The Devaluation of Money
ฝัง
- เผยแพร่เมื่อ 20 พ.ค. 2023
- "The institutions which we have designated to protect our economy and to protect Working Families because of their own poor understanding of what is happening they are inadvertently fuelling a fire of inequality"
UNDERSTAND, SHARE & PUSH BACK
WEBSITE - www.garyseconomics.org
TWITTER - / garyseconomics
FACEBOOK - / garyseconomics
INSTAGRAM - / garyseconomics
TIKTOK - / garyseconomics
TH-cam - / garyseconomics
PATREON - / garyseconomics
DISCORD - / discord
SUBSCRIBE, SHARE & START A CONVERSATION
Performed by Gary Stevenson
@garyseconomics
Produced by Simran Mohan
@mohanmedia
What I find fascinating is how well he describes economics with hand gestures and a coffee mug! No chalkboard, no whiteboard, no powerpoint required.
This channel needs to grow ASAP. People need to understand this stuff to know how we've been screwed, but we've been deliberately kept ignorant
They’re too ignorant to reassess
As an ex teacher I was always struck by the complete absence of what I believe are essential elements of politics, economics and in particular the tax system and a general citizenry syllabus.
The GFC in 2008 was the wake up call.
It lies he never owned a business
spot on!
One of the first recorded times of huge rising prices was in 3rd Century Rome. The empire took on huge debts to fight wars, but the emperor was afraid of taxing the wealthy for fear they would depose him. So, he ordered that half of the gold be taken out of coins and repay the debts with these "cheaper" coins. Problem was that traders no longer accepted these devalued coins as payment for goods unless the buyer paid twice the amount of coins, so the trader still got the same amount of gold.
The Empire did not understand why prices were rising and coined the term "inflation". But they were wrong, it was deflation of money
Gary, you are an exceptional teacher. Thank you for your service.
He is a puppet.
This is agenda30 and he has never discussed it. Neither migration and the medical fraudulent activities.
Totally agree.
Couldn’t agree more. I was smiling when he explained the self-sustaining mechanism for rising asset prices because it was just put so simply and it feels so obvious once it’s explained like that 👏 That said, the reality of it is pretty horrific.
This isn't a negative video, just a much needed dose of reality... Keep up the great work!
yeah, gary's one of the best qualified people to make these arguments, just that a lot of rich and powerful will lose their p!ssing contests because as it happens, eat the rich or tax them, their choice
Love this channel. I’ve shared it with my son. I have been an estate agent for 34 years and have been banging on about this for that time. People feel richer because of house prices going up but when I started you could buy a home with 2.5 your income. Now you need 5 times if you’re lucky.
The only people who have benefited from this is the rich at the expense of the middle and working classes.
I’ve said there are two ways we can rebalance the ever growing divide between the rich and the rest. we (government) can to build whole towns so the supply starts you out strip demand. Property prices should fall and become affordable and the value of the pound in our pockets start to rise or we can tax the super rich worldwide and use that to put into public services. Preferably do both.
Then the ordinary good citizens will see and feel better off and more importantly, their life expectancy and health equality will increase. This is the true indicator or a fairer and prosperous society!
Average wage in the UK is roughly 30k per year. Average house price is 297k... Closer to ten times the wage
People like him should be nominated for the Nobel prize of economics. Appreciate the intensity and critical thinking.
Most Nobel prize winning economist are quacks too busy embellishing their economic models. Gary lives in the real world
This was extremely eye opening. Thank you so much Gary - you're an unsung hero of our times
This is the sort of thing that kids should be taught at secondary school, its bizarre how you can leave school and be expected to make major financial choices at 17 yrs old without any real understanding of money, interest, debt etc.
Probably the best explanation of our current situation I’ve heard to date. Ignorance is bliss for alot of people but to be enlightened is powerfull.
Your channel needs 5 million subscribers. Very valuable and eye opening information.
Gary your videos are truly amazing, I’ve learnt more in an hour of watching you than I have in 2 years of reading the FT. Thank you!
Your observations are spot on. Basically you're describing what is known as the Cantillon effect. Where I don't agree is that wealth inequality is the root cause. You lay it out yourself that we have wealth inequality due to the financial system. This inequality is apparent since the dollar was decoupled from gold in 1971. Therefore, it is the FIAT financial system that is the root cause and not the other way round. If we had sound money backed by real assets, the economy may have been resilient to a black swan event like COVID. If your savings are not inflated away, regular people could rely on their savings through hardship.
I really struggle to understand all of this. It’s definitely not my area of expertise, so I can’t judge whether you or Gary are right.
My only question regarding your comment is, what savings? I don’t have savings and I’m sure that I’m not alone.
Always remember to click on like whether you watch the full video or not- Gary needs to be at the top of TH-cam
Nobel Prize don't you realise people who tell the truth are generally silenced
Ya vol mein kommandant.
Ya vol mein kommandant.
Thank you Gary. I’m a middle aged man learning everyday from your videos. Will ask my children to view and learn from them. Thank you.
Same here , I'm learning everyday from Listening to Gary.
What is astounding is that this truth is hidden, obfuscated from the "ordinary" folks intentionally. Thanks for the great information.
Correct its hidden. So what's hidden? The big lie is pension debts. Workers have been asset stripped and now they are on the hook for the debts. That's negative wealth.
Gary of course is clear. He's a trader. The only debt that matters is the money the government owes him and fellow speculators.
The money owed to the peasants? Well they are plebs right.
"THE HISTORY OF THE WORLD IS THE HISTORY OF CLASS STRUGGLE"......hey ho
Information is not hidden from anybody. The issue is that economics is part of humanities rather than an exact/ hard science like physics. Economics is more like philosophy. Most universities for example never teach anything Marx related so economists those universities produce believe economics works the way they were taught. Even if you got the proper info as a student the banker jobs or advisers to prime ministers generally come from fairly narrow school of thought. Fringe economists are usually only influential on YT and our governments are under the influence of people who would never thought that taxing the rich (however you set that up) could be good for society.
Nope, what is astounding is that so few people see what's happening, openly, in plain view...
Listened to this as an audio I downloaded and listened twice..absolutely brilliant me thinking this dstinguished 60 year old expert has nailed it!
Me actually watching the video to sub to the channel and download more videos of yours, i see you are very young😂
Hats off, many live an entire lifetime and never figure this stuff out.
Well done and thank you!
I am in love with this man
Man you explain this stuff so clearly. I’ve never had such a crystal clear understanding of how we are being totally F’d sideways by the ultra rich 😂😭
The more I watch the more I realise we are screwed unless we are very rich. I feel like I am constantly walking against the tide trying to stay on top of my finances and stop becoming another victim of the system. :/
Rich people are feeling the same way. The time is going out. Everyone is scrambling ..the rich as well as the poor. Because realistically what drive our growth wasnt just people working hard. We had a huge einjection of oil to fuel and power growth. That oil is running out. So imagine a little island of animals and you dropped fuel..calories into that island...those animals are going to breed the preditors are going to breed but not prey on the deir the deir will breed the pigs everything it will be a lush environment of growth. Now you stop dropping food for them. THeyre going to start eating each other. Cos the lions dont have the food theyll eat the deer the deer dont have the food they eat the grass the grass gets bare the frogs have nowhere to hide etc... its not that if a supply líne dies up that everyone equally starved at one time.. the rich will gather as much as they can any way they can cos they know...theres not going to be oil theres not going to be clean water...or food. They're going to need to get off the planet in a soace ship or build a bunker for any of us to survive and they think thats them. And they may be right. Who knows. But the idea that in a time of resources scarcitity that people will work together to provide stability just doesnt seem to be human nature. People will stand on the heads of their fellow man when air runs out of a room. And we unfortunately are at the bottom and pretty helpless. They own a lot of resources that we need. The only way to end that would be to completely devalued money. You'd lose ten quid theyd lose their billions that they use to buy the assets that keep your beholden and in servatude ..but you are no more going to give up ten quid than they would give up a trilliún. Its the same human nature.
Climate change is such a massive hoax.
@@Padraigp Well I'm not saying there is a solution. At least, not a solution that anyone will agree to. How do you define rich? Do you mean, paid their taxes all their life and have enough to retire on, or do you mean Tesla obscenely rich? Also, I don't think people either individually or collectively are willing to make enough sacrifices to address the situation in any meaningful way.
@@workinprogresssince1974 i mean anyone however rich doesnt want to give away their money. If im right and the time has turned when oil stopped being abundant then theres a tightening of resources into the system ...and that will impact people...whether we spread that impact out to protect the most vulnerable and form a bridge together to the other side or we scramble on top of our fellow man for the last scraps available is a political choice. And obviously we are choosing the latter and squeezing the bottom teir. You said the only way out is to climbing up towards more riches which is exactly what everyone is thinking however rich they are... that the only way to survive is to grab as much as you can while you can before it runs out. Some people want to form an orderly líne. But then the only way tos urvuve is to get to the front of the líne before it runs out. Theres a running out situation that is dominoing slowly through the planet because of this receding influx of oil. And countries and individuals are scrambling. Because they think they will be screwed unless they scramble for riches. And people are screwed in terms of money. Because the money riches are what its impacting right now as well as land resources etc. Ultimately you and i give our time and effort to the repayment of these debts that are oweing. When elon musk boys a debt of 50 million quid he can set up a nice siphon for himself based on flying to mars to escape... hes like the naxi gaurd selling a ticket out of the camp... but his trilliún dollars he has is a debt which it would need a billion people to repay a thousand quid (if a trilliún is a thousand billion im not sure tbh) and we owe that to him ... the poor owe the rich billions of time and effort. But my time and effort is worth minimum wage on the market. Im poor in my country but 15th richest in the world. So I could sell my time and effort to elon musk he passed some of the debt he owns to me now I am owed something. Or i could not do that and grow my own vegetables and since working for him wouldnt afford me vegetables but working for myself i can provide more for myself than he can provide me I Kay as well not work for his debt and create my own wealth out of dirt and out of my own time and effort building something from nothing that repaying a debt he got for no good reason other than hes a good scammer. But you see people move to the city work for musk or amazon or whatever dáta center ...get fuck all pay huge rent barely able to see their children except on holidays. No thanks. I'd rather dig the garden spuds see my kids have no money live in a tent... but so many of us have no land to even stand on and be our own island or make our own choices. Because land was always the thing to have to ensure you could survive and before sequestering debt people sequestered land. And its a terrible trap then. But at the end of the day the guy whos got the land isnt going to give any bit of it up to anyone to exist on. Because we are greedy hosrders and fearful and believe that we must be rich to have any sort of life. Meanwhile the poorest people in our western society are the top richest 20 percent on the planet and have more choices than most and yet often make nó use of it. Make nó choices beyond trying to get ahead to get richer. Like I just cant be fucked to do that. My time and effort are worth more than money. But thats just me. Anyway im actually gardening right now so its very súnna and I can barely see my screen also had too much coffee so probably rambling like a loon. Lol i better get back to digging my daily bread and being happy and tbh happy to die poor than join the rat race.
@@Padraigp How much of it is actual resource scarcity vs sanctioning cheap fuel and environmental policies. Where is the nuclear? Finland energy prices went so low so fast they had to cut output of their new nuclear plant. What is the actual problem with nuclear power, and do we really not have enough fuel or are we just shooting ourselves in the foot?
Such a good video again. Every time, I realise I understand how things work to a certain extent but not fully!
Would love to hear a discussion between Garry and Mick Lynch on how we are being screwed and what we need to do to change this situation around.
I've watched a few of these videos and they're excellent for relatively simply explaining aspects of economics (I'm not an economist!). But so far I've not heard Gary give any solutions apart from a broad brush "tax the rich". Sounds a good start but also too simple. How to target redistribution of wealth? I'm sure he has ideas and am waiting. Maybe once he's finished giving us a good foundation of understanding.
Does he talk about the negative fall out from brexit on here? Apparently it'll shrink the economy by 4% long term.
@@davidlindley6091 Shhhh, you can't mention him anymore 😅 or brexit. Do NOT mention brexit
@@noodle845 from the ones I've seen he hasn't. He might be forced to though, now that the blowhards are finally having to accept what a massive disaster it is (and always was predicted to be)
@@ukporkpie7829he has discussed some solutions, but I think putting the problem out there in clear terms and how it perpetuates could actually be more powerful. Too few realise the underlying issue, and until they do, any solutions other people will offer are likely to be wrong, intentionally or otherwise.
Ok Gary, I had to watch this video 3 times to fully understand (perhaps I am thick) but it was worth it. I understood why in essence devaluation happens and how inequality plays into it. It's remarkable how inequality is never a factor in economic models as you say.
I often tell people 'House prices haven't gone up - the value of money has gone down'. This is a VERY hard concept for the majority of people to grasp. As soon as you understand this - you get comfortable with taking out as much fixed rate debt as possible
Exactly. The intrinsic value has not increased. Certainly there is a slight demand increase due to population growth, but devaluation of currency is the main driver.
FIXED RATE. You said it!!!
Exactly. Borrow as much as you can against income producing assets.
A positive to this system is you can start buying shares and align your interests with the wealthy.
But house prices have gone up, even in real terms of inflation and particularly in relation to wages.
I really appreciate this channel, because I can see a lot of parallels to the economic policies of my own country of Sweden. A massive wealth transfer to the rich, a Central bank that fascilitates this (the director is himself a large owner of stocks that has gotten government bailouts on his authority, without any consequenses for him), and shock-raised interest rates that harms normal people but rewards the banks - because basically every houseowner in Sweden is a holder of huge morgages. And we just sit there and take it, while the government implements a new Austerity economic policy to guarantee the banks capital and blames it all on the usual suspect: the Immigrants!
This is super interesting, I'm from the UK and we always think of places like Sweden as having a much fairer system. Sad to hear that this is happening in your country too.
@@TheNicoliyah The sad part is that most Swedes still think this too. Basically our whole governmental services system has been privatized but is publically funded. So companies are making bank on Healthcare, Housing, Schools, Public transport, all paid by taxes. The result is that these services have steadily failed and become money drains while making huge private profits.
And as the public just sees costs going up and facilities breaking down or closing, they blame the idea of Public services and praise the idea that "private entrepeneurship" is the sollution, when it is in fact the problem. But then again, this has always been the goal of neo-liberal economics I suspect.
Really? Here's the question for Sweden. Swedish Pensions Agency runs your state pension set up. It's received trillions of Krona from the workers. That's real wealth.
Where is it?
Is it invested and owned by the worker who earned the money? Nope.
Is it invested and owned by the state? Nope.
So are the workers owed a pension for their payments in? Yes.
That's a debt of the state and debt is just negative wealth.
So where's your evidence that the SPA has transfered that moneyt to the rich?
So the swedish state has asset stripped the workers causing the wealth inequality. To pay the debt you have to screw the workers with austerity.
Austerity is a consequence of those debts.
On migration [the policy, not the people]. Where is your evidence that the average migrant pays more in tax than they cost in state services? Include all the services, include future costs accrued now like pensions, and include dependents costs? Migration is a bad policy to use to try and pay for those debts. It only works if all migrants pay more tax than they cost in state spending. If they pay less tax than they cost, auserity goes up, and you have their pensions to pay too.
The real reason for the mess isn't migrants, its your socialist pension system. Politicians then need a scapegoat to blame others for their crimes. Migrants is one option. You've fallend for another one, oh its the rich. In the past it was rich jews as the scapegoat. They will blame the elderly for living too long. They will blame you for not paying enough tax. They blame you for not accepting austerity.
Why have you fallen for the political con?
@@54tisfaction So what percentage profit is acceptable? Price charged compared to cost of goods and services?
Similar story here in Norway, although maye to a lesser extent than other countries. The problem is people still have this idea that Norway is a paradise of equality because wage inequality is relatively low. But as Gary says, wage inequality is becoming less and less important, when wealth inequality increases as it has.
This stuff needs to be taught in schools! Or at least teach your children about economics. I personally find this fascinating
Schools are part of the class system so this will never be taught to the lower classes or the rich would lose some of their unfair advantage.
This is your best video yet (the content and your delivery). The style has evolved so much as well. Very matter of fact, concise clear explanation and fluid delivery.
Thanks boss I am getting a lot of practice!
The more you have of something the less value it has. You print money the value of money drops.
Not quite. Lets say you have double the amount of something, but there are four times as many people deemanding it, then the price doubles.
Great video Gary! Well Done!
One idea, the real issue is the reduction in people's spending power, due to the shift in inequality, what if we had website/app that could show someone how a change in policies impact their living standards?
e.g. Interest rates change, what's the impact?
e,g, 2 Quantative easing, what's the impact?
e.g. Income tax etc etc
Fundamentally make it visible in terms normal people understand.
So where are the trillions the workers have paid the socialist welfare state?
Well done Gary for making this subject understandable to the everyday person. An analogy I find helpful is: Imagine you have a line of cocaine and you cut it with the same amount of some other white powder to water it down. You now have twice as much of the white powder but you need twice as much of it to get the same high. When they increase the money supply you now need more money to purchase the same goods. Some would say that the value of our money has been stolen or that we have been pick pocketed without our knowledge
Tesekkurler Gary, I am coming from a poor family and living Ankara. Inequality is the same here as you said for London in video. I hope goverments would find good solutions for this issue
This video is really important, I previously understood that deflation of currency was a feature of inflation but never connected the dots that they were one and the same thing. Super interesting that this is also used as a tool by large corporations to devalue workers real wages. The society that we have built is sick. Thanks Gary, keep spreading the word
Wow how did you not connect the two? I have virtually nó economic education but the most basic form of inflation is when countries like itsly started printing money and in the end it was thousands of lira for a Loaf of bread. This happened in russia as well in my lifetime. It also happened throughout history but devaluation can happen in other ways. Like one king of england started making money with less Silver in it and so it was devalued by literally being made of less valuable stuff ..that was around the time of the peasants revolt that went to york where everyone was slaightered and I think it was a big factor for why they revolted...only the old coins were desirable in the same way that a currency can bé devalued by the regime issueing that currency like in some countries the dollar is preferable and the actually currency of the country is worth shit all. So it isnt always because of they are printing money. But its such a historically revolted thing that everyone should know if you print lots of money it quickly devalued the currency. It does seem like not only you but so many people hear so much abstract shit about economics and yet the very very basic simple stuff is not taught at school any more. I guess the only reason i know it is because of what happened in russia and itsly when I was a kid and somone explained it to me ...I don't actually remember reading that at school but im surprised at how many people even who read the economist and can talk about economic things I cant even get my head around dont know basic things. Gary is doing a great job sharing the basics. Instead of waffling the abstract shite.
That's so true about the optics of falling wages vs rising house prices. If you see houses as 10x times your salary it's somehow aspirational, and you assume they must be going up because a lot of people are becoming successful and able to afford them - YOU just need to work extra hard to make sure you’re one of those people. The truth is though, you’re getting poorer, and no amount of grinding is going to close that gap ☹
I love how Gary has made his money and shifted towards educating others. There aren't too many players like this, everyones constantly chasing for this fictitious idea.
Without realising your actions have an impact to everything in this world. Constantly chasing wealth and money takes away the opportunity for others to get out of real hardship.
I think it's useful to point out it's not just the trade-off between wages and rising house prices but also the fact that rising property prices so often accompany rent rises. And it is there that people who can't afford to buy as they don't have the deposit or strong record with their bank realise that - if they can't afford to buy or rent then they are essentially screwed.
It all seems obvious as it's explained, but I have to say this is helping me see the pound through a completely new lens.
This is an amazing video your explanations are so succinct and easy to understand. You should get recognised by a governing body of economics this is great analysis. That I have never heard before.
Another amazing video, brother! Thank you
Corporations cutting ppl’s wages via 2% inflation good for the economy?! I need to know how that logic became a thing. Hyped for the next vid!
Since I was a child (literally), I’ve always wondered why the CPI doesn’t include fixed assets. Surely that’s got to be a political rather than economic decision, right?
Obviously. It allows the government to pay less to pensioners, lowers wage rate claims.
@@davidwasilewski “Obviously”. Daily dose of condescension.
You can see the difference for housing in CPIH but I haven’t actively seen a lot of media mentions of this. I’ve not yet worked out how to look at the ons data and be confident to speak about what I think it says.
www.ons.gov.uk/economy/inflationandpriceindices
I think Gary's point is that political and economic decisions go hand in hand.
@@TXF9a sorry for triggering you 😂🤣
Great analogy on house prices and wages Gary 👍🏻
Thank you Gary for your explanation of money and markets and so on. I had a little understanding before, but you have helped in the clearing up.
StaySafe Brother..
This channel is amazing.
Very thought provoking video particularly the second part about perceptions, relative prices and inequality. I have a lot of trouble at work when I point out to people that our pay has fallen 25% in the last ten years because it is the same in nominal terms but less in real terms ie in what we can actually buy with it. My colleagues struggle to get their head round this concept. The house prices vs wages thing is the same. I guess in the era of the gold standard they would have had no alternative to deflation and falling wages as they couldn't devalue money. My personal view is that the crux of the problem is a change in the balance of power between people who have to work for wages and asset owners. The destruction more or less of union power and the reduction in workers bargaining power too through globalisation of production and mass immigration means that wage earners don't have the leverage to demand higher real wages.
To win the game you first need to understand the rules. Most don’t. Great explanation as always.
Particularly enjoy how you take these economic mechanics and weave them into how it plays into the persistent conflict between workers and owners in this country, and all over. Very solid, thoroughly educational stuff. Keep it up, we need it.
Whilst covering up the real crimes because he gains from it.
@@Nickle314 and what would those "real crimes" be that we couldn't discern already?
Gary literally owns up to his former profession's nature in near every video he makes. I find it admirable, more than anything, that he's found it in him to call these systems out.
DAS KAPITAL...............
All of your content is great Gary but this one gets under the bonnet. Really liked it, the way you've tied in various metrics. 🙏 thanks man
Love you Gary!! ❤ Keep nipping at their heels.
very good explanation, so as all the pieces of the jigsaw start to fall into place..one’s options are to consume less, live below one’s means & slowly collect assets, specifically equities & real estate, if done with discipline then the end game should be to have accumulated enough assets to provide an income..the world’s governments will do the rest as you explain in this video..take a look at MMT, gives you a roadmap of sorts..can you do a video on accumulating assets, the use of debt in a positive way..👍..
I'm old enough to have used £1 notes. I remember when I could fill a carrier bag with groceries for a pound. Also, you know the real value of your currency is falling when your government reduces or stops using the genuine metal - like silver, cupro-nickel, copper, or cotton - in its own physical currency. It means that the real value of your currency has fallen so low relative to the physical substance used to make it's physical form.
Very good point. 1 gram of gold would be 50 pounds. I don't think we can make a 5 gram coin for general circulation. Even mixing would not make it viable.
what percentage of your salary was equivilent to £1 in th old days?
What an excellent insight into our UK economy
Not the UK my friend. Its the same everywhere in the west. Its the worlds economy.
Terrific analysis and clear thinking. Possibly an increasingly dispossessed Middle Class will wake up and see how we are all in the same boat.
Thank you Gary for explaining this so we can understand it
More people need to hear what you have to say
I dislike math and rarely understand economics, but you make it palatable! Cheers, Gary
Another top vid g! Clear and concise! I can see that education is our first solution to exploitation so big thanks for putting in so much legwork! I would be thrilled to hear some solution-based discussions further down the line as I feel a bit like I'm on the Monopoly board and Mayfair and Park Lane are so far gone even the Old Kent Road is worth millions
I love your videos, thank you for doing them, integrity is hard to find but I know it when I see it.
Thank you for sharing your insights!
As Milton Friedman famously said, *“Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”* That's why everything today (including wages) is ten times the amount it was in the 1970s.
Exactly. Now who increased the supply of money and why? The state because its addicted to spending.
@@Nickle314 The money supply is increased when the government spends more than it gets in taxes, the central bank (BoE) then steps in and creates money to indirectly fund the deficit. I don't think states are addicted to spending, but it is political parties that are addicted to winning elections by not raising taxes, which if they did would lose them the next election.
Phenomenal
Excellent explanation.
I enjoyed this very much sir! Thank you for using your platform for good.
And the Truth, shall set you free!! Thank you Gary.
Thank you Gary for telling the truth. Terrifying nevertheless the first step to reversing inequality is to understand the issue and then force politicians to take action.
Has he? Where does he talk about the socialist welfare state's pension debts? Where are the trillions of pounds of wealth that have been taken from the workers?
Until you understand that you won't underestand where their is inequality.
Politicians won't take actions. They are the beneficiaries.
@@naumanayub1348 In part.
I take this view. They know they have defrauded the masses out of trillions with the socialist welfare state. They know how big its debts are and they have worked out what's going to happen.
So they are looting. They are taking the money as a form of protection. When the proverbial hits the fan they will run away to protect themselves.
Nicolae Ceaușescu is the warning to them as to what happens.
My view is that's inevitable. A replacement government has no choice but to make an example of as many as it catches.
ie. Topped, asset stripped. Their children's passports confiscated and the children's assets taken and they and all their descendents get the debt to pay.
What's not fair about that? They have forced that onto others, lets bring it home.
Thank you for sharing this, Gary, most of us are woefully ignorant of what economists and the corporations they serve have been up to all these years.
And Tory politicians......
Ngl got a bit lost here - going to listen again. With these videos I sometimes think I get it, but I'm missing an economics education :/ thanks for the vids! I'm enjoying trying to understand them!! 💪👍😂
Brilliant! Thank you for explaining in terms I understand what's been rolling around in my head !!
That was brilliant and beautifully explained. Thank you.
It took me a long time to realize it, but I was making relative more value selling coffee at near minimum wage plus tips almost 25 years ago than I am now, even though on paper I'm making 3 times the money. And the sweet spot timing where I was making the most money relative to rents, was just before 2008...
We are in shit up to our necks and it won't be long before it gets deep. And when the masses realize what's going on and pour into the streets wanting it changed, our respective states will pile proverbial or actual grape shot into crowds, and they will definitely rap skulls with batons. Its going to start looking like the Occupy and Tea party years, but much much worse. 60% of people struggling to get by, even in a lot of cases people lucky enough to be making 6 figures (let's be honest, that's global-tier city minimum wage).
The ONLY hope we have is for boomers to age out of political activity, which is more or less going to take the better part of the next 20 years. Simultaneously Gen Z has to gain a political grasp in the right direction, and then hopefully Gen Alpha after them don't want millennial's blood spilled for things vastly out of our control.
Thanks Gary 🙏🤝
Amazing
A USA economists said " Those with wealth should pay more tax. The additional tax should be on share transfers and similar transactions ".
Gary, you're really one of the few voices of reason talking about global economics/finances/purchasing power etc etc etc all that important stuff that makes everything so damn expensive these past decades/post covid especially
its so frustrating how few people are talking about these key parts of our latestage capitalism system - wealth inequality is the truest cancer, imo climate change + most other global problems could be solved/avoided sooooooo damn quickly if only we taxed the wealthy like we sort of were back in the 50s and 60s based on what dutch historian rutger bregman talks about, eat the rich or just tax them properly
Another brilliant video, great explanation and more people need to know this stuff. The owners know this and now its Gary's time to explain all this to ordinary folk
I have been saying something similar, albeit nothing like as deeply thought through, for years. Celebrating your house, or asset, price going up is meaningless when if you sold it you would have to buy another , so it is all relative and nothing is gained.
I know it's a bit niche, but please do a feature on how we 60+ folks can help your generation, Gary. Several of us are single and often hold very substantial real estate from the days when you could still buy a 2-bed garden-flat in zone-4 for £40,000. I don't want to be morbid, but in 20-30 years we'll be shuffling off this mortal coil; a centralised trust-fund enabling 1st-time buyers to get a foot on the property ladder would make a worthwhile alternative to the Cats' Protection League or a donkey sanctuary (no offence Tibbles and Eeyore). Just a thought.
That's very sweet of you.
It wouldn't help, all these help to buy schemes just push prices up further. Better to buy the property and rent it for a fair amount, like housing association or council houses.
@@entropy5431The problem with renting for low income families is retirement. Remember in the UK the state pension is approximately 50% of the minimum wage based on a 40 hour working week. If you can afford to purchase your house before you retire then you have no mortgage at this point. If you are renting you still have rent to pay in retirement, possibly without the income to do so, thus retirement is not an option and you have to keep working into your old age, and now the tax threshold is only £1,000 above the state pension you have to pay tax on your income.
@@johnharvey1786the government loves you…they love you and they need money…
Good knowledge Gary...thanks
legend = Garry
And another master class from Gary. The coolest dude on you tube by far. Keep up the good 👍 ❤
Your videos are pure gold. Thank you.
We must protect Gary.
Hi from Scotland 🏴
Excellent!
Great video Gary. Thanks and keep it up!
Spot on Gary. Thanks for challenging the dominant narrative.
i realised this when i worked in the factory many years ago . we were never fighting for a pay rise every year and striking, we were fighting to keep up with inflation ,,
Self reliance and active political engagement is the only way to change things.
We, meaning my wife and I, spend as little as possible, so that we can afford a piece of land. Solar panels deliver us electricity, an oven heat and a possibility to cook if necesssary.
We redefine value. For instance, which car has more value? The old Mercedes that runs forever or the new Kia with all the new tech.
That’s the spending side. The income side is a thing for a later story.
Looking forward to your return... What offer is very powerful and much needed right now... You need to team up with other minds with complimentary skills towards a new economic movement... So much potential here.
I was really hoping in the past months that gary would someday run for british PM so he could get these ideas out there, maybe this would take 10 years at a rough estimate
now I just think this channel needs to continue going viral, the faster the better - as soon as more people learn more about this info gary presents, i think public perception can sway political action to make this happen quicker than me may think, maybe this takes 3 years if this channel continues to really pop off and more and more younger people use these points to help others to understand
I think of the example of how australia is enforcing quite strong legislation to ensure that multinational corporations are transparent about their taxes (cbc reporting fyi), which is a global first - once enough people realise what needs to change, public action can set the legal precedent in a few years - this gives me hope
Nice work Gary!
Thank you
Another clear explanation of Economics without the BS. Very informative. Thanks.
Thanks so much for all you're doing Gary. I'm getting a bit worried about how little value my pension will have when I actually get to retirement age due to the growing wealth inequality and devaluing of currency. Is it worth just opting out of the workplace pension to invest the money instead?
Pure Genius….
You’re lifting the lid…
Nailing it every time…
5 years at Uni…
You’re managing to Sum Up in one small paragraph…
No one can say a bad word…(Greedy people trying to keep the secret)
Thank you Gary
Yes Gary. Every FIAT currency debases itself into oblivion. The is no stick and all carrot when you can print a whim. The natural state of things is deflation, as technology and efficiencies improve. The reason they like inflation is because governments can pay back their debt with ever devaluing currency. I save in gold. No counterparty risk. If the working class knew to save in gold over a lifetime they would not have to constantly take risk to try and keep their purchasing power at parity. All the charts started to go off the scale after Nixon closed the gold window in 1971.
Thanks Gary,
All my questions on inflation answered in one video ..
Best channel on economics by far
The debt based monetary system requires inflation as its the only way the ever larger debts incurred by governments can be paid off. Common people would much rather a deflationary period , who wouldn't want more for their money, right?
Hi gary, I've been binge watching a lot of your videos, read your blog, etc. It would be super helpful if you show some graphic or lil bit of animation on what's really going on. I'm not doubting your expertise and credibility maybe a price chart and timeline would be good to add more credibility and reinforce your argument thank you for the information! very eyes opening crucial information right here
I came to the same conclusion some time ago, glad to see another person thinking the same way. I think this is common sense. Thanks for the video/sharing etc. I like how you say inequality is basically devaluing the currency and not just money printing.
Very good ❤
I'm not convinced currency devaluation is THE SAME thing as inflation - but it is certainly a facet of it. The most important thing is this: Inflation - and currency devaluation - are matters of DELIBERATE government policy. What is happening is DESIGNED to be happening. Some people - usually the wealthier ones - can gain from this. Much harder for the rest. A rich person with interests across different currencies wants some volatility to play what I call the seesaw. Just make sure you are transferring high to low and not vice-versa. That can bring about major gains. A very infomative channel indeed.