Will We Pay Back the Government Debt? - Gary Stevenson on LBC with Tom Swarbrick
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- Опубліковано 8 лют 2025
- Interview with Tom Swarbrick on LBC.
Will we ever pay back the government debt racked up over Covid-19?
Do we have to?
What other problems does it cause if we don't?
Broadcast on LBC @ 10.08 on 22/10/2020
Published with permission from LBC
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Spoken by Gary Stevenson
GARY'S ECONOMICS
Edited by Simran Mohan
MOHAN MEDIA 2020
Gary is an absolute gift. Listen to him.
Wow listening to this tight now is incredible. Gary predicts the cost of living crisis before anyone else I've heard from. Spot on.
Astonishing listening to this in 2024. Writing history before it happens.
You deserve a lot more views. Keep it up dude, I am watching the lot.
3 years later and Gary called it spot on
Two years ago he predicted rising inflation and the cost living crisis. And he was right.
I only discovered Gary last night. The fact that he is now campaigning against inequality is commendable. I would love to know what his take is on Liz Truss, so I’m going to look that up now.
Exactly
Brother I’ve stumbled across your channel, and you represent my thought processes perfectly. The system is broken, it’s limping along at the moment but this can’t and won’t be allowed to continue, at some point it will cause social upheaval!
I can't believe I only heard of Gary this week. Unreal. I'm also in the same cohort as him and started work in 2008 in London's financial sector, but listening to Gary makes me feel I have not achieved much. I will spread the message and support though
Amazing predictions and how right you have been!
It's always good to have someone go back and check the historic predictions
For me, it is more important to ask the question'" Where is ROME?"
What I mean is where is the new Rome, or todays Rome if you will.
It is also worth studying the US Federal Bank to see how USA become the richest country in the World.
Listening through your UA-cam channel.
Spot on!
I'm beginning to understand the system better, thanks to your excellent videos Gary. Is there a chronology of all your videos so I can watch them progressively? Thanks
Thanks again Gary,
Gary thank you. You opened my eyes up always working to keep my head above water never knowing been held down
He literally said the words “cost of living crisis” and inflation could be up around 5-6%
He said that 3 years ago. Wow.
I just left a comment on LBC’s channel saying they need to get you on there!!! Then I just seen this in my suggestions 🤦🏾♀️ . Still they should have you on as a regular imo 😌
Another edifying video, thank you! :)
great stuff - very clear
Unusually sensible comment from you mate
MMT as a descriptor is 100% correct, all state spending is with newly-created money
As is every time anyone signs for a loan, mortgage and credit card.
He said cost of living crisis. Visionary 👀😳
Looking forward to more. And what should we prepare for?.
this was awesome information
Thanks boss!
proven so right
Thanks Geeza
Honestly, the lies we've had to listen to all these years about "a nation's finances are like a household budget"... Shameless
Coming from the future where the inflationary shock is currently happening 😢
If only more people had listened at the time.....
Thank you, Gary.
You're a treasure.
It's 2025 and you're 💯 correct.
Keep going.
Everyone needs to know this.
❤️🩹
Top man
System is bent
That was quick, nice one pal. I hope this is just the beginning. There's so much of this I'm not following. Like, what is the purpose of the bank of England? Can this borrowing go on forever? Is it borrowing if you don't have to pay it back? It's all sounding mental.
What's needed here, is a GarysEconomics step by step, guide to, er,, economics for the average bod. Do you fancy some of that?
It's needed. All the best. Just one thing, I think GaryEconomics sounds better.
@GarysEconomics Can you please give your opinion on MMT and why it would/wouldn't work?
Quite frightening listening to this 2 years later, keep raising awareness Gary, I keep repeating all you say to my friends and colleagues and feel like a bit of a fraud as I’m nicking your lines😂
still binging, might have to turn down on the beer to keep up
Government "Borrowing" is not the same as normal borrowing, as the creator of pounds out of thin air, the government doesnt NEED to borrow from anywhere, the government might normally issue bonds equivalent to the amount of pounds created (this is often called borrowing), is a carry over of the gold standard, this bond issuance is not a necessary step, but the government does it anyway, like socialism for the already wealthy, as the bonds offer interest.
Why should we pay back the govt debt? The central bank simply printed/typed it into a ledger. It's counterfeit money that devalues the existing supply.
The central banks own the governments not the other way round.
yes
Host: *shit he's talking about wealthy people winning from this, move the convo on*
What happened when govt or we tax payers bailed out the banks. What happened to that money?
The so called "government debt" is the "public assets". FFS, people needs to understand how fiat money works, where does it come from.
You control the UK currency. The "government debt" could disappear tomorrow with a single keystroke.
Rotschilds don't like when Bank of England issues money without interest.
Sorry Gary doh! Not steve
Hahah yes I was wondering who Steve was. I think austerity is largely a conservative ideological project, but it's worth realising that this "spend as much as you want by printing money" strategy does also cause problems such as rocketing inequality and house prices. Hope that helps!
Essentially borrowing counterfeit money. But, this money stays in the economy. Inflation at its absolute definition.
Is that true you don't have to pay it back nor pay interest on it?
No
The debt will sit but you don’t have to pay it back. You could pay interest, but as it’s the countries own money it’s argued that you need to. You can guess which option our government are doing.
+1
Suggest you read Modern Monetary Theory ( MMT ) this is similar to a "Ponzi Scheme".
The UK is a Sovereign Currency Provider, I dont think your man really understands !.
You need to reread MMT, the central thesis is that what matters is *resources* not fiat money. Gary is making the point that the proportion of resources and assets owned by the rich is increasing and this concentration will kill the economy.