[Music]

[Music]

[Music] now<00:00:02.480> here's<00:00:02.800> an<00:00:02.960> unusual<00:00:03.360> coronavirus

now here's an unusual coronavirus

now here's an unusual coronavirus pandemic<00:00:05.279> lockdown<00:00:05.920> statistic<00:00:06.960> more

pandemic lockdown statistic more

pandemic lockdown statistic more billionaires<00:00:08.320> have<00:00:08.559> been<00:00:08.800> created<00:00:09.760> those<00:00:10.160> on

billionaires have been created those on

billionaires have been created those on the<00:00:10.400> sunday<00:00:10.800> times<00:00:11.200> rich<00:00:11.440> list<00:00:11.679> saw<00:00:11.840> their

the sunday times rich list saw their

the sunday times rich list saw their fortunes<00:00:12.639> grow<00:00:12.960> by<00:00:13.200> around<00:00:13.519> a<00:00:13.759> fifth

fortunes grow by around a fifth

fortunes grow by around a fifth during<00:00:14.799> the<00:00:15.040> crisis<00:00:16.000> and<00:00:16.240> this<00:00:16.480> acceleration

during the crisis and this acceleration

during the crisis and this acceleration is<00:00:17.760> the<00:00:17.840> greatest<00:00:18.240> we've<00:00:18.480> seen<00:00:18.720> over<00:00:18.960> the<00:00:19.039> last

is the greatest we've seen over the last

is the greatest we've seen over the last 33<00:00:19.920> years

33 years

33 years uh<00:00:20.880> gary<00:00:21.119> stevenson<00:00:21.840> is<00:00:21.920> an<00:00:22.000> economist<00:00:22.640> and<00:00:22.720> a

uh gary stevenson is an economist and a

uh gary stevenson is an economist and a former<00:00:23.119> city<00:00:23.439> trader

former city trader

former city trader also<00:00:24.720> you<00:00:24.800> know<00:00:24.960> a<00:00:24.960> bit<00:00:25.199> about<00:00:25.439> money<00:00:25.760> gary

also you know a bit about money gary

also you know a bit about money gary welcome<00:00:26.560> to<00:00:26.720> the<00:00:26.880> program

welcome to the program

welcome to the program why<00:00:27.840> are<00:00:27.920> people<00:00:28.160> getting<00:00:28.480> so<00:00:28.720> filthy<00:00:29.039> rich

why are people getting so filthy rich

why are people getting so filthy rich yeah<00:00:30.800> well<00:00:30.960> it's<00:00:31.119> a<00:00:31.199> phenomenal<00:00:31.599> statistic

yeah well it's a phenomenal statistic

yeah well it's a phenomenal statistic isn't<00:00:32.239> it<00:00:32.399> as<00:00:32.559> you<00:00:32.719> say<00:00:32.880> there's<00:00:33.040> been<00:00:33.200> about

isn't it as you say there's been about

isn't it as you say there's been about an<00:00:33.440> increase<00:00:33.760> of<00:00:33.840> a<00:00:33.920> fit<00:00:34.160> per<00:00:34.399> person<00:00:34.719> which<00:00:34.880> is

an increase of a fit per person which is

an increase of a fit per person which is a<00:00:35.040> total<00:00:35.280> increase<00:00:35.520> of<00:00:35.680> about

a total increase of about

a total increase of about 600<00:00:36.800> billion<00:00:37.200> pounds<00:00:37.920> now<00:00:38.480> this<00:00:38.719> was<00:00:38.879> actually

600 billion pounds now this was actually

600 billion pounds now this was actually predictable<00:00:39.680> at<00:00:39.760> the<00:00:39.920> beginning<00:00:40.239> of<00:00:40.320> the

predictable at the beginning of the

predictable at the beginning of the pandemic<00:00:40.879> and<00:00:41.040> if<00:00:41.120> you<00:00:41.200> look<00:00:41.280> at<00:00:41.360> my<00:00:41.520> articles

pandemic and if you look at my articles

pandemic and if you look at my articles online<00:00:42.239> i<00:00:42.399> actually<00:00:42.640> said<00:00:42.800> this<00:00:42.960> would<00:00:43.120> happen

online i actually said this would happen

online i actually said this would happen about<00:00:43.520> a<00:00:43.600> year<00:00:43.760> ago

about a year ago

about a year ago the<00:00:44.480> reason<00:00:44.800> is<00:00:44.879> because<00:00:45.360> in<00:00:45.440> the<00:00:45.600> past<00:00:46.000> when

the reason is because in the past when

the reason is because in the past when there<00:00:46.320> were<00:00:46.559> big<00:00:46.719> crises<00:00:47.280> like<00:00:47.600> the<00:00:47.760> wars

there were big crises like the wars

there were big crises like the wars the<00:00:48.640> government<00:00:49.039> might<00:00:49.200> try<00:00:49.440> and<00:00:49.840> tax<00:00:50.160> the

the government might try and tax the

the government might try and tax the rich<00:00:50.480> to<00:00:50.559> deal<00:00:50.719> with<00:00:50.879> those<00:00:51.120> problems

rich to deal with those problems

rich to deal with those problems but<00:00:51.920> in<00:00:52.079> this<00:00:52.239> crisis<00:00:52.719> the<00:00:52.800> government<00:00:52.960> has

but in this crisis the government has

but in this crisis the government has done<00:00:53.199> something<00:00:53.440> totally<00:00:53.760> different<00:00:54.079> which

done something totally different which

done something totally different which is<00:00:54.320> simply

is simply

is simply print<00:00:55.120> enormous<00:00:55.600> amounts<00:00:55.920> of<00:00:56.000> money<00:00:56.640> the

print enormous amounts of money the

print enormous amounts of money the government<00:00:57.120> printed<00:00:57.440> that<00:00:57.600> money

government printed that money

government printed that money and<00:00:58.719> that<00:00:58.879> money<00:00:59.120> has<00:00:59.280> largely<00:00:59.520> ended<00:00:59.760> up<00:00:59.840> with

and that money has largely ended up with

and that money has largely ended up with richer<00:01:00.399> people<00:01:01.039> those<00:01:01.280> people<00:01:01.600> have<00:01:01.680> saved

richer people those people have saved

richer people those people have saved that<00:01:02.079> money<00:01:02.399> that's<00:01:02.640> pushed<00:01:02.879> up<00:01:03.039> stock<00:01:03.199> prices

that money that's pushed up stock prices

that money that's pushed up stock prices that's<00:01:03.840> pushed<00:01:04.159> up<00:01:04.239> house<00:01:04.479> prices

that's pushed up house prices

that's pushed up house prices who<00:01:05.519> own<00:01:05.680> stocks<00:01:06.080> who<00:01:06.320> owns<00:01:06.560> assets<00:01:07.360> well<00:01:07.600> it's

who own stocks who owns assets well it's

who own stocks who owns assets well it's the<00:01:07.760> rich<00:01:08.000> and<00:01:08.080> the<00:01:08.159> people<00:01:08.320> who<00:01:08.479> won<00:01:08.560> the<00:01:08.640> most

the rich and the people who won the most

the rich and the people who won the most are<00:01:08.960> the<00:01:09.040> same<00:01:09.200> price<00:01:09.520> so<00:01:09.680> what<00:01:09.840> that<00:01:10.000> has

are the same price so what that has

are the same price so what that has meant<00:01:10.479> is

meant is

meant is whilst<00:01:11.200> millions<00:01:11.520> of<00:01:11.600> people<00:01:11.760> have<00:01:11.840> lost

whilst millions of people have lost

whilst millions of people have lost their<00:01:12.240> jobs<00:01:12.560> and<00:01:12.640> their<00:01:12.880> incomes<00:01:13.520> we've<00:01:13.680> seen

their jobs and their incomes we've seen

their jobs and their incomes we've seen an<00:01:14.159> explosion<00:01:14.880> in<00:01:14.960> the<00:01:15.040> wealth<00:01:15.360> of<00:01:15.439> the

an explosion in the wealth of the

an explosion in the wealth of the richest<00:01:16.000> people<00:01:16.240> in<00:01:16.320> the<00:01:16.400> country

richest people in the country

richest people in the country you<00:01:17.920> make<00:01:18.159> it<00:01:18.240> sound<00:01:18.479> so<00:01:18.799> simple<00:01:19.119> gary<00:01:19.360> but<00:01:19.520> i

you make it sound so simple gary but i

you make it sound so simple gary but i get<00:01:19.840> it<00:01:20.560> in<00:01:20.720> terms<00:01:21.119> of<00:01:21.280> government<00:01:21.680> money<00:01:22.080> has

get it in terms of government money has

get it in terms of government money has basically

basically

basically flowed<00:01:24.000> through<00:01:24.320> the<00:01:24.840> proletariat<00:01:25.840> and<00:01:26.080> ended

flowed through the proletariat and ended

flowed through the proletariat and ended up<00:01:26.479> in<00:01:26.640> the<00:01:26.720> rich

up in the rich

up in the rich yeah<00:01:28.560> i<00:01:28.560> mean<00:01:29.040> what<00:01:29.200> it<00:01:29.280> basically<00:01:29.759> is<00:01:29.920> is<00:01:30.079> the

yeah i mean what it basically is is the

yeah i mean what it basically is is the the<00:01:30.479> big<00:01:30.720> economic<00:01:31.200> problem<00:01:31.520> of<00:01:31.680> kobe

the big economic problem of kobe

the big economic problem of kobe is<00:01:32.560> that<00:01:32.799> people<00:01:33.119> stop<00:01:33.280> spending<00:01:33.680> money

is that people stop spending money

is that people stop spending money ordinary<00:01:34.880> people<00:01:35.200> and<00:01:35.280> poor<00:01:35.600> people

ordinary people and poor people

ordinary people and poor people most<00:01:36.560> of<00:01:36.640> their<00:01:36.799> spending<00:01:37.040> is<00:01:37.119> on<00:01:37.280> essentials

most of their spending is on essentials

most of their spending is on essentials they<00:01:37.840> haven't<00:01:38.079> stopped<00:01:38.240> spending<00:01:38.640> money<00:01:38.960> the

they haven't stopped spending money the

they haven't stopped spending money the people<00:01:39.360> who<00:01:39.520> have<00:01:39.680> stopped<00:01:39.840> spending<00:01:40.079> money

people who have stopped spending money

people who have stopped spending money are<00:01:40.479> richer<00:01:40.799> people<00:01:41.040> who<00:01:41.119> have<00:01:41.280> higher

are richer people who have higher

are richer people who have higher amounts<00:01:41.759> of<00:01:41.840> luxury<00:01:42.159> spending

amounts of luxury spending

amounts of luxury spending the<00:01:42.960> people<00:01:43.119> who<00:01:43.280> have<00:01:43.360> the<00:01:43.439> most<00:01:43.680> luxury

the people who have the most luxury

the people who have the most luxury spending<00:01:44.240> are<00:01:44.399> obviously<00:01:44.720> the<00:01:44.799> richest<00:01:45.439> but

spending are obviously the richest but

spending are obviously the richest but that<00:01:45.759> has<00:01:45.920> meant<00:01:46.079> that<00:01:46.240> the<00:01:46.399> people<00:01:46.560> who<00:01:46.640> have

that has meant that the people who have

that has meant that the people who have accumulated<00:01:47.360> money<00:01:47.680> has<00:01:47.840> largely<00:01:48.159> been<00:01:48.399> the

accumulated money has largely been the

accumulated money has largely been the richer<00:01:48.799> people<00:01:49.040> in<00:01:49.119> the<00:01:49.200> country

richer people in the country

richer people in the country and<00:01:49.840> obviously<00:01:50.560> as<00:01:50.799> we<00:01:50.960> can<00:01:51.119> see<00:01:51.680> richer

and obviously as we can see richer

and obviously as we can see richer people<00:01:52.399> when<00:01:52.560> they<00:01:52.720> make<00:01:52.880> money<00:01:53.920> they<00:01:54.079> get

people when they make money they get

people when they make money they get richer

richer

richer they<00:01:54.880> make<00:01:55.040> a<00:01:55.119> lot<00:01:55.280> of<00:01:55.360> money<00:01:56.479> yeah<00:01:56.799> i<00:01:56.880> think

they make a lot of money yeah i think

they make a lot of money yeah i think another<00:01:57.439> statistic<00:01:58.000> from<00:01:58.159> the<00:01:58.320> survey

another statistic from the survey

another statistic from the survey um<00:01:59.759> is<00:01:59.920> that<00:02:00.159> it's<00:02:00.320> actually<00:02:00.640> quite<00:02:00.799> a<00:02:00.960> small

um is that it's actually quite a small

um is that it's actually quite a small club<00:02:01.439> this<00:02:01.680> isn't<00:02:01.920> it<00:02:02.079> the

club this isn't it the

club this isn't it the the<00:02:02.719> richer<00:02:04.159> the<00:02:04.320> pre-existing<00:02:05.200> rich

the richer the pre-existing rich

the richer the pre-existing rich actually<00:02:06.079> have<00:02:06.320> got<00:02:06.560> richer<00:02:07.360> it's<00:02:07.520> not<00:02:07.680> that

actually have got richer it's not that

actually have got richer it's not that we're<00:02:08.000> adding<00:02:08.319> huge<00:02:08.640> numbers<00:02:09.039> of<00:02:09.119> people<00:02:09.440> but

we're adding huge numbers of people but

we're adding huge numbers of people but that

that

that 171<00:02:11.360> billionaires<00:02:12.000> is<00:02:12.160> quite<00:02:12.319> a<00:02:12.480> stat<00:02:12.879> isn't

171 billionaires is quite a stat isn't

171 billionaires is quite a stat isn't it

it

it it's<00:02:14.239> a<00:02:14.319> lot<00:02:14.480> of<00:02:14.560> billionaires<00:02:14.959> there's<00:02:15.120> a<00:02:15.200> lot

it's a lot of billionaires there's a lot

it's a lot of billionaires there's a lot of<00:02:15.360> billionaires<00:02:15.840> and<00:02:16.000> i<00:02:16.080> think<00:02:16.160> what's

of billionaires and i think what's

of billionaires and i think what's really<00:02:16.640> important<00:02:16.959> for<00:02:17.120> people<00:02:17.360> to

really important for people to

really important for people to understand<00:02:17.920> here<00:02:18.160> is

understand here is

understand here is we're<00:02:18.640> talking<00:02:18.879> about<00:02:19.280> billionaires<00:02:19.840> a

we're talking about billionaires a

we're talking about billionaires a billion<00:02:20.319> pounds<00:02:20.720> 1<00:02:21.120> 000<00:02:21.360> million<00:02:21.760> pounds

billion pounds 1 000 million pounds

billion pounds 1 000 million pounds right<00:02:22.160> this<00:02:22.400> is<00:02:22.480> not<00:02:22.640> doctors<00:02:22.959> and<00:02:23.120> lawyers

right this is not doctors and lawyers

right this is not doctors and lawyers people<00:02:24.080> who<00:02:24.319> work<00:02:24.560> hard<00:02:24.800> and<00:02:24.879> study<00:02:25.120> hard<00:02:25.280> to

people who work hard and study hard to

people who work hard and study hard to make<00:02:25.520> this<00:02:25.680> money<00:02:25.920> often<00:02:26.160> these<00:02:26.319> are<00:02:26.400> people

make this money often these are people

make this money often these are people who<00:02:26.720> own<00:02:26.959> huge<00:02:27.200> businesses

who own huge businesses

who own huge businesses often<00:02:28.400> it's<00:02:28.560> massive<00:02:28.879> business<00:02:29.280> heirs<00:02:29.760> and

often it's massive business heirs and

often it's massive business heirs and the<00:02:30.239> thing<00:02:30.400> which<00:02:30.560> i<00:02:30.640> want<00:02:30.800> people<00:02:30.959> to<00:02:31.040> really

the thing which i want people to really

the thing which i want people to really understand<00:02:31.599> is<00:02:31.760> this<00:02:31.920> is<00:02:32.000> not<00:02:32.160> just<00:02:32.400> abstract

understand is this is not just abstract

understand is this is not just abstract numbers

numbers

numbers when<00:02:33.680> the<00:02:33.760> rich<00:02:34.000> get<00:02:34.160> richer<00:02:34.480> it<00:02:34.560> affects

when the rich get richer it affects

when the rich get richer it affects ordinary<00:02:35.280> people<00:02:35.840> they<00:02:36.080> buy<00:02:36.319> assets<00:02:36.640> they

ordinary people they buy assets they

ordinary people they buy assets they push<00:02:37.040> up<00:02:37.120> house<00:02:37.440> prices

push up house prices

push up house prices that<00:02:38.239> makes<00:02:38.400> housing<00:02:38.720> less<00:02:38.879> affordable<00:02:39.280> for

that makes housing less affordable for

that makes housing less affordable for ordinary<00:02:39.760> people<00:02:40.000> and<00:02:40.160> i've<00:02:40.400> put<00:02:40.560> up<00:02:40.720> a<00:02:40.800> video

ordinary people and i've put up a video

ordinary people and i've put up a video if<00:02:41.120> you<00:02:41.200> want<00:02:41.360> to<00:02:41.440> understand<00:02:41.760> how<00:02:41.920> this

if you want to understand how this

if you want to understand how this affects<00:02:42.319> ordinary<00:02:42.720> people<00:02:42.879> on<00:02:43.040> my<00:02:43.120> youtube

affects ordinary people on my youtube

affects ordinary people on my youtube called<00:02:43.680> what<00:02:43.840> is<00:02:44.000> wealth<00:02:44.239> and<00:02:44.319> you<00:02:44.400> can<00:02:44.480> see

called what is wealth and you can see

called what is wealth and you can see that<00:02:44.720> on<00:02:44.800> my<00:02:44.959> youtube<00:02:45.120> channel<00:02:45.440> economics

that on my youtube channel economics

that on my youtube channel economics okay<00:02:47.280> and<00:02:47.519> is<00:02:47.599> that<00:02:47.840> do<00:02:47.920> you<00:02:48.000> think<00:02:48.239> a<00:02:48.400> problem

okay and is that do you think a problem

okay and is that do you think a problem is<00:02:48.959> that<00:02:49.200> something<00:02:49.599> that<00:02:49.760> is

is that something that is

is that something that is that<00:02:50.480> clearly<00:02:50.879> is<00:02:51.040> to<00:02:51.200> the<00:02:51.280> disadvantage<00:02:52.160> of

that clearly is to the disadvantage of

that clearly is to the disadvantage of the<00:02:52.400> vast<00:02:52.640> majority<00:02:53.280> of<00:02:53.440> us<00:02:53.599> whatever

the vast majority of us whatever

the vast majority of us whatever uh<00:02:54.640> financial<00:02:55.120> strata<00:02:55.599> we<00:02:55.760> might<00:02:55.920> be<00:02:56.160> on<00:02:57.040> yeah

uh financial strata we might be on yeah

uh financial strata we might be on yeah you<00:02:57.360> know<00:02:57.519> look<00:02:57.760> i've<00:02:57.920> been<00:02:58.080> following<00:02:58.400> this

you know look i've been following this

you know look i've been following this for<00:02:58.879> years<00:02:59.120> and<00:02:59.200> years<00:02:59.440> and<00:02:59.519> years<00:02:59.840> i<00:02:59.920> used<00:03:00.000> to

for years and years and years i used to

for years and years and years i used to work<00:03:00.319> in<00:03:00.400> the<00:03:00.480> city<00:03:00.800> my<00:03:00.959> job<00:03:01.120> was<00:03:01.280> to<00:03:01.360> predict

work in the city my job was to predict

work in the city my job was to predict will<00:03:01.840> the<00:03:02.000> economy<00:03:02.400> be<00:03:02.560> strong

will the economy be strong

will the economy be strong according<00:03:03.680> to<00:03:03.840> me<00:03:04.239> if<00:03:04.400> we<00:03:04.560> let<00:03:04.879> the<00:03:05.040> rich

according to me if we let the rich

according to me if we let the rich accumulate<00:03:05.760> huge<00:03:06.000> amounts<00:03:06.239> of<00:03:06.319> money

accumulate huge amounts of money

accumulate huge amounts of money the<00:03:07.280> rich<00:03:07.519> don't<00:03:07.760> spend<00:03:08.000> money<00:03:08.400> on<00:03:08.640> ordinary

the rich don't spend money on ordinary

the rich don't spend money on ordinary things<00:03:09.440> it<00:03:09.519> doesn't<00:03:09.760> drive<00:03:10.000> wages<00:03:10.480> they

things it doesn't drive wages they

things it doesn't drive wages they invest<00:03:11.040> money<00:03:11.280> they<00:03:11.440> buy<00:03:11.680> assets<00:03:12.159> stocks

invest money they buy assets stocks

invest money they buy assets stocks shares<00:03:12.800> houses

shares houses

shares houses so<00:03:13.519> the<00:03:13.680> ultimate<00:03:14.239> result<00:03:14.640> is<00:03:15.040> essentially

so the ultimate result is essentially

so the ultimate result is essentially house<00:03:15.760> prices<00:03:16.080> go<00:03:16.319> up<00:03:16.560> and

house prices go up and

house prices go up and that<00:03:17.280> hurts<00:03:17.760> ordering<00:03:18.239> families<00:03:18.640> especially

that hurts ordering families especially

that hurts ordering families especially younger<00:03:19.360> people<00:03:20.080> so<00:03:20.319> if<00:03:20.480> we<00:03:20.640> don't<00:03:20.800> fix<00:03:21.040> this

younger people so if we don't fix this

younger people so if we don't fix this problem<00:03:21.599> of<00:03:21.760> huge<00:03:22.000> amounts<00:03:22.319> of<00:03:22.400> money<00:03:22.640> flowing

problem of huge amounts of money flowing

problem of huge amounts of money flowing purely<00:03:23.519> to<00:03:23.680> the<00:03:23.760> riches<00:03:24.239> and<00:03:24.400> not<00:03:24.560> to<00:03:24.720> the<00:03:24.799> rest

purely to the riches and not to the rest

purely to the riches and not to the rest we're<00:03:25.680> not<00:03:25.760> going<00:03:25.920> to<00:03:25.920> see<00:03:26.080> an<00:03:26.159> economic

we're not going to see an economic

we're not going to see an economic recovery

recovery

recovery that<00:03:27.760> sounds<00:03:28.080> like<00:03:28.239> an<00:03:28.400> argument<00:03:28.799> for<00:03:28.959> some

that sounds like an argument for some

that sounds like an argument for some kind<00:03:29.360> of<00:03:29.440> super<00:03:29.840> tax<00:03:30.319> would<00:03:30.480> you<00:03:30.640> be<00:03:30.799> for<00:03:30.959> that

kind of super tax would you be for that

kind of super tax would you be for that does<00:03:31.360> that<00:03:31.599> work

does that work

does that work well<00:03:33.360> i<00:03:33.440> think<00:03:33.680> it<00:03:33.840> could<00:03:34.000> work<00:03:34.239> if<00:03:34.400> it's

well i think it could work if it's

well i think it could work if it's carefully<00:03:34.879> designed<00:03:35.440> obviously<00:03:35.760> whenever<00:03:36.080> we

carefully designed obviously whenever we

carefully designed obviously whenever we talk<00:03:36.319> about<00:03:36.560> taxing<00:03:36.879> the<00:03:36.959> riches

talk about taxing the riches

talk about taxing the riches the<00:03:37.599> big<00:03:37.840> problem<00:03:38.159> is<00:03:38.480> the<00:03:38.640> rich<00:03:38.879> have<00:03:39.040> got<00:03:39.440> the

the big problem is the rich have got the

the big problem is the rich have got the best<00:03:39.840> accountants<00:03:40.400> and<00:03:40.480> they<00:03:40.640> will<00:03:40.799> try<00:03:40.959> and

best accountants and they will try and

best accountants and they will try and dodge<00:03:41.280> the<00:03:41.440> taxes

dodge the taxes

dodge the taxes yeah<00:03:42.239> so<00:03:42.400> any<00:03:42.640> tax<00:03:42.879> that<00:03:43.040> we<00:03:43.120> bring<00:03:43.360> in<00:03:43.519> has<00:03:43.760> to

yeah so any tax that we bring in has to

yeah so any tax that we bring in has to be<00:03:44.080> really<00:03:44.319> carefully<00:03:44.720> designed<00:03:45.120> so<00:03:45.280> that<00:03:45.360> it

be really carefully designed so that it

be really carefully designed so that it hits<00:03:45.680> the<00:03:45.840> super<00:03:46.080> rich<00:03:46.319> and<00:03:46.400> not<00:03:46.560> just

hits the super rich and not just

hits the super rich and not just ordinary<00:03:47.040> working<00:03:47.360> people

ordinary working people

ordinary working people but<00:03:48.159> personally<00:03:48.720> i<00:03:48.799> think<00:03:48.959> if<00:03:49.120> we<00:03:49.280> don't<00:03:49.519> do

but personally i think if we don't do

but personally i think if we don't do that<00:03:50.159> we're<00:03:50.400> in<00:03:50.480> for<00:03:50.640> another<00:03:50.879> 10<00:03:51.040> years<00:03:51.280> of

that we're in for another 10 years of

that we're in for another 10 years of economic<00:03:51.840> stuff

economic stuff

economic stuff and<00:03:52.640> i'm<00:03:52.799> not<00:03:52.959> saying<00:03:53.120> that<00:03:53.519> i've<00:03:53.680> been

and i'm not saying that i've been

and i'm not saying that i've been betting<00:03:54.080> on<00:03:54.159> this<00:03:54.319> because<00:03:54.560> it's<00:03:54.640> a<00:03:54.720> 2008

betting on this because it's a 2008

betting on this because it's a 2008 crisis

crisis

crisis and<00:03:55.920> i've<00:03:56.000> been<00:03:56.159> right<00:03:56.319> for<00:03:56.480> 10<00:03:56.640> years<00:03:56.799> i've

and i've been right for 10 years i've

and i've been right for 10 years i've been<00:03:57.040> making<00:03:57.280> millions<00:03:57.599> of<00:03:57.680> pounds<00:03:57.840> of<00:03:57.920> doing

been making millions of pounds of doing

been making millions of pounds of doing it<00:03:58.480> if<00:03:58.640> we<00:03:58.879> don't<00:03:59.040> find<00:03:59.200> a<00:03:59.200> way<00:03:59.360> to<00:03:59.360> tax<00:03:59.599> the

it if we don't find a way to tax the

it if we don't find a way to tax the riches

riches

riches it's<00:04:00.560> going<00:04:00.720> to<00:04:00.799> be<00:04:00.879> disaster<00:04:01.439> for<00:04:01.599> the<00:04:01.680> rest

it's going to be disaster for the rest

it's going to be disaster for the rest of<00:04:02.000> us<00:04:02.959> gary<00:04:03.280> good<00:04:03.439> to<00:04:03.599> talk<00:04:03.760> to<00:04:03.840> you<00:04:04.000> thank<00:04:04.159> you

of us gary good to talk to you thank you

of us gary good to talk to you thank you very<00:04:04.480> much<00:04:04.720> indeed<00:04:05.120> gary<00:04:05.439> stevenson<00:04:06.080> an

very much indeed gary stevenson an

very much indeed gary stevenson an economist

economist

economist and<00:04:07.200> a<00:04:07.360> former<00:04:07.760> city<00:04:12.840> trader

you