i'm<00:00:01.040> gary<00:00:01.360> stevenson<00:00:02.000> former<00:00:02.320> trader<00:00:02.639> and

i'm gary stevenson former trader and

i'm gary stevenson former trader and people's<00:00:03.040> economist<00:00:03.679> this<00:00:03.919> is<00:00:04.000> gary's

people's economist this is gary's

people's economist this is gary's economics<00:00:05.279> today<00:00:05.520> we're<00:00:05.680> going<00:00:05.839> to<00:00:05.920> explain

economics today we're going to explain

economics today we're going to explain why<00:00:07.040> the<00:00:07.200> rich<00:00:07.600> get<00:00:07.839> richer

okay<00:00:14.240> so<00:00:14.400> there's<00:00:14.559> a<00:00:14.639> common<00:00:14.880> misconception

okay so there's a common misconception

okay so there's a common misconception that<00:00:15.839> a<00:00:15.920> lot<00:00:16.080> of<00:00:16.160> people<00:00:16.480> have<00:00:17.039> about<00:00:17.359> why<00:00:18.080> rich

that a lot of people have about why rich

that a lot of people have about why rich people<00:00:18.640> and<00:00:18.720> rich<00:00:18.960> families<00:00:19.439> tend<00:00:19.600> to<00:00:19.680> get

people and rich families tend to get

people and rich families tend to get richer<00:00:20.000> and<00:00:20.080> richer<00:00:20.400> over<00:00:20.560> time

richer and richer over time

richer and richer over time people<00:00:21.920> tend<00:00:22.080> to<00:00:22.240> believe

people tend to believe

people tend to believe that<00:00:23.920> getting<00:00:24.160> rich<00:00:24.400> is<00:00:24.480> about

that getting rich is about

that getting rich is about getting<00:00:25.599> very<00:00:25.840> good<00:00:26.000> jobs<00:00:26.560> very<00:00:26.720> high<00:00:26.960> paying

getting very good jobs very high paying

getting very good jobs very high paying jobs

jobs

jobs and<00:00:28.640> it<00:00:28.880> is<00:00:29.119> true<00:00:29.679> that<00:00:30.000> most<00:00:30.480> very

and it is true that most very

and it is true that most very well-paying<00:00:31.279> jobs<00:00:31.760> are<00:00:32.000> dominated<00:00:32.640> by<00:00:32.880> richer

well-paying jobs are dominated by richer

well-paying jobs are dominated by richer people<00:00:33.520> and<00:00:33.600> people<00:00:33.760> from<00:00:33.920> rich<00:00:34.160> families<00:00:35.120> but

people and people from rich families but

people and people from rich families but actually<00:00:35.520> there's<00:00:35.760> a<00:00:35.840> much<00:00:36.079> simpler<00:00:36.559> reason

actually there's a much simpler reason

actually there's a much simpler reason and<00:00:38.079> more<00:00:38.239> important<00:00:38.640> structurally<00:00:39.440> that

and more important structurally that

and more important structurally that explains<00:00:39.920> why<00:00:40.160> rich<00:00:40.320> people<00:00:40.559> tend<00:00:40.719> to<00:00:40.800> get

explains why rich people tend to get

explains why rich people tend to get rich<00:00:41.120> and<00:00:41.200> rich<00:00:41.440> over<00:00:41.600> time

rich and rich over time

rich and rich over time and<00:00:42.559> that<00:00:42.719> is<00:00:42.879> quite<00:00:43.200> simply<00:00:43.600> because

and that is quite simply because

and that is quite simply because rich<00:00:44.640> people<00:00:44.960> own

rich people own

rich people own all<00:00:46.000> of<00:00:46.160> the<00:00:46.239> wealth<00:00:46.800> all<00:00:46.960> of<00:00:47.039> the<00:00:47.200> assets<00:00:48.079> in

all of the wealth all of the assets in

all of the wealth all of the assets in our<00:00:48.399> country

our country

our country and<00:00:49.520> that<00:00:49.840> forces<00:00:50.719> poor<00:00:50.960> and<00:00:51.120> ordinary<00:00:51.520> people

and that forces poor and ordinary people

and that forces poor and ordinary people to<00:00:52.160> give<00:00:52.480> all<00:00:52.800> or<00:00:53.039> almost<00:00:53.360> all<00:00:53.440> of<00:00:53.520> their<00:00:53.680> money

to give all or almost all of their money

to give all or almost all of their money to<00:00:54.399> rich<00:00:54.640> people<00:00:54.960> every<00:00:55.199> year<00:00:55.840> we're<00:00:56.000> gonna

to rich people every year we're gonna

to rich people every year we're gonna explain<00:00:56.399> this<00:00:56.559> video<00:00:56.800> how<00:00:56.960> it<00:00:57.039> works<00:00:58.079> okay<00:00:58.320> so

explain this video how it works okay so

explain this video how it works okay so in<00:00:58.640> this<00:00:58.800> video<00:00:59.280> we're<00:00:59.440> gonna<00:00:59.600> talk<00:00:59.760> a<00:00:59.840> lot

in this video we're gonna talk a lot

in this video we're gonna talk a lot about<00:01:00.559> wealth<00:01:01.440> and<00:01:01.600> it's<00:01:01.760> important<00:01:02.000> that<00:01:02.160> you

about wealth and it's important that you

about wealth and it's important that you understand<00:01:02.879> what<00:01:03.120> wealth<00:01:03.520> is<00:01:04.000> when<00:01:04.239> we<00:01:04.320> talk

understand what wealth is when we talk

understand what wealth is when we talk about<00:01:04.640> wealth<00:01:04.879> we're<00:01:05.040> not<00:01:05.199> talking<00:01:05.600> simply

about wealth we're not talking simply

about wealth we're not talking simply about<00:01:06.159> money<00:01:06.400> we're<00:01:06.560> talking<00:01:06.880> about<00:01:07.119> physical

about money we're talking about physical

about money we're talking about physical assets<00:01:08.000> such<00:01:08.240> as

assets such as

assets such as property<00:01:09.920> the<00:01:10.080> house<00:01:10.320> or<00:01:10.400> the<00:01:10.479> flat<00:01:10.640> that<00:01:10.799> you

property the house or the flat that you

property the house or the flat that you live<00:01:11.040> in<00:01:11.920> the<00:01:12.080> office<00:01:12.320> that<00:01:12.479> you<00:01:12.640> work<00:01:12.880> in<00:01:13.360> the

live in the office that you work in the

live in the office that you work in the shops<00:01:14.080> and<00:01:14.159> the<00:01:14.240> shopping<00:01:14.560> centers<00:01:15.040> and<00:01:15.119> the

shops and the shopping centers and the

shops and the shopping centers and the supermarkets<00:01:16.080> in<00:01:16.159> the<00:01:16.240> city<00:01:16.479> that<00:01:16.640> you<00:01:16.720> live

supermarkets in the city that you live

supermarkets in the city that you live in<00:01:17.439> and<00:01:17.600> also<00:01:17.840> natural<00:01:18.159> resources<00:01:18.640> like<00:01:18.880> land

in and also natural resources like land

in and also natural resources like land and<00:01:20.159> oil<00:01:20.479> and<00:01:20.640> gas<00:01:20.960> and<00:01:21.119> coal

and oil and gas and coal

and oil and gas and coal if<00:01:22.479> you're<00:01:22.640> not<00:01:22.799> familiar<00:01:23.280> with

if you're not familiar with

if you're not familiar with understanding<00:01:24.400> wealth<00:01:24.720> as<00:01:24.880> these<00:01:25.119> physical

understanding wealth as these physical

understanding wealth as these physical resources<00:01:26.320> i<00:01:26.479> recommend<00:01:26.799> you<00:01:26.960> go<00:01:27.119> and<00:01:27.200> watch

resources i recommend you go and watch

resources i recommend you go and watch our<00:01:27.840> video<00:01:28.080> what<00:01:28.240> is<00:01:28.400> wealth<00:01:28.640> which<00:01:28.799> explains

our video what is wealth which explains

our video what is wealth which explains really<00:01:29.520> clearly<00:01:30.079> what<00:01:30.400> wealth<00:01:30.720> is

really clearly what wealth is

really clearly what wealth is so<00:01:32.000> you<00:01:32.159> understand<00:01:32.479> what<00:01:32.640> wealth<00:01:32.960> is<00:01:33.280> and<00:01:33.360> you

so you understand what wealth is and you

so you understand what wealth is and you know<00:01:33.600> that<00:01:33.840> the<00:01:33.920> country<00:01:34.240> is<00:01:34.560> full<00:01:34.880> of<00:01:35.360> wealth

know that the country is full of wealth

know that the country is full of wealth and<00:01:35.920> that<00:01:36.079> is<00:01:36.240> largely

and that is largely

and that is largely properties<00:01:38.640> which<00:01:38.880> is<00:01:39.040> not<00:01:39.280> just<00:01:39.520> the

properties which is not just the

properties which is not just the properties<00:01:40.000> you<00:01:40.079> live<00:01:40.240> in<00:01:40.320> but<00:01:40.479> also<00:01:40.640> where

properties you live in but also where

properties you live in but also where you<00:01:40.960> work<00:01:41.200> and<00:01:41.360> where<00:01:41.520> you<00:01:41.680> shop<00:01:42.000> and<00:01:42.159> it's

you work and where you shop and it's

you work and where you shop and it's also<00:01:42.479> natural<00:01:42.799> resources<00:01:43.280> like<00:01:43.520> land<00:01:44.320> also

also natural resources like land also

also natural resources like land also crucially<00:01:45.040> it's<00:01:45.200> things<00:01:45.439> like<00:01:45.840> debt<00:01:46.159> so<00:01:46.399> for

crucially it's things like debt so for

crucially it's things like debt so for example<00:01:47.119> your<00:01:47.360> mortgage<00:01:48.000> that<00:01:48.240> is<00:01:48.479> wealth<00:01:48.720> for

example your mortgage that is wealth for

example your mortgage that is wealth for somebody<00:01:49.200> who<00:01:49.360> owns<00:01:49.680> your<00:01:49.840> mortgage<00:01:50.640> and<00:01:50.799> the

somebody who owns your mortgage and the

somebody who owns your mortgage and the government<00:01:51.200> debt<00:01:51.439> is<00:01:51.520> wealth<00:01:51.759> for<00:01:51.920> somebody

government debt is wealth for somebody

government debt is wealth for somebody who<00:01:52.479> lends<00:01:52.799> money<00:01:53.040> to<00:01:53.119> the<00:01:53.200> government

who lends money to the government

who lends money to the government so<00:01:54.799> this<00:01:54.960> country<00:01:55.280> is<00:01:55.439> full<00:01:55.600> of<00:01:55.759> wealth

so this country is full of wealth

so this country is full of wealth but<00:01:57.280> most<00:01:57.600> ordinary<00:01:58.079> people<00:01:58.799> don't<00:01:59.040> own<00:01:59.200> much

but most ordinary people don't own much

but most ordinary people don't own much wealth<00:02:00.000> if<00:02:00.159> they're<00:02:00.240> lucky<00:02:00.479> they<00:02:00.640> own<00:02:00.799> the

wealth if they're lucky they own the

wealth if they're lucky they own the property<00:02:01.200> that<00:02:01.280> they<00:02:01.439> live<00:02:01.600> in<00:02:02.079> but<00:02:02.240> they're

property that they live in but they're

property that they live in but they're not<00:02:02.560> likely<00:02:02.960> to<00:02:03.040> own<00:02:03.360> vast<00:02:03.680> amounts<00:02:04.159> of

not likely to own vast amounts of

not likely to own vast amounts of commercial<00:02:05.040> wealth<00:02:05.280> such<00:02:05.520> as<00:02:06.159> shopping

commercial wealth such as shopping

commercial wealth such as shopping centres<00:02:06.880> or<00:02:07.040> skyscrapers<00:02:07.840> or<00:02:08.080> supermarkets

centres or skyscrapers or supermarkets

centres or skyscrapers or supermarkets the<00:02:09.599> vast<00:02:09.840> majority<00:02:10.160> of<00:02:10.319> wealth<00:02:10.560> that<00:02:10.959> is

the vast majority of wealth that is

the vast majority of wealth that is owned<00:02:11.360> in<00:02:11.440> the<00:02:11.520> country<00:02:11.920> is<00:02:12.080> owned<00:02:12.319> by<00:02:12.720> very

owned in the country is owned by very

owned in the country is owned by very rich<00:02:13.120> people<00:02:13.360> and<00:02:13.520> if<00:02:13.599> you<00:02:13.680> look<00:02:13.760> at<00:02:13.920> stocks

rich people and if you look at stocks

rich people and if you look at stocks and<00:02:14.319> shares

and shares

and shares who<00:02:15.360> are<00:02:15.440> the<00:02:15.599> corporations<00:02:16.080> who<00:02:16.239> own

who are the corporations who own

who are the corporations who own commercial<00:02:16.959> property<00:02:17.599> they're

commercial property they're

commercial property they're overwhelmingly<00:02:18.400> owned<00:02:18.560> by<00:02:18.720> richer<00:02:19.040> people

overwhelmingly owned by richer people

overwhelmingly owned by richer people so<00:02:20.080> the<00:02:20.160> first<00:02:20.400> fact<00:02:20.640> you<00:02:20.720> need<00:02:20.879> to<00:02:20.959> understand

so the first fact you need to understand

so the first fact you need to understand is<00:02:21.920> that<00:02:22.000> the<00:02:22.160> vast<00:02:22.400> majority<00:02:22.879> of<00:02:23.040> wealth<00:02:23.680> and

is that the vast majority of wealth and

is that the vast majority of wealth and assets<00:02:24.239> in<00:02:24.319> this<00:02:24.480> country<00:02:25.040> are<00:02:25.200> owned<00:02:25.360> by

assets in this country are owned by

assets in this country are owned by richer<00:02:25.840> people<00:02:26.480> not<00:02:26.720> ordinary<00:02:27.120> people

richer people not ordinary people

richer people not ordinary people so<00:02:29.040> the<00:02:29.280> next<00:02:29.520> thing<00:02:29.680> you<00:02:29.760> need<00:02:29.920> to<00:02:30.080> know

so the next thing you need to know

so the next thing you need to know is<00:02:31.200> those<00:02:31.599> assets

is those assets

is those assets are<00:02:33.440> often<00:02:33.760> things<00:02:33.920> which<00:02:34.239> ordinary<00:02:34.720> people

are often things which ordinary people

are often things which ordinary people literally<00:02:36.319> need<00:02:37.040> so<00:02:37.440> the<00:02:37.599> most<00:02:37.920> obvious<00:02:38.239> case

literally need so the most obvious case

literally need so the most obvious case is<00:02:38.560> if<00:02:38.720> you<00:02:38.800> rent<00:02:38.959> the<00:02:39.040> property<00:02:39.360> you<00:02:39.519> live<00:02:39.680> in

is if you rent the property you live in

is if you rent the property you live in that<00:02:40.160> is<00:02:40.319> owned<00:02:40.480> by<00:02:40.640> a<00:02:40.640> wealthy<00:02:41.040> person<00:02:41.599> you

that is owned by a wealthy person you

that is owned by a wealthy person you need<00:02:42.000> that<00:02:42.160> property

need that property

need that property and<00:02:43.360> that<00:02:43.599> generates<00:02:44.480> a<00:02:44.640> cash<00:02:44.959> flow<00:02:45.440> from<00:02:45.680> you

and that generates a cash flow from you

and that generates a cash flow from you an<00:02:46.000> ordinary<00:02:46.400> person<00:02:46.879> to<00:02:47.040> the<00:02:47.120> person<00:02:47.440> who

an ordinary person to the person who

an ordinary person to the person who owns<00:02:47.840> your<00:02:47.920> property<00:02:48.319> every<00:02:48.840> month<00:02:49.920> but<00:02:50.160> even

owns your property every month but even

owns your property every month but even if<00:02:50.480> you<00:02:50.720> do<00:02:51.040> own<00:02:51.280> your<00:02:51.440> property<00:02:52.160> but<00:02:52.319> with<00:02:52.560> a

if you do own your property but with a

if you do own your property but with a large<00:02:52.879> mortgage<00:02:53.440> it's<00:02:53.599> important<00:02:53.920> to

large mortgage it's important to

large mortgage it's important to understand<00:02:54.480> that<00:02:54.879> a<00:02:54.959> rich<00:02:55.280> person<00:02:55.760> ultimately

understand that a rich person ultimately

understand that a rich person ultimately owns<00:02:56.720> your<00:02:56.959> mortgage<00:02:57.760> so<00:02:57.920> every<00:02:58.080> single<00:02:58.319> month

owns your mortgage so every single month

owns your mortgage so every single month you<00:02:58.720> make<00:02:58.879> interest<00:02:59.200> payments<00:02:59.599> they<00:02:59.680> go<00:02:59.920> from

you make interest payments they go from

you make interest payments they go from you<00:03:00.720> to<00:03:00.879> that<00:03:01.040> rich<00:03:01.280> person

you to that rich person

you to that rich person but<00:03:02.319> it<00:03:02.400> goes<00:03:02.640> much<00:03:02.879> deeper<00:03:03.200> than<00:03:03.360> that<00:03:04.080> every

but it goes much deeper than that every

but it goes much deeper than that every time<00:03:04.480> you<00:03:04.560> go<00:03:04.720> to<00:03:04.879> the<00:03:04.959> supermarket<00:03:05.840> and<00:03:05.920> you

time you go to the supermarket and you

time you go to the supermarket and you buy<00:03:06.319> your<00:03:06.480> groceries<00:03:07.440> a<00:03:07.599> big<00:03:07.760> chunk<00:03:08.000> of<00:03:08.080> the

buy your groceries a big chunk of the

buy your groceries a big chunk of the money<00:03:08.480> you<00:03:08.560> spend<00:03:08.959> goes<00:03:09.280> to<00:03:09.920> the<00:03:10.080> rich<00:03:10.239> person

money you spend goes to the rich person

money you spend goes to the rich person who<00:03:10.640> owns<00:03:10.800> a<00:03:10.879> supermarket

who owns a supermarket

who owns a supermarket also<00:03:12.480> the<00:03:12.560> rich<00:03:12.879> people<00:03:13.040> who<00:03:13.280> own<00:03:13.519> the<00:03:13.680> land<00:03:14.159> in

also the rich people who own the land in

also the rich people who own the land in which<00:03:14.400> the<00:03:14.480> food<00:03:14.720> was<00:03:14.959> growing

which the food was growing

which the food was growing and<00:03:16.080> every<00:03:16.319> time<00:03:16.480> you<00:03:16.560> pay<00:03:16.720> your<00:03:16.959> bills<00:03:17.360> to

and every time you pay your bills to

and every time you pay your bills to heat<00:03:17.920> your<00:03:18.159> home

heat your home

heat your home a<00:03:19.200> big<00:03:19.440> chunk<00:03:19.680> of<00:03:19.760> that<00:03:20.000> goes<00:03:20.319> to<00:03:20.560> the<00:03:20.640> rich

a big chunk of that goes to the rich

a big chunk of that goes to the rich person<00:03:21.200> who<00:03:21.360> owns<00:03:21.680> the<00:03:21.760> natural<00:03:22.080> resources

person who owns the natural resources

person who owns the natural resources which<00:03:22.959> might<00:03:23.200> be

which might be

which might be the<00:03:24.480> coal<00:03:24.799> or<00:03:24.959> the<00:03:25.040> oil<00:03:25.280> or<00:03:25.440> it<00:03:25.519> might<00:03:25.680> be<00:03:25.920> the

the coal or the oil or it might be the

the coal or the oil or it might be the wind<00:03:26.720> farm<00:03:26.959> or<00:03:27.040> the<00:03:27.200> solar<00:03:27.440> farm<00:03:27.680> that

wind farm or the solar farm that

wind farm or the solar farm that generates<00:03:28.159> electricity<00:03:29.120> so<00:03:29.360> every<00:03:29.599> time<00:03:29.760> you

generates electricity so every time you

generates electricity so every time you spend

spend

spend basically<00:03:31.280> any<00:03:31.519> money

basically any money

basically any money it's<00:03:32.959> important<00:03:33.280> to<00:03:33.360> consider<00:03:34.080> that<00:03:34.239> that

it's important to consider that that

it's important to consider that that money<00:03:34.640> you<00:03:34.799> spend<00:03:35.040> is<00:03:35.280> not

money you spend is not

money you spend is not generally<00:03:36.480> going<00:03:36.879> to<00:03:37.040> the<00:03:37.200> workers

generally going to the workers

generally going to the workers in<00:03:38.319> that<00:03:38.560> place<00:03:38.959> you<00:03:39.040> know<00:03:39.200> in<00:03:39.280> the<00:03:39.360> case<00:03:39.599> of

in that place you know in the case of

in that place you know in the case of renting<00:03:40.400> mortgages<00:03:40.879> there<00:03:41.040> are<00:03:41.120> no<00:03:41.280> workers

renting mortgages there are no workers

renting mortgages there are no workers involved

involved

involved every<00:03:42.799> time<00:03:42.959> you<00:03:43.120> spend<00:03:43.280> money<00:03:43.599> in<00:03:43.680> the

every time you spend money in the

every time you spend money in the supermarket<00:03:44.480> or<00:03:44.720> in<00:03:44.799> the<00:03:44.879> shops<00:03:45.360> a<00:03:45.440> big<00:03:45.680> chunk

supermarket or in the shops a big chunk

supermarket or in the shops a big chunk of<00:03:46.000> your<00:03:46.080> money<00:03:46.400> is<00:03:46.560> going<00:03:47.200> to<00:03:47.360> richer<00:03:47.680> people

of your money is going to richer people

of your money is going to richer people so<00:03:49.599> i<00:03:49.680> think<00:03:49.840> it's<00:03:50.000> worth<00:03:50.239> just<00:03:50.480> sitting

so i think it's worth just sitting

so i think it's worth just sitting and<00:03:51.599> thinking<00:03:51.840> about<00:03:52.080> your<00:03:52.239> personal

and thinking about your personal

and thinking about your personal position<00:03:54.000> for<00:03:54.159> a<00:03:54.239> little<00:03:54.400> bit<00:03:54.560> so<00:03:54.720> for<00:03:54.879> a<00:03:54.959> lot

position for a little bit so for a lot

position for a little bit so for a lot of<00:03:55.120> people<00:03:55.360> especially<00:03:55.680> a<00:03:55.760> lot<00:03:55.840> of<00:03:56.000> young

of people especially a lot of young

of people especially a lot of young people

people

people you'll<00:03:57.360> get<00:03:57.519> your

you'll get your

you'll get your money<00:03:59.200> from<00:03:59.360> your<00:03:59.519> job<00:04:00.080> and<00:04:00.159> you'll<00:04:00.319> pay<00:04:00.480> your

money from your job and you'll pay your

money from your job and you'll pay your rent

rent

rent or<00:04:01.760> your<00:04:01.840> mortgage<00:04:02.239> if<00:04:02.319> you're<00:04:02.400> lucky<00:04:02.560> enough

or your mortgage if you're lucky enough

or your mortgage if you're lucky enough to<00:04:02.799> own<00:04:03.040> property<00:04:03.920> you<00:04:04.080> pay<00:04:04.239> your<00:04:04.400> bills

to own property you pay your bills

to own property you pay your bills they'll<00:04:06.319> not<00:04:06.879> really<00:04:07.120> be<00:04:07.280> much<00:04:07.439> left<00:04:07.680> over<00:04:08.000> i

they'll not really be much left over i

they'll not really be much left over i mean<00:04:08.239> especially<00:04:08.640> now<00:04:08.799> we're<00:04:08.959> looking<00:04:09.280> at

mean especially now we're looking at

mean especially now we're looking at the<00:04:10.159> cost<00:04:10.480> the<00:04:10.560> basic<00:04:10.879> cost<00:04:11.040> of<00:04:11.120> living<00:04:11.439> going

the cost the basic cost of living going

the cost the basic cost of living going up<00:04:11.760> significantly<00:04:12.799> for<00:04:12.959> a<00:04:13.040> lot<00:04:13.200> of<00:04:13.280> people

up significantly for a lot of people

up significantly for a lot of people literally<00:04:14.640> your<00:04:14.879> entire<00:04:15.360> salary

literally your entire salary

literally your entire salary is<00:04:16.799> going<00:04:16.880> to<00:04:16.959> go<00:04:17.120> on

is going to go on

is going to go on paying<00:04:18.160> these<00:04:18.320> basic<00:04:18.639> costs

paying these basic costs

paying these basic costs and<00:04:20.639> i<00:04:20.720> want<00:04:20.880> you<00:04:20.959> to<00:04:21.120> think<00:04:21.280> about<00:04:21.600> where<00:04:21.840> does

and i want you to think about where does

and i want you to think about where does that<00:04:22.160> money<00:04:22.560> go<00:04:22.880> because<00:04:23.120> it's<00:04:23.199> very<00:04:23.440> easy<00:04:23.680> you

that money go because it's very easy you

that money go because it's very easy you pay<00:04:23.919> your<00:04:24.080> mortgage<00:04:24.720> and<00:04:24.960> you<00:04:25.120> don't<00:04:25.280> think

pay your mortgage and you don't think

pay your mortgage and you don't think where<00:04:25.840> does<00:04:26.000> this<00:04:26.160> money<00:04:26.800> end<00:04:27.040> up<00:04:27.520> but<00:04:27.680> that

where does this money end up but that

where does this money end up but that mortgage<00:04:28.720> that<00:04:28.880> you<00:04:29.040> pay<00:04:29.360> the<00:04:29.520> interest

mortgage that you pay the interest

mortgage that you pay the interest ultimately<00:04:30.320> goes<00:04:30.560> to<00:04:30.800> a<00:04:30.880> wealth<00:04:31.120> individual

ultimately goes to a wealth individual

ultimately goes to a wealth individual and<00:04:32.320> when<00:04:32.479> you<00:04:32.639> go<00:04:32.800> to<00:04:32.880> the<00:04:32.960> supermarket<00:04:33.600> you

and when you go to the supermarket you

and when you go to the supermarket you just<00:04:33.919> think<00:04:34.080> the<00:04:34.240> money's<00:04:34.560> gone<00:04:34.880> but<00:04:35.040> it<00:04:35.199> goes

just think the money's gone but it goes

just think the money's gone but it goes ultimately<00:04:35.919> to<00:04:36.000> the<00:04:36.080> owners<00:04:36.400> that

ultimately to the owners that

ultimately to the owners that supermarket<00:04:37.440> so<00:04:37.680> if<00:04:37.759> you're<00:04:38.000> in<00:04:38.080> a<00:04:38.160> situation

supermarket so if you're in a situation

supermarket so if you're in a situation where<00:04:39.840> after<00:04:40.160> paying<00:04:40.479> for<00:04:40.639> your<00:04:40.960> basics<00:04:42.160> 80<00:04:42.720> 90

where after paying for your basics 80 90

where after paying for your basics 80 90 even<00:04:43.759> close<00:04:44.000> to<00:04:44.080> 100<00:04:44.560> of<00:04:44.639> your<00:04:44.800> salary<00:04:45.120> is<00:04:45.280> gone

even close to 100 of your salary is gone

even close to 100 of your salary is gone basically<00:04:46.560> all<00:04:46.720> of<00:04:46.800> your<00:04:47.040> salary

basically all of your salary

basically all of your salary has<00:04:48.240> gone<00:04:48.800> to<00:04:48.960> the<00:04:49.120> owners<00:04:49.919> of<00:04:50.080> the<00:04:50.160> assets

has gone to the owners of the assets

has gone to the owners of the assets so<00:04:51.840> all<00:04:52.080> of<00:04:52.160> the<00:04:52.240> money<00:04:52.560> that<00:04:52.639> you<00:04:52.800> make

so all of the money that you make

so all of the money that you make goes<00:04:54.240> directly<00:04:54.960> to<00:04:55.120> rich<00:04:55.440> people<00:04:56.160> i<00:04:56.240> think

goes directly to rich people i think

goes directly to rich people i think when<00:04:56.639> you<00:04:56.800> understand<00:04:57.280> this<00:04:57.520> it<00:04:57.680> starts<00:04:57.919> to

when you understand this it starts to

when you understand this it starts to become

become

become really<00:04:59.759> obvious<00:05:00.080> that<00:05:00.240> even<00:05:00.400> if<00:05:00.560> rich<00:05:00.800> people

really obvious that even if rich people

really obvious that even if rich people don't<00:05:01.199> have<00:05:01.360> super<00:05:01.680> good<00:05:01.840> jobs<00:05:02.320> they<00:05:02.479> are

don't have super good jobs they are

don't have super good jobs they are going<00:05:02.720> to<00:05:02.800> get<00:05:02.880> rich<00:05:03.199> every<00:05:03.440> year<00:05:03.840> because<00:05:04.240> all

going to get rich every year because all

going to get rich every year because all of<00:05:04.560> your<00:05:04.800> salary<00:05:05.199> or<00:05:05.280> the<00:05:05.360> vast<00:05:05.600> majority<00:05:05.919> of

of your salary or the vast majority of

of your salary or the vast majority of your<00:05:06.160> salary<00:05:06.800> goes<00:05:07.600> pretty<00:05:07.840> much<00:05:08.000> straight<00:05:08.240> to

your salary goes pretty much straight to

your salary goes pretty much straight to them

them

them just<00:05:09.520> to<00:05:09.759> keep<00:05:10.000> you<00:05:10.160> in<00:05:10.240> a<00:05:10.320> house<00:05:10.560> and<00:05:10.800> to<00:05:10.960> keep

just to keep you in a house and to keep

just to keep you in a house and to keep food<00:05:11.360> on<00:05:11.440> your<00:05:11.600> table

food on your table

food on your table so<00:05:12.960> that's<00:05:13.199> from<00:05:13.360> the<00:05:13.440> perspective<00:05:13.919> of<00:05:14.080> an

so that's from the perspective of an

so that's from the perspective of an ordinary<00:05:14.560> person<00:05:15.120> a<00:05:15.280> big<00:05:15.440> chunk<00:05:15.680> of<00:05:15.759> your

ordinary person a big chunk of your

ordinary person a big chunk of your salary<00:05:16.240> goes<00:05:16.560> basically<00:05:16.960> directly<00:05:17.360> back<00:05:17.600> to

salary goes basically directly back to

salary goes basically directly back to the<00:05:17.840> rich<00:05:18.160> when<00:05:18.320> you<00:05:18.400> pay<00:05:18.560> your<00:05:18.639> bills<00:05:18.880> when

the rich when you pay your bills when

the rich when you pay your bills when you<00:05:19.039> pay<00:05:19.199> more<00:05:19.440> when<00:05:19.600> you<00:05:19.680> pay<00:05:19.840> your<00:05:19.919> rent

you pay more when you pay your rent

you pay more when you pay your rent let's<00:05:20.880> consider<00:05:21.199> it<00:05:21.280> from<00:05:21.440> the<00:05:21.520> perspective

let's consider it from the perspective

let's consider it from the perspective of<00:05:22.080> a<00:05:22.240> very<00:05:22.400> wealthy<00:05:22.720> person<00:05:23.520> so<00:05:23.680> let's<00:05:24.000> take

of a very wealthy person so let's take

of a very wealthy person so let's take for<00:05:24.639> example<00:05:25.280> one<00:05:25.440> of<00:05:25.600> my<00:05:25.759> favorite<00:05:26.080> people<00:05:26.320> in

for example one of my favorite people in

for example one of my favorite people in public<00:05:26.720> life<00:05:26.880> today<00:05:27.120> which<00:05:27.360> is<00:05:27.440> sunak<00:05:28.000> who's

public life today which is sunak who's

public life today which is sunak who's worth<00:05:28.560> an<00:05:28.720> approximately<00:05:29.280> 200<00:05:29.680> million

worth an approximately 200 million

worth an approximately 200 million pounds

pounds

pounds he<00:05:31.600> is<00:05:31.840> receiving<00:05:32.240> those<00:05:32.479> payments<00:05:32.880> right<00:05:33.199> so

he is receiving those payments right so

he is receiving those payments right so when<00:05:33.520> you<00:05:33.680> pay<00:05:33.919> your<00:05:34.240> rent<00:05:34.639> it's<00:05:34.800> going<00:05:35.039> to

when you pay your rent it's going to

when you pay your rent it's going to him<00:05:36.080> or<00:05:36.160> someone<00:05:36.320> like<00:05:36.560> him<00:05:36.639> when<00:05:36.800> you<00:05:36.880> pay<00:05:37.039> a

him or someone like him when you pay a

him or someone like him when you pay a mortgage<00:05:37.440> it's<00:05:37.520> going<00:05:37.680> to<00:05:37.759> him<00:05:37.919> or<00:05:38.000> someone

mortgage it's going to him or someone

mortgage it's going to him or someone like<00:05:38.479> him<00:05:38.800> every<00:05:39.039> single<00:05:39.280> time<00:05:39.440> you<00:05:39.520> go<00:05:39.600> to<00:05:39.680> the

like him every single time you go to the

like him every single time you go to the supermarket<00:05:40.720> every<00:05:40.880> single<00:05:41.199> time<00:05:41.440> you<00:05:41.680> pay

supermarket every single time you pay

supermarket every single time you pay your<00:05:42.000> bills<00:05:42.320> it's<00:05:42.479> going<00:05:42.720> to<00:05:42.800> him<00:05:43.120> or<00:05:43.280> someone

your bills it's going to him or someone

your bills it's going to him or someone like<00:05:43.759> him<00:05:44.320> now<00:05:45.039> if<00:05:45.199> the<00:05:45.360> wealth<00:05:45.759> is<00:05:45.919> very<00:05:46.080> very

like him now if the wealth is very very

like him now if the wealth is very very concentrated<00:05:47.039> with<00:05:47.280> really<00:05:47.520> rich<00:05:47.759> people

concentrated with really rich people

concentrated with really rich people like<00:05:48.080> russia<00:05:48.320> sonat<00:05:49.199> each<00:05:49.440> one<00:05:49.680> of<00:05:49.759> those

like russia sonat each one of those

like russia sonat each one of those people<00:05:50.479> can<00:05:50.639> receive<00:05:50.960> an<00:05:51.039> enormous<00:05:51.440> amount<00:05:51.600> of

people can receive an enormous amount of

people can receive an enormous amount of money

money

money so

so

so he's<00:05:53.759> worth<00:05:53.919> 200<00:05:54.160> million<00:05:54.479> pounds<00:05:54.880> these

he's worth 200 million pounds these

he's worth 200 million pounds these people<00:05:55.360> typically<00:05:55.759> make<00:05:56.400> about<00:05:56.720> three

people typically make about three

people typically make about three percent<00:05:57.280> a<00:05:57.360> year<00:05:57.680> on<00:05:57.759> their<00:05:58.000> income<00:05:58.400> so<00:05:58.880> on

percent a year on their income so on

percent a year on their income so on their<00:05:59.199> wealth<00:05:59.520> so<00:05:59.680> he's<00:05:59.840> gonna<00:06:00.000> make<00:06:00.160> about

their wealth so he's gonna make about

their wealth so he's gonna make about six<00:06:00.800> million<00:06:01.199> pounds

six million pounds

six million pounds every<00:06:02.560> year

every year

every year just<00:06:03.680> because<00:06:03.919> he<00:06:04.160> owns<00:06:04.720> the<00:06:04.880> assets<00:06:05.280> because

just because he owns the assets because

just because he owns the assets because he<00:06:05.600> owns<00:06:05.840> buildings<00:06:06.240> because<00:06:06.400> he<00:06:06.560> has<00:06:06.639> natural

he owns buildings because he has natural

he owns buildings because he has natural resources<00:06:07.280> because<00:06:07.520> he<00:06:07.600> maybe<00:06:07.840> owns<00:06:08.240> your

resources because he maybe owns your

resources because he maybe owns your debts<00:06:09.120> so

debts so

debts so imagine<00:06:10.240> you're<00:06:10.400> risky<00:06:10.639> sonak<00:06:11.280> and<00:06:11.440> remember

imagine you're risky sonak and remember

imagine you're risky sonak and remember this<00:06:11.919> six<00:06:12.160> million<00:06:12.479> pounds<00:06:12.800> it's<00:06:12.960> not<00:06:13.120> money

this six million pounds it's not money

this six million pounds it's not money he<00:06:13.440> gets<00:06:13.600> for<00:06:13.759> working<00:06:14.400> it's<00:06:14.639> money<00:06:14.880> he<00:06:15.039> gets

he gets for working it's money he gets

he gets for working it's money he gets because<00:06:15.600> he<00:06:15.919> owns

because he owns

because he owns the<00:06:17.360> stuff<00:06:17.600> that<00:06:17.840> you<00:06:18.080> need<00:06:18.560> and<00:06:18.720> you<00:06:18.800> have<00:06:18.960> to

the stuff that you need and you have to

the stuff that you need and you have to pay<00:06:19.280> him<00:06:19.680> to<00:06:19.919> use<00:06:20.240> it<00:06:20.800> so<00:06:20.960> he's<00:06:21.120> getting<00:06:21.360> six

pay him to use it so he's getting six

pay him to use it so he's getting six million<00:06:21.840> pounds<00:06:22.240> every<00:06:22.479> year<00:06:22.639> every<00:06:22.880> year

million pounds every year every year

million pounds every year every year now<00:06:24.240> imagine<00:06:24.560> you're<00:06:24.720> risky<00:06:24.960> sonak<00:06:25.600> and

now imagine you're risky sonak and

now imagine you're risky sonak and you're<00:06:25.919> getting<00:06:26.080> six<00:06:26.319> million<00:06:26.560> pounds<00:06:27.120> every

you're getting six million pounds every

you're getting six million pounds every year<00:06:27.600> just<00:06:27.759> for<00:06:27.840> getting<00:06:28.080> out<00:06:28.160> of<00:06:28.240> bed

year just for getting out of bed

year just for getting out of bed do<00:06:29.199> you<00:06:29.360> think<00:06:29.440> he<00:06:29.600> would<00:06:29.680> get<00:06:29.840> richer<00:06:30.720> year

do you think he would get richer year

do you think he would get richer year after<00:06:31.199> year

after year

after year well

well

well you<00:06:33.360> would

you would

you would you<00:06:34.639> would<00:06:34.800> wouldn't<00:06:35.039> you<00:06:35.120> because<00:06:35.280> if<00:06:35.360> you're

you would wouldn't you because if you're

you would wouldn't you because if you're making<00:06:35.759> a<00:06:35.840> six<00:06:36.080> million<00:06:36.319> pound<00:06:36.560> income<00:06:36.800> every

making a six million pound income every

making a six million pound income every year

year

year what<00:06:38.160> are<00:06:38.240> you<00:06:38.319> going<00:06:38.400> to<00:06:38.479> do<00:06:38.639> you're<00:06:38.800> not

what are you going to do you're not

what are you going to do you're not going<00:06:38.960> to<00:06:39.039> spend<00:06:39.440> 6<00:06:39.600> million<00:06:39.840> pounds<00:06:40.080> a<00:06:40.160> year

going to spend 6 million pounds a year

going to spend 6 million pounds a year because<00:06:40.479> that<00:06:40.560> would<00:06:40.720> be<00:06:41.360> totally<00:06:41.759> ridiculous

because that would be totally ridiculous

because that would be totally ridiculous i<00:06:43.360> like<00:06:43.600> you<00:06:43.919> couldn't<00:06:44.160> even<00:06:44.400> imagine<00:06:44.880> how<00:06:45.120> you

i like you couldn't even imagine how you

i like you couldn't even imagine how you would<00:06:45.360> even<00:06:45.520> spend<00:06:45.680> 6<00:06:45.919> million<00:06:46.160> pounds<00:06:46.400> a<00:06:46.479> year

would even spend 6 million pounds a year

would even spend 6 million pounds a year he's<00:06:47.199> probably<00:06:47.440> going<00:06:47.600> to<00:06:47.680> spend

he's probably going to spend

he's probably going to spend half<00:06:48.880> a<00:06:48.960> million<00:06:49.199> pounds<00:06:49.440> a<00:06:49.520> year<00:06:49.919> live<00:06:50.160> like

half a million pounds a year live like

half a million pounds a year live like the<00:06:50.560> queen<00:06:50.800> who<00:06:51.039> he<00:06:51.199> is<00:06:51.280> reputedly<00:06:51.919> richer

the queen who he is reputedly richer

the queen who he is reputedly richer than

than

than and<00:06:53.759> save<00:06:54.080> five<00:06:54.319> and<00:06:54.400> a<00:06:54.400> half<00:06:54.560> million<00:06:54.880> pounds

and save five and a half million pounds

and save five and a half million pounds a<00:06:55.199> year<00:06:55.759> so

a year so

a year so this<00:06:57.120> mystery<00:06:57.520> of<00:06:57.599> why<00:06:57.840> rich<00:06:58.000> people<00:06:58.240> get

this mystery of why rich people get

this mystery of why rich people get richer<00:06:59.280> it's<00:06:59.520> actually<00:06:59.919> much<00:07:00.240> much<00:07:00.479> more

richer it's actually much much more

richer it's actually much much more simple<00:07:01.039> than<00:07:01.199> you<00:07:01.280> think<00:07:01.759> rich<00:07:02.000> people<00:07:02.240> get

simple than you think rich people get

simple than you think rich people get richer<00:07:02.880> because<00:07:03.199> they<00:07:03.360> own<00:07:03.840> all<00:07:04.000> of<00:07:04.080> the

richer because they own all of the

richer because they own all of the things<00:07:04.400> that<00:07:04.560> you<00:07:04.720> use<00:07:05.360> they<00:07:05.599> own<00:07:05.919> your<00:07:06.160> house

things that you use they own your house

things that you use they own your house they<00:07:07.039> own<00:07:07.360> your<00:07:07.520> mortgage<00:07:08.400> they<00:07:08.639> own<00:07:09.120> the

they own your mortgage they own the

they own your mortgage they own the supermarket<00:07:09.919> that<00:07:10.000> you<00:07:10.080> do<00:07:10.240> your<00:07:10.319> shopping<00:07:10.720> in

supermarket that you do your shopping in

supermarket that you do your shopping in they<00:07:11.360> own<00:07:11.680> the<00:07:11.840> companies<00:07:12.240> that<00:07:12.400> provide<00:07:12.639> your

they own the companies that provide your

they own the companies that provide your electricity

electricity

electricity they<00:07:14.160> own

they own

they own the<00:07:15.120> cinema<00:07:15.599> that<00:07:15.680> you<00:07:15.840> go<00:07:16.080> to<00:07:16.479> they<00:07:16.720> own<00:07:16.880> the

the cinema that you go to they own the

the cinema that you go to they own the airplanes<00:07:17.520> that<00:07:17.599> you<00:07:17.680> use<00:07:17.840> when<00:07:17.919> you<00:07:18.000> go<00:07:18.160> on

airplanes that you use when you go on

airplanes that you use when you go on holiday<00:07:18.880> they<00:07:19.120> own<00:07:19.360> everything<00:07:19.680> that<00:07:19.759> you<00:07:19.919> use

holiday they own everything that you use

holiday they own everything that you use and<00:07:20.560> you<00:07:20.720> give<00:07:20.960> all<00:07:21.120> of<00:07:21.199> your<00:07:21.360> money<00:07:22.080> to<00:07:22.240> them

and you give all of your money to them

and you give all of your money to them because<00:07:22.960> they<00:07:23.120> own<00:07:23.360> the<00:07:23.440> stuff<00:07:23.599> that<00:07:23.759> you<00:07:23.840> need

because they own the stuff that you need

because they own the stuff that you need which<00:07:24.639> means<00:07:24.880> that<00:07:25.039> they<00:07:25.199> generate<00:07:25.599> an

which means that they generate an

which means that they generate an enormous<00:07:26.319> amount<00:07:26.560> of<00:07:26.720> income<00:07:27.520> from<00:07:27.919> you

enormous amount of income from you

enormous amount of income from you so<00:07:29.280> again<00:07:29.599> rishi<00:07:29.919> sunak<00:07:30.479> makes<00:07:30.880> six<00:07:31.120> million

so again rishi sunak makes six million

so again rishi sunak makes six million pounds<00:07:31.599> a<00:07:31.680> year<00:07:32.080> literally<00:07:32.560> just<00:07:32.720> for<00:07:32.880> getting

pounds a year literally just for getting

pounds a year literally just for getting out<00:07:33.199> of<00:07:33.280> bed<00:07:33.520> because<00:07:33.759> he<00:07:33.919> owns<00:07:34.240> the<00:07:34.319> stuff

out of bed because he owns the stuff

out of bed because he owns the stuff that<00:07:34.880> you<00:07:35.039> use<00:07:35.599> and<00:07:35.680> that<00:07:35.840> money<00:07:36.080> is

that you use and that money is

that you use and that money is ultimately<00:07:37.120> coming<00:07:37.440> from<00:07:37.680> you<00:07:38.319> so<00:07:38.479> when<00:07:38.639> you

ultimately coming from you so when you

ultimately coming from you so when you understand<00:07:39.360> that<00:07:39.520> rich<00:07:39.759> people<00:07:40.160> own<00:07:40.639> all<00:07:40.800> of

understand that rich people own all of

understand that rich people own all of the<00:07:41.039> assets<00:07:41.759> and<00:07:42.080> get<00:07:42.319> all<00:07:42.479> of<00:07:42.560> your<00:07:42.840> salary<00:07:43.840> it

the assets and get all of your salary it

the assets and get all of your salary it becomes<00:07:44.319> pretty<00:07:44.560> obvious<00:07:44.879> that<00:07:45.039> they're

becomes pretty obvious that they're

becomes pretty obvious that they're going<00:07:45.280> to<00:07:45.360> get<00:07:45.440> richer<00:07:45.759> year<00:07:45.919> after<00:07:46.160> year

going to get richer year after year

going to get richer year after year you<00:07:47.120> make<00:07:47.520> 30<00:07:47.840> grand<00:07:48.080> a<00:07:48.160> year<00:07:48.400> you<00:07:48.479> give<00:07:48.720> all<00:07:48.879> of

you make 30 grand a year you give all of

you make 30 grand a year you give all of it<00:07:49.039> to<00:07:49.120> the<00:07:49.199> rich<00:07:49.440> people<00:07:49.919> so<00:07:50.080> you<00:07:50.319> have

it to the rich people so you have

it to the rich people so you have nothing<00:07:50.800> to<00:07:50.960> save<00:07:51.599> they<00:07:51.840> make<00:07:52.160> 6<00:07:52.560> million

nothing to save they make 6 million

nothing to save they make 6 million pounds<00:07:53.199> a<00:07:53.360> year<00:07:53.840> it's<00:07:54.000> obvious<00:07:54.479> they're<00:07:54.639> going

pounds a year it's obvious they're going

pounds a year it's obvious they're going to<00:07:54.879> accumulate<00:07:55.280> money<00:07:55.440> year<00:07:55.599> after<00:07:55.840> year

to accumulate money year after year

to accumulate money year after year okay<00:07:57.520> so<00:07:58.000> these<00:07:58.240> are<00:07:58.319> the<00:07:58.400> facts<00:07:59.120> the<00:07:59.280> rich

okay so these are the facts the rich

okay so these are the facts the rich people<00:07:59.759> own<00:07:59.919> everything<00:08:00.479> ordinary<00:08:00.879> people

people own everything ordinary people

people own everything ordinary people own<00:08:01.280> very<00:08:01.520> little<00:08:02.000> ordinary<00:08:02.479> people<00:08:02.720> pay<00:08:03.039> all

own very little ordinary people pay all

own very little ordinary people pay all of<00:08:03.280> their<00:08:03.360> salary<00:08:03.680> to<00:08:03.759> the<00:08:03.840> rich<00:08:04.080> people<00:08:04.319> every

of their salary to the rich people every

of their salary to the rich people every year<00:08:04.879> and<00:08:05.039> rich<00:08:05.199> people<00:08:05.440> make<00:08:05.759> millions<00:08:06.080> of

year and rich people make millions of

year and rich people make millions of pounds<00:08:06.560> every<00:08:06.720> year<00:08:07.120> from<00:08:07.360> that<00:08:07.520> money

pounds every year from that money

pounds every year from that money this<00:08:08.800> means<00:08:08.960> they<00:08:09.199> accumulate<00:08:09.680> a<00:08:09.759> huge<00:08:09.919> amount

this means they accumulate a huge amount

this means they accumulate a huge amount of<00:08:10.319> cash

of cash

of cash it's<00:08:11.440> important<00:08:11.840> to<00:08:12.000> understand<00:08:12.960> what<00:08:13.120> do

it's important to understand what do

it's important to understand what do they<00:08:13.520> then<00:08:13.759> do<00:08:13.919> with<00:08:14.000> that<00:08:14.240> cash<00:08:14.720> because<00:08:14.960> this

they then do with that cash because this

they then do with that cash because this generates<00:08:15.520> a<00:08:15.599> real<00:08:15.840> imbalance<00:08:16.240> in<00:08:16.319> society

generates a real imbalance in society

generates a real imbalance in society right<00:08:17.280> they<00:08:17.520> keep<00:08:17.759> accumulating<00:08:18.240> more<00:08:18.479> and

right they keep accumulating more and

right they keep accumulating more and more<00:08:18.720> and<00:08:18.800> more<00:08:19.039> cash<00:08:19.599> but<00:08:19.840> you<00:08:20.000> need<00:08:20.240> that

more and more cash but you need that

more and more cash but you need that cash<00:08:20.639> to<00:08:20.800> live<00:08:21.280> so<00:08:21.680> how<00:08:21.919> do<00:08:22.080> you<00:08:22.240> get<00:08:22.400> that<00:08:22.639> cash

cash to live so how do you get that cash

cash to live so how do you get that cash back

back

back now<00:08:24.479> there's<00:08:24.720> a<00:08:24.800> few<00:08:25.039> ways<00:08:25.199> that<00:08:25.440> cash<00:08:25.680> flows

now there's a few ways that cash flows

now there's a few ways that cash flows back<00:08:26.479> from<00:08:26.720> rich<00:08:26.960> people<00:08:27.199> to<00:08:27.360> ordinary<00:08:27.759> people

back from rich people to ordinary people

back from rich people to ordinary people one<00:08:28.879> way<00:08:29.120> is<00:08:29.199> rich<00:08:29.440> people<00:08:29.680> live<00:08:29.919> really

one way is rich people live really

one way is rich people live really luxurious<00:08:30.720> lives<00:08:31.039> right<00:08:31.199> they<00:08:31.360> go<00:08:31.520> on<00:08:31.919> really

luxurious lives right they go on really

luxurious lives right they go on really luxurious<00:08:32.640> holidays<00:08:33.519> they<00:08:34.159> maybe<00:08:34.479> pay<00:08:34.640> for<00:08:34.800> a

luxurious holidays they maybe pay for a

luxurious holidays they maybe pay for a lot<00:08:34.959> of<00:08:35.039> staff<00:08:35.440> they<00:08:35.599> go<00:08:35.760> to<00:08:35.919> very<00:08:36.159> expensive

lot of staff they go to very expensive

lot of staff they go to very expensive bars<00:08:36.959> and<00:08:37.120> restaurants<00:08:38.000> they<00:08:38.159> spend<00:08:38.479> a<00:08:38.479> lot<00:08:38.640> of

bars and restaurants they spend a lot of

bars and restaurants they spend a lot of money<00:08:39.360> and<00:08:39.519> that<00:08:39.680> is<00:08:39.760> one<00:08:39.919> way<00:08:40.080> that<00:08:40.159> ordinary

money and that is one way that ordinary

money and that is one way that ordinary money<00:08:40.800> flows<00:08:41.120> back<00:08:41.599> from<00:08:41.839> rich<00:08:42.080> people<00:08:42.479> to

money flows back from rich people to

money flows back from rich people to ordinary<00:08:43.120> people<00:08:43.839> but<00:08:44.080> if<00:08:44.159> inequality<00:08:44.720> gets

ordinary people but if inequality gets

ordinary people but if inequality gets too<00:08:45.120> high

too high

too high you<00:08:46.160> get<00:08:46.320> a<00:08:46.399> situation<00:08:46.959> where

you get a situation where

you get a situation where there's<00:08:48.160> not<00:08:48.320> that<00:08:48.480> many<00:08:48.720> rich<00:08:48.880> people<00:08:49.120> but

there's not that many rich people but

there's not that many rich people but they're<00:08:49.440> phenomenally<00:08:50.000> rich<00:08:50.399> you<00:08:50.480> know<00:08:50.720> if

they're phenomenally rich you know if

they're phenomenally rich you know if there's

there's

there's broadly<00:08:52.320> equal<00:08:52.560> society<00:08:52.959> you<00:08:53.120> can<00:08:53.200> have<00:08:53.360> a<00:08:53.440> lot

broadly equal society you can have a lot

broadly equal society you can have a lot of<00:08:54.080> relatively<00:08:54.560> rich<00:08:54.800> people<00:08:55.200> but<00:08:55.440> if<00:08:55.519> you

of relatively rich people but if you

of relatively rich people but if you have<00:08:55.760> a<00:08:55.839> very<00:08:56.080> unequal<00:08:56.480> society<00:08:57.120> you<00:08:57.279> have<00:08:57.360> a

have a very unequal society you have a

have a very unequal society you have a very<00:08:57.680> small<00:08:58.000> number<00:08:58.240> of<00:08:58.399> extraordinarily

very small number of extraordinarily

very small number of extraordinarily rich<00:08:59.200> people<00:08:59.760> now<00:09:00.000> as<00:09:00.160> people<00:09:00.320> get<00:09:00.480> richer<00:09:00.720> and

rich people now as people get richer and

rich people now as people get richer and richer<00:09:01.760> their<00:09:02.240> consumption<00:09:02.720> doesn't<00:09:02.959> go<00:09:03.200> up

richer their consumption doesn't go up

richer their consumption doesn't go up in<00:09:03.920> a<00:09:04.000> line<00:09:04.399> so<00:09:04.560> if<00:09:04.640> you<00:09:04.720> consider<00:09:05.040> say<00:09:05.360> jeff

in a line so if you consider say jeff

in a line so if you consider say jeff bezos<00:09:06.480> he's<00:09:06.720> got<00:09:06.800> a<00:09:06.880> wealth<00:09:07.120> of<00:09:07.200> 200<00:09:07.519> billion

bezos he's got a wealth of 200 billion

bezos he's got a wealth of 200 billion dollars<00:09:08.399> he'll<00:09:08.560> make<00:09:08.800> about<00:09:08.959> six<00:09:09.200> billion

dollars he'll make about six billion

dollars he'll make about six billion dollars<00:09:09.760> a<00:09:09.839> year<00:09:10.160> he<00:09:10.320> will<00:09:10.480> spend<00:09:10.800> a<00:09:10.880> tiny<00:09:11.120> tiny

dollars a year he will spend a tiny tiny

dollars a year he will spend a tiny tiny fraction<00:09:11.680> of<00:09:11.760> that<00:09:12.320> so<00:09:12.480> as<00:09:12.640> the<00:09:12.720> rich<00:09:12.880> get

fraction of that so as the rich get

fraction of that so as the rich get richer<00:09:13.360> and<00:09:13.440> richer<00:09:13.680> and<00:09:13.760> richer<00:09:14.240> they<00:09:14.399> are

richer and richer and richer they are

richer and richer and richer they are not<00:09:14.880> able<00:09:15.200> to<00:09:15.360> spend<00:09:15.600> enough<00:09:15.839> money<00:09:16.240> to<00:09:16.399> get

not able to spend enough money to get

not able to spend enough money to get that<00:09:16.720> money<00:09:16.959> circulating<00:09:17.519> back<00:09:17.680> through<00:09:17.839> the

that money circulating back through the

that money circulating back through the economy<00:09:18.560> so<00:09:18.720> what<00:09:18.880> do<00:09:18.959> they<00:09:19.120> do

economy so what do they do

economy so what do they do well<00:09:20.959> one<00:09:21.120> thing<00:09:21.360> that<00:09:21.440> they<00:09:21.600> do<00:09:22.240> is<00:09:22.320> they<00:09:22.480> use

well one thing that they do is they use

well one thing that they do is they use it<00:09:22.800> to<00:09:22.959> buy<00:09:23.200> assets<00:09:23.920> but<00:09:24.160> remember<00:09:24.480> the<00:09:24.640> rich

it to buy assets but remember the rich

it to buy assets but remember the rich as<00:09:25.120> a<00:09:25.200> whole<00:09:25.519> are<00:09:25.600> buying<00:09:25.920> assets<00:09:26.320> so<00:09:26.480> they

as a whole are buying assets so they

as a whole are buying assets so they can't<00:09:26.800> buy<00:09:26.959> them<00:09:27.120> from<00:09:27.360> each<00:09:27.519> other<00:09:27.760> they<00:09:27.920> need

can't buy them from each other they need

can't buy them from each other they need to<00:09:28.160> buy<00:09:28.399> them<00:09:28.720> from<00:09:28.880> the<00:09:28.959> rest<00:09:29.200> of<00:09:29.360> us<00:09:29.680> poor<00:09:29.839> and

to buy them from the rest of us poor and

to buy them from the rest of us poor and ordinary<00:09:30.399> people

ordinary people

ordinary people so<00:09:31.839> i<00:09:31.920> think<00:09:32.080> this<00:09:32.320> plays<00:09:32.560> out<00:09:32.640> in<00:09:32.720> quite<00:09:32.880> an

so i think this plays out in quite an

so i think this plays out in quite an interesting<00:09:33.360> way<00:09:33.680> which<00:09:33.920> is

interesting way which is

interesting way which is most<00:09:35.200> of<00:09:35.279> these<00:09:35.440> very<00:09:35.600> rich<00:09:35.839> people<00:09:36.080> are<00:09:36.240> older

most of these very rich people are older

most of these very rich people are older they<00:09:36.800> have<00:09:36.880> huge<00:09:37.120> amounts<00:09:37.360> of<00:09:37.519> cash<00:09:38.080> they<00:09:38.240> give

they have huge amounts of cash they give

they have huge amounts of cash they give that<00:09:38.560> money<00:09:38.800> to<00:09:38.880> their<00:09:39.040> kids<00:09:39.600> which<00:09:39.839> means<00:09:40.160> if

that money to their kids which means if

that money to their kids which means if you<00:09:40.480> are<00:09:40.880> a<00:09:41.040> young<00:09:41.200> person<00:09:41.519> from<00:09:41.680> a<00:09:41.760> rich

you are a young person from a rich

you are a young person from a rich family<00:09:42.560> you<00:09:42.640> can<00:09:42.800> easily<00:09:43.120> get<00:09:43.600> a<00:09:43.680> few<00:09:43.839> hundred

family you can easily get a few hundred

family you can easily get a few hundred grand<00:09:44.640> from<00:09:44.800> your<00:09:44.959> parents<00:09:45.279> to<00:09:45.360> buy<00:09:45.519> property

grand from your parents to buy property

grand from your parents to buy property which<00:09:46.480> means<00:09:46.800> that<00:09:47.120> house<00:09:47.440> prices<00:09:47.839> go<00:09:48.080> up<00:09:48.320> very

which means that house prices go up very

which means that house prices go up very aggressively<00:09:49.440> it<00:09:49.519> means<00:09:49.760> that<00:09:49.920> if<00:09:50.080> you're<00:09:50.240> a

aggressively it means that if you're a

aggressively it means that if you're a younger<00:09:50.640> person<00:09:51.040> from<00:09:51.279> a<00:09:51.360> poor<00:09:51.600> ordinary

younger person from a poor ordinary

younger person from a poor ordinary family<00:09:52.640> housing<00:09:52.959> becomes<00:09:53.200> something<00:09:53.440> you

family housing becomes something you

family housing becomes something you can't<00:09:53.680> possibly<00:09:54.000> afford<00:09:54.240> to<00:09:54.399> buy<00:09:55.040> and<00:09:55.200> i<00:09:55.279> think

can't possibly afford to buy and i think

can't possibly afford to buy and i think this<00:09:55.600> is<00:09:55.680> interesting<00:09:56.000> because<00:09:56.160> people<00:09:56.320> don't

this is interesting because people don't

this is interesting because people don't really<00:09:56.720> realize<00:09:57.040> it's<00:09:57.120> happening<00:09:57.440> right

really realize it's happening right

really realize it's happening right older<00:09:58.000> people<00:09:58.240> sell<00:09:58.399> their<00:09:58.560> property<00:09:58.880> and

older people sell their property and

older people sell their property and they<00:09:59.040> don't<00:09:59.200> realize<00:09:59.680> it's<00:09:59.839> only<00:10:00.000> going<00:10:00.240> to

they don't realize it's only going to

they don't realize it's only going to rich<00:10:00.560> people<00:10:01.120> whereas<00:10:01.440> younger<00:10:01.760> people<00:10:02.079> can't

rich people whereas younger people can't

rich people whereas younger people can't buy<00:10:02.480> property<00:10:02.880> and<00:10:03.040> they<00:10:03.120> don't<00:10:03.279> realize<00:10:03.600> it's

buy property and they don't realize it's

buy property and they don't realize it's because<00:10:04.480> they're<00:10:04.640> competing<00:10:05.279> with<00:10:05.519> young

because they're competing with young

because they're competing with young people<00:10:05.920> from<00:10:06.079> rich<00:10:06.320> families<00:10:06.720> who<00:10:06.800> are

people from rich families who are

people from rich families who are getting<00:10:07.120> huge<00:10:07.360> amounts<00:10:07.680> of<00:10:07.760> cash<00:10:08.560> from<00:10:08.720> their

getting huge amounts of cash from their

getting huge amounts of cash from their parents

parents

parents but<00:10:10.160> this<00:10:10.399> creates<00:10:10.720> a<00:10:10.800> problem<00:10:11.040> right<00:10:11.279> if<00:10:11.839> rich

but this creates a problem right if rich

but this creates a problem right if rich people<00:10:12.640> are<00:10:12.800> using<00:10:13.120> that<00:10:13.279> money<00:10:13.920> to<00:10:14.320> buy

people are using that money to buy

people are using that money to buy housing<00:10:15.200> from<00:10:15.440> poor<00:10:15.600> and<00:10:15.760> ordinary<00:10:16.079> families

housing from poor and ordinary families

housing from poor and ordinary families that's<00:10:17.120> making<00:10:17.440> the<00:10:17.519> problem<00:10:17.839> worse<00:10:18.240> right

that's making the problem worse right

that's making the problem worse right because<00:10:18.640> it's<00:10:18.800> transferring<00:10:19.360> more<00:10:19.519> wealth

because it's transferring more wealth

because it's transferring more wealth from<00:10:20.399> ordinary<00:10:20.880> families<00:10:21.680> to<00:10:21.839> richer<00:10:22.160> people

from ordinary families to richer people

from ordinary families to richer people so<00:10:22.880> if<00:10:23.040> wealth<00:10:23.279> equality<00:10:23.600> is<00:10:23.680> very<00:10:23.920> high

so if wealth equality is very high

so if wealth equality is very high the<00:10:25.120> rich<00:10:25.440> get<00:10:25.600> a<00:10:25.680> huge<00:10:25.839> amount<00:10:26.079> of<00:10:26.160> cash<00:10:26.480> from

the rich get a huge amount of cash from

the rich get a huge amount of cash from ordinary<00:10:27.040> people<00:10:27.600> and<00:10:27.760> they<00:10:27.920> use<00:10:28.160> that<00:10:28.320> to<00:10:28.480> buy

ordinary people and they use that to buy

ordinary people and they use that to buy more<00:10:29.040> wealth<00:10:29.279> and<00:10:29.440> assets<00:10:30.079> from<00:10:30.399> ordinary

more wealth and assets from ordinary

more wealth and assets from ordinary people<00:10:31.360> it<00:10:31.440> means<00:10:31.600> that<00:10:31.680> wealth<00:10:31.920> inequality

people it means that wealth inequality

people it means that wealth inequality gets<00:10:32.560> worse<00:10:32.880> and<00:10:33.040> worse<00:10:33.440> and<00:10:33.600> worse<00:10:33.839> over<00:10:34.079> time

gets worse and worse and worse over time

gets worse and worse and worse over time the<00:10:36.079> other<00:10:36.240> thing<00:10:36.399> that<00:10:36.560> they<00:10:36.720> do<00:10:36.959> is<00:10:37.040> they

the other thing that they do is they

the other thing that they do is they lend<00:10:37.519> that<00:10:37.600> money<00:10:37.920> out<00:10:38.399> now<00:10:39.040> that<00:10:39.279> might<00:10:39.760> sound

lend that money out now that might sound

lend that money out now that might sound like<00:10:40.240> a<00:10:40.320> good<00:10:40.480> thing<00:10:40.720> right<00:10:40.880> because<00:10:41.040> if

like a good thing right because if

like a good thing right because if they're<00:10:41.360> lending<00:10:41.600> a<00:10:41.680> lot<00:10:41.839> of<00:10:41.920> money<00:10:42.160> out<00:10:42.480> you

they're lending a lot of money out you

they're lending a lot of money out you might<00:10:42.800> think<00:10:43.040> okay<00:10:43.600> but<00:10:43.760> we<00:10:43.839> can<00:10:44.000> borrow<00:10:44.240> that

might think okay but we can borrow that

might think okay but we can borrow that money<00:10:44.640> and<00:10:44.720> then<00:10:44.880> it'll<00:10:44.959> be<00:10:45.120> easier<00:10:45.440> for<00:10:45.519> us<00:10:45.680> to

money and then it'll be easier for us to

money and then it'll be easier for us to get<00:10:45.920> mortgages<00:10:46.640> and<00:10:46.800> then<00:10:47.279> it'll<00:10:47.440> be<00:10:47.600> easier

get mortgages and then it'll be easier

get mortgages and then it'll be easier for<00:10:47.920> us<00:10:48.000> to<00:10:48.079> buy<00:10:48.240> houses<00:10:49.200> but<00:10:49.440> remember

for us to buy houses but remember

for us to buy houses but remember if<00:10:50.640> you<00:10:50.800> can<00:10:50.959> borrow<00:10:51.200> more<00:10:51.360> money<00:10:51.519> from<00:10:51.680> the

if you can borrow more money from the

if you can borrow more money from the rich<00:10:52.079> then<00:10:52.399> so<00:10:52.640> can<00:10:53.040> everybody<00:10:53.600> else<00:10:54.240> and<00:10:54.399> what

rich then so can everybody else and what

rich then so can everybody else and what this<00:10:54.800> means<00:10:55.120> is<00:10:55.360> you<00:10:55.600> are<00:10:55.680> competing<00:10:56.160> with

this means is you are competing with

this means is you are competing with people<00:10:56.640> who<00:10:56.880> can<00:10:57.200> borrow<00:10:57.920> huge<00:10:58.160> amounts<00:10:58.720> from

people who can borrow huge amounts from

people who can borrow huge amounts from the<00:10:59.040> rich<00:10:59.760> which<00:11:00.000> means<00:11:00.800> you<00:11:01.360> have<00:11:01.600> to<00:11:01.680> borrow

the rich which means you have to borrow

the rich which means you have to borrow huge<00:11:02.160> amounts<00:11:02.399> in<00:11:02.480> the<00:11:02.560> rich<00:11:02.959> and

huge amounts in the rich and

huge amounts in the rich and increasingly<00:11:03.680> we're<00:11:03.839> seeing<00:11:04.079> a<00:11:04.160> situation

increasingly we're seeing a situation

increasingly we're seeing a situation where<00:11:05.360> for<00:11:05.519> ordinary<00:11:06.000> people<00:11:06.640> the<00:11:06.800> only<00:11:07.040> way

where for ordinary people the only way

where for ordinary people the only way to<00:11:07.360> get<00:11:07.519> a<00:11:07.600> house<00:11:08.240> is<00:11:08.399> to<00:11:08.480> borrow<00:11:08.959> really<00:11:09.360> truly

to get a house is to borrow really truly

to get a house is to borrow really truly enormous<00:11:10.160> amounts<00:11:10.480> of<00:11:10.560> money<00:11:10.800> especially

enormous amounts of money especially

enormous amounts of money especially here<00:11:11.279> in<00:11:11.360> london<00:11:12.000> you<00:11:12.160> have<00:11:12.480> young<00:11:12.720> people

here in london you have young people

here in london you have young people borrowing<00:11:13.360> half<00:11:13.600> a<00:11:13.680> million<00:11:14.079> pounds<00:11:14.720> to<00:11:14.880> buy<00:11:15.040> a

borrowing half a million pounds to buy a

borrowing half a million pounds to buy a house<00:11:15.839> so<00:11:16.000> if<00:11:16.160> rich<00:11:16.399> people<00:11:16.640> accumulate<00:11:17.040> huge

house so if rich people accumulate huge

house so if rich people accumulate huge amounts<00:11:17.519> of<00:11:17.680> cash<00:11:18.160> they<00:11:18.320> use<00:11:18.480> that<00:11:18.720> to<00:11:18.959> buy

amounts of cash they use that to buy

amounts of cash they use that to buy assets<00:11:20.160> and<00:11:20.399> indirectly<00:11:21.120> force

assets and indirectly force

assets and indirectly force ordinary<00:11:22.480> people<00:11:23.200> into<00:11:23.519> debt<00:11:23.920> in<00:11:24.000> order<00:11:24.240> to<00:11:24.320> do

ordinary people into debt in order to do

ordinary people into debt in order to do simple<00:11:24.800> things<00:11:25.360> like<00:11:25.600> buy<00:11:25.839> a<00:11:25.920> house

simple things like buy a house

simple things like buy a house so<00:11:27.040> that<00:11:27.200> money<00:11:27.440> is<00:11:27.600> used<00:11:27.760> to<00:11:28.000> push<00:11:28.240> up<00:11:28.399> asset

so that money is used to push up asset

so that money is used to push up asset prices<00:11:29.440> and<00:11:29.680> also<00:11:30.079> drive<00:11:30.560> ordinary<00:11:31.120> families

prices and also drive ordinary families

prices and also drive ordinary families out<00:11:32.079> of<00:11:32.160> being<00:11:32.399> able<00:11:32.720> to<00:11:32.880> own<00:11:33.200> assets

out of being able to own assets

out of being able to own assets but<00:11:35.120> there's<00:11:35.360> another<00:11:35.760> problem

but there's another problem

but there's another problem with<00:11:37.920> these<00:11:38.079> cash<00:11:38.399> flows<00:11:38.720> of<00:11:38.880> inequality

with these cash flows of inequality

with these cash flows of inequality which<00:11:39.760> has<00:11:39.839> become<00:11:40.160> much<00:11:40.320> more<00:11:40.480> obvious

which has become much more obvious

which has become much more obvious during<00:11:41.040> coping

during coping

during coping the<00:11:42.320> cash<00:11:42.560> flows<00:11:42.800> that<00:11:42.880> go<00:11:43.040> from<00:11:43.279> ordinary

the cash flows that go from ordinary

the cash flows that go from ordinary people<00:11:44.000> to<00:11:44.160> rich<00:11:44.399> people

people to rich people

people to rich people many<00:11:45.600> of<00:11:45.680> them<00:11:45.920> are<00:11:46.079> legal<00:11:46.480> obligations<00:11:47.519> you

many of them are legal obligations you

many of them are legal obligations you have<00:11:47.839> to<00:11:48.000> pay<00:11:48.160> your<00:11:48.320> rent<00:11:48.720> you<00:11:48.880> have<00:11:49.040> to<00:11:49.200> pay<00:11:49.360> a

have to pay your rent you have to pay a

have to pay your rent you have to pay a mortgage<00:11:50.000> you<00:11:50.160> have<00:11:50.320> to<00:11:50.399> pay<00:11:50.639> your<00:11:50.720> bills

mortgage you have to pay your bills

mortgage you have to pay your bills but<00:11:51.839> the<00:11:52.000> cash<00:11:52.240> flows<00:11:52.480> that<00:11:52.560> come<00:11:52.800> back<00:11:53.040> round

but the cash flows that come back round

but the cash flows that come back round especially<00:11:54.240> luxury<00:11:54.639> spending<00:11:55.519> is<00:11:55.760> basically

especially luxury spending is basically

especially luxury spending is basically totally<00:11:56.720> optional<00:11:57.600> for<00:11:57.760> wealthy<00:11:58.160> people

totally optional for wealthy people

totally optional for wealthy people what<00:11:59.440> this<00:11:59.680> means<00:12:00.000> is<00:12:00.160> in<00:12:00.320> a<00:12:00.399> sense<00:12:01.120> wealthy

what this means is in a sense wealthy

what this means is in a sense wealthy people<00:12:01.760> have<00:12:01.839> a<00:12:01.920> stranglehold<00:12:02.560> on<00:12:02.639> the

people have a stranglehold on the

people have a stranglehold on the economy<00:12:03.680> you<00:12:04.000> need<00:12:04.240> their<00:12:04.480> money<00:12:04.880> to<00:12:05.040> pay<00:12:05.200> your

economy you need their money to pay your

economy you need their money to pay your bills<00:12:06.160> but<00:12:06.320> they<00:12:06.480> have<00:12:06.639> the<00:12:06.800> complete<00:12:07.120> choice

bills but they have the complete choice

bills but they have the complete choice whether<00:12:07.600> to<00:12:07.760> give<00:12:07.920> you<00:12:08.000> their<00:12:08.160> money<00:12:08.480> or<00:12:08.720> not

whether to give you their money or not

whether to give you their money or not and<00:12:09.680> we<00:12:09.920> saw<00:12:10.079> this<00:12:10.240> during<00:12:10.480> covert<00:12:10.959> when

and we saw this during covert when

and we saw this during covert when suddenly<00:12:11.519> rich<00:12:11.680> people<00:12:11.920> were<00:12:12.079> not<00:12:12.240> allowed<00:12:12.800> to

suddenly rich people were not allowed to

suddenly rich people were not allowed to live<00:12:13.120> lives<00:12:13.360> of<00:12:13.519> extreme<00:12:13.839> luxury<00:12:14.639> that<00:12:14.800> meant

live lives of extreme luxury that meant

live lives of extreme luxury that meant a<00:12:15.200> huge<00:12:15.519> number<00:12:15.760> of<00:12:15.920> people<00:12:16.720> completely<00:12:17.279> lost

a huge number of people completely lost

a huge number of people completely lost their<00:12:17.760> incomes<00:12:18.320> and<00:12:18.399> couldn't<00:12:18.720> pay<00:12:18.880> their

their incomes and couldn't pay their

their incomes and couldn't pay their bills

bills

bills and<00:12:20.320> this<00:12:20.480> could<00:12:20.639> happen<00:12:20.959> at<00:12:21.120> any<00:12:21.360> time

and this could happen at any time

and this could happen at any time basically<00:12:22.240> if<00:12:22.320> the<00:12:22.480> rich<00:12:22.800> at<00:12:22.959> any<00:12:23.120> time<00:12:23.600> decide

basically if the rich at any time decide

basically if the rich at any time decide to<00:12:24.079> suddenly<00:12:24.560> significantly<00:12:25.200> stop<00:12:25.360> spending

to suddenly significantly stop spending

to suddenly significantly stop spending money<00:12:26.399> it<00:12:26.480> will<00:12:26.639> cause<00:12:26.880> an<00:12:26.959> economic<00:12:27.360> disaster

money it will cause an economic disaster

money it will cause an economic disaster for<00:12:28.160> poor<00:12:28.320> and<00:12:28.399> ordinary<00:12:28.880> people<00:12:29.680> 2008<00:12:30.560> in

for poor and ordinary people 2008 in

for poor and ordinary people 2008 in many<00:12:30.880> ways<00:12:31.040> was<00:12:31.200> a<00:12:31.279> similar<00:12:31.680> crisis

many ways was a similar crisis

many ways was a similar crisis when<00:12:32.800> we<00:12:32.959> have<00:12:33.040> this<00:12:33.200> situation<00:12:34.320> where

when we have this situation where

when we have this situation where ordinary<00:12:35.040> people<00:12:35.440> continually<00:12:36.079> have<00:12:36.160> to<00:12:36.320> turn

ordinary people continually have to turn

ordinary people continually have to turn money<00:12:36.800> to<00:12:36.880> the<00:12:37.040> rich<00:12:37.680> and<00:12:37.760> the<00:12:37.920> rich<00:12:38.160> can

money to the rich and the rich can

money to the rich and the rich can decide<00:12:38.720> whether<00:12:38.959> to<00:12:39.040> turn<00:12:39.279> money<00:12:39.519> back<00:12:40.079> our

decide whether to turn money back our

decide whether to turn money back our economy<00:12:40.639> is<00:12:40.880> always<00:12:41.360> on<00:12:41.440> the<00:12:41.600> verge<00:12:41.920> of

economy is always on the verge of

economy is always on the verge of collapse

collapse

collapse okay<00:12:44.480> so<00:12:44.720> to<00:12:44.880> conclude

okay so to conclude

okay so to conclude rich<00:12:46.399> families<00:12:47.200> keep<00:12:47.360> getting<00:12:47.600> richer

rich families keep getting richer

rich families keep getting richer because<00:12:48.560> you<00:12:48.880> have<00:12:49.120> to<00:12:49.279> give<00:12:49.519> them<00:12:50.000> basically

because you have to give them basically

because you have to give them basically your<00:12:50.880> entire<00:12:51.200> paycheck<00:12:51.760> every<00:12:52.079> month

your entire paycheck every month

your entire paycheck every month it's<00:12:53.040> no<00:12:53.200> more<00:12:53.360> complicated<00:12:53.839> than<00:12:54.000> that<00:12:54.560> that

it's no more complicated than that that

it's no more complicated than that that means<00:12:55.040> they<00:12:55.200> accumulate<00:12:55.680> a<00:12:55.839> huge<00:12:56.079> amount<00:12:56.320> of

means they accumulate a huge amount of

means they accumulate a huge amount of money<00:12:57.120> from<00:12:57.440> you<00:12:57.839> your<00:12:58.079> family<00:12:58.399> and<00:12:58.560> your

money from you your family and your

money from you your family and your community<00:12:59.279> every<00:12:59.519> month<00:12:59.920> every<00:13:00.160> year<00:13:00.880> they

community every month every year they

community every month every year they use<00:13:01.360> that<00:13:01.519> money<00:13:02.000> to<00:13:02.160> buy<00:13:02.399> your<00:13:02.639> assets<00:13:03.040> and

use that money to buy your assets and

use that money to buy your assets and put<00:13:03.279> you<00:13:03.440> into<00:13:03.760> debt<00:13:04.480> what<00:13:04.639> that<00:13:04.880> means<00:13:05.200> is<00:13:05.440> if

put you into debt what that means is if

put you into debt what that means is if you<00:13:05.680> don't<00:13:05.839> do<00:13:06.000> anything<00:13:06.240> about<00:13:06.639> it<00:13:06.959> they<00:13:07.120> will

you don't do anything about it they will

you don't do anything about it they will get<00:13:07.440> richer<00:13:07.839> and<00:13:08.000> richer<00:13:08.399> and<00:13:08.480> richer<00:13:08.800> and

get richer and richer and richer and

get richer and richer and richer and richer<00:13:09.440> and<00:13:09.680> ordinary<00:13:10.160> people<00:13:10.560> will<00:13:10.720> get

richer and ordinary people will get

richer and ordinary people will get poorer<00:13:11.279> and<00:13:11.440> poorer<00:13:11.760> and<00:13:11.920> poorer<00:13:12.240> and<00:13:12.399> poorer

poorer and poorer and poorer and poorer

poorer and poorer and poorer and poorer the<00:13:13.440> consequences<00:13:14.079> of<00:13:14.160> that<00:13:14.399> are<00:13:14.480> exactly<00:13:14.800> the

the consequences of that are exactly the

the consequences of that are exactly the kind<00:13:15.040> of<00:13:15.120> consequences<00:13:15.680> we're<00:13:15.920> seeing<00:13:16.160> now<00:13:16.800> if

kind of consequences we're seeing now if

kind of consequences we're seeing now if these<00:13:17.200> guys<00:13:17.440> are<00:13:17.600> super<00:13:17.920> rich<00:13:18.399> and<00:13:18.560> the<00:13:18.639> rest

these guys are super rich and the rest

these guys are super rich and the rest of<00:13:19.040> us<00:13:19.200> are<00:13:19.360> super<00:13:19.600> poor<00:13:20.160> then<00:13:20.480> they<00:13:20.639> will

of us are super poor then they will

of us are super poor then they will consume<00:13:21.200> all<00:13:21.360> the<00:13:21.440> natural<00:13:21.760> resources<00:13:22.639> which

consume all the natural resources which

consume all the natural resources which means<00:13:23.200> that<00:13:23.839> we<00:13:24.079> will<00:13:24.240> not<00:13:24.399> be<00:13:24.480> able<00:13:24.560> to<00:13:24.639> afford

means that we will not be able to afford

means that we will not be able to afford basic<00:13:25.360> things<00:13:25.600> like<00:13:25.839> food<00:13:26.399> and<00:13:26.560> heating

basic things like food and heating

basic things like food and heating so

so

so this<00:13:28.639> is<00:13:28.720> a<00:13:28.880> really<00:13:29.120> significant<00:13:29.600> problem<00:13:30.320> and

this is a really significant problem and

this is a really significant problem and in<00:13:30.560> the<00:13:30.800> absence<00:13:31.200> of<00:13:31.360> any<00:13:31.519> action<00:13:31.760> against<00:13:32.079> it

in the absence of any action against it

in the absence of any action against it it<00:13:32.320> will<00:13:32.399> get<00:13:32.560> worse<00:13:32.880> and<00:13:32.959> worse<00:13:33.839> you<00:13:33.920> know

it will get worse and worse you know

it will get worse and worse you know it's<00:13:34.480> kind<00:13:34.720> of<00:13:34.880> like<00:13:35.360> a<00:13:35.519> cancer<00:13:36.160> in<00:13:36.320> our

it's kind of like a cancer in our

it's kind of like a cancer in our society<00:13:37.519> it<00:13:37.680> will<00:13:37.839> only<00:13:38.240> grow<00:13:38.880> if<00:13:39.040> we<00:13:39.120> don't<00:13:39.279> do

society it will only grow if we don't do

society it will only grow if we don't do anything<00:13:39.680> about<00:13:40.000> it<00:13:40.560> and<00:13:40.720> what<00:13:40.959> covert<00:13:41.360> has

anything about it and what covert has

anything about it and what covert has shown<00:13:41.760> us

shown us

shown us is<00:13:42.800> it's<00:13:42.959> created<00:13:43.360> a<00:13:43.519> massive<00:13:44.000> massive

is it's created a massive massive

is it's created a massive massive increase<00:13:44.800> in<00:13:44.880> inequality<00:13:45.600> in<00:13:45.680> a<00:13:45.760> very<00:13:46.079> short

increase in inequality in a very short

increase in inequality in a very short period<00:13:46.560> of<00:13:46.720> time<00:13:47.360> and<00:13:47.519> it's<00:13:47.680> showing<00:13:48.079> us

period of time and it's showing us

period of time and it's showing us really<00:13:48.560> clearly<00:13:48.880> what<00:13:49.040> the<00:13:49.120> consequences<00:13:49.680> of

really clearly what the consequences of

really clearly what the consequences of that<00:13:50.000> are<00:13:50.560> if<00:13:50.800> inequality<00:13:51.279> gets<00:13:51.680> massively

that are if inequality gets massively

that are if inequality gets massively bigger<00:13:53.040> then<00:13:53.279> ordinary<00:13:53.839> people

bigger then ordinary people

bigger then ordinary people will<00:13:54.880> see<00:13:55.040> their<00:13:55.120> quality<00:13:55.360> of<00:13:55.440> life<00:13:55.680> decrease

will see their quality of life decrease

will see their quality of life decrease house<00:13:56.800> prices<00:13:57.120> will<00:13:57.199> go<00:13:57.360> up<00:13:57.440> which<00:13:57.600> will<00:13:57.680> mean

house prices will go up which will mean

house prices will go up which will mean ordinary<00:13:58.240> people<00:13:58.480> can't<00:13:58.639> afford<00:13:58.880> to<00:13:58.959> buy

ordinary people can't afford to buy

ordinary people can't afford to buy houses<00:13:59.760> and<00:13:59.920> increasingly<00:14:00.560> if<00:14:00.639> you<00:14:00.800> do<00:14:00.959> want<00:14:01.120> a

houses and increasingly if you do want a

houses and increasingly if you do want a house<00:14:01.519> you<00:14:01.680> have<00:14:01.760> to<00:14:01.839> take<00:14:02.000> massive<00:14:02.320> amounts

house you have to take massive amounts

house you have to take massive amounts of<00:14:02.800> debt

of debt

of debt so

so

so covert<00:14:05.040> has<00:14:05.120> made<00:14:05.360> it<00:14:05.600> really<00:14:06.000> clear<00:14:06.480> what

covert has made it really clear what

covert has made it really clear what happens<00:14:06.959> when<00:14:07.120> inequality<00:14:07.600> increases<00:14:08.480> but<00:14:08.639> i

happens when inequality increases but i

happens when inequality increases but i think<00:14:08.880> what<00:14:09.040> i<00:14:09.120> want<00:14:09.199> to<00:14:09.279> make<00:14:09.440> clear<00:14:09.680> in<00:14:09.760> this

think what i want to make clear in this

think what i want to make clear in this video<00:14:10.639> is<00:14:10.800> in<00:14:10.880> the<00:14:11.040> absence<00:14:11.360> of<00:14:11.519> any<00:14:11.680> action

video is in the absence of any action

video is in the absence of any action against<00:14:12.320> it<00:14:12.639> that<00:14:12.880> will<00:14:12.959> get<00:14:13.199> worse<00:14:13.440> and<00:14:13.600> worse

against it that will get worse and worse

against it that will get worse and worse and<00:14:14.000> worse<00:14:14.320> over<00:14:14.480> time<00:14:15.199> because<00:14:15.360> as

and worse over time because as

and worse over time because as inequality<00:14:16.079> increases

inequality increases

inequality increases fewer<00:14:17.440> of<00:14:17.600> us<00:14:17.760> own<00:14:18.000> assets<00:14:18.399> which<00:14:18.560> means<00:14:18.800> we

fewer of us own assets which means we

fewer of us own assets which means we have<00:14:19.040> to<00:14:19.120> pay<00:14:19.360> more<00:14:19.519> money<00:14:19.760> to<00:14:19.920> them<00:14:20.240> which

have to pay more money to them which

have to pay more money to them which means<00:14:20.560> they<00:14:20.720> will<00:14:20.800> get<00:14:20.959> richer<00:14:21.360> which<00:14:21.519> means

means they will get richer which means

means they will get richer which means they<00:14:21.920> will<00:14:22.000> buy<00:14:22.399> more<00:14:22.560> of<00:14:22.800> our<00:14:22.959> assets

they will buy more of our assets

they will buy more of our assets to<00:14:25.120> conclude<00:14:26.079> rich<00:14:26.320> people<00:14:26.560> get<00:14:26.720> richer

to conclude rich people get richer

to conclude rich people get richer because<00:14:27.360> we<00:14:27.600> give<00:14:27.760> them<00:14:28.240> all<00:14:28.399> of<00:14:28.560> our<00:14:28.720> money

because we give them all of our money

because we give them all of our money they<00:14:29.440> use<00:14:29.600> that<00:14:29.760> money<00:14:30.240> to<00:14:30.320> make<00:14:30.480> themselves

they use that money to make themselves

they use that money to make themselves richer<00:14:31.360> and<00:14:31.519> us<00:14:31.760> poorer<00:14:32.160> if<00:14:32.320> we<00:14:32.399> don't<00:14:32.560> do

richer and us poorer if we don't do

richer and us poorer if we don't do anything<00:14:32.959> about<00:14:33.199> it<00:14:33.519> things<00:14:33.760> will<00:14:33.839> get<00:14:34.000> worse

anything about it things will get worse

anything about it things will get worse and<00:14:34.320> worse<00:14:34.639> and<00:14:34.720> worse<00:14:35.279> so<00:14:35.440> i<00:14:35.600> would<00:14:35.760> encourage

and worse and worse so i would encourage

and worse and worse so i would encourage you<00:14:36.240> please<00:14:36.480> to<00:14:36.639> support<00:14:36.959> me<00:14:37.199> and<00:14:37.279> this

you please to support me and this

you please to support me and this channel<00:14:38.000> in<00:14:38.079> pushing<00:14:38.399> politicians<00:14:39.120> to<00:14:39.279> make<00:14:39.440> a

channel in pushing politicians to make a

channel in pushing politicians to make a wealth<00:14:39.760> tax<00:14:40.000> happen<00:14:40.480> to<00:14:40.639> make<00:14:40.800> things<00:14:41.120> more

wealth tax happen to make things more

wealth tax happen to make things more equal<00:14:41.519> going<00:14:41.760> forward<00:14:42.480> thank<00:14:42.639> you

equal going forward thank you

equal going forward thank you yeah

yeah

yeah okay<00:14:46.639> then<00:14:46.800> we<00:14:46.880> are<00:14:47.120> done

you<00:14:52.240> cannot<00:14:52.560> be<00:14:52.720> surprised<00:14:53.040> when<00:14:53.120> these

you cannot be surprised when these

you cannot be surprised when these people<00:14:53.519> turn<00:14:53.760> to<00:14:53.839> crime<00:14:54.560> and<00:14:54.639> these<00:14:54.800> people

people turn to crime and these people

people turn to crime and these people turn<00:14:55.199> to<00:14:55.360> dangerous<00:14:55.920> means<00:14:56.160> of<00:14:56.320> getting<00:14:56.560> it<00:14:56.720> if

turn to dangerous means of getting it if

turn to dangerous means of getting it if the<00:14:56.880> best<00:14:57.120> people<00:14:57.519> were<00:14:57.680> in<00:14:57.760> the<00:14:57.839> best<00:14:58.079> jobs

the best people were in the best jobs

the best people were in the best jobs then<00:14:58.639> they've<00:14:58.800> come<00:14:58.880> from<00:14:59.120> all<00:14:59.199> throughout

then they've come from all throughout

then they've come from all throughout society<00:15:00.240> but<00:15:00.399> right<00:15:00.560> now<00:15:00.720> they<00:15:00.880> all<00:15:00.959> come<00:15:01.120> from

society but right now they all come from

society but right now they all come from the<00:15:01.279> same<00:15:01.519> schools<00:15:01.920> and<00:15:02.000> the<00:15:02.079> same<00:15:02.320> families

[Music]