good<00:00:00.399> morning<00:00:00.799> everybody<00:00:01.360> welcome<00:00:01.839> back<00:00:02.159> to

good morning everybody welcome back to

good morning everybody welcome back to the<00:00:02.639> conversational<00:00:03.120> money<00:00:03.360> podcast<00:00:03.840> i<00:00:03.919> hope

the conversational money podcast i hope

the conversational money podcast i hope you<00:00:04.480> are<00:00:04.720> all<00:00:05.040> well<00:00:05.440> so<00:00:05.839> after<00:00:06.240> the

you are all well so after the

you are all well so after the first<00:00:07.600> conversation<00:00:08.080> i<00:00:08.160> had<00:00:08.320> with<00:00:08.559> gary<00:00:08.880> last

first conversation i had with gary last

first conversation i had with gary last week<00:00:09.679> around<00:00:10.160> wealth<00:00:10.480> and<00:00:10.639> wealth<00:00:10.960> inequality

week around wealth and wealth inequality

week around wealth and wealth inequality we<00:00:11.840> are<00:00:11.920> going<00:00:12.080> to<00:00:12.160> continue<00:00:12.719> the

we are going to continue the

we are going to continue the conversation<00:00:13.679> today

conversation today

conversation today and<00:00:15.120> we're<00:00:15.360> going<00:00:15.440> to<00:00:15.519> be<00:00:15.599> talking<00:00:15.839> about

and we're going to be talking about

and we're going to be talking about something<00:00:16.480> that

something that

something that when<00:00:17.600> we<00:00:17.760> use<00:00:18.000> this<00:00:18.160> language

when we use this language

when we use this language you<00:00:19.600> may<00:00:19.840> not<00:00:20.000> be<00:00:20.240> fully<00:00:20.640> aware<00:00:20.960> of<00:00:21.119> what<00:00:21.359> it

you may not be fully aware of what it

you may not be fully aware of what it means<00:00:22.400> um<00:00:23.119> and<00:00:23.279> it<00:00:23.439> may<00:00:23.600> be<00:00:23.760> a<00:00:23.920> phrase<00:00:24.320> that

means um and it may be a phrase that

means um and it may be a phrase that you've<00:00:24.800> used<00:00:25.119> before<00:00:25.599> the<00:00:25.680> phrase<00:00:26.080> that<00:00:26.240> we

you've used before the phrase that we

you've used before the phrase that we use<00:00:26.560> in<00:00:26.720> the<00:00:27.279> industry<00:00:27.760> is<00:00:28.000> quantitative

use in the industry is quantitative

use in the industry is quantitative easing<00:00:28.960> you<00:00:29.039> might<00:00:29.279> have<00:00:29.359> heard<00:00:29.519> this<00:00:29.840> in<00:00:30.480> in

easing you might have heard this in in

easing you might have heard this in in news<00:00:30.880> articles<00:00:31.439> and<00:00:31.519> across<00:00:31.840> the<00:00:32.000> news<00:00:32.320> and

news articles and across the news and

news articles and across the news and stuff<00:00:33.040> but<00:00:33.200> what<00:00:33.360> we're<00:00:33.520> going<00:00:33.600> to<00:00:33.680> do<00:00:33.840> in<00:00:33.920> this

stuff but what we're going to do in this

stuff but what we're going to do in this in<00:00:34.719> this<00:00:35.280> particular<00:00:35.760> episode<00:00:36.399> is

in this particular episode is

in this particular episode is break<00:00:37.600> down<00:00:37.760> what<00:00:38.000> that<00:00:38.239> means

break down what that means

break down what that means and<00:00:39.280> break<00:00:39.520> down<00:00:39.680> what<00:00:39.920> it<00:00:40.079> means

and break down what it means

and break down what it means to<00:00:41.360> you<00:00:41.760> and<00:00:42.079> gary's<00:00:42.719> thoughts<00:00:43.360> given<00:00:43.680> his

to you and gary's thoughts given his

to you and gary's thoughts given his experience<00:00:44.320> as<00:00:44.399> an<00:00:44.559> ex-trader

experience as an ex-trader

experience as an ex-trader um<00:00:46.320> around<00:00:46.640> what<00:00:46.800> it<00:00:46.960> means<00:00:47.200> for<00:00:47.360> you<00:00:47.760> moving

um around what it means for you moving

um around what it means for you moving forward<00:00:48.480> i'm<00:00:48.719> really<00:00:48.879> excited<00:00:49.200> to<00:00:49.280> have<00:00:49.440> gary

forward i'm really excited to have gary

forward i'm really excited to have gary back<00:00:49.920> because<00:00:50.239> the<00:00:50.320> response<00:00:50.640> from<00:00:50.800> the<00:00:50.879> first

back because the response from the first

back because the response from the first episode<00:00:51.600> last<00:00:51.760> week<00:00:52.480> has<00:00:52.640> been<00:00:52.960> really<00:00:53.199> really

episode last week has been really really

episode last week has been really really good<00:00:53.680> people<00:00:53.920> have<00:00:54.000> found<00:00:54.239> it<00:00:54.559> very<00:00:54.800> very

good people have found it very very

good people have found it very very insightful<00:00:56.160> um<00:00:56.480> and<00:00:56.640> it's<00:00:56.800> always<00:00:57.120> a<00:00:57.199> great<00:00:57.600> um

insightful um and it's always a great um

insightful um and it's always a great um great<00:00:59.120> time<00:00:59.359> having<00:00:59.600> a<00:00:59.680> chat<00:00:59.840> with<00:01:00.000> someone

great time having a chat with someone

great time having a chat with someone who's<00:01:00.399> got<00:01:00.800> wider<00:01:01.199> and<00:01:01.359> broader<00:01:01.680> knowledge

who's got wider and broader knowledge

who's got wider and broader knowledge than<00:01:02.160> me<00:01:02.320> on<00:01:02.480> the<00:01:02.559> podcast<00:01:03.199> and<00:01:03.600> i<00:01:03.680> think

than me on the podcast and i think

than me on the podcast and i think that's<00:01:04.080> part<00:01:04.239> of<00:01:04.320> what<00:01:04.479> i<00:01:04.559> try<00:01:04.720> to<00:01:04.799> do<00:01:04.960> is<00:01:05.119> try

that's part of what i try to do is try

that's part of what i try to do is try and<00:01:05.360> get<00:01:05.439> into<00:01:05.680> smarter<00:01:06.080> rooms<00:01:06.400> and<00:01:06.880> he's<00:01:07.119> in

and get into smarter rooms and he's in

and get into smarter rooms and he's in smarter<00:01:07.680> rooms<00:01:08.000> basically<00:01:08.479> so<00:01:09.040> it's<00:01:09.200> a

smarter rooms basically so it's a

smarter rooms basically so it's a privilege<00:01:09.600> for<00:01:09.760> me<00:01:10.000> so<00:01:10.400> i<00:01:10.479> just<00:01:10.640> want<00:01:10.799> to

privilege for me so i just want to

privilege for me so i just want to welcome<00:01:11.200> back<00:01:11.520> gary<00:01:12.000> welcome<00:01:12.320> back<00:01:12.560> mate

welcome back gary welcome back mate

welcome back gary welcome back mate thank<00:01:12.960> you<00:01:13.040> so<00:01:13.200> much<00:01:13.280> for<00:01:13.439> joining<00:01:13.680> me<00:01:13.760> again

thank you so much for joining me again

thank you so much for joining me again thanks<00:01:14.880> for<00:01:14.960> having<00:01:15.200> me<00:01:15.520> glad<00:01:15.759> to<00:01:15.840> be<00:01:15.920> back

thanks for having me glad to be back

thanks for having me glad to be back cool

cool

cool just<00:01:17.680> to<00:01:17.840> get<00:01:18.000> this<00:01:18.159> started<00:01:18.640> i<00:01:18.799> want<00:01:18.960> to<00:01:19.040> do<00:01:19.200> a

just to get this started i want to do a

just to get this started i want to do a reintroduction<00:01:20.320> to<00:01:20.960> to<00:01:21.119> you<00:01:21.520> just<00:01:21.680> so<00:01:21.840> that

reintroduction to to you just so that

reintroduction to to you just so that anyone<00:01:22.720> if<00:01:22.880> anyone's

anyone if anyone's

anyone if anyone's like<00:01:24.080> listening<00:01:24.479> to<00:01:24.560> this<00:01:24.799> episode<00:01:25.119> and

like listening to this episode and

like listening to this episode and didn't<00:01:25.520> catch<00:01:25.759> the<00:01:25.920> one<00:01:26.240> last<00:01:26.560> week<00:01:26.799> they<00:01:26.960> can

didn't catch the one last week they can

didn't catch the one last week they can kind<00:01:27.280> of<00:01:27.360> get<00:01:27.520> a<00:01:27.600> good<00:01:27.840> sense<00:01:28.159> of<00:01:28.320> you

kind of get a good sense of you

kind of get a good sense of you and<00:01:29.360> then<00:01:29.600> hopefully<00:01:29.920> go<00:01:30.159> back<00:01:30.400> and<00:01:30.479> listen<00:01:30.799> to

and then hopefully go back and listen to

and then hopefully go back and listen to the<00:01:31.520> to<00:01:31.680> the<00:01:31.840> episode<00:01:32.320> last<00:01:32.640> monday<00:01:32.960> so<00:01:33.119> can

the to the episode last monday so can

the to the episode last monday so can you<00:01:33.360> give<00:01:33.520> a<00:01:33.680> brief<00:01:34.000> introduction<00:01:34.479> to<00:01:34.640> you

you give a brief introduction to you

you give a brief introduction to you and<00:01:35.759> please<00:01:36.159> don't<00:01:36.640> be<00:01:36.799> modest<00:01:37.520> in

and please don't be modest in

and please don't be modest in what<00:01:38.960> you've<00:01:39.200> achieved<00:01:39.520> because<00:01:40.159> what<00:01:40.320> you've

what you've achieved because what you've

what you've achieved because what you've achieved<00:01:40.799> is<00:01:40.880> pretty<00:01:41.200> amazing<00:01:42.000> okay<00:01:42.399> yeah

achieved is pretty amazing okay yeah

achieved is pretty amazing okay yeah i'll<00:01:42.640> try<00:01:42.799> my<00:01:42.960> best<00:01:43.360> um<00:01:44.000> yeah<00:01:44.320> so<00:01:44.640> basically

i'll try my best um yeah so basically

i'll try my best um yeah so basically recap<00:01:45.200> of<00:01:45.280> what<00:01:45.439> we<00:01:45.520> said<00:01:45.680> last<00:01:45.840> time<00:01:46.000> so<00:01:46.240> i'm

recap of what we said last time so i'm

recap of what we said last time so i'm from<00:01:46.799> ilford<00:01:47.280> east<00:01:47.439> london<00:01:47.920> um<00:01:48.479> i<00:01:48.640> grew<00:01:48.799> up

from ilford east london um i grew up

from ilford east london um i grew up there<00:01:49.119> from<00:01:49.439> quite<00:01:49.600> a<00:01:49.680> sort<00:01:49.840> of<00:01:50.320> poor<00:01:50.560> family

there from quite a sort of poor family

there from quite a sort of poor family quite<00:01:51.119> a<00:01:51.200> poor<00:01:51.439> area<00:01:52.000> i<00:01:52.079> managed<00:01:52.399> to<00:01:52.479> get<00:01:52.640> into

quite a poor area i managed to get into

quite a poor area i managed to get into lse<00:01:53.600> london<00:01:53.840> school<00:01:54.000> of<00:01:54.159> economics<00:01:54.560> which<00:01:54.720> is

lse london school of economics which is

lse london school of economics which is like<00:01:55.040> quite<00:01:55.200> a<00:01:55.280> prestigious<00:01:56.320> economics

like quite a prestigious economics

like quite a prestigious economics university<00:01:57.200> here<00:01:57.360> in<00:01:57.439> london<00:01:58.320> um

university here in london um

university here in london um when<00:01:59.759> i<00:01:59.920> was<00:02:00.159> there<00:02:00.719> that<00:02:01.119> university<00:02:01.600> puts<00:02:01.759> a

when i was there that university puts a

when i was there that university puts a lot<00:02:01.920> of<00:02:02.000> people<00:02:02.159> into<00:02:02.399> the<00:02:02.479> city<00:02:02.880> into<00:02:03.119> trading

lot of people into the city into trading

lot of people into the city into trading jobs<00:02:04.240> um

jobs um

jobs um and<00:02:05.840> when<00:02:06.079> i<00:02:06.159> was<00:02:06.320> there<00:02:06.799> everybody<00:02:07.119> was

and when i was there everybody was

and when i was there everybody was applying<00:02:07.520> for<00:02:07.600> those<00:02:07.920> jobs<00:02:08.319> but<00:02:08.560> um

applying for those jobs but um

applying for those jobs but um i<00:02:09.599> didn't<00:02:09.840> really<00:02:10.000> know<00:02:10.160> how<00:02:10.319> to<00:02:10.479> get<00:02:10.640> them

i didn't really know how to get them

i didn't really know how to get them because<00:02:11.039> it's<00:02:11.200> a<00:02:11.280> very<00:02:11.520> sort<00:02:11.680> of<00:02:12.239> elite<00:02:12.640> crowd

because it's a very sort of elite crowd

because it's a very sort of elite crowd people<00:02:13.280> from<00:02:13.520> sort<00:02:13.680> of<00:02:14.319> people<00:02:14.640> are<00:02:14.720> there

people from sort of people are there

people from sort of people are there sort<00:02:15.120> of<00:02:15.120> dads<00:02:15.440> are<00:02:15.599> arab<00:02:15.920> billionaires<00:02:16.480> and

sort of dads are arab billionaires and

sort of dads are arab billionaires and russian<00:02:16.879> billionaires<00:02:17.440> and<00:02:17.840> chinese

russian billionaires and chinese

russian billionaires and chinese government<00:02:18.560> members<00:02:19.360> and<00:02:19.440> they<00:02:19.599> all<00:02:19.680> had

government members and they all had

government members and they all had these<00:02:20.000> amazing<00:02:20.400> sort<00:02:20.560> of<00:02:20.640> cvs<00:02:21.040> but<00:02:21.120> they've

these amazing sort of cvs but they've

these amazing sort of cvs but they've all<00:02:21.440> done<00:02:21.680> amazing<00:02:22.080> things<00:02:22.480> like<00:02:22.720> you<00:02:22.879> know

all done amazing things like you know

all done amazing things like you know concert<00:02:24.160> cellist<00:02:24.720> and<00:02:24.879> like<00:02:25.200> you<00:02:25.280> know<00:02:25.680> trek

concert cellist and like you know trek

concert cellist and like you know trek the<00:02:26.000> sahara<00:02:26.480> and<00:02:26.640> stuff<00:02:27.200> um<00:02:28.000> but<00:02:28.239> i<00:02:28.400> found<00:02:28.640> out

the sahara and stuff um but i found out

the sahara and stuff um but i found out that<00:02:29.040> citibank<00:02:29.520> had<00:02:29.760> one<00:02:30.000> trader<00:02:30.319> a<00:02:30.400> year

that citibank had one trader a year

that citibank had one trader a year through<00:02:30.800> a<00:02:30.879> card<00:02:31.120> game<00:02:31.280> which<00:02:31.440> is<00:02:31.519> basically<00:02:31.840> a

through a card game which is basically a

through a card game which is basically a maths<00:02:32.239> game<00:02:32.959> so<00:02:33.200> um

maths game so um

maths game so um that<00:02:34.239> math<00:02:34.480> was<00:02:34.640> my<00:02:34.879> big<00:02:35.040> thing<00:02:35.120> back<00:02:35.360> when<00:02:35.519> i

that math was my big thing back when i

that math was my big thing back when i was<00:02:35.680> a<00:02:35.760> kid<00:02:36.000> i<00:02:36.080> still<00:02:36.640> win<00:02:36.879> competitions<00:02:37.360> and

was a kid i still win competitions and

was a kid i still win competitions and stuff<00:02:37.599> so<00:02:37.680> i<00:02:37.760> went<00:02:37.920> in<00:02:38.000> for<00:02:38.160> that<00:02:38.319> game<00:02:38.879> i<00:02:39.040> won

stuff so i went in for that game i won

stuff so i went in for that game i won that<00:02:39.440> game<00:02:39.760> and<00:02:39.840> i<00:02:39.920> got<00:02:40.080> a<00:02:40.160> job<00:02:40.319> as<00:02:40.480> a<00:02:40.560> trader<00:02:40.959> in

that game and i got a job as a trader in

that game and i got a job as a trader in citibank<00:02:41.680> basically<00:02:42.000> and<00:02:42.160> i<00:02:42.239> started<00:02:42.480> working

citibank basically and i started working

citibank basically and i started working here<00:02:42.800> in<00:02:42.879> 2008<00:02:43.519> which<00:02:43.680> was<00:02:43.920> the

here in 2008 which was the

here in 2008 which was the financial<00:02:45.120> crash<00:02:45.519> and<00:02:45.680> when<00:02:45.840> everything<00:02:46.160> went

financial crash and when everything went

financial crash and when everything went crazy<00:02:47.040> um<00:02:47.280> the<00:02:47.440> bank<00:02:47.680> which<00:02:48.080> uh<00:02:48.319> the<00:02:48.640> desk

crazy um the bank which uh the desk

crazy um the bank which uh the desk which<00:02:49.120> i<00:02:49.200> was<00:02:49.360> working<00:02:49.680> on<00:02:50.080> which<00:02:50.239> was

which i was working on which was

which i was working on which was short-term<00:02:51.040> interest<00:02:51.360> rates<00:02:52.000> which<00:02:52.239> is

short-term interest rates which is

short-term interest rates which is short-term<00:02:52.800> loans<00:02:53.599> was<00:02:53.840> very<00:02:54.000> heavily

short-term loans was very heavily

short-term loans was very heavily involved<00:02:54.720> because<00:02:54.959> the<00:02:55.120> credit<00:02:55.680> crunch<00:02:56.160> was

involved because the credit crunch was

involved because the credit crunch was about<00:02:56.800> people<00:02:57.040> not<00:02:57.200> being<00:02:57.360> able<00:02:57.440> to<00:02:57.519> get<00:02:57.680> loans

about people not being able to get loans

about people not being able to get loans basically<00:02:58.319> yeah<00:02:58.800> and<00:02:59.040> people<00:02:59.280> started<00:02:59.519> making

basically yeah and people started making

basically yeah and people started making loads<00:03:00.000> of<00:03:00.080> money<00:03:00.400> and<00:03:00.560> like<00:03:00.800> i<00:03:00.879> was<00:03:01.040> only<00:03:01.280> sort

loads of money and like i was only sort

loads of money and like i was only sort of<00:03:01.760> 21<00:03:02.319> but<00:03:02.480> i<00:03:02.560> managed<00:03:02.800> to<00:03:02.959> make<00:03:03.040> like<00:03:03.200> quite<00:03:03.360> a

of 21 but i managed to make like quite a

of 21 but i managed to make like quite a bit<00:03:03.519> of<00:03:03.599> money<00:03:03.920> just<00:03:04.080> like<00:03:04.239> copying<00:03:04.560> what

bit of money just like copying what

bit of money just like copying what people<00:03:04.959> were<00:03:05.040> doing

people were doing

people were doing um<00:03:06.480> but<00:03:06.959> a<00:03:07.120> big<00:03:07.360> part<00:03:07.519> of<00:03:07.599> that<00:03:07.760> job<00:03:08.000> was

um but a big part of that job was

um but a big part of that job was predicting<00:03:09.200> we<00:03:09.360> used<00:03:09.440> to<00:03:09.519> predict<00:03:10.000> would

predicting we used to predict would

predicting we used to predict would rates<00:03:10.480> go<00:03:10.640> up<00:03:10.800> and<00:03:10.879> down<00:03:11.200> which<00:03:11.440> is<00:03:11.519> basically

rates go up and down which is basically

rates go up and down which is basically will<00:03:12.000> the<00:03:12.159> economy<00:03:12.480> go<00:03:12.640> up<00:03:12.800> and<00:03:12.879> down

will the economy go up and down

will the economy go up and down but<00:03:14.159> in<00:03:14.239> 2008<00:03:14.800> all<00:03:14.879> the<00:03:14.959> rates<00:03:15.200> went<00:03:15.360> to<00:03:15.519> zero

but in 2008 all the rates went to zero

but in 2008 all the rates went to zero so<00:03:16.080> suddenly<00:03:16.400> we're<00:03:16.560> predicting<00:03:17.040> when<00:03:17.200> will

so suddenly we're predicting when will

so suddenly we're predicting when will the<00:03:17.440> economy<00:03:17.840> bounce<00:03:18.159> back<00:03:18.879> and<00:03:18.959> the<00:03:19.120> history

the economy bounce back and the history

the economy bounce back and the history of<00:03:19.440> that<00:03:19.599> is<00:03:19.680> mad<00:03:19.920> interesting<00:03:20.400> because

of that is mad interesting because

of that is mad interesting because basically<00:03:21.200> everybody<00:03:21.680> predicted<00:03:22.239> every

basically everybody predicted every

basically everybody predicted every single<00:03:22.879> year

single year

single year will<00:03:24.000> recover<00:03:24.400> next<00:03:24.640> year<00:03:25.120> and<00:03:25.360> like<00:03:25.599> after

will recover next year and like after

will recover next year and like after about<00:03:26.159> sort<00:03:26.319> of<00:03:26.400> two<00:03:26.640> years<00:03:26.879> of<00:03:26.959> that<00:03:27.280> like

about sort of two years of that like

about sort of two years of that like getting<00:03:27.680> into<00:03:28.080> late<00:03:28.239> 2010<00:03:28.799> early<00:03:29.040> 2011<00:03:29.840> when

getting into late 2010 early 2011 when

getting into late 2010 early 2011 when those<00:03:30.159> predictions<00:03:30.560> kept<00:03:30.720> being<00:03:30.959> wrong<00:03:31.519> i

those predictions kept being wrong i

those predictions kept being wrong i started<00:03:32.080> to<00:03:32.159> think<00:03:32.319> okay<00:03:32.560> well<00:03:32.640> what<00:03:32.799> are<00:03:32.879> we

started to think okay well what are we

started to think okay well what are we missing<00:03:33.360> here

missing here

missing here and<00:03:34.400> i<00:03:34.480> thought<00:03:34.720> long<00:03:34.959> and<00:03:35.040> hard<00:03:35.280> about<00:03:35.599> why<00:03:35.760> is

and i thought long and hard about why is

and i thought long and hard about why is the<00:03:36.000> economy<00:03:36.400> not<00:03:36.480> getting<00:03:36.720> better<00:03:37.519> why<00:03:37.680> do

the economy not getting better why do

the economy not getting better why do people<00:03:38.000> think<00:03:38.239> it's<00:03:38.319> going<00:03:38.400> to<00:03:38.480> get<00:03:38.640> better

people think it's going to get better

people think it's going to get better basically<00:03:39.760> i<00:03:39.920> came<00:03:40.080> to<00:03:40.239> the<00:03:40.319> conclusion<00:03:40.720> that

basically i came to the conclusion that

basically i came to the conclusion that economists<00:03:41.599> and<00:03:41.760> traders<00:03:42.239> didn't<00:03:42.480> really

economists and traders didn't really

economists and traders didn't really understand

understand

understand largely<00:03:44.400> because<00:03:44.720> they're<00:03:44.879> all<00:03:45.040> from<00:03:45.280> such

largely because they're all from such

largely because they're all from such rich<00:03:45.760> backgrounds<00:03:46.319> the<00:03:46.480> importance<00:03:46.879> of

rich backgrounds the importance of

rich backgrounds the importance of inequality<00:03:47.440> in<00:03:47.519> the<00:03:47.599> economy<00:03:48.400> all<00:03:48.480> the<00:03:48.560> money

inequality in the economy all the money

inequality in the economy all the money that<00:03:48.879> was<00:03:49.040> going<00:03:49.280> in<00:03:49.360> was<00:03:49.519> going<00:03:49.680> to<00:03:49.760> the<00:03:49.840> rich

that was going in was going to the rich

that was going in was going to the rich people<00:03:50.959> they're<00:03:51.120> not<00:03:51.280> spending<00:03:51.680> it<00:03:51.760> they're

people they're not spending it they're

people they're not spending it they're just<00:03:52.000> using<00:03:52.239> it<00:03:52.319> to<00:03:52.400> buy<00:03:52.560> houses<00:03:52.959> and<00:03:53.040> stuff<00:03:53.439> so

just using it to buy houses and stuff so

just using it to buy houses and stuff so the<00:03:53.760> economy<00:03:54.080> is<00:03:54.159> not<00:03:54.319> getting<00:03:54.480> better<00:03:55.040> and

the economy is not getting better and

the economy is not getting better and furthermore<00:03:56.319> the<00:03:56.480> economy<00:03:56.799> is<00:03:56.879> not<00:03:57.040> going<00:03:57.120> to

furthermore the economy is not going to

furthermore the economy is not going to get<00:03:57.360> better<00:03:57.599> because<00:03:57.760> we're<00:03:57.840> not<00:03:58.000> fixing<00:03:58.400> it

get better because we're not fixing it

get better because we're not fixing it so<00:03:58.959> i<00:03:59.120> started<00:03:59.360> to<00:03:59.439> bet<00:03:59.680> very<00:03:59.920> aggressively

so i started to bet very aggressively

so i started to bet very aggressively there<00:04:00.480> will<00:04:00.560> be<00:04:00.640> no<00:04:00.799> recovery<00:04:01.680> and<00:04:01.760> by<00:04:01.920> the<00:04:02.000> end

there will be no recovery and by the end

there will be no recovery and by the end of<00:04:02.319> 2011<00:04:02.959> i<00:04:03.040> was<00:04:03.200> citibank's<00:04:03.760> globally<00:04:04.080> most

of 2011 i was citibank's globally most

of 2011 i was citibank's globally most profitable<00:04:04.720> trader<00:04:05.120> on<00:04:05.280> the<00:04:05.360> back<00:04:05.519> of<00:04:05.599> this

profitable trader on the back of this

profitable trader on the back of this like<00:04:06.000> really<00:04:06.239> pessimistic<00:04:06.799> prediction<00:04:07.760> um<00:04:08.239> so

like really pessimistic prediction um so

like really pessimistic prediction um so that<00:04:08.560> put<00:04:08.720> me<00:04:08.799> in<00:04:08.879> this<00:04:09.040> sort<00:04:09.200> of<00:04:09.280> mad<00:04:09.519> place<00:04:09.840> of

that put me in this sort of mad place of

that put me in this sort of mad place of like<00:04:10.480> being<00:04:10.799> really<00:04:11.200> successful<00:04:12.159> by<00:04:12.319> making

like being really successful by making

like being really successful by making really<00:04:12.879> pessimistic<00:04:13.439> predictions<00:04:14.239> and

really pessimistic predictions and

really pessimistic predictions and everyone<00:04:14.640> the<00:04:14.720> bank<00:04:14.959> was<00:04:15.120> like<00:04:15.439> yeah<00:04:15.599> well

everyone the bank was like yeah well

everyone the bank was like yeah well done<00:04:16.000> mate<00:04:16.239> do<00:04:16.320> it<00:04:16.479> again<00:04:16.639> next<00:04:16.880> year

done mate do it again next year

done mate do it again next year um<00:04:18.400> and<00:04:18.720> after<00:04:19.040> like<00:04:19.600> sort<00:04:19.759> of<00:04:20.000> six<00:04:20.320> months<00:04:20.639> one

um and after like sort of six months one

um and after like sort of six months one year<00:04:20.959> after<00:04:21.199> that<00:04:21.280> i<00:04:21.359> was<00:04:21.440> just<00:04:21.600> like<00:04:21.759> look<00:04:21.919> i

year after that i was just like look i

year after that i was just like look i can't<00:04:22.240> do<00:04:22.400> this<00:04:22.560> anymore<00:04:22.880> i<00:04:22.960> think<00:04:23.120> like<00:04:23.360> i

can't do this anymore i think like i

can't do this anymore i think like i need<00:04:23.600> to<00:04:23.759> try<00:04:24.000> and

need to try and

need to try and figure<00:04:26.000> out<00:04:26.560> ways<00:04:26.800> to<00:04:26.960> communicate<00:04:27.440> to<00:04:27.520> people

figure out ways to communicate to people

figure out ways to communicate to people what's<00:04:27.919> happening<00:04:28.320> because<00:04:28.880> you<00:04:29.040> know<00:04:29.199> i

what's happening because you know i

what's happening because you know i believe<00:04:29.600> then<00:04:29.840> and<00:04:29.919> i<00:04:30.080> still<00:04:30.240> believe<00:04:30.560> now

believe then and i still believe now

believe then and i still believe now that<00:04:31.040> really<00:04:31.280> as<00:04:31.440> a<00:04:31.520> society<00:04:32.000> we're<00:04:32.160> not

that really as a society we're not

that really as a society we're not getting<00:04:32.639> on<00:04:32.720> top<00:04:32.880> of<00:04:32.960> inequality<00:04:33.600> we're<00:04:33.759> not

getting on top of inequality we're not

getting on top of inequality we're not reducing<00:04:34.560> it<00:04:34.720> if<00:04:34.880> we<00:04:34.960> don't<00:04:35.120> reduce<00:04:35.440> it<00:04:35.520> things

reducing it if we don't reduce it things

reducing it if we don't reduce it things are<00:04:35.840> not<00:04:35.919> going<00:04:36.000> to<00:04:36.080> get<00:04:36.320> better<00:04:36.720> that<00:04:36.880> means

are not going to get better that means

are not going to get better that means things<00:04:37.280> are<00:04:37.360> going<00:04:37.440> to<00:04:37.520> make<00:04:37.600> worse<00:04:37.840> for

things are going to make worse for

things are going to make worse for ordinary<00:04:38.400> people<00:04:38.960> so<00:04:39.120> i<00:04:39.199> wanted<00:04:39.440> to<00:04:39.520> find<00:04:39.759> ways

ordinary people so i wanted to find ways

ordinary people so i wanted to find ways to<00:04:40.080> get<00:04:40.240> out<00:04:40.400> and<00:04:40.560> communicate<00:04:41.600> with<00:04:41.759> ordinary

to get out and communicate with ordinary

to get out and communicate with ordinary people<00:04:42.320> how<00:04:42.479> to<00:04:42.560> do<00:04:42.720> that<00:04:43.040> so<00:04:43.280> um<00:04:43.759> yeah<00:04:43.919> i<00:04:44.000> went

people how to do that so um yeah i went

people how to do that so um yeah i went back<00:04:44.320> to<00:04:44.400> oxford<00:04:44.800> and<00:04:44.880> spent<00:04:45.120> a<00:04:45.199> couple<00:04:45.440> years

back to oxford and spent a couple years

back to oxford and spent a couple years studying<00:04:46.000> trying<00:04:46.160> to<00:04:46.240> see<00:04:46.400> if<00:04:46.479> i<00:04:46.560> could<00:04:46.639> get

studying trying to see if i could get

studying trying to see if i could get academics<00:04:47.360> on<00:04:47.520> side<00:04:48.160> but<00:04:48.320> there<00:04:48.479> was<00:04:48.639> just<00:04:48.800> a

academics on side but there was just a

academics on side but there was just a bunch<00:04:49.040> of<00:04:49.120> rich<00:04:49.360> guys<00:04:49.600> in<00:04:49.680> capes<00:04:50.000> and<00:04:50.080> there

bunch of rich guys in capes and there

bunch of rich guys in capes and there wasn't<00:04:50.400> really<00:04:50.639> interesting

wasn't really interesting

wasn't really interesting and<00:04:52.720> so<00:04:52.880> yeah<00:04:53.040> the<00:04:53.120> last<00:04:53.360> like<00:04:53.600> couple<00:04:53.919> of

and so yeah the last like couple of

and so yeah the last like couple of years<00:04:54.240> i've<00:04:54.320> been<00:04:54.560> out<00:04:54.720> writing<00:04:54.960> in<00:04:55.120> the<00:04:55.199> media

years i've been out writing in the media

years i've been out writing in the media writing<00:04:56.479> articles<00:04:56.960> making<00:04:57.199> videos<00:04:57.600> on

writing articles making videos on

writing articles making videos on youtube<00:04:58.560> just<00:04:58.800> trying<00:04:59.040> to<00:04:59.199> communicate<00:04:59.680> to

youtube just trying to communicate to

youtube just trying to communicate to people<00:05:00.080> just<00:05:00.240> trying<00:05:00.400> to<00:05:00.479> give<00:05:00.720> people<00:05:01.280> the

people just trying to give people the

people just trying to give people the information<00:05:01.919> about<00:05:02.080> what's<00:05:02.320> happening

information about what's happening

information about what's happening because<00:05:03.759> i<00:05:03.840> think<00:05:04.080> often<00:05:04.560> and<00:05:04.720> i<00:05:04.800> know<00:05:04.960> you

because i think often and i know you

because i think often and i know you agree<00:05:05.280> with<00:05:05.360> me<00:05:05.520> on<00:05:05.600> this<00:05:06.160> like<00:05:06.400> people<00:05:06.720> talk

agree with me on this like people talk

agree with me on this like people talk about<00:05:07.039> economics<00:05:07.440> in<00:05:07.520> the<00:05:07.600> media<00:05:08.240> they're<00:05:08.400> not

about economics in the media they're not

about economics in the media they're not easy<00:05:08.800> to<00:05:08.960> understand<00:05:09.360> they're<00:05:09.520> not<00:05:09.680> clear

easy to understand they're not clear

easy to understand they're not clear they're<00:05:10.160> not<00:05:10.320> accessible<00:05:10.720> for<00:05:10.880> ordinary

they're not accessible for ordinary

they're not accessible for ordinary people<00:05:12.080> um<00:05:12.400> so<00:05:12.560> yeah<00:05:12.720> i'm<00:05:12.800> not<00:05:12.960> they're<00:05:13.039> trying

people um so yeah i'm not they're trying

people um so yeah i'm not they're trying to<00:05:13.280> tell<00:05:13.440> people<00:05:13.600> what's<00:05:13.759> going<00:05:13.919> to<00:05:14.000> happen

to tell people what's going to happen

to tell people what's going to happen trying<00:05:14.720> to<00:05:14.800> tell<00:05:14.960> people<00:05:15.199> what<00:05:15.360> we<00:05:15.440> need<00:05:15.600> to<00:05:15.680> do

trying to tell people what we need to do

trying to tell people what we need to do if<00:05:15.919> you<00:05:15.919> want<00:05:16.080> to<00:05:16.160> make<00:05:16.320> things<00:05:16.560> better<00:05:17.199> and<00:05:17.360> uh

if you want to make things better and uh

if you want to make things better and uh yeah<00:05:17.840> getting<00:05:18.240> the<00:05:18.400> information<00:05:18.800> out<00:05:18.880> to

yeah getting the information out to

yeah getting the information out to ordinary<00:05:19.360> people<00:05:20.000> same<00:05:20.160> as<00:05:20.240> gpr<00:05:21.039> amazing<00:05:21.840> can

ordinary people same as gpr amazing can

ordinary people same as gpr amazing can i<00:05:22.160> just<00:05:22.320> go<00:05:22.479> back<00:05:22.720> on<00:05:23.120> one<00:05:23.360> thing<00:05:23.600> mate<00:05:24.000> because

i just go back on one thing mate because

i just go back on one thing mate because i<00:05:24.720> i<00:05:24.880> said<00:05:25.120> this<00:05:25.360> on<00:05:25.520> an<00:05:25.680> ig<00:05:26.080> live<00:05:26.400> yesterday

i i said this on an ig live yesterday

i i said this on an ig live yesterday when<00:05:27.199> i<00:05:27.360> took<00:05:27.520> some<00:05:27.680> questions<00:05:28.000> from<00:05:28.240> people

when i took some questions from people

when i took some questions from people and

and

and i<00:05:30.800> kind<00:05:31.039> of<00:05:31.520> i<00:05:31.759> did<00:05:32.080> kind<00:05:32.240> of<00:05:32.400> want<00:05:32.639> to<00:05:32.880> like

i kind of i did kind of want to like

i kind of i did kind of want to like equate

equate

equate what<00:05:35.440> it<00:05:35.759> means

what it means

what it means to<00:05:37.440> be<00:05:38.000> the<00:05:38.240> top<00:05:38.560> trader

to be the top trader

to be the top trader in<00:05:39.919> a<00:05:40.080> bank<00:05:40.400> like<00:05:40.639> citibank<00:05:41.360> in<00:05:41.520> 2011<00:05:42.160> i<00:05:42.240> mean

in a bank like citibank in 2011 i mean

in a bank like citibank in 2011 i mean roughly<00:05:43.280> globally<00:05:43.680> and<00:05:43.840> this<00:05:44.000> is<00:05:44.080> not<00:05:44.240> just<00:05:44.479> in

roughly globally and this is not just in

roughly globally and this is not just in the<00:05:44.639> uk<00:05:44.960> this<00:05:45.120> is<00:05:45.280> globally<00:05:45.840> which

the uk this is globally which

the uk this is globally which it<00:05:47.520> takes<00:05:47.840> on<00:05:48.000> going<00:05:48.320> to<00:05:48.479> do<00:05:48.720> that<00:05:48.960> how<00:05:49.120> many

it takes on going to do that how many

it takes on going to do that how many traders<00:05:50.160> are<00:05:50.400> there<00:05:50.880> would<00:05:51.120> you<00:05:51.360> say<00:05:52.160> across

traders are there would you say across

traders are there would you say across city<00:05:52.960> globally<00:05:53.759> okay<00:05:54.000> so<00:05:54.240> a<00:05:54.320> city<00:05:54.720> is<00:05:54.800> like<00:05:54.960> a

city globally okay so a city is like a

city globally okay so a city is like a is<00:05:55.280> like<00:05:55.520> an<00:05:56.000> uh<00:05:56.240> amalgamation<00:05:56.960> of<00:05:57.120> city<00:05:57.440> bank

is like an uh amalgamation of city bank

is like an uh amalgamation of city bank and<00:05:57.919> what<00:05:58.080> used<00:05:58.240> to<00:05:58.319> be<00:05:58.400> called<00:05:58.639> salomon

and what used to be called salomon

and what used to be called salomon brothers<00:05:59.680> so<00:05:59.840> they're<00:06:00.000> kind<00:06:00.160> of<00:06:00.319> separate<00:06:00.639> so

brothers so they're kind of separate so

brothers so they're kind of separate so i<00:06:00.880> was<00:06:00.960> a<00:06:01.039> top<00:06:01.199> trader<00:06:01.440> in<00:06:01.520> city<00:06:01.840> bank<00:06:02.240> which<00:06:02.479> is

i was a top trader in city bank which is

i was a top trader in city bank which is foreign<00:06:02.960> exchange<00:06:03.280> short-term<00:06:03.680> interest

foreign exchange short-term interest

foreign exchange short-term interest rates<00:06:04.160> emerging<00:06:04.560> markets<00:06:05.360> i<00:06:05.440> would<00:06:05.600> say

rates emerging markets i would say

rates emerging markets i would say globally<00:06:06.319> that's<00:06:06.479> something

globally that's something

globally that's something probably<00:06:07.840> like<00:06:07.919> 200<00:06:08.319> or<00:06:08.400> 250<00:06:09.039> traders<00:06:09.520> across

probably like 200 or 250 traders across

probably like 200 or 250 traders across the<00:06:09.919> world

the world

the world yeah<00:06:11.360> something<00:06:11.680> like<00:06:11.919> that<00:06:12.400> yeah<00:06:13.120> so<00:06:13.520> the

yeah something like that yeah so the

yeah something like that yeah so the reason<00:06:13.840> why<00:06:14.000> i<00:06:14.080> pull<00:06:14.240> that<00:06:14.400> out<00:06:14.560> guys<00:06:14.880> is<00:06:15.120> if

reason why i pull that out guys is if

reason why i pull that out guys is if you're<00:06:15.360> listening<00:06:15.759> to<00:06:15.840> this

you're listening to this

you're listening to this when<00:06:16.960> you<00:06:17.120> say<00:06:17.440> you<00:06:17.520> know<00:06:17.759> top<00:06:18.000> trader<00:06:18.319> global

when you say you know top trader global

when you say you know top trader global top<00:06:19.520> uh<00:06:19.759> most<00:06:20.000> profitable<00:06:20.639> trader<00:06:20.960> globally

top uh most profitable trader globally

top uh most profitable trader globally that's<00:06:21.680> out<00:06:21.840> of<00:06:22.000> 250<00:06:23.440> highly<00:06:24.000> skilled<00:06:24.720> guys

that's out of 250 highly skilled guys

that's out of 250 highly skilled guys who

who

who studied<00:06:27.520> who<00:06:27.919> really<00:06:28.400> understand<00:06:29.120> markets

studied who really understand markets

studied who really understand markets and<00:06:30.160> understand<00:06:31.280> all<00:06:31.440> of<00:06:31.600> the<00:06:32.160> the<00:06:32.400> stuff<00:06:32.720> on

and understand all of the the stuff on

and understand all of the the stuff on instagram<00:06:33.520> that<00:06:33.680> goes<00:06:34.000> missing<00:06:34.560> you<00:06:34.639> know

instagram that goes missing you know

instagram that goes missing you know technical<00:06:35.520> analysis<00:06:36.080> you<00:06:36.160> know

technical analysis you know

technical analysis you know understanding<00:06:37.440> how<00:06:37.759> markets<00:06:38.400> work<00:06:39.199> to<00:06:39.360> be

understanding how markets work to be

understanding how markets work to be number<00:06:40.080> one

number one

number one is<00:06:41.199> a<00:06:41.520> huge<00:06:42.479> huge<00:06:42.800> huge<00:06:43.120> achievement<00:06:44.000> and<00:06:44.160> i

is a huge huge huge achievement and i

is a huge huge huge achievement and i think<00:06:44.400> this<00:06:44.639> is<00:06:44.800> particularly<00:06:45.280> important<00:06:45.600> for

think this is particularly important for

think this is particularly important for what<00:06:45.919> we're<00:06:46.000> going<00:06:46.160> to<00:06:46.240> talk<00:06:46.400> about<00:06:46.639> today<00:06:47.120> in

what we're going to talk about today in

what we're going to talk about today in terms<00:06:47.600> of

terms of

terms of quantitative<00:06:48.880> easing

quantitative easing

quantitative easing i<00:06:50.720> don't<00:06:50.880> want<00:06:50.960> to<00:06:51.039> use<00:06:51.199> that<00:06:51.360> phrase<00:06:51.680> because

i don't want to use that phrase because

i don't want to use that phrase because i<00:06:51.919> don't<00:06:52.080> like<00:06:52.240> to<00:06:52.400> use<00:06:52.720> fray

i don't like to use fray

i don't like to use fray jargon<00:06:54.319> on<00:06:54.639> the<00:06:54.800> podcast<00:06:55.840> so<00:06:56.080> i'm<00:06:56.240> going<00:06:56.319> to

jargon on the podcast so i'm going to

jargon on the podcast so i'm going to back<00:06:56.720> this<00:06:56.960> over<00:06:57.120> to<00:06:57.280> you<00:06:57.520> gary

back this over to you gary

back this over to you gary what<00:06:59.199> is<00:06:59.599> quantitative<00:07:00.160> easing<00:07:00.720> in<00:07:01.120> simple

what is quantitative easing in simple

what is quantitative easing in simple terms<00:07:01.919> for<00:07:02.160> everybody<00:07:02.639> that's<00:07:02.880> listening

terms for everybody that's listening

terms for everybody that's listening okay<00:07:03.919> we're<00:07:04.160> starting<00:07:04.400> off<00:07:04.479> with<00:07:04.560> the<00:07:04.720> big

okay we're starting off with the big

okay we're starting off with the big question<00:07:05.199> okay<00:07:05.440> i<00:07:05.520> think<00:07:05.680> the<00:07:05.840> easiest<00:07:06.160> way<00:07:06.319> to

question okay i think the easiest way to

question okay i think the easiest way to describe<00:07:06.960> this

describe this

describe this is<00:07:08.000> in<00:07:08.160> the<00:07:08.240> context<00:07:08.720> of<00:07:08.880> what's<00:07:09.120> happening

is in the context of what's happening

is in the context of what's happening with<00:07:09.520> kobe<00:07:09.919> okay

with kobe okay

with kobe okay so<00:07:11.520> obviously<00:07:12.000> covered

so obviously covered

so obviously covered massive<00:07:13.759> disaster<00:07:14.160> i'm<00:07:14.240> not<00:07:14.400> going<00:07:14.479> to<00:07:14.560> get

massive disaster i'm not going to get

massive disaster i'm not going to get into<00:07:14.800> the<00:07:14.880> health<00:07:14.960> for<00:07:15.120> this<00:07:15.199> right<00:07:15.360> i'm<00:07:15.440> an

into the health for this right i'm an

into the health for this right i'm an economist<00:07:16.080> right<00:07:16.319> massive<00:07:16.720> economic

economist right massive economic

economist right massive economic disaster<00:07:17.599> right

disaster right

disaster right um<00:07:18.720> if<00:07:18.800> the<00:07:18.960> government<00:07:19.280> don't<00:07:19.440> do<00:07:19.599> nothing

um if the government don't do nothing

um if the government don't do nothing you<00:07:20.400> know<00:07:20.560> straight<00:07:20.800> away<00:07:20.960> loads<00:07:21.120> of<00:07:21.199> people

you know straight away loads of people

you know straight away loads of people lose<00:07:21.599> their<00:07:21.680> jobs<00:07:22.000> can't<00:07:22.240> work<00:07:22.720> you<00:07:22.800> know

lose their jobs can't work you know

lose their jobs can't work you know can't<00:07:23.280> pay<00:07:23.440> the<00:07:23.520> bills<00:07:24.160> you<00:07:24.319> know<00:07:24.479> combat<00:07:24.720> food

can't pay the bills you know combat food

can't pay the bills you know combat food on<00:07:25.039> the<00:07:25.120> table<00:07:25.360> it<00:07:25.440> would<00:07:25.599> have<00:07:25.680> been<00:07:25.759> a

on the table it would have been a

on the table it would have been a massive<00:07:26.080> disaster<00:07:26.479> right<00:07:26.639> so<00:07:26.800> the<00:07:26.880> government

massive disaster right so the government

massive disaster right so the government needs<00:07:27.680> to<00:07:27.759> come<00:07:27.919> in<00:07:28.080> and<00:07:28.160> support<00:07:28.479> otherwise

needs to come in and support otherwise

needs to come in and support otherwise we<00:07:28.960> literally<00:07:29.280> see<00:07:29.440> people<00:07:29.599> going<00:07:29.840> homeless

we literally see people going homeless

we literally see people going homeless poo<00:07:30.560> going<00:07:30.800> without<00:07:31.039> food<00:07:31.280> right

poo going without food right

poo going without food right so<00:07:32.240> it<00:07:32.319> took<00:07:32.560> a<00:07:32.720> massive<00:07:33.039> amount<00:07:33.280> of<00:07:33.360> money<00:07:33.599> to

so it took a massive amount of money to

so it took a massive amount of money to pay<00:07:33.919> for<00:07:34.000> things<00:07:34.160> like<00:07:34.319> the<00:07:34.400> photo<00:07:34.639> scheme

pay for things like the photo scheme

pay for things like the photo scheme right

right

right the<00:07:36.240> total<00:07:36.560> amount<00:07:36.800> of<00:07:37.199> uh

the total amount of uh

the total amount of uh money<00:07:38.800> the<00:07:38.880> government<00:07:39.280> spent<00:07:39.680> on<00:07:39.840> kobe<00:07:40.160> was

money the government spent on kobe was

money the government spent on kobe was about<00:07:40.560> 450<00:07:41.840> billion<00:07:42.240> pounds

about 450 billion pounds

about 450 billion pounds to<00:07:43.680> put<00:07:43.840> that<00:07:43.919> into<00:07:44.160> context<00:07:44.479> that's<00:07:44.639> about<00:07:44.879> 10

to put that into context that's about 10

to put that into context that's about 10 000<00:07:45.440> pounds<00:07:45.919> per<00:07:46.240> adult<00:07:46.560> in<00:07:46.639> the<00:07:46.720> country

000 pounds per adult in the country

000 pounds per adult in the country where<00:07:49.199> does<00:07:49.280> the<00:07:49.360> government<00:07:49.599> get<00:07:49.759> this<00:07:49.840> money

where does the government get this money

where does the government get this money right<00:07:50.240> in<00:07:50.400> economic<00:07:50.800> disaster<00:07:51.199> okay<00:07:51.360> so

right in economic disaster okay so

right in economic disaster okay so normally

normally

normally the<00:07:53.440> government<00:07:53.840> will<00:07:54.400> raise<00:07:54.639> money<00:07:54.879> for

the government will raise money for

the government will raise money for taxes

taxes

taxes which<00:07:56.720> we<00:07:57.199> will<00:07:57.440> understand<00:07:57.919> pretty<00:07:58.080> much

which we will understand pretty much

which we will understand pretty much or<00:07:59.280> through<00:07:59.599> borrowing<00:08:00.080> which<00:08:00.400> largely<00:08:00.879> comes

or through borrowing which largely comes

or through borrowing which largely comes from<00:08:01.759> wealthy<00:08:02.080> individuals<00:08:02.800> you<00:08:02.879> know<00:08:03.039> or

from wealthy individuals you know or

from wealthy individuals you know or maybe<00:08:03.440> pension<00:08:03.759> funds<00:08:04.080> but<00:08:04.319> wealth

maybe pension funds but wealth

maybe pension funds but wealth individually<00:08:04.960> lend<00:08:05.120> the<00:08:05.199> money<00:08:05.440> right<00:08:05.599> so

individually lend the money right so

individually lend the money right so normally<00:08:06.720> you<00:08:06.800> tax<00:08:07.039> or<00:08:07.120> you<00:08:07.280> borrow<00:08:07.599> right

normally you tax or you borrow right

normally you tax or you borrow right but<00:08:08.639> during<00:08:09.039> kovid<00:08:09.759> the<00:08:09.919> government<00:08:10.319> did

but during kovid the government did

but during kovid the government did something

something

something unusual<00:08:12.560> which<00:08:12.800> is<00:08:12.879> they<00:08:13.120> borrowed<00:08:13.440> the<00:08:13.599> money

unusual which is they borrowed the money

unusual which is they borrowed the money but<00:08:14.479> they<00:08:14.560> borrowed<00:08:14.800> the<00:08:14.879> money<00:08:15.120> from<00:08:15.280> the

but they borrowed the money from the

but they borrowed the money from the bank<00:08:15.599> of<00:08:15.759> england

bank of england

bank of england now<00:08:16.960> the<00:08:17.120> bank<00:08:17.360> of<00:08:17.520> england<00:08:17.919> you<00:08:18.080> know<00:08:18.160> it's

now the bank of england you know it's

now the bank of england you know it's not<00:08:18.400> like<00:08:18.479> lloyds<00:08:18.800> or<00:08:18.879> citibank<00:08:19.360> that<00:08:19.520> is<00:08:19.680> a

not like lloyds or citibank that is a

not like lloyds or citibank that is a government

government

government bank<00:08:21.840> basically

bank basically

bank basically and<00:08:23.120> this

and this

and this bank<00:08:24.240> is<00:08:24.400> unique<00:08:24.800> in<00:08:24.879> that<00:08:25.039> they<00:08:25.280> are<00:08:25.360> the<00:08:25.520> only

bank is unique in that they are the only

bank is unique in that they are the only bank<00:08:26.800> in<00:08:26.960> the<00:08:27.199> country<00:08:27.599> well<00:08:27.919> in<00:08:28.000> the<00:08:28.080> world

bank in the country well in the world

bank in the country well in the world that<00:08:28.879> has<00:08:29.039> the<00:08:29.280> ability<00:08:29.840> and<00:08:29.919> the<00:08:30.080> legal<00:08:30.479> right

that has the ability and the legal right

that has the ability and the legal right to<00:08:31.039> print<00:08:31.520> british<00:08:31.840> pounds<00:08:32.320> right<00:08:32.479> these<00:08:32.640> are

to print british pounds right these are

to print british pounds right these are the<00:08:32.880> guys<00:08:33.039> who<00:08:33.200> literally<00:08:33.599> make<00:08:34.320> the<00:08:34.479> currency

the guys who literally make the currency

the guys who literally make the currency right<00:08:35.120> like<00:08:35.360> they<00:08:35.519> make<00:08:35.680> money<00:08:36.000> in<00:08:36.080> the

right like they make money in the

right like they make money in the literal<00:08:36.479> sense<00:08:36.800> they<00:08:36.880> print<00:08:37.120> money<00:08:37.360> right

literal sense they print money right

literal sense they print money right and<00:08:38.320> uh

and uh

and uh so<00:08:39.279> they<00:08:39.440> borrowed<00:08:39.839> 450<00:08:40.399> billion<00:08:40.640> pounds<00:08:40.959> 10

so they borrowed 450 billion pounds 10

so they borrowed 450 billion pounds 10 000<00:08:41.360> pounds<00:08:41.599> per<00:08:41.760> dollar<00:08:42.000> from<00:08:42.080> the<00:08:42.159> bank<00:08:42.399> of

000 pounds per dollar from the bank of

000 pounds per dollar from the bank of england<00:08:43.120> and<00:08:43.279> the<00:08:43.360> bank<00:08:43.599> of<00:08:43.760> england<00:08:44.560> printed

england and the bank of england printed

england and the bank of england printed the<00:08:45.040> money

the money

the money so

so

so this<00:08:47.519> i<00:08:47.600> think

this i think

this i think sometimes<00:08:49.279> when<00:08:49.600> people

sometimes when people

sometimes when people hear<00:08:50.720> that

hear that

hear that they<00:08:52.080> kind<00:08:52.480> of<00:08:52.720> think<00:08:53.040> it<00:08:53.200> can't<00:08:53.360> be<00:08:53.600> that

they kind of think it can't be that

they kind of think it can't be that simple<00:08:54.240> you<00:08:54.399> can't<00:08:54.560> just<00:08:54.720> print<00:08:54.959> money<00:08:55.440> but

simple you can't just print money but

simple you can't just print money but these<00:08:56.800> guys<00:08:57.200> you<00:08:57.360> and<00:08:57.519> i<00:08:57.760> can't<00:08:58.240> but<00:08:58.399> the<00:08:58.560> bank

these guys you and i can't but the bank

these guys you and i can't but the bank of<00:08:58.880> england<00:08:59.600> can<00:09:00.240> they<00:09:00.560> are<00:09:00.720> the<00:09:00.880> guys<00:09:01.120> like<00:09:01.360> v

of england can they are the guys like v

of england can they are the guys like v take<00:09:02.160> out<00:09:02.240> a<00:09:02.320> banknote<00:09:02.720> it's<00:09:02.800> got<00:09:02.959> written<00:09:03.200> on

take out a banknote it's got written on

take out a banknote it's got written on it<00:09:03.360> bank<00:09:03.600> of<00:09:03.760> england<00:09:04.160> those<00:09:04.480> guys<00:09:05.120> printed<00:09:05.519> it

it bank of england those guys printed it

it bank of england those guys printed it they're<00:09:05.760> allowed<00:09:06.000> to<00:09:06.160> print<00:09:06.399> it<00:09:06.560> you<00:09:06.640> know

they're allowed to print it you know

they're allowed to print it you know they<00:09:07.120> have<00:09:07.200> a<00:09:07.279> team<00:09:07.440> of<00:09:07.600> economists<00:09:08.240> that<00:09:08.399> work

they have a team of economists that work

they have a team of economists that work there<00:09:08.880> that<00:09:09.040> make<00:09:09.279> the<00:09:09.360> decisions<00:09:09.839> what<00:09:10.000> to<00:09:10.160> do

there that make the decisions what to do

there that make the decisions what to do and

and

and in<00:09:11.920> kobe<00:09:12.320> they<00:09:12.480> decided<00:09:12.959> we're<00:09:13.200> going<00:09:13.279> to

in kobe they decided we're going to

in kobe they decided we're going to print<00:09:14.000> 450

print 450

print 450 billion<00:09:15.839> pounds<00:09:16.160> and<00:09:16.320> lend<00:09:16.640> it<00:09:16.959> to<00:09:17.120> the

billion pounds and lend it to the

billion pounds and lend it to the government<00:09:17.600> but<00:09:17.760> it's<00:09:18.080> quite<00:09:18.240> complicated

government but it's quite complicated

government but it's quite complicated right<00:09:18.800> because<00:09:18.959> the<00:09:19.040> bank<00:09:19.279> of<00:09:19.360> england<00:09:19.760> is

right because the bank of england is

right because the bank of england is part<00:09:20.320> of<00:09:20.399> the<00:09:20.480> government<00:09:20.880> it's<00:09:20.959> an

part of the government it's an

part of the government it's an independent<00:09:21.519> branch<00:09:21.760> of<00:09:21.839> government<00:09:22.640> so

independent branch of government so

independent branch of government so what's<00:09:24.320> happening<00:09:24.880> here<00:09:25.200> is<00:09:25.680> the<00:09:25.760> government

what's happening here is the government

what's happening here is the government as<00:09:26.240> a<00:09:26.399> whole<00:09:26.880> you<00:09:27.040> take<00:09:27.279> you<00:09:27.360> know<00:09:27.519> the

as a whole you take you know the

as a whole you take you know the government<00:09:28.000> in

government in

government in westminster<00:09:29.440> and<00:09:29.519> the<00:09:29.600> bank<00:09:29.839> of<00:09:29.920> england

westminster and the bank of england

westminster and the bank of england are<00:09:31.360> basically<00:09:31.760> just<00:09:32.080> printing<00:09:32.480> the<00:09:32.560> money

are basically just printing the money

are basically just printing the money that<00:09:33.200> they<00:09:33.600> have<00:09:33.839> used<00:09:34.240> to<00:09:34.480> support<00:09:34.959> the

that they have used to support the

that they have used to support the economy<00:09:35.760> throughout<00:09:36.160> kobe<00:09:36.560> okay<00:09:37.279> um

economy throughout kobe okay um

economy throughout kobe okay um and<00:09:39.120> that's<00:09:39.680> not<00:09:40.399> normally<00:09:40.880> the<00:09:40.959> way<00:09:41.120> that

and that's not normally the way that

and that's not normally the way that government<00:09:41.600> financing<00:09:42.080> works<00:09:42.320> right

government financing works right

government financing works right um<00:09:44.000> just<00:09:44.240> to<00:09:44.399> back<00:09:44.640> up<00:09:44.800> and<00:09:45.440> explain

um just to back up and explain

um just to back up and explain what<00:09:46.800> qe<00:09:47.200> is<00:09:47.279> because<00:09:47.440> this<00:09:47.600> is<00:09:47.680> the<00:09:47.760> question

what qe is because this is the question

what qe is because this is the question quantitative<00:09:48.959> easing<00:09:49.360> is<00:09:49.440> what<00:09:49.600> we<00:09:49.760> refer<00:09:50.160> to

quantitative easing is what we refer to

quantitative easing is what we refer to that's<00:09:51.040> the<00:09:51.200> name<00:09:51.440> that<00:09:51.519> we<00:09:51.680> use<00:09:52.000> to<00:09:52.160> refer<00:09:52.399> to

that's the name that we use to refer to

that's the name that we use to refer to when<00:09:52.880> the

when the

when the bank<00:09:54.800> of<00:09:54.959> england<00:09:55.600> lends<00:09:55.920> money

bank of england lends money

bank of england lends money to<00:09:57.040> the<00:09:57.200> government

to the government

to the government technically<00:09:58.640> but<00:09:58.720> i<00:09:58.800> wouldn't<00:09:59.040> get<00:09:59.200> too<00:09:59.440> tied

technically but i wouldn't get too tied

technically but i wouldn't get too tied up<00:09:59.920> in<00:10:00.080> the<00:10:00.160> terminology<00:10:01.360> because<00:10:01.760> you<00:10:01.839> know

up in the terminology because you know

up in the terminology because you know as<00:10:02.160> you<00:10:02.240> know<00:10:02.480> economics<00:10:02.880> has<00:10:02.959> a<00:10:03.040> lot<00:10:03.120> of

as you know economics has a lot of

as you know economics has a lot of complicated<00:10:03.680> terminology<00:10:04.160> the<00:10:04.240> most

complicated terminology the most

complicated terminology the most important<00:10:04.640> thing<00:10:04.800> is<00:10:04.880> to<00:10:04.959> understand<00:10:05.279> what's

important thing is to understand what's

important thing is to understand what's actually<00:10:05.760> happening<00:10:06.079> right

actually happening right

actually happening right which<00:10:07.440> is

which is

which is the<00:10:09.120> government<00:10:09.600> is<00:10:09.760> spending<00:10:10.160> a<00:10:10.160> lot<00:10:10.320> of

the government is spending a lot of

the government is spending a lot of money

money

money and<00:10:11.519> it's

and it's

and it's it's<00:10:12.560> newly<00:10:12.880> printed<00:10:13.200> money

it's newly printed money

it's newly printed money now<00:10:15.120> technically<00:10:15.600> that's<00:10:15.839> a<00:10:15.920> bank<00:10:16.160> of<00:10:16.240> england

now technically that's a bank of england

now technically that's a bank of england that<00:10:16.560> prints<00:10:16.800> it<00:10:16.959> and<00:10:17.040> lends<00:10:17.279> it<00:10:17.360> to<00:10:17.440> the

that prints it and lends it to the

that prints it and lends it to the government<00:10:17.839> which<00:10:18.079> means<00:10:18.880> technically<00:10:19.360> it

government which means technically it

government which means technically it counts<00:10:19.680> as<00:10:19.839> government<00:10:20.240> debt<00:10:20.800> but<00:10:20.959> it's<00:10:21.360> it's

counts as government debt but it's it's

counts as government debt but it's it's not<00:10:21.760> normal<00:10:22.079> government<00:10:22.399> debt<00:10:22.560> right<00:10:22.800> because

not normal government debt right because

not normal government debt right because it's<00:10:24.000> government<00:10:24.560> that<00:10:24.720> is<00:10:24.800> borrowed<00:10:25.200> from

it's government that is borrowed from

it's government that is borrowed from another<00:10:25.680> branch<00:10:26.000> of<00:10:26.079> government<00:10:26.480> that

another branch of government that

another branch of government that printed<00:10:27.200> the<00:10:27.360> money<00:10:27.600> right

printed the money right

printed the money right there's<00:10:28.720> no<00:10:28.880> one<00:10:29.040> on<00:10:29.120> the<00:10:29.200> other<00:10:29.440> side<00:10:29.600> saying

there's no one on the other side saying

there's no one on the other side saying if<00:10:29.920> you<00:10:30.000> don't<00:10:30.160> pay<00:10:30.320> me<00:10:30.480> back<00:10:30.880> i'm<00:10:31.040> going<00:10:31.120> to

if you don't pay me back i'm going to

if you don't pay me back i'm going to come<00:10:31.440> in<00:10:31.600> and<00:10:31.760> punish<00:10:32.079> you<00:10:32.240> because<00:10:32.399> it's

come in and punish you because it's

come in and punish you because it's borrowed<00:10:33.040> from<00:10:33.200> the<00:10:33.279> government<00:10:33.519> itself<00:10:33.760> and

borrowed from the government itself and

borrowed from the government itself and it's<00:10:34.000> printed<00:10:34.640> yeah<00:10:34.959> and<00:10:35.040> i<00:10:35.200> think<00:10:35.760> i'm<00:10:35.920> going

it's printed yeah and i think i'm going

it's printed yeah and i think i'm going to<00:10:36.160> repeat<00:10:36.560> it<00:10:36.640> because<00:10:37.040> it's<00:10:37.279> important<00:10:37.519> that

to repeat it because it's important that

to repeat it because it's important that people<00:10:37.760> understand<00:10:38.320> right<00:10:38.720> the<00:10:38.880> bank<00:10:39.120> of

people understand right the bank of

people understand right the bank of england<00:10:39.920> which<00:10:40.160> is<00:10:40.240> part<00:10:40.399> of<00:10:40.480> the<00:10:40.560> government

england which is part of the government

england which is part of the government is<00:10:41.680> allowed<00:10:42.160> to<00:10:42.320> print<00:10:42.720> money<00:10:43.040> and<00:10:43.200> they<00:10:43.440> do

is allowed to print money and they do

is allowed to print money and they do print<00:10:43.920> money<00:10:44.160> this<00:10:44.399> is<00:10:44.640> where<00:10:44.959> money<00:10:45.440> comes

print money this is where money comes

print money this is where money comes from

from

from all<00:10:46.880> right<00:10:47.200> so

all right so

all right so so<00:10:48.560> that's<00:10:48.720> what's<00:10:48.880> happening<00:10:49.200> right<00:10:49.440> and

so that's what's happening right and

so that's what's happening right and this<00:10:49.760> is

this is

this is this<00:10:51.040> is

so<00:10:53.920> important<00:10:54.160> for<00:10:54.320> ordinary<00:10:54.640> people<00:10:54.800> to

so important for ordinary people to

so important for ordinary people to understand

understand

understand it's<00:10:56.480> a<00:10:56.720> massive<00:10:57.680> step<00:10:58.160> away<00:10:59.279> from<00:10:59.680> how

it's a massive step away from how

it's a massive step away from how government<00:11:00.560> financing<00:11:01.040> normally<00:11:01.440> works<00:11:01.839> and

government financing normally works and

government financing normally works and it's<00:11:02.560> kind<00:11:02.880> of<00:11:03.120> like<00:11:03.760> a<00:11:03.839> bit<00:11:04.000> of<00:11:04.079> a<00:11:04.160> magic<00:11:04.560> trick

it's kind of like a bit of a magic trick

it's kind of like a bit of a magic trick like

like

like you<00:11:06.000> might<00:11:06.160> have<00:11:06.320> heard<00:11:06.560> this<00:11:06.880> term<00:11:07.680> in<00:11:07.839> the

you might have heard this term in the

you might have heard this term in the media<00:11:08.480> magic<00:11:08.800> money<00:11:09.120> tree<00:11:09.360> people<00:11:09.600> saying

media magic money tree people saying

media magic money tree people saying there's<00:11:10.000> no<00:11:10.240> magic<00:11:10.480> money<00:11:10.800> tree<00:11:11.120> yeah<00:11:11.760> but<00:11:11.920> the

there's no magic money tree yeah but the

there's no magic money tree yeah but the money<00:11:12.480> just<00:11:12.720> magically<00:11:13.360> appears<00:11:13.920> there's

money just magically appears there's

money just magically appears there's millions<00:11:14.720> that<00:11:15.279> magically<00:11:15.920> appears<00:11:16.320> to<00:11:16.480> go

millions that magically appears to go

millions that magically appears to go somewhere<00:11:17.200> for<00:11:17.440> some<00:11:17.680> purpose<00:11:18.399> yeah<00:11:18.640> there's

somewhere for some purpose yeah there's

somewhere for some purpose yeah there's no<00:11:19.040> magic<00:11:19.279> money<00:11:19.760> there's<00:11:19.839> no<00:11:20.000> magic<00:11:20.240> monitor

no magic money there's no magic monitor

no magic money there's no magic monitor there's<00:11:20.720> no<00:11:20.880> magic<00:11:21.120> manager<00:11:21.519> we<00:11:21.600> can't<00:11:21.760> pay

there's no magic manager we can't pay

there's no magic manager we can't pay for<00:11:22.079> that<00:11:22.240> and<00:11:22.320> then<00:11:22.480> suddenly<00:11:23.120> covert

for that and then suddenly covert

for that and then suddenly covert happens

happens

happens but<00:11:24.959> we<00:11:25.040> found<00:11:25.200> the<00:11:25.279> magic<00:11:25.600> money<00:11:25.839> too<00:11:26.000> we're

but we found the magic money too we're

but we found the magic money too we're going<00:11:26.160> to<00:11:26.240> pay<00:11:26.480> for<00:11:26.560> it<00:11:26.720> we've<00:11:26.800> got<00:11:26.880> 450

going to pay for it we've got 450

going to pay for it we've got 450 billion<00:11:27.839> pounds<00:11:28.240> out<00:11:28.399> of<00:11:28.480> nowhere<00:11:29.040> it<00:11:29.200> came

billion pounds out of nowhere it came

billion pounds out of nowhere it came out<00:11:29.519> of<00:11:29.600> nowhere<00:11:30.320> and<00:11:30.560> um<00:11:31.200> it<00:11:31.440> seems<00:11:31.760> amazing

out of nowhere and um it seems amazing

out of nowhere and um it seems amazing right<00:11:32.399> because<00:11:32.720> it's<00:11:32.880> like

right because it's like

right because it's like we<00:11:34.320> get<00:11:34.480> the<00:11:34.560> money<00:11:35.040> fantastic<00:11:36.000> nobody<00:11:36.560> paid

we get the money fantastic nobody paid

we get the money fantastic nobody paid for<00:11:36.880> it<00:11:37.360> nobody<00:11:37.920> you<00:11:38.000> know<00:11:38.480> you<00:11:38.720> you<00:11:38.880> didn't

for it nobody you know you you didn't

for it nobody you know you you didn't get<00:11:39.279> taxed<00:11:39.600> i<00:11:39.760> didn't<00:11:39.920> get<00:11:40.160> taxed<00:11:40.560> the<00:11:40.720> rich

get taxed i didn't get taxed the rich

get taxed i didn't get taxed the rich guys<00:11:41.120> didn't<00:11:41.279> get<00:11:41.519> taxed<00:11:41.920> um<00:11:42.240> the<00:11:42.399> money<00:11:42.640> just

guys didn't get taxed um the money just

guys didn't get taxed um the money just came<00:11:43.360> from<00:11:43.519> nobody<00:11:44.160> there's<00:11:44.320> no<00:11:44.560> losers<00:11:44.959> right

came from nobody there's no losers right

came from nobody there's no losers right like<00:11:45.519> it<00:11:45.600> just<00:11:45.839> seems<00:11:46.160> like<00:11:46.320> a<00:11:46.399> free<00:11:46.720> lunch

like it just seems like a free lunch

like it just seems like a free lunch right<00:11:47.360> but<00:11:47.760> you<00:11:47.839> know

right but you know

right but you know i'm<00:11:49.360> here<00:11:49.600> to<00:11:49.680> tell<00:11:49.920> you<00:11:50.079> unfortunately<00:11:50.959> there

i'm here to tell you unfortunately there

i'm here to tell you unfortunately there is<00:11:51.279> no<00:11:51.519> free<00:11:51.760> lunch<00:11:52.240> there's<00:11:52.480> going<00:11:52.560> to<00:11:52.639> be

is no free lunch there's going to be

is no free lunch there's going to be consequences<00:11:53.360> from<00:11:53.519> this<00:11:54.000> we<00:11:54.240> need<00:11:54.480> to

consequences from this we need to

consequences from this we need to understand<00:11:55.519> what<00:11:55.680> the<00:11:55.839> consequences<00:11:56.720> are

understand what the consequences are

understand what the consequences are like<00:11:57.040> the<00:11:57.120> listeners<00:11:57.440> need<00:11:57.600> to<00:11:57.680> understand

like the listeners need to understand

like the listeners need to understand what<00:11:58.079> the<00:11:58.160> consequences<00:11:58.800> are<00:11:59.040> because

what the consequences are because

what the consequences are because unfortunately<00:12:01.600> you<00:12:01.680> know<00:12:01.839> my<00:12:02.079> predictions

unfortunately you know my predictions

unfortunately you know my predictions are<00:12:02.800> that

are that

are that the<00:12:03.760> big<00:12:04.079> losers<00:12:04.560> from<00:12:04.800> this

the big losers from this

the big losers from this are<00:12:05.760> going<00:12:05.920> to<00:12:06.000> be<00:12:06.240> ordinary<00:12:06.880> people<00:12:07.279> ordinary

are going to be ordinary people ordinary

are going to be ordinary people ordinary families<00:12:08.240> especially<00:12:08.800> poorer<00:12:09.120> families<00:12:09.680> and

families especially poorer families and

families especially poorer families and um

um

um yeah

yeah

yeah what<00:12:13.040> we<00:12:13.200> want<00:12:13.360> to<00:12:13.440> do<00:12:13.600> today<00:12:13.920> is<00:12:14.079> basically

what we want to do today is basically

what we want to do today is basically explain

explain

explain why<00:12:16.480> how<00:12:16.720> it<00:12:16.800> works<00:12:17.200> how<00:12:17.360> it<00:12:17.440> goes<00:12:17.600> to<00:12:17.760> the

why how it works how it goes to the

why how it works how it goes to the system<00:12:18.240> who<00:12:18.399> wins<00:12:18.639> who<00:12:18.720> loses<00:12:19.120> how<00:12:19.200> you<00:12:19.279> can

system who wins who loses how you can

system who wins who loses how you can protect<00:12:19.680> yourself

protect yourself

protect yourself so<00:12:20.800> this<00:12:21.120> leads<00:12:21.440> me<00:12:21.680> on<00:12:22.000> to<00:12:22.720> exactly<00:12:23.360> that<00:12:23.920> next

so this leads me on to exactly that next

so this leads me on to exactly that next question

question

question so

the<00:12:28.560> bank<00:12:28.800> of<00:12:28.880> england<00:12:29.279> prints<00:12:29.600> money<00:12:30.240> which

the bank of england prints money which

the bank of england prints money which means<00:12:30.880> that<00:12:31.279> the<00:12:31.519> money<00:12:31.839> in<00:12:32.000> circulation

means that the money in circulation

means that the money in circulation quadruples<00:12:34.639> or<00:12:34.880> increases<00:12:35.440> in<00:12:35.760> volume<00:12:36.320> in

quadruples or increases in volume in

quadruples or increases in volume in terms<00:12:36.720> of<00:12:36.800> the<00:12:37.040> the<00:12:37.360> number<00:12:37.760> of<00:12:38.000> banknotes<00:12:38.880> the

terms of the the number of banknotes the

terms of the the number of banknotes the number<00:12:39.519> the<00:12:39.680> amount<00:12:40.000> of<00:12:40.240> currency<00:12:40.800> out<00:12:40.959> there

number the amount of currency out there

number the amount of currency out there available<00:12:42.399> i<00:12:42.480> think<00:12:42.720> one<00:12:42.880> of<00:12:42.959> the<00:12:43.040> common

available i think one of the common

available i think one of the common things<00:12:43.600> i<00:12:43.680> think<00:12:43.839> people<00:12:44.160> will<00:12:44.320> realize<00:12:44.720> is<00:12:44.800> if

things i think people will realize is if

things i think people will realize is if there's<00:12:45.120> a<00:12:45.200> lot<00:12:45.360> of<00:12:45.600> cash<00:12:46.079> around

there's a lot of cash around

there's a lot of cash around then<00:12:47.360> typically<00:12:48.399> in<00:12:48.639> economics<00:12:49.600> the<00:12:49.839> price<00:12:50.240> of

then typically in economics the price of

then typically in economics the price of goods<00:12:50.959> and<00:12:51.040> services<00:12:51.519> will<00:12:51.680> then<00:12:51.920> go<00:12:52.160> up

goods and services will then go up

goods and services will then go up that's<00:12:52.800> inflation

that's inflation

that's inflation so<00:12:54.399> for<00:12:54.800> the<00:12:55.279> everyday<00:12:56.320> person

so for the everyday person

so for the everyday person what<00:12:58.160> is<00:12:58.320> the<00:12:58.560> impact<00:12:59.200> of<00:12:59.680> that<00:13:00.000> 450<00:13:00.959> billion

what is the impact of that 450 billion

what is the impact of that 450 billion quid

quid

quid for<00:13:03.200> the<00:13:03.519> everyday<00:13:04.000> person<00:13:04.560> with<00:13:04.800> all<00:13:04.959> of<00:13:05.040> that

for the everyday person with all of that

for the everyday person with all of that money<00:13:05.440> being<00:13:05.760> printed<00:13:06.560> and

money being printed and

money being printed and it<00:13:07.519> has<00:13:07.760> been<00:13:07.920> in<00:13:08.079> circulation<00:13:08.639> it's<00:13:08.800> still<00:13:09.040> in

it has been in circulation it's still in

it has been in circulation it's still in circulation<00:13:09.680> right<00:13:09.920> now<00:13:10.480> yeah<00:13:10.880> obviously

circulation right now yeah obviously

circulation right now yeah obviously because<00:13:11.600> we<00:13:11.760> are<00:13:11.839> looking<00:13:12.160> at<00:13:12.320> inflation

because we are looking at inflation

because we are looking at inflation numbers<00:13:13.360> creeping<00:13:13.760> up<00:13:13.839> and<00:13:13.920> they're<00:13:14.160> they're

numbers creeping up and they're they're

numbers creeping up and they're they're predicting<00:13:14.800> the<00:13:14.800> election<00:13:15.200> is<00:13:15.279> going<00:13:15.519> to

predicting the election is going to

predicting the election is going to increase<00:13:16.079> there's<00:13:16.320> a<00:13:16.399> lot<00:13:16.480> of<00:13:16.639> arguments

increase there's a lot of arguments

increase there's a lot of arguments around<00:13:17.360> that<00:13:17.519> being<00:13:17.839> you<00:13:17.920> know<00:13:18.399> uh<00:13:19.040> clog<00:13:19.360> ups

around that being you know uh clog ups

around that being you know uh clog ups with<00:13:19.680> supply<00:13:20.160> chains<00:13:20.399> and<00:13:20.480> so<00:13:20.639> on<00:13:20.720> and<00:13:20.800> so

with supply chains and so on and so

with supply chains and so on and so forth<00:13:21.120> and<00:13:21.200> some<00:13:21.360> of<00:13:21.360> the<00:13:21.440> stuff<00:13:21.600> that

forth and some of the stuff that

forth and some of the stuff that couldn't<00:13:22.000> work<00:13:22.240> because<00:13:22.480> of<00:13:22.639> covid<00:13:23.040> but<00:13:23.200> what

couldn't work because of covid but what

couldn't work because of covid but what does<00:13:23.600> it<00:13:23.760> actually<00:13:24.079> mean<00:13:24.480> where's<00:13:24.800> the<00:13:24.959> real

does it actually mean where's the real

does it actually mean where's the real rub<00:13:26.000> yeah<00:13:26.160> so<00:13:26.560> that's<00:13:26.800> the

rub yeah so that's the

rub yeah so that's the i<00:13:28.160> think<00:13:28.320> you've<00:13:28.880> hit<00:13:29.040> the<00:13:29.200> important<00:13:29.519> point

i think you've hit the important point

i think you've hit the important point there

there

there which<00:13:30.959> is<00:13:31.600> that<00:13:31.839> money

which is that money

which is that money it<00:13:32.959> doesn't<00:13:33.200> disappear<00:13:34.160> once<00:13:34.480> you<00:13:34.639> print<00:13:34.800> the

it doesn't disappear once you print the

it doesn't disappear once you print the money<00:13:35.360> and<00:13:35.519> you<00:13:35.680> give<00:13:35.839> it<00:13:36.000> out<00:13:36.560> then

money and you give it out then

money and you give it out then that<00:13:37.839> means<00:13:38.399> plain<00:13:38.639> and<00:13:38.800> simply

that means plain and simply

that means plain and simply somebody<00:13:40.720> has<00:13:41.199> more<00:13:41.440> money<00:13:41.839> if<00:13:41.920> you<00:13:42.079> add<00:13:42.240> up

somebody has more money if you add up

somebody has more money if you add up the<00:13:42.399> amount<00:13:42.639> of<00:13:42.720> money<00:13:43.040> everybody<00:13:43.440> has

the amount of money everybody has

the amount of money everybody has there's<00:13:44.000> going<00:13:44.160> to<00:13:44.240> be<00:13:44.320> 450<00:13:44.959> billion<00:13:45.360> more<00:13:46.000> now

there's going to be 450 billion more now

there's going to be 450 billion more now than<00:13:46.800> there<00:13:47.040> was<00:13:47.680> before<00:13:48.000> covered<00:13:48.560> right<00:13:49.040> and

than there was before covered right and

than there was before covered right and um

um

um so<00:13:50.720> when<00:13:50.880> kobe<00:13:51.360> started<00:13:52.160> like

so when kobe started like

so when kobe started like you<00:13:53.360> know<00:13:53.519> my<00:13:53.760> main<00:13:53.920> thing<00:13:54.079> is<00:13:54.160> inequality

you know my main thing is inequality

you know my main thing is inequality right<00:13:54.880> so<00:13:55.199> for<00:13:55.360> me<00:13:55.920> i<00:13:56.240> want<00:13:56.320> to<00:13:56.399> know<00:13:56.560> who<00:13:56.720> gets

right so for me i want to know who gets

right so for me i want to know who gets the<00:13:57.040> money<00:13:57.279> because<00:13:57.440> for<00:13:57.600> me<00:13:57.760> that's

the money because for me that's

the money because for me that's important<00:13:58.399> right

important right

important right so<00:13:59.360> i<00:13:59.519> was<00:13:59.600> sitting<00:13:59.839> down<00:14:00.000> beginning<00:14:00.399> of

so i was sitting down beginning of

so i was sitting down beginning of course<00:14:00.800> like<00:14:00.959> march<00:14:01.279> last<00:14:01.519> year<00:14:01.760> i'm<00:14:01.839> sitting

course like march last year i'm sitting

course like march last year i'm sitting on<00:14:02.240> my<00:14:02.399> sofa<00:14:03.279> and<00:14:03.440> i<00:14:03.519> was<00:14:03.600> trying<00:14:03.839> to<00:14:03.920> figure

on my sofa and i was trying to figure

on my sofa and i was trying to figure out<00:14:04.639> who's<00:14:04.959> got<00:14:05.120> this<00:14:05.279> money<00:14:05.680> because

out who's got this money because

out who's got this money because actually

actually

actually it's<00:14:07.760> quite<00:14:08.000> confusing<00:14:08.560> if<00:14:08.639> you<00:14:08.720> think<00:14:08.880> about

it's quite confusing if you think about

it's quite confusing if you think about it<00:14:09.120> right<00:14:09.360> because<00:14:09.519> the<00:14:09.760> money<00:14:10.240> is<00:14:10.399> getting

it right because the money is getting

it right because the money is getting printed<00:14:11.360> it's<00:14:11.519> going<00:14:11.760> to<00:14:11.839> the<00:14:11.920> government<00:14:12.399> and

printed it's going to the government and

printed it's going to the government and then<00:14:12.639> they're<00:14:12.800> giving<00:14:13.120> it<00:14:13.279> to<00:14:13.440> photos<00:14:13.839> workers

then they're giving it to photos workers

then they're giving it to photos workers right<00:14:14.800> so<00:14:14.959> you're<00:14:15.040> going<00:14:15.199> to<00:14:15.279> think<00:14:15.440> okay<00:14:15.680> well

right so you're going to think okay well

right so you're going to think okay well the<00:14:16.560> photo<00:14:16.880> workers<00:14:17.199> have<00:14:17.279> the<00:14:17.440> money<00:14:18.000> but

the photo workers have the money but

the photo workers have the money but actually<00:14:18.800> if<00:14:18.959> you<00:14:19.120> think<00:14:19.279> about<00:14:19.440> the<00:14:19.519> followed

actually if you think about the followed

actually if you think about the followed workers<00:14:20.720> yeah<00:14:20.880> they're<00:14:21.040> getting<00:14:21.279> further

workers yeah they're getting further

workers yeah they're getting further money<00:14:22.240> but<00:14:22.399> that<00:14:22.639> is<00:14:22.800> just<00:14:22.959> replacing<00:14:23.600> the

money but that is just replacing the

money but that is just replacing the wages<00:14:24.000> that<00:14:24.079> they're<00:14:24.240> no<00:14:24.320> longer<00:14:24.639> getting<00:14:25.279> so

wages that they're no longer getting so

wages that they're no longer getting so they're<00:14:25.839> not<00:14:26.160> 450<00:14:26.800> billion<00:14:27.120> pounds<00:14:27.360> richer<00:14:27.760> in

they're not 450 billion pounds richer in

they're not 450 billion pounds richer in fact<00:14:28.000> they're<00:14:28.240> slightly<00:14:28.720> poorer<00:14:29.120> right

fact they're slightly poorer right

fact they're slightly poorer right because<00:14:29.760> the<00:14:29.920> photo<00:14:30.240> is<00:14:30.320> only<00:14:30.480> 80<00:14:30.959> of<00:14:31.040> wages<00:14:31.760> so

because the photo is only 80 of wages so

because the photo is only 80 of wages so the<00:14:32.079> people<00:14:32.240> who<00:14:32.399> are<00:14:32.560> getting<00:14:32.800> the<00:14:32.959> money<00:14:33.760> are

the people who are getting the money are

the people who are getting the money are not<00:14:34.320> richer<00:14:34.639> than<00:14:34.800> pre-code

not richer than pre-code

not richer than pre-code but<00:14:36.320> we<00:14:36.480> know<00:14:36.720> somebody<00:14:37.199> is

but we know somebody is

but we know somebody is so<00:14:38.160> it's<00:14:38.320> like<00:14:38.480> it<00:14:38.639> was<00:14:38.720> a<00:14:38.800> bit<00:14:38.880> of<00:14:38.959> a<00:14:39.040> mystery

so it's like it was a bit of a mystery

so it's like it was a bit of a mystery like<00:14:39.600> i<00:14:39.680> was<00:14:39.760> doing<00:14:39.920> like<00:14:40.079> a<00:14:40.160> sherlock<00:14:40.480> holmes

like i was doing like a sherlock holmes

like i was doing like a sherlock holmes thing<00:14:41.120> i<00:14:41.279> know<00:14:41.839> i<00:14:42.000> know<00:14:42.320> somebody's<00:14:42.720> rich<00:14:43.040> okay

thing i know i know somebody's rich okay

thing i know i know somebody's rich okay it's<00:14:43.600> not<00:14:43.760> the<00:14:43.839> photo<00:14:44.160> workers<00:14:44.480> who<00:14:44.560> are<00:14:44.639> the

it's not the photo workers who are the

it's not the photo workers who are the people<00:14:44.880> who<00:14:44.959> are<00:14:45.040> getting<00:14:45.199> the<00:14:45.279> money<00:14:45.839> okay

people who are getting the money okay

people who are getting the money okay well

well

well well<00:14:47.680> they're<00:14:47.920> normally<00:14:48.240> getting<00:14:48.399> wages<00:14:48.720> from

well they're normally getting wages from

well they're normally getting wages from the<00:14:48.959> companies<00:14:49.360> right<00:14:49.519> so<00:14:49.680> maybe<00:14:49.920> the

the companies right so maybe the

the companies right so maybe the companies<00:14:50.399> are<00:14:50.480> richer<00:14:50.959> but<00:14:51.120> the<00:14:51.199> companies

companies are richer but the companies

companies are richer but the companies are<00:14:51.760> they<00:14:51.839> all<00:14:52.000> closed<00:14:52.320> down<00:14:52.480> right<00:14:52.639> they've

are they all closed down right they've

are they all closed down right they've got<00:14:53.120> no<00:14:53.360> incomes<00:14:53.680> right<00:14:53.839> the<00:14:54.000> companies<00:14:54.399> are

got no incomes right the companies are

got no incomes right the companies are not<00:14:54.639> richer<00:14:54.959> okay<00:14:55.199> oh<00:14:55.519> okay<00:14:56.399> the<00:14:56.560> photo<00:14:56.880> the

not richer okay oh okay the photo the

not richer okay oh okay the photo the workers<00:14:57.279> are<00:14:57.360> not<00:14:57.440> richer<00:14:57.760> the<00:14:57.920> companies<00:14:58.240> are

workers are not richer the companies are

workers are not richer the companies are not<00:14:58.480> richer<00:14:59.040> where's<00:14:59.279> the<00:14:59.360> money<00:14:59.600> right<00:14:59.760> well

not richer where's the money right well

not richer where's the money right well the<00:15:00.160> companies<00:15:01.040> normally<00:15:01.360> get<00:15:01.519> the<00:15:01.600> money

the companies normally get the money

the companies normally get the money from<00:15:02.079> the<00:15:02.240> customers<00:15:03.040> right

from the customers right

from the customers right and<00:15:04.079> if<00:15:04.160> you<00:15:04.240> look<00:15:04.399> at<00:15:04.480> the<00:15:04.720> customers<00:15:05.760> these

and if you look at the customers these

and if you look at the customers these guys

guys

guys for<00:15:07.360> most<00:15:07.680> of<00:15:07.760> them<00:15:08.000> their<00:15:08.240> incomes<00:15:08.560> are

for most of them their incomes are

for most of them their incomes are protected<00:15:09.120> because<00:15:09.360> what<00:15:09.600> furlough<00:15:10.000> did<00:15:10.160> was

protected because what furlough did was

protected because what furlough did was effectively<00:15:11.040> protected<00:15:11.760> almost<00:15:12.160> everyone's

effectively protected almost everyone's

effectively protected almost everyone's incomes<00:15:13.040> i<00:15:13.120> know<00:15:13.360> there<00:15:13.519> are<00:15:13.600> people<00:15:13.839> sticking

incomes i know there are people sticking

incomes i know there are people sticking to<00:15:14.240> those<00:15:14.399> gaps

to those gaps

to those gaps the<00:15:15.519> cut<00:15:15.760> the<00:15:15.920> customers<00:15:16.800> in<00:15:17.040> general<00:15:17.760> kept

the cut the customers in general kept

the cut the customers in general kept their<00:15:18.160> incomes<00:15:18.639> because<00:15:18.880> most<00:15:19.120> people<00:15:19.360> did

their incomes because most people did

their incomes because most people did but<00:15:20.880> they<00:15:21.519> cut<00:15:21.760> their<00:15:21.920> spending<00:15:22.240> because<00:15:22.480> you

but they cut their spending because you

but they cut their spending because you can't<00:15:22.720> go<00:15:22.880> on<00:15:22.959> holiday<00:15:23.519> you<00:15:23.600> can't<00:15:23.839> go<00:15:24.000> to

can't go on holiday you can't go to

can't go on holiday you can't go to expensive<00:15:24.639> bars<00:15:24.959> you<00:15:25.040> can't<00:15:25.279> go<00:15:25.440> to<00:15:25.519> expensive

expensive bars you can't go to expensive

expensive bars you can't go to expensive restaurants<00:15:26.560> you<00:15:26.720> just<00:15:26.800> can't<00:15:27.040> spend<00:15:27.519> that<00:15:27.760> so

restaurants you just can't spend that so

restaurants you just can't spend that so suddenly

suddenly

suddenly the<00:15:29.120> customers<00:15:29.680> spending<00:15:30.079> collapsed<00:15:30.639> so<00:15:30.880> the

the customers spending collapsed so the

the customers spending collapsed so the people<00:15:31.279> who<00:15:31.440> are<00:15:31.519> accumulating<00:15:32.079> money

people who are accumulating money

people who are accumulating money are<00:15:33.120> the<00:15:33.279> customers<00:15:34.320> but<00:15:34.560> now<00:15:34.800> remember<00:15:35.120> it's

are the customers but now remember it's

are the customers but now remember it's ten<00:15:35.440> thousand<00:15:35.759> pounds<00:15:36.000> per<00:15:36.240> adult<00:15:36.560> right<00:15:36.720> and

ten thousand pounds per adult right and

ten thousand pounds per adult right and i'm<00:15:37.279> guaranteeing<00:15:37.920> that<00:15:38.160> some<00:15:38.399> of<00:15:38.480> the

i'm guaranteeing that some of the

i'm guaranteeing that some of the listeners<00:15:38.880> i<00:15:38.959> think<00:15:39.279> well<00:15:39.600> i'm<00:15:39.839> a<00:15:39.920> customer

listeners i think well i'm a customer

listeners i think well i'm a customer yeah<00:15:42.639> exactly<00:15:42.959> right<00:15:43.360> and<00:15:43.440> that<00:15:43.680> is<00:15:43.759> because

yeah exactly right and that is because

yeah exactly right and that is because not<00:15:45.040> all<00:15:45.360> customers<00:15:45.920> are<00:15:46.160> created<00:15:46.560> equal

not all customers are created equal

not all customers are created equal right<00:15:47.519> some<00:15:47.920> customers

right some customers

right some customers their<00:15:49.360> spending<00:15:50.079> collapsed<00:15:50.959> and<00:15:51.199> other

their spending collapsed and other

their spending collapsed and other customers<00:15:51.920> their<00:15:52.079> spending<00:15:52.399> didn't<00:15:52.800> now<00:15:53.040> if

customers their spending didn't now if

customers their spending didn't now if you're<00:15:53.279> an<00:15:53.440> ordinary<00:15:53.920> person<00:15:54.160> or<00:15:54.320> a<00:15:54.399> lower

you're an ordinary person or a lower

you're an ordinary person or a lower income<00:15:55.040> person<00:15:55.839> and<00:15:56.160> you<00:15:56.320> know<00:15:56.480> i<00:15:56.560> come<00:15:56.720> from<00:15:56.880> a

income person and you know i come from a

income person and you know i come from a low<00:15:57.120> income<00:15:57.440> background<00:15:58.320> all<00:15:58.480> of<00:15:58.639> your

low income background all of your

low income background all of your spending<00:15:59.199> is<00:15:59.279> essential<00:15:59.680> spending<00:16:00.240> it's<00:16:00.480> rent

spending is essential spending it's rent

spending is essential spending it's rent it's<00:16:01.279> mortgage<00:16:01.920> it's<00:16:02.160> bills<00:16:02.800> it's<00:16:03.040> food<00:16:03.519> well

it's mortgage it's bills it's food well

it's mortgage it's bills it's food well you<00:16:03.839> ain't<00:16:04.000> saving<00:16:04.320> no<00:16:04.399> money<00:16:04.639> on<00:16:04.720> covered

you ain't saving no money on covered

you ain't saving no money on covered because<00:16:05.279> you're<00:16:05.440> still<00:16:05.680> paying<00:16:05.920> the<00:16:06.079> rent<00:16:06.320> or

because you're still paying the rent or

because you're still paying the rent or the<00:16:06.560> mortgage<00:16:06.880> and<00:16:07.040> the<00:16:07.120> bills<00:16:07.440> and<00:16:07.519> the<00:16:07.600> food

the mortgage and the bills and the food

the mortgage and the bills and the food right<00:16:08.079> so<00:16:08.639> so<00:16:09.120> ordinary<00:16:09.759> and<00:16:10.000> poorer<00:16:10.560> families

right so so ordinary and poorer families

right so so ordinary and poorer families didn't<00:16:11.920> save<00:16:12.160> any<00:16:12.399> money<00:16:12.639> as<00:16:12.800> customers

didn't save any money as customers

didn't save any money as customers because<00:16:13.360> they're<00:16:13.519> spending<00:16:13.839> his<00:16:14.000> own

because they're spending his own

because they're spending his own essentials<00:16:15.199> the<00:16:15.519> spending<00:16:15.920> which<00:16:16.160> stopped

essentials the spending which stopped

essentials the spending which stopped was

was

was like<00:16:18.160> what<00:16:18.320> we<00:16:18.480> call<00:16:18.639> discretionary<00:16:19.279> spending

like what we call discretionary spending

like what we call discretionary spending like<00:16:19.839> extra<00:16:20.160> spending<00:16:20.560> like<00:16:20.800> luxury<00:16:21.279> spending

like extra spending like luxury spending

like extra spending like luxury spending like<00:16:21.759> holidays<00:16:22.480> like<00:16:22.720> going<00:16:22.880> to<00:16:23.040> the<00:16:23.199> cinema

like holidays like going to the cinema

like holidays like going to the cinema like<00:16:23.920> going<00:16:24.160> to<00:16:24.240> the<00:16:24.480> theater<00:16:24.959> like<00:16:25.120> going<00:16:25.360> to

like going to the theater like going to

like going to the theater like going to bars<00:16:26.079> right<00:16:26.320> and<00:16:26.800> who<00:16:27.040> are<00:16:27.120> the<00:16:27.279> people<00:16:27.440> who

bars right and who are the people who

bars right and who are the people who have

have

have high<00:16:29.440> discretionary<00:16:30.240> spending<00:16:31.199> it's<00:16:31.360> richer

high discretionary spending it's richer

high discretionary spending it's richer people<00:16:32.000> and<00:16:32.160> higher<00:16:32.399> income<00:16:32.720> people<00:16:33.040> like<00:16:33.519> if

people and higher income people like if

people and higher income people like if you<00:16:33.839> are<00:16:34.000> like<00:16:34.320> super<00:16:34.639> rich<00:16:35.440> you<00:16:35.680> might<00:16:35.920> spend

you are like super rich you might spend

you are like super rich you might spend like<00:16:36.480> a<00:16:36.560> hundred<00:16:36.959> grand<00:16:37.199> a<00:16:37.279> year<00:16:37.519> on<00:16:37.600> those

like a hundred grand a year on those

like a hundred grand a year on those nine<00:16:38.000> essentials<00:16:38.480> if<00:16:38.560> you're<00:16:38.720> super<00:16:38.959> rich

nine essentials if you're super rich

nine essentials if you're super rich very<00:16:39.360> rich<00:16:39.519> people<00:16:39.759> will<00:16:40.000> do<00:16:40.160> that<00:16:40.320> right<00:16:40.800> so

very rich people will do that right so

very rich people will do that right so suddenly<00:16:41.519> they're<00:16:41.680> racking<00:16:41.920> up<00:16:42.079> 100<00:16:42.320> grand<00:16:42.560> a

suddenly they're racking up 100 grand a

suddenly they're racking up 100 grand a year<00:16:42.959> right<00:16:43.279> so<00:16:43.920> that's<00:16:44.160> the<00:16:44.320> reason<00:16:44.560> why<00:16:44.720> an

year right so that's the reason why an

year right so that's the reason why an ordinary<00:16:45.199> person<00:16:45.440> didn't<00:16:45.680> get<00:16:45.759> that<00:16:45.920> 10<00:16:46.079> grand

ordinary person didn't get that 10 grand

ordinary person didn't get that 10 grand is<00:16:46.480> because<00:16:46.720> the<00:16:46.959> richest<00:16:47.360> people<00:16:47.759> start

is because the richest people start

is because the richest people start accumulating<00:16:48.399> 100<00:16:49.040> or<00:16:49.120> 200<00:16:49.519> grand<00:16:49.680> you<00:16:49.759> know

accumulating 100 or 200 grand you know

accumulating 100 or 200 grand you know what's<00:16:50.560> jeff<00:16:50.800> bezos's<00:16:51.199> discretionary<00:16:51.759> spend

what's jeff bezos's discretionary spend

what's jeff bezos's discretionary spend it's<00:16:52.079> going<00:16:52.160> to<00:16:52.240> be<00:16:52.320> millions<00:16:52.720> a<00:16:52.800> year<00:16:52.959> you

it's going to be millions a year you

it's going to be millions a year you know<00:16:53.120> how<00:16:53.279> much<00:16:53.440> does<00:16:53.600> jay-z<00:16:54.079> spend<00:16:54.399> on<00:16:54.480> these

know how much does jay-z spend on these

know how much does jay-z spend on these luxuries<00:16:55.040> you<00:16:55.120> know<00:16:55.199> what<00:16:55.199> i<00:16:55.279> mean<00:16:55.759> you're

luxuries you know what i mean you're

luxuries you know what i mean you're going<00:16:56.000> to<00:16:56.079> be<00:16:56.240> millions<00:16:56.800> of<00:16:56.880> pounds<00:16:57.199> right<00:16:57.360> so

going to be millions of pounds right so

going to be millions of pounds right so richer<00:16:58.240> people

richer people

richer people accumulated<00:17:00.480> millions<00:17:00.880> of<00:17:01.040> pounds<00:17:01.360> during

accumulated millions of pounds during

accumulated millions of pounds during kobe<00:17:02.240> because<00:17:02.480> they're<00:17:02.720> no<00:17:02.959> longer<00:17:03.440> spending

kobe because they're no longer spending

kobe because they're no longer spending money<00:17:04.480> and<00:17:04.640> that<00:17:05.039> spending<00:17:05.760> used<00:17:06.079> to<00:17:06.240> drive

money and that spending used to drive

money and that spending used to drive ordinary<00:17:07.600> people's<00:17:07.919> wages

ordinary people's wages

ordinary people's wages but<00:17:09.199> instead<00:17:09.760> ordinary<00:17:10.160> people<00:17:10.319> are<00:17:10.400> now

but instead ordinary people are now

but instead ordinary people are now getting<00:17:10.720> their<00:17:10.799> wages<00:17:11.120> from<00:17:11.199> the<00:17:11.280> government

getting their wages from the government

getting their wages from the government so

so

so that<00:17:13.199> means<00:17:13.439> in<00:17:13.600> normal<00:17:14.000> times<00:17:14.640> money<00:17:14.959> kind<00:17:15.199> of

that means in normal times money kind of

that means in normal times money kind of flows<00:17:15.520> around<00:17:15.760> in<00:17:15.839> a<00:17:15.919> circle<00:17:16.319> right<00:17:16.559> which<00:17:16.720> is

flows around in a circle right which is

flows around in a circle right which is rich<00:17:17.120> people<00:17:17.360> spend<00:17:17.520> a<00:17:17.600> lot<00:17:17.679> of<00:17:17.760> money<00:17:18.160> because

rich people spend a lot of money because

rich people spend a lot of money because they're<00:17:18.559> rich<00:17:18.880> and<00:17:18.959> they<00:17:19.120> can

they're rich and they can

they're rich and they can that<00:17:20.480> drives<00:17:20.799> ordinary<00:17:21.199> people's<00:17:21.520> wages<00:17:22.400> and

that drives ordinary people's wages and

that drives ordinary people's wages and then<00:17:22.720> ordinary<00:17:23.199> people<00:17:24.079> need<00:17:24.319> to<00:17:24.959> pay<00:17:25.120> their

then ordinary people need to pay their

then ordinary people need to pay their bills<00:17:25.760> pay<00:17:25.919> the<00:17:26.079> mortgage<00:17:26.480> pay<00:17:26.720> the<00:17:26.880> rent<00:17:27.600> and

bills pay the mortgage pay the rent and

bills pay the mortgage pay the rent and we<00:17:27.919> discussed<00:17:28.319> in<00:17:28.400> the<00:17:28.559> last<00:17:29.120> podcast

we discussed in the last podcast

we discussed in the last podcast that<00:17:30.400> money<00:17:30.720> doesn't<00:17:30.880> disappear<00:17:31.360> it<00:17:31.520> goes<00:17:31.760> to

that money doesn't disappear it goes to

that money doesn't disappear it goes to the<00:17:32.080> owners<00:17:32.400> of<00:17:32.480> the<00:17:32.559> companies<00:17:33.280> the<00:17:33.440> owners

the owners of the companies the owners

the owners of the companies the owners of<00:17:33.840> the<00:17:34.000> properties<00:17:34.799> the<00:17:34.960> owners<00:17:35.440> of<00:17:35.840> your

of the properties the owners of your

of the properties the owners of your mortgage<00:17:36.960> who<00:17:37.200> are<00:17:37.360> the<00:17:37.440> rich<00:17:37.679> people<00:17:38.080> so

mortgage who are the rich people so

mortgage who are the rich people so there's<00:17:38.480> a<00:17:38.559> cycle<00:17:38.960> right<00:17:39.360> the<00:17:39.600> rich<00:17:39.840> pay<00:17:40.000> your

there's a cycle right the rich pay your

there's a cycle right the rich pay your wages<00:17:40.480> with<00:17:40.720> the<00:17:40.880> highest<00:17:41.120> spending<00:17:41.679> and<00:17:41.840> then

wages with the highest spending and then

wages with the highest spending and then you<00:17:42.240> pay<00:17:42.400> the<00:17:42.559> richest<00:17:42.960> incomes<00:17:43.600> with<00:17:43.760> your

you pay the richest incomes with your

you pay the richest incomes with your rent<00:17:44.240> your<00:17:44.480> mortgage<00:17:44.880> your<00:17:45.039> bills<00:17:45.440> everything

rent your mortgage your bills everything

rent your mortgage your bills everything you<00:17:45.919> pay<00:17:46.080> a<00:17:46.160> little<00:17:46.320> carpet<00:17:46.720> is<00:17:46.799> going<00:17:47.039> to<00:17:47.200> the

you pay a little carpet is going to the

you pay a little carpet is going to the owners<00:17:47.679> of<00:17:47.760> the<00:17:47.919> assets<00:17:48.240> who<00:17:48.400> are<00:17:48.480> there<00:17:48.880> right

owners of the assets who are there right

owners of the assets who are there right and<00:17:49.200> if<00:17:49.440> if<00:17:49.520> anybody<00:17:49.919> doesn't<00:17:50.240> understand

and if if anybody doesn't understand

and if if anybody doesn't understand that<00:17:50.960> they<00:17:51.120> should<00:17:51.280> definitely<00:17:51.600> go<00:17:51.679> back<00:17:51.840> and

that they should definitely go back and

that they should definitely go back and listen<00:17:52.160> to<00:17:52.240> the<00:17:52.320> last<00:17:52.559> podcast<00:17:52.960> what<00:17:53.200> is

listen to the last podcast what is

listen to the last podcast what is wealth<00:17:53.600> or<00:17:53.679> my<00:17:53.840> youtube<00:17:54.160> video<00:17:54.480> what<00:17:54.640> is

wealth or my youtube video what is

wealth or my youtube video what is wealth<00:17:55.440> um<00:17:55.840> to<00:17:56.080> explain<00:17:56.480> how<00:17:56.640> that<00:17:56.799> money<00:17:57.120> you

wealth um to explain how that money you

wealth um to explain how that money you spend<00:17:57.840> goes<00:17:58.080> to<00:17:58.240> richer<00:17:58.480> people<00:17:58.720> because<00:17:58.880> they

spend goes to richer people because they

spend goes to richer people because they own<00:17:59.440> assets<00:17:59.760> right<00:18:00.160> so<00:18:00.320> normally<00:18:00.640> there's<00:18:00.799> a

own assets right so normally there's a

own assets right so normally there's a cycle<00:18:01.200> right<00:18:01.360> rich<00:18:01.600> spend

cycle right rich spend

cycle right rich spend and<00:18:03.440> you<00:18:03.679> spend<00:18:04.160> right<00:18:04.320> and<00:18:04.400> it<00:18:04.480> goes<00:18:04.720> around

and you spend right and it goes around

and you spend right and it goes around but<00:18:05.440> suddenly<00:18:05.840> in<00:18:05.919> kobe<00:18:06.240> the<00:18:06.320> rich<00:18:06.480> not

but suddenly in kobe the rich not

but suddenly in kobe the rich not spending<00:18:07.360> but<00:18:07.520> you're<00:18:07.760> still<00:18:07.919> spending

spending but you're still spending

spending but you're still spending because<00:18:08.640> your<00:18:08.880> money<00:18:09.039> is<00:18:09.200> on<00:18:09.280> essentials

because your money is on essentials

because your money is on essentials right<00:18:10.240> so<00:18:10.400> the<00:18:10.480> rich<00:18:10.720> keep<00:18:10.880> their<00:18:11.120> income<00:18:11.679> and

right so the rich keep their income and

right so the rich keep their income and your<00:18:12.000> money's<00:18:12.320> coming<00:18:12.480> from<00:18:12.640> the<00:18:12.720> government

your money's coming from the government

your money's coming from the government and<00:18:13.360> the<00:18:13.440> money<00:18:13.760> rather<00:18:14.080> than<00:18:14.160> going<00:18:14.320> around

and the money rather than going around

and the money rather than going around in<00:18:14.640> a<00:18:14.720> circle<00:18:15.039> just<00:18:15.200> starts<00:18:15.440> to<00:18:15.679> pile<00:18:16.080> up<00:18:16.160> in<00:18:16.240> a

in a circle just starts to pile up in a

in a circle just starts to pile up in a bank<00:18:16.559> accounts<00:18:16.880> of<00:18:16.960> the<00:18:17.039> rich<00:18:17.280> so<00:18:17.760> i<00:18:18.000> came<00:18:18.240> out

bank accounts of the rich so i came out

bank accounts of the rich so i came out in<00:18:18.480> like<00:18:18.720> march<00:18:19.200> last<00:18:19.520> year<00:18:19.919> put<00:18:20.080> a<00:18:20.160> few

in like march last year put a few

in like march last year put a few articles<00:18:20.799> there's<00:18:21.039> one<00:18:21.280> like<00:18:21.440> for<00:18:21.679> open

articles there's one like for open

articles there's one like for open democracy<00:18:22.320> called<00:18:22.480> follow<00:18:22.720> the<00:18:22.799> money

democracy called follow the money

democracy called follow the money basically<00:18:23.600> following<00:18:24.000> the<00:18:24.080> money<00:18:24.320> trail

basically following the money trail

basically following the money trail saying<00:18:25.200> look<00:18:25.840> what<00:18:26.080> is<00:18:26.160> going<00:18:26.240> to<00:18:26.400> happen<00:18:26.640> as<00:18:26.799> a

saying look what is going to happen as a

saying look what is going to happen as a result<00:18:27.120> of<00:18:27.200> this<00:18:27.360> is<00:18:27.520> a<00:18:27.679> massive<00:18:28.080> increase<00:18:28.400> in

result of this is a massive increase in

result of this is a massive increase in cash<00:18:29.200> held<00:18:29.440> by<00:18:29.600> the<00:18:29.679> rich

cash held by the rich

cash held by the rich all<00:18:31.039> right<00:18:31.120> what's<00:18:31.360> the<00:18:31.440> knock-on<00:18:31.760> effect<00:18:32.000> of

all right what's the knock-on effect of

all right what's the knock-on effect of that<00:18:32.240> well<00:18:32.480> rich<00:18:32.799> people

that well rich people

that well rich people um

um

um even<00:18:35.039> though<00:18:35.200> they<00:18:35.280> do<00:18:35.440> have<00:18:35.520> higher<00:18:35.760> spending

even though they do have higher spending

even though they do have higher spending they<00:18:36.320> actually<00:18:36.640> spend<00:18:36.799> a<00:18:36.880> much<00:18:37.120> lower

they actually spend a much lower

they actually spend a much lower percentage<00:18:37.919> of<00:18:38.000> their<00:18:38.240> income<00:18:38.720> than<00:18:38.960> ordinary

percentage of their income than ordinary

percentage of their income than ordinary people<00:18:39.679> and<00:18:39.760> that's<00:18:39.919> because<00:18:40.080> the<00:18:40.240> income<00:18:40.559> is

people and that's because the income is

people and that's because the income is so<00:18:40.799> high<00:18:41.039> again<00:18:41.360> we've<00:18:41.600> been<00:18:41.760> there<00:18:41.919> somewhat

so high again we've been there somewhat

so high again we've been there somewhat as<00:18:42.320> well<00:18:42.559> right<00:18:42.720> yeah<00:18:43.280> um

as well right yeah um

as well right yeah um what<00:18:44.720> they<00:18:44.880> do<00:18:45.039> with<00:18:45.200> the<00:18:45.280> most<00:18:45.520> of<00:18:45.600> their

what they do with the most of their

what they do with the most of their income<00:18:46.320> is<00:18:46.480> buy<00:18:46.720> assets

income is buy assets

income is buy assets so<00:18:47.840> they<00:18:48.080> are<00:18:48.160> going<00:18:48.320> to<00:18:48.400> take<00:18:48.640> that<00:18:48.880> they're

so they are going to take that they're

so they are going to take that they're going<00:18:49.120> to<00:18:49.360> stack<00:18:49.679> up<00:18:49.760> that<00:18:50.000> cash<00:18:50.400> and<00:18:50.480> they're

going to stack up that cash and they're

going to stack up that cash and they're not<00:18:50.799> going<00:18:50.880> to<00:18:50.960> just<00:18:51.120> sit<00:18:51.280> on<00:18:51.440> it<00:18:51.679> they're

not going to just sit on it they're

not going to just sit on it they're going<00:18:51.919> to<00:18:52.000> go<00:18:52.160> out<00:18:52.320> and<00:18:52.400> buy<00:18:52.559> stocks<00:18:52.880> and

going to go out and buy stocks and

going to go out and buy stocks and shares<00:18:53.360> and<00:18:53.520> most<00:18:53.760> importantly<00:18:54.160> for<00:18:54.320> all<00:18:54.400> the

shares and most importantly for all the

shares and most importantly for all the new<00:18:54.640> people<00:18:54.880> are<00:18:54.960> going<00:18:55.039> to<00:18:55.120> buy<00:18:55.280> houses<00:18:56.080> so<00:18:56.480> i

new people are going to buy houses so i

new people are going to buy houses so i came<00:18:56.880> out<00:18:56.960> at<00:18:57.039> the<00:18:57.200> beginning<00:18:57.520> of<00:18:57.679> kobe<00:18:58.000> then

came out at the beginning of kobe then

came out at the beginning of kobe then said<00:18:58.400> look

said look

said look house<00:18:59.360> prices<00:18:59.600> are<00:18:59.679> going<00:18:59.760> to<00:18:59.840> go<00:19:00.000> through<00:19:00.080> the

house prices are going to go through the

house prices are going to go through the roof<00:19:00.400> after<00:19:00.640> kobe<00:19:01.039> because<00:19:01.280> we're<00:19:01.679> basically

roof after kobe because we're basically

roof after kobe because we're basically fixing<00:19:02.799> this<00:19:02.960> crisis<00:19:03.360> by<00:19:03.600> just<00:19:03.840> stuffing<00:19:04.480> the

fixing this crisis by just stuffing the

fixing this crisis by just stuffing the bank<00:19:04.880> accounts<00:19:05.200> of<00:19:05.280> the<00:19:05.360> rich<00:19:05.600> with<00:19:05.760> cash<00:19:06.080> and

bank accounts of the rich with cash and

bank accounts of the rich with cash and they're<00:19:06.320> going<00:19:06.400> to<00:19:06.400> use<00:19:06.559> that<00:19:06.640> to<00:19:06.720> buy<00:19:06.880> houses

they're going to use that to buy houses

they're going to use that to buy houses right<00:19:07.360> and<00:19:07.679> obviously<00:19:08.080> everybody<00:19:08.400> at<00:19:08.480> the

right and obviously everybody at the

right and obviously everybody at the beginning<00:19:08.799> of<00:19:08.960> kobe<00:19:09.440> was<00:19:09.600> saying<00:19:09.760> you<00:19:09.840> know

beginning of kobe was saying you know

beginning of kobe was saying you know economic<00:19:10.400> disaster<00:19:10.880> house<00:19:11.039> prices<00:19:11.360> will<00:19:11.520> go

economic disaster house prices will go

economic disaster house prices will go down<00:19:12.320> you<00:19:12.480> can<00:19:12.640> see<00:19:12.880> like<00:19:13.039> the<00:19:13.200> guardian

down you can see like the guardian

down you can see like the guardian article<00:19:14.000> saying<00:19:14.240> that<00:19:14.320> but<00:19:14.480> i<00:19:14.559> was<00:19:14.640> saying<00:19:14.880> no

article saying that but i was saying no

article saying that but i was saying no this<00:19:15.280> is<00:19:15.360> wrong<00:19:15.600> right<00:19:15.760> house<00:19:16.000> prices<00:19:16.240> are

this is wrong right house prices are

this is wrong right house prices are going<00:19:16.400> to<00:19:16.480> go<00:19:16.640> up<00:19:17.200> and<00:19:17.360> uh<00:19:17.679> i'm<00:19:17.760> patting<00:19:18.000> myself

going to go up and uh i'm patting myself

going to go up and uh i'm patting myself on<00:19:18.400> the<00:19:18.480> back<00:19:18.640> here<00:19:18.880> we<00:19:18.960> can<00:19:19.120> see<00:19:19.360> now<00:19:19.600> we<00:19:19.679> can

on the back here we can see now we can

on the back here we can see now we can see<00:19:19.919> that's<00:19:20.080> happening<00:19:20.400> right<00:19:20.640> yeah<00:19:21.039> that's

see that's happening right yeah that's

see that's happening right yeah that's happened<00:19:21.760> though<00:19:21.919> that<00:19:22.160> has<00:19:22.320> happened<00:19:22.960> i've

happened though that has happened i've

happened though that has happened i've seen<00:19:23.440> even<00:19:23.679> locally<00:19:24.080> where<00:19:24.320> i'm<00:19:24.480> at<00:19:24.640> in<00:19:24.880> shops

seen even locally where i'm at in shops

seen even locally where i'm at in shops here<00:19:25.600> house<00:19:25.840> prices<00:19:26.160> are<00:19:26.240> going<00:19:26.480> through<00:19:26.640> the

here house prices are going through the

here house prices are going through the roof<00:19:26.960> and<00:19:27.200> people<00:19:27.520> moving<00:19:27.760> houses<00:19:28.080> and<00:19:28.160> buying

roof and people moving houses and buying

roof and people moving houses and buying houses<00:19:28.720> it's<00:19:28.799> like<00:19:28.960> hanging<00:19:29.200> on<00:19:29.200> a<00:19:29.280> second

houses it's like hanging on a second

houses it's like hanging on a second when<00:19:29.760> did<00:19:30.160> in<00:19:30.400> shops<00:19:30.720> here<00:19:30.880> when<00:19:31.039> did<00:19:31.200> house

when did in shops here when did house

when did in shops here when did house prices<00:19:31.840> get<00:19:32.000> to<00:19:32.160> this<00:19:32.400> level

prices get to this level

prices get to this level yeah<00:19:33.679> mind-blowing<00:19:34.480> but<00:19:34.640> it's<00:19:34.799> because<00:19:35.679> it's

yeah mind-blowing but it's because it's

yeah mind-blowing but it's because it's because<00:19:36.320> we<00:19:36.799> are<00:19:37.360> as<00:19:37.600> a<00:19:37.679> society<00:19:38.160> obviously

because we are as a society obviously

because we are as a society obviously not<00:19:38.720> you<00:19:38.880> and<00:19:38.960> me<00:19:39.120> probably<00:19:39.360> not<00:19:39.520> the

not you and me probably not the

not you and me probably not the listeners

listeners

listeners the<00:19:40.720> way<00:19:40.880> we've<00:19:41.120> dealt<00:19:41.280> with<00:19:41.440> kovid<00:19:42.000> is<00:19:42.160> you

the way we've dealt with kovid is you

the way we've dealt with kovid is you know<00:19:42.559> normally<00:19:42.960> when<00:19:43.120> there's<00:19:43.280> a<00:19:43.360> disaster

know normally when there's a disaster

know normally when there's a disaster you<00:19:44.240> might<00:19:44.480> think<00:19:44.720> well<00:19:44.960> we<00:19:45.039> need<00:19:45.120> to<00:19:45.200> go<00:19:45.360> and

you might think well we need to go and

you might think well we need to go and tax<00:19:45.919> the<00:19:46.080> richest<00:19:46.559> because<00:19:46.720> those<00:19:46.960> are<00:19:47.039> the

tax the richest because those are the

tax the richest because those are the guys<00:19:47.280> who<00:19:47.440> can<00:19:47.520> help<00:19:47.760> us<00:19:47.840> get<00:19:48.000> through

guys who can help us get through

guys who can help us get through disaster<00:19:48.880> but<00:19:49.120> here<00:19:49.360> we've<00:19:49.600> used<00:19:49.760> this<00:19:49.919> kind

disaster but here we've used this kind

disaster but here we've used this kind of<00:19:50.240> like<00:19:50.640> one<00:19:51.039> neat<00:19:51.280> trick<00:19:51.600> to<00:19:51.679> fix<00:19:51.919> the

of like one neat trick to fix the

of like one neat trick to fix the economy<00:19:52.640> which<00:19:52.799> is<00:19:52.960> well<00:19:53.039> we<00:19:53.200> don't<00:19:53.280> need<00:19:53.440> to

economy which is well we don't need to

economy which is well we don't need to tax<00:19:53.679> no<00:19:53.840> one<00:19:53.919> we'll<00:19:54.080> just<00:19:54.240> print<00:19:54.480> it<00:19:54.640> you<00:19:54.720> know

tax no one we'll just print it you know

tax no one we'll just print it you know what i<00:19:54.960> mean<00:19:55.600> and<00:19:56.160> that<00:19:56.480> seems<00:19:56.880> fine<00:19:57.520> but<00:19:57.679> it

what i mean and that seems fine but it

what i mean and that seems fine but it has<00:19:58.000> this<00:19:58.160> consequence<00:19:58.799> of<00:19:59.039> okay<00:19:59.280> well<00:19:59.440> that

has this consequence of okay well that

has this consequence of okay well that money<00:19:59.840> ends<00:20:00.000> up<00:20:00.080> with<00:20:00.240> the<00:20:00.320> rich<00:20:01.039> they<00:20:01.280> use

money ends up with the rich they use

money ends up with the rich they use that<00:20:01.919> to<00:20:02.159> buy<00:20:02.320> houses<00:20:03.120> and<00:20:03.280> then<00:20:03.679> well<00:20:04.159> what

that to buy houses and then well what

that to buy houses and then well what happens<00:20:04.640> when<00:20:04.799> your<00:20:04.960> kid<00:20:05.120> needs<00:20:05.360> a<00:20:05.440> house<00:20:05.760> and

happens when your kid needs a house and

happens when your kid needs a house and suddenly<00:20:06.320> a<00:20:06.400> house<00:20:06.640> in<00:20:06.720> shropshire<00:20:07.120> costs<00:20:07.360> you

suddenly a house in shropshire costs you

suddenly a house in shropshire costs you know<00:20:07.520> half<00:20:07.760> a<00:20:07.840> million<00:20:08.080> pounds<00:20:08.320> you<00:20:08.480> know<00:20:08.480> what

know half a million pounds you know what

know half a million pounds you know what i<00:20:08.640> mean<00:20:09.120> they're<00:20:09.360> making<00:20:09.679> 25<00:20:10.480> grand<00:20:10.799> which<00:20:10.960> is

i mean they're making 25 grand which is

i mean they're making 25 grand which is you<00:20:11.200> know<00:20:11.280> an<00:20:11.440> ordinary<00:20:12.000> wage<00:20:12.799> how<00:20:12.960> you<00:20:13.039> gonna

you know an ordinary wage how you gonna

you know an ordinary wage how you gonna buy<00:20:13.360> a<00:20:13.360> half<00:20:13.520> a<00:20:13.520> million<00:20:13.760> pound<00:20:14.000> house<00:20:14.240> like

buy a half a million pound house like

buy a half a million pound house like this<00:20:14.640> is<00:20:14.799> the<00:20:14.960> consequence<00:20:15.520> and<00:20:15.679> like

this is the consequence and like

this is the consequence and like nobody<00:20:18.159> in<00:20:18.240> the<00:20:18.320> media<00:20:18.720> is<00:20:18.880> really<00:20:19.039> talking

nobody in the media is really talking

nobody in the media is really talking about<00:20:19.520> this<00:20:19.600> right<00:20:19.840> especially<00:20:20.240> the<00:20:20.320> media

about this right especially the media

about this right especially the media that<00:20:20.640> faces<00:20:20.960> all<00:20:21.039> the<00:20:21.120> enemy<00:20:21.360> people<00:20:21.600> right

that faces all the enemy people right

that faces all the enemy people right and<00:20:22.080> people<00:20:22.400> are<00:20:22.480> being<00:20:22.720> presented<00:20:23.120> with<00:20:23.200> this

and people are being presented with this

and people are being presented with this image<00:20:23.679> of<00:20:23.840> oh<00:20:24.159> man<00:20:24.320> we<00:20:24.480> just<00:20:24.720> fixed<00:20:25.039> we<00:20:25.280> were

image of oh man we just fixed we were

image of oh man we just fixed we were like<00:20:25.679> economic<00:20:26.080> magicians<00:20:26.640> you<00:20:26.720> know<00:20:26.799> we

like economic magicians you know we

like economic magicians you know we fixed<00:20:27.200> the<00:20:27.280> economy<00:20:27.840> we<00:20:28.000> didn't<00:20:28.240> tax<00:20:28.480> you<00:20:28.880> we

fixed the economy we didn't tax you we

fixed the economy we didn't tax you we didn't<00:20:29.200> tax<00:20:29.440> nobody<00:20:29.919> nobody<00:20:30.240> lost<00:20:30.480> their<00:20:30.640> job

didn't tax nobody nobody lost their job

didn't tax nobody nobody lost their job nobody<00:20:31.679> had<00:20:31.760> to<00:20:31.840> pay<00:20:32.000> any<00:20:32.080> more<00:20:32.240> taxes<00:20:32.640> it's

nobody had to pay any more taxes it's

nobody had to pay any more taxes it's like<00:20:32.880> magic<00:20:33.200> trick<00:20:33.440> but<00:20:33.600> then<00:20:34.080> behind<00:20:34.400> the

like magic trick but then behind the

like magic trick but then behind the scenes<00:20:35.039> and<00:20:35.200> ordinary<00:20:35.600> people<00:20:35.760> don't<00:20:35.919> see

scenes and ordinary people don't see

scenes and ordinary people don't see this<00:20:36.240> right<00:20:36.400> because<00:20:36.480> if<00:20:36.559> you're<00:20:36.640> an<00:20:36.799> ordinary

this right because if you're an ordinary

this right because if you're an ordinary person<00:20:38.000> your<00:20:38.240> income<00:20:38.480> didn't<00:20:38.720> change<00:20:39.360> and

person your income didn't change and

person your income didn't change and your<00:20:39.679> savings<00:20:40.080> maybe<00:20:40.320> went<00:20:40.480> up<00:20:40.640> a<00:20:40.720> little<00:20:40.880> tiny

your savings maybe went up a little tiny

your savings maybe went up a little tiny bit<00:20:41.360> and<00:20:41.440> you're<00:20:41.520> like<00:20:41.679> i<00:20:41.760> made<00:20:41.919> an<00:20:42.000> extra<00:20:42.240> like

bit and you're like i made an extra like

bit and you're like i made an extra like two<00:20:42.559> grand<00:20:42.880> you<00:20:42.960> know<00:20:43.120> i'm<00:20:43.200> happy<00:20:43.600> you<00:20:43.679> know

two grand you know i'm happy you know

two grand you know i'm happy you know and<00:20:44.480> you're<00:20:44.640> thinking<00:20:44.960> oh<00:20:45.120> great<00:20:45.280> i<00:20:45.360> made<00:20:45.520> two

and you're thinking oh great i made two

and you're thinking oh great i made two grand<00:20:46.000> but<00:20:46.159> you<00:20:46.240> don't<00:20:46.480> realize<00:20:47.039> that<00:20:47.200> behind

grand but you don't realize that behind

grand but you don't realize that behind the<00:20:47.600> scenes<00:20:48.320> jay-z<00:20:48.799> saved<00:20:49.039> up<00:20:49.120> ten<00:20:49.280> million

the scenes jay-z saved up ten million

the scenes jay-z saved up ten million pounds<00:20:50.240> you<00:20:50.320> know<00:20:50.400> what<00:20:50.480> i<00:20:50.559> mean<00:20:50.880> but<00:20:51.039> it's<00:20:51.120> not

pounds you know what i mean but it's not

pounds you know what i mean but it's not just<00:20:51.440> jay-z<00:20:51.840> right<00:20:52.000> it's<00:20:52.159> these<00:20:52.320> people

just jay-z right it's these people

just jay-z right it's these people working<00:20:52.720> in<00:20:52.880> the<00:20:52.960> city<00:20:53.440> they<00:20:53.600> made<00:20:53.760> an<00:20:53.919> extra

working in the city they made an extra

working in the city they made an extra like<00:20:54.320> they<00:20:54.480> probably<00:20:54.799> they<00:20:54.880> made<00:20:55.039> an<00:20:55.120> extra

like they probably they made an extra

like they probably they made an extra hundred<00:20:55.679> grand<00:20:56.000> each<00:20:56.320> you<00:20:56.400> know<00:20:56.480> what<00:20:56.559> i<00:20:56.640> mean

hundred grand each you know what i mean

hundred grand each you know what i mean you<00:20:57.360> don't<00:20:57.520> realize<00:20:58.240> that<00:20:58.400> they're<00:20:58.640> stacking

you don't realize that they're stacking

you don't realize that they're stacking money<00:20:59.200> and<00:20:59.280> you<00:20:59.360> might<00:20:59.600> think<00:20:59.760> well<00:21:00.159> who<00:21:00.320> cares

money and you might think well who cares

money and you might think well who cares if<00:21:00.720> the<00:21:00.799> rich<00:21:01.039> are<00:21:01.120> stacking<00:21:01.440> money<00:21:01.679> like<00:21:01.919> it

if the rich are stacking money like it

if the rich are stacking money like it doesn't<00:21:02.240> affect<00:21:02.559> me<00:21:03.039> but<00:21:03.520> your<00:21:03.840> kids<00:21:04.400> are

doesn't affect me but your kids are

doesn't affect me but your kids are competing<00:21:04.960> with<00:21:05.200> their<00:21:05.440> kids<00:21:05.760> to<00:21:05.919> buy<00:21:06.159> houses

competing with their kids to buy houses

competing with their kids to buy houses and<00:21:06.799> if<00:21:06.960> they're<00:21:07.280> getting<00:21:07.520> 100<00:21:07.919> grand<00:21:08.480> then

and if they're getting 100 grand then

and if they're getting 100 grand then how<00:21:08.880> are<00:21:08.960> you<00:21:09.120> going<00:21:09.200> to<00:21:09.280> get<00:21:09.440> house<00:21:09.840> you<00:21:09.919> know

how are you going to get house you know

how are you going to get house you know this<00:21:10.960> is<00:21:11.039> a<00:21:11.440> this<00:21:11.679> is<00:21:11.760> depressing<00:21:12.080> i'm<00:21:12.240> aware

this is a this is depressing i'm aware

this is a this is depressing i'm aware this<00:21:12.559> is<00:21:12.640> a<00:21:12.720> depressing<00:21:13.120> message<00:21:13.520> it's<00:21:13.679> almost

this is a depressing message it's almost

this is a depressing message it's almost like<00:21:14.080> we<00:21:14.159> need<00:21:14.320> to<00:21:14.400> know<00:21:14.640> it<00:21:14.960> it's<00:21:15.120> true<00:21:15.280> though

like we need to know it it's true though

like we need to know it it's true though because<00:21:15.679> it's<00:21:15.840> almost<00:21:16.080> like<00:21:16.159> a<00:21:16.240> vicious<00:21:16.640> cycle

because it's almost like a vicious cycle

because it's almost like a vicious cycle and<00:21:17.360> you<00:21:17.440> know<00:21:17.600> since<00:21:17.919> our<00:21:18.000> conversation<00:21:18.480> last

and you know since our conversation last

and you know since our conversation last week<00:21:18.799> it<00:21:18.880> definitely<00:21:19.200> made<00:21:19.360> me<00:21:19.600> kind<00:21:19.760> of<00:21:20.320> think

week it definitely made me kind of think

week it definitely made me kind of think about<00:21:20.720> things<00:21:21.039> very<00:21:21.200> very<00:21:21.440> differently

about things very very differently

about things very very differently particularly<00:21:22.320> when<00:21:22.480> we<00:21:22.640> do<00:21:22.960> sort<00:21:23.120> of<00:21:23.360> talk

particularly when we do sort of talk

particularly when we do sort of talk about<00:21:24.240> you<00:21:24.400> know

about you know

about you know the<00:21:25.520> wealth<00:21:25.919> and<00:21:26.240> and<00:21:26.400> actually

the wealth and and actually

the wealth and and actually participating<00:21:27.919> in<00:21:28.080> this<00:21:28.799> because<00:21:29.360> like<00:21:29.520> you

participating in this because like you

participating in this because like you say<00:21:29.919> for<00:21:30.159> the<00:21:30.320> ordinary<00:21:30.720> person

say for the ordinary person

say for the ordinary person most<00:21:32.480> people<00:21:32.720> are<00:21:32.799> just<00:21:32.960> concerned<00:21:33.440> about

most people are just concerned about

most people are just concerned about paying<00:21:34.559> bills<00:21:34.960> the<00:21:35.120> mortgage<00:21:35.840> the

paying bills the mortgage the

paying bills the mortgage the electricity<00:21:36.640> the<00:21:36.799> council<00:21:37.280> tax

electricity the council tax

electricity the council tax and<00:21:38.880> part<00:21:39.120> of<00:21:39.200> what<00:21:39.440> i'm<00:21:39.520> trying<00:21:39.760> to<00:21:39.840> do<00:21:40.080> is

and part of what i'm trying to do is