Multi Millionaire Ex-Trader Explains Exactly why Economics is Totally Broken
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- Опубликовано: 27 авг 2024
- What is happening now
in economics, in the media, in the universities, in the Bank of England, in the government
it is a disaster, it is it is a comedy, it is a disgrace, it is unbelievable
the childishly weak level of understanding in these institutions is destroying the economy of this country and the lives of people in this country, so people need to understand it
so today we're going to explain what is going wrong with economics...
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GARYSECONOMICS
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You know heating bills are extortionate when even a millionaire has to wear gloves in their home.
he lives at fiat wharf. lol.
Who is the the red bear?
Haha
Class 👌
I only saw Gary for the first time recently. He might be specifically talking about Britain but what he's saying applies everywhere.
I'm Australian and he could easily be describing Australia,
Our government just pulled $38 Billion out of thin air during COVID at one point, with no explanation of where it came from or an explanation of how they decided why anyone got any of it. A few weeks ago when the 2021/22 publicly listed companies had their reporting season it was announced that the CEOs of the ASX 200 had a new record HIGH average salary of $9.5 million. That's a wage bill of $1.9 billion for 200 people. That doesn't include all the other executives, board members or their bonuses.
Now I know where our $38 Billion went.
I have never left a comment before on any RUclips. Gary makes so much sense to me I had to voice my support. It's a mad world.
Politicians are only instruments in hands of rich people. They all behave like well organize crime organization. Huge respect for people like Gary who can translate news into a normal language.✌👍
Great video. I do think a major problem is the lack of understanding of economics among the general public, as so few study this topic during their education. This means that economic experts are able to bamboozle their audience with jargon. Reminds me of the priestly class during medieval times who where able to do the same when talking about religious matters as they were the only ones who read Latin and had access to sacred texts. We need a reformation in economics so ordinary people are able to make a contribution.
Totally feel the same, that was one of the big motivations for making this channel!
Follow the money the more incomprehensible economics seems the easier for the rich and powerful to hold on to their filthy lucre ,keep fighting the good fight Gary👍
Best thing ever listened to about economics was this.
ruclips.net/video/lqQMT4Uuh0s/видео.html
@@garyseconomics
Great explanation on why our economic system is deliberately being set up to collapse by printing money in the majority to fuel non productive asset bubbles, that has created the wealth inequality we see and seen the rich get far richer over the past 4 decades of financial deregulation after Bretton Woods ended.
ruclips.net/video/zp-oomyars4/видео.html
I'm an Australian engineer and I started looking into economics a few years back in frustration.
One of the problems I worked out is the education regarding economics. No matter what college anyone goes to and even if there are a couple of rogue professors teaching stuff like MMT at the core of the curriculums is the same Milton Freidman neoliberal free market economics that was the basis of Reaganomics and Thatcherism.
Its a big giant echo chamber and its why so many people around the world feel that democracy is failing because no matter who's voted into power they do the same economic stuff. Its because all the advisers are pumped out of the same schools with the same curriculums with the same text books.
One thing I didn't know was how the top banks take those few top students and hide them. I knew they recruited top shelf maths kids and computer kids but I didn't know about the top economics kids *or that they hide them.*
Gary they're not calling you because they know you'll be telling them what they don't want to hear: that wealth inequality lies at the heart of the problem of a floundering economy. Why would millionaires in govt and the billionaires they represent want to change that?
Yep, they've spent the last 40 years proudly doing it, and they're happy to fist anyone they haven't gotten to yet in order to keep doing it.
Thanks so much Gary. U tell us the truth of economics in the world nowadays.
As a complete economics muggle, I find your explanations very straightforward and informative, although depressing. I hope someone of significance is listening and has the power to act.
Wallahi! If this guy was the chancellor of the exchequer. You would see changes overnight.
You need to be interviewed by Russell Brand Gary - he has 5.5 million followers AND he's raging against what's going on in society.
Agreed! 💖
Yesssss! I wish I'd thought about Russell Brand before! I think add James O'Brien and Martin Lewis to the mix, and the four of them could really shake the foundations a bit.
Keep rattling the bars, Gary. Your direct, clear honesty and passion will …. yield dividends! Let’s hope that happens soon👍🏽
I am astounded that these videos aren't more popular. Your insight is golden.
After I finished my second masters, I couldn't get a job so I wrote MBA dissertations for a few years. I have produced about 50 dissos - more research than most lecturers - never kept it secret, never hung anyone out to dry either, but no lasting work from it.
I tell you this to explain that I have an idea what you're saying, and I follow your channel because I know your arguments are valid...and it's nice to know that we are heard 😁 keep up the good work
This video should be an ad to grow the channel. This is so freaking important. I’m in America and this breaks down what is happening in media and politics is such a powerful and simple way. This message needs to spread asap
There are some exceptions to the rule about economists growing up in poverty, Mark Blyth being a good example of someone who has made good predictions on finance and politics, and well worth a read.
Yanis Varoufakis is is an academic who has called out the fallacies in teaching economics, and there are plenty of videos of him on YT
Joe Stiglitz has also written widely on inequality and capitalism.
I guess these people are the exception rather than the rule
Totally right, I’d add Esther duffle onto that list as well though
Also Richard D. Wolff, Ha Joon Chang and Steve Keen. And of course, although he is no longer with us, Karl Marx.
Your videos should be standard viewing for all students Gary. Bravo for your straight-talking and passion.
What the government tell us this money printing was for was to fund for furlough; all the track and trace systems; PPE etc and we believe them because we have little to no understanding about how the system really works. Thanks to your videos I’m definitely educating myself a bit more. Keep going - I hope to see you on Question Time soon!
Question Time is rubbish and rigged. Stay away from it!
@@Irene-im8xi that maybe, but he needs to get his message out in the mainstream - have the same sort of reach / recognition as Martin Lewis
How you only have 9k of subscribers is beyond me. You should have millions of subscribers!
Cuz no body really cares about a cause to help the less fortunate or the ones lower down the social economic ladder.
But with momentum I think he can get to 25K. I'll be keeping an eye.
I just subscribed
He's got 113k now, being February 2924. It's a start. Plus Gary's just launched his book.
That will increase awareness and more interviews will feedback into that.
I just spoke to a bloke working for the man on a bank enquiry line and gave him the heads-up about Gary's channel. If we all do this with random strangers as well as friends, just talking over the situation generally and leading to the specific, things will change. It's incremental. We have to wake the Labour Party from its slumber.
It makes so much sense, and the logic of what you say is so stringent that I'm not surprised the bureaucrats are not calling you. They don't want those who refuse to play the game. Totally happy to have come across your channel, I'm binge watching your videos 😊
This system is working as it is intended to work
The way you speak so passionately is so inspiring but it also fills me with sorrow. Why is no one speaking with you? Why does no one care about what's happening? I just don't see how things are going to change, but so many people are so desperate. I like all your videos Gary, but I have no social media, so am limited to how much I can spread the word. But whatever we can all do to support your message and the movement, we have your back 👊🏼 I hope so much that things get better
I totally agree…
The "establishment" wants to maintain the status quo
They're not speaking with Gary because they know he's right, and they do not want to acknowledge that because the electorate will make them do something about it. They want the economic situation to stay as it is. The PM is minted - why would he want to change the status quo? It's all completely corrupt and bless Gary - this guy is out there like an island on his own at the moment. I have contacted people who I think would help to get in touch with Gary - James O'Brien and Martin Lewis. They both agree with a lot of the stuff Gary talks about and together I think they could rattle the foundations. And as another commenter said above, add Russell Brand to the mix and the message will definitely get out there. If you can think of anyone else who could help, JackP93, contact them and ask them to speak to Gary. Pressure in numbers haha!
We have a very similar economic policy in Australia, but we just got a new Prime Minister (Labor). You might not be reaching the people you want to reach in the UK, but you might find an ear here. The ABC (like your BBC) could be very interested in hearing what you have to say! Try them!
Glad to see your channel growing. Keep it up, Gary!
Your brand new labour government suck off Xi Xingping and the CCP which is even worse
When I was a temp, in 2013, a posh banker at wealth management firm sat me down in front of his screen to show me that the economy had fully bounced back since 2008 (he called that single line graph 'the economy')! It's like both of us thought we were talking to a child. Him imparting wisdom, me patting him on the head for misinterpreting what a graph actually represents.
Only difference was he will probably earn ten times more than I can ever dream of. 🙃
Brilliant Gary, gives me hope finally hearing someone saying it!! Thanks.
Good stuff Gary, thanks for all your efforts.
Your insight is absolutely incredible - thank you!
Thank you Gary you are doing a great job! I thought economics was boring before I heard you speak about it. I love the way you explain things in a way that I can understand. The future looks bleak though doesn't it?
Your a blessing Gary
Heck, this video should be mandatory to watch - my only complaint is I think I need counselling now.
very happy that I've found someone that sees the world like me, I've been questioning my sanity. fantastic work Gary will follow you with interest.
GARY PLEASE GO ON LBC Radio. We need this message heard by as many as possible. James O Brian would be a good choice
Yes!!!!! That's what I've commented in a few places. I have already contacted James O'Brien about getting in touch with Gary. How about you do the same, and maybe, just maybe, we might get his attention! I feel like James would love to be involved in all of this.
@@mella8298 You’re absolutely right. It takes joe publics recommendations too situations like this. I will
😀👍
The people ultimately in charge seem to know what they are doing. If what they do is disastrous for the rest of us then that is probably their intention.
I'm terrified, I can see all this. I theorized about some of this but you've put the pieces together. What can we do? How can we fight this situation and create a fair system?
Chomsky has been saying this for decades; Economics is normally used as an ideological weapon.
That was a great video
Learn so much on this channel , keep pushing Gary you'll get the change we all need sooner or later 👍
Just discovered your channel and wanted to say thanks. I've learned so much in such a short space of time. All power to you. 👏🏾✊🏾
Thank you for your time and information. We appreciate your honesty.
Brilliant Gary, can feel your passion burning 🔥 just one thing to note - there are talented ordinary people out there with a social conscience but they probably went into teaching or social work. Nobody with a sense of social justice would go to work at a newspaper
Sense of social justice and social conscience don’t pay the bill matey
At least back in the 30s when the economy went tits up, (some of) the bankers in the towers had the decency to chuck themselves from their windows. That tradition should make a comeback.
It’s almost as if the system is rigged.
This problem is not unique to economics. It has spread to all industries and other aspects of life.
Thanks Gary..you speak with so much honesty and passion .I am really interested in what your saying as it is explained so well and simplified in lay man's terms .I will listen to your other videos and wish you yhe best and good well being for the future
Could it be that those who _hold_ the purse strings know exactly what is going on? I don't mean the government because it's clear their economic ideas are old, simplistic and often downright wrong (e.g. treating the economy like a household's finances).
It doesn't matter if they know or not. They will always favor policies that offload risk from them to others. This can't be addressed without making powerful institutions more transparent and more accountable.
It's a left v right thing.
Are the likes of Rishi Sunak and Sajid Javid now in politics because they were shit at their jobs in investment banking?
Good question.
Poss because they've got enough money, now they want power which will.likely lead to loads more money
Really like you Gary - the fact that most journalists at big broadsheets (especially on finance desks) are also from privileged backgrounds. They are able to do unpaid internships in London because they have parents to bankroll it. Sadly, they are the privileged economists that aren’t smart enough for the city jobs. So the fifth estate is unable to hold the government to account
Nice video! For those of us who don't work for big banks, how can we best learn more about economics? I mean other than by watching your videos!
Amazing and educational as always. I think you should b-roll your videos with some impactful images. Would create more impact and the RUclips audience loves it.
I would just like to say, your videos are fucking sick bruv, I hope you have a great break in November and come back to do more. Moving in a positive direction and I respect it. Would be great to talk to you about alternative economic models
Mark Blyth comes from a working class background, and is left wing and talk about how fucked things are since neoliberalism took over.
Fantastic summary of the current state of universities, the financial sector, media, the government and our recent inflation spike
Hi Gary, absolutely love the content in this video. I can really hear what you are saying about people from poorer socioeconomic backgrounds not having much of a choice about pursuing the academic career or city bank career. Internship or apprenticeship salaries are so low for certain industries in the UK that certain types of jobs will only attract people from wealthier backgrounds and not necessarily talented people. I feel as though the content in this video is a consequence of neoliberalism. The government having very little intervention with regards to the cost of living crisis, this makes the poor poorer and the rich richer. I think there is a conflict of interest for the government to resolve this as that would mean having to go against their own philosophies of the free market ideology.
You are simply amazing and you must be heard!!!!!
Keep doing what your doing
Pierre Bourdieu argued that the education system is THE biggest inequality generator in modern society. So much for meritocracy eh?
"Media, full of rich idiots" I couldn't agree more. It takes a working class person to speak the truth. I certainly feel your frustration when you can see the truth & understand the situation but are dismissed because of class.
Having worked on the fringes of the UK media industry for over 20yrs, I can definitely say it's an industry where talent is not necessary when you come from the right background. It's more of a status 'club' or a hobby for those who don't have to earn a living, rather than commercial product manufacture. It's also a magnet for entitled, self righteous narcissists, which probably better explains why it's the way it is.
Listening to you explain economics in such an open & honest way really helps me to better understand what is going on now. I knew the numbers didn't add up (no un intended), but I didn't know why. Keep exposing the truth. It's greatly appreciated.
Been a complaint for some years that schools and Universities teaching of economics has been very narrow for years now. Many lecturers have complained about it.
I'm catching up to your videos, and sharing them. Just found you this week. You're a good guy, and I never expected to say that to someone who got rich on London's Wall St. You didn't sell your soul. Thank you.
Absolutely superb analysis. Total eye opener.
Adam Toose pretty much called it right and Yanis. I would loved to see a panel with Gary, Adam and Yanis.
So much sense in this channel, it should be compulsory watching.
This actually makes a lot of sense, stupidity is a lot more predictable. You have stupid people in power and rich people predicting what the stupid people in power do. It's basically a cash cow, why the heck would they want to change anything?
Gary. So how would you fix the problem of £600b that's gone to the rich. How do you reverse it and how do you fix it?
Absolutely love your passion. Don’t ever stop banging that drum man.
Great video Gary. When you talk about the government giving £450 billion to the rich, and that this was done through quantitative easing, how does this money all end up in the hands of the rich? I'm not doubting at all that you are right, I just don't think I understand quite how it works.
Please watch the very first video on this channel, it is all explained there
Hi Lawrence, this is a link for the first video on @garyseconomics: ruclips.net/video/EiblHqbpXHs/видео.html
Yes, I've always considered those IMF and Central Banks GURUS just a bunch of "I got no idea what's going on" type of guys. Their discourse is always confusing, citing at least five old economists, that nobody know, in a simple sentence. They do what others tell them to do but believing that it's their own opinion. I have work with these people all my live in academia and Central Banks... I knew they were bad economists... Thank you for clarifying the reason.
What's your thoughts on interest rates in the EU and UK moving forward? I'd be very interested to get your thoughts and predictions
I love the central point. The people who shrewdly understand what is really happening are not the people running the economy. Also the total absence of impact to professional reputation or earnings for academics / politicians / journalists - means the runaway train has no brakes.
Gary your videos are thought provoking, insightful but terrifying. I recently read a quote "every system is perfectly designed to get the results it gets" credited to a Paul Batalden. Whilst it was made within the context of healthcare is does seem to relate nicely to what you are talking about. It is in a book by Professor Gwyn Bevan titled "how did Britain come to this?" Gary I think you may like it !
Thank you. You give me hope. You have hit the mark in a way Noble Prize Economists have failed miserably.
The reason the media did not question where the money went is because the money went to the people they work for.
Yes, and I expect the first change we’d see is him disappearing, quickly…
Other academic areas do study this subject. Economic Geography - geographies of wealth and inequality.
Policy institutes.
Community Psychology and how society structures are not helping people in many ways.
Probably need to go beyond economics departments.
Can you teach us how to predict the economy status? What I mean is what and where to look to get the data (e.g. bank of England announcements etc.). Also I assume that 'us' is people who's got some basic clue about economy (a related degree, work experience).
They are happy with how things are going, so why change? The general public are so distracted with other things which is what the elites and governments want.
The poor are poor,because they listen to Government.They are told only professionals can manage their money.So they never learn how to do it for themselves.We can see how that has worked out.
The system is not expecting positive outcomes for the majority. The system is broken for the ordinary, but working perfectly for those for whom it was created for.
Economics isn't broken, it's fixed.
The golden rule: He who has the gold, rules.
It's not just about money, it's about power, and it's about the rules of the game the powerful play by. It can all be summed up in one word: capitalism. Until we organize ourselves enough to be able to challenge capitalists for power, things will get worse. And not just "the economy." It's now possible for global warming to cause feedback loops in our lifetimes. The capitalists who caused global warming have decided to speed up the warming on all fronts. They are playing by the rules of the game of capitalism. The economists the capitalists buy have a phrase for the suffering and death and destruction capitalist exploitation causes: externalities. Essentially, they don't count them. They also don't really take money/finance into account in their equations that are supposed to describe "the economy," but that's another story...There is a similar euphemism to "externality" in war: "collateral damage." Both lies for power and profit. Both deadly. And capitalists are behind all of it. In 500 years of capitalism there have been reforms, but it always reverts back to monopoly, concentration of power - which always leads to mass poverty and suffering, and of course wealth inequality. The only way forward is to educate and organize at the same time. Education alone will not stop anything. I'm not discounting the information Gary is imparting, but in order to be able to act on it, we need to be as organized and effective as the capitalists are.
Dude what?
@@jakeelkins5662 grhms slk? fermiple clm cnt? fo guek yrdesch. ;)
It's hard for intelligent compassionate empaths to understand narcissists - the narcissists often play dumb so they can get away with it.
This is so true!
renegade telling truth - i love this❤
That's more like it.
Well, there is Mark Blyth. Came from an ordinary, even pretty rough, Scottish family. Now a Professor in Political Economy at Brown University. I think he knows what he's talking about.
I love what you're doing, Gary. The only point on which I disagree with you - I don't think the system is broken; I think it was created this way so wealth remains with the super-privileged.
If you print money, you cause inflation. In the credit crisis we didn’t get inflation in the supermarkets, only in property prices. This time it seems that inflation is hitting both sectors. I don’t get it.
Yes, we need to tax the 0.1 % hard for public works and social projects to relieve the 99.9%of us. Meanwhile, maybe the way forward for the little folk / retail traders is to consistently bet on the opposite of what the bank economic analysts and academic economists say.
Do you think energy prices will go down? They are up 10-50 times across UK and EU. Nobody is capable of paying renovations and 1000 GBP/EUR bills.
Great plain speaking Gary, probably prophetic, and more people should be listening to you. You and Martin Lewis really need to team up. He knows he can’t fix this problem, that money saving tips are merely tinkering around the edges. With his profile and your insights you might both make waves and there might be hope for future generations.
I sat in the same seat - 25 years ago at Lehman Brothers - this is the truth
Well lads... here we are.
So basically, we only get the experts we can afford, because the best experts - well, we cant afford them.
Exactly. That's well worth keeping in mind when you're listening to news pundits or politicians talking about economics.
Why are they not calling you? I'm pretty sure it's *not* because they don't respect your economical chops. It's because they know you won't tell them what they want to hear. Serving the rich is literally their job, maybe not officially but that is the reality. And the economists in academia are the ones who can be relied upon to justify the policies that billionaires want.
Gary, the political parties are happy with the way the economy is being run. Government are happy with money going to the rich, if it cause’s hardship to the working people they don’t care.
yes but we are reaching the moment where oil sellers and wheat exporters will no longer accept these unbacked currencies. so now it gets real.
People keep voting for either Neoliberals or their scarecrows puppets the far-right so why should they care ? Working as intended for them. Whenever a government that works truly in the interest of the common people is elected they are subject to slander, economic sanctions, and eventually a staged coup. We have clear examples of this in South America (Allende, Chavez, Morales...), or even with Ghadafi.
Bro, I hope your talking to Yannis Varoufakis. The Economy is The Congress. Democracy, the rule of the people, is based on three pillars 1. Everyone has an equal vote. 2. Voting is not obligatory, ie veto (You may have to vote, but none of the above must be an option). 3. The way you vote is private. Voting with ballots is for suckers. Voting with money is a much better idea. That does not preclude diversity of wealth or the opportunity to achieve anything you want in life. Social Democracy is achieved with uncinditional basic income, an equal dividend of tax wealth for everyone, rich and poor alike. Political Democracy, however, can be augmented with a Conditional Income which must be spent in an Ultruistic Congressional Crowd Fund. In this Crowd Fund, everyone has 1. an equal amount of money 2. do not have to take part. 3. are anonymous in their choice. This is how you can use money to vote instead of ballots and make it democratic. By understanding economies as congressional, either partially in the case of UBI, or totally in the case of CBI, we can see we don't really live in a democracy at all, because the power of decision making is not ballots, but money. If we can demand an augmentation to our political system with an Alturistic Congressional Crowd Fund we could transition to a brighter more altruistic future full of potential and opportunity. Let me use an example for the UK, Foreign Aid. Create an Ultruistic Congressional Crowd fund for Foreign Aid, fill it with the campaigns of applicants for this aid, split the budget for foreign aid equally and proportionally as a credit into each citizen's Crowd Fund Account and let the people spend their way to the democratic decision on how that foreign aid money should be spent.
Am I reaching you? The Pople are The Government. Panta Rei xxx
Currently Sharpening the Knives
"1672: THE YEAR THE DUTCH ATE THEIR PRIME MINISTER"
these guys have dinner in their Harry Potter hallways!!!!
Damn right they do!
Economics should be on every school curriculum. But it needs to be linked to real life not just theory. Everyone needs to understand how the economy works .
Those that can do;those that can't teach... Thats the education system. Its a downwards spiral in all subjects.
And now higher education is a industry to keep young people off the unemployment statistics
you can't change this system from the top-to-bottom. Need to start from the bottom-up. I suggest starting at the level of labor unions and fighting for the working ppl rights. And that's a place where ppl like you can make a noticable change. If you are really interested in changing the system, you would do this. Technology has gone a long way up to now so there is no reason why 6-hours work day shouldn't be a norm. It already has been over a century since 8 hours workday was invnted.
I’ve been sharing this on Twitter for the last hour and a half anybody can help please join in.
Thanks Heather!
The inflation we see is being caused by deliberate destruction of global supply chains in regards to energy and agriculture, hence we see energy and food prices soaring.
When he says the interest rates stay at zero indicating a bad economy what does he mean? Right now aren't interest rates rising along with inflation and low growth. Isn't high interest rates a sign of a bad economy, not low ones?