Flows of Wealth and How People Get Rich
2023 ж. 14 Қаң.
81 019 Рет қаралды
Gary helps us to understand how wealth flows throughout the Economy
The return on Rishi Sunaks wealth has been underestimated heavily - it should be 30million rather than 3million
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Gary is one of the few people who persuaded me left wing economics isn’t purely the politics of envy . Well done Gary.
Sound money knows no sides, it just is.
@@genb4374 what is sound money?
For one thing what we call Economics today was called Political Economy, because it looked at how societies create political and economic systems, and how all interrelate and develop. It wasn't until the world took a leap in computational technology, did economic scientistism develop. Whilst the latter could be helpful in modelling and managing economies, it became less useful in teasing out causes and effects IMO. Moreover, as the status of physical sciences and technology became more socially, culturally, and economically important, the human dimension was deemed less important. Indeed, the political dimension became neglected and obscured. Consequently, these causational factors were downplayed because they involved questioning the status quo. This is why you had that impression. People forget that politics and economics are codependent. So all political perspectives include assumptions about economics, and vice versa. It's time we acknowledged that, and studied the basic premises of societies in that they are formed because of the need to manage resources in pursuit of specific goals, and collectively they decide, what those goals are, who gets what, and how they get it, and those rules are actively maintained in culture. So the best economists understand how societies work, and how they develop their political and economic assumptions over time. And we have to accept that the interests of the powerful may not serve the interests of others. So, leftist critiques can be couched in the politics of envy, but that is more about political rhetoric than reality. And there are critiques of capitalism that seek reform as well as removal. But that's part of the process. Nature herself is full of failed experiments, but also successful ones And in my mind, political Economy tells us why an experiment is failing, and how we might harness our collective energies to modify an experiment, or take a new direction. Its the political economists that have forged new perspectives for reform and modification of capitalism, and and they include leftist realism that acknowledges that simply overthrowing capitalism is neither desirable or effective in ensuring a fairer distribution of resources and meeting economic developmental goals for the planet as a whole. Neither are they in love with the idea of just swapping a neoliberal capitalist oligarchical model for another oligarchy with a splash of red, as the Soviet Union became, before it got raided by neoliberalism in the 1990s in the early Russian Federation days. Simply, it is the dysfunction of the dominant neoliberal model of capitalism is failing in the most basic ways, when it is possible not to. And an exploration of how that should be changed before we suffer permanent damage is necessary. We have to challenge the status quo because simply because in all metrics, it is wasteful and dangerous as is. So solutions to that are needed. If thinking that is leftist, then that's OK.
The problem with 'the politics of envy' is it depends on a simplistic and false idea of human motivations. It also proposes the idea that complex systems have emotions. And it treats complex social relationships as if they were interpersonal relationships. Finally, it suggests the problem with an exploitative relationship is which side you are on, rather than the nature of the relationship. For the record, Left wing politics is entirely about class war. In contrast, Right wing politics is entirely about class war. That's why we have expressions like, 'politics of envy.' British politics is 100% class war. The 99.9% are losing
Many forget the origins of Labour were born out of a unionised workforce when distrubution of wealth was essentially so bad there was no alternative. At their heart, a Union is simply trying to redistribute wealth and improve quality of life and work.
Gary, I am surprised that you don't have more exposure yet. Your logic and presentation are incredibly clear and easy to understand. Thank you very much.
Nobody is talking about this .. I agree not enough people are talking about this ..
This guy knows the game better than any average human out there and he drops knowledge for us for free. I am amazed by this YT channel. I am from the working class and this videos is scary to be honest. Scary...
Thank you Gary 👍🏻 Inequality should be being discussed much more in the media and within politics, it’s becoming a huge problem for society.
Totally agree, the current system is creating a society of indentured servants.
The UK's shortest serving PM, yeah her lol, once said something along the lines of "we should stop concentrating on redistribution of wealth and that's it's talked about too much" in one of her car crash interviews. Must be living in a different planet 😂
Then we might actually stop blaming each other for our troubles, then stop blaming ourselves, and then who knows…
Inequality is created by those in politics and the media, they are controlled by the wealthy.
It should but why would it? The MSM helped NOT ask the questions that would have pointed to how unequal society was becoming, never mind how corrupt. 🤷🏻♂️
Or doesn't flow, if you own almost nothing. Or flows away from you if you have to work for a living. Etc. Brilliant exposition.
At the beginning of the video, Gary mentioned that Wealth in the UK is "physical", and he's right. But there are also non-physical examples of wealth that poor people/people without capital can create, such as music, or art, or cultural contributions. They then have the potential to generate higher incomes or the "rights/ownership" can be sold to generate an income, which can (as Gary described it) be DIVERSIFIED into other forms of (physical) wealth.
@Sonney O'Brien problem with most of those more intangible assets is they are unpredictable and high risk. For every megastar, there are hundreds, maybe thousands who don't make it Whereas you buy a house, especially under a government that is biased heavily to benefit property owners, that's predictable and low risk That's why rich people buy houses rather than sponsor artists and musicians!
Hey Gary are you able to chat about the wage price spiral theory at some stage please? I feel that the media are using it to convince us to think we shouldn't have decent wages
Yes, this is a particularly infuriating lie. After all, wages are chasing inflation, not the other way around. An argument that above inflation pay rises will drive prices up may have merit, that of course has not happened.
Agreed would be a good video topic. It is a real thing. If I were a business owner and I suddenly had one of my significant costs go up (wage bill), I would raise prices to maintain my profits.... And there is the third variable that is never mentioned. There is the option to make less profit which is rarely mentioned.
Former USA treasury secretary, Larry Summers, called for 10% unemployment to squash inflation. He was literally on a tropical island, with palm trees in the background, when he did this. Calling for working people to be financially ruined from paradise to deal with a problem the wealthy have caused.
@@spatchcockdaniels1479 yes profit is an option. What about if there was policy in place to deal with the profits that are being made from the assets that the business owner is paying for which was the subject of the video. Imagine if there was a wealth freeze for a year so rents, energy just suddenly costs less. That would impact those costs directly but also the cost of materials as the manufacturer suddenly had lower overheads. All of a sudden there’s a lot more money for wage rises. So, being practical, if a bit of both profit reducing and reduced overheads through policy is done, pay rises can then happen. If people then have more money though that’s supposed to increase demand which increases prices thus more inflation. That’s where I would love a video to explain what can be done about that as the only way I can think to stop that is to do it slowly so the increased demand can be matched by increased production so that prices don’t rise.
@@James-mb3je Thanks for asking this. I think that would be a really great topic to explore!
We need to get Gary’s knowledge and expertise out to all generations. Excellent content and very insightful and inspiring ❤
Very concise and well said, as a young person this is great to see this kind of educational material, please keep it up!
I see the economy as a game of monopoly. 1 player owns 53% of the board and is lending money to the other players to perpetuate the game. Gradually that 1 player is increasing the % of the board they own. The rich/poor divide is only going to get bigger, because the system is rigged to make that happen. Time we started talking about congratulating the winners of this game and play another game where the economy rewards hard work and not just those who know how to rig the system.
That’s why Monopoly is such a shit board game, because it’s such a good analogy for capitalism
@@alfiecdyson the original game was the opposite Aim of how people could work together and beat the landlords and banks !
Monopoly & fishing with Cormorants 😄
Gary is the walking embodiment of someone who worked hard to achieve success. And yet he seems peculiarly reluctant to help anyone else achieve success. His KZhead channel is exactly what he proclaims to despise: an asset owned by a rich person. How about we redistribute your subscriber and ad revenue to everyone who comments on a video? Share the wealth Gary. 😊
@@thejuicydollopRead his book. He describes how he's not just worked very hard - he's had some outstanding luck
Omg it just clicked! This is why we're seeing a big drop in productivity (in the UK). They blame it on the working class, but it's the wealthy hoarding assets and not investing that's causing the drop. Cheers Gary your video's are great 👌
Hi Gary, I would like to thank you for everything you are doing. The way you explain complex subjects in easy to understand language is fantastic. Please keep making videos like this. I find these topic’s fascinating and I love tuning in every Sunday to listen to you. My best regards.
Brilliantly put. My main concern is that as soon as redistribution of wealth is even hinted at, the tabloid press go rogue and convince the struggling public that there is no alternative unless you want to become soviet Russia. As we know that the most influential forms of media are also forms of wealth. When I say tabloid press I don't necessarily mean literally newspapers as these companies have evolved into many different areas of influence.
Soviet Russia might be a better option if the wealthy don't listen. Of course, such an economic-political system will fail. It creates elites who then dominate and extract wealth from the people. Humanity needs another political-economic system. Quite what is the question? People need to be rewarded for innovation, and hard work but not to the point of billionaire status.
That is why todays generation is ditching the "tabloids" and CNN/FOX for KZhead to get real non BS information. Its why the Govt wants social media to have control of you, so they can try to control everything.
@@vortexfx420 the tabloids own much more than just newspapers. They have fingers in all sorts of disinformation and much of it will be on every platform. KZhead also has its fair share of bull****.
Truth indeed
because they are owned by rich old men like Rupert...
We can't afford to have an "I'm alright Jack" attitude. I've added a famous poem below written by Martin Niemöller during World War 2. Instead of Socialists we could read Rail Workers, instead of Trade Union's read Nurses, instead of Jews Postal Workers. The point is that we are all affected by Wealth Inequality and need to support each other. United we stand, divided we fall (get poorer). First they came for the socialists, and I did not speak out-because I was not a socialist. Then they came for the trade unionists, and I did not speak out-because I was not a trade unionist. Then they came for the Jews, and I did not speak out-because I was not a Jew. Then they came for me-and there was no one left to speak for me.
It's getting close to the time the wealthy throw us a bone to make soup from and tell us how lucky we are to have more than we had before... Keep on making the content Gary. Redistribution is now the only way forward to a happier and healthier world...
Happend in 1997. Obvious the Tory’s we’re done. So instead of a real left wing govt we got Nu labour.
redistribution is a form of tyranny and this is coming from an immigrant with low income background
So well put, I work in tax policy and its so hard sometimes to convey this message as succinctly as you have. Thanks!
What do you do?
This is my first video I have seen from you and I just wanted to say that you are the first person I have seen who has adressed our economic system as it is with graceful and percise articulation about our economic issues Thank you for that, Genuinely
Thanks boss!
Great to see you on the BBC Gary! Hope you get lots more bookings.
One of your best yet Gary. Helping people to truly understand the difference between Wealth and Money and how Money flows towards to Wealth to compound it. Great stuff :)
I wrote to my MP last week to ask her to question why one of Rishi Sunak's 5-priorities wasn't addressing Wealth Inequality. We all know the answer to that. I also asked why Labour aren't campaigning to reduce Wealth Inequality. I await a reply. We should all be challenging our MPs to act on our behalf, that is their job as our elected representatives. Unfortunately, more and more they seem to consider their own interests before ours. I have cut right back on spending, including turning the heating down to 17c. That isn't great, but I am determined not to lose my house. I work in the Public Sector. We received a 2% payrise, or actually a 9% real term pay cut. Hopefully people like Gary will help wake people up as to what they can expect if things carry on as they are. There is too much apathy and ignorance at the moment. The Industrial Action across numerous business areas shows that there is a will to fight these policies that are taking wealth from the majority give it to the minority. That will needs to be supported, and it needs to grow. Some of these people have no empathy, integrity, compassion. Those who can afford to should pay more to support Public Services. We need a Fair Tax System, no Loopholes.
Absolutely agree with the words you wrote........with the exception of, ".....We should all be challenging our MPs to act on our behalf, that is their job as our elected representatives..." Contrary to popular belief - 'we actually work for them' [imo] - as all they are doing is [blatantly] syphoning off public money into their pocket. It's despicable really. Maybe the apathy, from us all, stems from [imo] that we are just too divded nowadays, nobody seems to care about one another - - 'dog eat dog world', and all that!?! Look after yourself out there citizen :)
Look up what your dear MPs in the UK did just now. Rishi Sunak approved 5.5% salary increase for the MPs 😂😂 apparently it was done to keep MP motivated despite inflation but I think he's just buying favours from them Your leaders dont give a sh- about you lot and yet you serve them like the good little boys you are
A very interesting, depressing but also, a very important message you are sending out. I could see the writing on the wall many years ago, when I failed to ever be able to buy the property that my late father was able to purchase in his life. Times are tough and getting tougher. Good luck everyone, let’s hope we manage to reverse the trend one day?
Its class war. We have to overcome division, come together & fight. The system not only compounds inequality on automatic, it is also leading us into climate disaster & eventual extinction. Unite.
Really brilliant to see you on 'Politics Live' today Gary. Thank you for your Voice! You can clearly see that the BBC and the wealthy, do not want to give the ordinary people a fair opportunity in discussing the options and ways of Taxing The Super Rich!!
That Tory woman in the white turtleneck really felt the metaphorical noose tightening as she listened to Gary tell the public about her crimes.
Brilliantly explained again Gary. It's true that most people don't know or think about wealth.
Joseph Stiglitz, nobel prize winner for economics, says that rent-seeking is corrosive to a country as it creates an inequality trap. High inequality sets up forces to create even higher inequality = the inequality trap.
Thank you, Gary! Your work matters!
I give 'thumb up' to GarysEc's' b4 I even watched vid. That's how excellent I rate Gary!
The velocity of money!
I'm not the most confident writer, so I used Chat GPT to write letters to my local MPs this morning. Been watching Gary for years and this video inspired me to get up and do something. Maybe a mass contacting of government will have them see that lots of people are cottoning on to this now.
fantastic use of ChatGPT... hope others follow your lead..
You should write to every MP.
I'm a writer. I'll write it for you if you want? Just gimme the bulletpoints you want me to cover and the tone. I used to get people out of unfair parking tickets all the time at my old job with a bit of formal speech.
@@Palemagpie Chat GPT is taking over mate
@@earthman6700 Absolutely and another message would be to vote the Tories out in the next general election and give Labour a chance to rebalance the economy.
Thankyou for doing these videos my daughter is at Exeter doing economics and I share your videos with her. I'm a classic working class financially struggling guy who's only recently woke up. Thanks again
Thanks for sharing!!
Thanks again Gary. I am trying to push the message at every opportunity.
Heck dude. That was your best economic summary yet. Package that down to a 10min TED talk and please get it to ordinary people!!
Thank you for your work!! It's socialism or barbarism - This is why I am a communist, it might seem radical or even ridiculous. As far as I see it, Capitalism as you so eloquently explain, inevitably leads to this wealth stratification. I am not saying that forcing our nation's governments to tax the rich is a bad thing, no, it's the correct and completely necessary thing to pursue, no matter the difficulties. Though my sense, from my own life, is that any gains made today, will be siphoned off over time and the cycle of the rich accumulating more and more wealth will keep repeating, as the wealthy will eventually (as now) gain majority influence/control of our governments. This is a struggle for the survival of our nations, our children and even ourselves. If anyone reads this, please keep an open mind to a socialist solution as the alternative is wealth and government in total allegiance, which is by definition fascist.
Brilliant
This is one the few people on KZhead telling the truth unlike most of these scammer gurus
I applaud you. I would call this a basic explanation of real world economics. An economics that is actually interested in ordinary citizens, their wellbeing as well as the functioning of civilised society as a whole, rather than the compounding enrichment of a tiny class of ever more wealthy elites. I recently watched your one on one debate with Mark Littlewood from the IEA and have to say I was extremely impressed. I've met him through work a few times and have to say he always seemed quite unpleasant but your unique personal story as well as your competence simply disarmed him, they had no comebacks at all really.
Gary, I stumbled across your channel and am so pleased I did. It’s refreshing to hear a knowledgeable individual with an accent. The class system in this country really does prejudge regional accents. Keep doing what you do, love how palatable you deliver.
It’s refreshing to see a person who’s made it from nothing to something and remember where he came from. I’m not rich but live fairly comfortably and I remember and still hang with friends which will never understand why they are were they are. It’s very discouraging speaking to them because most of them believe in taxing the poor and allowing the rich to pay very little as a percentage of their income in taxes. They can’t seem to understand the difference between making 1,000,000/year and and paying 100,000 in taxes and making 100,000/year and paying 30,000 in taxes. All they see is that the person making 1,000,000/year paid more than 3 times the amount of tax. It seems to me like most poor people do not understand how they are poor and think that taxing the rich to redistribute in the economy is somehow going to leave them jobless. How do we change the narrative for these people when everything they hear from small business owners to the media tells them the opposite? It drives me nuts.
encourage education as means to escape poverty. leverage said education to attain skilled or professional work (from studying in STEM). work in your higher paying field of expertise for some years, accumulating as much cash and experience in your industry as possible while simultaneously not succumbing to lifestyle inflation). With a cash reserve of 100-200k, saved over 5-10 years, deploy capital in major investments such as businesses or real estate. Seek investors from networking to fund your business. UK is a service based economy rather than a product based economy like the USA. Create a business offering a service, this can be as specialised as creating your law firm if you studied law, or it could be as simple as owning a car wash which can generate £250-600k revenue per year depending on your location and how busy you are. These opportunities are still available for me, someone who grew up in the UK poor in an immigrant family that made bad financial decisions and fell for interest only mortgage scams. I believe that if you are hungry enough, you can attain it. If you're an easy going guy who goes to the pub and watches love island and doesn't do much else beyond that outside of work, i'd bet that you will die poor and your children will suffer from the inequality that you did nothing to counter against for the sake of their future. But maybe my plans will fail and I could easily share this fate too, we shall see. I fear mortgages due to the usury amortization scam that they implement in their 30 year payment plans, but im not sure how else to acquire a property without taking the hit. Perhaps buy property in cash with 25% down payment as an LLC so I dont take the hit. then rent it out and let tenants pay the mortgage over time while i get paid dividends through teh LLC. not sure what tax implications are but i intend to pay as little as legally possible. if theres legal loop holes i will take it. fuck tax and fuck wealth redistribution by the hands of the government to put into the pockets of the financially irresponsible
Your best video yet @GarysEconomics. Just 3% of Rishi Sunak’s £700 million would be £21 million per year. I guess this might be closer to the mark than the £2-3 million you mention. Much of this wealth is his wife’s assets but the point still stands.
Ya I think Gary just made a mistake here because he has mentioned the amount you refer to in the past. I think he meant £20-30 million. I look forward to a coffee and Gary's economics on a sunday morning these days
I have long understood this on an instinctual basis but until now have never heard it vocalised so succinctly.
Thank you for the breakdown. I wish I understood these golden nuggets of knowledge years ago.
You put it so clearly. Every member of the electorate needs to hear this and vote appropriately. It's hard to know how to shift a bought-media block on saying anything worthwhile, but I'll share your message and thank you for doing this.
Hi Gary, I am going to buy your book when it comes out to support you. I watch all your videos and you make so much sense. We have such a corrupt government. You are so right about us looking long term and working together to fight back. I am sharing your message.😊
Hi Gary, another brilliant video. I love the passion you deliver these videos. This video was so descriptive and provided such a high level of detail which keeps things simple (simpler) to understand. I have a 7 year old and it worries me she will not be able to afford her own home. My wife and I save all we can to not let this happen. Without you and your videos I would not have been as knowledgeable about the current situation and wouldn’t be saving as hard to protect her future x
Bravo
Thank you so much, Gary. Still banging the drum 🥁 for the masses / hoi polloi / ordinary people . 😉 you really are passionate about inequality.
Brilliant video Gary. You explain these ideas and concepts extremely well.
Thank you for making this video free and accessible! ❤ I really wish the people that need this knowledge would find your KZhead channel… even the algorithm is against us :(
I think this is your best video yet mate. Great stuff
Thank you. The information you are sharing is exactly what is needed to help reset the balance. If the people know & truly understand the system, I’m convinced the system would have to change accordingly. Thank you, please keep educating - please start going into colleges & universities even schools..(if you are not already)..
We've mastered canals in the UK so we should be able to master 'wealth flows' and to understand what Gary is saying. At the moment the wealth is flowing one way only, from the bulk of the population to the rich, from the rivers to the rich sea, a sea that has very few rich fishes. We need to build canals into the assets that the rich have fortuitously accumulated at the expense of the bulk of the UK population. Gary is educating the masses on wealth flow, we the masses have to re re-invent the canal and build financial canals which distribute the opportunities to own assets all over the UK. Afraid the opposition doesn't seem to be up to that type of thinking. They need to receive a wake up call from the people that siding with the asset owners is a zero sum game in an election.
Monumentally brilliant explanation
Phenomenal explanation ... if you keep pumping out content like this, I'm very confident your channel will reach massive numbers. Thank you for lending your insights and analysis to the world conversation. For a great many, economics as a field of knowledge seems a bit arcane, to have it explained plainly by a regular guy, very well versed, is enormously helpful. Thank you, Gary!
Well done Gary! Keep up the good work! This is a good exposé of the polarisation of wealth for the benefit of those who own the wealth, and to the detriment of those who create the wealth. It’s an absurd situation in which young people graduate from university with so much debt that they can’t begin to accrue a functional level of wealth, nor barely engage with the economy other than in the form of a wealth-creating drone.
At the time of writing, one in 8 people are liking the video. That's a really good response rate. Cheers for the video, nice and informative.
He has put something in simple terms that many people do not have a grip on - well done. This can also be well illustrated graphically using balance sheets and income accounts
Gary, you have brought this issue to the forefront of your subscribers minds along with all those with whom we interact. Now you know that every successful venture should show growth and that happens when we set and reach goals and targets. This means that your troops have to work with these principles rather than wait for generic action to take place. One of our targets should be escalating a demand that any political party we support should have as part of its manifesto a clear declaration that it will set out a tax of at least 1 pence on the pound for every wealthy person above a discussed level (say Ten million pounds or dollar equivalent). This is the most leveraged approach to get the disparity level reduced since that group cannot avoid the effect their ownership and cannot defend this massive drain on the economics of the middle and working class. Your message is clear so action steps have to be presented going forward ,We know that politicians act only in respect of votes.
his is my first video on your channel, and although I haven't watched it yet, I have already subscribed. Please don't let me down like the other guys. I have watched your interviews, and you seem like a genuinely good person, so I'm going to give it a fair chance.
Let's go gary!
Great video Gary. Impressive, the way you're able to share your knowledge in such an understanding way.
The difficult parts of your conclusion are the convincing of normal people to vote the right way (and to have a party or parties that will do what they say), and that the wealthy are mobile (i.e. they are offshore and can always move their wealth to a different jurisdiction if they need to). It can be done, but it'll be a fight. We need to get people off their distractions (time-wasting media, toys, etc.) get them educated, and they will stick together. After all the people at the bottom may not hold the wealth, but they are the majority.
Great explanation, thanks Gary!
Well said. My tip: next time there is a stock market crash, buy buy buy good quality shares. Buy anything good! The market always recovers. The trick is to save as much as you can and patience.
Thank you
I love this guy❤
Thank you Gary, nice one
well done
Great, thanks, really clear. Massive thanks for all that you do
Thanks Gary! One thing I've not heard mentioned so far is that a collapse of the middle class also causes consumer demand to hugely drop worldwide/nationally, harming almost all types of businesses along with it.
Once again thanks Teach.
That you Gary for your clear concise explanation of how the rich continue to get richer while regular folks is transferring their money to folks who has tons of money and wealth....thank you for this...a lot of people don't really think about this . I am gonna do a video myself about this....very,very thought provoking...how wealth flows..great explanation!!!!
Brilliant, Gary. Makes complicated things sound so simple, this should be taught in schools. The system is stacked against those who have little but, with knowledge, people may be able to overturn this system by working together.
This is a good idea. I know a few teachers and, unsurprisingly, they are disgusted with the way the Education sector is going, so I'd imagine schools - at least the ones that aren't run by profit-making private trusts - would welcome an initiative to educate the kids about this
Thanks Gary.....from Australia.
I have appreciated Gary's intellectual projection onto myself and others from the moment I first heard him speak. I would however, like to pose a question with regard to the use of the word / term OWNERSHIP to the extent that if one's mortgage is completely paid off or one purchases a home outright, they will never be free from the claim by entities claiming to be government with the operational rights to seize one's land and home for non payment of property taxes. This truth is unequivocal proof that property OWNERSHIP in America or elsewhere, is a true oxymoron if for no other reason than the land and materials used to build the home were not created by those claiming the right to seize it which only happens by force or the threat thereof.
I've understood this concept for some time now. Speaking to friends and family, I make the analogy of the inheritance tax that middle class families have to pay, from generation to generation our wealth is slowly getting bled dry while for example the extremely rich can afford to offshore and hide assets or in the case of the royal family don't have to pay inheritance tax on billions of pounds worth of inheritance like King Charles inherented from Queen Elizabeth's death.
if you're privileged enough to inherit assets why not establish a trust fund and put the wealth in a trust to make it immune from inheritance tax? It costs around 4k to create a trust which is a small price to pay compared to a 40% inheritance tax on your property being passed down. emulate the rich's behaviour. the information and knowledge is out there and freely available
The assets belong to the Crown (the institution) not the individual people. That's why things like inheritance tax don't apply to them.
This is quite literally what the creator of the Monopoly board game was trying to teach, but somehow the message got lost. The $200 you get from going around the board is like your salary in that game, and you quickly realise it won't save you if you don't invest it well. People shouldn't feel dirty about investing - it's the system we have and it can be one of the only ways to keep up - but more need to have the courage to put the fruits of their investments towards building a fairer society. Unfortunately, many of the beneficiaries of this system have little to no interest in helping the people who don't understand it.
very nicely explained i have same thought about this trap
Outstanding. Send this to teenagers today! And their parents and grandparents, toay!
Fantastic video!
10:46 nicely articulated, hearing you say that made my perspective widen.
Thankyou gary you're a legend! It's good to see someone working class and british talk about these things, it's about time we had equal representation in parliment too! I'm sick of being told what to do by the super elite and rich that do not represent 99% of us but the 1%!
Very interesting and undeniably true. Wish I'd known that back in 2010, then I'd be sipping cocktails in the sun now!
Good talk. I’ve been telling people that wealth creates poverty. It’s the system that is screwed up not individuals. The only thing I would disagree with is that government actually spends before it taxes. It’s basic MMT. Economists like Ellis Winningham in the UK is someone that could show you that among many other MMT Economists and activists around the world.
Excellent. Simple effective communication ✊🏼
Let’s go!
13:30 Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn't, pays it.
Great video thanks Gary. The term "Raising the Tax on the Rich". I understand can be interpreted in different ways. What we should be focusing on and saying is "Stopping individuals AND companies from exercising tax loop holes". I hope this rephrase may get some people to see the situation differently and in the right way. My personal opinion is that there should be a flat rate tax on all earners regardless of wealth. "Raising the tax on the rich" to many people implies increasing the tax rate of the rich based on declared PAYE earnings, this solves nothing.
Hearing you reminds me of when I was a student in the late 1980s and I first understood Karl Marx economic perspective. So I think what you describe is not new, but it’s still a 21st Century reality. The danger is that our Western “democracies” are making the common citizen more like a serf.
Great info as always Gary! Would be great if you could do a dummies guide to gilts and how they impact ordinary people - keep up the content, the followers will only grow!
You seem a genuine man gary😊keep up the good work👏
The clarity this has given me is unbelievable. I am aware however that i wouldn’t have understood this if I hadn’t been watching your videos for nearly a year and trying to understand the economy through other sources. Gary, if you can, please work on a short simple video series, high production value, with visual explanations of everything you have taught me over last year to now so that someone new can grasp what is happening quickly. If ordinary people understand what is happening we have more chance that they will get on board with your message and when the time comes to show the government that there is support behind a wealth tax and closing the loopholes and it is a vote winner (their words) there will be an army of people who understand why lots of government spending can be funded in this way. Imagine if taxes on working people went down and the government had more money because they were taxing wealth efficiently and the reason for that is that ordinary people were just spending more which went to the wealthy who were then being taxed more simply because the economy was doing well. That’s the rich happy paying tax and ordinary people happy paying less tax and hopefully accumulating some wealth. How mad is that.
Not mad! You got my vote 💪
@@alfiecdyson 😆
I'm not sure the rich will ever be happy paying tax, regardless of the outcome 😂
@@George_Montagu I prefer to think of it as paying more tax is a good problem to have. I don’t think anyone likes paying tax though 😅
I hope Keir Starmer is subscribed to this Vlogger. Keep it up Gary, the message will get through, but must be handed on by each of us that understands your message.
As well as taxing the rich, look at where your money goes. Support the 2nd hand market, use less where possible, support local growers direct for food and participate in the gift/sharing economy.
Hi Gary, I appreciate your focus on housing, but in your peice on wealth and assets I think you missed out an important type of wealth. National infrastructure and the social safety net is a huge form of wealth collectively owned by everyone. One thing we see in these hard times is austerity, which strips back on spending to maintain these things - most topically in the NHS. The ultra rich are unaffected but allowing infrastructure to crumble is a huge loss of quality of life for the rest of us.
Gary has really made me think - I was edging right trying to get some growth into the economy but this all totally makes sense. It is very hard to understand how assets just keep going up without this info. It is also now clear that this will not correct itself in the way we expected it to in the 'old days'.
Nice one Gary, learned a lot from you
Thanks Gary! The rich clearly avoid a lot of tax and wealth is hardly taxed, yet we are we told the tax burden is as high at the 70’s? Is this beacuse the burden has moved to ordinary people more?
The Medici always talked of a ‘river of wealth’ ie it was not money in itself that made you wealthy but where and when you invested in assets and when you then divested to capture your gains (and move it to the next asset to generate additional wealth)
Wow this was a real eye opener for me!
I am learning loads from Gary and this channel but bloody hell im bricking it a bit. Swear I’m just gonna buy things that don’t go out of date and things I can hold. Gold coins, canned food, im not even joking, that is my investment strategy. Kitted my whole house out from charity and dump shops, simply because they were cheap assets. Know it sounds mad but wood tables and chairs are gonna cost bucks soon, and if needs be I can sell them. Hopefully I won’t be sitting on my backside eating my tin of beans too soon
Gary can you help us write letters to our leaders to petition them accordingly. The POW movement does this really well and we should do the same!