How COVID-19 MAKES the Rich Richer - Gary EXPLAINS the theory
HTML-код
- Опубликовано: 1 июн 2024
- Coronavirus is having huge effects on the world of money. It benefits high earners, and hurts the poorest. This video explains how it will affect you and what will happen going forward.
SOCIAL MEDIA:
WEBSITE - www.wealtheconomics.org
TWITTER - @garyseconomics
FACEBOOK - garyseconomics
INSTAGRAM - garyseconomics
DATA SOURCES:
Showing clearly that the rich are accumulating money during this crisis:
www.ippr.org/research/publica...
www.npi.org.uk/blog/economic-...
www.tracktherecovery.org/?fbc...
www.resolutionfoundation.org/...
For a visualisation of just how rich Jeff Bezos is (one third of the money the Bank of England is printing):
mkorostoff.github.io/1-pixel-...
GARY'S ARTICLES:
www-express-co-uk.cdn.ampproj...
www.theguardian.com/commentis...
www.cityam.com/debate-is-ther...
www.opendemocracy.net/en/oure...
www.opendemocracy.net/en/oure...
www.nationalobserver.com/2020...
AUDIO FEATURING GARY:
anchor.fm/zuzana4/episodes/Pu...
• Why Jeremy Hunt doesn'...
MORE VIDEOS:
• Why Jeremy Hunt doesn'...
STOCK PHOTO,VIDEO & CLIPART FROM:
www.pexels.com/ - cottonbro
pixabay.com/ - andrey3dp, Oleg Gamulinskiy
www.videezy.com/
www.videvo.net/
www.pinclipart.com/
www.clipartmax.com/
wallpaperplay.com/
Written, Performed & Produced by Gary Stevenson
GARY'S ECONOMICS
Shot, Edited & Directed by Simran Mohan
MOHAN MEDIA 2020
3 years on and you were correct.
Thank you RUclips for pushing Gary onto my page. Nobody has ever said it clearer! One of the most underrated videos on the internet 🙌🏽🙌🏽🙌🏽
Probably if not definitely the most important and informative video ever posted on RUclips. Thank you for speaking out and explaining this catastrophic situation so simply and eloquently. It would have been very easy for someone in your financial position to just sit back and do nothing, the fact you continue to beat the drum is testament to your character and integrity. Keep up this vital work. You are the hero this country/world needs.
Well said.
I don't understand how the Bank of England can lend the Government $300 Billion that they don't have in the first place. Even if that debt is repaid via taxation, without a debit entry on the lender's ledger, isn't it just pure profit for the bank?
All cash is a debit entry for the central bank.@@exitthelemming145
Think of it like this...if a farmer plants an extra field of potatoes (he had 3 before now he has 4) they will be 33% more potatoes coming to market which would drop the price of those potatoes when they're sold....so when the BOE prints 25% more money it does the reverse it buys 25% LESS of goods and services because there's more money chasing the same goods...so G&S are worth more in paper money terms....so how is it the same as potatoes the printed pounds are just like seeds thrown into the economy but with zero work or effort compared to the farmer who must buy seeds, plough feidls and harvest....when BOE prints money it just floods the marrket with more money so their is a "cost" it is inlfation. @@exitthelemming145
Think of it like this...if a farmer plants an extra field of potatoes (he had 3 before now he has 4) they will be 33% more potatoes coming to market which would drop the price of those potatoes when they're sold....so when the BOE prints 25% more money it does the reverse it buys 25% LESS of goods and services because there's more money chasing the same goods...so G&S are worth more in paper money terms....so how is it the same as potatoes? The printed pounds are just like seeds thrown into the economy but with zero work or effort compared to the farmer who must buy seeds, plough feidls and harvest....when BOE prints money it just floods the marrket with more money so their is a "cost" it is inlfation. @@exitthelemming145
2 years on and you are 1000% correct
correct? I think not. Is a truth a truth? Yes. In an ocean of truth is a cupful of water actually water? Yes it is. Is that true 100%. Yes it is. But it's a weak method of describing the ocean.
Wish I found out about this channel 3 years ago.
Using graphics like in this video really helps to explain concepts. Would be great to see more graphics in Gary's new videos too.
3 years later, still a brilliant take. Thanks Gaz
About 50 years ago I heard a lecture from an economist who argued that the lowest income decile remains almost unaffected by wealth redistribution measures because these people are very often disadvantaged by chronic physical and/or mental disability. Now that I have worked as a psychiatrist for 30 years I think that this is very likely. So a wealth tax would probably need to be accompanied by measures such as big increases in disability benefits; re-socialisation of the chronically ill, who are often unaware of the resources available; and of course a massive increase in funding of the health system. Unfortunately the current UK government seems to be heading in the opposite direction.
In this case Gary is arguing that increasing wealth taxes would lower prices by reducing the spending power of the rich, so this would benefit everyone on a low income regardless of their living situation
Well said. 💪
I'd argue that a lot of mental health issues are caused by being in the lowest income decile (exogenous causes) - ok, there are a number with actual chemical imbalances (endogenous causes), but most depression cases can be treated (if not cured) by giving the patient the correct tool - the story of the Vietnamese rice picker that was given a cow when he lost his leg on a landmine, for example.
@@richardswift4196 There is clearly an association between lower income and health problems of _all_ types, not just psychiatric - that has been known since the Black Report, published in 1980. But statistical association does not prove causality, and I didn't intend to imply that it does.
What exactly do you mean by "resocialisation of the chronically ill" ? I'm chronically ill and don't need or want some middle class professional dictating how social I need to be. I work hard to keep myself afloat and every social interaction I have is both necessary to stay in business and costs me dearly. I know exactly what resources are available: big fat nothing. There are millions of us scraping by trying to subsist on the income from running a business part time because we are too ill to work, and not "ill enough" by the DWP's standards to claim PIP or DLA. You don't get sickness benefits unless you've had a full on health crisis. If you are battling daily to manage your health at great personal cost, or are languishing bedridden and dependent on unpaid family carers and therefore don't keep ending up in A+E, they aren't interested. You're right, the welfare system needs a massive shake up, but in my opinion the only fair way to go about it would be UBI, with a top up for those with long term disabilities.
One thing i would add, is that unfortunately big corporations have their say on what goes on inside the government which makes it not an easy task to tax the rich.
This is brilliant. The world needs someone like you! 👌🏾👊🏾
Thank you!
This video was WAY AHEAD OF ITS TIME. It will be seen as genius in years to come. All hail Sir Gary...
Same thing is happening over in the States. It's infuriating how the one thing that will fix this crisis is the last thing the government is willing to do.
Wish I had found you earlier Gary!
More people need to understand this.
Keep up the amazing work. 👏
I’m probably going to share this… A LOT!
Finally someone saying what I’ve been saying for long time and I’m just an ordinary person.
God bless you, Gary. It's about time someone stepped up and forward to explain all this stuff. Brilliant! Sorry that I'm 2 years late, but I've only just come across your channel.
This aged so well, no one else is able to provide analysis like this. Thank you for sharing.
Recently found your channel via newscast, great stuff and it's scary how accurate your predictions are given current inflation and cost of living crisis. I teach sociology at a uni in the UK and I used the exact sort of stuff you explain here to explain Marxist theory. I was expecting my students to show some annoyance at how Bezos has ended up richer yet there is a national insurance tax rise, but they didn't really seem to care. I really appreciate how you are explaining how economic inequality actually works and hope you keep spreading your message.
Thanks Jed - yeah, predicting is my specialty. Unfortunately the predictions are always bad. Please share the channel so we can build more support for change!
I feel his passion and care for the humanity. I’m with you Gary I’m ready to fix this inequality of wealth distribution
Great stuff....I have just discovered this channel and it's so refreshing to get the truth of wealth inequality explained, by dare I say, "an insider". But an "insider who wants to make a difference". I have so many thoughts going through my mind right now about the future of not only my children, but humanity as a whole. I think that ordinary people have a feeling of what's going on, but are kept comfortably numb with all the distractions of needing to support themselves and their families on a day to day basis. Yet, the 1%'ers are making like the Sherriff of Nottingham...we are indeed living in "Feudal Times". I hope that this will not end in a veil of tears, but I have a foreboding that revolution is around the corner, unless the system changes and wealth redistribution can occur....i.e. cycle money.
Hi Spiros, I'm glad you like the channel - I think we need to find a way to force the wealthy to allow their wealth to cycle back through the economy, otherwise it's inevitable that inequality and economic problems will get worse.
@@garyseconomics Just discovered your channel via Novara media as you plugged it in Fridays video. I’m glad I came. We deffo need more people like yourself being open about the situation 😊
Study then buy BTC...you dont have to buy a whole one just a fraction will help you in the future
It's great to know that there are people like you, who use their energy and intelligence to propose solutions for the benefit of society. Here in Brazil we have Eduardo Moreira playing a similar role. He and the sociologist Jessé Souza created the ICL, aimed at training people. Worth knowing.
Just came around your channel after watching an interview . Personally as I don’t have a finance background I find it very hard to understand economic terms but you’ve explained them in a very simplistic manner . Thanks for that .
Hello Gary, this is excellent. This world and its present situation simply needs more people like yourself. Thank you for enlightening us.
Thanks for your support Zulkifli. Do help us grow the channel by sharing with your friends and encouraging more people to subscribe - thanks!
This channel should be WAAAAY bigger than it is
It's growing!
Your advice to watch this 1st video was priceless. That last statement was so clear. We do have a way out of this. Its so clear the super rich are interrupting the flow!!Thank you for sharing your knowledge.
Thanks for this, very informative. Taxing wealth instead of just income is a genius idea, but it will never ever happen. Any politician who even dares to suggest such idea will have a very short career.
Yes, definitely not easy to make it happen. Just because I'm interested, do you think the problem is that it won't be popular with the people? Or that powerful people will shut it down?
@@garyseconomics Yes the latter. I think powerful people will do all they can to shut it down because it's a policy that would negatively effect them. I don't think politicians serve the people anymore, I think they serve those with influence. I do not know this for a fact, it's just a feeling based on how I see the world.
@@dominomoloko4680 Got it. Yes it is definitely going to be difficult. But we won't know unless we try! There will be tough times for a lot of us unless we get some compromise on this, so I'm giving it a go!
@@dominomoloko4680 The ridiculous thing is that billionaires would still be billionaires even if their wealth were taxed, such is the magnitude of their riches. The only 'negative effect' on them would be psychological, in short their greed overpowers any sense of social equality.
Great to see you doing this ! I taught you maths years ago, and now I'm an econ student I'll be learning from you !
Mr...... Burke!?!?
@@garyseconomics yeah, so I remember you once explaining economies of scale to me in math class. I had never actually done business and econ, ( my first teachable was actually History and Math was my minor ) and your explanation made me curious about the subject. I'm now attempting a masters in econ and can credibly say you helped ignite my interest in the subject!
@@garyseconomics and you ll be pleased to know one of my motivations for going into econ was to question some of the right wing orthodoxy and ideology which has dominated the profession . In your guardian article you reference Zucman and Saer on the wealth tax, and it's interesting they reference the Laffer curve. As I understand it the Laffer curve was just an idea and the actual empirical evidence suggests the curve should look very differently as to how it is usually visualized, i.e a top tax rate of 70 % or so is more like the actual level for ideal tax collection without distorting incentives?
Ah yes I remember you well! I remember that time we whistled the superman theme tune in your class! I think you told me I was "setting new records for underachievement in maths", I think that was fair!
Yes the Laffer curve is an interesting idea that has been very politicized. I have no doubt its true that, at the extreme end, income taxes of 100% will raise little or no income. However, there is much disagreement about what levels would raise the most income. Probably higher than the current 45%-ish levels would raise more revenue, although it depends of course on the specifics of the country. A small, open country with a very mobile workforce has much more to lose from raising taxes than a big, closed country, for example. It's worth also realising that high income taxes may serve purposes beyond simply raising revenue - for example, preventing wealth inequality from growing.
That said, my focus is not on taxing income at all, but taxing wealth. It is worth realising that the classic laffer curve argument no longer holds in this case - 100% income taxes can be avoided by not working, but wealth already exists so cannot be avoided in the same way. There are other ways that a wealth tax could be avoided, of course, and those would be relevant and must be addressed. I focus on wealth because the richest people in society tend not to get their income from working, and so their income tends not to be taxed by normal income taxes.
Good luck on your economics study. Academic economic study can be very mathematical and very abstracted. A lot of attention is often paid to the maths at the expense of the theory and assumptions. Do try to keep aware of what is happening in the real world, and keep open minded that mathematical models are not always correct if they produce counterintuitive results. Remember our focus should be on understanding the real world, not only the models. Good luck!
@@garyseconomics Haha yeah, sorry if my words were harsh! I was just a young teacher trying to control a bunch of teenage boys!
Thanks for clarification on Laffer.
Yes, the mathematical abstraction in economic theory can be quite frustrating. I'm having quite a tough time with advanced macro theory for example, and it does make it more frustrating when it it seems not to be related to case studies in the real world.
Your last comments about 'counter intuitive' is interesting because I think many economists wear that 'counter intuitive results' like a badge of honour ; they cite counter intuitive results as proof the maths is powerful and can lead to new insights, but as you say, does it really hold up in the real world ?
Best of luck with everything and the new work, I will follow you keenly !
Thanks for addressing the issues Gary
Great to see your first broadcast - so young and earnest. Love that extra little arrow at the end 😅
just found you this week . . . end of Oct 2022 . . . subscribed . . . sharing . . . spreading the message . . . thank you for everything . . . keep up the good work
So good to hear you speak on R4 this morning and to discover this film, first time subscribing, keen to hear more, thanks!
Thanks Karen! Working on more videos but will take time - add me on twitter or facebook @garyseconomics to keep up with the other stuff I'm doing.
Thanks for this, very clear communication. This is a terrible situation. We also need to impose rent caps like they have in Swizerland. Rent shouldn't be allowed to rise so freely every year.
Thank you Gary. I found you through more recent content and now going back through your videos. This so clearly explains the issue we are facing. Fully support your mission to tackle wealth inequality, please keep it up 👏
Excellent presentation, well done. I finally understand
WOW, that is the best explanation I have ever heard of the situation the world is in..... CONGRATULATIONS, it is an amazing video! And of course, you said it 3 years before it all happened!
Very good explainer. Clear, concise and to the point! Looking forward to your future videos, keep up the great work Gary! You've got yourself a new subscriber 👌🏼
Thanks Usama and thanks for the share - all helps me build up this new channel!
Keep up the good work G. Look forward to yhe book.
Great channel Gary, really enjoy your talks and insight, the problem is all the power and influence is in the hands of the rich and most people are too engaged in the day to day struggle to survive to make their voices heard.
This is probably the best explanation about economy during Covid that I’ve seen.
Thanks a lot.
No worries boss, glad you enjoyed it
Great video. Excellent explanation. That diagram really hits home and makes it crystal clear what's been going on and what the solution should be. Although I think you need to talk more about the possible negative consequences of a wealth tax that conservative voters often bring up as an objection.
50 rich people disliked this video
I came here from your appearance on Novara. Very interesting, subbed.
Thanks Boss! Hopefully will have some more good videos for you soon
@@garyseconomics Don't be in too much of a rush, quality is much better than quantity, in my opinion. 🙂
So glad I found this channel. Its refreshing to see someone like yourself trying to make a difference and explain things in such an easy way we all can understand. Wish there was more people like you. I very rarely watch news or media because they only tell you what they want to tell you or what the current government want you to know. I watch people like yourself that actually speak the truth. Keep up the great work and thanks for educating us all. 👍
Excellent succinct explanation spoken in easily understood language- Gary,you,re a gem- your videos should be a cumpulsory part of the curriculum in our schools- keep it up!
2 years on and you are completely correct.
Wow!
Great energy, concise & factual. I didn't realise you had a channel despite all our exchanges
Thanks Tendayi!
Damn Bro This Is 3 Years ago Gold Closed at $1806.74 and now its on $2315 so accurate , very informative and true , life is now difficult and i dont see it getting better
Very important message. I am always curious how is it fine to tax "the rich" by taking >50% in tax on income from hard working people, while taxing up to 20% (but mostly 0%) on income coming from just ownership of assets.
Also I wish I found your channel 3 years ago... Very clearly explained information that are filling the gaps in my logic, that made me make some costly mistakes.
KUDOS
Brilliant explanation. Thank you.
Very insightful - thanks for enlightening us all. Looking forward to watching more of your videos.
Thanks G! Always know I'll have at least one fan left as long as you are around!
Called the 2022 inflation two years ago. Great channel!
Wish I found this earlier. World is making sense. Thanks for posting Gary.
Only just seen this- well said Gary
To the point no BS. Heard you on LBC last night and you says it like it is. Thanks.
Thank you!
most underrated video!
After watching this, please RUclips... The pitchforks are coming Ted
This is the truth, massive respect to you, brother, your clarity is astonishing and your message is powerful. Brilliant mind, brilliant guy.
Thanks very much!
Wow. Just saw this video 2 years after you posted it. Your prediction "They'll (the rich) be in the shops too and they'll have a lot more money to push those (consumer goods and services) prices up. It's very likely that over the next few years we're going to see the process of a lot of things increase" has played out precisely as you predicted, along with every other prediction you made in this video. I congratulate you for your courage and determination in making a vitally important contribution to public debate, in explaining in an accessible way, the technical aspects and factors of economics, that are causing the breakdown of society in the western world. Thank you.
Very well explained, look forward to working through your videos in the coming weeks and learning some stuff.
Really interesting!! Need to know more, so looking forward to the next videos! Thanks
Thank you! I'm new to this so a bit slow with the videos, but we will get some out before long!
Great explanation - thank you Gary.
Wonderful explanation! Thanks !
Thanks Sandy! Please share and subscribe if you like it - I'm trying to get more eyes on the video!
Incredible analysis. The only other RUclipsr who explains money flows this well is Real Macro Economics.
I would wote for you ... great work 👏
Any party proposing a wealth tax can have my vote.
Greens are i think, even though i have some mixed opinions on them
brilliant video. clear and concise
Thanks!
Great video Gary!
Thanks boss! Been a long time hope you keeping well!
Thanks Brother Garry. Ive subscribed and would love to see more content. ✌️
Great, really well explained!
Thanks James!
Thanks. Brilliant and straightforward.
You're spot on Gary, it's a no-brainer
Keep up the good work bro
Fantastic analogy!
Amazing take
Nice one Gary! I hope these issues will be spoken about more. Sickening how things are turning in the UK.
Thanks boss - I made this video over a year ago now, but it's scary to see all the predictions coming true, and yet still no serious push to tax the rich who have made billions off of a crisis. Have to keep pushing I guess!
Found you via LBC, really good video.
Thanks Eleanor! Glad you managed to find your way to my youtube channel! I'm a bit slow making these videos but hopefully have more up in a bit!
I’d love some financial advice from someone who doesn’t bs. You clearly are very very clever when it comes to economics and you explain it in plain English. Well done on these videos. Love them.
Thanks Raymond! Giving financial advice out on the internet is always a tricky space! But I will do some more financially oriented ones at some point.
Gary, thank you SO VERY MUCH ❤️, for putting all of this in perspective. I was just listening 👂🏽 to LBC Radio at 3.15 am, has you do 😳☺️😒 and thought 💭 wow, who's this!!!! Great man, Great service. I am following you!!!! and will spread the word.
Thanks for your message Cathrina - glad you were able to find me on LBC!
Gary, you mentioned this video in a recent interview with Owen Jones, so I've gone back and checked it out, you were bang on the money. Would you consider doing a review video looking at the outcomes you predicted and where we actually find ourselves now? Would be interesting to see exactly what you said would happen did!
Well done mate great work can't wait to hear more
Thank you!
The only bit which didn’t work out regarding this video was that we didn’t see a big increase of unemployment as such but what we do have after Covid is millions of people who just didn’t go back to work. So there was still a balance, although not with inflation’s rate on salaries, they didn’t go down - but they didn’t go up enough. If the Gov succeeds in putting people back in work, basically those who are on some kind of sick (I assume or working on the black market), then yes, salaries may begin to go down too.
The basic concept is still right, wealth inequality has grown and will continue to grow unless the rich are taxed. With the gov in the pockets of the rich it's hard to see how even the best intentioned politicians can do anything. All our governments have been motivated by short termism, thats how assets got sold off in the first place; the can keeps being kicked down the road.
we not only need to tax the rich, we also need to put in place government structures and terms that do not reward short term policies - if the governments only aim is re-election then short-termism will continue, the rich will get richer while the poor are distracted with immigration and iphones.
What took the western world from the feudalism we are heading back too to a more social outlook? unfortunately the electorate will not vote for the greater good or even their own long term good. Either some mass change in consciousness or some horrendous global event is the only thing I see changing this.
unfortunately even a fabulous orator with an incorruptible nature, an individual, would be torn to bits by the vested interests in this short-termism that no one can rise up, its going to take an organised mass movement to change this situation.
Great Video, Gary. i have promoted your video on my Linkedin account.
Thanks Uncle!
Hi Gary - been a while since the iNET lecture with HaJoon! Great work btw - looking forward to more content from you
Long time man! Glad you still remember me and are following my stuff! Lot of work making these videos but will make more!
Gary I just came across your videos. I’m not necessarily the greatest at math or understanding how the economy works but your videos have really taught me so much. They need to play your videos in high schools around the country
If you see this I want to ask how can young people contribute to the growing inequality in the world
More people need to watch this. Seriously.
Great video
Thanks boss!
Thanks brother, your so refreshing. If your ever in Manchester I'd take you out for a curry and a tea :-)
Haha! This is definitely one of the best comments I've gotten so far in my short youtube career - Thanks! Subscribe me!
@@garyseconomics defo subscribed my man, your content is great.
Ever in Glasgow, I will cook you a curry 🤣 brilliant 🙌 its no that bad, honest! The city I mean... My curry is banging 😝 subscribed you and sent you a fb message, brilliant information!
Yet another brilliant mind helping us understand complexity very simply. Thanks so much. Just gotta explain this to my kids, wish me luck.
Watch the videos together, if your being serious ..seen his novara interview?
You are amazing!! Heard you on radio...
I saw the results of the situation, but I never actually had it explained so well. Thank you Gary, you truly are the best teacher I've known since Maurice Swales (my school maths teacher) . Big love and respect x
Big up Maurice Swales!!
@@garyseconomics I think you'd have liked him. Gentle unassuming man who managed to pass on his passion for maths without overdoing it. I got a grade A back in 1977. I doubt I'd have passed without his passion. X
Well said. 👏👍
i'm glad you did this video as im starting to learn about how money works as im read everything i can and self teaching myself and i hope you do more videos as i want to know more on here it all works in the real world and thanks for the great insight
Good luck! I am hoping to do a series on money here at some point, since I have a lot of experience as a money trader. Keep your eye on the youtube and maybe catch me on twitter @garyseconomics as I post everything I do (including other media) there
GarysEconomics thank you I am following you on Twitter and would like to stay in contact 👍
Why hasn't this had a Billion views !!!
Brilliant
could have done with this video 2 years ago but as they always say, better a bit late than proper late. Well explained as always mate.
Thanks Gary
I came back to this on your kind recommendation
I finally got it. Key to the understanding is getting that the money flow system is a closed system.
This might be more of a political question but what would be the economic impact of creating a load of money to say pay for the NHS? I think I can work it out from ehat you said here but wld be great to hear your take on it.
Thx for your work. Keep up the campaign
This is very very good !
Thank you!
You were right!!
Well done Gary, keep at it. I'll be doing my bit to spread the enlightenment.
had to come back here too, since i just gave this clip a like and then started binging Garys Economics Videos (just in case google didn´t see this video and my interest in it)
Subscribed, purely due to knowledge that you shared and more importantly, the empathy in your words. Hopefully, more people will be able to understand the true economic cost of not only COVID, but also Brexit. Cheers
Thanks Marv - lots of challenges ahead for sure. Hopefully I'll be able to keep you informed!
The true economic cost of the E.U to my family was being made redundant from Ford Motor Company in Southampton after 24 years service, still owing a mortgage and a young family I had to do three jobs rather than lose my home. The E.U gave Fords a cheap loan of 80 million to move to Cheap labour Turkey. So the once family friendly Fords wanted EVEN more money, leaving the plebs to scratch a living elsewhere. The E.U has an agenda to make the rich richer and you didn’t know! Who is the thick half who voted right.