okay so what i want to do today is basically  a recap and a very clear explanation of the  

situation that we are in economically um at the  moment largely with regards to Covid we're going  

to touch obviously on the Russia-Ukraine  situation a little bit but um largely it will  

be a recap of the economic situation right now  because we're about 2 years in to Covid now  

and we're starting to see the transition which  i've been expecting for a while where this  

ceases to be primarily a health crisis and we move  into basically a really acute economic crisis um  

people who've been following this  channel especially from the beginning  

will be aware that i've been saying  from the very beginning of Covid  

that the way we are dealing with it is  going to create massive economic problems  

a little bit down the line. now we're seeing  those economic problems coming through  

but they are being phenomenally terribly  understood and explained by the mainstream  

media so what this means is massive economic  hits are coming in right now to ordinary families  

basically what has been called the cost of living  crisis and it's actually very easy to understand  

how this is happening and it's been predicted  in early videos on this channel but it's not  

being explained it's not being understood and the  way that the government has handled the economic  

crisis has actually made it very difficult for  ordinary people to understand what's going on so  

what i want to do is basically peel the lid back  on this and explain really clearly what's going on  

so it's about a year and a half  now since we started this channel  

and at the very beginning of code we put our first  video out well it was about was it July when the  

first video went out? something like that, um and  what that video was about was explaining how  

the way that Covid has been handled by central  banks (i.e. Bank of England) and governments  

led to and would lead to an enormous  increase of cash in the bank accounts of rich  

people specifically it's so important that people  understand that so if anybody hasn't watched that  

first video on the channel i would recommend  to go and watch it and understand that because  

if you want to understand what's happening with  the economy now and what's going to happen in  

the next couple of years the number one thing  you need to understand is that big thing that  

has changed economically now versus pre Covid is rich and very rich people in this country and in  

other similar countries in Europe, USA, Australia all over the world - rich people have way way way   

way more cash than they had before Covid  No.1 biggest change and the scale of that cannot  

be underestimated you know i've i keep talking  about it but it's ten thousand pounds per adult  

was the amount of money printed in this country  but it's all gone to the richest sort of ten  

twenty percent so each one of those people has  we're talking about each adult so if you have  

a family with two adults both of them each one of  them has 70-80000 pounds extra cash in their bank  

than pre-covid and the reason why i think this  is really important to emphasize is because you  

know most people are not rich or super rich right  so say you're an ordinary person right most of the  

people watching this video are ordinary people  they have not accumulated 70 grand during Covid

they don't know that the rich people accumulated  £70,000 during Covid right they don't know  

there's no way of them knowing so it's very  important that they are aware of this because  

everything that happens now and will happen  in the next sort of 10-15 years economically  

will be determined by the fact dominated by the  fact that these rich people have accumulated a  

huge amount of money during coving so the  number one thing which everybody needs to  

know and i know i'll keep going on about this  but the reason i'm doing this is because the  

media are not talking about it and it's a it's  a clean fact right is that the rich people in  

this country are sitting on 70-80 grand each cash  more and i want people to just stop and think  

of how much money there is 70 80 grand sitting in  their account that wasn't there before coving okay  

that's there now and um if you want to understand  how it's explained very clearly first video on  

this channel I think it's called "how covid-19 is making the rich richer" that's right right?  

um understand that please understand that rich  people are sitting on enormous piles of cash that  

was not there before Covid and that is because  our government chose to deal with the crisis  

with a purely printing money strategy so every  single penny that the government used to support  

the economy during Covid-19 was a printed penny they printed an enormous amount of money  

this is not a normal well i think it's fair to  say a mature way to deal with an economic crisis  

you know a sensible economy when there's a crisis  the government says return to the richest people  

in the country and say look there's a crisis  we need you to contribute more you know this  

is how a sensible country funds for example a war you know you can't put it on the backs of  

people who can't afford it, we have a small group of  very extremely wealthy people in this country they  

need to pay more but we didn't do that we didn't  turn to the rich and say you need to pay more  

instead we just printed the money and that money  ended up being held by the rich so rather than  

making the rich contribute to crisis we allowed  them to profit massively and that brings us on to  

the next thing which people have to understand  which is that Covid; the first year of Covid  

was the biggest ever single year increase  in wealth of the rich and super rich in  

this country ever and it was enormous the average  billionaire in this country increased their wealth  

by 630 million pounds in one year during Covid the average billionaire and I'm not making those  

numbers up that's from The Times rich list okay  which probably underestimates it to be honest so  

number one thing to understand is that the  rich have accumulated a huge amount of money  

number two is that the super rich have increased  their wealth enormously during Covid and it's  

worth stopping and thinking about that right  is that normal is that healthy is it healthy  

that when a country experiences  an enormous economic crisis  

the rich get massively richer: is that healthy? i think that's the thing to think about  

and then that brings us on to the next  point which is if you make the rich richer  

by giving them a ton of cash how does that affect  ordinary people because i think it's easy as an  

to be like well you know this is politics of envy  right why do you care if the rich get richer you  

know why why does it matter to you okay well what  happens what happens if you give a ton of cash to  

rich people you know stop and think for a bit  you know why does that matter to you well the  

reason is you know cash doesn't just sit in the  bank account right people use cash to buy things  

and if you know if you go to the supermarket and  suddenly there's one guy in the supermarket who's  

got like a million pounds he could pay way more  for everything than you can and anything you want  

he can pay more for it so it's going to push  the price up you know this is most obvious in  

the case of house prices right because ordinary  people haven't accumulated cash during Covid but  

the wealthy i've got 60 or 70 grand per adult so  it's 140 grand if there's two adults in the family  

well of course they're going to be able to buy the  house and your kid won't be able to buy the house  

you see what i'm saying here so i think if you  deal with a crisis by giving money to the rich  

number one ordinary people  don't know that's happened

number two prices will go up and then number three  ordinary people wont understand how or why 

you see what i'm saying? the way we've managed with the crisis it's like a magician's trick you know  

they did this thing that meant everything seemed  to be solved without anyone having to be taxed  

but it meant somebody around the back you don't  know suddenly got 100 grand in their account  

and then they're pushing up the prices for  everything and you don't know why the prices have  

gone up and then the newspapers and the media just  say cost of living crisis it must be something to  

do with Vladimir Putin you know what i mean  as if we didn't just print 450 billion pounds  

which ended up in the bank accounts of richer  people i think it's it's unbelievable the lack of  

understanding that's happening what we're seeing  now is you know i've got two economic degrees

right 1 from London School of Economics and   1 from Oxford and unfortunately the state of the  

economic profession is an absolute disaster now  most economists just have no idea what's happening  

they're totally disconnected they don't you  know i was on a call with a bunch of economists  

and i said you know they're they're just talking  about supply side issues blah blah blah and

i said well do you think it could be because of the  massive amount of printed money that was given out  

and one of the economists said there's no  way it's that because it was only about  

£200-300 per person that got printed and  you can go and look at the numbers and it's  

£10,000 per person right what is happening  right now the economics discipline once again  

is absolutely asleep at the wheel so you have  a situation where a ton of money was printed

£10,000 per adult - £450,000,000,000 *IN TOTAL*  that's all gone to wealthy people of course that's  

going to push prices up prices have been pushed  up and none of the economists are talking about it 

the reason that is so important is because if none of the economists understand what's happening  

then this does not get fixed simple as that  simple as that right and you know the reason  

i am a millionaire is because i predicted that  the 2008 crisis would not be fixed because it  

was to do with inequality and the economists were  not talking about inequality and now the 2022 and  

which will be the next 10 years of economic crisis  will not be fixed either because it's a crisis  

of massive cash accumulation given to rich people  that nobody's talking about and nobody's gonna fix  

and you know all of the newspapers owned by  billionaires so they're super happy about it  

you know the chancellor is a billionaire he's  super happy about it the prime minister will  

be will make millions of pounds as soon as he  quits office so he's super happy about it so  

it's not gonna get fixed okay and i know that's  depressing to hear but that is the situation right  

i want everybody out there to understand we will  continue to have a cost of living crisis of cost  

living going up higher than wages as long as we  allow the rich and the super rich to accumulate  

these enormous amounts of money okay so what  needs to be done okay so once you accept that we  

dealt with the crisis by printing a ton of money  that ended up with the rich and the super rich  

it should be obvious that the way to fix that  is to take money back from the rich and super  

rich which is exactly what i suggested  in my first video on the channel again if  

you haven't watched it you really should go  and watch it it's definitely worth watching

so are we doing that are we taking money back from  the rich and super rich well no definitely not in  

fact we've raised taxes on ordinary workers whilst  not raising taxes at all on super rich people

so what we're doing instead  we're raising interest rates okay

it's worth pointing out that raising interest  rates is not the opposite of giving money to  

the rich you know if you want to fix giving  money to the rich the answer is tax the rich  

take money back from the rich if you want to fix  the Covid economic problem that is what you have  

to do we're not doing that we're raising interest  rates so what does raising interest rates mean  

that means that if you are a person  who has debts so if you have a mortgage  

um well yeah that's the big one if you have a  mortgage if you have student debt for example  

you will pay more money to the people who  people who hold cash those are the people  

from whom you borrow which is rich people  the other group of people which has a massive  

amount more debt now since pre Covid is  the government so basically taxpayers so  

we caused the crisis or the government caused  the crisis by giving a ton of money to rich  

people instead of taxing them and now to  fix the crisis we're going to say that  

mortgage holders and taxpayers should pay more  money every month to the rich that's the that's  

the proposed solution from our chancellor whose father's a billionaire and who's worth £200,000,000  

so this is gonna get worse unfortunately because  now we've created a situation where the government  

and everyone who has debt is gonna have to pay  more money every month to these rich people who  

are stacking up money in their bank accounts so  the problem's not gonna get fixed unfortunately um

if we want to fix the problem then we need to  address the underlying problem of inequality  

because when you give a ton of money to rich  people it doesn't just cause an inflation problem  

it also exacerbates an already existing inequality  problem right we already had growing inequality in  

the 20s before that and now we've suddenly given a  massive chunk of cash to the rich people and this  

is the reason why not only are prices increasing  but they're increasing in such an unequal way  

right rich people want to own assets they want  to own their natural resources they don't spend  

a huge amount of money on paying people's wages  whereas ordinary people spend all their cash  

straight away so if the money accumulates with  the rich you're going to see asset prices go up  

and you're going to see natural resource prices  go up and you're going to see wages stay steady  

so because of this massive increase in inequality  what you're going to see is and i think it's  

important that people understand this you know if  we had just an inflation where all the prices went  

up together it wouldn't actually be that bad right  okay energy price has gone up food prices gone up  

but your wage has gone up by exactly the same so  actually you're pretty much fine but when you have  

an inflation crisis with an inequality crisis  alongside it you also see the prices of assets  

and the price of natural resources which basically  means your food and energy going up higher than  

your wage so it creates this cost of living  crisis so i think whenever you hear the words  

cost of living crisis i want you to interpret that  as inequality crisis because that is essentially  

what it is and we saw a very similar thing happen  after 2008 when essentials (food, energy, housing)  

those prices went up wages didn't and  that's because we dealt with a 2008 crisis  

just in the same way we we are dealing with the  2020 crisis by massively increasing inequality so  

if we want to change this it's very important  that we reframe the way this crisis is described  

away from being a cost of living crisis  and towards what it actually is which is  

an inequality crisis and that we understand that  Covid massively increased inequality that's not  

being talked about in the media at all and  now we understand that code would cause a  

massive increase in cash accumulation by richer  people that's not being talked about at all so

what i'm hoping people take away from this is  a very clear understanding of what's happened  

we dealt with the crisis by printing money that  money ended up with the rich that caused two  

simultaneous crises one of inequality and  one of inflation and together they caused  

what we're calling a cost of living crisis but  fundamentally it's being caused by this massive  

gift essentially of cash from government  to rich people and the only way to fix it  

is to take money back from the rich people um  

we're we're filming this just after the Russian  invasion of Ukraine - i'm not going to pretend i'm a  

war expert because i'm not i'm just going to focus  on how this is going to affect people economically  

and as you probably predict it's not good news um  these are regions which export a lot of energy and  

food basically to the west um to europe to western  europe and uh it's going to cause these prices to  

go up even more so what we are going to see  now is even more increasing energy price even  

more increasing food price at the worst possible  time and i want everybody watching to understand

that does not cause a cost of living crisis  for everyone because there's a small minority  

people in this country who remember have made  their biggest ever increase in wealth in the  

last two years so these guys are laughing they  can afford to pay a little bit more for their  

food and energy they can afford to pay it the  people who are suffering are ordinary people  

and this is this is not simply a law of nature  this is because we dealt with a crisis in such a  

way that the rich got enormous gifts of money and  ordinary people got tax rises you know it doesn't  

have to be this way it can be changed but only  if we reframe this crisis as what it really is  

a crisis of inequality and if we do something  about it which has to mean taxing the rich

Any Good.... Yeah?