interested<00:00:01.360> in<00:00:01.439> this<00:00:01.680> nearly<00:00:02.000> 1.8<00:00:02.720> million

interested in this nearly 1.8 million

interested in this nearly 1.8 million britons<00:00:03.600> have<00:00:03.760> become<00:00:04.160> online<00:00:04.880> share<00:00:05.200> traders

britons have become online share traders

britons have become online share traders during<00:00:05.920> the<00:00:06.080> pandemic<00:00:06.640> as<00:00:06.799> social<00:00:07.120> media

during the pandemic as social media

during the pandemic as social media influences<00:00:08.400> fuel<00:00:08.800> a<00:00:08.960> rise<00:00:09.440> in<00:00:09.599> investing

influences fuel a rise in investing

influences fuel a rise in investing particularly<00:00:11.599> among<00:00:11.920> the<00:00:12.080> young<00:00:12.320> more<00:00:12.480> than<00:00:12.719> a

particularly among the young more than a

particularly among the young more than a fifth<00:00:13.200> of<00:00:13.360> uk<00:00:13.840> adults<00:00:14.240> now<00:00:14.480> traded<00:00:14.960> shares

fifth of uk adults now traded shares

fifth of uk adults now traded shares during<00:00:15.679> the<00:00:15.679> pandemic<00:00:16.160> nearly<00:00:16.560> half<00:00:16.800> of<00:00:16.880> them

during the pandemic nearly half of them

during the pandemic nearly half of them doing<00:00:17.440> more<00:00:17.760> trading<00:00:18.560> or<00:00:18.800> starting<00:00:19.359> trading

doing more trading or starting trading

doing more trading or starting trading during<00:00:20.800> covert<00:00:21.199> gary<00:00:21.520> stevenson<00:00:22.080> is<00:00:22.160> an

during covert gary stevenson is an

during covert gary stevenson is an economist<00:00:22.800> who<00:00:22.960> focuses<00:00:23.439> on<00:00:23.680> inequality<00:00:24.320> he

economist who focuses on inequality he

economist who focuses on inequality he was<00:00:24.800> a<00:00:25.039> trader<00:00:25.359> who<00:00:25.519> retired<00:00:25.920> from<00:00:26.080> the<00:00:26.160> city

was a trader who retired from the city

was a trader who retired from the city as<00:00:26.960> a<00:00:27.119> multi-millionaire<00:00:28.400> aged

as a multi-millionaire aged

as a multi-millionaire aged 27

27

27 following<00:00:31.599> the<00:00:31.760> financial<00:00:32.160> crash<00:00:32.800> of<00:00:32.960> 2008

following the financial crash of 2008

following the financial crash of 2008 very<00:00:33.840> good<00:00:34.000> evening<00:00:34.239> to<00:00:34.320> you<00:00:34.399> gary

very good evening to you gary

very good evening to you gary good<00:00:36.000> evening<00:00:36.239> tom<00:00:36.719> do<00:00:36.880> you<00:00:36.960> know<00:00:37.600> this<00:00:37.920> to<00:00:38.079> me

good evening tom do you know this to me

good evening tom do you know this to me gary<00:00:38.559> this<00:00:38.640> seems<00:00:38.879> like<00:00:39.120> it<00:00:39.280> is<00:00:39.440> happening

gary this seems like it is happening

gary this seems like it is happening just<00:00:40.000> speaking<00:00:40.320> to<00:00:40.480> friends<00:00:40.800> and<00:00:41.120> and<00:00:41.360> friends

just speaking to friends and and friends

just speaking to friends and and friends and<00:00:41.680> friends

and friends

and friends do<00:00:42.640> you<00:00:42.960> know<00:00:43.200> that<00:00:43.280> this<00:00:43.440> is<00:00:43.520> happening<00:00:43.840> that

do you know that this is happening that

do you know that this is happening that more<00:00:44.239> and<00:00:44.320> more<00:00:44.559> people<00:00:44.800> are<00:00:44.879> now<00:00:45.600> playing<00:00:46.000> on

more and more people are now playing on

more and more people are now playing on stocks<00:00:46.480> and<00:00:46.640> shares

stocks and shares

stocks and shares yes<00:00:48.480> i've<00:00:48.800> seen<00:00:48.960> that<00:00:49.280> just<00:00:49.520> like<00:00:49.680> yourself

yes i've seen that just like yourself

yes i've seen that just like yourself them<00:00:50.160> i've<00:00:50.239> seen<00:00:50.480> that<00:00:50.559> happening<00:00:50.879> to<00:00:51.039> my

them i've seen that happening to my

them i've seen that happening to my friends<00:00:51.600> um<00:00:51.920> i<00:00:52.079> came<00:00:52.320> out<00:00:52.399> and<00:00:52.399> put<00:00:52.559> an<00:00:52.719> article

friends um i came out and put an article

friends um i came out and put an article out<00:00:53.120> at<00:00:53.199> the<00:00:53.280> beginning<00:00:53.600> of<00:00:53.840> kobe<00:00:54.719> making<00:00:55.039> some

out at the beginning of kobe making some

out at the beginning of kobe making some predictions<00:00:55.680> about<00:00:55.920> what<00:00:56.000> was<00:00:56.160> going<00:00:56.239> to

predictions about what was going to

predictions about what was going to happen<00:00:56.719> big<00:00:56.960> increase<00:00:57.280> in<00:00:57.440> share<00:00:57.680> prices<00:00:58.079> big

happen big increase in share prices big

happen big increase in share prices big increases<00:00:58.719> in<00:00:58.800> gold<00:00:59.039> prices<00:01:00.000> and<00:01:00.160> i<00:01:00.239> got

increases in gold prices and i got

increases in gold prices and i got contacted<00:01:00.800> by<00:01:01.039> loads<00:01:01.280> of<00:01:01.359> my<00:01:01.440> friends<00:01:01.680> who

contacted by loads of my friends who

contacted by loads of my friends who wanted<00:01:02.000> to<00:01:02.079> get<00:01:02.239> involved<00:01:02.719> and<00:01:02.960> you<00:01:03.120> know

wanted to get involved and you know

wanted to get involved and you know i<00:01:04.080> told<00:01:04.320> them<00:01:04.400> what<00:01:04.559> i<00:01:04.559> thought<00:01:04.720> was<00:01:04.799> going<00:01:04.879> to

i told them what i thought was going to

i told them what i thought was going to happen<00:01:05.439> you<00:01:05.519> know<00:01:06.000> gold<00:01:06.240> would<00:01:06.320> go<00:01:06.479> up<00:01:06.640> stocks

happen you know gold would go up stocks

happen you know gold would go up stocks will<00:01:06.960> go<00:01:07.200> up<00:01:07.439> and<00:01:07.600> then<00:01:07.840> uh<00:01:08.159> suddenly<00:01:08.640> like

will go up and then uh suddenly like

will go up and then uh suddenly like august<00:01:09.600> last<00:01:09.760> year<00:01:10.000> loads<00:01:10.320> were<00:01:10.400> getting<00:01:10.560> in

august last year loads were getting in

august last year loads were getting in touch<00:01:10.880> with<00:01:10.960> me<00:01:11.520> when<00:01:11.680> gold<00:01:11.920> price<00:01:12.159> collapsed

touch with me when gold price collapsed

touch with me when gold price collapsed and<00:01:12.799> i've<00:01:13.200> lost<00:01:13.360> loads<00:01:13.600> of<00:01:13.680> money<00:01:13.920> in<00:01:14.479> loads<00:01:14.720> of

and i've lost loads of money in loads of

and i've lost loads of money in loads of these<00:01:14.960> guys<00:01:15.200> are<00:01:15.600> running<00:01:16.000> these<00:01:16.320> online

these guys are running these online

these guys are running these online trading<00:01:16.960> platforms<00:01:17.360> so<00:01:17.439> i<00:01:17.520> went<00:01:17.680> and<00:01:17.759> looked

trading platforms so i went and looked

trading platforms so i went and looked at<00:01:18.000> the<00:01:18.159> numbers<00:01:18.720> and<00:01:18.799> there's<00:01:18.960> been<00:01:19.119> a

at the numbers and there's been a

at the numbers and there's been a massive<00:01:19.600> increase<00:01:20.000> so<00:01:20.479> ig<00:01:20.799> index<00:01:21.119> which<00:01:21.280> is

massive increase so ig index which is

massive increase so ig index which is the<00:01:21.439> biggest<00:01:21.840> spread<00:01:22.159> vetting<00:01:22.400> platform<00:01:22.720> has

the biggest spread vetting platform has

the biggest spread vetting platform has had<00:01:22.960> a<00:01:23.040> 60<00:01:23.600> increase<00:01:23.920> in<00:01:24.000> users<00:01:24.560> there's<00:01:24.799> been

had a 60 increase in users there's been

had a 60 increase in users there's been five<00:01:25.360> million<00:01:25.680> users<00:01:26.080> of<00:01:26.240> etoro

five million users of etoro

five million users of etoro 360<00:01:28.799> increase<00:01:29.200> in<00:01:29.280> free<00:01:29.520> trade<00:01:29.920> two<00:01:30.240> million

360 increase in free trade two million

360 increase in free trade two million britain's<00:01:30.960> investing<00:01:31.759> i'd<00:01:32.000> say<00:01:32.159> investing<00:01:32.720> in

britain's investing i'd say investing in

britain's investing i'd say investing in cryptocurrency<00:01:33.759> there's<00:01:33.920> been<00:01:34.079> an<00:01:34.240> explosion

cryptocurrency there's been an explosion

cryptocurrency there's been an explosion in<00:01:34.720> the<00:01:34.799> use<00:01:35.280> yeah

in the use yeah

in the use yeah uh<00:01:36.320> gary<00:01:36.640> i<00:01:36.799> i'll<00:01:37.040> be<00:01:37.200> honest<00:01:37.680> i've<00:01:37.840> looked<00:01:38.000> at

uh gary i i'll be honest i've looked at

uh gary i i'll be honest i've looked at this<00:01:38.320> too<00:01:38.880> i've<00:01:39.119> downloaded<00:01:39.520> the<00:01:39.680> apps<00:01:40.320> i've

this too i've downloaded the apps i've

this too i've downloaded the apps i've had<00:01:40.720> a<00:01:40.880> play<00:01:41.119> around<00:01:41.520> with<00:01:41.759> with<00:01:41.920> sort<00:01:42.079> of

had a play around with with sort of

had a play around with with sort of pretend<00:01:42.720> money<00:01:43.040> to<00:01:43.200> start<00:01:43.439> with<00:01:43.600> because<00:01:43.840> i'm

pretend money to start with because i'm

pretend money to start with because i'm i'm<00:01:44.320> you<00:01:44.560> know

i'm you know

i'm you know i'm<00:01:45.439> nervous<00:01:45.840> about<00:01:46.079> it<00:01:46.240> i<00:01:46.320> don't<00:01:46.479> i<00:01:46.799> don't

i'm nervous about it i don't i don't

i'm nervous about it i don't i don't know<00:01:47.119> what<00:01:47.280> i'm<00:01:47.439> doing<00:01:47.759> but<00:01:48.320> you<00:01:48.560> you<00:01:48.799> look<00:01:48.960> at

know what i'm doing but you you look at

know what i'm doing but you you look at how<00:01:49.680> the<00:01:49.840> real<00:01:50.240> economy<00:01:50.799> is<00:01:51.280> when<00:01:51.520> things<00:01:51.759> are

how the real economy is when things are

how the real economy is when things are falling<00:01:52.159> apart<00:01:52.640> and<00:01:52.880> wages<00:01:53.280> are<00:01:53.360> stagnant<00:01:54.000> and

falling apart and wages are stagnant and

falling apart and wages are stagnant and asset<00:01:54.799> prices<00:01:55.439> are<00:01:55.600> exploding<00:01:56.320> and<00:01:56.399> you<00:01:56.560> think

asset prices are exploding and you think

asset prices are exploding and you think well<00:01:56.880> that's<00:01:57.119> where<00:01:57.280> the<00:01:57.439> action<00:01:57.759> is<00:01:57.840> that's

well that's where the action is that's

well that's where the action is that's for<00:01:58.479> a<00:01:58.479> lot<00:01:58.640> of<00:01:58.719> people<00:01:58.880> that's<00:01:59.119> the<00:01:59.200> only<00:01:59.439> way

for a lot of people that's the only way

for a lot of people that's the only way they're<00:01:59.680> going<00:01:59.759> to<00:01:59.840> make<00:02:00.000> lots<00:02:00.240> of<00:02:00.320> money<00:02:00.640> if

they're going to make lots of money if

they're going to make lots of money if they<00:02:00.799> cut<00:02:01.040> if<00:02:01.119> they<00:02:01.280> can't<00:02:01.439> buy<00:02:01.600> a<00:02:01.680> house

they cut if they can't buy a house

they cut if they can't buy a house yeah<00:02:03.280> i<00:02:03.600> totally<00:02:04.000> understand<00:02:04.399> it<00:02:04.640> i<00:02:04.799> totally

yeah i totally understand it i totally

yeah i totally understand it i totally understand<00:02:05.520> i<00:02:05.600> mean<00:02:05.759> that's<00:02:06.079> why<00:02:06.240> my<00:02:06.399> friends

understand i mean that's why my friends

understand i mean that's why my friends were<00:02:06.640> contacting<00:02:07.119> me<00:02:07.280> they<00:02:07.439> said<00:02:07.600> look

were contacting me they said look

were contacting me they said look we<00:02:08.879> saw<00:02:09.039> what<00:02:09.119> happened<00:02:09.360> in<00:02:09.440> 2008<00:02:10.720> people's

we saw what happened in 2008 people's

we saw what happened in 2008 people's wages<00:02:11.599> stayed<00:02:11.920> flat<00:02:12.160> for<00:02:12.319> 10<00:02:12.560> years<00:02:12.879> and

wages stayed flat for 10 years and

wages stayed flat for 10 years and london<00:02:13.360> house<00:02:13.599> prices<00:02:13.920> doubled<00:02:14.319> and<00:02:14.400> they

london house prices doubled and they

london house prices doubled and they increased<00:02:14.879> the<00:02:15.360> rest<00:02:15.599> of<00:02:15.599> the<00:02:15.680> country<00:02:16.000> as

increased the rest of the country as

increased the rest of the country as well<00:02:16.239> right<00:02:16.480> and<00:02:17.040> so<00:02:17.200> we're<00:02:17.360> living<00:02:17.680> in<00:02:17.760> a

well right and so we're living in a

well right and so we're living in a country<00:02:18.160> it<00:02:18.319> seems<00:02:19.120> the<00:02:19.280> stock<00:02:19.599> market's

country it seems the stock market's

country it seems the stock market's double<00:02:20.560> everything<00:02:21.280> is<00:02:21.599> and<00:02:21.760> yet<00:02:22.080> wages<00:02:22.480> don't

double everything is and yet wages don't

double everything is and yet wages don't double<00:02:22.959> in<00:02:23.120> that's<00:02:23.280> right<00:02:23.920> so<00:02:24.160> i<00:02:24.400> totally

double in that's right so i totally

double in that's right so i totally understand<00:02:25.120> why<00:02:25.280> people<00:02:25.440> want<00:02:25.520> to<00:02:25.599> get

understand why people want to get

understand why people want to get involved<00:02:26.000> and<00:02:26.160> you<00:02:26.239> know<00:02:26.640> i'm<00:02:26.800> from<00:02:27.040> london

involved and you know i'm from london

involved and you know i'm from london you<00:02:27.440> know<00:02:27.599> people<00:02:27.840> in<00:02:27.920> london<00:02:28.160> they<00:02:28.319> might

you know people in london they might

you know people in london they might have<00:02:28.560> friends<00:02:28.800> who<00:02:28.879> work<00:02:29.040> in<00:02:29.120> the<00:02:29.200> city<00:02:29.520> seeing

have friends who work in the city seeing

have friends who work in the city seeing them<00:02:29.840> taking<00:02:30.160> home<00:02:30.720> seven-figure<00:02:31.280> bonuses

them taking home seven-figure bonuses

them taking home seven-figure bonuses while<00:02:32.160> here<00:02:32.400> in<00:02:32.480> colby<00:02:32.800> a<00:02:32.879> lot<00:02:32.959> of<00:02:33.040> people<00:02:33.280> are

while here in colby a lot of people are

while here in colby a lot of people are struggling<00:02:33.920> just<00:02:34.160> to<00:02:34.400> just<00:02:34.959> absolutely<00:02:35.519> i

struggling just to just absolutely i

struggling just to just absolutely i totally<00:02:36.160> understand<00:02:36.560> why<00:02:36.720> people<00:02:36.959> are<00:02:37.040> doing

totally understand why people are doing

totally understand why people are doing it<00:02:37.920> but

it but

it but it's<00:02:39.120> dangerous

it's dangerous

it's dangerous but<00:02:41.440> it's<00:02:41.680> it<00:02:42.080> it's<00:02:42.400> dangerous<00:02:42.879> in<00:02:42.959> the<00:02:43.120> way

but it's it it's dangerous in the way

but it's it it's dangerous in the way that

that

that having<00:02:44.800> a<00:02:44.959> betting<00:02:45.360> app<00:02:45.519> on<00:02:45.599> your<00:02:45.760> phone<00:02:46.160> or

having a betting app on your phone or

having a betting app on your phone or going<00:02:46.560> to<00:02:46.640> a<00:02:46.800> bookies<00:02:47.280> is<00:02:47.360> dangerous<00:02:47.840> you<00:02:47.920> know

going to a bookies is dangerous you know

going to a bookies is dangerous you know if<00:02:48.400> you're<00:02:48.560> going<00:02:48.640> to<00:02:48.720> bet<00:02:48.959> money<00:02:49.280> you've<00:02:49.440> got

if you're going to bet money you've got

if you're going to bet money you've got to<00:02:49.680> run<00:02:49.840> the<00:02:49.920> risk<00:02:50.160> that<00:02:50.239> you're<00:02:50.400> going<00:02:50.480> to

to run the risk that you're going to

to run the risk that you're going to lose<00:02:50.800> money<00:02:51.120> as<00:02:51.200> well

lose money as well

lose money as well it<00:02:52.800> is<00:02:53.120> it<00:02:53.280> is<00:02:53.440> but<00:02:54.080> that's<00:02:54.400> a<00:02:54.480> really<00:02:54.720> good

it is it is but that's a really good

it is it is but that's a really good comparison<00:02:55.440> you've<00:02:55.519> made<00:02:55.680> it<00:02:55.920> on<00:02:56.000> because<00:02:56.560> you

comparison you've made it on because you

comparison you've made it on because you said<00:02:56.879> it's<00:02:57.040> like<00:02:57.200> having<00:02:57.360> a<00:02:57.440> betting<00:02:57.680> app<00:02:57.920> and

said it's like having a betting app and

said it's like having a betting app and that<00:02:58.319> is<00:02:58.400> basically<00:02:58.800> exactly<00:02:59.120> what<00:02:59.280> it<00:02:59.360> is<00:02:59.680> the

that is basically exactly what it is the

that is basically exactly what it is the way<00:03:00.000> that<00:03:00.239> most<00:03:00.560> ordinary<00:03:01.120> people<00:03:01.840> use<00:03:02.159> these

way that most ordinary people use these

way that most ordinary people use these apps<00:03:02.640> like<00:03:02.879> ig<00:03:03.200> index<00:03:04.000> or<00:03:04.159> like<00:03:04.480> world<00:03:04.800> trade

apps like ig index or like world trade

apps like ig index or like world trade they<00:03:05.840> use<00:03:06.000> it<00:03:06.080> like<00:03:06.319> like<00:03:06.480> a<00:03:06.560> gambling<00:03:06.959> app

they use it like like a gambling app

they use it like like a gambling app basically<00:03:07.440> and<00:03:07.519> that's<00:03:07.760> why<00:03:07.920> if<00:03:08.000> you<00:03:08.080> look<00:03:08.159> at

basically and that's why if you look at

basically and that's why if you look at the<00:03:08.319> statistics<00:03:09.200> seventy<00:03:09.599> percent<00:03:10.000> of<00:03:10.159> users

the statistics seventy percent of users

the statistics seventy percent of users of<00:03:10.720> index<00:03:11.040> lose<00:03:11.200> money<00:03:11.599> eighty<00:03:11.840> percent<00:03:12.319> of

of index lose money eighty percent of

of index lose money eighty percent of users<00:03:12.720> of<00:03:12.800> world<00:03:12.959> trade<00:03:13.280> but<00:03:13.440> the<00:03:13.519> problem<00:03:13.920> is

users of world trade but the problem is

users of world trade but the problem is often<00:03:15.599> these<00:03:15.920> apps<00:03:16.400> these<00:03:16.640> trading<00:03:16.959> apps<00:03:17.280> are

often these apps these trading apps are

often these apps these trading apps are marketed<00:03:17.920> as<00:03:18.159> if<00:03:18.319> they're

marketed as if they're

marketed as if they're valuable<00:03:20.000> investment<00:03:20.480> tools

valuable investment tools

valuable investment tools rather

rather

rather we've<00:03:23.120> seen<00:03:23.360> today<00:03:23.680> this<00:03:23.920> morning<00:03:24.159> max

we've seen today this morning max

we've seen today this morning max whitlock<00:03:24.720> has<00:03:24.799> come<00:03:25.040> in<00:03:25.120> support<00:03:25.519> of<00:03:25.680> world

whitlock has come in support of world

whitlock has come in support of world trade<00:03:26.239> which<00:03:26.720> i<00:03:26.799> think<00:03:26.959> is<00:03:27.200> trade<00:03:27.599> nation

trade which i think is trade nation

trade which i think is trade nation which<00:03:28.560> is<00:03:28.720> a<00:03:28.879> uh<00:03:29.360> spread<00:03:29.680> betting<00:03:30.400> contract

which is a uh spread betting contract

which is a uh spread betting contract with<00:03:30.879> different<00:03:31.280> apps<00:03:31.519> which<00:03:31.680> is<00:03:32.159> basically<00:03:32.799> a

with different apps which is basically a

with different apps which is basically a gambling<00:03:33.280> although<00:03:33.519> most<00:03:33.680> people<00:03:33.920> use<00:03:34.239> it<00:03:34.720> and

gambling although most people use it and

gambling although most people use it and um<00:03:35.200> you<00:03:35.280> know<00:03:35.440> he's<00:03:35.599> pitching<00:03:35.920> it<00:03:36.000> if<00:03:36.159> you<00:03:36.319> work

um you know he's pitching it if you work

um you know he's pitching it if you work hard<00:03:37.040> and<00:03:37.360> try<00:03:37.599> your<00:03:37.680> best<00:03:37.840> we<00:03:38.000> can<00:03:38.239> make<00:03:38.480> money

hard and try your best we can make money

hard and try your best we can make money look<00:03:39.120> at<00:03:39.200> the<00:03:39.360> statistics<00:03:39.840> most<00:03:40.000> people<00:03:40.239> lose

look at the statistics most people lose

look at the statistics most people lose money<00:03:40.640> now<00:03:41.280> you<00:03:41.360> know<00:03:41.760> i'm<00:03:41.920> sure<00:03:42.159> he's<00:03:42.319> a

money now you know i'm sure he's a

money now you know i'm sure he's a gentleman<00:03:42.799> he's<00:03:42.959> much<00:03:43.120> better<00:03:43.280> on<00:03:43.360> a<00:03:43.440> pommel

gentleman he's much better on a pommel

gentleman he's much better on a pommel horse<00:03:43.920> than<00:03:44.080> me<00:03:44.640> it<00:03:44.799> was

horse than me it was

horse than me it was if<00:03:46.000> it<00:03:46.080> was<00:03:46.239> clearly<00:03:46.480> a<00:03:46.560> gambling<00:03:47.040> app<00:03:47.280> he

if it was clearly a gambling app he

if it was clearly a gambling app he probably<00:03:47.920> wouldn't<00:03:48.480> be<00:03:48.640> supporting<00:03:49.120> it<00:03:49.280> but

probably wouldn't be supporting it but

probably wouldn't be supporting it but because<00:03:49.680> of<00:03:49.760> the<00:03:49.920> trading<00:03:50.400> act<00:03:50.720> it's<00:03:50.879> got

because of the trading act it's got

because of the trading act it's got legitimacy<00:03:51.519> and<00:03:51.760> you<00:03:51.840> know<00:03:51.920> i've<00:03:52.080> been

legitimacy and you know i've been

legitimacy and you know i've been talking<00:03:52.560> to<00:03:52.720> some<00:03:53.439> gambling<00:03:53.760> organizations

talking to some gambling organizations

talking to some gambling organizations ganban<00:03:54.879> and<00:03:54.959> gay<00:03:55.599> and<00:03:55.840> what<00:03:56.000> they've<00:03:56.239> been

ganban and gay and what they've been

ganban and gay and what they've been seeing<00:03:56.879> is<00:03:57.439> people<00:03:57.680> who've<00:03:57.920> worked<00:03:58.239> hard<00:03:58.640> to

seeing is people who've worked hard to

seeing is people who've worked hard to beat<00:03:59.120> really<00:03:59.439> serious<00:03:59.760> gambling<00:04:00.159> addictions

beat really serious gambling addictions

beat really serious gambling addictions have<00:04:01.519> often<00:04:01.840> been<00:04:02.000> dragged<00:04:02.400> back<00:04:02.560> into<00:04:02.720> these

have often been dragged back into these

have often been dragged back into these trading<00:04:03.280> apps<00:04:03.439> because<00:04:03.680> they<00:04:03.840> don't<00:04:04.400> see<00:04:04.640> it

trading apps because they don't see it

trading apps because they don't see it as<00:04:04.879> gambling<00:04:05.519> they're<00:04:05.680> not<00:04:05.920> marketed<00:04:06.400> as

as gambling they're not marketed as

as gambling they're not marketed as gambling<00:04:07.280> but<00:04:07.760> the<00:04:07.840> way<00:04:08.000> they<00:04:08.159> affect<00:04:08.400> most

gambling but the way they affect most

gambling but the way they affect most people<00:04:09.280> is<00:04:09.439> very<00:04:09.680> similar<00:04:10.000> to<00:04:10.080> gambling<00:04:10.560> i

people is very similar to gambling i

people is very similar to gambling i don't<00:04:10.720> know<00:04:10.879> gary<00:04:11.200> i<00:04:11.280> think<00:04:11.360> you're<00:04:11.519> pretty

don't know gary i think you're pretty

don't know gary i think you're pretty good<00:04:11.840> on<00:04:11.920> a<00:04:12.000> pommel<00:04:12.239> horse<00:04:12.480> mate<00:04:12.640> i've<00:04:12.799> seen

good on a pommel horse mate i've seen

good on a pommel horse mate i've seen you<00:04:13.040> i<00:04:13.120> think<00:04:13.200> you<00:04:13.280> could<00:04:13.439> make<00:04:13.599> it

you i think you could make it

you i think you could make it listen<00:04:15.200> the<00:04:15.360> other<00:04:15.680> allure<00:04:16.239> of<00:04:16.639> the<00:04:17.120> the

listen the other allure of the the

listen the other allure of the the trading<00:04:18.000> stuff<00:04:18.560> is<00:04:18.880> i<00:04:19.040> think<00:04:19.280> the<00:04:19.519> online

trading stuff is i think the online

trading stuff is i think the online uh<00:04:21.120> whether<00:04:21.440> it's<00:04:21.759> reddit<00:04:22.320> or<00:04:22.800> some<00:04:23.199> uh

uh whether it's reddit or some uh

uh whether it's reddit or some uh influencers<00:04:24.160> on<00:04:24.479> twitter<00:04:25.280> there's<00:04:25.759> there's<00:04:26.000> a

influencers on twitter there's there's a

influencers on twitter there's there's a move<00:04:27.600> that<00:04:27.919> seems<00:04:28.240> like<00:04:28.400> it's<00:04:28.639> going<00:04:28.800> to<00:04:28.960> break

move that seems like it's going to break

move that seems like it's going to break the<00:04:29.440> system<00:04:30.240> whether<00:04:30.560> it<00:04:30.639> was<00:04:30.880> the<00:04:31.040> robin<00:04:31.360> hood

the system whether it was the robin hood

the system whether it was the robin hood stuff<00:04:32.479> or<00:04:33.040> um<00:04:33.520> game<00:04:33.919> stock<00:04:34.720> all<00:04:34.880> that<00:04:35.040> kind<00:04:35.199> of

stuff or um game stock all that kind of

stuff or um game stock all that kind of you<00:04:35.520> know<00:04:35.600> that<00:04:35.840> there's<00:04:36.080> a<00:04:36.240> there's<00:04:36.479> an<00:04:36.560> a<00:04:36.639> bit

you know that there's a there's an a bit

you know that there's a there's an a bit that<00:04:37.520> it's<00:04:37.759> not<00:04:38.000> quite<00:04:38.240> the<00:04:38.400> same<00:04:38.639> as<00:04:38.800> betting

that it's not quite the same as betting

that it's not quite the same as betting on<00:04:39.280> the<00:04:39.600> the<00:04:39.759> football<00:04:40.080> or<00:04:40.160> the<00:04:40.320> horses<00:04:40.880> that's

on the the football or the horses that's

on the the football or the horses that's up<00:04:41.280> to<00:04:41.440> fate<00:04:41.840> you're<00:04:41.919> not<00:04:42.080> really<00:04:42.320> sure<00:04:42.479> who's

up to fate you're not really sure who's

up to fate you're not really sure who's going<00:04:42.800> to<00:04:42.880> win<00:04:43.120> but<00:04:43.280> you<00:04:43.440> give<00:04:43.600> it<00:04:43.680> a<00:04:43.759> good<00:04:44.000> go

going to win but you give it a good go

going to win but you give it a good go this<00:04:44.960> is<00:04:45.199> more<00:04:45.520> like<00:04:45.759> the<00:04:45.919> system<00:04:46.400> can<00:04:46.560> be<00:04:46.800> bent

this is more like the system can be bent

this is more like the system can be bent can<00:04:47.360> be<00:04:47.520> crashed<00:04:48.560> can<00:04:48.720> be<00:04:48.960> hacked<00:04:49.440> in<00:04:49.520> order

can be crashed can be hacked in order

can be crashed can be hacked in order that<00:04:50.000> you<00:04:50.240> win

that you win

that you win yeah<00:04:52.000> yeah<00:04:52.160> yeah<00:04:52.560> you<00:04:52.639> know<00:04:52.720> we<00:04:52.880> came<00:04:53.120> on

yeah yeah yeah you know we came on

yeah yeah yeah you know we came on before

people<00:04:57.120> love<00:04:57.360> this<00:04:57.600> idea<00:04:57.840> that<00:04:57.919> we<00:04:58.000> can<00:04:58.160> fight

people love this idea that we can fight

people love this idea that we can fight back<00:04:58.479> against<00:04:58.800> the<00:04:58.880> system<00:04:59.280> you<00:04:59.360> know<00:04:59.840> i'm

back against the system you know i'm

back against the system you know i'm always<00:05:00.240> talking<00:05:00.560> about<00:05:00.800> my<00:05:00.960> youtube<00:05:01.440> you<00:05:01.520> know

always talking about my youtube you know

always talking about my youtube you know we've<00:05:01.759> got<00:05:01.919> a<00:05:01.919> system<00:05:02.240> that<00:05:02.400> is<00:05:02.560> set<00:05:02.800> up<00:05:03.039> where

we've got a system that is set up where

we've got a system that is set up where a<00:05:03.919> crisis<00:05:04.400> like<00:05:04.560> 2008<00:05:05.440> a<00:05:05.520> crisis<00:05:05.919> like<00:05:06.080> covid

a crisis like 2008 a crisis like covid

a crisis like 2008 a crisis like covid whatever<00:05:07.520> happens<00:05:07.919> it<00:05:08.000> seems<00:05:08.240> the<00:05:08.320> rich<00:05:08.560> get

whatever happens it seems the rich get

whatever happens it seems the rich get richer<00:05:09.039> you<00:05:09.039> know<00:05:09.199> we<00:05:09.360> saw<00:05:09.600> like<00:05:09.759> 250

richer you know we saw like 250

richer you know we saw like 250 billionaires<00:05:11.680> make<00:05:12.000> 106<00:05:12.960> billion<00:05:13.840> extra

billionaires make 106 billion extra

billionaires make 106 billion extra profits<00:05:14.639> in<00:05:14.720> kovis<00:05:15.120> yeah<00:05:15.520> and<00:05:15.680> yet<00:05:16.000> all<00:05:16.160> the

profits in kovis yeah and yet all the

profits in kovis yeah and yet all the new<00:05:16.560> people<00:05:16.800> seem<00:05:16.960> to<00:05:17.199> always<00:05:17.520> lose<00:05:17.840> out<00:05:18.000> right

new people seem to always lose out right

new people seem to always lose out right so<00:05:18.880> obviously<00:05:19.280> people<00:05:19.440> want<00:05:19.520> to<00:05:19.600> fight<00:05:19.840> back

so obviously people want to fight back

so obviously people want to fight back into<00:05:20.240> system<00:05:20.800> i<00:05:20.960> totally<00:05:21.280> understand<00:05:21.759> that

into system i totally understand that

into system i totally understand that but

but

but i<00:05:23.039> think

i think

i think often<00:05:25.360> that<00:05:25.600> desire<00:05:26.080> people<00:05:26.320> have<00:05:26.479> to<00:05:26.639> push

often that desire people have to push

often that desire people have to push for<00:05:26.960> something<00:05:27.280> fairer<00:05:28.240> is<00:05:28.479> is<00:05:28.639> being

for something fairer is is being

for something fairer is is being somewhat<00:05:29.280> taken<00:05:29.520> advised<00:05:29.919> of<00:05:30.000> because<00:05:30.320> the

somewhat taken advised of because the

somewhat taken advised of because the number<00:05:30.639> speaks<00:05:30.960> themselves<00:05:31.360> right<00:05:31.600> 70

number speaks themselves right 70

number speaks themselves right 70 percent<00:05:32.160> of<00:05:32.240> idea<00:05:32.479> index<00:05:32.880> used<00:05:33.120> to<00:05:33.199> lose<00:05:33.440> money

percent of idea index used to lose money

percent of idea index used to lose money 80<00:05:34.639> of<00:05:34.800> trade<00:05:35.039> nation<00:05:35.280> users<00:05:35.600> lose<00:05:35.840> money<00:05:36.479> so

80 of trade nation users lose money so

80 of trade nation users lose money so people<00:05:37.039> being<00:05:37.280> dragged<00:05:37.680> into

people being dragged into

people being dragged into some<00:05:39.440> idea<00:05:39.759> that<00:05:39.840> they're<00:05:40.000> fighting<00:05:40.400> the

some idea that they're fighting the

some idea that they're fighting the power<00:05:40.800> fighting<00:05:41.120> the<00:05:41.199> system<00:05:41.520> and<00:05:41.680> the<00:05:41.759> end

power fighting the system and the end

power fighting the system and the end result<00:05:42.240> is<00:05:42.560> just<00:05:42.880> a<00:05:43.039> load<00:05:43.280> of<00:05:43.440> ordinary<00:05:44.080> guys

result is just a load of ordinary guys

result is just a load of ordinary guys losing<00:05:45.520> their<00:05:45.759> savings<00:05:46.320> so<00:05:46.720> do<00:05:46.800> you<00:05:46.960> know<00:05:47.120> of

losing their savings so do you know of

losing their savings so do you know of people<00:05:47.520> gary<00:05:47.759> that<00:05:47.840> have<00:05:47.919> been<00:05:48.160> able<00:05:48.400> to<00:05:48.560> come

people gary that have been able to come

people gary that have been able to come you<00:05:49.199> know

you know

you know like<00:05:50.479> trading<00:05:50.960> bros<00:05:51.440> you<00:05:51.520> know<00:05:51.680> guys<00:05:52.000> in<00:05:52.160> there

like trading bros you know guys in there

like trading bros you know guys in there on<00:05:52.720> their<00:05:52.880> laptops<00:05:53.440> at<00:05:53.520> home<00:05:53.919> during<00:05:54.160> a

on their laptops at home during a

on their laptops at home during a pandemic<00:05:54.800> who<00:05:54.960> are<00:05:55.280> who<00:05:55.440> are<00:05:55.520> able<00:05:55.759> to<00:05:56.000> to<00:05:56.240> sort

pandemic who are who are able to to sort

pandemic who are who are able to to sort of<00:05:56.560> train<00:05:56.880> themselves<00:05:57.360> to<00:05:57.520> get<00:05:57.680> better<00:05:57.919> at

of train themselves to get better at

of train themselves to get better at this<00:05:58.240> follow<00:05:58.560> advice<00:05:59.039> from<00:05:59.600> people<00:05:59.919> on<00:06:00.080> reddit

this follow advice from people on reddit

this follow advice from people on reddit or<00:06:00.560> twitter<00:06:00.880> or<00:06:00.960> wherever<00:06:01.280> they're<00:06:01.360> getting

or twitter or wherever they're getting

or twitter or wherever they're getting advice<00:06:01.840> from<00:06:02.080> youtube<00:06:02.400> videos<00:06:02.720> and<00:06:02.960> and<00:06:03.199> end

advice from youtube videos and and end

advice from youtube videos and and end up<00:06:03.600> making<00:06:03.919> money<00:06:04.240> you<00:06:04.319> know<00:06:04.479> getting<00:06:04.720> good<00:06:04.960> at

up making money you know getting good at

up making money you know getting good at it<00:06:06.080> yeah<00:06:06.560> this<00:06:06.720> is<00:06:06.800> a<00:06:06.880> great<00:06:07.039> point<00:06:07.280> you<00:06:07.360> know

it yeah this is a great point you know

it yeah this is a great point you know as<00:06:07.919> you<00:06:08.080> know<00:06:08.560> my<00:06:08.720> background<00:06:09.199> is<00:06:09.360> i<00:06:09.520> was<00:06:09.680> a

as you know my background is i was a

as you know my background is i was a professional<00:06:10.160> trader<00:06:10.479> you<00:06:10.479> know<00:06:10.720> i<00:06:10.800> was<00:06:10.960> one

professional trader you know i was one

professional trader you know i was one of<00:06:11.280> the<00:06:11.360> world's<00:06:11.680> top<00:06:11.919> traders<00:06:12.319> one<00:06:12.479> of<00:06:12.560> the

of the world's top traders one of the

of the world's top traders one of the world's<00:06:12.960> biggest<00:06:13.280> banks<00:06:13.600> i<00:06:13.759> was<00:06:13.840> a<00:06:13.919> very

world's biggest banks i was a very

world's biggest banks i was a very successful<00:06:14.639> trading<00:06:15.039> broker

successful trading broker

successful trading broker yeah<00:06:16.400> well<00:06:16.800> i'm<00:06:16.960> retired<00:06:17.440> now<00:06:17.680> and<00:06:18.080> i<00:06:18.160> do<00:06:18.800> some

yeah well i'm retired now and i do some

yeah well i'm retired now and i do some stay some stay-at-home<00:06:19.520> trading<00:06:19.919> right<00:06:20.080> but

stay some stay-at-home trading right but

stay some stay-at-home trading right but the<00:06:20.479> fact<00:06:20.800> is<00:06:20.960> you<00:06:21.039> know<00:06:21.199> i've<00:06:21.440> studied<00:06:21.759> for

the fact is you know i've studied for

the fact is you know i've studied for five<00:06:22.160> years<00:06:22.400> economics<00:06:22.880> i've<00:06:23.039> worked<00:06:23.199> for

five years economics i've worked for

five years economics i've worked for five<00:06:23.520> years<00:06:23.759> in<00:06:23.919> the<00:06:24.000> city

five years in the city

five years in the city i'm<00:06:25.360> a<00:06:25.440> professional<00:06:25.919> at<00:06:26.000> this<00:06:26.160> right<00:06:26.400> you

i'm a professional at this right you

i'm a professional at this right you know

know

know maxwell<00:06:27.680> like<00:06:27.840> i<00:06:27.919> read<00:06:28.080> i<00:06:28.160> read<00:06:28.319> what<00:06:28.479> he<00:06:28.639> said

maxwell like i read i read what he said

maxwell like i read i read what he said about<00:06:29.440> trade<00:06:29.680> nation<00:06:30.000> right<00:06:30.080> now<00:06:30.240> i<00:06:30.319> don't

about trade nation right now i don't

about trade nation right now i don't want<00:06:30.479> to<00:06:30.560> single<00:06:30.800> him<00:06:30.960> out<00:06:31.039> because<00:06:31.199> i'm<00:06:31.280> sure

want to single him out because i'm sure

want to single him out because i'm sure he's<00:06:31.520> a<00:06:31.600> nice<00:06:31.759> guy<00:06:31.919> but<00:06:32.080> he<00:06:32.160> came<00:06:32.319> out<00:06:32.479> and<00:06:32.560> said

he's a nice guy but he came out and said

he's a nice guy but he came out and said look<00:06:33.280> hard<00:06:33.520> work<00:06:33.759> and<00:06:33.840> perseverance<00:06:34.400> will

look hard work and perseverance will

look hard work and perseverance will lead<00:06:34.639> you<00:06:34.720> to<00:06:34.880> success<00:06:35.280> right<00:06:35.919> and<00:06:36.080> that's

lead you to success right and that's

lead you to success right and that's true<00:06:36.639> right<00:06:36.880> you<00:06:36.960> know<00:06:37.360> but<00:06:37.600> i've<00:06:37.840> worked<00:06:38.080> as<00:06:38.240> a

true right you know but i've worked as a

true right you know but i've worked as a trader<00:06:38.720> you<00:06:38.800> know<00:06:39.039> i've<00:06:39.199> been<00:06:39.440> doing<00:06:39.680> it<00:06:39.759> for

trader you know i've been doing it for

trader you know i've been doing it for 10<00:06:40.319> years<00:06:40.880> and<00:06:41.039> i'm<00:06:41.120> good<00:06:41.360> at<00:06:41.520> it<00:06:42.000> but<00:06:42.479> i

10 years and i'm good at it but i

10 years and i'm good at it but i wouldn't<00:06:43.120> sit<00:06:43.360> down<00:06:43.680> and<00:06:43.840> do<00:06:44.000> a<00:06:44.080> bit<00:06:44.240> of

wouldn't sit down and do a bit of

wouldn't sit down and do a bit of googling<00:06:45.120> and<00:06:45.280> decide<00:06:45.600> i<00:06:45.680> could<00:06:45.840> take<00:06:46.000> on<00:06:46.080> that

googling and decide i could take on that

googling and decide i could take on that look<00:06:46.639> at<00:06:46.720> gymnastics<00:06:47.280> right<00:06:48.080> but

look at gymnastics right but

look at gymnastics right but if<00:06:48.960> you're<00:06:49.120> going<00:06:49.440> out<00:06:49.599> there<00:06:49.840> you're

if you're going out there you're

if you're going out there you're competing<00:06:50.479> with<00:06:50.639> traders<00:06:50.960> who<00:06:51.120> do<00:06:51.280> this<00:06:51.440> 100

competing with traders who do this 100

competing with traders who do this 100 hours<00:06:52.160> a<00:06:52.240> week<00:06:52.400> maybe<00:06:52.720> for<00:06:52.880> 10<00:06:53.039> 20<00:06:53.360> years<00:06:53.680> you

hours a week maybe for 10 20 years you

hours a week maybe for 10 20 years you know<00:06:54.479> and

know and

know and people<00:06:55.919> are<00:06:56.000> being<00:06:56.240> sold<00:06:56.479> a<00:06:56.560> dream<00:06:56.800> like<00:06:56.960> a

people are being sold a dream like a

people are being sold a dream like a wolf<00:06:57.280> of<00:06:57.360> wall<00:06:57.599> street<00:06:57.840> style<00:06:58.080> dream<00:06:58.400> where

wolf of wall street style dream where

wolf of wall street style dream where they<00:06:58.960> they<00:06:59.120> get<00:06:59.360> rolling<00:06:59.840> news<00:07:00.080> tickers<00:07:00.479> and

they they get rolling news tickers and

they they get rolling news tickers and they<00:07:00.639> get<00:07:00.800> these<00:07:01.039> red<00:07:01.280> and<00:07:01.440> green<00:07:02.080> grasping<00:07:02.639> up

they get these red and green grasping up

they get these red and green grasping up and<00:07:02.800> down<00:07:03.039> and<00:07:03.120> they've<00:07:03.360> kind<00:07:03.520> of<00:07:03.599> been<00:07:03.759> told

and down and they've kind of been told

and down and they've kind of been told to<00:07:04.080> dream<00:07:04.240> you<00:07:04.319> could<00:07:04.400> be<00:07:04.479> a<00:07:04.560> top<00:07:04.800> trader<00:07:05.039> but

to dream you could be a top trader but

to dream you could be a top trader but the<00:07:05.280> fact<00:07:05.599> is<00:07:05.759> you<00:07:05.840> know<00:07:06.240> if<00:07:06.319> you<00:07:06.479> haven't<00:07:06.639> got

the fact is you know if you haven't got

the fact is you know if you haven't got years<00:07:07.120> and<00:07:07.199> years<00:07:07.360> of<00:07:07.520> experience

years and years of experience

years and years of experience you're<00:07:08.960> not<00:07:09.120> a<00:07:09.360> trader<00:07:09.759> so<00:07:10.080> you<00:07:10.160> know<00:07:10.319> i<00:07:10.400> just

you're not a trader so you know i just

you're not a trader so you know i just obviously<00:07:12.000> look<00:07:12.160> it's<00:07:12.319> like<00:07:12.479> gambling

obviously look it's like gambling

obviously look it's like gambling and<00:07:13.919> you'll<00:07:14.160> find<00:07:14.400> people<00:07:14.639> that<00:07:14.720> have<00:07:14.880> made

and you'll find people that have made

and you'll find people that have made money<00:07:15.360> because<00:07:15.520> they've<00:07:15.759> just<00:07:15.919> made<00:07:16.080> the

money because they've just made the

money because they've just made the right<00:07:16.319> bet<00:07:16.560> you<00:07:16.639> know<00:07:17.039> there's<00:07:17.199> a<00:07:17.280> big<00:07:17.440> element

right bet you know there's a big element

right bet you know there's a big element of<00:07:17.840> random<00:07:18.160> chance<00:07:18.479> there<00:07:18.720> but<00:07:18.880> the<00:07:19.039> numbers

of random chance there but the numbers

of random chance there but the numbers don't<00:07:19.599> lie<00:07:19.759> at<00:07:19.919> home<00:07:20.160> the<00:07:20.319> majority<00:07:20.720> of<00:07:20.800> people

don't lie at home the majority of people

don't lie at home the majority of people are<00:07:21.360> losing<00:07:21.599> marks<00:07:22.080> all<00:07:22.160> right<00:07:22.479> i'll<00:07:22.639> tell<00:07:22.800> you

are losing marks all right i'll tell you

are losing marks all right i'll tell you work<00:07:22.960> for<00:07:23.120> gary<00:07:23.360> i<00:07:23.440> appreciate<00:07:23.759> it<00:07:23.840> thank<00:07:24.000> you

work for gary i appreciate it thank you

work for gary i appreciate it thank you gary<00:07:24.400> stevenson<00:07:24.800> economist<00:07:25.199> focusing<00:07:25.520> on

gary stevenson economist focusing on

gary stevenson economist focusing on inequality<00:07:26.240> trader<00:07:26.639> retired

inequality trader retired

inequality trader retired multi-millionaire<00:07:28.160> age<00:07:28.400> 27

multi-millionaire age 27

multi-millionaire age 27 knows<00:07:29.759> his<00:07:29.919> stacks<00:07:30.319> and<00:07:30.400> shares

housing<00:07:33.840> could<00:07:34.000> be<00:07:34.160> so<00:07:34.319> much<00:07:34.479> more<00:07:34.639> affordable

housing could be so much more affordable

housing could be so much more affordable wages<00:07:35.759> could<00:07:35.919> be<00:07:36.080> so<00:07:36.240> much<00:07:36.479> higher<00:07:37.120> and<00:07:37.199> we

wages could be so much higher and we

wages could be so much higher and we could<00:07:37.520> have<00:07:37.680> so<00:07:37.840> many<00:07:38.080> more<00:07:38.319> options<00:07:38.960> in<00:07:39.039> how

could have so many more options in how

could have so many more options in how we<00:07:39.280> live<00:07:39.520> our<00:07:39.599> lives

we live our lives

we live our lives there<00:07:40.720> is<00:07:40.880> one<00:07:41.039> other<00:07:41.280> thing<00:07:41.440> they<00:07:41.599> can<00:07:41.680> do

there is one other thing they can do

there is one other thing they can do with<00:07:42.080> that<00:07:42.240> mass<00:07:42.479> amount<00:07:42.639> of<00:07:42.800> income<00:07:44.000> they<00:07:44.160> can

with that mass amount of income they can

with that mass amount of income they can buy<00:07:44.479> your<00:07:44.560> mom's<00:07:44.879> house

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