Economist breaks down how Britain is creeping towards authoritarianism

Martin Wolf is the chief economics commentator at the Financial Times.
His latest book, The Crisis of Democratic Capitalism, is out now.
Interviewer: Oli Dugmore
Camera: Joel Dunn-Wilson & Shawnee Linstead
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[@PoliticsJOE]

Explained: The Great British Culture War kzbin.info/www/bejne/rGPQi6mfmtBog68

[@Dannyholt33]

There was a time when we " made it here", we had jobs for everyone and the products were of high quality, then the 1% wanted everything. Now Inflation drives prices up and if Inflation is high and jobs disappear by the millions we are in a recession and maybe headed for a Depression…So be careful with your money. It may take decades to get back on pay again. Luck to all..

[@sattler96]

On occasion you can beat the market with blind luck, but I wouldn't depend on it. Having a science background there is a saying, 'Luck favors the informed', I've found it to be true, allowed me in great part to retire early...

[@jessy830]

@@Nernst96 I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?

[@jessy830]

Thank you for this amazing tip. I verified her and booked a call session with her. She seems Proficient.

[@happyhornet1000]

It's about time people realised that the UK is being run solely for the benefit of shareholders and the rich. The sad thing is that British people are so docile and apathetic that they accept it and get willingly shafted. About time we were more like the French and stood up for ourselves.

[@almac9090]

Only ppl out on U.K. streets are the homeless Brits

[@lukewiseman9946]

Too true. "The rich get richer and the poor get poorer." Why do we allow it to happen? A group protesting about 'Royalty' at the recent coronation were arrested (and later released without charge) because that's what the authorities can do in the "democratic, freedom-loving" U.K. Do we need a new definition of 'democracy'?

[@XmisterIS]

It's astonishing how many working class people vote tory. I don't understand it. "Gawd bless Maggie Thatcher", they say, while they get shafted by neo-thatcherites.

[@shabbydabbydo314]

​@@almac9090there have been lots of strikes and importantly wide spread public support. I wouldn't be so cycincal

[@SunakStarmerisacunt]

The British like to lick the arses of the ruling elites whilst whining about boats.

[@GillerHeston]

The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations, I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market?

[@michealliam8189]

I suggest you find stocks with yields that exceed the market and stocks that, at the very least, follow the long-term market trend. However, you should get guidance from a financial advisor if you want to create a successful long-term plan...

[@joshbarney114]

I agree, as I've been in constant touch with an Investment advisor for approximately 17 months. These days, it's really easy to buy into trending stocks, but the task is determining when to sell or hold. That's where my advisor comes in, to help me with entry and exit points , I've accrued over $547k from an initially stagnant reserve of $248K all within 18months.

[@harwellron1289]

@@joshbarney114 I’m happy to have come across this conversation as I’m in dire need of a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?

[@joshbarney114]

@@harwellron1289 Having an advisor is essential for portfolio management and diversification. My advisor is “Colleen Janie Towe”. She is easily searchable and has extensive knowledge of the financial markets.

[@harwellron1289]

@@joshbarney114 Thank you for this tip , I must say, Colleen appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, educational background, and qualifications, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.

[@jonathananderson3897]

I'm 41, the difference in living standards between now and the 90s is unbelievable. I used to pay a fiver per month for my energy, it's now 300. This is a deliberate collapse, intended to be used as justification for what is to come

[@BarryHawk]

Exactly, it's intentional.

[@sylviam6535]

Agree. The decline in our living standards has been deliberately engineered.

[@Natta44]

100% agree. Nothing is a coincidence.

[@mosheridan7016]

Its armageddon

[@goych]

Deliberate! You give people way too much credit! People are dumb

[@intervention.07]

Please tell the whole truth: we haven't lost confidence in our future, we've lost our future. We haven't lost confidence in the institutions designed to prevent catastrophe, we have been attacked by the very institutions that had our trust

[@robertsmuggles6871]

Life in the UK cannot improve until British people are allowed to put themselves and their country first. Talking the country down is all Media and politicians do. UK politics is a TV gameshow. Instead of candidates, we have contestants. We have the most expensive energy in Europe. This means no industry, no investment and no jobs. Learning to love our own coal, gas and oil will take time. But if we don’t do this - we will not own our own future. The country will be irrelevant, obscure, impoverished and some kind of amusement park for the international jet set. Coffee shops and money laundering essentially.

[@starksenterprises]

Fully agree. It's not just us, it's a globalist agenda to decimate the west. Very sad.

[@hastekulvaati9681]

It sure sounds like you are on the road to totalitarianism. Are all of these institutions enemies of the people? Was the civil service that desperately tried to stop Liz Trusses disastrous budget attacking you?

[@goodlookinouthomie1757]

And the hilarious irony here: Either KZbin or P-Joe have removed 4 out of 5 replies. We are not allowed a voice.

[@richwilliams1863]

@@robertsmuggles6871 Your opinions are an amusement park

[@eriktopolsky8531]

UK trajectory: from one of the best countries TO LIVE in 2009 to The Best country TO LEAVE in 2023. This is what I call COLLAPSE

[@jamesbyrne9312]

And how long have you lived in the UK. What have you contributed....

[@jamesbyrne9312]

@@user-be1jx7ty7n er yes you do. You know nothing about this country, its values, its people. Shall I judge your country based on news reports.....

[@eriktopolsky8531]

@@jamesbyrne9312 I am not judging British people , rather having empathy with them, I can not say the same for their government and elites

[@jamesbyrne9312]

@eriktopolsky8531 The UK is not the best country to leave in 2023. Not at all. We have the strongest rule of law, a strong national identity and great people. Dont need your empathy

[@walidb123]

@@jamesbyrne9312 Straight up denial in the face of all the evidence, James. Best to listen to people smarter than you

[@nicheman3612]

I live in South Korea. It benefitted from the general post-war development boom but even though I like a lot of the people and places, it's not a very happy place. It feels on the cusp of collapse due to the unsustainable short-termism, massive monopolies, in-built inequality and social precarity and demographic issues. Most people want to leave. If that's the poster child for capitalism then that's quite damning.

[@aluisious]

Capitalism worldwide is going to collapse because it's unsustainable by necessity. Permanently growing profits are a physical impossibility, and what has lead us to the climate disaster and the wars we are facing today. Unfortunately capitalism does not collapse into socialism, it collapses into fascism. Free speech and ballots were nice while they worked but the rich and powerful are not going to give up their power without murdering people first.

[@barrydaws4602]

This guy seems to think South Korea is mega rich

[@morzee94]

No doubt you know it better than I and South Korea is still a work in progress. However, I think his point is valid that it has been overwhelmingly more successful than your northern neighbours where the state controls everything.

[@nicheman3612]

@@morzee94 Progress is not solely linear but I understand your point. Many countries whether capitalistic, socialistic or mixed benefitted from the changing nature of industrialization in the post-war era. Then many have had declines. Japan has been in state of decline for a long time now. North Korea is also not like any other state - it is totally sui generis. A freakshow. Nobody can use it as a exemplar of any kind of ideological standard.

[@mxmx2842]

You're right. Just look at the fertility rates.

[@billsykes5392]

The Rentier Economy that originated in 17th century Britain with landowners was revived by Reagan and Thatcher in the 80s through the explosion of the financial industry and a passive income class that mostly derives value from what others produce. But as more money has gone to the value extractors and less to the value producers, like manufacturing as Martin pointed out, the less value there’s to extract. The financiers are like leeches sucking the productive class dry. Well, Britain is running out of blood to give, and eventually the leech - and Britain - will die if there isn’t significant structural reform. Or perhaps to save Britain we have to remove the leech.

[@DrumToTheBassWoop]

By force?

[@rabburns1382]

@@DrumToTheBassWoop Gentle persuasion will suffice

[@billsykes5392]

@@DrumToTheBassWoop Hopefully not. Though the crime and violence fuelled by inequality, especially in America, mean it’s not out of the question if we allow the status quo to continue. Wolf generously described it as a ‘state of chaos’ in the video. To prevent this we need to revisit our fundamental assumptions around what is considered economic value. Economist Mariana Mazzucato has the right idea of promoting value creators over value extractors. We can do this in the short-medium term by changing tax incentives e.g. taxing wealth more and tying more of what you earn to income, which better reflects the value of what you produce than capital gains.

[@vaughanlockett658]

The leech is every where !

[@aluisious]

You won't remove the leech. They have the cops and the media. They'll lie and kill before you can do anything. I mean you might eventually remove them, but not before the country is decimated.

[@BritishRosie-es3zr]

I watched a documentary on 1930s Germany the other day, and it shocked me how the current UK regime is doing the same things (obviously with different targets, victims and intensity). Control the press, ban what you don't like, find groups in society to persecute and blame for the situation, stop the judiciary from holding you to account, get the population to vote based on emotional response not on logic and intellectual analysis. Scary times.

[@kirishima638]

The Brexit referendum was our Enabling Act. The result gave the Tories carte blanche to do whatever they wanted as long it somehow included leaving the EU. Only they didn't burn down the parliament, they suspended it.

[@nopants4259]

just take a look at TIKTOK 🙄 This country is full of Sun/Mail reading idiots ,who will easily tow the line. I think , that just about , like USA, the polarisation is 50/50 or there abouts . If the right get a foot hold ,which they can't, as the young will replace the boomers , then were in trouble. I don't think they can. labour are so far ahead that voter id wont affect the result and they can reverse it.

[@DrMontague]

Problem is even asylum seekers, economic migrants et al side with capitalist exploitation.

[@evolassunglasses4673]

@@kirishima638 our decline has been going on for decades. The City and big money backed Remain, Old Labour voted Leave.

[@craigsmith6512]

But Europe isn't about to be invaded by the Soviet Union - or is it?

[@trevordavies5486]

i am reminded of France in the 1780´s. Massive state debt caused by involvement in the American War of Independence. An extremely rich Aristocracy and Church claiming it´s privileges not to pay any tax. An extremely poor (due to bad harvests) peasantry unable to pay tax and an emerging middle class crippled by taxes without any political representation. A deadly combination.

[@marianhunt8899]

Good God, we are regressing backwards rapidly. Our leaders are failing us.

[@robred19]

The combination is certainly not dissimilar. Climatic change, the rise of hostile blocs, the movement of capital to the Far East, resumption of a cold war with Russia (and where was the peace dividend from the thaw of 92?). In England we have the Church ensconced in its privileged in the HoL. In the 18th century, the French aristocracy were indolent, the British one was not. Yet now, our aristocracy is in a state of decay, drunk on inherited wealth and the beneficiaries of our dying system are fewer and fewer. The dystopian journey of private wealth and public squalor is all around the UK. All of it, brought on to itself, by people made mad by a half-baked idea of exceptionalism and virulent nationalism hostile to the realities of a multi-cultural society that a nation never felt at ease with. Now having picked from the menu, we now eat the thin gruel that has been served up. A revolution (of sorts) is coming. This Country cannot stand a further decade of austerity. Revolution and the word will emanate from the lips of suffering British people, which will grow into a social army of malcontents. The system is exhausted, the structures are fracturing and resources are shrinking. Thats our toxic cocktail...and when this system falls - and it will. There will be very lamentation as to its demise. Only a Written Constitution, a modern voting system and the abolishment of the HoL will suffice. Its the necessary step, and it will be a constitutional revolution.

[@PeterPete]

@@robred19 You left out the Monarchy in that comment. The Monarch is part of the Constitutional Parliament. Oh and what about the Commonwealth?

[@matthewstagg9786]

@@PeterPete The Monarchy has no power and is irrelevant for this discussion. The commonwealth is also irrelevant : it only ever was a mea culpa for the injuries the empire inflicted on the world.

[@PeterPete]

@@matthewstagg9786 another deluded person who falsely thinks the Monarch has no power at all! What level of education have you received because you're comment is utterly ridiculous! On 6th May 2023 Charles III will be crowned King of UK, NI and other territories. During the religious ceremnoy he will swear an oath to GOVERN the people of the UK, NI and other territories. A UK Monarch is the only person to swear that particular oath. No Prime Minister, Lord or person like you or I swear that oath. So don't you think your statement above is utter cr@p when faced with this truth? Maybe you should watch the ceremony on the big screen to witness just how much power and authority he does hold!!

[@Riggsnic_co]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[@bob.weaver72]

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

[@martingiavarini]

It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance

[@hermanramos7092]

Very true! I've been able to scale from $150K to $489k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns

[@bob.weaver72]

@@hermanramos7092 She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

[@leel9186]

Best Interviewer around who actually lets people speak and listens. They don't edit away the ugly stuff either. Excellent channel

[@ulicadluga]

47:05 - "Austerity" is just another word for "don't tax the rich, tax the poor"!

[@Fredmayve]

Yes. Corporations get to pay no tax on profits that are used as business investment. Workers have no such tax benefit. Why?

[@lutherblissett9070]

@@Fredmayve He who pays the piper calls the tune. Corporations donate to the Tories.

[@jameslockwood1958]

If you increase corporation tax, corporations raise prices accordingly meaning everyday people pay the increase. How does this help?

[@techjunkie68smusicandtech56]

Corporations don't exist to benefit anyone but the ones that run it!

[@orangutanfan3179]

@@jameslockwood1958 They don't increase prices accordingly, that's just what they want you to think. Can't believe people actually fall for it lol.

[@cjwhiterabbit1]

Creeping towards is in my mind a gross mis-statement, its here and proudly standing up ... and continue to become more blatant if we as a nation allow this to continue ... we have become far too blase and accepting of this cabal of of corporate stooges

[@timsession6736]

Spot on! Best comment in this thread no matter what the number likes currently says. Should be top comment.

[@purplerisc]

They are criminals is all sense of the word apart from the actual law (conveniently). Corrupt, irredeemable, criminals. People need to wake up and actually get angry, really angry.

[@raz6630]

We have been heading towards authroritarianism since Tony Blairs goverment. if not before.

[@selinanisbett5482]

I studied 20th century history and became alarmed when the Conservative government withdrew legal aid for housing matters. What followed on was the withdrawal of legal aid for people challenging benefit decisions and the third thing that happened was the "othering" of the disabled and the unemployed. Society began to fracture at that point and society was given tacit permission to "other" their neighbours. Benefits were changed, the effect of which has destroyed the dignity of people, stripping them of a fundamental right to chose the food they eat. It has been dangerous, divisive and calculated mission by the conservatives to "divide and rule". ID for elections and boundary changes are next in line to assist them to cling onto power. All of this mirrors 1930s Germany and it is frightening.

[@lukewiseman9946]

Selina, you might find it interesting (if you have not already done so) to compare the price of a pint of beer (10p) to the working person's annual wage(£2,000) and the cost of a small house (?£4,000) in the mid 1970's to the same figures now (£?4; £26,000; ?£260,000. So, at the workman's wage of £40/week, he/she could buy 400 pints then. To do the same now would mean that he/she earned £1,600 per week (or £80,000/year). Best wishes.

[@selinanisbett5482]

@@lukewiseman9946 goodness....that really DOES make you think doesn't it!!! Thanks for that Luke.

[@jonsimmons4150]

@Selena nesbett France has had mandatory i.d for elections since 1914, in fact it has id cards *SINCE 1914*

[@mosheridan7016]

Labour would be exactly the same or worse

[@chris-pk1hp]

Why would you not want people to have id to vote?

[@jessicamamikina7648]

There might be an economical turmoil but there is no doubt that this is still the best time to invest.

[@dorissteve912]

Best time to invest? thats funny though because in the last four months I have lost more than $47,900 in stock market which is the biggest I have loss since I ventured into stock investment.

[@jessicamamikina7648]

you could be right or wrong . i once had similar problem but now its a different ball game for me because I was lucky to have met katrina vanrensum , a financial manager and stock expert, I have made more than $165,000 in 6 weeks under her supervisions

[@jessicamamikina7648]

Search her name on the web you will see all you need to know about her.

[@jamesmaduabuchi6100]

Thanks for the info . Found her website and it really impressive

[@mosheridan7016]

In what?

[@Gramsci]

The Tories have a massive problem when the Financial Times’ lead commentator declares them incompetent and without ideas.

[@goodlookinouthomie1757]

Which, from experience of the last 30 years, basically means they are the current government.

[@scottdavis3571]

They never did have ideas. It was all about propping up the rich demagogues.

[@xtc2v]

Its not up to Labour or the Tories how well the country does. Its down to private business earning a profit.......everyone else is living off the tax revenues of their activity

[@ericpreston8877]

@xtc2v, And that rate of profit is forever in terminal decline, which will eventually cause the dissolution of this entire wretched system.

[@xtc2v]

@@ericpreston8877 No, it ends in totalitarianism with the system intact and more ridged centralised control and an extreme ideology in control (either left or right)

[@daniellewis4226]

Love that opening comment "we are all subject to the law" except some politicians think they're above it. The name Boris Johnson comes to mind.

[@mozartsbumbumsrus7750]

So......he begins with a lie.

[@flippinheck]

It's rife with above the law clearly, then they write new laws so they cannot be held accountable, the share of wealth seems to be between both corporations and governments working hand in hand, how many times do we hear if handouts not declared and what if those never exposed? something's are better off remaining under state control, not everything but some, transparency is like detective work now, the warnings are too late it seems.

[@terrorbilly2520]

Johnson, Zahawi, Sunak... the list goes on and on

[@tonysanchez7862]

​@@terrorbilly2520 Tony Blair, Claudia Webb, Greville Janner, Keith Vaz, Fiona Onsanya, Chris Huhne, Erice Illsley, Denis MacShane, Jim Devine, Elliot Morley, not to mention the Labour MPs who deliberately covered up the so-called "grooming gangs". Yes-Johnson and a lot of the Tories are lying scumbags but if you really believe that their dishonesty and contempt for the electorate is down to their politics you are in for a disappointment.

[@tonysanchez7862]

How about adding some more names to the list? Tony Blair, Claudia Webb, Greville Janner, Keith Vaz, Fiona Onsanya, Chris Huhne, Erice Illsley, Denis MacShane, Jim Devine, Elliot Morley, not to mention the Labour MPs who deliberately covered up the so-called "grooming gangs". Yes-Johnson and a lot of the Tories are lying scumbags but if you really believe that their dishonesty and contempt for the electorate is down to their politics you are in for a big disappointment.

[@thefirm4606]

My family came here as refugees in 1972 from Uganda. They had nothing when they first got here. I remember speaking to my dad when I was in my 30s. He spoke about his experience. He spoke of the descent into madness and the speed with which it happened. He was 35 when he left. I was 35 when I asked this question. Still with a certain degree of naivete I said to him well, at least you’re in the UK, and they would never do that kind of thing to you. He looked me dead in the eye and said, I never thought they would do that to me in Uganda. That was my home and they told me to get out. Since this is the time I’ve been watching UK politics with growing apprehension. Having been born and bred here, travelled the world and met people from other places; that confirmed I was British. It took years of coming to terms of being in a country where I wasn’t wanted, yet was given the designation of British to others outside. Not belonging here or ‘there’. It took years to develop a love and passion for my country. Not just to integrate myself, but to be given the space in which to integrate to. To be able to walk down the streets and be seen as belonging, to feel that I had my place, here was the most wonderful thing in the world. But now? I don’t recognise this country. The rhetoric I hear from the right is so venomous. I see danger coming. It may seem alarmist, but it’s the truth. There are people in this country who are now so vehement in their opinion of whether I belong. And a lot of these people are in positions of power. And I am scared. For me, for my family and our futures. I didn’t go through it, but I lived my family’s life of fear. For decades. Their experiences informed my life and outlook. I’m faced with the choice of whether to stay or to wait and be chased out. The future of this country doesn’t have a place for me. The most terrifying thing, is that there will be people who say good riddance - and that is their choice. But it’s already started, and I don’t want to wait until somebody is at my doorstep. I’m done. I can’t wait the final 30 years or so of my life on an experiment that is doomed to fail. I’m done. I’m saying goodbye to the place I called home. 😢

[@eddiebirch2067]

Where you going ?

[@thefirm4606]

@@eddiebirch2067 Portugal

[@sylviam6535]

For a system that apparently hates foreigners so much, they sure have never come close to reducing immigration, even though so many people want that…

[@robf9562]

@@thefirm4606 Good choice, excellent weather, I wish I could do the same. And they certainly don't have the UK's insane property prices.

[@rattylol]

I feel sorry for you, it must be hard, I left once in the 80s when it was impossible to live here too (in the North West) but returned to have my kids here. Good luck with your future I hope you find your peace, maybe you will return one day too.

[@rossmurray6849]

The MOST important thing those wishing to protect democracy in the UK is to push for some sort of proportional representation in the Commons. The Tories have proven how dangerous they can be with a majority in the Commons. The first-past-the-post system now has allowed them to achieve a massive majority with the support of only 43% of voters. That must never be allowed to happen again!

[@judithcressey1682]

In 1997 the Labour Party won a 179 seat majority with Tony Blair. It led us into hell. Blair succeeded in destroying the very fabric of our society.

[@alexmckendrick]

Proportional representation is the only way forward.

[@goodlookinouthomie1757]

The Tories are most dangerous in so much as they pretend to be conservative and effectively take up the space of a true right wing party.

[@anthonylulham3473]

Every system of voting is flawed, and without full voter participation you will inevitably have a minority controlling a majority becasue of sloth. Personally i think there should be harsher minimum requirements to vote (have children/military service/10 years tax), and MP's should have minimum requirements to apply ( 2 children, no non-dom-spouse, no foriegn passport, 2 years military/NHS/National Forestry/Police service). People who have generational futures sunk into this country should be the ones to choose its course, and would be more inclined to use their vote every time. Not a billionaire ruling elite that can abandon any problems to flee to a different country.

[@whatacruelchoice]

politicians cant do anything, they are prevented from doing anything dangerous or otherwise by overly powerful British institutions. Why would selecting a different set of impotent posers help?

[@lexslate2476]

Between first past the post elections and the House of Lords, calling the UK a democracy even now is being awfully generous. Personally I feel like the growth slump is tied directly in to income inequality: concentration of wealth in the hands of people with the lowest marginal propensity to spend.

[@TesterAnimal1]

We wouldn’t be allowed back into the EU with the current setup. It’s not democratic. We do not pass the Copenhagen Criteria.

[@WatersmithTV]

House of lords has been better than the House of Commons for as long as I can remember. It's a barrier against populism, for which I've been extremely grateful

[@Dfoskdty]

​@@WatersmithTV could you elaborate? Your point intrigues me.

[@lexslate2476]

@@Dfoskdty The main upside to the House of Lords is that the members are not at risk of losing their seats in elections, and thus can think about things in the long term without having to worry about whether a necessary bit of legislation might be unpopular in the short term. The main downsides, largely negating the upsides, are that corrupt shitgoblins like Boris Johnson can just stuff it with party donors and foreign agents, and that the members not appointed by PMs are a load of old-money assholes whose lives are so utterly alien to the majority of Britons that they might as well have grown up on Neptune. Also for some stupid fucking reason the Church gets a bunch of seats. What is this, the 16th century?

[@EllieD.Violet]

​@@TesterAnimal1 According to an official assessment, the UK at present fails the CC by 50%.

[@marianhunt8899]

Even a golden goose needs feeding and shelter (housing). Austerity was a savage war on the working and middle classes.

[@dolphin069]

They’ve been feeding the beast “social welfare” pensions and healthcare by borrowing for decades. Insane.

[@juanguevara3032]

Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60, therefore I need suggestions on what investments to make.

[@tankspeed]

I never fail to be irked when economists speak of the ‘ unexpected’ or ‘unforeseen ‘ Great Recession of 2008. Many of these economists were cheerleaders for the ponsi scheme of collateralised debt obligations ( mixing AAA rated debt with junk debt and selling it for increasingly higher amounts) . This lead to equity bubbles ( every week large firms were bought out for record amounts) and the consumer and housing debt bubbles . Right up until all the bubbles burst ,economists were stating around the world that the global economy was built on sound economic principles ! I didn’t attend any of the large economic schools but I knew if the average wage was £25,000 pounds per year and the average house price was £250,000 along with buy with a friend mortgages, 110 percent mortgages, 50 year mortgages etc that there was something very wrong with the economy . Everyone in government and finance knew that all the debt was a bubble that had inflated over ten years but very few of them will admit their complicity and the fact that a lot of rich people became a lot richer and the only ones that had to pay when the bubbles eventually burst was the tax payer.

[@apollothirteen9236]

It is not the wealthy s fault that they are genetically superior and use there vast intillect to make money off the low i.q classes.

[@TheCommonS3Nse]

I really like Mark Blyth's take on this phenomenon, as I feel it goes a long way to explain why the debt level has risen so much in current times. If there is a new emergent technology that takes the world by storm, it generates a lot of monetary velocity. People with the means want to invest in it because they know that consumers want to buy it. This swell of monetary velocity means you need more money in the system, otherwise everything will get jammed up with too much money put into investment and not enough left over to purchase the products, or visa versa. If there isn't enough currency to support this growth then people and corporations will turn to debt. This is what led to the Great Depression, which was a debt deflation spiral. The stock market was booming, but the governments of the time were very much Liberal in the sense of small government Libertarianism. All of that stock market boom was financed by loans, and when the first domino started to fall, the whole thing collapsed in devastating fashion. Economists SHOULD recognize what's going on, but depending on the school they went to, this NeoLiberal ethos might be fully engrained in them.

[@ktrethewey]

The idea about decentralisation is excellent, but when I read Private Eye I find so much corruption at a local level so I worry about this idea.

[@evolassunglasses4673]

The West has lost its morality.

[@harveybrown37]

Very few Western Countries have centralized power as much as Uk- see Media for starters. Local corruption pales into comparison to Central Government. The kleptomania during covid was off the scale.

[@hannahdyson7129]

That's why this country needs more reform. On all accounts. Even private eye says there is far more corruption in central goverment than local goverment.

[@martinhsl68hw]

It's not great at national level either

[@Skylark_Jones]

I agree. Plus, where's the funding going to come from: central govt? Or will local authorities have to raise the money themselves?

[@davideyres955]

When you see ex heads of parties collaborating on telling us how great digital id are. You can see where they are going with road pricing, CBDCs, digital ids and the online safety bill. The big question we should be asking is why? Democracy has always been an illusion of choice but now they don’t care and will be making themselves a ruling over class.

[@judithcressey1682]

WEF.

[@fiddysat]

RAILROADING! there is no left/right just political shite and a class system ... Just like football the main distraction for bawheids, competition is the illusion enforcing pick a side LOL whilst the PTB aka the ball, the establishment remains the same

[@leonardmead1425]

We need more people like this guy to speak out . Older people who have retired and that worked in important positions that they had a lot of disagreements but couldn't say anything at the time, should speak out now, before they cant , and or no one there to hear them

[@0w784g]

Shouldn't listen uncritically to people no matter their background, goes double for those that have a book to flog.

[@rattylol]

No, we don't, we need people like him to shut up and butt out. More of the same is all he is advocating with a tweet here and there.

[@Cdr_Mansfield_Cumming]

It’s shocking but true. Since the 1970’s, I have seen so many of our freedoms have been taken away. Add to that, the financial changes where we have gone from knowing we had the ability to save money for a good future, is now beyond many people. That equals a real loss of hope. The system needs to change. Big finance and industries cannot have the controlling access the currently do, I see it as part of the problem, the government must be independent of the industries they must regulate. Politicians must also be stopped from having anymore financial contribution from these big companies. When they do, they give away much of their independence and ability to be fair to all.

[@mosheridan7016]

Wake up its the wef takeover

[@christinefiedor3518]

Totally agree. I left school and entered into tertiary education in the 70s , even got married and bought my first house and lived through the strikes etc. but it wasn’t until I lived and worked overseas to make me realise that the rest of the world was catching up and we have been living way beyond our means for decades. Wolf talks about complacency and I agree but there has also been arrogance in thinking we are the best when we clearly are not! Also agree that politicians must be stopped from financial contributions from big business -conflict of interest risk too high.

[@mosheridan7016]

We're not living beyond our means the government's of the world are overspending and printing money that's why inflation is out of control.

[@christinefiedor3518]

@@mosheridan7016 sorry but my observations have been that uk governments have particularly bad at overspending and not keeping a tighter grip on the public purse. Eg there is enormous waste in the NHS and Rishi overspent with furlough but follow up on the discrepancies.other governments didn’t spend as much!

[@Cdr_Mansfield_Cumming]

@@christinefiedor3518 They have been. In fact, the only government to have a surplus in recent history was John Majors. That was only due to the fiscal responsibility of Thatcher, and look how much some sections of society hate her. Tony Blair came to power with a surplus and spiffed it up the wall. In the past 30 years, we have gone from you must get up and provide for yourself, with the government being left to look after those who cannot. To a society that asks for everything to be free. How many times have you heard “It’s not worth working”? My generation didn’t want to claim benefits. It sees doing so as an embarrassment. That’s certainly not the case today. Increasingly, we hear calls for the government to supply a minimum income guarantee as if it’s a good thing. Paying someone £400 a week to sit on their backside, irrespective if they work a 40-hour week, is not a good thing. It strips the incentive to get a job and creates an issue where people not working will do certain things because they have endless leisure time a worker would not. Not to mention the knock-on effect on society both physically and fiscally.

[@shoelessjoe428]

Whenever I see evidence of economic collapse in Britain I worry about the inevitable drift to the fascistic, anarchic right that follows.

[@psalm1197]

Gone are the days of Left and Right,..we are looking at The Elite Corporate technocracy powers versus everyone else.

[@clappedoutmotor]

Anarchy I could get down with. Fascistic or even further right than we are now, I absolutely cannot.

[@TesterAnimal1]

@@clappedoutmotor anarchy. So the person with the biggest band of thugs wins and enslaves the rest. Super.

[@clappedoutmotor]

@@TesterAnimal1 I'm more thinking of Anarchy as a political philosophy, where capitalism and the state (as we know it) are abolished and replaced by a socialist society where direct democracy can happen and decisions are made at a local, co-operative and self-managed level and not by a small minority of violently defensive people who hold decision making power. There can still be organisational structures within Anarchism. What you're thinking of sounds more like complete meltdown of society and then disorganised chaos.

[@clappedoutmotor]

@@WilliamTyndale007 Since you arrogantly answered your own question like that, I'm not sure whether you truly want to read an answer. Anarchist revolutions have happened to varying degrees of success, a lot of them were brutally quashed by the state military (see Paris Commune, where thousands of people were executed without trial), but since there haven't been many fully successful anarchist states (Zapatista in Mexico is one), its not correct to say 'they always result in tyranny', because anyone who cares to do basic research can see that's not true. It might help to think of anarchism as a direct vehicle for social change and fast dismantling of a rotten and corrupt kleptocracy, rather than a perfect social system to live under. The cool thing about it is that many political critics actually struggle to fully define what Anarchism is, as it can bend to fit the scenario.

[@cheesepuff455]

Thanks to Politics Joe for bringing economics into the conversation, it is the core to almost every issue we face a nation and until it changes very little else will.

[@michaelrch]

That's true. But this guy has a very outdated and inaccurate framing of the distinctions between capitalism and socialism. He says that worker coops are capitalist. This is complete rubbish. He says that "true socialism" is the ownership of enterprises by the state - also complete rubbish. These kind of sloppy definitions are dishonest apologetics for what capitalism really is. This guy talks as though Marx never existed, as though Das Kapital was never written.

[@cheesepuff455]

​@@michaelrch This guy has a different perspective. kzbin.infoRSKzGDHW0ec?feature=share

[@michaelrch]

@@cheesepuff455 I know Gary. He does really good work. But he doesn't disagree with what I said. He focuses on inequality and how to deal with it with tax policy, which is great. I am also interested in alternative economic systems that don't produce rampant inequality in the first place.

[@cheesepuff455]

@@michaelrch I'm really not sure where I've disagreed with you.

[@michaelrch]

@@cheesepuff455 you said "this guy has a different perspective". I thought you meant different to mine. Nevermind.

[@mbrierley144brierley3]

In relation to his analysis of UK being stuck in a cul-de-sac, he says our decline goes back to the 1970s and lack of investment in our top industries. Why did that happen? Thatcher happened. Her main driver was to crush the unions. If instead she had invested in the crumbling old infrastructure, we would be in a different place now.

[@mrsthatcher9815]

nah

[@jimmyrich4675]

True as true can be. The tory witch she was. At least she's brown bread!! Just need the current gov to drop dead or be locked up. Change of voting system and written constitution... Doubt will happen in my lifetime though. To many idiots given the vote!! And nation of very low average IQs!!!

[@CrunchyNorbert]

I go door to door a lot lately and this isn't a criticism at anyone in particular, but we've all become so atomized! Its like there's no community any more

[@Martin-88]

That's what happens when you have a couple of decades of mass uncontrolled immigration from all over the world.

[@mikeoglen6848]

What do you mean by "atomized", exactly?

[@CrunchyNorbert]

@@mikeoglen6848 atomistic is a social phenomena wherein overarching social structures break down; the literature is pretty clear on this. More people feel lonely, people on average have fewer friends than before, people are less likely to know their neighbours than before. Its really a concern because your social network correlates highly with your health, more than obesity, more than exercise and more than smoking. It's a silent killer and can lead to civilisational collapse

[@stevebeer3324]

No money, no meeting places, indoor entertainment for the middle classes, no time ,Where did all the time go; why do I need to spend so much time online ,communities fragmented, everyone moves to get work or housing; local housing out of reach of young people , sold as "investment potential, everyone needs to work... no money, no money how to look after relatives 300miles away..... More money needed , no money, no money .Community? Try survival. Try avoiding the predators who proliferate when money is a scarce and constantly confiscated resource. Stay away from the street gangs with designs on your trainers.Gotta look good, Big Brother, Andrew Tate, Love Island good Otherwise might not survive. Everything that was bad about America got on steroids and is now here pacing the streets in designer clothes, or hobo rags. I blame the Greedy selfish oligarchs who are even now ,failing to understand life on earth and maybe the few morals needed to keep it alive

[@mikeoglen6848]

@@stevebeer3324 There's only one game in town, steve - survival...

[@mattjones977]

We have a whole culture of passive rent collection from individuals with BTLs with everything built on an ever rising house prices to big business shareholders who rely on effective monopolies and regulatory capture that extracts money/value with very little innovation or investment. The real concern is have we gone too far to unpick this mindset at every level of the Country. Great interview btw

[@geoffreynhill2833]

My rent used to be less than 50p per day, now it's £20, and my state pension hasn't increased for years.

[@simoncollins6529]

Yes, we're far to dependent on the housing sector. Yes, our institutions and regulatory bodies have been captured by transnational corporations. But speaking as a BTL landlord myself I can assure you there's nothing passive about it. Unless you consider scrubbing puke, blood and boggies off skirting boards between tenancies passive.

[@mattjones977]

I am a buy to let landlord myself. I’m not criticising landlords but if you step back I’m not sure it’s the best thing for our society. It’s passive in the sense that it doesnt really create many new jobs or innovations. All of that money tied up in BTLs could be invested in a more productive way for the economy and society I suspect

[@garthkite]

Nah man it's Brexit what done it all! Exactly! Well said. The financial sector has empowered an unproductive rental class that has sucked the momentum out of the flywheel of the economy.

[@steamixion]

@@mattjones977 The only pension that works

[@johnjones5220]

Martin Wolf is absolutely excellent, brilliant choice getting him on.

[@stephanieking4444]

I have been saying this for years, based on my understanding of events as a historian. More and more people now speak of what has been going on. Sadly, this greater and greater awareness is something that happens when it's too late. When there is still time to change course, most people have their heads buried in the sands and the few who try to warn the majority are demonised.

[@chris.bcfc.keeprighton.5685]

In my opinion, the British are some of the most politically ignorant people on the planet.

[@annapachaclarke2392]

True, and some are too selfish to take notice, because they aren't doing too badly and think they are above anything bad happening to them! We critical thinkers who are warning others are demonised, but we will carry on!

[@Ricky_Baldy]

As a next-door neighbour to the UK, it's quite extraordinary to witness this self-immolation. As for explaining it to any coherent extent? I think that will be a job for historians. My sense, for what it's worth, this is largely a result of a denial of the decline of the British Empire and subsequently the prestige of the subjects within it. As an Irish person, it never ceases to amaze me just how sparce or how skewed our nearest neighbours' knowledge, on average, about our shared history is. And if they do have anything to say, it will be a shallow commentary on the last fifty years and nothing about the seven hundred prior to that, i.e. the antecedent. I think this outlook scales out. The history and sense of identity British people have about themselves is obscured by a carefully curated version of history that was delivered through an extremely biased education system. The people en masse don't seem to be able to reconcile their past with what's happening now. And I think it's something along these lines that leads to the quagmire the UK finds itself in now.

[@Aindriuh]

Spot on. They are somehow led to believe that the UK is still a World power when it is not and hasn't been since 1945.

[@ellecrescent9834]

I think you’re absolutely right

[@joedonnelly6721]

Agree with you there. Add to that the 50 years of the emergency powers act in the gerrymandered statelet which set up an apartide state for unionism with the intention of making the Irish knowing their place. The Westminster government turned a blind eye to all that went on and they still have that mindset. Exceptionalism, even when it's blindingly obvious that GB is in rapid decline.

[@stevebeer3324]

Some of us remember the revolting peasants! More of us should.

[@margerethammond7364]

Dont worry. In 20 years Ireland will be mainly non native Irish, so this 700 year history vs 'the British' which you think so relevant will be totally irrelevant.

[@calexico66]

The untold story of British deindustrialization has been that most British managers avoid to invest in product development, when they do it's with the most pitiful of budgets. Banks and financiers are only interested in rent seeking opportunities, and mostly ignore industry. The remainder of the surviving big industrial companies were sold to make a quick buck.

[@philipalmond6908]

Short term Del boys

[@compostboomtron9001]

It's such a uniquely British problem, which makes it all the more annyoing that we're not 'learning' from it

[@ulicadluga]

32:20 - Yes, London boomed, but, that influx of wealth could have been distributed better - it wasn't our membership of the EU that caused the economic divide - it was our "rulers".

[@ulicadluga]

32:45 - There was an influx of Europeans, very hard-working and skilled that really contributed to Britain's wealth. The absurdity of claiming that a "huge influx of migrants" caused Britain's problems while we were part of the EU is patently absurd. Apart from the fact that many Britons migrated to Europe - thus balancing numbers, the tax and social contribution of these migrants well outweighed any burden. Now, those very assimilated Europeans have been "uninvited", they are being replaced by more exploitable and unlikely to be easily integrated "third world" migrants.

[@ulicadluga]

The big C's did for us. Cameron, Corbyn and the Conservatives. You're more likely to survive cancer!

[@scoates9910]

Excellent, the best political commentary channel on KZbin... thanks

[@lukestables708]

Excellent interview not least because it was so well handled. Rare to hear these days an interviewer who isn't constantly interrupting the person they're talking to and also asking very good questions. I am wondering though how far what Wolf says though is about The West generally and how much about The UK. The US is after all still growing fairly well. I think the UK in particular is in a very bad spot, not least because of the disaster that is Brexit.

[@stephenbaxter3369]

If we can establish good relations with the EU then we will have good trade relations etc. I think the recent agreement in principle over Northern Ireland is a good first step.

[@sadjaxx]

Brexit is a dagger right through the heart of the UK.

[@frankdsouza2425]

For sure Martin Wolf is one of several good reasons for subscribing to the FT. Great 👍 to hear him speak.

[@flatplatypus]

GFC was NOT unexpected! It was overdue! Also, no mention of the neoliberal gutting of public service? or the privatisation of profit from government developed services like telecoms, railways, power companies etc--but the publicisation of risk and loss? Sometimes I think economists are too restricted in their thinking by their belief in the models they study.

[@lesleywillis6177]

Camilla, if there has been a gutting of public service why do we have the highest tax burden since WW2? Where are all our taxes going?

[@johnschuh8616]

What about the role of the unions and the deals between them and government managers that prevented needed changes in the systems?

[@vaughanlockett658]

If we have driven down a cul-de-sac, it seems we have not reached the end of it to realise we made a wrong turn, we are like the passenger in that car trying to recognise exactly what we did and the driver confident it's the correct way. I think the realisation is starting to dawn on the few but the masses are being poked on the back seat to wake up. It involves all of us realising that we have to turn this car around and it will come at a cost. Starting with a better driver and good navigator.

[@StygianBeach]

Yeah, you can hear the limits of what his values will allow him to express. When he mentions socialism; it is only about what he calls a 'fully' socialist state. When he is referring to other forms of socialism the word socialism disappears and it is about safe market participation. Later when he states that the biggest and most stable economies in the world are 'like us', it's as if he does not realise that any alternative system would be interfered with by the established big, stable economies. The top dogs do what they can to stay the top dogs.

[@michaelmouse4024]

The brexit Paradox is that any govt capable of delivering brexit wouldn't

[@maxine2798]

I’ll use that one!

[@michaelmouse4024]

Glad to hear that. I have another re 'enemy of the people etc': "The greatest enemy of the people is the govt" - Danton 1790

[@AA-hg5fk]

And yet a lot of the electorate think the Tories are the party of economic competence, the data from the last 12 years begs to differ.

[@josephj6521]

Same in Australia. Thanks to our Murdoch dominated media we were fed this rubbish for decades. It seems the torries waste money on their friends and the progressives need to raise taxes to fix them.

[@judithcressey1682]

When Gordon Brown lost the election a note was left saying there was no money left. Brown sold over half our gold reserves. The Tories aren't conservative they are Blairites and Labour and Tories are WEF. Starmer prefers Davos to Westminster. Charles iii is WEF. The cult of climate crisis.

[@peterland2824]

Really fascinating interview. Very clearly explained for even the non-economists amongst us!

[@robred19]

A really interesting and thought provoking interview. I got his economic conclusion but there was a part of me that thought he would make the leap as to our political system. As both economic & political structures are not working. In my personal opinion, people have undergone over a decade of austerity and have suffered economic abuse, as to its consequence. Surely to counter the economic problem, requires a head-on reformation of the political system. The interviewee certainly made the leap in terms of devolution of political power but what about a change in the voting system and a shift in our parliamentary system? However, with a decade of stagnation behind us, and a menu of more of the same, as generations fall further and further behind. I think that a shift in radicalism will be inevitable. We currently have an unwritten constitution and we have seen its conventions and checks wrecked. And we all know by who? I genuinely think we are on a path not dissimilar to 1848. A Constitutional Revolution, where the 2 party system will be discarded and the injection of democratic structures and governance will be propelled. We cannot go on as we are, a Labour government and its prospects are in danger of being overwhelmed by the numerous problems confronting a 21st century state, that has for perhaps, too long, has been trashed by the longevity of Conservative governance.

[@jillybe1873]

Absolutely. Vive les barricades!

[@toffeecrisp2146]

Sorry Rob, but your being partisan and I feel the issue goes deeper than Tory incompetence (and boy have they been incompetent) but Labour offers nothing better or a viable alternative. It's taken two parties to get us here and too many people are happy to handwave the part labour has played in this decent into incompetence with shortsighted policy when they held power in the 90's and early 00's. We do need change, we do need reform and the first thing we need to do is stop thinking in binary terms and tribalistic "Tory or Labour" They each represent different sides of the same coin.

[@GhostOnTheHalfShell]

the core issue is in the 70s the rich in the US and UK decided that a middle class was a threat to civilization (because of the social upheavals). it was then that plutocracy formed their revolutionary war upon the political and economic system to throw out the enlightenment and shit on the blood and tears that built it to restore themselves as totalitarian rulers of the economy and gov, only to start the cycle of blood and tears yet again.

[@russellcr0w]

Socialised state infrastructure just doesn't work because people suck. The incentive should be bettering lives but that's not a good enough incentive :(

[@toffeecrisp2146]

@poupbs it could work, but it needs to be properly managed and with the right aims. Take the NHS for example. It could work a lot better if it was better managed. It needs fewer trusts, it needs a more centralised system with fewer middle managers and bureaucrats, more medical staff and senior doctors making decisions and less political involvement beyond budgetary funding. Alas, it's been operated at cross purposes for too long, with too many managers and bureaucrats making bad decisions that aren't in the interest of hospitals, staff and patient care. Privatisation is little better.

[@r8chlletters]

Thank you again for having a knowledgeable person who understands economic models and will be honest with us all about the values of stability and improving the lives of everyday people.

[@flatplatypus]

Economic models are all wrong, but some are useful. It is just a pity that so many economists forgets the assumptions underpinning their models and their limitations.

[@geoffas]

@@flatplatypus MMT has proven to be a failure. As the EU is on the brink of Economic collapse, Britons will be glad that we will not sink along with the EU. Although, we may still, likely, face economic hardship along with all the other countries. The big picture is we are facing the collapse of Western civilisation as we have known it. History supports what I say - _ALL_ civilisations have collapsed! Without exception.

[@darksundarkson]

@@geoffas and when has the EU used MMT lol..they are the complete opposite of what MMT describes..

[@jimtomo9207]

He missed out the reason we de industrialised it was when we joined the eu were german finally won the power battle over europ

[@widebleek8138]

Best interview on the U.K. economy. Brilliant interview!👍

[@msulemanf]

This was a very thorough interview and the first time I can remember where the comments add value. A glimmer of hope.

[@globalist1990]

A first world country where vegetables and fruit are a luxury. The failure is that blatant.

[@mikeoglen6848]

Most people don't like vegetables though...

[@globalist1990]

@@mikeoglen6848 good luck with that.

[@pocnit]

Only alcohol, fish and chips matter.

[@mikeoglen6848]

@@pocnit I had a lovely meal of fish and chips yesterday. All washed down with several pints of good Ale...

[@globalist1990]

@@mikeoglen6848 I'm happy you love it as you can't have anything else anyway✌️

[@piccalillipit9211]

*I LEFT THE UK IN 2009* and it was the single best decision in my life

[@huwzebediahthomas9193]

I had to stay, to look after my sick parents. It's a Welsh Celtic thing I am the eldest child. Otherwise now I would be running the Australian Air Force - they seriously wanted me! 1990... 😎

[@backagain-forgive]

@Huw Interesting, in Pakistani families it is often the youngest son. Wishing you well

[@andys2856]

Where'd you go too?

[@piccalillipit9211]

@@huwzebediahthomas9193 - If I had sick parents I would have stayed - its the only decent and noble thing to do. But my decision to leave was a good one - I didnt know it at the time, its a hind sight thing.

[@piccalillipit9211]

@@andys2856 - Bulgaria. It was a sleepy little backwater with dirt roads and horses and carts when I arrived - its starting to look more like Dubai now... Which is sad for me, I liked that. But its great for the people here who dont have in an income in £Gbp to live on.

[@RandallSlick]

Quite brilliant. Short, clear and very much to the point. Many thanks to all parties involved.

[@minaanacreonte8472]

I absolutely love economics and watch a lot of economists- he is spot on and his explanations are very easy to understand. I’ll be buying his book 👏🏼👏🏼👏🏼

[@annamariadangelo7296]

What a delight to listen to this guest. Many thanks for giving us some understanding of how the economy, the people, the politicians and the countries are doing and the history. 🙏🏻😊

[@ktrethewey]

Excellent choice of interviewee. Well done Joe.

[@Iguazu65]

“They (Brexiteers) all agreed what they didn’t want but had no idea or agreement on what they wanted” is a very pithy and accurate summary.

[@georgeatkinson759]

Hola from Spain...I left the UK just in time to get my Residencia under the Pre Brexit rules...I do not consider myself an ex pat...I am a refugee from Brexit...things are much better here in the EU...Britain is doomed under the Brexit English Nationalists...They are not Conservatives in the true sense...I didn't have much time for Thatcher but she knew the UK was better off in Europe...

[@mikeoglen6848]

Isn't there a lot of unemployment in Spain?

[@georgeatkinson759]

@@mikeoglen6848 not really...big black economy... many claim self employed status....if you pay them cash, the tax man never gets to know about it...still they spend money in the economy...win win really...

[@christopherbate6248]

I wanted to leave for Spain before brexit but I dident get my act together now I’m trapped like a rat .

[@mikeoglen6848]

@@georgeatkinson759 Sounds like a 'Dog eat Dog' world...

[@mikeoglen6848]

@@christopherbate6248 "Like a Rat in a Maze, The path before me lies, And the pattern never alters, Until the Rat dies..."

[@deanallen5567]

On public V private question one could point out that in the example of U.K national utilitarian provision, for example water and energy, transport etc, that we currently have the worst of all worlds. Here competition is of no consequence as motivation to provide high standards can only be supportable via governmental legislation, the companies themselves have consistently failed on their own terms. As our current administration is corrupt and the private companies use lobby influence to alter general policy we have inherited a deeply dysfunctional system which is really no better than any former Socialist alternative. Is it really beyond the intellectual and organisational ability of our societies to devise hybridised and sane systems which do not become vehicles for profit over all else? The seeming inability of us to be able to do this will result in the death of the planet; notions of civilised society based in democracy will be distant memories.

[@seannolan1833]

I really think we are past the point of no return

[@seannolan1833]

@@binanocht6110 in fairness you are right. However, given the context of the video what I meant is the country has degraded to the point that there is no way back to make it a more centered country were people are valued beyond the size of there pot of money

[@jillybe1873]

I think this now. Sunak is the end. England was backward until 1918 and will probably become medieval again.

[@fiddysat]

long past

[@thefirm4606]

Get out while you can 😢

[@seannolan1833]

@@thefirm4606 lol tell it to the heep of debts I have but I will when I can lol

[@fungiformenow]

Creeping? It’s a f*cking headlong rush.

[@darongardner4294]

We have lost confidence in our governments not ourselves.

[@eightiesmusic1984]

Britain is well on the road to a far right authoritarian regime. It can be traced back to the illiberalism of the Thatcher government. Neoliberalism has failed yet no-one in the public square will call it out. The political system is not working and reactionary forces are a clear and present danger. Remember this is a far right government already, not the traditional Conservative Party, which has been too right wing since Thatcher won power in 1979.

[@huwzebediahthomas9193]

The way they withhold the vote at the moment is most disturbing, yep. 😐

[@DJWESG1]

Heath 1970 far right government, imposed austerity, defended South African regime, caused the downturn.. same as thatcher, but more responsible

[@therealrobertbirchall]

@Wes G didn't last long though did he

[@piccalillipit9211]

@@DJWESG1 austerity never works - you have to spend on infrastructure. Same as sanctions - if sanctions worked Cuba would be capitalist and NK would be a democracy.

[@evolassunglasses4673]

But the Left have embraced open borders Globalisation = rule by international finance capitalism and have no solutions

[@richardpegg9265]

brilliant - clear, concise, cutting. i just hope he doesn't accidentally fall backwards onto the spire of Norwich cathedral, courtesy of the odd billionaire.

[@jwot28]

Oli's interviews with Wolf and Bell and Mazzucato have been fantastic, it's good to see actual experts dissect just how doomed our current and past economic policies are (lol). I hope they lean into interviewing more modern economists (@politicsjoe hit up Ha-Joon Chang and Kate Raworth). Particularly I'd like to see them explore degrowth as an idea, as none of the interviewees so far have addressed the unsustainability of promoting infinite growth

[@jillfryer6699]

he'd probably say "there's no incentive to do well in a system like that". I foresee a long and tedious argument. "there has to be a market economy etc must beprivate enterprise" Actually I have neighbours from former Yugoslavia who now look back thinking was it really such a good idea to chase the Australian dream.

[@alp8409]

The Bank of England’s recent report recommends the doing away of paper share certificates and replacing them with digit certificates. These certificates will for a fee be ‘looked’ after by a bank or authorised agent. This will drive many retail shareholders out of holding shares and give the banks etc another nice little earner. So much for promoting active shareholder oversight. Yet again more money in fewer hands.

[@happychappy7115]

The analysis of the road to Brexit is very illuminating and accurate.

[@vexkiddy]

This is a brilliant talk about the current state of the uk, very good!

[@Llkc60]

Very well put,I agree with pretty much everything said here. I doubt there's enough political will to go through with the necessary steps listed in the end.

[@richardsmith579]

In a moment, not “momentarily”, that’s an American construct. It was very interesting to have our predicament so carefully explained. Thank you.

[@jillfryer6699]

quite so, in a moment every thing could change forever.

[@ulfosterberg1979]

I be damned. An englishman that have a sharp and clear analyse. The last ten years it has only been silly waffling. With such people perhaps england "ist nicht verloren".

[@cathbelle5096]

Sir , your last phrase was the best: " People like me have to pay more taxes , I accept that , but most don't accept that..."

[@bosoerjadi2838]

Well, most of them actually seem to do, but always with a hard to measure, actually subconsciously impossible condition: ".. if the tax money is spent well and sensibly.." Most people, wealthy, poor and anyone inbetween, do not believe that governments are able to spend tax money well nor sensibly. However, choosing how and on what to spend tax revenues is at the core of what politics is all about. So, inherently, the nature of what would be good and sensible to any individual mostly depends on his political insights and convictions. While politicians in power continuously keep proving their ineptitude to make and implement 'good and sensible' choices, people remain reluctant to give anything to the government, not their trust and not their money. It is a stalemate, pushing us through anarchy to authoritarianism to totalotarianism, until the public demands integrity and compassion far above competence from its politicians.

[@stephenbaxter3369]

I think if the tax rises are presented in the right way then most high earners will accept the change although there will undoubtedly be a vocal group who will object.

[@Ketumak]

Thanks for posting. This video popped up in my feed and introduced me to your channel. It's a refreshing change to see a considered discussion of big issues. I've subscribed!

[@iBlagg8]

It's not just that people are "unhappy" it's not just an emotion. There is a very strong reasoned logical argument against EU membership. The benefits haven't been grasped because our institutions don't agree with the people. Across the board they are hostile to us.

[@billybobkingston5604]

Lets face it, capitalism is not working as greed always ruins it for the silent majority

[@huwzebediahthomas9193]

The middle men like the Tories are the crapfest.

[@allykhan8594]

Let's go commie! It has a proven track record. Or get smarter brain!

[@DJWESG1]

​@@allykhan8594 marx lives you

[@evolassunglasses4673]

@@DJWESG1 but the Left have embraced open borders Globalisation = rule by international finance capitalism and have no solutions

[@andrewharris3900]

Capitalism is still the best system in the world and is the reason why the UK is as rich as it is.

[@roderickjoyce6716]

Excellent interview.

[@SVSunnyJim]

Fantastic and insightful, I surprised myself by watching the entire interview.

[@youtubeone2231]

Awesome video. The way you explain things makes it very easy to understand. Thank you.

[@marcocosto6748]

Wish there was an option for a double thumbs up for this interview

[@frankdsouza2425]

There certainly should have been. How often does one hear such profoundly good sense being articulated? Only the Grace of God, prevented the Evil 😈 Orange Imbecile from taking us over the cliff.

[@janinak6320]

It seems that capitalism, a free market and democracy are fine in principle. But like a pyramid scheme, there comes a point when all the competition has been bought out and all the money and power falls into the hands of a few who own all the basic needs of society and therefore shapes it to their needs, including political parties and media. So what is the difference in the end between that and an autocratic society where one pretends we all have freedom and democracy and the other just tells you how it will be.

[@huwzebediahthomas9193]

Social capitalism works - just control the carpet baggers!

[@kirishima638]

All political systems are pyramid schemes.

[@evolassunglasses4673]

Globalisation destroyed the nation state democracy decades ago unfortunately. But the Left have embraced open borders Globalisation = rule by international finance capitalism and have no solutions

[@albertgriffith5801]

@@huwzebediahthomas9193 Sounds like it works in theory maybe, but it's not practical due to the greed it fosters in people.

[@lexslate2476]

Without sufficient restraints, capitalism concentrates wealth until it turns in to feudalism. And unfortunately, increased concentration of wealth makes capitalism more and more corrosive to the laws that bind it over time.

[@juliegale3863]

What ever the answer is it is going to be difficult to accomplish anything in the short term. I appreciate his great expenditure of thought on the subject. Being 88 this year I doubt I will ever see the changes he envisages.

[@simonpaine2347]

Excellent discussion. I agree that we are in a Cul de Sac (oh the irony), but surely the best way out is to turn around. Rejoin and become the country that leads change and improvements, rather than the old moaner in the corner.

[@AutisticAwakeActivist]

Yes cos we feed it to the greedy and don’t circulate the cash .

[@capri2673]

I was walking through Sutton-in-Ashfield just over a week ago and it was the afternoon. So many shops had closed down. I was thinking about about the impact of cost of living crisis had must have affected the town. As I was walking I saw a couple of people putting away camera and recording equipment away, as they chatted with a member of the public. Looks like it was PoliticsJoe as they put up a video about Sutton a few days later. Strange coincidence.

[@PeterPete]

Lee Anderson is the MP there so PJ could have been asking his constituents questions about his performance.

[@richardhorrocks1460]

I am guessing the idea is to make the general population themselves question democracy. I saw one comment on YT stating that what the UK needs is a strongman type figure to sort our problems out. I suspect we will see more and more of these comments being made to sew that particular seed. And it could be that in 10-15 years time we have suffered so much, seen institutions fail so much, that the right person who claims 'give me unconstrained power and I'll fix everything' could even be welcomed in Britain. We shall see.

[@kiwitrainguy]

"Give me control of Germany for ten years and you won't recognise it" - AH

[@yvonnem.langlois5197]

I believe it will be sooner than that.

[@cjn01]

The Putin approach. And that’s not working so well. Erdogan in Turkey is another example. Basically these approaches never work they just lead to an even more corrupt elite with no controls.

[@albaromane]

An excellent exposition of what matters in the UK.

[@joeharry6820]

I remember back in our day as well, it was all about clocking off work on Friday afternoon, chicken bhuna with the boys, neck a few Carlings, stay up all night until footy the next day! It's a lot different now.

[@rossrennie182]

30 million marching on the Politicians

[@hope2165]

This is fair warning from a staid & steady hand. Hopefully this wakes up the pertinent parts of the populace from their slumber. Not providing what the goose needs to thrive, usually would not give golden eggs.

[@plumduff3303]

Great interview 👍 thanks olly

[@LesRothnie]

That was simply splendid. Thank you.

[@patcampton7163]

I certainly agree we are in political crisis. Can't remember a time when their was no real choice. Starmers platitudes don't cut it.

[@grahamargent8057]

The absence of meaningful GDP growth is underpinned by the stagnation of productivity caused by inadequate business investment essentially a declining circle of trying to squeeze more juice from the same fruit which is not sustainable

[@normanchristie4524]

And this has been going on for the last 100 years. Business rewards its shareholders and directors with vast dividends with no thought to the future wellbeing of the company.

[@richarddyasonihc]

Speaking as an economist myself, he is wrong regarding two public enterprises a) British Rail was sold when it had tranche had a peak in efficiency & quality of rolling stock- Christopher Wolmar. b) The NHS has had its pgroblems, however the greatest decline has been since many services have Ben outsourced to PFI consortiums who are only interested in turning a decent grodit to benefit shareholders & huge salaries for executive staff and Managers.

[@geezerbutler4582]

London Olympics 2012 was the high point for me … but the 2008 banking crisis and the bailout was the gathering storm in the background

[@guntguardian3771]

The gathering storm was when the financial and economic world fell to shit? What an odd perspective.

[@geezerbutler4582]

@@guntguardian3771 Jog on troll

[@guntguardian3771]

@@geezerbutler4582 it's a weird perspective, 2008 - 10 was a mess.

[@mikeoglen6848]

Hadn't the storm already gathered by 2012?

[@guntguardian3771]

@@mikeoglen6848 It hadn't just gathered, it had landed, smashed things to bits and left everyone to pick up the pieces.

[@tumblefatboy]

The last sentence says it all. We need a fair Tax system that taxes richer people more proportionately. It's the only way. And it needs to be tackled head on. by asking richer people what type of society do you want to live in? If the answer is a fairer society how can anyone argue against it? If you want good social systems, low crime, and a good economy with fair distribution of wealth that's the answer !

[@54wsbrdtyd6ryeb56d]

funny thing is mate, that the super rich and their media would have you believe that they deserve disproportionate wealth because they've earnt it by working hard and the problems of the country stem from ordinary people/ immigrants / unemployed milking the system, just check out any right wing media such as the mail/sun

[@tumblefatboy]

@@54wsbrdtyd6ryeb56d Yes your correct unfortunately ... But it's the mass's following this propaganda and falling for it that's the problem after all we all get to vote! (And yes I know it's not proportionate representation at fault too) Either way how many people vote in ignorance of what they are voting for... Just look at Brexit!

[@54wsbrdtyd6ryeb56d]

@@tumblefatboy agreed, people seem to vote more on emotions than rationality. There's a saying that people always get the government they deserve, and in this country they've picked dishonest parties that don't honour their pledges or even work in the interests of the people who've voted them in for the last few elections and we've payed massively as a country

[@jamesgravil9162]

Margaret Thatcher: "There is no such thing as society."

[@rowengreatbatch2725]

You're obviously not a rich person..

[@p.h.3987]

A really remarkable interview! Someone who speaks out truthfully.

[@etiennelabeille]

Great analysis. Need this guy in HoL (at least). Such a contrast to the chancers and grifters in Govt at the moment.

[@thomasmcanea8531]

A very interesting interview - excellent content. Thank you.

[@Hession0Drasha]

Why would we have active shareholders in the uk? They're by and large old money, who are very used to passively have money trickle up to them and still behave like they are fuedal lords. As a country we don't save or invest much comparitively, because house prices are so inflated, that it sucks up the majority of the money generated each year. We'd be in a much better place today, if we'd of followed the french example and removed our aristocracy a few hundred years ago.

[@PeterPete]

Quite agree, trouble is the British people are always fighting with one another. The French are more united.

[@Hession0Drasha]

@@PeterPetecouldn't agree more, that's why i moved here.

[@dotpeat1372]

Great upload and knowledgeable insights. Would have liked a little more about the 'unfair' capitalism, most high level corporations/earners simply dodge/screw all HMRC/Tax, all politicians are 'corporate' reps or crooks (via family, lobbyists, a house of lords based on personal financial contribution, etc), GB is synonymous for money laundering, tax safe havens etc. Martin is a true gentlemen, but society is by far not following his honesty anymore. What does GB want to barter with EU, apart from military.... an industrial powerhouse it is not! Looking forward to read his book, thanks for this one Joe!

[@robertmiller2173]

Thank you very much; I must say that I thought Britain was mad when it left the EU or the EEC as it was in 1973 when Britain joined the EEC. The UK smashed their relationship with Australia and New Zealand plus others. Now Australia and New Zealand has Free Trade Agreements with the EU and many other countries like Japan, South Korea etc