is just another stealth tax.
British Gas from 74 millions last year to 781 millions pounds profit this year. Crisis, what crisis. It is a boom this country has never seen before. Never waste a good crisis when millions are with their back to the wall in.
It’s all theatre, Westminster, democracy blah blah blah. Anyone who thinks it’ll be different when Labour win is deluded! The only way it changes is if WE SAY SO, but the masses are plugged into MSM propaganda………….
It's disgusting how much profit British Gas has made from purer misery. The Conservatives are only interested in looking after themselves and the rich? They have all the mainstream TV media in their pocket peddling propaganda shit with constant gaslighting of the general public. God help us if the Conservatives get back in again
When the canvassing MP knocks on your door, ask them ....' What are you going to do about wealth inequality?' They are not going to say Great Question. Most probably don't even accept it exists. This is what must be asked by the people of the UK. We need that question asked in House Of Commons QA time.
They aren't stupid enough to pretend it doesn't exist. They'll just tell you they care deeply about it and it's something they'll tirelessly work to reduce. They'll just lie.
Not asked, repeated and repeated again and again, until it sinks in, the issue is real. It does have to be true ,but if it get repeated every day and many times it can't be ignored easily.
At elementary school we got to play in the woods next to the school. We built a village out of sticks, grass a stones. It got pretty elaborate. We had people who specialized. Some gathered grass, some were good at finding the right sticks etc. After a while we introduced paper money chits. Gave everybody a certain amount to start. Then we noticed that all the chits accumulated in a few hands, and the game slowed down . To fix it we issued more chits to everybody. Then the same thing happened again. Lesson , if the consumers can’t get money the economy stops!
Mind Begs the Question: - Hitler propagated Jews unsafe to German Culture,Identity - If Western Politicians,Govts propagate Muslims unsafe to Western Culture,Identity - Western Govts lead by Neo Nazis,no?
As a huge believer in the free market and capitalism, this man's polemic speech is a hammer blow to highlighting capitalisms biggest flaws, he has the background to back his rhetoric, I will definitely get his book. Will also subscribe and will go through his youtube channel, a new convert here! We need more people like Gary in politics, especially as Westminster currently has a dearth of talent, ideas or vision.
Capitalism is full of contradictions it is out dated for humanity. The reason that equality dropped after ww2 is the exsistance of the soviet Union which eliminated the capitalist class as a result western capitalist class feared the sane could happen to them and offered concessions to people demanding them
Markets are good. Capitalism if used with control can benefit everyone. The free market since 1979 has clearly been structured to benefit a tiny elite and nothing better illustrated that than 2008 when the super wealth made bad bets and yet were bailed out by everyone else.
I agree. The Tories are totally corrupt. But just wait until Labour are in power. Then will will see incompetence reach unprecedented highs and we we look like a third world country.
Strongly disagree. Sunak has enough money and wealth and would be far wealthier if he was not in politics. Sunak and his wife are sacrificing to help the British people. Plus Sunak and his wife are only two or three generations from poverty. Poverty is a living memory for their family.
Why else would he take a £200 grand job? it's like playing Roulette knowing where the ball will go! Place your bet then make the policy that makes you rich!
I really love the fact he says he’s made millions from betting on inequality because it immediately neutralises the argument the ring wing press use “well your rich as well! Why should we listen to you!”
I have been following Gary for months now he is awesome can’t wait to read is book His voice is so important, I hope more people start listening to what he as to say and stand up for themselves Total respect to him and PoliticsJoe✊👏👏
I always hear the argument, "If you tax the rich too much they'll just move their money somewhere else and avoid/evade the tax", I feel like it's a bit of a cop out to not even try though
Thing is they can't move if they wanted to because all of their wealth is tied to properties and assets within uk and since they are super rich, they have lots so it would be a pain to sell it all. What are they gonna do move their houses abroad??? 🤣🤣🤣
It is a cop out, UK is a tax haven for wealthy, nordics are super high tax, and most other Western European countries have net asset based wealth taxes (Spain, Portugal, France, Belgium, Netherlands, Switzerland). Tories and wealthy just don’t want us to know. You don’t need to bankrupt the rich, just skim a little from the top of their ever growing assets.
well, it's far WORSE than that. you cant fix the OPPOSITE problem until you do... wealthy foreigners chucking their money into the property market WITH NO COST is a huge part of the problem.
Really enjoyed listening to Gary, a sharp and straight-talking guy. It worries me even more now to see how unaligned the politicians really are to the entire country. They come up with their own ridiculous ideas and just end up wasting public money and don't end up fixing anything. We are too far gone to be able to fix many of the issues.
Gary, the banking millionaire who now helps the poor, exposing the system that brought him his wealth but only after he’d made said wealth. Ridiculous.
@@youmustmonthebifftime for you to do a little research and get his back story. He’s doing more to educate people than the prime miniature who inherited most of his.
This is such an important video, I can't begin to explain why. I've followed Gary since his very first CZcams upload. I thought he'd given up when his channel went quiet. Little did i know, he'd been busy writing a book. Im so happy that his broader thinking is finally catching the attention of the people that matter and are able to give him more exposure.
Let’s remember that one of the most valuable assets the rich have is our politicians and media, who do their best to portray the minuscule policy gap between our main parties, all of which are still just the same failed status quo, as some kind of meaningful choice. We live in an oligarchy and it’s time people woke up to that fact and starting behaving as that situation demands.
I'm no economist, but even someone like me can see very clearly where the economy is going and why. Gary may have his head in high finance but his roots are firmly planted in the place where he grew up. He knows what poverty is, and that's something that can't be unknown. That's why people will listen to him because he speaks their language ie no snobby bull-shit. It's not a bad thing to be the good guy, Gary!
That is one of the best interviews I have ever seen. Sure, it speaks to what I believe, but to see an expert, interviewee, commentator, how ever you'd like to describe Gary Stevenson, actually get exasperated, not because they've been hoist by their own petard, or the interviewer has skewered them with questions showing their duplicity, but because they give a shit about what they are talking about is a rarity and a treat. Thoroughly illuminating, enjoyable and terrifying. Congrats, Ollie. A great interview, but it does make me wonder how you recovered from it? You had that 'Oh shit! There could be no stopping this' look about you as you were clearly thinking through parts of what Gary was saying. Great job. All the very best to all concerned. Cheers, Dave PS I'm so pumped up I'm off to storm the Bastille. Anyone else? 😉
Outstanding. A long form interview conducted and presented intelligently, cohesively and with incredible observation, with attention to the details that really matter. Gary and Olly - you understand and speak the truth. This is a legendary interview.
Add to this the Vimes Boots model of economics and the inequality is even greater as you move down the scale. It's expensive being skint. This isn't Dickensian Britain - nobody's building poor houses.
I worked in international banking, macro and the public policy interface during the GFC and after. Gary doesn't quite name it but there are two circulatory systems in play, the financial system centered on central banks, and the real economy based on - essentially - Main St. Each has their own set of economists, ie holders of doctrine, readers of rune stones and entrails. The disequilibria became clear in 2005-07 with asset price and commodities run-ups, then implosion. Bailouts for the banks, foreclosures for the masses - in simple terms. What people often forget is that new and innovative policy directions get pocketed and banked by those who can - ie big money - and they cycle their rationalizations back around to maintain the advantage. Banks loved QE and ZIRP, and kept the vast bulk of funds in reserves, not circulating into the Main St system, so it took 10 years to figure out via systemic shock that this was a market response to exceptional policy, not a new immutable law of monetary policy, fiscal settings, and inflation expectations. The name of the game is financialization. It is the massive tapeworm of financial capital feeding off the real economy.
Great comment. Over most peoples' heads unfortunately. Did not most of those funds end up inflating the price of stock-market assets? Genuinely curious, since that is what I saw happening to the indices.
A bit ended up in stocks, a lot was intermediated into the non-bank system (hedge funds, VCs, speculative crypto), a lot was traded back and forth in IR derivatives and risk instruments, and some got hoovered up by the biggest money managers to do whatever the hell with - buy up foreclosed homes, ETFs, international index funds, green stuff. BR didn't end up managing $16T overnight, but still, here we are. There are two very serious problems with this: non-bank FIs are unregulated (compared to banks), as are derivatives, and monetary policy breaks down at the zero bound of interest rates and massive QE. The money system just doesn't function with the usual boundary conditions removed. So it's fine while nothing really happens (see M2V - monetary velocity from 2009), but as soon as something happens like a supply shock and inflation breakout, policymakers have no frikking idea what to do.
"The name of the game is financialization." Varoufakis made that very point a decade ago, IIRC. It is good, though, that the point is made again. He's also, largely, right, I think, about what he calls Technofeudalism... But it's often late at night when I get peace to watch his videos... (and become a serf to the platforms upon which he appears...)
Agree with your last sentence. Well they’ve nearly stripped that carcass clean. Gary actually explains in simple terms the difference between the economies on another vid. Which made me realise a lot. When you have fascists changing the rules for themselves and their mates it’s hard to break it. England has one chance I think. Possibly voting Green scupper both red and blue tories. Not impossible. Good luck to you all.
A kid from a council estate could have the secret to Nuclear Fusion in his brain, but if he's forced to work at Deliveroo to make ends meet we're never going to find out.
I often wonder, how many Einsteins have we missed out on because the vast majority of people that could have become someone like Einstein did not have the opportunity to develop themselves because of their economic circumstances.
I was expelled from two schools for being bullied and raped at school. Everyone talks about my attitude we’ll try being that little girl locked in a garage with oil and a head injury being gang raped by two cousins. Not allowed into college or uni to become a nurse. Recently found out I have the IQ of 128 a genius. All my life I wanted to study to become a nurse. Instead I live on disability benefits after my mother pushed me down the stairs after my first expulsion. Her and her brother put me in the back of a van to get me to the next school. In school I was classed as the trouble child and my rapist is with a teacher at the school. Women don’t matter because they can work less physically than men when building businesses yet women are mere care givers for a short time. The economy survives on what we do and what we make to sell to other countries- we don’t have enough workers to keep the slave system and people living on benefits when they won’t work for their money. We are obviously paying too much for our government and that is our debt. Our nhs and we don’t work hard enough for it according to sunak. They can go fuck themselves. I haven’t had my heating on for over two years- I use one room in my house because the neighbours are alcoholic dirty and loud so I can’t use my living room at all. I’ve had my tyre slashed and car scratched costing thousands of pounds and I’ve not long moved into the area. Clean police record for 39 years and now been to court three times for assault when I’m trying to protect myself from more harm. We aren’t allowed. We have ONE punch to protect ourselves anything over that is assault- 😂😂😂 they are a load of con men. They are playing a game of monopoly backwards and we can’t even roll the dice in the first place. A genius and the schools can’t and don’t want to teach- why is that??? They expect us poor people to get shot to protect their mortgages thats why!!!! As if any teacher would send their children to war. We are nothing but slaves and target practice. America makes all the money from war. How many people do you want us to house for free???? Half the world is here already living on our tax. Asylum seekers get free heating in hotels whilst we are forced to pay £40 a week for our own too. The more people that need to survive the more profit they see because we will all fight over the last piece of bread for survival and they know this. They have us all on strings. Children that can’t get to school punished, parents punished for trying to enjoy a life with their children- children bullied by the teachers in front of other children- teachers will hug their favourites and bully the rest. Men not paying for their children or their rent whilst growing up having to rely on other people’s tax. Yeah it’s a mbas world and they will do what they want when they want. Why would I leave any of my children in someone else’s care? Why should I work hard to pay someone else to care for my children? Whilst I work for less than a wage because I have to pay the childcare?!?! They make it all about money well it makes so much more sense to live on benefits when the rent is free £150pw or 10hours a week work- council tax- water- travel expenses to and from work- no police around when you need them, teenagers committing suicide because they see the future and life for what it is. We are discriminated against and people love other people with power and money so they can lift eachother up whilst tearing another apart just for fun. Pedophiles allowed to live next door to schools where they already tried raping a few girls but allowed to stay and be out of jail simply because he worked for the council????? What the actual fuck. That’s the way they want it. Total freedom to rape children and women not only if their body but their confidence, their money and their lives. Men don’t make the money- men’s jobs survive from women- builders because the divorce- truck drivers to deliver food that we shop for and pay for that gives them a wage. Think about yourself and your neighbour as two different countries- would you allow them to stay at your home which is overcrowded as it is when their home is safe right next door??? No!!! Nor would I buy you would if they did your cleaning cooking and paid you to do it- well that is exactly what and how it is. The government will allow them in because they should be working and paying into government wages meaning they’ll be paid more and it’s done at our expense. Polish men given jobs in this country and it’s advertised in Poland for accomodation included with work and travel expenses etc etc to work in our local factories. Taking away from locals to bring in cheaper slaves that will work harder but aren’t as good. Their behaviour is taking us back 100years. I’m locked in my flat because of all the problems other people cause me. It’s literally so funny that men still think they earn when they survive off women and women working hard. If a man works he hasn’t got enough wage to pay all the bills plus children plus what his wife needs- clothes a day out etc etc. if women don’t work then that’s another woman’s debt not another man’s debt. Women save the economy billions in care costs- why? Because they are doing it for free they just don’t realise yet. It’s all abusive to us.
Agree - look at the regurgitation of culture, theatre musicals from films, it’s because the elites that own culture have run out of imagine and new ideas but won’t let in new fresh voices - it’s grim on so many levels, literally being born rich is the only hope a child can wish for, it shows how far UK society has fallen, the shady Michael Young and his Young foundation are / were wolves in sheep clothing, I think all those charities are total scum
Great podcast Gary Stevenson speaks from the heart as a boomer couldn't agree more on the last statement I worry about my grandchildren every day as the country goes to the dogs.
"There's good people who are rich..." - yeah, it's not about good people or bad people. Just like if you have a high income, you have to pay more income taxes. If you have a huge amount of assets, you should have to pay taxes on them. Whether you're good or bad.
Love Gary Stevenson. He's a true intellectual who has not only walked the walk by working in the industry, he has the qualifications and experience to back up his credentials but more importantly he is relatable coming from humble beginnings.
@@ProperGander17 that's his background and he should never, ever apologise for it. Big hint of snobbery there. Would you prefer he talked like the landed gentry, or the Eton gang, or "received English" like wot they used to have to talk to get a job at the BBC? 😉🙄 🤣🤣🤣
@@sebbar Why should he? Our upbringings and life experiences make us who we are. It's important, but I see the points made and the picture painted will always whistle over narrow-minded, unimaginative heads. 😉🙃
@@marierobson8144 it's clearly contrived as is his use of the F word.. Don't trust anyone who went to LSE either. A major establishment and finishing school of the elites that run this world.
Indeed, I've said for a decade that we are a decade behind the UK (and the US) in the decay. The same rot - neoliberalism - but for us it didn't take hold until the early 90's.
And if you spend any time in the US you’ll see they’re a decade ahead of us here in the UK whilst we are maybe a decade ahead of you in Sweden. So unlike the US we atleast can see the warning of what’s coming if we don’t change course.
True, it tells us where things will head if we don't manage to change course. I have been living in egypt for a few years and the inequality here makes europe seem like a utopia
@@jackkruese4258 I've spent a few years in both the UK and the US. People don't see anything coming though, they buy the usual big money and fascist propaganda. Nah, very, very bad things need to happen before anything will move in the right direction. Like black death bad things.
I didn't knew this dude before but his message is so clear and powerful that it should be heard by every single person on this planet. He is absolutely right in everything he says. Unfortunately I don't think there is going to be any kind of hope for optimism that this truth will ever be understood by the society anytime soon. We are screwed.
I have been following Garry since he had a few thousand subscribers and for the longest time it was going nowhere, no one was interested, but suddenly it took off. I guess the time had come that people were ready to hear the message.
@@piccalillipit9211 what message "we must tax the rich!! oh by the way by my book because I need the money!" keep educating yourself, perhaps away from idiots like this person
I knew a man who sold handbags on markets. He told me "If you give a rich man £1000 he will bank it and collect the interest. If you give that same £1000 to 100 men they will spend it in the economy".
And isn,t private finance required for so much needed new infrastructure?You could make an argument for the need for Philanthropists. No Ffff,s in that. This is also about morals and values, security and safety, attitudes and behaviour. Those who save will carry on saving. Those who spend will carry on spending. This is one whole big discussion. And if the spending is simply on just more stuff, what will we do when the energy runs out? The relationship of energy to climate security elsewhere.
Worthwhile, high yield investments are generally not offered to Joe Public. Ordinary savings accounts lose against inflation. Many hard working people are genuinely struggling amidst this intentional chaos. There is no cake or handbags. Soon, there won't be any bread - just the circus, online only.
Its not that simple - theres nothing wrong with generating interest is it invest in businesses that are genuinely productive and employing people. The problem is when money is used to hijack the low-middle classes through property ownership / lending etc.
@@allislove9890 High return investments are available, but they carry high volatility - you can only stomach that if you have enough capital. Plus most people are so badly educated about money, and often could use it better, getting burnt with cowboys running bitcoin etc.
I'm so pleased Gary is back making content, I was worried the 1% had done him in lol. Thank you for what you are doing. I repeat the same messages and u care abt the man/women in the street. What you do to help educate the people is truly amazing. I used to believe the mantra u can't tax the rich or they won't stay but I realise now that that was the narrative given to us from the media. Turns out it's time for revolution. Thank u so much gary
I remember I did an analysis of the financial services industry about a decade ago, where I looked at its proportion of GDP and its level of employment. Between 1996 and 2015 or so, financial services increased its share of UK GDP by about 1%, year on year, with the exception of 2008/2009. However, over that whole period, employment in that sector remained about the same, in total number. So, productivity, as measured by income to the sector, was increasing, but none of it was going to increase employment. Meanwhile, other sectors were stagnating and shedding employees, sometimes because of the bets made in financial services.
I'm a member of a canoe club, and last time I was there one of the guys was complaining about the fact that he was going to have to sell his rental property, cursing recent regulations for making it untenable to be a landlord. As someone who was trapped in the private rental market into my mid-30's, all I could think was "good."
Paying more attention to our downfall since 2016, this conversation calls out the main problem in plain terms. It is wealth inequality. He touched on the period after WW2 being the anomaly where people were more financially equal, what wasn't mentioned (at least I didn't catch it) was that there was a hefty wealth tax (at least here in America) all the way up to Reagan's presidency (which set the stage for our current nightmare world) Raise taxes on the dragons sitting on the piles of gold. Build a society worth living in.
I recall reading something (apologies I can't remember who by) that has stuck with me for a while now. It suggested that part of the motivation for wealth redistribution after the 1945 was that there was a competing economic model (i.e. communism and the Soviet Union) and by relinquishing some power to ordinary folks it would help stop them being suduced by communist ideals. Without a competing economic model (other than totalitariasm/authoritarian maret economies) there is little incentive to deliver this again
I love the simplicity with which Gary cuts through narratives and framings which obscure the most urgent issues in what's generally referred to as 'our economy'. Would really appreciation it if he would do a video specifically about the issue of developers leaning on communities to accept the production of less and less livable housing 'to alleviate the housing crisis', when in actual fact the downward pressure on housing quality only serves to increase the inequality which causes the disparity between housing need and housing provision in a ratcheting effect. I've seen so many communities who oppose extractive and unsafe methods of development in their area vilified as 'NIMBY's, or councils who insist that planning promises are kept to, painted as overbearing and out of touch with the public desire for this basic need to be met, when in actual fact it seems to me that decreasing housing standards to increase the profits of out-of-town entities who then move on to their next meal (leaving communities and councils to deal with the longterm social effects of substandard developments) is a function of the formulas he speaks so eloquently about. Forgive me if this video already exists! I'd be grateful to be linked to it if so 🙏.
32:30 just to mention at this point. I live in a two bed house which I own. The biggest house in the street I’m on is owned by someone who doesn’t live in the UK and doesn’t live in the property. It’s an asset.
Or maybe listen to Steve Keen or ARC with Scott Tinker that keys in Economics, Energy, and Environment and their interdependent relationship with security in all 3 fields.
yes and then your parents have to sell their house to pay for the care they need at £8000 a month!!! So they can’t pass money onto the family. Bullshit
Listening to the house price segment - one answer is to take ownership of assets (houses) out of private hands. Here in the UK it may well be that we start building again social housing bought and owned by the state then rented out at reasonable rates. We have to find some way out of this spiral of asset prices.
I’m under no illusion that if I was a single parent and a nurse I’d need to use a food bank. I can barely cover my bills rn. It’s getting worse as holidays are getting more expensive. All the things I work for to make my life better are unobtainable. It’s dire
@@jimmyboyd817 i.e. we need to keep running on the hamster wheel faster. Doesn't work. Many Americans working 2, 3, 4 jobs just to pay the rent. We need to change the system. We need a better system. Currently it is (literally) the game of Monopoly. If you remember, there is only one winner and all the rest are losers. This is how the Capitalist economy works. As Gary explains, its all about distribution, we need to do actually do some. Paying proper wages would be a good start. Taxing the rich used to work about 80 or 90 yers ago, but not any more. We need a better approach. Lesley is alluding to a deficient (broken) system. I appreciate that you are trying to help Lesley's individual situation, but that was not the point of her comment. There are many many people in such situations and there aren't that many "side-hustles" out there. And how much time, work, risk, cost do we need to do to be able to live? How many jobs do we need to work? 2, 3, 4? How could we get by with single-income households (and more kids than now) back in 1950s, 60s, 70s, but not now with all this wonderful high-productivity technology?
@@bytesize_video he is no banker - cmon just listen to this guy. zero proof of his credentials and zero proof of anything... he is so dumb he thinks taxing the rich works 🤣 he claims to be good at math, genius at math and yet he is writing books🤣🤣 then does not realise how if you do a simple formula on the richest people in the UK and divide their NET WORTH.. so liquidating al their businesses and loss of employment and productivity by the way - the uk population get a ONE TIME payment of £3k roughly per person🤣🤣 - this ASSUMES it goes direct to the public..... but NOOO it will go to our lovely GOVT 🤣🤣 - anyone waking up yet?
Gotta love Gary's passion. Depressing though; a major decline in living standards, shrinking public services, institutional collapse, food poverty, fuel poverty, social insecurity, poor mental health, rising rents, migrant crisis, record immigration, stagnant growth, depressed wages and job insecurity and yet no one in government is suggesting any viable solutions. Gary seems to be suggesting solidarity amongst the working people forcing more targeted taxes aimed at the asset classes. Shame neither party is seriously discussing this.
You mean the House of Lords? House of Lords should be filled with people with a wealth of knowledge and expertise and Gary should be one of those people
@@Grandude77 yes, except it can be elected like both the Senate and House of Representatives. Although it doesn't really make a difference either way until the swamp is totally drained at all levels
The more data I learn about a variety of social, economic, and political issues, the more I recognize that average-basis (or median-basis) analysis is creating a materially misleading understanding of the world. I am fully convinced it's driving the disconnect between what economists in ivory towers tell me about the US economy versus how ordinary folks feel. Thanks to Gary for discussing these issues in a clear way.
Back in the 1970s in the US, we had laws banning private investors from owning more than a couple of single family homes in any one city or state. Owner occupancy was the goal. That goal was jettisoned with the implementation of Reagan/ Thatcher neoliberalism in the 1980s, and here we are!
I was a home owner (a unit as I knew early on I could not afford a house) and while having the security of a roof over my head was solid, at the end of the week I had a spare $20 or so after paying bills, council rates and food. So I had security but not much for anything else. Would take 6 months to recover from Christmas. Wisely I did buy close to the beach in a Sydney suburb so I could go for swims for free and when I did sell 10 years due to divorce and property settlement it had doubled what I paid. Now I have some cash flow but no secure housing. 🤷♀️ and with property rising more than bank interest I worry I won’t get back in the market. I have a daughter and I would like to leave her assets.
Brilliant interview. I come from a family that sets a huge value on education. Gary's take on economics education was fascinating. It's weird but I have similar observations in my fields of Maths, Physics and Engineering. Firstly, maths can obscure genuine understanding by focusing too close and preventing the wider perspective. Secondly, education is used to teach a narrow aspect of whatever subject we're studying with little or no appreciation of alternative views or the history of how currently accepted standards were arrived at. That's weird in any sort of numerate or science subject because it undermines the scientific method. It is clear that economics has been deliberately narrowed in scope to limit solutions that can be proposed. We can force change but it looks awfully stuck and bleak at the moment. Must buy the book!
Maybe look at the French predecessors to Adam Smith. Francois Quesnay. Wealth comes form the land. When we have drought or flood, crop failures and no mitigation, will will all be hungry.
Funny thing... I don't think you can dissociate maths and engineering... I used to have a manager who couldn't perform basic maths needed back in the day, to calculate the point at which two elements in a CNC machined profile... In the absence of ability to calculate, he made progressive guesses at the intersection point's coordinates... Which worked for him... I insisted the calculation was easy, and he asked me to write it down rather than explain it... I printed it out from my pocket computer (an early Sharp, with a printer) He could neither understand the notation or allow me to explain it. (up arrow for exponent, for instance) When he asked me to perform a calculation, I did, then he insisted it was close, but not exact... He had to "tweak it" he insisted. I saw the figure in the program was the one I gave him... Mathematical ability is a trustworthy friend... But GIGO! With garbage data in, and a correctly designed algorithm the answer's still garbage...
@@briskyoungploughboy Agree. Steve Keen has it. And we wonder why the farmers have been protesting all this time. And Uk /DEFRA missed any reference to food in it,s recent post Brexit policies.
I don't like his ideas.. too into using government force and violence to steal things from other people. Talking about taxes and stealing from the "rich". That's not a solution ,that will just cause more problems. What we need is to go back to capitalism, get rid of minimum wage, get rid of central banks. Let the buyers and sellers set the prices, get rid of welfare. Talk about things that ACTUALLY help the economy and grow the economy, not about stealing and taxing.
When I left school in 1962 a reasonably skilled man got say a pound an hour sort of money. £40 a week. With that you could buy a house run a cheap car and support the at home wife and a kid or two. Little flat about a fiver a week. I did most of that stuff. Oh and you could furnish with antiques if you wished. Could he do that now? My barrister friend says he earns six figures but could not buy a reasonable house in London.
ooop wait for him to be called a champagne socialist and failing that an anti semlte. as happens to anyone with even a little money that cares about the plight of the poor. and itl work. it works every time. working class voters will turn against gary with enough of a smear campaign.
Gary is the type of expert we need on BBC. Instead we get the goons of right-wing think-tanks spouting the sort of BS Liz Truss engaged in that tanked the economy in 6 weeks.
It's a clown show. These people talk total bollox. Richard Werner revealed in a recent YT video that BlackRock decide inflation for governments. The politicians are gophers reading scripts. Meanwhile we are led to believe in the right wing bogeymen (and lefty loonie will be rolled out like it was in the 70s and 80s).
Fantastic Gary, straight talking and right, exactly what I've been thinking. Now all we need is a political party that realises this and has a plan to address it. Would be interested in what Gary plans to do to solve it, how we, the public, may be able to help together?
From what I understand, we have moved into an asset management society, which is one of the causes, if not the main cause of wealth inequality in the UK and worldwide in general. Wealth is being siphoned, sucked snd stolen out of public services, infrasturcture, essential services including transport, water and energy. This has a huge negative knock on effect on the cost of living.
Sheffield University economic department published a white paper some years ago trying to determine what is actualy happening with money in the UK, it estimated from 2008 to 2018 at least 5 trillion pounds has simply vanished out of the UK economy. TLDR; the wealth that is generated basically goes to London then it vanishes through complex networks of shadow banks and offshore corporations. It would appear we are being strip mined of wealth and have been for decades, money that should by all means remain in the UK to encourage development, prosperity etc is simply being removed. Basicaly why we are now in this situation.
Being hollowed out. That is indeed what's happening. People sadly don't understand it though. It's a parasitic economic system, eating us alive from the inside out.
Exactly. Can't close tax loopholes or simply get rid of non-dom status though.
tax heavens babe, why do you think the rich got frontmen like Johnson and Farage to get Brexit through. They want tax havens open for business. It will be impossible under the EU rule soon.
Spot on .. most people have no idea!
It's all through futures trading - none of the money gets invested in shares or real value, instead the real money being traded is earning profits by speculating (i.e manipulating/rigging) the flucuations in theactual stock market.
there is no incentive for the price of shares to contin ually increase, as this does not allow for futures trading. Therefore, instead of purchasing shares that add to a companies value, the vast sums of money are spent on virtual 'tokens' that add zero value, and in effect siphon the value from the company itself into international private an institutional hands.
The whole point is denying the average person any scraps off the table, as the cost of shares stagnate, while the rich make mad money in the process...
Gary Stevenson is easily one of the most important voices in Britain today. Thank you so much for sharing this interview PoliticsJOE
You mean the guy that made millions through dodgy trades in the city and only after making said millions, decided to expose how corrupt the system is? Noble.
@@youmustmonthebiff It's not really relevant whether he's noble or not if what he's saying is correct.
@@youmustmonthebiff That's such a stupid non-argument. He never said he was good. But he is sounding the alarm bells and you don't want to listen. Choice is yours, you want living standards to fall that's fine. Don't expect to be popular and don't expect people not to think you're a fucking idiot for thinking that.
@@youmustmonthebiffyou mean he has a proven track record that he was actually right?
@@youmustmonthebiff which "Dodgy trades"?? WHat's so dodgy about them? He traded interest and did so by betting on the economy never recovering. Nothing dodgy about it. HMRC would be on his case a LONG time ago.
I'm a Brit living in Eastern Europe, it is no problem at all for the average earner here to afford food and heating. The Tories have inflicted such harm on the British people that former communist Eastern Europe is a more comfortable and easier place to live. Let that sink in.
If current trajectories continue, Poland’s economy is set to overtake the UK’s by 2030.
Agree. Because they’re extreme fascists who just don’t care about their own population. Which is in fact a legal criminal offence. The poverty in England shocked me when I saw it. Yet ppl believed Johnson et al.
@@Sam-dc8du as a Pole, I'm sorry for you, but can't help but cheer for this development
We need a Fair (PR) Voting system, Right To Vote at 16, Automatic Voter Registration & Compulsory Voting. You need a fair political system that affords you the maximum chance to give Left & Centre-Left political power. Words & protest is not enough.
Not for long. Real estate prices are tripling everywhere. Try buying 250 thousand euro apartment on 900 euro salary.
As a Brazilian I can confirm... You do not want our kind of inequality. More people should listen to Gary.
They can't that's the fun part 😂😂
Grew up in South Africa, it always makes top 5 most unequl countries in the world.
I concur.
Once u have this kind of inequality....it brings many horrendous problems.
@@bigthangz5489 Once you have this kind of inequality, you leave the country, simple as that.
@@MrMadalien how do you suggest doing that when you have no money?
@@anatolydyatlov5196 Uh, you just walk/ swim to another country. Especially as a british person, you will have an easy time getting a residence permit wherever you go.
Lost my house because of 2008, now live in a mouldy private rented one bedroom basement flat. People should have to listen to Gary, our politicians definitely should. Great guy.
did you have a subprime ?
Gary was probably trading in London in 2008 and contributed to you losing your home.
Nah he was betting on interest rates from around 2010 onwards for Citibank.
But you all get easily bamboozled with stupid inconsequential stories in the daily rags to generate faux outrage, and you fall for it EACH AND EVERY SINGLE TIME. it is so disheartening to see the UK turn slowly into a third world state. I was born in such countries and it kills the human spirit
He openly says he was trading in the early days but part reason WHY he stopped was because of how he thought how wrong it was! He's focusing on raising awareness in why the system is set up to fail Joe bloggs and benefit the super rich.
I come from a very poor background, and I've established myself pretty well. Not quite as high flying as Gary here, but I did quite well eventually, and now run a small business and have a modest level of income and wealth. Very much middle class now.
Gary is the closest person to me in philosophy and attitude when it comes to money, probably because of relatively similar backgrounds. He's not against the idea of making money, but he's against the idea of one group grabbing all the wealth, power and income. If we don't resolve this, we're all in trouble - even the rich, because eventually it ends with revolutions and the rich finding themselves with nothing at all.
💯% Great point!
We need a Fair (PR) Voting system, Right To Vote at 16, Automatic Voter Registration & Compulsory Voting. You need a fair political system that affords you the maximum chance to give Left & Centre-Left political power. Words & protest are not enough.
All wealth in the hands of a few people makes working hard, having ideas and innovating not appealing to most people, since you will not get a piece of the pie anyway. The very best/only selling point of capitalism dissapears.
It's already too late, need to leave England and protect your wealth
Have you looked at Nick Hanauer’s work? You’d find that interesting too. Quite similar points to Gary’s, but specifically predicts pitchforks if we don’t act now.
Economies are moving into the endgame of Monopoly where most the properties are in the hands of one player and everyone else is rolling around the board until they drop out. The solution to this within the rules of the game is to stop playing but that is not an option in reality; you can't stop being in the economy (while still being alive).
I don't think anyone told the super rich that you can't "win" economics, you only push people closer and closer to flipping the board and, while that might make a mess in your living room, it's going to make a much bigger mess in the real world
Brilliant analogy
That's a bloody good analogy (the board flipping) Just a matter of time... Where I live, an estate of homes that were affordable (priced at 2 x working man's wage when we moved in) the homes are no longer affordable, and worse, higher earners move in, and spend a fortune updating them, rendering them less affordable... So, a house built to sell at £8,000 in 1978, sells at £240,000, is refurbished, and is no longer affordable... There are few areas where homes are affordable, and where jobs are available, accessible by public transport or bicycle.
Inflation in the intervening years was 700%, but house price inflated 3,000% Wage inflation maybe 700%/800%? What hope?
The irony in your comment is that the original monopoly was made to show ordinary folk the impact of monopolisation on their lives, in this sense monopoly the game was made as an analogy 🥴
While that's true, it's also true that most of the "secret" ways in which the lower classes' aspirations are being (always were) suppressed... Happen in full view... The techniques deployed by the capitalists/industrialists/bourgeoisie are deployed in full view. From annual changes in clothing styles last year's suit cut? so passe... and mobile phones, etc, to selling jugs of "cocktails" made cheaply, sold profitably for the less discerning, to serving beer in unmarked (capacity marking's required by law) glasses that don't hold a full pint, and serving with excess head... Just look back over the years at all the shiny useless shit we've been sold, that was shortly consigned to landfill because it didn't make us happy... We used to buy music as physical media... vinyl, tapes, CDs. Now, as Bruce Willis discovered, when he investigated leaving his "Apple
Music" collection for his kids' appreciation when he died, you don't own that, only get to use it while you live, can't pass it on... Despite having paid for it... and you can't pick up an MP3 and think "dad handled this disc, he loved track 5..." and it was cheaper to distribute than physical media, didn't need a physical demo booth like the record shops of my youth... The buyer can use his own resources at home to listen before buying...@@fontle2653
@@robertlawson8572the spiral will only continue until a government emerges with the will to stop it.
Unfortunately I suspect Gary's going to be making healthy returns on his bets for some time yet, at least the next two election cycles (presumably Starmer, followed by Tories again because he will fail to achieve any meaningful progress and be left out to dry in the press) and by then it will be far too late for a centrist solution.
Britain has long avoided massively violent upheaval of its political order by facilitating gradual change, but now that living standards are reversing and nobody appears capable to prevent it within the system, I suspect that people will increasingly look outside of the ballot box for answers to their predicament.
Such a clear representation of the basic problem, the rich hoovering up homes and renting them back to you
I agree, but It’s not that clear cut. 20% of average boomers also own substantial number of rentals as their retirement plans. How do we undo that without destroying those “pensions”?
@@jagman999force them to sell. Those homes are worth a lot now. Having a nice 300k or more in the bank is enough to live off the interest. On top of that they have a government pension. Nobody should own more than one or two homes in this economy so I have no sympathy for anyone who's a career landlord. If things were different then it would be ok. Maybe in the future we can allow people to own more, but right now we've got a crisis on our hands
@@gordon1201”live off the interest” - have you seen interest rates? Those days are gone.
Yes, precisely what has happened to Ireland. Hedge funds buying up properties. The plot is even more sinister in UK, '7 flats Hunt', Jeremy Hunt, with his new company tax breaks is to force smaller landlords to buy under the company banner, which makes it easier for large investment firms to buy up stock.
@@jagman999 Firstly, wealth taxes. This wouldn't really affect the pensioner who is landlord because they own one other property but it would affect those hoarding large amounts of assets. Secondly, is you build council houses (or take over private lets). That would lower rents and therefore lower yields long-term but it isn't going to mean Jim Smith's 1 property nest egg is going to lose all value overnight either.
This guys so spot on. Living standards have never been this bad since ive been alive at 47.
From my point of view, gen-x, 80s and 90s were so nice. Even early aughts. 2008 changed everything.
@@dddux90s were a great time
@@alexanderstefanov6474 all of those decades were borrowing from the future and ensuring our kids inherited heII
This guy has got big 5am at the afters energy. Feels weird to hear these conversations without being interrupted by the tapping of a credit card and snorting sounds every few mins. Agree with every word he says though. Spot on.
the comment I was looking for. This guy has definitely seen some insane afters lol
😂
Amazing what seeing the grim future ahead will do to you, even when completely sober
Like a shot in the arm
Gary is on a mission, and he's on fire 🔥
Ah sorry i keep interupting you, what we're you saying again? Ah yeah right right yeah, fuck me this is spot on, he's got bags under his eyes up his nose and down the back of his throat. Gary's played the bugle for so long he's got callused bank notes.
haha well said. i think this might be every night for him.
I feel I’ve been lied to and treated like an idiot all my life. It doesn’t matter how hard I work I’ll never be able to pay my bills.
That's the system. Capitalism is all about exploitation and the concentration of wealth.
As Gary says, we need structural change.
the government steal more of your weath that socialism policy ! the government exploits you more than a corporation
yup capitalism as we have practised it for hundreds of years is just completely insane. its a cancer on humanity and the world.
why do you think so many people are looking at vanlife or off grid
Looking at the Office for National Statistics, under the Consumer Price Index, one can notice that in the last quarter of this year, stocks are not really doing well, especially energy stocks as they seem to be below the zero point. However, I don't know if stocks will quickly rebound as I have no clue the direction of the market. Can I get an advice on any other stocks that I can acquire to diversify my reserve of $200k across multiple markets while creating a comprehensive portfolio.
Consult a fiduciary counsellor; these professionals are among the best in the business and offer individualized guidance to clients based on their risk tolerance. There are undesirable ones, but some with a solid track record can be excellent.
For you to grow your portfolio in today's market, you really need to be coachable and willing to get off your high horses. I for example, have managed to grow mine from $150k to 300% of my initial deposit within the past 14 months just by copying trades from a broker that has better skillset and technical know-how than me.
@@hasede-lg9hj Who is this advisor you are talking about that you work with?
Credits to Annette Marie Holt she has a web presence, so you can simply.
Nice recommendation. Lady looks great seems to know her salt. I am at a crossroads for investing right now, maybe I will get insights from her. What the fee like?
Now this is what I want to see, Gary is finally starting to get the movement started
Gary, the banking millionaire who now helps the poor, exposing the system that brought him his wealth but only after he’d made said wealth. Ridiculous.
Gotta support all we can!
@@youmustmonthebiffso you agree he clearly understands the system and can talk about it with authority
@@youmustmonthebiffwhat’s your problem? You’re commenting negatively about him all over the place. Do you have anything worthwhile to say at all? If not sling your hook and go do something useful- like Gary does.
This is why they don't let people like him in the club. @@youmustmonthebiff
The timing of this video alongside an announcement that the U.K. is recession is impeccable
The UK has been in a recession for about a year. Unfortunately Left Wing Pages like this are miles behind 😂
we was in one over a year ago, how could no one see that lol
We are in a recession since 2008.
Is he a part of the swarm?
What change does he bring to the table?
Another book?
Fabulous
@@ConstructiveMinds100
Ideas are contagious
I think Gary should start his own party and run for PM. Within a few years, I bet he'd be PM, and one of the best that England has ever had.
We need more people like him in politics and fewer Ritchie Riches.
Rich people won't let that happen.
@@Jodeci_millz I think he's still a multi billionaire so... He IS the wealthy.
They'll destroy him
Unfortunately the policy making in many democratic worlds is inflenced heavily by donation from the rich.
the system is rigged
This is easily the best interview I've watched for a very long time, everyone should be watching this!!!!
Discussions of the Covid wealth transfer never highlight how many smaller and community involved businesses were destroyed while the furlough payments spent, were funnelled into the larger corporations, this accelerated the wealth transfer from local business towards global business, further eroding the very fabric of liveable local society.
Great point 👍
Yep, the whole focus was on the moral panic about "lock down to save lives" when the whole point of lockdown was class warfare.
This!!!
In Spain this didn't happen due to a socialist govt. All small businesses were given help. Now we have one of the lowest rates of inflation and economy is better than it has ever been (despite high unemployment which we will always have due to historic reasons too long to go into)
Spain has been taking great strides in good governance for a while now. I also noticed it decided not to cut the UN refugee agency money after most of the western establishment did which shows how Spain has a much higher sense of integrity than a lot of the Northern Europeans who like to lord it over everyone - Viva España!@@hypatia4754
I've yet to listen to a more authentic, honest straight talking young man. And his courage, to come out and try to help the everyday person who's not really living.....more SURVIVING, is really humbling.
You reckon life was supposed to be easy and these clowns are telling u the truth. LOL
Lot of effin and jeffin in this video, in others he doesn't do it so much
@@murdock6450 People didnt suppose life would be easy. They supposed that life would be as easy or easier than the life of their parents. Instead, everyone is struggling more than they used to, more than they need to.
You are playing defence for the people siphoning off money from the UK into their offshore bank accounts, and for what?
@@jambott5520 Stop crying
Please, please get Gary on every LBC radio presenters time slot.
This wonderful guy who has dedicated his time and energy for the last four years.
Love Gary Stevenson ❤
Thank you Oli for promoting Gary's intellect and foresight ❤
Never get it past the regulator with a foul mouth like that.
LBC….please, just have a quick look at who owns LBC (global media and entertainment limited) Gary discussing wealth inequality on LBC, a platform owned by the very people he’s pointing the finger at!
The only people that stop this is US, but we’re all fighting with each other over pathetic shit!
Look at his videos, he doesn't swear.
@mal6232 and I struggle to really understand what he is saying.
dont you know he is Jonathan from Harrow on the nick abbot show ....
Think you for this video. Real insight. My situation, I'm working full time as a lorry driver, spend 5 days on the road while my partner takes care of our child. She lives at home with her parents, she works part time in retail, while our child is being looked after by her disabled mother. When I'm not living in my truck I'm living in my caravan. So depressing, its unbelievable and I'm starting to lose all hope of a bright future ahead.
Keep going/ Nothing stays the same forever
I’m so sorry, you deserve so much better.
Leave the country, go somewhere where there are fewer people. IN the UK nothing is going to change coz money printing and immigration are out of control. You have no chance for a home at a normal price.
Have faith.. things will turn around. Nothing ever stays the same forever 🙌
Your situation is not right, there is no accountability from govt. Earlier comment summed it up, elderly scared to use heating but British gas profits skyrocketed.
I'm sure thints will change, people can see what's going on more these days.
It is refreshing to listen to this. Whilst I have none of the knowledge, training and experience that Gary has, I have been saying much of what he is saying for some time now. It’s the reverse of “trickle down economics”, “bigger bath economics” that’s at play here. It is a fundamental fact that policy decisions have accelerated the transfer of wealth from less well off households to the wealthy.
It’s my opinion that the current government have essentially been filling their and their backers’ pockets since the opportunity that they saw in Covid-19 arrived.
I am aghast that there is none of this clarity of exposition from any other political party right now. It saddens me that there is so little ambition in UK politics.
💯
I've said for the longest time that the UK has so much in common with where Germany was pre WW2. Very refreshing to hear someone pointing that out.
Well it absolutely hasn't and a total nonsense to even begin to think like that and a shocking indication of an unmitigated lack of education on that subject matter.
Not just UK... all of Europe. I've been saying the same... I feel we are in pre WW2 days. World is becoming sinister. Biggest threat in my view.. is klauss schwabb WEF.
'YOU WILL OWN NOTHING & YOU WILL BE HAPOY'
- Klauss Schwabb.
The really scary thing is so does the U.S.
Absolutely the growing support for Reform proves this
@@apollomemories7399 well it is a former power loosing world influence with it's economy shrinking and no political direction with rising inequality leading to people going to more extreme ends of politics for answers. These are facts that are the same between the two sorry if you feel different. Is there anything you can point out is historically wrong here?
Gary, u are not wrong, ive been saying for years that Brexit and Trump weren't about Brexit or Trump, they were both about the financial mailise of the working class and middle classes.
I am lucky enough to own a flat in east London, the freehold is owned by Lord Astor, who won BILLIONs of pounds of property in UK held in offshore Adriatic Land (oil rig in Singapore), They employ insurance companies who charge us 500k to insure a small block, 6.5k for 2 bed, because a large developer builds it and cut corners. It is all for the super-rich run by the super-rich and they are . Media and government bodies, and regulators are only in place to maintain the status quo for them. Gary is right, poverty and super wealth exist side by side, all while the diversion tactic of the government to not fix issues in UK is let them happen, telling u that is the problem when they just could not give damn to fix the problems. Procurement of services in NHS is filling the pockets of the rich. No leaders in politics today, all fronts for big business. Why do they all run off to JP Morgan or Chase to speak for millions. Tax the super rich
The EU is a globalist extortion racket and centralised power grab...thd EU is the establishment, hence the crestfallen wailing when we voted to leave. Get a clue mate. Same with Democrats in the States who own entire media and big tech for their activism. Biden is currently destroying the USA after stealing an election
@@stephenc7428wow fucking hell
I have a confession I watched one of Gary’s videos just before I was supposed to be on shift. I was soo depressed afterwards I couldn’t go. As a nurse watching the demise of the NHS and still not being able to pay my bills at the end of the month,despite working hard, I couldn’t do it.
The rot is irreversible Gary it’s too late
Brexit was a project of the rich to avoid tax. Unfortunately working class and middle class people were persuaded by the Right wing media that it was all about them.
This guy hits the nail on the head with everything, he’s walked the walk and now talking the talk. These are the types of voices we need influencing decision making…
As someone who bought a house in 1987 and has seen it increase in cost by 10+X, but in the same time has seen wage growth of half that its hardly rocket science. You only need to play monopoly to see what profiteering of housing and utilities can do. The UK has been seriously harmed in its output by high utility costs , investing in generation by the people for the people was needed. A bit like EDF for the French government. Water and Electricity are life essentials and not for profiting from.
Your house value has doubled each decade since 87.
people in this country are treated like cattle by foreign companies, the government sold sources of essentials, and that's the result of it. The last thing left is the NHS. Once it goes the country will collapse. You can see it already by looking at number of long-term ill people of working wage, There are millions of them and nobody to help reasonably quick. There is no return from this, not even immigration will help as there are not enough skilled people who would like to come over here and work for long enough. not in the country where every river has more shit than water in it.
Are you saying its less than 10x? little confused by your statement. He did specify cost. 3 decades since roughly, so thats 2x, 4x, 8x (price). Then when you factor in mortgages, where often on a 300k home you'll pay 500k over the lifetime; dependant on interest rates and length. You could argue that the 'cost' is indeed over 10x +.
I can actually give figures for a smaller timeframe as I bought a house from my family. They paid £91,000 in like 2001. I bought it in 2022 roughly, and it cost 255,000. thats a 2.8x over 2 decades. So lower than both your approximations. I'd love to know what it cost when built.... i might have to go see if I can dig that up. @@JohnSmith-le5oe
Love it absolutely brilliant I wonder why half of these clowns have never thought of the MONOPOLY analogy, Thanks for your insight bro.
Planning restrictions can be eased to increase housing supply.
I admire that inner working class anger. It's not now found in parliament today.
There's plenty of Eton delusion, though
BuT YoU cAn bE rIcH too, aLl you nEeD iS thE rIgHt atTiTudE aNd a LiTtlE eLbow gReacE! (That's sarcasm btw)...
I come from a tough background too but how Gary uses it as an excuse to morally justify being a trader (and still boasts about it, very crass) is pretty weak, I didn't have to go and rip people off for years to realise it was wrong - he made his money and cashed out, nothing to admire there for me
@@Karl_with_a_Kgrease*
@@nomoreheroes93 It depends if you think he has been a net positive.
Everyone should listen to this guy, he speaks so much sense and one of the few voices talking complete sense on a number of current issues in the UK and beyond.
he a liar because communism worse poltical class own everything
I absolutely agree with you. I simplify it down to this. 'There are enough apples for everyone. We could all be sustained. If one person holds a thousand apples, a thousand people have to starve. If one person holds a million apples, a million people starve, meanwhile the apples rot.
There really must be a better way.
Ha ha, communism? We are literally getting there. No one wants to work, everyone demands WFH, days off, no one cares about a good service or an impeccable product, all they care is "mental health", and their entitlement to the easiest life possible. A few good, concientious hard workers are being fleeced by taxes, lawlessness, shoddy services, bad infrastructure, ridiculous energy prices, so soon, they too will join the armies of "stay home" "mental health" "benefits" etc
We need to reduce National Insurance imo.
It's called socialism.
No, there are not enough apples for everyone, unless someone gets their backside out of bed and gets to work. You can then confiscate the rich man's apples and give them to the poor. Then the poor realise it is a great life getting apples for free while staying in bed all day. But those who do get their backsides out of bed and work the fields collecting the apples soon realise too that it is much better to just stay home and receive the apples every two weeks. In the mean time the inventor who just created an automatic apple-picking machine and the enterpreneur who financed it, both had all their apples taken away to be given to those who decided it is better to stay in bed. The genius inventor in particular, who had worked day and night for many years on his invention, saw nothing in return, and as a matter of fact no one in management recognised his contribution over a hundred 9-to-5ers who simply clock in and out just to collect their apples at the end of the week. And the long awaited promotion went instead to Vicky the new office assistant migrant from some far away country who hardly speaks the language and has never seen an apple tree. And then you reach the point that the apples are rotting on the ground by the trees because no one can be bothered picking them up before the ants and the birds get to them.
But i don't like apples!!
This is probably one of the best interviews I've seen in a while. I would like to see Gary asked about his plans for the future though and pressed more about concrete steps that can be made to change people's thinking about the economy. It's fair enough if he wants to write and sell a few books and carry on with CZcams, but I wonder if he has a hunger for something more. He's definitely someone who could be an increasingly important voice for positive change, if he wants to be. It would be nice to see people like him be part of a (perhaps non-partisan) movement advocating for and working towards more fairness in society.
He has proffered a wealth gestation idea, where family wealth has a time limit before it can be taxed highly..
My dad aged 88 has hardly turned on the heating since December 2022 because he's scared of the costs. He has a good pension and received the winter heating allowance, but every night he'd watch the news and all the talk of the so-called energy crisis, so was worried sick he'd get a massive bill. He said it reminded him when he was a kid, just a coal fire in the living room for heat, the windows in the bedroom frozen with ice and cold and damp bedding. But that was back in the 1930s, today its 2024 and this government is pushing us back to the times of Dickens! How has it come to this? Energy crisis? So how come the energy companies made billions the last two years in clear profits? Cost of living crisis, yet the supermarkets are rolling in millions in profits. Corporate greed at a time when it shouldn't have happened and shouldn't have been allowed, yet the Tories did sweet FA to soften the blow. Instead throwing taxpayers money at the problems instead of telling the corporations to ride the storm and use their profits to keep prices down.
I bet a lot of the 'inflation' money was diverted to fund the 'forever' wars. There is always a money tree for that. Inflation is just another stealth tax.
British Gas from 74 millions last year to 781 millions pounds profit this year. Crisis, what crisis. It is a boom this country has never seen before. Never waste a good crisis when millions are with their back to the wall in.
well said, all good questions
It’s all theatre, Westminster, democracy blah blah blah. Anyone who thinks it’ll be different when Labour win is deluded! The only way it changes is if WE SAY SO, but the masses are plugged into MSM propaganda………….
It's disgusting how much profit British Gas has made from purer misery. The Conservatives are only interested in looking after themselves and the rich? They have all the mainstream TV media in their pocket peddling propaganda shit with constant gaslighting of the general public. God help us if the Conservatives get back in again
When the canvassing MP knocks on your door, ask them ....' What are you going to do about wealth inequality?' They are not going to say Great Question. Most probably don't even accept it exists. This is what must be asked by the people of the UK. We need that question asked in House Of Commons QA time.
They aren't stupid enough to pretend it doesn't exist. They'll just tell you they care deeply about it and it's something they'll tirelessly work to reduce. They'll just lie.
House Of Commons is just pantomime for the ignorant masses
They are clueless to the financial system. They have no idea that inflation is a fake construct. Currency debasement is the correct word.
Not asked, repeated and repeated again and again, until it sinks in, the issue is real. It does have to be true ,but if it get repeated every day and many times it can't be ignored easily.
Email them every day until they answer you.
At elementary school we got to play in the woods next to the school. We built a village out of sticks, grass a stones. It got pretty elaborate. We had people who specialized. Some gathered grass, some were good at finding the right sticks etc. After a while we introduced paper money chits. Gave everybody a certain amount to start. Then we noticed that all the chits accumulated in a few hands, and the game slowed down . To fix it we issued more chits to everybody. Then the same thing happened again. Lesson , if the consumers can’t get money the economy stops!
Interesting game/building scheme. Worth passing the grade.
The class system is still hard at work in this country, thanks for doing this with Gary I hope his voice continues to grow.
Mind Begs the Question:
- If a Govt always has funds for Wars
- If same Govt always short of funds for People
- Govt is Good or Evil?
@@HumanBeingsRThinkingBeings far too simplistic, the world is a complicated place.
Mind Begs the Question:
- Hitler propagated Jews unsafe to German Culture,Identity
- If Western Politicians,Govts propagate Muslims unsafe to Western Culture,Identity
- Western Govts lead by Neo Nazis,no?
It's worldwide, because the super rich don't need to stay in one country.
Mind Begs the Question:
- Islam forbids Usury/Interest Banking
- Those who practice,impose Usury
- To view Islam as Threat to Eliminate/Demonize,no?
As a huge believer in the free market and capitalism, this man's polemic speech is a hammer blow to highlighting capitalisms biggest flaws, he has the background to back his rhetoric, I will definitely get his book. Will also subscribe and will go through his youtube channel, a new convert here!
We need more people like Gary in politics, especially as Westminster currently has a dearth of talent, ideas or vision.
Capitalism is full of contradictions it is out dated for humanity.
The reason that equality dropped after ww2 is the exsistance of the soviet Union which eliminated the capitalist class as a result western capitalist class feared the sane could happen to them and offered concessions to people demanding them
Markets are good. Capitalism if used with control can benefit everyone. The free market since 1979 has clearly been structured to benefit a tiny elite and nothing better illustrated that than 2008 when the super wealth made bad bets and yet were bailed out by everyone else.
@@OnlineEnglish-wl5rp I lost a 30 year old business, royal bank scotland did us.
@@OnlineEnglish-wl5rp no capitalism is well put dated for humanity and capitalism always has and always will benefit a tiny elite
What's your alternative?@@james4ddy
I am now fully aware of the inequality problem and its trajectory. Thank you. I hope this message reaches critical mass and soon.
Nice to see Gary gaining momentum! Legend 🙌🏻
The only reason Sunak is there is to increase his and his wife's family's wealth. Nothing else.
I agree. The Tories are totally corrupt. But just wait until Labour are in power. Then will will see incompetence reach unprecedented highs and we we look like a third world country.
A family office.
Strongly disagree. Sunak has enough money and wealth and would be far wealthier if he was not in politics. Sunak and his wife are sacrificing to help the British people.
Plus Sunak and his wife are only two or three generations from poverty. Poverty is a living memory for their family.
Why else would he take a £200 grand job? it's like playing Roulette knowing where the ball will go! Place your bet then make the policy that makes you rich!
@@AnAn___ Really?! These kind of people don't know how much money is enough! Don't be brainwashed by their bulldust.
I really love the fact he says he’s made millions from betting on inequality because it immediately neutralises the argument the ring wing press use “well your rich as well! Why should we listen to you!”
I have been following Gary for months now he is awesome can’t wait to read is book
His voice is so important, I hope more people start listening to what he as to say and stand up for themselves
Total respect to him and PoliticsJoe✊👏👏
I always hear the argument, "If you tax the rich too much they'll just move their money somewhere else and avoid/evade the tax", I feel like it's a bit of a cop out to not even try though
Thing is they can't move if they wanted to because all of their wealth is tied to properties and assets within uk and since they are super rich, they have lots so it would be a pain to sell it all. What are they gonna do move their houses abroad??? 🤣🤣🤣
If your money is mostly abroad, then you have already left, as far as I am concerned.
It is a cop out, UK is a tax haven for wealthy, nordics are super high tax, and most other Western European countries have net asset based wealth taxes (Spain, Portugal, France, Belgium, Netherlands, Switzerland). Tories and wealthy just don’t want us to know. You don’t need to bankrupt the rich, just skim a little from the top of their ever growing assets.
well, it's far WORSE than that. you cant fix the OPPOSITE problem until you do... wealthy foreigners chucking their money into the property market WITH NO COST is a huge part of the problem.
Funny how the West was able to seize all the Russian oligarchs cash in the blink of an eye when they wanted to.
Really enjoyed listening to Gary, a sharp and straight-talking guy. It worries me even more now to see how unaligned the politicians really are to the entire country. They come up with their own ridiculous ideas and just end up wasting public money and don't end up fixing anything. We are too far gone to be able to fix many of the issues.
If they all were sacked and replaced by taxi drivers we'd probably be better off. Interesting isn't it.
Been following Gary for a few months now I love this guy
Gary, the banking millionaire who now helps the poor, exposing the system that brought him his wealth but only after he’d made said wealth. Ridiculous.
@@youmustmonthebiffGrow up.
@@youmustmonthebifftime for you to do a little research and get his back story. He’s doing more to educate people than the prime miniature who inherited most of his.
@@youmustmonthebiff you're a proper wee troll, aren't you? They do say simple minds are easier to live with 🤣
@youmustmonthebiff what's your problem, that he has a conscience?
One of the most fascinating videos I've seen in a long while. Nice one Oli & Gary :)
This is such an important video, I can't begin to explain why. I've followed Gary since his very first CZcams upload. I thought he'd given up when his channel went quiet. Little did i know, he'd been busy writing a book. Im so happy that his broader thinking is finally catching the attention of the people that matter and are able to give him more exposure.
Did you know him or just stumble across his first video.
Let’s remember that one of the most valuable assets the rich have is our politicians and media, who do their best to portray the minuscule policy gap between our main parties, all of which are still just the same failed status quo, as some kind of meaningful choice. We live in an oligarchy and it’s time people woke up to that fact and starting behaving as that situation demands.
I'm no economist, but even someone like me can see very clearly where the economy is going and why. Gary may have his head in high finance but his roots are firmly planted in the place where he grew up. He knows what poverty is, and that's something that can't be unknown. That's why people will listen to him because he speaks their language ie no snobby bull-shit. It's not a bad thing to be the good guy, Gary!
That is one of the best interviews I have ever seen. Sure, it speaks to what I believe, but to see an expert, interviewee, commentator, how ever you'd like to describe Gary Stevenson, actually get exasperated, not because they've been hoist by their own petard, or the interviewer has skewered them with questions showing their duplicity, but because they give a shit about what they are talking about is a rarity and a treat.
Thoroughly illuminating, enjoyable and terrifying. Congrats, Ollie. A great interview, but it does make me wonder how you recovered from it? You had that 'Oh shit! There could be no stopping this' look about you as you were clearly thinking through parts of what Gary was saying. Great job. All the very best to all concerned. Cheers, Dave PS I'm so pumped up I'm off to storm the Bastille. Anyone else? 😉
Outstanding. A long form interview conducted and presented intelligently, cohesively and with incredible observation, with attention to the details that really matter. Gary and Olly - you understand and speak the truth. This is a legendary interview.
Relax. It's decent material. Have a glass of water.
"fascism is capitalism in decay" - Lenin. Still true to this day.
government is pretty much captured by the corporations in the USA. it's shit.
Add to this the Vimes Boots model of economics and the inequality is even greater as you move down the scale.
It's expensive being skint.
This isn't Dickensian Britain - nobody's building poor houses.
I worked in international banking, macro and the public policy interface during the GFC and after. Gary doesn't quite name it but there are two circulatory systems in play, the financial system centered on central banks, and the real economy based on - essentially - Main St. Each has their own set of economists, ie holders of doctrine, readers of rune stones and entrails. The disequilibria became clear in 2005-07 with asset price and commodities run-ups, then implosion. Bailouts for the banks, foreclosures for the masses - in simple terms. What people often forget is that new and innovative policy directions get pocketed and banked by those who can - ie big money - and they cycle their rationalizations back around to maintain the advantage. Banks loved QE and ZIRP, and kept the vast bulk of funds in reserves, not circulating into the Main St system, so it took 10 years to figure out via systemic shock that this was a market response to exceptional policy, not a new immutable law of monetary policy, fiscal settings, and inflation expectations.
The name of the game is financialization. It is the massive tapeworm of financial capital feeding off the real economy.
Great comment. Over most peoples' heads unfortunately. Did not most of those funds end up inflating the price of stock-market assets? Genuinely curious, since that is what I saw happening to the indices.
A bit ended up in stocks, a lot was intermediated into the non-bank system (hedge funds, VCs, speculative crypto), a lot was traded back and forth in IR derivatives and risk instruments, and some got hoovered up by the biggest money managers to do whatever the hell with - buy up foreclosed homes, ETFs, international index funds, green stuff. BR didn't end up managing $16T overnight, but still, here we are. There are two very serious problems with this: non-bank FIs are unregulated (compared to banks), as are derivatives, and monetary policy breaks down at the zero bound of interest rates and massive QE. The money system just doesn't function with the usual boundary conditions removed. So it's fine while nothing really happens (see M2V - monetary velocity from 2009), but as soon as something happens like a supply shock and inflation breakout, policymakers have no frikking idea what to do.
😊😅
"The name of the game is financialization."
Varoufakis made that very point a decade ago, IIRC. It is good, though, that the point is made again.
He's also, largely, right, I think, about what he calls Technofeudalism... But it's often late at night when I get peace to watch his videos... (and become a serf to the platforms upon which he appears...)
Agree with your last sentence. Well they’ve nearly stripped that carcass clean. Gary actually explains in simple terms the difference between the economies on another vid. Which made me realise a lot. When you have fascists changing the rules for themselves and their mates it’s hard to break it. England has one chance I think. Possibly voting Green scupper both red and blue tories. Not impossible. Good luck to you all.
A kid from a council estate could have the secret to Nuclear Fusion in his brain, but if he's forced to work at Deliveroo to make ends meet we're never going to find out.
I often wonder, how many Einsteins have we missed out on because the vast majority of people that could have become someone like Einstein did not have the opportunity to develop themselves because of their economic circumstances.
Well if only a certain percentile can ever have the chance it’s a limited gene pool.
I was expelled from two schools for being bullied and raped at school. Everyone talks about my attitude we’ll try being that little girl locked in a garage with oil and a head injury being gang raped by two cousins. Not allowed into college or uni to become a nurse. Recently found out I have the IQ of 128 a genius. All my life I wanted to study to become a nurse. Instead I live on disability benefits after my mother pushed me down the stairs after my first expulsion. Her and her brother put me in the back of a van to get me to the next school. In school I was classed as the trouble child and my rapist is with a teacher at the school. Women don’t matter because they can work less physically than men when building businesses yet women are mere care givers for a short time. The economy survives on what we do and what we make to sell to other countries- we don’t have enough workers to keep the slave system and people living on benefits when they won’t work for their money. We are obviously paying too much for our government and that is our debt. Our nhs and we don’t work hard enough for it according to sunak. They can go fuck themselves. I haven’t had my heating on for over two years- I use one room in my house because the neighbours are alcoholic dirty and loud so I can’t use my living room at all. I’ve had my tyre slashed and car scratched costing thousands of pounds and I’ve not long moved into the area. Clean police record for 39 years and now been to court three times for assault when I’m trying to protect myself from more harm. We aren’t allowed. We have ONE punch to protect ourselves anything over that is assault- 😂😂😂 they are a load of con men. They are playing a game of monopoly backwards and we can’t even roll the dice in the first place.
A genius and the schools can’t and don’t want to teach- why is that??? They expect us poor people to get shot to protect their mortgages thats why!!!! As if any teacher would send their children to war. We are nothing but slaves and target practice. America makes all the money from war. How many people do you want us to house for free???? Half the world is here already living on our tax. Asylum seekers get free heating in hotels whilst we are forced to pay £40 a week for our own too. The more people that need to survive the more profit they see because we will all fight over the last piece of bread for survival and they know this. They have us all on strings. Children that can’t get to school punished, parents punished for trying to enjoy a life with their children- children bullied by the teachers in front of other children- teachers will hug their favourites and bully the rest. Men not paying for their children or their rent whilst growing up having to rely on other people’s tax. Yeah it’s a mbas world and they will do what they want when they want. Why would I leave any of my children in someone else’s care? Why should I work hard to pay someone else to care for my children? Whilst I work for less than a wage because I have to pay the childcare?!?! They make it all about money well it makes so much more sense to live on benefits when the rent is free £150pw or 10hours a week work- council tax- water- travel expenses to and from work- no police around when you need them, teenagers committing suicide because they see the future and life for what it is. We are discriminated against and people love other people with power and money so they can lift eachother up whilst tearing another apart just for fun. Pedophiles allowed to live next door to schools where they already tried raping a few girls but allowed to stay and be out of jail simply because he worked for the council????? What the actual fuck. That’s the way they want it. Total freedom to rape children and women not only if their body but their confidence, their money and their lives. Men don’t make the money- men’s jobs survive from women- builders because the divorce- truck drivers to deliver food that we shop for and pay for that gives them a wage. Think about yourself and your neighbour as two different countries- would you allow them to stay at your home which is overcrowded as it is when their home is safe right next door??? No!!! Nor would I buy you would if they did your cleaning cooking and paid you to do it- well that is exactly what and how it is. The government will allow them in because they should be working and paying into government wages meaning they’ll be paid more and it’s done at our expense. Polish men given jobs in this country and it’s advertised in Poland for accomodation included with work and travel expenses etc etc to work in our local factories. Taking away from locals to bring in cheaper slaves that will work harder but aren’t as good. Their behaviour is taking us back 100years. I’m locked in my flat because of all the problems other people cause me. It’s literally so funny that men still think they earn when they survive off women and women working hard. If a man works he hasn’t got enough wage to pay all the bills plus children plus what his wife needs- clothes a day out etc etc. if women don’t work then that’s another woman’s debt not another man’s debt. Women save the economy billions in care costs- why? Because they are doing it for free they just don’t realise yet. It’s all abusive to us.
Agree - look at the regurgitation of culture, theatre musicals from films, it’s because the elites that own culture have run out of imagine and new ideas but won’t let in new fresh voices - it’s grim on so many levels, literally being born rich is the only hope a child can wish for, it shows how far UK society has fallen, the shady Michael Young and his Young foundation are / were wolves in sheep clothing, I think all those charities are total scum
You have just identified why we have public schools for those that can afford them. Natural (un-natural) selection in action.@@boremir3956
Great podcast Gary Stevenson speaks from the heart as a boomer couldn't agree more on the last statement I worry about my grandchildren every day as the country goes to the dogs.
Watched whole podcast without break. Great interview and very clever guy. Kudos to the interviewer to keeping him on track and things flowing.
has google allowed you to watch without a break? are they asleep at the wheel? ;)
"There's good people who are rich..." - yeah, it's not about good people or bad people. Just like if you have a high income, you have to pay more income taxes. If you have a huge amount of assets, you should have to pay taxes on them. Whether you're good or bad.
Love Gary Stevenson. He's a true intellectual who has not only walked the walk by working in the industry, he has the qualifications and experience to back up his credentials but more importantly he is relatable coming from humble beginnings.
Just annoying he swears every other word and wants to sound like a black rapper
Doesn't he go on though about how he had nothing growing up. Get over it
@@ProperGander17 that's his background and he should never, ever apologise for it. Big hint of snobbery there. Would you prefer he talked like the landed gentry, or the Eton gang, or "received English" like wot they used to have to talk to get a job at the BBC? 😉🙄 🤣🤣🤣
@@sebbar Why should he? Our upbringings and life experiences make us who we are. It's important, but I see the points made and the picture painted will always whistle over narrow-minded, unimaginative heads. 😉🙃
@@marierobson8144 it's clearly contrived as is his use of the F word.. Don't trust anyone who went to LSE either. A major establishment and finishing school of the elites that run this world.
What is happening in the UK is also happening in the Nordics but slower and we're not as far along in the process... yet. Just ordered Gary's book!
because it more socialist not capitalist ! if idoits think poltical class dont own all wealth under communism the lied too
From Sweden, very eye-opening since we are facing the same issue but maybe not as far along as UK
Indeed, I've said for a decade that we are a decade behind the UK (and the US) in the decay. The same rot - neoliberalism - but for us it didn't take hold until the early 90's.
And if you spend any time in the US you’ll see they’re a decade ahead of us here in the UK whilst we are maybe a decade ahead of you in Sweden. So unlike the US we atleast can see the warning of what’s coming if we don’t change course.
True, it tells us where things will head if we don't manage to change course. I have been living in egypt for a few years and the inequality here makes europe seem like a utopia
@@jackkruese4258 I've spent a few years in both the UK and the US. People don't see anything coming though, they buy the usual big money and fascist propaganda.
Nah, very, very bad things need to happen before anything will move in the right direction. Like black death bad things.
I didn't knew this dude before but his message is so clear and powerful that it should be heard by every single person on this planet.
He is absolutely right in everything he says. Unfortunately I don't think there is going to be any kind of hope for optimism that this truth will ever be understood by the society anytime soon. We are screwed.
It's starting to cut through, and the more we share it, the more powerful it gets. Go share 🙂
I have been following Garry since he had a few thousand subscribers and for the longest time it was going nowhere, no one was interested, but suddenly it took off. I guess the time had come that people were ready to hear the message.
@@piccalillipit9211 Ditto 👍
Look at Ren the artist music tracks, money game.
@@piccalillipit9211 what message "we must tax the rich!! oh by the way by my book because I need the money!" keep educating yourself, perhaps away from idiots like this person
Keir Starmer said he would like to work for the WEF, something tells me that he and Rishi already do.
I knew a man who sold handbags on markets. He told me "If you give a rich man £1000 he will bank it and collect the interest. If you give that same £1000 to 100 men they will spend it in the economy".
And isn,t private finance required for so much needed new infrastructure?You could make an argument for the need for Philanthropists. No Ffff,s in that. This is also about morals and values, security and safety, attitudes and behaviour. Those who save will carry on saving. Those who spend will carry on spending. This is one whole big discussion. And if the spending is simply on just more stuff, what will we do when the energy runs out? The relationship of energy to climate security elsewhere.
I would have thought he'd have something clever to say about the kind of people who will spend £1000+ on a handbag!
Worthwhile, high yield investments are generally not offered to Joe Public.
Ordinary savings accounts lose against inflation.
Many hard working people are genuinely struggling amidst this intentional chaos.
There is no cake or handbags. Soon, there won't be any bread -
just the circus, online only.
Its not that simple - theres nothing wrong with generating interest is it invest in businesses that are genuinely productive and employing people. The problem is when money is used to hijack the low-middle classes through property ownership / lending etc.
@@allislove9890 High return investments are available, but they carry high volatility - you can only stomach that if you have enough capital. Plus most people are so badly educated about money, and often could use it better, getting burnt with cowboys running bitcoin etc.
Gary is a real one.
Best of luck to him and his movement to tax the ultra wealthy.
Absolutely BRILLIANT interview. Sums things up perfectly
Gary fucking Stevenson is a fucking legend
not fucking wrong mate.
Fuckin right he fucking is!!
F-Bomb records were set today and noone noticed because the message was so strong 😂😂
@@ohnoitisntI noticed alright. I couldn't listen to this interview beause it was 99% f bombs.
@@danboid Imagine being passionate about something
I'm so pleased Gary is back making content, I was worried the 1% had done him in lol. Thank you for what you are doing. I repeat the same messages and u care abt the man/women in the street. What you do to help educate the people is truly amazing. I used to believe the mantra u can't tax the rich or they won't stay but I realise now that that was the narrative given to us from the media. Turns out it's time for revolution. Thank u so much gary
And the radical Muslims are not invited.
the 1% would still be the 1% if they were somehow made to give away 75% of their assets!
if you want to get rid of inequality you have to get rid of government... there's literally no other way
@@sten260no you have to change property rights and corporate law because wealth comes from property owning
@@florentin4061 so the solution to inequality is stealing? go take your meds
I remember I did an analysis of the financial services industry about a decade ago, where I looked at its proportion of GDP and its level of employment. Between 1996 and 2015 or so, financial services increased its share of UK GDP by about 1%, year on year, with the exception of 2008/2009. However, over that whole period, employment in that sector remained about the same, in total number. So, productivity, as measured by income to the sector, was increasing, but none of it was going to increase employment. Meanwhile, other sectors were stagnating and shedding employees, sometimes because of the bets made in financial services.
Been following Gary’s Economics for a while now, this guy needs to get as much exposure as possible! His story is what will make people listen.
Thank you so much for continuing to expose the truth Gary. You are amazing ❤
I'm a member of a canoe club, and last time I was there one of the guys was complaining about the fact that he was going to have to sell his rental property, cursing recent regulations for making it untenable to be a landlord. As someone who was trapped in the private rental market into my mid-30's, all I could think was "good."
Paying more attention to our downfall since 2016, this conversation calls out the main problem in plain terms. It is wealth inequality. He touched on the period after WW2 being the anomaly where people were more financially equal, what wasn't mentioned (at least I didn't catch it) was that there was a hefty wealth tax (at least here in America) all the way up to Reagan's presidency (which set the stage for our current nightmare world)
Raise taxes on the dragons sitting on the piles of gold. Build a society worth living in.
I recall reading something (apologies I can't remember who by) that has stuck with me for a while now.
It suggested that part of the motivation for wealth redistribution after the 1945 was that there was a competing economic model (i.e. communism and the Soviet Union) and by relinquishing some power to ordinary folks it would help stop them being suduced by communist ideals. Without a competing economic model (other than totalitariasm/authoritarian maret economies) there is little incentive to deliver this again
I love the simplicity with which Gary cuts through narratives and framings which obscure the most urgent issues in what's generally referred to as 'our economy'. Would really appreciation it if he would do a video specifically about the issue of developers leaning on communities to accept the production of less and less livable housing 'to alleviate the housing crisis', when in actual fact the downward pressure on housing quality only serves to increase the inequality which causes the disparity between housing need and housing provision in a ratcheting effect. I've seen so many communities who oppose extractive and unsafe methods of development in their area vilified as 'NIMBY's, or councils who insist that planning promises are kept to, painted as overbearing and out of touch with the public desire for this basic need to be met, when in actual fact it seems to me that decreasing housing standards to increase the profits of out-of-town entities who then move on to their next meal (leaving communities and councils to deal with the longterm social effects of substandard developments) is a function of the formulas he speaks so eloquently about. Forgive me if this video already exists! I'd be grateful to be linked to it if so 🙏.
Gary is great, I've met him before through mutual friends and he's a very down to earth guy and I can tell he truly cares about these issues.
32:30 just to mention at this point. I live in a two bed house which I own. The biggest house in the street I’m on is owned by someone who doesn’t live in the UK and doesn’t live in the property. It’s an asset.
The best fucking economic advice you'll fucking get all fucking year.
Or maybe listen to Steve Keen or ARC with Scott Tinker that keys in Economics, Energy, and Environment and their interdependent relationship with security in all 3 fields.
fucking full stop!
Fuck yeah
You ain't fucking wrong 😂
yes and then your parents have to sell their house to pay for the care they need at £8000 a month!!! So they can’t pass money onto the family. Bullshit
Listening to the house price segment - one answer is to take ownership of assets (houses) out of private hands. Here in the UK it may well be that we start building again social housing bought and owned by the state then rented out at reasonable rates. We have to find some way out of this spiral of asset prices.
I’m under no illusion that if I was a single parent and a nurse I’d need to use a food bank. I can barely cover my bills rn. It’s getting worse as holidays are getting more expensive. All the things I work for to make my life better are unobtainable. It’s dire
"Small art and love and beauty
Their drudging spirits knew
Yes, it is bread we fight for
But we fight for roses too"
✊
Need to try and get a side hustle going for extra income Lesley
@@jimmyboyd817 I’m trying to get my novel published
@@OldGreyMulletTest so we need to fight for a community garden where we can grow those roses
@@jimmyboyd817 i.e. we need to keep running on the hamster wheel faster. Doesn't work. Many Americans working 2, 3, 4 jobs just to pay the rent.
We need to change the system. We need a better system.
Currently it is (literally) the game of Monopoly. If you remember, there is only one winner and all the rest are losers. This is how the Capitalist economy works. As Gary explains, its all about distribution, we need to do actually do some. Paying proper wages would be a good start. Taxing the rich used to work about 80 or 90 yers ago, but not any more. We need a better approach.
Lesley is alluding to a deficient (broken) system. I appreciate that you are trying to help Lesley's individual situation, but that was not the point of her comment. There are many many people in such situations and there aren't that many "side-hustles" out there. And how much time, work, risk, cost do we need to do to be able to live? How many jobs do we need to work? 2, 3, 4? How could we get by with single-income households (and more kids than now) back in 1950s, 60s, 70s, but not now with all this wonderful high-productivity technology?
He is genuinely an inspiration for working class lads.
And lassies
🤣He's a banker not working down the pit
@@bytesize_video he is no banker - cmon just listen to this guy. zero proof of his credentials and zero proof of anything... he is so dumb he thinks taxing the rich works 🤣 he claims to be good at math, genius at math and yet he is writing books🤣🤣 then does not realise how if you do a simple formula on the richest people in the UK and divide their NET WORTH.. so liquidating al their businesses and loss of employment and productivity by the way - the uk population get a ONE TIME payment of £3k roughly per person🤣🤣 - this ASSUMES it goes direct to the public..... but NOOO it will go to our lovely GOVT 🤣🤣 - anyone waking up yet?
@@bytesize_video maybe if you worked down the pit for some of your life you wouldn't be posting that absolute trash on your yt page
Just say it how it is, the problem is capitalism.
omg, taxes taxes taxes, tax the rich, i love you gary, keep fighting the good fight brother
Gotta love Gary's passion. Depressing though; a major decline in living standards, shrinking public services, institutional collapse, food poverty, fuel poverty, social insecurity, poor mental health, rising rents, migrant crisis, record immigration, stagnant growth, depressed wages and job insecurity and yet no one in government is suggesting any viable solutions. Gary seems to be suggesting solidarity amongst the working people forcing more targeted taxes aimed at the asset classes. Shame neither party is seriously discussing this.
Our wealth and prosperity goes to the Private Monopolistic Banks of our beloved City of London Corporation and their offshore scam.
Next government should install a bench in the house of commons for people like Garry. A row of people who call out bullshit with impunity
I can't tell you how much Starmer won't be doing that.
You mean the House of Lords? House of Lords should be filled with people with a wealth of knowledge and expertise and Gary should be one of those people
@@theojenner1902 can't sit in the Lords if it doesn't exist
Even if the lords is abolished, there will still be a 2nd house@robindufton1392
@@Grandude77 yes, except it can be elected like both the Senate and House of Representatives. Although it doesn't really make a difference either way until the swamp is totally drained at all levels
The more data I learn about a variety of social, economic, and political issues, the more I recognize that average-basis (or median-basis) analysis is creating a materially misleading understanding of the world. I am fully convinced it's driving the disconnect between what economists in ivory towers tell me about the US economy versus how ordinary folks feel. Thanks to Gary for discussing these issues in a clear way.
To recover, we have to destroy the economic deathstar.
Watch the documentary on youtube.
The Spider's Web: Britain's Second Empire.
Back in the 1970s in the US, we had laws banning private investors from owning more than a couple of single family homes in any one city or state. Owner occupancy was the goal. That goal was jettisoned with the implementation of Reagan/ Thatcher neoliberalism in the 1980s, and here we are!
Reagan and thatcher can rot in hell!
I'd suspected some of what he said. It's effing bleak to not just realise my fears are true but that it's actually worse than I thought.
"Why don't you just go and ask people?"
Indeed. The problem is, when our politicians do it, they don't listen.
There is a fundamental part of me that is sooo anti tax. and then gary stevenson talks a bit, and I am rooting for him. such a paradoxical feeling
I was a home owner (a unit as I knew early on I could not afford a house) and while having the security of a roof over my head was solid, at the end of the week I had a spare $20 or so after paying bills, council rates and food. So I had security but not much for anything else. Would take 6 months to recover from Christmas. Wisely I did buy close to the beach in a Sydney suburb so I could go for swims for free and when I did sell 10 years due to divorce and property settlement it had doubled what I paid. Now I have some cash flow but no secure housing. 🤷♀️ and with property rising more than bank interest I worry I won’t get back in the market. I have a daughter and I would like to leave her assets.
Brilliant interview. I come from a family that sets a huge value on education. Gary's take on economics education was fascinating. It's weird but I have similar observations in my fields of Maths, Physics and Engineering. Firstly, maths can obscure genuine understanding by focusing too close and preventing the wider perspective. Secondly, education is used to teach a narrow aspect of whatever subject we're studying with little or no appreciation of alternative views or the history of how currently accepted standards were arrived at. That's weird in any sort of numerate or science subject because it undermines the scientific method. It is clear that economics has been deliberately narrowed in scope to limit solutions that can be proposed. We can force change but it looks awfully stuck and bleak at the moment. Must buy the book!
Maybe look at the French predecessors to Adam Smith. Francois Quesnay. Wealth comes form the land. When we have drought or flood, crop failures and no mitigation, will will all be hungry.
Funny thing... I don't think you can dissociate maths and engineering... I used to have a manager who couldn't perform basic maths needed back in the day, to calculate the point at which two elements in a CNC machined profile... In the absence of ability to calculate, he made progressive guesses at the intersection point's coordinates... Which worked for him... I insisted the calculation was easy, and he asked me to write it down rather than explain it... I printed it out from my pocket computer (an early Sharp, with a printer) He could neither understand the notation or allow me to explain it. (up arrow for exponent, for instance) When he asked me to perform a calculation, I did, then he insisted it was close, but not exact... He had to "tweak it" he insisted. I saw the figure in the program was the one I gave him... Mathematical ability is a trustworthy friend... But GIGO! With garbage data in, and a correctly designed algorithm the answer's still garbage...
@@user-nx6ji9tk8i Steve Keen pays much tribute to Quesnay in his recent work on thermodynamically informed economics.
@@briskyoungploughboy Agree. Steve Keen has it. And we wonder why the farmers have been protesting all this time. And Uk /DEFRA missed any reference to food in it,s recent post Brexit policies.
I don't like his ideas.. too into using government force and violence to steal things from other people. Talking about taxes and stealing from the "rich". That's not a solution ,that will just cause more problems. What we need is to go back to capitalism, get rid of minimum wage, get rid of central banks. Let the buyers and sellers set the prices, get rid of welfare. Talk about things that ACTUALLY help the economy and grow the economy, not about stealing and taxing.
When I left school in 1962 a reasonably skilled man got say a pound an hour sort of money. £40 a week. With that you could buy a house run a cheap car and support the at home wife and a kid or two. Little flat about a fiver a week. I did most of that stuff. Oh and you could furnish with antiques if you wished. Could he do that now? My barrister friend says he earns six figures but could not buy a reasonable house in London.
Gary rocks! Amazing interview ❤
You really invite the BEST guests. Fantastic to see a millionaire caring about his own country.
ooop wait for him to be called a champagne socialist and failing that an anti semlte. as happens to anyone with even a little money that cares about the plight of the poor. and itl work. it works every time. working class voters will turn against gary with enough of a smear campaign.
Can we get all the jokers and clowns and crooks out of the Government and get this guy in please
He's a f-- cking clever fella with an inside view of what's gone down with a genuine desire to expose it.
he has never set foot working for a bank 🤣 - how gullible you people are it makes me laugh
@@James_36 oh dear.
Gary is the type of expert we need on BBC. Instead we get the goons of right-wing think-tanks spouting the sort of BS Liz Truss engaged in that tanked the economy in 6 weeks.
It's baseless statements delivered in bad language.
Explain? Hes made his fortune by putting his money where his mouth is, hardly baseless. 🤷🏻♀️@@sak079
Committed to maintaining the status quo.
expert🤣🤣 taxing the rich leading to what precisely? 🤣🤣 thank god idiots like this guy are nowhere near anything
It's a clown show. These people talk total bollox. Richard Werner revealed in a recent YT video that BlackRock decide inflation for governments. The politicians are gophers reading scripts. Meanwhile we are led to believe in the right wing bogeymen (and lefty loonie will be rolled out like it was in the 70s and 80s).
Fantastic Gary, straight talking and right, exactly what I've been thinking.
Now all we need is a political party that realises this and has a plan to address it.
Would be interested in what Gary plans to do to solve it, how we, the public, may be able to help together?
Will never happen. Politicians are not build, they are picked
From what I understand, we have moved into an asset management society, which is one of the causes, if not the main cause of wealth inequality in the UK and worldwide in general. Wealth is being siphoned, sucked snd stolen out of public services, infrasturcture, essential services including transport, water and energy. This has a huge negative knock on effect on the cost of living.
Deadly. 💪👍
Lad needs to get more airtime. Thanks for helping
So much depth and truth in one video
Here for Gary
There was a TV programme that said the housing market was unstable. The usa investments ropy, the banks were set to crash.
Nobody listened.