This explanation is almost exactly the same as A Christmas Carol. Wealthy people are driven by fear more so than care for their fellow man (or in this case, the economy). It’s not entirely reassuring to think that we need supernatural intervention to fix this problem, but it’s not surprising either.
@@dopealien A modern version of the Christmas Carol could have AI busy getting getting robots to make very long heavy metal chains ready for the wealthiest in their eventual afterlife.
Jesus did talk about this in the parable of the talents. Then the servant with the one bag of silver came and said, ‘Master, I knew you were a harsh man, harvesting crops you didn’t plant and gathering crops you didn’t cultivate. I was afraid I would lose your money, so I hid it in the earth. Look, here is your money back.’ “But the master replied, ‘You wicked and lazy servant! If you knew I harvested crops I didn’t plant and gathered crops I didn’t cultivate, hy didn’t you deposit my money in the bank? At least I could have gotten some interest on it.’ the point is that fear, is driven to a greater level, because they are afraid of losing status, and their wealth, they are afraid of becoming "nothing", when in fact, they are gaining great wealth by investing into people, the common man
@@joshw8298 I think you missed the entire point of the parable. Everyone has talents, the rich and the poor, but some of us don't use them for anything. In the parable, its the poor servant, because of fear of loss. The video makes the claim that its the rich that don't use their talents, but in my experience they DO use them, because they have enough that a small loss won't leave them with nothing, so they are more willing to take risks.
No wealthy person argues against govt spending as that means more money in the economy and as they own all the businesses it means more wealth for them, govt spending has driven shares through the roof, along with all asset prices Comments like this that are opposite of reality get upvoted because it's negative rich but not helpful because it's not factual.
@@antonyjh1234 They are happy with the bond issuance and the interest rate increases. But they hate spending on public services that save people money instead of fattening up their pocket through the private sector.
@@antonyjh1234Yeah wealthy people want government spending because it keeps the bubble afloat but only so long as the government spending is disproportionately absorbed by them in the form of economic rent and capital gains
I totally agree as I've been saying something similar for years . Billionaires are no good for any economy as their wealth becomes inactive by sitting in banks and other financial institutions doing nothing . The other problem with billionaires is that they amass so much wealth and power they start interfering in politics which affects us all .
Their wealth rarely sits inactive anywhere. Instead it buys up housing, driving up prices, it sits in giant financial services funds, buying up and dismembering productive industries, funds (bribes) politicians and many other, all nefarious, things.
Billionaires wealth is not doing nothing. For example, Musk's billions are in Tesla, SpaceX, and other ventures. Even if they just invest in a broad based fund and live of the so called "income" the fund is invested in equities and bonds in companies providing jobs and services.
🎯 Perfect analysis. One of the most widely shared anecdotes about Joseph Heller, the author of Catch-22, highlights his wit and ability to poke fun at himself. At a party in the Hamptons, a friend of his remarked, “Joe, you know, this hedge fund manager makes more money in a single day than Catch-22 has made in its entire history.” Heller, without missing a beat, replied, “That may be true, but I have something he will never have.” His friend asked, “What’s that?” Heller grinned and said, “Enough.” , 😉
@@bernardwatts5339 I think the point about the rich is that they have no concept of what enough means. Murphy and Heller are saying the same thing. We can see that they have more than enough, but they still want more.
Yet most of the rich have more money than they could ever spend in one human lifetime. If they were taxed properly they'd still be very rich, just perhaps not obscenely so.
They have succeeded in keeping the myth that money has more value than the debt it is. The "poor" keep believing it's money that is valuable instead of direction, which is all choice, that money is what we need to be able to live, instead of choice. We could feed, shelter and offer society medical care as well all free. The rich have you convinced to be able to live, you must hold bank debt. The attitude pf the rich is that you must keep working dead end jobs that do nothing overall but keep the system of debt turning over as it has done for hundreds of years. "They" have succeeded because send our children to education centres run by people at the top, that we don't trust and need replacing.
But it IS true. Making the rich poor by confiscation WON’T make the poor rich. If you disagree at least explain how the poor will become rich. The country needs investment to prosper, not free money redistributed by means of taxation.
In Germany we need a property tax. There are so many billionaires and millionaires in Germany, it’s crazy. We’re actually on third place. Only the US and China have more billionaires than us! The super rich should pay at least a 1% tax rate of their property. We need the money. The infrastructure is crumbling … literally
The EU has helped to cause the problem by exempting rents from VAT. Property tax should be based on land values only, assessed on rental values. A high rate (80%) could replace all other taxes.
A property tax makes no sense as it will be passed to us. The money for those properties doesn't exist, price is an indication of the debt that has passed through it. All money is debt so asking for debt to pay debt is never going to work long term, unless new debt is always being entered, is this what you are asking for 1% per annum to be added to your costs? Stop trying to bend the system that is directly working against you, by asking for more money which is all debt based. If tax makes money disappear then it can't be a tax as won't that mean less money in the system?
@antonyjh1234 Rents are already the maximum the market can bear. Taxes on rents must be fully absorbed by the land owners. It is a basic principle of economics.
@@physiocrat7143 Taxes on rents are absorbed and not a cost of business? ANd not a tax deduction, or passed to the consumer, where do you get this idea from?
@@timbrown1897They left Venezuela because it was a totalitarian dictatorship and due to economic mismanagement (inherent in totalitarian dictatorships)
@FONASDeadlock Greens and Lib Dems are pretty similar policy wise, the greens might be a little more progressive and in support of wealth taxes and LVT though
The rich by avoiding and evading tax and making the lot of the majority are making the chances of voilent up rising against them more likely.the sensible thing would be to pay their far amount which would mean they could still live in splendour but reduce the need to turn their mansions into fortresses.
I mean those people are in no small part massively responsible for the enormous wealth generation that services-led London provides, head and shoulders above the rest of the UK and population. Of which quite a lot funds things like Scottish prescriptions and universities, Welsh highways infrastructure, etc. I'm not making comment on the morality of London being what it is compared to every other city in the UK but do you realise that our best export is financial and legal services? We're a world leader at that, and not at much else any more. It's easy to say 'fuck the rich' but I think what you really mean is 'fuck the system that allows the degree of inequality between me, a normal person, and people on the rich list.' But given that's the system and it's not changing, not sure why you'd hate the successful players rather than the system itself. Whatever you think is bad about our country these days I can promise you it would be worse without the wealth creators at the very top. No doubt you'd have a different opinion if you were on that list yourself.
@@petaflop3606 You are correct to a point, the system is at fault. However, these people shape and influence the system that benefits them immensely, draining public services and creating further inequality. Yes the system needs to change, but that can only happen if the people who hold wealth, power and influence have the will to do so.
Keep the red flag flying high. You have a serious chip on your shoulder. Of course the rich spend their money. Just not all of it. What on earth would you do? You are obsessed with how you divide up the cake but have no plan as to how you actually make the cake bigger. There is no socialist government in the history of the last hundred years that has ever succeeded in growing an economy. I’d like to see you in a face to face debate with another economist and see how you get on.
@@davidbrayshaw3529it works the same way all down the chain. True. It shouldn’t stop us working towards more equality, more distribution of the wealth there is. In all honesty there’s enough for everyone.
The other thing is that money is supposed to circulate. The buther buys from the candle stick maker who buys from the greengrocer etc etc. Now all money goes to huge corporations, that money isn't circulated. It just disappears.
@@physiocrat7143 Money is just unbacked paper, thats why it loses its value. Rich people buy assets with it like villa's or rare supercars and secure their wealth.
Where I am at present the economy is very local, small entrepreneurs in many sectors especially retail and farms are quite small and small retailers can be found along the motorway. I remember when the town centre was locally owned, then it. Was brought out by investment companies, the little man disappeared and replaced by larger retailers who usually ended up on the hands of foreign investors So eventually the local economy was destroyed and money does not circulate. I am in a country that many would see as bordering on the third world, but overall people seem to have a better standard of life than the working class in the UK.
@@indricotherium4802 And Grace Blakeley. And the guy behind Unlearning Economics. Several economists (including another I forget the name of who Richard has mentioned too) could pool their ideas and really help governments enact decent policies.
Spot on Richard. Even when they buy those obscenely expensive goods they only spend a small fraction of their income. The rest is invested, often abroad. The wealth of a country should be measured by the wealth of the poorest
Richard J Murphy is not talking nonsense. The cold hard truth is that austerity, benefit cuts, reducing eligibility for social security benefits, cuts to public services, privatisation, reducing the availability and access to affordable quality housing supply and reducing access to NHS healthcare with increased social care costs and massively increased cost of living crisis with higher tax on the lower income groups and low tax on the wealthy will drastically reduce the size of the economy and increase poverty and lead to the collapse of companies with high unemployment, with associated lower quality of life and shorter lifespan in good health. Previous Conservative British government admitted the bedroom tax did not save money and only kept the bedroom tax because they believed it was popular with voters like New Labour does.
@antonyjh1234 I have said quite a lot about this on my own channel. A good start would be to read a book like Progress and Poverty by Henry George. It's a bit hard to copy and paste several hundred pages.
From $10,000 to $76,000 that's the minimum range of profit return every week I thinks it's not a bad one for me. I now have enough to pay bills and take care of my family.
Day trading is the best way of making money in the market due to lack of experience which resulted in loosing funds... But mr josh olfert , restored hope hes a good man
Getting rich folk to pay their bills is never easy, and they absolutely loathe being chased. They seem to take it as a personal insult that someone should ask them to pay before they feel like doing so, which is probably never if they can get away with it.
As I have experienced! So now I use that to my advantage. If I need a tradesperson to fix something I pay him/her as soon as I receive their invoice and I’ve checked the job has been done (properly). So now when I want something done, I simply jump the queue. They know I’ll pay quickly so they came when quickly.
I know a Builder who 10 years back installed a new Kitchen at the home of the Director of a successful company you would have heard of. His unwillingness to pay the bill of £5,000 was pathetic. Eventually, my mate went to the Head Office after work in his dirty work clothes and when the Receptionist said he wan unavailable, he said he'd wait there till he Was ! AFter sitting there for 2 hours, eventually a Cheque was sent down.
@@rjw4762 All too common sadly, I stopped working for people like that after the first one messed me about. They did try to give me some more work, but I refused to quote.
@@rjw4762 They are getting very cruel and mercenary. When I was a boy in the 80s, the local farmers always had little slivers of land not really big enough to use for agriculture, or anything more than a small allotment, so they'd do things like just allow the new age travellers/hippies to park In the last few years i've noticed as this old guys pass and their farms are sold to London transplants, bankers and other s*um, such arrangements are stopped, glamping at obscene prices no local can afford starts instead. They come out threatening legal action if you park on a verge near their property to walk the dog, something that was never a problem before, and have put fencing around public footpaths, destroying the views (they usually petition to get the footpaths closed, but as of yet, the council has held firm on that at least, even if they allow these log cabins to litter the landscape) there really should be a tax put on Londoners leaving London. We dont want them.
Our growing wealth inequality is clearly economically damaging and Labour should be addressing this fundamental problem but aren't so it will continue to get worse. As Richard indicates, the wealthy are incapable of spending enough of their income and are always left with a surplus. That surplus is then used to buy assets such as property, shares etc and with increasing numbers of wealthy chasing those assets, prices increase and so does the cost of using those assets in the active economy. Over time we see increasing amounts move out of the active economy into asset purchases and the economy suffers. Shouldn't that be obvious to our politicians?
Give a billion in tax back to the billionaires and you have little control over how it is spent.give that same billion to the 90% you know it will be spent largely within our economy.reeves hasn't received the memo yet.
In Scotland the highest earners are taxed more, the money spent on things like the Scottish NHS. Scotland has almost no tax powers, majority being reserved to WM, and the England HQd parties, Labour, Tories, Libdems in Scotland have done nothing but rage about the rich being taxed more in Scotland! You won't hear about that in the England 'UK' media. If you want to see policies that are socially and economically responsible, (all being implemented while under massive financial and political constraints from the English government), take a look at the SNP website. If people in England think any party will ever allow such policies in their country, they have another thing coming.
There is a debt inequality, the ability to get debt is where the difference lies and your words could be used against most of the people here. How many people could do a little less, spend less, compared to a person who might have lost their crops in Africa or India, but aren't luxury taxes and a sliding scale of personal tax enough? Tax doesn't pay anything so all it will do is lower the upper class spending ability, not increase the amount of money in the system. Will this make people feel richer, I suppose it will if the rich aren't so rich but overall what has it done for the rest of us? Tax the rich sounds inflationary as any assets will need a greater return. Why not just have a cap how much value one person can have?
@@antonyjh1234 this. a hard wealth cap is what is needed. though i fear himanity has allowed accumulation to go on for so long that the billionaire class now has too much power for anyone or any government even to effectively control. they control the governments. so i dont see us ever gotting out of this one.
@@Moustache-Gaming Either a hard wealth cap or they make everyone poor as poor can be, we all go back to growing our own food, riding horse's and learning how which grass makes the best string. If they were ecologically minded, poverty would to be a great tool.
Im so called economically inactive as a pensioner but I spend every penny I get. So actually pretty active.i could help the rich spend theirs. Count me in! It has to be done but no one has the balls to do it Certainly not KS and RR. How can it be done?
As a pensioner you are a debt instrument and therefore a way for money to enter the system through the money the govt borrows, by spending all that they give you, then you are doing your fair share already. The money you spend of the rich, does not help the government input money into the system and would be detrimental to the economy in your instance.
As a pensioner on low income with the tax allowance being frozen year after year you will be paying tax even on a very modest income.reeves had the option of increasing the tax allowance to stop the very poorest paying tax but has decided not to tax the mega rich.when will we get an actual labour party in power and not a leadership who has surrounded itself with think tanks and bankers for their advice.
Yes I hate the 'economically inactive' cr*p that the rich use to belittle the poor. No one is EI, everyone pays tax even if just VAT, even fruit juice is VATd...so unless a person eats or drinks nothing, and has no internet, electricity or gas, (all VATd) etc, then they are actively contributing to the economy.
Let's call it what it is when a small percentage of people control purchasing power it's greed! Any logical solutions are going to be harsh like reducing the great unwashed, or the greedy ones? Greed is the problem not the survival instinct.
Of course, Rich people do not return the cash they make to improve the local economy. They invest in anything that will make them more money, and that money comes from YOU and every person who consumers favour because they are GREEDY. They are rich because they accumulate wealth by NOT spending it.
Yeah, the rich will take their money and invest in overseas development, because the middle class would rather block that in favor of the people of their own country.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments. Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments..
It's really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It's a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Jihan Wu! Imagine i invested $50,000 and received $190,500 after 14 days
Some persons think inves’tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why l'm lucky to have seen someone like mr Jihan Wu.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
I've said this many times... A successful system requires a cycle, with the commodity or substance constantly broken down and recycled. If the substance is always having a portion removed from the system, then eventually the system fails... ceases to exist, in fact.
Absolutely true. Inequality also stifles growth, as money in the pay packet of the average person is largely spent in the domestic economy. Money in the bank accounts of the rich is either moved offshore, spent on luxury goods, or used to buy assets to rent back to us at excessive prices. The rich extract more from society; that's how they become rich.
There is simpler way to explain it: money is a wealth, a potential for work hours, or for energy, or for goods - for growth. By storing it away, rich people deprive us of all this.
Shouldnt it be deflationary? When rich people dont spend their moeny they dont buy goods and therefore the less fortune people have the opportunity to pay goods for less. The flaw is more likely that in a debt based economie the money has to flow faster and faster.
If you really believe that why do you not make money yourself by setting up a mattress factory to make products for rich people to hide their wealth under.?Have you not considered the fact that they invest accrued wealth, in a variety of ways and all of which except gold hoarding benefit"society"? By buying government bonds, for example, which is the only way that profligate administrations can viably fund their vanity-soaked programmes of whatever hue.
Rich people can get into debt a lot easier because they have other assets, money is inputted into the system through loans that they can get any time they want, yes there might be a trickle down with the things they buy but mostly they buy assets which make money, like a business or property, that we are paying rent to. As more money ( debt) enters the system, then prices for these assets are an indication of the amount of debt that has gone through the property. All money in the world is based on debt and the prices for property, that money does not actually exist, as all money is debt, as soon as the loan is taken out and paid off that money does not exist. Then what can happen is a place might have a fire, it might be a windy day, 8 or 9 fires might somehow start at the same time in different places, the state insurance company will cancel fire insurance a few months before, the reservoir that has had funding for ten years remains undone and unfilled even though last year was the wettest and they would all be full. Then during a drought and major warnings from all fire departments the mayor will go away on a goodwill trip to Ghana, after donating all spare fire equipment to Ukraine. Along with that the Governor will be trying to make the place multi density for high-rises but of course was getting a lot of pushback considering the area and the neighbours, then what can happen is the banks or Blackrock because that's what has happened in Hawaii after the fires, will either repossess or give a low ball offer and because a company like Blackrock, the 1% rich people, they can then get loans for more debt, which we peasants call money. Rich people do not hoard or store money depriving us, because they know it is debt and debt always has an interest rate applied so it must be working for you or it devalues
Money is debt you have to understand where it originates 1st, rich people can get into debt a lot easier because they have other assets, money is inputted into the system through loans that they can get any time they want, yes there might be a trickle down with the things they buy but mostly they buy assets which make money, like a business or property, that we are paying rent to. As more money ( debt) enters the system, then prices for these assets are an indication of the amount of debt that has gone through the property. All money in the world is based on debt and the prices for property, that money does not actually exist, as all money is debt, as soon as the loan is taken out and paid off that money does not exist. Then what can happen is a place might have a fire, it might be a windy day, 8 or 9 fires might somehow start at the same time in different places, the state insurance company will cancel fire insurance a few months before, the reservoir that has had funding for ten years remains undone and unfilled even though last year was the wettest and they would all be full. Then during a drought and major warnings from all fire departments the mayor will go away on a goodwill trip to Ghana, after donating all spare fire equipment to Ukraine. Along with that the Governor will be trying to make the place multi density for high-rises but of course was getting a lot of pushback considering the area and the neighbours, then what can happen is the banks or Blackrock because that's what has happened in Hawaii after the fires, will either repossess or give a low ball offer and because a company like Blackrock, the 1% rich people, they can then get loans for more debt, which we peasants call money. Rich people do not hoard or store money depriving us, because they know it is debt and debt always has an interest rate applied so it must be working for you or it devalues.
1% of people own 50% of the wealth. The question is: should we encourage the 1% to spend more, or should we promote the 99% to spend more? Entrepreneurs say, "Use your credit card to spend your future and make me richer. And remember, pass your loans on to your children."
When you know how not to spend, you keep your money. Encouraging those people to spend is idiotic. Because they know that to Win the game they shouldn't spend
@@patchamberlain6132thats whu currencies should not be exchangeable. You earned pounds, there should be no way to get them out of the country. Only here they can be spent. Crazy but effective.
The wealth of billionaires in the UK over the last 14 years has increased by 300%.the productivity growth has been zero.gdp has been none existent.we need less billionaires not more or at the very least those that pay a decent % of tax to contribute to the country that has given them so much.
I’ve been saying for over thirty years, rich people need to pay their fair share of taxes! However, the politicians don’t seem to acknowledge this or the politicians are at the mercy of the rich!☹️
The politician are in the service of the rich. Brexit was all about taxing the rich - the EU where bring in new tax legislation, legislation that would make offshore bank counts transparent - thus making the fortunes of the rich transparent to the member state's, tax authorities.Cameron couldn't convince the EU, that the UK rich, should be exempt, from from the prying-nature of the tax-man. Thus the rich instigated brexit!!
The problem is that there are various awkward complexities involved in this, for instance if you don’t actually have an income then you don’t pay tax….
*Thank you for bringing up this video. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. Thanks to Jasmine Harvey the lady you recommended to me!*
Investing in Bitcoin is the best investment anyone can do, because it has made a lot of people millionaires. I pray that anyone who is reading this will be successful in life..
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
As every single cent has a corresponding amount of debt, somewhere, money is the belief that we are progressing, it is debt but we use that as a means of exchange. As it is all debt and we need to earn it before we are allowed to exist, this is not wealth or progress. It is a misunderstanding of money being of value more than what it really is, banker debt that we use as a means of exchange, it is the need for it that is designed by the govt that holds us back from true progress, it is the ignorance of what it is and it is the lack of belief in a direction that we all agree on that is needed to supersede money. We do things now because we think banker debt has value, and we have given it more value than it deserves. The choice, to go another way, and the will, is all we need for progress, to raise general well being.
That's why the national lottery should be forced to distribute their big jack pots more widely. The biggest jackpot ever was £170 Million & went to 1 person. It would have been far better to make 170 people better off than 1 person obscenely rich!!
Another thing is that there is clearly a point beyond which high salaries for executives don't actually have any economic benefits. Ceo pay is very high in the UK, but we're not great on productivity. In the public sector high salaries for management just don't seem to attract the kind of people who are motivated by making the services better.
True. Academisation has been a disaster in education. Government should be taking swift action to dismantle multi-academy trusts where many of those in roles are on excessive salaries that cannot possibly be justified. Just look at the number of positions created in both MATs and individual schools. No school should need three deputy head teachers and five assistant heads plus a whole raft of other roles, but many have. Nor does any school need a head teacher and executive head teacher which is often the case too. There is always money for management but not for salaries to employ enough suitably qualified staff. The quality of education in Britain is dire overall too, with many students arriving to secondary unable to read and write to the expected standard.
@@eightiesmusic1984 absolutely, and it´s just as true in the NHS. The NHS top brass have really high salaries, some of the highest in the public sector. Same with local councils, the salaries some council chief executives have are obscene, like 200,000 for managing a local council is absurd, at most it should be half that.
And the NHS CEOs are often from other private industries who do not understand healthcare but they award themselves extortionate salaries which removes money from staffing and training budgets. It's a disgrace. It appears to me that they want the NHS to fail so that the whole of healthcare is privatised.
I will never forgive Gordon Brown for re-capitalizing the banks in the late 2000s. That was a golden opportunity to kick the banks when they were down, and perhaps rid ourselves of their parasitic behaviour. We once had a perfectly serviceable local finance model in the form of mutuals, co-operatives & credit unions. Institutions who knew the area they were operating in & were able to form personal & intimate relationships with local SMEs. The savings & loans stayed in the local area & didnt get wired off to the city so they could take their parasitic cut in exchange for nothing at all. Since 1979 we have put growth ahead of stability in banking, with devastating consequences. Consider if you will all the first 'banks' to go to the wall in the crash were ex building societies, compelled to become banks by the carpetbaggers. Of course the neolibs loved this, as it would 'unlock their potential' & indeed the demutalized building societies did grow rapidly, funding a vast housing bubble. And yet, Abbey, C&G, northern rock, Bradford & bingley, alliance and leicester, Halifax...the list goes on...ALL went to the wall within a decade or so after de-mutualization. Certain banks (ie RBS) fell soon after, but not a penny of public money was needed to shore up the Building societies that never listed. One or two small ones failed, but were able to be merged into the bigger ones. Of course, it was all considered obselete & parochial in the deregulated 80s, but time has shown what a disaster, for the nation outside of London, it has all been. The period 2008-2011 could have been a wonderful chance to re-invigorate regional banking. But of course our politicians who never think beyond the M25 would never allow such a thing.
How about making a joined video with Gary Stevenson. You guys might vary on some points but have a similar agenda and it might be interesting see if you can find common ground.
Give a poor man a bunch of money and he'll spend it, give a rich man a bunch of money and he'll throw it into a bank account in the Caiman islands and then forget about it.
It's a downward spiral now, then. As the poor can't spend either. And then there's those in the middle classes calling themselves working class & acting accordingly.
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Robert! Imagine i invested $50,000 and received $190,500 after 14 days
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Robert Williams Owen.
I’d like to propose an idea, offering the wealthiest a choice: 1- pay at least 60% income tax or 2- use perhaps 45% of their worth to fund the bigger infrastructure projects , or fund further education/training establishments etc The return on their investment would need careful consideration admittedly.
Once at some point in adulthood you find yourself in or, much less likely, joining the "one per cent", you will say to yourself: "I just need to sit tight for 30 to 50 years, carry on as I am and I'm pretty sure I can rely on the less fortunate masses and the muppets they elect, to leave me alone and largely in peace." And we the self-harming masses do and thus they are, in their position, the rational self-satisfiers.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
We have been in a depression since 2008, the yield curve has already uninverted, global recession indicators are flashing alarm for well over a year, and absolutely nobody could pull us out of the hell coming regardless of party.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
ASHLEY GARNER ABBOTT a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon!
During the last 4 years alone, billionaires have increased their wealth by as much as 33%: It’s simply not possibly for them to spend enough! Wealth distribution is now completely out of control!
I raised 75k and Claudia Ann Brandon is to be thanked. I got my self my dream car 🚗 just last weekend, My journey with her started after my best friend came back from New York and saw me suffering in dept then told me about her and how to change my life through her. Claudia A Brandon is the kind of person one needs in his or her life! I got a home, a good wife, and a beautiful daughter. Note!:: this is not a promotion but me trying to make a point that no matter what happens, always have faith and keep living!!
Very possible!, especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals like the woman you just mentioned.
Sadly and angrily, I don’t see anything changing, partly because most British (especially the English) won’t do anything about it. They’ll just moan and complain about the public services & potholes, that affect them & nothing changes😢😮
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings to about $1M over time?
I think the safest strategy is to diversify investments. Like spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k
I have the privilege of working with Laura Grace Abels as my financial advisor, and I highly recommend researching her expertise. In hindsight, I'm grateful I made the decision to entrust someone with the growth of my finances, even though I initially hesitated. Her guidance has proven invaluable.
She seems to be highly educated and well-versed in her field. After conducting an online search, I discovered her website, which provided further insight-thank you for sharing it.
We need a wealth cap. Once you hit some multiple of GDP Per Capita, let's say 100 times, all your income goes to the tax office, forcing you to spend what you previously had accumulated.
As an academic, your conclusion is biased and not scientific. There is no quantitative and qualitative data backup. I want to invest in the UK. However, corporate tax is ridiculously high worldwide, especially when you look deeper into the system. It is difficult to get rid of incompetent employees. The local council wants to start charging business rates even if the roof is not on. Basingstoke council used 106% of council tax to pay for the pensions. Norway also had North Sea oil; they set up a sovereign fund, and the UK had it and used it to pay for the benefits. The UK sold its national gold reserves in 1999. The UK sold 395 tonnes of gold between 1999 and 2002 at an average price of $275 per ounce. Rich people are tax and policy-driven; they do spend, but it depends on which country is more attractive to let them spend. You want us to spend fine, better policy and fair tax. If they just want Rich Revenge tax, fine, we will move. Do not kill the chicken for the egg
You're not rich, random commenter. You might be an academic, but so what, so am I. You're right about ONE thing though - we need a GLOBAL system, because the actual owning class mustn't have any place to hole up.
But it's the very rich people themselves that wrote the tax laws which gave them all sorts of loop-holes. They pay tax but just very little and/or find ways to avoid paying the full tax that they should pay. They won't change the tax rules.
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Ms Evelyn Vera🇺🇸..
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Same here waking up every 14th of each month to 210,000 dollars it’s a blessing to I and my family… I can now retire knowing that I have a steady income❤️Big gratitude to Ms Evelyn Vera
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.
1 question coming ... Very good explanation though. This is exactly what I was thinking: money is extracted by their assets and then they put that money in the asset market, driving up prices in the asset market. Here's my question: where exactly IS the dead money?? The wealthy will not hoard cash money (or big bank accounts). They will buy stocks, real estate, bonds, etc... but when they do, the cash they spend goes to the previous owner of that asset... So the dead money does not sit still like that. Where does it eventually end up??
Do you think we could compel the wealthy to invest their capital productively? So they need to invest in something that creates jobs and produces valuable and sustainable products or services, and if they don't, they get their wealth taxed?
I agree with much of what you say, but not on taxation. We need to change the laws that allow rents to be extracted. Intellectual property rights reform should be high on the agenda, but also collective bargaining rights that ensure a higher percentage of gdp is paid in wages and rights for tenants that reduce the rights of property owners in favour of tenants. Reform of property rights would result in more equal distribution of wealth. Yes tax the rich but also address the laws that allow them to become rich in the first place.
In my opinion, it might not really be the wealthy's fault, but maybe of money creation. Let's say, there is a given amount of money in a country. The rich gather most of it, but that will also mean that the rest of the money in existence, exponentially rises in value. Were it not for the government/banks to create more money in existence. Money creation is essentially stealing from the poor, for their money decreases in value. Of which they already have little. It also inflates the prices of the assets that the rich have. In the current society taxing the rich more than the poor, could indeed be a good idea. But I think cutting the money making ability from the government might be better.
Money is typically created by the Bank of England due to borrowing demand from the private sector. Most people borrow to buy houses, and this has the adverse affect of inflating house prices, but the lender of last resort role of the Bank of England exists to prevent runs on banks. If the Bank of England didn't have this role we would have bank runs.
You'd have to provide evidence to support the claim in your second sentence. I myself don't see any mechanism by which that could lower the relative prices of goods and services.
@@indricotherium4802 No proof coming from my side. I just thought that if the wealthy subtract money from the economy, (by keeping it in store), then the rest of the money has bigger value against the available goods. Fewer money chasing the same amount of products. That was my thinking.
@@PdGNL-T01 : I might be wrong but I would expect the amount of goods and services purchased to fall, unless suppliers dropped their prices, but why would they? Suppliers would respond by decreasing supply to match the reduced demand - thus underlining the point that the effect of the rich is to shrink the economy. Then prices would rise, due to increased unit cost of production and the non-rich would all be worse off, not better off. Someone may have a different/better hypothesis.
How are we supposed to grow the economy, when we have nothing left from our wages to spend in the economy, middle income earners are becoming poor, and the liw income earners are poorer, Our wages are spent on higher energy prices, higher council tax rises, higher food prices, higher water prices,etc,etc, this April 2025 will the destruction of new car sales over , new VED rises, its endless, there is NO DIsposable income left to spend in the economy, SO HOW DO WE GROW THE ECONOMY???
Rich people don't use the local shops and fast food places and ordinary people can't afford to use them anymore because of trickle-down economics and tax loopholes this has acted like a pyramid scheme and moved all the money to the richest of society.
I couldn't disagree more. I'm a bricklayer. For the past two years I've worked for a very wealthy family who have kept me going.....effectively paying my mortgage through very tough times. The company I did my apprenticeship for , was owned by a very wealthy family, who believed passionately in apprenticeships and their work force. I have found wealthy people spend lots on property, and this keeps working class people like me in a job
You can't tax the wealthy because the wealthy are overrepresented in parliament. They are militant and organised. As we see with the reaction of the farmers. Starmer was giving us a look at what we are up against. The vested interests within parliament are the prime political concern. Unless you can get representation for the poor in parliament. It will not be possible to deliver your vision. 80% of parliament are Landlords with property portfolios. Those who rent or in social housing have ZERO representation. So they will always get a rum deal. Economically, you access things perfectly. But it's politically where you face obstacles. Finding the right characters to do that is not easy.
What if you don't know how to trade any of these? I mean, I see your point. Some people have the money and are willing to invest. But the problem is where to.
Hey dude, this is 2025. People who aren't even traders make money from the crypto and forex markets and moreover there are already financial analysts and trading experts(PhDs) who have shelled out theories and ideas for years on how bit coin technically grows
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $75k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
He was an accountant for many years and now produces educational videos on the economy to help people understand why they are poor and going to get poorer. Hope this helps
Exactly. Give money to poor people and they spend it and stimulate the economy. They have to in order to survive, before anyone starts going on about their being feckless, spendthrifts, etc. The wealthy salt it away in Monaco, the Cayman Islands, etc.
I don't think he's referring to the well off accountants, doctors, lawyers etc. more than probably large corporations, billionaires, ya know, the ones who engage in rampant & egregious corporate tax avoidance.
Of course. If only there was a solution to that problem that didn't involve centralized management of every individual's life. And unless you take everything from everyone, there will always be someone in the top one percent. The arithmetic is actually pretty simple. Life isn't fair, and cannot be made fair. I prefer a world where rich people exist and government control of my welfare doesn't. I'll just try to make myself as useful as possible to one of the rich guys.
@subcitizen2012 What you basicaly said was carry on. How is that helpful and I dont think any theory of absolute advantage applies where the biggest companies in the world make money sitting on assets and speculating what to purchase next because it will be worth something in a few years, they dont make anything. Adam smith was from the 18th century. I dont think he foresaw any of this.
@@physiocrat7143 "To appropriate rent by taxation". So we just pay rent with our taxes instead of out of pocket. Making the government pay landowners to let the public stay on their land is ridiculous and the uk government already pays the monarchy to use public land. Its not a solution. Far to much poetry in that book.
Agreed. Been saying for years that the rich don't count. They don't count because rich means they are exceptionally wealthy. Being wealthy they have everything they need and therefore don't need to spend their money. Being exceptional, there are not enough of them to make a difference.
The rich have never spent their money in this country. They own everything and rely on the rest of the population to spend their money to increase rich peoples wealth which they then spend mostly abroad. The reason the economy is shrinking is Labour’s ridiculous budget that see’s big increases on already record levels of tax. And, there are further huge tax rises already in the pipeline for April which will continue to hit the economy, reducing growth and adding to the increasing unemployment list. Now that gilts are soaring the cost of government borrowing has continued to increase wiping out any income from those ridiculous tax rises resulting in………you’ve guessed it, further tax rises!!! And because of their initial stupid budget, we are in an economic downward spiral. The rich? They are just moving abroad!!
I’ve realised this for many years, it’s like a game of poker, winner takes all. They win the pot then take the money off the table, it’s now impossible for all those left in the game play at any level because they don’t have cash to do it.
Or we can go the way that Silvio Gesell proposed negative interest rates on currency. Like only 1% that will force spending and keep the economy steadily afloat. Probably have to do land reformed tho.
If banks don't need depositors why do they pay interest to attract depositors? and why did Northern Rock go bust? it was a profitable bank The answer is banks need depositors (retail and or wholesale) and without them go bust
You don't need a master's in economics to understand this. Thomas sowell described economics as the destruction of scarce resources and their alternative usages. That one statement described the destructive nature of hoarding resources. If it's not being used, it's anti-economics.
Imports of luxury items such as cars, jets, yachts are incredibly destablizing to any country's exchange rate ... as for the motivation of the wealthy, they don't want to miss out on opportunities, they will spend money if there's a great opportunity and stock market investing almost always raises production in some form. The problem in the economy is government not balancing its spending, it is not focusing on exports to 200 countries and not using taxes to lower tax rates on the poor. Nothing in the economy is bad, no form of spending, but excessive imports of luxury goods, no country can afford running such trade imbalances for longer than a decade...
Agree absolutely 💯!! Greed, fear, no compassion for others. And once they're done with destroying the working class here, they'll just move on to another country.
What I like about these videos is their universality. Dr. Murphy is talking about the economy of the UK, but exactly the same principles apply to any neoliberal-based 'democratic' country where the economic rules are broadly similar. This same thing is certainly happening here in Canada, and painfully obviously to the whole planet, in the United States. The pathology of the rich is the same everywhere, and their actions are too.
Defining the rich is one of the problems as most of the middle classes are now in that rat race , as their assets put them in that bracket even if they have massive debts.
Absolutely spot on, and only realised this over the past few years. I'm in that 20% & pumping all our spare cash into investments/pensions and it's true, when I retire I will be richer than ever. I grew up poor and yes I don't want to go back there, so it is a similar fear to the very wealthy!
I remember reading that this 'fear/obsession' kicks in around £70k - the level at which an individual breaks free of money gravity by having more than they need. After that it's just ego.
Honestly this holds true for most wealthy people, not just the UK. I hope people find this video and think about what you postulated. Thank you for sharing
‘They buy ridiculous cars and jet around and throw large party’s’, 30 seconds later ‘they don’t spend’. Not seen anyone buy a Bentley without spending yet spud. The other issue with ‘taxing the wealthy’ is that most people think it’s someone with maybe a couple of million quid in their house, pension and perhaps a bit of land. And it’s these people getting hit with the IHT change, not the actual WEALTHY because people don’t understand the difference. They just go ‘good’, not realising that due to fiscal drag either the freezing of allowances and inflation means that more and more comfortably off are getting hammered for tax but the WEALTHY are not.
This explanation is almost exactly the same as A Christmas Carol. Wealthy people are driven by fear more so than care for their fellow man (or in this case, the economy).
It’s not entirely reassuring to think that we need supernatural intervention to fix this problem, but it’s not surprising either.
Everybody should get obscenely rich and do everything they ever dreamed of so they can see that it is not the answer.
@@dopealien A modern version of the Christmas Carol could have AI busy getting getting robots to make very long heavy metal chains ready for the wealthiest in their eventual afterlife.
Jesus did talk about this in the parable of the talents.
Then the servant with the one bag of silver came and said, ‘Master, I knew you were a harsh man, harvesting crops you didn’t plant and gathering crops you didn’t cultivate. I was afraid I would lose your money, so I hid it in the earth. Look, here is your money back.’ “But the master replied, ‘You wicked and lazy servant! If you knew I harvested crops I didn’t plant and gathered crops I didn’t cultivate,
hy didn’t you deposit my money in the bank? At least I could have gotten some interest on it.’
the point is that fear, is driven to a greater level, because they are afraid of losing status, and their wealth, they are afraid of becoming "nothing", when in fact, they are gaining great wealth by investing into people, the common man
everyone is driven by fear,fear and greed are the key human motivations
@@joshw8298 I think you missed the entire point of the parable. Everyone has talents, the rich and the poor, but some of us don't use them for anything. In the parable, its the poor servant, because of fear of loss. The video makes the claim that its the rich that don't use their talents, but in my experience they DO use them, because they have enough that a small loss won't leave them with nothing, so they are more willing to take risks.
It's also the reason that alot of the wealthy argue against government spending unless it is going directly to the private sector.
No wealthy person argues against govt spending as that means more money in the economy and as they own all the businesses it means more wealth for them, govt spending has driven shares through the roof, along with all asset prices
Comments like this that are opposite of reality get upvoted because it's negative rich but not helpful because it's not factual.
Diablosv36. A very good point here. 👍
@@antonyjh1234 They are happy with the bond issuance and the interest rate increases. But they hate spending on public services that save people money instead of fattening up their pocket through the private sector.
@@antonyjh1234Yeah wealthy people want government spending because it keeps the bubble afloat but only so long as the government spending is disproportionately absorbed by them in the form of economic rent and capital gains
@@antonyjh1234 'unless it's going directly to the private sector.'
I totally agree as I've been saying something similar for years .
Billionaires are no good for any economy as their wealth becomes inactive by sitting in banks and other financial institutions doing nothing .
The other problem with billionaires is that they amass so much wealth and power they start interfering in politics which affects us all .
Their wealth rarely sits inactive anywhere.
Instead it buys up housing, driving up prices, it sits in giant financial services funds, buying up and dismembering productive industries, funds (bribes) politicians and many other, all nefarious, things.
Prove that it 'does nothing'
First time i've heard that. For people whose money 'does nothing' it oddly seems to grow at a rather impressive rate.
Billionaires wealth is not doing nothing. For example, Musk's billions are in Tesla, SpaceX, and other ventures. Even if they just invest in a broad based fund and live of the so called "income" the fund is invested in equities and bonds in companies providing jobs and services.
I think he means "does nothing" for the greater good of society and the betterment of other people's lives
As if billionaires interfere with politics
Money has become a Religion in itself
It always was, I’m not religious, but Jesus had a thing or two to say about it.
There is nothing wrong with money, per se, it was always the love of it for it's own sake, now it's all just banker debt they love.
Capitalism is the religion and money makes people closer to God.
@@kr050or the Devil?
Always has been unfortunately. It's how they justify and rationalise their malignant greed.
🎯 Perfect analysis.
One of the most widely shared anecdotes about Joseph Heller, the author of Catch-22, highlights his wit and ability to poke fun at himself. At a party in the Hamptons, a friend of his remarked, “Joe, you know, this hedge fund manager makes more money in a single day than Catch-22 has made in its entire history.”
Heller, without missing a beat, replied, “That may be true, but I have something he will never have.”
His friend asked, “What’s that?”
Heller grinned and said, “Enough.”
, 😉
Thanks for that, very quotable!
But he's saying that the rich DO have enough and they aren't spending.
Catch-22 is an absurd masterpiece. Timeless novel!
@@bernardwatts5339 I think the point about the rich is that they have no concept of what enough means. Murphy and Heller are saying the same thing. We can see that they have more than enough, but they still want more.
The attitude of the rich is you don’t make the poor richer by making the rich poorer. They have succeeded in making the working classes believe this.
Yet most of the rich have more money than they could ever spend in one human lifetime. If they were taxed properly they'd still be very rich, just perhaps not obscenely so.
@@janeglover3118 agree the great deception is that you cannot make the rich poorer, you can only make them less rich…..
I saw a new term used the WORKED CLASS, which seems more fitting.
They have succeeded in keeping the myth that money has more value than the debt it is. The "poor" keep believing it's money that is valuable instead of direction, which is all choice, that money is what we need to be able to live, instead of choice. We could feed, shelter and offer society medical care as well all free. The rich have you convinced to be able to live, you must hold bank debt. The attitude pf the rich is that you must keep working dead end jobs that do nothing overall but keep the system of debt turning over as it has done for hundreds of years.
"They" have succeeded because send our children to education centres run by people at the top, that we don't trust and need replacing.
But it IS true. Making the rich poor by confiscation WON’T make the poor rich. If you disagree at least explain how the poor will become rich. The country needs investment to prosper, not free money redistributed by means of taxation.
In Germany we need a property tax. There are so many billionaires and millionaires in Germany, it’s crazy. We’re actually on third place. Only the US and China have more billionaires than us! The super rich should pay at least a 1% tax rate of their property. We need the money. The infrastructure is crumbling … literally
The EU has helped to cause the problem by exempting rents from VAT. Property tax should be based on land values only, assessed on rental values. A high rate (80%) could replace all other taxes.
A property tax makes no sense as it will be passed to us. The money for those properties doesn't exist, price is an indication of the debt that has passed through it. All money is debt so asking for debt to pay debt is never going to work long term, unless new debt is always being entered, is this what you are asking for 1% per annum to be added to your costs?
Stop trying to bend the system that is directly working against you, by asking for more money which is all debt based.
If tax makes money disappear then it can't be a tax as won't that mean less money in the system?
What ?? Your taxes so high why less have savings and dont own a home 49%
@antonyjh1234
Rents are already the maximum the market can bear. Taxes on rents must be fully absorbed by the land owners. It is a basic principle of economics.
@@physiocrat7143 Taxes on rents are absorbed and not a cost of business? ANd not a tax deduction, or passed to the consumer, where do you get this idea from?
Whoever decides to tax the super rich will have my vote, that simple.
Great video and very accurate.
i hope they all leave it worked for Venezuela
@@timbrown1897They left Venezuela because it was a totalitarian dictatorship and due to economic mismanagement (inherent in totalitarian dictatorships)
In the UK, that would be the Greens
@FONASDeadlock Greens and Lib Dems are pretty similar policy wise, the greens might be a little more progressive and in support of wealth taxes and LVT though
The rich by avoiding and evading tax and making the lot of the majority are making the chances of voilent up rising against them more likely.the sensible thing would be to pay their far amount which would mean they could still live in splendour but reduce the need to turn their mansions into fortresses.
The Sunday Times Rich List should turn into a name and shame list
I mean those people are in no small part massively responsible for the enormous wealth generation that services-led London provides, head and shoulders above the rest of the UK and population. Of which quite a lot funds things like Scottish prescriptions and universities, Welsh highways infrastructure, etc. I'm not making comment on the morality of London being what it is compared to every other city in the UK but do you realise that our best export is financial and legal services? We're a world leader at that, and not at much else any more. It's easy to say 'fuck the rich' but I think what you really mean is 'fuck the system that allows the degree of inequality between me, a normal person, and people on the rich list.' But given that's the system and it's not changing, not sure why you'd hate the successful players rather than the system itself.
Whatever you think is bad about our country these days I can promise you it would be worse without the wealth creators at the very top.
No doubt you'd have a different opinion if you were on that list yourself.
@@petaflop3606 You are correct to a point, the system is at fault. However, these people shape and influence the system that benefits them immensely, draining public services and creating further inequality.
Yes the system needs to change, but that can only happen if the people who hold wealth, power and influence have the will to do so.
A lot of those with wealth avoid that list like the plague.
@@petaflop3606 Appeal to futility fallacy.
For anyone with a moral compass, it already is
Tax the rich! Labour need to be bold and go for it.
You end up taxing franchise more that sell product to the public
Keep the red flag flying high. You have a serious chip on your shoulder. Of course the rich spend their money. Just not all of it. What on earth would you do? You are obsessed with how you divide up the cake but have no plan as to how you actually make the cake bigger. There is no socialist government in the history of the last hundred years that has ever succeeded in growing an economy. I’d like to see you in a face to face debate with another economist and see how you get on.
What's rich? Globally, in relative terms, it's probably you and me.
@@davidbrayshaw3529it works the same way all down the chain. True. It shouldn’t stop us working towards more equality, more distribution of the wealth there is. In all honesty there’s enough for everyone.
@@davidbrayshaw3529you need to think locally about the rich, not globally.
The other thing is that money is supposed to circulate. The buther buys from the candle stick maker who buys from the greengrocer etc etc.
Now all money goes to huge corporations, that money isn't circulated. It just disappears.
Money is just a claim on wealth. That is what disappears. Most people are poorer.
Franchise own 90% business how all the money going to corporation it going to parasites in government
@@physiocrat7143 Money is just unbacked paper, thats why it loses its value. Rich people buy assets with it like villa's or rare supercars and secure their wealth.
Where I am at present the economy is very local, small entrepreneurs in many sectors especially retail and farms are quite small and small retailers can be found along the motorway. I remember when the town centre was locally owned, then it. Was brought out by investment companies, the little man disappeared and replaced by larger retailers who usually ended up on the hands of foreign investors
So eventually the local economy was destroyed and money does not circulate.
I am in a country that many would see as bordering on the third world, but overall people seem to have a better standard of life than the working class in the UK.
Disappears to offshore banks
No surprise you got 100K, congratulations.
Very clear and concise. You need to speak with Gary Stevenson!
...and Yanis Varoufakis (on modern feudalism).
@@indricotherium4802 And Grace Blakeley. And the guy behind Unlearning Economics. Several economists (including another I forget the name of who Richard has mentioned too) could pool their ideas and really help governments enact decent policies.
No, Gary is a coked up simpleton.
@@indricotherium4802 I was thinking the same. Get Richard, Gary, Yanis, maybe Cory Doctorow too. I would watch.
Get on the Joe Rogan show
Spot on Richard. Even when they buy those obscenely expensive goods they only spend a small fraction of their income. The rest is invested, often abroad. The wealth of a country should be measured by the wealth of the poorest
How is wealth defined?
Who buys luxury cars & luxury goods tax more ??
@@coopsnz1 But they don't buy them very often !!!
Increase inflation, buying food to rot...
Create shortage, thus PROFIT!
Where do overseas rich people invest?
Richard J Murphy is not talking nonsense.
The cold hard truth is that austerity, benefit cuts, reducing eligibility for social security benefits, cuts to public services, privatisation, reducing the availability and access to affordable quality housing supply and reducing access to NHS healthcare with increased social care costs and massively increased cost of living crisis with higher tax on the lower income groups and low tax on the wealthy will drastically reduce the size of the economy and increase poverty and lead to the collapse of companies with high unemployment, with associated lower quality of life and shorter lifespan in good health.
Previous Conservative British government admitted the bedroom tax did not save money and only kept the bedroom tax because they believed it was popular with voters like New Labour does.
Government & regulations are never the solution they just cost currency & make things worse every time…
Neither is he describing the true picture.
@@physiocrat7143 Describe the full picture then
@antonyjh1234
I have said quite a lot about this on my own channel. A good start would be to read a book like Progress and Poverty by Henry George. It's a bit hard to copy and paste several hundred pages.
@@physiocrat7143 If you can disparage someone in a few words maybe you have a quick answer just as easy.
Hi mate so excited today just reached my goal of 400k since June2024 to Jan 2025 I thank GOD for the life and wisdom shared
this is huge amount congrats to you
interesting I'm 57 and no much income in my life how do I make it like you if possible 🙆
From $10,000 to $76,000 that's the minimum range of profit return every week I thinks it's not a bad one for me. I now have enough to pay bills and take care of my family.
Day trading is the best way of making money in the market due to lack of experience which resulted in loosing funds... But mr josh olfert , restored hope hes a good man
Life is easier when the cash keeps popping in, thanks to josh olfert
Getting rich folk to pay their bills is never easy, and they absolutely loathe being chased. They seem to take it as a personal insult that someone should ask them to pay before they feel like doing so, which is probably never if they can get away with it.
As I have experienced! So now I use that to my advantage. If I need a tradesperson to fix something I pay him/her as soon as I receive their invoice and I’ve checked the job has been done (properly). So now when I want something done, I simply jump the queue. They know I’ll pay quickly so they came when quickly.
I know a Builder who 10 years back installed a new Kitchen at the home of the Director of a successful company you would have heard of. His unwillingness to pay the bill of £5,000 was pathetic. Eventually, my mate went to the Head Office after work in his dirty work clothes and when the Receptionist said he wan unavailable, he said he'd wait there till he Was ! AFter sitting there for 2 hours, eventually a Cheque was sent down.
@@rjw4762 All too common sadly, I stopped working for people like that after the first one messed me about. They did try to give me some more work, but I refused to quote.
Well, they didn't get rich by paying for things 🥸
@@rjw4762 They are getting very cruel and mercenary.
When I was a boy in the 80s, the local farmers always had little slivers of land not really big enough to use for agriculture, or anything more than a small allotment, so they'd do things like just allow the new age travellers/hippies to park
In the last few years i've noticed as this old guys pass and their farms are sold to London transplants, bankers and other s*um, such arrangements are stopped, glamping at obscene prices no local can afford starts instead. They come out threatening legal action if you park on a verge near their property to walk the dog, something that was never a problem before, and have put fencing around public footpaths, destroying the views (they usually petition to get the footpaths closed, but as of yet, the council has held firm on that at least, even if they allow these log cabins to litter the landscape)
there really should be a tax put on Londoners leaving London. We dont want them.
Our growing wealth inequality is clearly economically damaging and Labour should be addressing this fundamental problem but aren't so it will continue to get worse. As Richard indicates, the wealthy are incapable of spending enough of their income and are always left with a surplus. That surplus is then used to buy assets such as property, shares etc and with increasing numbers of wealthy chasing those assets, prices increase and so does the cost of using those assets in the active economy. Over time we see increasing amounts move out of the active economy into asset purchases and the economy suffers. Shouldn't that be obvious to our politicians?
Give a billion in tax back to the billionaires and you have little control over how it is spent.give that same billion to the 90% you know it will be spent largely within our economy.reeves hasn't received the memo yet.
In Scotland the highest earners are taxed more, the money spent on things like the Scottish NHS. Scotland has almost no tax powers, majority being reserved to WM, and the England HQd parties, Labour, Tories, Libdems in Scotland have done nothing but rage about the rich being taxed more in Scotland! You won't hear about that in the England 'UK' media. If you want to see policies that are socially and economically responsible, (all being implemented while under massive financial and political constraints from the English government), take a look at the SNP website. If people in England think any party will ever allow such policies in their country, they have another thing coming.
There is a debt inequality, the ability to get debt is where the difference lies and your words could be used against most of the people here. How many people could do a little less, spend less, compared to a person who might have lost their crops in Africa or India, but aren't luxury taxes and a sliding scale of personal tax enough?
Tax doesn't pay anything so all it will do is lower the upper class spending ability, not increase the amount of money in the system. Will this make people feel richer, I suppose it will if the rich aren't so rich but overall what has it done for the rest of us? Tax the rich sounds inflationary as any assets will need a greater return.
Why not just have a cap how much value one person can have?
@@antonyjh1234 this. a hard wealth cap is what is needed. though i fear himanity has allowed accumulation to go on for so long that the billionaire class now has too much power for anyone or any government even to effectively control. they control the governments. so i dont see us ever gotting out of this one.
@@Moustache-Gaming Either a hard wealth cap or they make everyone poor as poor can be, we all go back to growing our own food, riding horse's and learning how which grass makes the best string. If they were ecologically minded, poverty would to be a great tool.
Im so called economically inactive as a pensioner but I spend every penny I get. So actually pretty active.i could help the rich spend theirs. Count me in!
It has to be done but no one has the balls to do it
Certainly not KS and RR. How can it be done?
As a pensioner you are a debt instrument and therefore a way for money to enter the system through the money the govt borrows, by spending all that they give you, then you are doing your fair share already. The money you spend of the rich, does not help the government input money into the system and would be detrimental to the economy in your instance.
@@antonyjh1234Thank heavens that human beings are more than economic entities and economics is supposed to help society.
As a pensioner on low income with the tax allowance being frozen year after year you will be paying tax even on a very modest income.reeves had the option of increasing the tax allowance to stop the very poorest paying tax but has decided not to tax the mega rich.when will we get an actual labour party in power and not a leadership who has surrounded itself with think tanks and bankers for their advice.
If you are spending then you are not economically inactive. Remember, a pension is earned income.
Yes I hate the 'economically inactive' cr*p that the rich use to belittle the poor. No one is EI, everyone pays tax even if just VAT, even fruit juice is VATd...so unless a person eats or drinks nothing, and has no internet, electricity or gas, (all VATd) etc, then they are actively contributing to the economy.
Let's call it what it is when a small percentage of people control purchasing power it's greed! Any logical solutions are going to be harsh like reducing the great unwashed, or the greedy ones? Greed is the problem not the survival instinct.
the great unwashed will be reduced as the greedy have control of our system, thus noone is able control them anymore.
Of course, Rich people do not return the cash they make to improve the local economy. They invest in anything that will make them more money, and that money comes from YOU and every person who consumers favour because they are GREEDY. They are rich because they accumulate wealth by NOT spending it.
Yeah, the rich will take their money and invest in overseas development, because the middle class would rather block that in favor of the people of their own country.
Nowadays they eat all the Cake and leave not a crumb for anyone.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments.
Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments..
It's really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It's a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Jihan Wu!
Imagine i invested $50,000 and received $190,500 after 14 days
Some persons think inves’tin is all about buying stocks;
I think going into the stock market without a good experience is a big risk, that's why l'm lucky to have seen someone like mr Jihan Wu.
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
His guidance allowed me to restructure my retirement plan, resulting in an estimated $700,000 more by the time I retire.
Waking up every tenth of each month to £210,000 it’s a blessing to I and my family… Big gratitude to this same Jihan Wu🙌
I've said this many times... A successful system requires a cycle, with the commodity or substance constantly broken down and recycled. If the substance is always having a portion removed from the system, then eventually the system fails... ceases to exist, in fact.
I completely agree with that.
Absolutely true. Inequality also stifles growth, as money in the pay packet of the average person is largely spent in the domestic economy. Money in the bank accounts of the rich is either moved offshore, spent on luxury goods, or used to buy assets to rent back to us at excessive prices. The rich extract more from society; that's how they become rich.
The true measure of any society can be found in how it treats its most vulnerable NOT its most wealthy.
There is simpler way to explain it: money is a wealth, a potential for work hours, or for energy, or for goods - for growth. By storing it away, rich people deprive us of all this.
Shouldnt it be deflationary? When rich people dont spend their moeny they dont buy goods and therefore the less fortune people have the opportunity to pay goods for less.
The flaw is more likely that in a debt based economie the money has to flow faster and faster.
@@And2Handles A traditional slump is deflationary. Stagflation is caused by destructive spending, e.g. war.
If you really believe that why do you not make money yourself by setting up a mattress factory to make products for rich people to hide their wealth under.?Have you not considered the fact that they invest accrued wealth, in a variety of ways and all of which except gold hoarding benefit"society"? By buying government bonds, for example, which is the only way that profligate administrations can viably fund their vanity-soaked programmes of whatever hue.
Rich people can get into debt a lot easier because they have other assets, money is inputted into the system through loans that they can get any time they want, yes there might be a trickle down with the things they buy but mostly they buy assets which make money, like a business or property, that we are paying rent to. As more money ( debt) enters the system, then prices for these assets are an indication of the amount of debt that has gone through the property. All money in the world is based on debt and the prices for property, that money does not actually exist, as all money is debt, as soon as the loan is taken out and paid off that money does not exist.
Then what can happen is a place might have a fire, it might be a windy day, 8 or 9 fires might somehow start at the same time in different places, the state insurance company will cancel fire insurance a few months before, the reservoir that has had funding for ten years remains undone and unfilled even though last year was the wettest and they would all be full. Then during a drought and major warnings from all fire departments the mayor will go away on a goodwill trip to Ghana, after donating all spare fire equipment to Ukraine. Along with that the Governor will be trying to make the place multi density for high-rises but of course was getting a lot of pushback considering the area and the neighbours, then what can happen is the banks or Blackrock because that's what has happened in Hawaii after the fires, will either repossess or give a low ball offer and because a company like Blackrock, the 1% rich people, they can then get loans for more debt, which we peasants call money.
Rich people do not hoard or store money depriving us, because they know it is debt and debt always has an interest rate applied so it must be working for you or it devalues
Money is debt you have to understand where it originates 1st, rich people can get into debt a lot easier because they have other assets, money is inputted into the system through loans that they can get any time they want, yes there might be a trickle down with the things they buy but mostly they buy assets which make money, like a business or property, that we are paying rent to. As more money ( debt) enters the system, then prices for these assets are an indication of the amount of debt that has gone through the property. All money in the world is based on debt and the prices for property, that money does not actually exist, as all money is debt, as soon as the loan is taken out and paid off that money does not exist. Then what can happen is a place might have a fire, it might be a windy day, 8 or 9 fires might somehow start at the same time in different places, the state insurance company will cancel fire insurance a few months before, the reservoir that has had funding for ten years remains undone and unfilled even though last year was the wettest and they would all be full. Then during a drought and major warnings from all fire departments the mayor will go away on a goodwill trip to Ghana, after donating all spare fire equipment to Ukraine. Along with that the Governor will be trying to make the place multi density for high-rises but of course was getting a lot of pushback considering the area and the neighbours, then what can happen is the banks or Blackrock because that's what has happened in Hawaii after the fires, will either repossess or give a low ball offer and because a company like Blackrock, the 1% rich people, they can then get loans for more debt, which we peasants call money. Rich people do not hoard or store money depriving us, because they know it is debt and debt always has an interest rate applied so it must be working for you or it devalues.
1% of people own 50% of the wealth. The question is: should we encourage the 1% to spend more, or should we promote the 99% to spend more? Entrepreneurs say, "Use your credit card to spend your future and make me richer. And remember, pass your loans on to your children."
Tax the 1%.
When you know how not to spend, you keep your money. Encouraging those people to spend is idiotic. Because they know that to Win the game they shouldn't spend
Exactly if they don't spend we have to tax but government just keep treating them like they have no money
Scared they’ll take their finances abroad. I don’t know how that works but my instant reaction is P….O….
@@patchamberlain6132thats whu currencies should not be exchangeable. You earned pounds, there should be no way to get them out of the country. Only here they can be spent. Crazy but effective.
The wealth of billionaires in the UK over the last 14 years has increased by 300%.the productivity growth has been zero.gdp has been none existent.we need less billionaires not more or at the very least those that pay a decent % of tax to contribute to the country that has given them so much.
👏👏👏👏👏👏👏👏👏👏👏👏👏
Every school should teach this, not those neoliberal economic theories they take as laws of nature.
I’ve been saying for over thirty years, rich people need to pay their fair share of taxes!
However, the politicians don’t seem to acknowledge this or the politicians are at the mercy of the rich!☹️
The politician are in the service of the rich. Brexit was all about taxing the rich - the EU where bring in new tax legislation, legislation that would make offshore bank counts transparent - thus making the fortunes of the rich transparent to the member state's, tax authorities.Cameron couldn't convince the EU, that the UK rich, should be exempt, from from the prying-nature of the tax-man. Thus the rich instigated brexit!!
That’s because they are the puppets of the rich who pay them handsomely to shit all over us!
The problem is that there are various awkward complexities involved in this, for instance if you don’t actually have an income then you don’t pay tax….
@@jamesbarran-scott437 tax assets like land, property
*Thank you for bringing up this video. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. Thanks to Jasmine Harvey the lady you recommended to me!*
That's awesome!!! I know nothing about investment and I'm keen on getting started. What are the strategies?
That woman totally changed my life for good. I have come across individuals but none is as honest as Jasmine. So surprised you know her too.
Investment is the best idea presently and without it, human struggles are worthless.
Wow Jasmine Harvey has been my manager. Now I sit at home and study the process and make progress.
I'm really interested in this information, how can I reach out to her???
Investing in Bitcoin is the best investment anyone can do, because it has made a lot of people millionaires. I pray that anyone who is reading this will be successful in life..
I want to compliment you, you have said it all. I am a little business owner and I really want to expand my business to the next level by making myself an investor but I really don't know how to go about it..
imagine investing in Bitcoin earlier.... You could have been a multi millionaire presently
You are right. Been thinking of going into gold and cyptocurrency
It's obvious many people is doing this online Investment
Investment is the key to achieving success with the current pandemic slowing down so many businesses aww
This is so true. Money is but a tool, a lubricant, that enables progress, one does not keep 5 million spanners in one's shed, that is crazy.
As every single cent has a corresponding amount of debt, somewhere, money is the belief that we are progressing, it is debt but we use that as a means of exchange. As it is all debt and we need to earn it before we are allowed to exist, this is not wealth or progress. It is a misunderstanding of money being of value more than what it really is, banker debt that we use as a means of exchange, it is the need for it that is designed by the govt that holds us back from true progress, it is the ignorance of what it is and it is the lack of belief in a direction that we all agree on that is needed to supersede money. We do things now because we think banker debt has value, and we have given it more value than it deserves.
The choice, to go another way, and the will, is all we need for progress, to raise general well being.
That's why the national lottery should be forced to distribute their big jack pots more widely. The biggest jackpot ever was £170 Million & went to 1 person. It would have been far better to make 170 people better off than 1 person obscenely rich!!
Another thing is that there is clearly a point beyond which high salaries for executives don't actually have any economic benefits.
Ceo pay is very high in the UK, but we're not great on productivity.
In the public sector high salaries for management just don't seem to attract the kind of people who are motivated by making the services better.
True. Academisation has been a disaster in education. Government should be taking swift action to dismantle multi-academy trusts where many of those in roles are on excessive salaries that cannot possibly be justified. Just look at the number of positions created in both MATs and individual schools. No school should need three deputy head teachers and five assistant heads plus a whole raft of other roles, but many have. Nor does any school need a head teacher and executive head teacher which is often the case too. There is always money for management but not for salaries to employ enough suitably qualified staff. The quality of education in Britain is dire overall too, with many students arriving to secondary unable to read and write to the expected standard.
@@eightiesmusic1984 absolutely, and it´s just as true in the NHS. The NHS top brass have really high salaries, some of the highest in the public sector.
Same with local councils, the salaries some council chief executives have are obscene, like 200,000 for managing a local council is absurd, at most it should be half that.
And the NHS CEOs are often from other private industries who do not understand healthcare but they award themselves extortionate salaries which removes money from staffing and training budgets. It's a disgrace. It appears to me that they want the NHS to fail so that the whole of healthcare is privatised.
small businesses and small banks are the cornerstone of healthy economies, decentralizes spending and credit allocation
I will never forgive Gordon Brown for re-capitalizing the banks in the late 2000s.
That was a golden opportunity to kick the banks when they were down, and perhaps rid ourselves of their parasitic behaviour.
We once had a perfectly serviceable local finance model in the form of mutuals, co-operatives & credit unions. Institutions who knew the area they were operating in & were able to form personal & intimate relationships with local SMEs. The savings & loans stayed in the local area & didnt get wired off to the city so they could take their parasitic cut in exchange for nothing at all.
Since 1979 we have put growth ahead of stability in banking, with devastating consequences. Consider if you will all the first 'banks' to go to the wall in the crash were ex building societies, compelled to become banks by the carpetbaggers. Of course the neolibs loved this, as it would 'unlock their potential' & indeed the demutalized building societies did grow rapidly, funding a vast housing bubble. And yet, Abbey, C&G, northern rock, Bradford & bingley, alliance and leicester, Halifax...the list goes on...ALL went to the wall within a decade or so after de-mutualization. Certain banks (ie RBS) fell soon after, but not a penny of public money was needed to shore up the Building societies that never listed. One or two small ones failed, but were able to be merged into the bigger ones.
Of course, it was all considered obselete & parochial in the deregulated 80s, but time has shown what a disaster, for the nation outside of London, it has all been.
The period 2008-2011 could have been a wonderful chance to re-invigorate regional banking. But of course our politicians who never think beyond the M25 would never allow such a thing.
How about making a joined video with Gary Stevenson. You guys might vary on some points but have a similar agenda and it might be interesting see if you can find common ground.
Great idea. I’d love to see that.
It’s hard for people to believe you could have two people with the same 120k income and one end up poor one ends up well off.
Thank you for this, for me, highly original vid. A mixture of Keynes and a sort of trickle UP economy.
Not sure it's all that original. More like a mixture of Keynes, Keynes and more Keynes!
Give a poor man a bunch of money and he'll spend it, give a rich man a bunch of money and he'll throw it into a bank account in the Caiman islands and then forget about it.
The super rich , need super taxes .
A problem is that the super-rich have such sway through contributing to the politicians' campaign funds, especially in the UK and USA.
It's a downward spiral now, then. As the poor can't spend either. And then there's those in the middle classes calling themselves working class & acting accordingly.
Give money to the poor who spend it immediately. And kick off the velocity of money.
Don't simply retire from something; have something to retire to. Start saving, keep saving, and stick to investments.......
It’s really heartbreaking to see how inflation and recession impact low-income families. The cost of living keeps rising, and many struggle just to meet basic needs, let alone save or invest. It’s a reminder of the importance of finding ways to create financial opportunities. You've helped me a lot sir Robert! Imagine i invested $50,000 and received $190,500 after 14 days
Absolutely! Profits are possible, especially now, but complex transactions should be handled by experienced market professionals.
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Robert Williams Owen.
nice! once you hit a big milestone, the next comes easier. How can i reach him, if you don't mind me asking?
he's mostly on Telegrams, using the user-name
I’d like to propose an idea, offering the wealthiest a choice:
1- pay at least 60% income tax
or
2- use perhaps 45% of their worth to fund the bigger infrastructure projects , or fund further education/training establishments etc
The return on their investment would need careful consideration admittedly.
Once at some point in adulthood you find yourself in or, much less likely, joining the "one per cent", you will say to yourself: "I just need to sit tight for 30 to 50 years, carry on as I am and I'm pretty sure I can rely on the less fortunate masses and the muppets they elect, to leave me alone and largely in peace." And we the self-harming masses do and thus they are, in their position, the rational self-satisfiers.
Maybe the answer to all this is Limitarianism - an upper limit to how much wealth any individual can accumulate/hoard?
Far out !!! 80%😳😳😳!!!! No wonder english people are moving to my country in droves 😅!!!
In my opinion, progressive taxation is the main pillar to a well functioning democracy. I agree with your reasoning: the rich must be taxed!
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
We have been in a depression since 2008, the yield curve has already uninverted, global recession indicators are flashing alarm for well over a year, and absolutely nobody could pull us out of the hell coming regardless of party.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
ASHLEY GARNER ABBOTT a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Thank you so much for the suggestion! I really needed it. I looked her up on Google and explored her website; she has an impressive background in investments. I've sent her an email, and I hope to hear back from her soon!
During the last 4 years alone, billionaires have increased their wealth by as much as 33%: It’s simply not possibly for them to spend enough! Wealth distribution is now completely out of control!
Retiring this year, $82K biweekly, this video reminds me of my life in 2023, you have really inspired me in so many ways!!!!!💜
I'm feeling motivated,
could you share some details about the biweekly topic you brought up?
I raised 75k and Claudia Ann Brandon is to be thanked. I got my self my dream car 🚗 just last weekend, My journey with her started after my best friend came back from New York and saw me suffering in dept then told me about her and how to change my life through her. Claudia A Brandon is the kind of person one needs in his or her life! I got a home, a good wife, and a beautiful daughter. Note!:: this is not a promotion but me trying to make a point that no matter what happens, always have faith and keep living!!
Wow 😱 I know her too
miss Claudia Ann Brandon is a remarkable individual whom has brought immense positivity and inspiration into my life.
Very possible!, especially at this moment.
Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals like the woman you just mentioned.
She is really a good investment advisor. I was privileged to attend some of her seminars, that's how I started my crypto investment
Sadly and angrily, I don’t see anything changing, partly because most British (especially the English) won’t do anything about it. They’ll just moan and complain about the public services & potholes, that affect them & nothing changes😢😮
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings to about $1M over time?
I think the safest strategy is to diversify investments. Like spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k
impressive gains! how can I get your advisor please, if you don't mind me asking? I could really use a help as of now
I have the privilege of working with Laura Grace Abels as my financial advisor, and I highly recommend researching her expertise. In hindsight, I'm grateful I made the decision to entrust someone with the growth of my finances, even though I initially hesitated. Her guidance has proven invaluable.
She seems to be highly educated and well-versed in her field. After conducting an online search, I discovered her website, which provided further insight-thank you for sharing it.
We need a wealth cap. Once you hit some multiple of GDP Per Capita, let's say 100 times, all your income goes to the tax office, forcing you to spend what you previously had accumulated.
Limitarianism. There's an interesting book on it by Ingrid Robeyns
As a theory of course, kinda like MMT is.
As an academic, your conclusion is biased and not scientific. There is no quantitative and qualitative data backup. I want to invest in the UK. However, corporate tax is ridiculously high worldwide, especially when you look deeper into the system. It is difficult to get rid of incompetent employees. The local council wants to start charging business rates even if the roof is not on. Basingstoke council used 106% of council tax to pay for the pensions. Norway also had North Sea oil; they set up a sovereign fund, and the UK had it and used it to pay for the benefits. The UK sold its national gold reserves in 1999. The UK sold 395 tonnes of gold between 1999 and 2002 at an average price of $275 per ounce. Rich people are tax and policy-driven; they do spend, but it depends on which country is more attractive to let them spend. You want us to spend fine, better policy and fair tax. If they just want Rich Revenge tax, fine, we will move. Do not kill the chicken for the egg
The wealthy received huge tax cuts through North Sea oil. The gold sell off was used to bail a bank out( wealthy) .
You're not rich, random commenter. You might be an academic, but so what, so am I.
You're right about ONE thing though - we need a GLOBAL system, because the actual owning class mustn't have any place to hole up.
But it's the very rich people themselves that wrote the tax laws which gave them all sorts of loop-holes. They pay tax but just very little and/or find ways to avoid paying the full tax that they should pay. They won't change the tax rules.
Hallelujah!!!! The daily jesus devotional has been a huge part of my transformation, God is good 🙌🏻🙌🏻🙌🏻🙌🏻🙌🏻was owning a loan of $47,000 to the bank for my son's brain surgery (David), Now I'm no longer in debt after I invested $12,000 and got my payout of m $270,500 every months,God bless Ms Evelyn Vera🇺🇸..
Only God knows how much grateful i am. After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!
Same here
waking up every 14th of each
month to 210,000 dollars it’s a blessing to I and my family… I can now retire knowing that I have a steady income❤️Big gratitude to Ms Evelyn Vera
Absolutely! I've heard stories of people who started with little to no knowledge but made it out victoriously thanks to Ms. Evelyn Vera.
I do know Ms. Evelyn Vera, I also have even become successful....
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my son's surgery (Oscar). Glory to God.shalom.
1 question coming ...
Very good explanation though. This is exactly what I was thinking: money is extracted by their assets and then they put that money in the asset market, driving up prices in the asset market.
Here's my question: where exactly IS the dead money?? The wealthy will not hoard cash money (or big bank accounts). They will buy stocks, real estate, bonds, etc... but when they do, the cash they spend goes to the previous owner of that asset... So the dead money does not sit still like that. Where does it eventually end up??
Please answer my question 😀
Do you think we could compel the wealthy to invest their capital productively? So they need to invest in something that creates jobs and produces valuable and sustainable products or services, and if they don't, they get their wealth taxed?
Why not just tax it? Enforced benevolence is just a needless step
Wealthy people can employ people that help you avoid tax. This is the next level of managing finance!
Thank you Lord Jesus for the gift of life and blessings to me and my family $14,120.47 weekly profit Our lord Jesus have lifted up my Life!!!🙏❤️❤️
I'm 37 and have been looking for ways to be successful, please how??
Sure, the investment-advisor that guides me is..
Mrs Joyce kim
Same i met Joyce kim last year for the first time at a conference in Wilshire after then my Life has changed for good.God bless Joyce kim
Her services is the best, I got a brand new Lambo last week and paid off my mortgage loan thanks to her wonderful services!
I agree with much of what you say, but not on taxation. We need to change the laws that allow rents to be extracted. Intellectual property rights reform should be high on the agenda, but also collective bargaining rights that ensure a higher percentage of gdp is paid in wages and rights for tenants that reduce the rights of property owners in favour of tenants. Reform of property rights would result in more equal distribution of wealth. Yes tax the rich but also address the laws that allow them to become rich in the first place.
In my opinion, it might not really be the wealthy's fault, but maybe of money creation. Let's say, there is a given amount of money in a country. The rich gather most of it, but that will also mean that the rest of the money in existence, exponentially rises in value. Were it not for the government/banks to create more money in existence. Money creation is essentially stealing from the poor, for their money decreases in value. Of which they already have little. It also inflates the prices of the assets that the rich have. In the current society taxing the rich more than the poor, could indeed be a good idea. But I think cutting the money making ability from the government might be better.
Money is typically created by the Bank of England due to borrowing demand from the private sector. Most people borrow to buy houses, and this has the adverse affect of inflating house prices, but the lender of last resort role of the Bank of England exists to prevent runs on banks. If the Bank of England didn't have this role we would have bank runs.
*effect
You'd have to provide evidence to support the claim in your second sentence. I myself don't see any mechanism by which that could lower the relative prices of goods and services.
@@indricotherium4802 No proof coming from my side. I just thought that if the wealthy subtract money from the economy, (by keeping it in store), then the rest of the money has bigger value against the available goods. Fewer money chasing the same amount of products. That was my thinking.
@@PdGNL-T01 : I might be wrong but I would expect the amount of goods and services purchased to fall, unless suppliers dropped their prices, but why would they? Suppliers would respond by decreasing supply to match the reduced demand - thus underlining the point that the effect of the rich is to shrink the economy. Then prices would rise, due to increased unit cost of production and the non-rich would all be worse off, not better off.
Someone may have a different/better hypothesis.
How are we supposed to grow the economy, when we have nothing left from our wages to spend in the economy, middle income earners are becoming poor, and the liw income earners are poorer,
Our wages are spent on higher energy prices, higher council tax rises, higher food prices, higher water prices,etc,etc, this April 2025 will the destruction of new car sales over , new VED rises, its endless, there is NO DIsposable income left to spend in the economy, SO HOW DO WE GROW THE ECONOMY???
Wow, this is like hearing a wingy teenager explaining why they aren't rich hahaha
Needless to say Communists are hilarious and sad
@@1bertoselastraedo people realiae under communism the poltical class are the billionaires not people in private sector
Rich people don't use the local shops and fast food places and ordinary people can't afford to use them anymore because of trickle-down economics and tax loopholes this has acted like a pyramid scheme and moved all the money to the richest of society.
I couldn't disagree more. I'm a bricklayer. For the past two years I've worked for a very wealthy family who have kept me going.....effectively paying my mortgage through very tough times. The company I did my apprenticeship for , was owned by a very wealthy family, who believed passionately in apprenticeships and their work force. I have found wealthy people spend lots on property, and this keeps working class people like me in a job
Well said, I think Richard is suffering from a touch of the green eyed monster.
Wow! They gave you the golden opportunity to lay bricks on their property! 😂 , keep doffing your cap chum. 😂
@ecognitio9605 I will.....so long as they keep bringing out the tea
You can't tax the wealthy because the wealthy are overrepresented in parliament. They are militant and organised. As we see with the reaction of the farmers.
Starmer was giving us a look at what we are up against.
The vested interests within parliament are the prime political concern. Unless you can get representation for the poor in parliament. It will not be possible to deliver your vision.
80% of parliament are Landlords with property portfolios.
Those who rent or in social housing have ZERO representation. So they will always get a rum deal.
Economically, you access things perfectly. But it's politically where you face obstacles. Finding the right characters to do that is not easy.
In other words, we are fked forever.
I don't know who needs to hear this, you've got to stop saving money. Invest some part of it, if you really want financial freedom.
Invest in bitcoin, gold, silver, buy stock, forex market, commodities. Just invest and save yourself.
Good talk, I tell my friends everyday. It's good to save money but gotta have that investing spirit if you really want financial freedom
What if you don't know how to trade any of these?
I mean, I see your point. Some people have the money and are willing to invest. But the problem is where to.
Hey dude, this is 2025. People who aren't even traders make money from the crypto and forex markets and moreover there are already financial analysts and trading experts(PhDs) who have shelled out theories and ideas for years on how bit coin technically grows
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $75k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
GDP is a measure of economic activity. Accumulation is the endpoint of said economic activity.
Richard, I do wonder how exactly you contribute to the economy?
He was an accountant for many years and now produces educational videos on the economy to help people understand why they are poor and going to get poorer. Hope this helps
By paying income tax and VAT like the majority of the population.
Exactly. Give money to poor people and they spend it and stimulate the economy. They have to in order to survive, before anyone starts going on about their being feckless, spendthrifts, etc. The wealthy salt it away in Monaco, the Cayman Islands, etc.
You need to define how "rich" is rich, otherwise you end up taxing normal hard working decent people.
I don't think he's referring to the well off accountants, doctors, lawyers etc. more than probably large corporations, billionaires, ya know, the ones who engage in rampant & egregious corporate tax avoidance.
😂classic
Of course. If only there was a solution to that problem that didn't involve centralized management of every individual's life. And unless you take everything from everyone, there will always be someone in the top one percent. The arithmetic is actually pretty simple. Life isn't fair, and cannot be made fair. I prefer a world where rich people exist and government control of my welfare doesn't. I'll just try to make myself as useful as possible to one of the rich guys.
but how?
Watch the video. Then go read Adam Smith. Then go pay your landlord. Do this until you understand the answer.
@subcitizen2012 What you basicaly said was carry on. How is that helpful and I dont think any theory of absolute advantage applies where the biggest companies in the world make money sitting on assets and speculating what to purchase next because it will be worth something in a few years, they dont make anything. Adam smith was from the 18th century. I dont think he foresaw any of this.
Answer in Progress and Poverty by Henry George published 1879, still in print.
@@physiocrat7143 "To appropriate rent by taxation". So we just pay rent with our taxes instead of out of pocket. Making the government pay landowners to let the public stay on their land is ridiculous and the uk government already pays the monarchy to use public land. Its not a solution. Far to much poetry in that book.
@ryan266846
Can you clarify your comment?
Agreed. Been saying for years that the rich don't count. They don't count because rich means they are exceptionally wealthy. Being wealthy they have everything they need and therefore don't need to spend their money. Being exceptional, there are not enough of them to make a difference.
The rich have never spent their money in this country. They own everything and rely on the rest of the population to spend their money to increase rich peoples wealth which they then spend mostly abroad. The reason the economy is shrinking is Labour’s ridiculous budget that see’s big increases on already record levels of tax. And, there are further huge tax rises already in the pipeline for April which will continue to hit the economy, reducing growth and adding to the increasing unemployment list. Now that gilts are soaring the cost of government borrowing has continued to increase wiping out any income from those ridiculous tax rises resulting in………you’ve guessed it, further tax rises!!! And because of their initial stupid budget, we are in an economic downward spiral. The rich? They are just moving abroad!!
I’ve realised this for many years, it’s like a game of poker, winner takes all.
They win the pot then take the money off the table, it’s now impossible for all those left in the game play at any level because they don’t have cash to do it.
Or we can go the way that Silvio Gesell proposed negative interest rates on currency. Like only 1% that will force spending and keep the economy steadily afloat. Probably have to do land reformed tho.
We already have negative interest rates. It's called INFLATION
If banks don't need depositors why do they pay interest to attract depositors? and why did Northern Rock go bust? it was a profitable bank
The answer is banks need depositors (retail and or wholesale) and without them go bust
You don't need a master's in economics to understand this.
Thomas sowell described economics as the destruction of scarce resources and their alternative usages.
That one statement described the destructive nature of hoarding resources. If it's not being used, it's anti-economics.
The poor won't spend enough either. I'm poor and i have completely checked out of this economy. Only buy what is absolutely necessary
Sane here.
Imports of luxury items such as cars, jets, yachts are incredibly destablizing to any country's exchange rate ... as for the motivation of the wealthy, they don't want to miss out on opportunities, they will spend money if there's a great opportunity and stock market investing almost always raises production in some form.
The problem in the economy is government not balancing its spending, it is not focusing on exports to 200 countries and not using taxes to lower tax rates on the poor. Nothing in the economy is bad, no form of spending, but excessive imports of luxury goods,
no country can afford running such trade imbalances for longer than a decade...
Agree absolutely 💯!! Greed, fear, no compassion for others. And once they're done with destroying the working class here, they'll just move on to another country.
What I like about these videos is their universality. Dr. Murphy is talking about the economy of the UK, but exactly the same principles apply to any neoliberal-based 'democratic' country where the economic rules are broadly similar. This same thing is certainly happening here in Canada, and painfully obviously to the whole planet, in the United States.
The pathology of the rich is the same everywhere, and their actions are too.
Well said. Find ways to tax wealth - second homes, empty properties, land that isn't being actively and provably ecologically restored or farmed etc.
They don't have to spend. They create jobs. The middle class that wirks are the driving force of spending. Without jobs theres no body who can spend.
If you're so unhappy about it - try and create a successful business yourself and you'll see it's a lot harder than simply 'rent collecting'.
Defining the rich is one of the problems as most of the middle classes are now in that rat race , as their assets put them in that bracket even if they have massive debts.
Exactly, the problem with going after wealthy people is one person’s definition is not the same as another’s
Absolutely spot on, and only realised this over the past few years. I'm in that 20% & pumping all our spare cash into investments/pensions and it's true, when I retire I will be richer than ever.
I grew up poor and yes I don't want to go back there, so it is a similar fear to the very wealthy!
You either need to be the Chancellor, or at least have the ear of the Chancellor!
I remember reading that this 'fear/obsession' kicks in around £70k - the level at which an individual breaks free of money gravity by having more than they need. After that it's just ego.
Honestly this holds true for most wealthy people, not just the UK. I hope people find this video and think about what you postulated. Thank you for sharing
Now that was a clear explanation of why we need to tax the wealthy at a higher level.
I wonder whether having an expiry date on money might help get it circulating?
‘They buy ridiculous cars and jet around and throw large party’s’, 30 seconds later ‘they don’t spend’. Not seen anyone buy a Bentley without spending yet spud. The other issue with ‘taxing the wealthy’ is that most people think it’s someone with maybe a couple of million quid in their house, pension and perhaps a bit of land. And it’s these people getting hit with the IHT change, not the actual WEALTHY because people don’t understand the difference. They just go ‘good’, not realising that due to fiscal drag either the freezing of allowances and inflation means that more and more comfortably off are getting hammered for tax but the WEALTHY are not.