“Are they stupid?!” - Liz Truss economics explained | Gary Stevenson interview | New Statesman
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- เผยแพร่เมื่อ 16 ต.ค. 2022
- Liz Truss’s economic policies have had traders asking, “are these guys stupid?” says economist and former trader Gary Stevenson.
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In this interview, recorded before Kwasi Kwarteng was fired and replaced as Chancellor by Jeremy Hunt as Chancellor, economist and former trader Gary Stevenson joined Emma Haslett to explore discuss the fallout from the disastrous mini-Budget and No 10’s attachment to trickle-down economics.
They also discuss how Brexit and Covid have impacted the UK economy, and why the "cancer" of rising inequality means the economy “will never recover.”
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Watch next: The great UK tax con th-cam.com/video/FvChkJIfdkc/w-d-xo.html
Gary Stephens absolutely right.....The rich don't care.....without proper distribution well no hope
Keep at it Gary. The message is spreading
Just earned my subscription
Gary is perhaps the new Henry George? I hope the message succeeds this time and it's not another 150 years of disaster!
It makes me so angry that it's taken 12 years of Tories destroying the country for us to START to have this conversation in public.
it's actually been 40 years of neoliberal "market-based" policies, starting with Reagan-Thatcher. It's accelerated under the Tories since 2010 for sure when neoliberalism finally kicked into high gear and rich really have made out like bandits, especially due to central bank largesse in 2008-2009 and 2020 turbo-charging inequality with massive asset price inflation.
@@treyquattro well said.
@@treyquattro Very true. In my mind the Blair years were a bit of a break from Neoliberalism but really they just tempered it for a while. My work colleague is a card-carrying Tory member and we spend a lot of time travelling around the UK together and have ended up arguing politics and economics for years. I don't know if you have ever spoken to a convinced Neoliberal but it's a genuine cult, impervious to evidence and permissive of any contradiction.
The Tory Party is in a ridiculous position now where the remaining sane MPs can't go back to the membership for the next leader because they have actually swallowed the propaganda. Decades of right-wing "press" poison has rotted their brains to the extent they can't be trusted not to do something insane. What a mad situation.
@@treyquattro life was actually pretty fucking good under the last Labour Government between 1997 and 2009.
Everything worked, no food banks, schools and hospitals worked.
@@dominicbritt As Gary explained, Labour slowed the rate of increasing inequality but didn't stop it. Things were definitely better on the ground up until 2008. It was the so-called Great Recession of 2008 and the pandemic of 2020 that massively accelerated inequality because those were the two times recently that "printing money" in simple terms was significantly increased. That money went directly into asset markets - stock markets and property most obviously. That's where the huge increases in wealth inequality happened. There have been other situations - Black Monday (1987), Black Wednesday (Pound falls out of ERM), Y2K, 21st century wars, ... that have also funneled more wealth to the already rich as a result of central bank action. Meanwhile, conservative governments have sold the idea to electorates that somehow the increased national debts from borrowing money from bond-holders have to be paid by the middle classes having less - or no! - social safety net, more taxes, and smaller incomes. Meanwhile the money just flows upwards. In the USA the Rand corporation estimated that in the 40 years since Reagan (1980-2020) $50 TRILLION had been redirected from the middle class which is shrinking and dying in America too, to the 1%. It's been a concerted plan by the rich to gain ever more wealth, and it's only been slowed down, not stopped, by more progressive governments who inevitably get the blame for not fixing the problems in society and get thrown out.
I'm a Brit living in Eastern Europe, it is no problem at all for the average earner here to afford food, rent and heating. The Tories have inflicted such harm on the British people that former communist Eastern Europe is a more comfortable and easier place to live. Let that sink in.
What you're saying is true, Eastern European countries like Poland, Estonia, Czech Republic, etc., are growing at a much faster rate than the Western European countries, the same way we did it back in the day: low taxes, property rights, ease of business, small state. The Tories may preach these principles sometimes and embrace the rhetoric of a business-friendly party, but in order to stay in power they have created a massive overreaching state that has crippled our ability to grow. Unfortunately we will keep going left economically, and closer to Spain/Italy/France than we will to Ireland/Switzerland/Singapore. That is not good news for anyone, other than for whoever gets to be in power and their friends.
This aged, well, very well. Nice one Gary! Still no sign of Labour waking up to a broken Wealth Distribution model being a cancer on our economy.
Labour are only being allowed to do so well because they’ve made promises to the super rich that they won’t threaten the wealth of the elite. If they looked like they might pose a threat to wealth inequality they’d never have been allowed to get this dominant in the polls
It really did
What Gary said about the cash injection during covid is what I said about the government giving money to families to pay their energy bills - government money to public money to energy companies. Energy companies with record profits
@@fylbikemate at this point I’d take any free money I can get
And yet when Labour _did_ wake up to those things and provided a more radical, transformative programme under Corbyn, they were labelled the 'looney left' or as 'dangerous extremists'. The public just don't have a fucking clue.
It's about time Gary was on BBC Question Time !!!!!
Wont happen. He understands economics. They dont put intelligent people on there, not enough polarisation.
100%
@@troychester7821 If they choose the “right” panel to mix him into I think it’d be exceedingly good telly… would defo watch that episode!
They usually use intelligent balance people
@@troychester7821 they put Akala on once
Gary Stevenson is about the only economics commentator I've heard that can explain the situation as it really is. Maybe there are others who understand it but it's not in their interest to actually explain it.
Gary is absolutely correct about the economy and growth - the growth that Truss allegedly wants but has no understanding of how to achieve - and that unproductive wealth from stupidly high asset prices - as a DIRECT RESULT of government action, both Tory and Labour, but far, far more under the Tories ("help to buy", "right to buy", continuous throwing money at the property market and stamp duty holidays etc. to continually boost it) - has to be liberated back into the middle classes who are being destroyed. It's the middle-classes who create the wealth. The rich just extract it and store it and make more off it for themselves. That does not help productivity, it doesn't help the GDP, it doesn't help social mobility which is all but dead, and it doesn't help Britain PLC. If Brexit Britain wants to be a buccaneering "Global Britain" moving quickly and making killings on the high seas of international trading then it needs more than just a few people in the City who care for nothing other than getting their next million pound bonus.
Britain isn't working. It's time that it did, and time that more people like Gary with his clear understanding of the reality of economics are in influential positions in government or at the very least in economic reporting. It's time for the utter charlatans like Patrick Minford and superstar economic journalists who in large part don't know what they're talking about to be shown the door.
Actually I should have said the only commentator I've heard in or from the UK. There are others who get it like the so-called Maverick of Wall St. (YT channel), Dr. Michael Hudson, David Graeber (RIP), Prof. Steve Keen, Prof Mark Blyth, ...
I have been following Gary for about a year now and he has opened my eyes about how wealth is acquired and retained and good to see him get wider exposure. Mark Blyth is my other go to economics commentator for a wider and more international perspective.
I’d say Yanis Varoufakis deserves a mention. Man has been ringing alarm bells for well over a decade.
And Richard Murphy, David “Danny” Blanchflower, Robert Reich, a US economist and great communicator, Richard Wolff, also American.
@@treyquattro And some French heterodox economists know that too …
Finally!! A man like Gary. A rich man who understands the struggles of the poor and middle class....who also sees the system set up by the rich as the cause.
A man like him can imagine a new system. Most rich people see no problem at all with the status quo and have absolutely no ideas nor solutions.
Gary is fantastic :) Great to see him getting more exposure recently!
He's one of the very very few millennials I have seen in the field of economics who has a grasp of reality.
This is only the first time I have seen him and he's immediately impressed me.
I'm actually an American educated Australian aerospace engineer. When in America I was trained in what engineers call complex systems analysis. Its not taught to other engineers but we need to because at its core is considering the effects and consequences of design choices. So we do a lot of propose/consider "Change 'X' followed by "what are the effects of change-X on systems A, B, C, D... etc and what are the consequences of those effects on those systems.
Listen to how he describes how that £600 Billion moved around until it ended up with the wealthy who then hoarded it. THAT'S SYSTEMS ANALYSIS and I rarely see it among economists. Either he has natural talent for complex systems or he's had some from of training that he has been able to apply to his field. He's not the first person I have seen, Mark Blyth the Scottish Political Economist does it too, but Gary is certainly the youngest I have seen do this.
@@tonywilson4713every economist educated to at least undergrad degree level has an understanding of system analysis. Economics is the study of the effects of x on y on an economic standpoint, I think the main takeaway from what gary is saying is that it’s insane how people with such an education, who are well able to do such basic chain analysis can still make decisions that are so mind bogglingly stupid - and the answer is simple, it’s just the system.
@@LCREEGS Sorry but that has to be one of the most utterly ignorant statements I have ever seen regarding a profession. Economists have *UTTERLY ZERO UNDERSTANDING* of systems analysis or systems engineering. *Unfortunately you've said this to an aerospace engineer so let me fill you in on some details.*
Historically Systems Analysis came from Systems Engineering which was developed during the 1950s & 1960s as part of the American ICBM program. It became most well known in its use during the Apollo program which is why some people think it came from the Apollo program. After that it became adopted across the entire aerospace industry and after that a few specific areas of engineering adopted systems engineering. One I know of is naval engineering because these days they have very large complex systems to make work.
In general aerospace engineers laugh at other engineers who talk about systems engineering and systems analysis because with few exceptions none of them have any idea what they are talking about. The main reason other engineers never learn it let alone use it is because they just don't need it. Either their systems aren't complicated enough to need it or aren't closely coupled enough to need it.
You sound like an economist with the standard training all economists get. I recommend you start listening to people like Steve Keen and Mike Radziki who are trying to get economic profession to update itself on how they do their modelling. Steve has for several decades now been trying to point out the ignorance of the economic profession and he is an economist. He also hosts a podcast Steve keen & Friends, which I hope to be on shortly.
Another person you should check out is the Scottish political economist Mark Blyth (Brown U.) Among other things mark hosts an irregular podcast with people who have released books called the Rhodes Center Podcast. A couple of economists he's interviewed recently have been scathing of the economics profession and how ignorant it is of what it has done.
It's worse than that! This government gave me a large sum of money DIRECTLY into my bank account. I spent it on machinery built in China, assembled in Sweden and brought here by a German transport company. All those thousands of pounds left the country and no one in the UK saw a penny of it!
What did you do with the machinery?
@@psy-op I used it!
Did you make money and still are making money off the machinery?
I love Gary Stevenson, I have joined his channel TH-cam recently he helped me understand inflation. The reason we are seeing this in the media now is because the media’s children are being affected. They have stripped the poor to the bone they need a new source for ever expanding profits it is either your homes or the NHS.....
Con man
@@JK_Clark who is?
Pensions will be next, the Owners (the rich) want everything and they'll get it
It is simple. These people enabled other people to bet on the pound . They made fortunes. They don’t consider the budget as owned by the people. They see it as their gambling money.
I think cutting the 45% tax rate was a condition imposed by the ERG, IEA et al. for their part in propelling Truss into No10.
Nice one Gary, great stuff. It drives me insane that people can't see this .
It just stinks of politics though. If you look at the numbers only 5% of the spending was for so called trickle down.
The vast bulk was for the energy price cap.
Dear Gary I wonder if you could do an analysis of how Thames Water has been managed, especially how all the money was spent against the Borrowings uprising our assets. Also the best strategy to achieve the Nationalisation of his badly run utility. Many thanks your greatly appreciated. Best wishes Rodney.
My god this blokes good
opened my eyes. I am fucked. Seriously.
Im pretty sure that Jeremy Hunt is the older version of Arnold Rimmer from Red Dwarf
A class society with a two party system and a one party government and a growing inequality. It would be wrong if such a system did not end up in deep problems.
The revolution will reset this, I do think it is coming the masses has a limit of being robbed
"you can't put the Gini back in the bottle" ;D
“Vibes based grow”!😂
Gary is amazing! Such a decent bloke
I love that the subtitles call Kwasi Karteng 'crazy cartoons'.
3:51 - 4:10 it's incredible how most of the media failed to challenge them on this!
The government just said "it will cause growth", and the majority of the media never asked how and just kind of took their word for it.
A lot of the media (and a fair few academic) 'economists' are probably better described as working in communications / public relations...?
@@antonymossop3135 I think you're probably right
@@antonymossop3135 Lets call them propagandists(?)
And the majority of the are owned by who? The poor ;)
Media come from non science background they can’t think logically
Gary is ahead of his time!
100% 👌 love you too mate 🥰😂
He's not, hes just got common sense. He's basically just confirmed everything I know as a working class man with no offical experience in politics or banking, but I still knew anyway.
It's not hard to spot when they (tories, bankers, CEOs) lord it over you year after year while you go on your 3rd day without a hot meal and waiting for the foodbank to open, which is now just routine for millions.
It's funny watching these middle class folks being interviewed on TV saying they're missing a meal or having to skip buying certain products... that's been day to day life for millions for 14 years now
Me too. 😊
Gosh, Gary is a mine of economic information. I will defo subscribe to his Channel, it can only grow my understanding of economics.
Gary Stevenson, I always look forward to his input, glad he's making his voice heard more and more! Great stuff.
I think Gary is correct and so great to hear somebody who is honest and straightforward. Thanks so Much Gary, Your The Man : )
It infuriates me that so many people have such little understanding of the profoundly negative effects of funneling a societies wealth to the very top. It’s the ultimate problem facing virtually every nation in the world, yet the citizens of these countries allow it all to perpetuate. Utterly bonkers.
I just love his clarity and that he doesnt dumb it down. He just explains it! Theres a guest speaking gig at my college if youre ever round Manchester, youll blow the students minds
Looking back this has aged well. Keep going Gary. At some point it will sink in. Hopefully before we retreat to serfdom.
Bankers and market traders ultimately make their money off the backs of the people who make or supply goods and services and generally those people doing those jobs are not well paid. Reward those doing the graft and the economy will thrive
The Tories don't want the economy to grow, only their personal fiefdoms.
V.Good interview, I follow most of G's content - this is definitely one of his better ones, explained everything in concise but straightforward terms. Analogies were on point.
Good on ya Gary. You are making a difference.
Yes Gary! I agree with you. Keep it up man people are listening 🙌🏼
Great interviews with Gary on Novara Media.
New Stateman has a working class accent on it, novel.
Free Scotland , United Ireland .. let the English shuffle their deckchairs on the Titanic of their Brexit Benefits
The founders of the Anti-Growth coalition are Brexiters
A rich boomer who emigrated .. good luck lads
It. Was. A. Scam.
It was a scam. How else can it be said. Kwarteng shorted the £ with the hedge fund that is paying him £20k per month. Kwarteng made £3million, the hedge fund made £100millions. Kwarteng was paid £17k in severance pay for 38 days work. It, was, a- scam.
You're probably right. But share your source.
Today PM turned up 1 hour late with a deranged smirk from start to finish and nothing to say. That will re-assure the markets. Perhaps she was still pissed from some other hedge fund champagne party she prioritises to attend
Truss looked like she was on tranquillisers, no sympathy.
She should be in quarantine for life😂
Great honest journalism - Thanks..
Gary, I’m Canadian so I really don’t have a horse in the race so to speak, but I have a question for you….when are you going to run for a government leadership position? I believe the UK needs your direction.
I really admire Gary, he doesn't have to give a toss but he does.
He doesn't. He's building a career on his stock market gambling with other people's money
I'm a fan. Make equal human rights, and then we all grow. Cheers. That was a great analysis in the end.
Gary, Please can you become Chancellor of the Exchequer and save us all. Thank you very much.
They were using the trickle down myth.
The only thing trickling down,, is the bs from the torys on the public. , bloody aholes the lot of them.
Trickle down - stream up....
Great vid. Love how Gary is obviously so passionate about the subject. I remember seeing the Wolf of Wall Street guy (years ago) explain why trickle-down economics doesn't work by telling a panel of Fox News idots that a single millionaire like him can only have so many haircuts a year which is why millionaires aren't the ones supporting local economies and why giving them tax breaks is completely stupid from an economic growth perspective. The panel of "experts" was dumbfounded. I think he called it the "velocity of capital" or something like that. Basically, the money has to physically move rather than stay invested or saved.
It's economic gravity. People who rely on a job for income, are like asteroids trying to avoid the gravitational pull of a gas giant planet like Jupiter, which is the economic pull of the wealthy. Their wealth is in owning things that generate income, and the more wealth they accumulate, the greater their economic gravity. Everything around us is owned by someone, or the government. And thr joke is that the debt owed by individuals, business, and government - household debt, mortgagrs, business debt, and government borrowing - is owned by the wealthy. So Joe Bloggs, probably got a house with a mortgage, and thinks he's made it. But house prices are being driven up from wealthy people competing with everyone else. And they're cash rich, and everyone else is scrambling to raise a deposit, to get a mortgage, that will be owned by the wealthy people, who own the banks. What Gary is saying that the wealthy will outcompete ordinary people in buying assets over time, so ordinary people will slowly get poorer, and will be shut out altogether from obtaining even the basics.
If only people knew! Nice one Mr. Stephenson! Unfortunately I knew, but could only produce a poster. You probably have an audience. Keep telling the story...It needs to be told.
Nigel Farage named it "a true Conservative budget" and he was a trader! A trader and a plonker I guess...
It has been suggested that Farage shorted on the pound falling post Brexit.
Farage is in the privileged position of being able to bet on the economy and influence events to make his bet pay off.
Quite smart I'd say. Evil, but smart.
Only just discovered this guy and he is mega! Speaks sense and makes perfect sense.
Gary is brilliant! He could have just taken the money and walked away but he actually cares about us - the common folk - and the fact that we are being shafted by the system.
Great video. Great mind
What a succinct way of describing the exact issue with this fiscal policy.
Never trust an estate agent. Their commission is all that matters to them, whether they are representing the seller, or buyer. Incentives matter.
Gary is absolute hero in the things he points out
Build more grammar schools, we need to empower more people like this guy.
Gary really is one of the good guys. Everyone should be listening to this bloke
The Gini coefficient tells you a lot about wealth distribution.
Love this guy. All the posts i have seen him on i have agreed with him.
Absolutely, glad to see him getting more of the recognition he deserves
This man is amazing
Boy from Ilford done good
👏🏽👏🏽👏🏽
Good to see Gary getting out :)
What he’s been talking about just went into full demonstration in China … the government over 22/23 realized 54 trillion yuan in M2 into the economy … nearly all of it made its way into savings account of the top 3% of the country (about 50 trillion, I believe)
Point is - wealth is so badly distributed the Chinese government couldn’t kick start the economy with a 54 trillion injection
I remember failing to get a colleague to understand that rising house prices don't mean squat to the economy. When you get an asset bubble, every pound a seller makes is cancelled by the pound a buyer loses. I sort of guessed he was a mathematician when he talked about second differentials (without actually using the term).
Brilliant comment.
On your math query.
I'm actually an American educated Australian aerospace engineer. When in America I was trained in what engineers call complex systems analysis. Its not taught to other engineers but we need to because at its core is considering the effects and consequences of design choices. So we do a lot of propose/consider "Change 'X' followed by "what are the effects of change-X on systems A, B, C, D... etc and what are the consequences of those effects on those systems.
Listen to how he describes how that £600 Billion moved around until it ended up with the wealthy who then hoarded it. THAT'S SYSTEMS ANALYSIS and I rarely see it among economists. Either he has natural talent for complex systems or he's had some from of training that he has been able to apply to his field. He's not the first person I have seen, Mark Blyth the Scottish Political Economist does it too, but Gary is certainly the youngest I have seen do this.
@@tonywilson4713 Good post.
One of the points that Gary makes frequently is that there is very little Systems Analysis in the UK media (and also Academia).
Traders in the CoL live and die by it.
@@dnyhan Consider who owns a lot of the media and who funds the academic research in economics - and the interests they might have...
@@dnyhan This is only the first time I have heard him speak and I thought he had some form of systems analysis education in his background. So your comment doesn't surprise me.
Its the fact he considers side effects and the consequences of those effects.
Systems analysis actually started among the ICBM engineers but came to the fore during the Apollo program. The craziest thing is the industry that created it occasionally doesn't use it resulting in things like the Boeing Max-8.*The idea is SA is to solve the problem WITHOUT creating the next problem.* With the Max-8 they solved one problem only to create an even worse problem.
If you consider what Gary is saying in this video its the same sort of negligence.
*And so you know we did similar here in Australia.* Our government pulled $38 Billion out of thin air and just handed it out to Australian businesses during COVID. The average pay of executives of the ASX 200 (the top 200 companies on our stock exchange) reached a new record - $9.8million. That's just their basic pay NOT including bonuses and other allowances.
Free Scotland , United Ireland .. let the English shuffle their deckchairs on the Titanic of their Brexit Benefits
The founders of the Anti-Growth coalition are Brexiters
A rich boomer who emigrated .. good luck lads
❤ you Gary. Would the markets had reacted the same way if they announced borrowing to fund a massive investment in infrastructure? ✌️
I'm not Gary, but have been making similar arguments to his, for years, because if you're paying attention, it's clear what he's saying is going on, and in my opinion has been since the 80s. The cut price giveaways of publically owned assets to the enormous benefit of the wealthy was a clear example (c.f. the evisceration of the Russian economy in the 90s). And to get technical, a range of policy decisions that deliberately pushed an increase in the power law/Gini coefficient of wealth distribution. And I do mean deliberate, the importance and long term impacts of these types of macroeconomic policies have been known for a long time - Gini's work was published in 1912. Gary's arguments are well founded and accepted orthodoxy.
Ah... I'm waffling. Funding in infrastructure has a much higher probability of producing wealth creation, and is a safer bet. From the government debt market point of view, borrowing that is more likely to pay off, has a lower risk penalty. But there's still bridges to nowhere, substandard construction (with the well connected contractors again walking away without penalty), and similar 'devils in the detail' that shouldn't be ignored.
A surprisingly effective long term 'infrastructure' investment, is improving the education, training and skills of your population (I'd argue that you could even lump in R&D and support for art and culture, which also pay off very well in the long term). But an educated population are less easy to control and fleece...
@@antonymossop3135 thanks for this awesome answer man. 👏
@@antonymossop3135 Good points. It annoys me that the wider public don’t get down to the level of detail of the implications of things like R&D (the UKs spend is like, half the average of developed nations iirc) when you combine that with the returns on housing it’s no wonder we have a housing asset bubble and an unproductive economy with crap growth. The plebs just put it down to people not working hard enough- it boils my urine! So glad to see someone like Gary trying to drill the basics of economics home so people actually wake up to how inequality really works.
Brilliant Analysis
I love this guy - he makes things so clear. Listen up government!
0000
What does that mean?
Gary Stevenson is an absolute legend
It's an insult to stupid people to call the political class stupid!
Does this guy have to tell us his life story every single time he speaks? I'd prefer to just hear economic analysis.
It's so embarrassing.
Still a great video in 2024
Geez... What an abuse of the word "Crisis".
This man should be in No. 11
Keep exposing the truth gary
Fundamental democracy is broken when 2 prime ministers where voted in out of the last 5, until losing the whip or resigning or replacing the prime minister triggers an automatic election or by election we will continue in this hamstrung democracy. When no penalties are triggered when throwing out your own leader that the people voted in , it then encourages politicians to take risk with no personal accountability. Unfortunately Labour has no plan to change these fundamentals nor has it shared a fiscal plan that can be independent reviewed, which is the same problem Gary is talking about.
We need more Garys....
The explanation of COVID and the rich / you economics is a real eye opener 🤔
Wait until you realise they planned Covid for at least 10 years...
Someone asked me about this at the time. I said Truss and Kwarteng had basically strolled into the bank to extend their overdraft to buy a second yacht and piss off on holiday for a year. So the bank extended the overdraft and doubled the interest rate on all their customers.
Great video, but also horrifying. How did we let this happen?
We didn't let this happen,,, unfortunately the idiot torys let it happen.
Enough people voting for tories. That's why. And "first past the post" doesn't help either, in that way many votes get lost or are "annulled".
@@nanorider426 FPTP has to go.
Agree with previous responders, time to join/follow Make Votes Matter if you don't already. Only way to avoid extremists having unconstrained control
He's too honest for politicians to grasp the sense of his values 😂
Truss and Kwarteng deliver a budget that destroys the pound. Truss sacks Kwarteng. Truss appoints Hunt as her 'bullet proof vest', who reverses Truss's budget in favour of one akin to Sunak's. Talk about have your cake and eat it. Truss has failed and must go.
He's quite brilliant this fella! 👌🏾
All makes sense to me well done
Sat there and watched government hand out furlough and lower interest rates and thought, interesting, what will happen when this situation ends?
Councils run out of money, inflation on all items and services, house price acceleration, withdrawl of government spending and support.
Amazing video, thank you
Odd how "mistakes" are constantly made that favour the wealthiest elements of our society. Brexit was a big short on the British economy. Everyone who pushed for it made a fortune out of it.
They knew this
Great talk
👌 excellent
This was very interesting. I found out today from the newstatesman that the nhs has had to pay out 1 billion in recompensation in maternity malpractice suits. Schools are collapsing due to cheap construction methods. It’s takes an hour to book a doctor where I live, and I have to go in to do so, telephone calls are ignored. Birmingham council is just about bankrupt and many other councils too. Thames water is going into administration. There is a clean water crisis throughout the country. There are potholes all over the place where I live, even on some dual carriageways where those road conditions are definitely not safe. I wonder what is working and where the government money goes? Perhaps to service government debt that is higher than it’s ever been?
Great explanation of relative taxation changes.
Richard Tice, the one-man Deform Party manifesto, is proposing plenty of the failed Truss/Kwarteng Growth/Low Taxes medicine!😢😢
Obviously because he is just another expression of the loony hard right Tory fringe of which Truss is part of. Truss, like Anderson are worse in some respects because they will literally adorn any political hue in order to gain currency. Tice and Farage are consistent in their populist rentier capitalism.
It makes a lot of sense bro haha honestly, I've got huge respect for Gary.
YOU CAN'T STOP WHAT IS
HAPPENING AND WHAT EVER
IS TRIED YOU CAN'T FIGHT
CORRUPTION IT'S EVERY WHERE
TO DECEIVE THE LESSOR
her hair is so cool
"Vibes based growth." Classic.
7:34 best explanation of what happened during and after Covid I've ever heard
Very smart guy, I'm impressed
19:08 you are so right. I have been making these exact points for about the same time.
One year and a bit later: he is right, he is still right.
This is a very good explanation for the masses who as Gary points out do not realise that if the government prints money any you didn’t get any, someone else got your share. Essential viewing for everyone
Gary for king. Someone’s got to save us.
This man is everything to me, so glad I found him. He's really saying on an economic level what anthropologists, social theorists and philosophers like Mackenzie Wark, Christopher Lasch and David Graeber, and many others along that vein, have been saying for years on the sociological and cultural sphere. The truth is slowly coming together and people are finally connecting the dots!
The answer is a resounding YES 😀
Two of the coolest people on the planet…. I’d vote for Gary!
Excellent analysis and highly effective delivery for a lay audience not steeped in economics. Gary has a future in national politics if he wants it. Thomas Piketty, the French economist, has written a lot about the social/political destabilizing effect of extreme economic inequality.