How We Fix Wealth Inequality
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- čas přidán 12. 06. 2024
- We know what the problems are, so what about the solutions?
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Performed by Gary Stevenson
@garyseconomics
Too many people still believe that talking about wealth inequality is the politics of envy. We need to really hammer home the message every time as to why it makes the poor poorer, through inflated asset prices etc.
yep, it's about putting the oxygen back in the room.
But the poor are not getting poorer. The poor have been getting progressively wealthier and healthier and that has accelerated since the Industrial revolution.
@@rayboish The grandparents of today are the first post war generation seeing less access to Housing, Job Security medical provision & healthy food for their offspring, than they had: Mortality rates & age expectancy are also in decline.
@@rayboish, Nice meme Cupcake.
Too bad it's horsesh*t.
Printing money is what causes asset inflation.
gary your last point about mental health and poverty made me start crying. i'm one of those young people who's slid down a poverty/debt hole due to all the shenanigans of this last decade, and you pointing out that this is gonna be a long game really hit me. we gotta look out for each other and keep remembering that if we live in a system we made that means we can make a different one. in the meantime sometimes it's just really fucking hard to get out of bed in the morning to keep trying while shit is this rigged, and i guess i just appreciate you acknowledging that. keep up the good fight gary, thanks for who you're choosing to be.
So sorry to hear of your struggles. We have to do this together, collectively. And it will take time. But, in the meantime, be kind to yourself and take care.
@@TimSmalleyPhoto thank you, same to you.
@@valerieclaresanders Same for me had to file for bankruptcy but kept a house over my familys head etc and made sure the kids had what they needed. It's been 4 years since then and slowly wrapping up and I do feel shame thinking about it etc but its been positive since and I took it as learning.
Everyday is a new day all we can do is go one step at a time eh!
trouble is, it is not the 'last decade'. It's definitely been from 1997 and arguably from 1945, or even earlier. The 'last decade' has been de facto 'continuity Blairism'. Which is why we are in an increasing mess.
@@stevef01 True, over time things have been changed a little bit at a time so that people don`t really notice ,especially those that can`t see the wood for all the trees ( The same one`s that are on their 6th booster jab ) one minute we are living off the land and the next thing we are in an open prison filled with distractions and the people that say " conspiracy theorist " have no idea how we got into this mess, because to them ,thinking is like cognitive dissonance , it causes mental discomfort , and rather than go through that it`s easier for them to say thing`s like " where`s your tin foil hat ? " We live amongst so many sheeple that wont stand for nothing at the min because of comfort zones , they`ll be begging for help once the wolfs at their door , we need as many people as possible but I`d love to tell the comfort zone brigade to go fk themselves.
How refreshing it is to listen to a man speaking about our economic difficulties who is both decent and fair.
Listening from the US where these issues are extremely prevalent as well. We need cross boarder partnerships because the wealthy operate globally just as much as they operate locally.
Also thanks Gary! This is an immensely important message and your ability to clearly articulate the issue while also pushing to an emphatic and thoughtful solution is masterful.
I saw Gary speaking on Novara Media's downstream and he made the point that people in London think it's a London problem, people in San Francisco, New York, Sydney, Shanghai etc. all think it's a problem with their city. It's systemic, worldwide and going to affect us all. International relationships have to be a part of fighting wealth inequality.
Great post.
We have a democracy when a political system can and does make a good-faith effort to address the problems average people face.
In a plutocracy, on the other hand, the political system pays no more than lip-service to average people’s problems and works diligently instead at protecting - and growing - the wealth of the already wealthy.
At least in the US you have an IRS that is ruthless when it comes to chasing down taxes.
Fair dues to James O’Brien for having you on. Deserve to be heard
Two years time:
(O'Brien holds head in hands in theatrical frustration)
"I like Gary I do. I do. There's a lot to admire. He's making some good points. But he's making people worried (sighs theatrically). He's become too extreme (sighs again). And i wonder....blah blah blah (cue apologia for status quo neo-liberalism induced by pressure from his bosses). "
This is O'Brien, and every other center-left media commentator/organization which starts to perceive Gary as a threat, rather than an interesting working-class curiosity they can patronize.I'm pretty sure Gary knows this and is trying to develop an independent following before that happens. You cannot trust those people - they are scum.
for any folks who missed it:
James O'Brien meets Gary Stevenson | LBC
czcams.com/video/46T6Nk2VOG8/video.html
He’s talking to Aaron Bastani on Novara very shortly too.
@@archvaldor spot on.
@@archvaldorbang on the money there 💰
Got your book - love your channel and message.
Count me in as one of your foot-soldiers. I’m in it for the long-term.
I’ll spread the inequality message throughout my space.
All respect and love to you Gary
A mate who I used to live with (in a house his father bought for him) once suggested I invest in property. It told me everything about how those from wealthy backgrounds don't even realise how ludicrous the situation is for average people. My mate is a really nice guy btw, he said it in good faith, but that the fact he said it at all was the issue. Telling me to invest in property while I'm paying rent to him. Unreal. Thanks for getting the message out there.
I overheard two kids taking about how they were going to obtain a property, stick tenants in to pay the rent & then go overseas themselves. Talk about embedded indoctrination!
@@sharonpmcnamara9350 Yeah it seems like one of the only ways people think you can make money these days
You are invested in property... His.
One of the biggest problems with poorly regulated rentals in the UK is subletting & that's often done as a workaround to ownership based investing. Your friend might not be wrong either, it's probably possible for far more people to invest if they are willing to dispense with the ethical standards that makes most people cringe
@@sharonpmcnamara9350I have a cousin doing exactly that. But he can't come home unless he gives that up & then he doesn't have a job here. It's a fairly artificial way of life and would take some years before they can cash out
Noam Chomsky has said that the 1930s were dire but the working class had a spirit of solidarity. Most of us are in the same boat and when we get on the same page then we’ll start to see some change. Good sober analysis.
Exactly. The big problem right now is that we're so busy fighting each other that we're not dealing with the real problem.
No spirit of solidarity now. People seem to love being stupid and voting for their own poverty as long as they get to blame the even poorer brown family down the road.
It irks me every time I read the name Noam Chomsky. He defends authoritatian regimes like russia and its predecessor the soviet union, as well as serbia/yugoslavia and what the serbs did (genocide) when the rest of us in yugoslavia (in my case bosniaks) wanted independence.
@@redhidinghood9337exactly, he is not the enlightened person people think he is.
@@redhidinghood9337 Please, with respect, your point of veiw is understandable but, Noam studies every detail, for the betterment of humanity, while you skim the local headlines, for entertainment.
"we will have to be gentle with ourselves, with each other and with each other's financial position" - lovely words, Gary
We the people need to be more conscious of what’s really happening out here… The agendas at play in the world are seriously concerning. Thank you for shouting the message, much respect!
Gary's message needs to be broadcast and amplified far and wide, by all of us. Share this. Talk about it with friends and family.
Well, yes. But. It would be handy if he had any clue at all about 'economics'. Which, to be fair, is not his fault as he's been through the Oxbridge indoctrination system.
Yep, sharing as far as I can
@@stevenfarrall3942there’s always one chatting shite and this time it’s you.
@@stevenfarrall3942 Considering he made tens of millions by understanding economics, I'm pretty sure he has a clue. He also has a degree from LSE, pretty hard to get if you don't have a clue about economics. You utter mook.
I don't remember much from high school history all those years ago, but there is one thing I do. The teacher wrote a short list on the blackboard one day and asked us what we thought it was. That list, about five items, included a large gap between richest and poorest: inequality basically.
That list was the factors widely accepted by historians as being common to civilisations throughout history right before their collapse.
Gary, I know you're not a channel that commonly does interviews, BUT wouldn't it be fascinating to talk to an historian about how inequality played that part through history and how it played out in the end of civilisations? Or more importantly, to see if it was ever successfully reversed and how?
Your comment mirrors a related thought I had earlier this morning:- A major cause of the collapse of the Roman Empire mimics the situation now occurring in the world, i.e. a system of transfer of wealth that had reached the physical limits of sustainable expansion.
It would be interesting to work out how many families with wealth in Rome and Italy today can trace their ancestry back to Patrician families in Rome.
Gary my man, you are the best thing that happened to this country in over a decade. I got deeper into UK politics and economics during the Brexit debate bc so many arguments made publicly weren't adding up. I saw investors buying up property and news outlets blaming migrants for everything and I was like ... why no one sees that decreasing living standards are a systemic problem mostly to do with inestors buying up the property market, buy to let's running rampage etc.
A few years later I gave up, sick and tired I left the UK.
Now you show up and say it how it is, finally someone who can see how things work!
I hope you will reach people and help them understand that the society is being shafted.
Adding some perspective, take an example of a person not investing in a pension, (Liz Truss almost collapsed pension funds) Some professionals buy a second property, offer a service for over 30 years, and use it as a pension. Then look at 7 flats Jeremy Hunt, buying tax-free 7 flats at once, in a company, deducting mortgage costs blocked from personal investors with one flat, then take hedge funds, buying up property bulk using offshore zero tax. If we don't unite with an understanding of scales, end up squabbling over a bag of rice, we are all screwed. I agree with you, migrants are just a tool used by media, BTL small landlords are another. The problem is much larger. Tax the super rich, offshore, government contracts for the wealthy.
It is not the migrants per se which is the problem but the massive increase in the population. That's why the big business confederations lobby for ever more immigration: it maintains the over-supply of labour, it pushes up housing costs, it expands the consumer base and it divides society along ethnic lines. It is one of the key power tools that the super-rich have
@@stephenc7428Maybe excessive migration is used to shore up/drive up rents and house prices, which suits the already wealthy. They also add to the burden on the NHS which suits those already rich who want to see it privatised for more profit, as it will inevitably collapse and the argument would be 'well Amazon could run it better and make a profit'. Jacob Rees-Mogg said recently that 'capital deserves a return', but when public money is invested in water companies for example, there is never a profit for the public, and then the public have to pay higher bills, when they already paid previously for repairs through higher bills, but that money went to investors as profits.
The trouble is that the already wealthy won't accept that what they're doing is wrong, because they don't have to as they own the political system. And that's before any talk of Tax, which has the same problem of a political buyout by the already wealthy.
Gary for the Chancellor! I think if you went to politics it would be very beneficial. You got my vote 😉
Sadly, the politics of Envy, if there is such a thing) is really just people wanting a stable income in a rapidly changing world.
People don't seem to realise, that the shape of industry, is the shape of society.
In the 60s/70s a large company typically had a workforce, a charge-hand, a foreman, a dept manager, and a whole series of managers above them...That corporate structure was reflected in society.
Now it's a few massive businesses with lots of SME suppliers who can be let go, or bought and thus controlled with capital flows.
In my own locality, a FTSE100 Company uses 3rd party contractors to manage a process that was done in-house with unionised labour who would fight to maintain their economic power. So the capital controls the labour, disproportionately.
Best video yet! Clear, concise and constructive. Let's do this
“Fantasy is what we want but reality is what we need” - Lauryn Hill. Keep doing what you do King…👊🏾🔥
I worked in Retail Banking in branches for a few years in the US. It shattered my illusion of people with the most money working hardest in our society.
Don't get me wrong, they put the hours in & most have worked for what they have. But they don't work harder than the vast number people trying to get by.
Luck & opportunity seem to have such an impact on outcomes & they don't consider the survivership bias after the fact or having enough resources that they can fail & have another go.
Thank you Gary for drawing attention to this & clarifying what this is doing to society. We can't solve problems we can't understand. Respect & Love man!
Luck happens when opportunity meets preparedness
The end bit, about being made to feel sh*t because you haven’t achieved is so true! My Grandad used to say treat someone like sh*t for long enough they’ll believe it!
Please keep it up, you have the brain and empathy we need! Xxx
Your honesty is so refreshing in times when our politicians only feed us lies and what's worse, believe they can get away with it. Unfortunately a lot of people don't want to hear such honesty and hard talk, so it's gonna have to get worse before they're prepared to wake up. I appreciate your sincerity and authenticity so please stay for the long haul and above all, stay safe.
Always remember; worker is just a modern word for serf, and 'very rich' is just a modern phrase for 'lord of the manor'.
Of course
Enjoyed your interview with James O'Brien. Hopefully you'll be contributing on his show from time to time.
How can I listen?
@@leegarrett5469 type full disclosure into the search box.
@@leegarrett5469 czcams.com/video/46T6Nk2VOG8/video.htmlsi=P3_DCFzRY-zhv4-U
@@leegarrett5469 czcams.com/video/46T6Nk2VOG8/video.html&ab_channel=LBC
@@leegarrett5469full disclosure on CZcams or any podcast provider
Gary’s voice needs to be heard by everyone. Great interview with James O’Brien this week. What needs to happen is for Gary to be on James show every time there’s a budget, every time something happens in the economy, and the anything to do with tax and wealth. The way in which Gary explain breaks the walls down of jargon with economics and how the ordinary person is getting turned over. Gary needs to be on LBC as there go to guy about anything economics and the implications. Also on the News Agents podcast to underline what is truly happening.
This is a great idea! I'm happy to comment on LBC social media platforms and ask for this. Starting with the Budget this Wednesday!
LBC is interested in one thing, listener numbers. They thrive on creating division. Hate sells
I am in. We need to rebuild our communities. We need to get to know and support our neighbours as we used to.
The Black Panther Party for Self-Defense made significant progress in Oakland and the Bay Area in the 1960s. Mutual aid included school lunch programs for kids, health clinics, and of course, armed defense of citizens from police brutality. We need stronger communities and mutual aid.
@@seamusraffertyAye, if we can just get past the usual divides in this country!
I'm in!
Ma neighbour's a wanka 😂
@@seamusrafferty before their leader was murdered by the FBI and many others rounded up and arrested, or had to flee the country.
No chance of that now. Mass immigration has destroyed social cohesion.
I'd love to see Gary and Mick Lynch have a talk together. Both working class, both wanting the best for working people.
Add Martin Lewis into that and they can support each other.
Those 3 would be an awesome force for good
Don't forget Peter Stefanovic. That would be a team!
Kshama Sawant would be an excellent guest as well. She’s organizing Workers Strike Back.
They should look at forming a political party, I'd vote for them and I'd encourage all I know to do the same
Keep up the good work Gary. The message is getting out there. New Statesman video and article. ”The UK tax system is a con.” Need to tax wealth!
The only credible voice offering a realistic solution. Is there a youtubers party to vote for yet?
@toolzandnewideas that's simply not true. Most wealth is passed down generations without any true wealth creation. Almost all wealth exists in assets, and renting those assets to less wealthy people doesn't constitute the fruit of much labour.
@toolzandnewideas for those who have nothing, some wealth can mean everything.
We have a democracy when a political system can and does make a good-faith effort to address the problems average people face.
In a plutocracy, on the other hand, the political system pays no more than lip-service to average people’s problems and works diligently instead at protecting - and growing - the wealth of the already wealthy.
What you're doing is incredible. I'll spread the word
Mental health is a huge struggle for an increasing number of people so thanks for talking about it. I just finished your book and loved it. It's like a horror story, except you obviously escaped. I grew up poor and even when i was making money never wanted to be part of the bourgeoisie, much less the wealthy. Kids in my generation didn't really think about money the way they do now- inequality was an issue, but it was more racial than anything else. I'm poor on purpose now- not paying taxes to the American war machine. Congratulations- I think you'll hit #1 this week easily.
Thanks boss, glad you got through it so quickly you must have liked it!
@@garyseconomics it's brilliant- i could have finished it sooner but made myself save some for the following day!
I came from a poor working class family but my mum came from a middle class educated family. So she pushed us. I ended up studying European Studies at Loughborough. I was partly a Thatchers child too, love or hate her we were made to feel we could achieve (I am no Conservative). Roll on 2024. I believe education is paramont. Labour can influence that easily. We aren't rich but my children get tutored. Every child should have equal opportunity to education (academic and technical like building/ electronics). To do this? Tax the rich!
Tell me what to do and happy to help.
Loved your CEO and James O'B interviews.
The importance of structure and support has to be from the child's parents/guardians. Not Government. The parent is responsible.
@@carlywright5127it’s both. It takes a village to raise a child
Thatcher took affordable housing and turned it into ever increasing debt products that the rich get ever richer on. You realise that?
It's partly why we're seeing local councils going bankrupt.
We need to get affordable housing back in our hands, away from the ripoff Tories.
Whoever votes Tory, why did you do this damage to so many people in so many cruel ways?
What do you class as rich? Do you tax wealth that's been earned through hard work (already taxed at source)?
@@carlywright5127 the socioeconomic conditions of society need to be structured appropriately to empower parents to nurture their children properly. The concept of personal responsibility as a binary option is a disproven fallacy.
It's summed up simply:
* House
* Kids
* Retirement
All three are now almost impossible, for a family with two average earners. Pick 2, at best.
That is utterly unsustainable.
As a side note, 30 years ago it was possible for a family with *one* average earner to do it. That might have been an anomaly though. Fantasy pensions were galore at the time, and we are paying for it now.
Fantasy pensions is a good point. I know friends whose dad is on a final salary pension, 50k a year! What is state pension at the moment 8k!
@@goych the whole concept of final salary pensions - especially in the private sector - has caused a black hole for many firms that in effect current employees are paying.
£50k pension would take a DC fund of close to £1m to achieve. Possibly nearer 1.5-2m if index linked and with spousal cover, which I bet it is.
Good luck to current generations saving for that whilst paying for an insanely overpriced house and kids.
So everyone is entitled to this? How is this going to work for everyone in a free market??
What about fantasy shareholders profits. Why is it that anything for the public good is considered fantasy but anything the super rich want, no matter how unjust it is is never questioned, either in people's mind or in the public forum. It's sad and will eventually destroy us financially and at a societal level.
@@thelasthourgetready it's not a free market though, is it? It hasn't been for a long time.
House prices were in the last decade propped up by the state through a scheme that funneled money to housebuilders with the side consequence of putting a floor on the asset prices.
That's not a free market in my book.
Anyway, the point is that if a couple, each earning the national median wage can't afford all three of those things without state support, either whilst during their working life (through in work benefits) or whilst in retirement (through pension credit because they couldn't afford to save), then as a society we have failed. Feel free to disagree.
At a similar juncture in the 19th century when workers were being exploited, the answer was to organize in unions. Since we are all primarily consumers now, I think that is where we have power- A Consumers Union. Such a union could organize massive, and international, campaigns. Organize boycotts of multi-nationals including premiership soccer, Starbucks, River Island ...all the brands and labels. Organize a political party where those elected take only the average industrial wage. Organize local political organizations that are nor not merely talking shops, but organize environmental clean-ups, help for the elderly and needy, communal arts, gardens etc. But there needs to be a strong alternative organization as there was when trade unions first appeared. You have nothing to lose but your chain (stores)!
Gary. Voting is only worth voting if we can hold the government accountable for their intentional wrong doings. Keep up the fight dear Gary. Fight for humanity and for the people. Thank you.
The only way to fix inequality is to have a political party that BELIEVE that this is THE PROBLEM. If we continue down the road with what we have now then we are screwed. Thanks Gary, more power to you.
And the only way to get a political party to believe it is for people to join the most likely party to agree and to win and spread the idea.
We have the problem where the only 2 real political parties are the tories and Labour who are essentially left wing tories as well.
And a complete lack of trust in politicians, so how are old school style Labour working people parties going to be reborn when the working people have no faith in politics, they're not motivated to get involved.
A strange scenario where politicians incompetence has created a scenario which allows their incompetence to perpetuate, almost as if it wasn't incompetence all along.
Things will get a lot worse before people are motivated en masse to get involved.
15 years and this problem might start getting taken seriously, but i think a Labour government as a bigger threat than another tory government.
Because Labour will fail as well, then both political parties are completely without credibility and where will voters turn then?
Keep preaching brother!!!
But HOW, Gary?! How would you advise redistributing wealth inequality??!! More in this please!
I was hoping he would make some suggestions, at what level do we working people become "rich" enough to be taxed even more ?
Asset taxes - the level? In the millions. My uncle is worth about 250 million. If he was taxed 20% of that, I think he would still be OK
Just beyond the number we all have in our bank accounts....@@RoderickSpoke
Yes - lets start actually taxing the super rich (or even just the rich)@@user-vc5zt9ci12
Turn off msm. That's how. Track down some good alt channels.
Bless you Gary you say “we” associating yourself with poor people as if you’re one of them ❤
Yep, Labour will say they’ll fix the economy and people will continue to depend on the food banks because it has now become the norm. After all what’s wrong with supporting people in need but on the other hand they’ll be tormenting people on benefits in the name of “they don’t want to work” rather than listening to what Gary is saying: they will not fix wealth inequality to them that’s an individual task and hence people are going into crypto and trading. It’s a viscous cycle.
Great video, as always! Good to see the channel growing. Looking forward to reading your book soon!
Hello Gary, recently found your channel. You make some interesting points. Please keep pushing the truth. I would love to see more content on what government financial policies are effecting the country negatively, and what you think we could do to change this.
Excellent Gary. In for the long haul and drive home the message; gross inequality will be the ruin of us all.
You’re a beacon in the dark. Keep going, many of us are rooting for you. I’ve never heard so many relatively wealthy people (not billionaires and their lackeys, obviously) calling for change. It’s heartening.
Thanks Gary for putting this in a way that I and others can understand. Just bought your book, will start it tonight. Please keep plugging the message.
I want to see some videos from you, Gary, about what we should do in week 1 of a labour government. What expectations we should have. What do we want to happen - in an ideal world. What should we be telling them to do to start to chip away at this issue?
Would LOVE to see you have a chat or podcast with Martin Lewis. PLEASE make this happen my man.
This would be a game changing event and a real milestone opening up more minds to what the future holds. Does the future look terrifying YES. But let's build the momentum for change for the benefit of future generations!
keep up the good work Gary. We believe in you. x
Biden's SOTU was reassuring.
You're a true prophet too. Let's hope we're now with an honest map with honest leaders who can steer our society in the right direction 🤞🤞🤞
Thank you and keep going! ❤
Hi Gary, love your videos, I am in awe as to how you present these messages in a clear and concise way, my question is how do you effectively communicate these topics to the people around you that actually get through to them? How do I not sound like a ranting nutcase predicting the end of days? How do communicate this message without sounding like a condescending know-it-all?
Ask them about themselves and how they're doing- then you can relate that to the inequality issue. If they're older, ask how their kids are doing- especially re the housing issue. It might not work as well in the UK- i'm in the US- but it's worth a try.
I read an article about the first proposal for worldwide minimum tax rate on super rich (billionaires)
2700 ish people own 13 trillion in assets.
Unreal
The question is how to make them pay it. I personally think tax is only one part of the story
Funny how globalization never led to such a thing!
@@OnlineEnglish-wl5rpThe problem isn't the arbitrary number on their bank account, the problem is their ownership of the assets. So tax the assets. You can't own the assets and dodge taxes on them at the same time, because the buildings and land won't fit in your private plane. So they can only dodge the taxes by selling the assets. If they sell the assets, then tax the new owner of the assets. In the end someone will be paying the tax, and the rich who dodged the tax now have no assets, so they have no passive income, so they will stop automatically getting richer. They then either spend their savings or they work for a living. I consider it a win either way.
@@bramvanduijn8086 I like your idea except wouldn't that mean by taxing the assets that it will drive up the rents even more? One way to tackle it is to make it law that any individual can only own 1 property and companies cannot own but only lease properties. This will force anyone who has more than 1 asset to sell within a timeframe (say within the next 3 years) and will crash the value of assets. Then suddenly it will become a lot easier again for the majority of people to purchase a home and for those that are private renting, well the rents will be far lower than before. This for me is one way of quickly tackling the wealth inequality.
@@bramvanduijn8086 Good point, well explained I was just advancing the view that stronger trade unions, tighter labour markets, employee ownership, co-ops etc should also be in the mix
Cheers👍
Thanks, Gary! You keep doing a great job!
Good morning.
James O'Brien interview was good. Keep hitting us with the stark truth.
For once I agree with James O'Brien who with Jeremy Kyle (loathe more) cash in on polemic takes cushioned in 'decency' and 'common sense'.... They continue to try to divide so the majority of lesser earners don't come for them, their employers and their employers employers.
@@dogsenseforu301That's not true, and even Gary himself stipulates that he's not going for people whose houses have inflated to telephone number values, but who can't afford to move. It's all about inflation.
In my lifetime, once you could go to the local shop with £1, buy a sliced loaf, a pint of milk, and some other odds and ends, and go home with a bag of shopping and some change. Not any more.
Likewise, homeowners who got 20% discounts on the council houses they bought, who managed to keep them, would see a huge nominal increase in their value, only because governments tolerated the establishment of the Housing Bubble. Any redistributive policy would prevent harming those people. They're not the real gap in the tax system. And neither are people like O'Brien. It is, I'm afraid the capital gains on asset income, that is undertaxed, relative to wages. Now, do you understand why? Capital gains taxes have been far less taxed than wages for decades. And the chartered accountant and economist Richard Murphy discusses the reforms needed on his blog Funding the Future. He's publishing a Report with the University of Manchester, explaining how this could be done. And Murphy's reforms are doable.
So please, let's not reduce things down to personalities. O'Brien's just pointing out The Emperor's New Clothes, and he and Gary are on the same side of the issue. Both of them see the economic apartheid embedded in our society, that like Japanese Knotweed in a garden, is crowding out everything that produces a sustainable and liveable life for ordinary people with a job and cascading downwards into precarity and destitution for those sick, old or poor. It's only those who live on asset wealth income, who driven by fear and greed, are being encouraged to speculate and just buy more assets, so taking away money from the productive part of the economy that provides jobs, taxes, and improves the quality of life for waged workers.
I work as a barber. The thing I am hearing a lot is people selling their homes to pay for care home fees. £1000 a week.
I have been screaming about their for ages. It's a system that fast tracks Gen x's children to poverty. It's an utter disgrace. The care in these places is not even good. My humble savings and value of my home will be eaten up should I need care later on meaning I will not have a humble inheritance to pass on to my children. This knowledge breaks my heart as I want to make provision for them after my death.
Quarter of a million we spent on mums. Sold her bungalow. We were left £20,000.
The council will hunt it down
80% of people over 90 are not in care homes, 96% of people aged 80-84 are not in care homes. Most elderly people don't end up in a care home, so it's not inevitable.
Ah another bedtime economics lesson
keep explaining how economics works Gary...we need clear, straight forward explanations of all the terms used and processes employed by the rulers. Most people dont understand and therefore think the rich must be good at money because they understand it! I like the way you debunk this idea...it needs spreading far and wide. The idea the Tories are trustworthy with the nations resources cos they are rich is falling apart but we need better economics education to change the system sensibly and avoid chaos...well done!
Thank you for sharing your ideals and hope and goals 🙏 ❤
Gary's politics is the ultimate hedge:
wealth inequality continues he wins (good trader continues to get rich).
Wealth inequality shrinks, his political campaign is successful (his political capital skyrockets)
The implication of this comment seems to be that no-one with wealth and power should campaign in the interest of those less wealthy and powerful
So...How can we fix it? Have been watching your videos, but still don't really know what practical steps one can take in order to achieve any positive change...
It requires a societal change rather than individual that is the problem. During covid there wad a waiting list to buy a Vauxhall even though no one was driving cars. Wtf is wrong with people that they are so desperate to spend and borrow money. Borrowers will always be slaves to the lender.
I pester my local mp, Jeremy Hunt. I ask questions, make points I have heard here, and keep saying that unearned income must be taxed as we are taxed whilst at the same time forcing corporations to pay proper , living wages, rather than allowing them to pay poor wages that are subsidised with taxpayers money via universal credit. I do get answers, so it forces him to have to pay someone to do that and I wonder whether if enough of us contact Starmer and Sunak with the same messages, maybe eventually they will listen. Wealth inequality matters, and is not , as they often claim, simply the politics of envy.
Switch off msm. Forever. That's step one.
Watch a few videos by Mariana Mazzucato. She explains how the current situation has happened and the way out of it. The problem is that getting back to a fully functional economy is not going to happen overnight given the destruction of it has taken some time. This is the worry, if Labour will the next election as expected, people will expect them to correct things within a couple of years when it will probably take three parliamentary terms to get there as there is so much to undo. It’s not just a wealth tax or more money from the Bank of England, it’s what you do with that money when you get it and is there a system in place to deal with it so it doesn’t simply end up with the super rich again.
Everything about this video is incredible.
You are a beacon of light. Please keep it up and keep it going.
Is there a chance you could do a video on MMT (Modern monetary theory) as an example of an imperfect way of looking at government spending and its role in the economy and how it could potentially be used, or not, to materially decrease inequality?
Debasement of currency makes inequality worse, it inflates assets
There is an inverse relationship between tax rates and tax revenue. You cut tax, the propensity for people to shoulder said tax burden becomes much more likely, including big companies. More money in peoples hands, more taxable situations = more revenue. This is how you get out of this mess, but I cant wait to hear how this should be fixed top-down, more welfare, increasing tax, increasing minimum wage etc, as opposed to earning your way out of poverty by government non intervention.
Give businesses a good deal and theyll WANT to pay instead of finding ways to avoid it. More importantly working people get to KEEP their money, which elleviates pain in this stressed market. It also results in business growth which invariably leads to more job creation.
Secondly, wage deflation through immigration needs to be fixed by deportations. Less competition = more market share for those who are already here.
Inequality destroys the social as well as the economic fabric. Mental health, as you point out, is a clear example, but there are plenty of others. I would highly recommend Thomas Piketty's Capital and Ideology, both for its elucidation of how all unequal societies rely upon ideologies that legitimise them (especially through ideas of what constitutes property), and also because it proposes specific achievable but very significant measures. Long read and not for everyone, but clear and for me at least, very useful.
With your help Gary we can build the mass movement for change,keep up the good work and thanks.
You still haven't outlined any tangible solutions......
Ok, so your click bait title was about solutions. Whilst i agree totally with everything that you have said here ( especially about young people's mental health) I cannot discern any practical solutions offered? Apart from spread the message about what is happening. I would like to be part of the solution but how? Look forward to future videos, where, hopefully, you will answer this point.
Really pleased to see James OB interviewing you and only a week after Bernie Sanders. There are very few people highlighting this fundamental problem in our system. Let’s hope A Campbell and R Stewart step up at some point and have you on Leading. Keep going Gary
Thank you Gary, we appreciate all this 🙏🏻❤
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Please who is this Mrs Chloe Linda Henderson.
literally not a single solution presented, just patting his own back
The message is 'there are no quick fix solutions'. That means the solutions has to be long term solutions. Part of the solutions is promoting understanding the root cause of the problem and spreading it wider. Staying mentally healthy and keeping hope alive is also the solutions here, not despair and doomerism. Finding the solutions is also about knowing what's not a solutions as well. You seems to be looking for 'quick fixes' and one size fits all solutions. But for now, the solutions is keep spreading the truth and getting more people on board to think about further solutions.
I'm looking for quick fixes? That's a rather asinine assumption based on nothing. I would argue that wealth inequality in the developed world is already a very very well known problem and there are a host of potential solutions that have already been proposed, all with their own merits and flaws.
No one likes talking about the solution because the solution is expensive, everyone would like some wealth inequality but no one wants to pay up for it. Not to mention how to ensure the solution is lasting.
I'm sick of these wannabe messiahs. 'Get more people on board to think about further solutions'. Spoken like a moron who has already drunk Gary's coolaid.@@TamNguyen-yk9mn
@@TamNguyen-yk9mnMaybe if you say solution a few more times one will magically appear like the Candyman. His economic understanding is great. His understanding of the superstructure is non existent. 30 mins and I didn't hear capitalism once. If people aren't educated with a theoretical base they'll just continue to get manipulated by the MSM. If you don't know what you stand for you'll fall for anything.
He sells a simple message to simple minds. People love emotion. They hate nuanced facts and deep thinking. Cretins are drawn to Gary and his emotive message. His whole persona is carefully crafted.
@@John-wf5if Layman are the target audience obviously because he want to spread something new to people and isn't trying to force feed them complex terminology, speaking in ways they can understand. The people can explore deeper into the topic by themselves. It like pointing the directions, the people must walk the path. If you're trying to spread the love for mathematic, you don't throw calculus at them straight at their face. You may explain it vaguely and give people intuitive understand, motivating them to learn more.
Only recently came across your channel. So glad I did. Keep going!
Love you work.
So the solution is to grow your voice to send a clear narrative to make the wealth divide better because your predictions will be 100% right? you what?
Okay. Yes, wealth inequality is the problem. But still not hearing any solutions in this video. Reversing wealth inequality is not an easy problem to solve even in a world where everyone wants that.
Keep doing your thing Gary!
Thank you
You didn't say anything about real world solutions
Excellent as always Gary! I always find apathy to be the hardest obstacle to overcome, so more plain messages like this can only help 👌
I really hope you can succeed in your mission and not be gaslighted by the manipulators in our world and society. Its such an essential and critical mission, if we want viable equitable societies, not just in the UK but worldwide too. This is a worldwide issue.
Loving your work Gary , keep it up mate 👍
Ty. Was looking for this video
Your comments on mental health are so valid. Keep spreading the message. Thank you.
You have my support
Excellent
came up on my recommended feed, super helpful video and much love for Tennessee from 🇬🇧 spent quite a bit of time there over the last two years!
Found you on the JO'B podcast, and as a 51 year old bloke from the same background in a not very happy place, you are more than a fresh of breath air, you are pure oxygen. you have my vote and I totally agree it will be tough, and long term, but you have started the first step, the rest of us need carry it forward. You have my full backing and anything I can do, I will (Although I have no practical idea how, I will start with the easy bit, spreading the word.). Would be great if you could get on The Rest is Politics, Leaders Podcast.
Love this guy you don't get many millionaires wanting to help people & not being greedy we need as many people to get behind this guy with love from Wales
simple honest and to the point. u gonna get in trouble. keep it up. thx
Such an important message that those with more free time (often due to lesser financial burdens and/or care responsibilities) give more to this fight. Young people are doing this. Almost everyone in my life under 30 who can afford to chooses to work less in order to give more time to activism. We need to cultivate this responsibility culturally so it is shared by as many as possible. Big love to Gary & his important work. TOGETHER WE WILL WIN!
Feels like gary's economics is gaining momentum and on the precipice of becoming something significantly larger!
Sir. Thank you for your whole hearted commitment to dissemination. I’m here.
You're one of the good ones Gary 🇦🇺
I tell everyone about your videos Gary, keep up the fight, it's one of the few consistently true messages on CZcams.
I doubt Gary will read this reply but I'd suggest anyone interested finds his recent podcast with James O'Brien at LBC. I took a lot from it in a personal sense as in a small way it mirrored my career path. I'm 80 now and can only look back in retrospect and agree with almost all his comments about the structure of his life and where we are now at. May I also say thank you for all your efforts Gary because the appallingly inept politicians we have elected are leading us to economic armageddon !! Of that much I am certain.
Everyone counts. ❤
Can you make some videos about other systems other than the UK? It would be very interesting to hear your explanation and analyses of the EU system, or the Chinese one, or predictions about the future of Milei's Argentina. I also think diversifying your content would make you reach a wider audience, and that's good for your cause. Anyway, it would also just be fascinating hearing your insight on other topics. Keep it up, love what you do!
Spot on analysis from your many videos, keep banging out the message and hopefully our future government will grow some backbone to take on this inequality tragedy.
Thanks for the video, lots to think about
Spot on. I’m in.
Thanks for fighting for us all Gary. Poverty is causing misery and death and it wont improve until wealth inequality starts falling. We need many ideas and for our politicians to carry them forward.
This is good and definitely agree with the notion that we need to win the battle of ideas. What would help is to paint a picture of a society without such great wealth inequality. How and why would that resolve many of the social and economic issues?
So refreshing to hear someone talking sense Gary. We do need to see the truth before we can start to fix this mess. Your message is not negative it’s realistic and it’s cause for hope. Keep up the good work 13:38
Agree with everything said here and fully behind the need to spread the message far and wide. The only bit I struggled with was the analogy with Nigel Farage - he gained support through mistruths and appealing to people’s emotions/prejudices. The key here is to not spin or exaggerate a message (wealth inequality is so bad it doesn’t need exaggerating) but to build the narrative off basic irrefutable facts built on agreed data points from respected sources - the data should speak for itself. It’s much harder for detractors to attack if the data holds up, so it becomes much easier to gain consensus on the scale of the problem - once that is accepted in general media the narrative can focus on how to address the problem. This is where change can happen. Anyway. Gary - huge respect for what you are doing - it is really important.
Good video as always.
Keep going mate, this thing needs someone like you to keep beating this drum for people to start listening.