this

this

this is<00:00:03.919> lbc<00:00:04.960> from<00:00:05.359> global<00:00:06.399> leading<00:00:06.879> britain's

is lbc from global leading britain's

is lbc from global leading britain's conversation

conversation

conversation with<00:00:08.480> ian<00:00:08.800> payne

good<00:00:15.839> evening<00:00:16.160> it's<00:00:16.320> ian<00:00:16.560> payne<00:00:16.800> sitting<00:00:17.039> in

good evening it's ian payne sitting in

good evening it's ian payne sitting in for<00:00:17.279> tom<00:00:17.520> salbrick<00:00:17.840> who's<00:00:17.920> sitting<00:00:18.240> in<00:00:18.560> for

for tom salbrick who's sitting in for

for tom salbrick who's sitting in for breakfast

breakfast

breakfast all<00:00:19.680> this<00:00:19.840> week<00:00:20.880> now<00:00:21.119> a<00:00:21.199> coalition<00:00:21.760> of<00:00:21.840> some<00:00:22.000> of

all this week now a coalition of some of

all this week now a coalition of some of the<00:00:22.160> world's<00:00:22.560> wealthiest<00:00:23.119> people<00:00:23.359> have

the world's wealthiest people have

the world's wealthiest people have signed<00:00:23.760> an<00:00:23.920> open<00:00:24.240> letter<00:00:24.640> urging<00:00:25.039> governments

signed an open letter urging governments

signed an open letter urging governments to<00:00:25.680> tax<00:00:26.000> them

to tax them

to tax them more<00:00:27.519> to<00:00:27.760> pay<00:00:28.080> for<00:00:28.240> the<00:00:28.320> coronavirus<00:00:29.279> crisis

more to pay for the coronavirus crisis

more to pay for the coronavirus crisis i<00:00:30.240> will<00:00:30.480> repeat<00:00:30.880> that<00:00:31.760> they<00:00:31.920> have<00:00:32.079> asked

i will repeat that they have asked

i will repeat that they have asked governments<00:00:32.640> to<00:00:32.800> tax<00:00:33.120> them<00:00:33.440> more<00:00:33.840> heavily

governments to tax them more heavily

governments to tax them more heavily to<00:00:34.880> pay<00:00:35.120> for<00:00:35.360> the<00:00:35.600> coronavirus<00:00:36.399> some<00:00:36.559> 83

to pay for the coronavirus some 83

to pay for the coronavirus some 83 millionaires

millionaires

millionaires from<00:00:38.559> the<00:00:38.879> us<00:00:39.440> uk<00:00:39.920> germany<00:00:40.399> new<00:00:40.559> zealand

from the us uk germany new zealand

from the us uk germany new zealand canada<00:00:41.280> and<00:00:41.360> the<00:00:41.520> netherlands

canada and the netherlands

canada and the netherlands signed<00:00:42.719> a<00:00:42.800> letter<00:00:43.120> organized<00:00:43.520> by

signed a letter organized by

signed a letter organized by millionaires<00:00:44.480> for<00:00:44.640> humanity<00:00:45.200> let<00:00:45.360> me<00:00:45.440> read

millionaires for humanity let me read

millionaires for humanity let me read you<00:00:45.760> a<00:00:45.920> crucial<00:00:46.239> quote

you a crucial quote

you a crucial quote to<00:00:47.120> our<00:00:47.280> fellow<00:00:47.600> global<00:00:47.920> citizens<00:00:48.399> they<00:00:48.559> write

to our fellow global citizens they write

to our fellow global citizens they write as<00:00:49.200> coven<00:00:49.520> 19<00:00:49.920> strikes<00:00:50.320> the<00:00:50.399> world

as coven 19 strikes the world

as coven 19 strikes the world millionaires<00:00:51.600> like<00:00:51.840> us<00:00:52.000> have<00:00:52.160> a<00:00:52.239> critical

millionaires like us have a critical

millionaires like us have a critical role<00:00:52.800> to<00:00:52.960> play<00:00:53.280> in<00:00:53.440> healing<00:00:53.760> the<00:00:53.920> world

role to play in healing the world

role to play in healing the world no<00:00:54.879> we<00:00:55.120> are<00:00:55.199> not<00:00:55.360> the<00:00:55.440> ones<00:00:55.760> caring<00:00:56.079> for<00:00:56.239> the

no we are not the ones caring for the

no we are not the ones caring for the sick<00:00:56.559> and<00:00:56.719> intensive<00:00:57.199> care<00:00:57.440> wards

sick and intensive care wards

sick and intensive care wards we<00:00:58.239> are<00:00:58.320> not<00:00:58.559> driving<00:00:58.879> the<00:00:58.960> ambulances<00:00:59.680> that

we are not driving the ambulances that

we are not driving the ambulances that will<00:00:59.920> bring<00:01:00.079> the<00:01:00.239> ill<00:01:00.480> to<00:01:00.640> hospitals

will bring the ill to hospitals

will bring the ill to hospitals we<00:01:01.600> are<00:01:01.680> not<00:01:01.840> restocking<00:01:02.480> grocery<00:01:02.960> store

we are not restocking grocery store

we are not restocking grocery store shelves<00:01:04.159> or<00:01:04.400> delivering<00:01:04.879> food<00:01:05.199> door-to-door

shelves or delivering food door-to-door

shelves or delivering food door-to-door but<00:01:05.920> we<00:01:06.080> do<00:01:06.240> have<00:01:06.479> money

but we do have money

but we do have money lots<00:01:07.439> of<00:01:07.600> it<00:01:08.080> money<00:01:08.400> that<00:01:08.560> is<00:01:08.640> desperately

lots of it money that is desperately

lots of it money that is desperately needed<00:01:09.439> now<00:01:10.000> and<00:01:10.080> will<00:01:10.240> continue<00:01:10.720> to<00:01:10.799> be

needed now and will continue to be

needed now and will continue to be needed<00:01:11.200> in<00:01:11.280> the<00:01:11.360> years<00:01:11.600> ahead

needed in the years ahead

needed in the years ahead as<00:01:12.400> our<00:01:12.560> worlds<00:01:12.960> recover<00:01:13.520> from<00:01:13.680> this<00:01:13.920> crisis

as our worlds recover from this crisis

as our worlds recover from this crisis today

today

today we<00:01:15.759> the<00:01:15.920> undersigned<00:01:16.560> millionaires<00:01:17.360> ask<00:01:17.680> our

we the undersigned millionaires ask our

we the undersigned millionaires ask our governments<00:01:18.240> to<00:01:18.400> raise<00:01:18.720> taxes<00:01:19.119> on<00:01:19.280> people

governments to raise taxes on people

governments to raise taxes on people like<00:01:19.840> us<00:01:20.000> immediately

like us immediately

like us immediately substantially<00:01:22.080> permanently<00:01:22.560> we<00:01:22.720> thought

substantially permanently we thought

substantially permanently we thought this<00:01:23.040> was<00:01:23.119> a<00:01:23.200> very

this was a very

this was a very interesting<00:01:24.720> story<00:01:25.200> one<00:01:25.360> of<00:01:25.439> the<00:01:25.600> 83<00:01:26.720> is

interesting story one of the 83 is

interesting story one of the 83 is a<00:01:27.360> man<00:01:27.600> called<00:01:27.840> gary<00:01:28.240> stevenson<00:01:28.960> he's<00:01:29.119> an

a man called gary stevenson he's an

a man called gary stevenson he's an economist<00:01:30.159> he<00:01:30.320> used<00:01:30.560> to<00:01:30.640> work<00:01:30.799> in<00:01:30.960> the<00:01:31.119> city

economist he used to work in the city

economist he used to work in the city as<00:01:31.840> a<00:01:31.920> trader<00:01:32.799> and<00:01:32.960> he<00:01:33.040> retired<00:01:33.439> at<00:01:33.520> the<00:01:33.680> age<00:01:33.840> of

as a trader and he retired at the age of

as a trader and he retired at the age of 27

27

27 having<00:01:35.280> become<00:01:35.920> a<00:01:36.200> multi-millionaire<00:01:37.200> gary

having become a multi-millionaire gary

having become a multi-millionaire gary is<00:01:37.600> one<00:01:37.759> of<00:01:38.000> four

is one of four

is one of four british<00:01:38.799> millionaires<00:01:39.280> who've<00:01:39.520> added<00:01:39.759> their

british millionaires who've added their

british millionaires who've added their name<00:01:40.159> to<00:01:40.320> the<00:01:40.479> group<00:01:41.119> i<00:01:41.280> rang<00:01:41.520> him<00:01:41.680> earlier

name to the group i rang him earlier

name to the group i rang him earlier tonight

tonight

tonight started<00:01:42.799> by<00:01:43.040> asking<00:01:43.360> him<00:01:43.600> where<00:01:43.759> the<00:01:44.000> idea<00:01:44.479> for

started by asking him where the idea for

started by asking him where the idea for this<00:01:44.880> letter<00:01:45.280> came<00:01:45.520> from

this letter came from

this letter came from this<00:01:47.119> letter<00:01:47.439> originates<00:01:48.000> in<00:01:48.159> the<00:01:48.560> u.s<00:01:49.280> from<00:01:49.439> a

this letter originates in the u.s from a

this letter originates in the u.s from a group<00:01:49.759> called

group called

group called patriotic<00:01:51.200> millionaires<00:01:52.640> obviously<00:01:53.200> you<00:01:53.360> can

patriotic millionaires obviously you can

patriotic millionaires obviously you can probably<00:01:53.680> tell<00:01:53.920> i'm<00:01:54.000> not<00:01:54.159> from<00:01:54.320> the<00:01:54.399> us

probably tell i'm not from the us

probably tell i'm not from the us i'm<00:01:55.119> uh<00:01:55.520> from<00:01:55.759> london<00:01:56.079> i<00:01:56.240> live<00:01:56.399> in<00:01:56.479> london<00:01:57.280> i

i'm uh from london i live in london i

i'm uh from london i live in london i was<00:01:57.600> connected<00:01:58.079> by<00:01:58.320> a<00:01:58.479> group<00:01:58.799> called<00:01:58.960> tax

was connected by a group called tax

was connected by a group called tax justice<00:01:59.680> uk

justice uk

justice uk so<00:02:01.119> um<00:02:01.680> i've<00:02:01.920> been<00:02:02.880> basically<00:02:03.280> looking<00:02:03.520> around

so um i've been basically looking around

so um i've been basically looking around the<00:02:03.920> area

the area

the area of<00:02:04.640> a<00:02:04.880> tax<00:02:05.119> reform<00:02:05.439> ever<00:02:05.680> since<00:02:05.920> i<00:02:06.640> quit<00:02:06.880> the

of a tax reform ever since i quit the

of a tax reform ever since i quit the city<00:02:07.280> a<00:02:07.360> few<00:02:07.520> years<00:02:07.759> ago

city a few years ago

city a few years ago and<00:02:09.039> i've<00:02:09.280> been<00:02:09.440> attached<00:02:09.759> to<00:02:09.840> this

and i've been attached to this

and i've been attached to this organization<00:02:10.720> tax<00:02:10.959> justice<00:02:11.280> uk

organization tax justice uk

organization tax justice uk i<00:02:12.400> did<00:02:12.560> a<00:02:12.720> big<00:02:12.879> article<00:02:13.280> in<00:02:13.360> the<00:02:13.599> garden<00:02:14.000> a

i did a big article in the garden a

i did a big article in the garden a couple<00:02:14.239> of<00:02:14.319> months<00:02:14.560> ago<00:02:14.879> saying<00:02:15.040> how<00:02:15.200> i<00:02:15.280> think

couple of months ago saying how i think

couple of months ago saying how i think there's<00:02:15.599> going<00:02:15.760> to<00:02:15.840> be<00:02:16.000> a<00:02:16.080> lot<00:02:16.239> of<00:02:16.400> inequality

there's going to be a lot of inequality

there's going to be a lot of inequality resulting<00:02:17.599> from<00:02:17.760> coronavirus<00:02:18.720> and<00:02:19.040> the<00:02:19.200> best

resulting from coronavirus and the best

resulting from coronavirus and the best way<00:02:19.520> to<00:02:19.680> fix<00:02:19.920> it<00:02:20.000> will<00:02:20.160> be

way to fix it will be

way to fix it will be a<00:02:20.879> wealth<00:02:21.120> tax<00:02:22.160> and<00:02:22.400> uh<00:02:22.800> that<00:02:22.959> organization

a wealth tax and uh that organization

a wealth tax and uh that organization got<00:02:23.599> in<00:02:23.680> touch<00:02:23.840> with<00:02:24.080> tax<00:02:24.239> justice<00:02:24.560> uk<00:02:24.800> he<00:02:24.959> put

got in touch with tax justice uk he put

got in touch with tax justice uk he put him<00:02:25.200> in<00:02:25.280> touch<00:02:25.440> with<00:02:25.520> me

him in touch with me

him in touch with me why<00:02:27.040> will<00:02:27.280> a<00:02:27.440> wealth<00:02:27.840> tax<00:02:28.239> in<00:02:28.400> your<00:02:28.720> opinion

why will a wealth tax in your opinion

why will a wealth tax in your opinion help<00:02:30.400> various<00:02:30.879> economies

help various economies

help various economies so<00:02:33.519> i<00:02:33.599> think<00:02:33.840> the<00:02:33.920> big<00:02:34.160> problem<00:02:34.480> that<00:02:34.560> we're

so i think the big problem that we're

so i think the big problem that we're going<00:02:34.800> to<00:02:34.879> have<00:02:35.840> in<00:02:36.000> this<00:02:36.160> economy

going to have in this economy

going to have in this economy going<00:02:37.040> forward<00:02:37.920> well<00:02:38.080> there's<00:02:38.239> a<00:02:38.319> couple<00:02:38.560> of

going forward well there's a couple of

going forward well there's a couple of things<00:02:38.959> the<00:02:39.040> first<00:02:39.280> thing<00:02:39.440> is

things the first thing is

things the first thing is we<00:02:39.920> need<00:02:40.080> to<00:02:40.239> get<00:02:41.040> spending<00:02:42.000> in<00:02:42.080> the<00:02:42.160> economy

we need to get spending in the economy

we need to get spending in the economy and<00:02:44.400> i<00:02:44.480> think<00:02:44.640> it's<00:02:44.800> going<00:02:44.879> to<00:02:44.959> be<00:02:45.200> very

and i think it's going to be very

and i think it's going to be very difficult<00:02:45.760> to<00:02:46.239> get<00:02:46.480> that

difficult to get that

difficult to get that if<00:02:48.319> the<00:02:49.120> ordinary<00:02:49.599> workers<00:02:49.920> are<00:02:50.000> struggling

if the ordinary workers are struggling

if the ordinary workers are struggling and<00:02:51.040> i<00:02:51.120> think<00:02:51.280> we're<00:02:51.440> going<00:02:51.599> to<00:02:51.680> see<00:02:51.920> that

and i think we're going to see that

and i think we're going to see that definitely<00:02:52.879> going<00:02:53.040> forward<00:02:53.360> this<00:02:53.519> furlough

definitely going forward this furlough

definitely going forward this furlough scheme<00:02:54.160> ends

scheme ends

scheme ends this<00:02:55.440> month<00:02:56.000> in<00:02:56.080> terms<00:02:56.400> of<00:02:56.480> the<00:02:56.640> first<00:02:56.959> time

this month in terms of the first time

this month in terms of the first time companies<00:02:58.080> have<00:02:58.159> to<00:02:58.239> make<00:02:58.480> payments

companies have to make payments

companies have to make payments a<00:02:59.599> lot<00:02:59.760> of<00:02:59.840> people<00:03:00.080> are<00:03:00.080> going<00:03:00.159> to<00:03:00.239> lose<00:03:00.480> their

a lot of people are going to lose their

a lot of people are going to lose their jobs<00:03:01.840> at<00:03:02.000> the<00:03:02.080> same<00:03:02.400> time

jobs at the same time

jobs at the same time we<00:03:03.360> can<00:03:03.519> see<00:03:03.680> lots<00:03:03.920> of<00:03:04.080> data<00:03:04.319> that<00:03:04.560> high<00:03:04.720> income

we can see lots of data that high income

we can see lots of data that high income people<00:03:05.280> have<00:03:05.519> accumulated<00:03:06.080> a<00:03:06.159> lot<00:03:06.239> of<00:03:06.319> money

people have accumulated a lot of money

people have accumulated a lot of money during<00:03:06.720> this<00:03:06.879> crisis

during this crisis

during this crisis but<00:03:08.159> if<00:03:08.239> confidence<00:03:08.720> is<00:03:08.879> low<00:03:09.200> the<00:03:09.360> chances<00:03:09.680> are

but if confidence is low the chances are

but if confidence is low the chances are that<00:03:10.000> money<00:03:10.319> is<00:03:10.480> going<00:03:10.640> to<00:03:10.720> be

that money is going to be

that money is going to be saved<00:03:11.680> it's<00:03:11.840> going<00:03:12.000> to<00:03:12.080> be<00:03:12.159> put<00:03:12.239> into<00:03:12.480> assets

saved it's going to be put into assets

saved it's going to be put into assets like<00:03:12.959> housing<00:03:13.440> like<00:03:13.680> stocks

like housing like stocks

like housing like stocks we've<00:03:14.959> already<00:03:15.200> seen<00:03:15.360> stocks<00:03:16.239> go<00:03:16.480> up<00:03:17.120> hugely

we've already seen stocks go up hugely

we've already seen stocks go up hugely i've<00:03:18.080> gone<00:03:18.239> up<00:03:18.319> about

i've gone up about

i've gone up about 40<00:03:19.440> or<00:03:19.519> 50<00:03:19.760> percent<00:03:20.000> in<00:03:20.080> the<00:03:20.159> last<00:03:20.319> few<00:03:20.480> months

40 or 50 percent in the last few months

40 or 50 percent in the last few months i'm<00:03:21.599> expecting<00:03:22.000> to<00:03:22.000> see<00:03:22.159> how<00:03:22.239> they've<00:03:22.480> got

i'm expecting to see how they've got

i'm expecting to see how they've got more

more

more if<00:03:24.000> that's<00:03:24.239> the<00:03:24.319> situation<00:03:24.799> that<00:03:24.879> we're<00:03:25.120> in

if that's the situation that we're in

if that's the situation that we're in then<00:03:26.720> a<00:03:26.799> lot<00:03:26.879> of<00:03:27.040> ordinary<00:03:27.440> working<00:03:27.760> people

then a lot of ordinary working people

then a lot of ordinary working people which<00:03:28.239> are<00:03:28.319> the

which are the

which are the driving<00:03:29.040> force<00:03:29.599> of<00:03:29.760> the<00:03:29.840> economy<00:03:30.159> and<00:03:30.319> the

driving force of the economy and the

driving force of the economy and the people<00:03:30.560> we<00:03:30.640> need<00:03:30.840> spending<00:03:31.920> are<00:03:32.000> going<00:03:32.080> to<00:03:32.159> be

people we need spending are going to be

people we need spending are going to be struggling

struggling

struggling so<00:03:33.519> if<00:03:33.680> we<00:03:33.760> don't<00:03:33.920> find<00:03:34.159> some<00:03:34.400> way<00:03:34.640> to<00:03:35.360> get

so if we don't find some way to get

so if we don't find some way to get demand<00:03:36.159> and<00:03:36.319> spending<00:03:36.799> power

demand and spending power

demand and spending power from<00:03:38.239> the<00:03:38.400> richest<00:03:38.720> in<00:03:38.879> our<00:03:38.959> society<00:03:40.080> i<00:03:40.159> think

from the richest in our society i think

from the richest in our society i think we're<00:03:40.480> going<00:03:40.640> to<00:03:40.720> really<00:03:40.879> struggle<00:03:41.200> to<00:03:41.360> get

we're going to really struggle to get

we're going to really struggle to get out<00:03:41.680> this<00:03:41.840> crisis

out this crisis

out this crisis i'm<00:03:42.640> a<00:03:42.720> bit<00:03:42.879> confused<00:03:43.280> you<00:03:43.360> say<00:03:43.760> stocks<00:03:44.159> have

i'm a bit confused you say stocks have

i'm a bit confused you say stocks have gone<00:03:44.480> up<00:03:44.640> 30

gone up 30

gone up 30 40<00:03:45.840> percent<00:03:46.319> every<00:03:46.959> index<00:03:47.360> i<00:03:47.519> look<00:03:47.760> at<00:03:48.319> it<00:03:48.480> sort

40 percent every index i look at it sort

40 percent every index i look at it sort of<00:03:48.720> fluctuates<00:03:49.280> every<00:03:49.519> day

of fluctuates every day

of fluctuates every day it's<00:03:50.000> certainly<00:03:50.400> down<00:03:51.200> since<00:03:51.599> since<00:03:51.920> march

it's certainly down since since march

it's certainly down since since march where<00:03:52.480> where<00:03:52.720> are<00:03:52.799> those<00:03:53.040> stocks<00:03:53.360> that<00:03:53.519> are<00:03:53.599> so

where where are those stocks that are so

where where are those stocks that are so wonderful<00:03:54.239> coming<00:03:54.480> from

wonderful coming from

wonderful coming from yeah<00:03:55.519> the<00:03:55.599> uk<00:03:55.920> market<00:03:56.239> is<00:03:56.319> still<00:03:56.640> pretty<00:03:56.799> much

yeah the uk market is still pretty much

yeah the uk market is still pretty much down<00:03:57.280> since<00:03:57.680> pre-covered<00:03:58.400> levels

down since pre-covered levels

down since pre-covered levels if<00:03:59.439> you<00:03:59.519> look<00:03:59.760> at<00:03:59.920> the<00:04:00.319> u.s<00:04:00.640> market<00:04:01.040> they're

if you look at the u.s market they're

if you look at the u.s market they're already

already

already above<00:04:03.439> the<00:04:03.519> levels<00:04:03.840> i<00:04:03.920> think<00:04:04.080> at<00:04:04.159> the<00:04:04.239> turn<00:04:04.480> of

above the levels i think at the turn of

above the levels i think at the turn of the<00:04:04.640> year<00:04:05.519> some<00:04:05.680> of<00:04:05.760> the<00:04:05.840> tech<00:04:06.000> spots<00:04:06.319> such<00:04:06.560> as

the year some of the tech spots such as

the year some of the tech spots such as the<00:04:06.799> nasdaq<00:04:07.200> are<00:04:07.280> flying

the nasdaq are flying

the nasdaq are flying i<00:04:09.040> personally<00:04:10.000> invested<00:04:10.480> in<00:04:10.560> gold<00:04:10.959> and<00:04:11.280> gold

i personally invested in gold and gold

i personally invested in gold and gold is<00:04:11.760> up

is up

is up hugely<00:04:13.360> um<00:04:14.000> yeah<00:04:14.239> they're<00:04:14.400> still<00:04:14.560> down<00:04:14.959> on

hugely um yeah they're still down on

hugely um yeah they're still down on pre-crisis<00:04:15.599> levels<00:04:16.000> but<00:04:16.239> uh

pre-crisis levels but uh

pre-crisis levels but uh i<00:04:16.880> trade<00:04:17.120> in<00:04:17.199> the<00:04:17.280> 2008<00:04:18.000> crisis<00:04:18.639> and<00:04:18.799> at<00:04:18.959> this

i trade in the 2008 crisis and at this

i trade in the 2008 crisis and at this stage<00:04:19.440> in<00:04:19.519> that<00:04:19.680> crisis

stage in that crisis

stage in that crisis stocks<00:04:20.880> are<00:04:20.959> enormously<00:04:21.519> done<00:04:22.320> we've<00:04:22.560> seen<00:04:22.880> a

stocks are enormously done we've seen a

stocks are enormously done we've seen a phenomenal<00:04:23.759> bounce<00:04:24.080> back

phenomenal bounce back

phenomenal bounce back since<00:04:25.840> the<00:04:25.919> bottoming<00:04:26.400> of<00:04:26.479> the<00:04:26.639> stock<00:04:26.800> market

since the bottoming of the stock market

since the bottoming of the stock market much<00:04:27.440> faster<00:04:27.759> than<00:04:27.840> anything<00:04:28.080> we<00:04:28.240> saw<00:04:28.400> in<00:04:28.479> 2008

much faster than anything we saw in 2008

much faster than anything we saw in 2008 and<00:04:30.000> uh<00:04:30.240> i'm<00:04:30.400> predicting<00:04:30.800> that<00:04:30.960> will<00:04:31.040> go<00:04:31.199> up<00:04:32.080> a

and uh i'm predicting that will go up a

and uh i'm predicting that will go up a lot<00:04:32.320> more

lot more

lot more very<00:04:33.280> quickly<00:04:33.600> even<00:04:33.840> in<00:04:33.919> spite<00:04:34.160> of<00:04:34.240> a<00:04:34.320> week

very quickly even in spite of a week

very quickly even in spite of a week economy<00:04:35.280> and<00:04:35.440> that's<00:04:35.600> a<00:04:35.680> result<00:04:36.000> of<00:04:36.080> the<00:04:36.240> huge

economy and that's a result of the huge

economy and that's a result of the huge amount<00:04:36.720> of<00:04:36.800> money<00:04:37.040> printing<00:04:37.280> that's

amount of money printing that's

amount of money printing that's happening<00:04:37.680> at<00:04:37.759> the<00:04:37.919> bank<00:04:38.160> of<00:04:38.240> england

happening at the bank of england

happening at the bank of england do<00:04:39.919> you<00:04:40.080> believe<00:04:40.400> that<00:04:40.639> every<00:04:41.199> rich<00:04:41.520> person

do you believe that every rich person

do you believe that every rich person say<00:04:42.320> in<00:04:42.400> the<00:04:42.479> uk<00:04:42.960> would<00:04:43.120> agree<00:04:43.440> with<00:04:43.600> you

say in the uk would agree with you

say in the uk would agree with you and<00:04:44.080> would<00:04:44.320> like<00:04:44.560> to<00:04:44.639> be<00:04:44.800> taxed<00:04:45.199> more

i<00:04:47.759> think<00:04:47.919> it's<00:04:48.080> very<00:04:48.479> very<00:04:48.800> unlikely<00:04:49.520> to<00:04:49.680> be

i think it's very very unlikely to be

i think it's very very unlikely to be honest<00:04:50.160> uh

honest uh

honest uh you<00:04:50.880> know<00:04:51.040> i'm<00:04:51.120> sure<00:04:51.280> you<00:04:51.360> find<00:04:51.520> a<00:04:51.600> lot<00:04:51.680> of

you know i'm sure you find a lot of

you know i'm sure you find a lot of opposition<00:04:53.440> so

opposition so

opposition so your<00:04:55.680> your<00:04:55.919> view<00:04:56.320> is<00:04:56.479> that<00:04:56.720> if<00:04:57.199> if<00:04:57.680> if<00:04:57.840> the

your your view is that if if if the

your your view is that if if if the wealthiest<00:04:58.479> get<00:04:58.720> taxed

wealthiest get taxed

wealthiest get taxed then<00:04:59.919> that<00:05:00.160> will<00:05:01.039> be<00:05:01.280> distributed<00:05:01.840> is<00:05:02.000> that<00:05:02.160> is

then that will be distributed is that is

then that will be distributed is that is that<00:05:02.479> trickle-down<00:05:03.039> economics<00:05:03.520> what<00:05:03.680> is<00:05:03.840> that

that trickle-down economics what is that

that trickle-down economics what is that called

called

called uh<00:05:06.639> well<00:05:07.199> you<00:05:07.280> could<00:05:07.440> call<00:05:07.600> it<00:05:07.680> demand-side

uh well you could call it demand-side

uh well you could call it demand-side economics<00:05:08.800> i<00:05:08.880> mean<00:05:09.120> i<00:05:09.280> think

economics i mean i think

economics i mean i think absolutely<00:05:10.479> talk<00:05:10.720> a<00:05:10.800> little<00:05:10.960> bit<00:05:11.039> about<00:05:11.280> the

absolutely talk a little bit about the

absolutely talk a little bit about the economic<00:05:11.759> situation<00:05:12.479> as<00:05:12.639> it<00:05:12.720> has<00:05:12.880> been<00:05:13.120> since

economic situation as it has been since

economic situation as it has been since 2008.<00:05:14.080> okay

2008. okay

2008. okay interest<00:05:14.880> rates<00:05:15.199> have<00:05:15.440> been<00:05:16.160> zero<00:05:16.720> in<00:05:16.960> this

interest rates have been zero in this

interest rates have been zero in this country

country

country pretty<00:05:17.840> much<00:05:18.000> every<00:05:18.240> country<00:05:19.120> almost

pretty much every country almost

pretty much every country almost constantly<00:05:19.840> since<00:05:20.080> 2008

constantly since 2008

constantly since 2008 and<00:05:21.280> the<00:05:21.440> reason<00:05:21.759> that<00:05:22.160> that<00:05:22.320> has<00:05:22.479> happened<00:05:22.800> is

and the reason that that has happened is

and the reason that that has happened is because<00:05:23.280> the<00:05:23.440> central<00:05:23.759> banks

because the central banks

because the central banks are<00:05:24.720> desperately<00:05:25.280> trying<00:05:25.600> to<00:05:25.759> get<00:05:25.919> people

are desperately trying to get people

are desperately trying to get people spending<00:05:26.639> and<00:05:26.880> it's<00:05:27.039> just<00:05:27.360> failed<00:05:27.680> year<00:05:27.919> after

spending and it's just failed year after

spending and it's just failed year after year<00:05:28.320> after<00:05:28.639> year

year after year

year after year and<00:05:29.759> uh<00:05:30.240> most<00:05:30.560> economists<00:05:31.360> expected<00:05:32.080> that

and uh most economists expected that

and uh most economists expected that these<00:05:32.639> very<00:05:32.880> low<00:05:33.039> interest<00:05:33.360> rates<00:05:33.680> get<00:05:33.919> people

these very low interest rates get people

these very low interest rates get people spending

spending

spending but<00:05:35.600> it<00:05:35.680> hasn't<00:05:35.919> happened<00:05:36.639> and<00:05:37.120> my<00:05:37.440> belief<00:05:37.919> the

but it hasn't happened and my belief the

but it hasn't happened and my belief the reason<00:05:38.320> why<00:05:38.479> that<00:05:38.639> hasn't<00:05:38.880> happened

reason why that hasn't happened

reason why that hasn't happened is<00:05:40.080> because<00:05:40.479> most<00:05:40.720> of<00:05:40.880> that<00:05:40.960> money<00:05:41.360> is<00:05:41.919> ending

is because most of that money is ending

is because most of that money is ending up<00:05:42.320> going<00:05:42.479> to<00:05:42.720> very<00:05:42.960> rich<00:05:43.199> people

up going to very rich people

up going to very rich people who<00:05:44.960> don't<00:05:45.280> tend<00:05:45.520> to<00:05:45.680> spend<00:05:45.919> extra<00:05:46.160> money<00:05:46.400> they

who don't tend to spend extra money they

who don't tend to spend extra money they get

get

get and<00:05:47.520> uh<00:05:48.000> you<00:05:48.160> know<00:05:48.479> i<00:05:48.560> don't<00:05:48.720> come<00:05:48.880> from<00:05:49.039> a<00:05:49.120> rich

and uh you know i don't come from a rich

and uh you know i don't come from a rich background<00:05:50.160> i<00:05:50.320> was

background i was

background i was poor<00:05:52.080> now<00:05:52.320> i'm<00:05:52.960> not<00:05:53.199> poor<00:05:53.600> i<00:05:53.759> know<00:05:54.000> people

poor now i'm not poor i know people

poor now i'm not poor i know people all<00:05:54.639> through<00:05:54.800> the<00:05:54.960> spectrum<00:05:56.720> rich<00:05:57.039> people

all through the spectrum rich people

all through the spectrum rich people don't<00:05:57.440> spend

don't spend

don't spend money<00:05:58.639> when<00:05:58.720> it's<00:05:58.880> given<00:05:59.039> to<00:05:59.199> me<00:05:59.280> in<00:05:59.360> the<00:05:59.440> same

money when it's given to me in the same

money when it's given to me in the same way<00:05:59.759> that<00:05:59.840> what<00:06:00.000> no<00:06:00.160> people<00:06:00.400> do

way that what no people do

way that what no people do so<00:06:01.600> if<00:06:01.759> inequality<00:06:02.319> increases<00:06:03.440> you're<00:06:03.600> going

so if inequality increases you're going

so if inequality increases you're going to<00:06:03.919> struggle

to struggle

to struggle to<00:06:06.000> get<00:06:06.160> demand<00:06:06.639> and<00:06:06.720> get<00:06:06.960> customer<00:06:07.360> spending

to get demand and get customer spending

to get demand and get customer spending i'm<00:06:10.240> fascinated<00:06:10.800> by<00:06:10.960> your<00:06:11.199> story<00:06:11.440> i<00:06:11.600> read<00:06:11.840> that

i'm fascinated by your story i read that

i'm fascinated by your story i read that guardian<00:06:12.560> article<00:06:12.880> that<00:06:12.960> you<00:06:13.199> were<00:06:13.440> referring

guardian article that you were referring

guardian article that you were referring to<00:06:14.080> i<00:06:14.160> mean

to i mean

to i mean the<00:06:14.720> very<00:06:14.960> first<00:06:15.199> line<00:06:15.520> caught<00:06:15.680> my<00:06:15.840> attention

the very first line caught my attention

the very first line caught my attention i<00:06:16.720> made<00:06:16.960> my<00:06:17.120> first

i made my first

i made my first million<00:06:18.080> the<00:06:18.240> year<00:06:18.479> greece<00:06:18.800> went<00:06:19.120> under<00:06:19.600> i<00:06:19.759> was

million the year greece went under i was

million the year greece went under i was 24<00:06:20.560> years<00:06:20.800> old<00:06:21.039> at<00:06:21.199> the<00:06:21.280> time

24 years old at the time

24 years old at the time you<00:06:21.840> were<00:06:22.000> basically<00:06:22.560> betting<00:06:22.880> on<00:06:23.120> gloom<00:06:23.520> were

you were basically betting on gloom were

you were basically betting on gloom were you

you

you yeah<00:06:26.240> yeah<00:06:26.479> pretty<00:06:26.720> much<00:06:26.960> yeah<00:06:27.440> so<00:06:27.600> i<00:06:27.919> started

yeah yeah pretty much yeah so i started

yeah yeah pretty much yeah so i started working<00:06:28.479> in<00:06:28.639> the

working in the

working in the in<00:06:29.759> the<00:06:29.919> city<00:06:30.319> at<00:06:30.720> 2008<00:06:31.520> so<00:06:31.759> obviously<00:06:32.319> how<00:06:32.479> old

in the city at 2008 so obviously how old

in the city at 2008 so obviously how old are<00:06:32.840> you

are you

are you so<00:06:34.639> how<00:06:34.800> was<00:06:34.960> i<00:06:35.039> then<00:06:35.199> did<00:06:35.280> you<00:06:35.360> say<00:06:35.600> yeah<00:06:36.960> uh<00:06:37.199> in

so how was i then did you say yeah uh in

so how was i then did you say yeah uh in 2008<00:06:38.160> i<00:06:38.240> was<00:06:38.479> 21<00:06:38.960> when<00:06:39.120> i<00:06:39.199> first<00:06:39.440> started

2008 i was 21 when i first started

2008 i was 21 when i first started okay<00:06:41.120> and<00:06:41.440> uh<00:06:42.000> obviously<00:06:42.319> that<00:06:42.479> was<00:06:42.560> when<00:06:42.720> the

okay and uh obviously that was when the

okay and uh obviously that was when the crisis<00:06:43.280> happened

crisis happened

crisis happened and<00:06:44.639> uh<00:06:45.360> really<00:06:45.680> my<00:06:45.840> job<00:06:46.080> was<00:06:46.240> to<00:06:46.400> predict

and uh really my job was to predict

and uh really my job was to predict interest<00:06:47.199> rates<00:06:47.840> so

interest rates so

interest rates so just<00:06:48.560> a<00:06:48.639> quick<00:06:48.880> explanation<00:06:50.800> the<00:06:50.960> central

just a quick explanation the central

just a quick explanation the central bank<00:06:51.440> pushes<00:06:51.840> interest<00:06:52.080> rates<00:06:52.400> down<00:06:52.720> when

bank pushes interest rates down when

bank pushes interest rates down when they<00:06:52.960> think<00:06:53.120> the<00:06:53.199> economy<00:06:53.520> is<00:06:53.599> weak<00:06:53.840> and<00:06:53.919> they

they think the economy is weak and they

they think the economy is weak and they want<00:06:54.160> people<00:06:54.319> to<00:06:54.400> spend

want people to spend

want people to spend and<00:06:55.360> they<00:06:55.520> bring<00:06:55.680> interest<00:06:55.919> rates<00:06:56.240> up<00:06:56.400> when

and they bring interest rates up when

and they bring interest rates up when they<00:06:56.720> think<00:06:56.880> the<00:06:56.960> economy<00:06:57.280> is<00:06:57.440> hot<00:06:57.680> they<00:06:57.840> want

they think the economy is hot they want

they think the economy is hot they want people<00:06:58.160> to<00:06:58.319> save

people to save

people to save so<00:06:59.759> in<00:06:59.919> 2008<00:07:00.400> interest<00:07:00.560> rates<00:07:00.840> collapsed

so in 2008 interest rates collapsed

so in 2008 interest rates collapsed massively

massively

massively hugely<00:07:03.120> so<00:07:03.280> previously<00:07:03.680> they<00:07:03.840> would<00:07:04.000> move

hugely so previously they would move

hugely so previously they would move rates<00:07:04.639> like<00:07:05.440> four<00:07:05.680> and<00:07:05.759> a<00:07:05.840> quarter<00:07:06.080> to<00:07:06.160> four

rates like four and a quarter to four

rates like four and a quarter to four and<00:07:06.479> a<00:07:06.479> half

and a half

and a half here<00:07:07.360> they<00:07:07.520> fell<00:07:07.759> from<00:07:07.919> five<00:07:08.080> and<00:07:08.160> a<00:07:08.160> half<00:07:08.400> all

here they fell from five and a half all

here they fell from five and a half all the<00:07:08.560> way<00:07:08.720> to<00:07:08.880> zero<00:07:09.919> and<00:07:10.080> everyone<00:07:10.479> expected

the way to zero and everyone expected

the way to zero and everyone expected we'd<00:07:11.039> see<00:07:11.199> a<00:07:11.280> big<00:07:11.440> surge<00:07:11.680> in<00:07:11.840> spending

we'd see a big surge in spending

we'd see a big surge in spending so<00:07:12.960> everyone<00:07:13.199> predicted<00:07:13.919> in<00:07:14.080> 2009<00:07:14.880> we'd<00:07:15.039> have

so everyone predicted in 2009 we'd have

so everyone predicted in 2009 we'd have a<00:07:15.199> recovery<00:07:15.840> it<00:07:15.919> didn't<00:07:16.160> happen

a recovery it didn't happen

a recovery it didn't happen in<00:07:17.520> 2009<00:07:18.160> everyone<00:07:18.479> predicted<00:07:18.800> it<00:07:18.800> would<00:07:18.880> be

in 2009 everyone predicted it would be

in 2009 everyone predicted it would be 2010<00:07:19.919> that<00:07:20.160> didn't<00:07:20.319> happen

2010 that didn't happen

2010 that didn't happen in<00:07:21.680> 2010<00:07:22.319> it<00:07:22.400> was<00:07:22.800> it<00:07:22.800> would<00:07:22.960> be<00:07:23.039> 2011.<00:07:24.080> and<00:07:24.240> by

in 2010 it was it would be 2011. and by

in 2010 it was it would be 2011. and by then<00:07:24.639> i<00:07:24.800> started<00:07:25.039> to<00:07:25.120> become<00:07:25.360> suspicious<00:07:26.000> and

then i started to become suspicious and

then i started to become suspicious and started<00:07:26.880> to<00:07:27.039> really<00:07:27.280> question<00:07:27.680> these<00:07:28.000> ideas

started to really question these ideas

started to really question these ideas of<00:07:28.880> why

of why

of why is<00:07:29.919> the<00:07:30.080> spending<00:07:30.479> not<00:07:30.639> happening<00:07:31.759> what<00:07:31.919> do<00:07:32.080> we

is the spending not happening what do we

is the spending not happening what do we need<00:07:32.240> to<00:07:32.400> do<00:07:32.479> to<00:07:32.639> get<00:07:32.720> the<00:07:32.880> spending<00:07:33.199> happening

need to do to get the spending happening

need to do to get the spending happening and<00:07:34.720> uh<00:07:35.280> we<00:07:35.440> had<00:07:35.599> this<00:07:35.759> big<00:07:36.000> meeting<00:07:36.400> with<00:07:36.560> the

and uh we had this big meeting with the

and uh we had this big meeting with the senior<00:07:37.039> guys<00:07:37.199> at<00:07:37.280> the<00:07:37.360> bank<00:07:37.520> where<00:07:37.680> they

senior guys at the bank where they

senior guys at the bank where they explained<00:07:38.319> basically<00:07:38.639> the<00:07:38.800> financial

explained basically the financial

explained basically the financial situation<00:07:39.680> of<00:07:39.759> all<00:07:39.919> of<00:07:40.000> the<00:07:40.080> governments<00:07:40.560> in

situation of all of the governments in

situation of all of the governments in europe<00:07:42.000> u.s<00:07:42.319> japan<00:07:42.880> most<00:07:43.120> of<00:07:43.199> the<00:07:43.280> major

europe u.s japan most of the major

europe u.s japan most of the major governments<00:07:43.840> in<00:07:43.919> the<00:07:44.000> world

governments in the world

governments in the world big<00:07:45.199> deficits<00:07:45.759> big<00:07:46.000> debts<00:07:46.720> i<00:07:46.800> mean<00:07:46.960> that's

big deficits big debts i mean that's

big deficits big debts i mean that's very<00:07:47.440> reminiscent<00:07:47.919> of<00:07:48.000> the<00:07:48.160> situation<00:07:48.560> now

very reminiscent of the situation now

very reminiscent of the situation now and<00:07:50.000> uh<00:07:50.400> i<00:07:50.479> couldn't<00:07:50.720> help<00:07:50.879> but<00:07:51.120> realize<00:07:51.599> you

and uh i couldn't help but realize you

and uh i couldn't help but realize you know

know

know people<00:07:53.120> i<00:07:53.280> knew<00:07:53.440> back<00:07:53.680> home<00:07:54.400> in<00:07:54.479> a<00:07:54.560> similar

people i knew back home in a similar

people i knew back home in a similar situation

situation

situation they're<00:07:56.400> running<00:07:56.720> losses<00:07:57.360> month<00:07:57.599> to<00:07:57.759> month

they're running losses month to month

they're running losses month to month and<00:07:58.639> they've<00:07:58.800> got<00:07:58.960> debts

and they've got debts

and they've got debts if<00:08:00.800> the<00:08:00.879> governments<00:08:01.280> are<00:08:01.440> in<00:08:01.520> debt<00:08:01.840> and<00:08:02.000> the

if the governments are in debt and the

if the governments are in debt and the people<00:08:02.319> are<00:08:02.479> in<00:08:02.560> debt<00:08:03.360> it<00:08:03.520> can<00:08:03.680> only<00:08:03.919> mean

people are in debt it can only mean

people are in debt it can only mean there's<00:08:04.240> a<00:08:04.319> small<00:08:04.479> group<00:08:04.720> of<00:08:04.800> people

there's a small group of people

there's a small group of people who<00:08:05.360> have<00:08:05.919> a<00:08:06.000> huge<00:08:06.240> amount<00:08:07.520> and<00:08:07.840> if<00:08:07.919> you<00:08:08.000> need

who have a huge amount and if you need

who have a huge amount and if you need to<00:08:08.319> get<00:08:08.400> the<00:08:08.479> economy<00:08:08.879> spending<00:08:09.280> which<00:08:09.440> is

to get the economy spending which is

to get the economy spending which is what<00:08:09.840> central<00:08:10.160> banks<00:08:10.560> have<00:08:10.720> been<00:08:10.879> trying<00:08:11.120> to

what central banks have been trying to

what central banks have been trying to do<00:08:11.440> now<00:08:11.680> for

do now for

do now for 12<00:08:12.720> years<00:08:14.080> you<00:08:14.240> can<00:08:14.400> only<00:08:14.560> get<00:08:14.639> that<00:08:14.800> spending

12 years you can only get that spending

12 years you can only get that spending from<00:08:15.199> the<00:08:15.280> rich

from the rich

from the rich so<00:08:17.199> uh<00:08:17.599> i<00:08:17.840> bet<00:08:18.080> that<00:08:19.840> because<00:08:20.160> i<00:08:20.240> couldn't<00:08:20.479> see

so uh i bet that because i couldn't see

so uh i bet that because i couldn't see inequality<00:08:21.120> improving

inequality improving

inequality improving i<00:08:22.080> went<00:08:22.240> back<00:08:22.400> and<00:08:22.560> i<00:08:22.639> bet<00:08:22.800> that<00:08:23.280> this<00:08:23.520> is<00:08:23.759> not<00:08:23.919> a

i went back and i bet that this is not a

i went back and i bet that this is not a temporary<00:08:24.400> crisis<00:08:24.800> a<00:08:24.879> permanent<00:08:25.280> crisis<00:08:25.680> and

temporary crisis a permanent crisis and

temporary crisis a permanent crisis and um

um

um that's<00:08:26.960> what<00:08:27.039> i<00:08:27.120> believe<00:08:27.840> so<00:08:28.000> you<00:08:28.319> so<00:08:28.479> we<00:08:28.560> could

that's what i believe so you so we could

that's what i believe so you so we could all<00:08:28.960> come<00:08:29.360> become<00:08:29.680> millionaires<00:08:30.319> if<00:08:30.479> we<00:08:30.639> bet

all come become millionaires if we bet

all come become millionaires if we bet on<00:08:31.120> interest<00:08:31.520> rates

on interest rates

on interest rates staying<00:08:32.880> low<00:08:33.200> because<00:08:34.399> this<00:08:34.800> economic

staying low because this economic

staying low because this economic situation<00:08:35.919> is<00:08:36.080> as<00:08:36.240> bad<00:08:36.560> as<00:08:36.719> i<00:08:36.800> can<00:08:36.959> remember<00:08:37.360> in

situation is as bad as i can remember in

situation is as bad as i can remember in my<00:08:37.680> lifetime

my lifetime

my lifetime well<00:08:39.680> that's<00:08:40.000> a<00:08:40.080> good<00:08:40.240> question<00:08:40.640> you<00:08:40.800> would

well that's a good question you would

well that's a good question you would have<00:08:41.039> been<00:08:41.200> able<00:08:41.360> to<00:08:41.440> do<00:08:41.599> that<00:08:41.839> in<00:08:42.000> 2009

have been able to do that in 2009

have been able to do that in 2009 2010<00:08:43.839> 2011<00:08:44.560> 2012<00:08:45.279> 13<00:08:45.600> 14<00:08:46.000> 15

2010 2011 2012 13 14 15

2010 2011 2012 13 14 15 16<00:08:47.519> 17<00:08:47.920> or<00:08:48.080> even<00:08:48.240> the<00:08:48.320> beginning<00:08:48.640> of<00:08:48.720> this<00:08:48.959> year

16 17 or even the beginning of this year

16 17 or even the beginning of this year you<00:08:49.279> would<00:08:49.360> have<00:08:49.440> made<00:08:49.600> loads<00:08:49.839> of<00:08:49.920> money

you would have made loads of money

you would have made loads of money better<00:08:50.240> management

better management

better management oh<00:08:51.360> no<00:08:51.680> unfortunately<00:08:52.800> at<00:08:52.959> the<00:08:53.040> moment<00:08:53.519> pretty

oh no unfortunately at the moment pretty

oh no unfortunately at the moment pretty much<00:08:54.080> everyone<00:08:54.480> in<00:08:54.560> the<00:08:54.640> world

much everyone in the world

much everyone in the world thinks<00:08:55.279> interest<00:08:55.519> rates<00:08:55.760> will<00:08:55.839> be<00:08:55.920> low

thinks interest rates will be low

thinks interest rates will be low forever<00:08:57.040> which<00:08:57.279> is<00:08:57.519> not<00:08:57.920> a<00:08:58.080> great

forever which is not a great

forever which is not a great sign<00:08:58.959> for<00:08:59.120> the<00:08:59.200> future<00:08:59.440> of<00:08:59.519> the<00:08:59.600> economy<00:09:00.240> i

sign for the future of the economy i

sign for the future of the economy i mean<00:09:00.640> we<00:09:00.800> can<00:09:00.959> look<00:09:01.279> now<00:09:01.519> at<00:09:01.760> for<00:09:01.920> example<00:09:02.320> the

mean we can look now at for example the

mean we can look now at for example the interest<00:09:02.720> rate<00:09:02.880> you<00:09:02.959> would<00:09:03.120> get

interest rate you would get

interest rate you would get on<00:09:04.640> 30-year<00:09:05.279> bonds<00:09:06.240> at<00:09:06.320> the<00:09:06.480> moment

on 30-year bonds at the moment

on 30-year bonds at the moment what<00:09:07.200> interesting<00:09:07.519> do<00:09:07.519> you<00:09:07.600> think<00:09:07.680> you'll<00:09:07.760> get

what interesting do you think you'll get

what interesting do you think you'll get on<00:09:08.000> a<00:09:08.160> 30-year<00:09:09.120> uk<00:09:09.440> bond

on a 30-year uk bond

on a 30-year uk bond oh<00:09:10.320> don't<00:09:10.560> ask<00:09:10.800> me<00:09:10.959> for<00:09:11.120> goodness<00:09:11.440> sake<00:09:11.680> gary

oh don't ask me for goodness sake gary

oh don't ask me for goodness sake gary i've<00:09:12.240> no<00:09:12.399> idea<00:09:12.800> it's<00:09:13.040> uh

i've no idea it's uh

i've no idea it's uh just<00:09:13.680> over<00:09:13.920> half<00:09:14.160> of<00:09:14.240> one<00:09:14.399> percent<00:09:14.880> which

just over half of one percent which

just over half of one percent which basically<00:09:15.519> means<00:09:15.760> they<00:09:15.920> think<00:09:16.080> rates<00:09:16.320> will

basically means they think rates will

basically means they think rates will stay<00:09:16.640> zero<00:09:16.959> for<00:09:17.120> the<00:09:17.200> next

stay zero for the next

stay zero for the next 20<00:09:18.000> to<00:09:18.160> 30<00:09:18.480> years<00:09:19.040> so<00:09:19.200> that<00:09:19.360> is<00:09:19.519> the<00:09:19.680> realistic

20 to 30 years so that is the realistic

20 to 30 years so that is the realistic situation<00:09:20.560> so<00:09:20.720> i've<00:09:20.880> been<00:09:21.040> saying

situation so i've been saying

situation so i've been saying for<00:09:22.640> the<00:09:22.720> last<00:09:22.959> 12<00:09:23.200> years<00:09:23.680> rates<00:09:23.920> will<00:09:24.000> be<00:09:24.160> zero

for the last 12 years rates will be zero

for the last 12 years rates will be zero forever<00:09:24.720> we're<00:09:24.880> not<00:09:25.040> going<00:09:25.120> to<00:09:25.200> come<00:09:25.360> out<00:09:25.440> of

forever we're not going to come out of

forever we're not going to come out of this<00:09:25.680> crisis<00:09:26.080> unless<00:09:26.320> we<00:09:26.480> address<00:09:26.720> inequality

this crisis unless we address inequality

this crisis unless we address inequality and<00:09:27.920> uh<00:09:28.240> finally<00:09:28.560> the<00:09:28.640> world's<00:09:29.040> come<00:09:29.200> around

and uh finally the world's come around

and uh finally the world's come around to<00:09:29.600> my<00:09:30.000> point<00:09:30.240> of<00:09:30.320> view

to my point of view

to my point of view which<00:09:32.480> is<00:09:32.640> probably<00:09:32.880> not<00:09:32.959> a<00:09:33.040> great<00:09:33.279> thing

which is probably not a great thing

which is probably not a great thing unfortunately

unfortunately

unfortunately what's<00:09:35.519> when<00:09:35.680> you<00:09:35.760> say<00:09:36.240> you<00:09:36.560> you<00:09:37.040> multi

what's when you say you you multi

what's when you say you you multi millionaires<00:09:37.760> want<00:09:37.839> to<00:09:37.920> be<00:09:38.080> taxed<00:09:38.399> more<00:09:38.560> i

millionaires want to be taxed more i

millionaires want to be taxed more i mean<00:09:38.800> what<00:09:38.880> sort<00:09:39.040> of<00:09:39.120> percentage<00:09:39.600> rate<00:09:39.839> are<00:09:39.920> we

mean what sort of percentage rate are we

mean what sort of percentage rate are we talking<00:09:40.399> about

talking about

talking about as<00:09:40.959> i<00:09:41.040> remember<00:09:41.360> in<00:09:41.440> the<00:09:41.600> 70s<00:09:42.480> you<00:09:42.560> know<00:09:42.800> people

as i remember in the 70s you know people

as i remember in the 70s you know people moving<00:09:43.680> overseas<00:09:44.160> because

moving overseas because

moving overseas because here<00:09:44.720> they<00:09:44.880> were<00:09:45.040> being<00:09:45.279> taxed<00:09:45.839> i<00:09:45.920> mean<00:09:46.080> i

here they were being taxed i mean i

here they were being taxed i mean i think<00:09:46.320> heath<00:09:46.640> was<00:09:46.800> taxing<00:09:47.120> people<00:09:47.360> over<00:09:47.600> 90

think heath was taxing people over 90

think heath was taxing people over 90 percent<00:09:48.320> who<00:09:48.480> earned<00:09:48.640> as<00:09:48.720> much<00:09:48.959> as<00:09:49.120> you

percent who earned as much as you

percent who earned as much as you so<00:09:51.120> for<00:09:51.279> me<00:09:52.000> the<00:09:52.160> big<00:09:52.320> thing<00:09:52.560> here<00:09:52.800> is<00:09:53.040> and<00:09:53.519> i'd

so for me the big thing here is and i'd

so for me the big thing here is and i'd like<00:09:53.839> to<00:09:53.920> point<00:09:54.160> out

like to point out

like to point out the<00:09:54.800> different<00:09:55.040> signatures<00:09:55.440> on<00:09:55.519> this<00:09:55.680> letter

the different signatures on this letter

the different signatures on this letter will<00:09:56.080> have<00:09:56.160> different<00:09:56.399> opinions<00:09:56.959> for<00:09:57.120> me<00:09:57.519> and

will have different opinions for me and

will have different opinions for me and my<00:09:57.839> background<00:09:58.240> in<00:09:58.320> economics<00:09:58.800> what<00:09:58.880> i<00:09:59.120> think

my background in economics what i think

my background in economics what i think the<00:10:00.160> big<00:10:00.399> thing<00:10:00.560> is<00:10:00.640> we<00:10:00.800> need<00:10:00.880> to<00:10:00.959> start

the big thing is we need to start

the big thing is we need to start looking<00:10:01.360> at<00:10:01.440> ways<00:10:01.600> to<00:10:01.760> tax<00:10:02.240> wealth

looking at ways to tax wealth

looking at ways to tax wealth rather<00:10:03.680> than<00:10:03.920> just<00:10:04.640> income<00:10:05.839> because<00:10:06.399> at<00:10:06.480> the

rather than just income because at the

rather than just income because at the moment<00:10:06.800> we<00:10:06.959> have<00:10:07.040> a<00:10:07.120> situation<00:10:07.519> where<00:10:07.680> the

moment we have a situation where the

moment we have a situation where the richest<00:10:08.240> in<00:10:08.320> society

richest in society

richest in society are<00:10:09.360> able<00:10:09.600> to<00:10:09.680> pay<00:10:09.920> very<00:10:10.160> very<00:10:10.399> low<00:10:10.800> taxes

are able to pay very very low taxes

are able to pay very very low taxes because<00:10:12.000> they<00:10:12.160> don't<00:10:12.320> get<00:10:12.480> their<00:10:12.640> income<00:10:13.040> from

because they don't get their income from

because they don't get their income from work<00:10:13.839> like<00:10:14.079> the<00:10:14.079> rest<00:10:14.320> of<00:10:14.399> us<00:10:14.560> do<00:10:14.720> yeah<00:10:15.120> and<00:10:15.519> the

work like the rest of us do yeah and the

work like the rest of us do yeah and the current<00:10:16.160> tax<00:10:16.320> system<00:10:16.720> is<00:10:16.880> not<00:10:17.040> really<00:10:17.360> set

current tax system is not really set

current tax system is not really set up<00:10:18.240> to<00:10:18.640> tax<00:10:19.200> very<00:10:19.440> well<00:10:19.680> this<00:10:19.920> non-work<00:10:20.399> income

up to tax very well this non-work income

up to tax very well this non-work income yeah<00:10:21.440> so<00:10:21.600> you<00:10:21.680> end<00:10:21.839> up<00:10:21.920> with<00:10:22.079> a<00:10:22.160> situation

yeah so you end up with a situation

yeah so you end up with a situation where<00:10:23.200> you<00:10:23.279> know<00:10:23.440> i<00:10:23.519> made<00:10:23.680> a<00:10:23.760> lot<00:10:23.839> of<00:10:23.920> money<00:10:24.079> but

where you know i made a lot of money but

where you know i made a lot of money but i<00:10:24.320> paid<00:10:24.480> 50

i paid 50

i paid 50 on<00:10:25.200> that<00:10:25.360> and<00:10:26.640> i'm<00:10:26.880> comfortable<00:10:27.360> now<00:10:27.680> but<00:10:27.920> i'm

on that and i'm comfortable now but i'm

on that and i'm comfortable now but i'm a<00:10:28.560> lot<00:10:28.800> less<00:10:29.040> rich<00:10:29.279> than<00:10:29.680> you<00:10:29.839> know<00:10:30.800> some<00:10:30.959> of

a lot less rich than you know some of

a lot less rich than you know some of these<00:10:31.279> barons<00:10:31.600> of<00:10:31.680> westminster<00:10:32.320> who

these barons of westminster who

these barons of westminster who are<00:10:32.959> billionaires<00:10:33.519> and<00:10:33.680> have<00:10:33.760> paid<00:10:34.000> nothing

are billionaires and have paid nothing

are billionaires and have paid nothing so<00:10:34.959> we<00:10:35.120> really<00:10:35.360> need<00:10:35.519> to<00:10:35.680> develop<00:10:36.000> a<00:10:36.079> tax

so we really need to develop a tax

so we really need to develop a tax system<00:10:36.480> that<00:10:36.720> taxes

system that taxes

system that taxes this<00:10:37.760> accumulated<00:10:38.480> wealth<00:10:38.800> of<00:10:38.880> the<00:10:39.040> very<00:10:39.279> rich

this accumulated wealth of the very rich

this accumulated wealth of the very rich personally<00:10:40.320> i<00:10:40.399> don't<00:10:40.560> want<00:10:40.640> to<00:10:40.720> be<00:10:40.800> going

personally i don't want to be going

personally i don't want to be going after<00:10:41.279> doctors<00:10:41.760> and

after doctors and

after doctors and lawyers<00:10:42.880> and<00:10:43.360> radio<00:10:43.680> presenters<00:10:44.560> i'd<00:10:44.800> rather

lawyers and radio presenters i'd rather

lawyers and radio presenters i'd rather be<00:10:45.200> going<00:10:45.600> for<00:10:45.839> the

be going for the

be going for the very<00:10:46.640> very<00:10:46.880> wealthy<00:10:47.279> and<00:10:47.360> to<00:10:47.440> be<00:10:47.600> honest<00:10:48.720> i

very very wealthy and to be honest i

very very wealthy and to be honest i think<00:10:49.040> if<00:10:49.200> you<00:10:49.279> don't<00:10:49.440> do<00:10:49.600> that

think if you don't do that

think if you don't do that i<00:10:50.640> think<00:10:50.800> we're<00:10:50.959> going<00:10:51.040> to<00:10:51.120> be<00:10:51.200> in<00:10:51.279> a<00:10:51.360> very<00:10:51.680> very

i think we're going to be in a very very

i think we're going to be in a very very bad<00:10:52.079> situation<00:10:52.880> okay<00:10:53.200> and<00:10:53.279> the<00:10:53.360> question<00:10:53.600> i've

bad situation okay and the question i've

bad situation okay and the question i've always<00:10:54.000> want<00:10:54.160> to<00:10:54.320> ask<00:10:54.480> somebody<00:10:54.880> with<00:10:55.040> a<00:10:55.120> lot

always want to ask somebody with a lot

always want to ask somebody with a lot of<00:10:55.360> money<00:10:55.600> is<00:10:55.760> what<00:10:55.839> do<00:10:56.000> you<00:10:56.079> do<00:10:56.320> all<00:10:56.480> day

of money is what do you do all day

of money is what do you do all day you've<00:10:57.600> retired<00:10:59.200> uh<00:10:59.519> at<00:10:59.600> the<00:10:59.760> moment<00:11:00.240> i

you've retired uh at the moment i

you've retired uh at the moment i i<00:11:01.279> write<00:11:01.519> articles<00:11:02.160> trying<00:11:02.399> to<00:11:02.720> explain<00:11:03.120> to

i write articles trying to explain to

i write articles trying to explain to people<00:11:03.440> the<00:11:03.519> importance<00:11:03.839> of<00:11:03.920> wealth<00:11:04.079> and

people the importance of wealth and

people the importance of wealth and equality<00:11:04.560> i've<00:11:04.720> actually

equality i've actually

equality i've actually been<00:11:05.920> putting<00:11:06.160> a<00:11:06.240> video<00:11:06.640> together<00:11:07.279> this<00:11:07.600> uh

been putting a video together this uh

been putting a video together this uh last<00:11:08.480> week<00:11:08.720> and<00:11:08.800> that<00:11:08.959> will<00:11:09.040> go<00:11:09.120> off<00:11:09.279> my

last week and that will go off my

last week and that will go off my youtube<00:11:09.839> garry's<00:11:10.160> economics

youtube garry's economics

youtube garry's economics tonight<00:11:11.519> okay<00:11:12.399> that's<00:11:12.720> explaining<00:11:13.200> how<00:11:13.360> the

tonight okay that's explaining how the

tonight okay that's explaining how the coronavirus<00:11:14.160> is<00:11:14.240> increasing<00:11:14.640> inequality

coronavirus is increasing inequality

coronavirus is increasing inequality we're<00:11:15.360> going<00:11:15.519> to<00:11:15.600> the<00:11:15.760> cash<00:11:16.000> flows<00:11:16.320> very

we're going to the cash flows very

we're going to the cash flows very simply

simply

simply just<00:11:17.839> to<00:11:18.000> explain<00:11:18.320> that<00:11:18.640> so<00:11:18.880> uh<00:11:19.360> yeah<00:11:19.600> i'm

just to explain that so uh yeah i'm

just to explain that so uh yeah i'm working<00:11:19.920> on<00:11:20.000> videos<00:11:20.320> i'm<00:11:20.480> working<00:11:20.720> on<00:11:20.880> ways<00:11:21.200> of

working on videos i'm working on ways of

working on videos i'm working on ways of spreading<00:11:21.680> this<00:11:21.839> message

spreading this message

spreading this message that<00:11:22.959> wealth<00:11:23.279> inequality<00:11:23.839> is<00:11:23.920> very<00:11:24.160> damaging

that wealth inequality is very damaging

that wealth inequality is very damaging to<00:11:24.640> the<00:11:24.720> economy

to the economy

to the economy um<00:11:25.760> i<00:11:25.839> don't<00:11:26.000> need<00:11:26.160> to<00:11:26.240> do<00:11:26.399> that<00:11:26.640> i<00:11:26.720> don't<00:11:26.880> get

um i don't need to do that i don't get

um i don't need to do that i don't get paid<00:11:27.279> too<00:11:27.440> much<00:11:27.600> to<00:11:27.760> do<00:11:27.920> that<00:11:28.000> but<00:11:28.240> the<00:11:28.320> truth

paid too much to do that but the truth

paid too much to do that but the truth is

is

is i<00:11:30.240> make<00:11:30.399> my<00:11:30.560> money<00:11:30.880> by<00:11:31.120> betting<00:11:31.360> on<00:11:31.440> what's

i make my money by betting on what's

i make my money by betting on what's going<00:11:31.760> to<00:11:31.839> happen<00:11:32.240> i've<00:11:32.480> done<00:11:32.640> very<00:11:32.880> very<00:11:33.040> well

going to happen i've done very very well

going to happen i've done very very well i<00:11:33.360> think<00:11:33.519> i'm<00:11:33.680> a<00:11:33.760> good<00:11:33.920> economist

i think i'm a good economist

i think i'm a good economist i<00:11:35.120> think<00:11:35.360> i<00:11:35.440> know<00:11:35.519> what's<00:11:35.680> happening<00:11:36.000> here<00:11:36.480> i

i think i know what's happening here i

i think i know what's happening here i think<00:11:36.800> that<00:11:37.040> unless<00:11:37.279> you<00:11:37.440> fix<00:11:37.600> inequality

think that unless you fix inequality

think that unless you fix inequality things<00:11:39.120> are<00:11:39.200> going<00:11:39.360> to<00:11:39.440> be<00:11:39.600> really<00:11:39.760> really<00:11:40.000> bad

things are going to be really really bad

things are going to be really really bad for<00:11:40.880> my<00:11:41.440> family

for my family

for my family my<00:11:42.320> friends<00:11:42.800> for<00:11:43.120> all<00:11:43.200> the<00:11:43.360> new<00:11:43.519> working

my friends for all the new working

my friends for all the new working people<00:11:44.000> in<00:11:44.079> this<00:11:44.240> country

people in this country

people in this country so<00:11:45.360> uh<00:11:45.839> yeah<00:11:46.079> i'm<00:11:46.240> coming<00:11:46.480> on<00:11:46.640> radio<00:11:46.959> shows

so uh yeah i'm coming on radio shows

so uh yeah i'm coming on radio shows like<00:11:47.360> this<00:11:47.680> and<00:11:47.839> uh

like this and uh

like this and uh trying<00:11:48.640> to<00:11:48.720> spread<00:11:48.959> the<00:11:49.040> word<00:11:50.000> so<00:11:50.160> that<00:11:50.240> was

trying to spread the word so that was

trying to spread the word so that was economist<00:11:51.120> gary<00:11:51.440> stevenson<00:11:52.079> speaking<00:11:52.480> to<00:11:52.639> me

economist gary stevenson speaking to me

economist gary stevenson speaking to me earlier<00:11:53.040> one<00:11:53.200> of<00:11:53.360> 83<00:11:53.839> very<00:11:54.079> wealthy<00:11:54.480> people

earlier one of 83 very wealthy people

earlier one of 83 very wealthy people who<00:11:54.880> formed<00:11:55.120> a<00:11:55.200> group<00:11:55.360> called<00:11:55.600> millionaires

who formed a group called millionaires

who formed a group called millionaires for<00:11:56.240> humanity

for humanity

for humanity calling<00:11:57.440> for<00:11:57.600> themselves<00:11:58.079> another<00:11:58.839> super