No, we've connected these two things. People have seen this for many years.

Just imagine giving that money to the general population , who have a higher marginal propensity to spend than the rich. How would that help inflation? Rightly or wrongly it would otherwise have been mostly locked up in assets. Inflation = higher rates = higher mortgage costs for general public

From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.

try to tax them more and they will leave the UK. "tax the rich" is a dumb take.

There are very few people with 100 million in wealth in the UK. I do see how this would do anything to raise funds. Also it would just mean people would leave the country. Taking there yearly income tax with them.

1 issue i have is money finds its way to people who either have money already or can properly deploy that money. So any time there is stimulus provided by governments it will inevitably end up benefiting the wealthy. Even when they don’t directly receive it. I kinda doubt even taxation can stop this phenomenon.

Im a fan of EVs but it recently dawned on me how a compulsory switch will actually widen the rich-poor inequality gap. Putting aside the fact they cost more than the average person wants to pay for a car the kicker was when I realised my rich neighbour with a driveway could charge his car for 7p per kWh while I, as a renter, would have to pay 63p per kWh at my closest public charger. Lets focus on ways we can all charge for 7p before mandating a switch. Yes it does need to happen and it does need to happen fast.

You failed at answering the question posed. Also, your 89% impoverished number is quite specific, yet you provide no justification or source for it, making it unbelievable. Also, your singular focus on interest rates ignores other equal or more influential factors like the Collective Action problem in housing, the obvious Building side of the equation and the basic demographic trends (i.e. fewer families demanding large houses and fewer small houses for smaller families AND downsizing boomers. Perhaps if you focused some attention on those areas and less on the Marxist Rich v Poor, you'd have some real insight to offer.

Sir, I I don't think you understand what money is. You should read more Aristotle.

It does also drive down the cost of labour. Which is worth considering.

The more I see from Gary, the more I think that he’s just talking out of his arse

Spot on bruv

Have you heard of Branko Milanovic? He's a rare economist who's obsessed with inequality instead of (just) growth.

This guy is repeating the same old stuff from literally 60 years ago. Nothing is wrong with immigration, even when it's uncontrolled and illegal, and anyone who is is rich has done it by evil means and doesnt deserve it. He wants the government to spend more, even though the third highest (only after healthcare and welfare) tax on normal people goes towards servicing the debt of uncontrolled spending by the government, right or left wing. Their solution is actually to spend even more of our money, and then when people complain about immigration as it costs citizens huge amounts in welfare, they are brushed off or called racist and whatever else. Fortunately, useless people like this guy are largely ignored outside the echo chambers they operate in, much like Corbyn and the like. Tories are a huge issue, which im sure he would agree with, but Labour are equally as bad if not worse in terms of wasting tax dollars without improving our lives. We have to cut spending, be it on immigration, the bloated NHS, or whatever else the useless government is doing... IF YOU WANT MORE SPENDING, THE MIDDLE CLASS PAY FOR IT. It's hard to believe clowns like this guy peddle "tax the rich" crap as if it would 1. Solve the problem or 2. Even be possible. Look at Sweden, Norway, Denmark. Huge taxes on the middle class, but low taxes on companies. The Dutch economy is the most unequal on earth. People need to seriously grow up and stop this garbage, it's been going on since the 60s and it's done nothing.

Its a shame people are so blind to this. Everyone takes to the street for Palestine, but when their own kids are being bankrupt they don't even notice. Keep up the good work Gary. Loved your book btw.

Become rich.

Looks like you cant afford heat with that hat inside.

Lol of course it's immigration. You can't have all these ppl hers with so many not working at then foe you to claim it's not immigration. Lefties used to understand this which is what made them stand up for the working class.

Would rates go down if the super rich paid their taxes? If them hoarding moneys means ive gotta give a mortgage most of my money forever is a piss take. I pay my taxes already

Thank you ❤

This seems like an easy objection to solve - just dont tax on primary residence?

Cheap shot? LOL it’s a fact.

I disagree, large scale immigration does suppress wages. A separate argument is the level of cultural dislocation caused by large scale immigration. I do take onboard your central point that there is an accumulation of wealth by a minority. All of this makes me fear for the future.

Brilliant! Thank you for taking the time to explain this.

How would they track where the money is? If it was you how would you go about tracking actuals? Just asking I'm assuming the money has gone to the big supermarkets and been moved from there. The government could say that the normal working-class did get something in return for their money being food at the supermarkets.. on the way to it's flowing into the rich

One way to get rich is take your savings from a 1st world country to a 3rd world country where the same value is worth more

You are saying non sense on every video you make. You think u r now an economist cause you have been reading 3 books, but your understanding of economy is very poor.

The tragedy is that wealth creation is not taught in schools. As you really do have to start early if you are coming from a working class family. I was very lucky in that my parents were tax worker civil servants and explained how money works and the concept of compound interest to me in my early teens. If you understand it, it’s very motivating. I remember clearly not buying new trainers when my friends did, and making do with the same bike for a few years etc… and I put my odd job money into saving accounts with building societies (many of which paid me a nice bonus when they became banks) and I kept on saving what I could in this way whilst living my life. I did that because I knew in twenty years or so I’d want a house. And I could plot the route to it via compounding returns. The income generated by my portfolio of very boring but consistent compounding investments means I’m living a life substantially different to the vast majority of my old school mates. I own my house, I drive new(ish) cars, I have a small holiday home. Not rich by any means but not stressed about money, working a normal job, and it’s down to over 30 years of saving and compounding not, for example, bitcoin. I don’t think compounding is taught as I don’t think teachers even know it themselves. You have to wonder if it’s government conspiracy. Keep the proels down where they want them, on the factory floor.

Why do I get such big narcissist vibes from this guy.

Since Thatcher, we have been told the lies that the government spends the money they collect in tax and the government is always short of money. These lies have been used to justify decades of austerity and privatisation,.The truth is that the government can always create as much money as it needs to pay interest and fund its policies and the national debt is simply a record of the money the government has put into the economy that has not yet been taxed back and the deficit measures the amount of money that the government is putting onto the economy that ends up as private sector profit and higher wages.

East to say, far more difficult to do. The super rich never get clobbered... it is always the middle classes.

A macroeconomic lesson for you: all money collected in tax is destroyed (burnt) or deleted. Tax revenue is never spent on anything by the government. All government spending is newly created money.

it's obviously both. mass immigration feeds inequality. normally gary is good but has a blind spot here due to his heritage of growing up with multi-ethnic and multi-cultural friends. he feels he's betraying them if he mentioned mass immigration plays a part on inequality. notice he says 'immigration' not mass immigration. omission is lying gary. you know millions of low skill works over the last 10 years in exacerbating inequality and the housing crisis.

The 1st question one needs to ask themselves is to define Rich, what do you class as being rich. Everyone has a slightly different take on that question.

Yet you all blame immigrants. No proxy wars, not bank bailouts, not debasement of currency, not politicians coke binge at a lockdown party, no, you blame immigrants...🙈

Capitalism is destroying itself. The communists didn’t have to do anything

YES!

they got equity not that much of cash

If inflation came down the number would be negative., not slowing the rate of increase of rising prices

the situation is so bad even such a rich guy can't heat his house and needs hats and gloves indoor

So true, love this guy, we really need to tell this story and communicate this message in multiple different ways so it gets properly heard and acted on. The rich have very cleverly made sure that the idea of taxing the rich sound like a bad idea. How cunning is that?

This guy is brilliant

Fantastic as always. Absolutely agreed that falling living standards are the problem, and that inequality is the main cause. One point: it's overly-simplistic to say the ONLY cause is 100% this and 0% that (immigration). For example, high immigration is desireable by many of the elite / wealthy as a tool that ultimately keeps wages (labour) suppressed. Another knock-on effect is that high immigration makes an already catastrophic housing shortage worse. And both of these effects, in turn, contribute to falling living standards. So both inequality and immigration impact living standards. However, I do get that the topic of immigration is also deployed by the wealthy / elite to distract us from inequality. And that people's bandwidth for complex, multifacted issues is low these days, so you need a simple message to cut through the noise and focus people.

insect colonies understand how to look after their kin. Bees don’t allow the old retired boomer-bees to steal all the honey while doing no work. They get kicked out of the hive so the young can live and this protects the entire colony from economic collapse. Boomers are just a parasite on their on children which is evolutionarily speaking a huge own-goal.

And then the part where Governments can just PRINT MORE MONEY whenever they decide they need to (maybe their militaries need more tanks, bombers and missiles). This dilutes the value of the money the average citizen is holding, meanwhile corporations quickly hike prices (because they understand currency debasement) resulting in inflation and harder times for normal folk. What's more, when govs print money, the extra currency is sent into specific hands in the banking system. This literally enriches a small elite group who are then supposed to get that cash out into circulation, but as you'd figure that elite little banker group just gets richer and richer, worsening our massive wealth inequality problem. (go google The Cantillon Effect for anyone who has never heard about this sinister way in which printed money is unfairly distributed into circulation, always benefitting the financial elite)

Who is so scared of envy any way it’s a perfectly human emotion! The rich are particularly envious actually.

Described very well, ive tried to explain that inflation is a tax. Disguise of wage collapse is good analogy

Upper government are the rich, all made a killing on the rona. Wef servents

Hello Gary, I enjoy your videos. I've always been taken in by the argument that if you tax the rich, they will move and take their wealth elsewhere. Is this not the case? Or would values drop if everyone tried to sell?

there was popular saying in Poland before ww2 "streets are yours, houses are ours" assigned to Jewish community and in matter of fact, most buildings in cities like Warsaw, Krakow were in Jewish hands. Thus rising anti-Jewish sentiment was present. See: www.jbc.bj.uj.edu.pl/Content/321241/PDF/NDIGCZAS012582_1926_044.pdf