These longer talks going in depth like this is you at your best. Keep this up dude. 100 episodes of this and youll have a full college level lecture where anyone coild come in and be an expert by the end
Well said I completely agree - this depth and breadth of knowledge and the way he can articulate in a way that’s easy to understand is incredibly rare. Gary is a global treasure and a credit to the human race 🌎
I don’t know if it was just me but when I was a child it felt like there was so much more stability. My friends all lived in spacious houses their parents owned and they all had cars. Life isn’t as predictable anymore and it’s so much more expensive. We didn’t take it for granted, we knew life was good. If you aren’t going to inherit wealth or able to get cash gifts from family, life is so much more difficult on so many levels now!
Agree, UK houses were £17k in the 80s and a spacious big house maybe £60k and a small house in London £30-40k! Plus a Ford car becos you could get a friends and family discount.
They devalued the money deindustrialized the west and basically introduced it to third world level poverty. If nothing is done youre children will be as poor and as miserable as any bangladeshi or african. Facts!
Not only that, but it would have predominantly been managed on one main income. Childcare was not the massive sector that it is now as childcare was delivered by a parent because it was not a financial imperative for both parents to work. My dad laid cable and put up telegraph poles for BT in the 80s but made enough money for my mum to stay home and look after 3 kids while paying a mortgage and running a car. We didn't have a lot of money, didn't go holidays every year but we were never wanting. This is not possible just 40 years later.
Somewhere along the line, the older generation got complacent and started to pay less and less attention to what politicians were doing pushing laws that favoured the mega rich, I don't think it was entirely their fault though for keeping their head down to focusing on working to ensure that the next generation wouldn't have to struggle as much as they did
I worked in business for 35 years, I have shelves full of business books. The Trading Game is the FIRST business/economics book that I've read cover to cover. Gary get your Patreon going because people need to understand these concepts, and you deliver them at such an easily accessible level. Thank you.
I always get as much anxiety as I do delight when I watch your videos - anxiety because what you're describing is so fragile and terrifying; delight because you're so talented at and committed to communicating your insights
@penderyn8794 I can see that. I don't think it will be proactive genocide though; I think it will be what we are seeing more and more of in the west where it is impossible for the average person to afford a non zero fertility rate.
One point that is worth making in addendum to Gary’s class. If ordinary people don’t have assets, wealth or security if things go wrong, they cannot afford to be entrepreneurial. You need to be able to risk in order to innovate
Absolutely right. If Bill Gates was a student today, he couldn't afford to spend time tinkering in his parents' garage. He'd be under tremendous pressure to get a 'real' job to pay off his student debt and start saving for a house. He, his investors and his country, would all miss out. And it's not just entrepreneurs. There are now no cheap places for starving poets and would-be novelists to live while writing the great work. Only the rich can afford to be artists.
I'm in my 50s and I've never understood economics properly - or even wanted to - in these two videos you've changed all that. You put so much space and repetition into your explanations that you plant the ideas firmly in my brain. Thank you so much and I can't wait to view more.
In economics it's called Marginal propensity to consume. Which is the economic fact that the richer you are the lower percent of your money you spend in the economy it either goes into savings, offshore or assets which do nothing for the economy. Whereas every pound given to a poorer person would be spent in the economy.
Lol, so in an era of cost push inflation you advocate for MORE consumer £££ bidding up what's left in our empty warehouses and less investing in capital/tools/machinary AKA productive investments that fill up those warehouses..... opposite world economics.
How not? Rich people go to restaurants a lot for example so if you manage to create a nice product they will come to your place, also places like climbing gym and yoga studios are blend with rich and middle class people. Some of my reaches friend are the one that spend the most whereas me as a middle low class man, I dont spend at all and only save.
Thank you for educating and pushing for change Gary. Ignorance is slavery to someone else's agenda but you are liberating millions of us. Sending my support from Texas.
@@Craig121000 Yes, that is one of the axiomatic commandments of our betters that we are all taught, regardless of station. Good on you for reminding everyone of the painfully obvious
@@nonfictionone Some people don't care if the bus breaks down after it gets them to their final destination. "Everyone" doesn't really factor in when you're playing a single player game.
The funny thing is for 1M$ you basically get a relatively new spacious 2 bedroom apartment at a relatively good location where I live (Munich)...it's madness... everyone would think one mil is a lot of money but sadly that is not anymore the case!
A million dollars to me "isn't much." That's vague, I know. But as I've begun learning, growing, and implementing financial knowledge I realize we as a person doesn't change but the expansion of what we can be, do, and have does. One quickly realizes one million probably won't suffice for long when you express the true creative forces within you via the use of the tool we call money
This is an extremely accurate description of what I'm observing and personally experiencing in Australia. Property prices and rent are skyrocketing and almost inaccessible on a low to middle income salary without taking on huge debt or going into financial hardship. I wanted to move closer to my job in the city, however the cost of renting alone would be more than 50% of my monthly income and I'd only have enough to cover basic cost of living necessities which are also going up due to inflation. Increasing traffic congestion and public transport makes the long commute to the city a headache, and drains your free time and energy. Things are going really really badly for people from young or disadvantaged backgrounds who don't have a wealthy family to lean on.
Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks. Currently, my portfolio is down by 15%. Wondering if they're any short term opportunities I can invest in
I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience
Thanks Gary. I visited Mumbai in 2010 and was shocked by the wealth inequality there. Lots of people talk about correlations between wealth inequality and wages but i never heard the causal mechanism explained so well. Loving this course mate.
Brilliant explanation, I applaud you, Gary👏🏻 Also, I've just bought your audiobook, looking forward to listen to it. People like you are much needed these days: educated, experienced and willing to put their knowledge to make this country a better place
Here in Brazil 1% of the population owns the equivalent of what the 100 million poorest people owns (we've got 220 million people in total). Also, the most famous finance gurus on UA-cam spread the gospel that poor people are poor because they want. That's just infuriating.
Your depth and breadth of knowledge and the way you can articulate it in a way that’s easy to understand is incredibly rare. Thank you Gary - you are a global treasure and a credit to the human race 🌎
Thank you for articulating what so many of us are needlessly blaming ourselves for! This knowledge is invaluable (thankfully, or we'd be taxed on it). Can't wait for part 3!
Thank you for your content Gary. Where I am landing: There is not much sense in trying to get rich today. Makes more sense to build solidarity networks, organize communities in the countryside and contribute as little as possible to the general economic system. When it will come down a small group of ~10 people co-organizing with several other such groups seem very likely to survive with a relative quality of life until the riots start.
Hi Gary , Just wondering would it be possible for you to make a video on how you would enforce polices to sort Inequality , and making clear what levels of tax you would charge to people making over a certain threshold each year while also showing how it would not discourage businesses setting up /expanding. Really enjoy your content BTW.
Gary thank you my dear. Your class is absolutely fascinating. May I quickly add one more thing to the factors you explained in the video: the grossly inequal society will start producing other detrimental effects on sociological levels. Values will not mean anything because life for a huge number of people is simply unbearably hard, even meaningless. Why would you, how could you want to raise a family for instance? So wealth inequality is so much more than just numbers and possibility of going on a holiday... It's so sad...
Your analysis of the effect of inequality is great. I agree that essentially we live in an economy in which the only way to stay afloat (or for that matter get rich) is to come up with more and more stuff that the wealthy want to consume so that they will part with their money, and in spending it keep most of the rest of us employed - although the jobs available may still be too few, and poorly paid (particularly in poorer countries). Over the last three decades of my engineering career, and after spending several years in a Latin American country with hyperinflation and an economy on its knees, I wrote an macroeconomics book which spelt that out. Unfortunately however, the solution of simply getting the rich to spend more is no longer an option, because the environment has been trashed by the levels of consumption we already have - if we increase it further, we can say goodbye to our planet - as the UN and any reputable scientific body (NASA, the UK Climate Change Committee) will confirm. Only imagine the level of consumption if we ended inequality by giving everyone on the planet a lifestyle of the European or US middle classes - at present 80% of the world's population have never been on a plane, and most don't own a car, ... and we've already wrecked the climate. Thus my book 'An Economy of Want' has some different conclusions on remedies. I make the e-book edition free when I can (next on 11th Dec 2024) and more details here: sites.google.com/view/economyofwant I'd be interested to see what you think. Best regards.
I imagine Simran behind the camera thinking “damn I need to stop filing Gary and start filming virtual tours of mega yachts or super expensive houses “
Thanks for the video's As a minium wage earner I now make sure as much as I can I spend at local businesss and farm shops. I'm sure if everyone did this it would make a diffrence.
I have the same thoughts and spoken the same words. Especially that we live in an asset driven economy where work matters less and less. We're on our way to feudalism.
A great explainer Gary. You just need to walk down the high street of any provincial town to see that it's a mix of charity shops mixed with barbers/beauty salons and a bunch of chain stores. Almost like copy/paste. It's like the economics doesn't work for most small businesses. So much is driven online straight into the hands of the tech giants. Ultimately there needs to be greater support for people to start their own ventures. Otherwise they're hammered by business rates alongside competition from the Amazon's of this world. I doubt that the super rich ever face this type of problem. The barriers to entry seem like another feature of the system.
That's part of what he's talking about. No wages means no money for non-essential expenses means no shopping in the middle cost bands, only the least and the most expensive will remain.
@@finfan7 Totally agree. It seems quite multifaceted. Way more than the paradox of thrift. At least there might be a positive trend in the distant future. If technology makes energy conversion essentially democratised, and material science can make a source of protein, this whole dialogue becomes much easier. The solutions are likely immanent to the system.
@@chrisparsons3545 As for the protein part, check out Solein. It should become a much easier way to get bulk fat/protein once people can figure out how to use it.
Gary, I'm 36 now, and I can't tell you how much these videos are putting into words all the issues I've been contemplating over the last few years, especially when considering the massive inequalities that are at the heart of our society, and even when daring to consider (somewhat selfishly, it often feels) getting on the property ladder myself. As part of my career, I've done research in some of the world's poorest countries, including Nepal and Timor-Leste, and was really humbled by the people I met there. Although on a material level, they had nothing, they approached life in such a different way. Not to romanticise it, but people there help each other out and issues like homelessness barely exist. Shame on the UK, a supposedly 'developed' country and how this sick system is leading many people to live from pay cheque to pay cheque, and basically to lose all their empathy... I honestly don't have much hope with the current Labour government. It'll be more of the same I'd say; a bit more focus on concerns that relate to ordinary people. But really, we need a much more radical change, and I am with you on taxing the ultra rich. Please do keep all your good work up. It inspires me to believe there might be another way if we come together and fight for it.
I suggest you read about the opium wars, in China. The Chinese banned the import of opium, and the Brits (who owned opium production in the middle east) smuggled and fought to continue to sell it there. The moral of the story isn't that the Brits were bad, but that opium severely damaged Chinese society. Drugs destroy communities, and make helping the poor impossible. This is why the Chinese these days are shipping fentanyl to Western societies... That's not the main point, but sad.
Just found your channel after watching your interview with LBC’s James O’Brien. Fantastic content and delivered in a way that I and I suspect so many others can understand and relate to. Thanks 🙏 and keep on influencing. Wishing you well fella from E4 😊
Think the argument that geographical changes result from inequality that Gary explains is really powerful, and convincing. Needs to be more widely known.
Video topic idea: Gary please talk about the things you saw as a trader that lead you to focus on inequality. Before you started making ‘massive bets’ what first turned on the light bulb for you? Specific data, other analysis, events, etc? For example, Go beyond “the 2008 financial crisis” and what elements of it were attention grabbing? Great work, keep it coming Gary!
i can totally relate to this video - i wont share my financial situation but i've been fortunate... good job and i have kept hold of it ensuring all debts paid off first. And i still cant even remotely close to getting a property and i live nowhere! literally outside of Wigan which Gary mentions. I'm struggling to get work because i wont head down to London and bankrupt myself and now i'm forced to potentially look to my wifes Spanish village and bake apple pies and cakes or something.. whereas i'm far happier doing animation. I used to believe the wealth gap was like a big hill... take enough steps up it and you'll get there. then in my 30s i realised the rich effectively turned that hill into a wall ....a big vertical wall that scaling is impossible. but thats not enough... not its like the space station in Elysium or that floating city in Battle Angel Alita... theres no wall to scale... no way of getting in... its completely another world you cant possibly hope to enter. sorry to add more doom n gloom lol - but something needs to change.. otherwise skilled workers (and i'd like to think i'm a capable one in my field of animation) will just up sticks n leave. We'd have no choice :/
I don't recall the 30 or so minute documentary Gary did about his time as a trader...it was a super random yt suggestion, but I'm so glad I watched it and was led to the channel
I would be happy if Rachel Reeves could do a detailed reply to all of your points Gary so that we can see if she actually understands it. Not a political point, just a need to understand the level of understanding by those in power.
Since New Labour in 1997 the Labour Party has surrendered to the Neoliberal ideology implemented by Reagan and Thatcher. This broke organised labour and polarized wealth. The wealth did not trickle down. The system has to change. It will take a generation even with the right governments.
@@aluisious If they don't have some knowledge, their brains get filled by lobbyists. They just go out and do what they were told to by the last think tank type who took them to lunch (hello Liz Truss).
@@martinbutler1075 Most politicians don't understand money and that's been proven. Fiat currency isn't money and, in time, it all ends up inflating to nothing. It amuses me, to understand that banks don't loan physical money, as such, they pay savers a small percentage of the income, they gather from the loans they make. Should the chancellor of the exchequer understand money? In my opinion, yes, but, their job is book balancing and, if that works, they're happy.
Brilliant videos gary, teaching the uninformed what they really need to know. Keep these videos coming, the more informed people get, the more they will act on it. The people will rise and change can happen. Well done brother
These videos are absokutely insanely valuable!! I need more, you have to keep this series going please. I really want more people to see this work youre doing. We need to step up and do something. Most of the time, i have no clue what i can do to help.
Can't wait for the next episode. getting into trading because im feeling the pressure of the economy and these videos help me spark conversations with strangers to hopefully influence the population. Many socratic economic foot soldiers are needed to bring change
Thanks so much Gary ! 27 minutes of the most life changing education everyone should have got at school...oh but they also didn't teach it through to masters level economics 🤔
Your framing is on point, you have a gift! You are great at simplifying intricate concepts and making them easy to understand. Thank you for sharing your knowledge 🙏 My one counter-point: remote work. With remote work, people no longer need to be in expensive cities to earn above-average wages. I have a friend who no longer needs to live in London to work for a London-based company. He lives in Manchester making a higher than average salary in Manchester. This makes him a great spender in Manchester. Over time, more and more people will realize it's not worth moving to London and this will counterbalance the effect. London-based companies will also realize they can afford to hire equally skilled employees and pay them less if they don't have to live in London.
@@johanngross6953 wouldn’t this be a reason to lie about the place where you live just to have stronger arguments for your salary discussion? Will remote working people start to do this and will employers start to demand proofs?
Loved this video and this entire course format. It makes it a lot easier for me to share it with people I know, instead of rambling for an hour like I'm talking about some conspiracy.
Thankyou Gary ... for finally confirming my suspicions of the last 20+ years I have been in the workforce. At first I thought I was delusional, but as the transfer payments kept accelerating noticeably ... I began to get angry. An Australian politician once gave a speech because he was a contender for being a party leader and Prime Minister. His name is Joe Hockey and a phrase in his speech which amplified my anger was: "We are a nation of lifters, not leaners". I nearly choked on the bun I was eating when he said that because I knew he was taking the piss as a lot of leaning was at play. Question now is, when do fix the inequality and start the lawsuites! The pension pots of the very rich is effectively derived from the subjugation of the poor. Asset valuations of stocks and property is based on debt driven artificial demand that is not based on fair value of the present, forget the future. How does the price correction happen?
Looking at the telly tonight Gary a bit of coverage of the island of Gigha and the community buyout. Had been owned by a Laird (rich landowner). The community own wind turbines, a hotel, a restaurant, a fancy garden that brings in visitors and some homes. Are we going to do this across the whole country?? Worth a try I think 👍
It’s quite depressing indeed but I very much appreciate your efforts Gary. I don’t think anything is going to change until something breaks. Politicians worldwide need to be bold and act with integrity and therein lies the problem 😔
Nice one Gary. You make the complex easy to understand, that's real talent. You should teach this stuff. Reading "the Spirit Level" (Wilkinson and Pickett) demonstrates how health inequality is detrimental on every metric of society and health, it's depressing.
Been Bing watching your vids. If we "tax" wealth The businesses will move to a different/city/state/ country where they are not taxed. The businesses that stay are competing in an unfair environment if they get taxed higher than their competitors that moved The people that lose jobs, because a big business relocated. don't know how to provide value/make money/invest in retirement without a job, nor do most of them want to learn how to.
Looking forward to nr3. Did economics at Sheffield uni in 2000 - taught with a largely neo con bias in the booming credit era. The modelling we did always assumed that each economic agent acted with "enlightened self interest".
@@Alex-cw3rz yeah sure, if you say so.... Do you really think the rich just sit there and absorb the tax? They don't pass it on... basic common sense, dear boy.. 🙄
Superb video, thorougly and comprehensively explains the current situation. Would be great at some point if you stripped apart and analysed some specific UK cities to show how comprehensively they have been destroyed over the past 20 years- Nottingham would be a great place to start!
This is a dynamic I have been increasingly noticing which I have found troubling but taken a long time to at least partially understand. Add to this the debasement of currency and off-shoring of workforce and I believe you accelerate further. Makes me think a lot about how to position myself for the kids future and how I will try to teach them (spoiler alert you will not get it from main stream education). Also just finished your book, great read, hope that you have found your equilibrium since, keep up the good work 👍
Very informative video but I'd like to make a suggestion. Make it a "2 Part" series per part. One where you are explaining all of it. And the second one with questions from Reeves / sort of like a reaction to the video.
New to the channel, you're spot on that a course-style video series will be much appreciated by new viewers. I'll be sure to check it out! Also, one question on the subject: Where does publicly owned property (e.g. state or city owned housing) go in terms of wealth inequality? Is that just another "rich person" type of player in the game?
Fantastic idea Gary. Just one tip, maybe rename your UA-cam playlist "Start Here: Understanding Economics Course" so that anyone who finds you from a short etc. finds these videos straight away
These longer talks going in depth like this is you at your best.
Keep this up dude. 100 episodes of this and youll have a full college level lecture where anyone coild come in and be an expert by the end
Well said I completely agree - this depth and breadth of knowledge and the way he can articulate in a way that’s easy to understand is incredibly rare. Gary is a global treasure and a credit to the human race 🌎
I don’t know if it was just me but when I was a child it felt like there was so much more stability. My friends all lived in spacious houses their parents owned and they all had cars. Life isn’t as predictable anymore and it’s so much more expensive. We didn’t take it for granted, we knew life was good. If you aren’t going to inherit wealth or able to get cash gifts from family, life is so much more difficult on so many levels now!
Agree, UK houses were £17k in the 80s and a spacious big house maybe £60k and a small house in London £30-40k! Plus a Ford car becos you could get a friends and family discount.
They devalued the money deindustrialized the west and basically introduced it to third world level poverty. If nothing is done youre children will be as poor and as miserable as any bangladeshi or african. Facts!
nowadays the majority of us are worrying about making end meet constantly and it controls & governs our lives
Not only that, but it would have predominantly been managed on one main income. Childcare was not the massive sector that it is now as childcare was delivered by a parent because it was not a financial imperative for both parents to work.
My dad laid cable and put up telegraph poles for BT in the 80s but made enough money for my mum to stay home and look after 3 kids while paying a mortgage and running a car. We didn't have a lot of money, didn't go holidays every year but we were never wanting. This is not possible just 40 years later.
Somewhere along the line, the older generation got complacent and started to pay less and less attention to what politicians were doing pushing laws that favoured the mega rich, I don't think it was entirely their fault though for keeping their head down to focusing on working to ensure that the next generation wouldn't have to struggle as much as they did
I worked in business for 35 years, I have shelves full of business books. The Trading Game is the FIRST business/economics book that I've read cover to cover. Gary get your Patreon going because people need to understand these concepts, and you deliver them at such an easily accessible level. Thank you.
I always get as much anxiety as I do delight when I watch your videos - anxiety because what you're describing is so fragile and terrifying; delight because you're so talented at and committed to communicating your insights
@penderyn8794 I can see that. I don't think it will be proactive genocide though; I think it will be what we are seeing more and more of in the west where it is impossible for the average person to afford a non zero fertility rate.
One point that is worth making in addendum to Gary’s class. If ordinary people don’t have assets, wealth or security if things go wrong, they cannot afford to be entrepreneurial. You need to be able to risk in order to innovate
Absolutely right. If Bill Gates was a student today, he couldn't afford to spend time tinkering in his parents' garage. He'd be under tremendous pressure to get a 'real' job to pay off his student debt and start saving for a house. He, his investors and his country, would all miss out.
And it's not just entrepreneurs. There are now no cheap places for starving poets and would-be novelists to live while writing the great work. Only the rich can afford to be artists.
Mate this information is invaluable - keep it up you are changing the world
I'm in my 50s and I've never understood economics properly - or even wanted to - in these two videos you've changed all that. You put so much space and repetition into your explanations that you plant the ideas firmly in my brain. Thank you so much and I can't wait to view more.
In economics it's called Marginal propensity to consume. Which is the economic fact that the richer you are the lower percent of your money you spend in the economy it either goes into savings, offshore or assets which do nothing for the economy. Whereas every pound given to a poorer person would be spent in the economy.
But worse, they observe it, but have failed to find solutions for it.
@@CuriousCrow-mp4cx yes they have, tax poor people less and rich people more. It's the reason progressive tax systems are used everywhere.
Lol, so in an era of cost push inflation you advocate for MORE consumer £££ bidding up what's left in our empty warehouses and less investing in capital/tools/machinary AKA productive investments that fill up those warehouses.....
opposite world economics.
"the velocity of money" is another term for it
How not? Rich people go to restaurants a lot for example so if you manage to create a nice product they will come to your place, also places like climbing gym and yoga studios are blend with rich and middle class people. Some of my reaches friend are the one that spend the most whereas me as a middle low class man, I dont spend at all and only save.
Thank you for educating and pushing for change Gary. Ignorance is slavery to someone else's agenda but you are liberating millions of us. Sending my support from Texas.
System failure not for everyone
Those who put in the effort to become wealthy have every right to enjoy their elevated status.
@@paulmessenger9836 it end’s up as system failure for everyone
@@Craig121000 Yes, that is one of the axiomatic commandments of our betters that we are all taught, regardless of station.
Good on you for reminding everyone of the painfully obvious
@@nonfictionone Some people don't care if the bus breaks down after it gets them to their final destination. "Everyone" doesn't really factor in when you're playing a single player game.
Turning $100 into $1M takes extremely hard work. Turning $10M in to $100M is basically inevitable.
Except they are wildly bad examples. $10M to $100M is a 10x growth. The equivalent is turning $100 into $1000.
But your point is valid.
The funny thing is for 1M$ you basically get a relatively new spacious 2 bedroom apartment at a relatively good location where I live (Munich)...it's madness... everyone would think one mil is a lot of money but sadly that is not anymore the case!
@@glg2101 mil is a lot if you don't live in the city
A million dollars to me "isn't much." That's vague, I know. But as I've begun learning, growing, and implementing financial knowledge I realize we as a person doesn't change but the expansion of what we can be, do, and have does. One quickly realizes one million probably won't suffice for long when you express the true creative forces within you via the use of the tool we call money
This is an extremely accurate description of what I'm observing and personally experiencing in Australia. Property prices and rent are skyrocketing and almost inaccessible on a low to middle income salary without taking on huge debt or going into financial hardship. I wanted to move closer to my job in the city, however the cost of renting alone would be more than 50% of my monthly income and I'd only have enough to cover basic cost of living necessities which are also going up due to inflation. Increasing traffic congestion and public transport makes the long commute to the city a headache, and drains your free time and energy. Things are going really really badly for people from young or disadvantaged backgrounds who don't have a wealthy family to lean on.
Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks. Currently, my portfolio is down by 15%. Wondering if they're any short term opportunities I can invest in
I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing
Legend
I am grateful that you took the time out of your day, and life for that matter, to educate people on these issues. Thank you!
Great lesson Gary. Keep it up.
I think this is the finest Gary video to date 💯
Thanks Gary. I visited Mumbai in 2010 and was shocked by the wealth inequality there. Lots of people talk about correlations between wealth inequality and wages but i never heard the causal mechanism explained so well. Loving this course mate.
Brilliant explanation, I applaud you, Gary👏🏻 Also, I've just bought your audiobook, looking forward to listen to it. People like you are much needed these days: educated, experienced and willing to put their knowledge to make this country a better place
Here in Brazil 1% of the population owns the equivalent of what the 100 million poorest people owns (we've got 220 million people in total). Also, the most famous finance gurus on UA-cam spread the gospel that poor people are poor because they want. That's just infuriating.
Your depth and breadth of knowledge and the way you can articulate it in a way that’s easy to understand is incredibly rare. Thank you Gary - you are a global treasure and a credit to the human race 🌎
Thank you for articulating what so many of us are needlessly blaming ourselves for! This knowledge is invaluable (thankfully, or we'd be taxed on it). Can't wait for part 3!
Thank you for your content Gary.
Where I am landing: There is not much sense in trying to get rich today. Makes more sense to build solidarity networks, organize communities in the countryside and contribute as little as possible to the general economic system. When it will come down a small group of ~10 people co-organizing with several other such groups seem very likely to survive with a relative quality of life until the riots start.
honestly the most important channel for anyone living in Britain, keep moving forward brother🌟.
Hi Gary ,
Just wondering would it be possible for you to make a video on how you would enforce polices to sort Inequality , and making clear what levels of tax you would charge to people making over a certain threshold each year while also showing how it would not discourage businesses setting up /expanding. Really enjoy your content BTW.
Gary thank you my dear. Your class is absolutely fascinating. May I quickly add one more thing to the factors you explained in the video: the grossly inequal society will start producing other detrimental effects on sociological levels. Values will not mean anything because life for a huge number of people is simply unbearably hard, even meaningless. Why would you, how could you want to raise a family for instance? So wealth inequality is so much more than just numbers and possibility of going on a holiday... It's so sad...
I have never heard any economist lay this out so clearly. Most excellent, Gary! Cheers from Atlanta, Georgia U.S.
Your analysis of the effect of inequality is great. I agree that essentially we live in an economy in which the only way to stay afloat (or for that matter get rich) is to come up with more and more stuff that the wealthy want to consume so that they will part with their money, and in spending it keep most of the rest of us employed - although the jobs available may still be too few, and poorly paid (particularly in poorer countries).
Over the last three decades of my engineering career, and after spending several years in a Latin American country with hyperinflation and an economy on its knees, I wrote an macroeconomics book which spelt that out. Unfortunately however, the solution of simply getting the rich to spend more is no longer an option, because the environment has been trashed by the levels of consumption we already have - if we increase it further, we can say goodbye to our planet - as the UN and any reputable scientific body (NASA, the UK Climate Change Committee) will confirm. Only imagine the level of consumption if we ended inequality by giving everyone on the planet a lifestyle of the European or US middle classes - at present 80% of the world's population have never been on a plane, and most don't own a car, ... and we've already wrecked the climate.
Thus my book 'An Economy of Want' has some different conclusions on remedies. I make the e-book edition free when I can (next on 11th Dec 2024) and more details here: sites.google.com/view/economyofwant
I'd be interested to see what you think. Best regards.
I imagine Simran behind the camera thinking “damn I need to stop filing Gary and start filming virtual tours of mega yachts or super expensive houses “
Thanks for the video's As a minium wage earner I now make sure as much as I can I spend at local businesss and farm shops. I'm sure if everyone did this it would make a diffrence.
No cuts in the video! This man definitely knows what he’s talking about and wants to say exactly! Impressive!
Including "Course" and "Part 2" in the title would likely attract more attention. Great vid anyway!
Thank you Gary
i love you so much the way you break it down really helps ground what youve been talking about for last year
You and Greg Mannarino are the best economic educators on youtube. Thank you for what you are doing to educate society by making these videos.
Morning. My beloved Sunday brew and Gary's knowledge..
I'll be really interested when Labours first financial plans come out.
I have the same thoughts and spoken the same words. Especially that we live in an asset driven economy where work matters less and less. We're on our way to feudalism.
I’m seeing this discussion finally getting more traction in the media. Hopefully it makes its way into the political agenda soon
Love Gary’s disciplined perspective
Excellent use of logic and rationale
It's quite cool you're talking with your friend to explain it to us
A great explainer Gary. You just need to walk down the high street of any provincial town to see that it's a mix of charity shops mixed with barbers/beauty salons and a bunch of chain stores. Almost like copy/paste. It's like the economics doesn't work for most small businesses. So much is driven online straight into the hands of the tech giants. Ultimately there needs to be greater support for people to start their own ventures. Otherwise they're hammered by business rates alongside competition from the Amazon's of this world. I doubt that the super rich ever face this type of problem. The barriers to entry seem like another feature of the system.
That's part of what he's talking about. No wages means no money for non-essential expenses means no shopping in the middle cost bands, only the least and the most expensive will remain.
@@finfan7 Totally agree. It seems quite multifaceted. Way more than the paradox of thrift. At least there might be a positive trend in the distant future. If technology makes energy conversion essentially democratised, and material science can make a source of protein, this whole dialogue becomes much easier. The solutions are likely immanent to the system.
@@chrisparsons3545 As for the protein part, check out Solein. It should become a much easier way to get bulk fat/protein once people can figure out how to use it.
Gary, I'm 36 now, and I can't tell you how much these videos are putting into words all the issues I've been contemplating over the last few years, especially when considering the massive inequalities that are at the heart of our society, and even when daring to consider (somewhat selfishly, it often feels) getting on the property ladder myself. As part of my career, I've done research in some of the world's poorest countries, including Nepal and Timor-Leste, and was really humbled by the people I met there. Although on a material level, they had nothing, they approached life in such a different way. Not to romanticise it, but people there help each other out and issues like homelessness barely exist. Shame on the UK, a supposedly 'developed' country and how this sick system is leading many people to live from pay cheque to pay cheque, and basically to lose all their empathy... I honestly don't have much hope with the current Labour government. It'll be more of the same I'd say; a bit more focus on concerns that relate to ordinary people. But really, we need a much more radical change, and I am with you on taxing the ultra rich. Please do keep all your good work up. It inspires me to believe there might be another way if we come together and fight for it.
I suggest you read about the opium wars, in China.
The Chinese banned the import of opium, and the Brits (who owned opium production in the middle east) smuggled and fought to continue to sell it there.
The moral of the story isn't that the Brits were bad, but that opium severely damaged Chinese society.
Drugs destroy communities, and make helping the poor impossible.
This is why the Chinese these days are shipping fentanyl to Western societies... That's not the main point, but sad.
Just found your channel after watching your interview with LBC’s James O’Brien. Fantastic content and delivered in a way that I and I suspect so many others can understand and relate to. Thanks 🙏 and keep on influencing. Wishing you well fella from E4 😊
Think the argument that geographical changes result from inequality that Gary explains is really powerful, and convincing. Needs to be more widely known.
Video topic idea: Gary please talk about the things you saw as a trader that lead you to focus on inequality. Before you started making ‘massive bets’ what first turned on the light bulb for you? Specific data, other analysis, events, etc? For example, Go beyond “the 2008 financial crisis” and what elements of it were attention grabbing? Great work, keep it coming Gary!
I'm new to the channel, but this form and the way you explain things in plain terms really speaks to me. Keep up the great work!
i can totally relate to this video - i wont share my financial situation but i've been fortunate... good job and i have kept hold of it ensuring all debts paid off first. And i still cant even remotely close to getting a property and i live nowhere! literally outside of Wigan which Gary mentions. I'm struggling to get work because i wont head down to London and bankrupt myself and now i'm forced to potentially look to my wifes Spanish village and bake apple pies and cakes or something.. whereas i'm far happier doing animation.
I used to believe the wealth gap was like a big hill... take enough steps up it and you'll get there.
then in my 30s i realised the rich effectively turned that hill into a wall ....a big vertical wall that scaling is impossible.
but thats not enough... not its like the space station in Elysium or that floating city in Battle Angel Alita... theres no wall to scale... no way of getting in... its completely another world you cant possibly hope to enter.
sorry to add more doom n gloom lol - but something needs to change.. otherwise skilled workers (and i'd like to think i'm a capable one in my field of animation) will just up sticks n leave. We'd have no choice :/
I don't recall the 30 or so minute documentary Gary did about his time as a trader...it was a super random yt suggestion, but I'm so glad I watched it and was led to the channel
I would be happy if Rachel Reeves could do a detailed reply to all of your points Gary so that we can see if she actually understands it. Not a political point, just a need to understand the level of understanding by those in power.
They're not there to understand, they're there to deliver.
Very good point
Since New Labour in 1997 the Labour Party has surrendered to the Neoliberal ideology implemented by Reagan and Thatcher. This broke organised labour and polarized wealth. The wealth did not trickle down. The system has to change. It will take a generation even with the right governments.
@@aluisious If they don't have some knowledge, their brains get filled by lobbyists. They just go out and do what they were told to by the last think tank type who took them to lunch (hello Liz Truss).
@@martinbutler1075 Most politicians don't understand money and that's been proven. Fiat currency isn't money and, in time, it all ends up inflating to nothing. It amuses me, to understand that banks don't loan physical money, as such, they pay savers a small percentage of the income, they gather from the loans they make. Should the chancellor of the exchequer understand money? In my opinion, yes, but, their job is book balancing and, if that works, they're happy.
The truth is always bitter. Thank you Gary for the books. Why is this hidden ? There would be a revolution.
Brilliant videos gary, teaching the uninformed what they really need to know. Keep these videos coming, the more informed people get, the more they will act on it. The people will rise and change can happen. Well done brother
These videos are absokutely insanely valuable!! I need more, you have to keep this series going please. I really want more people to see this work youre doing. We need to step up and do something. Most of the time, i have no clue what i can do to help.
Such a great way of explaining how the world works.
this is crazy good analysis. eye opening perspective where u actually understand why rich gets richer always and poor can do the best they can.
What a fantastic explanation love this series and all your videos! Keep up the fight for wealth tax
Can't wait for the next episode. getting into trading because im feeling the pressure of the economy and these videos help me spark conversations with strangers to hopefully influence the population. Many socratic economic foot soldiers are needed to bring change
Thanks Gary. Really informative.
Thank you, Gary. Straight to the point as always. 👍
Thank you for highlighting these issues in our society, and explaining it so well!
Thanks so much Gary !
27 minutes of the most life changing education everyone should have got at school...oh but they also didn't teach it through to masters level economics 🤔
You’re a hero, Gary. You shouldn’t just be on UA-cam - the world would benefit from more books from you, public appearances and speeches.
Eye opening, excellent explanation
King of the Truth
Really helpful content and explanations
Your framing is on point, you have a gift! You are great at simplifying intricate concepts and making them easy to understand. Thank you for sharing your knowledge 🙏
My one counter-point: remote work. With remote work, people no longer need to be in expensive cities to earn above-average wages.
I have a friend who no longer needs to live in London to work for a London-based company. He lives in Manchester making a higher than average salary in Manchester. This makes him a great spender in Manchester. Over time, more and more people will realize it's not worth moving to London and this will counterbalance the effect. London-based companies will also realize they can afford to hire equally skilled employees and pay them less if they don't have to live in London.
@@johanngross6953 wouldn’t this be a reason to lie about the place where you live just to have stronger arguments for your salary discussion? Will remote working people start to do this and will employers start to demand proofs?
@@HarunMaier Yes I believe so, there have been cases where people are even working two full-time jobs without any of the companies knowing.
Thanks for doing these Gary! ❤ from Australia
Thanks, Gary
Great job. People need this info. There's no much most people can do but we have to be aware of it. Little actions everywhere can change things.
Loved this video and this entire course format. It makes it a lot easier for me to share it with people I know, instead of rambling for an hour like I'm talking about some conspiracy.
Thankyou Gary ... for finally confirming my suspicions of the last 20+ years I have been in the workforce. At first I thought I was delusional, but as the transfer payments kept accelerating noticeably ... I began to get angry. An Australian politician once gave a speech because he was a contender for being a party leader and Prime Minister. His name is Joe Hockey and a phrase in his speech which amplified my anger was: "We are a nation of lifters, not leaners". I nearly choked on the bun I was eating when he said that because I knew he was taking the piss as a lot of leaning was at play. Question now is, when do fix the inequality and start the lawsuites! The pension pots of the very rich is effectively derived from the subjugation of the poor. Asset valuations of stocks and property is based on debt driven artificial demand that is not based on fair value of the present, forget the future. How does the price correction happen?
We need to get this channel up to 10M+ subs to have any chance changing tax policy. Let's go!
Looking at the telly tonight Gary a bit of coverage of the island of Gigha and the community buyout. Had been owned by a Laird (rich landowner). The community own wind turbines, a hotel, a restaurant, a fancy garden that brings in visitors and some homes. Are we going to do this across the whole country?? Worth a try I think 👍
It’s quite depressing indeed but I very much appreciate your efforts Gary. I don’t think anything is going to change until something breaks. Politicians worldwide need to be bold and act with integrity and therein lies the problem 😔
I can't really expand on your well presented video but thought might be an idea to leave a comment for the system and promotion...
Thanks as always Gary.
You explain things simply. And usually the simple non convoluted explanation is the correct one.
Thanks.
Would be a good idea to put these on Spotify, would be a handy thing to listen and learn in a podcast form :)
best video by far and very illuminating. vive la revolution. subscribed.
Nice one Gary. You make the complex easy to understand, that's real talent. You should teach this stuff. Reading "the Spirit Level" (Wilkinson and Pickett) demonstrates how health inequality is detrimental on every metric of society and health, it's depressing.
Top top video. Simple explanation
Another great video, no politics just sense.
Been Bing watching your vids.
If we "tax" wealth
The businesses will move to a different/city/state/ country where they are not taxed.
The businesses that stay are competing in an unfair environment if they get taxed higher than their competitors that moved
The people that lose jobs, because a big business relocated. don't know how to provide value/make money/invest in retirement without a job, nor do most of them want to learn how to.
Very well put together lecture. Great video, as usual.
Looking forward to nr3. Did economics at Sheffield uni in 2000 - taught with a largely neo con bias in the booming credit era. The modelling we did always assumed that each economic agent acted with "enlightened self interest".
Highest tax on the average household in 70 years, yet the lowest corporation tax in 50 years and the lowest top rate of income tax since at least ww2.
Shuffling the decks chairs as Gary suggests won't help...
@@ThoughtCriminal_1984 this isn't shuffling the deck chairs, this would be very helpful to the economy uterlising Marginal propensity to consume
@@Alex-cw3rz adding more taxation stops consumption does it?
@@ThoughtCriminal_1984 reducing it on the poor and increasing it on the rich would improve the economy, this is basic economics
@@Alex-cw3rz yeah sure, if you say so.... Do you really think the rich just sit there and absorb the tax? They don't pass it on... basic common sense, dear boy.. 🙄
Keep posting and pushing these. Great video, thank you!
Well done Gary, always good to hear your thoughts
Thank you so much, I’m addicted to your videos! ❤
Thank you Gary! Love the way you explain and present the content.
I really understand you Gary..and doing my best to share with my friends & family ❤
Looking forward to the next episode
Look what just arrived on my doorstep a tome of a book wow very excited thankyou Gary ... The Trading Game
Loving these videos, Gary!
Thank you for this video !
Superb video, thorougly and comprehensively explains the current situation.
Would be great at some point if you stripped apart and analysed some specific UK cities to show how comprehensively they have been destroyed over the past 20 years- Nottingham would be a great place to start!
Great work Gary
This is a dynamic I have been increasingly noticing which I have found troubling but taken a long time to at least partially understand. Add to this the debasement of currency and off-shoring of workforce and I believe you accelerate further. Makes me think a lot about how to position myself for the kids future and how I will try to teach them (spoiler alert you will not get it from main stream education). Also just finished your book, great read, hope that you have found your equilibrium since, keep up the good work 👍
Very informative video but I'd like to make a suggestion. Make it a "2 Part" series per part.
One where you are explaining all of it. And the second one with questions from Reeves / sort of like a reaction to the video.
Big up to your mate nodding throughout the whole video 😊
Thanks for your work Gary ❤ its making a difference.
New to the channel, you're spot on that a course-style video series will be much appreciated by new viewers. I'll be sure to check it out!
Also, one question on the subject: Where does publicly owned property (e.g. state or city owned housing) go in terms of wealth inequality? Is that just another "rich person" type of player in the game?
Loving this series! I think once a few more episodes are done I’ll start sharing this with my friends n family
Fantastic idea Gary. Just one tip, maybe rename your UA-cam playlist "Start Here: Understanding Economics Course" so that anyone who finds you from a short etc. finds these videos straight away