stevenson a former trader turned wealth
economist<00:00:11.120> i'm<00:00:11.360> susannah<00:00:11.840> stokes<00:00:12.240> and<00:00:12.400> i<00:00:12.480> will
so just while we wait for the final few
people<00:00:21.359> to<00:00:21.520> log<00:00:21.760> in<00:00:22.080> and<00:00:22.320> get<00:00:22.480> themselves
i just want to say really quick thank
you<00:00:26.320> to<00:00:26.480> everyone<00:00:26.720> that's<00:00:26.880> taken<00:00:27.119> the<00:00:27.279> time<00:00:27.519> to
you to everyone that's taken the time to
join<00:00:28.000> us<00:00:28.160> tonight<00:00:28.720> i<00:00:28.800> know<00:00:28.960> that<00:00:29.199> some<00:00:29.359> of<00:00:29.519> you
are actually joining us for
the<00:00:32.079> second<00:00:32.480> time<00:00:32.880> so<00:00:33.120> it's<00:00:33.280> good<00:00:33.440> to<00:00:33.520> know<00:00:33.680> i
the second time so it's good to know i
didn't<00:00:34.000> put<00:00:34.079> you<00:00:34.320> off<00:00:34.559> and<00:00:34.719> welcome<00:00:35.120> back
didn't put you off and welcome back
for<00:00:36.719> those<00:00:37.040> of<00:00:37.120> you<00:00:37.280> that<00:00:37.520> are<00:00:37.600> listening<00:00:38.079> at<00:00:38.320> a
for those of you that are listening at a
later<00:00:38.800> date<00:00:39.120> please<00:00:39.360> just<00:00:39.520> bear<00:00:39.680> in<00:00:39.760> mind<00:00:40.000> that
later date please just bear in mind that
these<00:00:40.399> are<00:00:40.879> live<00:00:41.120> recordings<00:00:41.920> of<00:00:42.079> the<00:00:42.239> pub
these are live recordings of the pub
talks<00:00:42.879> and<00:00:43.040> therefore<00:00:44.079> they<00:00:44.320> may<00:00:44.480> not<00:00:44.640> be<00:00:44.800> as
in true pub fashion all the stories
shared<00:00:50.879> in<00:00:50.960> these<00:00:51.280> talks<00:00:51.760> are<00:00:51.920> from<00:00:52.239> friends
as usual we really encourage questions
and<00:01:07.520> dialogue<00:01:08.000> from<00:01:08.159> the<00:01:08.320> audience<00:01:08.880> we<00:01:09.040> just
and dialogue from the audience we just
ask<00:01:10.000> that<00:01:10.720> you<00:01:10.880> let<00:01:11.119> gary<00:01:11.439> speak<00:01:11.840> and<00:01:12.080> ask<00:01:12.320> your
ask that you let gary speak and ask your
questions<00:01:12.960> at<00:01:13.040> the<00:01:13.200> end<00:01:13.439> if<00:01:13.600> you've<00:01:13.760> got<00:01:13.920> any
questions at the end if you've got any
burning<00:01:14.560> questions<00:01:14.960> or<00:01:15.040> you're<00:01:15.600> too<00:01:15.840> shy<00:01:16.080> to
burning questions or you're too shy to
ask<00:01:16.479> them<00:01:16.640> yourself<00:01:17.119> then<00:01:17.360> please<00:01:17.920> just<00:01:18.159> pop
ask them yourself then please just pop
them<00:01:18.479> in<00:01:18.560> the<00:01:18.720> chat<00:01:18.960> box<00:01:19.280> and<00:01:19.520> i'll<00:01:20.000> do<00:01:20.159> the
gary tonight you are joining us from the
bright<00:01:25.920> lights<00:01:26.240> of<00:01:26.400> beau<00:01:26.720> which<00:01:26.960> is<00:01:27.119> not<00:01:27.520> too
now personally i'm from nottingham so
i'm<00:01:34.079> not<00:01:34.240> familiar<00:01:34.960> with<00:01:35.200> these<00:01:35.600> parts<00:01:36.159> and<00:01:36.320> i
i'm not familiar with these parts and i
would<00:01:36.880> love<00:01:37.119> to<00:01:37.280> hear<00:01:37.439> a<00:01:37.520> little<00:01:37.759> bit<00:01:38.159> more
would love to hear a little bit more
about<00:01:38.640> what<00:01:38.880> life<00:01:39.119> was<00:01:39.360> like<00:01:39.600> growing<00:01:39.920> up<00:01:40.000> in
uh yeah thank you very much zeus uh yeah
so<00:01:50.880> like<00:01:51.040> i<00:01:51.119> say<00:01:51.360> i<00:01:51.439> come<00:01:51.680> from<00:01:51.920> a<00:01:52.159> place<00:01:52.399> called
so like i say i come from a place called
ilford<00:01:53.040> it's<00:01:53.119> not<00:01:53.280> so<00:01:53.439> well<00:01:53.759> known<00:01:54.079> it's<00:01:54.320> a
ilford it's not so well known it's a
suburb<00:01:55.520> out<00:01:55.680> in<00:01:55.920> east<00:01:56.240> london<00:01:56.719> a<00:01:56.799> little<00:01:57.040> bit
my mom was a stay-at-home mom
uh<00:02:12.400> so<00:02:12.560> yeah<00:02:12.800> ilford<00:02:13.200> is<00:02:13.360> a<00:02:13.760> it's<00:02:13.920> a<00:02:14.080> super
multicultural area uh especially the
area<00:02:16.959> i<00:02:17.120> grew<00:02:17.280> up<00:02:17.440> in<00:02:17.520> the<00:02:18.160> the<00:02:18.319> schools<00:02:18.640> that<00:02:18.720> i
area i grew up in the the schools that i
went<00:02:19.120> to<00:02:19.599> it<00:02:19.760> was<00:02:19.920> mostly<00:02:20.720> pakistani<00:02:21.360> kids
um
a<00:02:25.599> lot<00:02:25.760> of<00:02:25.840> people<00:02:26.080> from<00:02:26.239> all<00:02:26.400> over<00:02:26.640> really<00:02:26.959> so
a lot of people from all over really so
i<00:02:27.360> grew<00:02:27.520> up<00:02:27.680> in<00:02:27.760> that<00:02:27.920> sort<00:02:28.080> of<00:02:28.160> crowd
i grew up in that sort of crowd
yeah<00:02:30.080> i<00:02:30.239> wasn't<00:02:30.480> really<00:02:30.720> too<00:02:30.879> much<00:02:31.120> of<00:02:31.200> a
yeah i wasn't really too much of a
hard-working<00:02:31.840> kid<00:02:32.000> at<00:02:32.080> school<00:02:32.319> i<00:02:32.400> was<00:02:32.560> a<00:02:32.560> bit
of a class clown really but
always<00:02:35.440> from<00:02:35.599> a<00:02:35.680> very<00:02:35.840> young<00:02:36.000> age<00:02:36.239> i<00:02:36.319> was<00:02:36.800> very
good at maths and um
ultimately<00:02:40.160> was<00:02:40.319> sort<00:02:40.480> of<00:02:40.560> that<00:02:40.800> led<00:02:40.959> me<00:02:41.120> into
banking in the long run
um<00:02:44.959> but<00:02:45.120> yeah<00:02:45.280> when<00:02:45.360> i<00:02:45.440> was<00:02:45.599> 11<00:02:45.920> i<00:02:46.000> passed<00:02:46.319> 11
um but yeah when i was 11 i passed 11
plus<00:02:47.040> and<00:02:47.200> i<00:02:47.360> went<00:02:47.680> to<00:02:47.920> the<00:02:48.239> grammar<00:02:48.640> school
which is out in the sort of
towards<00:02:52.560> the<00:02:52.640> leafier<00:02:53.200> end<00:02:53.360> of<00:02:54.080> illford<00:02:54.560> which
towards the leafier end of illford which
is<00:02:54.879> a<00:02:54.879> bit<00:02:55.040> nicer<00:02:55.280> than<00:02:55.440> where<00:02:55.599> i<00:02:55.680> grew<00:02:55.920> up<00:02:56.400> and
probably it was only really when i went
to<00:02:59.519> that<00:02:59.680> grammar<00:03:00.000> school<00:03:00.159> that<00:03:00.319> i<00:03:00.400> realized
that was poor basically i
don't<00:03:03.920> think<00:03:04.159> it<00:03:04.239> was<00:03:04.720> such<00:03:04.959> a<00:03:05.040> big<00:03:05.200> deal<00:03:05.360> when
don't think it was such a big deal when
i<00:03:05.680> was<00:03:05.840> uh<00:03:06.080> in<00:03:06.159> primary<00:03:06.560> school<00:03:07.120> but<00:03:07.280> yeah
comfortable backgrounds and um
it<00:03:11.440> was<00:03:11.599> a<00:03:11.599> lot<00:03:11.760> poorer<00:03:11.920> than<00:03:12.080> the<00:03:12.159> people
around me but uh
i<00:03:14.640> did<00:03:14.800> well<00:03:15.040> then<00:03:15.519> i<00:03:15.599> made<00:03:15.760> a<00:03:15.840> lot<00:03:16.000> of<00:03:16.080> friends
i did well then i made a lot of friends
and<00:03:16.560> i<00:03:16.640> did<00:03:17.040> pretty<00:03:17.280> well<00:03:17.440> in<00:03:17.519> my<00:03:17.680> exams
i did start to get into a bit of a bad
crowd<00:03:25.760> i<00:03:25.840> got<00:03:26.000> into<00:03:26.159> a<00:03:26.239> bit<00:03:26.400> of<00:03:26.480> trouble<00:03:27.040> um<00:03:27.760> i
did actually eventually get kicked out
of<00:03:29.599> that<00:03:29.760> school<00:03:30.000> when<00:03:30.159> i<00:03:30.239> was<00:03:30.400> 16.
ass for me because um
up<00:03:36.799> until<00:03:37.120> then<00:03:37.599> you<00:03:37.680> know<00:03:38.000> i<00:03:38.080> was<00:03:38.239> kind<00:03:38.400> of
coasting really through school i wasn't
really<00:03:40.560> studying<00:03:40.959> hard<00:03:41.120> but<00:03:41.280> i<00:03:41.360> was<00:03:41.440> doing
quite well in my exams
and<00:03:43.680> uh<00:03:44.400> after<00:03:44.720> that<00:03:44.959> basically<00:03:45.680> i<00:03:45.760> had<00:03:45.920> to<00:03:46.159> i
and uh after that basically i had to i
had<00:03:46.400> to<00:03:46.480> study<00:03:46.720> for<00:03:46.799> my<00:03:46.879> gcses<00:03:48.000> at<00:03:48.159> home<00:03:48.480> alone
had to study for my gcses at home alone
like<00:03:50.319> lying<00:03:50.640> on<00:03:50.720> the<00:03:50.799> floor<00:03:51.040> in<00:03:51.120> the<00:03:51.200> front
like lying on the floor in the front
room<00:03:51.519> basically<00:03:52.159> and<00:03:52.560> i<00:03:52.640> realized<00:03:53.120> that<00:03:53.280> if
make something of yourself you're gonna
have<00:03:55.680> to<00:03:55.760> put<00:03:55.920> a<00:03:56.000> bit<00:03:56.159> more<00:03:56.319> work<00:03:56.640> in
have to put a bit more work in
um<00:03:58.159> so<00:03:58.319> yeah<00:03:58.560> from<00:03:58.720> then<00:03:58.879> i<00:03:58.959> was<00:03:59.120> a<00:03:59.200> little<00:03:59.360> bit
more committed and um
really<00:04:02.159> i<00:04:02.319> owe<00:04:02.480> a<00:04:02.560> lot<00:04:02.720> really<00:04:02.959> to<00:04:03.439> to<00:04:03.599> the<00:04:03.840> the
really i owe a lot really to to the the
indian<00:04:04.319> community<00:04:04.720> i<00:04:04.799> grew<00:04:04.959> up<00:04:05.120> in<00:04:05.280> really
because a lot of my friends
and<00:04:07.360> their<00:04:07.599> families<00:04:08.159> they<00:04:08.319> had<00:04:08.480> a<00:04:08.480> lot<00:04:08.640> of
and their families they had a lot of
understanding<00:04:10.480> really<00:04:10.720> of<00:04:10.799> what<00:04:10.879> you<00:04:10.959> need<00:04:11.120> to
understanding really of what you need to
do<00:04:11.360> if<00:04:11.439> you<00:04:11.519> want<00:04:11.599> to<00:04:11.680> get<00:04:11.840> into<00:04:12.080> these<00:04:12.319> very
do if you want to get into these very
well-paid<00:04:12.959> jobs<00:04:13.760> what<00:04:13.920> kind<00:04:14.159> of<00:04:14.239> a<00:04:14.400> levels<00:04:14.720> you
well-paid jobs what kind of a levels you
need<00:04:14.959> to<00:04:15.040> take<00:04:15.280> what<00:04:15.519> kind<00:04:15.680> of<00:04:15.840> universities
need to take what kind of universities
you<00:04:17.040> have<00:04:17.120> to<00:04:17.280> apply<00:04:17.600> for<00:04:18.160> i've<00:04:18.239> got<00:04:18.400> a<00:04:18.479> lot<00:04:18.639> of
wouldn't have really known about
um<00:04:22.720> so<00:04:22.880> those<00:04:23.199> guys<00:04:23.759> advised<00:04:24.160> me<00:04:24.320> what<00:04:24.479> i
um so those guys advised me what i
should<00:04:24.720> do<00:04:24.960> what<00:04:25.199> kind<00:04:25.360> of<00:04:25.520> uni's<00:04:25.840> i<00:04:25.919> should
at the top of their list
um<00:04:31.520> so<00:04:31.680> yeah<00:04:31.919> i<00:04:32.000> had<00:04:32.080> to<00:04:32.160> go<00:04:32.320> to<00:04:32.400> the<00:04:32.479> local
comprehensive again with some kids from
our<00:04:34.240> primary<00:04:34.560> school<00:04:34.800> for<00:04:35.040> a<00:04:35.120> levels<00:04:35.680> so<00:04:36.080> that
my a levels and um
i<00:04:41.199> was<00:04:41.360> able<00:04:41.520> to<00:04:41.680> get<00:04:41.759> into<00:04:41.919> london<00:04:42.160> school<00:04:42.400> of
in london
and<00:04:48.000> uh<00:04:48.160> yeah<00:04:48.320> that<00:04:48.479> was<00:04:48.639> the<00:04:48.800> start<00:04:49.040> of<00:04:49.199> me
uh in terms of subjects i was always
very<00:04:54.880> good<00:04:55.040> at<00:04:55.360> maths<00:04:55.680> growing<00:04:55.919> up<00:04:56.000> so<00:04:56.160> i
yeah mata was a big thing really
throughout<00:05:01.280> my<00:05:01.600> whole<00:05:01.840> childhood<00:05:02.160> it<00:05:02.240> was<00:05:02.400> a
because um
i<00:05:16.240> wasn't<00:05:16.560> too<00:05:16.800> sure<00:05:17.360> uh<00:05:17.840> i<00:05:18.000> suppose<00:05:18.400> as<00:05:18.560> a
i wasn't too sure uh i suppose as a
child<00:05:19.440> i<00:05:19.520> was<00:05:19.759> i'm<00:05:20.000> from<00:05:20.240> quite<00:05:20.320> a<00:05:20.400> poor
making money somewhere i said a bit of a
chip<00:05:25.680> on<00:05:25.759> my<00:05:25.919> shoulder<00:05:26.240> i<00:05:26.320> guess<00:05:26.479> growing<00:05:26.800> up
uh so obviously economics has a
perception<00:05:30.160> if<00:05:30.320> you<00:05:30.400> go<00:05:30.560> into<00:05:30.800> it<00:05:30.880> you<00:05:30.960> can
perception if you go into it you can
make<00:05:31.199> good<00:05:31.440> money<00:05:31.840> so<00:05:32.240> so<00:05:32.400> yeah<00:05:32.560> i<00:05:32.560> applied<00:05:32.800> for
make good money so so yeah i applied for
some<00:05:33.120> math<00:05:33.360> and<00:05:33.520> some<00:05:33.680> maths<00:05:33.840> and<00:05:34.000> economics
and then you and you left lsc and i
suppose<00:05:39.280> that's<00:05:39.520> when<00:05:39.759> all<00:05:40.160> the<00:05:40.400> fun<00:05:40.720> began<00:05:41.360> so
suppose that's when all the fun began so
um<00:05:42.720> i<00:05:42.960> think<00:05:43.280> why<00:05:43.600> why<00:05:43.759> did<00:05:43.919> you<00:05:44.080> choose
um i think why why did you choose
trading<00:05:44.800> as<00:05:44.880> your<00:05:45.039> sort<00:05:45.280> of<00:05:45.440> next<00:05:46.240> your<00:05:46.400> next
trading as your sort of next your next
step<00:05:47.039> or<00:05:47.199> your<00:05:47.360> first<00:05:47.600> step<00:05:47.840> into<00:05:48.080> a
to be honest it's quite quite similar
really<00:05:52.160> how<00:05:52.320> i<00:05:52.400> chose<00:05:52.639> lse<00:05:53.120> i<00:05:53.199> think<00:05:53.520> um
really how i chose lse i think um
really<00:05:54.800> a<00:05:55.120> as<00:05:55.360> a<00:05:55.600> kid<00:05:55.759> from<00:05:55.919> a<00:05:56.000> sort<00:05:56.080> of
job to apply for
lse<00:06:02.560> when<00:06:02.720> i<00:06:02.800> was<00:06:02.960> there<00:06:03.280> i<00:06:03.440> was<00:06:03.600> there<00:06:04.000> 2005<00:06:04.560> to
lse when i was there i was there 2005 to
2008<00:06:05.680> i<00:06:05.840> guess<00:06:06.080> it's<00:06:06.240> still<00:06:06.400> the<00:06:06.560> same<00:06:06.960> a<00:06:07.199> lot
universe are trying to get into finance
loads<00:06:11.360> of<00:06:11.440> people<00:06:11.680> are<00:06:11.759> trying<00:06:11.919> to<00:06:12.000> get<00:06:12.080> into
i remember after my first year i came
back<00:06:16.000> in<00:06:16.080> my<00:06:16.240> second<00:06:16.560> year<00:06:16.800> and<00:06:16.960> just<00:06:17.199> suddenly
talking using all these three letter
acronyms<00:06:21.680> abs<00:06:22.319> and<00:06:22.720> cvs<00:06:23.199> and<00:06:23.360> cdos<00:06:24.080> and
acronyms abs and cvs and cdos and
talking<00:06:25.120> about<00:06:25.440> sales<00:06:25.759> and<00:06:25.840> trading<00:06:26.319> and<00:06:26.479> ibd
recently i'm sure i would guess it's
still<00:06:36.319> the<00:06:36.479> same<00:06:37.039> people<00:06:37.280> are<00:06:37.360> obsessed<00:06:37.759> with
i had i really had no idea what was
what<00:06:43.360> was<00:06:43.520> going<00:06:43.759> on<00:06:43.919> i<00:06:44.000> was<00:06:44.160> just<00:06:44.319> sort<00:06:44.479> of<00:06:44.639> um
everybody suddenly knew what jobs they
were<00:06:51.280> applying<00:06:51.680> for<00:06:52.080> people<00:06:52.319> at<00:06:52.400> nfc<00:06:52.720> would
were applying for people at nfc would
apply<00:06:53.039> for<00:06:53.199> like<00:06:53.360> 30<00:06:53.680> investment<00:06:54.160> banks<00:06:54.560> i
i actually i sort of just thought
i'm<00:07:02.880> just<00:07:03.039> going<00:07:03.120> to<00:07:03.199> leave<00:07:03.440> this<00:07:03.680> because
i've got no idea how
to<00:07:06.240> get<00:07:06.400> a<00:07:06.479> good<00:07:06.639> job<00:07:06.800> in<00:07:06.960> it<00:07:07.120> so<00:07:07.280> i<00:07:07.360> just
thought i'd focus on basically
doing<00:07:09.919> my<00:07:10.000> maths<00:07:10.240> and<00:07:10.319> economics<00:07:10.960> trying<00:07:11.199> to
doing my maths and economics trying to
do<00:07:11.680> well<00:07:11.919> in<00:07:12.000> that<00:07:12.319> get<00:07:12.560> good<00:07:12.720> grades
do well in that get good grades
i<00:07:14.400> was<00:07:14.560> kind<00:07:14.720> of<00:07:14.800> hoping<00:07:15.039> to<00:07:15.120> get<00:07:15.199> a<00:07:15.280> job
uh and then in my second year i got
approached<00:07:18.880> by<00:07:19.120> someone<00:07:19.360> in<00:07:19.440> the<00:07:19.520> year<00:07:19.759> above
i must have developed a bit of
reputation<00:07:25.039> for<00:07:25.120> being<00:07:25.280> quite<00:07:25.520> good<00:07:25.680> at<00:07:26.240> the
for the interns to like find new hires
and<00:07:34.319> this<00:07:34.479> guy<00:07:34.720> came<00:07:34.960> to<00:07:35.039> me<00:07:35.199> and<00:07:35.360> he<00:07:35.440> said<00:07:35.599> look
and this guy came to me and he said look
citibank<00:07:36.479> hire<00:07:36.720> one<00:07:36.960> trader<00:07:37.280> a<00:07:37.440> year<00:07:37.680> through
a card game
which<00:07:39.520> is<00:07:39.680> basically<00:07:40.160> a<00:07:40.319> max<00:07:40.720> game<00:07:41.039> is<00:07:41.199> what<00:07:41.360> he
said to me and um
when<00:07:43.680> i<00:07:43.759> heard<00:07:44.080> that<00:07:44.319> it<00:07:44.400> was<00:07:44.560> a<00:07:44.639> little<00:07:44.800> bit
like
because<00:07:46.720> i<00:07:46.879> used<00:07:47.039> to<00:07:47.120> do<00:07:47.199> a<00:07:47.280> lot<00:07:47.440> of<00:07:47.520> math
competitions just like all my childhood
basically<00:07:50.080> and<00:07:50.639> to<00:07:50.800> be<00:07:50.960> honest<00:07:51.360> i<00:07:51.440> was<00:07:51.599> quite
basically and to be honest i was quite
often<00:07:52.000> winning<00:07:52.400> i<00:07:52.639> was<00:07:52.800> quite<00:07:53.039> good<00:07:53.199> at<00:07:53.440> like
often winning i was quite good at like
if<00:07:54.160> you<00:07:54.240> give<00:07:54.400> me<00:07:54.479> a<00:07:54.560> math<00:07:54.800> game<00:07:55.039> i'll<00:07:55.199> probably
if you give me a math game i'll probably
figure<00:07:55.680> out<00:07:55.840> quite<00:07:56.000> quickly<00:07:56.319> so<00:07:56.400> when<00:07:56.560> he<00:07:56.720> told
figure out quite quickly so when he told
me<00:07:57.039> like<00:07:57.840> you<00:07:57.919> could<00:07:58.080> play<00:07:58.240> a<00:07:58.319> math<00:07:58.639> game<00:07:58.879> and
me like you could play a math game and
you<00:07:59.039> can<00:07:59.120> win<00:07:59.280> the<00:07:59.440> job<00:07:59.840> i<00:08:00.000> was<00:08:00.160> like
got due to the final
um<00:08:10.240> which<00:08:10.479> was<00:08:10.720> a<00:08:10.800> few<00:08:10.960> units<00:08:11.280> from<00:08:11.440> across<00:08:11.680> the
and then i just spent like two weeks
just<00:08:15.039> like<00:08:15.440> playing<00:08:15.680> this<00:08:16.160> stupid<00:08:16.560> math<00:08:16.800> game
like just memorizing i was making
spreadsheets<00:08:18.960> for<00:08:19.199> it<00:08:19.840> and<00:08:19.919> then<00:08:20.080> by<00:08:20.240> the<00:08:20.319> end
spreadsheets for it and then by the end
by<00:08:20.639> the<00:08:20.800> final<00:08:21.120> yeah<00:08:21.440> i<00:08:21.599> won<00:08:21.759> the<00:08:21.840> final<00:08:22.160> and
so i didn't really know what i was doing
to<00:08:24.879> be<00:08:25.039> honest<00:08:25.280> i<00:08:25.360> just<00:08:25.919> played<00:08:26.160> a<00:08:26.240> little<00:08:26.479> card
to be honest i just played a little card
game<00:08:26.960> and<00:08:27.199> suddenly<00:08:28.160> got<00:08:28.319> a<00:08:28.400> job<00:08:29.039> as<00:08:29.280> a<00:08:29.360> trader
game and suddenly got a job as a trader
from<00:08:30.160> that<00:08:30.319> i<00:08:30.400> got<00:08:30.560> an<00:08:30.720> internship<00:08:31.680> i<00:08:31.840> got<00:08:32.000> a
winter internship and a spring
internship<00:08:34.399> and<00:08:34.560> that<00:08:34.719> turned<00:08:34.959> into<00:08:35.200> a<00:08:35.440> summer
and uh yeah that's how i got the job
really<00:08:38.880> so<00:08:39.039> it<00:08:39.039> was<00:08:39.599> to<00:08:39.760> be<00:08:39.839> honest<00:08:40.159> it<00:08:40.240> was<00:08:40.320> it
really so it was to be honest it was it
was<00:08:40.560> a<00:08:40.640> little<00:08:40.800> bit<00:08:41.279> by<00:08:41.519> accident<00:08:42.080> really
was a little bit by accident really
i<00:08:43.279> hadn't<00:08:43.680> really<00:08:43.839> sort<00:08:44.000> of<00:08:44.080> planned<00:08:44.399> it
i hadn't really sort of planned it
i<00:08:45.760> think<00:08:46.000> i'm<00:08:46.080> going<00:08:46.240> to<00:08:46.320> need<00:08:46.480> a<00:08:46.640> little<00:08:46.800> bit
i think i'm going to need a little bit
more<00:08:47.200> about<00:08:47.760> to<00:08:47.920> know<00:08:48.160> a<00:08:48.240> little<00:08:48.399> bit<00:08:48.560> more
more about to know a little bit more
about<00:08:48.880> this<00:08:49.120> card<00:08:49.440> game<00:08:49.760> i<00:08:49.920> mean<00:08:50.160> um<00:08:50.560> the<00:08:50.640> only
what what sets you apart from your peers
at<00:08:57.360> city<00:08:57.760> bank<00:08:58.160> you<00:08:58.240> know<00:08:58.480> what<00:08:58.800> what<00:08:59.040> is<00:08:59.200> this
at city bank you know what what is this
card<00:08:59.839> game<00:09:00.080> that<00:09:00.160> they<00:09:00.320> gave<00:09:00.560> you<00:09:00.640> what's<00:09:00.959> it
it's supposed to be like a trading game
the<00:09:04.160> idea<00:09:04.640> is<00:09:04.880> like<00:09:05.519> everyone<00:09:05.920> has<00:09:06.480> there's<00:09:06.720> a
the idea is like everyone has there's a
set<00:09:07.040> of<00:09:07.600> cards<00:09:07.839> which<00:09:08.160> all<00:09:08.320> the<00:09:08.399> cards<00:09:08.640> have
set of cards which all the cards have
different<00:09:08.880> numbers<00:09:09.200> on<00:09:09.279> them<00:09:09.360> some<00:09:09.519> are<00:09:09.600> high
different numbers on them some are high
some<00:09:10.000> are<00:09:10.080> low<00:09:10.640> everybody<00:09:11.040> gets<00:09:11.279> a<00:09:11.360> card<00:09:11.680> and
some are low everybody gets a card and
there's<00:09:11.920> some<00:09:12.160> cards<00:09:12.640> in<00:09:12.720> the<00:09:12.800> middle<00:09:13.519> and
there's some cards in the middle and
you're<00:09:13.920> supposed<00:09:14.320> to<00:09:14.480> trade<00:09:14.800> with<00:09:14.959> each<00:09:15.120> other
you're supposed to trade with each other
about<00:09:15.600> what<00:09:15.760> the<00:09:15.839> total<00:09:16.160> of<00:09:16.240> the<00:09:16.399> cards<00:09:16.800> is
about what the total of the cards is
so<00:09:17.760> you<00:09:18.000> use<00:09:18.320> i've<00:09:18.480> got<00:09:18.640> a<00:09:18.720> high<00:09:18.959> card<00:09:19.120> so<00:09:19.279> i
so you use i've got a high card so i
know<00:09:19.519> it's<00:09:19.600> high<00:09:20.000> the<00:09:20.080> numbers<00:09:20.320> that<00:09:20.480> turn
cards by the prices they make
so<00:09:26.880> we<00:09:27.279> buy<00:09:27.519> and<00:09:27.600> sell<00:09:27.839> from<00:09:28.080> each<00:09:28.240> other<00:09:28.399> based
so we buy and sell from each other based
on<00:09:28.720> what<00:09:28.880> we<00:09:28.959> think<00:09:29.040> the<00:09:29.200> total<00:09:29.519> of<00:09:29.519> the<00:09:29.600> cars
it's supposed to be a trading game but i
just<00:09:33.040> treated<00:09:33.279> it<00:09:33.519> solely<00:09:33.920> as<00:09:34.000> a<00:09:34.080> maths<00:09:34.320> game
just treated it solely as a maths game
basically<00:09:35.600> and<00:09:35.760> i<00:09:35.839> just<00:09:36.000> memorized<00:09:36.480> a<00:09:36.560> lot<00:09:36.720> of
i think most of the people who were
there<00:09:42.880> to<00:09:43.040> be<00:09:43.200> honest<00:09:43.760> they<00:09:43.920> were<00:09:44.080> there<00:09:44.240> to
i think they hadn't bet they'd win the
game<00:09:48.880> whereas<00:09:49.600> i<00:09:49.680> was<00:09:49.920> never<00:09:50.480> i'm<00:09:51.040> still<00:09:51.200> not
very good at networking
um<00:09:53.519> but<00:09:53.680> i<00:09:53.680> was<00:09:53.839> good<00:09:53.920> at<00:09:54.000> math<00:09:54.240> so<00:09:54.399> i<00:09:54.480> figured
um but i was good at math so i figured
well<00:09:55.200> i<00:09:55.360> just<00:09:55.519> have<00:09:55.600> a<00:09:55.760> crap<00:09:56.320> see<00:09:56.480> if<00:09:56.640> i<00:09:56.720> was<00:09:56.880> the
and what sort of um so where do they put
you<00:10:08.720> where<00:10:08.880> do<00:10:09.040> they<00:10:09.279> place<00:10:09.519> you<00:10:09.760> in<00:10:09.920> terms<00:10:10.160> of
team and the floor
so<00:10:14.640> i<00:10:14.720> won<00:10:14.880> that<00:10:15.040> competition<00:10:15.600> and<00:10:15.760> i<00:10:15.839> got<00:10:16.000> like
seemed more interesting it was a good
team<00:10:43.680> people<00:10:44.000> seemed<00:10:44.240> a<00:10:44.240> little<00:10:44.480> bit<00:10:44.560> more<00:10:44.959> to
basically focusing on central banks
which<00:11:07.440> is<00:11:07.600> a<00:11:07.680> big<00:11:08.000> thing<00:11:08.160> that<00:11:08.320> we<00:11:08.480> looked<00:11:08.720> at
basically the idea is the central bank
is<00:11:15.920> supposed<00:11:16.320> to<00:11:16.480> adjust<00:11:16.800> the<00:11:16.959> interest<00:11:17.279> rate
is supposed to adjust the interest rate
in<00:11:19.360> response<00:11:19.760> to<00:11:19.920> how<00:11:20.079> strong<00:11:20.320> the<00:11:20.399> economy<00:11:20.800> is
so if the economy is weak
the<00:11:23.600> idea<00:11:23.920> is<00:11:24.079> they<00:11:24.240> cut<00:11:24.399> the<00:11:24.560> interest<00:11:24.880> rate
that's going to incentivize people to
borrow<00:11:27.600> and<00:11:27.760> spend<00:11:28.480> and<00:11:28.640> it's<00:11:28.800> going<00:11:28.880> to<00:11:28.959> boost
borrow and spend and it's going to boost
the<00:11:29.279> economy<00:11:30.240> if<00:11:30.399> the<00:11:30.480> economy<00:11:30.959> is<00:11:31.120> getting
the economy if the economy is getting
too<00:11:31.760> hot<00:11:31.920> and<00:11:32.000> there's<00:11:32.160> too<00:11:32.320> much<00:11:32.480> inflation
too hot and there's too much inflation
they<00:11:33.839> are<00:11:33.920> supposed<00:11:34.160> to<00:11:34.320> raise<00:11:34.560> the<00:11:34.720> interest
they are supposed to raise the interest
rate<00:11:35.360> and<00:11:35.440> that's<00:11:35.600> about<00:11:35.839> to<00:11:35.920> stop<00:11:36.079> the
rate and that's about to stop the
economy<00:11:36.560> down<00:11:36.800> so<00:11:37.040> for<00:11:37.200> me<00:11:37.360> that<00:11:37.519> was<00:11:37.760> uh
economy down so for me that was uh
it<00:11:38.800> was<00:11:39.040> interesting<00:11:39.440> because<00:11:39.680> i<00:11:39.920> i<00:11:40.079> was
so
i<00:11:48.160> went<00:11:48.320> with<00:11:48.399> that<00:11:48.880> um<00:11:49.519> to<00:11:49.680> be<00:11:49.760> honest<00:11:50.000> more
i went with that um to be honest more
than<00:11:50.320> anything<00:11:50.639> i<00:11:50.720> just<00:11:50.880> felt<00:11:51.120> that<00:11:51.279> the<00:11:51.440> team
than anything i just felt that the team
didn't<00:11:52.720> do<00:11:52.959> i<00:11:53.040> had<00:11:53.200> a<00:11:53.279> good<00:11:53.440> vibe<00:11:53.680> from<00:11:54.000> so<00:11:54.079> i
let's just go with it they seemed like
they<00:11:56.800> were<00:11:56.880> making<00:11:57.120> decent<00:11:57.519> money<00:11:57.760> which<00:11:57.920> was
they were making decent money which was
important<00:11:59.040> for<00:11:59.120> me<00:11:59.200> at<00:11:59.279> the<00:11:59.360> time<00:11:59.839> so<00:12:00.000> i
important for me at the time so i
thought<00:12:00.480> yeah<00:12:00.639> let's<00:12:00.800> just<00:12:00.959> see<00:12:01.040> how<00:12:01.120> it<00:12:01.200> goes
there we go sorry i'm trying to avoid
the<00:12:10.880> the<00:12:11.040> train<00:12:11.360> line<00:12:11.600> so<00:12:11.839> i<00:12:12.000> i<00:12:12.160> think<00:12:12.320> we're
the the train line so i i think we're
probably<00:12:12.720> going<00:12:12.800> to<00:12:12.959> get<00:12:13.120> to<00:12:13.440> the<00:12:13.600> juiciest
probably going to get to the juiciest
bit<00:12:14.320> of<00:12:14.720> your<00:12:14.959> story<00:12:15.360> in<00:12:15.440> a<00:12:15.600> way<00:12:16.000> is<00:12:16.160> that<00:12:16.480> how
you
you<00:12:18.399> know<00:12:18.639> you<00:12:18.800> made<00:12:19.120> your<00:12:19.440> money<00:12:19.839> in<00:12:19.920> those<00:12:20.399> in
you know you made your money in those in
those<00:12:20.880> times<00:12:21.200> up<00:12:21.360> against<00:12:21.680> your<00:12:21.920> peers<00:12:22.240> so<00:12:22.399> i
those times up against your peers so i
don't<00:12:22.639> know<00:12:22.720> whether<00:12:23.040> you<00:12:23.279> you<00:12:23.440> want<00:12:23.600> to<00:12:23.680> sort
couple internships but i didn't know
what<00:12:36.399> was<00:12:36.560> going<00:12:36.800> on<00:12:36.959> but<00:12:37.120> i<00:12:37.279> started<00:12:37.600> full
lehman went bankrupt and sort of
the<00:12:48.480> financial<00:12:48.959> world<00:12:49.200> blew<00:12:49.440> up<00:12:49.600> a<00:12:49.680> little<00:12:49.839> bit
at the time i i really i didn't really
know<00:12:54.320> what<00:12:54.480> was<00:12:54.560> going<00:12:54.720> on<00:12:54.880> to<00:12:54.959> be<00:12:55.120> honest<00:12:55.519> um
that was a credit crisis and basically
the<00:13:09.760> supply<00:13:10.240> of<00:13:10.720> loans<00:13:11.120> and<00:13:11.279> money<00:13:11.600> to<00:13:11.760> banks
the supply of loans and money to banks
completely<00:13:12.639> dried<00:13:12.959> up<00:13:13.040> so<00:13:13.200> a<00:13:13.279> lot<00:13:13.360> of<00:13:13.440> banks
other banks didn't want to lend because
they're<00:13:19.040> worried<00:13:19.440> they<00:13:19.519> didn't<00:13:19.600> know<00:13:19.760> who<00:13:19.920> was
it was um
it<00:13:24.720> was<00:13:24.880> a<00:13:25.040> pretty<00:13:25.440> wild<00:13:25.839> time<00:13:26.079> to<00:13:26.160> be<00:13:26.240> honest
it was a pretty wild time to be honest
and<00:13:26.800> i<00:13:26.959> was<00:13:27.600> i<00:13:27.760> would<00:13:27.920> have<00:13:28.000> been<00:13:28.519> 21<00:13:29.519> at<00:13:29.680> the
and i had no idea what was
going<00:13:34.000> on<00:13:34.320> but<00:13:35.040> lots<00:13:35.279> of<00:13:35.360> people<00:13:35.680> in<00:13:35.839> my<00:13:36.079> area
going on but lots of people in my area
started<00:13:36.639> to<00:13:36.800> make<00:13:37.120> suddenly<00:13:37.680> a<00:13:37.760> lot<00:13:37.920> of<00:13:38.000> money
people would pay a lot of money just to
get<00:13:41.519> access<00:13:41.760> to<00:13:42.000> any<00:13:42.480> long<00:13:43.120> so<00:13:43.360> suddenly
get access to any long so suddenly
my<00:13:45.680> area<00:13:45.920> which<00:13:46.079> had<00:13:46.639> previously<00:13:47.120> not<00:13:47.279> been<00:13:47.440> a
trading suddenly people were making
loads<00:13:51.440> of<00:13:51.519> money<00:13:51.760> and<00:13:52.160> i<00:13:52.240> was<00:13:52.399> just<00:13:52.560> thinking
i didn't really know what was happening
to<00:13:56.480> be<00:13:56.560> honest<00:13:56.800> but<00:13:56.880> i<00:13:56.959> just<00:13:57.199> thought<00:13:57.440> um
to be honest but i just thought um
let's<00:13:58.800> try<00:13:58.959> and<00:13:59.040> figure<00:13:59.279> this<00:13:59.519> out<00:14:00.160> pretty
let's try and figure this out pretty
much<00:14:00.720> i<00:14:00.800> just<00:14:00.959> sort<00:14:01.120> of<00:14:01.199> copied<00:14:01.760> there<00:14:01.920> were
much i just sort of copied there were
there<00:14:02.399> were<00:14:02.560> some<00:14:02.720> really<00:14:02.880> good<00:14:03.040> traders<00:14:03.360> on
like i said i was at that point more
than<00:14:26.000> anything<00:14:26.320> i<00:14:26.399> was<00:14:26.480> just<00:14:26.639> copying<00:14:26.959> the
the post-crisis period and that's when
i<00:14:38.639> started<00:14:38.880> to<00:14:38.959> become<00:14:39.279> more<00:14:39.680> interested<00:14:40.160> so<00:14:40.399> i
i started to become more interested so i
guess<00:14:40.639> i<00:14:40.720> have<00:14:40.800> to<00:14:40.880> talk<00:14:41.120> a<00:14:41.199> little<00:14:41.360> bit<00:14:41.519> about
economics of what happened in 2008 so in
2008<00:14:45.760> was<00:14:45.920> there<00:14:46.079> was<00:14:46.160> this<00:14:46.320> big<00:14:46.480> crash
really enormously so to give you a sense
previous<00:14:59.920> in<00:15:00.000> 2008<00:15:00.800> central<00:15:01.120> banks<00:15:01.360> would<00:15:01.519> do
previous in 2008 central banks would do
things<00:15:02.000> like<00:15:02.320> cut<00:15:02.560> the<00:15:02.720> rate<00:15:02.959> from<00:15:03.199> five<00:15:03.519> and
things like cut the rate from five and
three<00:15:03.839> quarters<00:15:04.639> to<00:15:04.800> five<00:15:05.040> and<00:15:05.120> a<00:15:05.199> half<00:15:05.600> or
three quarters to five and a half or
rise<00:15:06.160> the<00:15:06.320> rate<00:15:06.639> from<00:15:06.959> four<00:15:07.360> to<00:15:07.519> four<00:15:07.680> and<00:15:07.760> a
suddenly after 2008 basically every
central<00:15:12.160> bank<00:15:12.320> in<00:15:12.399> the<00:15:12.480> world<00:15:12.639> was<00:15:12.800> just
economics or if you study at a time
you<00:15:26.240> are<00:15:26.399> taught<00:15:26.639> that<00:15:26.880> these<00:15:27.120> big<00:15:27.360> interest
you are taught that these big interest
rate<00:15:27.839> moves<00:15:28.079> they<00:15:28.240> have<00:15:28.399> big<00:15:28.560> effects<00:15:28.880> on<00:15:28.959> the
economists forecasting at the time they
basically<00:15:45.440> said<00:15:45.680> well<00:15:45.920> we're<00:15:46.079> going<00:15:46.240> to<00:15:46.320> have
but because of this huge response by
the<00:15:51.199> central<00:15:51.519> banks<00:15:51.759> the<00:15:51.839> bank<00:15:52.079> of<00:15:52.240> england
the central banks the bank of england
the<00:15:52.720> federal<00:15:52.959> reserve<00:15:53.279> in<00:15:53.360> the<00:15:53.440> us<00:15:53.759> the
so most people are predicting that
we'd<00:15:59.519> get<00:15:59.759> actually<00:16:00.079> quite<00:16:00.240> a<00:16:00.240> lot<00:16:00.399> of
we'd get actually quite a lot of
inflation<00:16:01.199> and<00:16:01.680> we<00:16:01.839> get<00:16:02.000> a<00:16:02.079> rapid<00:16:02.480> recovery
inflation and we get a rapid recovery
and<00:16:03.199> these<00:16:03.440> interest<00:16:03.759> rates<00:16:04.000> would<00:16:04.079> have<00:16:04.240> to
and these interest rates would have to
be<00:16:04.480> brought<00:16:05.040> back<00:16:05.279> up<00:16:05.519> in<00:16:05.600> the<00:16:05.680> next
be brought back up in the next
you<00:16:07.120> know<00:16:07.279> possibly<00:16:07.600> even<00:16:07.839> one<00:16:08.079> year<00:16:08.480> one<00:16:08.639> year
you know possibly even one year one year
to<00:16:09.040> two<00:16:09.199> years<00:16:09.600> people<00:16:09.839> are<00:16:09.920> expecting<00:16:10.480> a<00:16:10.560> big
people were saying okay well this is a
big<00:16:20.160> crisis<00:16:21.199> it's<00:16:21.360> going<00:16:21.440> to<00:16:21.519> take<00:16:21.680> a<00:16:21.759> bit
we went into 2010 and still rates
couldn't<00:16:29.759> come<00:16:30.000> up<00:16:30.320> and<00:16:30.399> then<00:16:30.560> people<00:16:30.800> started
couldn't come up and then people started
to<00:16:31.040> say<00:16:31.199> well<00:16:31.360> rates<00:16:31.680> will<00:16:31.759> go<00:16:31.839> up<00:16:32.079> in<00:16:32.240> 2011.
to say well rates will go up in 2011.
and<00:16:34.000> um<00:16:34.639> you<00:16:34.800> know<00:16:34.959> my<00:16:35.199> job<00:16:35.360> was<00:16:35.519> to<00:16:35.600> predict
and um you know my job was to predict
what's<00:16:36.240> going<00:16:36.320> to<00:16:36.399> happen<00:16:36.560> to<00:16:36.639> these<00:16:36.880> interest
rates right and um
i<00:16:39.120> studied<00:16:39.360> at<00:16:39.519> lse<00:16:40.000> and<00:16:40.480> i'd<00:16:40.639> learned<00:16:40.880> all
completely wrong in 2008 people thought
rates<00:16:51.279> would<00:16:51.600> maybe<00:16:51.920> come<00:16:52.079> down<00:16:52.240> a<00:16:52.320> bit<00:16:52.480> and
rates would maybe come down a bit and
they<00:16:52.639> collapsed<00:16:53.040> to<00:16:53.120> zero<00:16:53.920> in<00:16:54.079> 2009<00:16:54.800> people
they collapsed to zero in 2009 people
thought<00:16:55.120> they<00:16:55.199> would<00:16:55.279> come<00:16:55.440> out<00:16:55.600> quickly<00:16:56.000> they
so i started to think basically
something<00:17:04.000> that<00:17:04.240> to<00:17:04.400> be<00:17:04.559> honest<00:17:04.799> i<00:17:04.880> still
something that to be honest i still
think<00:17:05.280> now<00:17:05.439> a<00:17:05.520> little<00:17:05.679> bit<00:17:05.839> which<00:17:06.079> is
exciting i mean
if<00:17:13.520> you<00:17:13.679> study<00:17:14.319> you<00:17:14.480> know<00:17:14.959> i<00:17:15.039> guess<00:17:15.280> a<00:17:15.360> lot<00:17:15.439> of
taught that people understand things
then<00:17:18.880> you<00:17:19.039> go<00:17:19.120> into<00:17:19.360> the<00:17:19.439> real<00:17:19.600> world<00:17:19.919> and
thousands of pounds to make predictions
and<00:17:22.240> they're<00:17:22.480> all<00:17:22.559> wrong<00:17:22.799> all<00:17:22.959> the<00:17:23.039> time
despite all of this huge amount of extra
money<00:17:41.280> poured<00:17:41.520> in<00:17:41.600> by<00:17:41.840> central<00:17:42.160> banks<00:17:42.559> these
money poured in by central banks these
huge<00:17:43.039> cuts<00:17:43.200> in<00:17:43.280> interest<00:17:43.600> rates<00:17:43.840> why<00:17:44.000> the
economy didn't bounce back and um
i<00:17:47.679> started<00:17:48.160> to<00:17:48.400> yeah<00:17:48.640> i<00:17:48.720> went<00:17:48.960> back<00:17:49.280> and
reading my textbooks and talking to
people<00:17:51.919> who<00:17:52.000> i<00:17:52.080> used<00:17:52.240> to<00:17:52.400> study<00:17:52.720> with<00:17:53.120> and
talking to economists saying you know
trying<00:17:55.520> to<00:17:55.600> think<00:17:55.919> why<00:17:56.240> is<00:17:56.400> it<00:17:56.480> that<00:17:56.640> people
reason the central banks cut the rates
is<00:18:00.720> to<00:18:00.880> get<00:18:01.039> people<00:18:01.200> spending<00:18:02.160> and<00:18:02.240> the<00:18:02.400> reason
is to get people spending and the reason
they<00:18:02.720> couldn't<00:18:03.200> raise<00:18:03.520> the<00:18:03.600> rates<00:18:03.840> again<00:18:04.080> is
getting people to spend and um
i<00:18:15.360> was<00:18:15.520> thinking<00:18:15.840> about<00:18:16.000> this<00:18:16.160> for<00:18:16.240> a<00:18:16.320> long
i was thinking about this for a long
time<00:18:16.720> and<00:18:16.799> i<00:18:16.880> was<00:18:17.039> trying<00:18:17.280> to<00:18:17.360> sort<00:18:17.600> of
people i know basically
just<00:18:23.440> trying<00:18:23.600> to<00:18:23.679> bring<00:18:23.919> back<00:18:24.080> the<00:18:24.160> real<00:18:24.320> world
just trying to bring back the real world
why<00:18:24.720> don't<00:18:24.960> people<00:18:25.200> spend<00:18:25.520> more<00:18:26.160> and<00:18:26.320> i<00:18:26.400> was
why don't people spend more and i was
starting<00:18:26.880> to<00:18:26.960> sort<00:18:27.120> of<00:18:27.200> get<00:18:27.360> into<00:18:27.520> this<00:18:27.679> idea
as complicated perhaps as what people
think<00:18:32.320> the<00:18:32.400> reason<00:18:32.720> that<00:18:32.799> most<00:18:33.039> people<00:18:33.280> aren't
spending it's just because they don't
have<00:18:36.080> any<00:18:36.320> money<00:18:36.640> i<00:18:36.720> mean<00:18:36.960> most<00:18:37.200> people<00:18:37.440> spend
pretty much everything they make at
least<00:18:39.520> people<00:18:39.760> i<00:18:39.919> knew<00:18:40.240> and<00:18:40.559> a<00:18:40.640> lot<00:18:40.799> of<00:18:40.880> people
from back in ilford though
so<00:18:44.400> i<00:18:44.559> started<00:18:44.799> to<00:18:44.960> try<00:18:45.120> and<00:18:45.200> think<00:18:45.440> well<00:18:45.600> if
so i started to try and think well if
these<00:18:45.919> people<00:18:46.080> don't<00:18:46.240> have<00:18:46.320> any<00:18:46.480> extra<00:18:46.720> money
these people don't have any extra money
how<00:18:47.280> are<00:18:47.360> low<00:18:47.600> interest<00:18:47.760> rates<00:18:48.000> going<00:18:48.080> to<00:18:48.240> help
and um
i<00:18:51.919> was<00:18:52.160> thinking<00:18:52.480> about<00:18:52.720> that<00:18:52.880> a<00:18:52.960> lot<00:18:53.200> sort<00:18:53.360> of
i was thinking about that a lot sort of
back<00:18:54.000> end<00:18:54.160> of<00:18:54.240> 2010<00:18:55.360> and<00:18:55.520> going<00:18:55.760> into<00:18:56.000> 2011
back end of 2010 and going into 2011
um<00:18:59.440> and<00:18:59.600> then<00:18:59.760> i<00:18:59.840> went<00:19:00.080> into<00:19:00.240> this<00:19:00.480> meeting<00:19:00.799> in
um and then i went into this meeting in
early<00:19:01.200> 2011<00:19:02.160> and<00:19:02.320> in<00:19:02.480> 2011<00:19:03.919> it's<00:19:04.000> a<00:19:04.080> long<00:19:04.240> time
early 2011 and in 2011 it's a long time
ago<00:19:04.720> now<00:19:04.880> at<00:19:04.960> that<00:19:05.200> time<00:19:05.520> inflation<00:19:05.919> was<00:19:06.080> quite
ago now at that time inflation was quite
high<00:19:06.480> in<00:19:06.559> the<00:19:06.640> uk<00:19:07.360> and<00:19:07.520> there<00:19:07.679> was<00:19:08.000> everybody
high in the uk and there was everybody
was<00:19:08.480> saying<00:19:08.640> the<00:19:08.799> economy<00:19:09.120> is<00:19:09.280> really<00:19:09.600> strong
was saying the economy is really strong
we<00:19:10.400> had<00:19:10.559> this<00:19:10.720> sort<00:19:10.880> of<00:19:11.039> strange<00:19:11.600> idea<00:19:12.000> in<00:19:12.080> the
which was that we had a strong economy
and<00:19:15.440> also<00:19:15.840> a<00:19:16.160> cost<00:19:16.400> of<00:19:16.480> living<00:19:16.799> crisis<00:19:17.440> because
and also a cost of living crisis because
prices<00:19:18.480> were<00:19:18.640> going<00:19:18.880> up<00:19:19.039> and<00:19:19.200> wages<00:19:19.520> were<00:19:19.679> not
think you can simultaneously have a
strong<00:19:28.720> economy<00:19:29.120> and<00:19:29.200> a<00:19:29.280> cost<00:19:29.440> of<00:19:29.520> living
recovering interest rates are going to
go<00:19:40.400> up<00:19:40.480> really<00:19:40.720> soon<00:19:41.440> and<00:19:41.600> i<00:19:41.760> got<00:19:41.919> called<00:19:42.160> into
go up really soon and i got called into
this<00:19:42.480> meeting<00:19:42.720> in<00:19:42.880> early<00:19:43.039> 2011<00:19:44.160> with<00:19:44.400> a<00:19:44.559> guy
called matt king who was a
economy<00:19:47.200> sat<00:19:47.760> um<00:19:48.080> citibank<00:19:48.720> and<00:19:48.799> he<00:19:48.960> basically
went through the
the<00:19:51.360> financial<00:19:51.840> position<00:19:52.160> of<00:19:52.320> a<00:19:52.400> lot<00:19:52.480> of<00:19:52.640> the
they are in big problems but also the
government<00:20:06.159> of<00:20:06.240> the<00:20:06.320> uk<00:20:06.799> and<00:20:06.880> the<00:20:06.960> government
uh and he was basically saying you know
this<00:20:14.559> is<00:20:14.720> going<00:20:14.799> to<00:20:14.880> drive<00:20:15.039> the<00:20:15.120> economy<00:20:15.520> down
basically and then
this<00:20:25.120> sort<00:20:25.360> of<00:20:25.679> when<00:20:25.919> i<00:20:26.000> left<00:20:26.240> this<00:20:26.400> meeting<00:20:26.720> i
well if the governments don't don't have
any<00:20:30.960> money<00:20:31.200> left<00:20:31.440> if<00:20:31.760> they've<00:20:31.919> run<00:20:32.159> out<00:20:32.320> of
any money left if they've run out of
money<00:20:32.960> if<00:20:33.039> they're<00:20:33.440> spending<00:20:33.919> more<00:20:34.320> than<00:20:34.480> they
money if they're spending more than they
getting<00:20:35.280> every<00:20:35.520> year<00:20:36.240> they<00:20:36.480> have<00:20:36.559> to<00:20:36.640> stop
not spending but also
where<00:20:46.159> is<00:20:46.240> the<00:20:46.400> money<00:20:46.640> who's<00:20:46.880> got<00:20:47.039> the<00:20:47.120> money
where is the money who's got the money
you<00:20:48.320> know<00:20:48.480> you<00:20:48.559> can<00:20:48.720> see<00:20:48.880> all<00:20:49.280> you<00:20:49.360> can<00:20:49.600> see
you know you can see all you can see
everything<00:20:50.559> around<00:20:50.799> you<00:20:50.960> all<00:20:51.120> the<00:20:51.200> houses<00:20:51.679> all
buildings they're all owned by somebody
but<00:20:54.960> people<00:20:55.120> don't<00:20:55.360> own<00:20:55.520> it<00:20:55.600> and<00:20:55.679> the
government don't own it
then<00:20:58.240> who<00:20:58.400> owns<00:20:58.720> it<00:20:58.880> that's<00:20:59.120> when<00:20:59.200> i<00:20:59.360> realized
then who owns it that's when i realized
like<00:20:59.919> well<00:21:00.080> if<00:21:00.480> the<00:21:00.720> only<00:21:00.880> group<00:21:01.039> that<00:21:01.200> can<00:21:01.280> own
like well if the only group that can own
this<00:21:01.600> stuff<00:21:01.840> is<00:21:02.320> the<00:21:02.559> rich<00:21:02.799> they're<00:21:02.960> very<00:21:03.120> rich
this stuff is the rich they're very rich
basically<00:21:04.000> these<00:21:04.240> are<00:21:04.320> the<00:21:04.480> guys<00:21:04.720> who<00:21:05.360> own
so i suddenly for me it was like penny
dropped<00:21:14.240> really<00:21:14.480> i<00:21:14.559> thought<00:21:14.799> this<00:21:15.039> is<00:21:15.520> this<00:21:15.679> is
dropped really i thought this is this is
the<00:21:15.840> answer<00:21:16.320> the<00:21:16.400> problem<00:21:16.640> is<00:21:16.720> inequality<00:21:17.679> and
the answer the problem is inequality and
it's<00:21:18.559> it's<00:21:18.720> probably<00:21:19.039> not<00:21:19.200> going<00:21:19.360> to<00:21:19.440> get
it's it's probably not going to get
better<00:21:19.919> because<00:21:20.320> at<00:21:20.480> the<00:21:20.640> time<00:21:20.960> people<00:21:21.200> talk
better because at the time people talk
about<00:21:21.520> inequality<00:21:21.919> now<00:21:22.080> but<00:21:22.240> back<00:21:22.400> in<00:21:22.480> 2011
i was convinced that since we're not
going<00:21:28.159> to<00:21:28.240> fix<00:21:28.480> inequality<00:21:29.520> we're<00:21:29.679> not<00:21:29.840> going
to fix the economy and that basically
the<00:21:31.600> economy<00:21:31.919> is<00:21:32.000> going<00:21:32.080> to<00:21:32.159> stay<00:21:32.400> weak
through the time and then
i<00:21:39.440> just<00:21:39.600> went<00:21:39.760> back<00:21:39.919> and<00:21:40.080> i<00:21:40.159> started<00:21:40.480> being
i just went back and i started being
quite<00:21:41.200> big<00:21:41.440> that<00:21:41.679> the<00:21:41.760> economy<00:21:42.159> would<00:21:42.240> be<00:21:42.400> weak
successful bet and um
by<00:21:51.440> the<00:21:51.600> end<00:21:51.679> of<00:21:51.760> that<00:21:51.919> year<00:21:52.080> i<00:21:52.159> was<00:21:52.400> the<00:21:52.720> most
by the end of that year i was the most
profitable<00:21:53.440> trader<00:21:53.760> in<00:21:53.840> the<00:21:54.000> bank<00:21:54.480> in<00:21:54.559> the
world just basically on this one
idea<00:21:57.440> that<00:21:57.600> the<00:21:57.760> economy<00:21:58.080> will<00:21:58.240> be<00:21:58.400> weak
well it's certainly interesting i think
just<00:22:15.360> to<00:22:15.520> sort<00:22:15.760> of<00:22:15.919> um<00:22:16.320> put<00:22:16.559> it<00:22:16.720> into
just to sort of um put it into
context<00:22:18.720> just<00:22:18.960> to<00:22:19.120> ask<00:22:19.440> you<00:22:20.159> you<00:22:20.240> know<00:22:20.559> let's
context just to ask you you know let's
talk<00:22:21.200> about<00:22:21.679> money<00:22:22.080> a<00:22:22.159> little<00:22:22.400> bit<00:22:22.640> you<00:22:22.799> know
in terms of trading so
what's<00:22:25.440> the<00:22:25.600> value<00:22:26.240> of<00:22:27.039> you<00:22:27.120> know<00:22:27.360> a<00:22:27.440> single
what's the value of you know a single
trade<00:22:28.240> that<00:22:28.400> you<00:22:28.559> would<00:22:28.720> have<00:22:28.880> done<00:22:29.280> what's
trade that you would have done what's
you<00:22:29.760> know<00:22:29.919> the<00:22:30.080> highest<00:22:30.880> amount<00:22:31.280> of<00:22:31.440> money
you know the highest amount of money
that<00:22:32.000> you<00:22:32.080> would<00:22:32.240> have<00:22:32.320> made<00:22:32.559> for<00:22:32.640> the<00:22:32.720> bank<00:22:33.039> in
that you would have made for the bank in
one<00:22:33.440> day<00:22:34.000> you<00:22:34.080> know<00:22:34.240> what<00:22:34.400> sort<00:22:34.559> of<00:22:34.720> figures
one day you know what sort of figures
are<00:22:35.120> we<00:22:35.280> actually<00:22:35.679> talking<00:22:36.240> about<00:22:36.720> when<00:22:37.039> it
are we actually talking about when it
comes<00:22:37.440> to<00:22:37.600> trading<00:22:38.080> and<00:22:38.240> you're<00:22:38.880> you<00:22:39.039> know<00:22:39.200> for
comes to trading and you're you know for
you<00:22:39.520> to<00:22:39.679> be<00:22:39.840> have<00:22:40.000> been<00:22:40.720> the<00:22:40.880> most<00:22:41.120> globally
trader for city bank i mean how much
were<00:22:45.840> you<00:22:46.000> bringing<00:22:46.400> into<00:22:47.120> the<00:22:47.280> bank<00:22:47.600> what
they've got a job what is called market
making<00:22:59.919> which<00:23:00.159> basically<00:23:00.559> means<00:23:00.799> if<00:23:00.960> you<00:23:01.039> want
making which basically means if you want
to<00:23:01.280> buy<00:23:01.440> or<00:23:01.600> sell<00:23:01.840> a<00:23:01.919> certain<00:23:02.159> product
to buy or sell a certain product
uh<00:23:03.520> you're<00:23:04.240> a<00:23:04.400> big<00:23:04.960> corporation<00:23:06.000> like<00:23:06.320> i<00:23:06.480> don't
a pension fund or a hedge fund you'll
call<00:23:10.640> up<00:23:10.880> the<00:23:10.960> bank<00:23:11.280> and<00:23:11.360> the<00:23:11.520> bank<00:23:11.760> will<00:23:11.840> get<00:23:12.000> a
call up the bank and the bank will get a
price<00:23:12.400> from<00:23:12.720> the<00:23:12.880> trader<00:23:13.200> for<00:23:13.280> that<00:23:13.360> product
price from the trader for that product
so<00:23:14.559> later<00:23:15.280> what<00:23:15.440> you<00:23:15.520> do<00:23:15.679> is<00:23:15.840> just<00:23:16.000> this<00:23:16.240> kind
so later what you do is just this kind
of<00:23:16.559> stuff<00:23:17.039> really<00:23:17.440> it's<00:23:17.600> kind<00:23:17.760> of<00:23:17.840> shopkeeping
so my job was making short-term loans
and<00:23:23.440> borrowings<00:23:24.000> in<00:23:24.159> swiss<00:23:24.480> franc<00:23:24.799> so<00:23:24.880> if<00:23:25.039> you
and borrowings in swiss franc so if you
wanted<00:23:25.280> to<00:23:25.360> borrow<00:23:25.600> swiss<00:23:25.840> franc<00:23:26.080> you<00:23:26.159> would
wanted to borrow swiss franc you would
call<00:23:26.480> me<00:23:26.640> up<00:23:26.880> and<00:23:27.440> you<00:23:27.600> would<00:23:27.760> get<00:23:27.919> that<00:23:28.159> and
call me up and you would get that and
then<00:23:28.559> i<00:23:28.640> started<00:23:28.799> doing<00:23:29.039> euros<00:23:29.440> as<00:23:29.600> well
then i started doing euros as well
um<00:23:30.960> that<00:23:31.120> actually<00:23:31.360> took<00:23:31.600> up<00:23:31.840> it<00:23:31.919> took<00:23:32.159> up<00:23:32.320> lots
um that actually took up it took up lots
of<00:23:32.640> time<00:23:32.880> it<00:23:32.960> was<00:23:33.520> like<00:23:33.760> really<00:23:34.080> busy
um doing short term borrowings and
lending<00:23:38.320> of<00:23:38.400> euros<00:23:38.720> and<00:23:38.799> swiss<00:23:39.120> francs<00:23:39.520> but<00:23:39.760> um
you didn't really make that much money
from<00:23:44.320> that<00:23:44.480> kind<00:23:44.640> of<00:23:44.720> thing<00:23:44.880> you<00:23:44.960> made<00:23:45.200> a
but what you could make big money on
was<00:23:49.360> taking<00:23:49.919> big<00:23:50.159> bets<00:23:50.480> on<00:23:50.559> what's<00:23:50.799> going<00:23:50.880> to
i think the banks have sort of clamped
down<00:23:58.080> a<00:23:58.400> little<00:23:58.559> bit<00:23:58.720> but<00:23:58.880> back<00:23:59.039> when<00:23:59.200> i<00:23:59.279> was
down a little bit but back when i was
there<00:23:59.600> you<00:23:59.679> could<00:23:59.840> still<00:24:00.000> do<00:24:00.159> quite<00:24:00.320> a<00:24:00.400> lot<00:24:00.559> of
so what i would do is
you<00:24:06.240> would<00:24:06.480> um<00:24:07.200> you<00:24:07.279> could<00:24:07.440> look<00:24:07.600> at<00:24:07.679> the
you would um you could look at the
market<00:24:08.159> and<00:24:08.240> the<00:24:08.320> market<00:24:08.640> would<00:24:08.799> tell<00:24:09.039> you
market and the market would tell you
exactly<00:24:09.840> what<00:24:10.000> we<00:24:10.159> predict<00:24:10.720> the<00:24:10.880> central<00:24:11.200> bank
exactly what we predict the central bank
rate<00:24:11.760> is<00:24:11.919> going<00:24:12.000> to<00:24:12.320> be<00:24:12.559> for<00:24:12.720> the<00:24:12.799> next<00:24:13.039> two
rate in this country is 9.1
and<00:24:18.880> uh<00:24:19.279> it<00:24:19.440> was<00:24:19.679> 0.75<00:24:20.640> i<00:24:20.720> think<00:24:20.960> until<00:24:21.200> quite
and uh it was 0.75 i think until quite
recently<00:24:22.000> and<00:24:22.159> it<00:24:22.240> was<00:24:22.480> cut<00:24:23.120> because<00:24:23.360> of<00:24:23.520> the
but if you were to ask people what would
it<00:24:32.720> be<00:24:32.960> in<00:24:33.120> two<00:24:33.360> years<00:24:33.679> or<00:24:33.840> three<00:24:34.080> years
it be in two years or three years
they<00:24:35.039> would<00:24:35.200> sell<00:24:35.440> it's<00:24:35.520> gonna<00:24:35.760> be<00:24:35.840> back<00:24:36.000> up<00:24:36.159> at
they would sell it's gonna be back up at
two<00:24:36.400> and<00:24:36.480> a<00:24:36.559> half<00:24:36.799> percent<00:24:37.360> or<00:24:37.520> three<00:24:37.679> percent
two and a half percent or three percent
because<00:24:38.240> we're<00:24:38.400> going<00:24:38.559> to<00:24:38.640> get<00:24:38.880> a<00:24:38.960> big
so the way you would make money
basically<00:24:44.559> is<00:24:45.039> people<00:24:45.279> would<00:24:45.360> be<00:24:45.520> willing<00:24:45.760> to
basically is people would be willing to
pay<00:24:46.159> very<00:24:46.400> high<00:24:46.640> interest<00:24:46.880> rates<00:24:47.200> to<00:24:47.360> borrow
rates were going to go up
so<00:24:50.720> then<00:24:50.960> if<00:24:51.039> you<00:24:51.200> lent<00:24:51.440> them<00:24:51.600> the<00:24:51.760> money
so then if you lent them the money
and<00:24:53.760> in<00:24:53.919> reality<00:24:54.400> rates<00:24:54.640> turned<00:24:54.880> out<00:24:54.960> to<00:24:55.039> be
and in reality rates turned out to be
low<00:24:55.840> when<00:24:56.080> the<00:24:56.159> time<00:24:56.400> came<00:24:56.640> you<00:24:56.720> could<00:24:56.880> borrow
low when the time came you could borrow
the<00:24:57.120> money<00:24:57.360> back<00:24:57.520> very<00:24:57.679> cheaply<00:24:58.000> and<00:24:58.080> make<00:24:58.240> the
so that was really where most of the big
money<00:25:03.840> was<00:25:04.080> made<00:25:04.320> on<00:25:04.400> these<00:25:04.559> sort<00:25:04.720> of<00:25:04.799> big
in very different
sizes<00:25:12.840> um<00:25:14.320> this<00:25:14.559> one<00:25:14.880> big<00:25:15.279> trade<00:25:15.520> then<00:25:15.679> what's
sizes um this one big trade then what's
gonna<00:25:15.919> happen<00:25:16.080> in<00:25:16.159> the<00:25:16.240> future<00:25:16.559> on<00:25:16.640> a<00:25:16.720> good<00:25:16.880> day
gonna happen in the future on a good day
it<00:25:17.200> could<00:25:17.360> make<00:25:17.520> like<00:25:17.679> a<00:25:17.760> million<00:25:18.559> or<00:25:18.720> maybe
it could make like a million or maybe
even<00:25:19.200> close<00:25:19.360> to<00:25:19.679> two<00:25:19.840> million<00:25:20.080> dollars<00:25:20.480> on<00:25:20.640> a
for the bank um
and<00:25:24.159> then<00:25:24.480> over<00:25:24.720> the<00:25:24.799> course<00:25:25.039> of<00:25:25.120> 2011<00:25:26.080> i<00:25:26.240> made
35 million dollars for the bank
largely<00:25:29.679> on<00:25:29.760> this<00:25:30.000> trade<00:25:30.559> um<00:25:31.120> a<00:25:31.279> lot<00:25:31.360> of
largely on this trade um a lot of
traders<00:25:31.840> do<00:25:32.000> make<00:25:32.240> more<00:25:32.400> than<00:25:32.559> that<00:25:32.799> on<00:25:33.039> in
everyone was betting on um
there's<00:25:39.840> going<00:25:39.919> to<00:25:40.000> be<00:25:40.080> a<00:25:40.159> big<00:25:40.320> recovery<00:25:40.880> it
there's going to be a big recovery it
was<00:25:41.760> i<00:25:41.919> was<00:25:42.080> a<00:25:42.159> bit<00:25:42.240> of<00:25:42.320> a<00:25:42.400> long<00:25:42.720> voice<00:25:42.960> really
was i was a bit of a long voice really
and<00:25:43.360> saying<00:25:44.000> i<00:25:44.159> don't<00:25:44.320> think<00:25:44.480> there's<00:25:44.640> going
for the long run
so<00:25:49.520> yes<00:25:50.240> obviously<00:25:50.640> for<00:25:50.799> the<00:25:50.960> for<00:25:51.120> the<00:25:51.200> bank
so yes obviously for the for the bank
it's<00:25:51.520> a<00:25:51.600> lot<00:25:51.679> of<00:25:51.760> money<00:25:52.080> i<00:25:52.159> don't<00:25:52.320> get<00:25:52.480> that
it's a lot of money i don't get that
personally<00:25:53.279> but<00:25:53.600> yes<00:25:54.240> it's<00:25:54.400> a<00:25:54.480> lot<00:25:54.559> of<00:25:54.640> money
personally but yes it's a lot of money
that<00:25:54.960> the<00:25:55.039> bank<00:25:55.200> can<00:25:55.360> make<00:25:55.600> on<00:25:55.679> the<00:25:55.760> back<00:25:56.000> of
yeah they're all almost monopoly style
figures<00:26:01.200> there<00:26:01.440> aren't<00:26:01.679> they<00:26:02.320> so<00:26:02.720> in<00:26:02.960> terms<00:26:03.360> of
figures there aren't they so in terms of
you<00:26:03.760> know<00:26:03.919> the<00:26:04.080> atmosphere<00:26:05.039> in<00:26:05.120> the<00:26:05.279> office
you know the atmosphere in the office
etc<00:26:06.559> i<00:26:06.640> mean<00:26:07.200> you<00:26:07.520> if<00:26:07.600> you're<00:26:07.840> bringing<00:26:08.159> in
etc i mean you if you're bringing in
that<00:26:08.480> sort<00:26:08.640> of<00:26:08.799> money<00:26:09.200> was<00:26:09.600> was<00:26:09.760> no<00:26:09.919> one<00:26:10.080> sort
that sort of money was was no one sort
of<00:26:10.400> approaching<00:26:10.799> you<00:26:11.039> asking<00:26:11.360> you<00:26:11.520> how<00:26:11.679> you
of approaching you asking you how you
were<00:26:11.919> doing<00:26:12.159> it<00:26:12.320> and<00:26:12.400> sort<00:26:12.559> of<00:26:12.640> trying<00:26:12.799> to<00:26:12.960> get
were doing it and sort of trying to get
a<00:26:13.200> piece<00:26:13.440> of<00:26:13.520> the<00:26:13.679> action<00:26:14.159> what<00:26:14.320> was<00:26:14.559> the<00:26:14.720> sort
of the general consensus
or<00:26:17.520> you<00:26:17.600> know<00:26:17.840> the<00:26:18.000> general<00:26:18.320> opinion<00:26:18.720> of<00:26:18.880> other
or you know the general opinion of other
people<00:26:19.440> the<00:26:19.520> other<00:26:19.760> traders<00:26:20.240> that<00:26:20.400> you<00:26:20.559> were
working with when you were effectively
betting<00:26:23.200> against<00:26:23.600> what<00:26:23.760> they<00:26:24.000> had<00:26:24.159> been<00:26:24.400> told
you know that year 2011
i<00:26:33.760> was<00:26:33.919> the<00:26:34.000> most<00:26:34.240> profitable<00:26:34.559> trader<00:26:34.799> in<00:26:34.880> the
bank so my sort of
my<00:26:36.720> star<00:26:37.039> was<00:26:37.200> in<00:26:37.279> the<00:26:37.360> ascendants<00:26:37.840> a<00:26:37.919> little
my star was in the ascendants a little
bit<00:26:38.320> and<00:26:38.400> a<00:26:38.480> lot<00:26:38.640> of<00:26:38.720> people<00:26:38.960> sort<00:26:39.120> of<00:26:39.200> suddenly
bit and a lot of people sort of suddenly
knew<00:26:40.480> who<00:26:40.640> i<00:26:40.799> was<00:26:41.200> and<00:26:41.440> um<00:26:41.760> especially<00:26:42.159> because
knew who i was and um especially because
that<00:26:42.559> year<00:26:42.720> a<00:26:42.799> lot<00:26:42.880> of<00:26:42.960> traders<00:26:43.279> were
traders who i think were
maybe<00:26:48.159> i<00:26:48.240> wrapped<00:26:48.480> them<00:26:48.559> up<00:26:48.640> the<00:26:48.720> wrong<00:26:48.880> way<00:26:49.120> a
maybe i wrapped them up the wrong way a
bit<00:26:49.360> i<00:26:49.440> might<00:26:49.600> have<00:26:49.679> been<00:26:49.760> getting<00:26:50.000> a<00:26:50.080> bit<00:26:50.640> too
bit i might have been getting a bit too
big<00:26:51.039> for<00:26:51.120> my<00:26:51.279> boots<00:26:51.520> so<00:26:51.679> i<00:26:51.760> was<00:26:51.919> still<00:26:52.080> very
big for my boots so i was still very
young<00:26:52.559> 2011<00:26:53.200> i<00:26:53.279> was<00:26:53.440> only<00:26:53.840> 24<00:26:54.400> so<00:26:54.559> it<00:26:54.640> was<00:26:55.039> it
young 2011 i was only 24 so it was it
was<00:26:55.360> a<00:26:55.440> lot<00:26:55.600> to<00:26:55.760> be<00:26:55.840> suddenly<00:26:56.240> like<00:26:56.400> one<00:26:56.559> of<00:26:56.640> the
was a lot to be suddenly like one of the
top<00:26:57.120> traders<00:26:57.440> in<00:26:57.520> the<00:26:57.600> bank<00:26:57.840> at<00:26:57.919> that<00:26:58.080> age
interns coming in graduates coming and
wanting<00:27:08.159> to<00:27:08.320> sit<00:27:08.480> with<00:27:08.640> me<00:27:08.960> talk<00:27:09.120> with<00:27:09.279> me
what i was doing and um i had
a<00:27:12.559> junior<00:27:12.960> working<00:27:13.279> with<00:27:13.360> me<00:27:13.440> at<00:27:13.520> the<00:27:13.679> time<00:27:13.919> and
some of them were interested um
i<00:27:20.480> was<00:27:20.720> lucky<00:27:21.039> when<00:27:21.200> i<00:27:21.279> worked<00:27:21.520> at<00:27:21.679> citibank<00:27:22.159> i
i was lucky when i worked at citibank i
worked<00:27:22.559> with<00:27:22.640> one<00:27:22.880> older<00:27:23.120> guy<00:27:23.279> who<00:27:23.440> was<00:27:23.840> really
really interested in the economy and
had<00:27:26.399> a<00:27:26.480> really<00:27:26.720> great<00:27:26.960> perspective<00:27:27.520> on<00:27:27.600> things
had a really great perspective on things
and<00:27:28.080> he<00:27:28.240> always<00:27:28.399> wanted<00:27:28.559> to<00:27:28.640> talk<00:27:28.799> to<00:27:28.880> me<00:27:28.960> about
and he always wanted to talk to me about
what<00:27:29.279> was<00:27:29.360> happening<00:27:30.240> but<00:27:30.399> i<00:27:30.559> think<00:27:31.120> if<00:27:31.279> you're
they don't really want to get involved
they<00:27:39.200> just<00:27:39.279> want<00:27:39.440> you<00:27:39.520> to<00:27:39.600> make<00:27:39.760> the<00:27:39.840> money<00:27:40.240> i
people might be worried that maybe
you're<00:27:52.159> bending<00:27:52.480> the<00:27:52.559> rules<00:27:52.799> a<00:27:52.880> little<00:27:53.039> bit
you're bending the rules a little bit
and<00:27:54.080> they<00:27:54.240> don't<00:27:54.399> want<00:27:54.559> to<00:27:54.640> start<00:27:54.799> making<00:27:55.039> the
and they don't want to start making the
money<00:27:55.360> but<00:27:55.520> they<00:27:55.600> don't<00:27:55.760> want<00:27:55.840> to<00:27:55.919> be
if you uh get exposed doing something
dodgy<00:28:00.880> so<00:28:01.520> surprisingly<00:28:02.080> and<00:28:02.159> i<00:28:02.240> used<00:28:02.399> to<00:28:02.480> get
interested in how i was making money or
they<00:28:08.080> were<00:28:08.240> just<00:28:08.640> as<00:28:08.720> long<00:28:08.880> as<00:28:09.039> i<00:28:09.120> kept<00:28:09.279> making
i think so we've had a question from um
the<00:28:17.120> audience<00:28:17.840> um<00:28:18.559> one<00:28:18.960> of<00:28:19.279> the<00:28:19.440> participants
the audience um one of the participants
has<00:28:20.240> asked<00:28:20.559> that<00:28:21.200> you<00:28:21.279> know<00:28:21.520> if<00:28:22.000> if<00:28:22.559> you<00:28:22.640> know
the predictions of the usual traders and
what<00:28:28.960> they<00:28:29.200> thought<00:28:29.440> were<00:28:29.600> going<00:28:29.760> to<00:28:29.840> happen
what they thought were going to happen
why<00:28:31.200> how<00:28:31.440> did<00:28:31.600> the<00:28:31.760> bank<00:28:32.080> allow<00:28:32.399> you<00:28:32.559> to<00:28:32.720> make
such huge trades especially when you
didn't<00:28:34.799> know<00:28:34.960> that<00:28:35.120> they<00:28:35.200> were<00:28:35.360> going<00:28:35.440> to<00:28:35.520> be
didn't know that they were going to be
profitable<00:28:36.399> for<00:28:36.720> quite<00:28:36.960> some<00:28:37.200> time<00:28:37.600> you<00:28:37.679> know
um well i think things might have
changed<00:28:46.399> a<00:28:46.480> bit<00:28:46.640> since<00:28:46.880> i<00:28:47.039> quit<00:28:47.279> banking<00:28:48.000> but
changed a bit since i quit banking but
at<00:28:48.320> the<00:28:48.559> time<00:28:49.279> uh<00:28:49.919> where<00:28:50.159> i<00:28:50.240> was<00:28:50.480> at<00:28:50.559> least<00:28:50.880> at
citibank uh traders were given
if<00:28:54.399> you<00:28:54.480> had<00:28:54.640> a<00:28:54.720> decent<00:28:55.039> track<00:28:55.279> record<00:28:55.600> that
if you had a decent track record that
you've<00:28:55.919> made<00:28:56.399> good<00:28:56.559> money<00:28:56.880> in<00:28:56.960> the<00:28:57.039> past<00:28:57.360> years
you've made good money in the past years
you<00:28:58.480> were<00:28:58.640> given<00:28:58.960> actually<00:28:59.200> quite<00:28:59.360> a<00:28:59.440> lot<00:28:59.520> of
in fact oh this is crazy
let<00:29:07.840> me<00:29:07.919> just<00:29:08.080> see<00:29:08.240> if<00:29:08.559> i've<00:29:08.640> got<00:29:08.799> something
so much so that just a couple years
after<00:29:22.000> the<00:29:22.159> financial<00:29:22.640> crisis<00:29:23.440> they<00:29:23.600> took<00:29:23.840> us
after the financial crisis they took us
all<00:29:24.159> out<00:29:24.240> to<00:29:24.320> the<00:29:24.399> big<00:29:24.559> manor<00:29:24.799> house<00:29:25.039> and<00:29:25.120> gave
all out to the big manor house and gave
us<00:29:25.520> these<00:29:25.840> camo<00:29:26.320> hats<00:29:26.720> i<00:29:26.880> don't<00:29:27.039> know<00:29:27.120> if<00:29:27.200> you
us these camo hats i don't know if you
couldn't<00:29:27.600> see<00:29:27.760> it<00:29:27.840> but<00:29:28.000> on<00:29:28.080> the<00:29:28.159> front<00:29:28.480> it<00:29:28.559> says
which they gave this it's it's
unbelievable<00:29:35.840> but<00:29:35.919> they<00:29:36.000> gave<00:29:36.159> this<00:29:36.320> to<00:29:36.480> all
makes money you know
so<00:29:43.039> if<00:29:43.200> the<00:29:43.360> trader<00:29:43.679> has<00:29:43.760> a<00:29:43.840> good<00:29:44.000> track<00:29:44.240> record
people on the floor that's actually
quite<00:29:52.480> good<00:29:52.640> for<00:29:52.799> them<00:29:52.960> because<00:29:53.279> if<00:29:53.520> everyone
quite good for them because if everyone
on<00:29:54.320> the<00:29:54.399> floor<00:29:54.559> bets<00:29:54.799> in<00:29:54.880> the<00:29:54.960> same<00:29:55.120> direction
on the floor bets in the same direction
it's<00:29:55.840> a<00:29:55.919> lot<00:29:56.000> of<00:29:56.080> risk<00:29:56.320> for<00:29:56.399> the<00:29:56.480> bank<00:29:56.720> as<00:29:56.799> a
it's a lot of risk for the bank as a
whole<00:29:57.600> they'd<00:29:57.840> rather<00:29:58.240> really<00:29:58.720> some<00:29:58.960> guys<00:29:59.200> go
whole they'd rather really some guys go
somewhere<00:29:59.679> some<00:29:59.919> guys<00:30:00.080> go<00:30:00.240> the<00:30:00.320> other<00:30:00.480> way<00:30:00.960> but
somewhere some guys go the other way but
the<00:30:01.279> people<00:30:01.520> who<00:30:01.679> they<00:30:01.840> deem<00:30:02.080> the<00:30:02.159> better
win money for the bank so
they<00:30:06.880> didn't<00:30:07.120> have<00:30:07.200> a<00:30:07.279> problem<00:30:07.600> at<00:30:07.760> all<00:30:07.840> me
against them and not talking to them
about<00:30:14.640> it<00:30:15.120> but<00:30:15.360> the<00:30:15.440> bank<00:30:15.760> as<00:30:15.840> a<00:30:15.919> whole
about it but the bank as a whole
they<00:30:17.279> didn't<00:30:17.600> mind<00:30:17.840> i<00:30:17.919> mean<00:30:18.399> that<00:30:18.640> year<00:30:18.880> was<00:30:19.039> a
they didn't mind i mean that year was a
bad<00:30:19.279> year<00:30:19.440> for<00:30:19.600> the<00:30:19.679> bank<00:30:19.919> because<00:30:20.080> everyone
bad year for the bank because everyone
was<00:30:20.399> putting<00:30:20.640> the<00:30:20.720> wrong<00:30:20.799> way<00:30:21.039> and<00:30:21.120> i<00:30:21.200> was
for that year specifically i was holding
the<00:30:28.559> team<00:30:28.799> up<00:30:28.880> because<00:30:29.120> everyone<00:30:29.360> was<00:30:29.440> going
then what happened next you
you<00:30:40.640> moved<00:30:40.880> to<00:30:41.039> japan<00:30:41.520> with<00:30:41.760> the<00:30:41.840> bank<00:30:42.159> didn't
year you know like
like<00:30:50.640> i<00:30:50.720> said<00:30:51.039> i<00:30:51.120> come<00:30:51.279> from<00:30:51.520> quite<00:30:51.679> a<00:30:51.919> poor
background and i was quite
intent<00:30:54.559> on<00:30:54.720> making<00:30:55.039> money<00:30:55.279> when<00:30:55.440> i<00:30:55.520> went<00:30:55.679> into
intent on making money when i went into
when<00:30:56.880> i<00:30:56.960> went<00:30:57.120> into<00:30:57.360> banking<00:30:57.840> and<00:30:58.080> um<00:30:58.480> in<00:30:58.640> my
when i went into banking and um in my
first<00:30:59.039> year<00:30:59.279> as<00:30:59.360> a<00:30:59.440> trader<00:30:59.760> i<00:30:59.840> was<00:31:00.240> really
first year as a trader i was really
successful<00:31:01.039> for<00:31:01.200> a<00:31:01.279> first<00:31:01.440> year<00:31:01.679> trade<00:31:02.320> i
successful for a first year trade i
think<00:31:02.559> i<00:31:02.640> made<00:31:02.799> the<00:31:02.880> most<00:31:03.120> ever<00:31:03.519> for<00:31:03.600> a<00:31:03.679> first
think i made the most ever for a first
year<00:31:04.159> trader<00:31:04.559> and<00:31:04.799> to<00:31:04.960> be<00:31:05.120> honest<00:31:05.279> i<00:31:05.360> didn't
year trader and to be honest i didn't
even<00:31:05.600> know<00:31:05.760> i<00:31:05.840> was<00:31:06.000> doing<00:31:06.480> i<00:31:06.559> was<00:31:06.720> just<00:31:06.880> sort<00:31:07.039> of
um but i was really just committed to
that<00:31:11.840> making<00:31:12.640> money<00:31:13.440> which<00:31:13.760> i<00:31:13.840> think<00:31:14.320> i<00:31:14.399> think
that making money which i think i think
a<00:31:14.640> lot<00:31:14.720> of<00:31:14.799> people<00:31:15.039> from<00:31:15.200> all<00:31:15.360> backgrounds
a lot of people from all backgrounds
will<00:31:15.840> relate<00:31:16.080> to<00:31:16.320> when<00:31:16.720> you're<00:31:16.799> not<00:31:16.880> much
difficult right um
uh<00:31:20.880> and<00:31:21.039> then<00:31:21.679> but<00:31:21.919> over<00:31:22.159> time<00:31:22.399> i<00:31:22.480> became<00:31:22.720> more
uh and then but over time i became more
interested<00:31:23.279> in<00:31:23.440> the<00:31:23.600> economy<00:31:24.000> and<00:31:24.080> i<00:31:24.159> started
to think more and more about the
economic<00:31:25.600> side<00:31:25.760> of<00:31:25.840> things<00:31:26.080> and<00:31:26.159> then<00:31:26.399> like<00:31:26.559> i
i had this moment where i which i've
been<00:31:30.240> building<00:31:30.559> up<00:31:30.640> to<00:31:30.799> it<00:31:30.880> for<00:31:30.960> a<00:31:31.039> while<00:31:31.440> which
been building up to it for a while which
is<00:31:31.760> the<00:31:31.919> reason<00:31:32.159> that<00:31:32.320> spending<00:31:32.720> is<00:31:32.880> low<00:31:33.039> in
is the reason that spending is low in
the<00:31:33.279> economy<00:31:34.000> which<00:31:34.240> is<00:31:34.320> the<00:31:34.480> reason<00:31:34.799> that<00:31:34.880> the
is because of inequality because
basically<00:31:38.799> if<00:31:38.880> you<00:31:38.960> give<00:31:39.120> all<00:31:39.200> the<00:31:39.279> money<00:31:39.519> to
rich people don't spend most money they
get<00:31:42.640> they<00:31:42.799> save<00:31:43.120> it<00:31:43.600> pushes<00:31:44.000> up<00:31:44.159> house<00:31:44.480> prices
get they save it pushes up house prices
pushes<00:31:45.519> up<00:31:45.679> stock<00:31:46.000> prices<00:31:46.320> but<00:31:46.480> it<00:31:46.559> doesn't
pushes up stock prices but it doesn't
push<00:31:47.279> up<00:31:47.440> wages<00:31:48.240> which<00:31:48.480> makes<00:31:48.720> life<00:31:48.880> difficult
for ordinary people because you're not
making<00:31:50.720> much<00:31:50.880> money<00:31:51.120> you<00:31:51.200> have<00:31:51.279> to<00:31:51.360> buy<00:31:51.519> a
2011 obviously i made this huge amount
of<00:31:59.440> money<00:31:59.840> for<00:32:00.080> the<00:32:00.159> bank<00:32:00.399> on<00:32:00.480> the<00:32:00.559> back<00:32:00.720> of
and um it was
i<00:32:04.480> mean<00:32:04.640> it<00:32:04.720> was<00:32:04.799> a<00:32:04.960> strange<00:32:05.200> situation<00:32:05.679> right
personally i was successful right i was
like<00:32:10.559> the<00:32:10.640> most<00:32:10.960> profitable<00:32:11.360> trader<00:32:11.600> at<00:32:11.679> the
like the most profitable trader at the
bank<00:32:12.399> i<00:32:12.559> was<00:32:12.720> making<00:32:13.279> a<00:32:13.360> lot<00:32:13.519> of<00:32:13.600> money
bank i was making a lot of money
but<00:32:14.960> i've<00:32:15.279> made<00:32:15.519> that<00:32:15.679> money<00:32:16.320> on<00:32:16.480> the<00:32:16.559> back<00:32:16.799> of
year but a pessimistic prediction for
like<00:32:23.200> 20<00:32:23.519> years<00:32:23.840> into<00:32:24.080> the<00:32:24.159> future<00:32:24.480> right
money from basically saying things are
going<00:32:32.480> to<00:32:32.559> be<00:32:32.799> terrible<00:32:33.679> for<00:32:33.840> a<00:32:33.919> long<00:32:34.159> time
either
at<00:32:38.720> the<00:32:38.880> same<00:32:39.200> time<00:32:39.519> that<00:32:39.760> year<00:32:40.000> like<00:32:40.240> my<00:32:40.480> boss
at the same time that year like my boss
i<00:32:41.120> had<00:32:41.279> a<00:32:41.360> couple<00:32:41.600> of<00:32:41.679> bosses<00:32:41.919> who<00:32:42.000> i<00:32:42.080> really
got well with
and<00:32:43.760> my<00:32:44.000> boss<00:32:44.480> had<00:32:44.720> got<00:32:44.799> a<00:32:44.880> brain<00:32:45.200> tumor<00:32:45.600> and<00:32:45.679> he
and my boss had got a brain tumor and he
had<00:32:45.840> to<00:32:46.000> quit<00:32:46.720> he<00:32:47.039> was<00:32:47.200> surviving<00:32:47.919> he's<00:32:48.080> fine
had to quit he was surviving he's fine
he<00:32:48.720> was<00:32:48.799> a<00:32:48.880> nice<00:32:49.120> guy<00:32:49.440> he<00:32:49.519> had<00:32:49.600> to<00:32:49.679> quit<00:32:49.840> i<00:32:49.919> got<00:32:50.000> a
he was a nice guy he had to quit i got a
new<00:32:50.240> boss<00:32:50.480> in<00:32:50.559> you<00:32:50.720> i<00:32:50.880> really<00:32:51.039> didn't<00:32:51.279> like
new boss in you i really didn't like
i<00:32:52.320> didn't<00:32:52.559> get<00:32:52.640> on<00:32:52.720> with<00:32:52.880> him<00:32:52.960> at<00:32:53.120> all<00:32:53.679> and<00:32:53.919> um
i didn't get on with him at all and um
suddenly<00:32:54.960> i<00:32:55.039> was<00:32:55.200> like<00:32:55.360> much<00:32:55.600> more<00:32:55.760> high
suddenly i was like much more high
profile<00:32:56.640> and<00:32:57.039> all<00:32:57.279> senior<00:32:57.519> manager<00:32:57.919> wanted<00:32:58.159> to
talk to me and
my<00:33:00.559> boss<00:33:00.799> new<00:33:00.960> boss<00:33:01.200> came<00:33:01.440> in<00:33:01.519> and<00:33:01.679> he<00:33:01.760> was
my boss new boss came in and he was
saying<00:33:02.159> things<00:33:02.480> like<00:33:02.799> oh<00:33:03.039> you<00:33:03.200> know<00:33:03.600> you're
saying things like oh you know you're
doing<00:33:03.919> really<00:33:04.159> well<00:33:04.480> but<00:33:04.640> we<00:33:04.720> don't<00:33:04.880> think<00:33:04.960> we
from dealing with my team members who
actually<00:33:11.600> actually<00:33:11.840> a<00:33:11.840> lot<00:33:12.000> of<00:33:12.080> them<00:33:12.240> were
actually actually a lot of them were
really<00:33:12.559> nice<00:33:12.720> people<00:33:12.960> i<00:33:13.039> got<00:33:13.279> well<00:33:13.519> with<00:33:13.760> to
like these senior management guys who
my<00:33:17.440> personal<00:33:17.760> opinion<00:33:18.240> not<00:33:18.399> very<00:33:18.559> nice<00:33:18.799> people
my personal opinion not very nice people
and<00:33:19.360> not<00:33:19.519> very<00:33:19.679> nice<00:33:19.919> to<00:33:20.080> deal<00:33:20.240> with
and not very nice to deal with
and<00:33:21.679> it<00:33:21.760> was<00:33:21.919> all<00:33:22.080> big<00:33:22.240> politics<00:33:22.720> about<00:33:23.120> are<00:33:23.360> we
and it was all big politics about are we
going<00:33:23.600> to<00:33:23.679> pay<00:33:23.919> you<00:33:24.159> are<00:33:24.240> we<00:33:24.399> not<00:33:24.559> going<00:33:24.720> to<00:33:24.799> pay
investment banking you could make a lot
of<00:33:30.320> money<00:33:30.559> by<00:33:30.720> the<00:33:30.799> way<00:33:30.960> it<00:33:31.039> was<00:33:31.440> your<00:33:31.600> salary
of money by the way it was your salary
was<00:33:32.240> not<00:33:32.559> particularly<00:33:33.200> high<00:33:33.519> you<00:33:33.679> would<00:33:33.840> work
was not particularly high you would work
all<00:33:34.240> year<00:33:35.039> if<00:33:35.200> you<00:33:35.279> made<00:33:35.519> the<00:33:35.600> good
all year if you made the good
if<00:33:36.559> you<00:33:36.640> made<00:33:36.799> a<00:33:36.880> lot<00:33:36.960> of<00:33:37.039> profit<00:33:37.279> for<00:33:37.440> the<00:33:37.519> bank
if you made a lot of profit for the bank
at<00:33:38.240> the<00:33:38.320> end<00:33:38.480> of<00:33:38.559> the<00:33:38.640> year<00:33:38.799> they're<00:33:38.960> supposed
to pay you a big bonus
but<00:33:41.039> what<00:33:41.200> if<00:33:41.279> they<00:33:41.440> just<00:33:41.600> don't<00:33:41.760> pay<00:33:41.919> you<00:33:42.159> i
but what if they just don't pay you i
had<00:33:42.399> a<00:33:42.480> friend<00:33:42.720> who<00:33:42.799> worked<00:33:42.960> for<00:33:43.039> bank<00:33:43.279> of
had a friend who worked for bank of
america<00:33:44.080> he<00:33:44.159> made<00:33:44.399> loads<00:33:44.640> of<00:33:44.720> money<00:33:45.039> at<00:33:45.200> the
america he made loads of money at the
end<00:33:45.440> of<00:33:45.519> the<00:33:45.600> year<00:33:45.840> they<00:33:46.000> just<00:33:46.159> fired<00:33:46.480> it
end of the year they just fired it
didn't<00:33:47.039> pay<00:33:47.200> him<00:33:47.279> you<00:33:47.440> know<00:33:48.000> and<00:33:48.159> then<00:33:48.240> when
didn't pay him you know and then when
these<00:33:48.559> guys<00:33:48.799> started<00:33:49.039> playing<00:33:49.279> games<00:33:49.600> with<00:33:49.679> me
these guys started playing games with me
like<00:33:50.720> i<00:33:50.880> just<00:33:51.039> started<00:33:51.279> to<00:33:51.360> think<00:33:51.600> like
i'm not from a rich background that
amount<00:33:59.440> of<00:33:59.519> money<00:33:59.760> security<00:34:00.240> for<00:34:00.399> me<00:34:00.799> forever
amount of money security for me forever
for<00:34:01.519> me<00:34:01.679> for<00:34:01.840> my<00:34:02.000> family<00:34:02.399> you<00:34:02.480> know<00:34:02.559> what<00:34:02.640> i
for me for my family you know what i
mean<00:34:03.200> and<00:34:03.360> then<00:34:03.519> for<00:34:03.679> people<00:34:03.919> to<00:34:04.080> just<00:34:04.240> come<00:34:04.399> in
mean and then for people to just come in
and<00:34:04.559> start<00:34:04.799> playing<00:34:05.039> games<00:34:05.279> with<00:34:05.440> me<00:34:05.679> i<00:34:05.760> just
started to realize like
i'm<00:34:08.639> not<00:34:08.800> sure<00:34:08.960> these<00:34:09.119> people<00:34:09.359> are<00:34:09.440> my<00:34:09.599> people
i'm not sure these people are my people
you<00:34:10.079> know<00:34:10.560> at<00:34:10.720> the<00:34:10.800> same<00:34:10.960> time<00:34:11.280> and<00:34:11.359> then
you know at the same time and then
friends<00:34:11.839> back<00:34:12.000> home<00:34:12.320> at<00:34:12.399> the<00:34:12.480> same<00:34:12.720> time<00:34:13.119> i
friends back home at the same time i
graduated<00:34:13.599> in<00:34:13.679> 2008<00:34:14.240> a<00:34:14.320> lot<00:34:14.399> of<00:34:14.480> my<00:34:14.639> friends
graduated in 2008 a lot of my friends
back<00:34:15.040> home<00:34:15.599> they<00:34:15.760> struggled<00:34:16.159> to<00:34:16.240> get<00:34:16.320> into
decent jobs they struggled to establish
themselves<00:34:18.560> as<00:34:18.720> adults<00:34:19.040> because<00:34:19.280> it<00:34:19.359> was<00:34:19.440> a
and here's me making a lot of the money
by<00:34:24.000> betting<00:34:24.240> that<00:34:24.320> that's<00:34:24.560> going<00:34:24.639> to<00:34:24.720> continue
so i had a lot of like strange thoughts
going<00:34:27.280> on<00:34:27.359> in<00:34:27.520> my<00:34:27.599> head<00:34:27.839> really<00:34:28.079> about
going on in my head really about
what<00:34:29.200> is<00:34:29.599> the<00:34:29.760> right<00:34:29.919> thing<00:34:30.079> to<00:34:30.240> do<00:34:30.480> here
what is the right thing to do here
what<00:34:31.679> am<00:34:31.760> i<00:34:31.919> supposed<00:34:32.240> to<00:34:32.399> do<00:34:32.839> and<00:34:34.079> after<00:34:34.399> the
end of 2011 i got paid
my<00:34:37.359> bonus<00:34:37.839> and<00:34:38.000> that<00:34:38.159> basically<00:34:38.639> sort<00:34:38.800> of<00:34:39.440> once
to like think about well
what<00:34:45.679> do<00:34:45.760> i<00:34:45.839> want<00:34:46.000> to<00:34:46.079> do<00:34:46.240> now<00:34:46.399> is<00:34:46.560> it<00:34:46.639> really
what do i want to do now is it really
right<00:34:47.119> for<00:34:47.280> me<00:34:47.359> to<00:34:47.520> stay<00:34:47.760> here<00:34:47.919> making<00:34:48.240> more
i
think<00:34:51.119> i<00:34:51.280> thought<00:34:51.440> then<00:34:51.760> and<00:34:52.079> i<00:34:52.159> still<00:34:52.480> think<00:34:52.960> i
going to be bad you know
so<00:34:57.680> my<00:34:57.839> manager<00:34:58.240> called<00:34:58.480> me<00:34:58.640> in<00:34:58.880> to<00:34:59.040> follow<00:34:59.280> my
so my manager called me in to follow my
my<00:34:59.680> heartfeli<00:35:00.160> meeting<00:35:00.480> the<00:35:00.560> next<00:35:00.800> year<00:35:01.280> i
my heartfeli meeting the next year i
just<00:35:01.520> said<00:35:01.680> to<00:35:01.839> him<00:35:02.079> i<00:35:02.240> think<00:35:02.400> i<00:35:02.480> just<00:35:02.640> want
like i guess i didn't really realize it
at<00:35:14.320> the<00:35:14.400> time<00:35:14.640> but<00:35:14.800> like<00:35:15.440> as<00:35:15.599> a<00:35:15.680> trader<00:35:16.000> if
at the time but like as a trader if
you're<00:35:16.160> making<00:35:16.400> a<00:35:16.400> lot<00:35:16.480> of<00:35:16.560> money<00:35:16.800> for<00:35:16.880> the
you're making a lot of money for the
bank<00:35:17.680> suddenly<00:35:18.079> a<00:35:18.160> lot<00:35:18.240> of<00:35:18.320> very<00:35:18.560> senior
bank suddenly a lot of very senior
people<00:35:19.040> take<00:35:19.200> a<00:35:19.280> lot<00:35:19.359> of<00:35:19.520> interest<00:35:19.760> in<00:35:19.839> you
people take a lot of interest in you
because<00:35:20.160> they're<00:35:20.320> making<00:35:20.560> money<00:35:20.800> off<00:35:20.960> you<00:35:21.200> as
and then everybody was freaking out and
they<00:35:26.000> basically<00:35:26.400> said<00:35:26.560> to<00:35:26.720> me<00:35:26.880> look<00:35:27.440> we<00:35:27.599> can't
they basically said to me look we can't
give<00:35:27.920> you<00:35:28.079> a<00:35:28.160> sabbatical<00:35:28.800> which<00:35:28.960> is<00:35:29.040> what<00:35:29.119> i've
give you a sabbatical which is what i've
been<00:35:29.359> asking<00:35:29.599> for<00:35:29.680> but<00:35:29.839> we<00:35:29.920> could<00:35:30.079> send<00:35:30.240> you<00:35:30.400> to
think that's a good idea because
i'm<00:35:36.079> really<00:35:36.320> i'm<00:35:36.480> losing<00:35:36.720> motivation<00:35:37.119> now<00:35:37.280> i
don't think i can do it and my boss said
to<00:35:39.119> me<00:35:39.599> you<00:35:39.760> don't<00:35:39.920> understand<00:35:40.560> you<00:35:40.720> have<00:35:40.880> to
to me you don't understand you have to
go<00:35:41.599> and<00:35:41.680> i<00:35:41.760> was<00:35:41.920> like<00:35:42.079> what<00:35:42.240> does<00:35:42.400> that<00:35:42.560> mean<00:35:42.800> i
if you're gonna play hardball with me
then<00:35:46.960> whatever<00:35:47.280> i'll<00:35:47.520> just<00:35:47.599> go<00:35:47.760> to<00:35:47.920> japan
then whatever i'll just go to japan
and<00:35:49.440> if<00:35:49.599> i<00:35:49.680> don't<00:35:49.920> like<00:35:50.160> it<00:35:50.320> then<00:35:50.480> i'll<00:35:50.640> quit
and if i don't like it then i'll quit
after<00:35:51.040> the<00:35:51.119> next<00:35:51.359> bonus<00:35:51.760> day<00:35:52.079> and<00:35:52.240> i'll<00:35:52.320> go<00:35:52.400> and
um but to be honest by the time i went
to<00:36:01.839> japan<00:36:02.160> like<00:36:02.560> i<00:36:02.640> was<00:36:02.800> still<00:36:02.960> having
to japan like i was still having
i'd<00:36:04.079> lost<00:36:04.320> my<00:36:04.480> motivation<00:36:04.960> basically<00:36:05.359> i<00:36:05.440> think
i'd lost my motivation basically i think
i<00:36:05.760> really<00:36:05.920> wanted<00:36:06.160> to<00:36:06.320> understand<00:36:06.640> what<00:36:06.800> was
i really wanted to understand what was
happening<00:36:07.599> i<00:36:07.760> really<00:36:07.920> wanted<00:36:08.160> to<00:36:08.240> figure<00:36:08.560> out
happening i really wanted to figure out
i<00:36:08.880> really<00:36:09.040> wanted<00:36:09.280> to<00:36:09.920> make<00:36:10.400> money<00:36:10.800> and<00:36:10.880> get
i really wanted to make money and get
financial<00:36:11.440> security<00:36:12.079> but<00:36:12.800> i've<00:36:12.960> done<00:36:13.200> all<00:36:13.359> of
financial security but i've done all of
those<00:36:13.599> things<00:36:13.839> and<00:36:14.000> just<00:36:14.240> trading<00:36:14.560> it<00:36:14.640> just
for me like when i grew up i was quite
hungry<00:36:20.560> for<00:36:20.720> money<00:36:21.200> and<00:36:21.359> to<00:36:21.520> be<00:36:21.680> honest<00:36:21.920> that<00:36:22.160> i
i've been poor it's not fun it's
difficult<00:36:30.000> people<00:36:30.160> look<00:36:30.320> down<00:36:30.560> on<00:36:30.640> you<00:36:30.880> you
difficult people look down on you you
can't<00:36:31.119> do<00:36:31.280> things<00:36:31.440> what<00:36:31.599> other<00:36:31.760> people<00:36:32.000> can<00:36:32.160> do
can't do things what other people can do
but<00:36:32.960> suddenly<00:36:33.359> i<00:36:33.440> wasn't<00:36:33.680> poor<00:36:33.839> no<00:36:34.079> more<00:36:34.560> and<00:36:34.800> i
but suddenly i wasn't poor no more and i
saw<00:36:35.119> all<00:36:35.280> these<00:36:35.520> guys<00:36:35.839> working<00:36:36.160> in<00:36:36.240> banking
saw all these guys working in banking
and<00:36:36.720> i<00:36:36.880> knew<00:36:37.040> how<00:36:37.119> much<00:36:37.280> money<00:36:37.599> they<00:36:37.760> had<00:36:38.320> and
and i knew how much money they had and
all<00:36:38.640> they<00:36:38.800> was<00:36:38.960> doing<00:36:39.200> was<00:36:39.440> just<00:36:39.680> working<00:36:40.000> for
all they was doing was just working for
more<00:36:40.320> money<00:36:40.560> for<00:36:40.720> more<00:36:40.880> money<00:36:41.119> for<00:36:41.280> more<00:36:41.440> money
more money for more money for more money
and<00:36:42.240> at<00:36:42.320> the<00:36:42.400> same<00:36:42.640> time<00:36:43.440> here's<00:36:43.760> me<00:36:44.000> betting
and at the same time here's me betting
every<00:36:44.480> year<00:36:44.720> the<00:36:44.880> economy<00:36:45.200> is<00:36:45.280> going<00:36:45.359> to<00:36:45.440> be
every year the economy is going to be
bad<00:36:45.839> for<00:36:45.920> 10<00:36:46.160> years<00:36:46.480> you<00:36:46.560> know<00:36:46.800> and<00:36:46.960> i<00:36:47.040> just
thought this is not good situation
we<00:36:49.599> need<00:36:49.760> to<00:36:49.839> do<00:36:50.000> something<00:36:50.320> you<00:36:50.400> know<00:36:50.640> so
we need to do something you know so
i<00:36:52.240> started<00:36:52.560> to<00:36:52.640> tell<00:36:52.800> management<00:36:53.200> at<00:36:53.359> the<00:36:53.440> bank
i'm not sure what i want to do
um<00:36:57.440> but<00:36:57.599> they<00:36:57.839> really<00:36:58.000> just<00:36:58.160> wanted<00:36:58.400> me<00:36:58.560> to<00:36:58.640> sit
um but they really just wanted me to sit
there<00:36:59.040> and<00:36:59.119> just<00:36:59.280> keep<00:36:59.440> training<00:36:59.760> keep<00:36:59.920> making
there and just keep training keep making
money<00:37:00.960> so<00:37:01.119> then<00:37:01.359> i<00:37:01.440> basically<00:37:01.680> i<00:37:01.839> waited<00:37:02.160> till
money so then i basically i waited till
the<00:37:02.960> next<00:37:03.200> bonus<00:37:03.520> day<00:37:03.680> which<00:37:03.839> was<00:37:03.920> in<00:37:04.000> january
and then
i<00:37:06.720> went<00:37:06.960> into<00:37:07.119> a<00:37:07.200> meeting<00:37:07.440> with<00:37:07.520> my<00:37:07.680> boss<00:37:08.000> and<00:37:08.079> i
i want to uh
i'm<00:37:13.040> going<00:37:13.200> to<00:37:13.280> leave<00:37:13.599> i'm<00:37:13.680> going<00:37:13.760> to<00:37:13.839> ask<00:37:14.079> i
i'm going to leave i'm going to ask i
said<00:37:14.320> to<00:37:14.560> work<00:37:14.720> the<00:37:14.800> rest<00:37:14.960> of<00:37:15.040> the<00:37:15.200> year<00:37:15.359> for<00:37:15.520> no
said to work the rest of the year for no
bonus<00:37:16.079> if<00:37:16.160> you<00:37:16.240> want<00:37:16.480> but<00:37:16.640> after<00:37:16.960> i'm<00:37:17.040> going<00:37:17.119> to
bonus if you want but after i'm going to
go<00:37:17.359> leave<00:37:17.520> i'm<00:37:17.680> going<00:37:17.760> to<00:37:17.839> go<00:37:17.920> work<00:37:18.079> for
go leave i'm going to go work for
charity<00:37:18.560> i'm<00:37:18.720> going<00:37:18.800> to<00:37:18.880> try<00:37:18.960> and<00:37:19.119> work<00:37:19.359> on<00:37:19.760> on
so there's quite a story there isn't
there<00:37:27.680> really<00:37:28.000> how<00:37:28.240> you<00:37:28.320> became<00:37:28.720> you<00:37:28.880> know<00:37:29.359> how
there really how you became you know how
a<00:37:30.160> bank<00:37:30.400> that<00:37:30.560> had<00:37:30.800> effectively<00:37:31.520> started<00:37:31.839> your
a bank that had effectively started your
career<00:37:32.400> and<00:37:32.480> given<00:37:32.720> you<00:37:32.960> your<00:37:33.119> start<00:37:33.520> in<00:37:33.680> life
you became quite passionately against
them<00:37:36.640> and<00:37:36.800> how<00:37:36.960> they<00:37:37.200> worked<00:37:37.839> um<00:37:38.480> just<00:37:38.720> really
them and how they worked um just really
interesting<00:37:39.520> so<00:37:40.079> i<00:37:40.240> think<00:37:40.640> moving<00:37:40.960> on<00:37:41.200> from
that i mean
is<00:37:43.040> there<00:37:43.520> you<00:37:43.599> know<00:37:43.839> you<00:37:44.000> spent<00:37:44.160> some<00:37:44.320> time<00:37:44.480> in
is there you know you spent some time in
japan<00:37:45.040> was<00:37:45.200> there<00:37:45.359> anything<00:37:45.680> that<00:37:45.920> you<00:37:46.079> know
japan was there anything that you know
was<00:37:46.640> trading<00:37:47.040> different<00:37:47.440> there<00:37:47.760> you<00:37:47.920> know<00:37:48.160> i<00:37:48.400> i
probably fit right in
well<00:37:55.200> i<00:37:55.280> didn't<00:37:55.520> know<00:37:55.760> when<00:37:55.920> i<00:37:56.000> first<00:37:56.240> moved<00:37:56.400> i
well i didn't know when i first moved i
didn't<00:37:56.640> know<00:37:56.800> any<00:37:56.960> japanese<00:37:57.599> um<00:37:58.000> trading<00:37:58.480> was
super super different like the trading
floor<00:38:00.640> that<00:38:00.720> i<00:38:00.800> worked<00:38:01.040> in<00:38:01.200> in<00:38:01.280> london
the japanese trading floor like you
could<00:38:14.880> hear<00:38:15.040> a<00:38:15.119> pin<00:38:15.359> drop<00:38:15.599> you<00:38:15.680> know<00:38:15.839> it<00:38:15.920> was
quiet there wasn't like there wasn't
that<00:38:18.960> kind<00:38:19.119> of<00:38:19.200> action<00:38:19.440> i<00:38:19.520> was<00:38:19.680> used<00:38:19.920> to
that kind of action i was used to
and<00:38:21.119> i<00:38:21.280> didn't<00:38:21.520> have<00:38:21.599> no<00:38:21.839> team<00:38:22.560> i<00:38:22.720> had<00:38:22.880> one
and i didn't have no team i had one
junior<00:38:23.599> and<00:38:23.680> i<00:38:23.760> had<00:38:23.920> three<00:38:24.160> bosses<00:38:25.040> in<00:38:25.200> london
junior and i had three bosses in london
i<00:38:25.599> was<00:38:25.680> in<00:38:25.760> like<00:38:25.920> a<00:38:26.000> big<00:38:26.160> team<00:38:26.400> of<00:38:26.480> traders
but um
in<00:38:28.640> japan<00:38:29.040> i<00:38:29.119> just<00:38:29.200> had<00:38:29.359> three<00:38:29.520> bosses<00:38:29.839> i<00:38:29.920> had
in japan i just had three bosses i had
one<00:38:30.240> boss<00:38:30.880> japanese<00:38:31.359> boss<00:38:31.599> who<00:38:31.680> would<00:38:31.760> just
one boss japanese boss who would just
sit<00:38:32.000> next<00:38:32.240> to<00:38:32.400> me<00:38:32.640> and<00:38:32.800> he<00:38:32.880> didn't<00:38:33.119> have<00:38:33.200> no<00:38:33.440> job
sit next to me and he didn't have no job
but<00:38:33.760> to<00:38:33.920> just<00:38:34.000> look<00:38:34.160> at<00:38:34.240> me<00:38:34.400> all<00:38:34.560> day<00:38:35.119> that<00:38:35.280> was
but to just look at me all day that was
quite<00:38:35.599> stressful<00:38:36.240> then<00:38:36.480> as<00:38:36.640> another<00:38:36.880> boss<00:38:37.119> at
quite stressful then as another boss at
the<00:38:37.280> end<00:38:37.440> of<00:38:37.520> the<00:38:37.599> floor<00:38:38.160> he<00:38:38.320> would<00:38:38.480> keep
the end of the floor he would keep
looking<00:38:38.960> at<00:38:39.040> me<00:38:39.119> a<00:38:39.200> bit<00:38:39.359> and<00:38:39.440> then<00:38:39.520> i<00:38:39.680> literally
looking at me a bit and then i literally
had<00:38:40.000> the<00:38:40.079> boss<00:38:40.320> on<00:38:40.400> the<00:38:40.480> camera<00:38:40.960> it<00:38:41.040> would<00:38:41.200> just
had the boss on the camera it would just
be<00:38:41.520> there<00:38:41.760> little<00:38:42.000> camera<00:38:42.240> looking<00:38:42.480> at<00:38:42.560> me<00:38:42.720> he
was based in australia
and<00:38:45.520> it<00:38:45.920> wasn't<00:38:46.240> really<00:38:46.480> the<00:38:46.640> sort<00:38:46.880> of<00:38:47.040> i
but to be honest i thought i'd lost i'd
lost<00:38:54.480> the<00:38:54.560> motivation<00:38:55.040> a<00:38:55.119> while<00:38:55.359> before<00:38:56.000> japan
japan is a great country
by<00:38:58.960> the<00:38:59.119> end<00:38:59.280> of<00:38:59.359> my<00:38:59.520> time<00:38:59.680> now<00:38:59.839> i<00:38:59.920> learned
by the end of my time now i learned
japanese<00:39:00.560> i<00:39:00.720> really<00:39:00.880> loved<00:39:01.200> it<00:39:01.839> but<00:39:02.000> when<00:39:02.240> i
first moved there
like<00:39:04.240> i<00:39:04.400> was<00:39:04.640> just<00:39:04.800> so<00:39:05.359> i<00:39:05.520> was<00:39:05.680> so<00:39:05.920> full<00:39:06.079> and
like i was just so i was so full and
i've<00:39:06.400> loved<00:39:06.640> like<00:39:07.040> with<00:39:07.200> this<00:39:07.440> job<00:39:07.680> like<00:39:08.160> i<00:39:08.240> did
it in london for
four<00:39:10.560> years<00:39:11.280> and<00:39:11.440> i<00:39:11.599> got<00:39:11.839> so<00:39:12.240> into<00:39:12.480> it<00:39:12.560> i<00:39:12.640> got<00:39:12.800> so
four years and i got so into it i got so
good<00:39:13.119> at<00:39:13.280> it<00:39:13.440> i<00:39:13.520> got<00:39:13.680> so<00:39:13.920> interested<00:39:14.320> in<00:39:14.400> the
economics of it
but<00:39:16.400> by<00:39:16.560> the<00:39:16.640> time<00:39:16.800> i<00:39:16.880> moved<00:39:17.119> to<00:39:17.200> japan<00:39:17.599> like<00:39:18.320> i
but by the time i moved to japan like i
was<00:39:18.640> still<00:39:18.880> making<00:39:19.359> money<00:39:19.680> as<00:39:19.839> a<00:39:19.920> trader<00:39:20.880> i
was still making money as a trader i
didn't<00:39:21.200> really<00:39:21.440> care<00:39:21.599> anymore<00:39:22.000> i<00:39:22.160> just<00:39:22.480> i
that was 2013 when i told my boss i want
to<00:39:38.079> go<00:39:38.160> work<00:39:38.320> for<00:39:38.480> charity<00:39:39.119> but<00:39:39.280> i<00:39:39.440> didn't
like i didn't really maybe i was quite
naive<00:39:52.079> but<00:39:52.640> you<00:39:52.800> know<00:39:52.880> when<00:39:53.119> i<00:39:53.200> told<00:39:53.520> my<00:39:53.680> boss
naive but you know when i told my boss
like<00:39:54.079> i'm<00:39:54.160> going<00:39:54.240> to<00:39:54.320> quit<00:39:54.560> my<00:39:54.720> for<00:39:54.880> charity
like i'm going to quit my for charity
like<00:39:56.160> i<00:39:56.320> thought<00:39:56.480> i<00:39:56.640> was<00:39:56.800> gonna<00:39:56.960> quit<00:39:57.119> and<00:39:57.200> work
for charity but
some<00:39:58.880> people<00:39:59.119> i<00:39:59.200> think<00:39:59.599> didn't<00:40:00.240> want<00:40:00.320> that<00:40:00.480> to
so uh like um
at<00:40:04.480> the<00:40:04.640> time<00:40:04.880> my<00:40:05.040> boss<00:40:05.200> just<00:40:05.359> said<00:40:05.520> to<00:40:05.599> me<00:40:05.760> yeah
take a week go think about it think
about<00:40:09.200> what<00:40:09.359> you're<00:40:09.440> going<00:40:09.520> to<00:40:09.599> do<00:40:10.000> if<00:40:10.160> you
about what you're going to do if you
really<00:40:10.400> want<00:40:10.560> to<00:40:10.640> do<00:40:10.880> that<00:40:11.359> i<00:40:11.520> was<00:40:11.599> like<00:40:11.680> okay
i came back in a week and i said look
i'm<00:40:15.280> going<00:40:15.440> to<00:40:15.599> quit<00:40:15.839> and<00:40:16.000> work<00:40:16.240> for<00:40:16.400> charity
i'm going to quit and work for charity
and<00:40:18.160> uh<00:40:18.640> so<00:40:18.960> at<00:40:19.119> this<00:40:19.280> point<00:40:19.520> you<00:40:19.599> get<00:40:19.760> some
the when you're i don't know if it's
still<00:40:23.119> this<00:40:23.200> way<00:40:23.440> now<00:40:23.839> but<00:40:24.079> back<00:40:24.319> then
still this way now but back then
especially<00:40:25.119> if<00:40:25.200> you<00:40:25.359> were<00:40:25.520> young<00:40:26.079> or<00:40:26.240> really
especially if you were young or really
for<00:40:26.640> anyone<00:40:26.960> who<00:40:27.040> earned<00:40:27.200> a<00:40:27.280> lot<00:40:27.359> of<00:40:27.440> money<00:40:27.680> as
they would do this deferred compensation
so<00:40:35.920> it's<00:40:36.000> like<00:40:36.160> okay<00:40:36.319> we<00:40:36.480> give<00:40:36.640> you<00:40:36.720> this
so it's like okay we give you this
amount<00:40:37.040> of<00:40:37.119> money<00:40:37.760> in<00:40:37.920> three<00:40:38.160> years<00:40:38.400> if<00:40:38.560> you're
still at the bank you know
um<00:40:40.480> but<00:40:40.640> there<00:40:40.800> was<00:40:40.960> a<00:40:41.040> clause<00:40:41.440> in<00:40:41.599> that<00:40:41.920> that
um but there was a clause in that that
said<00:40:42.319> if<00:40:42.400> you<00:40:42.480> go<00:40:42.720> work<00:40:42.960> for<00:40:43.119> charity<00:40:43.920> uh<00:40:44.240> or
said if you go work for charity uh or
some<00:40:44.640> other<00:40:44.880> things<00:40:45.280> you<00:40:45.440> can<00:40:45.760> you<00:40:45.920> can<00:40:46.000> just
some other things you can you can just
leave<00:40:46.400> and<00:40:46.480> take<00:40:46.640> that<00:40:46.800> money<00:40:47.040> so<00:40:47.520> you<00:40:47.680> know
leave and take that money so you know
there<00:40:48.560> was<00:40:48.720> a<00:40:48.800> level<00:40:49.040> of<00:40:49.119> self-interest<00:40:49.680> in<00:40:49.760> me
there was a level of self-interest in me
taking<00:40:50.160> the<00:40:50.319> option<00:40:50.720> but<00:40:51.119> you<00:40:51.280> know<00:40:51.599> i<00:40:51.760> needed
taking the option but you know i needed
that<00:40:52.160> that<00:40:52.319> money<00:40:52.560> is<00:40:52.640> a<00:40:52.720> huge<00:40:52.960> amount<00:40:53.119> of
and he said to me look
after<00:41:00.720> one<00:41:00.880> week<00:41:01.200> he<00:41:01.359> went<00:41:01.520> i<00:41:01.599> went<00:41:01.760> back<00:41:01.920> and
after one week he went i went back and
he<00:41:02.079> said<00:41:02.240> you<00:41:02.400> still<00:41:02.560> want<00:41:02.640> to<00:41:02.720> do<00:41:02.880> it<00:41:03.119> and<00:41:03.280> i
he said you still want to do it and i
said<00:41:03.520> yeah<00:41:03.599> i<00:41:03.680> still<00:41:03.839> want<00:41:03.920> to<00:41:04.000> do<00:41:04.160> it<00:41:04.800> and<00:41:04.960> he
said yeah i still want to do it and he
just<00:41:05.200> basically<00:41:05.520> said<00:41:05.680> well<00:41:05.839> you<00:41:05.920> can't<00:41:06.160> do<00:41:06.319> it
just basically said well you can't do it
you<00:41:07.119> can't<00:41:07.280> do<00:41:07.440> it<00:41:07.760> it's<00:41:08.240> if<00:41:08.400> you<00:41:08.560> want<00:41:08.640> to<00:41:08.720> take
you can't do it it's if you want to take
that<00:41:09.040> clause<00:41:09.280> in<00:41:09.359> your<00:41:09.520> contract<00:41:10.000> actually<00:41:10.880> we
that clause in your contract actually we
the<00:41:11.200> bank<00:41:11.520> have<00:41:11.680> discretion<00:41:12.400> of<00:41:12.560> whether<00:41:12.800> you
the bank have discretion of whether you
take<00:41:13.119> it<00:41:13.280> or<00:41:13.359> not<00:41:13.839> and<00:41:13.920> you<00:41:14.079> can't<00:41:14.240> take<00:41:14.480> it<00:41:14.640> so
i was like
i<00:41:17.520> was<00:41:17.760> being<00:41:18.240> knocked<00:41:18.400> back<00:41:18.640> by<00:41:18.839> that<00:41:19.760> uh<00:41:20.079> it
was a bit of a
it<00:41:22.720> was<00:41:22.800> a<00:41:22.880> bit<00:41:23.040> of<00:41:23.119> a<00:41:23.200> shock<00:41:23.440> because<00:41:23.680> then
it was a bit of a shock because then
like<00:41:24.160> i'd<00:41:24.319> really<00:41:24.480> upset<00:41:24.800> my<00:41:25.040> boss<00:41:25.359> so<00:41:25.920> like<00:41:26.160> i
like i'd really upset my boss so like i
said<00:41:26.480> whether<00:41:26.720> they<00:41:26.800> pay<00:41:26.960> you<00:41:27.040> or<00:41:27.119> not<00:41:27.280> it's<00:41:27.359> up
to them so
if<00:41:29.200> you<00:41:29.359> upset<00:41:29.599> your<00:41:29.760> boss<00:41:30.079> you're<00:41:30.240> in<00:41:30.319> a<00:41:30.400> bit
if you upset your boss you're in a bit
of<00:41:30.560> trouble<00:41:30.880> you<00:41:31.040> might<00:41:31.200> not<00:41:31.359> be<00:41:31.440> getting<00:41:31.599> paid
um and also i couldn't leave and then i
was<00:41:35.119> just<00:41:35.280> like<00:41:35.599> this<00:41:35.839> is<00:41:36.000> like<00:41:36.240> not<00:41:36.480> good<00:41:36.880> and
was just like this is like not good and
the<00:41:37.280> stressing<00:41:37.760> was<00:41:37.920> really<00:41:38.079> getting<00:41:38.319> to<00:41:38.400> me
um
but<00:41:41.359> i<00:41:41.440> just<00:41:41.599> thought<00:41:41.839> well<00:41:42.000> what<00:41:42.160> i'll<00:41:42.240> do<00:41:42.400> is
but i just thought well what i'll do is
i'll<00:41:42.640> just<00:41:42.720> take<00:41:42.880> it<00:41:43.040> easy<00:41:43.359> i'll<00:41:43.599> try<00:41:43.760> and<00:41:43.920> just
i'll just take it easy i'll try and just
relax<00:41:44.480> for<00:41:44.560> a<00:41:44.640> bit<00:41:44.880> take<00:41:45.040> a<00:41:45.119> couple<00:41:45.359> of<00:41:45.440> weeks
uh not work too hard
and<00:41:49.040> i'll<00:41:49.119> see<00:41:49.280> how<00:41:49.440> it<00:41:49.520> goes<00:41:49.839> so<00:41:49.920> i<00:41:50.079> started
and i'll see how it goes so i started
working<00:41:50.720> nine<00:41:50.960> to<00:41:51.119> five<00:41:51.359> which<00:41:51.440> is<00:41:51.599> my
kind of like these guys in japan they're
working<00:41:55.599> like<00:41:55.839> 6<00:41:56.079> a.m<00:41:56.319> until<00:41:56.480> like<00:41:56.800> 9<00:41:57.040> p.m
working like 6 a.m until like 9 p.m
and<00:41:58.560> uh<00:41:58.800> i<00:41:58.880> did<00:41:59.040> that<00:41:59.119> for<00:41:59.280> like<00:41:59.440> a<00:41:59.520> week<00:42:00.160> and
then my boss
he<00:42:02.560> said<00:42:02.720> to<00:42:02.880> me<00:42:03.119> i<00:42:03.200> come<00:42:03.440> out<00:42:03.599> for<00:42:03.839> a<00:42:04.480> dinner
he said to me i come out for a dinner
with<00:42:04.880> me<00:42:05.040> tonight<00:42:05.520> this<00:42:05.680> guy<00:42:06.160> went<00:42:06.319> out<00:42:06.400> for
vividly we was having a ramen
he<00:42:14.160> was<00:42:14.319> sitting<00:42:14.560> there<00:42:14.640> across<00:42:14.880> he<00:42:15.040> was<00:42:15.119> a<00:42:15.200> big
he was sitting there across he was a big
guy<00:42:15.680> big<00:42:15.839> handsy<00:42:16.240> at<00:42:16.720> i<00:42:16.880> remember<00:42:17.119> meeting<00:42:17.359> his
guy big handsy at i remember meeting his
ramen<00:42:18.160> but<00:42:18.319> he<00:42:18.400> basically<00:42:18.800> told<00:42:18.960> me<00:42:19.119> this<00:42:19.280> long
story basically said look
you<00:42:21.599> know<00:42:21.839> there<00:42:22.079> used<00:42:22.160> to<00:42:22.319> be<00:42:22.400> this<00:42:22.640> guy
really good young trader worked for
deutsche<00:42:24.720> bank<00:42:25.200> and<00:42:25.440> uh<00:42:25.680> you<00:42:25.760> know<00:42:25.920> one<00:42:26.160> day<00:42:26.400> he
he wanted to leave banking he just
decided<00:42:30.319> and<00:42:30.400> he<00:42:30.480> thought<00:42:30.640> he<00:42:30.720> could<00:42:30.800> just
decided and he thought he could just
leave<00:42:31.200> and<00:42:31.359> just<00:42:31.440> take<00:42:31.599> all<00:42:31.760> the<00:42:31.839> money<00:42:32.079> that
he done and just leave
but<00:42:33.760> actually<00:42:34.079> the<00:42:34.160> bank<00:42:34.400> didn't<00:42:34.560> want<00:42:34.720> him<00:42:34.800> to
but actually the bank didn't want him to
leave<00:42:35.119> you<00:42:35.200> know<00:42:35.440> so<00:42:35.599> they<00:42:35.680> looked<00:42:35.839> through
leave you know so they looked through
his<00:42:36.240> record<00:42:36.640> and<00:42:36.720> they<00:42:37.040> they<00:42:37.280> found<00:42:37.520> some
his record and they they found some
stuff<00:42:37.920> on<00:42:38.079> him<00:42:38.160> and<00:42:38.400> they<00:42:38.480> took<00:42:38.640> him<00:42:38.720> to<00:42:38.880> court
stuff on him and they took him to court
and<00:42:39.680> they<00:42:39.760> just<00:42:39.920> kept<00:42:40.160> him<00:42:40.319> in<00:42:40.400> court<00:42:40.640> for
and they just kept him in court for
years<00:42:41.040> and<00:42:41.200> years<00:42:41.520> and<00:42:41.680> years<00:42:42.240> going<00:42:42.480> back<00:42:42.720> to
years and years and years going back to
court<00:42:43.119> all<00:42:43.200> the<00:42:43.359> time<00:42:43.599> until<00:42:43.839> he<00:42:43.920> was
court all the time until he was
bankrupted<00:42:45.119> this<00:42:45.280> guy<00:42:45.440> told<00:42:45.680> me<00:42:45.760> the<00:42:45.920> story
just sitting there and i was thinking
like<00:42:51.119> when<00:42:51.280> i<00:42:51.359> was<00:42:51.520> a<00:42:51.599> teenager<00:42:52.079> i<00:42:52.240> used<00:42:52.400> to
like when i was a teenager i used to
hang<00:42:52.640> around<00:42:52.800> with<00:42:52.960> like<00:42:53.119> some<00:42:53.280> dodgy<00:42:53.599> people
sometimes you know and
my<00:42:56.240> idea<00:42:56.560> was<00:42:56.720> i<00:42:56.800> would<00:42:56.960> go<00:42:57.119> into<00:42:57.280> banking<00:42:57.599> to
my idea was i would go into banking to
get<00:42:57.760> away<00:42:58.079> from<00:42:58.240> this<00:42:58.480> here<00:42:58.640> was<00:42:58.800> this<00:42:58.960> guy
get away from this here was this guy
right<00:42:59.359> he<00:42:59.440> literally<00:42:59.839> said<00:43:00.000> to<00:43:00.160> me<00:43:00.800> he
literally said to me
we<00:43:02.960> can<00:43:03.119> make<00:43:03.440> life<00:43:03.680> very<00:43:03.920> difficult<00:43:04.240> for<00:43:04.400> you
sometimes bad things happen to good
people<00:43:09.920> this<00:43:10.160> guy<00:43:10.400> said<00:43:10.560> this<00:43:10.720> to<00:43:10.880> me<00:43:11.520> i
couldn't believe what this guy was
saying<00:43:13.599> i<00:43:13.680> was<00:43:13.839> like<00:43:14.240> because<00:43:14.480> this<00:43:14.720> is<00:43:14.880> like
saying i was like because this is like
this<00:43:15.760> is<00:43:15.920> kind<00:43:16.079> of<00:43:16.240> like<00:43:16.480> street<00:43:16.880> hood<00:43:17.119> talk
this is kind of like street hood talk
you<00:43:17.520> know<00:43:17.599> what<00:43:17.680> i<00:43:17.760> mean<00:43:18.160> i<00:43:18.319> couldn't<00:43:18.640> believe
you know what i mean i couldn't believe
what<00:43:19.040> was<00:43:19.200> happening<00:43:19.680> seriously<00:43:20.160> and<00:43:20.319> i<00:43:20.400> was
obviously that was quite scary you can
imagine<00:43:24.720> i<00:43:24.800> was<00:43:24.960> quite<00:43:25.280> stressed<00:43:25.599> out<00:43:25.760> about
imagine i was quite stressed out about
that<00:43:26.160> like<00:43:26.400> and<00:43:26.960> as<00:43:27.200> i<00:43:27.280> said<00:43:27.440> you<00:43:27.520> know<00:43:27.760> this
2013 now so i was still 26 i was not old
you<00:43:32.960> know<00:43:33.520> and<00:43:33.760> like<00:43:34.079> i<00:43:34.160> spent<00:43:34.400> all<00:43:34.560> my<00:43:34.640> time
you know and like i spent all my time
thinking<00:43:35.119> about<00:43:35.280> the<00:43:35.440> economy<00:43:35.920> like<00:43:36.400> i<00:43:36.560> wasn't
thinking about the economy like i wasn't
prepared<00:43:37.200> for<00:43:37.359> some<00:43:37.520> sort<00:43:37.680> of<00:43:38.000> weird<00:43:38.319> like
i went back home after that and i
started<00:43:50.560> thinking<00:43:50.960> like<00:43:51.440> you<00:43:51.599> got<00:43:51.760> him<00:43:51.920> with
started thinking like you got him with
some<00:43:52.240> bad<00:43:52.560> people<00:43:52.800> here<00:43:53.040> like<00:43:53.520> this<00:43:53.680> is<00:43:53.920> like
and it was a difficult time really
because<00:43:59.359> i<00:43:59.440> was<00:43:59.599> alone<00:43:59.920> in<00:44:00.000> japan<00:44:00.400> i<00:44:00.480> didn't
yeah i had like a little
i<00:44:13.680> went<00:44:13.920> home<00:44:14.160> and<00:44:14.319> i<00:44:14.480> i<00:44:14.560> couldn't<00:44:14.880> sleep<00:44:15.119> like
i went home and i i couldn't sleep like
my<00:44:15.440> brain<00:44:15.680> was<00:44:15.839> just<00:44:16.000> going<00:44:16.400> like<00:44:16.560> this<00:44:16.800> guys
know you got to do something
i<00:44:21.359> don't<00:44:21.520> want<00:44:21.599> to<00:44:21.680> get<00:44:21.839> too<00:44:22.079> much<00:44:22.319> into<00:44:22.560> that
i don't want to get too much into that
because<00:44:22.880> it<00:44:23.200> developed<00:44:23.599> into<00:44:23.920> a<00:44:24.000> bit<00:44:24.079> of<00:44:24.160> an
it lasted a long time
uh<00:44:32.079> that<00:44:32.240> was<00:44:32.480> in<00:44:32.800> the<00:44:32.880> beginning<00:44:33.200> of<00:44:33.640> 2013<00:44:34.800> i
uh that was in the beginning of 2013 i
didn't<00:44:35.200> quit<00:44:35.359> until<00:44:35.599> the<00:44:35.680> mid<00:44:36.000> i<00:44:36.160> didn't
but let's just say nobody got sued in
the<00:44:43.760> end<00:44:44.400> it<00:44:44.560> took<00:44:44.800> 18<00:44:45.200> months<00:44:45.440> which<00:44:45.599> was<00:44:45.839> a
and i got out it was it took a year and
a<00:44:58.160> half<00:44:58.400> but<00:44:58.480> i<00:44:58.560> was<00:44:58.800> able<00:44:58.960> to<00:44:59.040> leave<00:44:59.200> the<00:44:59.280> bank
a half but i was able to leave the bank
and<00:44:59.680> i<00:44:59.760> was<00:44:59.920> able<00:45:00.160> to<00:45:00.319> get<00:45:00.960> all<00:45:01.119> the<00:45:01.200> money<00:45:01.359> the
and i was able to get all the money the
bank<00:45:01.680> owed<00:45:01.920> me<00:45:02.079> which<00:45:02.240> was<00:45:02.400> enough<00:45:02.640> for<00:45:02.800> me<00:45:02.960> to
enough for me to start thinking about
what<00:45:08.400> i<00:45:08.400> wanted<00:45:08.640> to<00:45:08.800> do<00:45:08.960> and<00:45:09.200> not<00:45:09.359> have<00:45:09.520> to
what i wanted to do and not have to
worry<00:45:09.839> about<00:45:10.000> things<00:45:10.720> but<00:45:10.960> it<00:45:11.040> was<00:45:11.200> a
and who paid for the ramen
you<00:45:18.480> know<00:45:18.640> what<00:45:19.280> you<00:45:19.520> know<00:45:19.760> what<00:45:19.920> he<00:45:20.160> insisted
you know what you know what he insisted
on<00:45:20.800> paying<00:45:21.040> for<00:45:21.200> it<00:45:21.680> he<00:45:21.839> insisted<00:45:22.400> on<00:45:22.480> paying
and i was just like shell shocked really
and<00:45:25.920> then<00:45:26.079> he<00:45:26.160> wanted<00:45:26.319> to<00:45:26.400> shake<00:45:26.640> my<00:45:26.800> hand<00:45:26.960> at
and then he wanted to shake my hand at
the<00:45:27.119> end<00:45:27.280> of<00:45:27.359> it<00:45:27.440> and<00:45:27.520> i<00:45:27.599> remember<00:45:27.920> thinking
i don't know language
more<00:45:44.720> crazy<00:45:45.040> than<00:45:45.200> usual<00:45:45.920> i<00:45:46.000> would<00:45:46.160> like<00:45:46.319> to
more crazy than usual i would like to
think<00:45:46.640> that<00:45:47.119> you<00:45:47.280> know<00:45:47.440> there's<00:45:47.680> a<00:45:47.760> lot<00:45:47.920> of<00:45:48.079> a
think that you know there's a lot of a
lot<00:45:48.240> of<00:45:48.319> bankers<00:45:48.640> have<00:45:48.800> bad<00:45:48.960> reputations<00:45:49.520> and
lot of bankers have bad reputations and
you<00:45:49.680> know<00:45:49.760> when<00:45:49.920> i<00:45:50.000> talk<00:45:50.160> about<00:45:50.400> this
you know when i talk about this
this<00:45:52.319> guy<00:45:52.960> i<00:45:53.040> don't<00:45:53.200> think<00:45:53.359> he<00:45:53.520> was<00:45:53.599> a<00:45:53.680> good<00:45:53.839> guy
this guy i don't think he was a good guy
and<00:45:54.240> he<00:45:54.400> still<00:45:54.560> works<00:45:54.800> in<00:45:54.880> banking<00:45:55.359> i<00:45:55.520> still
and he still works in banking i still
i<00:45:56.400> still<00:45:56.560> don't<00:45:56.640> think<00:45:56.800> he's<00:45:56.880> a<00:45:56.960> good<00:45:57.119> guy<00:45:57.440> but
people when i was in monkey so i don't
want<00:46:04.880> to<00:46:04.960> like<00:46:05.200> tie<00:46:05.359> everyone<00:46:05.599> with<00:46:05.680> the<00:46:05.760> same
want to like tie everyone with the same
brush<00:46:06.160> there's<00:46:06.319> some<00:46:06.480> people<00:46:06.720> i<00:46:06.880> work<00:46:07.119> with
so i think you know that probably moves
us<00:46:15.359> on<00:46:15.440> quite<00:46:15.680> nicely<00:46:16.160> to<00:46:16.480> what<00:46:16.640> you're<00:46:16.800> up<00:46:16.960> to
economics and developing your economic
theories<00:46:25.200> and<00:46:25.760> um<00:46:26.400> obviously<00:46:26.880> in<00:46:27.040> order<00:46:27.280> to<00:46:27.359> do
theories and um obviously in order to do
that<00:46:27.680> you<00:46:27.839> need<00:46:28.079> an<00:46:28.240> academic<00:46:28.960> background<00:46:29.760> so
you left the bank
yeah<00:46:35.599> so<00:46:36.160> when<00:46:36.319> i<00:46:36.400> came<00:46:36.720> back<00:46:37.040> i<00:46:37.200> quit<00:46:37.359> that<00:46:37.599> job
yeah so when i came back i quit that job
finally<00:46:38.079> in<00:46:38.240> 2014<00:46:39.119> i<00:46:39.200> moved<00:46:39.440> back<00:46:39.599> to<00:46:39.760> london
obviously that 18 months before i quit
was<00:46:44.800> pretty<00:46:45.119> stressful<00:46:45.680> i<00:46:45.839> took<00:46:46.000> a<00:46:46.079> bit<00:46:46.240> of
was pretty stressful i took a bit of
time<00:46:46.560> out<00:46:47.359> did<00:46:47.599> a<00:46:47.680> bit<00:46:47.839> of<00:46:47.920> traveling
time out did a bit of traveling
you<00:46:49.040> know<00:46:49.200> caught<00:46:49.440> up<00:46:49.520> with<00:46:49.680> my<00:46:49.839> friends<00:46:50.079> and
you know caught up with my friends and
my<00:46:50.319> family<00:46:51.040> it<00:46:51.119> was<00:46:51.359> quite<00:46:51.599> strange<00:46:51.920> to<00:46:52.079> be
not working after so many years of like
working<00:46:56.240> such<00:46:56.480> an<00:46:56.560> intense<00:46:56.960> job<00:46:57.200> and<00:46:57.280> being
working such an intense job and being
like<00:46:57.680> so<00:46:57.920> into<00:46:58.160> my<00:46:58.319> job<00:46:58.800> like<00:46:58.960> i<00:46:59.040> was<00:46:59.200> thinking
economics all the time
um<00:47:03.520> but<00:47:03.680> i<00:47:03.760> just<00:47:03.920> came<00:47:04.079> back<00:47:04.319> and<00:47:04.400> i<00:47:04.480> tried<00:47:04.720> to
like de-stress and like deal with
the<00:47:07.520> stuff<00:47:07.760> that<00:47:08.000> had<00:47:08.079> happened<00:47:08.400> because<00:47:08.640> some
the stuff that had happened because some
pretty<00:47:09.280> crazy<00:47:09.599> stuff<00:47:09.839> had<00:47:09.920> happened<00:47:10.240> in<00:47:10.400> the
i was still looking for ways like
you<00:47:19.119> know<00:47:19.599> i<00:47:19.760> made<00:47:20.000> a<00:47:20.079> lot<00:47:20.160> of<00:47:20.240> money<00:47:20.480> by
you know i made a lot of money by
betting<00:47:20.880> that<00:47:21.280> the<00:47:21.440> economy<00:47:22.319> will<00:47:22.480> be<00:47:22.559> weak
betting that the economy will be weak
for<00:47:22.880> a<00:47:22.960> long<00:47:23.119> time<00:47:24.000> and<00:47:24.319> i<00:47:24.480> still<00:47:24.640> do<00:47:24.800> make
for a long time and i still do make
money<00:47:25.119> by<00:47:25.280> betting<00:47:25.520> on<00:47:25.680> that<00:47:26.079> um<00:47:26.319> and<00:47:26.400> i<00:47:26.480> think
money by betting on that um and i think
it<00:47:26.720> still<00:47:26.880> will<00:47:27.040> be<00:47:27.280> for<00:47:27.359> a<00:47:27.359> long<00:47:27.520> time<00:47:27.760> and
it still will be for a long time and
that's<00:47:28.000> not<00:47:28.079> a<00:47:28.160> good<00:47:28.319> situation<00:47:28.880> you<00:47:28.960> know
that's not a good situation you know
and<00:47:29.839> that's<00:47:30.079> like<00:47:30.240> my<00:47:30.400> skill<00:47:30.880> to<00:47:31.040> understand
and that's like my skill to understand
the<00:47:31.440> economy<00:47:31.839> so<00:47:32.079> i<00:47:32.319> thought<00:47:32.480> i<00:47:32.559> needed<00:47:32.880> to<00:47:32.960> say
the economy so i thought i needed to say
something<00:47:33.359> you<00:47:33.440> know<00:47:33.599> so<00:47:33.680> i<00:47:33.760> was<00:47:33.839> looking<00:47:34.079> for
like a way to like
get<00:47:36.000> my<00:47:36.240> voice<00:47:36.640> out<00:47:36.839> there<00:47:38.079> i<00:47:38.240> started<00:47:38.480> talking
different ways of approaching the
economy<00:47:49.040> trying<00:47:49.280> to<00:47:49.359> understand<00:47:49.839> it<00:47:49.920> from<00:47:50.240> the
some guy put me in touch with them and i
went<00:47:55.680> and<00:47:55.839> uh<00:47:56.079> volunteered<00:47:56.640> there<00:47:56.800> for<00:47:56.960> a<00:47:57.040> bit
went and uh volunteered there for a bit
with<00:47:57.359> a<00:47:57.440> guy<00:47:57.599> called<00:47:57.760> james<00:47:58.079> midway<00:47:58.559> he<00:47:58.720> was<00:47:58.800> a
with a guy called james midway he was a
really<00:47:59.119> nice<00:47:59.359> guy<00:47:59.599> smart<00:47:59.920> guy<00:48:00.640> learned<00:48:00.880> a
little bit about some alternative ways
of<00:48:02.480> thinking<00:48:02.720> about<00:48:02.960> the<00:48:03.040> economy<00:48:03.920> and<00:48:04.079> while
of thinking about the economy and while
i<00:48:04.400> was<00:48:04.559> there<00:48:04.720> i<00:48:04.880> wrote<00:48:05.119> my<00:48:05.359> website
wages how it affects house prices
how<00:48:17.520> it<00:48:17.680> affects<00:48:18.000> for<00:48:18.160> example<00:48:18.559> the<00:48:18.720> split
how it affects for example the split
between<00:48:19.280> london<00:48:19.599> and<00:48:19.760> the<00:48:19.839> north<00:48:20.000> of<00:48:20.160> england
and other parts of the world
so<00:48:22.880> i<00:48:22.960> put<00:48:23.119> that<00:48:23.200> website<00:48:23.599> up<00:48:23.760> and<00:48:23.839> you<00:48:24.000> know
so i put that website up and you know
that<00:48:24.160> took<00:48:24.319> a<00:48:24.400> couple<00:48:24.640> of<00:48:24.720> months<00:48:24.960> did<00:48:25.200> i<00:48:25.280> write
that out
and<00:48:26.880> then<00:48:27.040> i<00:48:27.119> put<00:48:27.280> it<00:48:27.440> up<00:48:27.599> and<00:48:27.680> then<00:48:27.839> i<00:48:27.920> just
realized like well putting a website
it's<00:48:29.920> not<00:48:30.000> gonna<00:48:30.160> do<00:48:30.319> anything<00:48:30.880> like<00:48:31.200> you<00:48:31.280> know
nobody's gonna read the website because
you<00:48:32.960> ain't<00:48:33.440> nobody<00:48:33.760> knows<00:48:34.000> who<00:48:34.160> you<00:48:34.400> are<00:48:34.559> you
like promotional tour or something my
website<00:48:42.960> or<00:48:43.200> i'm<00:48:43.359> gonna<00:48:43.520> have<00:48:43.599> to<00:48:43.680> go<00:48:43.839> back<00:48:44.000> to
website or i'm gonna have to go back to
university<00:48:44.559> and<00:48:44.720> see<00:48:44.960> if<00:48:45.119> i<00:48:45.200> can<00:48:45.359> sort<00:48:45.520> of
so i applied to a lot of the
universities<00:48:51.440> i<00:48:51.599> wanted<00:48:51.760> to<00:48:51.839> go<00:48:51.920> to<00:48:52.079> berkeley
actually in california because they got
some<00:48:54.000> good<00:48:54.160> inequality<00:48:54.800> guys<00:48:55.040> there<00:48:55.440> but<00:48:55.599> they
some good inequality guys there but they
rejected<00:48:56.160> me<00:48:56.480> so<00:48:56.800> i<00:48:56.880> had<00:48:56.960> to<00:48:57.040> go<00:48:57.119> to<00:48:57.280> oxford
rejected me so i had to go to oxford
so<00:48:58.559> i<00:48:58.640> went<00:48:58.800> to<00:48:58.960> oxford<00:48:59.520> that<00:48:59.760> started<00:49:00.319> uh
so i went to oxford that started uh
two<00:49:01.520> and<00:49:01.680> a<00:49:01.760> half<00:49:02.000> years<00:49:02.160> ago<00:49:02.400> now<00:49:02.800> i<00:49:02.880> went<00:49:03.040> to
that was disappointing like these to be
honest<00:49:11.040> like<00:49:11.200> i<00:49:11.280> don't<00:49:11.359> know<00:49:11.520> if<00:49:11.680> anyone<00:49:11.920> on
university but having studied economics
at<00:49:16.079> university<00:49:17.040> and<00:49:17.119> then<00:49:17.359> having<00:49:17.680> worked<00:49:18.000> in
has the better understanding of what's
going<00:49:25.119> on<00:49:25.440> and<00:49:25.599> has<00:49:25.760> the<00:49:25.839> better<00:49:26.160> resources
and has the better support
really<00:49:29.040> like<00:49:30.160> it<00:49:30.319> just<00:49:30.480> seemed<00:49:30.720> like<00:49:30.880> a<00:49:30.960> bunch
was betting on interest rates really if
you<00:49:44.160> do<00:49:44.319> that<00:49:44.480> you're<00:49:44.640> betting<00:49:44.880> on<00:49:44.960> the
you do that you're betting on the
economy<00:49:46.000> if<00:49:46.160> you<00:49:46.319> bet<00:49:46.480> interest<00:49:46.720> rates<00:49:46.880> are
economy if you bet interest rates are
going<00:49:47.040> to<00:49:47.200> be<00:49:47.280> low<00:49:47.440> forever<00:49:47.920> you're<00:49:48.160> saying
the economy is going to be weak forever
if<00:49:50.880> you<00:49:51.119> bet<00:49:51.359> interest<00:49:51.599> rates<00:49:51.839> are<00:49:51.920> going<00:49:52.000> to
if you bet interest rates are going to
go<00:49:52.240> up<00:49:52.640> you're<00:49:52.800> betting<00:49:53.040> the<00:49:53.040> economy<00:49:53.359> is
go up you're betting the economy is
going<00:49:53.520> to<00:49:53.599> be<00:49:53.760> strong<00:49:54.079> you<00:49:54.240> know<00:49:54.720> so<00:49:54.880> we<00:49:55.040> had
interest rates he was elected on
interest<00:50:00.000> rates<00:50:00.319> and<00:50:00.400> i<00:50:00.480> went<00:50:00.640> up<00:50:00.800> after<00:50:01.040> and<00:50:01.200> i
interest rates and i went up after and i
said<00:50:01.599> why<00:50:01.760> do<00:50:01.920> you<00:50:02.000> think<00:50:02.160> it<00:50:02.319> is
that economists have been
saying<00:50:05.599> interest<00:50:05.920> rates<00:50:06.160> will<00:50:06.240> go<00:50:06.480> up<00:50:06.640> for<00:50:06.800> 10
saying interest rates will go up for 10
years<00:50:07.680> when<00:50:07.839> they<00:50:07.920> haven't<00:50:08.160> gone<00:50:08.319> up<00:50:08.400> for<00:50:08.559> ten
and he said we're talking about that we
always<00:50:11.680> knew<00:50:11.839> this<00:50:11.920> is<00:50:12.000> going<00:50:12.079> to<00:50:12.160> happen
honestly i was disgusted because this
guy<00:50:22.319> is<00:50:22.480> a<00:50:22.559> professor<00:50:23.440> at<00:50:23.599> oxford<00:50:23.920> university
he works for a discipline that is for 10
years<00:50:28.880> said<00:50:29.040> things<00:50:29.280> are<00:50:29.359> going<00:50:29.440> to<00:50:29.520> get
and people are suffering because these
things<00:50:32.720> aren't<00:50:32.800> getting<00:50:33.040> bad<00:50:33.359> all<00:50:33.440> right<00:50:33.839> and
things aren't getting bad all right and
i<00:50:34.160> said<00:50:34.319> to<00:50:34.480> him<00:50:34.640> why<00:50:34.880> have<00:50:34.960> you<00:50:35.040> guys<00:50:35.200> been
i said to him why have you guys been
wrong<00:50:35.599> for<00:50:35.680> 10<00:50:35.839> years<00:50:36.400> and<00:50:36.559> this<00:50:36.800> guy<00:50:36.960> said<00:50:37.200> we
doesn't matter i said to him
i<00:50:51.599> said<00:50:51.760> i<00:50:51.839> went<00:50:52.000> back<00:50:52.160> and<00:50:52.240> i<00:50:52.319> said<00:50:52.480> in<00:50:52.559> the<00:50:52.640> day
i said i went back and i said in the day
you<00:50:53.040> know<00:50:53.119> and<00:50:53.200> then<00:50:53.280> he<00:50:53.359> was<00:50:53.440> like<00:50:53.520> oh<00:50:53.680> you're
you know and then he was like oh you're
right<00:50:54.079> so<00:50:54.240> then<00:50:54.400> i<00:50:54.559> met<00:50:54.720> up<00:50:54.800> with<00:50:55.040> him<00:50:55.440> and<00:50:55.760> he
right so then i met up with him and he
said<00:50:56.079> like<00:50:56.319> he<00:50:56.480> seemed<00:50:56.800> angry<00:50:57.359> i<00:50:57.440> said<00:50:57.680> of
said like he seemed angry i said of
course<00:50:58.000> i'm<00:50:58.160> angry<00:50:58.480> because<00:50:58.720> real<00:50:58.960> things<00:50:59.200> are
course i'm angry because real things are
happening<00:50:59.599> you<00:50:59.680> don't<00:50:59.839> talk<00:51:00.000> about<00:51:00.240> it<00:51:00.800> i<00:51:00.880> said
happening you don't talk about it i said
to<00:51:01.119> him<00:51:01.200> why<00:51:01.440> don't<00:51:01.599> you<00:51:01.680> talk<00:51:01.920> about<00:51:02.480> the
is only in london
and<00:51:07.200> i<00:51:07.280> said<00:51:07.599> the<00:51:07.680> housing<00:51:07.920> crisis<00:51:08.240> only<00:51:08.480> in
and i said the housing crisis only in
london<00:51:08.880> because<00:51:09.040> the<00:51:09.119> rest<00:51:09.280> of<00:51:09.440> the<00:51:09.440> country
london because the rest of the country
there's<00:51:09.920> no<00:51:10.079> damn<00:51:10.319> jobs<00:51:11.119> and<00:51:11.280> he<00:51:11.440> said<00:51:11.680> to<00:51:11.760> me
there's no damn jobs and he said to me
yeah<00:51:13.520> there<00:51:13.680> are<00:51:13.839> jobs<00:51:14.079> outside<00:51:14.400> of<00:51:14.559> london
yeah there are jobs outside of london
i've<00:51:15.119> got<00:51:15.280> a<00:51:15.359> job<00:51:16.000> this<00:51:16.240> guy<00:51:16.400> is<00:51:16.559> an<00:51:16.640> economics
professor at oxford university as if
you're<00:51:19.440> going<00:51:19.599> to<00:51:19.680> tell<00:51:19.920> some<00:51:20.079> fisherman<00:51:20.480> who
you're going to tell some fisherman who
lost<00:51:20.720> his<00:51:20.800> job<00:51:21.040> in<00:51:21.119> grimsby<00:51:21.760> oh<00:51:22.000> that's<00:51:22.240> all
lost his job in grimsby oh that's all
right<00:51:22.559> there's<00:51:22.720> jobs<00:51:22.960> going<00:51:23.119> to<00:51:23.200> spare<00:51:23.440> oxford
right there's jobs going to spare oxford
universe<00:51:24.079> as<00:51:24.240> an<00:51:24.319> econ<00:51:24.640> professor<00:51:25.119> maybe<00:51:25.359> you
these guys the truth is look
it's<00:51:29.520> a<00:51:29.599> bunch<00:51:29.920> of<00:51:30.160> old<00:51:30.400> rich<00:51:30.640> people<00:51:30.960> from
it's a bunch of old rich people from
rich<00:51:31.359> families<00:51:31.920> who<00:51:32.079> don't<00:51:32.319> have<00:51:32.480> any<00:51:32.720> idea
rich families who don't have any idea
what<00:51:33.200> life<00:51:33.359> is<00:51:33.440> like<00:51:33.599> for<00:51:33.680> ordinary<00:51:34.079> people
years in a row like seriously
i<00:51:41.599> couldn't<00:51:41.920> believe<00:51:42.240> it<00:51:42.319> you<00:51:42.400> know<00:51:42.800> plus<00:51:43.040> they
i couldn't believe it you know plus they
made<00:51:43.280> me<00:51:43.359> wear<00:51:43.520> a<00:51:43.599> bow<00:51:43.760> tie<00:51:44.000> to<00:51:44.079> the<00:51:44.160> exams<00:51:44.480> and
you know your own predictions and so
what<00:51:55.520> are<00:51:55.599> you<00:51:55.760> doing<00:51:56.240> now<00:51:56.480> to<00:51:56.640> sort<00:51:56.800> of<00:51:56.960> try
what are you doing now to sort of try
and<00:51:57.520> help<00:51:57.839> that<00:51:58.079> and<00:51:58.160> sort<00:51:58.319> of<00:51:58.480> present
and help that and sort of present
your<00:51:59.839> theories<00:52:00.240> of<00:52:00.400> economics<00:52:00.960> and<00:52:01.040> your<00:52:01.280> view
your theories of economics and your view
on<00:52:01.760> economics<00:52:02.400> to<00:52:02.960> the<00:52:03.119> world<00:52:03.440> i<00:52:03.520> suppose<00:52:03.920> to
on economics to the world i suppose to
britain<00:52:04.480> first<00:52:04.880> and<00:52:04.960> then<00:52:05.119> the<00:52:05.280> world<00:52:05.520> next
britain first and then the world next
yeah<00:52:07.680> so<00:52:08.000> you<00:52:08.079> know<00:52:08.240> i<00:52:08.319> did<00:52:08.480> this<00:52:08.640> degree<00:52:09.200> two
years at oxford yeah
oh<00:52:11.760> i<00:52:11.839> suppose<00:52:12.160> i<00:52:12.240> should<00:52:12.400> probably<00:52:12.720> say<00:52:12.880> you
oh i suppose i should probably say you
know<00:52:13.280> there<00:52:13.440> was<00:52:13.599> some<00:52:13.760> cool<00:52:14.000> people<00:52:14.240> asked
you know i wrote like i did a bit of
work<00:52:21.760> there<00:52:22.160> and<00:52:22.319> i<00:52:22.400> sort<00:52:22.640> of<00:52:23.040> after<00:52:23.359> two<00:52:23.520> years
work there and i sort of after two years
i<00:52:23.839> started<00:52:24.079> to<00:52:24.160> think<00:52:24.319> look<00:52:24.559> to<00:52:24.720> be<00:52:24.800> honest
i started to think look to be honest
there's<00:52:26.160> good<00:52:26.319> guys<00:52:26.559> out<00:52:26.720> there<00:52:26.960> doing<00:52:27.200> good
there's good guys out there doing good
work<00:52:27.599> in<00:52:27.760> economics<00:52:28.160> so<00:52:28.319> there's<00:52:28.480> people<00:52:28.640> like
thomas mckay and gabriel zukman and
there's<00:52:31.280> this<00:52:31.520> guy<00:52:31.760> ludwig<00:52:32.079> straub<00:52:32.640> i've<00:52:32.720> been
there's this guy ludwig straub i've been
talking<00:52:33.200> to<00:52:33.440> like<00:52:33.760> there's<00:52:34.000> good<00:52:34.160> people<00:52:34.400> out
talking to like there's good people out
there<00:52:34.640> doing<00:52:34.880> good<00:52:35.040> work<00:52:35.440> but<00:52:35.599> in<00:52:35.680> the<00:52:35.839> end
having spent two years oxford
and<00:52:40.480> seeing<00:52:40.720> the<00:52:40.800> phd<00:52:41.359> students<00:52:41.680> that<00:52:42.160> looked
like they wanted to top themselves
really<00:52:43.839> like<00:52:44.400> stuck<00:52:44.640> in<00:52:44.720> their<00:52:44.880> little<00:52:45.520> rooms
right on whiteboards
i<00:52:47.760> don't<00:52:47.920> think<00:52:48.160> the<00:52:48.400> change<00:52:48.720> is<00:52:48.800> going<00:52:48.880> to
come from academic economics there's
good<00:52:50.559> people<00:52:50.800> in<00:52:50.960> doing<00:52:51.119> good<00:52:51.280> work<00:52:51.440> but<00:52:51.520> i
good people in doing good work but i
don't<00:52:51.760> think<00:52:51.920> it's<00:52:52.000> going<00:52:52.079> to<00:52:52.160> come<00:52:52.319> from<00:52:52.480> that
don't think it's going to come from that
i<00:52:53.280> think<00:52:53.520> really<00:52:53.839> like<00:52:54.079> i<00:52:54.160> mean<00:52:54.319> in<00:52:54.480> the<00:52:54.559> end
really like if we want change that's
going<00:53:03.520> to<00:53:03.599> make<00:53:03.760> things<00:53:04.000> better<00:53:04.160> for<00:53:04.319> ordinary
going to make things better for ordinary
people<00:53:05.200> it's<00:53:05.359> going<00:53:05.440> to<00:53:05.520> have<00:53:05.599> to<00:53:05.680> come<00:53:05.839> from
like
i'm<00:53:09.440> going<00:53:09.520> to<00:53:09.599> have<00:53:09.680> to<00:53:09.760> get<00:53:09.920> out<00:53:10.079> there<00:53:10.559> and
to achieve that so um
yeah<00:53:22.559> so<00:53:22.720> then<00:53:22.960> i<00:53:23.040> came<00:53:23.280> out<00:53:23.440> and<00:53:23.520> i<00:53:23.599> decided
yeah so then i came out and i decided
well<00:53:24.240> what<00:53:24.400> i'm<00:53:24.480> going<00:53:24.640> to<00:53:24.720> do<00:53:24.880> i'm<00:53:24.960> going<00:53:25.119> to
build a bit more of a public profile
um<00:53:29.920> try<00:53:30.160> and<00:53:30.240> do<00:53:30.880> some<00:53:31.119> writing<00:53:31.839> for
and get some people
aware<00:53:39.040> of<00:53:39.200> who<00:53:39.359> i<00:53:39.440> am<00:53:39.599> and<00:53:39.680> listening<00:53:40.000> to<00:53:40.079> my
a place where
a<00:53:49.440> bit<00:53:49.599> of<00:53:49.680> a<00:53:49.760> space<00:53:50.000> for<00:53:50.160> myself<00:53:50.480> to<00:53:50.640> express
even though inequality is like a big
issue<00:53:55.760> for<00:53:55.839> a<00:53:55.920> lot<00:53:56.079> of<00:53:56.160> people<00:53:56.800> really<00:53:57.119> it's
issue for a lot of people really it's
still<00:53:57.359> not<00:53:57.520> a<00:53:57.520> big<00:53:57.680> issue<00:53:57.920> for<00:53:58.000> most
housing crisis to solve inequality they
don't<00:54:05.680> think<00:54:05.839> the<00:54:06.000> way<00:54:06.160> to<00:54:06.480> bring<00:54:06.640> wages<00:54:06.960> up<00:54:07.119> is
um i think people are not really aware
of<00:54:10.559> that<00:54:10.720> so<00:54:10.880> i<00:54:11.040> want<00:54:11.200> to<00:54:11.280> sort<00:54:11.520> of
voice to spread these ideas that was
sort<00:54:16.880> of<00:54:16.960> my<00:54:17.119> plan<00:54:17.599> a<00:54:17.680> few<00:54:17.839> things<00:54:18.079> came<00:54:18.319> up
sort of my plan a few things came up
actually<00:54:18.640> after<00:54:18.800> i<00:54:18.880> finished<00:54:19.119> uni<00:54:19.440> that<00:54:19.520> sort
of delayed me a little bit
um<00:54:21.680> so<00:54:21.760> i<00:54:21.839> wasn't<00:54:22.160> really<00:54:22.400> able<00:54:22.559> to<00:54:22.720> get<00:54:22.880> into
and then obviously the coronavirus
happened<00:54:29.599> and<00:54:29.680> that's<00:54:29.920> like<00:54:30.559> a<00:54:30.800> massive<00:54:31.280> thing
happened and that's like a massive thing
for<00:54:32.000> the<00:54:32.079> economy<00:54:32.559> like<00:54:32.800> really<00:54:33.119> that<00:54:33.520> you<00:54:33.680> see
for the economy like really that you see
the<00:54:34.000> stories<00:54:34.319> in<00:54:34.400> the<00:54:34.480> newspapers<00:54:34.960> like<00:54:35.119> gdp
relatively protected and we ain't seen
anything<00:54:42.960> but<00:54:43.119> we're<00:54:43.280> going<00:54:43.359> to<00:54:43.440> see<00:54:43.680> some<00:54:43.920> big
anything but we're going to see some big
stuff<00:54:44.400> happening<00:54:44.720> in<00:54:44.799> the<00:54:44.880> next<00:54:45.359> two<00:54:45.599> years
stuff happening in the next two years
some<00:54:46.720> big<00:54:46.960> big<00:54:47.200> things<00:54:47.520> big<00:54:47.680> changes<00:54:48.000> in<00:54:48.079> the
some big big things big changes in the
economy<00:54:48.480> and<00:54:48.640> it's<00:54:48.720> not<00:54:48.880> going<00:54:49.040> to<00:54:49.119> be
economy and it's not going to be
good<00:54:50.160> for<00:54:50.319> most<00:54:50.559> people<00:54:50.880> in<00:54:50.960> my<00:54:51.119> opinion<00:54:52.079> and
when this stuff happened like it took me
back<00:54:55.599> to<00:54:55.760> the<00:54:55.839> 2008<00:54:56.799> crisis<00:54:57.520> and<00:54:57.599> the<00:54:57.760> 2011
and as soon as it happened like for me
like<00:55:03.040> having<00:55:03.280> spent<00:55:03.520> a<00:55:03.599> lot<00:55:03.680> of<00:55:03.839> time<00:55:04.240> looking
like having spent a lot of time looking
at<00:55:04.640> markets<00:55:04.960> and<00:55:05.040> look<00:55:05.200> at<00:55:05.359> economics<00:55:06.000> when<00:55:06.160> a
at markets and look at economics when a
big<00:55:06.400> thing<00:55:06.559> happens<00:55:06.880> the<00:55:07.040> first<00:55:07.359> question<00:55:07.680> is
big thing happens the first question is
how<00:55:07.920> is<00:55:08.000> this<00:55:08.079> going<00:55:08.160> to<00:55:08.240> affect<00:55:08.960> the
how is this going to affect the
distribution<00:55:09.680> of<00:55:09.760> wealth<00:55:10.480> how<00:55:10.720> is<00:55:10.799> this<00:55:10.880> going
distribution of wealth how is this going
to<00:55:11.119> affect<00:55:11.359> the<00:55:11.440> rich<00:55:11.680> versus<00:55:12.000> how<00:55:12.160> it's<00:55:12.319> going
to affect the rich versus how it's going
to<00:55:12.480> affect<00:55:12.640> the<00:55:12.799> middle<00:55:13.040> versus<00:55:13.280> how<00:55:13.359> it's
going to affect the poor
and<00:55:15.040> then<00:55:15.280> i<00:55:15.440> saw<00:55:15.680> straight<00:55:16.000> away<00:55:16.319> like<00:55:16.880> this
the rich people which really in
hindsight<00:55:26.240> if<00:55:26.319> you<00:55:26.400> go<00:55:26.559> back<00:55:26.720> and<00:55:26.799> look<00:55:26.960> at<00:55:27.040> the
after the 2008 crisis the rich made
loads<00:55:31.920> of<00:55:32.000> money<00:55:32.319> because<00:55:32.559> stock<00:55:32.720> prices<00:55:33.040> went
bang on it like straight away like we
need<00:55:45.040> to<00:55:45.119> get<00:55:45.280> going<00:55:45.839> and<00:55:46.000> i<00:55:46.400> open<00:55:46.640> the
need to get going and i open the
computer<00:55:47.200> up<00:55:47.280> and<00:55:47.440> i<00:55:47.520> just<00:55:47.680> like<00:55:48.000> put<00:55:48.160> some
computer up and i just like put some
money<00:55:48.480> into<00:55:48.640> a<00:55:48.720> trading<00:55:49.040> account<00:55:49.280> i<00:55:49.359> started
money into a trading account i started
bashing<00:55:49.920> that<00:55:50.079> doing<00:55:50.319> some<00:55:50.480> trades<00:55:51.200> at<00:55:51.359> the
bashing that doing some trades at the
same<00:55:51.599> time<00:55:51.760> i<00:55:51.920> started<00:55:52.160> writing<00:55:53.040> like<00:55:53.200> what's
same time i started writing like what's
going<00:55:53.520> to<00:55:53.599> happen<00:55:53.839> here<00:55:54.000> how<00:55:54.240> it's<00:55:54.400> going<00:55:54.480> to
be bad for ordinary people
especially<00:55:57.359> poor<00:55:57.680> people<00:55:58.400> that<00:55:58.559> kind<00:55:58.799> of<00:55:58.880> long
especially poor people that kind of long
term<00:55:59.200> effects<00:55:59.520> going<00:55:59.680> to<00:55:59.760> have<00:56:00.319> and<00:56:00.480> i<00:56:00.559> just
term effects going to have and i just
sent<00:56:01.119> out<00:56:01.440> i<00:56:01.520> sent<00:56:01.760> this<00:56:01.920> article<00:56:02.400> out<00:56:02.559> to
sent out i sent this article out to
the<00:56:03.520> local<00:56:03.839> momentum<00:56:04.400> group<00:56:04.720> which<00:56:04.880> i've<00:56:05.040> been
a little bit and uh they came back and
some<00:56:09.440> guys<00:56:09.680> said<00:56:09.839> they<00:56:09.920> want<00:56:10.000> to<00:56:10.079> publish<00:56:10.480> it
some guys said they want to publish it
and<00:56:11.520> then<00:56:11.839> that's<00:56:12.079> like<00:56:12.240> getting<00:56:12.480> a<00:56:12.480> lot<00:56:12.559> of
circulation and then suddenly like
people<00:56:14.480> wanted<00:56:14.720> more<00:56:14.960> articles<00:56:15.599> so<00:56:16.319> i<00:56:16.400> wrote
another article about that explaining
what's<00:56:18.559> going<00:56:18.640> to<00:56:18.799> happen<00:56:19.520> moving<00:56:19.839> forward<00:56:20.240> in
the coronavirus crisis and no i don't
like<00:56:22.960> to<00:56:23.040> be<00:56:23.280> always<00:56:23.520> giving<00:56:23.760> bad<00:56:23.920> news<00:56:24.160> but<00:56:24.319> i
like to be always giving bad news but i
don't<00:56:24.480> think<00:56:24.640> it's<00:56:24.799> going<00:56:24.880> to<00:56:24.960> be<00:56:25.280> good<00:56:25.599> you
don't think it's going to be good you
know<00:56:25.920> i<00:56:26.000> think<00:56:26.240> it's<00:56:26.319> going<00:56:26.400> to<00:56:26.480> be<00:56:26.640> bad
and that's not you know
that's<00:56:31.680> not<00:56:31.839> good<00:56:32.000> but<00:56:32.160> we're<00:56:32.319> not<00:56:32.400> seeing<00:56:32.640> it
that's not good but we're not seeing it
yet<00:56:32.880> it's<00:56:32.960> going<00:56:33.040> to<00:56:33.200> happen<00:56:33.440> so<00:56:33.599> i<00:56:33.680> want<00:56:33.760> to
yet it's going to happen so i want to
prepare<00:56:34.240> people<00:56:34.480> what's<00:56:34.640> going<00:56:34.720> to<00:56:34.799> happen<00:56:35.280> i
prepare people what's going to happen i
want<00:56:35.520> to<00:56:35.599> prepare<00:56:36.000> people<00:56:36.240> to<00:56:36.400> start<00:56:36.880> using
in my opinion
we're<00:56:40.799> going<00:56:40.880> to<00:56:40.960> see<00:56:41.119> if<00:56:41.280> i'm<00:56:41.359> right<00:56:41.680> but<00:56:42.000> in
we're going to see if i'm right but in
the<00:56:42.240> past<00:56:42.559> i've<00:56:42.640> been<00:56:42.880> around<00:56:43.200> these<00:56:43.359> things
the past i've been around these things
this<00:56:44.319> crisis<00:56:44.640> is<00:56:44.720> going<00:56:44.799> to<00:56:44.880> lead<00:56:45.119> to
this crisis is going to lead to
the<00:56:46.000> rich<00:56:46.240> getting<00:56:46.400> richer<00:56:47.119> and<00:56:47.280> it's<00:56:47.359> going
things that are already quite bad for
you<00:56:50.799> know<00:56:51.040> the<00:56:51.280> poor<00:56:51.520> people<00:56:51.839> and<00:56:51.920> even<00:56:52.160> people
you know the poor people and even people
in<00:56:52.480> the<00:56:52.559> middle<00:56:52.799> of<00:56:52.880> society<00:56:53.599> getting<00:56:53.920> worse
and um
really<00:56:56.559> what<00:56:56.720> i'm<00:56:56.799> trying<00:56:56.960> to<00:56:57.040> do<00:56:57.280> now<00:56:57.440> is<00:56:57.599> get
really what i'm trying to do now is get
the<00:56:57.839> voice<00:56:58.079> out<00:56:58.240> there<00:56:58.559> it<00:56:58.640> doesn't<00:56:58.880> have<00:56:58.960> to
the voice out there it doesn't have to
be<00:56:59.200> like<00:56:59.359> this<00:56:59.599> we<00:56:59.760> need<00:56:59.920> to<00:57:00.000> develop<00:57:00.400> ways<00:57:00.799> of
making the richest pay taxes because
at<00:57:04.480> the<00:57:04.559> moment<00:57:04.880> they<00:57:04.960> don't<00:57:05.200> pay<00:57:05.359> much
at the moment they don't pay much
and<00:57:06.880> dealing<00:57:07.200> with<00:57:07.280> it<00:57:07.359> in<00:57:07.440> a<00:57:07.520> better<00:57:07.760> way
and dealing with it in a better way
so<00:57:08.880> yeah<00:57:09.119> that's<00:57:09.280> what<00:57:09.440> i'm<00:57:09.520> doing<00:57:09.760> now<00:57:10.000> i've
so yeah that's what i'm doing now i've
written<00:57:10.400> a<00:57:10.400> couple<00:57:10.720> articles<00:57:11.119> and<00:57:11.280> i'm<00:57:11.599> hoping
written a couple articles and i'm hoping
i'm<00:57:12.000> going<00:57:12.079> to<00:57:12.160> start<00:57:12.319> doing<00:57:12.559> a<00:57:12.640> few<00:57:12.799> videos
seeing what other opportunities come up
to<00:57:15.680> sort<00:57:15.839> of<00:57:16.000> build<00:57:16.160> a<00:57:16.240> bit<00:57:16.400> more<00:57:16.559> of<00:57:16.640> a<00:57:16.720> voice
and in terms of those predictions i mean
why<00:57:22.079> why<00:57:22.400> do<00:57:22.559> you<00:57:22.640> believe<00:57:22.960> that<00:57:23.119> the<00:57:23.200> rich<00:57:23.520> are
why why do you believe that the rich are
going<00:57:23.680> to<00:57:23.760> be<00:57:24.079> richer<00:57:24.640> and<00:57:24.799> what<00:57:25.119> i<00:57:25.280> suppose
going to be richer and what i suppose
also<00:57:26.240> in<00:57:26.319> this<00:57:26.480> sort<00:57:26.640> of<00:57:26.799> bracket<00:57:27.440> what<00:57:27.680> do<00:57:27.760> you
also in this sort of bracket what do you
as<00:57:28.240> an<00:57:28.400> income<00:57:28.799> what<00:57:28.960> do<00:57:29.040> you<00:57:29.200> think<00:57:29.440> classes
as an income what do you think classes
you<00:57:30.400> as<00:57:30.640> rich<00:57:31.040> what<00:57:31.200> sort<00:57:31.440> of<00:57:31.599> rich<00:57:31.839> are<00:57:31.920> we
you as rich what sort of rich are we
talking<00:57:32.400> about<00:57:33.200> yeah<00:57:33.440> this<00:57:33.599> is<00:57:33.839> this<00:57:34.000> is<00:57:34.160> a
this specific crisis
um<00:57:41.520> it's<00:57:41.680> a<00:57:41.760> funny<00:57:42.000> one<00:57:42.240> because<00:57:42.880> the<00:57:43.359> central
um it's a funny one because the central
bank<00:57:43.920> the<00:57:44.000> bank<00:57:44.240> of<00:57:44.400> england<00:57:44.799> and<00:57:44.960> it's<00:57:45.119> the
bank the bank of england and it's the
same<00:57:45.440> in<00:57:45.839> pretty<00:57:46.000> much<00:57:46.240> all<00:57:46.400> other<00:57:46.640> countries
same in pretty much all other countries
um<00:57:47.680> they've<00:57:48.000> printed<00:57:48.319> a<00:57:48.559> huge<00:57:49.040> huge<00:57:49.280> amount<00:57:49.440> of
um they've printed a huge huge amount of
money<00:57:49.760> right<00:57:50.160> so<00:57:50.319> the<00:57:50.400> bank<00:57:50.640> of<00:57:50.720> england<00:57:50.880> has
i think sometimes with these huge
numbers<00:57:56.960> we<00:57:57.119> don't<00:57:57.280> realize<00:57:57.599> how<00:57:57.680> huge<00:57:57.920> they
numbers we don't realize how huge they
are<00:57:58.160> right<00:57:58.319> 200<00:57:58.640> billion<00:57:58.880> pounds<00:57:59.200> is<00:57:59.359> about<00:57:59.760> 4
are right 200 billion pounds is about 4
000<00:58:00.319> pounds<00:58:00.640> for<00:58:00.799> every<00:58:01.040> adult<00:58:01.599> in<00:58:01.680> the
it's twice the net worth of jeff bezos
which<00:58:05.599> is<00:58:05.760> a<00:58:05.839> lot<00:58:06.240> you<00:58:06.319> can<00:58:06.480> go<00:58:06.720> have<00:58:06.880> a<00:58:06.880> look<00:58:07.040> on
printed money substitutes the income so
in<00:58:20.160> the<00:58:20.240> in<00:58:20.319> the<00:58:20.480> initial<00:58:20.799> shock<00:58:21.040> of<00:58:21.119> the
in the in the initial shock of the
coronavirus<00:58:21.839> crisis<00:58:22.240> a<00:58:22.319> lot<00:58:22.480> of<00:58:22.559> people<00:58:22.720> lost
coronavirus crisis a lot of people lost
their<00:58:23.040> jobs<00:58:23.359> straight<00:58:23.520> away<00:58:23.839> right<00:58:24.079> about<00:58:24.319> a
their jobs straight away right about a
quarter<00:58:24.640> of<00:58:24.799> people<00:58:25.119> have<00:58:25.200> been<00:58:25.760> further<00:58:26.640> and
quarter of people have been further and
there's<00:58:27.440> a<00:58:27.599> decent<00:58:28.000> amount<00:58:28.319> more<00:58:28.559> who<00:58:29.040> have
there's a decent amount more who have
lost<00:58:29.440> their<00:58:29.520> job<00:58:29.760> and<00:58:29.839> not<00:58:30.000> been<00:58:30.240> further
provides a replacement income which i
don't<00:58:38.720> criticize<00:58:39.359> at<00:58:39.520> all<00:58:39.920> of<00:58:40.000> course<00:58:40.240> the
don't criticize at all of course the
government<00:58:40.559> has<00:58:40.720> to<00:58:40.799> do<00:58:40.960> that<00:58:41.119> because<00:58:41.680> these
government has to do that because these
guys<00:58:42.079> are<00:58:42.160> destitute<00:58:42.640> they<00:58:42.799> don't<00:58:42.960> get<00:58:43.119> that
when the government prints the money
instead<00:58:46.559> of<00:58:46.640> getting<00:58:46.880> the<00:58:46.960> money<00:58:47.839> from<00:58:48.319> the
richest in society then that increases
the<00:58:50.880> total<00:58:51.200> amount<00:58:51.440> of<00:58:51.599> money<00:58:52.400> in<00:58:52.640> our<00:58:52.799> economy
the total amount of money in our economy
so<00:58:53.760> somebody<00:58:54.240> has<00:58:54.319> to<00:58:54.480> end<00:58:54.720> up<00:58:54.799> with<00:58:54.960> more
were getting before the crisis happened
right<00:59:04.000> so<00:59:04.240> even<00:59:04.480> though<00:59:04.640> these<00:59:04.799> are<00:59:04.880> the<00:59:04.960> guys
right so even though these are the guys
receiving<00:59:05.520> the<00:59:05.599> new<00:59:05.760> money<00:59:06.079> they're<00:59:06.240> not<00:59:06.400> the
receiving the new money they're not the
guys<00:59:06.720> keeping<00:59:06.960> the<00:59:07.040> new<00:59:07.200> money<00:59:07.920> net<00:59:08.240> net
they're down from where they started
right<00:59:10.640> so<00:59:10.799> we<00:59:10.960> have<00:59:11.040> to<00:59:11.119> work<00:59:11.359> out<00:59:11.440> where<00:59:11.599> the
not making money overall because they've
lost<00:59:17.599> their<00:59:17.760> wages<00:59:18.319> so<00:59:18.480> where<00:59:18.640> are<00:59:18.720> the<00:59:18.799> wages
because the companies are not getting
any<00:59:24.079> income<00:59:24.559> because<00:59:24.799> the<00:59:24.880> customers<00:59:25.280> are<00:59:25.359> not
any income because the customers are not
going<00:59:25.680> to<00:59:25.760> the<00:59:25.839> companies<00:59:26.799> so<00:59:27.040> actually<00:59:27.280> if
going to the companies so actually if
you<00:59:27.520> follow<00:59:27.839> the<00:59:27.920> money<00:59:28.160> through<00:59:28.319> the<00:59:28.400> system
you follow the money through the system
you<00:59:28.880> find<00:59:29.040> that<00:59:29.200> the<00:59:29.839> extra<00:59:30.160> money<00:59:30.960> that<00:59:31.200> has
been pumped in even though the
government<00:59:33.839> is<00:59:33.920> paying<00:59:34.160> money<00:59:34.480> to<00:59:34.559> defer<00:59:34.880> the
but when you look at that you realize
that<00:59:43.520> it's<00:59:43.760> not<00:59:44.000> all<00:59:44.160> customers<00:59:44.559> who<00:59:44.640> are<00:59:44.720> no
longer spending poorer people when
people<00:59:47.280> near<00:59:47.440> the<00:59:47.520> middle<00:59:48.240> most<00:59:48.480> of<00:59:48.559> their
spending is on essentials rent bills
food<00:59:52.400> things<00:59:52.559> they<00:59:52.720> have<00:59:52.799> to<00:59:52.880> pay<00:59:53.119> anyway<00:59:53.680> so
spending that much less than the
ordinary<00:59:57.520> wood<00:59:58.160> but<00:59:58.400> if<00:59:58.480> you<00:59:58.559> look<00:59:58.799> at<00:59:58.960> really
ordinary wood but if you look at really
rich<00:59:59.520> people<00:59:59.760> who<00:59:59.920> have<01:00:00.079> huge<01:00:00.319> amounts<01:00:00.640> of
and these guys as a result especially
when<01:00:07.920> you<01:00:08.000> add<01:00:08.160> in<01:00:08.240> the<01:00:08.319> fact<01:00:08.480> that<01:00:08.640> most
that sort of top 10 20 that is
accumulating<01:00:18.640> money<01:00:18.880> here<01:00:19.040> and<01:00:19.440> i<01:00:19.599> said<01:00:19.760> this
accumulating money here and i said this
at<01:00:20.079> the<01:00:20.240> start<01:00:20.480> but<01:00:20.720> now<01:00:20.880> there's<01:00:21.040> a<01:00:21.040> lot<01:00:21.200> of
money during this crisis
so<01:00:29.359> in<01:00:29.440> this<01:00:29.680> specific<01:00:30.160> case<01:00:30.799> it's<01:00:30.960> not<01:00:31.119> even
next two years my predictions are
personally<01:00:40.640> we're<01:00:40.799> going<01:00:40.960> to<01:00:41.119> see<01:00:41.440> once<01:00:41.680> again
personally we're going to see once again
stock<01:00:42.880> prices<01:00:43.200> rise<01:00:43.520> a<01:00:43.599> lot<01:00:44.240> house<01:00:44.559> prices
stock prices rise a lot house prices
rise<01:00:45.760> you<01:00:45.839> know<01:00:45.920> that<01:00:46.079> could<01:00:46.240> take<01:00:46.400> a<01:00:46.480> bit<01:00:46.559> of
so
when<01:00:53.599> we<01:00:53.680> talk<01:00:53.920> about<01:00:54.079> who's<01:00:54.400> rich<01:00:54.720> i<01:00:54.799> think<01:00:54.960> we
when we talk about who's rich i think we
have<01:00:55.280> to<01:00:55.520> accept<01:00:55.920> that<01:00:56.240> it's<01:00:56.400> not<01:00:56.559> just<01:00:56.799> the
very rich who have been accumulating
money<01:00:58.720> in<01:00:58.799> the<01:00:58.880> last<01:00:59.040> couple<01:00:59.280> of<01:00:59.359> months<01:00:59.760> it's
even people who may be
top<01:01:01.920> 20<01:01:02.480> or<01:01:02.559> maybe<01:01:02.880> 25<01:01:03.280> 30<01:01:03.839> they've<01:01:04.000> been
but in the long run that money is going
to<01:01:07.680> be<01:01:07.760> used<01:01:07.920> to<01:01:08.000> pump<01:01:08.240> up<01:01:08.319> stock<01:01:08.559> prices<01:01:08.960> is
to be used to pump up stock prices is
going<01:01:09.200> to<01:01:09.280> pump<01:01:09.520> up<01:01:09.599> property<01:01:09.920> prices<01:01:10.319> and<01:01:10.400> the
going to pump up property prices and the
people<01:01:10.640> who<01:01:10.799> really<01:01:10.960> benefit<01:01:11.359> from<01:01:11.520> that<01:01:12.079> are
people who really benefit from that are
the<01:01:12.400> really<01:01:12.640> rich<01:01:13.119> we've<01:01:13.280> already<01:01:13.520> started<01:01:13.760> to
the really rich we've already started to
see<01:01:14.000> that<01:01:14.079> you<01:01:14.240> know<01:01:14.640> u.s<01:01:15.040> stock<01:01:15.280> prices
just recently that's crazy you know and
you<01:01:22.160> know<01:01:22.559> everybody<01:01:23.119> can<01:01:23.359> look<01:01:23.520> back<01:01:23.760> and<01:01:23.839> see
you know everybody can look back and see
what<01:01:24.160> happened<01:01:24.400> in<01:01:24.480> 2008<01:01:25.119> now<01:01:25.359> we<01:01:25.520> all<01:01:25.680> know
what happened in 2008 now we all know
that<01:01:26.559> what<01:01:26.720> happened<01:01:26.960> in<01:01:27.040> 2008<01:01:28.079> caused<01:01:28.319> stock
that what happened in 2008 caused stock
prices<01:01:28.799> to<01:01:28.960> double<01:01:29.280> it<01:01:29.440> caused<01:01:29.599> house<01:01:29.839> prices
prices to double it caused house prices
to<01:01:30.319> double<01:01:30.640> you<01:01:30.720> know<01:01:30.880> some<01:01:31.040> stocks<01:01:31.359> went<01:01:31.520> up
so what what do you think the government
should<01:01:48.720> do<01:01:48.880> what<01:01:49.119> sort<01:01:49.280> of<01:01:49.680> tax<01:01:50.000> do<01:01:50.079> you<01:01:50.160> think
should do what sort of tax do you think
that<01:01:50.480> they<01:01:50.640> should<01:01:50.799> put<01:01:50.960> on<01:01:51.119> the<01:01:51.200> wealthy<01:01:51.839> and
that they should put on the wealthy and
what<01:01:52.400> sort<01:01:52.559> of<01:01:53.040> you<01:01:53.119> know<01:01:53.760> annual<01:01:54.160> income
what sort of you know annual income
bracket<01:01:54.880> do<01:01:55.039> you<01:01:55.119> think<01:01:55.440> that<01:01:55.599> they<01:01:55.760> should<01:01:55.839> be
which is something i've been interested
in<01:02:03.119> for<01:02:03.200> a<01:02:03.280> long<01:02:03.440> time<01:02:03.680> really<01:02:04.240> is<01:02:04.400> looking<01:02:04.640> at
because
but<01:02:08.880> the<01:02:08.960> truth<01:02:09.280> is<01:02:09.440> that<01:02:09.760> you<01:02:09.920> might<01:02:10.079> have<01:02:10.240> a
but the truth is that you might have a
relatively<01:02:10.720> high<01:02:10.960> income<01:02:11.200> and<01:02:11.359> not<01:02:11.520> be<01:02:11.920> that
relatively high income and not be that
rich<01:02:12.720> you<01:02:12.799> know<01:02:12.960> a<01:02:13.039> lot<01:02:13.200> of<01:02:13.280> people<01:02:13.599> nowadays
rich you know a lot of people nowadays
to<01:02:14.240> be<01:02:14.319> honest<01:02:14.640> like<01:02:15.119> in<01:02:15.280> our<01:02:15.440> generation<01:02:15.920> it's
to be honest like in our generation it's
becoming<01:02:16.319> more<01:02:16.480> and<01:02:16.559> more<01:02:16.720> clear<01:02:16.960> that<01:02:17.119> really
becoming more and more clear that really
how<01:02:17.839> ritualized<01:02:18.400> not<01:02:18.559> that<01:02:18.720> much<01:02:18.880> about<01:02:19.039> what
how ritualized not that much about what
you<01:02:19.359> do<01:02:19.520> it's<01:02:19.599> about<01:02:19.839> what<01:02:19.920> your<01:02:20.079> parents<01:02:20.400> did
you do it's about what your parents did
really<01:02:21.680> because<01:02:21.920> i<01:02:22.000> mean<01:02:22.079> i<01:02:22.160> don't<01:02:22.319> know<01:02:22.480> about
really because i mean i don't know about
you<01:02:22.799> but<01:02:23.039> people<01:02:23.200> i<01:02:23.359> know<01:02:23.520> that<01:02:23.599> have<01:02:23.760> houses
you but people i know that have houses
their<01:02:24.400> parents<01:02:24.720> helped<01:02:24.880> them<01:02:24.960> get<01:02:25.119> that<01:02:25.280> house
their parents helped them get that house
you<01:02:25.599> know<01:02:26.240> so<01:02:26.480> i<01:02:26.559> don't<01:02:26.799> really<01:02:26.960> want<01:02:27.119> to<01:02:27.200> be
incomes because
people<01:02:33.280> not<01:02:33.599> who<01:02:33.760> have<01:02:33.920> high<01:02:34.160> incomes<01:02:34.559> i'm<01:02:34.720> not
people not who have high incomes i'm not
necessarily<01:02:35.359> that<01:02:35.520> rich<01:02:36.000> i<01:02:36.079> had<01:02:36.240> a<01:02:36.319> high
necessarily that rich i had a high
income<01:02:36.720> okay<01:02:37.119> you<01:02:37.200> know<01:02:37.280> i<01:02:37.359> did<01:02:37.520> make<01:02:37.680> a<01:02:37.760> lot<01:02:37.839> of
income okay you know i did make a lot of
money<01:02:38.160> and<01:02:38.240> i<01:02:38.319> should<01:02:38.400> have<01:02:38.480> paid<01:02:38.640> a<01:02:38.720> lot<01:02:38.880> of
money and i should have paid a lot of
tax<01:02:39.680> but<01:02:39.839> there's<01:02:40.079> people<01:02:40.400> out<01:02:40.559> there<01:02:40.799> who
because the way the tax system is set up
right<01:02:47.039> now<01:02:47.359> it's<01:02:47.520> very<01:02:47.680> good<01:02:47.920> at<01:02:48.000> taxing
right now it's very good at taxing
income<01:02:48.640> from<01:02:48.880> work<01:02:49.359> but<01:02:49.599> it's<01:02:49.680> very<01:02:49.920> bad<01:02:50.079> at
income from work but it's very bad at
taxing<01:02:51.039> people<01:02:51.359> who<01:02:51.599> are<01:02:51.760> just<01:02:52.160> really<01:02:52.480> really
taxing people who are just really really
rich<01:02:53.039> and<01:02:53.200> make<01:02:53.359> their<01:02:53.520> money<01:02:53.680> from<01:02:53.920> being
don't really see that right but
you<01:02:59.760> know<01:03:00.240> if<01:03:00.319> you<01:03:00.480> have<01:03:01.200> assets<01:03:01.599> you<01:03:01.760> make
you know if you have assets you make
money<01:03:02.079> from<01:03:02.240> those<01:03:02.400> assets<01:03:02.720> you<01:03:02.880> know<01:03:03.039> so<01:03:03.599> if
someone's got you know two million
pounds<01:03:05.760> of<01:03:05.920> assets<01:03:06.319> which<01:03:06.480> is<01:03:06.640> a<01:03:06.720> lot<01:03:06.880> but<01:03:07.039> it's
pounds of assets which is a lot but it's
not<01:03:07.440> crazy<01:03:07.839> amount<01:03:08.400> you<01:03:08.480> know<01:03:08.720> they<01:03:08.880> might<01:03:09.039> be
not crazy amount you know they might be
making<01:03:09.599> 60<01:03:09.920> 000<01:03:10.160> pounds<01:03:10.319> a<01:03:10.400> year<01:03:10.559> just<01:03:10.720> from
making 60 000 pounds a year just from
those<01:03:11.119> assets<01:03:11.440> you<01:03:11.520> know<01:03:11.920> but<01:03:12.079> if<01:03:12.160> someone's
those assets you know but if someone's
got<01:03:12.720> 10<01:03:12.880> million<01:03:13.599> well<01:03:13.839> they<01:03:14.000> could<01:03:14.160> be<01:03:14.240> making
got 10 million well they could be making
they<01:03:16.480> could<01:03:16.640> be<01:03:16.720> making<01:03:17.200> a<01:03:17.280> couple<01:03:17.520> hundred
just from their assets you know and the
way<01:03:21.119> that<01:03:21.280> the<01:03:21.359> tax<01:03:21.520> system<01:03:21.839> is<01:03:21.920> set<01:03:22.079> up<01:03:22.160> right
way that the tax system is set up right
now<01:03:22.559> these<01:03:22.720> guys<01:03:22.960> are<01:03:23.039> basically<01:03:23.359> paying<01:03:23.599> very
now these guys are basically paying very
very<01:03:24.000> little<01:03:24.240> tax<01:03:24.640> and<01:03:24.720> if<01:03:24.880> we're<01:03:24.960> talking
if you think about somebody's making has
100<01:03:29.359> million<01:03:29.680> pound<01:03:30.079> they<01:03:30.240> make<01:03:30.559> every<01:03:30.799> year
100 million pound they make every year
just<01:03:31.359> for<01:03:31.520> getting<01:03:31.760> out<01:03:31.920> of<01:03:32.000> bed<01:03:32.400> they<01:03:32.559> make
just for getting out of bed they make
like<01:03:33.200> six<01:03:33.359> million<01:03:33.680> pounds<01:03:33.920> just<01:03:34.079> for<01:03:34.240> getting
like six million pounds just for getting
out<01:03:34.480> of<01:03:34.559> bed<01:03:35.200> and<01:03:35.359> think<01:03:35.520> about<01:03:35.760> what<01:03:35.839> they're
out of bed and think about what they're
gonna<01:03:36.160> do<01:03:36.319> with<01:03:36.400> that<01:03:36.559> money<01:03:36.880> think<01:03:37.039> about
gonna do with that money think about
what<01:03:37.440> you<01:03:37.599> would<01:03:37.760> do<01:03:38.240> if<01:03:38.400> you<01:03:38.480> got<01:03:38.720> given<01:03:39.119> six
what you would do if you got given six
million<01:03:39.599> pounds<01:03:39.839> a<01:03:40.000> year<01:03:40.480> just<01:03:40.720> for<01:03:40.960> just<01:03:41.119> for
living well you wouldn't spend six
million<01:03:43.359> would<01:03:43.520> you<01:03:43.839> you'd<01:03:44.079> spend<01:03:44.559> i<01:03:44.640> mean<01:03:44.799> to
million would you you'd spend i mean to
be<01:03:45.039> honest<01:03:45.280> you<01:03:45.359> don't<01:03:45.520> even<01:03:45.680> spend<01:03:45.839> one
be honest you don't even spend one
million<01:03:46.400> you<01:03:46.480> spend<01:03:46.640> 200<01:03:46.960> grand<01:03:47.119> a<01:03:47.200> year
you're living absolute life of luxury
right<01:03:49.280> and<01:03:49.440> use<01:03:49.680> the<01:03:49.760> rest<01:03:50.000> of<01:03:50.079> that<01:03:50.240> five
people's houses and you push house
prices<01:03:54.079> up<01:03:54.160> you<01:03:54.319> know<01:03:54.880> so<01:03:55.039> if<01:03:55.200> we<01:03:55.280> allow<01:03:55.520> the
prices up you know so if we allow the
rich<01:03:55.839> to<01:03:56.000> accumulate<01:03:56.480> wealth<01:03:56.799> like<01:03:56.960> this<01:03:57.440> then
rich to accumulate wealth like this then
they're<01:03:57.839> obviously<01:03:58.240> going<01:03:58.400> to<01:03:58.480> push<01:03:58.640> up<01:03:58.799> house
they're obviously going to push up house
prices<01:03:59.839> and<01:04:00.000> they're<01:04:00.160> going<01:04:00.319> to<01:04:00.480> suck<01:04:00.720> in<01:04:00.960> all
prices and they're going to suck in all
the<01:04:01.200> houses<01:04:01.599> like<01:04:01.760> my<01:04:02.000> friends<01:04:02.319> you<01:04:02.480> know<01:04:02.559> some
the houses like my friends you know some
of<01:04:02.799> my<01:04:02.880> friends<01:04:03.119> are<01:04:03.200> from<01:04:03.680> relatively<01:04:04.079> well
of my friends are from relatively well
off<01:04:04.319> backgrounds<01:04:04.720> and<01:04:04.799> some<01:04:04.960> are<01:04:05.039> not<01:04:05.440> the
ones from not well-off backgrounds their
moms<01:04:07.680> sold<01:04:07.920> their<01:04:08.000> houses<01:04:08.319> to<01:04:08.480> those<01:04:08.640> rich
moms sold their houses to those rich
guys<01:04:09.280> and<01:04:09.440> they<01:04:09.520> don't<01:04:09.680> have<01:04:09.760> houses<01:04:10.079> no<01:04:10.240> more
their families want houses and that's
that<01:04:12.640> is<01:04:12.720> where<01:04:12.880> the<01:04:12.960> houses<01:04:13.200> are<01:04:13.280> going<01:04:13.520> if
percentage of young people in this
country<01:04:16.880> is<01:04:17.119> absolutely<01:04:17.599> collapsed<01:04:18.319> in<01:04:18.480> 10<01:04:18.720> 15
country is absolutely collapsed in 10 15
years<01:04:19.520> but<01:04:19.680> what<01:04:19.839> does<01:04:20.000> that<01:04:20.160> mean<01:04:20.400> it<01:04:20.559> means
that in future generations
if<01:04:23.280> your<01:04:23.520> family<01:04:23.839> is<01:04:24.000> poor<01:04:24.240> now<01:04:24.640> if<01:04:24.720> your
if your family is poor now if your
family<01:04:25.119> doesn't<01:04:25.359> have<01:04:25.359> a<01:04:25.440> house<01:04:25.680> now<01:04:26.319> your
and if house prices double again
what<01:04:31.280> does<01:04:31.440> that<01:04:31.599> mean<01:04:31.760> it<01:04:31.920> basically<01:04:32.400> means
bottom half of society to be fought
forever<01:04:36.079> so<01:04:36.319> we<01:04:36.400> need<01:04:36.559> to<01:04:36.640> find<01:04:36.799> ways<01:04:37.119> to<01:04:37.280> make
forever so we need to find ways to make
not<01:04:37.760> just<01:04:38.079> high<01:04:38.400> income<01:04:38.720> people<01:04:38.960> pay<01:04:39.200> tax<01:04:39.760> but
not just high income people pay tax but
we<01:04:40.000> need<01:04:40.160> to<01:04:40.240> go<01:04:40.400> after<01:04:40.720> really<01:04:41.119> high<01:04:41.359> wealth
because those are the guys that
basically<01:04:45.039> own<01:04:45.359> everything<01:04:46.079> and<01:04:46.240> if<01:04:46.319> we<01:04:46.400> don't
basically own everything and if we don't
tax<01:04:46.960> them<01:04:47.359> then<01:04:47.599> it's<01:04:47.760> going<01:04:47.920> to<01:04:48.000> be<01:04:48.079> talking
tax them then it's going to be talking
about<01:04:48.559> more<01:04:48.720> taxes<01:04:49.039> on<01:04:49.200> doctors<01:04:49.760> more<01:04:50.000> taxes
about more taxes on doctors more taxes
on<01:04:50.400> lawyers<01:04:50.880> and<01:04:51.039> i<01:04:51.119> don't<01:04:51.280> necessarily<01:04:51.680> want
on lawyers and i don't necessarily want
to<01:04:51.920> taxes<01:04:52.160> people<01:04:52.400> i<01:04:52.480> want<01:04:52.559> to<01:04:52.640> tax<01:04:52.880> the<01:04:52.960> people
um well i think um we've probably
covered<01:05:05.680> your<01:05:06.160> your<01:05:06.400> story<01:05:06.880> quite<01:05:07.119> well<01:05:07.520> in
the last um
hour<01:05:09.280> and<01:05:09.440> ten<01:05:09.680> minutes<01:05:10.160> and<01:05:10.559> um<01:05:11.280> so<01:05:11.440> i<01:05:11.520> think
hour and ten minutes and um so i think
the<01:05:11.920> final<01:05:12.240> question<01:05:12.720> from<01:05:12.880> me<01:05:13.119> until<01:05:13.520> unless
the final question from me until unless
we<01:05:13.920> have<01:05:14.079> any<01:05:14.319> from<01:05:14.480> the<01:05:14.640> audience<01:05:15.119> is<01:05:15.280> well
we have any from the audience is well
where<01:05:15.680> should<01:05:15.839> i<01:05:16.000> put<01:05:16.160> my<01:05:16.319> money<01:05:16.640> then
where should i put my money then
you<01:05:18.559> said<01:05:18.720> you've<01:05:18.880> been<01:05:19.039> moving<01:05:19.440> some<01:05:19.599> trades
you said you've been moving some trades
around<01:05:20.319> where<01:05:20.480> am<01:05:20.640> i<01:05:20.720> putting<01:05:21.039> it<01:05:21.200> easyjet
it's the funny one because you know i
put<01:05:24.720> this<01:05:24.880> article<01:05:25.119> up<01:05:25.280> in<01:05:25.359> the<01:05:25.440> garden
terrible we need to find some way to tax
the<01:05:28.960> rich<01:05:29.119> we<01:05:29.280> need<01:05:29.359> to<01:05:29.440> fix<01:05:29.680> the<01:05:29.760> problem<01:05:30.400> and
the rich we need to fix the problem and
i<01:05:30.640> got<01:05:30.799> like<01:05:30.960> 100<01:05:31.280> articles<01:05:31.520> on<01:05:31.599> twitch<01:05:31.839> then
yeah there's a lot of financial
uncertainty<01:05:41.119> now<01:05:41.520> and<01:05:41.920> yeah<01:05:42.480> you<01:05:42.559> know<01:05:42.960> it
uncertainty now and yeah you know it
puts<01:05:43.359> at<01:05:43.520> risk<01:05:44.000> the<01:05:44.160> future<01:05:44.559> of<01:05:44.960> individuals
obviously before i say anything about
this<01:05:50.720> you<01:05:50.799> need<01:05:50.960> to<01:05:51.039> understand<01:05:51.599> of<01:05:51.760> course
any predictions about what happens in
the<01:05:54.559> future<01:05:54.960> we<01:05:55.039> can't<01:05:55.280> be<01:05:55.440> 100<01:05:56.160> certain<01:05:56.480> about
know anything you do any financial
trades<01:06:03.039> you<01:06:03.119> do<01:06:03.359> any<01:06:03.520> risk<01:06:03.760> you<01:06:03.920> take<01:06:04.319> is<01:06:04.480> risk
that are going to put your financial
situation<01:06:11.680> at<01:06:11.760> risk<01:06:12.480> um<01:06:12.640> but<01:06:12.960> the<01:06:13.119> primary
over emphasize the importance of
the<01:06:20.640> big<01:06:20.960> amounts<01:06:21.280> of<01:06:21.440> money<01:06:21.680> that<01:06:21.760> are<01:06:21.839> being
the big amounts of money that are being
printed<01:06:22.240> by<01:06:22.400> the<01:06:22.480> central<01:06:22.799> bank<01:06:23.440> the<01:06:23.599> central
printed by the central bank the central
bank<01:06:24.160> is<01:06:24.240> gonna<01:06:24.480> is<01:06:24.640> printing<01:06:24.880> 200<01:06:25.200> billion
pounds personally i wouldn't be
surprised<01:06:27.520> if<01:06:27.599> i<01:06:27.680> ended<01:06:27.839> up<01:06:27.920> being<01:06:28.079> twice<01:06:28.400> that
surprised if i ended up being twice that
or<01:06:28.880> more<01:06:29.440> because<01:06:29.680> we're<01:06:29.839> going<01:06:29.920> to<01:06:30.079> enter<01:06:30.319> a
long period of economic difficulty the
government<01:06:32.960> is<01:06:33.039> going<01:06:33.119> to<01:06:33.119> need<01:06:33.280> to<01:06:33.359> raise<01:06:33.599> a
government is going to need to raise a
lot<01:06:33.760> of<01:06:33.839> money<01:06:34.160> and<01:06:34.240> the<01:06:34.400> easiest<01:06:34.720> way<01:06:34.880> to
lot of money and the easiest way to
raise<01:06:35.200> that<01:06:35.359> is<01:06:35.440> going<01:06:35.520> to<01:06:35.599> be<01:06:35.680> printing<01:06:36.000> money
raise that is going to be printing money
so<01:06:37.119> what<01:06:37.280> that<01:06:37.520> means<01:06:37.920> is<01:06:38.160> if<01:06:38.240> we<01:06:38.400> massively
increase the money supply then
we're<01:06:41.200> going<01:06:41.359> to<01:06:41.440> decrease<01:06:41.839> the<01:06:41.920> value<01:06:42.319> of
we're going to decrease the value of
money<01:06:43.520> you<01:06:43.680> have<01:06:44.000> a<01:06:44.079> lot<01:06:44.240> more<01:06:44.400> money<01:06:44.559> the
money you have a lot more money the
money<01:06:44.880> is<01:06:44.960> not<01:06:45.119> worth<01:06:45.359> as<01:06:45.440> much<01:06:46.240> so<01:06:46.720> this<01:06:46.960> is<01:06:47.039> a
money is not worth as much so this is a
problem<01:06:47.520> for<01:06:47.680> a<01:06:47.760> lot<01:06:47.920> of<01:06:48.160> people<01:06:48.799> from
poorer people ordinary people they often
keep<01:06:53.680> their<01:06:53.839> savings<01:06:54.240> in<01:06:54.319> cash<01:06:54.880> 100<01:06:55.520> in<01:06:55.599> cash
keep their savings in cash 100 in cash
um<01:06:56.799> so<01:06:56.960> if<01:06:57.119> there's<01:06:57.280> a<01:06:57.359> big<01:06:57.520> devaluation<01:06:58.160> of
it's difficult to predict house prices
but<01:07:06.160> they<01:07:06.319> could<01:07:06.480> double<01:07:06.720> in<01:07:06.799> the<01:07:06.880> next<01:07:07.359> you
but they could double in the next you
know<01:07:07.680> four<01:07:07.839> five<01:07:08.079> years<01:07:08.319> they<01:07:08.400> could<01:07:08.960> and<01:07:09.119> if
know four five years they could and if
you're<01:07:09.440> sitting<01:07:09.760> in<01:07:09.920> cash<01:07:10.480> you<01:07:10.640> get<01:07:10.960> zero
so if you do have a lot of money big
amount<01:07:20.480> of<01:07:20.559> money<01:07:20.799> and<01:07:20.880> sold<01:07:21.119> entirely<01:07:21.520> in
diversifying a little bit into other
assets<01:07:27.760> rather<01:07:28.000> than<01:07:28.160> just<01:07:28.319> keeping<01:07:28.559> all<01:07:28.799> in
assets rather than just keeping all in
cash<01:07:29.119> i<01:07:29.200> know<01:07:29.440> like<01:07:30.000> it's<01:07:30.160> very<01:07:30.480> easy<01:07:30.880> and<01:07:31.200> and
cash i know like it's very easy and and
to<01:07:31.839> think<01:07:32.079> cash<01:07:32.400> is<01:07:32.480> the<01:07:32.640> safest<01:07:33.039> cash<01:07:33.280> is<01:07:33.359> the
you know when the government is printing
200<01:07:37.200> billion<01:07:37.520> pounds<01:07:37.760> of<01:07:37.839> cash<01:07:38.079> out<01:07:38.160> thinner
it's not the safest anymore and they're
going<01:07:40.400> to<01:07:40.480> print<01:07:40.720> more<01:07:41.359> so<01:07:41.599> if<01:07:41.760> you<01:07:41.839> have<01:07:42.000> a<01:07:42.079> lot
going to print more so if you have a lot
of<01:07:42.240> money<01:07:42.480> sitting<01:07:42.720> in<01:07:42.799> cash<01:07:43.039> maybe<01:07:43.280> you're
um
if<01:07:46.720> you<01:07:46.880> can<01:07:47.039> get<01:07:47.200> that<01:07:47.359> house<01:07:47.920> soon<01:07:48.319> get<01:07:48.480> it
if you can get that house soon get it
because<01:07:48.880> you're<01:07:49.119> safe<01:07:49.359> for<01:07:49.440> having<01:07:49.680> the<01:07:49.760> house
because you're safe for having the house
you've<01:07:50.079> got<01:07:50.160> a<01:07:50.160> house<01:07:50.400> you've<01:07:50.480> got<01:07:50.559> a<01:07:50.640> house
you've got a house you've got a house
you're<01:07:51.440> cash<01:07:51.680> in<01:07:51.760> the<01:07:51.839> bank<01:07:52.240> you<01:07:52.319> don't<01:07:52.480> know
you're cash in the bank you don't know
what's<01:07:52.720> gonna<01:07:52.880> happen<01:07:53.039> to<01:07:53.119> house<01:07:53.359> prices<01:07:54.079> i
what's gonna happen to house prices i
would<01:07:54.400> say<01:07:54.559> if<01:07:54.640> you<01:07:54.720> can<01:07:54.880> get<01:07:55.039> that<01:07:55.200> house<01:07:55.920> get
would say if you can get that house get
you<01:07:56.319> know<01:07:56.559> we<01:07:56.720> might<01:07:56.880> have<01:07:56.960> a<01:07:57.039> little<01:07:57.200> dip<01:07:57.440> in
house prices coming out of this
um<01:07:59.920> but<01:08:00.160> if<01:08:00.240> you<01:08:00.319> get<01:08:00.480> the<01:08:00.640> house<01:08:00.960> then<01:08:01.119> you
um but if you get the house then you
you've<01:08:01.520> got<01:08:01.680> a<01:08:01.680> house<01:08:01.920> you've<01:08:02.000> got<01:08:02.079> a<01:08:02.160> place<01:08:02.319> to
live
um<01:08:03.839> it's<01:08:04.319> a<01:08:04.400> lot<01:08:04.559> more<01:08:04.720> safe<01:08:04.960> than<01:08:05.119> having<01:08:05.359> just
um it's a lot more safe than having just
a<01:08:05.599> ton<01:08:05.760> of<01:08:05.839> cash<01:08:06.079> in<01:08:06.160> the<01:08:06.240> bank<01:08:06.559> which<01:08:06.799> could
last three months
um<01:08:22.000> you<01:08:22.080> know<01:08:22.239> there's<01:08:22.480> risks<01:08:22.799> of<01:08:22.880> a<01:08:22.960> second
i'm a bit hesitant to promote them
because<01:08:29.600> they've<01:08:29.679> gone<01:08:29.839> up<01:08:29.920> so<01:08:30.080> much<01:08:30.319> but
ultimately i think especially in the
long<01:08:32.319> run<01:08:32.799> they're<01:08:33.120> safer<01:08:33.600> to<01:08:33.759> hold<01:08:34.000> in<01:08:34.159> cash
long run they're safer to hold in cash
personally<01:08:35.359> i've<01:08:35.520> bought<01:08:35.759> a<01:08:35.839> lot<01:08:36.000> of<01:08:36.319> gold
personally i've bought a lot of gold
which<01:08:37.920> you<01:08:38.080> know<01:08:38.319> don't<01:08:38.480> go<01:08:38.719> crazy<01:08:39.040> and<01:08:39.199> buy
which you know don't go crazy and buy
like<01:08:39.600> put<01:08:39.759> all<01:08:39.839> your<01:08:40.000> money<01:08:40.239> in<01:08:40.319> gold<01:08:40.560> but<01:08:40.719> i
like put all your money in gold but i
think<01:08:40.960> it's<01:08:41.120> probably<01:08:41.440> safer<01:08:41.839> to<01:08:41.920> hold<01:08:42.159> in
you're looking to buy a house
don't<01:08:49.839> wait<01:08:50.080> around<01:08:50.319> too<01:08:50.480> much<01:08:50.719> try<01:08:50.960> and<01:08:51.040> get
that done because
look<01:08:52.960> they<01:08:53.120> could<01:08:53.279> come<01:08:53.440> down<01:08:53.600> in<01:08:53.759> a<01:08:53.839> bit<01:08:54.080> you
look they could come down in a bit you
know<01:08:54.799> in<01:08:54.880> a<01:08:54.960> year's<01:08:55.199> time<01:08:55.359> they<01:08:55.520> could<01:08:55.600> be
know in a year's time they could be
lower<01:08:56.080> and<01:08:56.159> we<01:08:56.319> don't<01:08:56.480> know<01:08:56.640> what's<01:08:56.799> gonna
lower and we don't know what's gonna
happen<01:08:57.120> with<01:08:57.199> brexit<01:08:57.520> that's<01:08:57.679> a<01:08:57.759> whole<01:08:57.920> other
happen with brexit that's a whole other
mystery<01:08:58.960> but<01:08:59.120> to<01:08:59.279> be<01:08:59.440> honest<01:08:59.679> if<01:08:59.839> you<01:08:59.920> don't
mystery but to be honest if you don't
have<01:09:00.239> a<01:09:00.319> house<01:09:01.040> you<01:09:01.120> don't<01:09:01.359> have<01:09:01.440> a<01:09:01.520> house<01:09:02.319> if
have a house you don't have a house if
you<01:09:02.480> do<01:09:02.640> have<01:09:02.719> a<01:09:02.799> house<01:09:03.040> you've<01:09:03.120> got<01:09:03.279> a<01:09:03.279> place
to live so
i<01:09:05.520> would<01:09:05.679> say<01:09:05.839> if<01:09:05.920> you've<01:09:06.000> got<01:09:06.159> money<01:09:06.400> in<01:09:06.480> cash
i would say if you've got money in cash
you<01:09:06.880> can<01:09:06.960> get<01:09:07.040> a<01:09:07.040> house<01:09:07.279> get<01:09:07.440> a<01:09:07.520> house<01:09:07.759> if<01:09:07.839> you
you can get a house get a house if you
can't<01:09:08.159> get<01:09:08.319> a<01:09:08.319> house<01:09:08.640> consider<01:09:09.040> moving<01:09:09.359> a
little bit into some other investments
like<01:09:10.799> stocks<01:09:11.120> or<01:09:11.199> gold<01:09:11.440> i<01:09:11.520> think<01:09:11.679> it's
their fam their parents sell the house
you<01:09:20.560> know<01:09:20.719> if<01:09:20.880> you<01:09:20.960> can<01:09:21.120> if<01:09:21.199> you<01:09:21.279> can<01:09:21.359> keep<01:09:21.520> the
you know if you can if you can keep the
house<01:09:21.920> in<01:09:22.000> the<01:09:22.080> family<01:09:22.480> keep<01:09:22.719> it<01:09:23.199> because<01:09:23.440> i
house in the family keep it because i
don't<01:09:23.679> like<01:09:23.839> to<01:09:23.920> see<01:09:24.159> families<01:09:24.560> lose<01:09:24.799> the
house and never get house again
you<01:09:26.560> know<01:09:26.799> if<01:09:26.960> you<01:09:27.040> know<01:09:27.279> people<01:09:27.600> who's<01:09:27.839> like
people their mom's thinking about
selling<01:09:30.239> the<01:09:30.319> house<01:09:30.799> you<01:09:30.960> know<01:09:31.199> obviously<01:09:31.600> be
sensitive about the situation and that
but<01:09:33.920> if<01:09:34.480> you<01:09:34.640> if<01:09:35.279> if<01:09:35.359> you<01:09:35.520> can<01:09:35.600> keep<01:09:35.759> a<01:09:35.839> house<01:09:36.080> in
you should because if you lose it like
the<01:09:40.239> way<01:09:40.400> things<01:09:40.640> are<01:09:40.719> going<01:09:41.040> i<01:09:41.120> don't<01:09:41.199> know
the way things are going i don't know
when<01:09:41.679> you're<01:09:41.759> gonna<01:09:41.920> get<01:09:42.080> back<01:09:42.480> that's<01:09:42.719> not<01:09:42.880> a
all the participants are busy buying
gold<01:09:54.159> at<01:09:54.320> the<01:09:54.400> moment<01:09:54.800> but<01:09:55.040> if<01:09:55.199> they've<01:09:55.440> got
if there's any questions and feel free
to<01:09:59.520> turn<01:09:59.840> off<01:10:00.239> your<01:10:00.800> microphone<01:10:01.679> your<01:10:01.920> mute
to turn off your microphone your mute
and<01:10:02.640> ask<01:10:02.960> them<01:10:03.120> directly<01:10:03.600> to<01:10:03.760> gary<01:10:04.640> he's<01:10:04.960> done
and ask them directly to gary he's done
i<01:10:05.760> have<01:10:05.920> a<01:10:06.080> question<01:10:06.880> so<01:10:07.120> thanks<01:10:07.520> gary<01:10:07.840> your
i have a question so thanks gary your
story<01:10:08.719> is<01:10:08.880> fascinating<01:10:09.600> i<01:10:09.679> mean<01:10:09.920> i<01:10:10.000> wish<01:10:10.239> i<01:10:10.320> was
story is fascinating i mean i wish i was
a<01:10:10.800> fly<01:10:11.600> i<01:10:11.760> had<01:10:11.840> been<01:10:12.000> a<01:10:12.159> fly<01:10:12.400> in<01:10:12.480> that<01:10:12.719> trading
a fly i had been a fly in that trading
floor<01:10:13.600> to<01:10:13.760> hear<01:10:14.080> all<01:10:14.239> the<01:10:14.640> all<01:10:14.800> the<01:10:14.960> stuff<01:10:15.280> that
floor to hear all the all the stuff that
was<01:10:15.520> going<01:10:15.840> on<01:10:16.000> back<01:10:16.239> then<01:10:16.560> but<01:10:17.199> my<01:10:17.440> question
inequality as a byproduct of capitalism
or<01:10:28.400> do<01:10:28.560> you<01:10:28.719> think<01:10:28.960> a<01:10:29.120> society<01:10:29.679> that<01:10:29.920> is<01:10:30.000> a
different people mean different things
when<01:10:46.560> they<01:10:46.640> say<01:10:46.800> capitalism<01:10:47.440> you<01:10:47.600> know<01:10:47.679> what<01:10:47.760> i
other way to manage a society other than
free<01:10:59.520> ownership<01:11:00.000> and<01:11:00.159> free<01:11:00.400> trade<01:11:00.800> this<01:11:00.960> kind
i think that you can have capitalist
societies<01:11:04.640> that<01:11:04.800> are<01:11:04.880> less<01:11:05.120> unequal<01:11:05.760> if<01:11:05.920> you
societies that are less unequal if you
go<01:11:06.159> back<01:11:06.400> for<01:11:06.480> example<01:11:06.880> and<01:11:07.040> look<01:11:07.280> at
go back for example and look at
the<01:11:08.080> uk<01:11:08.640> or<01:11:08.960> a<01:11:09.040> lot<01:11:09.120> of<01:11:09.280> other<01:11:09.440> european
the uk or a lot of other european
countries<01:11:10.400> in<01:11:10.640> sort<01:11:10.800> of<01:11:10.960> 30<01:11:11.199> years<01:11:11.440> after<01:11:11.679> the
countries in sort of 30 years after the
second<01:11:12.000> world<01:11:12.239> war<01:11:12.960> we<01:11:13.120> had<01:11:13.280> a<01:11:13.440> period<01:11:13.840> where
second world war we had a period where
there<01:11:14.480> was<01:11:14.719> less<01:11:14.960> inequality<01:11:15.520> there<01:11:15.600> was<01:11:15.760> a
there was less inequality there was a
lot<01:11:16.000> less<01:11:16.159> inequality<01:11:17.120> um<01:11:17.600> at<01:11:17.760> that<01:11:18.000> time
lot less inequality um at that time
there<01:11:18.400> were<01:11:18.800> a<01:11:18.880> variety<01:11:19.440> of<01:11:19.920> very<01:11:20.159> high<01:11:20.320> taxes
there were a variety of very high taxes
on<01:11:21.360> the<01:11:21.520> richest<01:11:21.920> people<01:11:22.320> and<01:11:22.400> that<01:11:22.560> kept
and i don't think it's a coincidence
that<01:11:25.760> if<01:11:25.840> you<01:11:25.920> go<01:11:26.080> back<01:11:26.320> and<01:11:26.480> look<01:11:26.880> at<01:11:27.040> the
and interest rates are seven eight
percent<01:11:37.520> you<01:11:37.600> know<01:11:37.840> so<01:11:38.000> if<01:11:38.159> you<01:11:38.239> go<01:11:38.400> back<01:11:38.560> to
percent you know so if you go back to
time<01:11:38.960> when<01:11:39.120> there<01:11:39.280> was<01:11:39.440> low<01:11:39.679> inequality<01:11:40.320> even
time when there was low inequality even
in<01:11:40.719> a<01:11:40.800> capitalist<01:11:41.199> society<01:11:41.600> like<01:11:41.760> the<01:11:41.840> uk<01:11:42.400> yeah
housing was affordable so
you<01:11:45.840> know<01:11:46.239> i<01:11:46.560> you<01:11:46.719> know<01:11:46.800> i'm<01:11:46.880> an<01:11:46.960> economist<01:11:47.440> and
i'm a classically trained economist you
know<01:11:49.440> i'm<01:11:49.760> not<01:11:49.920> really<01:11:50.719> able<01:11:51.040> to<01:11:51.199> say<01:11:51.440> like
understand the capitalist economy i
think<01:11:56.320> it<01:11:56.480> can<01:11:56.719> work<01:11:57.040> relatively<01:11:57.520> well<01:11:57.840> if<01:11:58.080> we
such that it stays relatively low and
controlled<01:12:02.480> i'm<01:12:02.640> not<01:12:02.800> saying<01:12:03.040> like<01:12:03.199> get<01:12:03.360> rid
inequality and they tend to be
they<01:12:10.480> tend<01:12:10.640> to<01:12:10.719> be<01:12:10.880> economies<01:12:11.280> where<01:12:11.440> wages
inequality such as well we're getting
less<01:12:19.360> and<01:12:19.440> less<01:12:19.679> of<01:12:19.760> them<01:12:19.920> now<01:12:20.239> but<01:12:20.480> like<01:12:20.719> the
less and less of them now but like the
30<01:12:21.120> years<01:12:21.280> after<01:12:21.440> the<01:12:21.520> second<01:12:21.760> world<01:12:22.000> war<01:12:22.719> and
um i'm more of a reformer than a radical
i<01:12:30.480> think<01:12:30.640> if<01:12:30.719> we<01:12:30.880> reduce<01:12:31.199> inequality<01:12:31.760> we<01:12:31.920> can
i think if we reduce inequality we can
see<01:12:32.480> big<01:12:32.719> increases<01:12:33.120> in<01:12:33.199> quality<01:12:33.440> of<01:12:33.520> living
so do you do you think it's greed that
has<01:12:38.640> led<01:12:38.880> us<01:12:39.040> down<01:12:39.280> this<01:12:39.520> path<01:12:40.000> you<01:12:40.159> know<01:12:40.320> the
has led us down this path you know the
greed<01:12:40.880> of<01:12:40.960> the<01:12:41.120> rich<01:12:41.679> that<01:12:42.000> has<01:12:42.560> sort<01:12:42.719> of
enhanced this inequality in society i
mean<01:12:46.080> you<01:12:46.159> know<01:12:46.320> i've<01:12:46.640> done<01:12:46.960> a<01:12:47.040> bit<01:12:47.280> of<01:12:47.360> reading
mean you know i've done a bit of reading
on<01:12:47.679> this<01:12:47.840> and<01:12:47.920> there's<01:12:48.080> people<01:12:48.320> who<01:12:48.480> know<01:12:48.640> more
on this and there's people who know more
about<01:12:49.040> the<01:12:49.199> history<01:12:49.679> of<01:12:50.159> how<01:12:50.880> we<01:12:51.120> moved<01:12:51.679> from
about the history of how we moved from
the<01:12:52.719> sort<01:12:52.880> of<01:12:53.040> high<01:12:53.280> attacks<01:12:53.600> on<01:12:53.679> the<01:12:53.760> rich
society towards
a<01:12:56.000> society<01:12:56.400> which<01:12:56.640> places<01:12:56.960> very<01:12:57.120> low<01:12:57.360> taxes<01:12:57.679> on
a society which places very low taxes on
the<01:12:57.920> rich<01:12:58.400> there's<01:12:58.640> a<01:12:58.640> lot<01:12:58.800> of<01:12:58.880> questions
it's with money in politics
i<01:13:05.760> mean<01:13:05.920> you<01:13:06.000> can<01:13:06.159> clearly<01:13:06.400> go<01:13:06.560> back<01:13:06.719> and<01:13:06.880> see
i mean you can clearly go back and see
in<01:13:07.199> the<01:13:07.280> 80s<01:13:08.080> there<01:13:08.239> was<01:13:08.400> a<01:13:08.560> shift<01:13:08.800> towards
lower taxes on the rich
um<01:13:11.199> and<01:13:11.280> there<01:13:11.440> were<01:13:11.520> reasons<01:13:11.840> why<01:13:12.000> they<01:13:12.159> did
than a political historian so i'm
probably<01:13:22.719> going<01:13:22.800> to<01:13:22.880> be<01:13:22.960> able<01:13:23.120> to<01:13:23.199> tell<01:13:23.360> you
probably going to be able to tell you
how<01:13:24.239> it<01:13:24.320> happened<01:13:25.040> all<01:13:25.199> i<01:13:25.280> can<01:13:25.440> really<01:13:25.679> say<01:13:25.840> is
how it happened all i can really say is
we<01:13:26.400> need<01:13:26.560> to<01:13:26.640> find<01:13:26.880> some<01:13:27.120> way<01:13:27.360> to<01:13:28.000> stop<01:13:28.320> it<01:13:28.400> from
we need to find some way to stop it from
spiraling<01:13:28.960> out<01:13:29.120> of<01:13:29.199> control<01:13:29.760> so<01:13:30.080> like<01:13:30.239> i<01:13:30.320> say
spiraling out of control so like i say
even<01:13:30.719> me<01:13:31.360> i'm<01:13:31.440> not<01:13:31.600> saying<01:13:31.760> we<01:13:31.920> need<01:13:32.000> to<01:13:32.080> get
rid of inequality completely but what
i'm<01:13:33.760> saying<01:13:34.000> is<01:13:34.239> we<01:13:34.320> can't<01:13:34.560> just<01:13:34.719> allow<01:13:34.960> it<01:13:35.040> to
i'm saying is we can't just allow it to
get<01:13:35.280> higher<01:13:35.520> and<01:13:35.679> higher<01:13:36.000> and<01:13:36.080> higher<01:13:36.320> and
i'm sure there's elements of greed and i
worked<01:13:48.880> in<01:13:48.960> the<01:13:49.040> finance<01:13:49.360> industry<01:13:49.760> you<01:13:49.840> know
greed and you know i've experienced it
myself<01:13:53.520> you<01:13:53.600> know<01:13:54.159> it's<01:13:54.320> easy<01:13:54.560> to<01:13:54.719> just<01:13:54.800> look
especially for young people more and
more<01:14:03.199> people<01:14:03.440> are<01:14:03.520> losing<01:14:03.840> out<01:14:03.920> in<01:14:04.080> the<01:14:04.159> system
more people are losing out in the system
so<01:14:05.120> even<01:14:05.360> if<01:14:05.520> we<01:14:05.600> are<01:14:05.760> greedy<01:14:06.080> we<01:14:06.239> need<01:14:06.320> to<01:14:06.400> find
some way to come together and
fix<01:14:08.880> a<01:14:08.960> system<01:14:09.199> that<01:14:09.360> is<01:14:09.440> not<01:14:09.600> working<01:14:09.840> for<01:14:10.000> a
you are muses yeah yeah does anyone else
have<01:14:21.600> any<01:14:22.000> questions<01:14:22.560> that<01:14:22.719> they'd<01:14:23.040> like<01:14:23.199> to
have any questions that they'd like to
ask<01:14:23.600> gary<01:14:23.920> while<01:14:24.159> we've<01:14:24.320> got<01:14:24.480> him<01:14:24.719> here<01:14:24.960> before
has come from the audience that's been
written<01:14:35.679> it<01:14:35.760> says<01:14:36.320> which<01:14:36.719> um<01:14:36.880> political<01:14:37.440> party
written it says which um political party
do<01:14:37.840> you<01:14:37.920> think<01:14:38.159> offers<01:14:38.480> the<01:14:38.640> most<01:14:38.960> hope<01:14:39.280> in<01:14:39.440> the
i'm hesitant to get too much into
politics<01:14:44.239> because<01:14:44.480> i<01:14:44.560> know<01:14:44.800> people<01:14:45.040> have<01:14:45.120> very
my economic position as i think someone
who<01:14:58.640> knows<01:14:58.880> a<01:14:58.880> lot<01:14:59.040> about<01:14:59.280> economics<01:14:59.840> is<01:14:59.920> we
um obviously the conservative government
has<01:15:04.159> been<01:15:04.320> in<01:15:04.400> charge<01:15:04.960> for<01:15:05.120> the<01:15:05.199> last<01:15:05.440> 10<01:15:05.679> years
have in charge right now
um<01:15:24.080> i<01:15:24.239> think<01:15:24.480> really<01:15:25.280> i<01:15:25.440> always<01:15:25.760> look<01:15:26.000> at<01:15:26.159> you
the richest but also doing in a sensible
way<01:15:33.280> such<01:15:33.600> that<01:15:34.239> we<01:15:34.400> don't<01:15:34.640> damage<01:15:35.120> our
um you know i tend to vote for the
more<01:15:39.440> the<01:15:39.520> center<01:15:39.840> left<01:15:40.080> parties<01:15:40.320> in<01:15:40.400> the
i'm not not too actively in politics but
i<01:15:52.159> want<01:15:52.239> to<01:15:52.320> keep<01:15:52.560> i<01:15:52.640> want<01:15:52.719> to<01:15:52.800> try<01:15:52.960> and
i want to keep i want to try and
persuade<01:15:53.360> the<01:15:53.440> prize<01:15:53.760> to<01:15:54.080> to<01:15:54.239> talk<01:15:54.480> about
inequality not just as a
concept<01:15:58.960> of<01:15:59.120> fairness<01:15:59.600> but<01:16:00.000> a<01:16:00.080> concept<01:16:00.480> of<01:16:00.880> you
going to make housing affordable and
you're<01:16:07.199> not<01:16:07.360> going<01:16:07.520> to<01:16:07.679> give<01:16:07.920> people<01:16:08.239> decent
lovely um i can see that also a lot of
your<01:16:21.120> articles<01:16:21.600> do<01:16:21.760> seem<01:16:21.920> to<01:16:22.000> be<01:16:22.159> picked<01:16:22.480> up<01:16:22.719> by
your articles do seem to be picked up by
more<01:16:23.679> lefty<01:16:24.640> rather<01:16:24.960> than<01:16:25.199> righty<01:16:26.159> parties<01:16:26.800> so
there's definitely a bit of um
that<01:16:29.600> people<01:16:30.000> sort<01:16:30.159> of<01:16:30.480> um<01:16:31.120> the<01:16:31.280> issues<01:16:31.760> that
that people sort of um the issues that
you<01:16:32.159> raise<01:16:32.560> and<01:16:32.640> discuss<01:16:33.120> resonate<01:16:33.520> more<01:16:33.679> with
you raise and discuss resonate more with
the<01:16:34.000> less<01:16:34.480> left<01:16:34.800> perhaps<01:16:35.360> so<01:16:35.920> perhaps<01:16:36.320> that
dushan do you have a question i notice
you've<01:16:42.080> on<01:16:42.159> muted<01:16:42.560> i<01:16:42.800> haven't<01:16:43.440> i<01:16:43.760> have<01:16:44.000> a
in a capitalist economy you do need
markets<01:17:27.760> and<01:17:27.840> you<01:17:27.920> do<01:17:28.080> need<01:17:28.320> traders<01:17:28.960> um<01:17:29.600> i
think the amount that
i<01:17:31.440> mean<01:17:31.600> i<01:17:31.679> don't<01:17:31.760> know<01:17:31.920> if<01:17:32.159> the<01:17:32.320> payment<01:17:32.560> of
i mean i don't know if the payment of
traders<01:17:33.040> has<01:17:33.120> changed<01:17:33.360> much<01:17:33.520> i<01:17:33.600> think<01:17:33.760> the
and uh yeah like i've said the number of
times<01:17:49.120> i<01:17:49.360> i<01:17:49.520> didn't<01:17:49.760> come<01:17:49.920> from<01:17:50.159> a<01:17:50.480> well-off
times i i didn't come from a well-off
background<01:17:51.280> you<01:17:51.440> know<01:17:51.840> my<01:17:52.080> dad<01:17:52.320> worked<01:17:52.719> as<01:17:52.960> a
background you know my dad worked as a
he<01:17:53.280> worked<01:17:53.440> for<01:17:53.600> the<01:17:53.679> royal<01:17:53.920> mail<01:17:54.239> for<01:17:54.400> years
he worked for the royal mail for years
and<01:17:54.719> years<01:17:55.040> he<01:17:55.120> used<01:17:55.280> to<01:17:55.360> get<01:17:55.520> up<01:17:55.920> early<01:17:56.159> in<01:17:56.239> the
and years he used to get up early in the
morning<01:17:56.640> and<01:17:56.719> go<01:17:56.880> to<01:17:56.960> work<01:17:57.199> and<01:17:57.360> we<01:17:57.440> didn't
and then
the<01:17:59.920> amount<01:18:00.159> i<01:18:00.239> made<01:18:00.400> in<01:18:00.560> my<01:18:00.640> first<01:18:00.880> bonus<01:18:01.199> when
the amount i made in my first bonus when
i<01:18:01.440> was<01:18:01.600> only<01:18:01.760> like<01:18:02.000> 22<01:18:02.560> maybe<01:18:02.800> you're<01:18:02.960> saying
i was only like 22 maybe you're saying
this<01:18:04.159> maybe<01:18:04.400> what<01:18:04.560> he<01:18:04.640> would<01:18:04.800> earn<01:18:05.040> in<01:18:05.120> like
this maybe what he would earn in like
i<01:18:06.159> don't<01:18:06.320> know<01:18:06.480> 15<01:18:06.800> years<01:18:07.199> you<01:18:07.280> know<01:18:07.440> 20<01:18:07.760> years
and i didn't realize
going<01:18:10.400> into<01:18:10.719> it<01:18:10.800> that<01:18:11.040> it<01:18:11.199> was<01:18:11.360> that<01:18:11.920> kind<01:18:12.159> of
obviously i was happy to make that money
but<01:18:18.320> i<01:18:18.400> was<01:18:18.560> kind<01:18:18.800> of<01:18:19.040> shocked<01:18:19.520> and<01:18:19.679> i<01:18:19.760> thought
i thought about what life was like for
me<01:18:24.080> growing<01:18:24.400> up<01:18:24.960> you<01:18:25.120> know<01:18:25.360> like<01:18:25.600> not<01:18:25.760> having
me growing up you know like not having
not<01:18:27.360> having<01:18:27.600> money<01:18:27.920> not<01:18:28.159> to<01:18:28.320> just<01:18:28.480> like<01:18:28.640> buy<01:18:28.880> a
and what life was that for my parents
and<01:18:32.960> i<01:18:33.120> don't<01:18:33.280> really<01:18:33.440> think<01:18:33.600> it's<01:18:33.760> right<01:18:34.080> that
i don't mind people getting rich i don't
mind<01:18:42.960> people<01:18:43.199> making<01:18:43.440> money<01:18:43.840> you<01:18:43.920> know<01:18:44.159> i've
mind people making money you know i've
made<01:18:45.040> a<01:18:45.280> decent<01:18:45.600> amount<01:18:45.760> of<01:18:45.760> money<01:18:46.000> myself
but
i<01:18:48.960> don't<01:18:49.199> think<01:18:49.760> we<01:18:49.920> should<01:18:50.080> have<01:18:50.239> that<01:18:50.400> at<01:18:50.480> the
i don't think we should have that at the
same<01:18:50.800> time<01:18:50.960> as<01:18:51.120> we<01:18:51.199> allow<01:18:51.440> so<01:18:51.600> many<01:18:51.840> people<01:18:52.000> to
same time as we allow so many people to
struggle<01:18:52.560> so<01:18:52.800> much<01:18:53.040> even<01:18:53.280> people<01:18:53.440> who<01:18:53.600> have
struggle so much even people who have
jobs<01:18:54.000> in<01:18:54.080> people<01:18:54.239> who<01:18:54.400> are<01:18:54.480> working<01:18:54.800> you're
trying their best
um<01:18:57.120> in<01:18:57.199> terms<01:18:57.520> of<01:18:57.679> like<01:18:58.159> whether<01:18:58.480> we<01:18:58.719> need
traders as a system
my<01:19:01.600> instinct<01:19:02.000> is<01:19:02.159> that<01:19:02.480> you<01:19:02.640> do<01:19:02.880> need<01:19:03.120> traders
my instinct is that you do need traders
in<01:19:03.600> the<01:19:03.679> capitalist<01:19:04.159> market<01:19:04.480> system<01:19:05.199> but<01:19:05.360> to
in the capitalist market system but to
be<01:19:05.679> honest<01:19:05.920> i<01:19:06.080> haven't<01:19:06.320> thought<01:19:06.480> enough<01:19:06.719> about
to tell you much about it um
but<01:19:10.960> yeah<01:19:11.040> i<01:19:11.120> think<01:19:11.199> that's<01:19:11.360> why<01:19:11.520> i<01:19:11.600> stand<01:19:11.840> up
but yeah i think that's why i stand up
you<01:19:12.080> know<01:19:12.320> i<01:19:12.400> think<01:19:12.560> that<01:19:12.640> there<01:19:12.800> is<01:19:12.960> a<01:19:13.040> space
you know i think that there is a space
for<01:19:13.520> them<01:19:13.760> and<01:19:14.000> i<01:19:14.159> think<01:19:14.320> in<01:19:14.400> the<01:19:14.480> world<01:19:14.719> we
for them and i think in the world we
live<01:19:14.960> in<01:19:15.040> today<01:19:15.360> to<01:19:15.440> be<01:19:15.600> honest<01:19:15.920> the<01:19:16.080> best
it's just a shame that that economic
analysis<01:19:21.920> is<01:19:22.320> not<01:19:22.560> in<01:19:22.640> the<01:19:22.800> public<01:19:23.199> sector<01:19:23.520> at
analysis is not in the public sector at
all<01:19:24.000> you<01:19:24.159> know<01:19:24.239> what<01:19:24.320> i<01:19:24.400> mean<01:19:24.960> like<01:19:25.280> when<01:19:25.440> i<01:19:25.520> was
all you know what i mean like when i was
working<01:19:26.080> at<01:19:26.239> citibank<01:19:27.199> my<01:19:27.440> job<01:19:27.600> was<01:19:27.760> to<01:19:27.920> trade
but there was also an economist whose
job<01:19:31.520> was<01:19:31.679> to<01:19:31.760> put<01:19:31.920> our<01:19:32.080> reports<01:19:32.400> on<01:19:32.480> swiss
job was to put our reports on swiss
rates<01:19:33.520> and<01:19:33.679> i<01:19:33.760> was<01:19:33.920> getting<01:19:34.080> paid<01:19:34.320> like<01:19:34.560> 10
rates and i was getting paid like 10
times<01:19:34.960> what<01:19:35.040> she<01:19:35.199> was<01:19:35.360> getting<01:19:35.600> paid<01:19:36.239> so<01:19:36.400> if
times what she was getting paid so if
you<01:19:36.640> go<01:19:36.800> and<01:19:37.040> ask<01:19:37.360> c<01:19:37.600> bank<01:19:37.840> what's<01:19:37.920> your
they know they're giving you a second
opinion<01:19:41.840> they<01:19:42.080> know<01:19:42.239> they're<01:19:42.400> giving<01:19:42.560> you<01:19:42.640> a
second opinion because they're paying me
10<01:19:44.960> times<01:19:45.120> as<01:19:45.199> much<01:19:45.360> to<01:19:45.440> manage<01:19:45.760> their<01:19:45.840> money
10 times as much to manage their money
and<01:19:46.239> i'm<01:19:46.320> not<01:19:46.480> allowed<01:19:46.640> to<01:19:46.719> say<01:19:46.880> anything
so
the<01:19:49.520> system<01:19:49.920> as<01:19:50.080> we<01:19:50.159> have<01:19:50.400> at<01:19:50.560> the<01:19:50.640> moment<01:19:51.280> is
privatizing the best economic knowledge
i<01:19:53.440> mean<01:19:53.600> think<01:19:53.760> about<01:19:54.000> it<01:19:54.080> if<01:19:54.159> you<01:19:54.320> were<01:19:54.400> like<01:19:54.640> a
i mean think about it if you were like a
smart<01:19:55.120> young<01:19:55.360> kid<01:19:55.520> you<01:19:55.600> got<01:19:55.679> an<01:19:55.840> economics
degree you can go do a phd spend loads
of<01:19:59.280> money<01:19:59.520> and<01:19:59.600> then<01:19:59.679> make<01:19:59.920> like<01:20:00.159> 40<01:20:00.400> 50<01:20:00.640> grand
of grand into debt
or<01:20:03.840> you<01:20:04.000> could<01:20:04.080> go<01:20:04.239> work<01:20:04.560> in<01:20:04.719> a<01:20:04.800> city<01:20:05.360> and<01:20:05.520> you
or you could go work in a city and you
could<01:20:05.760> be<01:20:05.840> making<01:20:06.080> half<01:20:06.239> a<01:20:06.320> million<01:20:06.560> pound<01:20:06.719> in
could be making half a million pound in
a<01:20:06.880> couple<01:20:07.120> of<01:20:07.199> years<01:20:07.440> you<01:20:07.600> know<01:20:07.679> what<01:20:07.760> i<01:20:07.840> mean
a couple of years you know what i mean
so<01:20:08.800> really<01:20:09.040> the<01:20:09.120> system<01:20:09.440> as<01:20:09.600> it<01:20:09.760> is<01:20:10.239> is<01:20:10.400> taking
so really the system as it is is taking
all<01:20:10.800> the<01:20:10.880> best<01:20:11.120> economies<01:20:11.600> away<01:20:11.840> from<01:20:12.000> the
so in an ideal world the best economists
will<01:20:20.560> be<01:20:20.639> working<01:20:20.960> for<01:20:21.120> society<01:20:21.600> rather<01:20:21.840> than
will be working for society rather than
for<01:20:22.239> a<01:20:22.239> bunch<01:20:22.480> of<01:20:22.560> rich<01:20:22.800> people<01:20:23.120> but
for a bunch of rich people but
i<01:20:24.239> think<01:20:24.480> you<01:20:24.560> know<01:20:25.120> i<01:20:25.280> can't<01:20:25.520> at<01:20:25.600> the<01:20:25.679> moment
love trading and
i<01:20:29.199> think<01:20:29.440> it's<01:20:29.840> a<01:20:29.920> good<01:20:30.080> job<01:20:30.320> but<01:20:30.639> you<01:20:30.719> know<01:20:30.880> i
i think it's a good job but you know i
don't<01:20:31.120> think<01:20:31.199> we<01:20:31.280> should<01:20:31.440> have<01:20:31.520> a<01:20:31.600> situation
don't think we should have a situation
where<01:20:32.159> these<01:20:32.320> guys<01:20:32.480> are<01:20:32.560> getting<01:20:32.800> paid<01:20:33.040> tons
though they're working really hard
i<01:20:37.040> think<01:20:37.199> there<01:20:37.440> is<01:20:37.600> a<01:20:37.679> difference<01:20:38.159> in<01:20:38.480> trading
milk the system
yeah<01:21:10.960> well<01:21:11.199> i<01:21:11.280> suppose<01:21:11.600> so<01:21:11.760> but<01:21:11.920> i<01:21:12.000> mean<01:21:12.159> when
yeah well i suppose so but i mean when
you<01:21:12.400> go<01:21:12.480> on<01:21:12.560> holiday<01:21:12.960> you're<01:21:13.120> probably<01:21:13.360> going
euros or some thai bar or something and
then<01:21:16.719> you<01:21:16.800> know<01:21:17.199> if<01:21:17.280> there's<01:21:17.520> no<01:21:18.080> currency
then you know if there's no currency
traders<01:21:18.800> you're<01:21:18.880> going<01:21:18.960> to<01:21:19.040> struggle<01:21:19.280> to<01:21:19.440> get
um so probably one final question unless
anyone's<01:21:43.600> got<01:21:43.760> one<01:21:44.000> please<01:21:44.239> just<01:21:44.400> let<01:21:44.560> me<01:21:44.719> know
anyone's got one please just let me know
on<01:21:45.040> the<01:21:45.199> chat<01:21:45.520> that<01:21:45.600> you<01:21:45.760> want<01:21:45.920> to<01:21:46.080> ask
on the chat that you want to ask
something<01:21:47.199> um<01:21:47.520> and<01:21:47.679> i'll<01:21:47.760> let<01:21:47.920> you<01:21:48.080> go<01:21:48.320> ahead
something um and i'll let you go ahead
um<01:21:49.920> so<01:21:50.400> gary<01:21:50.800> is<01:21:51.040> there<01:21:51.199> any<01:21:51.679> sort<01:21:51.840> of<01:21:52.239> um<01:21:52.719> a
um so gary is there any sort of um a
country<01:21:54.000> or<01:21:54.239> economy<01:21:54.800> outside<01:21:55.199> of<01:21:55.280> the<01:21:55.440> uk
see a more equal society and one that
you<01:21:59.280> think<01:21:59.520> the<01:21:59.679> uk<01:22:00.080> should<01:22:00.320> sort<01:22:00.560> of<01:22:00.880> um
ourselves as a
as<01:22:09.920> a<01:22:10.239> a<01:22:10.719> as<01:22:10.960> a<01:22:11.040> new<01:22:11.360> economy<01:22:12.000> especially<01:22:12.480> now
that we're leaving the european union
well<01:22:15.760> people<01:22:16.080> have<01:22:16.159> said<01:22:16.320> that<01:22:16.480> we've<01:22:16.639> got<01:22:16.800> an
inequality rather than income inequality
um<01:22:33.280> in<01:22:33.440> a<01:22:33.520> variety<01:22:33.920> of<01:22:34.000> countries<01:22:34.480> even<01:22:34.800> the
um in a variety of countries even the
countries<01:22:35.360> which<01:22:35.679> have<01:22:36.159> more<01:22:36.320> of<01:22:36.480> a<01:22:36.560> historic
a somewhat more equal economy depending
on<01:22:46.239> how<01:22:46.480> we<01:22:46.560> look<01:22:46.719> at<01:22:46.800> it<01:22:46.960> it's<01:22:47.120> more
i spent a lot of time in japan so that's
an<01:22:55.840> economy<01:22:56.239> that<01:22:56.320> i<01:22:56.400> know<01:22:56.560> a<01:22:56.560> bit<01:22:56.719> better
it has lower inequality on a lot of
measures<01:23:03.040> than<01:23:03.600> the<01:23:03.760> uk<01:23:04.159> does<01:23:04.639> but<01:23:04.880> uh<01:23:05.520> it
still does have growing inequality um
it<01:23:09.360> has<01:23:09.520> some<01:23:09.679> of<01:23:09.760> the<01:23:09.920> same<01:23:10.080> problems<01:23:10.480> that<01:23:10.560> we
it's very difficult often for young
people<01:23:14.480> to<01:23:14.639> get<01:23:14.719> decent<01:23:15.120> wages<01:23:15.760> or<01:23:16.000> to<01:23:16.159> afford
it has this big split between the cities
and<01:23:20.080> the<01:23:20.159> countryside<01:23:21.120> but<01:23:21.280> i<01:23:21.360> think<01:23:21.520> the
societies especially in europe in 30
years<01:23:50.000> after<01:23:50.239> the<01:23:50.320> second<01:23:50.560> world<01:23:50.800> war<01:23:51.520> and<01:23:52.080> we
years after the second world war and we
can<01:23:52.320> look<01:23:52.480> at<01:23:52.560> the<01:23:52.639> problems<01:23:52.960> that<01:23:53.120> caused<01:23:53.440> and
what's happening and how to fix it
if<01:24:07.760> you<01:24:08.159> are<01:24:08.239> convinced<01:24:08.800> you<01:24:08.880> know<01:24:09.040> you<01:24:09.120> can<01:24:09.199> go
you convince inequality is a problem
uh<01:24:14.480> then<01:24:14.719> we<01:24:14.800> need<01:24:14.880> to<01:24:14.960> find<01:24:15.120> a<01:24:15.199> way<01:24:15.360> to<01:24:15.520> fix
uh then we need to find a way to fix
that's<01:24:15.920> going<01:24:16.000> to<01:24:16.080> work<01:24:16.320> now<01:24:16.960> you<01:24:17.040> know<01:24:17.199> in<01:24:17.280> the
that's going to work now you know in the
30<01:24:17.600> years<01:24:17.760> after<01:24:18.000> the<01:24:18.080> second<01:24:18.320> world<01:24:18.480> war<01:24:18.719> we
movement it was not so easy for the rich
to<01:24:24.480> move<01:24:24.639> to<01:24:24.800> another<01:24:24.960> country<01:24:25.520> take<01:24:25.679> their
world to another country take their
income<01:24:27.040> to<01:24:27.120> another<01:24:27.360> country<01:24:28.159> so<01:24:28.800> the<01:24:28.960> tax
income to another country so the tax
system<01:24:29.440> that<01:24:29.600> we<01:24:29.679> bring<01:24:29.840> in<01:24:29.920> now<01:24:30.080> has<01:24:30.239> to<01:24:30.320> be
system that we bring in now has to be
one<01:24:30.480> that<01:24:30.639> works<01:24:31.040> in<01:24:31.120> the<01:24:31.199> situation<01:24:31.679> that<01:24:31.760> we
one that works in the situation that we
have<01:24:32.000> now<01:24:32.800> um<01:24:33.199> it<01:24:33.360> will<01:24:33.520> help<01:24:33.760> if<01:24:33.840> we<01:24:33.920> have
make this something that we do
across<01:24:43.920> the<01:24:44.080> board<01:24:44.320> i<01:24:44.400> mean<01:24:44.639> especially<01:24:45.040> now
across the board i mean especially now
with<01:24:45.360> this<01:24:45.440> coronavirus<01:24:46.480> we<01:24:46.639> have<01:24:46.800> such<01:24:47.040> an
going to happen everywhere the same
thing<01:24:50.320> is<01:24:50.400> going<01:24:50.480> to<01:24:50.560> happen<01:24:50.800> all<01:24:50.960> across
thing is going to happen all across
europe<01:24:51.520> it's<01:24:51.600> going<01:24:51.760> to<01:24:51.840> happen<01:24:52.000> in<01:24:52.080> the<01:24:52.159> u.s
europe it's going to happen in the u.s
it's<01:24:52.560> going<01:24:52.639> to<01:24:52.719> happen<01:24:52.880> all<01:24:53.040> across<01:24:53.280> the<01:24:53.360> rich
world the situation of poor world
i'm<01:24:55.840> not<01:24:56.000> an<01:24:56.080> expert<01:24:56.400> on<01:24:56.480> that<01:24:56.560> but<01:24:56.880> it<01:24:57.040> could
i'm not an expert on that but it could
be<01:24:57.280> terrible<01:24:57.679> but<01:24:58.239> we're<01:24:58.400> going<01:24:58.480> to<01:24:58.560> have<01:24:58.719> the
be terrible but we're going to have the
same<01:24:58.960> problems<01:24:59.280> happen<01:24:59.520> all<01:24:59.600> across<01:24:59.840> the<01:24:59.920> rich
same problems happen all across the rich
world<01:25:00.320> which<01:25:00.480> is<01:25:00.560> the<01:25:00.719> rich<01:25:00.960> get<01:25:01.120> richer
world which is the rich get richer
the<01:25:02.400> job<01:25:02.560> market<01:25:02.960> is<01:25:03.040> terrible<01:25:03.600> wages<01:25:04.000> go<01:25:04.239> down
houses become less affordable so
i<01:25:06.960> think<01:25:07.360> if<01:25:07.520> we<01:25:07.679> could<01:25:07.840> establish<01:25:08.320> some<01:25:08.560> level
uh international cooperation and we
probably<01:25:12.800> won't<01:25:12.960> get<01:25:13.120> a<01:25:13.199> better<01:25:13.360> chance<01:25:13.600> than
we could really achieve something in
bringing<01:25:18.159> systems<01:25:19.040> that<01:25:19.520> force<01:25:19.920> the<01:25:20.080> rich<01:25:20.239> to
i'm i try to be a pragmatist as much as
possible<01:25:28.320> it<01:25:28.400> needs<01:25:28.480> to<01:25:28.560> be<01:25:28.639> something<01:25:28.880> that
happening meaningfully anywhere so we in
a<01:25:38.480> sense<01:25:38.719> that's<01:25:38.800> an<01:25:38.960> opportunity<01:25:39.440> because<01:25:40.080> we
understand this is important
and<01:25:46.400> then<01:25:46.560> we<01:25:47.199> we<01:25:47.360> can<01:25:47.520> find<01:25:47.760> a<01:25:47.840> way<01:25:47.920> to<01:25:48.000> tax<01:25:48.159> the
and then we we can find a way to tax the
routes<01:25:48.480> that<01:25:48.560> they<01:25:48.639> can't<01:25:48.800> avoid<01:25:49.199> which<01:25:49.360> is
so just to end on one last big huge
discussion<01:25:58.400> topic<01:25:59.120> brexit<01:25:59.760> you<01:26:00.000> in<01:26:00.159> or<01:26:00.320> out
i was
um<01:26:05.760> i<01:26:06.239> hope<01:26:06.480> it<01:26:06.639> goes<01:26:07.120> well<01:26:07.679> that's<01:26:07.840> all<01:26:08.000> i<01:26:08.080> can
is people more uh more knowledgeable
than<01:26:12.239> me<01:26:12.480> you<01:26:12.639> can<01:26:12.719> tell<01:26:12.880> you<01:26:12.960> what's
than me you can tell you what's
happening<01:26:13.360> on<01:26:13.440> brexit<01:26:13.840> it's<01:26:14.000> not<01:26:14.080> an<01:26:14.239> area
but from an economic perspective then do
you<01:26:20.080> think<01:26:20.400> it's<01:26:20.639> a<01:26:20.719> big<01:26:20.880> disaster<01:26:21.600> or<01:26:21.840> do<01:26:22.000> you
think it you know
it<01:26:24.000> could<01:26:24.239> be<01:26:24.400> disaster<01:26:24.960> if<01:26:25.120> it<01:26:25.199> goes<01:26:25.440> badly<01:26:25.840> it
i hope that it doesn't
go<01:26:30.960> badly<01:26:31.360> i<01:26:31.440> hope<01:26:31.600> that's<01:26:31.760> not<01:26:31.920> a<01:26:32.000> disaster
go badly i hope that's not a disaster
because<01:26:32.719> obviously<01:26:33.520> i<01:26:33.679> live<01:26:33.840> here<01:26:34.080> i've<01:26:34.239> got
because obviously i live here i've got
lots<01:26:34.639> of<01:26:34.800> friends<01:26:35.040> here<01:26:35.280> and<01:26:35.520> uh<01:26:36.080> i<01:26:36.159> don't<01:26:36.320> want
lots of friends here and uh i don't want
it<01:26:36.480> to<01:26:36.560> be<01:26:36.719> disastrous<01:26:37.040> i<01:26:37.280> think<01:26:37.840> if<01:26:38.000> it's
it to be disastrous i think if it's
managed<01:26:38.480> sensibly<01:26:38.880> it<01:26:38.960> doesn't<01:26:39.199> have<01:26:39.360> to<01:26:39.440> be<01:26:39.520> a
expects it to cause negative economic
consequences<01:26:46.000> at<01:26:46.080> the<01:26:46.239> very<01:26:46.480> least<01:26:46.719> in<01:26:46.800> the
consequences at the very least in the
short<01:26:47.120> term<01:26:47.520> if<01:26:47.679> not<01:26:47.840> in<01:26:47.920> the<01:26:48.000> long<01:26:48.159> term
short term if not in the long term
but<01:26:49.360> if<01:26:49.520> people<01:26:49.840> decide<01:26:50.320> that<01:26:50.560> uh<01:26:51.199> prices<01:26:51.520> are
but if people decide that uh prices are
willing<01:26:51.840> to<01:26:51.920> pay<01:26:52.159> for<01:26:52.320> some<01:26:52.719> other<01:26:52.960> kind<01:26:53.199> of
willing to pay for some other kind of
benefit<01:26:53.760> and<01:26:54.480> that's<01:26:54.800> their<01:26:54.960> choice<01:26:55.280> to<01:26:55.360> make
benefit and that's their choice to make
um<01:26:56.400> i'm<01:26:56.639> an<01:26:56.719> economist<01:26:57.360> uh<01:26:57.679> you<01:26:57.760> know<01:26:57.920> you're
not going to find many economies to tell
you<01:26:59.520> brexit<01:26:59.760> it's<01:26:59.840> going<01:26:59.920> to<01:27:00.000> be<01:27:00.080> good<01:27:00.239> for<01:27:00.320> the
you brexit it's going to be good for the
economy<01:27:00.880> um<01:27:01.280> i<01:27:01.760> don't<01:27:02.080> expect<01:27:02.560> it<01:27:02.639> to<01:27:02.800> be<01:27:03.040> good
for the economy but
i<01:27:05.280> don't<01:27:05.440> think<01:27:05.600> it<01:27:05.679> has<01:27:05.840> to<01:27:05.920> be<01:27:06.000> a<01:27:06.080> disaster
great thank you so much thank you for
giving<01:27:13.120> up<01:27:13.360> your<01:27:13.679> time<01:27:14.080> this<01:27:14.320> evening<01:27:14.560> to<01:27:14.639> talk
everyone for joining us and listening
and<01:27:19.120> participating<01:27:20.320> um<01:27:20.800> if<01:27:21.040> you<01:27:21.280> didn't<01:27:21.679> get
and participating um if you didn't get
the<01:27:22.080> hint<01:27:22.560> the<01:27:22.800> website<01:27:23.280> is<01:27:23.520> what<01:27:23.760> what<01:27:24.000> is<01:27:24.159> it
one more time gary worldeconomics.org
or<01:27:26.800> you<01:27:26.880> can<01:27:26.960> add<01:27:27.120> me<01:27:27.280> on<01:27:27.360> twitter<01:27:27.840> gary's
simplifying economics for us all
yeah<01:27:36.000> the<01:27:36.239> probably<01:27:36.480> easiest<01:27:36.719> thing<01:27:36.880> if<01:27:36.960> you
lovely thank you very much and we have
recorded<01:27:43.520> this<01:27:43.760> so<01:27:44.000> if<01:27:44.159> anyone<01:27:44.560> is<01:27:44.800> desperate
recorded this so if anyone is desperate
to<01:27:45.440> share<01:27:45.920> the<01:27:46.159> talk<01:27:46.480> with<01:27:46.800> any<01:27:46.960> of<01:27:47.120> their
thanks zeus for your work
no<01:27:56.320> problem<01:27:56.719> to<01:27:56.880> all<01:27:57.120> good<01:27:57.440> evening<01:27:57.760> and<01:27:57.840> good
so it's intentionally designed national
insurance<01:28:04.639> so<01:28:04.880> that<01:28:05.120> very<01:28:05.360> rich<01:28:05.679> people<01:28:06.320> pay<01:28:06.480> a
pushes house prices up money printing
pushes<01:28:10.400> house<01:28:10.560> prices<01:28:10.960> up<01:28:11.600> so<01:28:11.760> how's<01:28:11.920> price<01:28:12.239> go
pushes house prices up so how's price go
through<01:28:12.480> the<01:28:12.560> roof<01:28:12.800> but<01:28:12.960> at<01:28:13.040> the<01:28:13.120> same<01:28:13.280> time