THIS IS HOW WE SOLVE ECONOMIC INEQUALITY with Gary Stevenson
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- Опубликовано: 10 июн 2024
- EP 293 - Unveiling the Trading Game: Gary Stevenson's Confession to Economic Inequality
Spotify: news.ouryclark.com/BWB_GarySt...
Apple: podcasts.apple.com/gb/podcast...
Gary is a former trader and now inequality economist who’s known for becoming Citibank’s most profitable trader in 2011 by predicting there would be an increase in economic inequality. Since then, he left trading and now campaigns for solving inequality.
Gary joins us to talk about his debut book The Trading Game: A Confession
We talk about Gary's transition from the trading floor to being a critic of economic inequality and wealth concentration. We discuss systemic economic issues, the societal and psychological impact of the wealth gap, the need for fair wealth distribution and how we can achieve it.
From proposing international taxes to addressing socio-economic implications, we break down the complexities of wealth distribution, take a look into the world of billionaires and trading, and explore Gary’s advocacy for a deeper understanding of trading dynamics, the economy, and addressing inequality.
Chapters:
00:00 Welcome to BWB
00:45 Meet Gary: From Trader to Equality Campaigner
01:41 Exploring Economic Inequality
02:21 The Wealth Accumulation Game: Insights and Anecdotes
04:55 Navigating the Complexities of Taxation and Wealth
06:45 The Impact of Economic Inequality
11:39 The Trading Floor Culture: Beyond the Stereotypes
12:16 The Unhappiness of the Wealthy: A Deep Dive
26:50 Addressing the Billionaire Tax Dilemma
33:23 Wealth Tax Debate: A Deep Dive
34:49 Psychological Impact of Wealth
35:26 Illusion of Success: Stories from the Wealthy
36:14 Navigating Happiness and Wealth in the Corporate World
37:11 Power of Privilege: A Personal Reflection
41:35 Historical Context of Wealth Inequality
44:45 Future of Wealth Distribution and Social Change
45:55 Political Landscape and the Fight Against Inequality
49:32 Personal Journey: From Trader to Activist
01:00:20 Quickfire Round: Getting to Know Gary
01:02:00 Gary's top tip for entrepreneurs
#economics #inequality #tax #garyseconomics
Website:
www.businesswithoutbullshit.me
Socials:
Linkedin: / bwblondon
Instagram: / bwblondon
RUclips: / @bwblondon
TikTok: / bwblondon
Twitter: / bwb_london
Jesus christ you get a guest like gary, let him talk ffs, and read the material
too many interviewers, particularly on the 'net, love their own voice too much. Any art in interviewing has been lost.
The answer surely is to tax what they own that is here. I work in property. The vast amount of portfolios I see held in a deliberately complicated web of trusts and overseas companies in tax havens is a disgrace. There is only one reason why anyone is registering their UK property portfolio or business interests in the British Virgin Islands. Tax the value of the asset at the full rate regardless of where the holding company is. If they don’t pay, they have forfeited the asset. Problem is that there is a system and whole industries of advisors and consultants in the City of London that work exclusively to help the rich avoid paying their fair share of tax.
Also note the tax havens - Jersey, Guernsey, British Virgin Islands, Cayman Islands. So many of them are British overseas territories. The British are the ones who have built so much of the infrastructure for global tax avoidance on an industrial scale for the elites.
that is sad to hear... but to be clear... this would only possible if you were a foreigner...
Agree entirely; major non liquid assets don't move. Tax them!
Too right mate
Well said!
As an interviewer your job is to ask really good informed and challenging questions and listen. Not to yourself again answering, but to the guests. Thats why you have guests in a podcast.
We came here for Gary mate.
The interview style is preferred as he is actually challenging Gary. Gary repeats himself on every podcast, why would you want to watch a parrot? Kudos to the interviewer, best one I’ve seen so far. Actually talking specifics about actual taxes and how it works…not just “tax the rich”
Finally an interview with actual insight and getting into the real nitty gritty. Not just tax the rich and that will work!
Can’t believe he didn’t read the book. You sort of have a duty to read the book.
Yeah looks pretty lazy
Great you bought in Gary Stevenson. I’ve read the book and his message is important. The rich are getting richer at the expense of everyone else
Look at Skandinavia. They are taxing their super rich, they don’t have crazy rich private landlords, it has been done and it could been done
Not really… not in Sweden at least. Income tax here is super progressive; wealth tax isn’t.
Scandinavia doesn't promote entrepreneurialism and it's SHIT
Their wealthy have left.
Is it me or does this guy not let anyone talk or finish their point or is it the way it’s edited?
"It's not because you come from Ilford and talk like that."
It f*cking well is because of those things. The Duke of Westminster was once asked to give advice to young entrepreneurs on how to get rich: "Have an ancestor who was good friends with William the Conqueror."
I love this guy, follow his videos round like a Grateful Dead groupie. You two were good too.
Never watched you guys but I hope you continue to do this and help Gary with this problem.
Why has the bloke interviewer not read the book? Literally takes half a day
Also totally moronic point about taxation of assets - gary says you can tax british assets in britain cos they cant be moved, and the guy starts going on about putting foreign assets in tax havens - we can still tax the british assets moron!!
He's probably a busy man spinning several plates; (I don't disagree that he should have read or listened to it).
His point is correct about international wealth is that most money & liquid assets are hard to touch & that's what the economies run on.
@@GodsOwnPrototype in the words of Roy Keane, that’s his job
I'm in Australia and it's the same here on steroids. Years ago a university in Queensland came up with an idea for a 2% tax system. In which all taxes are abolished, except for a 2% transaction tax. And after modelling it was found, the revenue generated would increase 250%. The establishment suppressed it.
Which uni proposed this? I'd be really interested to see the work they did on this
Love Gary. He is great
O.26. Good to hear a more in depth discussion of Gary's proposals which, to-date, haven't discussed the nitty-gritty of wealth taxation.
Give him a chance. People have to get used to an idea. If ppl are to be treated fairly. However the working and middle class have not been treated at all fairly recently. with policy only aimed to assuage the super rich. I’m sure they will come through it well. It’s not a revolution …yet.
I think one of the issues is that when people use a generic tax the rich there are people who genuinely believe they are the rich being referred to but barely earn more than the national average@@Saffy-yr8vo
interview is all over the place
The guy in the blue suit doesn't seem to have read the book and is talking over Gary.
I think the point being made at around 4:00 is that why should someone who is from a poor background, worked hard to get a high paying job, pay more tax on their earnings, than someone who was born into wealth, inherited billions in wealth (assets), not worked a day in their lives for it, and pay little to no tax at all?
Gary is speaking a lot of truth. For those few people who have seen glimpses of the top and bottom, the gap is getting wider so that the rich world is looking more and more like the industrialized non-G7 countries - a couple of rich tycoons with loads of impoverished surrounding all the big cities and country towns.
17:40 Gary was making a really important point about the human condition here and you completely flew past it
They don't sound complex at all. It's just the sound of someone being honest. These competitive instincts live in all of us, and it easily poisons our lives to enable or encourage them to fester, as obviously is the case with the person Gary is describing
”Hell and destruction are never full; so the eyes of man are never satisfied.“
Proverbs 27:20 KJV
Best post booklaunch interview so far (after seeing 6)... Makes all the difference with interviewers who are in-touch with the subject matter and finally get into the brass tacks of the solutions needed to address increasing inequality ... I'll be back for more content.... I mean, sweary economic discourse
Agreed! I've been following Gary's content side 2021 and watched ac number of his appareances. Was underwhelmed by his LBC interview as I thought Brian's platform would be ideal place for him to shine. As with his appearance on Novara media. Like u said the slight push back he got which led to further explanation of the problems Gary references with taxation of assets made a big difference
Who are the people shouting in the background at random points?
It's the guy in blue. He's being beligerant and talking over people while they're trying to make points and arguments. So to make parts of it more watchable, they've cut his audio out in some moments, but you can still hear him trying to shout over the other interviewer and guest in the background.
Shows how bad an interviewer he was that they had to activly cut him out in sections.
@@TheGc13psj Are you not paying attention?
We can tax anyone who holds more than £10 million in residential investment properties whilst they're alive via some kind of land tax.
Sounds reasonable. But the thing I’ve just realised is, as they said the Uber rich are terrified of losing it. Lots of. Cash appears to bring with it afflictions of the mind which seem unreasonable. I mean if you’re pacifly earning a million a year why should you panic???
Rather than tax the top 1 percent, why not put the 99% in to the 1%.
Money is relative. You can't make everyone the top 1%
Great video;-)
Great interview. I've seen so many of Garys recent interviews and enjoyed them all, although most are fairly similar. This one differs in that there is more discussion around the practical aspects of reducing inequality. Well worth a watch.
Worth a watch because of the perspectives.
I really enjoyed that and it was great to finally see an interviewer with enough knowledge and understanding of his own, of how global taxation works, to give Gary some difficult questions to answer. Just shows how useless most so called political and economic journalists are.
Agricultural inheritance tax exceptions make sense.
Wonderful conversation and very balanced! Great job guys.
Can't be arsed to watch if you can't be arsed to read the book.
It’s the fact that his justification for not doing so is that he started listening to it and, knowing it was a story about a guy from a working class background, thought “it’s not for me”. Because of course there’s nothing normal people can teach a guy who inherited his grandads business and talks about having £300k in a trust to set him up like it’s the most normal and universal experience there is…
He did try and read the book... but the book was rather negative towards people from where he came from ... which is posh school... where its all "easy for them"... the story wasn't written for him... basically...
26.00 First podcast I've listened to that has taken issue with Gary's solution.
The other interviewer has read the book, and overall, the video is well worth watching. Give it a go!
He actually asked good questions and drilled into the ideas.
Tax the castles at 1% a year. You can't move them to Monaco. Castle Council tax shouldn't be the same as tiny flat
Why just 1%? At least 5% surely?
@sedgieroobets to have a fair system, same logic should apply to everyone equally.
if your house / castle is worth 200m, contributing 1% or 2m a year seems more reasonable than 4k.
If you live in a 400k house / Castle 1% is 4k per year council tax seems reasonable.
5% or x5 more would be a bit too much for me. like giving everyone an extra mortgage
@@iansweeney4883 Values are arbitary, and what about the ability to pay (or is that a cop out for the lazy/workshy?)
Yep sure is complicated, cultivate your gardens friends 🌸
In 2024,don't set new year financial goals without consulting a financial adviser.there expertise ensure a solid plan for success.Building wealth involves developing good habits like regular putting money away in intervals for solid investments.
Thanks for the advice! I'm new to financial planning and wasn't sure where to start.Any tips on finding a reliable financial adviser or resource to guide beginners?
I agree, based on personal experience working with an investment advisor, I currently have $650k in a well diversified portfolio, that has experienced exponential growth. It is not about having money to invest in stocks,but also you need to be knowledgeable, persistent,and have strong hands to back it up.
How can I participate in this?I sincerely aspire to establish a secure financial future and am eager to participate.who is the driving force behind your success?.
Marie Ann Treloar
She has been my counselor and coach.
Gary labours increased council taxes by 8.6% s khan vanity projects Ulez has depreciated used cars for the poor yet air quality is still the same?
Interviewer doesn’t know the tax bands. Why’s he even there.
The male presenter is so out of touch with reality. And he never stops throwing in to £2 million worth of worthless opinion. Let Gary speak
Garry looks very different from when he was on only fools and horses.
this is the best way to describle how the fall of rome happened
the mechents got all the power away from the politicians and rna the thing for proffit untill it all burned down.
they forgot about ballence
I couldnt get past the opening monologue.
You're right it's not the best start, but you're missing out if you don't give it another go - it gets much better.
Honestly, this host (the man) seems like a tool and really turned me off. He didn’t let Gary speak and he was a little condescending? Just my impression
Reading the comments section has just saved an hour of my life. Seems like another one of those interviews where the Interviewer simply uses his guest as a sounding board for his own opinions.
The opitomy of a bad interviewer. Beligerant. Tries to shout over not just the guest, but the other interviewer,. Hasn't done basic research on the interviewee. He even argues against the interviewee on soemthing not realiseing that the interviewee agrees with him on.
You can tell he only has this job because he has money and owns the buisness. Not an ounce of being actually good at his job within him. I feel bad for the other interviewer, she should have been doing this one on one with the itnerviewee.
who is the buffoon in the blue suit
Wow the guy in the suit is awful. Consistently talking bullshit… the stuff about inheritance tax especially was full of absolute nonsense.
Lol everyone was middle class in the US*
*except for everyone who wasn't white
A big reason that super rich people don't spend their money is because interest rates are so low. If you can borrow at 4% and make 10%, why spend your own . But if you increase interest rates people need to earn money or spend their wealth, both of which are what you want.
If you know how to make 10% ....
We MUST vote for green or independant candidates as the two party system has failed us. Even labour are now stating that the they will continue with the privatisation of the NHS. I have never voted for this yet it continues. #wedeservebetter for the love of god share this hash tag to make people realise that this is the only way to make the parties realise we are unhappy with the current way of things. Please please please put this message oit there.
This interviewer is so frustrating! Wish he'd settle down and let the guest speak
Why? Gary repeats himself over and over and over again 😂
Gary is making a very good point, but it is lacking in fact based knowledgable detail, which, would be needed, and need broad support from the electorate etc to make fundamental changes to our tax law(s) and then international tax laws too, so that they harmonise (in many cases). Ideas have to be challenged to flesh out the detail.
STOP INTERRUPTING YOUR GUESTS FFS
this presenter is a nob
interviewers are so part of the problem and so low information
'I am posh , I went to boarding school ' I stopped watching . I've read the book . This geezers a bell , bless his privileged little socks .
He does sound like a bell at first, but it gets better - it's worth persevering.
In what way is he a 'bell'? May be try to justify why you think you can make a derogatory comment against another person otherwise that finger automatically points back at you.
2:10 interesting Gary because in a different podcast you claimed you made $11M in a single trade with gold. My bullshit alarm went off early watching you and the more I listen and watch the more I'm convinced you are a fraud.