The best of economists on PoliticsJOE 2024

[@leegray]

Honestly, people need to realise the fight is not between the right & left. It’s the bottom versus the top.

[@MylotheMask]

Great comment!

[@fionaetienne1693]

Amen

[@Space_Plays6259]

Agreed

[@Tecnodoc32]

It always was.

[@johanlantz1474]

Bitcoin takes away their power, dont let them scare you away from it. Study it!

[@fylbike]

Many people applaud the increase in value of their house whilst complaining that the children can't buy a house

[@G0nxsf]

There has never been trickle down, its only ever been gushing up..!

[@aleph8888]

Socialism is a bankrupt 19th century ideology, what a tragedy that another European/UK generation has to learn this again. Get a new book.

[@1pauljs]

It exists in the minds of liars, con artists and the gullible.

[@bdorman009]

My issue with this rhetoric is it gives politicians an excuse to tax hard working “high income” workers even more - all while the real rich get wealthier via assets (and very low taxes).

[@jelef001]

suction up economics

[@johanlantz1474]

Yes because of the credit based monetary system, not because of capitalism.

[@WhoOneIs]

It’s worse: inequality is destroying people, families and communities.

[@SK-vg3mw]

Government, their abuse of monetary policies and reckless spending is the reason of inequality! Government is the single source of inflation that makes money worthless and assets expensive, not the rich people! UK losing millionaires in record numbers, while US gaining. Doesn’t feel like UK people getting any better because of it! Losing rich people only results in losing business, jobs and tax revenue

[@The.world.has.gone.crazy...]

@@WhoOneIs exactly!

[@ossianx8752]

@@WhoOneIs what do you mean by inequality? Everyone gets the same crack of the whip these days … nobody is prevented from doing anything they want practically….

[@danglebum]

Inequality doesn't just destroy the economy it absolutely destroys society

[@mikolowiskamikolowiska4993]

You really think lions and giraffes are equal?

[@DanKeatis]

@@mikolowiskamikolowiska4993That’s a stupid analogy.

[@philwoodfordjjj8928]

The point is that Thatcher started the ball rolling, and to put it bluntly, those who criticize post WW2 government of Attlee and the nationalisation fail to realise that public transport is a service and that overall the creation of the welfare state and NHS has benefited the working class. As for the argument of no business experience, one only has to look at what the fool Beaching did, and in company with other fools who knew the price of everything and the value of nothing, which continues today. Moreover, those who advocated for privitisation have been proved to be deluded at best, especially as the UK's utilities and now owned by foreign companies who car about share holders not clean water ways or infrastructure that works.

[@danglebum]

That pretty much sums up the past 60 years of Tory government

[@tolunayyilmaz1079]

Incredibly true points. I am glad that at least some people mentioning it! That’s a global trend and our generation is not aware of the reasons why they are suffering the problems they have

[@The.world.has.gone.crazy...]

One of the major problems is passive income, it should be taxed 90% worldwide. Thats one of the only ways things will turn around.

[@SK-vg3mw]

@@The.world.has.gone.crazy... yeah, let’s rob productive and successful people and reward lazy and unproductive losers! 👏👏

[@scottyfive4319]

@@SK-vg3mw Just Bec sue the ultra rich are getting taxed does NOT mean that the lazy are going to be rewarded. I would say by your comment you are a loser as a human being.

[@michaelrch]

You are describing a symptom of the capitalist system. One class works for a living. The other owns for a living. There is no need for this distinction. Workers and democratic institutions shown own the places we work. No capitalists are necessary. Take it from me. I am one.

[@The.world.has.gone.crazy...]

@michaelrch Maybe, but is it still really capitalism? For capitalism to work money needs to go around, the problem is that becouse of "the changing of the rules during the game" 99% of money is hoarded by a very small part of people. It's kind of like a game of monopoly at the end when one player owns everything and the other just play along till they are broke and the winner keeps lending the money to keep the game going. That is one of the important reasons a high "wealth tax" was created in the first place. Again i am not against capitalism ( i am a small business owner myself), but after the 70's when the goldstandard was dropped in America and fractional reserve banking took It's place, capitalism died with it and what i call "neo capitalism" took over. Now debt creates currency and like i mentioned capitalism does not excist anymore. In western Europe young people cant even afford to buy a house anymore, when this happens you know we have a huge systemic problem. Merry christmas to you and youre loved ones.

[@SK-vg3mw]

@ Nevertheless, if you look the list of richest people, most of them are self made and made their capital during their lifetime. Most of dinosaur industries are being disrupted today by new entrepreneurs

[@jamesmash3927]

Yes, this was all shown in the book by Piketty, "a brief history of inequality". We have the answers, but the people in power refuse to enact them. It is up to us to force them to do so.

[@mikolowiskamikolowiska4993]

Keep that same energy when s someone with more force makes you a slave

[@mikolowiskamikolowiska4993]

Keep that energy when the enforcers rule over you producing nothing

[@djoldschool]

The reason massive inequality exists is well versed here, particularly by Yanis talking about financialisation of the economy (thanks Thatcher). The question is now what we do about it? Apathy is our biggest enemy and the elites of all political colours are playing the card.

[@crookshanks5000]

Damn didn't realise Mariana was on last year and not this one, Varoufakis always a banger. Proportional taxation, land tax reform, wealth tax - that's how you shrink inequality. None of the current parties in the UK seem interested in any of these, I don't know how it will end but things are only going to get grimmer. I had a sliver of hope with Labour but not seeing anything convincing yet, brace yourselves for a shitshow in the next election...

[@martinjohnson1534]

Torsten Bell, Yanis Varoufakis, Gary Stevenson. The Avengers of economists.

[@ossianx8752]

Who have never run a successful economy …..

[@Sirlarrythecat]

@@ossianx8752 Good point but have you asked yourself why that is.

[@cristianion2056]

We can see what big taxes like 50% of gdp did for UK, France and Germany.

[@ossianx8752]

@@Sirlarrythecat humans don’t want to be equal - not even the ones who say they do ….

[@ossianx8752]

@@Sirlarrythecat Because, fundamentally (particularly those who espouse it), people don’t really want to be equal - they want equal to happen somehow below them and that is impossible:-)

[@roshangaireghare5252]

Brilliant interviews .I enjoyed every interview about British economy and politics.

[@karlkerr7348]

The post war boom is over, the era of full employment long gone and wont return. We are going back to the thirties and back further again.

[@The.world.has.gone.crazy...]

@@karlkerr7348 back to feudalism, if we are not allready there.

[@davidc4582]

Kidadualt range from 18-35 is crazy. That’s prime child bearing years, we’re done for

[@fylbike]

Reservoirs. worse than than not building, the companies have filled them in and sold the land for building

[@itkapatanka]

Gary Fuckin' Stevenson.

[@RichardFraser-y9t]

Fukin' rocks

[@chester6343]

Is a total fraud lol

[@fionaetienne1693]

Couldn't be less of a fraud.

[@chester6343]

@@fionaetienne1693 you must be a patreon, or at least read his book? Incidentally why do you reckon someone as rich as Gary has a patreon?

[@WVislandia]

@@chester6343 To be able to hire staff to support his video creations. He ring-fences the Patreon funds for that alone. Patreon funds are not wanted - or needed - by Gary.

[@GlennLeinster]

Great video thanks for your work

[@MrHousey36]

Torsten Bell, now a Labour MP. Been quiet since then.

[@peterbedford2610]

Government controlled systems are not perfect, but the privatized versions of systems are seriously flawed because they are monopolized. Open fair markets are only valuable to society if they cannot be monopolized.

[@turbokadett]

Only 720p resolution available on this vid? What's going on?

[@WVislandia]

Thatcher merely copied Reagan whom she idolized.

[@michaelrch]

They both copied Fredrick Hayek, Ludwig Von Mises, Milton Friedman and the Austrian school of economics. Thatcher once went into a shadow cabinet meeting and when asked what the party's economics policy was, she threw down a battered copy of Hayek's (insane) book "The Constitution of Liberty" and said "THAT'S what we believe!"

[@The.world.has.gone.crazy...]

@@WVislandia yes, dumb and dumber. 🤣 Reagan was an actor and an easy puppet. Just like Zelensky is now.

[@Neo-ECO-LIberalism]

uh-hum! vice-versa from my understanding.

[@sichambers9011]

Other way around

[@michaelrch]

@@sichambers9011 they both copied Hayek, Von Mises and Friedman. Neoliberalism was a movement long in the making and it really started under Carter.

[@user-gf5qm9no8q]

varoufakis is playing 4D chess compared to the others, although all appreciated

[@robertallen591]

tax wealth or its over

[@khourikhourison10]

Gary is like an Enter Shikari song personified, in a good way ❤❤ 🔥🗿

[@MartinJames389]

The woman in the second interview (don't know her name) seems to exist in a bubble of middle class insularity, then she purports to generalise this cultic experience to society as a whole. "The bank of mum and dad", the notion that an earlier generation had access to property, the alleged "housing ladder", etc. are class realities, former or current, which neither have, nor ever had, anything to do with the world I live in or have experienced over 79 years.

[@schumiisking]

Have you ever heard of the concept of an average? Not everything revolves around your sole life experience.

[@MartinJames389]

@@schumiisking In what fantasy is what she refers to an average? I used the word "cultic" for good reason.

[@TonyMacina]

On average the earlier generations had multiples of 2-4x the average salary for a home, even in greater London. Compared to the current situation where it's ordinarily 5-10x and up to 15-20x in London and you have a broad generational pattern. Yes it's not everyone's experience, but most people under 40 I know that own a home are either the beneficiaries of an inheritance, had help with the deposit from relatives or moved to much cheaper areas and face long commutes.

[@MartinJames389]

@@TonyMacina That's true, but in earlier generations only a small minority of people lived in homes they owned. The households in owner-occupancy passed the number in council tenancies only around 1970. By around 2003 it reached a peak of 71%, but it has fallen back considerably since then.

[@matthewstagg9786]

I'm going to have to pay a shedload of tax to support my parents' generation. You bet your arse I'm going to choose the country where I pay that tax and it's going to be the one that offers me the best services. Which isn't Britain. Good luck, enjoy!

[@gillianhope7742]

True , also many people currently about age 35 plus will be in line for large inheritances , that’s if the care bill hasn’t take it all

[@annenunney9907]

While did the Multi millionaire have to keep swering

[@JoinTheTemple]

Milei in Argentina is showing us what needs to be done. If only the UK had its version of him.

[@abuyusufabdulhakim952]

Huh? Milei is a puppet who will destroy Argentina…

[@JoinTheTemple]

@ - a puppet of whom exactly? And destroy the economy? Have you even seen the main figures that show just how well his measures are doing to rebuild the economy there?

[@sichambers9011]

There's massive poverty there now

[@JoinTheTemple]

@@sichambers9011 - there was already massive poverty there. And with the inflation they had it would have gotten worse no matter who was in charge. But yes, it’s true that it went up at the start under Milei but he stated right from the outset that it would hurt to begin with and that things would get worse before they got better. He was totally upfront about it (which is more than can be said about most politicians). And now? Inflation has plummeted and as a result the latest figures show that extreme poverty is now trending back down. I believe 38% was the last number. There is always going to be lag time for fixes to improve things. One cannot expect immediate improvement when trying to unf**k such an awful situation. Any addict goes through a worse period when trying to get clean. Withdrawal symptoms are deeply unpleasant in the short term but necessary for good health in the long term. And Argentina was addicted to government spending.

[@OnikaMCPE]

Merry Halloween 🎃

[@michaelsinclair2510]

THE problem is with party political identity, which is maintained by a complete absence, and purposeful avoidance of any cross party deliberation, for if that happened parties would not have electable profiles. This gives us adverserial politics which leads to poor democratic representation, and ultimately, disparity - disparity of wealth, health, opportunity, education and, a lack of social cohesion. All that is covered within this podcast well underlines the paucity in our, and world governance. We cannot, and should not, leave everything in the hands of politicians - there must be radical change to the institutional political design that give us all a better constitution - if - ologarchy allows - if party polical identity allows.

[@matrixmaid4042]

Love the LINK - THOSE in POLITICS are drastically RICHER and GOVERNMENTS are drastically poorer - What's the LINK lololol - We just have to look across Europe - EVERY government

[@chaunceybutler3814]

speaking to 21 minutes in, all privatization is undervalued seems. hallmark of it was how one economist put it. interviewer asked said economist too, a little non plussed how shares always end up in the hands of a small number as well.

[@KamalSingh-wc4pw]

Very crisp

[@tyronebraithwaite6157]

Until we totally get that government spending is the source of money for the economic well-being of society and we pretend it comes from markets - we will get nowhere. Start your conversation there and you will find your answers.

[@fintamaria2429]

We are poor workers because we can't feed the rich.

[@issaqua]

Why does nobody talk about a progressive asset tax to counteract the economies of scale at play?

[@StephenSmithSimRacung]

Major broke up BR not Thatcher I am no Thatcher fan but even she realized breaking BR up would cause issues Hence she was unwilling to do it.

[@michaelrch]

BR was privatised based on Thatcher's neoliberal ideology though. A far cry from MacMillan and "selling off the family silver".

[@PleiadesImprezaT2000AWD-l4l]

That is true, it was the Major government that privatised it.

[@robmarkworth5377]

Someone make Torsten the Chancellor please

[@CurtalA]

No

[@robmarkworth5377]

@@CurtalA your mum

[@motormouthalmighty]

why have tens of thousands of people spent decades and decades talking about meaningless twaddle?

[@ByJimineeItsBREXIT-z2k]

Most comments here are being wiped. WHY?

[@paulgibbons2320]

Disruption . They don't want people talking about politics outside of the Labour, Conservative paradime.

[@keycuz]

Internet police

[@michaelrch]

12:24 this man completely magically forgot everything he ever believed about inequality after getting drafted into the Red Tory machine...

[@CurtalA]

Yep, guy is a grifter. Not much different from the Tories this government

[@Antipaxos_Nadja123]

I think anytime Torsten Bell appears there should be a disclaimer detailing how he has now completely and utterly sold out

[@izrite3162]

Sold out as in, ran for public office instead of sitting in a cushy think tank job telling everyone how they’d sort the world, whilst doing absolutely nothing, to sort the world

[@Antipaxos_Nadja123]

@izrite3162 you mean being gifted a safe seat and then defending the actions of a government that goes against everything he once argued for? yes, that is my definition of selling out

[@CurtalA]

Thank you. The guy is a grifter who has no experience in the real world

[@Antipaxos_Nadja123]

@CurtalA I'm honestly not sure about the 'real world' thing, his viewpoints definitely have validity from an economics viewpoint, it's just that he dropped calling out political spin to peddle it pretty much overnight the moment he got a safe seat (where he doesn't even live)

[@Bert86]

Also politicsjoe, vote labour! Tories bad!

[@sciencefliestothemoon2305]

Aside from being a fact. What else is new.

[@Bert86]

@sciencefliestothemoon2305 labour ain't gonna do nothing to address income inequality

[@iannisbet3882]

Your purposely missing the point.Doesn't matter whose in charge if they don't tackle massive income inequality.People have bought into neoliberalism that is solely intended to help those with assets and shares...

[@Bert86]

@iannisbet3882 that's exactly my point, what are you talking about?

[@sciencefliestothemoon2305]

@@Bert86 and Tories have, and would increase it. There is at least a semblence of hope with labour.

[@geoffreynhill2833]

Who's who, Joe ? 🙁

[@bishboshs]

Aka the economists which have views most closely aligned to us.

[@Solsbeary]

find me a economist supportive of Brexit.... I'll wait.

[@scottyfive4319]

@@Solsbeary There was ONE and he was lead out on every program against ONE against Brexit. In 2012 this same economist to a government panel that for Brexit to work both manufacturing and Farming must be "let go" like heavy engineering in the 1980's. This was NOT publicised at all during the referendum.

[@TippedBalance]

@@Solsbeary It's the year 5274, we're still waiting for an answer.

[@bishboshs]

@Solsbeary what's that got to do with brexit? You can have two economists who think brexit was bad. One thinks govt spending should reduce, one the opposite.

[@pierswillmott3243]

Patrick Mimford....... Willingly fraudulent on a moral perspective

[@jansmith286]

Eliza Filby states one in 5 baby boomers are millionaires in this country. I cannot believe that is true. People who were young adults in the eighties were more fortunate but this is a gross exaggeration of their wealth. Not all homeowners have property valued at London prices, many people list out on pensions following the misselling of pensions by companies like Equitable Life and Standard Life. People were missold mortgages and paid interest only repayments so they now have to find the capital, they were advised this could be invested in the stock market for good returns but this has not happened. I believe that "Boomers" get a lot of flack without anyone being interested in the number of times the system fleeced them.

[@Smarterthanyew]

Erm, hence why 1 in 5 are millionaires, and 4 in 5 are not

[@xtc2v]

We need inequality to give the masses hope of joining the elite

[@EnergyChat]

The guy should spend more time reading and less time talking.

[@darkhunteryt4268]

These people are useless 😂😂😂

[@michafrica]

You are fortunate that you are not engineers, as you do not grasp the true scale of the challenges. Consider this: if the majority of your infrastructure dates back to 1910, then your knowledge is from that era as well. I believe the financial industry cannot thrive without a genuine industrial foundation.

[@thaumaturgeishere331]

The Greek fella always blames the left. He may be partly right.

[@The.world.has.gone.crazy...]

He is on the left.

[@UkSapyy]

Because for the grand scheme of things over time the West has progressed left, left politics generally encompasses the values of progression otherwise Hilter would've partnered with the British Empire and today would be a different world. So generally speaking the left is to blame but not because the left is bad but because for a sustainable future it is seen as the better option. What it gets wrong is a result of those in power not listening to how comfortable people are with change and not the action of the progression itself.

[@cSTEPHEN855]

He just holds he so called left accountable

[@The.world.has.gone.crazy...]

@cSTEPHEN855 thats becouse as he argued before, the left is not left anymore.

[@chester6343]

@@UkSapyy holy delusion

[@ossianx8752]

DEI - Didn’t Earn It ….

[@Smarterthanyew]

It simply isn't true that diverse hires aren't as qualified or talented as their white counterparts. This argument is fundamentally racist. They need to meet the same requirements. Businesses and corporations are interested in making money. That's the prime motivation they have. They are not going to purposely lose money, get lower productivity and dace lawsuits due to incompetent underqualified hires. All it does is diversify professions that have because of prejudice and racism, neglected othet ethnic groups. Or hires more women in male-domimated industries. They find, every time, that diversifying their talent pool, productivity and success increases. It invigorates industry with new perspective ideas and importantly, widens their market share. You never hear people talking about mediocre white hires, do you. Presumably, having white skin automatically makes you fully qualified to do a job. You would never accuse a white person of not being properly qualified. Stop it, because you look silly and uninformed.

[@CurtalA]

Stop using American terms, UK is an entirely different system, for better or worse.

[@ossianx8752]

@ Same toxic ideology I’m afraid …..

[@ByJimineeItsBREXIT-z2k]

Nationalised railways began in 1948 - under Attlee and socialism. They were a colossal failure from the start, running up massive annual losses. By 1979, they were a national joke,...unreliable diesel locomotives, clapped out rolling stock, dirty carriages, decrepit, grimy railway stations, surly unionised staff often on strike. Nationalised railways were an abysmal failure.

[@SK-vg3mw]

That’s what happens when you give business to run to someone who is not a businessman. You can’t turn bureaucrats into entrepreneurs.

[@ByJimineeItsBREXIT-z2k]

@@SK-vg3mw Excellent comment. Labour people are not business people. Never have been. None today have worked in commerce or industry; held senior or CEO managerial positions; or started up and run their own business. They have already failed on the economy.

[@sciencefliestothemoon2305]

Ah yes, the privatised railways of the UK are the wet dream of every other country. Ahh wait....

[@sciencefliestothemoon2305]

@@ByJimineeItsBREXIT-z2k And the amazing business people of 14 years of Tory rule have left the country in better and stronger shape then ever before. No crashing the economy, no buddy business with contracts, no rules are for thee not me.

[@ByJimineeItsBREXIT-z2k]

@@sciencefliestothemoon2305 And all those billions investment then poured in....you get super-sleek, super-fast and reliable trains, modern, carriages, comfortable seats, modern, comfortable stations.....all of it vastly superior to the nationalised hell I suffered during the socialism and anarchy unions of the 1970's....when we were The Sick Man Of Europe and suffered the shameful Winter Of Discontent in 1979 when Labour turned us into an economic basket case..

[@garyb455]

Lets get real, people only invest to get a return on their capitol. You can get 11% by just buying the SandP 500 and its very difficult to get that return in business in the UK so nobody invests. Thatchers time in Government was the most successful time for the UK in my 72 years. It was easy to start business and get on, today its been taxed and regulated to destruction.

[@Sirlarrythecat]

Was a great time if you were wealthy now remind me please about starting a business what the the level of unemployment during her time in office how many industries did she destroy? I think you might have some very rose tinted glasses on for the everyday average person Thatcher was a total disaster.

[@garyb455]

@@Sirlarrythecat You have no idea what you are talking about, she set up the economy and it was doing great until 1997 when Labour destroyed it as usual. Sadly its going to happen all over again with the current village idiots

[@TheWatchman1893]

Used to like this greek fella but he's been twittering on for years about the fall down of this that and the other and nothing has come true. This ultra left idiology is dead

[@abuyusufabdulhakim952]

You’re not witnessing the collapse of the UK happening in real time? What planet are you living in?

[@stujujitwingfut5192]

Hope your podcast goes under.