welcome<00:00:00.520> back<00:00:00.640> to<00:00:00.799> Gary's<00:00:01.199> economics<00:00:02.159> today

welcome back to Gary's economics today

welcome back to Gary's economics today we<00:00:02.919> are<00:00:03.000> going<00:00:03.120> to<00:00:03.280> talk<00:00:03.520> about<00:00:04.160> why<00:00:04.560> growth<00:00:05.560> is

stupid<00:00:09.480> all<00:00:09.599> right<00:00:09.800> this<00:00:09.920> is<00:00:10.000> a<00:00:10.160> thing<00:00:10.320> which

stupid all right this is a thing which

stupid all right this is a thing which I've<00:00:10.599> been<00:00:10.759> thinking<00:00:11.040> about<00:00:11.280> for<00:00:11.440> a<00:00:11.639> while<00:00:12.240> and

I've been thinking about for a while and

I've been thinking about for a while and um<00:00:13.400> it<00:00:13.480> was<00:00:13.679> prompted<00:00:14.160> this<00:00:14.280> week<00:00:14.639> by<00:00:14.920> an

um it was prompted this week by an

um it was prompted this week by an article<00:00:15.519> which<00:00:15.639> I<00:00:15.799> read<00:00:16.279> in<00:00:16.440> the<00:00:16.560> New<00:00:16.800> Yorker<00:00:17.400> a

article which I read in the New Yorker a

article which I read in the New Yorker a good<00:00:17.720> long<00:00:18.000> article<00:00:18.359> about<00:00:18.520> British

good long article about British

good long article about British economics<00:00:19.640> uh<00:00:19.800> by<00:00:19.920> a<00:00:20.039> guy<00:00:20.199> called<00:00:20.400> Sam<00:00:20.680> Knight

economics uh by a guy called Sam Knight

economics uh by a guy called Sam Knight um<00:00:22.080> where<00:00:22.160> he<00:00:22.279> talks<00:00:22.519> about<00:00:22.760> basically<00:00:23.080> the

um where he talks about basically the

um where he talks about basically the collapse<00:00:24.080> of<00:00:24.320> the<00:00:24.439> British<00:00:24.880> economy<00:00:25.439> the

collapse of the British economy the

collapse of the British economy the collapse<00:00:25.880> of<00:00:26.000> British<00:00:26.359> politics<00:00:26.920> a<00:00:27.039> lot<00:00:27.119> of

collapse of British politics a lot of

collapse of British politics a lot of people<00:00:27.320> are<00:00:27.439> looking<00:00:27.720> us<00:00:27.880> saying<00:00:28.119> what's

people are looking us saying what's

people are looking us saying what's going<00:00:28.519> on<00:00:28.840> in<00:00:28.960> Britain<00:00:29.240> it's<00:00:29.359> falling<00:00:29.679> apart

going on in Britain it's falling apart

going on in Britain it's falling apart and<00:00:30.880> he<00:00:31.039> interviewed<00:00:31.560> a<00:00:31.759> guy<00:00:31.960> called<00:00:32.719> Mark

and he interviewed a guy called Mark

and he interviewed a guy called Mark Carney<00:00:34.079> who<00:00:34.520> is<00:00:34.680> a<00:00:34.840> former<00:00:35.200> governor<00:00:35.559> of<00:00:35.680> the

Carney who is a former governor of the

Carney who is a former governor of the bank<00:00:36.000> of<00:00:36.160> England<00:00:36.800> he<00:00:36.920> was<00:00:37.040> a<00:00:37.160> governor<00:00:37.399> of<00:00:37.480> the

bank of England he was a governor of the

bank of England he was a governor of the bank<00:00:37.719> of<00:00:37.800> England<00:00:38.160> back<00:00:38.280> when<00:00:38.399> I<00:00:38.520> was<00:00:38.640> a<00:00:39.039> Trader

bank of England back when I was a Trader

bank of England back when I was a Trader um<00:00:40.800> and<00:00:40.960> Mark<00:00:41.360> Cary<00:00:42.360> had<00:00:43.360> this<00:00:43.600> very<00:00:43.879> piffy<00:00:44.239> way

um and Mark Cary had this very piffy way

um and Mark Cary had this very piffy way of<00:00:44.760> describing<00:00:45.760> the<00:00:46.120> British<00:00:46.559> economy<00:00:47.039> and

of describing the British economy and

of describing the British economy and the<00:00:47.280> British<00:00:47.559> economic<00:00:48.000> problem<00:00:48.239> and<00:00:48.360> I've

the British economic problem and I've

the British economic problem and I've got<00:00:48.559> the<00:00:48.680> exact<00:00:48.960> quote<00:00:49.280> here<00:00:50.160> what<00:00:50.280> he<00:00:50.399> said

got the exact quote here what he said

got the exact quote here what he said was<00:00:51.000> it's<00:00:51.360> just<00:00:51.840> not<00:00:52.320> that<00:00:52.640> productive<00:00:53.280> an

was it's just not that productive an

was it's just not that productive an economy<00:00:54.359> anymore<00:00:55.359> this<00:00:55.520> is<00:00:55.640> Mark<00:00:55.879> Carney

economy anymore this is Mark Carney

economy anymore this is Mark Carney former<00:00:56.680> head<00:00:56.800> of<00:00:56.920> the<00:00:57.000> bank<00:00:57.160> of<00:00:57.559> England<00:00:58.559> the

former head of the bank of England the

former head of the bank of England the problem<00:00:59.000> with<00:00:59.239> Britain<00:00:59.600> is<00:00:59.719> that<00:01:00.079> is<00:01:00.359> just<00:01:00.719> not

problem with Britain is that is just not

problem with Britain is that is just not that<00:01:01.280> productive<00:01:01.840> an<00:01:02.039> economy<00:01:02.440> and<00:01:02.600> we<00:01:02.719> hear

that productive an economy and we hear

that productive an economy and we hear these<00:01:03.239> kinds<00:01:03.440> of<00:01:03.920> arguments<00:01:04.920> all<00:01:05.119> the<00:01:05.360> time<00:01:05.760> on

these kinds of arguments all the time on

these kinds of arguments all the time on the<00:01:06.080> news<00:01:06.920> um<00:01:07.640> from<00:01:07.840> the<00:01:08.000> conservative<00:01:08.439> party

the news um from the conservative party

the news um from the conservative party sometimes<00:01:08.960> even<00:01:09.080> from<00:01:09.200> the<00:01:09.280> labor<00:01:09.560> party<00:01:09.880> the

sometimes even from the labor party the

sometimes even from the labor party the problem<00:01:10.360> with<00:01:10.560> Britain<00:01:10.920> is<00:01:11.479> we're<00:01:11.720> just<00:01:11.880> not

problem with Britain is we're just not

problem with Britain is we're just not productive<00:01:12.640> enough<00:01:13.040> we<00:01:13.360> as<00:01:13.600> Britain<00:01:13.920> is<00:01:14.040> a

productive enough we as Britain is a

productive enough we as Britain is a fundamental<00:01:14.759> problem<00:01:15.200> we<00:01:15.439> we<00:01:16.000> productivity

fundamental problem we we productivity

fundamental problem we we productivity is<00:01:17.159> lacking<00:01:17.680> we're<00:01:17.920> sort<00:01:18.119> of<00:01:18.240> fundamentally

is lacking we're sort of fundamentally

is lacking we're sort of fundamentally weak<00:01:19.040> we<00:01:19.119> need<00:01:19.240> to<00:01:19.360> fix<00:01:19.640> productivity<00:01:20.600> and<00:01:21.600> I

weak we need to fix productivity and I

weak we need to fix productivity and I have<00:01:21.960> a<00:01:22.159> problem<00:01:22.439> with<00:01:22.560> this<00:01:22.720> way<00:01:22.840> of

have a problem with this way of

have a problem with this way of describing<00:01:23.960> the<00:01:24.079> economy<00:01:24.439> and<00:01:24.840> first<00:01:25.000> of<00:01:25.119> all

describing the economy and first of all

describing the economy and first of all I'm<00:01:25.520> not<00:01:25.720> against<00:01:26.079> productivity<00:01:27.079> I'm<00:01:27.200> not

I'm not against productivity I'm not

I'm not against productivity I'm not against<00:01:27.640> economic<00:01:27.960> growth<00:01:28.240> I<00:01:28.320> think<00:01:28.439> these

against economic growth I think these

against economic growth I think these things<00:01:28.720> are<00:01:28.840> all<00:01:29.000> good<00:01:29.159> things

things are all good things

things are all good things if<00:01:32.079> fundamentally<00:01:33.079> the<00:01:33.280> biggest<00:01:33.680> problem<00:01:34.040> was

if fundamentally the biggest problem was

if fundamentally the biggest problem was a<00:01:35.040> lack<00:01:35.240> of<00:01:35.360> UK

a lack of UK

a lack of UK productivity<00:01:37.280> number<00:01:37.560> one<00:01:38.079> what<00:01:38.200> we'd<00:01:38.399> be

productivity number one what we'd be

productivity number one what we'd be seeing<00:01:38.799> is<00:01:39.000> living<00:01:39.280> standards<00:01:39.720> falling

seeing is living standards falling

seeing is living standards falling specifically<00:01:41.040> in<00:01:41.159> the<00:01:41.280> UK<00:01:41.960> and<00:01:42.079> I<00:01:42.159> think<00:01:42.280> a<00:01:42.360> lot

specifically in the UK and I think a lot

specifically in the UK and I think a lot of<00:01:42.640> people<00:01:43.079> who<00:01:43.280> who<00:01:43.680> live<00:01:43.920> in<00:01:44.040> the<00:01:44.159> UK<00:01:44.399> feel

of people who who live in the UK feel

of people who who live in the UK feel that<00:01:44.799> what<00:01:44.880> we<00:01:45.000> have<00:01:45.119> is<00:01:45.240> a<00:01:45.399> specific<00:01:45.759> UK

that what we have is a specific UK

that what we have is a specific UK problem<00:01:47.040> it's<00:01:47.280> very<00:01:47.479> important<00:01:47.799> to<00:01:48.079> recognize

problem it's very important to recognize

problem it's very important to recognize living<00:01:49.479> standards<00:01:49.880> are<00:01:50.040> falling<00:01:50.399> for<00:01:50.600> middle

living standards are falling for middle

living standards are falling for middle classes<00:01:51.479> all<00:01:51.680> across<00:01:51.960> the<00:01:52.040> world<00:01:52.600> all<00:01:52.799> across

classes all across the world all across

classes all across the world all across the<00:01:53.159> world<00:01:53.399> so<00:01:53.920> this<00:01:54.040> YouTube<00:01:54.320> channel<00:01:54.520> is

the world so this YouTube channel is

the world so this YouTube channel is watched<00:01:54.840> all<00:01:54.920> across<00:01:55.159> the<00:01:55.240> world<00:01:55.399> we've<00:01:55.560> got<00:01:55.640> a

watched all across the world we've got a

watched all across the world we've got a lot<00:01:55.799> of<00:01:55.880> viewers<00:01:56.640> in<00:01:56.840> America<00:01:57.520> in<00:01:57.680> Australia

lot of viewers in America in Australia

lot of viewers in America in Australia and<00:01:58.439> places<00:01:58.719> like<00:01:58.880> Germany<00:01:59.320> the<00:01:59.439> Netherlands

and places like Germany the Netherlands

and places like Germany the Netherlands we<00:02:00.680> get<00:02:00.880> messages<00:02:01.399> all<00:02:01.560> the<00:02:01.759> time<00:02:02.039> saying

we get messages all the time saying

we get messages all the time saying living<00:02:03.119> standards<00:02:03.520> are<00:02:03.640> collapsing<00:02:04.159> here<00:02:04.520> in

living standards are collapsing here in

living standards are collapsing here in the<00:02:05.320> US<00:02:06.039> in<00:02:06.240> Germany<00:02:06.799> it's<00:02:07.119> definitely

the US in Germany it's definitely

the US in Germany it's definitely happening<00:02:07.799> places<00:02:08.080> like<00:02:08.200> Italy<00:02:08.560> and<00:02:08.720> Spain

happening places like Italy and Spain

happening places like Italy and Spain even<00:02:09.479> a<00:02:09.599> country<00:02:09.840> like<00:02:10.000> Australia<00:02:10.879> which<00:02:11.000> is

even a country like Australia which is

even a country like Australia which is generally<00:02:11.520> considered<00:02:11.920> to<00:02:12.120> have<00:02:13.120> strong

generally considered to have strong

generally considered to have strong living<00:02:13.520> standards<00:02:13.879> a<00:02:14.000> good<00:02:14.160> place<00:02:14.319> to<00:02:14.480> live

living standards a good place to live

living standards a good place to live living<00:02:14.959> standards<00:02:15.280> are<00:02:15.360> falling<00:02:15.640> there<00:02:15.920> so<00:02:16.720> if

living standards are falling there so if

living standards are falling there so if the<00:02:17.040> problem<00:02:17.239> was<00:02:17.599> specifically<00:02:18.599> UK

the problem was specifically UK

the problem was specifically UK productivity<00:02:19.920> and<00:02:20.040> I'm<00:02:20.120> not<00:02:20.280> saying<00:02:20.680> we<00:02:20.840> don't

productivity and I'm not saying we don't

productivity and I'm not saying we don't have<00:02:21.120> a<00:02:21.280> problem<00:02:21.480> with<00:02:21.800> productivity<00:02:22.800> if<00:02:22.959> that

have a problem with productivity if that

have a problem with productivity if that was<00:02:23.280> the<00:02:23.400> main<00:02:23.640> problem<00:02:24.519> why<00:02:24.760> are<00:02:25.200> living

was the main problem why are living

was the main problem why are living stands<00:02:25.800> collapsing<00:02:26.200> all<00:02:26.319> across<00:02:26.560> the<00:02:27.160> world

stands collapsing all across the world

stands collapsing all across the world the<00:02:28.360> second<00:02:28.680> thing<00:02:28.879> is<00:02:29.000> to<00:02:29.239> say

the second thing is to say

the second thing is to say if<00:02:31.440> the<00:02:31.680> problem<00:02:32.000> was<00:02:32.280> a<00:02:32.480> lack<00:02:32.680> of<00:02:32.840> growth<00:02:33.120> in

if the problem was a lack of growth in

if the problem was a lack of growth in productivity<00:02:35.280> and<00:02:35.560> I'm<00:02:35.640> not<00:02:35.800> saying<00:02:36.000> we<00:02:36.120> don't

productivity and I'm not saying we don't

productivity and I'm not saying we don't have<00:02:36.400> a<00:02:36.560> lack<00:02:36.720> of<00:02:36.840> growth<00:02:37.040> in<00:02:37.440> productivity

have a lack of growth in productivity

have a lack of growth in productivity why<00:02:38.560> are<00:02:38.760> living<00:02:38.959> standards<00:02:39.519> falling<00:02:40.519> so<00:02:40.680> in

why are living standards falling so in

why are living standards falling so in The<00:02:40.959> Last<00:02:41.239> 5<00:02:41.480> Years<00:02:42.239> specifically<00:02:43.239> we<00:02:43.400> have

The Last 5 Years specifically we have

The Last 5 Years specifically we have seen<00:02:44.280> really<00:02:44.720> a<00:02:44.920> collapse<00:02:45.360> in<00:02:45.480> the<00:02:45.599> living

seen really a collapse in the living

seen really a collapse in the living standards<00:02:46.239> of<00:02:46.280> the<00:02:46.360> average<00:02:46.599> British<00:02:47.000> family

standards of the average British family

standards of the average British family this<00:02:48.040> has<00:02:48.159> happened<00:02:48.400> at<00:02:48.519> the<00:02:48.599> same<00:02:48.760> time<00:02:48.920> as

this has happened at the same time as

this has happened at the same time as the<00:02:49.120> enormous<00:02:49.480> growth<00:02:50.200> inequality<00:02:51.200> we<00:02:51.360> we've

the enormous growth inequality we we've

the enormous growth inequality we we've reached<00:02:51.760> a<00:02:51.920> situation<00:02:52.480> now<00:02:52.760> when<00:02:53.040> you<00:02:53.120> know

reached a situation now when you know

reached a situation now when you know about<00:02:53.599> half<00:02:54.080> of<00:02:54.239> the<00:02:54.560> families<00:02:54.879> in<00:02:55.000> the

about half of the families in the

about half of the families in the country<00:02:56.000> struggle<00:02:56.480> to<00:02:56.680> simultaneously<00:02:57.680> feed

country struggle to simultaneously feed

country struggle to simultaneously feed their<00:02:58.200> kids<00:02:58.560> and<00:02:58.680> turn<00:02:58.879> the<00:02:58.959> heating<00:02:59.239> on<00:02:59.480> in

their kids and turn the heating on in

their kids and turn the heating on in the

the

the winter<00:03:01.560> and<00:03:01.879> this<00:03:02.040> has<00:03:02.200> not<00:03:02.440> coincided<00:03:03.120> with<00:03:03.200> a

winter and this has not coincided with a

winter and this has not coincided with a collapse<00:03:03.840> in<00:03:03.959> in<00:03:04.080> British<00:03:04.519> productivity<00:03:05.519> yeah

collapse in in British productivity yeah

collapse in in British productivity yeah we<00:03:05.760> can<00:03:05.879> argue<00:03:06.120> there's<00:03:06.319> stagnation<00:03:06.760> in

we can argue there's stagnation in

we can argue there's stagnation in British

British

British productivity<00:03:09.560> but<00:03:09.760> productivity<00:03:10.239> is<00:03:10.319> not

productivity but productivity is not

productivity but productivity is not collapsing<00:03:11.040> and<00:03:11.159> yet<00:03:11.280> living<00:03:11.519> standards<00:03:11.840> are

collapsing and yet living standards are

collapsing and yet living standards are collapsing<00:03:12.319> so<00:03:12.519> again<00:03:12.680> we<00:03:12.799> have<00:03:13.040> a<00:03:13.200> second

collapsing so again we have a second

collapsing so again we have a second disconnect<00:03:14.159> here<00:03:15.159> but<00:03:15.319> the<00:03:15.480> third<00:03:15.720> thing<00:03:15.920> and

disconnect here but the third thing and

disconnect here but the third thing and I<00:03:16.120> think<00:03:16.239> the<00:03:16.400> most<00:03:16.599> important<00:03:16.920> disconnect<00:03:17.440> is

I think the most important disconnect is

I think the most important disconnect is if<00:03:18.640> the<00:03:18.799> fundamental<00:03:19.640> problem<00:03:20.640> in<00:03:20.760> the

if the fundamental problem in the

if the fundamental problem in the British<00:03:21.200> economy<00:03:21.560> or<00:03:21.680> even<00:03:21.920> the<00:03:22.040> global

British economy or even the global

British economy or even the global economy<00:03:22.720> is<00:03:22.840> a<00:03:22.959> lack<00:03:23.080> of

economy is a lack of

economy is a lack of productivity

productivity

productivity why<00:03:26.920> is<00:03:27.200> wealth<00:03:27.560> of<00:03:27.760> the<00:03:27.959> richest<00:03:28.519> people<00:03:28.720> in

why is wealth of the richest people in

why is wealth of the richest people in the<00:03:29.000> country<00:03:29.840> the<00:03:29.920> richest<00:03:30.239> people<00:03:30.400> in<00:03:30.480> the

the country the richest people in the

the country the richest people in the world<00:03:30.720> Millionaires<00:03:31.159> and<00:03:31.319> billionaires<00:03:32.319> why

world Millionaires and billionaires why

world Millionaires and billionaires why are<00:03:32.760> these<00:03:33.080> people's<00:03:33.519> wealth<00:03:34.159> exploding

are these people's wealth exploding

are these people's wealth exploding through<00:03:35.319> the<00:03:35.439> ceiling<00:03:36.280> so<00:03:36.439> I'm<00:03:36.599> sitting<00:03:36.879> here

through the ceiling so I'm sitting here

through the ceiling so I'm sitting here now<00:03:37.120> we're<00:03:37.239> filming<00:03:37.519> this<00:03:37.640> at<00:03:37.680> the<00:03:37.799> beginning

now we're filming this at the beginning

now we're filming this at the beginning of<00:03:38.159> April<00:03:38.799> in<00:03:38.959> the<00:03:39.080> last<00:03:39.319> couple<00:03:39.519> of<00:03:39.640> weeks<00:03:39.920> we

of April in the last couple of weeks we

of April in the last couple of weeks we have<00:03:40.159> seen<00:03:40.959> almost<00:03:41.680> every<00:03:42.080> single<00:03:42.519> stock

have seen almost every single stock

have seen almost every single stock market<00:03:43.640> in<00:03:43.799> the<00:03:44.000> entire<00:03:44.560> world<00:03:45.439> hit<00:03:45.599> a<00:03:45.959> new

market in the entire world hit a new

market in the entire world hit a new record<00:03:47.720> alltime

record alltime

record alltime high<00:03:49.879> does<00:03:50.239> that<00:03:50.480> sound<00:03:50.799> like<00:03:50.920> a<00:03:51.080> world<00:03:51.400> which

high does that sound like a world which

high does that sound like a world which has<00:03:51.920> a<00:03:52.079> problem<00:03:52.400> of<00:03:52.799> fundamental

has a problem of fundamental

has a problem of fundamental productivity<00:03:54.040> growth<00:03:55.040> so<00:03:55.200> we

productivity growth so we

productivity growth so we saw<00:03:57.200> another<00:03:57.480> piece<00:03:57.640> of<00:03:57.760> news<00:03:57.959> that<00:03:58.079> came<00:03:58.239> out

saw another piece of news that came out

saw another piece of news that came out yesterday<00:03:59.480> was<00:03:59.879> that<00:04:00.040> the<00:04:00.120> world<00:04:00.519> gained<00:04:01.519> 141

yesterday was that the world gained 141

yesterday was that the world gained 141 new<00:04:02.519> billionaires<00:04:03.519> last<00:04:03.760> year<00:04:03.920> in<00:04:04.079> an<00:04:04.280> amazing

new billionaires last year in an amazing

new billionaires last year in an amazing year<00:04:04.879> for<00:04:05.120> rich

year for rich

year for rich people<00:04:06.920> I<00:04:07.079> always<00:04:07.760> remember<00:04:08.760> in<00:04:08.879> the<00:04:09.000> middle

people I always remember in the middle

people I always remember in the middle of<00:04:09.519> the<00:04:09.760> the<00:04:10.040> depth<00:04:10.319> of<00:04:10.439> the<00:04:10.519> cost<00:04:10.720> of<00:04:10.799> living

of the the depth of the cost of living

of the the depth of the cost of living crisis<00:04:11.360> the<00:04:11.480> financial<00:04:11.879> times<00:04:12.079> had<00:04:12.280> an

crisis the financial times had an

crisis the financial times had an article<00:04:13.439> and<00:04:13.599> the<00:04:13.799> headline<00:04:14.280> was<00:04:15.159> will<00:04:15.560> the

article and the headline was will the

article and the headline was will the Boom<00:04:16.320> in<00:04:16.560> luxury<00:04:17.280> goods<00:04:17.759> ever<00:04:18.120> stop<00:04:19.120> that<00:04:19.239> was

Boom in luxury goods ever stop that was

Boom in luxury goods ever stop that was the<00:04:20.040> that<00:04:20.160> was<00:04:20.320> the<00:04:20.479> article<00:04:20.919> you<00:04:21.000> know<00:04:21.120> we<00:04:21.239> saw

the that was the article you know we saw

the that was the article you know we saw in<00:04:21.479> the<00:04:21.600> first<00:04:21.799> year<00:04:21.919> of<00:04:22.079> covid<00:04:22.400> the<00:04:22.520> largest

in the first year of covid the largest

in the first year of covid the largest and<00:04:23.479> fastest<00:04:24.479> ever<00:04:24.800> increasing

and fastest ever increasing

and fastest ever increasing wealth<00:04:26.960> of<00:04:27.400> the<00:04:27.560> richest<00:04:27.840> people<00:04:28.040> in<00:04:28.120> the

wealth of the richest people in the

wealth of the richest people in the country<00:04:28.479> we<00:04:28.560> saw<00:04:28.759> the<00:04:28.880> average<00:04:29.160> US<00:04:29.400> billion

country we saw the average US billion

country we saw the average US billion iire<00:04:30.000> double<00:04:30.280> their<00:04:30.479> wealth<00:04:30.960> in<00:04:31.039> a<00:04:31.240> single

iire double their wealth in a single

iire double their wealth in a single year<00:04:32.759> the<00:04:32.880> average<00:04:33.160> UK<00:04:33.479> billionaire<00:04:33.919> made<00:04:34.320> 630

year the average UK billionaire made 630

year the average UK billionaire made 630 million<00:04:35.720> in<00:04:35.800> a<00:04:35.919> single

million in a single

million in a single year<00:04:38.240> does<00:04:38.680> this<00:04:39.000> sound<00:04:39.400> to<00:04:39.639> you<00:04:40.199> like<00:04:40.360> a

year does this sound to you like a

year does this sound to you like a country<00:04:40.960> and<00:04:41.120> a<00:04:41.240> world<00:04:41.560> where<00:04:41.680> the

country and a world where the

country and a world where the fundamental<00:04:42.560> problem<00:04:42.919> is<00:04:43.120> is<00:04:43.320> productivity

fundamental problem is is productivity

fundamental problem is is productivity growth<00:04:45.960> and<00:04:46.360> I'll<00:04:46.520> say<00:04:46.919> I'll<00:04:47.080> keep<00:04:47.240> saying<00:04:47.520> I'm

growth and I'll say I'll keep saying I'm

growth and I'll say I'll keep saying I'm not<00:04:47.840> against<00:04:48.360> productivity<00:04:49.000> grow

not against productivity grow

not against productivity grow productivity<00:04:50.000> is<00:04:50.199> great<00:04:51.080> if<00:04:51.199> you<00:04:51.320> live<00:04:51.479> in<00:04:51.639> a<00:04:51.960> a

productivity is great if you live in a a

productivity is great if you live in a a country<00:04:52.440> and<00:04:52.600> a<00:04:52.759> world<00:04:53.039> where<00:04:53.199> living

country and a world where living

country and a world where living standards<00:04:53.919> of<00:04:54.080> ordinary<00:04:54.520> people<00:04:54.680> are

standards of ordinary people are

standards of ordinary people are collapsing<00:04:55.880> and<00:04:56.039> living<00:04:56.320> standards<00:04:56.800> of<00:04:56.919> the

collapsing and living standards of the

collapsing and living standards of the richest<00:04:57.400> are<00:04:57.720> exploding<00:04:58.680> through<00:04:58.919> the<00:04:59.039> room

richest are exploding through the room

richest are exploding through the room stock<00:04:59.880> markets<00:05:00.120> are<00:05:00.360> exploding<00:05:00.840> to<00:05:01.000> new

stock markets are exploding to new

stock markets are exploding to new alltime<00:05:01.639> highs<00:05:02.080> the<00:05:02.240> gold<00:05:02.479> price<00:05:02.759> hit<00:05:02.880> a

alltime highs the gold price hit a

alltime highs the gold price hit a massive<00:05:03.320> new<00:05:03.479> alltime<00:05:03.840> high

massive new alltime high

massive new alltime high yesterday<00:05:06.919> do<00:05:07.080> you<00:05:07.280> really<00:05:07.520> think<00:05:07.800> the

yesterday do you really think the

yesterday do you really think the problem<00:05:08.160> is<00:05:08.360> productivity<00:05:08.880> growth<00:05:09.320> do<00:05:09.400> you

problem is productivity growth do you

problem is productivity growth do you not<00:05:09.680> think<00:05:09.800> there<00:05:09.960> might<00:05:10.120> be<00:05:10.240> a<00:05:10.320> deeper

not think there might be a deeper

not think there might be a deeper problem<00:05:10.840> with<00:05:10.960> inequality<00:05:11.639> so<00:05:12.360> I<00:05:12.440> think<00:05:12.560> we

problem with inequality so I think we

problem with inequality so I think we need<00:05:12.759> to<00:05:12.880> look<00:05:13.039> a<00:05:13.160> little<00:05:13.320> bit<00:05:13.479> closer<00:05:13.800> at<00:05:13.919> who

need to look a little bit closer at who

need to look a little bit closer at who this<00:05:14.199> guy<00:05:14.360> Mark<00:05:14.600> car<00:05:14.960> is<00:05:15.160> right<00:05:15.240> so<00:05:15.400> Mark<00:05:15.680> car

this guy Mark car is right so Mark car

this guy Mark car is right so Mark car as<00:05:16.080> I've<00:05:16.479> said<00:05:17.479> was<00:05:17.720> former<00:05:18.280> head<00:05:18.600> of<00:05:19.360> the<00:05:19.520> bank

as I've said was former head of the bank

as I've said was former head of the bank of<00:05:19.960> England<00:05:20.960> he's<00:05:21.120> actually<00:05:21.319> a<00:05:21.479> Canadian<00:05:21.880> he's

of England he's actually a Canadian he's

of England he's actually a Canadian he's not<00:05:22.199> British<00:05:22.479> before<00:05:22.680> that<00:05:22.840> he<00:05:22.919> was<00:05:23.039> head<00:05:23.160> of

not British before that he was head of

not British before that he was head of the<00:05:23.319> Bank<00:05:23.479> of<00:05:23.600> Canada<00:05:24.440> and<00:05:24.600> before<00:05:24.919> that<00:05:25.120> he

the Bank of Canada and before that he

the Bank of Canada and before that he was<00:05:25.800> a<00:05:26.240> very<00:05:26.440> well-paid<00:05:26.720> Banker<00:05:27.039> of<00:05:27.120> a<00:05:27.240> golden

was a very well-paid Banker of a golden

was a very well-paid Banker of a golden sack<00:05:27.880> so<00:05:28.240> what<00:05:28.360> you<00:05:28.479> have<00:05:28.680> here<00:05:28.800> is<00:05:28.960> a<00:05:29.080> very

sack so what you have here is a very

sack so what you have here is a very wealthy<00:05:29.479> man

wealthy man

wealthy man who<00:05:31.240> has<00:05:31.400> been<00:05:31.639> very<00:05:31.800> well<00:05:32.000> paid<00:05:32.240> throughout

who has been very well paid throughout

who has been very well paid throughout his<00:05:32.600> career<00:05:33.000> I'm<00:05:33.120> sure<00:05:33.479> him<00:05:33.639> and<00:05:33.800> his<00:05:33.919> family

his career I'm sure him and his family

his career I'm sure him and his family are<00:05:34.240> all<00:05:34.440> very<00:05:34.639> rich<00:05:35.319> they<00:05:35.440> are<00:05:35.639> part<00:05:35.840> of<00:05:36.000> a

are all very rich they are part of a

are all very rich they are part of a class<00:05:36.479> of<00:05:36.680> very<00:05:36.840> wealthy<00:05:37.160> people<00:05:37.400> who<00:05:37.520> are

class of very wealthy people who are

class of very wealthy people who are getting<00:05:37.880> rich<00:05:38.160> up<00:05:38.560> very<00:05:38.840> rapidly<00:05:39.280> whose

getting rich up very rapidly whose

getting rich up very rapidly whose living<00:05:39.759> standards<00:05:40.120> are<00:05:40.240> increasing<00:05:41.199> very

living standards are increasing very

living standards are increasing very rapidly<00:05:42.960> turning<00:05:43.400> around<00:05:43.639> to<00:05:43.840> you<00:05:44.120> and<00:05:44.240> saying

rapidly turning around to you and saying

rapidly turning around to you and saying the<00:05:44.639> problem<00:05:44.840> is<00:05:45.120> productivity<00:05:46.120> you<00:05:46.400> guys<00:05:46.639> are

the problem is productivity you guys are

the problem is productivity you guys are just<00:05:47.759> not<00:05:48.520> productive<00:05:49.039> enough<00:05:49.400> and<00:05:49.560> I

just not productive enough and I

just not productive enough and I think<00:05:51.360> what<00:05:51.520> we<00:05:51.759> have<00:05:52.440> here<00:05:53.440> is<00:05:53.720> one<00:05:53.919> single

think what we have here is one single

think what we have here is one single example<00:05:54.600> of<00:05:54.720> a<00:05:54.840> much<00:05:55.039> broader<00:05:55.520> problem<00:05:56.280> which

example of a much broader problem which

example of a much broader problem which is<00:05:56.720> that<00:05:57.000> economists<00:05:57.759> and<00:05:57.960> politicians<00:05:58.759> who

is that economists and politicians who

is that economists and politicians who very<00:05:59.280> often<00:05:59.720> are<00:06:00.080> very

rich<00:06:03.400> live<00:06:03.759> in<00:06:04.080> an<00:06:04.319> economy<00:06:04.800> which<00:06:05.080> is<00:06:06.160> seeing

rich live in an economy which is seeing

rich live in an economy which is seeing lifesty<00:06:07.720> of<00:06:07.840> the<00:06:07.960> very<00:06:08.160> rich<00:06:08.479> get

lifesty of the very rich get

lifesty of the very rich get fantastically<00:06:10.080> better<00:06:10.400> seeing<00:06:10.680> the<00:06:10.800> wealth

fantastically better seeing the wealth

fantastically better seeing the wealth of<00:06:11.120> the<00:06:11.240> very<00:06:11.440> rich<00:06:11.680> explode<00:06:12.080> very<00:06:12.319> quickly

of the very rich explode very quickly

of the very rich explode very quickly while<00:06:13.599> your<00:06:13.800> living<00:06:14.039> standards

while your living standards

while your living standards collapse<00:06:16.120> turning<00:06:16.479> around<00:06:16.680> to<00:06:16.840> you<00:06:17.000> and

collapse turning around to you and

collapse turning around to you and saying<00:06:17.560> the<00:06:17.680> problem<00:06:17.880> is<00:06:18.000> your

saying the problem is your

saying the problem is your productivity<00:06:19.880> um<00:06:20.639> and<00:06:21.639> let's<00:06:21.919> unwrap<00:06:22.400> unwrap

productivity um and let's unwrap unwrap

productivity um and let's unwrap unwrap a<00:06:22.840> little<00:06:22.960> bit<00:06:23.080> what<00:06:23.199> productivity<00:06:23.720> is

a little bit what productivity is

a little bit what productivity is because<00:06:24.000> I<00:06:24.080> think<00:06:24.240> productivity<00:06:24.800> sounds<00:06:25.120> like

because I think productivity sounds like

because I think productivity sounds like a<00:06:25.319> very<00:06:25.479> moralistic<00:06:26.039> term<00:06:26.759> productivity<00:06:27.319> is

a very moralistic term productivity is

a very moralistic term productivity is basically<00:06:27.919> GDP<00:06:28.919> per<00:06:29.120> worker<00:06:29.720> or<00:06:30.000> sometimes

basically GDP per worker or sometimes

basically GDP per worker or sometimes it's<00:06:30.400> GDP<00:06:30.960> per<00:06:31.240> hour<00:06:32.360> worked<00:06:33.360> so<00:06:33.599> essentially

it's GDP per hour worked so essentially

it's GDP per hour worked so essentially unless<00:06:34.919> you<00:06:35.000> know<00:06:35.160> people<00:06:35.360> are<00:06:35.479> working

unless you know people are working

unless you know people are working rapidly<00:06:36.080> more<00:06:36.280> hours<00:06:36.680> which<00:06:36.919> in<00:06:37.039> the<00:06:37.120> UK<00:06:37.400> they

rapidly more hours which in the UK they

rapidly more hours which in the UK they are<00:06:38.520> essentially<00:06:39.280> it<00:06:39.400> comes<00:06:39.599> down<00:06:39.720> to<00:06:39.880> GDP

are essentially it comes down to GDP

are essentially it comes down to GDP growth<00:06:40.759> and<00:06:40.919> these<00:06:41.080> guys<00:06:41.240> are<00:06:41.440> basically

growth and these guys are basically

growth and these guys are basically saying<00:06:42.039> the<00:06:42.120> reason<00:06:42.360> you're<00:06:42.560> poor<00:06:43.560> is<00:06:43.720> because

saying the reason you're poor is because

saying the reason you're poor is because GDP<00:06:44.680> growth<00:06:45.680> is<00:06:46.000> is<00:06:46.160> not<00:06:46.360> high<00:06:46.960> enough<00:06:47.960> and<00:06:48.759> um

GDP growth is is not high enough and um

GDP growth is is not high enough and um first<00:06:50.160> to<00:06:50.280> say<00:06:50.599> GDP<00:06:50.960> is<00:06:51.080> not<00:06:51.280> is<00:06:51.360> not<00:06:51.520> falling

first to say GDP is not is not falling

first to say GDP is not is not falling GDP<00:06:52.560> of<00:06:52.680> the<00:06:52.759> UK<00:06:53.080> now<00:06:53.240> is<00:06:53.400> higher<00:06:53.720> than<00:06:53.840> it<00:06:53.960> was

GDP of the UK now is higher than it was

GDP of the UK now is higher than it was before<00:06:54.639> covid<00:06:54.960> GDP<00:06:55.440> of<00:06:55.639> of<00:06:55.840> almost<00:06:56.160> every

before covid GDP of of almost every

before covid GDP of of almost every Western<00:06:56.759> country<00:06:57.000> is<00:06:57.120> higher<00:06:57.360> now<00:06:57.479> than<00:06:57.599> it

Western country is higher now than it

Western country is higher now than it was<00:06:57.840> before<00:06:58.120> covid<00:06:59.120> GDP<00:06:59.639> is<00:06:59.720> enormously

was before covid GDP is enormously

was before covid GDP is enormously higher<00:07:00.360> than<00:07:00.479> it<00:07:00.560> was<00:07:00.720> 30<00:07:01.000> 40<00:07:01.319> 5050<00:07:01.639> years<00:07:01.840> ago

higher than it was 30 40 5050 years ago

higher than it was 30 40 5050 years ago when<00:07:02.440> people<00:07:02.639> like<00:07:02.879> my<00:07:03.120> dad<00:07:03.639> possibly<00:07:04.039> your

when people like my dad possibly your

when people like my dad possibly your dad<00:07:04.639> were<00:07:04.840> able<00:07:05.120> to<00:07:05.319> work<00:07:05.599> regular<00:07:06.000> jobs<00:07:06.319> and

dad were able to work regular jobs and

dad were able to work regular jobs and buy<00:07:07.080> houses<00:07:08.080> um<00:07:08.400> GDP<00:07:08.879> goes<00:07:09.120> up<00:07:09.280> and<00:07:09.400> up<00:07:09.560> and<00:07:09.680> up

buy houses um GDP goes up and up and up

buy houses um GDP goes up and up and up and<00:07:09.919> up<00:07:10.039> and<00:07:10.479> up<00:07:11.479> the<00:07:11.639> wealth<00:07:11.800> of<00:07:11.919> the<00:07:12.000> richest

and up and up the wealth of the richest

and up and up the wealth of the richest goes<00:07:12.479> up<00:07:12.599> and<00:07:12.720> up<00:07:12.840> and<00:07:13.000> up<00:07:13.240> living<00:07:13.479> stands<00:07:13.840> for

goes up and up and up living stands for

goes up and up and up living stands for the<00:07:14.080> rich<00:07:14.280> go<00:07:14.440> up<00:07:14.560> and<00:07:14.680> up<00:07:14.800> and<00:07:15.240> up<00:07:16.240> Ordinary

the rich go up and up and up Ordinary

the rich go up and up and up Ordinary People<00:07:17.120> are<00:07:17.400> are<00:07:17.560> really<00:07:17.840> getting<00:07:18.080> poor<00:07:18.479> very

People are are really getting poor very

People are are really getting poor very rapidly<00:07:20.599> and<00:07:20.800> wealthy<00:07:21.199> men<00:07:21.960> like<00:07:22.120> Mark<00:07:22.800> Carney

rapidly and wealthy men like Mark Carney

rapidly and wealthy men like Mark Carney turn<00:07:24.080> around<00:07:24.280> and<00:07:24.400> say<00:07:24.599> it's<00:07:24.800> because<00:07:25.080> your

turn around and say it's because your

turn around and say it's because your your<00:07:25.680> productivity<00:07:26.240> is<00:07:26.360> not<00:07:26.520> good<00:07:26.720> enough<00:07:26.960> and

your productivity is not good enough and

your productivity is not good enough and we<00:07:27.360> had<00:07:27.520> an<00:07:28.400> we<00:07:28.520> had<00:07:28.639> a<00:07:28.759> very<00:07:28.919> similar<00:07:29.199> example

we had an we had a very similar example

we had an we had a very similar example where<00:07:29.759> Andrew<00:07:30.000> Bailey<00:07:30.400> who<00:07:30.560> is<00:07:30.759> the<00:07:30.919> current

where Andrew Bailey who is the current

where Andrew Bailey who is the current governor<00:07:31.560> of<00:07:31.639> the<00:07:31.720> bank<00:07:31.879> of<00:07:32.360> England<00:07:33.360> said

governor of the bank of England said

governor of the bank of England said that<00:07:33.759> inflation<00:07:34.280> is<00:07:34.560> is<00:07:34.759> your<00:07:35.000> fault<00:07:35.400> for

that inflation is is your fault for

that inflation is is your fault for asking<00:07:35.879> for<00:07:36.080> high<00:07:36.280> wages<00:07:36.960> and<00:07:37.039> Andrew<00:07:37.360> Bailey

asking for high wages and Andrew Bailey

asking for high wages and Andrew Bailey has<00:07:37.720> paid<00:07:37.919> half<00:07:38.039> a<00:07:38.120> million<00:07:38.400> pounds<00:07:38.639> a<00:07:38.919> year<00:07:40.400> um

has paid half a million pounds a year um

has paid half a million pounds a year um we<00:07:41.800> have<00:07:42.000> an<00:07:42.360> increasing<00:07:42.840> problem<00:07:43.120> of

we have an increasing problem of

we have an increasing problem of economists<00:07:44.280> trying<00:07:44.599> to<00:07:44.759> tell

economists trying to tell

economists trying to tell you<00:07:46.840> that<00:07:47.000> it's<00:07:47.120> your<00:07:47.520> fault<00:07:48.520> and<00:07:48.639> in<00:07:48.759> many

you that it's your fault and in many

you that it's your fault and in many cases<00:07:49.240> even<00:07:49.400> saying<00:07:49.639> it's<00:07:49.759> not<00:07:49.919> happening

cases even saying it's not happening

cases even saying it's not happening there<00:07:50.360> was<00:07:50.440> a<00:07:50.560> conservative<00:07:51.080> politician<00:07:51.560> on

there was a conservative politician on

there was a conservative politician on TV<00:07:52.080> just<00:07:52.319> last<00:07:52.520> week<00:07:53.479> saying<00:07:54.120> that<00:07:55.120> living<00:07:55.400> s

TV just last week saying that living s

TV just last week saying that living s is<00:07:55.879> better<00:07:56.120> than<00:07:56.319> than<00:07:56.479> they've<00:07:56.680> ever

is better than than they've ever

is better than than they've ever been<00:07:58.479> it's<00:07:58.759> very<00:07:59.039> very<00:07:59.560> important<00:08:00.120> that<00:08:00.280> that

been it's very very important that that

been it's very very important that that people<00:08:00.639> like<00:08:00.840> you<00:08:01.240> understand<00:08:01.479> inequality<00:08:02.000> is

people like you understand inequality is

people like you understand inequality is growing<00:08:03.759> and<00:08:04.479> inequality<00:08:04.960> is<00:08:05.039> growing<00:08:05.280> very

growing and inequality is growing very

growing and inequality is growing very quickly<00:08:06.319> and<00:08:06.440> when<00:08:06.599> inequality<00:08:07.039> grows

quickly and when inequality grows

quickly and when inequality grows quickly<00:08:07.680> living<00:08:07.840> standards<00:08:08.159> for<00:08:08.280> the<00:08:08.360> rich

quickly living standards for the rich

quickly living standards for the rich increase<00:08:08.879> and<00:08:09.039> living<00:08:09.240> standards<00:08:09.639> for<00:08:09.800> for

increase and living standards for for

increase and living standards for for the<00:08:10.000> poor<00:08:10.639> fall<00:08:11.639> economists<00:08:12.240> have<00:08:12.479> a

the poor fall economists have a

the poor fall economists have a fundamental<00:08:13.199> blind<00:08:13.479> spot<00:08:13.720> about<00:08:14.000> inequality

fundamental blind spot about inequality

fundamental blind spot about inequality what<00:08:15.199> they<00:08:15.360> are<00:08:16.280> obsessed<00:08:16.800> about<00:08:17.800> is<00:08:18.000> growth

what they are obsessed about is growth

what they are obsessed about is growth and<00:08:18.960> they<00:08:19.080> will<00:08:19.240> always<00:08:19.479> be<00:08:19.639> obsessed<00:08:19.960> about

and they will always be obsessed about

and they will always be obsessed about growth<00:08:20.400> and<00:08:20.479> they<00:08:20.560> will<00:08:20.720> always<00:08:20.879> tell<00:08:21.080> you

growth and they will always tell you

growth and they will always tell you that<00:08:21.319> growth<00:08:21.560> is<00:08:21.680> the<00:08:21.840> problem<00:08:22.599> and<00:08:22.759> lack<00:08:22.919> of

that growth is the problem and lack of

that growth is the problem and lack of productivity<00:08:23.599> is<00:08:23.720> the<00:08:24.080> problem<00:08:25.080> in<00:08:25.240> my

productivity is the problem in my

productivity is the problem in my opinion<00:08:25.919> and<00:08:26.240> I've<00:08:26.400> got<00:08:26.560> lots<00:08:26.720> of<00:08:26.840> videos

opinion and I've got lots of videos

opinion and I've got lots of videos where<00:08:27.560> hope<00:08:27.720> I'll<00:08:27.919> convince<00:08:28.280> you<00:08:28.560> we<00:08:28.720> have<00:08:28.840> a

where hope I'll convince you we have a

where hope I'll convince you we have a fundamental<00:08:29.520> problem<00:08:29.720> of<00:08:29.800> growing

fundamental problem of growing

fundamental problem of growing inequality<00:08:31.360> and<00:08:31.560> what<00:08:31.759> I<00:08:31.960> see<00:08:32.519> is<00:08:33.320> a<00:08:33.519> sick

inequality and what I see is a sick

inequality and what I see is a sick economy<00:08:34.519> which<00:08:34.880> has<00:08:35.000> a<00:08:35.159> growing<00:08:35.519> cancer<00:08:36.000> of

economy which has a growing cancer of

economy which has a growing cancer of inequality<00:08:37.560> going<00:08:37.760> to<00:08:37.919> the<00:08:38.120> doctor<00:08:38.560> and<00:08:38.680> the

inequality going to the doctor and the

inequality going to the doctor and the doctor<00:08:39.039> is<00:08:39.120> saying<00:08:39.399> listen<00:08:39.640> don't<00:08:39.800> worry

doctor is saying listen don't worry

doctor is saying listen don't worry about<00:08:40.200> your<00:08:40.640> cancer<00:08:41.640> grow<00:08:41.919> your<00:08:42.039> way<00:08:42.200> out<00:08:42.320> of

about your cancer grow your way out of

about your cancer grow your way out of it<00:08:43.719> listen<00:08:44.120> we<00:08:44.320> grow<00:08:44.640> year<00:08:44.920> after<00:08:45.399> year<00:08:46.399> and

it listen we grow year after year and

it listen we grow year after year and living<00:08:46.839> standards<00:08:47.320> fa<00:08:48.320> and<00:08:48.640> it's<00:08:48.760> not<00:08:48.920> going

living standards fa and it's not going

living standards fa and it's not going to<00:08:49.200> work<00:08:49.480> and<00:08:50.399> growth<00:08:50.720> is<00:08:50.920> great<00:08:51.200> but<00:08:51.320> I<00:08:51.399> think

to work and growth is great but I think

to work and growth is great but I think it<00:08:51.920> it<00:08:52.000> has<00:08:52.160> become<00:08:52.519> basically<00:08:53.519> a<00:08:53.680> mantra

it it has become basically a mantra

it it has become basically a mantra basically<00:08:54.959> a<00:08:55.160> prayer<00:08:55.680> of<00:08:55.800> our<00:08:55.959> intellectual

basically a prayer of our intellectual

basically a prayer of our intellectual classes<00:08:57.040> which<00:08:57.160> is<00:08:57.399> don't<00:08:57.600> worry<00:08:57.920> about

classes which is don't worry about

classes which is don't worry about anything<00:08:58.680> else<00:08:59.600> just<00:08:59.880> grow<00:09:00.519> just<00:09:00.760> grow<00:09:01.360> and<00:09:01.480> I

anything else just grow just grow and I

anything else just grow just grow and I think<00:09:01.720> it<00:09:01.880> it's<00:09:02.040> basically<00:09:02.360> reached<00:09:02.600> the

think it it's basically reached the

think it it's basically reached the point<00:09:02.920> where<00:09:03.079> growth<00:09:03.399> has<00:09:03.560> become

point where growth has become

point where growth has become essentially<00:09:04.240> a<00:09:04.399> code<00:09:04.720> word<00:09:05.560> from<00:09:05.760> the<00:09:05.920> very

essentially a code word from the very

essentially a code word from the very rich<00:09:06.560> which

rich which

rich which is<00:09:08.240> I'm<00:09:08.399> an<00:09:08.560> idiot<00:09:09.279> I<00:09:09.360> don't<00:09:09.800> understand<00:09:09.920> this

is I'm an idiot I don't understand this

is I'm an idiot I don't understand this problem<00:09:10.680> I<00:09:10.800> have<00:09:10.920> no<00:09:11.120> real<00:09:11.360> solutions<00:09:12.120> but

problem I have no real solutions but

problem I have no real solutions but just<00:09:13.120> [ __ ]

just [ __ ]

just [ __ ] grow<00:09:15.680> with<00:09:15.839> with<00:09:16.000> no<00:09:16.200> plan<00:09:16.920> we're<00:09:17.079> in<00:09:17.240> this

grow with with no plan we're in this

grow with with no plan we're in this absolutely<00:09:18.360> absurd<00:09:18.760> situation<00:09:19.079> in<00:09:19.200> this

absolutely absurd situation in this

absolutely absurd situation in this country<00:09:20.320> where<00:09:21.320> we<00:09:21.440> have<00:09:21.560> a<00:09:21.680> conservative

country where we have a conservative

country where we have a conservative government<00:09:22.519> whose<00:09:22.760> plan<00:09:23.000> is<00:09:23.160> just<00:09:23.640> grow

government whose plan is just grow

government whose plan is just grow whilst<00:09:25.279> absolutely<00:09:26.000> starving<00:09:27.000> people<00:09:27.480> and

whilst absolutely starving people and

whilst absolutely starving people and government<00:09:28.000> of<00:09:28.160> the<00:09:28.240> funds<00:09:28.519> they<00:09:28.680> need<00:09:28.880> to

government of the funds they need to

government of the funds they need to provide<00:09:29.480> any<00:09:29.600> sort<00:09:29.760> of<00:09:29.880> growth<00:09:30.839> we<00:09:30.959> have<00:09:31.079> a

provide any sort of growth we have a

provide any sort of growth we have a labor<00:09:31.440> government<00:09:31.760> that<00:09:31.839> are<00:09:31.959> going<00:09:32.040> to<00:09:32.200> come

labor government that are going to come

labor government that are going to come in<00:09:32.680> and<00:09:32.839> their<00:09:33.040> plan<00:09:33.279> is<00:09:33.560> we're<00:09:33.760> going<00:09:33.839> to<00:09:34.120> grow

in and their plan is we're going to grow

in and their plan is we're going to grow the<00:09:34.519> economy<00:09:34.880> without<00:09:35.120> doing<00:09:35.360> any<00:09:35.600> investment

the economy without doing any investment

the economy without doing any investment and<00:09:36.399> without<00:09:36.680> put<00:09:36.959> any<00:09:37.079> money<00:09:37.399> in<00:09:37.560> your

and without put any money in your

and without put any money in your pockets<00:09:39.480> I<00:09:39.560> think<00:09:39.760> growth<00:09:40.160> has

pockets I think growth has

pockets I think growth has become<00:09:42.360> such<00:09:42.560> a<00:09:42.720> meaningless<00:09:43.440> word<00:09:43.839> that<00:09:43.959> it's

become such a meaningless word that it's

become such a meaningless word that it's just<00:09:44.640> something<00:09:45.640> economists<00:09:46.160> and

just something economists and

just something economists and politicians<00:09:46.920> scream<00:09:47.279> about<00:09:47.720> with<00:09:47.839> no<00:09:48.040> real

politicians scream about with no real

politicians scream about with no real plan<00:09:48.839> and

plan and

plan and um<00:09:51.320> I<00:09:51.440> would<00:09:51.640> like<00:09:51.959> you<00:09:52.959> to<00:09:53.160> turn<00:09:53.519> around<00:09:53.920> to

um I would like you to turn around to

um I would like you to turn around to these<00:09:54.600> economists<00:09:55.120> and<00:09:55.279> these<00:09:55.440> politicians

these economists and these politicians

these economists and these politicians and<00:09:56.079> ask<00:09:56.320> them<00:09:56.839> with<00:09:57.079> what<00:09:57.760> money<00:09:58.760> what<00:09:58.920> money

and ask them with what money what money

and ask them with what money what money do<00:09:59.440> want<00:09:59.560> us<00:09:59.680> to<00:09:59.800> grow<00:10:00.040> with<00:10:00.240> if<00:10:00.320> we<00:10:00.440> have<00:10:00.600> no

do want us to grow with if we have no

do want us to grow with if we have no money<00:10:00.959> to<00:10:01.079> go<00:10:01.279> out<00:10:02.160> to<00:10:02.320> our<00:10:02.480> shops<00:10:02.839> to<00:10:03.000> our<00:10:03.160> high

money to go out to our shops to our high

money to go out to our shops to our high streets<00:10:03.640> and<00:10:03.760> to

streets and to

streets and to spend<00:10:05.480> then<00:10:05.640> where<00:10:05.800> is<00:10:05.920> the<00:10:06.079> economic<00:10:06.440> growth

spend then where is the economic growth

spend then where is the economic growth going<00:10:07.200> to<00:10:07.360> come<00:10:07.600> from<00:10:08.399> um<00:10:09.399> and<00:10:09.560> if<00:10:09.720> the<00:10:09.880> problem

going to come from um and if the problem

going to come from um and if the problem is<00:10:11.120> a<00:10:11.279> lack<00:10:11.480> of<00:10:11.640> growth<00:10:12.600> then<00:10:12.800> why<00:10:12.920> do<00:10:13.079> the

is a lack of growth then why do the

is a lack of growth then why do the wealth<00:10:13.680> of<00:10:13.800> the<00:10:13.920> richest<00:10:14.240> people<00:10:14.440> in<00:10:14.560> our

wealth of the richest people in our

wealth of the richest people in our country<00:10:15.040> and<00:10:15.120> the<00:10:15.200> richest<00:10:15.480> people<00:10:15.680> of<00:10:15.800> the

country and the richest people of the

country and the richest people of the world<00:10:16.240> keep<00:10:16.480> growing<00:10:16.800> more<00:10:16.920> and<00:10:17.480> more<00:10:18.480> um

world keep growing more and more um

world keep growing more and more um so<00:10:20.880> I<00:10:20.959> would<00:10:21.120> like<00:10:21.240> to<00:10:21.360> leave<00:10:21.560> you<00:10:21.640> with<00:10:21.760> a

so I would like to leave you with a

so I would like to leave you with a message<00:10:22.399> that<00:10:23.079> growth<00:10:23.519> in<00:10:23.640> our<00:10:23.800> Modern<00:10:24.120> Age<00:10:24.760> as

message that growth in our Modern Age as

message that growth in our Modern Age as much<00:10:25.120> as<00:10:25.200> it<00:10:25.279> would<00:10:25.360> be<00:10:25.519> wonderful<00:10:26.480> has<00:10:26.680> become

much as it would be wonderful has become

much as it would be wonderful has become basically<00:10:27.680> a<00:10:27.839> signal<00:10:28.160> of<00:10:28.360> stupidity<00:10:29.640> people

basically a signal of stupidity people

basically a signal of stupidity people with<00:10:30.120> no<00:10:30.440> plans<00:10:31.120> people<00:10:31.320> with<00:10:31.480> no

with no plans people with no

with no plans people with no understanding

understanding

understanding of<00:10:34.160> the<00:10:34.320> problem<00:10:34.519> of<00:10:34.600> growing

of the problem of growing

of the problem of growing inequality<00:10:36.639> are<00:10:36.920> insisting<00:10:37.440> that<00:10:37.600> the

inequality are insisting that the

inequality are insisting that the problem<00:10:37.959> is<00:10:38.200> is<00:10:38.360> our<00:10:38.560> lack<00:10:38.720> of<00:10:38.880> economic

problem is is our lack of economic

problem is is our lack of economic growth<00:10:39.920> um<00:10:40.920> we<00:10:41.040> won't<00:10:41.240> go<00:10:41.480> anywhere<00:10:41.800> good<00:10:42.160> when

growth um we won't go anywhere good when

growth um we won't go anywhere good when all<00:10:42.440> the<00:10:42.519> money<00:10:42.720> goes<00:10:42.920> to<00:10:43.040> the<00:10:43.120> rich<00:10:43.320> and

all the money goes to the rich and

all the money goes to the rich and nothing<00:10:43.639> goes<00:10:43.800> to<00:10:43.959> anybody<00:10:44.279> else<00:10:44.760> um<00:10:45.639> people

nothing goes to anybody else um people

nothing goes to anybody else um people like<00:10:46.040> Mark<00:10:46.320> Carney<00:10:46.720> people<00:10:46.920> like<00:10:47.079> Andrew

like Mark Carney people like Andrew

like Mark Carney people like Andrew Bailey<00:10:47.800> people<00:10:48.040> like<00:10:48.240> our<00:10:48.560> our<00:10:48.720> very<00:10:48.920> wealthy

Bailey people like our our very wealthy

Bailey people like our our very wealthy politicians<00:10:50.360> they're<00:10:50.519> not<00:10:50.639> going<00:10:50.720> to<00:10:50.839> do

politicians they're not going to do

politicians they're not going to do anything<00:10:51.200> about<00:10:51.399> it<00:10:51.800> it<00:10:51.959> has<00:10:52.079> to<00:10:52.240> be<00:10:52.680> you<00:10:52.959> it

anything about it it has to be you it

anything about it it has to be you it has<00:10:53.279> to<00:10:53.399> be<00:10:53.639> me<00:10:54.639> we<00:10:54.839> have<00:10:54.920> to<00:10:55.040> scream<00:10:55.320> at<00:10:55.440> these

has to be me we have to scream at these

has to be me we have to scream at these politicians<00:10:56.040> and<00:10:56.160> say<00:10:56.399> the<00:10:56.560> problem<00:10:57.079> is<00:10:57.320> not

politicians and say the problem is not

politicians and say the problem is not economic<00:10:58.560> growth<00:10:59.000> the<00:10:59.399> problem<00:10:59.680> is<00:10:59.880> growth<00:11:00.200> of

economic growth the problem is growth of

economic growth the problem is growth of inequality<00:11:00.880> of<00:11:01.040> wealth<00:11:01.560> if<00:11:01.680> you<00:11:01.800> don't<00:11:02.000> fix<00:11:02.279> it

inequality of wealth if you don't fix it

inequality of wealth if you don't fix it our<00:11:03.000> living<00:11:03.240> stands<00:11:03.519> will<00:11:03.680> collapse<00:11:04.279> so<00:11:04.560> I'll

our living stands will collapse so I'll

our living stands will collapse so I'll keep<00:11:04.880> making<00:11:05.120> videos<00:11:05.440> about<00:11:05.800> it<00:11:06.800> if<00:11:06.880> you<00:11:07.000> keep

keep making videos about it if you keep

keep making videos about it if you keep talking<00:11:07.519> about<00:11:07.720> it<00:11:08.519> it's<00:11:08.680> not<00:11:08.880> growth<00:11:09.360> it's

talking about it it's not growth it's

talking about it it's not growth it's not<00:11:09.600> Mark<00:11:09.839> Carney<00:11:10.279> it's<00:11:10.440> inequality<00:11:11.000> stupid

not Mark Carney it's inequality stupid

not Mark Carney it's inequality stupid we<00:11:11.600> have<00:11:11.680> to<00:11:11.839> fix<00:11:12.040> it<00:11:12.360> thank<00:11:12.560> you