Gary, it'd be great if, occasionally, you could do videos "debunking" the economic opinions we always hear on programs like BBC's Politics Live and Question TIme etc. There's so much disinformation being spun that gets no pushback from hosts and journalists. Of course, it would mean you'd actually have to watch the programs which I know is painful!
This is an excellent idea. And to help Gary's channel and for him to get the word out. We could do what Owen Jones suggested on his channel. If you see any inaccurate opinions being peddled on legacy media. We could clip it and send it to the channel somehow. And maybe try and contribute to the movement.
Off the back of this I was speaking to my dad recently and he was just parroting the whole "it's all because of Putin stuff". I asked him to keep an eye out on the news from here how many different subjects and difficulties Putin name gets tied to. When you spot it, it becomes a comedy
A very good point. Gary's vids are always informative and educational but humans are often more attracted to conflict than learning, especially in the short-term way YT is used. Any counterpoint to the nonsense put out or left unchallenged by media produces that conflict (however politely done), which may well be more attractive to people initially than 'merely' learning.
Carlos Maza did a fantastic one recently that, although being about America, rhetorically gives the people that watch it some very good arguments to use against the points made on the news.
I used to take my girlfriend out for a meal in a nice restaurant every so often, a few short years ago- now she has to work in a restaurant serving wealthy clients,just so that we can both afford to pay our rent every month. Every word this man speaks is very true, and presented in an open and honest manner. Thank you. 🙏
I feel like a lot of problems can be solved if we tax people on their stacks of houses. Having more than X houses should result in huge tax on those properties. I’m tired of house prices being out of control.
I am fully on board with what gary is saying and I often see this view. It’s about taxing wealth which is profit income from ownership of these assets. It doesn’t have to just be target the landlords and ban anyone from renting a house out as that would crash the housing market and any renters would have no where to live. The trick is to tax wealth and feed it back into the lowest earners so they have more disposable income and the economy grows. Then the average person can own property and grow some wealth and close the inequality gap. I am from a working class background myself but now I renovate houses and rent them out to people before they buy their own house. I pay tax on everything I make which isn’t a lot yet and don’t plan to dodge any of it. It’s those who have loads of houses through a limited company who are growing wealth and are dodging paying any tax on it. Those loopholes need to be closed.
The problem in that is that they rent the houses to skint people,they would just push the costs on , the clever rich people can layer their assets in multiple companies side stepping taxes
Yes please! Can I suggest you take the interviews and stop them at the lie and explain why it’s a lie. Would be so good to educate people! Keep up the good work! You did brilliantly on Politics Live! My Dad rang me up and told me “Your economist mate, was on Politics live and really impressed me!” He’s a 72 year old socialist, who is despairing at this Government! You gave him a bit of hope! Xxxx
This should have millions of views because it is unbelievable what is happening right in front of our eyes. Gary makes it extremely easy to understand. Terrifying and depressing on a need to know basis, though!
@@jimbojimbo6873 Perhaps you would like to explain in a little more detail what you mean? I would be interested to hear a serious, learned counter argument.
I live in South Africa, which has often claimed the title of most unequal country... Everything you say concerning wealth inequality resonates with me and is self evident. If you haven't come to South Africa, you should, so you can experience it and see the long run harmful effects of wealth inequality, most notably crime, social disorder, privation and homelessness.
I would hesitate to make a causal link between the inequality and the abject poverty in South Africa. Maybe both are the products of a highly corrupt socialist regime?
Gary, your voice is desperately needed right now. So glad you are putting yourself out there more and more. Unfortunately, you are not being seen by enough people. The BBC, CH4, CH5, Sky News, GB News, TalkTv etc need to bring you on and allow you to be heard by a myriad of audiences. Hopefully they are taking notice of your channel and bring you to the forefront of their economic segments/discussions.
I remember back when I was a student (I dropped out) for a hybrid course of computer science and economics. I was constantly complaining to our macroeconomist lecturer for using outdated models, pushing a neoliberal agenda and having absurd assumptions built into his models (e.g. rational agents). I also argued for a stakeholder economic model and more wealth redistribution. He told me to move to North Korea if I don't like it. (I am German btw.) At that point my inner spark for economics died and just recently (in the past ~4 years) slowly came back. I am happy to have found your channel where someone sensible is talking about reality and not some absurd reality-detached models. Also the channel "New Economic Thinking" is quite on the money for anyone interested in economics over here. Maybe you could do a collab with them at some point?
If people are lucky to get on the housing ladder, they might be entry level homes such as flats. They're likely to be leaseholders and need to pay managing agent fees, ground rent and contribute to upkeep and major works budgets. These are often inflated costs, due to contractors over charging and managing agents taking commission on works. It's difficult to be a first time buyer and buy a freehold house.
Gary, I've been forwarding your videos to my family and friends. I'm trying my best to spread your message. If we call forward these vitally important videos we wake people up.
The LSE just hosted a public seminar on this too, academia always has the right mind but never influences enough. For example they criticised trickle down economics before it was implemented
Capitalists raise prices, not during times of growth and stability, but instead, wait for the cover of stagnation and crisis. Thus obfuscating the source of inflation, while economists advocate for raising interest rates to sabotage employment.
Increasing prices is not inflation- it's effect of inflation. The inflation is rising of money supply, and who controls money supply? The government and central bank. Not capitalists.
Agreed, they were taken over by neoliberal centrists when Blair took over. Starmer is simply a Blair tribute act and they've dropped the Unions in favour of corporate lobbyist funding.
@@ai-d2121 its probably based on the fact that the policies they've bought to the table do so very little to change any of this. They've yet to publish any suggestion from the leadership, that they have an accurate grasp of the severity of the situation. All their policies thus far won't do anything useful about this in a usefully short amount of time. Labour, in order to be recognised as being "on it", would have to come up with an immediately effective AND long lasting plan, to permanently rebalance the economy. I'm talking cuts in the taxes poor folks pay at the tills, and massive increases in the taxes paid by the wealthy. I'm talking about price capping housing, writing legislation to prevent the concentration of assets in the hands of the wealthy... Theres nothing about that. No. They want to start an energy company instead of dealing with the problem at the root and making immediately effective efforts to prevent inequality.
Great video Gary, could you do a follow up video explaining what can be done (realistically) to counteract the concentration of wealth and assets to high net worth individuals?
I enjoy your insight through your skill in understanding economics from both sites of the socioeconomic divide ,the generational rich do not care to educate the workers they sneer at , thanks man ,,the most important thing i heard you say was that this goes on till "we stop it !" Im all ears 💯👌
It definitely feels like we're moving towards a kind of servant economy, where the idle rich reap the rewards of just owning stuff and don't invest in anything other than their own leisure consumption, leading to most of the jobs being geared towards fulfilling that.
Gary I think you should create a video explaining what ordinary person can do to make changes. Most people have no clue where to start amd how to organise things. People became too comfortable in this slavery world to even think about equality and freedom. They need clear instructions step by step. When I talk to people around me they think Im crazy - they think we are powerless as community and there is no way to change the system due to corruption...
I've noticed inflation in some really crazy areas - I bought my girlfriend a bike in 2018 and it was £1300 which was a really pricey bike. It has now gone up for the exact same spec to £2100 or more now for the exact same bike. I'm pretty sure luxury goods have had the same happen to them, we checked out a Prada bag as a joke in Capri when we were there over the summer and they wanted nearly £2000 for a handbag that 10 years ago was £300. Inflation is happening everywhere and it's been accelerating for some time. The rich will push everything up now and effectively make it absolutely impossible to be poor while protecting corporate profits. Cheers for opening my eyes to these things; I've always understood the value of money is relative but your explanations about the flows of wealth from the poor to the rich are super clear. We need a reset without a world war.
Gary, I seen you for the first time last week on the Channel 5 show…. Since then, I’ve feasted over your content and I’m extremely grateful for your efforts in breaking down economics for the layman… like most complex / interwoven disciplines it’s easy to get lost… but you my guy keep the woods and the trees exactly where they need to be! My son and I share this youtube account so I can keep an eye on how he’s moving - but please be assured, I’ll be watching and supporting from here on out! Increase the peace and tax them billionaires, the fact the government have no intention in developing mechanisms to address the inequality that naturally occurs due to the system (real life monopoly) tells us all we need to know and the truth is…. They’re gonna take your mums house 100%
Love that this video starts out proposing a vision of an equal economy - I think a lot of people are so used to the current system it's hard to even envision a better one. But we have to know what we want to be able to work towards building it.
Posting a link to Gary’s videos into the comments you make on mainstream media and news items helps get the message out to people who might not otherwise hear it. Government ministers and economic pundits are always expounding austerity, cuts and tax increases for the poor without a counter narrative.
Regardless of how money was created and its alleged value to trading. Ultimately, money is simply a human construct that in practice allows a tiny minority to own and control the vast majority of the world's actual resources (Land, Water, Human Labour). Since the loss of the gold standard in 1931 (UK) 1933 and fully in 1971 (US) money is no longer tied to a physical resource. Coupled with Fractional Reserve Banking and FIAT currency money has become more digital to the point where the majority of money is now fractionally created and is predominantly just on computers and balance sheets. What this means for the working class going forward is that we can be cut off from the means required to live and support our families. Global debts are over $300 trillion, over 4x global GDP. Proving the system to be a farce. A Billionaire like Bezos has $214 billion which if he spent $1,000,000 a day, every single day would take over 530 years to spend (assuming he wasn't earning 5% per annum). Time to shake things up if we want to avoid a dystopian corporatocracy.
@@Vroomfondle1066 Capitalism isn't much of a step up from feudalism to be fair. It essentially allows the wealthy to keep growing their inherited wealth while promising the same opportunity for the poor. I think people like Gary are the exceptions to the rule, good luck to him for making a few quid. Respect to Gary for exposing the Tory myths. But the system is a pyramid scheme. The bottom rungs of the ladder are greased to stop the poor gaining a foothold.
@O. M. You obviously haven't understood me or my comment. Gold is irrelevant the fact it's not tied to any physical resource is the problem. I'm not a fan of Milton Friedman or the Chicago school of economics. Digitised money: "What this means for the working class going forward is that we can be cut off from the means required to live and support our families." The more global debt rises the more of our actual resources are bought up by the wealthy (Polarisation of capital and expansion of the poverty gap) - check people like Gates and the acquisition of farming land in the US. As for getting something for free, listen to Gary it's the jobless wealthy who pay less than 1%. Corporations take £100+ billion per annum in corp welfare and subsidies off the tax payer and create a tax gap of £40-£120 billion per annum. While I appreciate economic analysis as a tool to use as counter-propaganda and for educational purposes. My view is that Money is an illusion, it's the curtain that hides the disappearing lady as she slips down through the trap door in the floor. Nothing more than a trick of the light to attract magpies who like shiny objects. A middle man to help the global criminal elitists to cheat the vulnerable and the gullible. Once you know how the magic trick is performed, further study becomes redundant to a pauper like myself.
@@Vroomfondle1066 Yea I'm not suggesting going back on the gold standard, I'd propose an ecologically friendly, sustainable resource-based economy where goods are valued based on rarity, usefulness, sustainability labour intensity etc. But that's something that requires an ideological shift in the public's thinking. So I'm not holding my breath :)
@@steveparker8065 Check out 'Sacred Economics' by Charles Eisenstein for suggestions on shifting the economy to other standards of value, would be interested to know what you think about it
Thank you for your videos Gary. They are very informative and are helping to build my understanding. Your video arguing for the need to tackle inequality through wealth taxes really shifted my thinking from what it was a few years ago.
i think what you do is fantastic, easy to understand and in `street talk` as in, much of the population can understand it. What is missing are solutions. People are frustrated and many understand the situation but dont know how to take the next steps. How do we go from armchair to the street ? How can we make change because it isnt going to happen with the state of politics as it is. I think people will listen to you and even more so if you could offer solutions.
Thank you for clarifying the difference between income and wealth inequality. It demonstrated the importance of economic education. It helped clarify why I was so incensed by Tim Hartford’s Radio 4 programme Understand: The Economy on inequality. The entire programme focussed on income inequality. By this means he magicked away the growth in inequality since the 1980s. At one point he said “Next time you hear anyone COMPLAINING(my caps) about wealth inequality you’ll know to ask them which measure they’re using and you’ll be able TO CALL THEM OUT.(my caps) For what it’s worth I wrote to feedback to complain. Keep up your fantastic work. So important.
Thanks to your incredibly accessible and informative videos I have been able to learn enough to explain to friends and family the basics of the current economic situation which has in turn set lightbulbs off in their heads. I will continue to promote your videos Gary keep it up!
How brilliant. The explanation I mean because the situation is absolutely dire. What I’d like to know is the arguments against what is presented here. I’ve wondered for years about the nonsense terms in the news about the economy and finally I can hear a reasonable,accessible as well as enjoyable overview of what means what in the economy.
Listening to this video the future looks scary. The effects of wealth inequalities are already so apparent. The creepiest thing is Rishi Sunak talking about compassionate conservatism.
I'd be interested to hear why you make the videos you make. Is it simply to spread a message or build a business teaching economics etc? Just curious. I do find your explanations very clear and you seem pretty honest in what you're saying. I'm sure you could make a fortune in the financial sector if you haven't already.
That was an interesting comment about Soho “popping”. There was a Guardian article on 18th November about booming sales in luxury goods, comparing it to the “roaring twenties” age of decadence. (Entitled “We like anything with the Harrods name on it...”) A Hermès Birkin bag can cost up to £50,000. One young man mentioned in the article has 40 to 50 of them.
That boils my blood to hear. The rich really have no idea how hard it is to be poor and they don’t care! They won’t put their money back into the useful economy and that’s why they have to be taxed. And those taxes need to be spent properly. Cronyism needs to be eradicated!
It would be great if you could explain how societies have gone from unequal to more equal in the past. For example England was very unequal at the turn of 1900 but by 1950 it had become much more equal. Many things obviously happened in between. Is war an inevitable consequence of inequality? And does it lead to greater equality? If not, what are the reasons?
Millions and millions of people dieing in wars reduced the labour force and made it possible for survivors to build regulation free business, governments do that to rebuild the country then they start bracketing down the regs and trimming the fat of everything
This one talks about WW2 being so bad people demanded better: ua-cam.com/video/bmogfHcLnV8/v-deo.html Me: inequality is a policy choice. It's the ruling class selecting the best economic options for the ruling class while not really being bothered about how it affects the common rabble. We can eat cake
Hi Gary, I was wondering if you could give a couple of examples of how the gov transfers wealth to the already wealthy? Particularly during covid - was it just the ppe contracts? Cheers
And for anyone interested in the "lack of financial stability" you might want to learn more about the term 'precarity' that describes the condition of living in conditions of economic uncertainty, which are on a wider societal level the result of worsening inequality.
Given the pertinence of the video but also the small size of the channel, would it be prudent to, in addition to posting new content, simply rerun the above content as the channel grows over time? (Hitting the nail on the head.)
Education outweighs silver and gold. Number 2 one person’s spending is another person’s income. Number 3 the social contact is broken! How can we change that?🤔
Remember reading Who Owns Britain by Kevin Cahill around 20 years ago and how unequal things were. Had also starting working as a Welfare Adviser just after significant council housing had been sold, not replenished and large waiting lists. Thought things were dire then
I think an unequal economy is also a factor when considering the drop in birth rate...why would you have children if food is expensive, housing is unstable, having a healthy and happy lifestyle is harder to attain?
Well Geary I've always believed what you have to say. But I just watched Britain's most expensive homes. They stayed why do billionaires have mortgages, the answer is on a 5% mortgage they get 3% in there pocket.. this has to change.
I really hope your channel gets a lot more attention as what you're saying is so relevant right now. What I like is that you don't rely on some sort of graphics heavy presentation - you focus on a message. At the same time you explain it so clearly. I'd like to say you should get some mainstream media coverage. However, the cynical part of me thinks this won't happen because you'd be going to organisations owned by the rich and talking about wealth inequality! Would they really allow that?
Kind Sir, this video is very interesting, however you must increase your audio gain or the finalised video output volume, it is a bit on the quiet side for mobile devices (tablet, phone etc). Kind regards.
Do we have a problem of rent extraction? Investors using current assets for greater value extraction? Rather than riskier investment in R&D and new ideas? Love the videos Gary, thank-you.
Basically but then apply that to the whole economy. We've got a systematic procedure of wealth extraction out of the UK economic system. We've got lots of assets going back to before the industrail revolution which should make us a rich nation but because money isn't circulating this wealth/money pools with the already rich. Rent is one example but another is the use of private contractors in our public services, the NHS or the Railway are currently understaffed and underpaid however in order to fill in these gaps contractors are used, this costs the taxpayer 4x as much mainly because the private companies attach large fees onto this labour because they know the NHS will pay £3000 a shift for one nurse. The contractor's staff gets paid twice as much and the private company filters out the rest. The government can create circumstances that benefit the rich, like reducing a sector's manpower to introduce privately interested companies. The corrupt thing is these private companies take more out of the system than they put in. This is why cuts on cuts is a bad thing because while you save money short term by reducing the expenses of a nation you have to reinvest that money later down the line to make a system sustainable otherwise companies move in to exploit the issues the government has created. Look at it simply if you sell your car you pay less, and you can live without a car. But inflation kicks in and now the bus costs more. You need a car again so either you've got to get a loan or make more cuts that if not used to buy a car will make you worse off in the long term. A car is an asset that generates income passively by enabling a person, health care and transport in a nation enables that nation to generate more by letting them keep productive however cuts on cuts, and over time these assets devalue due to their inability to perform because the government is not willing to take a loan to invest. Cuts are a short-term gain and the UK has had cut after cut after cut which each has created opportunities for the rich to fill in gaps by buying lots of UK assets and then make a profit. A profit year on year in a society that isn't getting richer means the companies are exploiting the others alittle more each year by raising prices and on the basis that those who need them are desperate enough to pay more and more each year.
This message resonates with me so much and I'm from Italy. This should be an international movement because the root of the problem comes from people who haven't much of a homeland. At any rate, their tentacles and the consequences of what they do are being suffered by ordinary people everywhere.
Great to hear that we're reaching people in other countries. This problem is growing everywhere, and the main problems - low wages outside the big cities, unaffordable housing in the big cities, are worsening all over the world. Hopefully we can push back internationally against it!
@GarysEconomics, interesting but hoping you can touch on the following questions.... 1) What's happening Globally with weatlth inequality and across different regions? For example, is it increasing in the West and reducing in the East? 2) How do Soverign Wealth funds factor into the inequality discussion? Often they work with private equity funds..... for example in Norway, with it's huge SWF, does it have increasing inequality? 3) Why do you not advocate that the government simply increases the capital gains tax rate for high rate taxpayers to something like 25% in the UK? thanks
This is a great video on the basic principles that makes up the matrix. Another part is the money creation system. The Bank of England Q1 2014 Quarterly Bulletin website two articles on “Money Creation in the Modern Economy” contain vital information that should shock you if you don’t already know this stuff. Basically private commercial banks create 97% of the UK money supply out of nothing. Cash is 3%. With time we owe more to the money creating sector and they get even richer. Things get worse. Empires and societies collapse due to this very thing. So it goes.
Short, sharp and ominous mate. Let's just hope there are some converts and that some more people's eyes are opened to what's actually going on! The sooner the better...
You're basically talking about "taking control of the means of production". The 'means of production' here being having a share in society's wealth. But by reform of the tax system rather than actual revolution. Good video btw.
Sadly, the trend to greater inequality is set to accelerate. In the '70s imported (OPEC-induced) inflation was mitigated by wage rises and a growing economy (yes, the economy did grow in the '70s); this time round real wages are falling and the economy is shrinking. This collapse in demand, combined with rocketing utility bills will lead to widespread bankruptcies and a fire sale of assets, along with mass repossessions, prime assets for the banks and hedge-funders waiting in the wings. In 2005, Citigroup released the 'Plutonomy Report' explaining how, since the 70's, wealth had concentrated in the hands of a small percentage of plutocrats, how they saw this trend continuing, and how to exploit it. The only possible clouds on the horizon were 'financial collapse' in the aftermath of the failure of LTCM (they didn't foresee how the 99% might be forced to bail out the 1% just three years later), or through the political process: 'Ultimately, the rise in income and wealth inequality to some extent is an economic disenfranchisement of the masses to the benefit of the few. However in democracies this is rarely tolerated forever.' But with the acquiescence of the Labour Party to the 'dictates of the market', it looks like being tolerated for the foreseeable future under our FPTP system, with the hierarchies of both major parties sharing essentially the same ideology. 'So, Plutonomies exist, and explain much of the world's imbalances. There is no such thing as "The U.S. Consumer" or "UK Consumer", but rich and poor consumers in these countries, with different savings habits and different prospects. The rich are getting richer; they dominate spending. Their trend of getting richer looks unlikely to end anytime soon.' October 2005
Hi Gary, why is it if I divide the UK House price index by the BoE's M2 index, I see property appears to have largely been flat since at least 1995? If you measure wealth as increasing your size of the economic pie, just HOLDING property has only served to freeze your value and hasn't given you a leg up at all. Would be interested to hear your thoughts, maybe I'm wrong, or maybe I'm right but thinking about it the wrong way?
Hi Gary, you spoke about the Bank of England being run by economists that can't predict what will happen in the Economy. It would be great if you could do a video on their priorities so that ordinary people can have a go at predicting their decisions and make good financial decisions accordingly
That was a bit of a revelation, I guess there is also as assets and property become more expensive the ability for labour to create collective owned companies drops as the capital required to buy the assets needed would mean it would be impossible to begin without an initial influx of capital
If this continues where the privileged rich few spend on luxuries while the majority are pushed into further poverty and disease hunger and homelessness spreads and the government doesn't address this, then there will be push back from the people. There will.
Just to clarify for my understanding.....In the Uk, 65% percent of homes are owner occupied and 16% is social housing on secure lifetime tenancies; 19% are owned by private landlords. So the Uk actually has one of the most equal and fair housing sectors on the planet, yes?
@@garyseconomics If the private rental sector produces inequality; Labour don't like private landlords because they don't provide long term security for working people; Tories don't like private landlords either because home owners make Tory voters (Thatcher's home owning democracy vision); why don't either/both of these Parties just ban buy-to-let mortgages. Then, over time, that 19% would then flow back into the owner-occupier household group and everyones happy?
Great video Gary. Just an observation though. Might be worth editing these because you did repeat yourself quite a lot. Just might make it a little easier to follow/ watch. Other than that, brilliant stuff mate. Keep it up.
The section on luxury spending rang true to me when applied to the car industry....manufacturers are literally chopping the budget cars off their product lineup. They run smaller margins so they are just chasing the higher income customers....the producers (and owners of said means) just decide not to cater for the wrong side of the economic coin.
If the super rich who own the means of production, need less staff ‘cos of tech/machinery, then that does blow the idea of workers sharing in the profits of the means of production out of the water. The next stage would surely be higher taxes on the super rich who own the means of production. The whole Keynes idea of working less, less stress, able to be more creative because of tech/machinery is just moot because the super rich just horde the wealth instead of fairly distributing it to the workers.
Now is easier than ever to make a few million. Online education, easy to set up at Ltd company in UK, easy to invest, easy to set up online business etc.
I'm old enough to remember when, 'passive income', was known as the , 'Social wage'. That is, public utilities & services were owned by the state and therefore could control prices to citizens, also, inexpensive publicly owned transport or subsidised. These assets & others were owned by us, (theoretically at least), and run to reduce working peoples outgoings. The sale of these to the private sector in the 80s onward, plus neo-liberal economics has destroyed that model to the benefit of the wealthy and the detriment of the working classes. so, if we are to remain in a capitalist economy the only solution is the socialising of these services to return the economy to a mixed model and reverse the wealth gap. that is, Democratic Socialism.
Gary, could you talk about the implications of fixing wealth inequality for capitalism? Is capitalism failing (I certainly hope so!) and what will the world look like without it? Can we reconcile your thesis of ending wealth inequality whilst preserving capitalism? Surely the pursuit of gain without any moral or social boundary (i.e. capitalism) cannot be reconciled with a wealth-equal society?
Despite the increased concentration of population, the less wealthy portion will always be geographically sorted out from the rich center. This aids the emergence of illusions concerning whether the system is working or not.
Hi Gary. I really think you have such a potent voice and cut through A huge amount of mediocre and stale coverage of the economy in the mainstream media, so say this with a lot of love and respect with your work. I think to get a bit more momentum behind your channel I wonder if you would consider putting A bit more video production behind some of these topics? I like the tea on the sofa vibe but it can take quite a lot of effort to engage with such dense subjects for quite a long period without the aid of illustrative sequences and a narrative to follow. I think of channels like Philosophy Tube, shes got a talent for taking some really dense topics and making them really easy to engage with. You definitely have the same power of communication but perhaps a bit more production could help get things a bit more viral. Hope you don't mind the feedback, I really have deep respect for your message and the work you put into disseminating it. On another note, Could you cover in a video how we have a situation where we have a situation of high employment and vacancies whilst having falling real term wages and living standards? Seems like a pretty stark example of the imbalance of power in our economy and seems contrary to some of the processes you describe in this video. Jake.
I disagree. No need to up the production values and make it 'fun'. Just need a clear message that everyone understands. Adding bells and whistles is distracting and would alienate quite a lot of people
Serious question Gary is it true were heading towards a Brazilian economy?IE the middle gets squeezed and we have just very rich people and poor?Your explanation of things make sense to me.Does this make me weird?...
Wage-Price Spiral - Hey Gary thank you for another great video from New Zealand. Any chance you could discuss the wage-price spiral? I suspect its used now as a con to try and convince the working class that they cannot have a pay rise in times of inflation.
Alright Gary! I get it. The debt and inflation spiral. Rich can get all the assets in the end. Fine! (not fine). WHAT CAN WE DO! SIMPLE TAXATION WON'T WORK. T GOV IS EVEN "AFRAID" TO DO THELAT TYPE OF TAXING
Gary, it'd be great if, occasionally, you could do videos "debunking" the economic opinions we always hear on programs like BBC's Politics Live and Question TIme etc. There's so much disinformation being spun that gets no pushback from hosts and journalists. Of course, it would mean you'd actually have to watch the programs which I know is painful!
Great point!
This is an excellent idea. And to help Gary's channel and for him to get the word out. We could do what Owen Jones suggested on his channel. If you see any inaccurate opinions being peddled on legacy media. We could clip it and send it to the channel somehow. And maybe try and contribute to the movement.
Off the back of this I was speaking to my dad recently and he was just parroting the whole "it's all because of Putin stuff". I asked him to keep an eye out on the news from here how many different subjects and difficulties Putin name gets tied to. When you spot it, it becomes a comedy
A very good point. Gary's vids are always informative and educational but humans are often more attracted to conflict than learning, especially in the short-term way YT is used.
Any counterpoint to the nonsense put out or left unchallenged by media produces that conflict (however politely done), which may well be more attractive to people initially than 'merely' learning.
Carlos Maza did a fantastic one recently that, although being about America, rhetorically gives the people that watch it some very good arguments to use against the points made on the news.
I don't think in my life time I had ever heard economics and the economy explained so clearly.
Because they try and tell that it's all too confusing for the common folks
I used to take my girlfriend out for a meal in a nice restaurant every so often, a few short years ago- now she has to work in a restaurant serving wealthy clients,just so that we can both afford to pay our rent every month. Every word this man speaks is very true, and presented in an open and honest manner. Thank you. 🙏
Ffs them and us. This is disgusting it has to stop
Ffs them and us. This is disgusting it has to stop
I feel like a lot of problems can be solved if we tax people on their stacks of houses. Having more than X houses should result in huge tax on those properties. I’m tired of house prices being out of control.
We need to tax all wealth over a certain amount as well as banning landlordism
Brendan Rogers owned 98 houses at the time of his divorce. Says it all really
It's actually Worse than you think. Look into REITs.
I am fully on board with what gary is saying and I often see this view. It’s about taxing wealth which is profit income from ownership of these assets. It doesn’t have to just be target the landlords and ban anyone from renting a house out as that would crash the housing market and any renters would have no where to live. The trick is to tax wealth and feed it back into the lowest earners so they have more disposable income and the economy grows. Then the average person can own property and grow some wealth and close the inequality gap.
I am from a working class background myself but now I renovate houses and rent them out to people before they buy their own house. I pay tax on everything I make which isn’t a lot yet and don’t plan to dodge any of it. It’s those who have loads of houses through a limited company who are growing wealth and are dodging paying any tax on it. Those loopholes need to be closed.
The problem in that is that they rent the houses to skint people,they would just push the costs on , the clever rich people can layer their assets in multiple companies side stepping taxes
Clear and concise Gary, you’ve made basic economics and inequality easy for me to understand. Thank you!
Yes please! Can I suggest you take the interviews and stop them at the lie and explain why it’s a lie. Would be so good to educate people!
Keep up the good work! You did brilliantly on Politics Live! My Dad rang me up and told me “Your economist mate, was on Politics live and really impressed me!” He’s a 72 year old socialist, who is despairing at this Government! You gave him a bit of hope! Xxxx
This should have millions of views because it is unbelievable what is happening right in front of our eyes. Gary makes it extremely easy to understand. Terrifying and depressing on a need to know basis, though!
Its really not, relax
@@jimbojimbo6873 Perhaps you would like to explain in a little more detail what you mean? I would be interested to hear a serious, learned counter argument.
@@jimbojimbo6873 Thought so. Gave you two hours. You've got nothing but hot air!
I live in South Africa, which has often claimed the title of most unequal country... Everything you say concerning wealth inequality resonates with me and is self evident. If you haven't come to South Africa, you should, so you can experience it and see the long run harmful effects of wealth inequality, most notably crime, social disorder, privation and homelessness.
I would hesitate to make a causal link between the inequality and the abject poverty in South Africa. Maybe both are the products of a highly corrupt socialist regime?
Gary, your voice is desperately needed right now. So glad you are putting yourself out there more and more. Unfortunately, you are not being seen by enough people. The BBC, CH4, CH5, Sky News, GB News, TalkTv etc need to bring you on and allow you to be heard by a myriad of audiences. Hopefully they are taking notice of your channel and bring you to the forefront of their economic segments/discussions.
I think all it may take is one appearance on a prime time slot, e.g. Martin Lewis tonight, and Gary and his message will blow up. The time is so ripe
Why is Gary's voice needed right now? He's a socialist. We have a socialist government already - objective achieved ✔
I remember back when I was a student (I dropped out) for a hybrid course of computer science and economics. I was constantly complaining to our macroeconomist lecturer for using outdated models, pushing a neoliberal agenda and having absurd assumptions built into his models (e.g. rational agents). I also argued for a stakeholder economic model and more wealth redistribution.
He told me to move to North Korea if I don't like it. (I am German btw.)
At that point my inner spark for economics died and just recently (in the past ~4 years) slowly came back. I am happy to have found your channel where someone sensible is talking about reality and not some absurd reality-detached models. Also the channel "New Economic Thinking" is quite on the money for anyone interested in economics over here. Maybe you could do a collab with them at some point?
Great! We need a lot more of this out into the public domain.
Brilliantly explained as usual. This message needs to go far and wide!
Great to see you and Brian Cox together.
I love these videos where Gary summarises a subject, feels like an economics lesson but made relevant. Please keep them coming.
Thanks Gary for your admirable work.
If people are lucky to get on the housing ladder, they might be entry level homes such as flats. They're likely to be leaseholders and need to pay managing agent fees, ground rent and contribute to upkeep and major works budgets. These are often inflated costs, due to contractors over charging and managing agents taking commission on works.
It's difficult to be a first time buyer and buy a freehold house.
Gary, I've been forwarding your videos to my family and friends. I'm trying my best to spread your message. If we call forward these vitally important videos we wake people up.
The LSE just hosted a public seminar on this too, academia always has the right mind but never influences enough. For example they criticised trickle down economics before it was implemented
Smashin em out mate! Keep up the fight, information space is important as hell.
Capitalists raise prices, not during times of growth and stability, but instead, wait for the cover of stagnation and crisis. Thus obfuscating the source of inflation, while economists advocate for raising interest rates to sabotage employment.
Increasing prices is not inflation- it's effect of inflation. The inflation is rising of money supply, and who controls money supply? The government and central bank. Not capitalists.
What’s depressing is that the Labour Party no longer wants to do anything about this.
Agreed, they were taken over by neoliberal centrists when Blair took over. Starmer is simply a Blair tribute act and they've dropped the Unions in favour of corporate lobbyist funding.
They never did. Ever. Study their history and you’ll find them as anti working class as the Tories. They just dressed it up differently
And that claim of you is based on exactly what? Somethibg you read in the Sun perhaps?
Whats depressing is that people are sitting on their sofas waiting for change to happen*
@@ai-d2121 its probably based on the fact that the policies they've bought to the table do so very little to change any of this. They've yet to publish any suggestion from the leadership, that they have an accurate grasp of the severity of the situation. All their policies thus far won't do anything useful about this in a usefully short amount of time. Labour, in order to be recognised as being "on it", would have to come up with an immediately effective AND long lasting plan, to permanently rebalance the economy. I'm talking cuts in the taxes poor folks pay at the tills, and massive increases in the taxes paid by the wealthy. I'm talking about price capping housing, writing legislation to prevent the concentration of assets in the hands of the wealthy... Theres nothing about that. No. They want to start an energy company instead of dealing with the problem at the root and making immediately effective efforts to prevent inequality.
Great video Gary, could you do a follow up video explaining what can be done (realistically) to counteract the concentration of wealth and assets to high net worth individuals?
Thanks Gary you're a breath of fresh air.
I enjoy your insight through your skill in understanding economics from both sites of the socioeconomic divide ,the generational rich do not care to educate the workers they sneer at , thanks man ,,the most important thing i heard you say was that this goes on till "we stop it !" Im all ears 💯👌
It definitely feels like we're moving towards a kind of servant economy, where the idle rich reap the rewards of just owning stuff and don't invest in anything other than their own leisure consumption, leading to most of the jobs being geared towards fulfilling that.
Gary I think you should create a video explaining what ordinary person can do to make changes. Most people have no clue where to start amd how to organise things. People became too comfortable in this slavery world to even think about equality and freedom. They need clear instructions step by step.
When I talk to people around me they think Im crazy - they think we are powerless as community and there is no way to change the system due to corruption...
I've noticed inflation in some really crazy areas - I bought my girlfriend a bike in 2018 and it was £1300 which was a really pricey bike. It has now gone up for the exact same spec to £2100 or more now for the exact same bike. I'm pretty sure luxury goods have had the same happen to them, we checked out a Prada bag as a joke in Capri when we were there over the summer and they wanted nearly £2000 for a handbag that 10 years ago was £300. Inflation is happening everywhere and it's been accelerating for some time. The rich will push everything up now and effectively make it absolutely impossible to be poor while protecting corporate profits. Cheers for opening my eyes to these things; I've always understood the value of money is relative but your explanations about the flows of wealth from the poor to the rich are super clear. We need a reset without a world war.
Gary, I seen you for the first time last week on the Channel 5 show…. Since then, I’ve feasted over your content and I’m extremely grateful for your efforts in breaking down economics for the layman… like most complex / interwoven disciplines it’s easy to get lost… but you my guy keep the woods and the trees exactly where they need to be!
My son and I share this youtube account so I can keep an eye on how he’s moving - but please be assured, I’ll be watching and supporting from here on out!
Increase the peace and tax them billionaires, the fact the government have no intention in developing mechanisms to address the inequality that naturally occurs due to the system (real life monopoly) tells us all we need to know and the truth is…. They’re gonna take your mums house 100%
Love that this video starts out proposing a vision of an equal economy - I think a lot of people are so used to the current system it's hard to even envision a better one. But we have to know what we want to be able to work towards building it.
Nice one Gary keep educating and lets all hope there's enough of us prepared to stand up to make things change
Posting a link to Gary’s videos into the comments you make on mainstream media and news items helps get the message out to people who might not otherwise hear it. Government ministers and economic pundits are always expounding austerity, cuts and tax increases for the poor without a counter narrative.
Regardless of how money was created and its alleged value to trading. Ultimately, money is simply a human construct that in practice allows a tiny minority to own and control the vast majority of the world's actual resources (Land, Water, Human Labour). Since the loss of the gold standard in 1931 (UK) 1933 and fully in 1971 (US) money is no longer tied to a physical resource. Coupled with Fractional Reserve Banking and FIAT currency money has become more digital to the point where the majority of money is now fractionally created and is predominantly just on computers and balance sheets. What this means for the working class going forward is that we can be cut off from the means required to live and support our families. Global debts are over $300 trillion, over 4x global GDP. Proving the system to be a farce. A Billionaire like Bezos has $214 billion which if he spent $1,000,000 a day, every single day would take over 530 years to spend (assuming he wasn't earning 5% per annum). Time to shake things up if we want to avoid a dystopian corporatocracy.
@@Vroomfondle1066 True, we are almost there.
@@Vroomfondle1066 Capitalism isn't much of a step up from feudalism to be fair. It essentially allows the wealthy to keep growing their inherited wealth while promising the same opportunity for the poor. I think people like Gary are the exceptions to the rule, good luck to him for making a few quid. Respect to Gary for exposing the Tory myths. But the system is a pyramid scheme. The bottom rungs of the ladder are greased to stop the poor gaining a foothold.
@O. M. You obviously haven't understood me or my comment. Gold is irrelevant the fact it's not tied to any physical resource is the problem. I'm not a fan of Milton Friedman or the Chicago school of economics. Digitised money: "What this means for the working class going forward is that we can be cut off from the means required to live and support our families." The more global debt rises the more of our actual resources are bought up by the wealthy (Polarisation of capital and expansion of the poverty gap) - check people like Gates and the acquisition of farming land in the US. As for getting something for free, listen to Gary it's the jobless wealthy who pay less than 1%. Corporations take £100+ billion per annum in corp welfare and subsidies off the tax payer and create a tax gap of £40-£120 billion per annum.
While I appreciate economic analysis as a tool to use as counter-propaganda and for educational purposes. My view is that Money is an illusion, it's the curtain that hides the disappearing lady as she slips down through the trap door in the floor. Nothing more than a trick of the light to attract magpies who like shiny objects. A middle man to help the global criminal elitists to cheat the vulnerable and the gullible. Once you know how the magic trick is performed, further study becomes redundant to a pauper like myself.
@@Vroomfondle1066 Yea I'm not suggesting going back on the gold standard, I'd propose an ecologically friendly, sustainable resource-based economy where goods are valued based on rarity, usefulness, sustainability labour intensity etc. But that's something that requires an ideological shift in the public's thinking. So I'm not holding my breath :)
@@steveparker8065 Check out 'Sacred Economics' by Charles Eisenstein for suggestions on shifting the economy to other standards of value, would be interested to know what you think about it
Nice one, Gary. Your videos are excellent and much appreciated x
Hard to overstate how helpful this video is. Brilliant!
Excellent presentation exposing the ruthless greed of the very wealthy
This was a masterclass of an explainer. Cheers Gary!
Thank you for your videos Gary. They are very informative and are helping to build my understanding. Your video arguing for the need to tackle inequality through wealth taxes really shifted my thinking from what it was a few years ago.
i think what you do is fantastic, easy to understand and in `street talk` as in, much of the population can understand it. What is missing are solutions. People are frustrated and many understand the situation but dont know how to take the next steps. How do we go from armchair to the street ? How can we make change because it isnt going to happen with the state of politics as it is. I think people will listen to you and even more so if you could offer solutions.
Thank you for clarifying the difference between income and wealth inequality. It demonstrated the importance of economic education. It helped clarify why I was so incensed by Tim Hartford’s Radio 4 programme Understand: The Economy on inequality. The entire programme focussed on income inequality. By this means he magicked away the growth in inequality since the 1980s. At one point he said “Next time you hear anyone COMPLAINING(my caps) about wealth inequality you’ll know to ask them which measure they’re using and you’ll be able TO CALL THEM OUT.(my caps) For what it’s worth I wrote to feedback to complain. Keep up your fantastic work. So important.
Thanks to your incredibly accessible and informative videos I have been able to learn enough to explain to friends and family the basics of the current economic situation which has in turn set lightbulbs off in their heads. I will continue to promote your videos Gary keep it up!
How brilliant. The explanation I mean because the situation is absolutely dire. What I’d like to know is the arguments against what is presented here. I’ve wondered for years about the nonsense terms in the news about the economy and finally I can hear a reasonable,accessible as well as enjoyable overview of what means what in the economy.
Listening to this video the future looks scary. The effects of wealth inequalities are already so apparent. The creepiest thing is Rishi Sunak talking about compassionate conservatism.
Great post Gary. I’ve staged talking to my friends and family about this. They look at me as if to wonder “where is she getting this from?” It’s you!
I'd be interested to hear why you make the videos you make. Is it simply to spread a message or build a business teaching economics etc? Just curious. I do find your explanations very clear and you seem pretty honest in what you're saying. I'm sure you could make a fortune in the financial sector if you haven't already.
That was an interesting comment about Soho “popping”. There was a Guardian article on 18th November about booming sales in luxury goods, comparing it to the “roaring twenties” age of decadence. (Entitled “We like anything with the Harrods name on it...”) A Hermès Birkin bag can cost up to £50,000. One young man mentioned in the article has 40 to 50 of them.
That boils my blood to hear. The rich really have no idea how hard it is to be poor and they don’t care! They won’t put their money back into the useful economy and that’s why they have to be taxed. And those taxes need to be spent properly. Cronyism needs to be eradicated!
It would be great if you could explain how societies have gone from unequal to more equal in the past. For example England was very unequal at the turn of 1900 but by 1950 it had become much more equal. Many things obviously happened in between. Is war an inevitable consequence of inequality? And does it lead to greater equality? If not, what are the reasons?
Millions and millions of people dieing in wars reduced the labour force and made it possible for survivors to build regulation free business, governments do that to rebuild the country then they start bracketing down the regs and trimming the fat of everything
Good call, I'm interested in understanding how the economy went to a more equal one after the war. What was the change that sparked it ?
Prof. Richard Wolff Democracy at Work and Monthly Economic Update has your answers.
ua-cam.com/video/bmogfHcLnV8/v-deo.html
This one talks about WW2 being so bad people demanded better: ua-cam.com/video/bmogfHcLnV8/v-deo.html
Me: inequality is a policy choice. It's the ruling class selecting the best economic options for the ruling class while not really being bothered about how it affects the common rabble. We can eat cake
Hi Gary,
I was wondering if you could give a couple of examples of how the gov transfers wealth to the already wealthy? Particularly during covid - was it just the ppe contracts?
Cheers
And for anyone interested in the "lack of financial stability" you might want to learn more about the term 'precarity' that describes the condition of living in conditions of economic uncertainty, which are on a wider societal level the result of worsening inequality.
Thank you, Gray, for explaining how inequality is bad for a society to function efficiently for everyone.
Thanks for the video Gary. Does inequality slow growth as consumption and therefore competition, innovation and efficiency gain reduces?
You don’t yet have the followers but to me you are a good human fighting for the bottom like RB and JP, thank you for what you do.
Its very straight forward and in the end its also bad for the rich and the government but that never stopped either from carrying on with a bad idea.
Fighting the good fight, very good explanation of the state of affairs in the UK.
Given the pertinence of the video but also the small size of the channel, would it be prudent to, in addition to posting new content, simply rerun the above content as the channel grows over time? (Hitting the nail on the head.)
Great video Gary, this completely explains the situation here in Sydney, Australia.
Education outweighs silver and gold. Number 2 one person’s spending is another person’s income. Number 3 the social contact is broken! How can we change that?🤔
So the truth is it is a myth that rich people create jobs😢Ordinary people have been mislead for centuries
It’s always been a myth, it’s demand that create jobs.
Remember reading Who Owns Britain by Kevin Cahill around 20 years ago and how unequal things were. Had also starting working as a Welfare Adviser just after significant council housing had been sold, not replenished and large waiting lists. Thought things were dire then
Most thought-provoking person on UA-cam.
I think an unequal economy is also a factor when considering the drop in birth rate...why would you have children if food is expensive, housing is unstable, having a healthy and happy lifestyle is harder to attain?
Well Geary I've always believed what you have to say. But I just watched Britain's most expensive homes. They stayed why do billionaires have mortgages, the answer is on a 5% mortgage they get 3% in there pocket.. this has to change.
I really hope your channel gets a lot more attention as what you're saying is so relevant right now.
What I like is that you don't rely on some sort of graphics heavy presentation - you focus on a message. At the same time you explain it so clearly.
I'd like to say you should get some mainstream media coverage. However, the cynical part of me thinks this won't happen because you'd be going to organisations owned by the rich and talking about wealth inequality! Would they really allow that?
Kind Sir, this video is very interesting, however you must increase your audio gain or the finalised video output volume, it is a bit on the quiet side for mobile devices (tablet, phone etc). Kind regards.
Will do. Thanks for the feedback
Do we have a problem of rent extraction? Investors using current assets for greater value extraction? Rather than riskier investment in R&D and new ideas? Love the videos Gary, thank-you.
Basically but then apply that to the whole economy. We've got a systematic procedure of wealth extraction out of the UK economic system. We've got lots of assets going back to before the industrail revolution which should make us a rich nation but because money isn't circulating this wealth/money pools with the already rich.
Rent is one example but another is the use of private contractors in our public services, the NHS or the Railway are currently understaffed and underpaid however in order to fill in these gaps contractors are used, this costs the taxpayer 4x as much mainly because the private companies attach large fees onto this labour because they know the NHS will pay £3000 a shift for one nurse. The contractor's staff gets paid twice as much and the private company filters out the rest.
The government can create circumstances that benefit the rich, like reducing a sector's manpower to introduce privately interested companies. The corrupt thing is these private companies take more out of the system than they put in. This is why cuts on cuts is a bad thing because while you save money short term by reducing the expenses of a nation you have to reinvest that money later down the line to make a system sustainable otherwise companies move in to exploit the issues the government has created.
Look at it simply if you sell your car you pay less, and you can live without a car. But inflation kicks in and now the bus costs more. You need a car again so either you've got to get a loan or make more cuts that if not used to buy a car will make you worse off in the long term. A car is an asset that generates income passively by enabling a person, health care and transport in a nation enables that nation to generate more by letting them keep productive however cuts on cuts, and over time these assets devalue due to their inability to perform because the government is not willing to take a loan to invest. Cuts are a short-term gain and the UK has had cut after cut after cut which each has created opportunities for the rich to fill in gaps by buying lots of UK assets and then make a profit. A profit year on year in a society that isn't getting richer means the companies are exploiting the others alittle more each year by raising prices and on the basis that those who need them are desperate enough to pay more and more each year.
This message resonates with me so much and I'm from Italy. This should be an international movement because the root of the problem comes from people who haven't much of a homeland. At any rate, their tentacles and the consequences of what they do are being suffered by ordinary people everywhere.
Great to hear that we're reaching people in other countries. This problem is growing everywhere, and the main problems - low wages outside the big cities, unaffordable housing in the big cities, are worsening all over the world. Hopefully we can push back internationally against it!
You think poltican will be less richer under communism bahaha
Gary knows he's selling us a dream
Thanks Gary. Great video. Spread, share, hit the like button.
Great video! Digital zooming is a bit distracting. Love your work Gary.
@GarysEconomics, interesting but hoping you can touch on the following questions....
1) What's happening Globally with weatlth inequality and across different regions? For example, is it increasing in the West and reducing in the East?
2) How do Soverign Wealth funds factor into the inequality discussion? Often they work with private equity funds..... for example in Norway, with it's huge SWF, does it have increasing inequality?
3) Why do you not advocate that the government simply increases the capital gains tax rate for high rate taxpayers to something like 25% in the UK?
thanks
This is a great video on the basic principles that makes up the matrix.
Another part is the money creation system.
The Bank of England Q1 2014 Quarterly Bulletin website two articles on “Money Creation in the Modern Economy” contain vital information that should shock you if you don’t already know this stuff.
Basically private commercial banks create 97% of the UK money supply out of nothing. Cash is 3%.
With time we owe more to the money creating sector and they get even richer.
Things get worse.
Empires and societies collapse due to this very thing.
So it goes.
Could you please create an economics course? I’d much rather learn from you than orthodox mainstream economists.
Short, sharp and ominous mate. Let's just hope there are some converts and that some more people's eyes are opened to what's actually going on! The sooner the better...
You're basically talking about "taking control of the means of production". The 'means of production' here being having a share in society's wealth.
But by reform of the tax system rather than actual revolution.
Good video btw.
Sadly, the trend to greater inequality is set to accelerate. In the '70s imported (OPEC-induced) inflation was mitigated by wage rises and a growing economy (yes, the economy did grow in the '70s); this time round real wages are falling and the economy is shrinking. This collapse in demand, combined with rocketing utility bills will lead to widespread bankruptcies and a fire sale of assets, along with mass repossessions, prime assets for the banks and hedge-funders waiting in the wings.
In 2005, Citigroup released the 'Plutonomy Report' explaining how, since the 70's, wealth had concentrated in the hands of a small percentage of plutocrats, how they saw this trend continuing, and how to exploit it.
The only possible clouds on the horizon were 'financial collapse' in the aftermath of the failure of LTCM (they didn't foresee how the 99% might be forced to bail out the 1% just three years later), or through the political process:
'Ultimately, the rise in income and wealth inequality to some extent is an economic disenfranchisement of the masses to the benefit of the few. However in democracies this is rarely tolerated forever.'
But with the acquiescence of the Labour Party to the 'dictates of the market', it looks like being tolerated for the foreseeable future under our FPTP system, with the hierarchies of both major parties sharing essentially the same ideology.
'So, Plutonomies exist, and explain much of the world's imbalances. There is no such thing as "The U.S. Consumer" or "UK Consumer", but rich and poor consumers in these countries, with different savings habits and different prospects. The rich are getting richer; they dominate spending. Their trend of getting richer looks unlikely to end anytime soon.'
October 2005
Hi Gary, why is it if I divide the UK House price index by the BoE's M2 index, I see property appears to have largely been flat since at least 1995? If you measure wealth as increasing your size of the economic pie, just HOLDING property has only served to freeze your value and hasn't given you a leg up at all. Would be interested to hear your thoughts, maybe I'm wrong, or maybe I'm right but thinking about it the wrong way?
Thank you, Gary.
Hi Gary, you spoke about the Bank of England being run by economists that can't predict what will happen in the Economy. It would be great if you could do a video on their priorities so that ordinary people can have a go at predicting their decisions and make good financial decisions accordingly
Hi Gary, great talk. Could you put some graphics up so we can take screenshots and share online please. Keep up the great work.
Thanks Gary. I've been sharing the shit out of your videos.
Thanks boss!
That was a bit of a revelation, I guess there is also as assets and property become more expensive the ability for labour to create collective owned companies drops as the capital required to buy the assets needed would mean it would be impossible to begin without an initial influx of capital
What policies could be adopted to stop the growth in this inequality. How can the uk get offshore wealth back into the uk.
Shut down Eton boys college
If this continues where the privileged rich few spend on luxuries while the majority are pushed into further poverty and disease hunger and homelessness spreads and the government doesn't address this, then there will be push back from the people. There will.
Let's hope so. I'm not too optimistic though. I fear it will be too late for a push back by the time are children are serfs and living hand to mouth
If history teaches anything, people will literally line up to be shot before they criticize their betters.
Just to clarify for my understanding.....In the Uk, 65% percent of homes are owner occupied and 16% is social housing on secure lifetime tenancies; 19% are owned by private landlords. So the Uk actually has one of the most equal and fair housing sectors on the planet, yes?
Exactly as I said in this week's video, the UK and Western Europe are very equal by international standards and are rapidly becoming much less equal.
@@garyseconomics If the private rental sector produces inequality; Labour don't like private landlords because they don't provide long term security for working people; Tories don't like private landlords either because home owners make Tory voters (Thatcher's home owning democracy vision); why don't either/both of these Parties just ban buy-to-let mortgages. Then, over time, that 19% would then flow back into the owner-occupier household group and everyones happy?
Omg it’s like the french never had a situation like that 😅
Great video Gary. Just an observation though.
Might be worth editing these because you did repeat yourself quite a lot. Just might make it a little easier to follow/ watch. Other than that, brilliant stuff mate. Keep it up.
The section on luxury spending rang true to me when applied to the car industry....manufacturers are literally chopping the budget cars off their product lineup. They run smaller margins so they are just chasing the higher income customers....the producers (and owners of said means) just decide not to cater for the wrong side of the economic coin.
Franchise own dealership there less dealership today because of government
If the super rich who own the means of production, need less staff ‘cos of tech/machinery, then that does blow the idea of workers sharing in the profits of the means of production out of the water. The next stage would surely be higher taxes on the super rich who own the means of production. The whole Keynes idea of working less, less stress, able to be more creative because of tech/machinery is just moot because the super rich just horde the wealth instead of fairly distributing it to the workers.
Good to see you with Brian Cox on how the other half live
Is that Keith from the Office doing the sound?? 😆
Now is easier than ever to make a few million. Online education, easy to set up at Ltd company in UK, easy to invest, easy to set up online business etc.
I'm old enough to remember when, 'passive income', was known as the , 'Social wage'. That is, public utilities & services were owned by the state and therefore could control prices to citizens, also, inexpensive publicly owned transport or subsidised. These assets & others were owned by us, (theoretically at least), and run to reduce working peoples outgoings. The sale of these to the private sector in the 80s onward, plus neo-liberal economics has destroyed that model to the benefit of the wealthy and the detriment of the working classes. so, if we are to remain in a capitalist economy the only solution is the socialising of these services to return the economy to a mixed model and reverse the wealth gap. that is, Democratic Socialism.
Gary, could you talk about the implications of fixing wealth inequality for capitalism? Is capitalism failing (I certainly hope so!) and what will the world look like without it? Can we reconcile your thesis of ending wealth inequality whilst preserving capitalism? Surely the pursuit of gain without any moral or social boundary (i.e. capitalism) cannot be reconciled with a wealth-equal society?
id like to see a video from Gary, purely on brexit, sometime
Great returning to basics, I suppose Gary purposefully does not name the one that shouldn't be named .
Amazing!
Gary great info, can u do a video or host if videos to help basic WC people make some money?
You make more money when you vote a party, that taxes you less that isn't left independent parties like green
Despite the increased concentration of population, the less wealthy portion will always be geographically sorted out from the rich center. This aids the emergence of illusions concerning whether the system is working or not.
Hi Gary. I really think you have such a potent voice and cut through A huge amount of mediocre and stale coverage of the economy in the mainstream media, so say this with a lot of love and respect with your work. I think to get a bit more momentum behind your channel I wonder if you would consider putting A bit more video production behind some of these topics? I like the tea on the sofa vibe but it can take quite a lot of effort to engage with such dense subjects for quite a long period without the aid of illustrative sequences and a narrative to follow. I think of channels like Philosophy Tube, shes got a talent for taking some really dense topics and making them really easy to engage with. You definitely have the same power of communication but perhaps a bit more production could help get things a bit more viral. Hope you don't mind the feedback, I really have deep respect for your message and the work you put into disseminating it.
On another note, Could you cover in a video how we have a situation where we have a situation of high employment and vacancies whilst having falling real term wages and living standards? Seems like a pretty stark example of the imbalance of power in our economy and seems contrary to some of the processes you describe in this video.
Jake.
I disagree. No need to up the production values and make it 'fun'. Just need a clear message that everyone understands. Adding bells and whistles is distracting and would alienate quite a lot of people
Serious question Gary is it true were heading towards a Brazilian economy?IE the middle gets squeezed and we have just very rich people and poor?Your explanation of things make sense to me.Does this make me weird?...
You mean communism the poltical class the only rich
Wage-Price Spiral - Hey Gary thank you for another great video from New Zealand. Any chance you could discuss the wage-price spiral? I suspect its used now as a con to try and convince the working class that they cannot have a pay rise in times of inflation.
Alright Gary! I get it. The debt and inflation spiral. Rich can get all the assets in the end. Fine! (not fine). WHAT CAN WE DO! SIMPLE TAXATION WON'T WORK. T GOV IS EVEN "AFRAID" TO DO THELAT TYPE OF TAXING
20.30 I like the sarcasm