3 years on and viewers to this channel still do not understand what Gary means regarding the covid £700 billion, meaning of money, what is wealth etc etc. Everyone seems to take it that the rich (whatever 'rich means as everyone has a different view) should just give cash to the poor. Gary is good, but the subject is too complex for most people no matter how the explanation is presented.
Probably if not definitely the most important and informative video ever posted on UA-cam. Thank you for speaking out and explaining this catastrophic situation so simply and eloquently. It would have been very easy for someone in your financial position to just sit back and do nothing, the fact you continue to beat the drum is testament to your character and integrity. Keep up this vital work. You are the hero this country/world needs.
I don't understand how the Bank of England can lend the Government $300 Billion that they don't have in the first place. Even if that debt is repaid via taxation, without a debit entry on the lender's ledger, isn't it just pure profit for the bank?
Think of it like this...if a farmer plants an extra field of potatoes (he had 3 before now he has 4) they will be 33% more potatoes coming to market which would drop the price of those potatoes when they're sold....so when the BOE prints 25% more money it does the reverse it buys 25% LESS of goods and services because there's more money chasing the same goods...so G&S are worth more in paper money terms....so how is it the same as potatoes the printed pounds are just like seeds thrown into the economy but with zero work or effort compared to the farmer who must buy seeds, plough feidls and harvest....when BOE prints money it just floods the marrket with more money so their is a "cost" it is inlfation. @@exitthelemming145
Think of it like this...if a farmer plants an extra field of potatoes (he had 3 before now he has 4) they will be 33% more potatoes coming to market which would drop the price of those potatoes when they're sold....so when the BOE prints 25% more money it does the reverse it buys 25% LESS of goods and services because there's more money chasing the same goods...so G&S are worth more in paper money terms....so how is it the same as potatoes? The printed pounds are just like seeds thrown into the economy but with zero work or effort compared to the farmer who must buy seeds, plough feidls and harvest....when BOE prints money it just floods the marrket with more money so their is a "cost" it is inlfation. @@exitthelemming145
correct? I think not. Is a truth a truth? Yes. In an ocean of truth is a cupful of water actually water? Yes it is. Is that true 100%. Yes it is. But it's a weak method of describing the ocean.
About 50 years ago I heard a lecture from an economist who argued that the lowest income decile remains almost unaffected by wealth redistribution measures because these people are very often disadvantaged by chronic physical and/or mental disability. Now that I have worked as a psychiatrist for 30 years I think that this is very likely. So a wealth tax would probably need to be accompanied by measures such as big increases in disability benefits; re-socialisation of the chronically ill, who are often unaware of the resources available; and of course a massive increase in funding of the health system. Unfortunately the current UK government seems to be heading in the opposite direction.
In this case Gary is arguing that increasing wealth taxes would lower prices by reducing the spending power of the rich, so this would benefit everyone on a low income regardless of their living situation
I'd argue that a lot of mental health issues are caused by being in the lowest income decile (exogenous causes) - ok, there are a number with actual chemical imbalances (endogenous causes), but most depression cases can be treated (if not cured) by giving the patient the correct tool - the story of the Vietnamese rice picker that was given a cow when he lost his leg on a landmine, for example.
@@richardswift4196 There is clearly an association between lower income and health problems of _all_ types, not just psychiatric - that has been known since the Black Report, published in 1980. But statistical association does not prove causality, and I didn't intend to imply that it does.
What exactly do you mean by "resocialisation of the chronically ill" ? I'm chronically ill and don't need or want some middle class professional dictating how social I need to be. I work hard to keep myself afloat and every social interaction I have is both necessary to stay in business and costs me dearly. I know exactly what resources are available: big fat nothing. There are millions of us scraping by trying to subsist on the income from running a business part time because we are too ill to work, and not "ill enough" by the DWP's standards to claim PIP or DLA. You don't get sickness benefits unless you've had a full on health crisis. If you are battling daily to manage your health at great personal cost, or are languishing bedridden and dependent on unpaid family carers and therefore don't keep ending up in A+E, they aren't interested. You're right, the welfare system needs a massive shake up, but in my opinion the only fair way to go about it would be UBI, with a top up for those with long term disabilities.
God bless you, Gary. It's about time someone stepped up and forward to explain all this stuff. Brilliant! Sorry that I'm 2 years late, but I've only just come across your channel.
Same thing is happening over in the States. It's infuriating how the one thing that will fix this crisis is the last thing the government is willing to do.
One thing i would add, is that unfortunately big corporations have their say on what goes on inside the government which makes it not an easy task to tax the rich.
Your Insider interview brought me here. I really appreciate that you care for people at large, that's pretty rare. What keeps me baffled is, that with your smarts you have not grabbed what a government really is, or have you? Besides being a big boys club, it is nothing more than an incredibly inefficent tool for coercing people. And whenever you (try) to coerce someone, which no one really ever likes, they will evade/fight as much as possible to NOT be coerced... except they gain more by following through with it, than by fighting it and losing. Where is the problem when people that provide goods and services make a bunch of money? Yes, they buy people out of the market, but still they are not coercing anybody to do things they don't like. If you can't afford to pay for something, you will have to find ways to work around it. That is what the human condition was since the beginning. The real problem are people spending money they never earned on things they will never be reliable for.
How I wish I watched this 4 years ago!! We immigrated from South Africa to Spain in January 2020 to have a safer life for my son and parents, sold my house in Cape Town, parents sold theirs, they bought another house in Spain, and I wanted to buy a small home here too. Exchange rate didn’t allow me to buy something nice, so I asked my dad for a small top up loan to get a decent place. He said no, and when pandemic hit, he (and I) assumed that due to the crisis the cost of property would go down, and I’d get my lucky break back into the property market. Now I’ve spent my house money trying to survive on less income and higher taxes, and like you say, seems I’ll never get back into the housing market as a single mom working 6 days a week to mostly pay taxes and live hand to mouth. If I’d seen this video I would have insisted my dad top me up instead of just letting it go to avoid an argument. My dad has since passed away from covid. And turns out he didn’t have as much cash as he’d led us to believe either as the years ate away at his savings. Please change the rules 🙏
Recently found your channel via newscast, great stuff and it's scary how accurate your predictions are given current inflation and cost of living crisis. I teach sociology at a uni in the UK and I used the exact sort of stuff you explain here to explain Marxist theory. I was expecting my students to show some annoyance at how Bezos has ended up richer yet there is a national insurance tax rise, but they didn't really seem to care. I really appreciate how you are explaining how economic inequality actually works and hope you keep spreading your message.
Thanks Jed - yeah, predicting is my specialty. Unfortunately the predictions are always bad. Please share the channel so we can build more support for change!
Your advice to watch this 1st video was priceless. That last statement was so clear. We do have a way out of this. Its so clear the super rich are interrupting the flow!!Thank you for sharing your knowledge.
@@garyseconomics yeah, so I remember you once explaining economies of scale to me in math class. I had never actually done business and econ, ( my first teachable was actually History and Math was my minor ) and your explanation made me curious about the subject. I'm now attempting a masters in econ and can credibly say you helped ignite my interest in the subject!
@@garyseconomics and you ll be pleased to know one of my motivations for going into econ was to question some of the right wing orthodoxy and ideology which has dominated the profession . In your guardian article you reference Zucman and Saer on the wealth tax, and it's interesting they reference the Laffer curve. As I understand it the Laffer curve was just an idea and the actual empirical evidence suggests the curve should look very differently as to how it is usually visualized, i.e a top tax rate of 70 % or so is more like the actual level for ideal tax collection without distorting incentives?
Ah yes I remember you well! I remember that time we whistled the superman theme tune in your class! I think you told me I was "setting new records for underachievement in maths", I think that was fair! Yes the Laffer curve is an interesting idea that has been very politicized. I have no doubt its true that, at the extreme end, income taxes of 100% will raise little or no income. However, there is much disagreement about what levels would raise the most income. Probably higher than the current 45%-ish levels would raise more revenue, although it depends of course on the specifics of the country. A small, open country with a very mobile workforce has much more to lose from raising taxes than a big, closed country, for example. It's worth also realising that high income taxes may serve purposes beyond simply raising revenue - for example, preventing wealth inequality from growing. That said, my focus is not on taxing income at all, but taxing wealth. It is worth realising that the classic laffer curve argument no longer holds in this case - 100% income taxes can be avoided by not working, but wealth already exists so cannot be avoided in the same way. There are other ways that a wealth tax could be avoided, of course, and those would be relevant and must be addressed. I focus on wealth because the richest people in society tend not to get their income from working, and so their income tends not to be taxed by normal income taxes. Good luck on your economics study. Academic economic study can be very mathematical and very abstracted. A lot of attention is often paid to the maths at the expense of the theory and assumptions. Do try to keep aware of what is happening in the real world, and keep open minded that mathematical models are not always correct if they produce counterintuitive results. Remember our focus should be on understanding the real world, not only the models. Good luck!
@@garyseconomics Haha yeah, sorry if my words were harsh! I was just a young teacher trying to control a bunch of teenage boys! Thanks for clarification on Laffer. Yes, the mathematical abstraction in economic theory can be quite frustrating. I'm having quite a tough time with advanced macro theory for example, and it does make it more frustrating when it it seems not to be related to case studies in the real world. Your last comments about 'counter intuitive' is interesting because I think many economists wear that 'counter intuitive results' like a badge of honour ; they cite counter intuitive results as proof the maths is powerful and can lead to new insights, but as you say, does it really hold up in the real world ? Best of luck with everything and the new work, I will follow you keenly !
Wow! Amazing, you predicted it all. Thank you for making this video, you are doing a great service to people. I’m making time to watch all of your videos. (This is my first ever comment on UA-cam, I just really wanted to thank you)
It was a pleasure to here you on lbc and and even more inspiring finding your channel and videos! You're of great benefit to the society please keep up the good work 👍 👏
Came here after the Insider interview to discover your channel. Massively worthy thoughts and analysis. And the prove is, the date of the video posting, you've just told 4 years ago, on what's going to be happening now, and that's the most valuable thing i've found recently
Just came around your channel after watching an interview . Personally as I don’t have a finance background I find it very hard to understand economic terms but you’ve explained them in a very simplistic manner . Thanks for that .
Only just found your content! Thank you for doing good and not carrying on the easy path making money for nothing. You’re obviously a brave and moral guy
It's great to know that there are people like you, who use their energy and intelligence to propose solutions for the benefit of society. Here in Brazil we have Eduardo Moreira playing a similar role. He and the sociologist Jessé Souza created the ICL, aimed at training people. Worth knowing.
I have spent the last three years trying to share this understanding and have almost given up…I have been revitalised by finding your channel….im starting from vid one and making my way forward thanks again
Wow. Just saw this video 2 years after you posted it. Your prediction "They'll (the rich) be in the shops too and they'll have a lot more money to push those (consumer goods and services) prices up. It's very likely that over the next few years we're going to see the process of a lot of things increase" has played out precisely as you predicted, along with every other prediction you made in this video. I congratulate you for your courage and determination in making a vitally important contribution to public debate, in explaining in an accessible way, the technical aspects and factors of economics, that are causing the breakdown of society in the western world. Thank you.
Thanks for this, very informative. Taxing wealth instead of just income is a genius idea, but it will never ever happen. Any politician who even dares to suggest such idea will have a very short career.
Yes, definitely not easy to make it happen. Just because I'm interested, do you think the problem is that it won't be popular with the people? Or that powerful people will shut it down?
@@garyseconomics Yes the latter. I think powerful people will do all they can to shut it down because it's a policy that would negatively effect them. I don't think politicians serve the people anymore, I think they serve those with influence. I do not know this for a fact, it's just a feeling based on how I see the world.
@@dominomoloko4680 Got it. Yes it is definitely going to be difficult. But we won't know unless we try! There will be tough times for a lot of us unless we get some compromise on this, so I'm giving it a go!
@@dominomoloko4680 The ridiculous thing is that billionaires would still be billionaires even if their wealth were taxed, such is the magnitude of their riches. The only 'negative effect' on them would be psychological, in short their greed overpowers any sense of social equality.
My landlord have increased my rent. She has over 3 properties in the area but pushing up rent and proposing that I get public funds if I can't meet up! My advice to everyone, reduce your debt as best as you can, I haven't been on holiday for over 3 years now and my debt is so low. Sold my car, cut down on spending drastically.
Great stuff....I have just discovered this channel and it's so refreshing to get the truth of wealth inequality explained, by dare I say, "an insider". But an "insider who wants to make a difference". I have so many thoughts going through my mind right now about the future of not only my children, but humanity as a whole. I think that ordinary people have a feeling of what's going on, but are kept comfortably numb with all the distractions of needing to support themselves and their families on a day to day basis. Yet, the 1%'ers are making like the Sherriff of Nottingham...we are indeed living in "Feudal Times". I hope that this will not end in a veil of tears, but I have a foreboding that revolution is around the corner, unless the system changes and wealth redistribution can occur....i.e. cycle money.
Hi Spiros, I'm glad you like the channel - I think we need to find a way to force the wealthy to allow their wealth to cycle back through the economy, otherwise it's inevitable that inequality and economic problems will get worse.
@@garyseconomics Just discovered your channel via Novara media as you plugged it in Fridays video. I’m glad I came. We deffo need more people like yourself being open about the situation 😊
Gary. I'm so sorry I took so long to find your vlogs. What a breath of fresh air to hear a money maker come clean. What you have said I have long understood. What a crying shame that in the world, too many people took the blue pill. Thank you mate, you are a decent guy.
So glad I found this channel. Its refreshing to see someone like yourself trying to make a difference and explain things in such an easy way we all can understand. Wish there was more people like you. I very rarely watch news or media because they only tell you what they want to tell you or what the current government want you to know. I watch people like yourself that actually speak the truth. Keep up the great work and thanks for educating us all. 👍
Your videos have popped up on my feed a lot recently, but I scrolled past them as I (wrongly) assumed that you were just some dude trying to teach people how to get rich... 🤦 I clicked on one earlier today, and now I wish I'd come across your vids when you started making them a few years ago, because I've got a lot of catching up to do! I grew up on a council estate in Stepney, and we moved to Ilford about 14 years ago, so I totally get where you're coming from. In one form or another, I've been working in community development for the past 22 years, trying to find local solutions to (the symptoms of) inequality. But I've only started learning about macroeconomics in the past year or so (I'd never even heard the term at school/college). I always knew we needed upstream/systemic change, I just never really understood just how broken the system is - and how rigged the game is. I work with local authorities, charities, housing associations and others - they all need to hear what you're saying. But we also need to find ways of reaching the masses directly and making your message even more accessible (this UA-cam channel is a great start), because, like you, I really fear for the future of this country and the world at large. Keep up the amazing work, Gary. 💪
Thank you Gary. I found you through more recent content and now going back through your videos. This so clearly explains the issue we are facing. Fully support your mission to tackle wealth inequality, please keep it up 👏
Gary, I ended up here after watching your interview about your book on Insider. Keep up the good work and finally let's change this f*cked up world. A friend from the collapsed CS.
WOW, that is the best explanation I have ever heard of the situation the world is in..... CONGRATULATIONS, it is an amazing video! And of course, you said it 3 years before it all happened!
just found you this week . . . end of Oct 2022 . . . subscribed . . . sharing . . . spreading the message . . . thank you for everything . . . keep up the good work
I saw the results of the situation, but I never actually had it explained so well. Thank you Gary, you truly are the best teacher I've known since Maurice Swales (my school maths teacher) . Big love and respect x
@@garyseconomics I think you'd have liked him. Gentle unassuming man who managed to pass on his passion for maths without overdoing it. I got a grade A back in 1977. I doubt I'd have passed without his passion. X
Man, a pity I didn't discover your channel back then. I'm infinitely curious about economics (economist but working in IT), and Covid, particularly 2020 H1, was the time of my life. It was more fascinating to follow the developments than at any other period. But I'm totally missing the financial view. How good you are explaining the stuff in a more down-to-earth way than, say, Stiglitz.
I’d love some financial advice from someone who doesn’t bs. You clearly are very very clever when it comes to economics and you explain it in plain English. Well done on these videos. Love them.
Damn Bro This Is 3 Years ago Gold Closed at $1806.74 and now its on $2315 so accurate , very informative and true , life is now difficult and i dont see it getting better
Very important message. I am always curious how is it fine to tax "the rich" by taking >50% in tax on income from hard working people, while taxing up to 20% (but mostly 0%) on income coming from just ownership of assets. Also I wish I found your channel 3 years ago... Very clearly explained information that are filling the gaps in my logic, that made me make some costly mistakes. KUDOS
Gary, I think there's one small flaw in your final statement - "tax wealth, not just income"... Taxing income just keeps poor people poor, as taxing subsistence wages just leaves the worker with even less money (even though their work is often an essential part of the economic machine). I think a better way would be "tax wealth, not income", that way, eventually everyone would become rich and thus be paying taxes. And what better way to tax wealth than taxing land holdings (and nothing else) as it's the root of all wealth - you said it yourself, the rich are just using their extra cash to buy properties to put on Airbnb (ok, I added that last bit).
4 years on and the speculation is that the new Labour government will make some material changes to the CGT system, which could be an important part of this puzzle. Really good video.
Very good explainer. Clear, concise and to the point! Looking forward to your future videos, keep up the great work Gary! You've got yourself a new subscriber 👌🏼
Gary, thank you SO VERY MUCH ❤️, for putting all of this in perspective. I was just listening 👂🏽 to LBC Radio at 3.15 am, has you do 😳☺️😒 and thought 💭 wow, who's this!!!! Great man, Great service. I am following you!!!! and will spread the word.
Thanks for this, very clear communication. This is a terrible situation. We also need to impose rent caps like they have in Swizerland. Rent shouldn't be allowed to rise so freely every year.
Great channel Gary, really enjoy your talks and insight, the problem is all the power and influence is in the hands of the rich and most people are too engaged in the day to day struggle to survive to make their voices heard.
Gary I just came across your videos. I’m not necessarily the greatest at math or understanding how the economy works but your videos have really taught me so much. They need to play your videos in high schools around the country If you see this I want to ask how can young people contribute to the growing inequality in the world
Great video. Excellent explanation. That diagram really hits home and makes it crystal clear what's been going on and what the solution should be. Although I think you need to talk more about the possible negative consequences of a wealth tax that conservative voters often bring up as an objection.
The only bit which didn’t work out regarding this video was that we didn’t see a big increase of unemployment as such but what we do have after Covid is millions of people who just didn’t go back to work. So there was still a balance, although not with inflation’s rate on salaries, they didn’t go down - but they didn’t go up enough. If the Gov succeeds in putting people back in work, basically those who are on some kind of sick (I assume or working on the black market), then yes, salaries may begin to go down too. The basic concept is still right, wealth inequality has grown and will continue to grow unless the rich are taxed. With the gov in the pockets of the rich it's hard to see how even the best intentioned politicians can do anything. All our governments have been motivated by short termism, thats how assets got sold off in the first place; the can keeps being kicked down the road. we not only need to tax the rich, we also need to put in place government structures and terms that do not reward short term policies - if the governments only aim is re-election then short-termism will continue, the rich will get richer while the poor are distracted with immigration and iphones. What took the western world from the feudalism we are heading back too to a more social outlook? unfortunately the electorate will not vote for the greater good or even their own long term good. Either some mass change in consciousness or some horrendous global event is the only thing I see changing this. unfortunately even a fabulous orator with an incorruptible nature, an individual, would be torn to bits by the vested interests in this short-termism that no one can rise up, its going to take an organised mass movement to change this situation.
Excellent succinct explanation spoken in easily understood language- Gary,you,re a gem- your videos should be a cumpulsory part of the curriculum in our schools- keep it up!
In the early 2000s George W Bush sent me a special tax rebate check. And I just sat on it because I did not need it. That's when I first realized this money should have gone to my poorer brothers and cousins because they would put it to use immediately.
Astonishing predictions. Perhaps obvious for Economists (?) but I have only perceived surprise in the media at rising prices, especially in the housing market.
This video is extremely relevant today. Neither tory nor labour are addressing the fundamental problem. Both will perpetuate the flow of money from the low earners to the rich.
Ahh Herman! He is a good lad! And his brother basically made this whole video for me all I did was the economics! Glad to see my video has made it all the way to Australia - do do the share subscribe thing if you like it trying to build up a thing here! Thanks!
Subscribed, purely due to knowledge that you shared and more importantly, the empathy in your words. Hopefully, more people will be able to understand the true economic cost of not only COVID, but also Brexit. Cheers
The true economic cost of the E.U to my family was being made redundant from Ford Motor Company in Southampton after 24 years service, still owing a mortgage and a young family I had to do three jobs rather than lose my home. The E.U gave Fords a cheap loan of 80 million to move to Cheap labour Turkey. So the once family friendly Fords wanted EVEN more money, leaving the plebs to scratch a living elsewhere. The E.U has an agenda to make the rich richer and you didn’t know! Who is the thick half who voted right.
3 years on and you were correct.
3 years on and viewers to this channel still do not understand what Gary means regarding the covid £700 billion, meaning of money, what is wealth etc etc. Everyone seems to take it that the rich (whatever 'rich means as everyone has a different view) should just give cash to the poor. Gary is good, but the subject is too complex for most people no matter how the explanation is presented.
@@kevinsyd2012 4 years and still correct!
Probably if not definitely the most important and informative video ever posted on UA-cam. Thank you for speaking out and explaining this catastrophic situation so simply and eloquently. It would have been very easy for someone in your financial position to just sit back and do nothing, the fact you continue to beat the drum is testament to your character and integrity. Keep up this vital work. You are the hero this country/world needs.
Well said.
I don't understand how the Bank of England can lend the Government $300 Billion that they don't have in the first place. Even if that debt is repaid via taxation, without a debit entry on the lender's ledger, isn't it just pure profit for the bank?
All cash is a debit entry for the central bank.@@exitthelemming145
Think of it like this...if a farmer plants an extra field of potatoes (he had 3 before now he has 4) they will be 33% more potatoes coming to market which would drop the price of those potatoes when they're sold....so when the BOE prints 25% more money it does the reverse it buys 25% LESS of goods and services because there's more money chasing the same goods...so G&S are worth more in paper money terms....so how is it the same as potatoes the printed pounds are just like seeds thrown into the economy but with zero work or effort compared to the farmer who must buy seeds, plough feidls and harvest....when BOE prints money it just floods the marrket with more money so their is a "cost" it is inlfation. @@exitthelemming145
Think of it like this...if a farmer plants an extra field of potatoes (he had 3 before now he has 4) they will be 33% more potatoes coming to market which would drop the price of those potatoes when they're sold....so when the BOE prints 25% more money it does the reverse it buys 25% LESS of goods and services because there's more money chasing the same goods...so G&S are worth more in paper money terms....so how is it the same as potatoes? The printed pounds are just like seeds thrown into the economy but with zero work or effort compared to the farmer who must buy seeds, plough feidls and harvest....when BOE prints money it just floods the marrket with more money so their is a "cost" it is inlfation. @@exitthelemming145
2 years on and you are 1000% correct
correct? I think not. Is a truth a truth? Yes. In an ocean of truth is a cupful of water actually water? Yes it is. Is that true 100%. Yes it is. But it's a weak method of describing the ocean.
This video was WAY AHEAD OF ITS TIME. It will be seen as genius in years to come. All hail Sir Gary...
About 50 years ago I heard a lecture from an economist who argued that the lowest income decile remains almost unaffected by wealth redistribution measures because these people are very often disadvantaged by chronic physical and/or mental disability. Now that I have worked as a psychiatrist for 30 years I think that this is very likely. So a wealth tax would probably need to be accompanied by measures such as big increases in disability benefits; re-socialisation of the chronically ill, who are often unaware of the resources available; and of course a massive increase in funding of the health system. Unfortunately the current UK government seems to be heading in the opposite direction.
In this case Gary is arguing that increasing wealth taxes would lower prices by reducing the spending power of the rich, so this would benefit everyone on a low income regardless of their living situation
Well said. 💪
I'd argue that a lot of mental health issues are caused by being in the lowest income decile (exogenous causes) - ok, there are a number with actual chemical imbalances (endogenous causes), but most depression cases can be treated (if not cured) by giving the patient the correct tool - the story of the Vietnamese rice picker that was given a cow when he lost his leg on a landmine, for example.
@@richardswift4196 There is clearly an association between lower income and health problems of _all_ types, not just psychiatric - that has been known since the Black Report, published in 1980. But statistical association does not prove causality, and I didn't intend to imply that it does.
What exactly do you mean by "resocialisation of the chronically ill" ? I'm chronically ill and don't need or want some middle class professional dictating how social I need to be. I work hard to keep myself afloat and every social interaction I have is both necessary to stay in business and costs me dearly. I know exactly what resources are available: big fat nothing. There are millions of us scraping by trying to subsist on the income from running a business part time because we are too ill to work, and not "ill enough" by the DWP's standards to claim PIP or DLA. You don't get sickness benefits unless you've had a full on health crisis. If you are battling daily to manage your health at great personal cost, or are languishing bedridden and dependent on unpaid family carers and therefore don't keep ending up in A+E, they aren't interested. You're right, the welfare system needs a massive shake up, but in my opinion the only fair way to go about it would be UBI, with a top up for those with long term disabilities.
I came here, after seeing your interview on Insider. Appreciate the explanation.
God bless you, Gary. It's about time someone stepped up and forward to explain all this stuff. Brilliant! Sorry that I'm 2 years late, but I've only just come across your channel.
This is brilliant. The world needs someone like you! 👌🏾👊🏾
Thank you!
Wish I had found you earlier Gary!
More people need to understand this.
Keep up the amazing work. 👏
I’m probably going to share this… A LOT!
Same thing is happening over in the States. It's infuriating how the one thing that will fix this crisis is the last thing the government is willing to do.
One thing i would add, is that unfortunately big corporations have their say on what goes on inside the government which makes it not an easy task to tax the rich.
Thank you UA-cam for pushing Gary onto my page. Nobody has ever said it clearer! One of the most underrated videos on the internet 🙌🏽🙌🏽🙌🏽
Finally someone saying what I’ve been saying for long time and I’m just an ordinary person.
I feel his passion and care for the humanity. I’m with you Gary I’m ready to fix this inequality of wealth distribution
This channel should be WAAAAY bigger than it is
It's growing!
Hello Gary, this is excellent. This world and its present situation simply needs more people like yourself. Thank you for enlightening us.
Thanks for your support Zulkifli. Do help us grow the channel by sharing with your friends and encouraging more people to subscribe - thanks!
Your Insider interview brought me here. I really appreciate that you care for people at large, that's pretty rare. What keeps me baffled is, that with your smarts you have not grabbed what a government really is, or have you? Besides being a big boys club, it is nothing more than an incredibly inefficent tool for coercing people. And whenever you (try) to coerce someone, which no one really ever likes, they will evade/fight as much as possible to NOT be coerced... except they gain more by following through with it, than by fighting it and losing.
Where is the problem when people that provide goods and services make a bunch of money? Yes, they buy people out of the market, but still they are not coercing anybody to do things they don't like. If you can't afford to pay for something, you will have to find ways to work around it. That is what the human condition was since the beginning. The real problem are people spending money they never earned on things they will never be reliable for.
How I wish I watched this 4 years ago!!
We immigrated from South Africa to Spain in January 2020 to have a safer life for my son and parents, sold my house in Cape Town, parents sold theirs, they bought another house in Spain, and I wanted to buy a small home here too. Exchange rate didn’t allow me to buy something nice, so I asked my dad for a small top up loan to get a decent place. He said no, and when pandemic hit, he (and I) assumed that due to the crisis the cost of property would go down, and I’d get my lucky break back into the property market.
Now I’ve spent my house money trying to survive on less income and higher taxes, and like you say, seems I’ll never get back into the housing market as a single mom working 6 days a week to mostly pay taxes and live hand to mouth.
If I’d seen this video I would have insisted my dad top me up instead of just letting it go to avoid an argument.
My dad has since passed away from covid. And turns out he didn’t have as much cash as he’d led us to believe either as the years ate away at his savings.
Please change the rules 🙏
This aged so well, no one else is able to provide analysis like this. Thank you for sharing.
@@alizaidi8135 I don't know how much I would have bought this in 2020, but in 2024 we can see exactly how it has played out.
Recently found your channel via newscast, great stuff and it's scary how accurate your predictions are given current inflation and cost of living crisis. I teach sociology at a uni in the UK and I used the exact sort of stuff you explain here to explain Marxist theory. I was expecting my students to show some annoyance at how Bezos has ended up richer yet there is a national insurance tax rise, but they didn't really seem to care. I really appreciate how you are explaining how economic inequality actually works and hope you keep spreading your message.
Thanks Jed - yeah, predicting is my specialty. Unfortunately the predictions are always bad. Please share the channel so we can build more support for change!
Your advice to watch this 1st video was priceless. That last statement was so clear. We do have a way out of this. Its so clear the super rich are interrupting the flow!!Thank you for sharing your knowledge.
Great to see you doing this ! I taught you maths years ago, and now I'm an econ student I'll be learning from you !
Mr...... Burke!?!?
@@garyseconomics yeah, so I remember you once explaining economies of scale to me in math class. I had never actually done business and econ, ( my first teachable was actually History and Math was my minor ) and your explanation made me curious about the subject. I'm now attempting a masters in econ and can credibly say you helped ignite my interest in the subject!
@@garyseconomics and you ll be pleased to know one of my motivations for going into econ was to question some of the right wing orthodoxy and ideology which has dominated the profession . In your guardian article you reference Zucman and Saer on the wealth tax, and it's interesting they reference the Laffer curve. As I understand it the Laffer curve was just an idea and the actual empirical evidence suggests the curve should look very differently as to how it is usually visualized, i.e a top tax rate of 70 % or so is more like the actual level for ideal tax collection without distorting incentives?
Ah yes I remember you well! I remember that time we whistled the superman theme tune in your class! I think you told me I was "setting new records for underachievement in maths", I think that was fair!
Yes the Laffer curve is an interesting idea that has been very politicized. I have no doubt its true that, at the extreme end, income taxes of 100% will raise little or no income. However, there is much disagreement about what levels would raise the most income. Probably higher than the current 45%-ish levels would raise more revenue, although it depends of course on the specifics of the country. A small, open country with a very mobile workforce has much more to lose from raising taxes than a big, closed country, for example. It's worth also realising that high income taxes may serve purposes beyond simply raising revenue - for example, preventing wealth inequality from growing.
That said, my focus is not on taxing income at all, but taxing wealth. It is worth realising that the classic laffer curve argument no longer holds in this case - 100% income taxes can be avoided by not working, but wealth already exists so cannot be avoided in the same way. There are other ways that a wealth tax could be avoided, of course, and those would be relevant and must be addressed. I focus on wealth because the richest people in society tend not to get their income from working, and so their income tends not to be taxed by normal income taxes.
Good luck on your economics study. Academic economic study can be very mathematical and very abstracted. A lot of attention is often paid to the maths at the expense of the theory and assumptions. Do try to keep aware of what is happening in the real world, and keep open minded that mathematical models are not always correct if they produce counterintuitive results. Remember our focus should be on understanding the real world, not only the models. Good luck!
@@garyseconomics Haha yeah, sorry if my words were harsh! I was just a young teacher trying to control a bunch of teenage boys!
Thanks for clarification on Laffer.
Yes, the mathematical abstraction in economic theory can be quite frustrating. I'm having quite a tough time with advanced macro theory for example, and it does make it more frustrating when it it seems not to be related to case studies in the real world.
Your last comments about 'counter intuitive' is interesting because I think many economists wear that 'counter intuitive results' like a badge of honour ; they cite counter intuitive results as proof the maths is powerful and can lead to new insights, but as you say, does it really hold up in the real world ?
Best of luck with everything and the new work, I will follow you keenly !
Your vids are 100% suppressed by youtube no question
It took me 4 years to find you, never looking back.
Wow! Amazing, you predicted it all. Thank you for making this video, you are doing a great service to people. I’m making time to watch all of your videos.
(This is my first ever comment on UA-cam, I just really wanted to thank you)
The vision and clarity of this video is astounding. The tragedy is how few watched it at the time. Watch Gary's videos. All of them.
It was a pleasure to here you on lbc and and even more inspiring finding your channel and videos!
You're of great benefit to the society please keep up the good work 👍 👏
Thank you!
Came here after the Insider interview to discover your channel. Massively worthy thoughts and analysis. And the prove is, the date of the video posting, you've just told 4 years ago, on what's going to be happening now, and that's the most valuable thing i've found recently
Just came around your channel after watching an interview . Personally as I don’t have a finance background I find it very hard to understand economic terms but you’ve explained them in a very simplistic manner . Thanks for that .
It is amazing how little views this has and how important divulgative economic knowledge you are sharing.
Respect
Only just found your content! Thank you for doing good and not carrying on the easy path making money for nothing. You’re obviously a brave and moral guy
It's great to know that there are people like you, who use their energy and intelligence to propose solutions for the benefit of society. Here in Brazil we have Eduardo Moreira playing a similar role. He and the sociologist Jessé Souza created the ICL, aimed at training people. Worth knowing.
I have spent the last three years trying to share this understanding and have almost given up…I have been revitalised by finding your channel….im starting from vid one and making my way forward
thanks again
You are correct..
and it should be priority numero uno to build state housing on the books
THIS IS STILL Relevant till this day wow, May God bless you man🙌👏
It's so frustrating when people like Gary are ignored. At least no one can accuse him of simply using hindsight.
Wow. Just saw this video 2 years after you posted it. Your prediction "They'll (the rich) be in the shops too and they'll have a lot more money to push those (consumer goods and services) prices up. It's very likely that over the next few years we're going to see the process of a lot of things increase" has played out precisely as you predicted, along with every other prediction you made in this video. I congratulate you for your courage and determination in making a vitally important contribution to public debate, in explaining in an accessible way, the technical aspects and factors of economics, that are causing the breakdown of society in the western world. Thank you.
Thanks for this, very informative. Taxing wealth instead of just income is a genius idea, but it will never ever happen. Any politician who even dares to suggest such idea will have a very short career.
Yes, definitely not easy to make it happen. Just because I'm interested, do you think the problem is that it won't be popular with the people? Or that powerful people will shut it down?
@@garyseconomics Yes the latter. I think powerful people will do all they can to shut it down because it's a policy that would negatively effect them. I don't think politicians serve the people anymore, I think they serve those with influence. I do not know this for a fact, it's just a feeling based on how I see the world.
@@dominomoloko4680 Got it. Yes it is definitely going to be difficult. But we won't know unless we try! There will be tough times for a lot of us unless we get some compromise on this, so I'm giving it a go!
@@dominomoloko4680 The ridiculous thing is that billionaires would still be billionaires even if their wealth were taxed, such is the magnitude of their riches. The only 'negative effect' on them would be psychological, in short their greed overpowers any sense of social equality.
My landlord have increased my rent. She has over 3 properties in the area but pushing up rent and proposing that I get public funds if I can't meet up! My advice to everyone, reduce your debt as best as you can, I haven't been on holiday for over 3 years now and my debt is so low. Sold my car, cut down on spending drastically.
Your comment at the end is so on point and relevant to today’s discussions in the US and how we deal with our debt problems. More need to see this. 😊
So good to hear you speak on R4 this morning and to discover this film, first time subscribing, keen to hear more, thanks!
Thanks Karen! Working on more videos but will take time - add me on twitter or facebook @garyseconomics to keep up with the other stuff I'm doing.
Great stuff....I have just discovered this channel and it's so refreshing to get the truth of wealth inequality explained, by dare I say, "an insider". But an "insider who wants to make a difference". I have so many thoughts going through my mind right now about the future of not only my children, but humanity as a whole. I think that ordinary people have a feeling of what's going on, but are kept comfortably numb with all the distractions of needing to support themselves and their families on a day to day basis. Yet, the 1%'ers are making like the Sherriff of Nottingham...we are indeed living in "Feudal Times". I hope that this will not end in a veil of tears, but I have a foreboding that revolution is around the corner, unless the system changes and wealth redistribution can occur....i.e. cycle money.
Hi Spiros, I'm glad you like the channel - I think we need to find a way to force the wealthy to allow their wealth to cycle back through the economy, otherwise it's inevitable that inequality and economic problems will get worse.
@@garyseconomics Just discovered your channel via Novara media as you plugged it in Fridays video. I’m glad I came. We deffo need more people like yourself being open about the situation 😊
Study then buy BTC...you dont have to buy a whole one just a fraction will help you in the future
Gary. I'm so sorry I took so long to find your vlogs. What a breath of fresh air to hear a money maker come clean. What you have said I have long understood. What a crying shame that in the world, too many people took the blue pill. Thank you mate, you are a decent guy.
So glad I found this channel. Its refreshing to see someone like yourself trying to make a difference and explain things in such an easy way we all can understand. Wish there was more people like you. I very rarely watch news or media because they only tell you what they want to tell you or what the current government want you to know. I watch people like yourself that actually speak the truth. Keep up the great work and thanks for educating us all. 👍
Your videos have popped up on my feed a lot recently, but I scrolled past them as I (wrongly) assumed that you were just some dude trying to teach people how to get rich... 🤦
I clicked on one earlier today, and now I wish I'd come across your vids when you started making them a few years ago, because I've got a lot of catching up to do!
I grew up on a council estate in Stepney, and we moved to Ilford about 14 years ago, so I totally get where you're coming from.
In one form or another, I've been working in community development for the past 22 years, trying to find local solutions to (the symptoms of) inequality.
But I've only started learning about macroeconomics in the past year or so (I'd never even heard the term at school/college).
I always knew we needed upstream/systemic change, I just never really understood just how broken the system is - and how rigged the game is.
I work with local authorities, charities, housing associations and others - they all need to hear what you're saying.
But we also need to find ways of reaching the masses directly and making your message even more accessible (this UA-cam channel is a great start), because, like you, I really fear for the future of this country and the world at large.
Keep up the amazing work, Gary. 💪
Came here after Insider interview, man I wish i had find this channel earlier, it literally opened my eyes. You're wholesome dude!
This is the truth, massive respect to you, brother, your clarity is astonishing and your message is powerful. Brilliant mind, brilliant guy.
Thanks very much!
This is probably the best explanation about economy during Covid that I’ve seen.
Thanks a lot.
No worries boss, glad you enjoyed it
2 years on and you are completely correct.
Wow!
Thank you Gary. I found you through more recent content and now going back through your videos. This so clearly explains the issue we are facing. Fully support your mission to tackle wealth inequality, please keep it up 👏
Gary, I ended up here after watching your interview about your book on Insider. Keep up the good work and finally let's change this f*cked up world. A friend from the collapsed CS.
WOW, that is the best explanation I have ever heard of the situation the world is in..... CONGRATULATIONS, it is an amazing video! And of course, you said it 3 years before it all happened!
just found you this week . . . end of Oct 2022 . . . subscribed . . . sharing . . . spreading the message . . . thank you for everything . . . keep up the good work
I saw the results of the situation, but I never actually had it explained so well. Thank you Gary, you truly are the best teacher I've known since Maurice Swales (my school maths teacher) . Big love and respect x
Big up Maurice Swales!!
@@garyseconomics I think you'd have liked him. Gentle unassuming man who managed to pass on his passion for maths without overdoing it. I got a grade A back in 1977. I doubt I'd have passed without his passion. X
Man, a pity I didn't discover your channel back then. I'm infinitely curious about economics (economist but working in IT), and Covid, particularly 2020 H1, was the time of my life. It was more fascinating to follow the developments than at any other period.
But I'm totally missing the financial view.
How good you are explaining the stuff in a more down-to-earth way than, say, Stiglitz.
Wish I found this earlier. World is making sense. Thanks for posting Gary.
Excellent presentation, well done. I finally understand
Found you from Insider. This video reminded me of ColdFusion. Love it!
I came here from your Insider interview.
I’d love some financial advice from someone who doesn’t bs. You clearly are very very clever when it comes to economics and you explain it in plain English. Well done on these videos. Love them.
Thanks Raymond! Giving financial advice out on the internet is always a tricky space! But I will do some more financially oriented ones at some point.
Using graphics like in this video really helps to explain concepts. Would be great to see more graphics in Gary's new videos too.
Damn Bro This Is 3 Years ago Gold Closed at $1806.74 and now its on $2315 so accurate , very informative and true , life is now difficult and i dont see it getting better
Very important message. I am always curious how is it fine to tax "the rich" by taking >50% in tax on income from hard working people, while taxing up to 20% (but mostly 0%) on income coming from just ownership of assets.
Also I wish I found your channel 3 years ago... Very clearly explained information that are filling the gaps in my logic, that made me make some costly mistakes.
KUDOS
Gary, I think there's one small flaw in your final statement - "tax wealth, not just income"... Taxing income just keeps poor people poor, as taxing subsistence wages just leaves the worker with even less money (even though their work is often an essential part of the economic machine). I think a better way would be "tax wealth, not income", that way, eventually everyone would become rich and thus be paying taxes. And what better way to tax wealth than taxing land holdings (and nothing else) as it's the root of all wealth - you said it yourself, the rich are just using their extra cash to buy properties to put on Airbnb (ok, I added that last bit).
3 years later, still a brilliant take. Thanks Gaz
Called the 2022 inflation two years ago. Great channel!
Incredible analysis. The only other UA-camr who explains money flows this well is Real Macro Economics.
4 years on and the speculation is that the new Labour government will make some material changes to the CGT system, which could be an important part of this puzzle. Really good video.
Very well explained, look forward to working through your videos in the coming weeks and learning some stuff.
Very good explainer. Clear, concise and to the point! Looking forward to your future videos, keep up the great work Gary! You've got yourself a new subscriber 👌🏼
Thanks Usama and thanks for the share - all helps me build up this new channel!
To the point no BS. Heard you on LBC last night and you says it like it is. Thanks.
Thank you!
Gary, thank you SO VERY MUCH ❤️, for putting all of this in perspective. I was just listening 👂🏽 to LBC Radio at 3.15 am, has you do 😳☺️😒 and thought 💭 wow, who's this!!!! Great man, Great service. I am following you!!!! and will spread the word.
Thanks for your message Cathrina - glad you were able to find me on LBC!
Very insightful - thanks for enlightening us all. Looking forward to watching more of your videos.
Thanks G! Always know I'll have at least one fan left as long as you are around!
Thanks for addressing the issues Gary
Thank you for the link to visualising wealth - that really blew my mind.
Thanks for this, very clear communication. This is a terrible situation. We also need to impose rent caps like they have in Swizerland. Rent shouldn't be allowed to rise so freely every year.
Great channel Gary, really enjoy your talks and insight, the problem is all the power and influence is in the hands of the rich and most people are too engaged in the day to day struggle to survive to make their voices heard.
I can't believe UA-cam didn't reccomend you to me till today. Awesome content. To say this video holds up well today is an understatement.
Gary I just came across your videos. I’m not necessarily the greatest at math or understanding how the economy works but your videos have really taught me so much. They need to play your videos in high schools around the country
If you see this I want to ask how can young people contribute to the growing inequality in the world
Great energy, concise & factual. I didn't realise you had a channel despite all our exchanges
Thanks Tendayi!
Great video. Excellent explanation. That diagram really hits home and makes it crystal clear what's been going on and what the solution should be. Although I think you need to talk more about the possible negative consequences of a wealth tax that conservative voters often bring up as an objection.
The only bit which didn’t work out regarding this video was that we didn’t see a big increase of unemployment as such but what we do have after Covid is millions of people who just didn’t go back to work. So there was still a balance, although not with inflation’s rate on salaries, they didn’t go down - but they didn’t go up enough. If the Gov succeeds in putting people back in work, basically those who are on some kind of sick (I assume or working on the black market), then yes, salaries may begin to go down too.
The basic concept is still right, wealth inequality has grown and will continue to grow unless the rich are taxed. With the gov in the pockets of the rich it's hard to see how even the best intentioned politicians can do anything. All our governments have been motivated by short termism, thats how assets got sold off in the first place; the can keeps being kicked down the road.
we not only need to tax the rich, we also need to put in place government structures and terms that do not reward short term policies - if the governments only aim is re-election then short-termism will continue, the rich will get richer while the poor are distracted with immigration and iphones.
What took the western world from the feudalism we are heading back too to a more social outlook? unfortunately the electorate will not vote for the greater good or even their own long term good. Either some mass change in consciousness or some horrendous global event is the only thing I see changing this.
unfortunately even a fabulous orator with an incorruptible nature, an individual, would be torn to bits by the vested interests in this short-termism that no one can rise up, its going to take an organised mass movement to change this situation.
This was so informative. Thank you for explaining how we’re in this dire situation.
Keep up the good work G. Look forward to yhe book.
Great to see your first broadcast - so young and earnest. Love that extra little arrow at the end 😅
You were so right. I wish I had seen this video 4 years ago
Excellent succinct explanation spoken in easily understood language- Gary,you,re a gem- your videos should be a cumpulsory part of the curriculum in our schools- keep it up!
This is a great explanation of exactly what happened during Covid! What a Great insight to have !
In the early 2000s George W Bush sent me a special tax rebate check. And I just sat on it because I did not need it. That's when I first realized this money should have gone to my poorer brothers and cousins because they would put it to use immediately.
Astonishing predictions. Perhaps obvious for Economists (?) but I have only perceived surprise in the media at rising prices, especially in the housing market.
More people need to watch this. Seriously.
This video is extremely relevant today. Neither tory nor labour are addressing the fundamental problem. Both will perpetuate the flow of money from the low earners to the rich.
Thank you Gary, Hello from Australia. Brilliant content, you are so highly regarded by my good mate Herman Mohan.
Ahh Herman! He is a good lad! And his brother basically made this whole video for me all I did was the economics! Glad to see my video has made it all the way to Australia - do do the share subscribe thing if you like it trying to build up a thing here! Thanks!
I came here from your appearance on Novara. Very interesting, subbed.
Thanks Boss! Hopefully will have some more good videos for you soon
@@garyseconomics Don't be in too much of a rush, quality is much better than quantity, in my opinion. 🙂
4 years on end even more correct. It feels like it is about to hit the fan even more that already did 😞
Hi Gary - been a while since the iNET lecture with HaJoon! Great work btw - looking forward to more content from you
Long time man! Glad you still remember me and are following my stuff! Lot of work making these videos but will make more!
Subscribed, purely due to knowledge that you shared and more importantly, the empathy in your words. Hopefully, more people will be able to understand the true economic cost of not only COVID, but also Brexit. Cheers
Thanks Marv - lots of challenges ahead for sure. Hopefully I'll be able to keep you informed!
The true economic cost of the E.U to my family was being made redundant from Ford Motor Company in Southampton after 24 years service, still owing a mortgage and a young family I had to do three jobs rather than lose my home. The E.U gave Fords a cheap loan of 80 million to move to Cheap labour Turkey. So the once family friendly Fords wanted EVEN more money, leaving the plebs to scratch a living elsewhere. The E.U has an agenda to make the rich richer and you didn’t know! Who is the thick half who voted right.
Great Video, Gary. i have promoted your video on my Linkedin account.
Thanks Uncle!
Yet another brilliant mind helping us understand complexity very simply. Thanks so much. Just gotta explain this to my kids, wish me luck.
Watch the videos together, if your being serious ..seen his novara interview?
4 years later, this man is right.
Why hasn't this had a Billion views !!!