it's not a conspiracy - it's an idiocracy honestly that's what it is

like it's a bunch of guys that wear nice suits and  have nice haircuts patting each other in the back  

saying aren't we all so ****ing smart & being wrong  year after year after year after year after year

no this is the thing i think about a lot and um  

which is basically kind of economic  conspiracy theories um that are driven by  

the internet sometimes by youtube  the first thing i want to say is look  

the situation we are in is bad i'm 100% aware of  that and the situation that we have put a lot of  

people especially young people but not just young  people in is really bad these people they don't  

know how they're going to ever be able to support  family how they're ever going to be able to afford  

a decent home increasingly they don't even know  how they're going to pay the food and bills right  

and at the same time the information  that they've been given on the media  

is confusing it's not clear very often in my  opinion it's flat out wrong you know i talk  

about it again and again 450 billion pounds got  given to the rich in the last three years from the  

government an enormous enormous amount of money  and you should expect that that will push prices  

up and cause crises of inequality and of living  standards and of inflation for ordinary people  

that's actually not super complicated we've spoken  about on the channel no one on the news is talking  

about it so if this is the context you're in you  can understand why people are going to be like  

oh my god this is like a conspiracy theory  the information is being kept from us  

so i want to talk a little bit about  the situation and the situation is in in  

in many ways is worse right the the cold truth of  the matter is these guys are not smart enough to  

make a conspiracy theory listen i've worked in  economics for a long time okay i've worked in  

one of the biggest investment banks in  the world i studied at the london school  

of economics (LSE) i studied at Oxford  i've been in around the media now

it's not the case that these guys know  what's happening and are hiding it from you  

these guys are clueless they are just making it up as they go along like seriously like  

when they said at the beginning of the crisis that  they thought house prices will come will collapse  

and then when they said they thought they'd  be a really aggressive bounce back because of  

demand pent-up demand was the phrase they believe  all that stuff they believe all that stuff  

and the truth is this is what happens this is what  happens right something happens and these guys say  

oh my god what is going to happen somebody just  shouts a story thing out like oh well an idea well  

there's going to be pent up demands so we're  going to have a big bounce back and these guys  

just write it because they have to write you know  what i mean they're not even stopping to think   

am i right? am i wrong? that the truth is like this is the blind leading the blind here you know  

we shouldn't live in a world where a 24 year  old kid can walk into one of the biggest banks  

in the world and be the best trader in the world  at that bank but we do live in that world because  

even on the trading floors and these guys work the  longest hours have the best information have the  

best incentivization scheme normally are the best  qualified even there most people have got no idea  

what they're talking about and i think ultimately  what this comes down to and we've spoken about  

this in a video before is this problem of why  do all of the best jobs go to rich kids you know  

ultimately you know i was speaking to somebody  from the Observer and i said to him look your  

newspaper is based in London how many kids do  you have in your newspaper who talk like me?

none, right none and you know i worked in  the skyscraper just over there this is we've  

been filmed in east London i worked in the  skyscraper just over there somebody asked me  

on the trading floor that's an interesting accent  where are you from you know what i mean right   

what does that tell you about how we are using our best and our brightest and our smartest kids  

you know it's 10 million people in the city and  you can't find a single ordinary person to work  

in the newspapers or work in the skyscrapers right  we've developed a system where we basically funnel  

kids from rich families into private schools  and elite jobs without ever really stopping to  

ask are these guys any [ __ ] good and listen i  can guarantee you in the majority of cases these  

guys they know how to look smart they know how to  talk smart but they never started thinking once in  

their lives they just walked into these spaces  you know what i mean so then the end result is  

it's not a conspiracy it's a it's a [ __ ]  idiocracy honestly that's what it is like it's  

a bunch of guys that wear nice suits and have nice  haircuts patting each other in the back and saying  

aren't we all so [ __ ] smart and being wrong year  after year after year after year after year and i  

almost wish it was a conspiracy because the truth  is in a way more horrific than that which is just  

there's kids all over the city that are smarter  than the guys in those newspapers and in those  

skyscrapers and they're being wasted wasted  um and then if you are you know someone who  

actually figures it out which is not easy to do  right because you know the stuff you learned at  

university and the guys who taught university  are kind of done you have to work out yourself  

basically if you do work out then these banks will  pay you a million pound data to shut the [ __ ] up  

you know what i mean so then the end result  is it's not a case of conspiracy it's simply  

a case of very wealthy people can afford the best  resources and that includes the best analysis and  

somebody like me can get paid a million pounds  a year to work in them skyscrapers but i choose  

to tell people for free on youtube because i  want people to know what is going to happen so  

they can stop it because what is going to happen  is going to be a disaster for ordinary people so  

it's not conspiracy this is simply a case of look  watch the video what is well the rich people own  

everything they have all the income they can buy  the best resources the best analysis realistically  

do you think the best economists on the world are  going to be talking on the bbc news why the [ __ ]  

would they? they could make so much more money  working for the skyscrapers you know what i mean  

so in reality it's not about conspiracy it's  simply about rich people trying to get richer  

buying the best resources buying the best  knowledge and that means ordinary people  

are not going to get good resources for free  and i think that's why it's that's why i think  

it's so important that i do this as somebody  who was one of the best paid economists i give  

the people good information because people in  the city the best people in the city they know  

this is happening they know this is happening but  they're bought into it they're well paid to do it  

and they feel that they can't stop it and  whether i can stop it i don't know but i  

feel like i deserve to at least try and people  deserve to to be told what's happening so um  

my concern with these conspiracy theories is they  get people to be too negative and they get people  

to be angry but the only way we win this is if we get people to be positive and if we get people  

to come together you know these conspiracies  drive division they drive people apart and  

they force people into sort of panicked modes  of thinking look - its 70-80-90% of the country  

getting [ __ ] here these people just need to come  together turn around and say no and this will stop  

and that is a question of people  coming together so it can happen um  

but you need good information you need good advice  and you need something positive to get behind so  

um i'm trying to do that i'm trying my best to be  that so if you like the information you're getting  

tell your friends tell your family um and  let's make something positive happen because  

because positive change is possible  man that's why i do this keep watching

because we are draining the resources  of this economy and giving it to the  

super rich who do not pay any tax yeah he's my boy man he's my boy

i like to see a billionaire just take the mask off for once and just directly rob everyone