now<00:00:05.839> while<00:00:06.080> all<00:00:06.240> of<00:00:06.319> this<00:00:06.720> mega<00:00:07.120> news<00:00:07.359> has<00:00:07.520> been

now while all of this mega news has been

now while all of this mega news has been unfolding<00:00:08.639> i<00:00:08.880> actually<00:00:09.120> turned<00:00:09.360> my<00:00:09.519> hands<00:00:09.920> to

unfolding i actually turned my hands to

unfolding i actually turned my hands to something<00:00:10.480> slightly<00:00:10.880> different<00:00:11.200> i've

something slightly different i've

something slightly different i've written<00:00:11.599> a<00:00:11.679> piece<00:00:11.920> for<00:00:12.000> the<00:00:12.080> website<00:00:12.480> today

written a piece for the website today

written a piece for the website today which<00:00:13.440> is<00:00:13.679> a<00:00:13.840> preview<00:00:14.480> of<00:00:14.719> a<00:00:14.880> big<00:00:15.120> bbc<00:00:15.599> two

which is a preview of a big bbc two

which is a preview of a big bbc two documentary<00:00:16.720> two<00:00:16.960> parts<00:00:17.840> big<00:00:18.000> budget<00:00:18.880> about

documentary two parts big budget about

documentary two parts big budget about inequality<00:00:20.400> and<00:00:20.560> it's<00:00:20.720> called<00:00:20.880> the<00:00:21.039> decade

inequality and it's called the decade

inequality and it's called the decade the<00:00:22.080> rich<00:00:22.880> one<00:00:23.680> and<00:00:23.840> one<00:00:24.000> of<00:00:24.080> the<00:00:24.240> things<00:00:24.560> the

the rich one and one of the things the

the rich one and one of the things the program<00:00:25.439> focuses<00:00:26.000> in<00:00:26.160> on<00:00:26.480> is<00:00:26.560> this<00:00:26.720> policy<00:00:27.199> of

program focuses in on is this policy of

program focuses in on is this policy of quantitative<00:00:28.080> easing<00:00:28.720> which<00:00:28.960> is<00:00:29.039> when

quantitative easing which is when

quantitative easing which is when central<00:00:29.920> banks<00:00:30.320> around<00:00:30.560> the<00:00:30.720> world<00:00:31.119> pumped

central banks around the world pumped

central banks around the world pumped loads<00:00:32.000> of<00:00:32.160> money<00:00:32.880> into<00:00:33.200> the<00:00:33.360> economy<00:00:34.160> in<00:00:34.320> a

loads of money into the economy in a

loads of money into the economy in a particular<00:00:35.120> way<00:00:35.840> that<00:00:36.160> ended<00:00:36.640> up<00:00:37.200> benefiting

particular way that ended up benefiting

particular way that ended up benefiting people<00:00:38.079> who<00:00:38.320> owned<00:00:38.719> assets<00:00:39.440> so<00:00:40.000> shares<00:00:40.399> in

people who owned assets so shares in

people who owned assets so shares in companies<00:00:41.120> or<00:00:41.360> companies<00:00:41.760> themselves<00:00:42.480> or

companies or companies themselves or

companies or companies themselves or property<00:00:43.520> or<00:00:44.079> pensions

property or pensions

property or pensions and<00:00:45.520> one<00:00:45.680> of<00:00:45.840> the<00:00:46.000> contributors<00:00:46.719> to<00:00:46.879> the

and one of the contributors to the

and one of the contributors to the documentary<00:00:48.000> maybe<00:00:48.320> actually<00:00:48.559> even<00:00:49.039> the<00:00:49.280> star

documentary maybe actually even the star

documentary maybe actually even the star of<00:00:49.760> the<00:00:49.840> documentary<00:00:50.960> he<00:00:51.280> is<00:00:51.600> a<00:00:51.920> inequality

of the documentary he is a inequality

of the documentary he is a inequality economist<00:00:53.199> who's<00:00:53.360> a<00:00:53.600> former<00:00:54.559> trader<00:00:55.280> who<00:00:55.440> made

economist who's a former trader who made

economist who's a former trader who made loads<00:00:55.920> of<00:00:56.000> money<00:00:56.320> and<00:00:56.399> now<00:00:56.559> has<00:00:56.800> very<00:00:56.960> strong

loads of money and now has very strong

loads of money and now has very strong opinions<00:00:57.920> his<00:00:58.079> name<00:00:58.239> is<00:00:58.399> gary<00:00:58.640> stevenson<00:00:59.440> and

opinions his name is gary stevenson and

opinions his name is gary stevenson and he's<00:00:59.760> here<00:01:00.000> now<00:01:00.399> hi<00:01:00.559> gary<00:01:01.039> hi<00:01:01.280> adam<00:01:01.680> i<00:01:01.760> feel

he's here now hi gary hi adam i feel

he's here now hi gary hi adam i feel like<00:01:02.000> i've<00:01:02.079> been<00:01:02.160> watching<00:01:02.399> you<00:01:02.640> on<00:01:02.719> tv<00:01:03.039> quite

like i've been watching you on tv quite

like i've been watching you on tv quite a<00:01:03.280> lot<00:01:03.920> documentary<00:01:04.559> and<00:01:04.640> people<00:01:04.799> will<00:01:05.040> have

a lot documentary and people will have

a lot documentary and people will have seen<00:01:05.280> you<00:01:05.439> on<00:01:05.519> tv<00:01:05.840> now<00:01:06.000> as<00:01:06.080> well<00:01:06.640> um<00:01:07.040> so<00:01:07.280> there's

seen you on tv now as well um so there's

seen you on tv now as well um so there's loads<00:01:07.760> we<00:01:07.920> can<00:01:08.000> talk<00:01:08.240> about<00:01:08.640> i<00:01:08.720> mean<00:01:08.880> first<00:01:09.040> of

loads we can talk about i mean first of

loads we can talk about i mean first of all<00:01:09.200> just<00:01:09.360> your<00:01:09.600> story<00:01:10.000> going<00:01:10.159> from<00:01:10.320> kind<00:01:10.479> of

all just your story going from kind of

all just your story going from kind of poacher<00:01:11.600> turned<00:01:12.000> gamekeeper<00:01:12.640> a<00:01:12.720> bit<00:01:13.200> what<00:01:13.360> was

poacher turned gamekeeper a bit what was

poacher turned gamekeeper a bit what was what<00:01:13.760> was<00:01:13.840> that<00:01:14.000> about<00:01:14.640> well<00:01:15.280> i<00:01:15.360> mean<00:01:15.840> i<00:01:15.920> always

what was that about well i mean i always

what was that about well i mean i always wanted<00:01:16.320> to<00:01:16.400> work<00:01:16.560> in<00:01:16.640> the<00:01:16.720> city<00:01:16.960> growing<00:01:17.200> up<00:01:17.439> um

wanted to work in the city growing up um

wanted to work in the city growing up um i<00:01:17.840> grew<00:01:18.000> up<00:01:18.080> in<00:01:18.240> east<00:01:18.400> london<00:01:18.880> pretty<00:01:19.119> poor

i grew up in east london pretty poor

i grew up in east london pretty poor background<00:01:20.000> you<00:01:20.080> know<00:01:20.320> good<00:01:20.479> at<00:01:20.560> maths<00:01:20.799> good

background you know good at maths good

background you know good at maths good at<00:01:21.040> economics<00:01:22.080> it's<00:01:22.240> that<00:01:22.400> straight<00:01:22.640> line

at economics it's that straight line

at economics it's that straight line into<00:01:22.960> the<00:01:23.040> city<00:01:23.280> i<00:01:23.360> went<00:01:23.520> to<00:01:23.680> lsc<00:01:24.000> and<00:01:24.080> i<00:01:24.159> was

into the city i went to lsc and i was

into the city i went to lsc and i was working<00:01:24.799> in<00:01:24.880> the<00:01:24.960> city<00:01:25.119> i<00:01:25.280> started<00:01:25.520> working<00:01:26.240> in

working in the city i started working in

working in the city i started working in june<00:01:26.640> 2008<00:01:27.439> which<00:01:27.680> is<00:01:27.840> obviously<00:01:28.159> everybody

june 2008 which is obviously everybody

june 2008 which is obviously everybody will<00:01:28.640> know<00:01:28.880> just<00:01:29.040> a<00:01:29.119> few<00:01:29.280> months<00:01:29.520> before<00:01:30.159> the

will know just a few months before the

will know just a few months before the crisis<00:01:30.640> blew<00:01:30.960> up<00:01:31.360> and<00:01:31.600> uh<00:01:31.759> my<00:01:32.000> job<00:01:32.159> was<00:01:32.320> to<00:01:32.560> bet

crisis blew up and uh my job was to bet

crisis blew up and uh my job was to bet on<00:01:32.880> interest<00:01:33.119> rates

on interest rates

on interest rates so<00:01:34.479> um<00:01:34.880> for<00:01:35.040> those<00:01:35.280> who<00:01:35.360> don't<00:01:35.600> know<00:01:35.840> interest

so um for those who don't know interest

so um for those who don't know interest rates<00:01:36.400> collapsed<00:01:36.720> to<00:01:36.799> zero<00:01:37.200> all<00:01:37.439> over<00:01:37.600> the

rates collapsed to zero all over the

rates collapsed to zero all over the world<00:01:37.920> in<00:01:38.000> 2008<00:01:38.880> and<00:01:38.960> suddenly<00:01:39.520> my<00:01:39.759> job<00:01:40.079> and

world in 2008 and suddenly my job and

world in 2008 and suddenly my job and the<00:01:40.240> job<00:01:40.479> of<00:01:40.640> people<00:01:40.880> like<00:01:41.119> me<00:01:41.360> was<00:01:41.520> to<00:01:41.680> bit<00:01:41.840> on

the job of people like me was to bit on

the job of people like me was to bit on when<00:01:42.560> will<00:01:42.799> rates<00:01:43.040> come<00:01:43.200> up<00:01:43.520> which<00:01:43.759> is

when will rates come up which is

when will rates come up which is to<00:01:44.799> simplify<00:01:45.280> quite<00:01:45.439> a<00:01:45.520> lot<00:01:45.759> basically<00:01:46.159> a<00:01:46.159> bit

to simplify quite a lot basically a bit

to simplify quite a lot basically a bit on<00:01:46.399> when<00:01:46.560> will<00:01:46.640> the<00:01:46.799> economy<00:01:47.119> recover<00:01:48.000> and<00:01:48.240> um

on when will the economy recover and um

on when will the economy recover and um the<00:01:48.799> history<00:01:49.119> of<00:01:49.200> this<00:01:49.360> is<00:01:49.439> fascinating

the history of this is fascinating

the history of this is fascinating actually<00:01:50.000> because<00:01:50.240> in<00:01:50.320> 2008<00:01:50.960> when<00:01:51.040> the<00:01:51.119> crisis

actually because in 2008 when the crisis

actually because in 2008 when the crisis happened<00:01:52.000> everybody<00:01:52.399> bet<00:01:52.560> rates<00:01:52.799> were<00:01:52.960> up<00:01:53.040> in

happened everybody bet rates were up in

happened everybody bet rates were up in 2009.<00:01:54.159> and<00:01:54.399> in<00:01:54.479> 2009<00:01:55.119> they<00:01:55.280> thought<00:01:55.439> it'd<00:01:55.520> be

2009. and in 2009 they thought it'd be

2009. and in 2009 they thought it'd be 2010<00:01:56.399> in<00:01:56.479> 2010<00:01:57.119> it<00:01:57.200> was<00:01:57.280> 2011<00:01:57.920> in<00:01:58.000> 2011<00:01:58.479> it<00:01:58.560> was

2010 in 2010 it was 2011 in 2011 it was

2010 in 2010 it was 2011 in 2011 it was 2012<00:01:59.360> and<00:01:59.520> at<00:01:59.600> the<00:01:59.680> beginning<00:02:00.000> of<00:02:00.159> 2020<00:02:00.640> before

2012 and at the beginning of 2020 before

2012 and at the beginning of 2020 before kovid<00:02:01.439> they<00:02:01.600> were<00:02:01.759> betting<00:02:01.920> rates<00:02:02.159> for

kovid they were betting rates for

kovid they were betting rates for normalized<00:02:02.640> later<00:02:02.880> that<00:02:02.960> year<00:02:03.200> so<00:02:03.759> for<00:02:03.920> 12

normalized later that year so for 12

normalized later that year so for 12 consecutive<00:02:04.640> years<00:02:04.880> these<00:02:05.040> guys<00:02:05.280> bet<00:02:05.439> the

consecutive years these guys bet the

consecutive years these guys bet the recovery<00:02:05.840> would<00:02:05.920> be<00:02:06.079> next<00:02:06.320> year<00:02:06.799> and<00:02:07.040> um<00:02:07.520> after

recovery would be next year and um after

recovery would be next year and um after sort<00:02:07.920> of<00:02:08.000> two<00:02:08.239> three<00:02:08.399> years<00:02:08.640> of<00:02:08.720> seeing

sort of two three years of seeing

sort of two three years of seeing everyone<00:02:09.360> be<00:02:09.520> wrong<00:02:10.160> you<00:02:10.319> start<00:02:10.479> thinking

everyone be wrong you start thinking

everyone be wrong you start thinking well<00:02:11.039> what's<00:02:11.440> really<00:02:11.680> going<00:02:11.840> on<00:02:12.000> and<00:02:12.160> i<00:02:12.319> sort

well what's really going on and i sort

well what's really going on and i sort of<00:02:13.040> really<00:02:13.280> delved<00:02:13.599> into<00:02:13.760> the<00:02:13.840> question<00:02:14.160> of

of really delved into the question of

of really delved into the question of why<00:02:14.480> aren't<00:02:14.640> rates<00:02:14.879> going<00:02:15.200> up<00:02:15.520> why<00:02:15.760> is<00:02:15.840> the

why aren't rates going up why is the

why aren't rates going up why is the economy<00:02:16.319> not<00:02:16.480> recovering

economy not recovering

economy not recovering what<00:02:17.920> is<00:02:18.080> happening<00:02:18.720> that<00:02:18.879> we're<00:02:19.120> not<00:02:19.280> getting

what is happening that we're not getting

what is happening that we're not getting and<00:02:20.400> i<00:02:20.560> basically<00:02:20.879> came<00:02:21.040> to<00:02:21.200> the<00:02:21.280> conclusion

and i basically came to the conclusion

and i basically came to the conclusion that<00:02:22.000> economists<00:02:22.640> and<00:02:22.720> traders<00:02:23.440> were<00:02:23.599> just

that economists and traders were just

that economists and traders were just not<00:02:24.080> understanding<00:02:24.560> how<00:02:24.640> important

not understanding how important

not understanding how important inequality<00:02:25.360> was<00:02:26.080> so<00:02:26.720> if<00:02:26.959> i<00:02:27.040> was<00:02:27.280> right<00:02:27.840> and

inequality was so if i was right and

inequality was so if i was right and inequality<00:02:28.480> is<00:02:28.560> a<00:02:28.640> problem<00:02:28.959> it's<00:02:29.120> not<00:02:29.280> going

inequality is a problem it's not going

inequality is a problem it's not going to<00:02:29.440> get<00:02:29.599> fixed<00:02:30.160> the<00:02:30.239> economy<00:02:30.640> will<00:02:30.720> not

to get fixed the economy will not

to get fixed the economy will not recover<00:02:31.599> so<00:02:31.760> i<00:02:31.840> went<00:02:32.000> back<00:02:32.080> to<00:02:32.239> my<00:02:32.319> desk<00:02:32.560> and

recover so i went back to my desk and

recover so i went back to my desk and put<00:02:32.800> a<00:02:32.959> massive<00:02:33.280> bet<00:02:33.519> on<00:02:33.599> that<00:02:33.760> we<00:02:33.920> would<00:02:34.080> never

put a massive bet on that we would never

put a massive bet on that we would never have<00:02:34.480> a<00:02:34.560> recovery<00:02:35.200> and<00:02:35.360> by<00:02:35.519> the<00:02:35.599> end<00:02:35.760> of<00:02:35.840> that

have a recovery and by the end of that

have a recovery and by the end of that year<00:02:36.160> 2011<00:02:36.959> i<00:02:37.040> was<00:02:37.200> citibank's<00:02:37.840> most

year 2011 i was citibank's most

year 2011 i was citibank's most profitable<00:02:38.560> trader<00:02:38.959> in<00:02:39.040> the<00:02:39.120> world<00:02:39.519> how<00:02:39.680> much

profitable trader in the world how much

profitable trader in the world how much money<00:02:40.080> did<00:02:40.239> you<00:02:40.319> make<00:02:40.480> for<00:02:40.560> the<00:02:40.640> bank<00:02:40.959> in<00:02:41.040> that

money did you make for the bank in that

money did you make for the bank in that uh<00:02:41.680> i<00:02:41.760> made<00:02:42.000> 35<00:02:42.319> million<00:02:42.560> dollars<00:02:42.800> for<00:02:42.879> the

uh i made 35 million dollars for the

uh i made 35 million dollars for the bank<00:02:43.120> that<00:02:43.280> year<00:02:43.599> wow<00:02:44.160> but<00:02:44.319> it's<00:02:44.480> a<00:02:44.800> you<00:02:44.959> know<00:02:45.360> i

bank that year wow but it's a you know i

bank that year wow but it's a you know i made<00:02:45.760> that<00:02:45.920> money<00:02:46.160> by<00:02:46.560> betting<00:02:46.959> that<00:02:47.440> really

made that money by betting that really

made that money by betting that really bad<00:02:47.840> things<00:02:48.080> would<00:02:48.160> happen<00:02:48.560> in<00:02:48.640> the<00:02:48.720> economy

bad things would happen in the economy

bad things would happen in the economy and<00:02:49.440> um<00:02:50.319> you<00:02:50.400> know<00:02:50.640> the<00:02:50.800> bank<00:02:51.280> paid<00:02:51.440> me<00:02:51.599> a<00:02:51.680> big

and um you know the bank paid me a big

and um you know the bank paid me a big sum<00:02:52.000> of<00:02:52.080> money<00:02:52.319> and<00:02:52.400> then<00:02:52.560> they<00:02:52.720> said<00:02:52.879> well

sum of money and then they said well

sum of money and then they said well done<00:02:53.280> mate<00:02:53.440> do<00:02:53.599> it<00:02:53.680> again<00:02:53.920> next<00:02:54.080> year<00:02:54.400> and<00:02:54.560> um

done mate do it again next year and um

done mate do it again next year and um there's<00:02:55.599> only<00:02:55.760> so<00:02:55.920> many<00:02:56.160> years<00:02:56.319> you<00:02:56.400> can<00:02:56.480> do

there's only so many years you can do

there's only so many years you can do that<00:02:56.800> i<00:02:56.800> think<00:02:57.040> especially<00:02:57.280> if<00:02:57.440> you<00:02:57.519> come<00:02:57.680> from

that i think especially if you come from

that i think especially if you come from a<00:02:57.920> poor<00:02:58.159> background<00:02:58.560> and<00:02:58.640> it's<00:02:58.800> your<00:02:59.120> it's

a poor background and it's your it's

a poor background and it's your it's your<00:02:59.440> family<00:02:59.840> and<00:02:59.920> your<00:03:00.159> friends<00:03:00.400> that<00:03:00.480> are

your family and your friends that are

your family and your friends that are being<00:03:00.720> affected

being affected

being affected before<00:03:02.000> you<00:03:02.159> start<00:03:02.319> thinking<00:03:02.720> you<00:03:02.800> know<00:03:03.360> if

before you start thinking you know if

before you start thinking you know if i'm<00:03:04.080> really<00:03:04.480> the<00:03:04.640> best<00:03:04.879> at<00:03:04.959> this<00:03:05.200> if<00:03:05.360> i'm

i'm really the best at this if i'm

i'm really the best at this if i'm really<00:03:05.680> right<00:03:06.000> in<00:03:06.080> my<00:03:06.239> understanding<00:03:06.800> then

really right in my understanding then

really right in my understanding then surely<00:03:07.760> i<00:03:07.840> have<00:03:08.000> to<00:03:08.159> talk<00:03:08.400> about<00:03:08.560> it<00:03:08.720> and<00:03:08.800> to

surely i have to talk about it and to

surely i have to talk about it and to tell<00:03:09.200> people<00:03:09.519> yeah<00:03:10.000> okay<00:03:10.239> right<00:03:10.400> there's<00:03:10.640> lots

tell people yeah okay right there's lots

tell people yeah okay right there's lots of<00:03:10.959> things<00:03:11.120> we<00:03:11.200> need<00:03:11.360> to<00:03:11.519> untangle<00:03:12.000> there<00:03:12.159> and

of things we need to untangle there and

of things we need to untangle there and it<00:03:12.480> takes<00:03:12.720> this<00:03:12.879> documentary<00:03:13.519> like<00:03:13.680> two<00:03:13.840> hours

it takes this documentary like two hours

it takes this documentary like two hours to<00:03:14.159> do<00:03:14.319> that<00:03:14.480> so<00:03:14.800> we'll<00:03:14.959> do<00:03:15.120> the<00:03:15.200> short<00:03:15.440> version

to do that so we'll do the short version

to do that so we'll do the short version but<00:03:16.239> let's<00:03:16.480> start<00:03:16.720> off<00:03:16.959> with<00:03:17.280> one<00:03:17.440> of<00:03:17.519> the

but let's start off with one of the

but let's start off with one of the reasons<00:03:18.159> for<00:03:18.319> the<00:03:18.480> low<00:03:18.720> interest<00:03:19.040> rates<00:03:19.360> was

reasons for the low interest rates was

reasons for the low interest rates was obviously<00:03:19.920> like<00:03:20.319> central<00:03:20.640> banks<00:03:20.959> deciding<00:03:21.440> to

obviously like central banks deciding to

obviously like central banks deciding to keep<00:03:21.760> interest<00:03:22.080> rates<00:03:22.319> low<00:03:22.560> because<00:03:22.720> they

keep interest rates low because they

keep interest rates low because they decide<00:03:23.120> what<00:03:23.280> they<00:03:23.440> are<00:03:23.599> it's<00:03:23.760> not<00:03:23.840> just<00:03:24.000> like

decide what they are it's not just like

decide what they are it's not just like a<00:03:24.239> force<00:03:24.480> of<00:03:24.640> nature<00:03:25.280> but<00:03:25.440> also<00:03:25.680> they<00:03:25.840> were

a force of nature but also they were

a force of nature but also they were kept<00:03:26.319> low<00:03:26.560> by<00:03:26.720> this<00:03:26.879> thing<00:03:27.120> called

kept low by this thing called

kept low by this thing called quantitative<00:03:28.560> easing<00:03:29.440> qe<00:03:30.319> have<00:03:30.480> you<00:03:30.640> ever

quantitative easing qe have you ever

quantitative easing qe have you ever managed<00:03:31.280> to<00:03:31.360> do<00:03:31.519> a<00:03:31.680> quick<00:03:32.239> way<00:03:32.400> of<00:03:32.560> explaining

managed to do a quick way of explaining

managed to do a quick way of explaining what<00:03:33.200> qe<00:03:33.680> is<00:03:33.840> to<00:03:34.000> people<00:03:34.239> who<00:03:34.480> aren't<00:03:34.640> familiar

what qe is to people who aren't familiar

what qe is to people who aren't familiar with<00:03:35.200> it<00:03:35.599> i<00:03:35.680> could<00:03:35.840> try<00:03:36.159> controlling<00:03:36.799> this

with it i could try controlling this

with it i could try controlling this i<00:03:37.599> mean<00:03:37.840> essentially<00:03:38.319> it's<00:03:38.480> a<00:03:38.560> system<00:03:38.879> of

i mean essentially it's a system of

i mean essentially it's a system of long-term<00:03:39.760> loans<00:03:40.080> basically<00:03:40.560> usually<00:03:40.879> the<00:03:41.040> uh

long-term loans basically usually the uh

long-term loans basically usually the uh central<00:03:41.920> bank<00:03:42.159> keeps<00:03:42.400> rates<00:03:42.720> low<00:03:42.879> by<00:03:43.280> doing

central bank keeps rates low by doing

central bank keeps rates low by doing short-term<00:03:43.920> loans<00:03:44.239> to<00:03:44.400> commercial<00:03:44.799> banks

short-term loans to commercial banks

short-term loans to commercial banks like<00:03:45.200> lloyds<00:03:45.519> or<00:03:45.599> halifax<00:03:46.239> but<00:03:46.640> in<00:03:46.799> this

like lloyds or halifax but in this

like lloyds or halifax but in this instance<00:03:47.519> after<00:03:47.760> 2008<00:03:48.239> they<00:03:48.319> thought<00:03:48.480> that

instance after 2008 they thought that

instance after 2008 they thought that wasn't<00:03:48.879> enough<00:03:49.200> we<00:03:49.280> need<00:03:49.440> to<00:03:49.680> lend<00:03:50.000> more<00:03:50.159> money

wasn't enough we need to lend more money

wasn't enough we need to lend more money to<00:03:50.480> the<00:03:50.560> system<00:03:51.040> long<00:03:51.280> term<00:03:51.840> and<00:03:52.000> the<00:03:52.080> way<00:03:52.239> they

to the system long term and the way they

to the system long term and the way they do<00:03:52.560> that<00:03:52.720> is<00:03:52.879> they<00:03:52.959> look<00:03:53.120> at<00:03:53.200> people<00:03:53.519> who<00:03:54.000> own

do that is they look at people who own

do that is they look at people who own government<00:03:54.640> bonds<00:03:55.200> and<00:03:55.360> government<00:03:55.680> bonds

government bonds and government bonds

government bonds and government bonds are<00:03:56.080> loans<00:03:56.400> to<00:03:56.480> the<00:03:56.560> government<00:03:56.959> so<00:03:57.200> as<00:03:57.360> we

are loans to the government so as we

are loans to the government so as we know<00:03:57.680> the<00:03:57.760> government<00:03:58.080> borrows<00:03:58.319> a<00:03:58.400> lot<00:03:58.480> of

know the government borrows a lot of

know the government borrows a lot of money<00:03:59.040> and<00:03:59.200> that<00:03:59.360> comes<00:03:59.599> from<00:03:59.840> pension<00:04:00.159> funds

money and that comes from pension funds

money and that comes from pension funds from<00:04:00.640> wealthy<00:04:00.959> individuals<00:04:01.439> from<00:04:01.599> sovereign

from wealthy individuals from sovereign

from wealthy individuals from sovereign wealth<00:04:02.159> funds<00:04:02.560> big<00:04:02.720> investment<00:04:03.200> funds<00:04:03.840> and

wealth funds big investment funds and

wealth funds big investment funds and these<00:04:04.560> are<00:04:04.640> long-term<00:04:05.120> loans<00:04:05.519> five<00:04:05.760> years<00:04:06.080> ten

these are long-term loans five years ten

these are long-term loans five years ten years<00:04:06.879> in<00:04:07.040> quantitative<00:04:07.519> easing<00:04:08.159> the<00:04:08.319> central

years in quantitative easing the central

years in quantitative easing the central bank<00:04:08.879> basically<00:04:09.439> buys<00:04:09.840> those<00:04:10.159> loans<00:04:10.879> off<00:04:11.120> of

bank basically buys those loans off of

bank basically buys those loans off of the<00:04:11.280> people<00:04:11.519> who<00:04:11.680> have<00:04:11.760> lent<00:04:11.920> money<00:04:12.159> to<00:04:12.239> the

the people who have lent money to the

the people who have lent money to the government<00:04:12.879> so<00:04:13.040> say<00:04:13.200> you've<00:04:13.360> lent<00:04:13.519> money<00:04:13.760> to

government so say you've lent money to

government so say you've lent money to the<00:04:14.080> british<00:04:14.319> government<00:04:14.560> for<00:04:14.720> 10<00:04:14.959> years

the british government for 10 years

the british government for 10 years suddenly<00:04:16.160> the<00:04:16.320> central<00:04:16.639> bank<00:04:16.799> the<00:04:16.880> bank<00:04:17.040> of

suddenly the central bank the bank of

suddenly the central bank the bank of england<00:04:17.440> comes<00:04:17.680> in<00:04:18.160> buys<00:04:18.479> that<00:04:18.560> loan<00:04:18.799> from<00:04:18.959> you

england comes in buys that loan from you

england comes in buys that loan from you and<00:04:19.280> now<00:04:19.440> you're<00:04:19.600> sitting<00:04:19.840> on<00:04:19.919> the<00:04:20.000> cash<00:04:20.799> so

and now you're sitting on the cash so

and now you're sitting on the cash so people<00:04:21.359> who<00:04:21.440> let<00:04:21.600> money<00:04:21.840> for<00:04:21.919> the<00:04:22.000> government

people who let money for the government

people who let money for the government suddenly<00:04:22.720> get<00:04:22.800> their<00:04:22.960> money<00:04:23.280> now

suddenly get their money now

suddenly get their money now and<00:04:24.720> that<00:04:24.960> brings<00:04:25.280> interest<00:04:25.600> rates<00:04:25.840> very<00:04:26.080> low

and that brings interest rates very low

and that brings interest rates very low because<00:04:26.479> suddenly<00:04:27.280> all<00:04:27.440> of<00:04:27.600> this<00:04:27.680> money<00:04:27.919> is

because suddenly all of this money is

because suddenly all of this money is pushed<00:04:28.240> back<00:04:28.400> into<00:04:28.560> system<00:04:28.960> right<00:04:29.120> now<00:04:29.440> so

pushed back into system right now so

pushed back into system right now so suddenly<00:04:30.080> all<00:04:30.160> the<00:04:30.240> investment<00:04:30.560> funds<00:04:30.800> have

suddenly all the investment funds have

suddenly all the investment funds have loads<00:04:31.120> of<00:04:31.199> money<00:04:31.520> now<00:04:31.680> and<00:04:31.759> they<00:04:31.840> need<00:04:32.000> to

loads of money now and they need to

loads of money now and they need to think<00:04:32.400> what<00:04:32.560> are<00:04:32.639> we<00:04:32.720> going<00:04:32.800> to<00:04:32.880> do<00:04:33.040> with<00:04:33.199> it<00:04:33.440> is

think what are we going to do with it is

think what are we going to do with it is that<00:04:33.680> simple<00:04:33.919> enough<00:04:34.160> that's<00:04:34.400> pretty<00:04:34.639> good

that simple enough that's pretty good

that simple enough that's pretty good actually<00:04:35.120> yeah<00:04:35.440> yeah<00:04:35.680> it's<00:04:35.759> not<00:04:35.919> a<00:04:35.919> simple

actually yeah yeah it's not a simple

actually yeah yeah it's not a simple thing<00:04:36.320> to<00:04:36.479> explain<00:04:36.800> yeah<00:04:37.040> and<00:04:37.280> the<00:04:37.360> whole<00:04:37.600> idea

thing to explain yeah and the whole idea

thing to explain yeah and the whole idea is<00:04:38.160> that<00:04:38.400> it<00:04:38.479> keeps<00:04:38.800> the<00:04:38.880> cost<00:04:39.199> of<00:04:39.280> borrowing

is that it keeps the cost of borrowing

is that it keeps the cost of borrowing low<00:04:40.320> and<00:04:40.560> keeps<00:04:40.800> the<00:04:40.880> supply<00:04:41.280> of<00:04:41.360> money<00:04:41.600> in<00:04:41.680> the

low and keeps the supply of money in the

low and keeps the supply of money in the system<00:04:42.160> high<00:04:42.639> so<00:04:42.800> therefore<00:04:43.520> banks<00:04:43.840> will<00:04:44.000> lend

system high so therefore banks will lend

system high so therefore banks will lend to<00:04:44.479> businesses<00:04:44.800> that<00:04:44.960> need<00:04:45.199> it<00:04:45.360> and

to businesses that need it and

to businesses that need it and businesses<00:04:45.919> can<00:04:46.080> get<00:04:46.240> a<00:04:46.320> loan<00:04:46.880> at<00:04:46.960> a<00:04:47.120> cheaper

businesses can get a loan at a cheaper

businesses can get a loan at a cheaper rate<00:04:47.759> than<00:04:47.919> maybe<00:04:48.160> they<00:04:48.320> would<00:04:48.479> have<00:04:48.560> done

rate than maybe they would have done

rate than maybe they would have done otherwise<00:04:49.199> and<00:04:49.280> that's<00:04:49.520> meant<00:04:49.680> to<00:04:49.759> stimulate

otherwise and that's meant to stimulate

otherwise and that's meant to stimulate the<00:04:50.320> economy<00:04:50.960> but<00:04:51.199> as<00:04:51.440> um<00:04:51.919> guy<00:04:52.240> hands<00:04:52.560> he's

the economy but as um guy hands he's

the economy but as um guy hands he's quite<00:04:52.960> a<00:04:53.040> famous<00:04:53.680> financial<00:04:54.160> guy<00:04:54.320> he's<00:04:54.560> the

quite a famous financial guy he's the

quite a famous financial guy he's the founder<00:04:54.960> of<00:04:55.520> terra<00:04:55.840> firma<00:04:56.160> capital<00:04:56.560> partners

founder of terra firma capital partners

founder of terra firma capital partners says<00:04:57.440> in<00:04:57.520> this<00:04:57.600> documentary<00:04:58.400> he's<00:04:58.639> quite

says in this documentary he's quite

says in this documentary he's quite honest<00:04:59.120> about<00:04:59.440> what<00:04:59.600> that<00:04:59.840> did<00:05:00.479> for<00:05:00.639> people

honest about what that did for people

honest about what that did for people who<00:05:01.280> already<00:05:01.600> owned<00:05:01.840> quite<00:05:02.000> a<00:05:02.000> lot<00:05:02.160> of<00:05:02.240> stuff

who already owned quite a lot of stuff

who already owned quite a lot of stuff the<00:05:03.039> government<00:05:03.360> just<00:05:03.600> poured<00:05:04.080> enormous

the government just poured enormous

the government just poured enormous quantities<00:05:04.880> of<00:05:04.960> money<00:05:05.199> into<00:05:05.440> the<00:05:05.520> system

quantities of money into the system

quantities of money into the system those<00:05:06.560> of<00:05:06.639> us<00:05:06.800> in<00:05:06.880> private<00:05:07.199> equity

those of us in private equity

those of us in private equity got<00:05:08.479> incredibly<00:05:08.960> wealthy<00:05:09.759> in<00:05:09.919> some<00:05:10.160> ways<00:05:10.560> it's

got incredibly wealthy in some ways it's

got incredibly wealthy in some ways it's obvious<00:05:11.280> if<00:05:11.360> you<00:05:11.440> plonk<00:05:11.680> a<00:05:11.759> whole<00:05:11.919> lot<00:05:12.000> of

obvious if you plonk a whole lot of

obvious if you plonk a whole lot of money<00:05:12.320> into<00:05:12.560> the<00:05:12.639> system

money into the system

money into the system it's<00:05:14.000> going<00:05:14.160> to<00:05:14.320> end<00:05:14.560> up<00:05:14.720> going<00:05:15.520> to<00:05:15.759> those

it's going to end up going to those

it's going to end up going to those who've<00:05:16.320> got<00:05:16.560> money

who've got money

who've got money but<00:05:17.680> in<00:05:17.759> some<00:05:17.919> ways<00:05:18.160> it's<00:05:18.320> not<00:05:18.560> and<00:05:18.720> that<00:05:18.880> the

but in some ways it's not and that the

but in some ways it's not and that the way<00:05:19.120> it's<00:05:19.280> not<00:05:19.520> is<00:05:19.680> the<00:05:19.759> government<00:05:20.160> assumes

way it's not is the government assumes

way it's not is the government assumes that<00:05:20.720> money<00:05:21.039> goes<00:05:21.360> in<00:05:21.840> and<00:05:22.000> it<00:05:22.080> gets<00:05:22.479> spread

that money goes in and it gets spread

that money goes in and it gets spread equally

equally

equally rather<00:05:24.160> than<00:05:24.240> realizing<00:05:24.720> that<00:05:24.880> money<00:05:25.120> goes<00:05:25.280> in

rather than realizing that money goes in

rather than realizing that money goes in and<00:05:25.600> it<00:05:25.680> gets<00:05:25.919> attracted<00:05:26.720> to<00:05:26.960> money<00:05:27.759> if<00:05:27.919> you've

and it gets attracted to money if you've

and it gets attracted to money if you've got<00:05:28.320> money<00:05:28.800> and<00:05:28.960> more<00:05:29.120> money<00:05:29.440> appears

got money and more money appears

got money and more money appears you<00:05:30.720> will<00:05:30.880> get<00:05:31.120> it

you will get it

you will get it and<00:05:32.080> then<00:05:32.320> there's<00:05:32.479> a<00:05:32.560> really<00:05:32.720> interesting

and then there's a really interesting

and then there's a really interesting bit<00:05:33.280> when<00:05:33.440> george<00:05:33.759> osborne<00:05:34.240> who<00:05:34.320> of<00:05:34.400> course

bit when george osborne who of course

bit when george osborne who of course was<00:05:34.800> the<00:05:34.960> chancellor<00:05:35.520> during<00:05:35.759> the<00:05:36.160> tory

was the chancellor during the tory

was the chancellor during the tory libdam<00:05:37.199> coalition<00:05:38.000> when<00:05:38.320> quantitative

libdam coalition when quantitative

libdam coalition when quantitative easing<00:05:39.039> was<00:05:39.280> really<00:05:39.600> getting<00:05:39.919> going<00:05:40.320> having

easing was really getting going having

easing was really getting going having been<00:05:40.720> started<00:05:41.039> by<00:05:41.199> alistair<00:05:41.520> darling<00:05:42.080> he<00:05:42.160> says

been started by alistair darling he says

been started by alistair darling he says this<00:05:42.639> he's<00:05:42.800> kind<00:05:42.960> of<00:05:43.039> quite<00:05:43.199> honest<00:05:43.600> about

this he's kind of quite honest about

this he's kind of quite honest about what<00:05:44.000> the<00:05:44.160> effect<00:05:44.400> of<00:05:44.560> qe<00:05:44.960> was<00:05:45.280> on<00:05:45.600> on<00:05:46.080> lots<00:05:46.240> of

what the effect of qe was on on lots of

what the effect of qe was on on lots of other<00:05:46.479> people<00:05:47.120> well<00:05:47.360> qb<00:05:47.759> is<00:05:47.840> really<00:05:48.160> difficult

other people well qb is really difficult

other people well qb is really difficult there's<00:05:48.880> printing<00:05:49.280> money<00:05:49.520> because<00:05:49.840> its

there's printing money because its

there's printing money because its purpose<00:05:50.639> is<00:05:50.800> that<00:05:51.039> people<00:05:51.360> who<00:05:51.520> already<00:05:51.919> have

purpose is that people who already have

purpose is that people who already have something<00:05:52.639> like<00:05:52.880> a<00:05:52.960> house<00:05:53.360> or<00:05:53.520> a<00:05:53.680> pension<00:05:54.080> or

something like a house or a pension or

something like a house or a pension or some<00:05:54.479> shares

some shares

some shares will<00:05:56.080> see<00:05:56.319> the<00:05:56.400> value<00:05:56.720> of<00:05:56.800> those<00:05:57.039> things<00:05:57.280> go<00:05:57.440> up

will see the value of those things go up

will see the value of those things go up that<00:05:57.919> that's<00:05:58.240> what<00:05:58.479> the<00:05:58.639> policy<00:05:59.039> is<00:05:59.120> designed

that that's what the policy is designed

that that's what the policy is designed to<00:05:59.680> do

to do

to do and<00:06:00.560> it<00:06:00.880> feels<00:06:01.280> unfair<00:06:01.840> because<00:06:02.080> the<00:06:02.160> people

and it feels unfair because the people

and it feels unfair because the people who<00:06:02.479> don't<00:06:02.720> have<00:06:02.880> those<00:06:03.120> things

who don't have those things

who don't have those things aren't<00:06:04.400> getting<00:06:04.639> the<00:06:04.720> benefits<00:06:05.120> of<00:06:05.199> the

aren't getting the benefits of the

aren't getting the benefits of the policy<00:06:06.000> but<00:06:06.319> ultimately<00:06:07.120> i<00:06:07.280> came<00:06:07.440> to<00:06:07.600> the

policy but ultimately i came to the

policy but ultimately i came to the conclusion<00:06:08.720> it's<00:06:08.960> better<00:06:09.360> to<00:06:09.600> try<00:06:09.919> and

conclusion it's better to try and

conclusion it's better to try and keep<00:06:10.880> the<00:06:11.039> economy<00:06:11.520> floating<00:06:12.319> rather<00:06:12.560> than

keep the economy floating rather than

keep the economy floating rather than let<00:06:12.960> everything<00:06:13.360> crash<00:06:14.000> and<00:06:14.080> that's<00:06:14.319> the

let everything crash and that's the

let everything crash and that's the defense<00:06:14.720> you<00:06:14.880> hear<00:06:15.120> from<00:06:15.360> all<00:06:15.680> former

defense you hear from all former

defense you hear from all former chancellors<00:06:16.479> who've<00:06:16.639> been<00:06:16.800> involved<00:06:17.199> in<00:06:17.280> this

chancellors who've been involved in this

chancellors who've been involved in this from<00:06:17.680> alistair<00:06:18.080> darling<00:06:18.639> up<00:06:18.800> to<00:06:18.960> now<00:06:19.600> that

from alistair darling up to now that

from alistair darling up to now that quantitative<00:06:20.319> easing<00:06:20.560> was<00:06:20.720> necessary<00:06:21.199> to

quantitative easing was necessary to

quantitative easing was necessary to just<00:06:21.600> keep<00:06:21.759> the<00:06:21.919> financial<00:06:22.400> system<00:06:22.800> going

just keep the financial system going

just keep the financial system going when<00:06:23.280> it<00:06:23.360> was<00:06:23.440> teetering<00:06:23.840> on<00:06:23.919> the<00:06:24.080> brink<00:06:24.639> now

when it was teetering on the brink now

when it was teetering on the brink now just<00:06:25.120> explain<00:06:25.440> to<00:06:25.520> me<00:06:25.680> why<00:06:26.000> is<00:06:26.160> it<00:06:26.400> that

just explain to me why is it that

just explain to me why is it that putting<00:06:27.280> this<00:06:27.440> extra<00:06:27.680> money<00:06:27.919> into<00:06:28.080> the<00:06:28.240> system

putting this extra money into the system

putting this extra money into the system means<00:06:29.039> that<00:06:29.199> people<00:06:29.520> who<00:06:29.759> have<00:06:30.080> assets<00:06:30.720> like

means that people who have assets like

means that people who have assets like pensions<00:06:32.000> or<00:06:32.400> houses<00:06:33.280> or<00:06:33.840> shares<00:06:34.319> and<00:06:34.400> things

pensions or houses or shares and things

pensions or houses or shares and things end<00:06:35.199> up<00:06:35.360> getting<00:06:35.600> more<00:06:35.840> money<00:06:36.160> i<00:06:36.319> can't<00:06:36.639> quite

end up getting more money i can't quite

end up getting more money i can't quite work<00:06:37.199> out<00:06:37.440> the<00:06:37.600> link<00:06:38.000> from<00:06:38.319> a<00:06:38.560> to<00:06:38.639> b<00:06:39.280> so<00:06:39.600> the

work out the link from a to b so the

work out the link from a to b so the money<00:06:40.000> gets<00:06:40.319> into<00:06:40.560> the<00:06:40.720> system<00:06:41.199> by<00:06:41.360> the

money gets into the system by the

money gets into the system by the central<00:06:41.759> bank<00:06:42.000> the<00:06:42.080> bank<00:06:42.319> of<00:06:42.400> england<00:06:43.120> buying

central bank the bank of england buying

central bank the bank of england buying loans<00:06:43.840> to<00:06:43.919> the<00:06:44.000> government<00:06:44.319> okay<00:06:44.560> well<00:06:44.720> who

loans to the government okay well who

loans to the government okay well who owns<00:06:45.199> loans<00:06:45.440> to<00:06:45.520> the<00:06:45.600> government<00:06:46.000> it's

owns loans to the government it's

owns loans to the government it's investment<00:06:46.639> funds<00:06:47.039> and<00:06:47.680> more<00:06:47.840> than<00:06:48.000> anything

investment funds and more than anything

investment funds and more than anything else<00:06:48.560> it's<00:06:48.720> wealthy<00:06:48.960> individuals<00:06:49.520> you<00:06:49.599> know

else it's wealthy individuals you know

else it's wealthy individuals you know the<00:06:50.240> more<00:06:50.479> money<00:06:50.720> you<00:06:50.880> have<00:06:51.039> the<00:06:51.120> more<00:06:51.280> money

the more money you have the more money

the more money you have the more money you've<00:06:51.599> done<00:06:51.759> to<00:06:51.840> the<00:06:51.919> government<00:06:52.319> basically

you've done to the government basically

you've done to the government basically so<00:06:53.199> the<00:06:53.360> money<00:06:53.840> at<00:06:54.000> the<00:06:54.160> first<00:06:54.400> point<00:06:54.639> it<00:06:54.720> goes

so the money at the first point it goes

so the money at the first point it goes into<00:06:55.039> the<00:06:55.199> system<00:06:55.840> it's<00:06:56.160> going<00:06:56.319> to<00:06:56.479> investment

into the system it's going to investment

into the system it's going to investment funds<00:06:57.199> and<00:06:57.280> wealth<00:06:57.520> individuals<00:06:58.080> okay<00:06:58.319> and<00:06:58.560> um

funds and wealth individuals okay and um

funds and wealth individuals okay and um wealth<00:06:59.599> individuals<00:07:00.080> are<00:07:00.160> not<00:07:00.319> going<00:07:00.479> to<00:07:00.560> go

wealth individuals are not going to go

wealth individuals are not going to go straight<00:07:01.360> into<00:07:01.520> the<00:07:01.599> shops<00:07:01.840> and<00:07:01.919> spend<00:07:02.160> that

straight into the shops and spend that

straight into the shops and spend that money<00:07:02.479> you<00:07:02.560> know<00:07:02.720> very<00:07:02.880> wealthy<00:07:03.199> people<00:07:03.840> when

money you know very wealthy people when

money you know very wealthy people when they<00:07:04.160> get<00:07:04.319> money<00:07:04.800> they<00:07:04.960> invest<00:07:05.280> it<00:07:05.440> that's

they get money they invest it that's

they get money they invest it that's that's<00:07:05.919> what<00:07:06.080> very<00:07:06.240> wealthy<00:07:06.560> people<00:07:06.800> do<00:07:06.960> and

that's what very wealthy people do and

that's what very wealthy people do and so<00:07:07.520> straight<00:07:07.759> away<00:07:08.080> it's<00:07:08.319> going<00:07:08.479> to<00:07:08.880> push<00:07:09.120> up

so straight away it's going to push up

so straight away it's going to push up stock<00:07:09.840> prices<00:07:10.160> and<00:07:10.240> house<00:07:10.479> prices<00:07:10.880> before

stock prices and house prices before

stock prices and house prices before 2008<00:07:11.919> we<00:07:12.000> all<00:07:12.080> used<00:07:12.240> to<00:07:12.400> think

2008 we all used to think

2008 we all used to think bad<00:07:13.360> economy<00:07:13.840> stock<00:07:14.080> prices<00:07:14.400> down<00:07:14.560> house

bad economy stock prices down house

bad economy stock prices down house prices<00:07:15.199> down<00:07:15.520> there<00:07:15.680> was<00:07:15.759> a<00:07:15.840> guy<00:07:16.080> sitting<00:07:16.319> next

prices down there was a guy sitting next

prices down there was a guy sitting next to<00:07:16.560> me<00:07:16.639> a<00:07:16.800> trader<00:07:17.199> and<00:07:17.360> he<00:07:17.440> was<00:07:17.599> like<00:07:17.759> look<00:07:18.160> it

to me a trader and he was like look it

to me a trader and he was like look it was<00:07:18.400> about<00:07:18.560> 2010.<00:07:19.280> i<00:07:19.360> was<00:07:19.440> like<00:07:19.520> the<00:07:19.599> economy

was about 2010. i was like the economy

was about 2010. i was like the economy is<00:07:20.000> doing<00:07:20.240> terribly<00:07:20.880> stock<00:07:21.199> just<00:07:21.360> go<00:07:21.520> up<00:07:21.599> and

is doing terribly stock just go up and

is doing terribly stock just go up and up<00:07:21.759> and<00:07:21.919> up<00:07:22.000> i'm<00:07:22.080> going<00:07:22.240> to<00:07:22.319> short<00:07:22.560> stocks<00:07:22.960> and

up and up i'm going to short stocks and

up and up i'm going to short stocks and i<00:07:23.120> turn<00:07:23.280> around<00:07:23.680> and<00:07:23.759> i<00:07:23.840> said<00:07:24.000> look<00:07:24.400> stocks

i turn around and i said look stocks

i turn around and i said look stocks can't<00:07:24.960> go<00:07:25.199> down<00:07:25.680> they<00:07:25.840> cannot<00:07:26.160> go<00:07:26.319> down

can't go down they cannot go down

can't go down they cannot go down because<00:07:26.720> if<00:07:26.800> the<00:07:26.960> economy<00:07:27.280> is<00:07:27.440> weak<00:07:27.919> the

because if the economy is weak the

because if the economy is weak the central<00:07:28.319> bank<00:07:28.479> will<00:07:28.560> print<00:07:28.720> money<00:07:29.280> and<00:07:29.360> if<00:07:29.440> the

central bank will print money and if the

central bank will print money and if the economy<00:07:29.919> is<00:07:30.000> strong<00:07:30.160> they'll<00:07:30.400> go<00:07:30.560> up<00:07:30.639> you<00:07:30.800> know

economy is strong they'll go up you know

economy is strong they'll go up you know so

so

so if<00:07:31.840> you<00:07:31.919> give<00:07:32.080> the<00:07:32.160> money<00:07:32.400> to<00:07:32.560> investors<00:07:33.199> they

if you give the money to investors they

if you give the money to investors they will<00:07:33.599> invest<00:07:33.919> it<00:07:34.319> yeah<00:07:34.560> and<00:07:34.639> that<00:07:34.800> doesn't

will invest it yeah and that doesn't

will invest it yeah and that doesn't support<00:07:35.360> the<00:07:35.440> economy<00:07:35.680> supports<00:07:36.080> asset

support the economy supports asset

support the economy supports asset prices<00:07:37.120> uh<00:07:37.360> there's<00:07:37.599> also<00:07:38.240> some<00:07:38.479> stuff<00:07:38.800> in<00:07:38.880> the

prices uh there's also some stuff in the

prices uh there's also some stuff in the documentary<00:07:39.440> just<00:07:39.599> about<00:07:39.840> the<00:07:40.000> culture<00:07:40.800> in

documentary just about the culture in

documentary just about the culture in the<00:07:41.039> places<00:07:41.360> that<00:07:41.520> you<00:07:41.680> used<00:07:41.840> to<00:07:42.000> work<00:07:42.240> and<00:07:42.400> you

the places that you used to work and you

the places that you used to work and you tell<00:07:42.720> this<00:07:42.880> story<00:07:43.199> about<00:07:43.440> this<00:07:43.599> kind<00:07:43.680> of<00:07:43.840> away

tell this story about this kind of away

tell this story about this kind of away day<00:07:44.479> that<00:07:44.639> you<00:07:45.199> that<00:07:45.360> you<00:07:45.520> had

day that you that you had

day that you that you had you're<00:07:46.879> near<00:07:47.039> the<00:07:47.120> story<00:07:47.360> yeah<00:07:47.520> i've<00:07:47.680> actually

you're near the story yeah i've actually

you're near the story yeah i've actually brought<00:07:48.080> the<00:07:48.160> hat<00:07:48.319> with<00:07:48.479> me<00:07:48.639> but<00:07:48.800> if<00:07:48.960> you

brought the hat with me but if you

brought the hat with me but if you didn't<00:07:49.280> see<00:07:49.440> it<00:07:49.520> yeah<00:07:49.759> you<00:07:49.840> could<00:07:49.919> see<00:07:50.080> i

didn't see it yeah you could see i

didn't see it yeah you could see i thought<00:07:50.319> you<00:07:50.400> might<00:07:50.639> ask<00:07:50.879> yeah<00:07:51.039> why<00:07:51.199> don't<00:07:51.280> you

thought you might ask yeah why don't you

thought you might ask yeah why don't you go<00:07:51.440> and<00:07:51.520> get<00:07:51.680> it<00:07:51.759> right<00:07:52.000> gary's<00:07:52.319> gonna<00:07:52.479> now<00:07:52.639> go

go and get it right gary's gonna now go

go and get it right gary's gonna now go and<00:07:53.039> take<00:07:53.199> his<00:07:53.360> mic<00:07:53.599> off<00:07:53.759> and<00:07:53.840> go<00:07:54.000> and<00:07:54.160> open<00:07:54.400> his

and take his mic off and go and open his

and take his mic off and go and open his bag

bag

bag and<00:07:55.759> then<00:07:55.919> i'll<00:07:56.000> let<00:07:56.160> you<00:07:56.240> sit<00:07:56.400> down<00:07:56.560> and<00:07:56.639> put

and then i'll let you sit down and put

and then i'll let you sit down and put your<00:07:56.879> mic<00:07:57.120> back<00:07:57.360> on<00:07:57.680> yeah

your mic back on yeah

your mic back on yeah now<00:07:58.720> i'm<00:07:58.800> going<00:07:58.879> to<00:07:58.960> be<00:07:59.039> intrigued<00:07:59.360> to<00:07:59.440> see<00:07:59.599> how

now i'm going to be intrigued to see how

now i'm going to be intrigued to see how you<00:07:59.840> get<00:08:00.000> this<00:08:00.240> cap<00:08:00.479> on<00:08:00.639> over<00:08:00.800> the<00:08:00.879> top<00:08:01.039> of<00:08:01.199> the

you get this cap on over the top of the

you get this cap on over the top of the headset<00:08:01.680> mike<00:08:02.000> but<00:08:02.240> let's<00:08:02.400> give<00:08:02.560> it<00:08:02.639> a<00:08:02.720> go<00:08:03.360> so

headset mike but let's give it a go so

headset mike but let's give it a go so yeah<00:08:03.919> they<00:08:04.080> used<00:08:04.160> to<00:08:04.240> have<00:08:04.319> an<00:08:04.400> away<00:08:04.639> day<00:08:04.800> for

yeah they used to have an away day for

yeah they used to have an away day for the<00:08:05.039> trailers<00:08:05.840> once<00:08:06.080> a<00:08:06.160> year<00:08:06.319> don't<00:08:06.639> put<00:08:06.800> this

the trailers once a year don't put this

the trailers once a year don't put this on<00:08:06.960> now<00:08:07.360> on<00:08:07.440> now<00:08:07.599> yeah<00:08:07.840> and<00:08:08.000> it's<00:08:08.080> not<00:08:08.240> going<00:08:08.319> to

on now on now yeah and it's not going to

on now on now yeah and it's not going to fit<00:08:08.560> i<00:08:08.639> think<00:08:08.800> it's<00:08:08.879> not<00:08:09.039> exactly<00:08:09.440> well<00:08:09.599> i<00:08:09.680> can

fit i think it's not exactly well i can

fit i think it's not exactly well i can see<00:08:09.919> it<00:08:10.000> anyway<00:08:10.319> so<00:08:10.720> yes<00:08:11.280> and<00:08:11.440> it<00:08:11.599> says<00:08:12.240> go<00:08:12.479> pick

see it anyway so yes and it says go pick

see it anyway so yes and it says go pick or<00:08:12.800> go<00:08:12.960> home<00:08:13.280> go<00:08:13.520> bigger<00:08:13.759> so<00:08:13.919> i<00:08:14.000> think<00:08:14.160> this<00:08:14.319> was

or go home go bigger so i think this was

or go home go bigger so i think this was the<00:08:14.639> beginning<00:08:14.960> of<00:08:15.160> 2011.<00:08:16.240> we<00:08:16.319> had<00:08:16.479> an<00:08:16.560> away

the beginning of 2011. we had an away

the beginning of 2011. we had an away day<00:08:16.960> for<00:08:17.120> the<00:08:17.199> traders<00:08:18.080> and<00:08:18.319> uh<00:08:18.800> all<00:08:18.960> the

day for the traders and uh all the

day for the traders and uh all the traders<00:08:19.440> sit<00:08:19.599> back<00:08:19.759> traders<00:08:20.000> from<00:08:20.080> all<00:08:20.240> over

traders sit back traders from all over

traders sit back traders from all over the<00:08:20.479> world<00:08:20.639> come<00:08:20.800> to<00:08:20.960> this<00:08:21.039> one<00:08:21.199> away<00:08:21.440> though

the world come to this one away though

the world come to this one away though and<00:08:22.000> we<00:08:22.080> walked<00:08:22.400> in<00:08:22.479> and<00:08:22.639> straight<00:08:22.960> away<00:08:23.599> they

and we walked in and straight away they

and we walked in and straight away they gave<00:08:24.000> us<00:08:24.160> these<00:08:24.400> hats<00:08:25.120> and<00:08:25.199> this<00:08:25.360> hats<00:08:25.599> down

gave us these hats and this hats down

gave us these hats and this hats down the<00:08:25.919> front<00:08:26.479> go<00:08:26.720> big<00:08:27.199> or<00:08:27.440> go<00:08:27.680> home<00:08:28.240> it's<00:08:28.479> a

the front go big or go home it's a

the front go big or go home it's a little<00:08:28.800> sort<00:08:28.960> of<00:08:29.039> army<00:08:29.360> camera<00:08:29.599> hat<00:08:29.759> for<00:08:29.919> those

little sort of army camera hat for those

little sort of army camera hat for those who<00:08:30.160> can't<00:08:30.400> see<00:08:30.720> and<00:08:30.879> um

who can't see and um

who can't see and um senior<00:08:32.240> management<00:08:32.640> sat<00:08:32.880> down<00:08:33.039> and<00:08:33.120> they<00:08:33.200> said

senior management sat down and they said

senior management sat down and they said look<00:08:33.839> if<00:08:34.000> you<00:08:34.080> think<00:08:34.240> you're<00:08:34.399> a<00:08:34.479> good<00:08:34.640> trader

look if you think you're a good trader

look if you think you're a good trader and<00:08:34.959> you're<00:08:35.039> willing<00:08:35.279> to<00:08:35.360> take<00:08:35.440> a<00:08:35.519> risk<00:08:35.760> in<00:08:35.839> a

and you're willing to take a risk in a

and you're willing to take a risk in a million<00:08:36.159> dollars<00:08:36.640> why<00:08:36.800> not<00:08:36.959> take<00:08:37.120> it<00:08:37.200> in<00:08:37.360> 10

million dollars why not take it in 10

million dollars why not take it in 10 million<00:08:38.240> you<00:08:38.320> know<00:08:38.640> go<00:08:38.880> big<00:08:39.039> or<00:08:39.120> go<00:08:39.360> home<00:08:39.839> and<00:08:40.159> i

million you know go big or go home and i

million you know go big or go home and i i<00:08:40.560> couldn't<00:08:41.120> i<00:08:41.200> couldn't<00:08:41.519> believe<00:08:41.839> that<00:08:42.240> it's

i couldn't i couldn't believe that it's

i couldn't i couldn't believe that it's it's<00:08:42.959> just

it's just

it's just it<00:08:44.000> beggars<00:08:44.320> belief<00:08:44.640> really<00:08:44.880> so<00:08:45.279> you<00:08:45.360> know

it beggars belief really so you know

it beggars belief really so you know afterwards<00:08:46.000> all<00:08:46.080> the<00:08:46.160> traders<00:08:46.480> went<00:08:46.640> back<00:08:46.800> and

afterwards all the traders went back and

afterwards all the traders went back and massively<00:08:47.360> up<00:08:47.440> their<00:08:47.680> risk<00:08:48.000> and<00:08:48.240> then<00:08:48.800> as<00:08:48.959> soon

massively up their risk and then as soon

massively up their risk and then as soon as<00:08:49.279> they<00:08:49.360> lose<00:08:49.519> a<00:08:49.600> bit<00:08:49.760> of<00:08:49.839> money<00:08:50.000> they<00:08:50.160> lose<00:08:50.320> 10

as they lose a bit of money they lose 10

as they lose a bit of money they lose 10 times<00:08:50.720> what<00:08:50.800> they<00:08:50.880> used<00:08:51.040> to<00:08:51.120> lose<00:08:51.279> and<00:08:51.360> they

times what they used to lose and they

times what they used to lose and they have<00:08:51.519> to<00:08:51.600> stop<00:08:51.760> their<00:08:51.920> positions<00:08:52.320> out<00:08:52.399> and<00:08:52.560> it

have to stop their positions out and it

have to stop their positions out and it was<00:08:52.720> a<00:08:52.800> disaster<00:08:53.279> and<00:08:53.519> that's<00:08:53.680> why<00:08:54.080> you<00:08:54.160> know

was a disaster and that's why you know

was a disaster and that's why you know one<00:08:54.480> of<00:08:54.560> the<00:08:54.640> reasons<00:08:54.959> why<00:08:55.200> i<00:08:55.279> was<00:08:55.440> citibank's

one of the reasons why i was citibank's

one of the reasons why i was citibank's top<00:08:56.000> trade<00:08:56.240> in<00:08:56.320> 2011<00:08:57.200> is<00:08:57.279> because<00:08:57.519> all<00:08:57.600> the

top trade in 2011 is because all the

top trade in 2011 is because all the other<00:08:57.839> traders<00:08:58.080> got<00:08:58.240> given<00:08:58.480> these<00:08:58.640> hats<00:08:58.959> and

other traders got given these hats and

other traders got given these hats and started<00:08:59.360> taking<00:08:59.760> massively<00:09:00.240> too<00:09:00.399> much<00:09:00.560> risk

started taking massively too much risk

started taking massively too much risk but<00:09:00.959> it's<00:09:01.200> um<00:09:01.680> it's<00:09:01.920> unbelievably

but it's um it's unbelievably

but it's um it's unbelievably responsible<00:09:03.120> but<00:09:03.279> the<00:09:03.360> thing<00:09:03.600> is<00:09:04.000> there's

responsible but the thing is there's

responsible but the thing is there's this<00:09:04.560> problem<00:09:04.880> that<00:09:04.959> goes<00:09:05.120> all<00:09:05.200> the<00:09:05.279> way

this problem that goes all the way

this problem that goes all the way through<00:09:05.519> the<00:09:05.600> system<00:09:05.839> which<00:09:06.000> is<00:09:06.080> if<00:09:06.160> you're<00:09:06.240> an

through the system which is if you're an

through the system which is if you're an individual<00:09:06.800> trader<00:09:07.200> and<00:09:07.279> you<00:09:07.440> make<00:09:07.600> loads<00:09:07.839> of

individual trader and you make loads of

individual trader and you make loads of money<00:09:08.160> you<00:09:08.320> get<00:09:08.480> paid<00:09:08.640> loads<00:09:08.880> of<00:09:08.959> money<00:09:09.279> but<00:09:09.440> if

money you get paid loads of money but if

money you get paid loads of money but if you<00:09:09.680> lose<00:09:09.920> loads<00:09:10.160> of<00:09:10.240> money<00:09:10.640> you're<00:09:10.800> not

you lose loads of money you're not

you lose loads of money you're not personally<00:09:11.360> liable<00:09:12.080> and<00:09:12.240> your<00:09:12.480> boss<00:09:12.720> is<00:09:12.880> the

personally liable and your boss is the

personally liable and your boss is the same<00:09:13.279> right<00:09:13.600> and<00:09:13.760> his<00:09:14.000> boss<00:09:14.240> is<00:09:14.320> the<00:09:14.399> same<00:09:14.640> and

same right and his boss is the same and

same right and his boss is the same and his<00:09:14.880> boss<00:09:15.120> is<00:09:15.200> the<00:09:15.279> same<00:09:15.519> and<00:09:15.600> then<00:09:15.839> what<00:09:16.000> 2008

his boss is the same and then what 2008

his boss is the same and then what 2008 showed<00:09:16.800> us<00:09:16.959> is<00:09:17.360> literally<00:09:17.760> the<00:09:17.920> entire<00:09:18.480> bank

showed us is literally the entire bank

showed us is literally the entire bank is<00:09:18.959> the<00:09:19.040> same<00:09:19.440> yeah<00:09:20.000> all<00:09:20.160> the<00:09:20.240> way<00:09:20.399> through<00:09:20.560> the

is the same yeah all the way through the

is the same yeah all the way through the system<00:09:21.279> every<00:09:21.519> individual<00:09:22.240> right<00:09:22.480> up<00:09:22.560> to

system every individual right up to

system every individual right up to senior<00:09:22.959> management<00:09:23.279> to<00:09:23.440> the<00:09:23.519> entire

senior management to the entire

senior management to the entire corporation<00:09:24.800> is<00:09:24.959> taking<00:09:25.279> the<00:09:25.360> profits<00:09:25.680> when

corporation is taking the profits when

corporation is taking the profits when they<00:09:26.000> win<00:09:26.480> and<00:09:26.640> it<00:09:26.720> goes<00:09:26.959> to<00:09:27.040> the<00:09:27.120> government

they win and it goes to the government

they win and it goes to the government when<00:09:27.519> they<00:09:27.600> lose<00:09:28.080> and<00:09:28.160> if<00:09:28.240> this<00:09:28.399> sounds<00:09:28.640> to

when they lose and if this sounds to

when they lose and if this sounds to people<00:09:28.959> a<00:09:29.040> bit<00:09:29.200> like<00:09:29.360> ancient<00:09:29.680> history

people a bit like ancient history

people a bit like ancient history because<00:09:30.160> we're<00:09:30.320> talking<00:09:30.560> about<00:09:30.800> 2008<00:09:31.760> 2011

because we're talking about 2008 2011

because we're talking about 2008 2011 actually<00:09:33.440> it's<00:09:33.760> not<00:09:34.160> because<00:09:34.560> qe<00:09:34.959> was<00:09:35.040> done

actually it's not because qe was done

actually it's not because qe was done again<00:09:35.440> on<00:09:35.600> a<00:09:35.760> massive<00:09:36.080> scale<00:09:36.640> at<00:09:36.800> the<00:09:36.880> start<00:09:37.040> of

again on a massive scale at the start of

again on a massive scale at the start of the<00:09:37.200> pandemic<00:09:37.680> and<00:09:37.839> it's<00:09:37.920> still<00:09:38.160> being<00:09:38.399> done

the pandemic and it's still being done

the pandemic and it's still being done now<00:09:39.360> so<00:09:39.680> you're<00:09:39.839> seeing<00:09:40.000> the<00:09:40.080> same<00:09:40.320> thing

now so you're seeing the same thing

now so you're seeing the same thing enormous<00:09:41.120> 450<00:09:41.839> billion<00:09:42.240> which<00:09:42.480> is<00:09:42.720> 10<00:09:43.120> 000

enormous 450 billion which is 10 000

enormous 450 billion which is 10 000 pounds<00:09:43.600> for<00:09:43.920> every<00:09:44.480> single<00:09:45.040> adult<00:09:45.440> in<00:09:45.519> the

pounds for every single adult in the

pounds for every single adult in the country<00:09:46.240> so<00:09:46.399> if<00:09:46.560> you're<00:09:46.720> not<00:09:46.880> sitting<00:09:47.120> on<00:09:47.200> ten

country so if you're not sitting on ten

country so if you're not sitting on ten thousand<00:09:47.680> pounds<00:09:48.080> more<00:09:48.560> then<00:09:48.800> you<00:09:48.959> were<00:09:49.279> pre

thousand pounds more then you were pre

thousand pounds more then you were pre covered<00:09:50.320> someone<00:09:50.640> else<00:09:50.800> has<00:09:50.880> got<00:09:50.959> your<00:09:51.120> ten

covered someone else has got your ten

covered someone else has got your ten thousand<00:09:51.519> pounds<00:09:52.080> and<00:09:52.240> i<00:09:52.560> put<00:09:52.720> videos<00:09:53.040> out

thousand pounds and i put videos out

thousand pounds and i put videos out right<00:09:53.360> at<00:09:53.440> the<00:09:53.519> beginning<00:09:53.839> of<00:09:54.160> of<00:09:54.480> coburg

right at the beginning of of coburg

right at the beginning of of coburg saying<00:09:55.040> look<00:09:55.200> this<00:09:55.279> is<00:09:55.360> gonna<00:09:55.600> cause<00:09:55.920> big

saying look this is gonna cause big

saying look this is gonna cause big increases<00:09:56.480> in<00:09:56.560> inequality<00:09:57.519> big<00:09:57.680> increases<00:09:58.080> in

increases in inequality big increases in

increases in inequality big increases in stock<00:09:58.399> prices<00:09:59.120> big<00:09:59.360> increases<00:09:59.920> in<00:10:00.080> house

stock prices big increases in house

stock prices big increases in house prices<00:10:00.800> and<00:10:00.880> big<00:10:01.040> increases<00:10:01.360> in<00:10:01.519> inflation

prices and big increases in inflation

prices and big increases in inflation and<00:10:02.160> i<00:10:02.240> think<00:10:02.399> we<00:10:02.560> really<00:10:02.720> need<00:10:02.959> to<00:10:03.120> ask<00:10:03.839> why<00:10:04.160> is

and i think we really need to ask why is

and i think we really need to ask why is it<00:10:04.800> that<00:10:05.040> governments<00:10:05.680> and<00:10:05.839> economists<00:10:06.720> feel

it that governments and economists feel

it that governments and economists feel the<00:10:07.120> only<00:10:07.279> thing<00:10:07.440> they<00:10:07.600> can<00:10:07.680> do<00:10:07.839> in<00:10:08.000> crisis<00:10:08.480> is

the only thing they can do in crisis is

the only thing they can do in crisis is to<00:10:08.720> pump<00:10:09.040> money<00:10:09.279> in<00:10:09.440> and<00:10:09.519> make<00:10:09.760> the<00:10:09.920> rich

to pump money in and make the rich

to pump money in and make the rich unbelievably<00:10:10.959> richer<00:10:11.440> you<00:10:11.519> know<00:10:11.680> the<00:10:11.760> first

unbelievably richer you know the first

unbelievably richer you know the first year<00:10:12.079> of<00:10:12.240> kovid<00:10:12.800> was<00:10:13.040> the<00:10:13.200> biggest<00:10:13.920> ever

year of kovid was the biggest ever

year of kovid was the biggest ever single<00:10:14.959> year<00:10:15.279> increase<00:10:15.600> in<00:10:15.760> billionaire

single year increase in billionaire

single year increase in billionaire wealth<00:10:16.560> in<00:10:16.640> this<00:10:16.800> country<00:10:17.360> during<00:10:17.600> the

wealth in this country during the

wealth in this country during the biggest<00:10:18.000> economic<00:10:18.399> disaster<00:10:18.800> after<00:10:19.040> the<00:10:19.120> war

biggest economic disaster after the war

biggest economic disaster after the war you<00:10:19.680> know<00:10:19.839> is<00:10:20.000> that<00:10:20.240> right<00:10:20.959> why<00:10:21.200> is<00:10:21.360> it<00:10:21.440> that

you know is that right why is it that

you know is that right why is it that we've<00:10:21.760> created<00:10:22.000> a<00:10:22.079> system<00:10:22.399> where<00:10:22.560> when

we've created a system where when

we've created a system where when there's<00:10:22.880> a<00:10:22.959> crisis<00:10:23.839> the<00:10:24.000> richest<00:10:24.480> profit

there's a crisis the richest profit

there's a crisis the richest profit massively<00:10:25.680> rather<00:10:26.000> than

massively rather than

massively rather than paying<00:10:26.959> higher<00:10:27.200> taxes<00:10:27.600> and<00:10:27.760> then<00:10:28.240> what<00:10:28.399> we're

paying higher taxes and then what we're

paying higher taxes and then what we're seeing<00:10:28.720> now<00:10:28.959> in<00:10:29.120> march<00:10:29.440> is<00:10:29.600> national

seeing now in march is national

seeing now in march is national insurance<00:10:30.800> being<00:10:31.040> raised<00:10:31.360> and<00:10:31.440> that's<00:10:31.680> taxed

insurance being raised and that's taxed

insurance being raised and that's taxed on<00:10:32.160> ordinary<00:10:32.560> workers<00:10:33.040> that<00:10:33.200> does<00:10:33.440> not<00:10:33.600> apply

on ordinary workers that does not apply

on ordinary workers that does not apply to<00:10:34.320> the<00:10:34.480> income<00:10:34.720> of<00:10:34.800> millionaires<00:10:35.200> in<00:10:35.279> the

to the income of millionaires in the

to the income of millionaires in the united<00:10:35.760> states<00:10:35.839> but<00:10:36.000> i<00:10:36.079> think<00:10:36.320> george<00:10:36.640> osborne

united states but i think george osborne

united states but i think george osborne says<00:10:37.279> in<00:10:37.360> the<00:10:37.440> documentary<00:10:38.320> okay<00:10:38.800> the<00:10:38.959> rich

says in the documentary okay the rich

says in the documentary okay the rich may<00:10:39.440> have<00:10:39.519> got<00:10:39.760> richer<00:10:40.160> and<00:10:40.240> people<00:10:40.480> might

may have got richer and people might

may have got richer and people might feel<00:10:40.959> uncomfortable<00:10:41.519> about<00:10:41.760> that<00:10:41.920> because

feel uncomfortable about that because

feel uncomfortable about that because not<00:10:42.320> everyone<00:10:42.640> got<00:10:42.800> to<00:10:42.959> participate<00:10:43.519> in<00:10:43.600> that

not everyone got to participate in that

not everyone got to participate in that but<00:10:44.160> he<00:10:44.320> says<00:10:45.040> average<00:10:45.519> wages

but he says average wages

but he says average wages did<00:10:46.800> okay<00:10:47.360> and<00:10:47.519> so<00:10:47.760> actually<00:10:48.160> it's<00:10:48.399> not<00:10:48.959> like

did okay and so actually it's not like

did okay and so actually it's not like the<00:10:49.360> rich<00:10:49.600> getting<00:10:49.839> richer<00:10:50.160> and<00:10:50.240> the<00:10:50.399> poor<00:10:50.560> are

the rich getting richer and the poor are

the rich getting richer and the poor are getting<00:10:50.959> poorer<00:10:51.440> it<00:10:51.600> is<00:10:51.760> just<00:10:51.920> the<00:10:52.000> rich

getting poorer it is just the rich

getting poorer it is just the rich getting<00:10:52.560> did<00:10:52.800> they<00:10:52.880> do<00:10:53.120> okay<00:10:53.360> relative<00:10:53.839> to<00:10:54.480> the

getting did they do okay relative to the

getting did they do okay relative to the cost<00:10:54.880> of<00:10:54.959> basic<00:10:55.279> goods<00:10:55.440> and<00:10:55.519> services<00:10:56.320> you

cost of basic goods and services you

cost of basic goods and services you know<00:10:56.560> you<00:10:56.640> don't<00:10:56.800> need<00:10:56.959> a<00:10:57.040> degree<00:10:57.279> in

know you don't need a degree in

know you don't need a degree in economics<00:10:57.839> to<00:10:57.920> see<00:10:58.079> that<00:10:58.240> okay<00:10:58.480> yeah<00:10:59.120> wages

economics to see that okay yeah wages

economics to see that okay yeah wages didn't<00:10:59.680> collapse<00:11:00.079> like<00:11:00.160> they<00:11:00.320> didn't<00:11:00.560> say<00:11:00.720> the

didn't collapse like they didn't say the

didn't collapse like they didn't say the great<00:11:00.959> depression

great depression

great depression but<00:11:02.240> the<00:11:02.399> cost<00:11:02.720> of<00:11:02.800> basic<00:11:03.120> goods<00:11:03.279> and<00:11:03.360> services

but the cost of basic goods and services

but the cost of basic goods and services was<00:11:04.079> there<00:11:04.240> was<00:11:04.399> really<00:11:04.560> high<00:11:04.720> inflation<00:11:05.120> in

was there was really high inflation in

was there was really high inflation in 2011<00:11:05.920> i<00:11:05.920> don't<00:11:06.160> think<00:11:06.240> i<00:11:06.320> don't<00:11:06.480> know<00:11:06.480> if<00:11:06.640> you

2011 i don't think i don't know if you

2011 i don't think i don't know if you remember<00:11:07.120> it<00:11:07.360> you<00:11:07.519> went<00:11:07.680> up<00:11:07.760> to<00:11:07.839> sort<00:11:08.000> of<00:11:08.079> five

remember it you went up to sort of five

remember it you went up to sort of five six<00:11:08.399> percent<00:11:08.800> you<00:11:08.959> know<00:11:09.440> and<00:11:09.680> basically<00:11:10.000> where

six percent you know and basically where

six percent you know and basically where we<00:11:10.320> are<00:11:10.480> now

we are now

we are now what<00:11:11.519> is<00:11:11.760> amazing<00:11:12.160> to<00:11:12.320> me<00:11:12.560> is<00:11:12.720> that<00:11:13.040> fewer

what is amazing to me is that fewer

what is amazing to me is that fewer people<00:11:14.079> in<00:11:14.399> the<00:11:14.560> media<00:11:14.880> are<00:11:14.959> saying<00:11:15.200> look<00:11:15.440> it's

people in the media are saying look it's

people in the media are saying look it's a<00:11:15.680> replay<00:11:16.079> of<00:11:16.160> 2008<00:11:16.640> we're<00:11:16.720> doing<00:11:16.959> the<00:11:17.040> same

a replay of 2008 we're doing the same

a replay of 2008 we're doing the same thing<00:11:17.440> we're<00:11:17.600> pumping<00:11:17.920> money<00:11:18.240> in<00:11:18.560> it's<00:11:18.720> going

thing we're pumping money in it's going

thing we're pumping money in it's going to<00:11:19.040> the<00:11:19.200> rich<00:11:19.600> and<00:11:19.839> sure<00:11:20.079> that<00:11:20.160> keeps<00:11:20.399> your

to the rich and sure that keeps your

to the rich and sure that keeps your wages<00:11:20.959> up<00:11:21.360> but<00:11:21.600> it<00:11:21.680> also<00:11:22.000> makes<00:11:22.240> it's<00:11:22.320> going<00:11:22.399> to

wages up but it also makes it's going to

wages up but it also makes it's going to make<00:11:22.640> house<00:11:22.880> prices<00:11:23.279> double<00:11:23.760> it<00:11:23.839> pushes<00:11:24.320> the

make house prices double it pushes the

make house prices double it pushes the cost<00:11:24.720> of<00:11:24.880> food<00:11:25.200> and<00:11:25.360> energy<00:11:25.680> up<00:11:26.399> why<00:11:26.720> is<00:11:26.880> it

cost of food and energy up why is it

cost of food and energy up why is it that<00:11:27.440> we<00:11:27.839> feel<00:11:28.079> that<00:11:28.160> we're<00:11:28.399> not<00:11:28.560> allowed<00:11:29.120> to

that we feel that we're not allowed to

that we feel that we're not allowed to tax<00:11:29.519> the<00:11:29.680> rich<00:11:30.160> we<00:11:30.320> feel<00:11:30.480> the<00:11:30.640> only<00:11:30.800> way<00:11:30.959> to

tax the rich we feel the only way to

tax the rich we feel the only way to deal<00:11:31.200> with<00:11:31.279> an<00:11:31.440> economic<00:11:31.760> crisis<00:11:32.079> is<00:11:32.160> to<00:11:32.320> pump

deal with an economic crisis is to pump

deal with an economic crisis is to pump money<00:11:32.880> in<00:11:33.279> economists<00:11:33.839> have<00:11:33.920> sort<00:11:34.079> of<00:11:34.160> tied

money in economists have sort of tied

money in economists have sort of tied their<00:11:34.560> hands<00:11:35.040> and<00:11:35.120> you<00:11:35.279> know<00:11:35.760> it<00:11:35.920> must<00:11:36.160> be

their hands and you know it must be

their hands and you know it must be mentioned<00:11:37.120> that<00:11:37.360> we<00:11:37.519> have<00:11:37.680> a<00:11:37.760> chance<00:11:38.000> to<00:11:38.079> lose

mentioned that we have a chance to lose

mentioned that we have a chance to lose i've<00:11:38.399> got<00:11:38.480> an<00:11:38.560> estimated<00:11:38.880> worth<00:11:39.040> of<00:11:39.120> 200

i've got an estimated worth of 200

i've got an estimated worth of 200 million<00:11:39.760> pounds<00:11:40.480> and<00:11:40.640> yet<00:11:41.120> when<00:11:41.279> there's<00:11:41.519> a

million pounds and yet when there's a

million pounds and yet when there's a crisis<00:11:42.240> it's<00:11:42.480> never<00:11:42.800> mentioned<00:11:43.120> well<00:11:43.279> maybe

crisis it's never mentioned well maybe

crisis it's never mentioned well maybe the<00:11:43.600> richard<00:11:44.000> actually<00:11:44.240> contribute<00:11:44.800> and<00:11:44.880> what

the richard actually contribute and what

the richard actually contribute and what actually<00:11:45.440> ends<00:11:45.600> up<00:11:45.760> happening<00:11:46.240> 2008<00:11:46.959> and

actually ends up happening 2008 and

actually ends up happening 2008 and kovid<00:11:47.680> is<00:11:47.839> a<00:11:48.000> massive<00:11:48.320> increase<00:11:48.560> in<00:11:48.640> the

kovid is a massive increase in the

kovid is a massive increase in the wealth<00:11:48.959> of<00:11:49.040> the<00:11:49.120> riches<00:11:49.680> but<00:11:49.839> nonetheless<00:11:50.639> qe

wealth of the riches but nonetheless qe

wealth of the riches but nonetheless qe being<00:11:51.440> taken<00:11:51.760> away<00:11:52.240> is<00:11:52.480> seems<00:11:52.720> to<00:11:52.800> be<00:11:52.880> causing

being taken away is seems to be causing

being taken away is seems to be causing problems<00:11:53.600> as<00:11:53.680> well<00:11:54.000> because<00:11:54.240> actually

problems as well because actually

problems as well because actually they're<00:11:54.560> starting<00:11:54.880> to<00:11:55.040> withdraw<00:11:55.360> it<00:11:55.440> now

they're starting to withdraw it now

they're starting to withdraw it now aren't<00:11:55.839> they<00:11:56.000> yeah<00:11:56.160> and<00:11:56.320> you<00:11:56.399> know<00:11:56.880> i<00:11:56.959> think<00:11:57.519> qe

aren't they yeah and you know i think qe

aren't they yeah and you know i think qe is<00:11:57.920> a<00:11:58.000> complicated<00:11:58.480> one<00:11:58.639> because<00:11:59.279> we<00:11:59.440> saw<00:11:59.680> a

is a complicated one because we saw a

is a complicated one because we saw a period<00:12:00.160> where<00:12:00.480> the<00:12:00.639> rich<00:12:00.880> got<00:12:01.040> massively

period where the rich got massively

period where the rich got massively richer<00:12:01.760> and<00:12:01.839> it<00:12:01.920> would<00:12:02.079> be<00:12:02.160> easy<00:12:02.399> to<00:12:02.480> say<00:12:02.639> well

richer and it would be easy to say well

richer and it would be easy to say well that's<00:12:02.959> because<00:12:03.120> of<00:12:03.200> qe<00:12:03.440> we<00:12:03.519> should<00:12:03.680> have<00:12:03.760> done

that's because of qe we should have done

that's because of qe we should have done qe<00:12:04.399> but<00:12:04.639> actually<00:12:05.120> without<00:12:05.600> qe<00:12:06.079> i<00:12:06.240> think

qe but actually without qe i think

qe but actually without qe i think probably<00:12:06.800> we<00:12:06.959> would<00:12:07.120> have<00:12:07.279> seen<00:12:07.760> 2008<00:12:08.480> play

probably we would have seen 2008 play

probably we would have seen 2008 play out<00:12:08.720> a<00:12:08.800> lot<00:12:08.959> more<00:12:09.120> like<00:12:09.200> the<00:12:09.279> great<00:12:09.440> depression

out a lot more like the great depression

out a lot more like the great depression and<00:12:10.240> i<00:12:10.320> think<00:12:10.480> qe<00:12:10.800> probably<00:12:11.040> prevented<00:12:11.519> that

and i think qe probably prevented that

and i think qe probably prevented that but<00:12:12.079> the<00:12:12.240> problem<00:12:12.560> is<00:12:12.880> with<00:12:13.120> qe<00:12:13.839> it<00:12:14.000> prevents

but the problem is with qe it prevents

but the problem is with qe it prevents some<00:12:14.560> of<00:12:14.639> the<00:12:14.720> worst<00:12:15.040> problems<00:12:15.440> but<00:12:15.680> it<00:12:15.760> causes

some of the worst problems but it causes

some of the worst problems but it causes massive<00:12:16.480> increasing<00:12:16.800> inequality<00:12:17.600> massive

massive increasing inequality massive

massive increasing inequality massive increase<00:12:18.240> in<00:12:18.320> the<00:12:18.480> wealth<00:12:18.720> of<00:12:18.800> the<00:12:18.880> richest

increase in the wealth of the richest

increase in the wealth of the richest massive<00:12:19.839> increase<00:12:20.160> in<00:12:20.480> house<00:12:20.720> prices<00:12:21.120> and

massive increase in house prices and

massive increase in house prices and stock<00:12:21.440> prices<00:12:21.920> so

stock prices so

stock prices so qe<00:12:23.040> is<00:12:23.120> a<00:12:23.200> great<00:12:23.360> way<00:12:23.519> to<00:12:24.000> save<00:12:24.320> us<00:12:24.480> at<00:12:24.560> times<00:12:24.880> of

qe is a great way to save us at times of

qe is a great way to save us at times of extreme<00:12:25.519> need<00:12:25.760> and<00:12:25.920> nothing<00:12:26.160> illustrates

extreme need and nothing illustrates

extreme need and nothing illustrates that<00:12:26.800> better<00:12:27.279> than<00:12:27.519> what<00:12:27.680> happened<00:12:28.000> in<00:12:28.079> covid

that better than what happened in covid

that better than what happened in covid it<00:12:29.600> causes<00:12:30.000> huge<00:12:30.240> amounts<00:12:30.480> of<00:12:30.560> money<00:12:30.800> to<00:12:30.880> put

it causes huge amounts of money to put

it causes huge amounts of money to put up<00:12:31.120> with<00:12:31.200> the<00:12:31.200> richest<00:12:31.760> and<00:12:31.920> if<00:12:32.000> you<00:12:32.079> don't<00:12:32.240> go

up with the richest and if you don't go

up with the richest and if you don't go in<00:12:32.480> afterwards<00:12:32.880> and<00:12:32.959> then<00:12:33.120> tax<00:12:33.360> the<00:12:33.440> richest

in afterwards and then tax the richest

in afterwards and then tax the richest you<00:12:34.079> see<00:12:34.240> exactly<00:12:34.560> what<00:12:34.639> we're<00:12:34.800> seeing<00:12:35.040> now

you see exactly what we're seeing now

you see exactly what we're seeing now big<00:12:35.600> increase<00:12:35.920> in<00:12:36.000> house<00:12:36.160> prices<00:12:36.480> big

big increase in house prices big

big increase in house prices big increase<00:12:36.880> in<00:12:36.959> inflation<00:12:37.279> and<00:12:37.360> a<00:12:37.440> massive

increase in inflation and a massive

increase in inflation and a massive falling<00:12:37.920> standard<00:12:38.160> of<00:12:38.320> living<00:12:38.639> so<00:12:39.040> do<00:12:39.200> the<00:12:39.360> qe

falling standard of living so do the qe

falling standard of living so do the qe accept<00:12:40.560> that<00:12:40.720> it's<00:12:40.800> going<00:12:40.959> to<00:12:41.040> cause<00:12:41.360> a

accept that it's going to cause a

accept that it's going to cause a massive<00:12:41.760> increase<00:12:42.000> in<00:12:42.160> equality<00:12:42.720> but<00:12:42.880> you

massive increase in equality but you

massive increase in equality but you have<00:12:43.360> to<00:12:43.519> tax<00:12:43.760> the<00:12:43.839> richest<00:12:44.240> afterwards

have to tax the richest afterwards

have to tax the richest afterwards otherwise<00:12:45.120> you're<00:12:45.200> going<00:12:45.360> to<00:12:45.519> get<00:12:45.920> this

otherwise you're going to get this

otherwise you're going to get this massive<00:12:46.639> decrease<00:12:46.959> in<00:12:47.120> standard<00:12:47.360> of<00:12:47.440> living

massive decrease in standard of living

massive decrease in standard of living it<00:12:48.079> should<00:12:48.240> be<00:12:48.399> obvious<00:12:48.959> then<00:12:49.040> we<00:12:49.200> could<00:12:49.279> do<00:12:49.440> a

it should be obvious then we could do a

it should be obvious then we could do a whole<00:12:49.760> other<00:12:50.079> podcast<00:12:50.560> into<00:12:50.880> our<00:12:51.040> documentary

whole other podcast into our documentary

whole other podcast into our documentary series<00:12:51.839> on<00:12:52.000> the<00:12:52.079> right<00:12:52.240> level<00:12:52.560> of<00:12:52.639> tax<00:12:52.880> for<00:12:53.200> for

series on the right level of tax for for

series on the right level of tax for for the<00:12:53.440> rich<00:12:53.680> as<00:12:54.000> as<00:12:54.160> you're<00:12:54.320> talking<00:12:54.560> about

the rich as as you're talking about

the rich as as you're talking about there<00:12:55.120> anyway<00:12:55.440> gary<00:12:55.760> thank<00:12:55.920> you<00:12:56.000> so<00:12:56.160> much<00:12:56.399> i

there anyway gary thank you so much i

there anyway gary thank you so much i can<00:12:56.639> see<00:12:56.880> why<00:12:57.120> you<00:12:57.200> were<00:12:57.360> so<00:12:57.519> suited<00:12:57.839> to<00:12:57.920> being

can see why you were so suited to being

can see why you were so suited to being a<00:12:58.160> trader<00:12:58.399> because<00:12:58.560> your<00:12:58.720> brain<00:12:59.040> works<00:12:59.360> like<00:12:59.519> a

a trader because your brain works like a

a trader because your brain works like a million<00:13:00.000> miles<00:13:00.240> an<00:13:00.399> hour<00:13:00.959> thank<00:13:01.120> you

million miles an hour thank you

million miles an hour thank you hopefully<00:13:02.720> that's<00:13:02.959> good

hopefully that's good

hopefully that's good well<00:13:03.920> that's<00:13:04.160> all<00:13:04.240> for<00:13:04.399> this<00:13:04.560> episode<00:13:04.800> of

well that's all for this episode of

well that's all for this episode of newscast<00:13:05.760> i<00:13:05.920> have<00:13:06.079> a<00:13:06.160> sneaking<00:13:06.560> suspicion<00:13:07.360> the

newscast i have a sneaking suspicion the

newscast i have a sneaking suspicion the news<00:13:08.240> is<00:13:08.399> just<00:13:08.560> about<00:13:08.800> to<00:13:08.959> take<00:13:09.200> off<00:13:09.360> at<00:13:09.440> a

news is just about to take off at a

news is just about to take off at a million<00:13:09.839> miles<00:13:10.160> an<00:13:10.240> hour<00:13:10.560> as<00:13:10.720> well

million miles an hour as well

million miles an hour as well good<00:13:11.680> luck<00:13:11.920> everyone<00:13:12.720> bye<00:13:13.519> newscast<00:13:14.320> newscast

good luck everyone bye newscast newscast

good luck everyone bye newscast newscast from<00:13:15.120> the<00:13:15.200> bbc<00:13:15.920> well<00:13:16.079> thank<00:13:16.240> you<00:13:16.320> for<00:13:16.399> making

from the bbc well thank you for making

from the bbc well thank you for making it<00:13:16.720> to<00:13:16.800> the<00:13:16.959> end<00:13:17.200> of<00:13:17.360> another<00:13:18.000> newscast<00:13:18.880> you

it to the end of another newscast you

it to the end of another newscast you clearly<00:13:19.600> ooze<00:13:20.399> stamina<00:13:21.200> and<00:13:21.279> i<00:13:21.519> gently

clearly ooze stamina and i gently

clearly ooze stamina and i gently encourage<00:13:22.240> you<00:13:22.399> to<00:13:22.560> subscribe<00:13:23.120> to<00:13:23.279> us<00:13:23.519> on<00:13:23.760> bbc

encourage you to subscribe to us on bbc

encourage you to subscribe to us on bbc sounds<00:13:25.040> and<00:13:25.120> then<00:13:25.519> without<00:13:25.920> having<00:13:26.160> to<00:13:26.320> do

sounds and then without having to do

sounds and then without having to do anything<00:13:27.040> else<00:13:27.519> our<00:13:27.680> meandering<00:13:28.399> chats<00:13:28.800> will

anything else our meandering chats will

anything else our meandering chats will miraculously<00:13:30.079> make<00:13:30.320> its<00:13:30.480> way<00:13:30.639> to<00:13:30.800> your<00:13:31.040> phone

you