Are We Going To Have A Recession?
2024 ж. 13 Мам.
58 340 Рет қаралды
Gary explains why it doesn't really matter whether or not the UK is deemed to be in Recession in light of the recent IMF report (International Monetary Fund)
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Performed by Gary Stevenson
@garyseconomics
Produced by Simran Mohan
@mohanmedia
It's a case of the media as usual propping up the govt's message: that as far as the economy is concerned "we've just missed a recession". Even though the people of the UK have been in a recession since 2008.
I wonder if they're so enmeshed now that it's not one propping up the other & it's now just one voice?
Ahhhh but the bonus of the recession banner will give employers an excellent excuse to keep wage demands below inflation….. sure they haven’t considered this though
@@katecannon7958 Look at layoffs already.
In 1 day of watching like 10 of Gary's videos, he is now my top financial communicator out there. No one says it clearer, more actionably, and non-biasedly. The real deal, with the best solution
I've been trying to talk about this broken system for atleast a decade. No one wants to hear it. Especially those that are making ends meet even if it is just scraping by, they think they are winning. All while most of their pay goes to the banks and their investors capitalise on them. Noone can survive on a single income for a family and everyone has to work overtime to have a little bit of spending money. We're giving up entire lives missing out on experiencing life with our loved ones to keep the ponzie scheme going. It's heart breaking
The system isn't broken, it's been designed this way.
No one likes negativity, when they don't think anything will be done about it.
The rich knew a long time ago that poor people value time on earth far cheaper than the rich
i’ve known the system is completely broken, shower of ‘shit’ isn’t it.
"Giving up our entire lives" is right. I live in a very high cost of living area, so was never able to buy a house. The stress of not having a house caused relationships to fail. Very directly you can say the reason I don't have kids is because I couldn't afford a house. I make $150k a year now in my early 40s, and I still can't afford a house, because now a house an hour+ commute away from work is $1 million.
Gary truly is the people's economist!
Keep spreading the word gary about wealth inequality Great video as usual
Gary thanks for explaining in an easy-to-understand way the UK's economic position.
Gary love your talks and as a 50 years plus guy its refreshing to hear a younger person speaking such knowledge. I only would say that the time for talking to politicians is over. No more asking. We know them by their deeds and alliances, they will face some painful justice I can only hope
Some of us still know where our pitchforks are.
I'm Australian and in the same age group as you and you're right he's one of the brightest lights of his generation. He's not only damn smart but well educated combined with a far broader perspective on reality. Right now here in Australia the head of our central bank is exactly the sort of Ivory Tower Academic/Idiot that Gary has spoken about. There's times I have wondered if Gary is speaking about Britain or Australis.
@@tonywilson4713 I understand most of the English-speaking world is going through the same garbage at the moment
@@JanjayTrollface it's what's needed, I wonder if it will happen?
@@alanhat5252 You are absolutely right. I went to college in America and America is fairly important to Australia considering the trade and military ties. So I watch a lot of what's happening there. Same story. I was watching Mariana Mazucatto talk about the problems with the consulting industry and almost the next day the PwC scandal broke in Australia and its only gotten worse since. The problem is that most of the economic text books are written by a relatively small group of people out of Harvard, Yale, Oxford, Cambridge,... who all have the same basic ideology. The problem for ANY politician *IRRESPECTIVE* of the politics is that on ANY issue being discussed is in a room full of people who were all taught the same economics. That's why it feels like things don't change. The only subject where economists are silent is military spending.
Right as usual - A simple massive transfer of wealth from all of us, to the top one percent of the wealthy
Top 0.01%, even quite 'wealthy' people are going to be ducked over
Caused by the UK Government's lockdown policies and it subsidising inefficient businesses.
Excellent video. I’m so grateful for your channel. It enables me to understand the rubbish that is churned out on the news.
Don’t watch the legacy/mainstream media, they will wrong foot you at every turn.
you still read/watch the news?
@@alanhat5252 Know thy enemy
@@joyfullerton8841 Why would the 'enemy' tell you what they are doing in plain sight
We are in a depression
Not technically, but yes, many people feel that.
@@juliewake4585 Not technically? We've been in a Depression since 2008.
Hilarious
@@shadowofmyfutureself trueeee. we're so fcked.
True , the mental health of this country is probably at an all time low.
For anyone not in the ruts of disaster capitalism that have been ploughed since Thatcher we've been in recession for the last 40 years and a Depression since 2008
Thanks, you guys are great! This is a unique and important channel. We really appreciate you🙌
How can those outside of politics stop greedflation and profiteering. Doesn't the current system both reward and encourage such behaviour? Thanks for the work you are doing Gary.
You can use your purchasing power elsewhere like more locally rather than with corporations
Not a lot AFAICT. Corporations left to their own devices will always try to maximise profits as that's their main objective. The only thing that can realistically stop that is legislation and regulation to rein that in. The current government have no interest in doing that as their priority is corporations and wealthy individuals.
You need to realise that the enemy is government, not free markets/captialism. People can only profiteer when their is an absence of competition. Governments regulate every market (there are no true free markets). It's the capture of the government by the powerful that enables the rules of all markets to be set in the favour of a very few. Unfortunately people are crying out for move towards socialism and even bigger government. As more falls into the hands of government the powerful will gain even more control. Decentralisation of power is the only friend of the common people.
@@mooremoneymakin no, corporations left to their own devices will try to ensure their stability but the legislation is already in & the legislation requires maximizing shareholder dividends. That's why Thatcher wanted everyone to be shareholders.
@darrenchristian4987, it looks like it's got to the time when we've got to line up around Parliament with pitchforks again.
So glad someone is telling it how it is. Well done Gary!
Excellent video as usual Gary. Informative & to the point. Shared 😎👍🏻
It's good to hear a plain, easy to understand explanation of how "recession" impacts our lives and that it's not what we should be worrying about
Concise and informative, brilliant stuff Gary. Keep up the good work, love your videos 😊
I love how every video comes back to exactly the same core set of principles 😅 Just goes to show EXACTLY what changes are needed!
Very insightful thanks for the work
An "eye opener" 👀. Thank you 👍
Camera /lighting looking good. Great message about GDP.
Another great explanation. Thanks Gary.
On point, as usual . Shame we don't have a more balanced media, more people need to hear this.
Spot on as per , big love from Glasgow .
Imagine if they focussed on increases to wealth inequality as much as they focus on recessions.
That's the dream!
@@garyseconomics Hi Gary, what are your thoughts on "Universal Basic Income" maybe you could do a video on the subject
Thanks Gary, that's cleared the bullshit out of the way. Tax wealth not work. Always come back to that in the end.
That is a horribly broken conclusion. Wealth is deferred consumption. It's not evil in itself, in fact you could say it's a virtue. In your world tax would only be paid by people who saved any money, with everyone highly motivated to spend every penny they earn so as not to accumulate any wealth. Everyone would need to be completely irresponsible with their money. It obvious you should tax income (or work as you put it). And its part of government's job to do that in a way that redistributed income effectively so we don't get extreme build ups in wealth - excessive inequality. Governments haven't done that successfully for at least 50 years, possibly never. So they failed in the No1 reason for their existence. Largely that is because they fail to tax the income from wealth effectively - that is completely different from outright taxing the wealth which is just legalised theft.
@@paullegend6798Unfortunately the system automatically aggregates wealth to wealth. It's always been so since Babylon - when the king took the throne he cancelled all the debts in a Jubilee - they understood the maths of interest - the exponential function. The Romans got rid of that. There are many other ways money concentrates. Its all a question of balance.
Thanks for the very informative video . As you mentioned I have same thoughts when media outlets bombarded us by news about recession that it’s temporary. I feel the use of “ economic language” as a method to deviate from the real issue of a broken economic system and wealth inequality has been very effective.
Thank you for excellent information.
Thanks Gary another brilliant explanation 👏 we do need to start making some noise now.
So refreshing to hear Garys take on this stuff!
Great video. I'm learning so much.
It is inevitable. The BoE will have caused it by raising interest rates too much. Post pandemic was always going to see inflation. The inflation is not coming from high wage increases, it has been created by the BoE and the high interest rates are propping up government bonds / guilts. The government is relentlessly borrowing and the rest of us are paying for their bad governance.
Other way round, the Bank reacts to what Government is doing & the way the Markets react to it. Government is in charge & Government is at fault, don't be distracted by propaganda.
@@alanhat5252 Follow the money. If guilts drop the money tree dies..
@@arthurdixon5890 The Government is the only authority that can print money, and will print money endlessly, inflating the money supply meaning you can buy less with your pound. The government is the problem. The solution is ending the government.
Thank you Gary.
Bless you!!
Thank you Gary 😊
Completely agree, a great message.
I love the Jedi vibe with the hoodie Gary But I was listening to the content too. Excellent as ever Ive learnt so much from you. Keep up the campaign the ideas willl take root eventually
Hi Gary, I love your channel and the work you're doing, I'm a new convert after my husband has been trying to get me to watch for months now!! I work in the NHS and I'd be really interested if you could explain how this inequality affects our healthcare system, and also the descent into privatisation which seems to be happening. And also the way the NHS is having to pick up from government failings - eg the proposal for GPs to write prescriptions for cheaper energy bills for vulnerable patients. Keep up the good work spreading the word and your knowledge #InGaryWeTrust 😁
Big ups to you Gary for each and every one of your videos that you Produce for the good of the people. Can you consider creating a video on the rising number of insolvencies in this country and how that feeds into GDP wealthy inequality and everything in-between. I think it would make for a great dialogue.
Wow this is a real eye-opener for me. Great example of cold and cancer, well explained. Great job Gary always! I love the cute dot mug btw 😊
Strong message; Gary should stand as an MP And like the hood!! All true.
Excellent Gary
You are the first true the peoples economist ever! Explaining the TRUTH in the words that they use to keep us in fear is so important! It’s about individual sovereignty and integrity! Which I feel you have loads of Gaz! Nice one 🙏🏼
You could argue that award-winning Ann Pettifor was a people’s economist. She predicted the 2008 crash and acted as economic adviser to Jeremy Corbyn for his fully costed people’s manifesto. We missed out having a national care service, national education service, a renationalised NHS and renationalised utilities. She saw those things as an investment for the nation. It’s a shame she wasn’t a politician - she would have made a great PM.
@@Tommii38 I learned the fundamentals from Ann and Steve Keen. I love them both because they are the teachers I chose, rather the teachers I was given. Stephanie Kelton too
I think what you mean is the point where Personal Choice and Agency intersect. Wealth Inequality limits your choices and opportunities, even more, than being subject to the power of the state. You may still be able to choose and have the agency to act on those choices, but your scope will be diminished as your access to assets as wealth diminishes.
@@BigHenFor Well said
UK NEED GOOD SINCERE INTELLIGENT POLITICIANS THAT CARE ABOUT EVRRYONE - YOU! GREAT CHANNEL THANKYOU. 👍👏👏👏
Excellent as usual keep it up Can you talk about why eat out to help out was a transfer of money to the wealthy? (That’s my view anyway ) It’s a focus of the COVID enquiry
Eating out may help small restaurants but the landlords take the lion's share as shown with the Reuben Bros who didn't let their pub tenants off one penny of rent.
@@johnwright9372 So the correct response would be to let all the small business owners go to the wolves, so we could hurt the "evil landlords". You have to realise how ideologically captured you are if you believe that level of collateral damage would be acceptable to achieve your aim. It's complete nonsense anyway - yields on renting are really low. For housing it's no more than 5% max - for commercial property it probably even lower given the death of the high street and lack of demand for commercial property. "Evil Landlords" is just a mainstream meme driven from complete ignorance and stupid assumptions.
@@paullegend6798A 5% yield might seem small but it's a consistent and safe return for a landlord owning many properties or anyone from the big asset owning classes. Of course, not everyone falls into this category but I believe that's who the original commenter is referring to.
Awesome content Gary ♥️♥️♥️
Spot on real talk
Yes, this is the opposite of the wealth distribution created during and after the Second World War. As you clearly state, the standard of living is declining and will continue to decline for the majority. Which is the opposite of what happens when wealth is allowed to distribute amongst the majority.
Yes, but in 50's was fear of communism spreading in Europe. West government had to make society more equal and introduced NHS education and started building council housing. These days, there is no ideological threat like USSR and socialist policies in other European countries. Thus, no one is willing to pay for the poor
The "wealth" after WW2 was still being stolen from your empire. That's gone and it's never coming back. Your rich have switched stealing from Indians and Kenyans to stealing from you.
Tax The Rich (evergreen message).
You called it. We are officially in a recession.
Based on what? You can only look back. I think this 1/4 will reveal we are not
I'm just going to focus on Philip Schofield 😐😐. Adam Smiths, wealth of Nations 1750 ish states do not allow individuals or mills at the time to wield more power than the government ....it may be too late
Brilliant well explained I am 62 and just now know what a bloody recession is
Great educational content
I've been saying this for a while... Instead of GDP, FTSE 100, Nasdaq, Dow Jones etc, why can't we have an index that measures well being; disposable income, leisure time, healthcare (physical & mental), homelessness (fewer the better), educational attainment, pollution etc ? Or does that not fit with the 1%?
Those things don't matter when your running a country like a business instead of a home. I'm fed up of politicians referring to the UK as a business. It's a place where business can be done, but the home of the people who live here first and foremost.
Where is the political party that bangs on about wealth inequality? That is the question we need to ask. If there ISN'T one, we have to ask why! What happened to the political oarty that used to carry that message? Was it infilitrated by people with different aims?
Exactly - we're all too busy trying to work to keep paying for all this inflated stuff, we dont have time to take to the streets and have a revolution - so we can only vote. But vote for who they're all the same !! they only ever give us the same rigged system every time.
Agreed. The obsession with reporting "recessions" is weird. Most of everyone's lives carry on just like normal in a recession - the impact of 1% growth or 1% decline is VERY marginal. It's allowed it to creep into people's psyche's that we are "having it so bad", when most of us are fine - but now we all walk around with glass half full mindsets.
Yes tell that to those who are working and having to claim universal credit to survive. Rent food travel to work or mortgages. Not to mention fuel costs which effects many
@@Threadbow That is different from the pre-occupation with booms and recessions. That is a long term structural problem caused by rent/mortgage costs being so high relative to people's wages - housing shortage - from decades of underbuilding. Having a job no longer guarantees a passable living - that needs addressing. I am noting something different. What are very small swings in total economic activity are reported to people as if the world is coming to an end, or everything is a bed of roses, when actually the difference is often extremely marginal, with very little impact on whether things are actually better or worse for the average person.
@paullegend6798 Yes, I see. Like suddenly finding money by government. I've lived through a few recessions in my life. This feels like a planned one. I earned in boom times in Thatcher at the end of days, more than the minimum wage now. For a kids' low-level job, no real skills were needed. The loss of unions still has an effect now. Mind you, it was easy to get somewhere to live then. The rent to buy insurance companies made that change. Plus, councils are not able to rebuild. As money from sold houses goes to central government. My father said immediately Thatcher started to sell council houses. That we would end up with no homes left in council housing stock. A boom is always there then followed by a crash. This has happened this time, and the difference this time is the continuing cut to wages. Bat more skilled workers, eg, IT. For disabled and ill the changes cost many lives. Big companies are going out of business. A lot of cuts to nhs health and social care act, designed to prepare to privatise nhs. Haa left many with no care at all. This time, it seems by design.
Gary, love the content. You’re on the side of the people, the majority. Those who are being taxed to the hilt. At some point I’ve realised it’s not fair, the wealthy get the better deals, the upfront information. The handouts, the advantages. It’s the way it’s always been, it can’t be fixed when you have people in those very circles controlling the country and it’s finances . There are always those that get items/loans etc for a fraction of what the general public get access to, friends in high tech places that can offer these things. This is the nature of the world, and to try and fight it, well wasted breath i fear. To think the system will ever be fair is the first mistake. This isn’t a depressive view, this is a truely realistic view of human nature and the “game”.
OMG thank you for talking about the goal posts defining a recession. I have been trying to explain this to the ppl in my life & they think I'm mad. GDP too. It's a terrible metric for public health
I’ll be the first to admit that I have very little understanding of economics. But we only seem to measure the aspects that are good for the wealthy not how well the poorest are doing. Surely a strong economy would benefit every aspect of society not just the very top?
You hit the nail on the head - economic growth is not an indicator of population wellbeing. Japan is a good example since their economy has been stagnating since the 90s. The average person might suffer more in a period of growth if wealth is not passed down onto the population. It's exactly the same with inflation - interest rates don't bother cash buyers, it actually makes it better for anyone that can afford not to lend.
There are bad faith actors called multinational corporations that generate GDP but pay no tax like Amazon. The money goes to shareholders and Bezos (the rich) and none go to us (the poor) as that tax can’t get reinvested into institutions like NHS, road fixing, rail infrastructure and house building that benefit the citizens of the host country of that corporation. That is just one example, Ireland currently suffers from this greatly, huge growth but nothing to show for the people. What you think of a strong economy is often just smoke and mirrors and an argument in favour of trickle down economics, a myth that the rich corporations will deign to improve our lives. Real GDP increases that actually improve the living standards of an economy are often attributed to manufacturing, construction, agriculture etc. And in the UK you don’t see much of it, we are a service based economy.
Well thought out video. It goes to show that economics is not a science, but a subject based on opinions.
Gary, can you do a video on MMT and Fiat currency please? It feels like it could be a corrective path. Also could you deconstruct the concept of growth, and provide alternatives? Love your videos - keep up the good work!
I've considered doing a video on MMT many times, but have so far opted against it just because most people outside of the political left have no idea what MMT is, and I don't want to confuse people. We may still do one at some point though. My own personal opinion is that the economic power of MMT is somewhat overrated by many of its fans.
Dude amazing analysis.... Doughnut ftw, though you didn't say that I know. I'm all about the doughnut Rayworth is the master at present, the most sustainable economic system there is for the planet.
Another great video Gary - please could you recommend a platform to trade on ?
Thanks, Gary xx - another educational economics session. Informative and logical. ! PS - Loving the loyal red polka dot mug!
By being frugal minimal not consuming buying in bulk when cheap and using frugality as tool managed to cut down work hrs by 24hrs a week and also save last couple of years
Gary you are the man and I fully agree with your definition of the root cause of the issue and your overarching solution being to tax the super rich. However, whilst a following might gather momentum have you given thought to other approaches on how you can get those in power to the table? I have watched your videos but IMO your passion might sometimes come across as aggression. The issue with this, is that it can be percieved as opion rather than fact. I'm not saying stop, I'm suggesting a debate that is evidence and knowledge rich (you have this in spades) to prevent politicians from dogging the inequality question at hand. For example, your first videos showcasing where the money flows is simple to understand. If you could back this up with your leadship and maths, I believe you have a recipe that could make a difference for the better. I support you fully for the sake of my kids and grand children to come.
Thanks ❤
Excellent (again)
Hi Gary. Can you do a whole video or many videos on how to fix the problem of wealth inequality. In detail with explanations of what the public can do in detail to actually make the solutions happen. Also, can you explain how taxing the richest people can help? The money will go to the government but then how does the public make sure the government uses that money in the right way so it goes to Healthcare, education, etc? Also, I feel that taxing the wealthiest people has been an idea that's been around forever and has never been implemented by any government no matter how they lean (left, right, middle). Please correct me if I'm wrong on that. So, if that is true, how does the public make the government tax the wealthiest people, if no government wants to do it? Also, is taxing the wealthiest people your only solution to the problem of wealth inequality or is there other solutions? As well, hasn't the economy always been set-up to create wealth inequality, like isn't that just how the economy works? If yes, then do we not need a complete overhaul of the entire economy and how it works? Thanks so much for putting out these videos, I'd just like more clarification about all this. 🙂 p.s. I'm from Canada and based on your videos now understand that wealth inequality basically happens all over the world.
Hi Lauren, lots of questions there. Not sure I can answer them all right now! But yes we will try to do a video covering those points. WRT to the history of taxation of the rich - levels of tax on the rich were much, much higher in the UK, the US and most western countries (i don't know about canada) for 40 years after the second world war and were only cut in the 80's. So whilst that system was not perfect, it has definitely been done to some degree of success before!
@@garyseconomics Hi Gary. Thanks so much for replying and answering one of my questions. I look forward to any videos you may make and/or more replies in regards to my other questions. I know I'm not the only one wondering all this and I think that it will help everyone to understand better what concrete actions can be taken by the general public to address wealth inequality. Thanks again. 🙂
Agree! We all need to understand it's going to get worse for working and middle classes, even upper middle class, plan accordingly and vote accordingly. What is the answer though? Voting, speaking out, understanding so much of media is pitting us against each other and occupying our minds with trivialites, and what else? If consumers reject conspicuous consumption would that help? Getting wise to the game of distraction and realizing the vast majority of us are in the same boat regardless of ethnicity, political beliefs, gender, even nationality? I value videos like these that help us all wake up. Thank you!
A very timely video. Its made me think about other orthodox economic paradigms like GDP. We rarely hear these orthodoxies challenged. They are just accepted as fundamental truths. Why should a working person care whether GDP increases or not? Does GDP materially effect standard of living, access to housing, education, or healthcare? We’re told time and again that “the people” want economic growth but that’s only really because people have been conditioned to believe recession is “very bad” so it follows they broadly favour growth even if all it represents to them is avoiding the pain of recession.
Real Recession - no wage rises for over 10 years while all your costs have risen by 70%. Who is voting Tory, please explain why you choose to ruin living standards?
Tbf Tories have enacted polices supported by Labour
I don’t even know who to vote, it’s confusing out here.
@@Mute040404 I can't reconcile that statement against Labour's voting record. What specific policies are you talking about?
@@skrich9690 it's supported by Starmer's statements in PMQs, if he then demonstrates that he's lying by Whipping his MPs to vote otherwise that's a whole different issue.
@@drillingig2368 vote Green, their policies are easy to find, clearly laid out, all of them are supportable & it's a genuinely democratic party, you can join the Party & speak against any policy you don't like, your voice will be heard.
It’s about directing, limiting and containing arguments in all aspects of political and economic discussion. Misdirection to allow people to think they are challenging the establishment when, in fact they, and their arguments, are being controlled by them. If things get as bad as you say they will, and the working and especially the middle classes wake up to this, then we’ll hopefully see more direct action to change the current state of this country. Thanks for all your excellent posts.👍🏻
Gary as per= TOP MAN!!
It’s scary how this all makes so much sense but no one is talking about it 😢
Thanks Gary
Right on man - fight big finance and free your country
Excellent
Another great video
Hot news of the moment soon - a water drought in UK. You watch. Can you trust the water companies to keep you hydrated? Discuss!
An excellent analogy, this is cancer not a cold, there will be no recovery give me relief from pain now.Thank you Gary.
Anyone who doesn't have assets has been living with 'negative growth' since 2008, fifteen years of getting poorer.
Keep it up matey. I think people are starting to listen.
I read that we had recently avoided recession because spending had increased. Spending had increased mostly because inflation forced people to spend more on petrol, gas, electricity, groceries etc. The system is broken. We urgently need change!
Nice intro adds to the video
Not quite that simple. If a recession leads to mass unemployment then there is something to worry about for millions of people. There is also a possibility during a recession that living standards fall while inequality reduces. This would happen if those at the top also get hammered. Some third world countries have lower wealth inequality than richer countries. However, that does not mean you would want to move there.
Hi Gary, great video. I was wondering what your opinion is on AI and how it will affect the economy/the jobs market? Is this something we should be worried about? Thanks!
I'm not an AI expert, but from where I'm sitting it looks very likely to make inequality worse.
Gary your explanations are good and all the better with less swear words to reach a wider audience 👍 However you explain wealth inequality but what strategies would you implement to fix this problem? Who can be lobbied to fix this? The rich politicians may be civically minded but at the end of the day they aren’t implementing wealth equality & when they leave politics make a ton of money giving speeches!
Dear Gary, thank you very much for your great videos!!!!! Is it too much to ask: to add subtitles to the videos for all of us who English is not out mother tongue ... It would be very helpful ! and easier to spread and share ... Many greetings from Athens!!
Getting the team on this
Great video Gary again, please can you start advising mr starmer on the economy as he seems oblivious to real solutions!
Keep on hammering the message home till everyone gets it. Wish there was a (sister) channel that helped people play the system (legally of course) to show what (if any) loopholes can be taken advantage by the average person. PS is Gary stood in the shadow of a giant teapot?!
Hi Gary, love your work! Do you have proof of the wealth inequality you talk off? I believe and feel that you are right but I’d love to see the proof too!
Subbed
Most if not all of nowadays society's problems can be traced back to the unequal wealth distribution and/or lack of representative regulation. Representative of the people's interest. I see this in every country and it's getting worse. It scares me and saddens me a lot.
Great video. What channels can we use to challenge politicians? What evidence can we use/send to back up our arguments? After a bit of googling it seems that tax policy is set out by the chancellor and treasury. Is it as straight forward as sending letters with evidence there?
I would say better to get out there on the radio call in shows and stuff, as well as talking about it with ur friends/families/communities. Spread the message to the people!
@@garyseconomics thanks Gary x
@@garyseconomicsdaft question but I haven’t got a clue. How do we get on radio? Step by step what would you tell me to do?
Gary's a fkn legend🤘💚⭐
The last of the great Gary’s ❤👍
Excellent!
Hi Gary Economics, every time I watch one of your videos I get caught up in much the same confusions. The main problem seems to me to be the lack of clear definition of these terms and the fact that all such generalisations attempt to describe the culture we all live in as if it had some strange homogenous form in which broad averages would be relevant and appropriate. The culture we actually live in is one that enfolds a vast range of demographics and socio-economic conditions. This allows for very dramatic variations in the living standards of geographically overlapping communities within which some people are suffering severe hardship while others live high off the hog. This when averaged distorts the reality so badly that there is no way for us to understand or make any sense of it all. There is of course an entire alternate scenario in which the whole concept of macro-economics is a fantasy!, one created and promulgated by people who have convinced themselves that their own perceptions are reliable and the fabricated structure of the ostensibly logical progression actually has some relationship with reality. Given the enormous human capacity for cognitive delusions of one sort and another this would appear to be all too credible. Cheers, Richard.
The conventional, dominant concept of macro-economics is based on obsolete assumptions. Much of it is factually wrong. That's what Modern Monetary Theory is: the factual corrections of obsolete assumptions. However, this non-factually-based understanding transfers wealth from the many to the few, so who cares?🤪🥂But you are right: it is so outlandishly and obviously wrong it seems a form of insanity - which is why they are often referred to as 'monetarist zombies.'
The problem isn't the definition. It's that the majority of people don't educate themselves what the definitions are. "Technical Recession" = 2 successive quarters of negative growth is not a complicated concept to understand. Everyone has the capability to "get that". Most people spend their time reading about what reality TV starts are doing in their private lives. And then they wonder why there is no one to hold power to account, even though we all get to vote every 4/5 years. Maybe next we can learn what the deficit and national debt are. Then we won't have a general public that thinks we are living in "austerity" and "everything is being cut", when in fact 15% of all our services are unfunded and we are living a live of debt fuelled excess which some future generation is expect to miraculously pay off for us somehow.
gary when they calculate gdp for recession how dies inflation get factored in? to me if inflation is at 10% then gdp needs to grow by 11% to have 1% growth or have I got this wrong? Great channel and I would like you to be in no11 one day.
People do, make inflation adjusted GDP figures. There is no "factual" level of inflation, so you are building into massive assumptions into your measure. So GDP is most often quoted as absolute values compared to last quarter and last year.