How We Fix Wealth Inequality
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- Опубликовано: 28 май 2024
- We know what the problems are, so what about the solutions?
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Performed by Gary Stevenson
@garyseconomics
Too many people still believe that talking about wealth inequality is the politics of envy. We need to really hammer home the message every time as to why it makes the poor poorer, through inflated asset prices etc.
yep, it's about putting the oxygen back in the room.
But the poor are not getting poorer. The poor have been getting progressively wealthier and healthier and that has accelerated since the Industrial revolution.
@@rayboish The grandparents of today are the first post war generation seeing less access to Housing, Job Security medical provision & healthy food for their offspring, than they had: Mortality rates & age expectancy are also in decline.
@@rayboish, Nice meme Cupcake.
Too bad it's horsesh*t.
Printing money is what causes asset inflation.
Listening from the US where these issues are extremely prevalent as well. We need cross boarder partnerships because the wealthy operate globally just as much as they operate locally.
Also thanks Gary! This is an immensely important message and your ability to clearly articulate the issue while also pushing to an emphatic and thoughtful solution is masterful.
I saw Gary speaking on Novara Media's downstream and he made the point that people in London think it's a London problem, people in San Francisco, New York, Sydney, Shanghai etc. all think it's a problem with their city. It's systemic, worldwide and going to affect us all. International relationships have to be a part of fighting wealth inequality.
Great post.
We have a democracy when a political system can and does make a good-faith effort to address the problems average people face.
In a plutocracy, on the other hand, the political system pays no more than lip-service to average people’s problems and works diligently instead at protecting - and growing - the wealth of the already wealthy.
At least in the US you have an IRS that is ruthless when it comes to chasing down taxes.
gary your last point about mental health and poverty made me start crying. i'm one of those young people who's slid down a poverty/debt hole due to all the shenanigans of this last decade, and you pointing out that this is gonna be a long game really hit me. we gotta look out for each other and keep remembering that if we live in a system we made that means we can make a different one. in the meantime sometimes it's just really fucking hard to get out of bed in the morning to keep trying while shit is this rigged, and i guess i just appreciate you acknowledging that. keep up the good fight gary, thanks for who you're choosing to be.
So sorry to hear of your struggles. We have to do this together, collectively. And it will take time. But, in the meantime, be kind to yourself and take care.
@@TimSmalleyPhoto thank you, same to you.
@@valerieclaresanders Same for me had to file for bankruptcy but kept a house over my familys head etc and made sure the kids had what they needed. It's been 4 years since then and slowly wrapping up and I do feel shame thinking about it etc but its been positive since and I took it as learning.
Everyday is a new day all we can do is go one step at a time eh!
trouble is, it is not the 'last decade'. It's definitely been from 1997 and arguably from 1945, or even earlier. The 'last decade' has been de facto 'continuity Blairism'. Which is why we are in an increasing mess.
@@stevef01 True, over time things have been changed a little bit at a time so that people don`t really notice ,especially those that can`t see the wood for all the trees ( The same one`s that are on their 6th booster jab ) one minute we are living off the land and the next thing we are in an open prison filled with distractions and the people that say " conspiracy theorist " have no idea how we got into this mess, because to them ,thinking is like cognitive dissonance , it causes mental discomfort , and rather than go through that it`s easier for them to say thing`s like " where`s your tin foil hat ? " We live amongst so many sheeple that wont stand for nothing at the min because of comfort zones , they`ll be begging for help once the wolfs at their door , we need as many people as possible but I`d love to tell the comfort zone brigade to go fk themselves.
How refreshing it is to listen to a man speaking about our economic difficulties who is both decent and fair.
Fair dues to James O’Brien for having you on. Deserve to be heard
Two years time:
(O'Brien holds head in hands in theatrical frustration)
"I like Gary I do. I do. There's a lot to admire. He's making some good points. But he's making people worried (sighs theatrically). He's become too extreme (sighs again). And i wonder....blah blah blah (cue apologia for status quo neo-liberalism induced by pressure from his bosses). "
This is O'Brien, and every other center-left media commentator/organization which starts to perceive Gary as a threat, rather than an interesting working-class curiosity they can patronize.I'm pretty sure Gary knows this and is trying to develop an independent following before that happens. You cannot trust those people - they are scum.
for any folks who missed it:
James O'Brien meets Gary Stevenson | LBC
ruclips.net/video/46T6Nk2VOG8/видео.html
He’s talking to Aaron Bastani on Novara very shortly too.
@@archvaldor spot on.
@@archvaldorbang on the money there 💰
A mate who I used to live with (in a house his father bought for him) once suggested I invest in property. It told me everything about how those from wealthy backgrounds don't even realise how ludicrous the situation is for average people. My mate is a really nice guy btw, he said it in good faith, but that the fact he said it at all was the issue. Telling me to invest in property while I'm paying rent to him. Unreal. Thanks for getting the message out there.
I overheard two kids taking about how they were going to obtain a property, stick tenants in to pay the rent & then go overseas themselves. Talk about embedded indoctrination!
@@sharonpmcnamara9350 Yeah it seems like one of the only ways people think you can make money these days
You are invested in property... His.
One of the biggest problems with poorly regulated rentals in the UK is subletting & that's often done as a workaround to ownership based investing. Your friend might not be wrong either, it's probably possible for far more people to invest if they are willing to dispense with the ethical standards that makes most people cringe
@@sharonpmcnamara9350I have a cousin doing exactly that. But he can't come home unless he gives that up & then he doesn't have a job here. It's a fairly artificial way of life and would take some years before they can cash out
Noam Chomsky has said that the 1930s were dire but the working class had a spirit of solidarity. Most of us are in the same boat and when we get on the same page then we’ll start to see some change. Good sober analysis.
Exactly. The big problem right now is that we're so busy fighting each other that we're not dealing with the real problem.
No spirit of solidarity now. People seem to love being stupid and voting for their own poverty as long as they get to blame the even poorer brown family down the road.
It irks me every time I read the name Noam Chomsky. He defends authoritatian regimes like russia and its predecessor the soviet union, as well as serbia/yugoslavia and what the serbs did (genocide) when the rest of us in yugoslavia (in my case bosniaks) wanted independence.
@@redhidinghood9337exactly, he is not the enlightened person people think he is.
@@redhidinghood9337 Please, with respect, your point of veiw is understandable but, Noam studies every detail, for the betterment of humanity, while you skim the local headlines, for entertainment.
I don't remember much from high school history all those years ago, but there is one thing I do. The teacher wrote a short list on the blackboard one day and asked us what we thought it was. That list, about five items, included a large gap between richest and poorest: inequality basically.
That list was the factors widely accepted by historians as being common to civilisations throughout history right before their collapse.
Gary, I know you're not a channel that commonly does interviews, BUT wouldn't it be fascinating to talk to an historian about how inequality played that part through history and how it played out in the end of civilisations? Or more importantly, to see if it was ever successfully reversed and how?
Your comment mirrors a related thought I had earlier this morning:- A major cause of the collapse of the Roman Empire mimics the situation now occurring in the world, i.e. a system of transfer of wealth that had reached the physical limits of sustainable expansion.
It would be interesting to work out how many families with wealth in Rome and Italy today can trace their ancestry back to Patrician families in Rome.
"we will have to be gentle with ourselves, with each other and with each other's financial position" - lovely words, Gary
Got your book - love your channel and message.
Count me in as one of your foot-soldiers. I’m in it for the long-term.
I’ll spread the inequality message throughout my space.
All respect and love to you Gary
Gary's message needs to be broadcast and amplified far and wide, by all of us. Share this. Talk about it with friends and family.
Well, yes. But. It would be handy if he had any clue at all about 'economics'. Which, to be fair, is not his fault as he's been through the Oxbridge indoctrination system.
Yep, sharing as far as I can
@@stevenfarrall3942there’s always one chatting shite and this time it’s you.
@@stevenfarrall3942 Considering he made tens of millions by understanding economics, I'm pretty sure he has a clue. He also has a degree from LSE, pretty hard to get if you don't have a clue about economics. You utter mook.
Always remember; worker is just a modern word for serf, and 'very rich' is just a modern phrase for 'lord of the manor'.
Of course
We the people need to be more conscious of what’s really happening out here… The agendas at play in the world are seriously concerning. Thank you for shouting the message, much respect!
Gary for the Chancellor! I think if you went to politics it would be very beneficial. You got my vote 😉
Sadly, the politics of Envy, if there is such a thing) is really just people wanting a stable income in a rapidly changing world.
People don't seem to realise, that the shape of industry, is the shape of society.
In the 60s/70s a large company typically had a workforce, a charge-hand, a foreman, a dept manager, and a whole series of managers above them...That corporate structure was reflected in society.
Now it's a few massive businesses with lots of SME suppliers who can be let go, or bought and thus controlled with capital flows.
In my own locality, a FTSE100 Company uses 3rd party contractors to manage a process that was done in-house with unionised labour who would fight to maintain their economic power. So the capital controls the labour, disproportionately.
Gary my man, you are the best thing that happened to this country in over a decade. I got deeper into UK politics and economics during the Brexit debate bc so many arguments made publicly weren't adding up. I saw investors buying up property and news outlets blaming migrants for everything and I was like ... why no one sees that decreasing living standards are a systemic problem mostly to do with inestors buying up the property market, buy to let's running rampage etc.
A few years later I gave up, sick and tired I left the UK.
Now you show up and say it how it is, finally someone who can see how things work!
I hope you will reach people and help them understand that the society is being shafted.
Adding some perspective, take an example of a person not investing in a pension, (Liz Truss almost collapsed pension funds) Some professionals buy a second property, offer a service for over 30 years, and use it as a pension. Then look at 7 flats Jeremy Hunt, buying tax-free 7 flats at once, in a company, deducting mortgage costs blocked from personal investors with one flat, then take hedge funds, buying up property bulk using offshore zero tax. If we don't unite with an understanding of scales, end up squabbling over a bag of rice, we are all screwed. I agree with you, migrants are just a tool used by media, BTL small landlords are another. The problem is much larger. Tax the super rich, offshore, government contracts for the wealthy.
It is not the migrants per se which is the problem but the massive increase in the population. That's why the big business confederations lobby for ever more immigration: it maintains the over-supply of labour, it pushes up housing costs, it expands the consumer base and it divides society along ethnic lines. It is one of the key power tools that the super-rich have
@@stephenc7428Maybe excessive migration is used to shore up/drive up rents and house prices, which suits the already wealthy. They also add to the burden on the NHS which suits those already rich who want to see it privatised for more profit, as it will inevitably collapse and the argument would be 'well Amazon could run it better and make a profit'. Jacob Rees-Mogg said recently that 'capital deserves a return', but when public money is invested in water companies for example, there is never a profit for the public, and then the public have to pay higher bills, when they already paid previously for repairs through higher bills, but that money went to investors as profits.
The trouble is that the already wealthy won't accept that what they're doing is wrong, because they don't have to as they own the political system. And that's before any talk of Tax, which has the same problem of a political buyout by the already wealthy.
“Fantasy is what we want but reality is what we need” - Lauryn Hill. Keep doing what you do King…👊🏾🔥
Keep up the good work Gary. The message is getting out there. New Statesman video and article. ”The UK tax system is a con.” Need to tax wealth!
The only credible voice offering a realistic solution. Is there a youtubers party to vote for yet?
@toolzandnewideas that's simply not true. Most wealth is passed down generations without any true wealth creation. Almost all wealth exists in assets, and renting those assets to less wealthy people doesn't constitute the fruit of much labour.
@@toolzandnewideas for those who have nothing, some wealth can mean everything.
We have a democracy when a political system can and does make a good-faith effort to address the problems average people face.
In a plutocracy, on the other hand, the political system pays no more than lip-service to average people’s problems and works diligently instead at protecting - and growing - the wealth of the already wealthy.
Enjoyed your interview with James O'Brien. Hopefully you'll be contributing on his show from time to time.
How can I listen?
@@leegarrett5469 type full disclosure into the search box.
@@leegarrett5469 ruclips.net/video/46T6Nk2VOG8/видео.htmlsi=P3_DCFzRY-zhv4-U
@@leegarrett5469 ruclips.net/video/46T6Nk2VOG8/видео.html&ab_channel=LBC
@@leegarrett5469full disclosure on RUclips or any podcast provider
It's summed up simply:
* House
* Kids
* Retirement
All three are now almost impossible, for a family with two average earners. Pick 2, at best.
That is utterly unsustainable.
As a side note, 30 years ago it was possible for a family with *one* average earner to do it. That might have been an anomaly though. Fantasy pensions were galore at the time, and we are paying for it now.
Fantasy pensions is a good point. I know friends whose dad is on a final salary pension, 50k a year! What is state pension at the moment 8k!
@@goych the whole concept of final salary pensions - especially in the private sector - has caused a black hole for many firms that in effect current employees are paying.
£50k pension would take a DC fund of close to £1m to achieve. Possibly nearer 1.5-2m if index linked and with spousal cover, which I bet it is.
Good luck to current generations saving for that whilst paying for an insanely overpriced house and kids.
So everyone is entitled to this? How is this going to work for everyone in a free market??
What about fantasy shareholders profits. Why is it that anything for the public good is considered fantasy but anything the super rich want, no matter how unjust it is is never questioned, either in people's mind or in the public forum. It's sad and will eventually destroy us financially and at a societal level.
@@thelasthourgetready it's not a free market though, is it? It hasn't been for a long time.
House prices were in the last decade propped up by the state through a scheme that funneled money to housebuilders with the side consequence of putting a floor on the asset prices.
That's not a free market in my book.
Anyway, the point is that if a couple, each earning the national median wage can't afford all three of those things without state support, either whilst during their working life (through in work benefits) or whilst in retirement (through pension credit because they couldn't afford to save), then as a society we have failed. Feel free to disagree.
The end bit, about being made to feel sh*t because you haven’t achieved is so true! My Grandad used to say treat someone like sh*t for long enough they’ll believe it!
Please keep it up, you have the brain and empathy we need! Xxx
Gary’s voice needs to be heard by everyone. Great interview with James O’Brien this week. What needs to happen is for Gary to be on James show every time there’s a budget, every time something happens in the economy, and the anything to do with tax and wealth. The way in which Gary explain breaks the walls down of jargon with economics and how the ordinary person is getting turned over. Gary needs to be on LBC as there go to guy about anything economics and the implications. Also on the News Agents podcast to underline what is truly happening.
This is a great idea! I'm happy to comment on LBC social media platforms and ask for this. Starting with the Budget this Wednesday!
LBC is interested in one thing, listener numbers. They thrive on creating division. Hate sells
I worked in Retail Banking in branches for a few years in the US. It shattered my illusion of people with the most money working hardest in our society.
Don't get me wrong, they put the hours in & most have worked for what they have. But they don't work harder than the vast number people trying to get by.
Luck & opportunity seem to have such an impact on outcomes & they don't consider the survivership bias after the fact or having enough resources that they can fail & have another go.
Thank you Gary for drawing attention to this & clarifying what this is doing to society. We can't solve problems we can't understand. Respect & Love man!
Luck happens when opportunity meets preparedness
I am in. We need to rebuild our communities. We need to get to know and support our neighbours as we used to.
The Black Panther Party for Self-Defense made significant progress in Oakland and the Bay Area in the 1960s. Mutual aid included school lunch programs for kids, health clinics, and of course, armed defense of citizens from police brutality. We need stronger communities and mutual aid.
@@seamusraffertyAye, if we can just get past the usual divides in this country!
I'm in!
Ma neighbour's a wanka 😂
@@seamusrafferty before their leader was murdered by the FBI and many others rounded up and arrested, or had to flee the country.
No chance of that now. Mass immigration has destroyed social cohesion.
I came from a poor working class family but my mum came from a middle class educated family. So she pushed us. I ended up studying European Studies at Loughborough. I was partly a Thatchers child too, love or hate her we were made to feel we could achieve (I am no Conservative). Roll on 2024. I believe education is paramont. Labour can influence that easily. We aren't rich but my children get tutored. Every child should have equal opportunity to education (academic and technical like building/ electronics). To do this? Tax the rich!
Tell me what to do and happy to help.
Loved your CEO and James O'B interviews.
The importance of structure and support has to be from the child's parents/guardians. Not Government. The parent is responsible.
@@carlywright5127it’s both. It takes a village to raise a child
Thatcher took affordable housing and turned it into ever increasing debt products that the rich get ever richer on. You realise that?
It's partly why we're seeing local councils going bankrupt.
We need to get affordable housing back in our hands, away from the ripoff Tories.
Whoever votes Tory, why did you do this damage to so many people in so many cruel ways?
What do you class as rich? Do you tax wealth that's been earned through hard work (already taxed at source)?
@@carlywright5127 the socioeconomic conditions of society need to be structured appropriately to empower parents to nurture their children properly. The concept of personal responsibility as a binary option is a disproven fallacy.
I'd love to see Gary and Mick Lynch have a talk together. Both working class, both wanting the best for working people.
Add Martin Lewis into that and they can support each other.
Those 3 would be an awesome force for good
Don't forget Peter Stefanovic. That would be a team!
Kshama Sawant would be an excellent guest as well. She’s organizing Workers Strike Back.
They should look at forming a political party, I'd vote for them and I'd encourage all I know to do the same
Mental health is a huge struggle for an increasing number of people so thanks for talking about it. I just finished your book and loved it. It's like a horror story, except you obviously escaped. I grew up poor and even when i was making money never wanted to be part of the bourgeoisie, much less the wealthy. Kids in my generation didn't really think about money the way they do now- inequality was an issue, but it was more racial than anything else. I'm poor on purpose now- not paying taxes to the American war machine. Congratulations- I think you'll hit #1 this week easily.
Thanks boss, glad you got through it so quickly you must have liked it!
@@garyseconomics it's brilliant- i could have finished it sooner but made myself save some for the following day!
Your honesty is so refreshing in times when our politicians only feed us lies and what's worse, believe they can get away with it. Unfortunately a lot of people don't want to hear such honesty and hard talk, so it's gonna have to get worse before they're prepared to wake up. I appreciate your sincerity and authenticity so please stay for the long haul and above all, stay safe.
Gary. Voting is only worth voting if we can hold the government accountable for their intentional wrong doings. Keep up the fight dear Gary. Fight for humanity and for the people. Thank you.
Best video yet! Clear, concise and constructive. Let's do this
At a similar juncture in the 19th century when workers were being exploited, the answer was to organize in unions. Since we are all primarily consumers now, I think that is where we have power- A Consumers Union. Such a union could organize massive, and international, campaigns. Organize boycotts of multi-nationals including premiership soccer, Starbucks, River Island ...all the brands and labels. Organize a political party where those elected take only the average industrial wage. Organize local political organizations that are nor not merely talking shops, but organize environmental clean-ups, help for the elderly and needy, communal arts, gardens etc. But there needs to be a strong alternative organization as there was when trade unions first appeared. You have nothing to lose but your chain (stores)!
But HOW, Gary?! How would you advise redistributing wealth inequality??!! More in this please!
I was hoping he would make some suggestions, at what level do we working people become "rich" enough to be taxed even more ?
Asset taxes - the level? In the millions. My uncle is worth about 250 million. If he was taxed 20% of that, I think he would still be OK
Just beyond the number we all have in our bank accounts....@@RoderickSpoke
Yes - lets start actually taxing the super rich (or even just the rich)@@user-vc5zt9ci12
Turn off msm. That's how. Track down some good alt channels.
The only way to fix inequality is to have a political party that BELIEVE that this is THE PROBLEM. If we continue down the road with what we have now then we are screwed. Thanks Gary, more power to you.
And the only way to get a political party to believe it is for people to join the most likely party to agree and to win and spread the idea.
We have the problem where the only 2 real political parties are the tories and Labour who are essentially left wing tories as well.
And a complete lack of trust in politicians, so how are old school style Labour working people parties going to be reborn when the working people have no faith in politics, they're not motivated to get involved.
A strange scenario where politicians incompetence has created a scenario which allows their incompetence to perpetuate, almost as if it wasn't incompetence all along.
Things will get a lot worse before people are motivated en masse to get involved.
15 years and this problem might start getting taken seriously, but i think a Labour government as a bigger threat than another tory government.
Because Labour will fail as well, then both political parties are completely without credibility and where will voters turn then?
What you're doing is incredible. I'll spread the word
"Accumulation of wealth at one pole is at the same time accumulation of misery, agony of toil, slavery, ignorance, brutality, mental degradation, at the opposite pole.” -- Karl Marx
It’s not enough to constantly focus on what is wrong, i.e., wealth inequality is driving many of us into poverty. We need a detailed, inspiring and positive vision of the society we can create. This needs to be followed up with an equally detailed, inspiring and positive plan of how we achieve such a society.
Here’s a first clumsy stab at it. At its most basic we need to create a society where the largest number of our each generation of citizens can continue to thrive physically, mentally and emotionally. For most of us this means that can earn enough to put food on the table, have a decent roof over our heads and share a rewarding mental and emotional life within our connected communities. We need a society where we know that the vast majority of our fellow citizens our doing their utmost to provide for themselves and their families. Equally we willingly support those who are unable to do so.
How do we get there? Gary is right that having a more equal society is a critical factor in achieving this. He points out that the super rich are increasingly taking a larger share of our assets, leaving the majority of us to fall further behind. One simple step would be to make it impossible for vast sums of wealth to be inherited. How would that work internationally? Gary also raises the issue of how do we bring about these changes.
Communist nonsense.
More government curtailing your god givens and freedoms. You do realise that none of that works, has never worked, and will never work?
Who are you to tell me I can't leave my money to whoever I want?
What business is it of yours?
What do you think is likely to happen if you implement such a policy? Any idea of what kind of outcry there would be?
What affect would it have on things like farms, which may have been in a family for hundreds of years? Youre telling me I can't hand it over to my son?
Who are you to tell me I can't?
Do you not think people might hand over the wealth in their old age, before they die to find a way around that rule?
Or flat out just leave the country?
IN short, do people like you ever bother to think your ideas through?
Inequality destroys the social as well as the economic fabric. Mental health, as you point out, is a clear example, but there are plenty of others. I would highly recommend Thomas Piketty's Capital and Ideology, both for its elucidation of how all unequal societies rely upon ideologies that legitimise them (especially through ideas of what constitutes property), and also because it proposes specific achievable but very significant measures. Long read and not for everyone, but clear and for me at least, very useful.
I want to see some videos from you, Gary, about what we should do in week 1 of a labour government. What expectations we should have. What do we want to happen - in an ideal world. What should we be telling them to do to start to chip away at this issue?
Keep preaching brother!!!
Biden's SOTU was reassuring.
You're a true prophet too. Let's hope we're now with an honest map with honest leaders who can steer our society in the right direction 🤞🤞🤞
Thank you and keep going! ❤
The money is broken. We need to fix the money. It's not about tweaking a tax or two, or a policy here and there. We need honest money.
Would LOVE to see you have a chat or podcast with Martin Lewis. PLEASE make this happen my man.
This would be a game changing event and a real milestone opening up more minds to what the future holds. Does the future look terrifying YES. But let's build the momentum for change for the benefit of future generations!
Hello Gary, recently found your channel. You make some interesting points. Please keep pushing the truth. I would love to see more content on what government financial policies are effecting the country negatively, and what you think we could do to change this.
My thinking on this poverty is to become a unit of our own boroughs, if everyone stuck together and looked after each other within, possibly starting with farm produce, building up a financial community within, stop monies going to the public purse, break it down within and amongst.
Excellent Gary. In for the long haul and drive home the message; gross inequality will be the ruin of us all.
I read an article about the first proposal for worldwide minimum tax rate on super rich (billionaires)
2700 ish people own 13 trillion in assets.
Unreal
The question is how to make them pay it. I personally think tax is only one part of the story
Funny how globalization never led to such a thing!
@@OnlineEnglish-wl5rpThe problem isn't the arbitrary number on their bank account, the problem is their ownership of the assets. So tax the assets. You can't own the assets and dodge taxes on them at the same time, because the buildings and land won't fit in your private plane. So they can only dodge the taxes by selling the assets. If they sell the assets, then tax the new owner of the assets. In the end someone will be paying the tax, and the rich who dodged the tax now have no assets, so they have no passive income, so they will stop automatically getting richer. They then either spend their savings or they work for a living. I consider it a win either way.
@@bramvanduijn8086 I like your idea except wouldn't that mean by taxing the assets that it will drive up the rents even more? One way to tackle it is to make it law that any individual can only own 1 property and companies cannot own but only lease properties. This will force anyone who has more than 1 asset to sell within a timeframe (say within the next 3 years) and will crash the value of assets. Then suddenly it will become a lot easier again for the majority of people to purchase a home and for those that are private renting, well the rents will be far lower than before. This for me is one way of quickly tackling the wealth inequality.
@@bramvanduijn8086 Good point, well explained I was just advancing the view that stronger trade unions, tighter labour markets, employee ownership, co-ops etc should also be in the mix
Cheers👍
This is a worldwide message. We need a political party.
You’re a beacon in the dark. Keep going, many of us are rooting for you. I’ve never heard so many relatively wealthy people (not billionaires and their lackeys, obviously) calling for change. It’s heartening.
I work as a barber. The thing I am hearing a lot is people selling their homes to pay for care home fees. £1000 a week.
I have been screaming about their for ages. It's a system that fast tracks Gen x's children to poverty. It's an utter disgrace. The care in these places is not even good. My humble savings and value of my home will be eaten up should I need care later on meaning I will not have a humble inheritance to pass on to my children. This knowledge breaks my heart as I want to make provision for them after my death.
Quarter of a million we spent on mums. Sold her bungalow. We were left £20,000.
The council will hunt it down
80% of people over 90 are not in care homes, 96% of people aged 80-84 are not in care homes. Most elderly people don't end up in a care home, so it's not inevitable.
Hi Gary, love your videos, I am in awe as to how you present these messages in a clear and concise way, my question is how do you effectively communicate these topics to the people around you that actually get through to them? How do I not sound like a ranting nutcase predicting the end of days? How do communicate this message without sounding like a condescending know-it-all?
Ask them about themselves and how they're doing- then you can relate that to the inequality issue. If they're older, ask how their kids are doing- especially re the housing issue. It might not work as well in the UK- i'm in the US- but it's worth a try.
I doubt Gary will read this reply but I'd suggest anyone interested finds his recent podcast with James O'Brien at LBC. I took a lot from it in a personal sense as in a small way it mirrored my career path. I'm 80 now and can only look back in retrospect and agree with almost all his comments about the structure of his life and where we are now at. May I also say thank you for all your efforts Gary because the appallingly inept politicians we have elected are leading us to economic armageddon !! Of that much I am certain.
Everyone counts. ❤
Good morning.
James O'Brien interview was good. Keep hitting us with the stark truth.
For once I agree with James O'Brien who with Jeremy Kyle (loathe more) cash in on polemic takes cushioned in 'decency' and 'common sense'.... They continue to try to divide so the majority of lesser earners don't come for them, their employers and their employers employers.
@@dogsenseforu301That's not true, and even Gary himself stipulates that he's not going for people whose houses have inflated to telephone number values, but who can't afford to move. It's all about inflation.
In my lifetime, once you could go to the local shop with £1, buy a sliced loaf, a pint of milk, and some other odds and ends, and go home with a bag of shopping and some change. Not any more.
Likewise, homeowners who got 20% discounts on the council houses they bought, who managed to keep them, would see a huge nominal increase in their value, only because governments tolerated the establishment of the Housing Bubble. Any redistributive policy would prevent harming those people. They're not the real gap in the tax system. And neither are people like O'Brien. It is, I'm afraid the capital gains on asset income, that is undertaxed, relative to wages. Now, do you understand why? Capital gains taxes have been far less taxed than wages for decades. And the chartered accountant and economist Richard Murphy discusses the reforms needed on his blog Funding the Future. He's publishing a Report with the University of Manchester, explaining how this could be done. And Murphy's reforms are doable.
So please, let's not reduce things down to personalities. O'Brien's just pointing out The Emperor's New Clothes, and he and Gary are on the same side of the issue. Both of them see the economic apartheid embedded in our society, that like Japanese Knotweed in a garden, is crowding out everything that produces a sustainable and liveable life for ordinary people with a job and cascading downwards into precarity and destitution for those sick, old or poor. It's only those who live on asset wealth income, who driven by fear and greed, are being encouraged to speculate and just buy more assets, so taking away money from the productive part of the economy that provides jobs, taxes, and improves the quality of life for waged workers.
Is there a chance you could do a video on MMT (Modern monetary theory) as an example of an imperfect way of looking at government spending and its role in the economy and how it could potentially be used, or not, to materially decrease inequality?
Debasement of currency makes inequality worse, it inflates assets
So...How can we fix it? Have been watching your videos, but still don't really know what practical steps one can take in order to achieve any positive change...
It requires a societal change rather than individual that is the problem. During covid there wad a waiting list to buy a Vauxhall even though no one was driving cars. Wtf is wrong with people that they are so desperate to spend and borrow money. Borrowers will always be slaves to the lender.
I pester my local mp, Jeremy Hunt. I ask questions, make points I have heard here, and keep saying that unearned income must be taxed as we are taxed whilst at the same time forcing corporations to pay proper , living wages, rather than allowing them to pay poor wages that are subsidised with taxpayers money via universal credit. I do get answers, so it forces him to have to pay someone to do that and I wonder whether if enough of us contact Starmer and Sunak with the same messages, maybe eventually they will listen. Wealth inequality matters, and is not , as they often claim, simply the politics of envy.
Switch off msm. Forever. That's step one.
Watch a few videos by Mariana Mazzucato. She explains how the current situation has happened and the way out of it. The problem is that getting back to a fully functional economy is not going to happen overnight given the destruction of it has taken some time. This is the worry, if Labour will the next election as expected, people will expect them to correct things within a couple of years when it will probably take three parliamentary terms to get there as there is so much to undo. It’s not just a wealth tax or more money from the Bank of England, it’s what you do with that money when you get it and is there a system in place to deal with it so it doesn’t simply end up with the super rich again.
I find some people are never content, they want more and more even though they have enough.
Being content is the ultimate achievement in life.
That's not how humans are wired
00:00 Solutions require understanding and popular support
01:48 We need to accept that wealth inequality won't improve soon.
03:45 We have a massive opportunity to create a broad political coalition of people affected by wealth inequality.
05:34 Addressing wealth inequality is essential for fixing the economy.
07:06 Addressing wealth inequality is crucial for economic progress
08:45 We need to support alternative voices and spread the message independently.
10:36 Changing economy increasing poverty impact
12:11 Support both personal and political battles for wealth equality
Crafted by Merlin AI.
There is an inverse relationship between tax rates and tax revenue. You cut tax, the propensity for people to shoulder said tax burden becomes much more likely, including big companies. More money in peoples hands, more taxable situations = more revenue. This is how you get out of this mess, but I cant wait to hear how this should be fixed top-down, more welfare, increasing tax, increasing minimum wage etc, as opposed to earning your way out of poverty by government non intervention.
Give businesses a good deal and theyll WANT to pay instead of finding ways to avoid it. More importantly working people get to KEEP their money, which elleviates pain in this stressed market. It also results in business growth which invariably leads to more job creation.
Secondly, wage deflation through immigration needs to be fixed by deportations. Less competition = more market share for those who are already here.
Ah another bedtime economics lesson
It really comes down to priorities.
We need public servants and representatives to prioritize people and the planet before profits with policies, regulations, and laws across the world.
Gary's politics is the ultimate hedge:
wealth inequality continues he wins (good trader continues to get rich).
Wealth inequality shrinks, his political campaign is successful (his political capital skyrockets)
The implication of this comment seems to be that no-one with wealth and power should campaign in the interest of those less wealthy and powerful
Okay. Yes, wealth inequality is the problem. But still not hearing any solutions in this video. Reversing wealth inequality is not an easy problem to solve even in a world where everyone wants that.
This is good and definitely agree with the notion that we need to win the battle of ideas. What would help is to paint a picture of a society without such great wealth inequality. How and why would that resolve many of the social and economic issues?
We need to instill what was so called "Cathedral thinking": In the context of problem-solving or planning, cathedral thinking involves a mindset that focuses on long-term goals, persistence, and patience. Rather than seeking quick fixes or short-term gains, proponents of cathedral thinking advocate for careful, deliberate planning and execution, often with an understanding that significant achievements may take a considerable amount of time to realise.
This approach contrasts with "supermarket thinking," which prioritises quick and easy solutions akin to grabbing items off the shelves of a supermarket. Cathedral thinking encourages individuals and organisations to invest time, resources, and effort into building something of lasting value, even if it requires sacrifices in the short term.
Ok, so your click bait title was about solutions. Whilst i agree totally with everything that you have said here ( especially about young people's mental health) I cannot discern any practical solutions offered? Apart from spread the message about what is happening. I would like to be part of the solution but how? Look forward to future videos, where, hopefully, you will answer this point.
You still haven't outlined any tangible solutions......
Gary, you are a prophet of our time. I think we need an organised strategy to influence the public. With everyone distracted by netflix and facebook people could be hard to reach.
If you get 12 guys together to help run your campaign, then tell each of them to get 12 guys together to help run there side of the campaign, we could organise a mass mobilisation of the public in a short period of time in order to force the hand of the law makers. Right now the problem is getting worse, we haven't even started the process of recovery and every day that goes by the problem becomes harder to fix. We need coordinated actions to alter the course of our future.
For St George and the martyrs.
Thanks gary.
@jaydenmasters2888 I agree. You down? I am. Gary. People. Let's do this.
I’m from the US. It’s not just the young who are experiencing poverty. The senior poverty rate in this country has risen every year for the past decade
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So the solution is to grow your voice to send a clear narrative to make the wealth divide better because your predictions will be 100% right? you what?
Gary please also do a video on the Pareto distribution? If this is an inherent natural phenomena that occurs then how do we alter the skewness of the Pareto distribution to ensure a fairer distribution of wealth, assets and wages and debt?
REDISTRIBUTION !
literally not a single solution presented, just patting his own back
The message is 'there are no quick fix solutions'. That means the solutions has to be long term solutions. Part of the solutions is promoting understanding the root cause of the problem and spreading it wider. Staying mentally healthy and keeping hope alive is also the solutions here, not despair and doomerism. Finding the solutions is also about knowing what's not a solutions as well. You seems to be looking for 'quick fixes' and one size fits all solutions. But for now, the solutions is keep spreading the truth and getting more people on board to think about further solutions.
I'm looking for quick fixes? That's a rather asinine assumption based on nothing. I would argue that wealth inequality in the developed world is already a very very well known problem and there are a host of potential solutions that have already been proposed, all with their own merits and flaws.
No one likes talking about the solution because the solution is expensive, everyone would like some wealth inequality but no one wants to pay up for it. Not to mention how to ensure the solution is lasting.
I'm sick of these wannabe messiahs. 'Get more people on board to think about further solutions'. Spoken like a moron who has already drunk Gary's coolaid.@@TamNguyen-yk9mn
@@TamNguyen-yk9mnMaybe if you say solution a few more times one will magically appear like the Candyman. His economic understanding is great. His understanding of the superstructure is non existent. 30 mins and I didn't hear capitalism once. If people aren't educated with a theoretical base they'll just continue to get manipulated by the MSM. If you don't know what you stand for you'll fall for anything.
He sells a simple message to simple minds. People love emotion. They hate nuanced facts and deep thinking. Cretins are drawn to Gary and his emotive message. His whole persona is carefully crafted.
@@John-wf5if Layman are the target audience obviously because he want to spread something new to people and isn't trying to force feed them complex terminology, speaking in ways they can understand. The people can explore deeper into the topic by themselves. It like pointing the directions, the people must walk the path. If you're trying to spread the love for mathematic, you don't throw calculus at them straight at their face. You may explain it vaguely and give people intuitive understand, motivating them to learn more.
You didn't say anything about real world solutions
keep up the good work Gary. We believe in you. x
Really pleased to see James OB interviewing you and only a week after Bernie Sanders. There are very few people highlighting this fundamental problem in our system. Let’s hope A Campbell and R Stewart step up at some point and have you on Leading. Keep going Gary
Gary, just finished your book ...
I hope you are OK and you've found your peace
I'm with you in this journey
We need to change otherwise as you've identified we're fucked
Everything about this video is incredible.
Thanks Gary for putting this in a way that I and others can understand. Just bought your book, will start it tonight. Please keep plugging the message.
Why are we loosing the "ideological battle"? It's simple: it's not just the fact that powerful interests are shaping the story to protect their advantage, it's because individualistic self-interest has replaced community over the last 4 decades or so. We have to rebuild community and break the lie that self-interest drives economic growth, and that everyone benefits by economic growth. It's the belief that we all have to be successful (and it's harder and harder to survive because it's a desperately unequal society) and the break-up of community that's causing mental health problems and preventing collective action. This is where we need to start getting to the political consensus: rebuild community and get across the idea that contributing to community makes us feel good in ourselves and individualistic self-improvement is the lie that says we will feel better when we have more stuff, that creates the systemic problem in the first place. That's the work... and that's what I do.
Great video, as always! Good to see the channel growing. Looking forward to reading your book soon!
Turned on to you in the last month. Despite the dire prognosis, your realness (along many dimensions) is incredibly hopeful & inspiring. Your analysis is lucid and accessible, and clearly backed by cold hard facts. Your personal story is phenomenal and your outlook resonates deeply with the society most of us are seeing right now.
FWIW (maybe not much) some suggestions about how to get the message out (which I'm sure your team have already thought about).
The Big Story With Pictures (in under 3 mins): You've already got an analysis that could be boiled down to a pretty punchy bite-size 3 minute animated explainer video, like the style of stuff Vox did with Explained. If you're really interested in broad accessibility, at some point you may need to consider this level of communication. I love listening to you (and appreciate your voice is the heart of the channel), but not everyone can handle 15-20 minutes of off-the-cuff economics chat. You might not be trying to 'go viral' per se, but for better or worse, it is the TikTok era.
Predictions: You talk about how your predictions are more consistently right than those of mainstream economists and economic pundits, but where are the receipts? Relying on past RUclips videos creates a hurdle for people to really see your track record. Something as simple as - "June 2020: they said X, I said Y. I was right." Also, who is the "they" betting against you? Is it media pundits, is it government economists/forecasts themselves? If its the latter, making the 'receipts' clearer and easier to access could only enhance your credibility.
I'm 100% behind the mission and will do what I can to spread the word. I've already emailed Freakonomics to try to encourage them (lol).
One last thing. You need to say "Tax the richEST" more consistently, because this is what you actually mean - and does some of the work of qualifying "tax the rich" as a statement that could be conflated with other ideological stances.
Great points. One minute summaries that we can share are also best suited to most regular folk. As they want to know more they can look for more.
I heard your interview with James O’Brien. Probably the best podcast I’ve ever heard.
Someone famous once talked about the fact that many people have attempted to interpret the world but that the point was to change it. That's the difficulty. What would a world of economic redistribution look like. What would be the mechanisms that could be used to bring it about. Taxes ? Even if someone on minimum wage paid no deductions whatsoever, it would simply mean that they could pay higher rent and be no better off. The key vehicle for impoverishment of the poorer and the transfer of wealth to the richer is housing costs. House price rises must be stopped and preferably put into reverse. This cannot possibly happen while we have net migration into the UK of hundreds of thousands every year.
The answer is to separate money and state.
What we need is money (ideally digital) on a distributed ledger. If we could make it a better money that we currently have (e.g. predictable and capped issuance curve) then Gresham's and Their's laws would run their course and value would move out of fiat and into the new money where it couldn't be secretly stolen through the use of a money printer, that largely creates the enormous wealth divide (see Cantillon effect).
keep explaining how economics works Gary...we need clear, straight forward explanations of all the terms used and processes employed by the rulers. Most people dont understand and therefore think the rich must be good at money because they understand it! I like the way you debunk this idea...it needs spreading far and wide. The idea the Tories are trustworthy with the nations resources cos they are rich is falling apart but we need better economics education to change the system sensibly and avoid chaos...well done!
Well done mate. I's glaringly obvious yet so few articulate what's going on with regards to wealth distribution. Bezos, Musk and Gates have an obscene amount of wealth and there seems to be no limit to the amount they can accumulate. They have the money to buy influence and thwart any movement towards progressive taxation. Good luck with your endeavours.
Something very powerful about this message is that it brings together people. It doesn't matter whether you're a part of the Zeitgeist or conspiracy mindsets, it transcends that, so it also trandscends attempts at control and misinformation. It's just maths.
It doesn't matter what face there is. It focuses on the issue, offers an easy to comprehend way to solve it, and has a good model for making predictions that will undoubtedly be proven, the only way this will be beaten is by silencing the voices - Which may have hindered, but never halted provable models, just ask Copernicus.
Expect resistance, the louder we get the harder it will become.
But I think you're right. In the end, we will win... Ecxpet, no ifs from me.
I grew up in the 1970's. The 1990's were when industry & politicians touted how much they had narrowed the wealth equality gap.. Gary is saying nothing new. But my life experience PROVES that he is right... I left industry at the turn of the millennium to enter University, (late in life) & on return to the work place, realised how much the workplace environment had receded.... & life chances were limited & hopes/expectations of workers had dissolved
Can you make some videos about other systems other than the UK? It would be very interesting to hear your explanation and analyses of the EU system, or the Chinese one, or predictions about the future of Milei's Argentina. I also think diversifying your content would make you reach a wider audience, and that's good for your cause. Anyway, it would also just be fascinating hearing your insight on other topics. Keep it up, love what you do!
The "inequality" is not a bug , but a law of all distribution of anything. Pareto distribution . It's always the outcome
Thanks Gary for such an authentic and thoughtful commentary. It is a really resounding and deep vision of nowadays paradigm, of the materialistic, profit-driven mindset we're all unconsciously throwing ourselves into. Becoming conscious of these patterns is very important for our society. If you think as society as a ugly -> beautiful spectrum, I see your content as shedding light on the dark side. It could be equally enriching for a channel with your following to show the other end of the spectrum, because that end of the spectrum is what inspires people for positive change. I don't know what that means in economy but a parallel in arts could be that you can get inspired by a beautiful painting or song performance? You may not want to paint it yourself, but just seeing the beauty will inspire you (and it could inspire your audience). In economy, that might be discussing models and countries or local places were some better choices or experiments are made, that break the status quo?
Gary "He's always fucking right" Stevenson for Chancellor. Go for it Gary :)
I'm with you all the way. As an immediate stumbling block to me personally, I seem to have been shut out of Facebook, for technical reasons - but this is one of the ways where I try to spread the message that inequality is THE No. 1 problem we currently face. Nonetheless, I frequently leave comments on You Tube and I mention your channel as often as poss. Keep up the good work Gary..!
I've been shut out of social media too, for calling out inequality and government corruption. It's nuts! Censorship is out of control!
Love the trousers. Comfy as a statement 😁
That's a blanket!
Thanks, Gary! You keep doing a great job!
With your help Gary we can build the mass movement for change,keep up the good work and thanks.
I found Thomas Piketty’s ‘Wealth in the 21st Century’ a revelation regarding the inevitability growth of wealth inequality if economic growth is lower than the return on capital/assets (as in today’s economic climate) but his treatment is academic and relatively inaccessible to the public. Your treatment of the issue is just so much more accessible and relatable to day-to-day lives. Thank you for taking up the cause. It is chilling how badly past extremes of wealth inequality ended (Belle Époque v World War 1) .
I support and approve of what your doing Gary. My question is, how will you know when you have succeeded in your mission, what are you specific milestone goals in terms of reach and impact or emrolement in your cause?
Only recently came across your channel. So glad I did. Keep going!
A long battle sounds very much like a war. So we prepare for war.
War is hell, so imagine that and work on improving that expected situation. Don't focus on how bad things will get, focus on how they will be better.
Listening to you on Novara Media was like a breath of fresh air Gary. I can see a very scary future for us and our children if we don’t start to radically change things, because inequality is growing at a frightening pace and you can see this happening all over the world. What chance do our children have of getting on the property ladder when Lloyd’s Bank and BlackRock are buying up a hell of a lot of the houses in the U.K. No wonder many adults up until the age of 35 are still living with their parents. Private rents are skyrocketing and there’s not enough social housing, it’s a recipe for disaster. I’m very worried about the future for myself and my daughter.
Same here, if we don’t change the current state of things it will inevitably end in a war or revolution. It’s scary when you think about it.