Flows of Wealth and How People Get Rich

Gary helps us to understand how wealth flows throughout the Economy
The return on Rishi Sunaks wealth has been underestimated heavily - it should be 30million rather than 3million
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Performed by Gary Stevenson
GARYSECONOMICS
Produced by Simran Mohan
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[@davidharrison9732]

Gary is one of the few people who persuaded me left wing economics isn’t purely the politics of envy . Well done Gary.

[@genb4374]

Sound money knows no sides, it just is.

[@BlyatimirPootin]

​@@genb4374 what is sound money?

[@BigHenFor]

For one thing what we call Economics today was called Political Economy, because it looked at how societies create political and economic systems, and how all interrelate and develop. It wasn't until the world took a leap in computational technology, did economic scientistism develop. Whilst the latter could be helpful in modelling and managing economies, it became less useful in teasing out causes and effects IMO. Moreover, as the status of physical sciences and technology became more socially, culturally, and economically important, the human dimension was deemed less important. Indeed, the political dimension became neglected and obscured. Consequently, these causational factors were downplayed because they involved questioning the status quo. This is why you had that impression. People forget that politics and economics are codependent. So all political perspectives include assumptions about economics, and vice versa. It's time we acknowledged that, and studied the basic premises of societies in that they are formed because of the need to manage resources in pursuit of specific goals, and collectively they decide, what those goals are, who gets what, and how they get it, and those rules are actively maintained in culture. So the best economists understand how societies work, and how they develop their political and economic assumptions over time. And we have to accept that the interests of the powerful may not serve the interests of others. So, leftist critiques can be couched in the politics of envy, but that is more about political rhetoric than reality. And there are critiques of capitalism that seek reform as well as removal. But that's part of the process. Nature herself is full of failed experiments, but also successful ones And in my mind, political Economy tells us why an experiment is failing, and how we might harness our collective energies to modify an experiment, or take a new direction. Its the political economists that have forged new perspectives for reform and modification of capitalism, and and they include leftist realism that acknowledges that simply overthrowing capitalism is neither desirable or effective in ensuring a fairer distribution of resources and meeting economic developmental goals for the planet as a whole. Neither are they in love with the idea of just swapping a neoliberal capitalist oligarchical model for another oligarchy with a splash of red, as the Soviet Union became, before it got raided by neoliberalism in the 1990s in the early Russian Federation days. Simply, it is the dysfunction of the dominant neoliberal model of capitalism is failing in the most basic ways, when it is possible not to. And an exploration of how that should be changed before we suffer permanent damage is necessary. We have to challenge the status quo because simply because in all metrics, it is wasteful and dangerous as is. So solutions to that are needed. If thinking that is leftist, then that's OK.

[@bradbell4022]

The problem with 'the politics of envy' is it depends on a simplistic and false idea of human motivations. It also proposes the idea that complex systems have emotions. And it treats complex social relationships as if they were interpersonal relationships. Finally, it suggests the problem with an exploitative relationship is which side you are on, rather than the nature of the relationship. For the record, Left wing politics is entirely about class war. In contrast, Right wing politics is entirely about class war. That's why we have expressions like, 'politics of envy.' British politics is 100% class war. The 99.9% are losing

[@SamHocking]

Many forget the origins of Labour were born out of a unionised workforce when distrubution of wealth was essentially so bad there was no alternative. At their heart, a Union is simply trying to redistribute wealth and improve quality of life and work.

[@mrsm482]

Gary, I am surprised that you don't have more exposure yet. Your logic and presentation are incredibly clear and easy to understand. Thank you very much.

[@robhingston]

Nobody is talking about this .. I agree not enough people are talking about this ..

[@boxingspark]

Thank you Gary 👍🏻 Inequality should be being discussed much more in the media and within politics, it’s becoming a huge problem for society.

[@custossecretus5737]

Totally agree, the current system is creating a society of indentured servants.

[@David-bi6lf]

The UK's shortest serving PM, yeah her lol, once said something along the lines of "we should stop concentrating on redistribution of wealth and that's it's talked about too much" in one of her car crash interviews. Must be living in a different planet 😂

[@goych]

Then we might actually stop blaming each other for our troubles, then stop blaming ourselves, and then who knows…

[@kiernoify]

Inequality is created by those in politics and the media, they are controlled by the wealthy.

[@T1tusCr0w]

It should but why would it? The MSM helped NOT ask the questions that would have pointed to how unequal society was becoming, never mind how corrupt. 🤷🏻‍♂️

[@nathenleelewis]

Really brilliant to see you on 'Politics Live' today Gary. Thank you for your Voice! You can clearly see that the BBC and the wealthy, do not want to give the ordinary people a fair opportunity in discussing the options and ways of Taxing The Super Rich!!

[@Anon-xd3cf]

That Tory woman in the white turtleneck really felt the metaphorical noose tightening as she listened to Gary tell the public about her crimes.

[@michaelmerrett3675]

It's getting close to the time the wealthy throw us a bone to make soup from and tell us how lucky we are to have more than we had before... Keep on making the content Gary. Redistribution is now the only way forward to a happier and healthier world...

[@T1tusCr0w]

Happend in 1997. Obvious the Tory’s we’re done. So instead of a real left wing govt we got Nu labour.

[@theoddone887]

redistribution is a form of tyranny and this is coming from an immigrant with low income background

[@jvalle3613]

@@theoddone887 This guy's full of himself and I will probably get a strike from commenting on his videos. But he says things that are agreeable but this whole thing looks to me like a pr stunt. His whole demeanour and he acts as if he's relatable when in reality he was at some point definitely, but now he's just another sell off trying to push his ideas. Pay attention to his scenarios, he's always filming with very simple relatable backgrounds, wearing a simple clothes, the way he speaks, it's his brand, but his ideas revolves around the old adage "One for thee, not for me" he talks about wealth taxation while he excludes himself of the wealthy and says he's not, but if he's such a great trader his net worth must be around the 100s of millions unless he's just another dog that barks too much but never bit anyone. So in all the fairness the tax burden is always going to end up in the middle class because the wealthy will find a way around it, also he loves talking about how you can't make your way to wealth trading but forgets to mention that trading is never about making money, it's all about capital preservation and not losing money. There's a bunch of nonsense and it just strikes me as a brand he uses to get more views. Anyway he's got good economics understanding and if you can filter out the bullshit there's a lot of value on what he talks, but also a lot of rubbish.

[@harry664]

Very concise and well said, as a young person this is great to see this kind of educational material, please keep it up!

[@Patrick-jj5nh]

I applaud you. I would call this a basic explanation of real world economics. An economics that is actually interested in ordinary citizens, their wellbeing as well as the functioning of civilised society as a whole, rather than the compounding enrichment of a tiny class of ever more wealthy elites. I recently watched your one on one debate with Mark Littlewood from the IEA and have to say I was extremely impressed. I've met him through work a few times and have to say he always seemed quite unpleasant but your unique personal story as well as your competence simply disarmed him, they had no comebacks at all really.

[@Energyflash1979]

Brilliantly put. My main concern is that as soon as redistribution of wealth is even hinted at, the tabloid press go rogue and convince the struggling public that there is no alternative unless you want to become soviet Russia. As we know that the most influential forms of media are also forms of wealth. When I say tabloid press I don't necessarily mean literally newspapers as these companies have evolved into many different areas of influence.

[@CloudhoundCoUk]

Soviet Russia might be a better option if the wealthy don't listen. Of course, such an economic-political system will fail. It creates elites who then dominate and extract wealth from the people. Humanity needs another political-economic system. Quite what is the question? People need to be rewarded for innovation, and hard work but not to the point of billionaire status.

[@vortexfx420]

That is why todays generation is ditching the "tabloids" and CNN/FOX for KZbin to get real non BS information. Its why the Govt wants social media to have control of you, so they can try to control everything.

[@Energyflash1979]

@@vortexfx420 the tabloids own much more than just newspapers. They have fingers in all sorts of disinformation and much of it will be on every platform. KZbin also has its fair share of bull****.

[@skylineuk1485]

Truth indeed

[@codeAlongwith]

because they are owned by rich old men like Rupert...

[@Pikey4321]

I'm not the most confident writer, so I used Chat GPT to write letters to my local MPs this morning. Been watching Gary for years and this video inspired me to get up and do something. Maybe a mass contacting of government will have them see that lots of people are cottoning on to this now.

[@mahon257]

fantastic use of ChatGPT... hope others follow your lead..

[@earthman6700]

You should write to every MP.

[@Palemagpie]

I'm a writer. I'll write it for you if you want? Just gimme the bulletpoints you want me to cover and the tone. I used to get people out of unfair parking tickets all the time at my old job with a bit of formal speech.

[@vortexfx420]

@@Palemagpie Chat GPT is taking over mate

[@MrTimg12]

@@earthman6700 Absolutely and another message would be to vote the Tories out in the next general election and give Labour a chance to rebalance the economy.

[@LukePuzzar234]

Omg it just clicked! This is why we're seeing a big drop in productivity (in the UK). They blame it on the working class, but it's the wealthy hoarding assets and not investing that's causing the drop. Cheers Gary your video's are great 👌

[@seanwieland9763]

“Hoarding” isn’t really the issue, so much as it is financialization and asset-collateralized lending.

[@chrisb3189]

If you remove the wealth and redistribute it, it will just end up in the same pockets again...

[@LukePuzzar234]

@chrisb3189 not if you tax wealth properly l. That doesn't stop governments being shite with the money though. We have to find a way to stop wealth inequality spiraling out of control.

[@SigFigNewton]

@@seanwieland9763more of it in fewer hands is absolutely the problem. Consumers are the true job creators

[@mooremoneymakin]

Brilliantly explained again Gary. It's true that most people don't know or think about wealth.

[@bigdaz7272]

One of your best yet Gary. Helping people to truly understand the difference between Wealth and Money and how Money flows towards to Wealth to compound it. Great stuff :)

[@iainshirlaw]

Your best video yet @GarysEconomics. Just 3% of Rishi Sunak’s £700 million would be £21 million per year. I guess this might be closer to the mark than the £2-3 million you mention. Much of this wealth is his wife’s assets but the point still stands.

[@shaundelaney2127]

Ya I think Gary just made a mistake here because he has mentioned the amount you refer to in the past. I think he meant £20-30 million. I look forward to a coffee and Gary's economics on a sunday morning these days

[@jonp6798]

The clarity this has given me is unbelievable. I am aware however that i wouldn’t have understood this if I hadn’t been watching your videos for nearly a year and trying to understand the economy through other sources. Gary, if you can, please work on a short simple video series, high production value, with visual explanations of everything you have taught me over last year to now so that someone new can grasp what is happening quickly. If ordinary people understand what is happening we have more chance that they will get on board with your message and when the time comes to show the government that there is support behind a wealth tax and closing the loopholes and it is a vote winner (their words) there will be an army of people who understand why lots of government spending can be funded in this way. Imagine if taxes on working people went down and the government had more money because they were taxing wealth efficiently and the reason for that is that ordinary people were just spending more which went to the wealthy who were then being taxed more simply because the economy was doing well. That’s the rich happy paying tax and ordinary people happy paying less tax and hopefully accumulating some wealth. How mad is that.

[@alfiecdyson]

Not mad! You got my vote 💪

[@jonp6798]

@@alfiecdyson 😆

[@George_Montagu]

I'm not sure the rich will ever be happy paying tax, regardless of the outcome 😂

[@jonp6798]

@@George_Montagu I prefer to think of it as paying more tax is a good problem to have. I don’t think anyone likes paying tax though 😅

[@christopherallen5407]

Great video. I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Victoria Taylor

[@JamesRandle5]

Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.

[@martinthomas9371]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states.

[@Joelgarcia47]

Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading.

[@benroland3652]

I'm new at this, please how can I reach her?.....

[@christopherallen5407]

SHE'S MOSTLY ON TELEGRAMS, USING THE USERNAME

[@bettyboo1930]

A very interesting, depressing but also, a very important message you are sending out. I could see the writing on the wall many years ago, when I failed to ever be able to buy the property that my late father was able to purchase in his life. Times are tough and getting tougher. Good luck everyone, let’s hope we manage to reverse the trend one day?

[@LizbetNene]

Great to see you on the BBC Gary! Hope you get lots more bookings.

[@iannoble]

Thanks Gary! One thing I've not heard mentioned so far is that a collapse of the middle class also causes consumer demand to hugely drop worldwide/nationally, harming almost all types of businesses along with it.

[@corvus1238]

Thanks again Gary. I am trying to push the message at every opportunity.

[@jethro690]

I've understood this concept for some time now. Speaking to friends and family, I make the analogy of the inheritance tax that middle class families have to pay, from generation to generation our wealth is slowly getting bled dry while for example the extremely rich can afford to offshore and hide assets or in the case of the royal family don't have to pay inheritance tax on billions of pounds worth of inheritance like King Charles inherented from Queen Elizabeth's death.

[@theoddone887]

if you're privileged enough to inherit assets why not establish a trust fund and put the wealth in a trust to make it immune from inheritance tax? It costs around 4k to create a trust which is a small price to pay compared to a 40% inheritance tax on your property being passed down. emulate the rich's behaviour. the information and knowledge is out there and freely available

[@Brynson87]

The assets belong to the Crown (the institution) not the individual people. That's why things like inheritance tax don't apply to them.

[@hilaryporter7841]

We've mastered canals in the UK so we should be able to master 'wealth flows' and to understand what Gary is saying. At the moment the wealth is flowing one way only, from the bulk of the population to the rich, from the rivers to the rich sea, a sea that has very few rich fishes. We need to build canals into the assets that the rich have fortuitously accumulated at the expense of the bulk of the UK population. Gary is educating the masses on wealth flow, we the masses have to re re-invent the canal and build financial canals which distribute the opportunities to own assets all over the UK. Afraid the opposition doesn't seem to be up to that type of thinking. They need to receive a wake up call from the people that siding with the asset owners is a zero sum game in an election.

[@Anon-xd3cf]

I have long understood this on an instinctual basis but until now have never heard it vocalised so succinctly.

[@lornasartacademy5799]

Thank you. The information you are sharing is exactly what is needed to help reset the balance. If the people know & truly understand the system, I’m convinced the system would have to change accordingly. Thank you, please keep educating - please start going into colleges & universities even schools..(if you are not already)..

[@Nicho2020]

Well done Gary! Keep up the good work! This is a good exposé of the polarisation of wealth for the benefit of those who own the wealth, and to the detriment of those who create the wealth. It’s an absurd situation in which young people graduate from university with so much debt that they can’t begin to accrue a functional level of wealth, nor barely engage with the economy other than in the form of a wealth-creating drone.

[@andrewgardiner8918]

We can't afford to have an "I'm alright Jack" attitude. I've added a famous poem below written by Martin Niemöller during World War 2. Instead of Socialists we could read Rail Workers, instead of Trade Union's read Nurses, instead of Jews Postal Workers. The point is that we are all affected by Wealth Inequality and need to support each other. United we stand, divided we fall (get poorer). First they came for the socialists, and I did not speak out-because I was not a socialist. Then they came for the trade unionists, and I did not speak out-because I was not a trade unionist. Then they came for the Jews, and I did not speak out-because I was not a Jew. Then they came for me-and there was no one left to speak for me.

[@dandeasy8711]

Thank you for your work!! It's socialism or barbarism - This is why I am a communist, it might seem radical or even ridiculous. As far as I see it, Capitalism as you so eloquently explain, inevitably leads to this wealth stratification. I am not saying that forcing our nation's governments to tax the rich is a bad thing, no, it's the correct and completely necessary thing to pursue, no matter the difficulties. Though my sense, from my own life, is that any gains made today, will be siphoned off over time and the cycle of the rich accumulating more and more wealth will keep repeating, as the wealthy will eventually (as now) gain majority influence/control of our governments. This is a struggle for the survival of our nations, our children and even ourselves. If anyone reads this, please keep an open mind to a socialist solution as the alternative is wealth and government in total allegiance, which is by definition fascist.

[@mb4312]

Great work Gary! That is an excellent way to explain it. However, taxing the rich is not a solution. The rich will not merely stand by and let you take from them. It's more likely that the economy will shrink as money leaves the country, avoiding higher taxes targeting the rich - assuming you have a concise definition of what "rich" is. Some jurisdictions offer incredible tax reliefs; the rich would simply move there and become citizens, while most people would still get taxed on their wages with less hope of an optimistic future in a country that's on the decline that they can't leave since they aren't rich.

[@bostonlincolnshire8745]

I give 'thumb up' to GarysEc's' b4 I even watched vid. That's how excellent I rate Gary!

[@optiontrader4512]

Gary, you have brought this issue to the forefront of your subscribers minds along with all those with whom we interact. Now you know that every successful venture should show growth and that happens when we set and reach goals and targets. This means that your troops have to work with these principles rather than wait for generic action to take place. One of our targets should be escalating a demand that any political party we support should have as part of its manifesto a clear declaration that it will set out a tax of at least 1 pence on the pound for every wealthy person above a discussed level (say Ten million pounds or dollar equivalent). This is the most leveraged approach to get the disparity level reduced since that group cannot avoid the effect their ownership and cannot defend this massive drain on the economics of the middle and working class. Your message is clear so action steps have to be presented going forward ,We know that politicians act only in respect of votes.

[@ISOaGoGo]

Gary, I stumbled across your channel and am so pleased I did. It’s refreshing to hear a knowledgeable individual with an accent. The class system in this country really does prejudge regional accents. Keep doing what you do, love how palatable you deliver.

[@Norovo]

This is quite literally what the creator of the Monopoly board game was trying to teach, but somehow the message got lost. The $200 you get from going around the board is like your salary in that game, and you quickly realise it won't save you if you don't invest it well. People shouldn't feel dirty about investing - it's the system we have and it can be one of the only ways to keep up - but more need to have the courage to put the fruits of their investments towards building a fairer society. Unfortunately, many of the beneficiaries of this system have little to no interest in helping the people who don't understand it.

[@martinbrighton2116]

Thanks Gary! The rich clearly avoid a lot of tax and wealth is hardly taxed, yet we are we told the tax burden is as high at the 70’s? Is this beacuse the burden has moved to ordinary people more?

[@enta_nae_mere7590]

This issue of generational wealth drain is pretty obvious to every person under 30, its just the ocean we swim in. Whereas it's basically unintelligible to those generations currently with wealth.

[@DrSomhairle]

It's made worse because rich families protect their assets whereas ordinary people can't which means ordinary people pay tax on assets they pass on, whereas the rich don't, which is why the system is broken.

[@remicaron3191]

It’s refreshing to see a person who’s made it from nothing to something and remember where he came from. I’m not rich but live fairly comfortably and I remember and still hang with friends which will never understand why they are were they are. It’s very discouraging speaking to them because most of them believe in taxing the poor and allowing the rich to pay very little as a percentage of their income in taxes. They can’t seem to understand the difference between making 1,000,000/year and and paying 100,000 in taxes and making 100,000/year and paying 30,000 in taxes. All they see is that the person making 1,000,000/year paid more than 3 times the amount of tax. It seems to me like most poor people do not understand how they are poor and think that taxing the rich to redistribute in the economy is somehow going to leave them jobless. How do we change the narrative for these people when everything they hear from small business owners to the media tells them the opposite? It drives me nuts.

[@theoddone887]

encourage education as means to escape poverty. leverage said education to attain skilled or professional work (from studying in STEM). work in your higher paying field of expertise for some years, accumulating as much cash and experience in your industry as possible while simultaneously not succumbing to lifestyle inflation). With a cash reserve of 100-200k, saved over 5-10 years, deploy capital in major investments such as businesses or real estate. Seek investors from networking to fund your business. UK is a service based economy rather than a product based economy like the USA. Create a business offering a service, this can be as specialised as creating your law firm if you studied law, or it could be as simple as owning a car wash which can generate £250-600k revenue per year depending on your location and how busy you are. These opportunities are still available for me, someone who grew up in the UK poor in an immigrant family that made bad financial decisions and fell for interest only mortgage scams. I believe that if you are hungry enough, you can attain it. If you're an easy going guy who goes to the pub and watches love island and doesn't do much else beyond that outside of work, i'd bet that you will die poor and your children will suffer from the inequality that you did nothing to counter against for the sake of their future. But maybe my plans will fail and I could easily share this fate too, we shall see. I fear mortgages due to the usury amortization scam that they implement in their 30 year payment plans, but im not sure how else to acquire a property without taking the hit. Perhaps buy property in cash with 25% down payment as an LLC so I dont take the hit. then rent it out and let tenants pay the mortgage over time while i get paid dividends through teh LLC. not sure what tax implications are but i intend to pay as little as legally possible. if theres legal loop holes i will take it. fuck tax and fuck wealth redistribution by the hands of the government to put into the pockets of the financially irresponsible

[@Jollynescu]

This guy knows the game better than any average human out there and he drops knowledge for us for free. I am amazed by this YT channel. I am from the working class and this videos is scary to be honest. Scary...

[@pohouse209]

Gary has really made me think - I was edging right trying to get some growth into the economy but this all totally makes sense. It is very hard to understand how assets just keep going up without this info. It is also now clear that this will not correct itself in the way we expected it to in the 'old days'.

[@PDellis84]

So could A basic income stimulate the economy while giving people the ability to in crease wealth? Would love to hear your views on it. And a proper one like that was trailed in Canada, Oakland and Finland and is on trial for people grown out of care in Wales?

[@christianfernandez3735]

Great video Gary. Impressive, the way you're able to share your knowledge in such an understanding way.

[@elja7659]

Thank you for making this video free and accessible! ❤ I really wish the people that need this knowledge would find your KZbin channel… even the algorithm is against us :(

[@clivepritchard]

Very interesting and undeniably true. Wish I'd known that back in 2010, then I'd be sipping cocktails in the sun now!

[@markusnystrom852]

Thank you, Gary! Your work matters!

[@GCMit]

You are very good at putting things into simple terms. Thanks for making this video.

[@josephj6521]

Well said. My tip: next time there is a stock market crash, buy buy buy good quality shares. Buy anything good! The market always recovers. The trick is to save as much as you can and patience.

[@james83777]

Surly the best way to limit equality and transfer of wealth is for the state to own as many of the essential things we have to spend money on as possible. That can then be used to lower taxes for ordinary people and put back into the system to be re-spent rather then being locked away. Privatisation was the start of all our problems.

[@user-fb9os7hy2y]

State management of anything is a shortcut to stagnation and corruption (see communism for a century of data)...what used to be called civil contingency (the basic services needed to run the country in time of crisis)should all be state run (at the cost of the above mentioned stagruption) this is simply the base cost of maintaining freedom and free market economics.. however housings is not civil contingency and the basic problem with that is that the profits from inflation are not taxed..this creates speculation and money going into accommodation that should be invested in buisnesses to power growth.

[@jacquityler2803]

Great post as always Gary. For anyone who has Netflix I would recommend watching the documentary 97% owned, which explains in some detail how domestic and international finance works. It's both damning and depressing.

[@endisthebeginning24]

I am learning loads from Gary and this channel but bloody hell im bricking it a bit. Swear I’m just gonna buy things that don’t go out of date and things I can hold. Gold coins, canned food, im not even joking, that is my investment strategy. Kitted my whole house out from charity and dump shops, simply because they were cheap assets. Know it sounds mad but wood tables and chairs are gonna cost bucks soon, and if needs be I can sell them. Hopefully I won’t be sitting on my backside eating my tin of beans too soon

[@icrlp0570]

oustanding video one of your best. although VERY surprising/unusual you didn't mention the wealth flows from crypto. that's how the working man is going to get things going back in the right direction

[@mawkernewek]

As I understand it, what you are saying is the problem is that there is much lower economic growth than in the past, and so therefore capital moves from productive investment, to rent-seeking? Presumably the solution is to tax rent-seeking behaviour into oblivion to return that capital to productive investment. However the well-connected rich will lobby any government that starts to think of doing just that to stop them doing so, because they're worried that this would be like a pin in the highly inflated balloon of asset prices.

[@Kensho79]

Phenomenal explanation ... if you keep pumping out content like this, I'm very confident your channel will reach massive numbers. Thank you for lending your insights and analysis to the world conversation. For a great many, economics as a field of knowledge seems a bit arcane, to have it explained plainly by a regular guy, very well versed, is enormously helpful. Thank you, Gary!

[@spatchcockdaniels1479]

Thanks Gary. Another great vid. One thing I have always wondered is the breakdown of ownership of a large corporation. You'll see large shareholders are investment funds like black rock, but who is investing in those. How much of that money comes from the middle classes who may have a few thousand to invest, Vs the sunaks?

[@CB-sf9mx]

id love to get your take on inheritance tax. IMO It basically forces lower-middle class to give their only assets to the rich, either through debt from remortgaging, or simply selling to cover inheritance tax.

[@garyseconomics]

This is mainly because it's effectively avoidable by the rich, but as it is it does kind of have that effect. I will get round to doing a video on it one day.

[@SigFigNewton]

Just have to make it applicable to the rich not middle class. Rather than vice versa

[@CB-sf9mx]

@SigFigNewton id love to see all these stately homes and mega yachts getting sold off becasue they are millions over the threshold

[@katypreen9588]

Is there a point at which hoarding of wealth becomes self-defeating? Like, can the super-rich survive in a world without a functioning economy?

[@wytchend]

I've got both my kids subscribed now. Knowledge is power. And you speak wise words. Thank you Gary. I'm betting you'll get to one million subscribers within the next 12 months? Whats your thoughts? Regards Tony

[@knowledgeis5855]

Great video thanks Gary. The term "Raising the Tax on the Rich". I understand can be interpreted in different ways. What we should be focusing on and saying is "Stopping individuals AND companies from exercising tax loop holes". I hope this rephrase may get some people to see the situation differently and in the right way. My personal opinion is that there should be a flat rate tax on all earners regardless of wealth. "Raising the tax on the rich" to many people implies increasing the tax rate of the rich based on declared PAYE earnings, this solves nothing.

[@nickphillips8972]

you should have discussed the solution! i.e if uneven wealth distribution is a problem then what would the change look like, and then what problems could come from this. The end of this was anti-climactic.

[@AdamvanTonder]

Just a quick huge thank you, Gary.

[@charleslewis9425]

I have appreciated Gary's intellectual projection onto myself and others from the moment I first heard him speak. I would however, like to pose a question with regard to the use of the word / term OWNERSHIP to the extent that if one's mortgage is completely paid off or one purchases a home outright, they will never be free from the claim by entities claiming to be government with the operational rights to seize one's land and home for non payment of property taxes. This truth is unequivocal proof that property OWNERSHIP in America or elsewhere, is a true oxymoron if for no other reason than the land and materials used to build the home were not created by those claiming the right to seize it which only happens by force or the threat thereof.

[@Deskry]

I hope Keir Starmer is subscribed to this Vlogger. Keep it up Gary, the message will get through, but must be handed on by each of us that understands your message.

[@bpdlr]

Came here via a clip shared by Maximilien Robespierre. I really hope you get more media spots where you can share your message.

[@JO091715]

Gary can you help us write letters to our leaders to petition them accordingly. The POW movement does this really well and we should do the same!

[@axeedwards]

I have most of my money invested in a Stocks and Shares ISA - one of the shares I own is BCPT which invests in Commercial Property and pays out a monthly dividend. When the Covid pandemic hit - the shares went down - at that point I bought as many as I could - I now get approx £300 per month in dividends, and reinvest the dividends. We will get another crash at some point - and i will do the same again, buying more shares at a lower price.

[@realtalkwellness]

Excellent. Simple effective communication ✊🏼

[@antonioraffa123]

Can't argue with that at all. So how and when are we going to see tax arranged appropriately. I'd be quite happy to see Gary as our next prime minister.

[@adamburton5184]

I agree with what you are saying in terms of specifically wealth, say home ownership is getting increasingly difficult but it sounds to me like my parents generation (same as yours probably) had a pretty rough deal. People in the 60s and 70s in poorer areas supposedly didn't eat meat often at all for example and were lucky if they had one meal a day (well one parent specifically ) but as soon as they hit their teens and early 20s after a couple of years working they could afford property through hospitality work, now unheard of. We have a situation now (George Carlin explains well) where even if you are a low earner you can still buy all the food you probably ever need and there are millions of items available but when it comes to things that matter you have no choice. This logic could be extended to property. I've seen my salary increase from low to what is considered middle/high and I feel like it has certainly demonstrated to me that I'll never obtain wealth through income. The thing is to obtain that salary I'm doing IT consultancy whilst my partner who does Teaching obtains an absolutely trash tier wage. Most jobs that matter socially are paid poorly whereas nonsense is well paid.

[@J-Hell]

Completely agree about how the most important jobs in society have trash pay. Re food vs home ownership: Most foodstuffs, especially meat, are produced more cheaply these days because of farm specialisation. This might be ecologically disastrous. Along with asset inflation, this means that the ratio of cost of food to cost of housing has changed enormously in recent decades. James Rebanks is a traditional farmer in North West England who writes about this stuff in his book English Pastoral.

[@humanperson8418]

Basically describing the monopoly board game.

[@8G00SE8]

From the property side of things, would investment corporations buying up property like we've seen be preferential to wealthy individuals, as individuals may buy without the intention to sell, corporations may have a stop loss for their property portfolio in a bad market where they will start offloading without a second thought.

[@SA-mo2yc]

I think the bit that Gary doesn't cover is global population growth. UK population growth, immigration and it's effect on asset/house prices. Also quantitative easing how that sured up the banks at the expense of ordinary people. The COVID response also went via employers and saved business first ordinary people second.

[@GeorgeGeorgeOnly]

In a way, Garry isn't telling us anything that we couldn't already know for ourselves. But the shame of it is that no one thinks about this stuff, except for people like Garry or rich people.

[@garyclarke1641]

Is an alternative to taxing the rich - which they are adept at avoiding - instead nationalise assets and /or (as Labour propose with British Energy) create new national assets. Those assets to be managed to deliver low and over time decreasing prices?

[@Madasin_Paine]

Outstanding. Send this to teenagers today! And their parents and grandparents, toay!

[@markswindells4397]

I agree with you, what's different about today from the last 355 years this process has been in place?

[@danjacob899]

panning out to Gary in capris and barefoot was hilarious but on brand

[@Jay...777]

Its class war. We have to overcome division, come together & fight. The system not only compounds inequality on automatic, it is also leading us into climate disaster & eventual extinction. Unite.

[@peterscott6818]

Hi Gary I am confused to hear you say at 10:00 that Rishi Sunak receives £3 million per year as a return on his £700 million assets. In previous videos (eg who pays tax) you say he receives £30 million a year as a return on those assets. Why the different figures? Is one a mistake? Or am I not understanding something? Please clarify

[@peterscott6818]

The video I refer to (among others) is ‘Who Actually Pays Taxes’ and the statement occurs at 4:00

[@zigman7140]

What’s your opinion on Bitcoin please.

[@singlim2327]

Is this neo marxism? I love your work, gary! I would love to take an online course with more analystics involved even!

[@MrDamjan1992yo]

Very well summarized, I have exactly the same remarks since a couple of years working in finance. Thank you Gary! 🫡

[@dazecm]

Does the kind of change to tax systemsthat Gary speaks of, such as closing loopholes and the introduction of taxes on wealth have to be done globally by other countries too, or can changes say just here in the UK result in better living conditions and less obscene and growing wealth inequity in the UK? I fear that the only way to make all of this work is for all countries to purge the world of tax havens (also known as sunny places for shady people) and have equally progressive tax systems with no aggregious loopholes. Otherwise could that one countries economy be damaged due to it having a fair and progressive tax system?

[@Nextgenerative13]

Hi, I would love another video where you focused more on your proposed solution taxing wealth, my concern is that if the UK tried to enact this, there would be an outflow of wealth that could be damaging. I am very curious about how the nondom taxation will work, will there be a positive effect for the UK. I have some doubts.

[@mmhcreates]

10:46 nicely articulated, hearing you say that made my perspective widen.

[@lumiere930]

great video gary. i can now rest easy that my increase in mortgage payments won't go to my community but insterad, is going to billionaires to allow them to buy up more assets 😫. feels like we are caught in a devestating cycle and the only thing to break it is a mass social movement. we can't keep paying into this flow of wealth

[@xchazz86]

Skills is wealth, knowledge is wealth, corruption is wealth. Real wealth has utilitarianism and can be easily leveraged for income.

[@alexb8261]

Great info as always Gary! Would be great if you could do a dummies guide to gilts and how they impact ordinary people - keep up the content, the followers will only grow!

[@Luke-tt3dt]

Gary - you mention taxing wealth rather than income and I wonder if you have a specific kind/amount of tax in mind. I'm not an expert on the subject but I've been independently observing and learning about what's going on and come to very similar conclusions to you; i.e. that we're sliding towards a neofeudal economy where the middle class disappear, and there are simply a 'serf' class who have to pay a large chunk of their labour value to the 'lord' class for the right to simply exist in society. I just don't have an optimal solution. Are we talking a much higher rate of Capital Gains Tax here? Or a Wealth tax where a certain percentage of asset values are taxed every year?

[@andrewgardiner8918]

'Tax us now’: ultra-rich call on governments to introduce wealth taxes. See The Guardian article.

[@progressivecfp]

Good content. This reminds of the politics of the party "Red" in Norway. Keep up the good work. Greetings from Norway ;)

[@ac6854]

I’m starting a local campaign and would love to have your input if possible as it’s quite overwhelming to think of the best approach. Let me know if that’s something you can do. Thanks again for the video, it’s so informative. I’m just so angry I need to put this energy into something to help make a difference.

[@dandare1001]

The difficult parts of your conclusion are the convincing of normal people to vote the right way (and to have a party or parties that will do what they say), and that the wealthy are mobile (i.e. they are offshore and can always move their wealth to a different jurisdiction if they need to). It can be done, but it'll be a fight. We need to get people off their distractions (time-wasting media, toys, etc.) get them educated, and they will stick together. After all the people at the bottom may not hold the wealth, but they are the majority.

[@darv66]

One thing you didnt mention is that if it gets to bad, you will most likely see revolution in many western countries and a reset that way as people will just refuse to accept the status quo

[@maxgee1691]

That could be seen as the system resetting itself, i.e. when the inevitable tipping point occurs, it's the pitchforks against the military. A complete mess, wholesale carnage but it may yield some 'give' from the top table. But that's the ultimate price to pay. Revolution, like asset-grabbing, can manifest in less bloody ways now, e.g. via digital means etc. Either way, it seems only a mass onboarding of people from all backgrounds can demand change in lieu of someone trying to overturn the status quo from within. Whatever your views on Corbyn, he was the most recent manifestation of that opportunity, however clumsily he may have handled it

[@kylebrady3651]

This channel is brilliant , I'm sure I read or heard you may be writing a book? Hopefully I'm correct and you do would be amazing.

[@kimberiysmarketstrategy]

I noticed, while in London, that flats were being advertised to buy with 2-3 other people. In the US I purchased during Covid when everyone said I was crazy. Its gone up 100,000. Im looking for my second because I see what you see. New migration will affect housing prices I believe. Better to be on the good side of this trade I hope.

[@SigFigNewton]

Migration is preventing home prices from increasing faster

[@SigFigNewton]

They literally create more supply than they demand

[@markcrisp07]

Time and health is all that matters as you get older...

[@stef1234]

Does this mean that the average return on investment decreases as wealth inequality increases? Since the amount of capital available for investment increases while the aggregate demand decreases.

[@bereal6590]

This game has been going on forever. If you watch 'the mill', it shows this contrast from the 1800's. Those that own the land buildings and means of production control the masses. Now we have the crazy super rich who are changing the game again to an attempted 4th industrial revolution is tech and digital in lusing I.D. and currency. I,f we don't do something we soon won't have a choice. Well done Gary for your coverage, really appreciate it. Don't get old feet there, feel a sudden u.rgeto buy you slippers lol ✌

[@markusantonious8192]

Otherwise called a 'rentier', i.e, tollbooth, neo-feudal/capitalist economic system. Essentially, this is a simplified version of economist Michael Hudson's very valuable works (See for instance: 'Killing the Host')....and, of course, that fine fellow, Karl Marx.

[@claudew7763]

I've been trying to explain this to people for 20 years, but I always get the same question you're probably getting, which is HOW do we change it? My only thought is to vote Green, but that doesn't fill me with confidence...

[@charliestephenson2950]

Great video Gary! Question: do you know of any countries who are actively and effectively tackling wealth inequality? Thanks as always!

[@jowilkie8477]

Hey Gary not sure how to get un touch but I would love to talk to you about resilience. It could be interesting for you and fits with your work on inequality and how to bring it to society. Resilience research is moving away from the individual and moving towards social justice. Brighton Uni has a great centre. I am not famous. 55 year old mum of mixed race teens. I listen to gen z. They inherited the shit.

[@vortexfx420]

A lot of the big companies are buying houses, driving up prices in America I heard