*so again the economy is doing well but 'we' are not, is it conversely possible for*  

*us to do well yeah for the economy to falter?* I mean in a sense it's a question on semantics  

and a question on linguistics, I personally  think that a good economy is people's lives  

being good, I think that's... you know I don't  think... I think they are the same thing but  

you can definitely have a situation where GDP is  rising and people's lives are getting worse 100%  

you can have that and I think that is I mean GDP  now is much higher than it was 50-60 years ago  

but in many ways people's lives are worse than they were 60 years ago; they work longer hours,  

they have much less leisure time, in many cases they're squeezed into smaller housing,

they're much more financially insecure; some things have gotten better of course you know there's been  

technological advancements you know holidays  to Asia are cheaper and a lot of white goods are  

cheaper you know obviously we have computing power we didn't have back then but you know in terms  

of financial security you know I look at my dad with  no advanced education and you know god bless you  

dad no particular marketable skills, he was able to  buy a house and raise a family you know nowadays  

you have people who are homeless doing that kind  of job you know what I mean you know so I think in  

many ways life has gone worse so I always remember  there was um a great moment in the brexit debate  

where I think it was George Osborne was on I  don't know Question Time saying 'if we leave  

the EU GDP is going to go down' I don't know 4.7%  or whatever and some woman stood up in the crowd  

and she shouted 'that's your GDP' and um I f***in loved it I thought it was amazing this is like  

such a powerful statement for the reclamation of  economics and economic ideas for the f***ing people  

who gives a f*** if GDP is going up if life is  getting worse and worse for the majority  

of the people, it doesn't f***in matter does it? it doesn't f***in matter so um I think that  

because economists tend to focus on very narrow  metrics you know if you look at the last 20 years  

okay maybe not the last two years but before  that; growing GDP, low unemployment, low steady  

inflation; in the eyes of most economists that  is a good economy okay maybe it's not excellent  

economy but it's a good economy but if you look  actually what's happening to ordinary families  

harder to get a well-paying job, harder to be  able to support a family, longer working hours  

much harder to afford housing, so many parts  of this country and and this continent and  

the world which used to be able to house good  reliable jobs for families you can't even live  

there anymore it's hard to get a job you know what  I mean? yes it's not working for ordinary people but  

um yeah it's it's to focus just on GDP is a  madness and I think I think um you need to

you know (Thomas) Kane said that to be a  good economist requires a great variety  

of skills and I think yeah you need to be able  to look at GDP and understand it but it's just  

one measure and if GDP is going up and life is  getting worse then who the f*** really cares

*so I mean like it is a case of semantics and how you phrase it but if the problem is that

in the public sector we're not very good at finding  out the good economists and rewarding them

but in the private sector they are how do they identify good economists?*

predictors! predictors! well in markets it's just...

you set them out you compete against one  another and who's the guy who's getting them  

making the predictions right? who is the guy...  that's why I'm so focused on... *what GDP?*

it could be anything it could be anything so you  know I was specifically and it's it's not just  

that your predictions are right what they look for  what markets effectively reward is people who are  

very good uh making predictions that are right and  everybody thought they were wrong so if everybody  

knows something's going to happen you don't  make no money betting on it so my big trade was  

back in sort of early 2011 I said interest rates  will be zero for f***in five years nobody thought  

that back then, nobody thought that back then, but I could see ordinary people are getting f***ed 

here and you're never going to have a recovery if  people don't have any f***in money to spend you  

know what I mean and um it wasn't that complicated  really but nobody could see that nobody could  

see that and I think what you have there is  another big problem in economics which is that

top level economists either ones that come from  prestigious universities and get the prestigious  

jobs overwhelmingly living lives where they are  from elite universities, elite private schools,  

rich families.. everybody I know is from that  background and they have no f***in idea what's  

happening in the real world they've got no f***in  idea so you have this whole world of economics  

where nobody knows what's f***in happening  in their lives of ordinary people with regards.. 

it is crazy it is.. this is.. It's.. and you know you look at it and it's sometimes it's  

profoundly depressing I think you have to look for  the humour in it in a way you know you look at these  

guys like George Osborne and like Andrew Bailey and you know they look so smart in their suits they don't  

know what the f*** they're doing they do not  know what the f*** and the worst of it is they  

don't even know they don't know that's how bad  they are that is seriously this and and nobody  

no good trader in the city gives a f*** about them  they know we know that they're a bunch of idiots

*scary* it's scary but you know you got me you  got me you know you you know you won't find  

many who have a better understanding *in many ways  though and I'm sure maybe viewers would share this..*  

*I wonder if maybe not having you would be better  ignorance is bliss* no no I don't I don't believe that  

I don't believe ignorance is bliss I think that  there is a profound strength and dignity that  

comes from working hard to understand the  situation that you are in even if it is bad