@@henrikcarmel1 not all bankers are traders, but all traders are strictly speaking bankers. since banks are institutions/companies that handle your money for you.
Don't worry, those guys get paid so much because they are extremely smart and professional, best of the best, they would never put the economy at risk /s
@@olliec5564 he doesnt make money from giving advice to people , he makes millions from the work he's done and the investments he made .He doesn't sell anything to his audience
This is how change happens. Nobody is doing anything, and then suddenly it's acceptable for the government to tax the super-rich - But it's an awful lot more difficult with the billionaire-owned media poisoning old people's minds.
I like the simplistic nature of this dude. He comes from a poor background but he didn’t allow the sudden access of money and opulence to change him. Look at him, he’s wearing a black T-shirt with no jewelry…nothing flamboyant and he looks like any dude you would see on the street. He is a real one.
id be careful. his solution to these problems is more government, the first podcast i saw him on i later found out was funded by george soros. for someone with a 'radical' agenda he sure is finding main stream publicity easily
Great guy, clearly hyperintelligent, not only the mathematical ability but street smarts, ability to read people, adapt to games. Really impressive. Going to start watching his youtube videos now :)
That’s the conclusion that you come to all on your own with absolutely no evidence. Wild 🤪 You know, he could be just some random talking straight out of his balloon knot
The reality is not crazier, just more specific & would serve as evidence in a court.If you say all multinational corporations are evading taxes by pedaling profit offshore no one cares, because everyone knows it. But if you provide transactions (Panama papers), then suddenly you die in a car accident.
@@oscarinacan It’s true, did 7 years in the City in my 20s. Most people in banking are quite nerdish, introverted, work very long hours and rarely drink. A small number are cokeheads and boozehounds but it is not remotely the norm.
@permabear6025 I suppose it's a matter of perspective and experience. My Brother works in this position in commodities and the picture he paints is quite different to this. The most hilarious bit of insight I was given was "I never even met someone who was addicted to prostitutes before taking this job, now I can see at least 3 guys in my office like that at all times and that's just the ones we know about", a few fist fights in the office, some crazier stuff. But also I reckon that it is also more common to come across those introverted types that you mentioned than ever, as it's not quite as essential to fit in just to get somewhere as it used to be, being a nerd and being successful in your own way is a little more protected societally these days, and people who crap on that tend to be the ones who are shunned, I would imagine that extends to that sector so it's interesting to hear your perspective reflect that.
As an ex-trader that walked away from the world Gary is talking about, I completely agree with the madness and dodgy stuff mentioned or implied in this video. Also I just bought Gary’s book now that I know he’s written one.
It doesn't matter if this guy is trying to make himself look better or not, or who he personally is. The primary point that "nobody is trying to fix things" is the takeaway here. The entire world is run as an economic machine and that machine was constructed with no regard for "the collective good of the human species". The machine wasn't even designed to successfully perpetuate its own self past a certain point. Because the people building it didn't care what would happen after they got rich and died. Or they just assumed somebody would figure it out in the future.
Yep. It's actually an entirely rational point of view. My only disagreement with what you posted would be i don't think the designers cared if anyone figured it out in the future. I used to work as an accountant (certified) and now in psychiatry. I actually think we're living in the age of the psychopath. The documentary 'The Corporation' is very good on this. If a for profit corporation is an 'artificial person' in law what kind of person is it based on its behaviour (rhetorical question)? Also 'Snakes in Suits' is a great book on psychopaths in the work place (written by two experts in the field).
I hear this sentiment a lot however the economy not only keeps chugging along, it keeps growing. How do explain the fact that this economic system keeps working if it has so many flaws?
@@TheGbelcher that's a very broad question and statement. I'd say currently we're in a redistribution phase in the modern economies were growth isn't the primary concern of the policy makers. Gary's right on this. It's destroying the middle classes (the working classes went in the eighties) which is the primary concern. This idea of 3% growth in perpetuity is for the birds. We live on a finite planet. Technology can help but generally today the spirit of the age is about entrenchment of wealth. Not money. Wealth. Assets.
@@CYCHIATRIC A middle class person today eats better and has better access to information, recreation, education, fresh water, healthy food, medicine, and other health care than a steel or railroad tycoon at the turn of the century. The belief that life is getting worse for the average person over time is just patently false. There’s no data to support that sentiment at all. Every objective standard of living metric is improving in just about every country of the world (I.e., life expectancy, child mortality, food insecurity, literacy rates, academic achievement, etc…) with the exception of obesity, that’s headed the wrong direction. But IMHO, that’s the demographic that would be starving in the past and are now eating too much low quality food. Which is a huge improvement from not being able to afford enough sustenance to support life.
This is among THE BEST narrative I've watched so far. This guy, Gary Stevenson tells things as they are. No attempt to glorify himself, of `how smart' he was, but just an open, honest account. This video helps provide some insight into institutional trading desks and the people involved.
@@permabear6025 Yes Citi what reliable source, it's like asking North Korea if their defectors who managed to escape to China and South Korea are telling the truth about they've seen.
@@Pixiedust8399 Gary is using 1980s clichés for entertainment purposes. Most people in banking and finance in the modern era are not boozehounds or cokeheads. They’re introverted and work extremely long hours. Do you seriously think that investment bankers and quant traders are doing lines in the toilet and banging strippers in the office? You would be shocked at just how quiet the floor is…Sure there’s always a few dark horses but they are the extreme minority.
That exact comparison occurred to me, as well. I just hope people take his warning seriously and not just as entertainment, though it is a captivating story. Breaking Bad was a hit, but as compelling and realistic much of it was, neither it nor other media did much to slow or stop the opioid/drug crisis. At the end of the day, we still need more of informed people like Gary to make change happen - and to help others wherever and whenever possible, especially as inequality continues to increase.
watch a few of his videos he did not stay at the top of his game for long. he burnt out anyone who has been trading knows a few years is just luck. even hugh hendry lasted longer than he did and he even owns his own island. but at less hugh never claims to save the world or the middle class
Because it's all completely made up garbage that doesn't even make sense if you actually listen to it and break up the stupid things he says into smaller parts , it just doesn't make any sense at all . This guy is a fraud and the only thing he said that was true is in the first few minutes when he said that "coke heads talk a lot really fast and don't make any sense " he's the coke head talking absolute bullshit
I used to repair telecoms on a trading floor and every trader I met thought they were god. They were the all important thing. I left as soon as I could.
It's hilarious how he describes how people on coke talk a mile a minute, but are super boring because the reason I don't like coke is because the few times I tried it I would start talking a mile a minute for a few minutes, and then have a weird moment of clarity when I realized that everything I was super excited to talk about were almost objectively boring so I would just stop talking for the rest of the night😅
brilliant description, they think they are super smart and cool and really they are dumb and boring, that's what drugs do to people, make them real dumb
I used to work for a prop trading firm. Was highly paid for my age (26), but it was the worst environment ever. Got depressed and tried spending money as a coping mechanism but that didn't work. Left after a year and haven't looked back.
I was a trader for a bank that got ruined, I didn't lose anything, but I remember that the milkman wouldn't deliver milk to us because he was scared that he wouldn't be paid.
This interview just proves that it does not matter who is in power. Their interest are to them self and their mates. Nothing good is going to happen unless it helps their purses.
Nah, i prefer to believe that the government and mainstream news. We need a powerful politicians who promise me the most things, regardless of how unsound or unsustainable the policy is, and who can push the right emotional buttons.
I was a rates trader for Citi Bank between 2007-2011. Gary was never considered “Citi’s most profitable trader in the world.” He made that term up. The most he ever made on a trade was a few million and that’s average for a senior trader. I was there when Andrew Hall was given bonus check for 100M for his trade performance. Traders were calling him God. If I remember correctly, he made the bank around billion dollars. -In 2011,- Tom Hayes was highest earning trader for Citi Bank before he got convicted. Edit: Sorry guys, I got my timeline mixed up a bit. Tom Hayes was fired in late 2010 for fraud, but either way, Gary Stevenson wasn't recognized as a top performing trader in any period of time.
@@benprice3620 Would you rather believe one guy plugging a book, or the consensus of other people who worked in the same industry but didn’t even know each other?
Absolute gold. Part of why I have little respect for people who "dont believe in luck, it's all hard work" who grew up in wealthy/well-off families in good environments. And thats not from a position of envy, growing up upper middle class myself and attributing a lot of successes to equal parts luck and hard work.
not even luck but maturing Is revealing we've been sectioned off economically on purpose, thus it seems like luck but in reality as you stated your background is significant.
for real. I think about all the candidates that applied to the jobs I got, especially when I first started out in my career, and how I even ended up in the career I am now. There was a lot of chance and just random opportunities that helped me get to where I am now.
Top lad. My career ended abruptly after spending nearly 8 years in Big 4/corporate finance. I relate to him so much because towards the end, I burnout so hard that I'm still picking up pieces after I left my job in 2022. The only thing that I regretted the most was that I had to bring in my moral into the office.
@@cerberus1321 of course not. But you still get a glimps behind the curtain. You meet people that make millions a year, that are detached from reality. That only focus on profit. Not matter if its fundin terrorists, opiods etc.
@@Gold.Circle.Thats an interesting perspective. I thought he was intelligent as he had two degrees from the best universities in the country and he was successful in a global financial institution. What should I be considering that I am missing?
@@SABILI_VIDEO BBC shill. Marxist. Doesn't say anything other than tax the rich. This guy will not educate you on the fiat system and how money is printed
Smart people have simplistic ways of explaining complicated things to the barest minimum. There is no need to show flowery or technical jargons to impress. There is always a level of corkiness or nonchalance in their attitude that make it look easy until you try to do it.This guy is awesome
no he isnt.. you are not the sharpest knife if you really think one word of that is true. dude has not even basic understanding of math or finance. everytime he talks numbers its so damn obvious!
the basics are not complicated, big organizations need various financial services. many of these involve so huge cash flows (when aggregated together) that it makes sense to have a real time spot market for it. (pricing loans based on interbank rates which is basically set by the central bank. so Citi takes the loan on the interbank market and loans it out at a higher rate to a client. if it's in the future then there's a huuge risk premium, but based on bond prices he was able to give out rates that were almost sure to make money ... ) it sounds good (and complex) that he was predicting strength of economies ... and despite him betting on collapse ... he was working during the post-2009 boom, there was no collapse between 2010-2014 🤷 maybe he gives more details in his book
This guy joined the banking world the same time as me, when I joined Nomura as a trading grad, having interned at Lehman the summer it crashed. I didn't stay in the industry long but I can relate to what he said about management. Everyone in trading is in their own bubble, as are the management and they really aren't interested in knowing what anyone else is doing or managing their staff directly.
@@pb4012 interesting, thanks for the reply! Yeah it’s doing okay, IBD all the activity is in the green tech space. Rest of the business is quite cut down due to Brexit, lots moved to Germany. Office now has quite a few floors let out to other firms, very different from what it was like in 2018 for example.
His story at around the 12.00 mark is weird. I live in switzerland and the central bank didn't cut rates in 2010 at all, didn't make them negative till 2015, and they were never even close to - 4.5%. Pretty odd mistake to make when he's saying his job was to trade swiss interest rates for several years...
exactly I saw the crash of EURCHF when they cut interest rate even Alpari a broker in the UK went under I was a hobby trader back then like you said it was in 2015 and I remember that was being a milestone event another thing that rang a bell for me was if he was such a star trader I mean surely he can make a comfortable living trading his own money as a retail trader ? I mean if he can really trade what stops him from trading for himself instead of doing whatever he's doing to make an alright living ? I mean he's said he wants to achieve financial comfort and yet he refers to himself as a multimillionaire that's two contradicting words in a single sentence something seems a bit off here I don't know what.
people who grow up poor and actually make it out and get involved with these type of people and this type of money i think its hard to not look at the entire system and say its fucked.
I love this video. I worked on a commodities trading desk in the early 2000s. Nearly EVERYONE was from an Ivy league school, except for me. I realized very quickly it wasnt the lifestyle I wanted, or what I aspired to be. I made the decision to leave rather quickly and Im glad I did. Did I lose out on a ton of money? Possibly. But 20+ years later I gained (and kept) a lot of things that are more important to me.
I also worked in commodity futures back in the 80s and 90s. The swings were too unpredictable and wild. I wish I'd thought to go into equites. Dahhhh. Much easier. Just buy and hold and predict the crashes which are much easier to predict than those crazy commodity price swings.
28:50 "Actually, nobody's trying to fix it" yeah that's pretty accurate - work is so hyper specialized and so self absorbed that no one really has the big picture in mind anymore, not even the people who ironically should literally have the big picture as their job description (e.g politicians)
No, you should have big picture - if you want to see it. Politicians unfortunatelly need a very narrow picture on hot to get elected. I'm not really sure if I would like economy to be fixed... I've lived in economy that did not had open market already and it is worst possible "fix" and I can 't even care anymore, that Westerners are experienciing their cultural revolution and are ready to make a mass suicide through mass murder, because that fixing mindset is leading only to that. Unfortunatelly even this guy does not understand, that world does not need any fixing - it functions as expected, however poor needs to be fixed - and 99% of them don't want to understand that if they want to change their life they need to change their ways of thinking.
The Swiss National Bank (SNB) did not cut any interest rate to -4.5% around 2010 (when he was 23). The SNB introduced a negative interest rate of -0.75% on sight deposits in 2015 to prevent the Swiss franc from appreciating too much. While specific financial instruments or market conditions could theoretically lead to unusual interest rates, such as in repos or derivatives, a rate of -4.5% set by the SNB is highly unlikely and not documented. Generally, the SNB's policy rates have never reached such extreme levels. So I don't know if that's cap
He was holding a position where he simultaneously borrowed CHF and lent USD in a product known as an FX swap. In 26:24, he clearly explained that he was on the STIRT desk. A large part of STIRT involves market making and risk taking in FX swaps. On 20th January 2015, tom-next USDCHF FX implied yields did touch -4.25% ~ circa. (This is a 1-day interest rate starting tomorrow and ending the day after tomorrow) He is technically not wrong. However, the 3 month USDCHF FX implied yield (as a proxy reference to the 3-month CHF interest rate that SNB was targetting) was only -1.74% (which meant an FX-TOIS basis of -1.09% against ~ circa -0.75% against the SNB target rate) Also he mentioned trading trillions of T/N EUR, that was not completely wrong either. There was a campaign from the bank to win volume and often these trades go through at choice prices. Obviously, there's quite a good deal of sensationalism and story-telling involved, otherwise his book would not sell right? The spirit of what he narrated on the trading desk is generally true...
@@marble296He's the Jay Slater of economics, he's been called out before. The Swiss National Bank have never cut interest rates to -4.5%, when he mentioned the trillion dollar thing, he would have had to have been contributing 1/3 of the entire market flow
one of my best friends who worked the city said they changed phone handsets to the older ones for the reason that they stronger and would smash a screen for the traders satisfaction - during a bad event. the trader was then to "go outside for 30 mins and have a line of courage" and then get back in the game. in the 30 mins everything would be replaced like nothing happened.
@@martian8987 money talks. loosers go home. ive seen it. security with HR come, you are not allowed to touch a keyboard. your desk & drawers are emptied. whats yours you take home. you then get escorted outside. badge / pass removed. never allowed on premises again.
He's the Jay Slater of economics, he's been called out before. The Swiss National Bank have never cut interest rates to -4.5%, when he mentioned the trillion dollar thing, he would have had to have been contributing 1/3 of the entire market flow.
I spent about 6 years studying economics and money. Some of the stuff I discovered aligns perfectly with what he was saying at the end of the video about banks, governments and the media. Lots of people know the problems and not many people are actually trying to fix them. The conclusion I came to is that it's the money itself that's broken. When money is broken, the incentives are all wrong.
There's more money to be made from exploiting the holes and cracks that exist on the system than acting quickly to fix them. The people that know about or even create these cracks will only ever act in their best interests when the rewards are so huge.
@@lm_b5080 Money is much more than coins and notes in your wallet or bank account. Money is also set of rules that have become a system of control. Central banks and governments control the supply of money in a way that unevenly and unfairly distributes wealth to those in power and steals the purchasing power of everyone else. Not only does it widen the divide between rich and poor but it also gives governments the ability to do things they wouldn't otherwise be able to do like fund wars and bailout businesses that would otherwise not survive in a free market economy. The negative effects on society cannot be understated. Fixing the problems from within the existing system is not easy. First of all, they are not incentivized to fix something that's working as intended but even if they where it would be devastating to the economy. There's essentially 5 ways they could solve it... massively reducing spending, massively raising taxes, financial repression, expunging the debt or massively growing GDP. Most of these are not politically popular and would make everyone's lives miserable. The last is just not easy without some insane technological revolution. There are two other alternatives that might work. One peaceful and the other not so much. The first is building a parallel financial system outside the hands of governments and slowly adopting it. The second is another world war that resets the monetary system and creates a new world order much like happened at the end of WW2 (and I don't think anyone wants that).
@@naumanayub1348 This really is a bit more complex as you try to make it. But lets start first with money: its not broken, its a good idea. Before money, people would trade goods. They would trade five sheeps for a cow. Or maybe a tool for something to eat. Thats fine within your village. But when economies are growing beyond that, its hard to take your assetts with you that you want to sell in exchange for some other assetts. Thats where money comes into the game. Then there is people that critisize FIAT money. They want to go back to the "good old times" when the US Dollar was bonded to the gold standard. They forget that this wasnt a good idea. It led to the worst economic crisis we ever had. The great depression... With millions losing their homes, tens of thousands of suicides, and people starving on the streets, holding signs up that they will do any job as long as they get something to eat. Some people also try to blame the capitalistic system. As if the communistic theories ever worked! In fact, capitalism has also a few upsides. Like competition is good for technological advancements. Just an example. You could clearly see how far behind communist societies were in the 1990s after the iron curtain fell. There wasnt any competition at all. No incentive to be better or more productive. Even the Chinese realized that and gave way to a at least partially capitalistic approach. What really is to blame is neoliberalism. Its an economic theory. "If the rich and the big companies have a good time, the poor will also have a good time." Thats basically it. And with it comes privatization of state owned assetts (like rail or telecommunication or highways). With it comes more lobbiism. With it comes that the rich can do whatever they want. It reminds me of the late republic era of the Roman Empire. Unfortunately ALMOST every political party is neoliberal (has nothing to do what you Americans call "liberals" by the way).
And now contemplate over the fact, that these guys he described are one of the best paid individuals our society produces. While studies show that they are actually a net cost for society.
Fake money makes fake people who have fake careers. Who else is ridiculously high paid in society? Entertainers: people who make stupid little songs and dance around on video. Sports stars: people who bounce a ball on the ground.
The irony of understanding that society is heading to a dark place, knowing that very few people are listening and realising that the only thing worth your effort is making money off it to try and salvage yourself and the people you care about, then watching all those who wouldn't listen suffer and watching all those who knew and had the platform to warn and change things do nothing and profit themselves. It will never stop. We're on a cycle of cycles.
Oldest "everyone getting played" warning i ever saw: There is an egyptian pyramid mural showing 2 kings sending their armies against each other held up by peasants and behind 2 kings stand 2 greater figures that reach out shaking hands over the battlefield.
Such a smart guy. I loved this. So much truth. I also like that he decided to meet with himself, act on his values and isn't giving up. That's all we can do, our best.
Meanwhile I'm learning multiple trades, am currently a butcher and cannot afford a house or family of my own. I put food on people's table but I can't afford to put gas in my car working 55 hours a week. 25 of those hours per week are at a trade school which I am paying 25k to go to. Praying one of these skills pays off or back to learning something new.
@@tyrabjurman3584I’m not sure what “holding the risk” means. You lose 8 mil for a bank, you get fired? Are construction workers, or steel factory workers, also not “holding the risk” by putting their lives and livelihoods on the line for work?
I worked in trading at Citi in 2022. Environment is quite a bit different now, but still undertones of what Gary mentions. P&L is everything, and having that number floating above your head at all times truly corrupts
Back in the 1990s I was a programmer working for a consulting company. They wanted me to work on a consulting gig at an investment bank on Wall Street. I quit the company without having a job lined up rather than work in that type of environment with those sorts of people. No thank you very much. If I had done so, I might be significantly wealthier than I am today, but I would have lost my soul.
More than your soul, your will to live and humanity go along with it. Because the people who never had those things in the first place don't realize how they are pulling those qualities down for the rest of humanity.
I started at Chemical (later merged with chase/jpm) in the early 90's in London developing trading software. Had trips to Asia deploying my systems, and overall had a good time there with some good people and interesting times. Left after 4 years to go to a small market making firm, who wondered why someone from a large IB would want to go and work for them. But that was a good move, substantial pay boosts without even asking for them, and had a great time there too. After a while we were bought by Bear for our expertise with electronic markets, and it was back into the investment banks for a while before I quit. Was good fun, and on the tech side not too many egos to deal with thankfully, though a fair amount of incompetence at the IB.
You missed out. I spent 20 years working as a coder (and later a manager) at a string of investment banks. I met some incredibly bright people and had a great time.
“People are doing extra curricular through school, like founded junior United Nations, or some sh*t. I was trying to be a Grime Rapper. I was fu*ked, basically…” 😂
That Brad Pitt moment ‘Don’t celebrate!’ Priceless and then when asked why he helped he said ‘You wanted to get rich, now you’re rich!’ Simple and he’d left and was studying seeds and having a home farm plantation…
Worked in investment banking in the early 90s. By the time 2010’s came along most of the business was changed and gone away. I take a lot of what is said here with a pinch of salt.
And yet Another commenter who is also a big time bank trader says he can relate in every way what this man is saying when he used to trade in New York City
There are plenty of war veterans that fought battles that never happened. There are plenty of guys that claim sexual conquests that never happened. Never overlook the need for people to keep a story going. Freddy star never it the head off a hamster but a lot of people believe he did because popular culture decrees it so. I may ask about in regards to corroborate the most profitable fx trader- it’s a small world is the city of London.
"never done coca cola" but preceeds to touch his nose 400 times by minute 7 and now hes doing anything not to touch his nose by even scratching his eye because hes aware of what hes doing.
He's the Jay Slater of economics, he's been called out before. The Swiss National Bank have never cut interest rates to -4.5%, when he mentioned the trillion dollar thing, he would have had to have been contributing 1/3 of the entire market flow
This guy is amazing, working class background worked his extremely hard to become a trader in a world where a working class background usually means you are shut out of the finance world. Then he realized hard work is nonsense in our system, that it's a combination of luck and how willing you are to cheat other people, and then he started exploiting the systems flaws. He used his criticisms to become an extremely successful trader which is evidence that they are true criticisms, and now he spends his life exposing it to the rest of the people. Modern day Robin Hood without actual thieving. His existence as a fellow working class person is also such a great thing, because it dispels the notion that the working masses are too stupid to understand the financial system. Like no, we get it, we just don't benefit from it. And no, I dont care that he is selling a book, because it's a good book and also because he's allowed to make money off his story just like anyone.
People love this video for some reason. Realistically, everything Gary Stevenson says is very vague and general. I doesn't explain much about the market. It tells a little bit about Gary's work environment and lifestyle.
anyone who is good at making money would only do it for themselves and not work for others. These so called bankers are actually very good salesman, very presentable and come from rich background, and their work is to sell you products. Their money comes from commission, management fees etc, But not from the market.
Is there any proof he was one of the best traders?? I’ve seen about 4 interviews with him and a lot of his videos on his channel. He always mentions it, I feel like he wants to just be famous and give the illusion that he’s super smart.
I was a professional poker player and can relate to a lot of what Gary speaks about. My number was £1.5m and I quit in 2022. I've spent the last few years learning about markets and finance; good job too, otherwise even £1.5m wouldnt have been enough.
@@wardosravin - Retired at 58, 6-years ago, at 1m. Doubled that in 3-years...during the stock run up (DHR Danaher)...but fell back...now back up over 2m again. Used to laugh with brothers and friends...know how to become a multi-millionarie...retire LOL. 2m is plently for me...house paid off and am actually spending way less then I thought I would. Been able to live with savings in the bank these last 6-years and have paid no income taxes yet xD Go flying RC planes & helis almost everyday in the summer with the retired guys...what a blast :>) I drive a V8 97-Dodge Dakota that still runs great at 178K miles.
This was so good that I might pick up his book. I want to read more of him and his thoughts. that was really raw, really enthralling. The card game , loved it
Ive worked in sales for a privatejet company. same toxic colleagues and environment. changed the company after 4y to a smaller one and it's so much better
the way bro described cocainers is so spot on, it's SO EASY to spot one, but they don't realise it
Jim Cramer speaks and slurs like one.
did you spot that the bro is cracked up on coke too? he can't stop touching his nose and do things with his tongue and lips
@@inomooshekkiI noticed that he keeps touching his nose and face
2:28 "I've never taken cocaine in my life", then proceeds to constantly touch his nose for the rest of the interview 🤔
obviously it wasn't easy for him to spot at the time. He had no idea.
My ex boss was from the trade floor in 1990s. What Gary shared truly is a sanitised version!
Someone in the comments thinks it’s lies… but if you’re well read you know it’s all true really.
" I watched wolf of wallstreet one time "
@@ccvjd3909😂🤣
i wasn't a trader but the IT guy they all took their anger on ..... Gary's version is the PG13 version 😀
@@issiewizzie So what's the R18 version?
wow, i wonder how we are getting one financial crisis after another. the bankers seem like such reliable, down to earth, practical people.
😅😅
A trader is not a banker.
@@henrikcarmel1 not all bankers are traders, but all traders are strictly speaking bankers. since banks are institutions/companies that handle your money for you.
Don't worry, those guys get paid so much because they are extremely smart and professional, best of the best, they would never put the economy at risk /s
Traders are like professional gamblers I think. They are not bankers
that dude was legendary, the fact that he walked away from millions to help the middle class understand a collapsing society shows his integrity.
Don't get mislead
@@G-sr2bs why do you say that?
Lol he didn't walk away from millions. He made millions and continues to make a lot of money shilling 'advice' to ignorant people.
@@olliec5564 he doesnt make money from giving advice to people , he makes millions from the work he's done and the investments he made .He doesn't sell anything to his audience
His content isnt that good. Being a banker for a few years doesnt mean you understand macroeconomics.
"Nobody is doing anything" is the best quote on this video
Of course. You think you could get away with that? It is pretty surpring I must say. Anyway, just be a bit more careful next time
Odysseus strikes again!
29:48
It hit different when he said that
Nice quote but I’m also pretty confident part of the stories are bs
This is how change happens. Nobody is doing anything, and then suddenly it's acceptable for the government to tax the super-rich - But it's an awful lot more difficult with the billionaire-owned media poisoning old people's minds.
If he says he can't confirm that he signed a NDA, means he's signed a NDA and one of the clauses probably says he cant speak to a NDA.
Or he hasn’t and it sounds more impressive and mysterious to say he can’t confirm 😂
Lol u put that together all on your own big guy?! Unveil David blaines next trick for us
An NDA **
Wow you're a genius! It's almost like he practically told us at 38:39, all that was missing was a wink and a nod. Sherlock Holmes over here
You’re a very astute watcher of RUclips vids
"They founded the junior united nations" - caught me off guard, almost died choking on my coffee
As someone who went to LSE and founded a junior united nations (over 20 years ago) that hit close to home!
@@raphaelkorn8899 🤓🤓🤓🤓🤓
Nando's saved his career.
cheeeeky
😂
Saved a lot of brokers' money too
Chicky nandos is life
Love me a good peri peri chicken too..
I like the simplistic nature of this dude. He comes from a poor background but he didn’t allow the sudden access of money and opulence to change him. Look at him, he’s wearing a black T-shirt with no jewelry…nothing flamboyant and he looks like any dude you would see on the street. He is a real one.
id be careful. his solution to these problems is more government, the first podcast i saw him on i later found out was funded by george soros. for someone with a 'radical' agenda he sure is finding main stream publicity easily
Great guy, clearly hyperintelligent, not only the mathematical ability but street smarts, ability to read people, adapt to games. Really impressive. Going to start watching his youtube videos now :)
Traders always tended to have this simple look.
Is this comment section full of bots?
That’s the conclusion that you come to all on your own with absolutely no evidence. Wild 🤪
You know, he could be just some random talking straight out of his balloon knot
This is the easy stuff he is allowed to talked about. Reality is even more crazy
The reality is not crazier, just more specific & would serve as evidence in a court.If you say all multinational corporations are evading taxes by pedaling profit offshore no one cares, because everyone knows it. But if you provide transactions (Panama papers), then suddenly you die in a car accident.
Nonsense 😂 Industry has changed so much, many young people in finance have a salad for lunch and don’t even drink…
@@permabear6025 wow you should go on the road with jokes like that
@@oscarinacan It’s true, did 7 years in the City in my 20s. Most people in banking are quite nerdish, introverted, work very long hours and rarely drink. A small number are cokeheads and boozehounds but it is not remotely the norm.
@permabear6025 I suppose it's a matter of perspective and experience. My Brother works in this position in commodities and the picture he paints is quite different to this. The most hilarious bit of insight I was given was "I never even met someone who was addicted to prostitutes before taking this job, now I can see at least 3 guys in my office like that at all times and that's just the ones we know about", a few fist fights in the office, some crazier stuff. But also I reckon that it is also more common to come across those introverted types that you mentioned than ever, as it's not quite as essential to fit in just to get somewhere as it used to be, being a nerd and being successful in your own way is a little more protected societally these days, and people who crap on that tend to be the ones who are shunned, I would imagine that extends to that sector so it's interesting to hear your perspective reflect that.
As an ex-trader that walked away from the world Gary is talking about, I completely agree with the madness and dodgy stuff mentioned or implied in this video. Also I just bought Gary’s book now that I know he’s written one.
Is the book any good?
What is it called?
@@SPINERbg I really enjoyed it
The book is a rollercoaster 😊
Sure you were.
I'd never heard him say about his boss effectively threatening him/making his life difficult when he wanted to leave. Great interview
It doesn't matter if this guy is trying to make himself look better or not, or who he personally is. The primary point that "nobody is trying to fix things" is the takeaway here. The entire world is run as an economic machine and that machine was constructed with no regard for "the collective good of the human species". The machine wasn't even designed to successfully perpetuate its own self past a certain point. Because the people building it didn't care what would happen after they got rich and died. Or they just assumed somebody would figure it out in the future.
True. Theres a parallel with government entities.
Yep. It's actually an entirely rational point of view. My only disagreement with what you posted would be i don't think the designers cared if anyone figured it out in the future. I used to work as an accountant (certified) and now in psychiatry. I actually think we're living in the age of the psychopath. The documentary 'The Corporation' is very good on this. If a for profit corporation is an 'artificial person' in law what kind of person is it based on its behaviour (rhetorical question)? Also 'Snakes in Suits' is a great book on psychopaths in the work place (written by two experts in the field).
I hear this sentiment a lot however the economy not only keeps chugging along, it keeps growing.
How do explain the fact that this economic system keeps working if it has so many flaws?
@@TheGbelcher that's a very broad question and statement. I'd say currently we're in a redistribution phase in the modern economies were growth isn't the primary concern of the policy makers. Gary's right on this. It's destroying the middle classes (the working classes went in the eighties) which is the primary concern.
This idea of 3% growth in perpetuity is for the birds. We live on a finite planet. Technology can help but generally today the spirit of the age is about entrenchment of wealth. Not money. Wealth. Assets.
@@CYCHIATRIC A middle class person today eats better and has better access to information, recreation, education, fresh water, healthy food, medicine, and other health care than a steel or railroad tycoon at the turn of the century.
The belief that life is getting worse for the average person over time is just patently false. There’s no data to support that sentiment at all.
Every objective standard of living metric is improving in just about every country of the world (I.e., life expectancy, child mortality, food insecurity, literacy rates, academic achievement, etc…) with the exception of obesity, that’s headed the wrong direction. But IMHO, that’s the demographic that would be starving in the past and are now eating too much low quality food. Which is a huge improvement from not being able to afford enough sustenance to support life.
I feel like I'm at an after party at 4AM listening to this guy while he talks non-stop.
Pass the mirror...
For fking real. Dude said absolutely NOTHING
What he’s saying Sounds like bs
Yah in the first 3min he describes himself and all he says after that is complete and utter bullshit
@@user-qh6vz6cx8n Did you even listen?
Truly down to earth, not disconnevted, as he understands what It Is to struggle coming from poverty 🙏
This is among THE BEST narrative I've watched so far. This guy, Gary Stevenson tells things as they are. No attempt to glorify himself, of `how smart' he was, but just an open, honest account. This video helps provide some insight into institutional trading desks and the people involved.
The video is unwatchable with all the beeps. It's giving me tinnitus! It's 2024 and they're still using a 1KHz sine wave to censor swear words 🤦🏻
It’s mostly BS, others at Citi confirm this.
@@permabear6025 Yes Citi what reliable source, it's like asking North Korea if their defectors who managed to escape to China and South Korea are telling the truth about they've seen.
@@permabear6025citation needed
@@Pixiedust8399 Gary is using 1980s clichés for entertainment purposes. Most people in banking and finance in the modern era are not boozehounds or cokeheads. They’re introverted and work extremely long hours. Do you seriously think that investment bankers and quant traders are doing lines in the toilet and banging strippers in the office? You would be shocked at just how quiet the floor is…Sure there’s always a few dark horses but they are the extreme minority.
this guy has that Jesse Pinkman of Breaking Bad vibes but he's British and managed to get out when things started to burn down.
That exact comparison occurred to me, as well. I just hope people take his warning seriously and not just as entertainment, though it is a captivating story.
Breaking Bad was a hit, but as compelling and realistic much of it was, neither it nor other media did much to slow or stop the opioid/drug crisis.
At the end of the day, we still need more of informed people like Gary to make change happen - and to help others wherever and whenever possible, especially as inequality continues to increase.
If he's Jesse Pinkman, he got out right after Gus being killed.
Hmm yes managed to get out of a posh yearly salary (with or without bonuses) thats only increasingly difficult to get into... so lucky
watch a few of his videos he did not stay at the top of his game for long.
he burnt out anyone who has been trading knows a few years is just luck.
even hugh hendry lasted longer than he did and he even owns his own island.
but at less hugh never claims to save the world or the middle class
@@sko1beer oh yeah its pretty obvious.. and the whole saviour thing is amazing 2bhonest
I dont think I learned a single thing about how anything works from this video.
Yes you did.
Rich people require drugs
People who trade are degens
The difference between you and them is not one of skill
So, you just learnt how it works.
Because it's all completely made up garbage that doesn't even make sense if you actually listen to it and break up the stupid things he says into smaller parts , it just doesn't make any sense at all .
This guy is a fraud and the only thing he said that was true is in the first few minutes when he said that "coke heads talk a lot really fast and don't make any sense " he's the coke head talking absolute bullshit
You can't blame anyone but yourself for that.
Cocaine basically
I used to repair telecoms on a trading floor and every trader I met thought they were god. They were the all important thing. I left as soon as I could.
😂
yeah that sounds like high functioning coke addicts alright lol
Don’t blame you. Nothing worse than narcissists anywhere near you.
@@markmcnicholas9475 coked out narcissists is nightmarish
edit: are
must be nice to trade with an unlimited budget.... that ego is what destroys day traders
This could have been easily put in your "How Crime Works" series
I thought it was until I read your comment
People are worried about retail theft but Equifax stole your personal data and barely had to pay when they were fined in court several years ago.
Sounds like an easy way to get sued.
My thoughts exactly
Impressive. Very nice. Now I need to return some video tapes
Based comment.
It's hilarious how he describes how people on coke talk a mile a minute, but are super boring because the reason I don't like coke is because the few times I tried it I would start talking a mile a minute for a few minutes, and then have a weird moment of clarity when I realized that everything I was super excited to talk about were almost objectively boring so I would just stop talking for the rest of the night😅
You're on coke again now aren't you? Did you read the crap you wrote?
brilliant description, they think they are super smart and cool and really they are dumb and boring, that's what drugs do to people, make them real dumb
so you don't like cocaine because you realized you were boring?
@@royce9018😂😂😂😂
@@royce9018 I was wondering how long it would be before a cokehead chimes in
I used to work for a prop trading firm. Was highly paid for my age (26), but it was the worst environment ever. Got depressed and tried spending money as a coping mechanism but that didn't work. Left after a year and haven't looked back.
Which prop firm? Very curious. I am in this boat 28 years old
Wise move. Nothing is more important that your health.
Which firm?
why not just trade from home in the first place and build yourself?
Do you feel better with less money?
I was a trader for a bank that got ruined, I didn't lose anything, but I remember that the milkman wouldn't deliver milk to us because he was scared that he wouldn't be paid.
This interview just proves that it does not matter who is in power. Their interest are to them self and their mates. Nothing good is going to happen unless it helps their purses.
Get off the pedestal bud.
If believed a word this man said you aren't very good at reading people.
Nah, i prefer to believe that the government and mainstream news. We need a powerful politicians who promise me the most things, regardless of how unsound or unsustainable the policy is, and who can push the right emotional buttons.
For sure, but its simply human tribal nature. I'm sure we all act the same way when it comes to our friends and family
Very good you discovered human nature
Great video. And a lesson in how to say, "I signed an NDA", without actually saying it!
I mean, he did literally say "what I'm allowed to tell you (or say)," so...
@@jonosay854 okay congratulations on proving that he didn't say "I signed an NDA?"
@@TStizzle19 quiet you
Imma use that
but did he sign a non disparagement
I was a rates trader for Citi Bank between 2007-2011.
Gary was never considered “Citi’s most profitable trader in the world.” He made that term up. The most he ever made on a trade was a few million and that’s average for a senior trader.
I was there when Andrew Hall was given bonus check for 100M for his trade performance. Traders were calling him God. If I remember correctly, he made the bank around billion dollars.
-In 2011,- Tom Hayes was highest earning trader for Citi Bank before he got convicted.
Edit:
Sorry guys, I got my timeline mixed up a bit. Tom Hayes was fired in late 2010 for fraud, but either way, Gary Stevenson wasn't recognized as a top performing trader in any period of time.
Exactly brother
Gary is a Walter Mitty, amazing how many people just lap up what he says. It is 90% BS.
@@permabear6025 Yup. I don’t know why he has to lie. Maybe to sell his books of him repeating himself over and over again.
Translation: I still work for Citi Bank and I'm employed to try and defame, Gary.
@@benprice3620 Would you rather believe one guy plugging a book, or the consensus of other people who worked in the same industry but didn’t even know each other?
He's exactly my age. In 2010, i was backpacking through Thailand while he got a 400k bonus. Lol.
You probably had more fun tbf
@garyseconomics but it's good you quit and you now can have fun while you already made a ton of money mate
@garyseconomics Haha, probably so, yes.
I was 30 and just figuring out life. It's crazy how young he was when he was doing this!
Well you both were doing something the vast majority of people on earth cant do so 🤷♂️
Absolute gold. Part of why I have little respect for people who "dont believe in luck, it's all hard work" who grew up in wealthy/well-off families in good environments.
And thats not from a position of envy, growing up upper middle class myself and attributing a lot of successes to equal parts luck and hard work.
meritocracy is a lie
not even luck but maturing Is revealing we've been sectioned off economically on purpose, thus it seems like luck but in reality as you stated your background is significant.
@@bopsap.gammazape meritocracy is a lie
for real. I think about all the candidates that applied to the jobs I got, especially when I first started out in my career, and how I even ended up in the career I am now. There was a lot of chance and just random opportunities that helped me get to where I am now.
A person with all the luck who does no work still gets nothing. Pointing at the rare children of billionaires doesn't change that fact.
Top lad. My career ended abruptly after spending nearly 8 years in Big 4/corporate finance. I relate to him so much because towards the end, I burnout so hard that I'm still picking up pieces after I left my job in 2022. The only thing that I regretted the most was that I had to bring in my moral into the office.
Big 4 corporate finance isn't even close to a trillion dollar a day trader
@@cerberus1321 of course not. But you still get a glimps behind the curtain. You meet people that make millions a year, that are detached from reality. That only focus on profit. Not matter if its fundin terrorists, opiods etc.
@@cerberus1321 just let him vent mate
man, more of this guy. he's got such a unique perspective.
You are clueless if you think he is intelligent
@@Gold.Circle.a unique perspective may be more valuable than mere intelligence
@@Gold.Circle.Thats an interesting perspective. I thought he was intelligent as he had two degrees from the best universities in the country and he was successful in a global financial institution. What should I be considering that I am missing?
He has had a youtube channel for years: Garys Economics
@@SABILI_VIDEO BBC shill. Marxist. Doesn't say anything other than tax the rich. This guy will not educate you on the fiat system and how money is printed
He's so intelligent to explain such complicated industry / world so easily understandable in a very entertaining and honest way!! Loved it.
Smart people have simplistic ways of explaining complicated things to the barest minimum. There is no need to show flowery or technical jargons to impress. There is always a level of corkiness or nonchalance in their attitude that make it look easy until you try to do it.This guy is awesome
no he isnt.. you are not the sharpest knife if you really think one word of that is true. dude has not even basic understanding of math or finance. everytime he talks numbers its so damn obvious!
the basics are not complicated, big organizations need various financial services. many of these involve so huge cash flows (when aggregated together) that it makes sense to have a real time spot market for it. (pricing loans based on interbank rates which is basically set by the central bank. so Citi takes the loan on the interbank market and loans it out at a higher rate to a client. if it's in the future then there's a huuge risk premium, but based on bond prices he was able to give out rates that were almost sure to make money ... )
it sounds good (and complex) that he was predicting strength of economies ... and despite him betting on collapse ... he was working during the post-2009 boom, there was no collapse between 2010-2014 🤷
maybe he gives more details in his book
“unfortunately I cannot say, if I signed a NDA or not” is the best way to say, that you've signed a NDA.
Yo this nashing and growling his teeth story had me floored 😂😂😂😂
I dont see why would you prefer apple cider over vegetables since the properties are like what was described here
One of the most visceral re-enactments I've seen. Like the old Aussie man in an interview about some dogs who came bounding over.
Gary having to deal with these coke heads… aw man I would’ve had the same reaction as him during his co workers crash out😹
Demon possession
Gnashing*
This guy joined the banking world the same time as me, when I joined Nomura as a trading grad, having interned at Lehman the summer it crashed. I didn't stay in the industry long but I can relate to what he said about management. Everyone in trading is in their own bubble, as are the management and they really aren't interested in knowing what anyone else is doing or managing their staff directly.
in the real world no one really cares what anyone else is doing?
where did you go after Nomura, i still work there
"To many chief's and not enough indians"...
@@TheBenchPressMan changed industries completely. Probably a regret of mine to be honest…. How is it there these days?
@@pb4012 interesting, thanks for the reply! Yeah it’s doing okay, IBD all the activity is in the green tech space. Rest of the business is quite cut down due to Brexit, lots moved to Germany. Office now has quite a few floors let out to other firms, very different from what it was like in 2018 for example.
His story at around the 12.00 mark is weird. I live in switzerland and the central bank didn't cut rates in 2010 at all, didn't make them negative till 2015, and they were never even close to - 4.5%. Pretty odd mistake to make when he's saying his job was to trade swiss interest rates for several years...
He's a fraud
exactly I saw the crash of EURCHF when they cut interest rate even Alpari a broker in the UK went under I was a hobby trader back then like you said it was in 2015 and I remember that was being a milestone event another thing that rang a bell for me was if he was such a star trader I mean surely he can make a comfortable living trading his own money as a retail trader ? I mean if he can really trade what stops him from trading for himself instead of doing whatever he's doing to make an alright living ? I mean he's said he wants to achieve financial comfort and yet he refers to himself as a multimillionaire that's two contradicting words in a single sentence something seems a bit off here I don't know what.
I work at a trading floor and this is so spot on. Listening to it from someone else is kind of revealing.
bullshit. No way you work on a trading floor
@@stanvanillo9831why is it bullshit? I do as well.
No you didn't
people who grow up poor and actually make it out and get involved with these type of people and this type of money i think its hard to not look at the entire system and say its fucked.
especially when you see the inefficiency of it all
I think it's more the lack of limits and greed. As he said they can get away with a lot of things. No concept of take a little, give a little.
Correct.
My little brother and the fraternity made it to Wall Street. He said he was making about $600,000 at 29 years old. Now he is a truck driver.
I love this video. I worked on a commodities trading desk in the early 2000s. Nearly EVERYONE was from an Ivy league school, except for me. I realized very quickly it wasnt the lifestyle I wanted, or what I aspired to be. I made the decision to leave rather quickly and Im glad I did. Did I lose out on a ton of money? Possibly. But 20+ years later I gained (and kept) a lot of things that are more important to me.
Could you not cut the mustard? Bottom of the P&L sheet?
@@R_W103some mustard isn’t worth cutting.
I also worked in commodity futures back in the 80s and 90s. The swings were too unpredictable and wild. I wish I'd thought to go into equites. Dahhhh. Much easier. Just buy and hold and predict the crashes which are much easier to predict than those crazy commodity price swings.
@@R_W103 100% in the real world if you can cut the mustard you can from the bedroom in your undies.
so my money is on he couldnt cut the mustard😂
What do you do now?
28:50 "Actually, nobody's trying to fix it" yeah that's pretty accurate - work is so hyper specialized and so self absorbed that no one really has the big picture in mind anymore, not even the people who ironically should literally have the big picture as their job description (e.g politicians)
Politicians are usually either bought, blocked or silenced
No, you should have big picture - if you want to see it. Politicians unfortunatelly need a very narrow picture on hot to get elected.
I'm not really sure if I would like economy to be fixed... I've lived in economy that did not had open market already and it is worst possible "fix" and I can 't even care anymore, that Westerners are experienciing their cultural revolution and are ready to make a mass suicide through mass murder, because that fixing mindset is leading only to that.
Unfortunatelly even this guy does not understand, that world does not need any fixing - it functions as expected, however poor needs to be fixed - and 99% of them don't want to understand that if they want to change their life they need to change their ways of thinking.
The Swiss National Bank (SNB) did not cut any interest rate to -4.5% around 2010 (when he was 23). The SNB introduced a negative interest rate of -0.75% on sight deposits in 2015 to prevent the Swiss franc from appreciating too much. While specific financial instruments or market conditions could theoretically lead to unusual interest rates, such as in repos or derivatives, a rate of -4.5% set by the SNB is highly unlikely and not documented. Generally, the SNB's policy rates have never reached such extreme levels. So I don't know if that's cap
He was holding a position where he simultaneously borrowed CHF and lent USD in a product known as an FX swap. In 26:24, he clearly explained that he was on the STIRT desk. A large part of STIRT involves market making and risk taking in FX swaps.
On 20th January 2015, tom-next USDCHF FX implied yields did touch -4.25% ~ circa. (This is a 1-day interest rate starting tomorrow and ending the day after tomorrow)
He is technically not wrong. However, the 3 month USDCHF FX implied yield (as a proxy reference to the 3-month CHF interest rate that SNB was targetting) was only -1.74% (which meant an FX-TOIS basis of -1.09% against ~ circa -0.75% against the SNB target rate)
Also he mentioned trading trillions of T/N EUR, that was not completely wrong either. There was a campaign from the bank to win volume and often these trades go through at choice prices.
Obviously, there's quite a good deal of sensationalism and story-telling involved, otherwise his book would not sell right?
The spirit of what he narrated on the trading desk is generally true...
I don’t know why I’m watching but this is amazing. It’s so interesting. I’m so glad I clicked it.
He has a RUclips channel. Gary's economics
Hey, do you trade forex?
@@marble296He's the Jay Slater of economics, he's been called out before. The Swiss National Bank have never cut interest rates to -4.5%, when he mentioned the trillion dollar thing, he would have had to have been contributing 1/3 of the entire market flow
one of my best friends who worked the city said they changed phone handsets to the older ones for the reason that they stronger and would smash a screen for the traders satisfaction - during a bad event. the trader was then to "go outside for 30 mins and have a line of courage" and then get back in the game. in the 30 mins everything would be replaced like nothing happened.
So someone enabled their bad habits?! Truly finance (as an industry) is fucked on every level.
@@martian8987 money talks. loosers go home. ive seen it. security with HR come, you are not allowed to touch a keyboard. your desk & drawers are emptied. whats yours you take home. you then get escorted outside. badge / pass removed. never allowed on premises again.
I love how this video just confirmed all my opinions on traders.
One of the best interviews of Gary I’ve seen
He’s a grifter
this guy is so real, love how he spits out the truth about the world of trading/ money/ power etc - thank you gary!
he's not really and it's not truthful
This was beyond brilliant. This brilliant young man's conscience eventually brought him out from being "stuck in skyscrapers". Amazing watch.
Love Gary. He knows the score; inequality is the problem. His book is great!
Thats a cycle. Poor political management. Traders trade on the basis that they are smarter and quicker and less narcissistic than politicians
He’s a grifter
nothing is going to change 😁
What's the book?
@@NoName-vy8vuShhh
I’m gonna tell you only what I’m authorized to tell you
“We were all doing cocaine” 😂
Gary's Economics is the best channel on RUclips
He's the Jay Slater of economics, he's been called out before. The Swiss National Bank have never cut interest rates to -4.5%, when he mentioned the trillion dollar thing, he would have had to have been contributing 1/3 of the entire market flow.
@@markbenjamin1703what are you talking about??
I spent about 6 years studying economics and money. Some of the stuff I discovered aligns perfectly with what he was saying at the end of the video about banks, governments and the media. Lots of people know the problems and not many people are actually trying to fix them.
The conclusion I came to is that it's the money itself that's broken. When money is broken, the incentives are all wrong.
There's more money to be made from exploiting the holes and cracks that exist on the system than acting quickly to fix them. The people that know about or even create these cracks will only ever act in their best interests when the rewards are so huge.
what do you mean "money is broken" ?
and how would you say a good government would be able to fix / control this?
@@lm_b5080 Money is much more than coins and notes in your wallet or bank account. Money is also set of rules that have become a system of control. Central banks and governments control the supply of money in a way that unevenly and unfairly distributes wealth to those in power and steals the purchasing power of everyone else. Not only does it widen the divide between rich and poor but it also gives governments the ability to do things they wouldn't otherwise be able to do like fund wars and bailout businesses that would otherwise not survive in a free market economy. The negative effects on society cannot be understated.
Fixing the problems from within the existing system is not easy. First of all, they are not incentivized to fix something that's working as intended but even if they where it would be devastating to the economy. There's essentially 5 ways they could solve it... massively reducing spending, massively raising taxes, financial repression, expunging the debt or massively growing GDP. Most of these are not politically popular and would make everyone's lives miserable. The last is just not easy without some insane technological revolution.
There are two other alternatives that might work. One peaceful and the other not so much. The first is building a parallel financial system outside the hands of governments and slowly adopting it. The second is another world war that resets the monetary system and creates a new world order much like happened at the end of WW2 (and I don't think anyone wants that).
Paper money is printable, that's why it is broken.
@@naumanayub1348 This really is a bit more complex as you try to make it. But lets start first with money: its not broken, its a good idea. Before money, people would trade goods. They would trade five sheeps for a cow. Or maybe a tool for something to eat. Thats fine within your village. But when economies are growing beyond that, its hard to take your assetts with you that you want to sell in exchange for some other assetts. Thats where money comes into the game.
Then there is people that critisize FIAT money. They want to go back to the "good old times" when the US Dollar was bonded to the gold standard. They forget that this wasnt a good idea. It led to the worst economic crisis we ever had. The great depression... With millions losing their homes, tens of thousands of suicides, and people starving on the streets, holding signs up that they will do any job as long as they get something to eat.
Some people also try to blame the capitalistic system. As if the communistic theories ever worked! In fact, capitalism has also a few upsides. Like competition is good for technological advancements. Just an example. You could clearly see how far behind communist societies were in the 1990s after the iron curtain fell. There wasnt any competition at all. No incentive to be better or more productive.
Even the Chinese realized that and gave way to a at least partially capitalistic approach.
What really is to blame is neoliberalism. Its an economic theory. "If the rich and the big companies have a good time, the poor will also have a good time." Thats basically it. And with it comes privatization of state owned assetts (like rail or telecommunication or highways). With it comes more lobbiism. With it comes that the rich can do whatever they want. It reminds me of the late republic era of the Roman Empire.
Unfortunately ALMOST every political party is neoliberal (has nothing to do what you Americans call "liberals" by the way).
And now contemplate over the fact, that these guys he described are one of the best paid individuals our society produces. While studies show that they are actually a net cost for society.
and the government bails their crazy asses out every few years
Fake money makes fake people who have fake careers. Who else is ridiculously high paid in society? Entertainers: people who make stupid little songs and dance around on video. Sports stars: people who bounce a ball on the ground.
@@gorkyd7912you sound bitter 😂
you sound stupid
Impressed by Nexo’s user experience so far. The interface is sleek and straightforward.
The irony of understanding that society is heading to a dark place, knowing that very few people are listening and realising that the only thing worth your effort is making money off it to try and salvage yourself and the people you care about, then watching all those who wouldn't listen suffer and watching all those who knew and had the platform to warn and change things do nothing and profit themselves.
It will never stop. We're on a cycle of cycles.
That’s how I feel about AI and AGI
But he was that and thought about it and is trying to make a difference. His videos are enlightening.
@@Google_Does_Evil_Now This vidoes is interesting learning about his experiences. IMO he's wrong with his ideas on inequality.
🍓
Oldest "everyone getting played" warning i ever saw: There is an egyptian pyramid mural showing 2 kings sending their armies against each other held up by peasants and behind 2 kings stand 2 greater figures that reach out shaking hands over the battlefield.
Most of these youtube interviews are straight up vanity profiles. THIS dude is real AF.
not really
@@xx765 Yah? Got an ax to grind?
He’s a grifter. His story stinks
no he really isnt he's a grifter over hyping whats a bank trader does... he's acting like he's a hedge fund guy
@@NoName-vy8vuif he’s a grifter, what’s he selling?
The cocaine nose touching throughout the video was very obvious 😂 but very good info overall 🎉
Massive tell
Can't blame him really
Yes he is definitely on it like a car bonnet
May not be , some people have tiks like that
His book is great, I'd highly recommend it.
What’s the name of the book?
The trading game
What's his name?
@@mr.j410 Gary Stevenson
The book is The Trading Game by Gary Stephenson, and it's excellent. The audiobook is also excellent.
As a former coke dealer to guys like this: yeah.
👮♂️
They watchin'
Such a smart guy. I loved this. So much truth. I also like that he decided to meet with himself, act on his values and isn't giving up. That's all we can do, our best.
Gary for PM, we need somebody with integrity as well as brains leading the country!
Dude is very sharp with numbers. Damn.
He would be smeared by the corporations that own the the world in one second. All politicians are puppets
you stick him on a poker table with hugh hendry warren buffet and michael burry watch him walk away with nothing 😂
What a great interview - feels like something I'd see back on Vice in the day - good job producers and Gary!
I'm pretty sure it's just him in an empty room, pretending to talk to an off-screen "interviewer"
I like how to described how he signed an nda without saying he signed an nda. Guy is smooth with it
Amazing story. Morality makes a difference. Gary is one of the bright lights leading the way forward.
Just remember, bankers are making this money and living this lifestyle while not actually doing anything productive for society
Meanwhile I'm learning multiple trades, am currently a butcher and cannot afford a house or family of my own. I put food on people's table but I can't afford to put gas in my car working 55 hours a week. 25 of those hours per week are at a trade school which I am paying 25k to go to. Praying one of these skills pays off or back to learning something new.
As he said - they are holding the risk.
@@tyrabjurman3584I’m not sure what “holding the risk” means. You lose 8 mil for a bank, you get fired? Are construction workers, or steel factory workers, also not “holding the risk” by putting their lives and livelihoods on the line for work?
@@tyrabjurman3584 Remind me how 'holding the risk' worked out in 2008...
This ☝️
Best Nando's advert, if they don't offer him a sponsor they are sleeping at the wheel
I worked in trading at Citi in 2022. Environment is quite a bit different now, but still undertones of what Gary mentions. P&L is everything, and having that number floating above your head at all times truly corrupts
Dude, that caption is wild.❤🔥❤🔥❤🔥❤🔥❤🔥
as a 18 year old foreign exchange trader this video is so cool, to get a good idea what it was like back then :)
Back in the 1990s I was a programmer working for a consulting company. They wanted me to work on a consulting gig at an investment bank on Wall Street. I quit the company without having a job lined up rather than work in that type of environment with those sorts of people. No thank you very much. If I had done so, I might be significantly wealthier than I am today, but I would have lost my soul.
More than your soul, your will to live and humanity go along with it.
Because the people who never had those things in the first place don't realize how they are pulling those qualities down for the rest of humanity.
I started at Chemical (later merged with chase/jpm) in the early 90's in London developing trading software. Had trips to Asia deploying my systems, and overall had a good time there with some good people and interesting times. Left after 4 years to go to a small market making firm, who wondered why someone from a large IB would want to go and work for them. But that was a good move, substantial pay boosts without even asking for them, and had a great time there too. After a while we were bought by Bear for our expertise with electronic markets, and it was back into the investment banks for a while before I quit. Was good fun, and on the tech side not too many egos to deal with thankfully, though a fair amount of incompetence at the IB.
lol, so your entire story is that you lost your job... cool story bro
You missed out. I spent 20 years working as a coder (and later a manager) at a string of investment banks. I met some incredibly bright people and had a great time.
Gary *pleaaaase* keep going, love what you’re doing, the more people literate the better
Dudes a legend in his own mind
“People are doing extra curricular through school, like founded junior United Nations, or some sh*t. I was trying to be a Grime Rapper. I was fu*ked, basically…” 😂
Guy went to a selective London Grammar School.
Great to see Gary Stevenson getting out there
He's wise to remain highly visible to the public. I can imagine he's pissed off a few people.
Nearly flicked on to another video of someone familiar, glad I watched this one. Legend!!
That Brad Pitt moment ‘Don’t celebrate!’ Priceless and then when asked why he helped he said ‘You wanted to get rich, now you’re rich!’ Simple and he’d left and was studying seeds and having a home farm plantation…
Love listening to this brudda - he’s just too real!
Going through something similiar right now. It´s good to see the perspectives of someone with a similiar mindset and background. Thanks!
Are you a banker?
You are a trader?
Worked in investment banking in the early 90s. By the time 2010’s came along most of the business was changed and gone away. I take a lot of what is said here with a pinch of salt.
And yet Another commenter who is also a big time bank trader says he can relate in every way what this man is saying when he used to trade in New York City
Guy says he never did cocaine yet touches his nose every time he talks about it lmao
There are plenty of war veterans that fought battles that never happened. There are plenty of guys that claim sexual conquests that never happened.
Never overlook the need for people to keep a story going.
Freddy star never it the head off a hamster but a lot of people believe he did because popular culture decrees it so.
I may ask about in regards to corroborate the most profitable fx trader- it’s a small world is the city of London.
Add fake mobsters, mafia bosses that pop up on YT.
Also frank abagnale was fake fraudster
Which firm did you work under?
"never done coca cola" but preceeds to touch his nose 400 times by minute 7 and now hes doing anything not to touch his nose by even scratching his eye because hes aware of what hes doing.
Admirable, honest and really valuable insights into how and why UK is in such a mess.
It's everywhere, not just the UK
10:11 - He seemed to be geniunely worried if I can survive on it lololol hilarious
nice story. but keep in mind that you should never make a bet on something some guy tells you.
Gary, your honesty is legendary status
He's the Jay Slater of economics, he's been called out before. The Swiss National Bank have never cut interest rates to -4.5%, when he mentioned the trillion dollar thing, he would have had to have been contributing 1/3 of the entire market flow
Insider, the beeps are too loud
This guy is amazing, working class background worked his extremely hard to become a trader in a world where a working class background usually means you are shut out of the finance world. Then he realized hard work is nonsense in our system, that it's a combination of luck and how willing you are to cheat other people, and then he started exploiting the systems flaws. He used his criticisms to become an extremely successful trader which is evidence that they are true criticisms, and now he spends his life exposing it to the rest of the people. Modern day Robin Hood without actual thieving. His existence as a fellow working class person is also such a great thing, because it dispels the notion that the working masses are too stupid to understand the financial system. Like no, we get it, we just don't benefit from it.
And no, I dont care that he is selling a book, because it's a good book and also because he's allowed to make money off his story just like anyone.
I work as a quant trader, I’ve never seen anything like this in real life.
In the City?
Sometimes he does sound like the deflectors from North-Korea who are trying to outbid each other with more and more horrific claims.
"who were paying girls who looked like those I used to hang out with in uni to hang out with them"
lol, kind of unintentionally profound
Women start accepting money after a certain age 😂
Humble brag, this guy loves them
Many traders are borderline if not full blown autistics, so it makes sense
This is one of the best short-form videos on Gary's book. Nice edit!
Legendary Interview, Thanks Insider
@GaryStevenson-YTthat guy above is not me FYI
People love this video for some reason. Realistically, everything Gary Stevenson says is very vague and general. I doesn't explain much about the market. It tells a little bit about Gary's work environment and lifestyle.
anyone who is good at making money would only do it for themselves and not work for others. These so called bankers are actually very good salesman, very presentable and come from rich background, and their work is to sell you products. Their money comes from commission, management fees etc, But not from the market.
Paraphrased: "Passive income earners buy up everything leaving nothing for the middle class."
This^
40 minutes long and captivating but I still don't know what he really did.
? He was a currency trader - so he traded currency.
Is there any proof he was one of the best traders??
I’ve seen about 4 interviews with him and a lot of his videos on his channel. He always mentions it, I feel like he wants to just be famous and give the illusion that he’s super smart.
Even at £2 Million you should be set up for life.
Remember all that counts in time and health.
When one or both go...it's game over
I pity you 😅
But those are rookie numbers in this racket.
I was a professional poker player and can relate to a lot of what Gary speaks about. My number was £1.5m and I quit in 2022.
I've spent the last few years learning about markets and finance; good job too, otherwise even £1.5m wouldnt have been enough.
@@wardosravin - Retired at 58, 6-years ago, at 1m. Doubled that in 3-years...during the stock run up (DHR Danaher)...but fell back...now back up over 2m again. Used to laugh with brothers and friends...know how to become a multi-millionarie...retire LOL. 2m is plently for me...house paid off and am actually spending way less then I thought I would. Been able to live with savings in the bank these last 6-years and have paid no income taxes yet xD Go flying RC planes & helis almost everyday in the summer with the retired guys...what a blast :>) I drive a V8 97-Dodge Dakota that still runs great at 178K miles.
@@user-iv7us4gp4l Inspirational stuff man!
This was so good that I might pick up his book. I want to read more of him and his thoughts. that was really raw, really enthralling. The card game , loved it
Ive worked in sales for a privatejet company. same toxic colleagues and environment. changed the company after 4y to a smaller one and it's so much better
what a good storyteller!