Wealth InequalityEnough is EnoughTax Wealth Not WorkEconomics of CovidRich get RicherPoor get PoorerEconomics ExplainedTax the RichEnd AusterityBillionairePoverty
okay welcome back to Gary's economics
today<00:00:02.919> we<00:00:03.040> are<00:00:03.159> going<00:00:03.280> to<00:00:03.520> explain<00:00:04.319> why<00:00:04.759> the
richer all right so I was talking the
other<00:00:10.519> day<00:00:10.759> to<00:00:11.759> a<00:00:11.920> good<00:00:12.120> friend<00:00:12.360> of<00:00:12.519> mine<00:00:12.920> a<00:00:13.200> a
other day to a good friend of mine a a
Dutch<00:00:13.799> guy<00:00:13.960> who<00:00:14.120> I<00:00:14.320> studied<00:00:14.799> economics<00:00:15.360> with
Dutch guy who I studied economics with
um<00:00:16.480> back<00:00:16.640> at<00:00:16.760> Oxford<00:00:17.199> when<00:00:17.279> I<00:00:17.400> was<00:00:17.600> doing<00:00:17.880> my
um back at Oxford when I was doing my
masters<00:00:18.400> in<00:00:18.560> 17<00:00:18.920> to<00:00:19.080> 19<00:00:19.760> and<00:00:20.039> um<00:00:20.560> when<00:00:20.720> I<00:00:20.800> was<00:00:20.960> at
masters in 17 to 19 and um when I was at
Oxford<00:00:21.640> I<00:00:21.760> was<00:00:22.199> very<00:00:22.519> adamant<00:00:23.480> very<00:00:23.720> adamant
Oxford I was very adamant very adamant
that<00:00:24.359> the<00:00:24.519> Eon<00:00:24.960> the<00:00:25.240> economy<00:00:25.599> would<00:00:25.760> get<00:00:25.920> worse
was increasing and increasing now this
is<00:00:32.160> not<00:00:32.360> a<00:00:32.640> popular<00:00:33.160> idea<00:00:33.840> in<00:00:34.160> modern
University academic economics and this
guy<00:00:38.079> sort<00:00:38.280> of<00:00:38.399> was<00:00:38.680> quite<00:00:38.960> skeptical<00:00:39.559> at<00:00:39.680> the
guy sort of was quite skeptical at the
time<00:00:40.960> but<00:00:41.120> it's<00:00:41.280> obviously<00:00:41.640> been<00:00:42.200> five<00:00:42.399> or<00:00:42.559> six
time but it's obviously been five or six
years<00:00:43.039> since<00:00:43.360> then<00:00:43.719> and<00:00:44.440> he<00:00:44.680> and<00:00:44.960> I<00:00:45.239> and<00:00:45.440> you
massively decrease and he's got started
to<00:00:51.879> be<00:00:52.079> convinced<00:00:53.000> that<00:00:53.160> I'm<00:00:53.359> correct<00:00:54.120> which
to be convinced that I'm correct which
um<00:00:55.480> if<00:00:55.559> you<00:00:55.680> stick<00:00:55.920> with<00:00:56.039> my<00:00:56.160> channel<00:00:56.359> for<00:00:56.520> long
um if you stick with my channel for long
enough<00:00:56.960> and<00:00:57.079> keep<00:00:57.239> seeing<00:00:57.480> my<00:00:57.640> predictions<00:00:58.239> be
enough and keep seeing my predictions be
right<00:00:58.760> hopefully<00:00:59.079> you'll<00:00:59.280> be<00:00:59.440> too<00:01:00.199> so<00:01:00.399> he
right hopefully you'll be too so he
messaged<00:01:00.840> me<00:01:00.960> the<00:01:01.039> other<00:01:01.199> day<00:01:01.320> and<00:01:01.399> he<00:01:01.480> was
important we need to do something about
it<00:01:10.960> but<00:01:11.119> he<00:01:11.280> asked<00:01:11.600> me<00:01:12.600> why<00:01:13.000> is<00:01:13.200> it<00:01:14.200> that
it but he asked me why is it that
suddenly<00:01:15.600> now<00:01:16.280> in<00:01:16.439> the<00:01:16.640> last<00:01:17.520> 20<00:01:17.880> years<00:01:18.080> 10
suddenly now in the last 20 years 10
years<00:01:18.479> especially<00:01:18.840> the<00:01:18.960> last<00:01:19.200> 5<00:01:19.400> years<00:01:19.640> why<00:01:19.759> is
worth discussing and explaining on the
channel<00:01:32.360> so<00:01:32.520> I<00:01:32.600> think<00:01:32.759> the<00:01:32.880> first<00:01:33.079> thing<00:01:33.200> you
channel so I think the first thing you
need<00:01:33.479> to<00:01:33.920> know<00:01:34.920> in<00:01:35.079> order<00:01:35.280> to<00:01:35.439> answer<00:01:35.720> that
need to know in order to answer that
question<00:01:36.840> is<00:01:37.000> that<00:01:37.119> for<00:01:37.280> the<00:01:37.479> vast<00:01:37.880> majority
question is that for the vast majority
of<00:01:39.119> human<00:01:39.479> history<00:01:40.159> at<00:01:40.280> least<00:01:40.479> in<00:01:40.600> the<00:01:40.840> last
extremely unequal and living standards
have<00:01:46.399> been<00:01:46.520> in<00:01:46.680> most<00:01:46.920> cases<00:01:47.280> very<00:01:47.479> very<00:01:47.680> low<00:01:48.520> it
have been in most cases very very low it
was<00:01:48.799> only<00:01:49.119> really<00:01:49.560> after<00:01:49.960> the<00:01:50.119> second<00:01:50.399> world
war that inequality decreased
significantly<00:01:54.040> in<00:01:54.280> parts<00:01:54.520> of<00:01:54.640> the<00:01:54.840> world<00:01:55.840> here
significantly in parts of the world here
in<00:01:56.520> the<00:01:56.640> UK<00:01:57.000> in<00:01:57.159> Western<00:01:57.520> Europe<00:01:58.000> North
America places like Japan
but<00:02:01.079> of<00:02:01.159> course<00:02:01.320> in<00:02:01.439> the<00:02:01.520> rest<00:02:01.640> of<00:02:01.719> the<00:02:01.799> world
inequality stayed very high and living
stand<00:02:04.079> stayed<00:02:04.320> very<00:02:04.479> low<00:02:05.280> but<00:02:05.399> if<00:02:05.520> you<00:02:05.640> go<00:02:05.840> back
stand stayed very low but if you go back
and<00:02:06.159> look<00:02:06.439> before<00:02:06.759> World<00:02:07.000> War<00:02:07.200> II<00:02:08.119> basically
most of history is extremely unequal
societies<00:02:11.959> so<00:02:12.160> I<00:02:12.280> think<00:02:12.920> in<00:02:13.040> order<00:02:13.280> to<00:02:13.440> answer
the question why is inequality Rising
now<00:02:17.239> you<00:02:17.480> first<00:02:17.720> need<00:02:17.879> to<00:02:18.440> understand<00:02:18.840> that
now you first need to understand that
really<00:02:20.959> it<00:02:21.120> is<00:02:21.319> the<00:02:21.560> last<00:02:22.360> 70<00:02:23.000> years<00:02:24.000> that<00:02:24.120> are
really it is the last 70 years that are
the<00:02:24.560> exception<00:02:25.560> what<00:02:25.760> we<00:02:25.959> have<00:02:26.319> had<00:02:26.800> is<00:02:27.599> an
exist almost ever basically it was a
specific<00:02:49.040> period<00:02:50.040> so<00:02:50.239> the<00:02:50.360> reason<00:02:50.599> that<00:02:50.720> I
this is actually the
norm<00:03:03.159> so<00:03:03.360> I<00:03:03.480> think<00:03:04.200> if<00:03:04.319> we<00:03:04.480> look<00:03:04.640> at<00:03:04.840> human
norm so I think if we look at human
history<00:03:05.680> we<00:03:05.840> kind<00:03:05.959> of<00:03:06.080> have<00:03:06.239> to<00:03:06.440> accept<00:03:06.920> that
human societies tend towards very high
levels<00:03:11.640> of<00:03:11.760> inequality<00:03:12.760> and<00:03:12.920> we<00:03:13.080> have<00:03:13.840> a<00:03:14.000> few
levels of inequality and we have a few
examples<00:03:15.040> in<00:03:15.159> the<00:03:15.280> last<00:03:15.440> 70<00:03:15.799> years<00:03:16.040> of<00:03:16.159> places
discuss why it happens why the
inequality<00:03:21.280> grows<00:03:22.239> in<00:03:22.400> the<00:03:22.599> context<00:03:23.040> of<00:03:23.519> this
happens and what I said to my friend was
really<00:03:29.799> really<00:03:30.000> it's<00:03:30.159> very<00:03:30.360> simple<00:03:30.760> so<00:03:31.400> you
really really it's very simple so you
can<00:03:31.720> look<00:03:31.840> at<00:03:31.959> it<00:03:32.080> in<00:03:32.200> the<00:03:32.439> very<00:03:32.959> specific<00:03:33.519> case
can look at it in the very specific case
which<00:03:34.200> is<00:03:34.480> in<00:03:34.720> our<00:03:35.080> societies<00:03:36.000> that<00:03:36.120> we<00:03:36.239> live
which is in our societies that we live
in<00:03:36.560> now<00:03:37.360> what<00:03:37.519> happens<00:03:37.920> is<00:03:38.120> you<00:03:38.239> go<00:03:38.400> to<00:03:38.599> work
in now what happens is you go to work
you<00:03:39.080> get<00:03:39.239> paid<00:03:39.480> your<00:03:39.680> 30<00:03:39.959> 40<00:03:40.200> Grand<00:03:40.439> a<00:03:40.599> year<00:03:41.080> you
you get paid your 30 40 Grand a year you
spend<00:03:41.680> almost<00:03:42.040> all<00:03:42.200> of<00:03:42.319> it<00:03:42.439> on<00:03:42.599> rent<00:03:42.959> mortgage
spend almost all of it on rent mortgage
food<00:03:43.760> bills<00:03:44.439> and<00:03:44.560> it<00:03:44.720> goes<00:03:45.000> towards<00:03:45.840> the
food bills and it goes towards the
owners<00:03:46.239> of<00:03:46.360> the<00:03:46.480> properties<00:03:47.120> the<00:03:47.200> owners<00:03:47.480> of
owners of the properties the owners of
the<00:03:47.760> debt<00:03:48.560> the<00:03:48.680> owners<00:03:49.040> of<00:03:49.799> the<00:03:50.799> production<00:03:51.519> of
the debt the owners of the production of
the<00:03:51.879> things<00:03:52.079> that<00:03:52.239> you<00:03:52.519> need<00:03:53.519> which<00:03:53.640> is
the things that you need which is
essentially<00:03:54.200> rich<00:03:54.439> people<00:03:54.799> so<00:03:54.959> you<00:03:55.079> go<00:03:55.239> to
essentially rich people so you go to
work<00:03:55.680> you<00:03:55.799> make<00:03:56.000> 40<00:03:56.280> Grand<00:03:56.640> you<00:03:56.799> give<00:03:56.920> it<00:03:57.040> all
work you make 40 Grand you give it all
to<00:03:57.439> rich<00:03:57.680> people<00:03:58.239> they<00:03:58.400> use<00:03:58.560> that<00:03:58.680> to<00:03:58.799> buy<00:03:58.920> the
spoken about it a lot on the channel but
this<00:04:04.840> is<00:04:04.959> the<00:04:05.200> specific<00:04:05.680> case<00:04:06.640> I<00:04:06.760> think<00:04:07.040> what
this is the specific case I think what
this<00:04:07.680> is<00:04:08.680> is<00:04:08.840> a<00:04:09.079> specific<00:04:09.640> example<00:04:10.319> of
is when power is unequally distributed
people<00:04:17.600> who<00:04:17.840> have<00:04:18.120> a<00:04:18.239> lot<00:04:18.400> of<00:04:18.680> power<00:04:19.239> which<00:04:19.400> in
our society basically means rich people
can<00:04:22.600> use<00:04:22.960> that<00:04:23.199> power<00:04:23.759> to<00:04:24.080> dispossess<00:04:25.080> the
can use that power to dispossess the
less<00:04:26.360> powerful<00:04:27.360> so<00:04:27.520> in<00:04:27.639> our<00:04:27.880> society<00:04:28.199> that
less powerful so in our society that
means<00:04:28.600> rich<00:04:28.840> people<00:04:29.759> use<00:04:30.600> your<00:04:30.840> salary<00:04:31.199> which
means rich people use your salary which
you've<00:04:31.520> paid<00:04:31.720> to<00:04:31.840> them<00:04:32.120> they<00:04:32.240> give<00:04:32.360> it<00:04:32.479> to
you've paid to them they give it to
their<00:04:32.800> kids<00:04:33.360> they<00:04:33.560> buy<00:04:33.960> their<00:04:34.120> kids<00:04:34.320> buy<00:04:34.560> your
their kids they buy their kids buy your
house<00:04:35.520> your<00:04:35.759> kids<00:04:36.080> don't<00:04:36.320> have<00:04:36.440> a<00:04:36.720> house<00:04:37.720> but
you know this could manifest differently
in<00:04:39.880> different<00:04:40.160> ways<00:04:40.440> this<00:04:40.520> is<00:04:40.680> simply<00:04:41.639> a
in different ways this is simply a
specific<00:04:42.280> case<00:04:42.479> of<00:04:42.600> the<00:04:42.759> general<00:04:43.160> rule<00:04:43.560> that
specific case of the general rule that
when<00:04:44.000> power<00:04:44.280> is<00:04:44.759> unequal<00:04:45.759> the<00:04:45.919> powerful<00:04:46.440> can
when power is unequal the powerful can
can<00:04:46.840> dispossess<00:04:47.360> the<00:04:47.440> weak<00:04:48.280> and<00:04:48.440> this<00:04:48.639> leads
very naturally to an accumulation of
power<00:04:51.639> I'm<00:04:51.919> powerful<00:04:52.560> you're<00:04:52.840> not<00:04:53.360> I<00:04:53.520> use<00:04:53.759> that
power I'm powerful you're not I use that
power<00:04:54.199> to<00:04:54.360> take<00:04:54.560> your<00:04:54.800> stuff<00:04:55.440> and<00:04:56.440> you<00:04:56.560> can<00:04:56.680> see
power to take your stuff and you can see
this<00:04:57.039> happen<00:04:57.320> if<00:04:57.440> you<00:04:57.520> look<00:04:57.720> throughout<00:04:58.039> sort
this happen if you look throughout sort
of<00:04:58.360> the<00:04:58.479> history<00:04:58.759> of<00:04:59.120> medieval<00:04:59.840> Europe<00:05:00.199> what
of the history of medieval Europe what
you<00:05:00.400> saw<00:05:00.680> was<00:05:01.520> for<00:05:01.680> a<00:05:01.800> period<00:05:02.080> there<00:05:02.160> was<00:05:02.320> lots
you saw was for a period there was lots
of<00:05:02.680> small<00:05:03.000> states<00:05:03.600> and<00:05:03.720> then<00:05:03.919> when<00:05:04.520> certain
kingdoms became powerful they used that
power<00:05:06.919> to<00:05:07.240> take<00:05:07.440> the<00:05:07.680> kingdoms<00:05:08.240> around<00:05:08.600> them
it's another example of this you
know<00:05:13.000> this<00:05:13.120> is<00:05:13.360> why<00:05:13.639> human<00:05:13.960> history<00:05:14.320> tends
because once you have inequality then
the<00:05:18.120> rich<00:05:18.400> can<00:05:18.520> use<00:05:18.759> their<00:05:18.960> power<00:05:19.160> to
the rich can use their power to
dispossess<00:05:20.240> the<00:05:20.400> weak<00:05:20.960> and<00:05:21.840> that's<00:05:22.000> all<00:05:22.160> of
dispossess the weak and that's all of
history<00:05:22.840> that's<00:05:23.000> all<00:05:23.160> of<00:05:23.280> history<00:05:23.600> that<00:05:23.720> that
history that's all of history that that
is<00:05:23.919> what<00:05:24.039> happens<00:05:24.280> in<00:05:24.400> human<00:05:24.680> societies<00:05:25.160> if
is what happens in human societies if
you<00:05:25.360> look<00:05:25.479> at<00:05:25.600> the<00:05:25.680> history<00:05:25.880> of<00:05:26.000> human
societies human societies have always
been<00:05:28.280> very<00:05:28.479> unequal<00:05:29.080> except<00:05:29.400> for<00:05:29.759> War<00:05:30.360> one
been very unequal except for War one
period<00:05:30.919> in<00:05:31.520> time<00:05:32.520> 70<00:05:32.960> years<00:05:33.160> after<00:05:33.360> the<00:05:33.440> second
period in time 70 years after the second
world<00:05:33.919> war<00:05:34.280> when<00:05:34.479> a<00:05:34.639> lot<00:05:34.800> of<00:05:35.120> societies
world war when a lot of societies
suddenly<00:05:36.160> became<00:05:36.479> much<00:05:36.639> more<00:05:37.319> equal<00:05:38.319> why<00:05:38.560> was
suddenly became much more equal why was
that<00:05:39.800> I<00:05:39.880> think<00:05:40.199> you<00:05:40.560> the<00:05:40.720> best<00:05:41.000> clue<00:05:41.440> I<00:05:41.600> always
that I think you the best clue I always
remember<00:05:42.880> there's<00:05:43.039> a<00:05:43.199> song<00:05:43.520> by<00:05:43.639> The<00:05:43.759> Beatles
remember there's a song by The Beatles
I'm<00:05:44.680> a<00:05:44.800> big<00:05:44.960> fan<00:05:45.080> of<00:05:45.160> The<00:05:45.240> Beatles<00:05:45.680> first<00:05:45.840> time
I'm a big fan of The Beatles first time
I<00:05:46.080> mention<00:05:46.319> that<00:05:46.400> on<00:05:46.479> the<00:05:46.600> channel<00:05:47.560> called<00:05:47.840> tax
I mention that on the channel called tax
man<00:05:49.000> yeah<00:05:49.160> one<00:05:49.240> of<00:05:49.319> the<00:05:49.400> opening<00:05:49.639> lines<00:05:49.840> of<00:05:49.919> the
song it's written from the perspective
of<00:05:51.360> the<00:05:51.479> tax<00:05:51.759> man<00:05:52.120> which<00:05:52.240> says<00:05:52.639> one<00:05:52.840> for<00:05:53.039> you<00:05:53.240> 19
of the tax man which says one for you 19
for<00:05:53.880> me<00:05:54.199> and<00:05:54.479> this<00:05:54.680> is<00:05:54.919> because<00:05:55.240> the<00:05:55.400> Beatles
for me and this is because the Beatles
at<00:05:56.120> the<00:05:56.919> peak<00:05:57.199> of<00:05:57.360> their<00:05:57.520> success<00:05:57.840> were<00:05:58.000> paying
at the peak of their success were paying
95%<00:05:59.240> top<00:05:59.440> in<00:05:59.639> income<00:05:59.880> tax<00:06:00.080> rate<00:06:00.240> in<00:06:00.319> the<00:06:00.400> UK<00:06:01.280> now
95% top in income tax rate in the UK now
I'm<00:06:02.319> not<00:06:02.520> advocating<00:06:02.919> for<00:06:03.120> a<00:06:03.600> 95%<00:06:04.319> top<00:06:04.520> income
I'm not advocating for a 95% top income
tax<00:06:05.120> rate<00:06:05.800> uh<00:06:05.919> the<00:06:06.000> top<00:06:06.160> inheritance<00:06:06.599> tax<00:06:06.759> rate
at the time was was 90% during that
period<00:06:10.400> up<00:06:10.560> until<00:06:10.840> the<00:06:10.919> 80s<00:06:11.840> specifically<00:06:12.840> we
period up until the 80s specifically we
had<00:06:13.400> in<00:06:13.759> Western<00:06:14.160> Europe<00:06:14.479> and<00:06:14.800> also<00:06:15.280> In
had in Western Europe and also In
America<00:06:16.039> which<00:06:16.160> has<00:06:16.280> a<00:06:16.400> reputation<00:06:16.759> as<00:06:16.840> a<00:06:16.919> low
America which has a reputation as a low
tax<00:06:17.360> Society<00:06:18.160> up<00:06:18.319> until<00:06:18.560> the<00:06:18.639> 80s<00:06:19.080> we<00:06:19.240> had
tax Society up until the 80s we had
extremely<00:06:20.199> high<00:06:20.400> tax<00:06:20.639> rates<00:06:21.199> on<00:06:21.360> the<00:06:21.520> very
extremely high tax rates on the very
rich<00:06:22.759> um<00:06:23.759> and<00:06:23.919> that<00:06:24.080> basically<00:06:24.880> prevented<00:06:25.880> the
their countries that is the exception
that<00:06:34.680> is<00:06:34.840> the<00:06:35.280> exception<00:06:36.280> if<00:06:36.479> you<00:06:37.000> have
that is the exception if you have
systems<00:06:37.919> that<00:06:38.160> prevent<00:06:38.599> the<00:06:38.800> rich<00:06:39.479> and<00:06:39.639> the
powerful from taking the wealth and
power<00:06:42.319> of<00:06:42.520> the<00:06:43.120> poor<00:06:44.120> then<00:06:44.240> you<00:06:44.360> can<00:06:44.520> prevent
power of the poor then you can prevent
it<00:06:46.639> if<00:06:46.759> you<00:06:46.840> don't<00:06:47.039> have<00:06:47.199> those<00:06:47.319> systems<00:06:47.639> you
it if you don't have those systems you
can't<00:06:47.960> prevent<00:06:48.240> it<00:06:48.720> so<00:06:49.720> the<00:06:49.919> reason<00:06:50.520> that
inequality is increasing is that the
rich<00:06:54.520> are<00:06:54.720> very<00:06:54.960> powerful<00:06:55.720> and<00:06:55.879> they<00:06:56.000> can<00:06:56.680> they
rich are very powerful and they can they
can<00:06:56.960> use<00:06:57.160> the<00:06:57.280> income<00:06:57.599> that<00:06:57.680> they<00:06:57.800> get<00:06:57.960> from
can use the income that they get from
you<00:06:58.199> to<00:06:58.360> take<00:06:58.520> the<00:06:58.639> rest<00:06:58.759> of<00:06:58.879> the<00:06:59.039> stuff<00:06:59.360> and
you to take the rest of the stuff and
this<00:07:00.039> is<00:07:00.759> always<00:07:01.120> the<00:07:01.240> way<00:07:01.360> it<00:07:01.520> has<00:07:01.680> been<00:07:02.000> and
it's always the way it will
be<00:07:05.120> but<00:07:05.240> I<00:07:05.319> don't<00:07:05.440> want<00:07:05.560> to<00:07:05.680> be<00:07:05.919> excessively
be but I don't want to be excessively
fatalistic<00:07:07.039> here<00:07:07.199> cuz<00:07:07.319> I<00:07:07.400> see<00:07:07.639> people<00:07:07.840> in<00:07:07.919> the
fatalistic here cuz I see people in the
comments<00:07:08.280> all<00:07:08.440> the<00:07:08.560> time<00:07:08.720> saying<00:07:08.960> it<00:07:09.080> was
comments all the time saying it was
always<00:07:09.440> like<00:07:09.599> that<00:07:09.720> it<00:07:09.840> was<00:07:09.960> always<00:07:10.240> like<00:07:10.440> that
always like that it was always like that
listen<00:07:11.639> we<00:07:11.759> had<00:07:11.879> 70<00:07:12.240> years<00:07:12.479> when<00:07:12.599> it<00:07:12.680> was<00:07:12.800> not
listen we had 70 years when it was not
like<00:07:13.199> that<00:07:13.759> we<00:07:13.879> had<00:07:14.039> 70<00:07:14.360> years<00:07:14.560> when
like that we had 70 years when
inequality<00:07:15.280> was<00:07:15.560> unusually<00:07:16.000> low<00:07:16.800> in<00:07:16.919> a<00:07:17.039> lot<00:07:17.160> of
countries especially you know most of
the<00:07:19.440> countries<00:07:19.680> of<00:07:19.840> Western<00:07:20.160> Europe<00:07:21.039> and<00:07:21.199> that
the countries of Western Europe and that
was<00:07:21.479> 70<00:07:21.840> years<00:07:22.120> in<00:07:22.560> which<00:07:23.560> postmen<00:07:24.319> and
houses and go on holidays and raise
families<00:07:30.160> and<00:07:30.319> afford<00:07:30.680> space<00:07:31.360> this<00:07:31.479> is<00:07:31.599> not
families and afford space this is not
the<00:07:31.919> norm<00:07:32.720> this<00:07:32.840> is<00:07:33.120> this<00:07:33.240> is<00:07:33.400> not<00:07:34.000> the<00:07:34.120> norm
the norm this is this is not the norm
but<00:07:34.879> we<00:07:35.039> had<00:07:35.280> that<00:07:35.520> because<00:07:35.759> we<00:07:36.000> had<00:07:36.759> very<00:07:36.960> high
you you need that you if you you need to
have<00:07:44.039> structures<00:07:44.560> in<00:07:44.759> place<00:07:45.080> in<00:07:45.240> your<00:07:45.520> economy
have structures in place in your economy
that<00:07:46.520> prevent<00:07:47.520> the<00:07:47.680> rich<00:07:48.159> from<00:07:48.400> taking<00:07:48.759> all<00:07:48.919> of
that prevent the rich from taking all of
the<00:07:49.240> wealth<00:07:50.039> if<00:07:50.120> you<00:07:50.280> don't<00:07:50.520> have<00:07:50.759> that
the wealth if you don't have that
history<00:07:51.520> teaches<00:07:51.879> us<00:07:52.280> the<00:07:52.440> rich<00:07:52.680> get<00:07:52.840> all<00:07:52.960> of
history teaches us the rich get all of
the<00:07:53.159> wealth<00:07:53.919> and<00:07:54.080> once<00:07:54.319> the<00:07:54.440> rich<00:07:54.680> have<00:07:54.879> all<00:07:55.000> of
the wealth and once the rich have all of
the<00:07:55.280> wealth<00:07:56.240> not<00:07:56.479> just<00:07:56.680> history<00:07:57.120> but<00:07:57.720> the
ordinary people end up with very poor
living<00:08:02.560> conditions<00:08:02.800> you<00:08:02.879> know<00:08:03.000> if<00:08:03.080> you<00:08:03.199> go<00:08:03.319> to
living conditions you know if you go to
countries<00:08:04.400> that<00:08:04.520> are<00:08:04.759> very<00:08:05.319> unequal<00:08:06.319> if<00:08:06.440> you
countries that are very unequal if you
go<00:08:06.720> to<00:08:06.960> I<00:08:07.039> mean<00:08:07.199> it's<00:08:07.360> it's<00:08:07.560> most<00:08:07.720> of<00:08:07.840> the<00:08:07.919> world
go to I mean it's it's most of the world
to<00:08:08.240> be<00:08:08.319> honest<00:08:08.520> you<00:08:08.599> go<00:08:08.720> to<00:08:08.879> place<00:08:09.120> like<00:08:09.800> India
to be honest you go to place like India
South<00:08:11.360> Africa<00:08:12.360> you<00:08:12.479> know<00:08:12.599> almost<00:08:12.879> anywhere<00:08:13.120> in
Latin America very unequal societies
lead<00:08:16.280> to<00:08:16.400> very<00:08:16.560> poor<00:08:16.759> living<00:08:16.960> standards<00:08:17.680> um
lead to very poor living standards um
this<00:08:18.360> is<00:08:18.520> the<00:08:18.720> norm<00:08:19.720> we<00:08:19.919> prevented<00:08:20.280> it<00:08:20.639> before
this is the norm we prevented it before
um<00:08:21.800> we<00:08:22.000> prevented<00:08:22.400> it<00:08:22.720> by<00:08:23.080> leving<00:08:23.639> very<00:08:23.879> high
um we prevented it by leving very high
tax<00:08:24.319> rates<00:08:24.720> on<00:08:24.840> the<00:08:25.039> very<00:08:25.240> very<00:08:25.440> rich
tax rates on the very very rich
so<00:08:27.440> you<00:08:27.560> know<00:08:27.720> I<00:08:27.840> know<00:08:28.000> I<00:08:28.159> see<00:08:28.759> people<00:08:29.000> in<00:08:29.080> the
so you know I know I see people in the
comments<00:08:29.560> all<00:08:29.680> the<00:08:29.840> time<00:08:30.240> accusing<00:08:30.599> me<00:08:30.879> of
comments all the time accusing me of
being<00:08:31.199> a<00:08:31.319> communist<00:08:31.759> because<00:08:31.919> I<00:08:32.000> want<00:08:32.159> High
being a communist because I want High
tax<00:08:32.519> rates<00:08:32.680> on<00:08:32.800> the<00:08:32.919> rich<00:08:33.880> listen<00:08:34.120> I'm<00:08:34.240> a
tax rates on the rich listen I'm a
Trader<00:08:34.760> in<00:08:34.880> my<00:08:34.959> heart<00:08:35.120> of<00:08:35.279> hearts<00:08:35.599> I<00:08:35.680> made<00:08:35.880> a
Trader in my heart of hearts I made a
lot<00:08:36.039> of<00:08:36.120> money<00:08:36.279> betting<00:08:36.560> on<00:08:36.719> this<00:08:37.320> um<00:08:37.959> I'm
lot of money betting on this um I'm
still<00:08:38.279> betting<00:08:38.519> on<00:08:38.640> it<00:08:38.800> now<00:08:39.440> my<00:08:39.599> firm<00:08:39.880> belief
still betting on it now my firm belief
is<00:08:40.640> that<00:08:41.640> if<00:08:41.719> you<00:08:41.839> don't<00:08:42.080> tax<00:08:42.399> rich<00:08:43.000> people
living standards collapse for ordinary
people<00:08:47.000> um<00:08:47.480> it's<00:08:47.680> happening<00:08:48.080> now<00:08:48.600> it<00:08:48.680> will
people um it's happening now it will
continue<00:08:49.200> to<00:08:49.519> happen<00:08:50.519> we<00:08:50.640> can<00:08:50.839> reverse<00:08:51.240> it<00:08:51.880> but
continue to happen we can reverse it but
we<00:08:52.160> need<00:08:52.360> to<00:08:52.519> tax<00:08:52.800> the<00:08:52.920> rich<00:08:53.160> and<00:08:53.480> I'm<00:08:53.560> not<00:08:53.680> I'm
we need to tax the rich and I'm not I'm
not<00:08:53.959> talking<00:08:54.240> about<00:08:55.080> you<00:08:55.320> Dave<00:08:55.600> in<00:08:55.760> the
Grand I'm talking about families with
with<00:08:59.480> 10<00:08:59.680> million1<00:09:00.560> million<00:09:00.800> p<00:09:01.000> in<00:09:01.160> assets<00:09:01.680> if
everything that includes all of your
assets<00:09:05.480> your<00:09:05.640> kids<00:09:05.800> will<00:09:05.959> be<00:09:06.120> poor<00:09:06.480> your
assets your kids will be poor your
grandkids<00:09:07.000> will<00:09:07.079> be<00:09:07.240> poor<00:09:07.680> you<00:09:07.839> w<00:09:08.000> Inn
anything you need to protect yourself
from<00:09:10.200> the<00:09:10.360> people<00:09:10.560> who<00:09:10.640> are<00:09:10.760> taking<00:09:10.959> your
from the people who are taking your
assets<00:09:11.440> that<00:09:11.600> is<00:09:11.680> the<00:09:11.839> rich<00:09:12.440> we're<00:09:12.640> fighting
your family if enough people say no we
can<00:09:19.240> change<00:09:19.519> it<00:09:19.680> just<00:09:19.800> like<00:09:19.959> we<00:09:20.040> changed<00:09:20.320> it
can change it just like we changed it
after<00:09:20.600> World<00:09:20.800> War<00:09:20.959> II<00:09:21.320> but<00:09:21.440> it<00:09:21.519> needs<00:09:21.920> enough
after World War II but it needs enough
people<00:09:22.560> to<00:09:22.720> step<00:09:22.920> forward<00:09:23.160> and<00:09:23.320> push<00:09:23.560> back<00:09:24.560> I'm
people to step forward and push back I'm
pushing<00:09:25.200> I<00:09:25.279> hope<00:09:25.440> you'll<00:09:25.600> push<00:09:25.800> too<00:09:26.160> thank<00:09:26.279> you