eight<00:00:04.000> minutes<00:00:04.240> past<00:00:04.480> 10<00:00:04.640> gary<00:00:04.960> stevenson<00:00:05.440> is

eight minutes past 10 gary stevenson is

eight minutes past 10 gary stevenson is an<00:00:05.680> economist<00:00:06.160> who<00:00:06.319> focuses<00:00:06.879> on<00:00:07.120> inequality

an economist who focuses on inequality

an economist who focuses on inequality a<00:00:08.320> former<00:00:08.720> trader<00:00:09.679> who<00:00:09.840> retired<00:00:10.320> from<00:00:10.480> the

a former trader who retired from the

a former trader who retired from the city<00:00:11.040> as<00:00:11.280> a<00:00:11.559> multi-millionaire

city as a multi-millionaire

city as a multi-millionaire aged<00:00:13.759> 27<00:00:15.280> after<00:00:15.519> correctly<00:00:16.000> predicting<00:00:16.400> that

aged 27 after correctly predicting that

aged 27 after correctly predicting that the<00:00:16.720> 2008<00:00:17.600> financial<00:00:18.080> crash

the 2008 financial crash

the 2008 financial crash would<00:00:19.119> happen<00:00:19.600> mr<00:00:19.920> stevenson<00:00:20.320> thank<00:00:20.480> you<00:00:20.560> for

would happen mr stevenson thank you for

would happen mr stevenson thank you for joining<00:00:20.880> the<00:00:20.960> program<00:00:21.279> tonight

joining the program tonight

joining the program tonight thanks<00:00:22.720> for<00:00:22.880> having<00:00:23.039> me<00:00:23.199> tom<00:00:24.000> who's<00:00:24.320> going<00:00:24.560> to

thanks for having me tom who's going to

thanks for having me tom who's going to pay<00:00:24.960> for<00:00:25.119> all<00:00:25.279> of<00:00:25.359> this

pay for all of this

pay for all of this well<00:00:27.840> you<00:00:28.000> said<00:00:28.240> a<00:00:28.320> very<00:00:28.480> interesting<00:00:28.800> thing

well you said a very interesting thing

well you said a very interesting thing their<00:00:29.279> introduction<00:00:29.760> which<00:00:29.920> was<00:00:30.080> that<00:00:30.320> uh

their introduction which was that uh

their introduction which was that uh we're<00:00:31.119> breaking<00:00:31.519> all<00:00:31.599> the<00:00:31.760> rules<00:00:32.000> this<00:00:32.160> time

we're breaking all the rules this time

we're breaking all the rules this time and<00:00:32.880> uh<00:00:33.120> i<00:00:33.280> think<00:00:33.520> that<00:00:33.840> really

and uh i think that really

and uh i think that really sums<00:00:34.800> up<00:00:34.960> quite<00:00:35.200> well<00:00:35.680> because<00:00:36.800> what<00:00:36.960> is

sums up quite well because what is

sums up quite well because what is happening<00:00:37.440> right<00:00:37.680> now<00:00:38.000> with

happening right now with

happening right now with government<00:00:39.200> borrowing<00:00:40.160> is<00:00:40.559> very<00:00:40.879> very

government borrowing is very very

government borrowing is very very different<00:00:41.360> from<00:00:41.520> what<00:00:41.680> normally<00:00:42.000> happens

different from what normally happens

different from what normally happens with<00:00:42.399> government<00:00:42.640> borrowing

with government borrowing

with government borrowing now<00:00:43.920> normally<00:00:44.320> when<00:00:44.399> the<00:00:44.480> government<00:00:44.800> needs

now normally when the government needs

now normally when the government needs money<00:00:45.840> goes<00:00:46.160> out<00:00:46.320> and<00:00:46.399> borrows<00:00:46.800> from<00:00:47.120> wealthy

money goes out and borrows from wealthy

money goes out and borrows from wealthy investors

investors

investors pension<00:00:48.960> funds<00:00:49.440> maybe<00:00:49.680> foreign<00:00:50.000> governments

pension funds maybe foreign governments

pension funds maybe foreign governments this<00:00:51.280> time<00:00:51.440> that's<00:00:51.680> not<00:00:51.760> happening

this time that's not happening

this time that's not happening all<00:00:53.600> the<00:00:53.760> money<00:00:54.160> that<00:00:54.320> the<00:00:54.399> government<00:00:54.719> has

all the money that the government has

all the money that the government has borrowed<00:00:55.199> to<00:00:55.360> deal<00:00:55.520> with<00:00:55.680> the<00:00:56.000> covert<00:00:56.399> crisis

borrowed to deal with the covert crisis

borrowed to deal with the covert crisis so<00:00:57.039> far

so far

so far has<00:00:58.239> been<00:00:58.399> borrowed<00:00:59.199> from<00:00:59.359> the<00:00:59.440> bank<00:00:59.680> of

has been borrowed from the bank of

has been borrowed from the bank of england<00:01:00.879> and<00:01:01.039> the<00:01:01.120> bank<00:01:01.359> of<00:01:01.520> england<00:01:01.920> as<00:01:02.079> you

england and the bank of england as you

england and the bank of england as you know

know

know is<00:01:03.199> essentially<00:01:04.080> a<00:01:04.239> government<00:01:04.640> institution

is essentially a government institution

is essentially a government institution an<00:01:05.840> independent<00:01:06.400> one

an independent one

an independent one it's<00:01:06.960> another<00:01:07.439> one<00:01:09.280> the<00:01:09.439> bank<00:01:09.680> of<00:01:09.840> england<00:01:10.240> has

it's another one the bank of england has

it's another one the bank of england has got<00:01:10.640> this<00:01:10.840> money<00:01:11.840> by<00:01:12.080> printing<00:01:12.479> it

got this money by printing it

got this money by printing it and<00:01:13.520> that's<00:01:13.760> what<00:01:14.000> taking<00:01:14.240> a<00:01:14.320> bit<00:01:14.400> of<00:01:14.560> time<00:01:14.799> to

and that's what taking a bit of time to

and that's what taking a bit of time to think<00:01:15.119> about<00:01:15.360> here

think about here

think about here you<00:01:16.240> know<00:01:16.880> this<00:01:17.040> is<00:01:17.200> little<00:01:18.080> quantitative

you know this is little quantitative

you know this is little quantitative easing<00:01:18.960> right<00:01:19.119> we're<00:01:19.280> just<00:01:19.520> we're<00:01:19.759> just

easing right we're just we're just

easing right we're just we're just printing<00:01:20.320> the<00:01:20.479> cash<00:01:20.720> to<00:01:20.799> keep<00:01:20.960> the<00:01:21.040> cash

printing the cash to keep the cash

printing the cash to keep the cash coming

coming

coming yeah<00:01:22.960> exactly<00:01:23.520> the<00:01:23.680> bank<00:01:23.920> of<00:01:24.080> england<00:01:24.320> but<00:01:24.640> the

yeah exactly the bank of england but the

yeah exactly the bank of england but the bank<00:01:24.960> of<00:01:25.119> england<00:01:25.280> is<00:01:25.360> printing<00:01:25.759> money

bank of england is printing money

bank of england is printing money just<00:01:26.400> like<00:01:26.560> it<00:01:26.640> did<00:01:26.799> after<00:01:27.040> 2008<00:01:27.920> but<00:01:28.240> this

just like it did after 2008 but this

just like it did after 2008 but this time<00:01:28.640> the<00:01:28.799> amount<00:01:29.040> of<00:01:29.119> money<00:01:29.360> the<00:01:29.439> bank<00:01:29.600> of

time the amount of money the bank of

time the amount of money the bank of england<00:01:29.920> is<00:01:30.079> printing

england is printing

england is printing is<00:01:31.600> pretty<00:01:31.840> much<00:01:32.159> exactly<00:01:32.560> the<00:01:32.720> same<00:01:32.960> as<00:01:33.119> the

is pretty much exactly the same as the

is pretty much exactly the same as the amount<00:01:33.520> of<00:01:33.600> money<00:01:34.000> the<00:01:34.079> government<00:01:34.400> is

amount of money the government is

amount of money the government is spending

spending

spending which<00:01:35.520> means<00:01:35.840> essentially<00:01:36.400> all<00:01:36.640> of<00:01:36.720> this

which means essentially all of this

which means essentially all of this money<00:01:37.200> is<00:01:37.360> coming<00:01:37.840> from

money is coming from

money is coming from government<00:01:38.720> printing<00:01:39.360> now<00:01:39.680> that<00:01:40.000> puts<00:01:40.240> us<00:01:40.400> in

government printing now that puts us in

government printing now that puts us in a<00:01:40.560> very<00:01:40.880> interesting<00:01:41.280> situation

a very interesting situation

a very interesting situation is<00:01:42.079> as<00:01:42.240> you<00:01:42.399> say<00:01:43.040> breaking<00:01:43.439> all<00:01:43.600> the<00:01:43.680> rules

is as you say breaking all the rules

is as you say breaking all the rules when<00:01:44.799> you<00:01:44.880> start<00:01:45.119> funding<00:01:45.360> with<00:01:45.600> printed

when you start funding with printed

when you start funding with printed money

money

money it<00:01:47.119> really<00:01:47.360> raises<00:01:47.680> the<00:01:47.840> question<00:01:49.119> do<00:01:49.280> you<00:01:49.439> pay

it really raises the question do you pay

it really raises the question do you pay it<00:01:49.680> back

it back

it back yep<00:01:50.640> because<00:01:51.040> the<00:01:51.200> government<00:01:51.680> here<00:01:52.159> is<00:01:52.880> it's

yep because the government here is it's

yep because the government here is it's printing<00:01:53.520> the<00:01:53.600> money

printing the money

printing the money it's<00:01:54.240> borrowing<00:01:54.479> it<00:01:54.560> from<00:01:54.640> the<00:01:54.720> bank<00:01:54.960> of

it's borrowing it from the bank of

it's borrowing it from the bank of england<00:01:55.520> but<00:01:55.680> the<00:01:55.759> bank<00:01:56.000> of<00:01:56.079> england<00:01:56.320> is

england but the bank of england is

england but the bank of england is printing<00:01:56.799> it

printing it

printing it and<00:01:57.600> in<00:01:57.680> the<00:01:57.759> past<00:01:58.079> whenever<00:01:58.399> we've<00:01:58.560> seen

and in the past whenever we've seen

and in the past whenever we've seen governments<00:01:59.200> do<00:01:59.360> this<00:01:59.759> the<00:01:59.920> money<00:02:00.240> does<00:02:00.479> not

governments do this the money does not

governments do this the money does not get<00:02:00.799> paid<00:02:01.040> back

get paid back

get paid back and<00:02:01.840> interestingly<00:02:02.399> the<00:02:02.479> government<00:02:02.960> the

and interestingly the government the

and interestingly the government the money<00:02:03.360> does<00:02:03.520> not<00:02:03.759> have<00:02:03.920> to<00:02:04.079> be<00:02:04.240> paid<00:02:04.479> back

money does not have to be paid back

money does not have to be paid back because<00:02:05.520> the<00:02:05.680> money<00:02:06.000> is<00:02:06.159> being<00:02:06.320> borrowed<00:02:06.719> from

because the money is being borrowed from

because the money is being borrowed from another<00:02:07.280> branch<00:02:07.520> of<00:02:07.600> government

another branch of government

another branch of government you<00:02:08.560> don't<00:02:08.720> have<00:02:08.800> to<00:02:08.879> pay<00:02:09.039> any<00:02:09.280> interest<00:02:09.679> on<00:02:09.840> it

you don't have to pay any interest on it

you don't have to pay any interest on it and<00:02:10.640> in<00:02:10.879> all<00:02:11.039> the<00:02:11.120> time<00:02:11.280> this<00:02:11.520> has<00:02:11.599> been<00:02:11.680> done

and in all the time this has been done

and in all the time this has been done in<00:02:12.000> the<00:02:12.080> past

in the past

in the past we've<00:02:12.879> been<00:02:13.040> doing<00:02:13.280> it<00:02:13.760> for<00:02:14.319> more<00:02:14.480> than<00:02:14.640> 10

we've been doing it for more than 10

we've been doing it for more than 10 years<00:02:14.959> now<00:02:15.200> many<00:02:15.440> countries<00:02:15.760> have

years now many countries have

years now many countries have when<00:02:16.640> it<00:02:16.720> has<00:02:16.800> come<00:02:16.959> to<00:02:17.120> maturity<00:02:17.920> the<00:02:18.080> central

when it has come to maturity the central

when it has come to maturity the central banker<00:02:18.720> said<00:02:18.959> okay

banker said okay

banker said okay have<00:02:19.680> another<00:02:20.000> 10<00:02:20.160> years<00:02:20.560> and<00:02:20.640> they've

have another 10 years and they've

have another 10 years and they've continued<00:02:21.280> to<00:02:21.360> allow<00:02:21.520> it<00:02:21.599> to<00:02:21.680> be<00:02:21.840> extended<00:02:22.319> so

continued to allow it to be extended so

continued to allow it to be extended so you<00:02:22.640> know

you know

you know really<00:02:23.920> what<00:02:24.160> is<00:02:24.319> a<00:02:24.400> debt<00:02:24.800> if<00:02:25.040> you<00:02:25.120> don't<00:02:25.280> have

really what is a debt if you don't have

really what is a debt if you don't have to<00:02:25.440> pay<00:02:25.599> any<00:02:25.760> interest<00:02:26.160> and<00:02:26.319> you<00:02:26.400> never<00:02:26.640> have

to pay any interest and you never have

to pay any interest and you never have to<00:02:26.800> pay<00:02:26.959> it<00:02:27.040> back

to pay it back

to pay it back so<00:02:28.480> but<00:02:28.640> the<00:02:28.959> the<00:02:29.599> yes<00:02:29.920> it<00:02:30.080> depends<00:02:30.720> i<00:02:30.879> guess

so but the the yes it depends i guess

so but the the yes it depends i guess what<00:02:32.000> proportion<00:02:32.560> of<00:02:32.720> the<00:02:32.879> amount<00:02:33.200> that<00:02:33.280> we

what proportion of the amount that we

what proportion of the amount that we are<00:02:33.599> borrowing<00:02:34.000> at<00:02:34.160> nearly<00:02:34.400> a<00:02:34.480> billion<00:02:34.800> quid<00:02:34.959> a

are borrowing at nearly a billion quid a

are borrowing at nearly a billion quid a day

day

day is<00:02:35.519> being<00:02:35.680> done<00:02:36.080> through<00:02:36.319> the<00:02:36.480> printing<00:02:36.800> of

is being done through the printing of

is being done through the printing of money<00:02:37.120> by<00:02:37.200> the<00:02:37.280> bank<00:02:37.440> of<00:02:37.599> england<00:02:37.840> because<00:02:38.080> we

money by the bank of england because we

money by the bank of england because we also

also

also the<00:02:39.200> country<00:02:39.519> does<00:02:39.760> borrow<00:02:40.000> and<00:02:40.080> it's<00:02:40.239> a

the country does borrow and it's a

the country does borrow and it's a question<00:02:40.560> that<00:02:40.720> a<00:02:40.800> lot<00:02:40.959> of<00:02:41.040> people<00:02:41.280> i<00:02:41.360> think

question that a lot of people i think

question that a lot of people i think ask<00:02:42.400> perfectly<00:02:42.800> legitimately<00:02:43.680> when<00:02:43.840> we<00:02:44.000> talk

ask perfectly legitimately when we talk

ask perfectly legitimately when we talk about<00:02:44.480> government<00:02:45.040> borrowing

about government borrowing

about government borrowing who<00:02:46.400> are<00:02:46.480> they<00:02:46.720> going<00:02:46.959> to<00:02:47.200> to<00:02:47.280> borrow<00:02:47.599> the

who are they going to to borrow the

who are they going to to borrow the money<00:02:48.000> from<00:02:48.480> who<00:02:48.640> do<00:02:48.720> they<00:02:48.879> ring<00:02:49.120> up<00:02:49.280> to<00:02:49.360> say

money from who do they ring up to say

money from who do they ring up to say okay<00:02:49.840> can<00:02:50.000> you<00:02:50.080> put<00:02:50.160> the<00:02:50.319> money<00:02:50.560> in<00:02:50.640> my<00:02:50.800> account

okay can you put the money in my account

okay can you put the money in my account by<00:02:51.360> thursday

by thursday

by thursday you<00:02:52.160> know<00:02:52.239> the<00:02:52.760> 258<00:02:53.760> billion<00:02:54.239> quid<00:02:54.480> that<00:02:54.640> are

you know the 258 billion quid that are

you know the 258 billion quid that are being<00:02:54.879> borrowed

being borrowed

being borrowed and<00:02:55.599> it's<00:02:55.840> normally<00:02:56.160> as<00:02:56.239> you<00:02:56.400> say<00:02:56.640> pension

and it's normally as you say pension

and it's normally as you say pension funds<00:02:57.519> and<00:02:57.920> other<00:02:58.159> nations<00:02:58.720> and

funds and other nations and

funds and other nations and but<00:03:00.879> this<00:03:01.120> time<00:03:01.360> you<00:03:01.519> say<00:03:01.680> that's<00:03:01.920> not

but this time you say that's not

but this time you say that's not happening<00:03:02.480> it's<00:03:02.640> coming<00:03:02.879> from<00:03:03.040> a<00:03:03.120> different

happening it's coming from a different

happening it's coming from a different source<00:03:03.760> and<00:03:03.920> the<00:03:04.080> source

source and the source

source and the source yeah<00:03:04.560> this<00:03:04.640> time<00:03:04.879> it's<00:03:05.120> us<00:03:05.440> yeah<00:03:05.599> it's<00:03:05.760> really

yeah this time it's us yeah it's really

yeah this time it's us yeah it's really it<00:03:06.400> matches<00:03:06.800> really<00:03:07.040> well<00:03:07.200> the<00:03:07.360> amount<00:03:07.519> of

it matches really well the amount of

it matches really well the amount of money<00:03:07.840> the<00:03:07.920> government's<00:03:08.319> borrowing

money the government's borrowing

money the government's borrowing in<00:03:08.959> this<00:03:09.200> crisis<00:03:09.760> the<00:03:09.920> amount<00:03:10.159> of<00:03:10.159> money<00:03:10.400> it's

in this crisis the amount of money it's

in this crisis the amount of money it's spending<00:03:11.040> its<00:03:11.200> deficit<00:03:11.680> spending<00:03:12.080> to<00:03:12.239> help

spending its deficit spending to help

spending its deficit spending to help deal<00:03:12.560> with<00:03:12.720> kobe

deal with kobe

deal with kobe is<00:03:13.599> almost<00:03:13.840> exactly<00:03:14.080> the<00:03:14.159> same<00:03:14.319> as<00:03:14.480> the<00:03:14.560> amount

is almost exactly the same as the amount

is almost exactly the same as the amount of<00:03:14.800> money<00:03:15.040> that<00:03:15.200> the<00:03:15.680> central<00:03:15.920> bank<00:03:16.159> is

of money that the central bank is

of money that the central bank is printing<00:03:16.560> which<00:03:16.800> in<00:03:16.879> this<00:03:16.959> case<00:03:17.120> i<00:03:17.200> think<00:03:17.360> is

printing which in this case i think is

printing which in this case i think is 300<00:03:17.840> billion<00:03:18.159> pounds

300 billion pounds

300 billion pounds an<00:03:19.040> enormous<00:03:20.000> amount<00:03:20.239> of<00:03:20.239> money<00:03:20.400> i<00:03:20.480> think<00:03:20.640> that

an enormous amount of money i think that

an enormous amount of money i think that works<00:03:20.959> out<00:03:21.120> something<00:03:21.440> like

works out something like

works out something like 5<00:03:22.480> 000<00:03:22.640> pounds<00:03:22.959> per<00:03:23.120> person<00:03:23.360> in<00:03:23.440> the<00:03:23.519> country

5 000 pounds per person in the country

5 000 pounds per person in the country huge<00:03:24.239> amount<00:03:24.400> of<00:03:24.400> money<00:03:24.799> so<00:03:24.959> it's<00:03:25.040> being

huge amount of money so it's being

huge amount of money so it's being printed

printed

printed by<00:03:26.000> the<00:03:26.080> government<00:03:26.480> what<00:03:26.640> that<00:03:26.799> means<00:03:27.120> by<00:03:27.280> the

by the government what that means by the

by the government what that means by the central<00:03:27.840> bank<00:03:28.080> which<00:03:28.239> is<00:03:28.319> essentially<00:03:28.720> part

central bank which is essentially part

central bank which is essentially part of<00:03:28.959> the<00:03:28.959> government

of the government

of the government what<00:03:30.000> that<00:03:30.159> means<00:03:30.840> is<00:03:31.840> it<00:03:31.920> will<00:03:32.080> not<00:03:32.239> be<00:03:32.319> paid

what that means is it will not be paid

what that means is it will not be paid back<00:03:32.720> yeah<00:03:32.879> i<00:03:32.959> used<00:03:33.040> to<00:03:33.120> work<00:03:33.280> in<00:03:33.360> financial

back yeah i used to work in financial

back yeah i used to work in financial markets<00:03:34.159> i<00:03:34.239> still<00:03:34.400> talk<00:03:34.560> to<00:03:34.640> people<00:03:34.879> in

markets i still talk to people in

markets i still talk to people in financial<00:03:35.360> markets

financial markets

financial markets everyone<00:03:36.560> in<00:03:36.640> financial<00:03:36.959> markets<00:03:37.360> knows<00:03:37.840> that

everyone in financial markets knows that

everyone in financial markets knows that money<00:03:38.480> is<00:03:38.560> not<00:03:38.799> being<00:03:38.959> paid<00:03:39.200> back

money is not being paid back

money is not being paid back really<00:03:40.000> which<00:03:40.239> raises<00:03:40.640> the<00:03:40.720> question<00:03:42.319> why

really which raises the question why

really which raises the question why don't<00:03:42.720> governments<00:03:43.040> do<00:03:43.200> this<00:03:43.360> all<00:03:43.440> the<00:03:43.519> time

don't governments do this all the time

don't governments do this all the time so<00:03:44.080> this<00:03:44.239> is<00:03:44.400> hang<00:03:44.560> on<00:03:44.640> a<00:03:44.720> second<00:03:44.879> so<00:03:45.120> gary<00:03:45.360> so

so this is hang on a second so gary so

so this is hang on a second so gary so so<00:03:45.840> you're<00:03:46.080> saying<00:03:46.239> that<00:03:46.400> the<00:03:46.480> people<00:03:46.720> that

so you're saying that the people that

so you're saying that the people that you're<00:03:46.959> speaking<00:03:47.200> to

you're speaking to

you're speaking to the<00:03:47.680> job<00:03:47.840> that<00:03:48.000> you<00:03:48.239> you're<00:03:48.480> now<00:03:48.720> presumably

the job that you you're now presumably

the job that you you're now presumably retired<00:03:49.680> from<00:03:49.920> at<00:03:50.000> the<00:03:50.080> age<00:03:50.239> of<00:03:50.400> 30.<00:03:50.720> my<00:03:50.959> god<00:03:51.120> i

retired from at the age of 30. my god i

retired from at the age of 30. my god i need<00:03:51.360> to<00:03:51.440> ask<00:03:51.599> you<00:03:51.760> about<00:03:51.920> that<00:03:52.080> in<00:03:52.159> a<00:03:52.239> minute

need to ask you about that in a minute

need to ask you about that in a minute um<00:03:53.439> but<00:03:54.080> that<00:03:54.400> all<00:03:54.560> the<00:03:54.720> the<00:03:54.879> finance<00:03:55.360> guys

um but that all the the finance guys

um but that all the the finance guys down<00:03:56.239> in<00:03:56.319> the<00:03:56.400> city<00:03:57.120> they're<00:03:57.360> all<00:03:57.519> saying<00:03:57.760> to

down in the city they're all saying to

down in the city they're all saying to you<00:03:58.400> gary<00:03:58.640> this<00:03:58.799> is<00:03:58.879> never<00:03:59.200> going<00:03:59.360> to<00:03:59.439> be<00:03:59.599> paid

you gary this is never going to be paid

you gary this is never going to be paid off

off

off this<00:04:00.480> is<00:04:00.560> just<00:04:00.720> not<00:04:00.959> going<00:04:01.120> to<00:04:01.280> happen<00:04:02.159> yeah

this is just not going to happen yeah

this is just not going to happen yeah they<00:04:03.040> stopped<00:04:03.280> looking<00:04:03.519> at<00:04:03.599> government<00:04:03.920> debt

they stopped looking at government debt

they stopped looking at government debt what<00:04:04.319> they<00:04:04.480> look<00:04:04.560> at<00:04:04.640> now<00:04:04.879> is<00:04:04.959> government<00:04:05.360> debt

what they look at now is government debt

what they look at now is government debt minus<00:04:06.480> the<00:04:06.640> amount<00:04:06.879> borrowed<00:04:07.120> from<00:04:07.200> the

minus the amount borrowed from the

minus the amount borrowed from the central<00:04:07.599> bank<00:04:07.920> because<00:04:08.159> nobody<00:04:08.480> ever<00:04:08.640> expects

central bank because nobody ever expects

central bank because nobody ever expects that<00:04:09.120> to<00:04:09.200> be<00:04:09.360> paid<00:04:09.519> back

that to be paid back

that to be paid back which<00:04:10.640> which<00:04:10.879> raises<00:04:11.200> the<00:04:11.280> question<00:04:12.080> what<00:04:12.319> is

which which raises the question what is

which which raises the question what is going<00:04:12.640> to<00:04:12.720> happen<00:04:13.200> yeah<00:04:13.599> what<00:04:13.840> are<00:04:13.920> the

going to happen yeah what are the

going to happen yeah what are the consequences<00:04:14.640> of<00:04:14.720> it<00:04:14.799> yeah<00:04:15.040> quite<00:04:15.280> and<00:04:15.360> i

consequences of it yeah quite and i

consequences of it yeah quite and i think<00:04:15.680> really<00:04:16.079> the<00:04:16.239> interesting<00:04:16.639> question<00:04:16.799> is

think really the interesting question is

think really the interesting question is what<00:04:17.120> does<00:04:17.359> that<00:04:17.519> mean<00:04:17.759> because

what does that mean because

what does that mean because like<00:04:18.639> you<00:04:18.720> say<00:04:18.880> we're<00:04:19.040> breaking<00:04:19.359> all<00:04:19.440> the

like you say we're breaking all the

like you say we're breaking all the rules<00:04:19.759> here<00:04:20.239> we're<00:04:20.400> doing<00:04:20.720> huge<00:04:20.959> amounts<00:04:21.359> of

rules here we're doing huge amounts of

rules here we're doing huge amounts of deficit<00:04:22.479> spending<00:04:22.880> funded<00:04:23.199> by<00:04:23.440> printed<00:04:23.919> money

deficit spending funded by printed money

deficit spending funded by printed money and<00:04:24.800> we<00:04:25.040> really<00:04:25.280> need<00:04:25.360> to<00:04:25.520> ask

and we really need to ask

and we really need to ask what<00:04:26.880> i<00:04:26.960> mean<00:04:27.440> the<00:04:27.600> question<00:04:28.000> which<00:04:28.160> people

what i mean the question which people

what i mean the question which people are<00:04:28.479> asking<00:04:28.960> how<00:04:29.120> do<00:04:29.199> you<00:04:29.280> pay<00:04:29.520> back<00:04:29.759> that's

are asking how do you pay back that's

are asking how do you pay back that's the<00:04:30.000> wrong<00:04:30.240> question

the wrong question

the wrong question the<00:04:31.199> question<00:04:31.520> is<00:04:32.000> what<00:04:32.240> are<00:04:32.320> the

the question is what are the

the question is what are the consequences<00:04:33.680> of

consequences of

consequences of printing<00:04:35.120> such<00:04:35.600> huge<00:04:35.840> amounts<00:04:36.160> of<00:04:36.240> money<00:04:36.479> to

printing such huge amounts of money to

printing such huge amounts of money to fund<00:04:36.800> a<00:04:36.880> government<00:04:37.199> deficit

fund a government deficit

fund a government deficit that<00:04:37.840> is<00:04:37.919> the<00:04:38.000> question<00:04:38.240> we<00:04:38.320> need<00:04:38.400> to<00:04:38.560> ask<00:04:39.680> and

that is the question we need to ask and

that is the question we need to ask and and<00:04:40.320> what<00:04:40.479> would<00:04:40.639> be<00:04:40.800> your<00:04:41.040> answer

and what would be your answer

and what would be your answer well<00:04:42.639> you<00:04:42.720> need<00:04:42.880> to<00:04:42.960> look<00:04:43.120> at<00:04:43.280> what<00:04:43.520> happens<00:04:43.759> to

well you need to look at what happens to

well you need to look at what happens to the<00:04:44.000> money<00:04:44.320> you<00:04:44.479> know<00:04:44.560> the<00:04:44.639> reason

the money you know the reason

the money you know the reason governments<00:04:45.280> don't<00:04:45.360> normally<00:04:45.680> do<00:04:45.840> this<00:04:46.080> is

governments don't normally do this is

governments don't normally do this is because<00:04:46.479> it<00:04:46.560> leads<00:04:46.720> to<00:04:46.880> a<00:04:46.960> huge<00:04:47.280> increase<00:04:47.759> in

because it leads to a huge increase in

because it leads to a huge increase in the<00:04:47.919> money<00:04:48.160> supply

the money supply

the money supply and<00:04:49.199> that<00:04:49.360> has<00:04:49.520> effect<00:04:49.840> on<00:04:49.919> the<00:04:50.000> economy<00:04:50.639> so<00:04:50.960> in

and that has effect on the economy so in

and that has effect on the economy so in this<00:04:51.360> crisis

this crisis

this crisis what's<00:04:52.240> happened<00:04:52.639> is<00:04:53.360> you<00:04:53.440> know<00:04:53.600> a<00:04:53.680> lot<00:04:53.759> of

what's happened is you know a lot of

what's happened is you know a lot of ordinary<00:04:54.560> people

ordinary people

ordinary people have<00:04:55.360> lost<00:04:55.600> their<00:04:55.680> income<00:04:55.919> they<00:04:56.000> lost<00:04:56.240> their

have lost their income they lost their

have lost their income they lost their jobs<00:04:56.479> and<00:04:56.560> they're<00:04:56.639> losing<00:04:56.960> money<00:04:57.520> but<00:04:57.680> if<00:04:57.840> you

jobs and they're losing money but if you

jobs and they're losing money but if you look<00:04:58.160> at<00:04:58.320> richer<00:04:58.720> people

look at richer people

look at richer people those<00:04:59.680> people<00:04:59.919> have<00:05:00.080> often<00:05:00.320> kept<00:05:00.479> their

those people have often kept their

those people have often kept their incomes<00:05:01.199> and<00:05:01.360> their<00:05:01.600> spending<00:05:02.000> has<00:05:02.240> collapsed

incomes and their spending has collapsed

incomes and their spending has collapsed so<00:05:03.360> if<00:05:03.520> you<00:05:03.600> actually<00:05:03.919> look<00:05:04.080> at<00:05:04.160> the<00:05:04.240> amount<00:05:04.400> of

so if you actually look at the amount of

so if you actually look at the amount of money<00:05:04.720> being<00:05:04.880> saved<00:05:05.120> by<00:05:05.360> higher<00:05:05.680> income

money being saved by higher income

money being saved by higher income people<00:05:06.240> and<00:05:06.320> richer<00:05:06.720> people

people and richer people

people and richer people it's<00:05:07.759> gone<00:05:07.919> to<00:05:08.080> the<00:05:08.240> roof<00:05:09.199> so<00:05:09.759> richer<00:05:10.080> people

it's gone to the roof so richer people

it's gone to the roof so richer people are<00:05:10.639> accumulating<00:05:11.120> a<00:05:11.120> lot<00:05:11.199> of<00:05:11.280> money<00:05:11.520> in<00:05:11.600> their

are accumulating a lot of money in their

are accumulating a lot of money in their banking<00:05:12.240> as<00:05:12.320> a<00:05:12.400> result<00:05:12.639> of<00:05:12.720> this<00:05:12.880> policy

banking as a result of this policy

banking as a result of this policy so<00:05:14.160> when<00:05:14.320> we<00:05:14.479> talk<00:05:14.639> about<00:05:14.880> going<00:05:15.120> back<00:05:15.280> to

so when we talk about going back to

so when we talk about going back to normal<00:05:15.680> after<00:05:15.840> kobe<00:05:16.320> we're<00:05:16.479> not<00:05:16.639> going<00:05:16.800> to<00:05:16.880> be

normal after kobe we're not going to be

normal after kobe we're not going to be going<00:05:17.120> back<00:05:17.280> to<00:05:17.360> normal<00:05:17.680> no<00:05:17.919> we're<00:05:18.080> going<00:05:18.240> to

going back to normal no we're going to

going back to normal no we're going to be<00:05:18.479> going<00:05:18.639> back<00:05:18.800> to<00:05:18.880> a<00:05:19.039> normal

be going back to a normal

be going back to a normal where<00:05:19.759> the<00:05:19.840> richest<00:05:20.160> people<00:05:20.400> in<00:05:20.479> the<00:05:20.560> country

where the richest people in the country

where the richest people in the country have<00:05:21.520> massive<00:05:21.919> bank<00:05:22.160> accounts

have massive bank accounts

have massive bank accounts full<00:05:22.960> of<00:05:23.120> a<00:05:23.199> lot<00:05:23.360> of<00:05:23.440> cash<00:05:23.680> and<00:05:24.000> gary<00:05:24.240> to<00:05:24.479> ask

full of a lot of cash and gary to ask

full of a lot of cash and gary to ask what<00:05:24.960> does<00:05:25.120> that<00:05:25.280> do<00:05:25.520> and<00:05:25.680> gary<00:05:26.000> the<00:05:26.240> the

what does that do and gary the the

what does that do and gary the the the<00:05:28.479> the<00:05:28.720> difference<00:05:29.280> too<00:05:29.680> which<00:05:29.919> i<00:05:30.240> i'm<00:05:30.639> sort

the the difference too which i i'm sort

the the difference too which i i'm sort of<00:05:30.960> still

of still

of still trying<00:05:31.520> to<00:05:31.600> get<00:05:31.759> my<00:05:31.840> head<00:05:32.000> around<00:05:32.320> again<00:05:32.880> being

trying to get my head around again being

trying to get my head around again being an<00:05:33.360> absolute<00:05:33.759> dunce<00:05:34.080> on<00:05:34.160> this<00:05:34.320> stuff

an absolute dunce on this stuff

an absolute dunce on this stuff the<00:05:35.759> difference<00:05:36.240> between<00:05:36.639> what<00:05:36.800> you<00:05:36.960> see<00:05:37.199> in

the difference between what you see in

the difference between what you see in the<00:05:37.440> stock<00:05:37.680> market<00:05:38.160> and<00:05:38.240> the<00:05:38.320> stock<00:05:38.560> market

the stock market and the stock market

the stock market and the stock market prices<00:05:39.199> did

prices did

prices did i<00:05:39.680> mean<00:05:39.919> in<00:05:40.160> in<00:05:40.320> america<00:05:41.280> the<00:05:41.600> the<00:05:42.000> the<00:05:42.160> price

i mean in in america the the the price

i mean in in america the the the price is<00:05:42.560> there<00:05:42.720> the<00:05:42.880> stock<00:05:43.039> market<00:05:43.280> there<00:05:43.440> it's

is there the stock market there it's

is there the stock market there it's like<00:05:43.919> nothing<00:05:44.320> happened<00:05:44.720> i<00:05:44.800> mean<00:05:44.960> it's<00:05:45.039> just

like nothing happened i mean it's just

like nothing happened i mean it's just carrying<00:05:45.520> on

carrying on

carrying on normal<00:05:46.400> house<00:05:46.720> prices<00:05:47.280> you<00:05:47.360> look<00:05:47.520> at<00:05:47.600> house

normal house prices you look at house

normal house prices you look at house prices<00:05:48.320> we're<00:05:48.560> expecting<00:05:49.039> someone<00:05:49.360> was

prices we're expecting someone was

prices we're expecting someone was saying<00:05:49.680> the<00:05:49.759> banks<00:05:50.000> were<00:05:50.160> predicting<00:05:50.479> an<00:05:50.720> 18

saying the banks were predicting an 18

saying the banks were predicting an 18 drop<00:05:51.919> in<00:05:52.000> house<00:05:52.240> prices<00:05:52.720> they're<00:05:52.960> carrying<00:05:53.360> on

drop in house prices they're carrying on

drop in house prices they're carrying on just<00:05:53.759> chugging<00:05:54.080> along<00:05:54.400> ticking<00:05:54.720> over

just chugging along ticking over

just chugging along ticking over that<00:05:56.000> the<00:05:56.160> asset<00:05:56.800> economy<00:05:57.600> seems<00:05:57.919> to<00:05:58.000> be

that the asset economy seems to be

that the asset economy seems to be carrying<00:05:59.039> on<00:05:59.199> as<00:05:59.280> normal<00:05:59.840> the<00:06:00.000> real<00:06:00.319> economy

carrying on as normal the real economy

carrying on as normal the real economy bricks<00:06:01.120> and<00:06:01.199> mortar<00:06:01.520> shops<00:06:01.759> on<00:06:01.840> the<00:06:01.919> high

bricks and mortar shops on the high

bricks and mortar shops on the high street<00:06:02.319> people's<00:06:02.720> jobs

street people's jobs

street people's jobs is<00:06:03.440> falling<00:06:03.759> apart<00:06:04.479> why<00:06:04.720> is<00:06:04.800> that<00:06:05.120> yeah<00:06:05.680> oh

is falling apart why is that yeah oh

is falling apart why is that yeah oh that's

that's

that's that<00:06:06.479> is<00:06:06.639> exactly<00:06:07.039> right<00:06:07.199> and<00:06:07.280> it's<00:06:07.440> exactly

that is exactly right and it's exactly

that is exactly right and it's exactly because<00:06:08.000> of<00:06:08.080> what<00:06:08.240> we<00:06:08.400> just<00:06:08.560> said<00:06:08.720> here<00:06:09.120> the

because of what we just said here the

because of what we just said here the government<00:06:09.600> has<00:06:09.680> printed<00:06:10.000> huge<00:06:10.240> amounts<00:06:10.479> of

government has printed huge amounts of

government has printed huge amounts of money

money

money and<00:06:11.199> that<00:06:11.360> has<00:06:11.520> ended<00:06:11.759> up<00:06:11.840> in<00:06:12.000> the<00:06:12.080> bank

and that has ended up in the bank

and that has ended up in the bank accounts<00:06:12.720> of<00:06:13.280> wealthier<00:06:13.680> people

accounts of wealthier people

accounts of wealthier people now<00:06:14.880> you<00:06:14.960> know<00:06:15.600> i<00:06:15.759> come<00:06:15.919> from<00:06:16.000> an<00:06:16.160> ordinary

now you know i come from an ordinary

now you know i come from an ordinary background<00:06:16.800> but<00:06:16.880> i<00:06:16.960> work<00:06:17.120> with<00:06:17.199> a<00:06:17.280> lot<00:06:17.360> of

background but i work with a lot of

background but i work with a lot of wealthy<00:06:17.759> people<00:06:18.080> from<00:06:18.240> the<00:06:18.319> uk<00:06:18.639> from<00:06:18.800> the<00:06:18.880> us

wealthy people from the uk from the us

wealthy people from the uk from the us if<00:06:19.600> you<00:06:19.680> give<00:06:19.919> wealthy<00:06:20.240> people<00:06:20.479> a<00:06:20.560> lot<00:06:20.720> of

if you give wealthy people a lot of

if you give wealthy people a lot of money<00:06:21.520> they're<00:06:21.680> going<00:06:21.840> to<00:06:21.919> invest<00:06:22.319> it

money they're going to invest it

money they're going to invest it yeah<00:06:22.800> and<00:06:22.960> in<00:06:23.039> the<00:06:23.120> u.s<00:06:23.520> they're<00:06:23.680> often<00:06:24.000> in

yeah and in the u.s they're often in

yeah and in the u.s they're often in stocks<00:06:24.400> and<00:06:24.560> shares<00:06:25.440> in<00:06:25.600> this<00:06:25.759> country

stocks and shares in this country

stocks and shares in this country that<00:06:26.639> means<00:06:27.600> yeah<00:06:27.840> you<00:06:27.919> can<00:06:28.080> go<00:06:28.160> back<00:06:28.319> and<00:06:28.400> look

that means yeah you can go back and look

that means yeah you can go back and look at<00:06:28.639> my<00:06:28.800> right<00:06:28.960> at<00:06:29.039> the<00:06:29.120> beginning<00:06:29.360> of<00:06:29.440> the

at my right at the beginning of the

at my right at the beginning of the crisis<00:06:30.000> a<00:06:30.080> lot<00:06:30.240> of<00:06:30.319> people<00:06:30.479> are<00:06:30.560> predicting<00:06:30.960> a

crisis a lot of people are predicting a

crisis a lot of people are predicting a fall

fall

fall i<00:06:31.840> was<00:06:32.000> predicting<00:06:32.400> a<00:06:32.479> riot<00:06:32.880> and<00:06:33.039> i<00:06:33.120> was<00:06:33.360> buying

i was predicting a riot and i was buying

i was predicting a riot and i was buying everything<00:06:34.160> because<00:06:34.479> if<00:06:34.639> you<00:06:34.880> give<00:06:35.039> rich

everything because if you give rich

everything because if you give rich people<00:06:35.600> a<00:06:35.680> load<00:06:35.919> of<00:06:36.000> money

people a load of money

people a load of money they<00:06:36.960> will<00:06:37.199> buy<00:06:37.440> things<00:06:37.840> if<00:06:38.000> you<00:06:38.080> look<00:06:38.240> at<00:06:38.319> 2008

they will buy things if you look at 2008

they will buy things if you look at 2008 everybody<00:06:40.080> thought<00:06:40.240> prices<00:06:40.560> would<00:06:40.720> crash<00:06:40.960> but

everybody thought prices would crash but

everybody thought prices would crash but in<00:06:41.199> the<00:06:41.280> end

in the end

in the end london<00:06:41.840> house<00:06:42.080> prices<00:06:42.560> doubled<00:06:43.120> and<00:06:43.199> that<00:06:43.360> was

london house prices doubled and that was

london house prices doubled and that was because<00:06:43.680> of<00:06:43.759> huge<00:06:44.000> amounts<00:06:44.240> of<00:06:44.319> money

because of huge amounts of money

because of huge amounts of money printing<00:06:44.880> going<00:06:45.039> to<00:06:45.199> richer<00:06:45.440> people

printing going to richer people

printing going to richer people that<00:06:46.400> will<00:06:46.479> happen<00:06:46.800> again<00:06:47.039> here<00:06:47.360> that<00:06:47.520> is<00:06:47.600> the

that will happen again here that is the

that will happen again here that is the real<00:06:48.000> cost<00:06:48.240> let<00:06:48.400> me<00:06:48.479> talk<00:06:48.639> about<00:06:48.800> who's<00:06:48.960> going

real cost let me talk about who's going

real cost let me talk about who's going to<00:06:49.120> pay<00:06:49.280> for<00:06:49.360> the<00:06:49.520> crisis

to pay for the crisis

to pay for the crisis what<00:06:50.800> happens<00:06:51.039> if<00:06:51.199> london<00:06:51.520> house<00:06:51.680> prices

what happens if london house prices

what happens if london house prices double<00:06:52.240> again<00:06:52.479> what<00:06:52.800> happens<00:06:53.199> though<00:06:53.440> gary

double again what happens though gary

double again what happens though gary gary<00:06:54.800> it's<00:06:54.960> so<00:06:55.199> interesting<00:06:55.520> the<00:06:55.599> house<00:06:55.840> price

gary it's so interesting the house price

gary it's so interesting the house price thing<00:06:56.240> is<00:06:56.319> really<00:06:56.560> interesting<00:06:57.039> what<00:06:57.280> happens

thing is really interesting what happens

thing is really interesting what happens if<00:06:58.080> there<00:06:58.319> is<00:06:58.479> an<00:06:58.639> inflationary<00:06:59.360> shock<00:06:59.759> if

if there is an inflationary shock if

if there is an inflationary shock if inflation<00:07:00.479> is<00:07:00.639> at<00:07:00.720> 0.5

inflation is at 0.5

inflation is at 0.5 it's<00:07:01.759> gone<00:07:02.000> up<00:07:02.240> but<00:07:02.479> it's<00:07:02.560> still<00:07:02.720> only<00:07:02.960> at<00:07:03.039> 0.5

it's gone up but it's still only at 0.5

it's gone up but it's still only at 0.5 if<00:07:04.080> you<00:07:04.160> just<00:07:04.400> print<00:07:04.639> money

if you just print money

if you just print money you<00:07:05.360> get<00:07:05.520> to<00:07:05.680> some<00:07:06.240> examples<00:07:06.720> like<00:07:07.199> you<00:07:07.280> know

you get to some examples like you know

you get to some examples like you know everyone<00:07:07.919> knows<00:07:08.160> the<00:07:08.319> pictures<00:07:08.639> of<00:07:08.720> the

everyone knows the pictures of the

everyone knows the pictures of the wheelbarrows<00:07:09.360> of<00:07:09.440> cash<00:07:09.759> being<00:07:09.919> run<00:07:10.080> around

wheelbarrows of cash being run around

wheelbarrows of cash being run around europe<00:07:10.720> in<00:07:10.800> the<00:07:10.880> 1930s

europe in the 1930s

europe in the 1930s so<00:07:12.639> if<00:07:12.720> there's<00:07:12.880> an<00:07:13.039> inflationary<00:07:13.599> shock

so if there's an inflationary shock

so if there's an inflationary shock we're<00:07:14.560> screwed

we're screwed

we're screwed with<00:07:15.360> this<00:07:15.759> amount<00:07:16.000> of<00:07:16.160> cash<00:07:16.720> flying<00:07:17.039> whether

with this amount of cash flying whether

with this amount of cash flying whether your<00:07:17.360> screw<00:07:17.599> does<00:07:17.759> not<00:07:17.840> depend<00:07:18.240> who<00:07:18.319> you<00:07:18.479> are

your screw does not depend who you are

your screw does not depend who you are if<00:07:19.360> you're<00:07:19.520> one<00:07:19.680> of<00:07:19.759> the<00:07:19.840> people<00:07:20.080> who's

if you're one of the people who's

if you're one of the people who's sitting<00:07:20.479> with<00:07:20.560> a<00:07:20.639> bank<00:07:20.880> account<00:07:21.039> for<00:07:21.199> the<00:07:21.280> cash

sitting with a bank account for the cash

sitting with a bank account for the cash now<00:07:21.919> which<00:07:22.160> a<00:07:22.240> lot<00:07:22.319> of<00:07:22.400> the<00:07:22.479> richer<00:07:22.720> people<00:07:22.960> in

now which a lot of the richer people in

now which a lot of the richer people in this<00:07:23.120> country<00:07:23.520> are

this country are

this country are then<00:07:24.160> that's<00:07:24.319> just<00:07:24.560> fine<00:07:24.800> for<00:07:24.960> you<00:07:25.599> my<00:07:25.840> worry

then that's just fine for you my worry

then that's just fine for you my worry is<00:07:26.160> what<00:07:26.319> happens<00:07:26.560> to<00:07:26.720> the<00:07:26.800> ordinary<00:07:27.280> people

is what happens to the ordinary people

is what happens to the ordinary people when<00:07:28.000> prices<00:07:28.400> go<00:07:28.479> up<00:07:28.720> what<00:07:28.880> happens<00:07:29.120> to

when prices go up what happens to

when prices go up what happens to ordinary<00:07:29.599> people<00:07:29.759> if<00:07:29.840> house<00:07:30.080> prices<00:07:30.400> double

ordinary people if house prices double

ordinary people if house prices double you<00:07:30.880> know<00:07:31.039> it's<00:07:31.199> hard<00:07:31.440> enough<00:07:31.680> for

you know it's hard enough for

you know it's hard enough for yeah<00:07:32.479> some<00:07:32.639> ordinary<00:07:33.039> families<00:07:33.440> to<00:07:33.599> get

yeah some ordinary families to get

yeah some ordinary families to get houses<00:07:34.240> in<00:07:34.400> this<00:07:34.560> city<00:07:34.880> right

houses in this city right

houses in this city right if<00:07:35.599> they<00:07:35.840> double<00:07:36.080> again<00:07:36.319> you're<00:07:36.560> telling<00:07:36.800> like

if they double again you're telling like

if they double again you're telling like you're<00:07:37.280> selling<00:07:37.599> half<00:07:37.840> 67<00:07:38.639> of<00:07:38.720> the<00:07:38.800> kids

you're selling half 67 of the kids

you're selling half 67 of the kids you're<00:07:39.520> never<00:07:39.680> going<00:07:39.759> to<00:07:39.840> get<00:07:40.000> half<00:07:40.639> so<00:07:40.880> really

you're never going to get half so really

you're never going to get half so really if<00:07:41.360> you're<00:07:41.520> talking<00:07:41.840> about<00:07:42.000> how<00:07:42.080> do<00:07:42.160> we<00:07:42.240> deal

if you're talking about how do we deal

if you're talking about how do we deal with<00:07:42.560> this<00:07:42.840> crisis

with this crisis

with this crisis who's<00:07:44.479> going<00:07:44.560> to<00:07:44.639> pay<00:07:44.879> it<00:07:44.960> back<00:07:45.360> it's<00:07:45.520> going<00:07:45.599> to

who's going to pay it back it's going to

who's going to pay it back it's going to be<00:07:45.840> the<00:07:46.000> poorer<00:07:46.319> kids<00:07:46.720> because<00:07:46.960> the<00:07:47.120> richer

be the poorer kids because the richer

be the poorer kids because the richer guys

guys

guys those<00:07:48.720> guys<00:07:48.960> are<00:07:49.039> loaded<00:07:49.599> they're<00:07:49.840> making<00:07:50.160> a

those guys are loaded they're making a

those guys are loaded they're making a fortune<00:07:50.639> on<00:07:50.720> this

fortune on this

fortune on this so<00:07:52.000> really<00:07:52.879> it's<00:07:53.039> a<00:07:53.120> problem<00:07:53.360> of<00:07:53.520> inequality

so really it's a problem of inequality

so really it's a problem of inequality and<00:07:54.000> distribution<00:07:54.479> that<00:07:54.639> that<00:07:54.800> is<00:07:54.879> the

and distribution that that is the

and distribution that that is the problem

problem

problem so<00:07:55.759> actually<00:07:56.080> the<00:07:56.319> way<00:07:56.560> in<00:07:56.720> which<00:07:57.039> you<00:07:57.280> pay

so actually the way in which you pay

so actually the way in which you pay this<00:07:57.840> back<00:07:58.160> as<00:07:58.240> you<00:07:58.400> say<00:07:58.560> it's<00:07:58.720> the<00:07:58.800> wrong

this back as you say it's the wrong

this back as you say it's the wrong question<00:07:59.280> that's<00:07:59.520> being<00:07:59.680> asked<00:07:59.919> because<00:08:00.160> it's

question that's being asked because it's

question that's being asked because it's not<00:08:00.560> the

not the

not the the<00:08:01.440> debt<00:08:01.680> that<00:08:01.840> would<00:08:02.240> you<00:08:02.560> we're<00:08:02.800> borrowing

the debt that would you we're borrowing

the debt that would you we're borrowing to<00:08:03.360> fund<00:08:03.680> the<00:08:03.759> covered<00:08:04.160> response

to fund the covered response

to fund the covered response we're<00:08:05.039> never<00:08:05.199> going<00:08:05.280> to<00:08:05.360> pay<00:08:05.520> that<00:08:05.759> back

we're never going to pay that back

we're never going to pay that back that's<00:08:06.319> that's<00:08:06.639> fine<00:08:06.960> we'll<00:08:07.120> write<00:08:07.280> that<00:08:07.520> off

that's that's fine we'll write that off

that's that's fine we'll write that off what<00:08:08.319> needs<00:08:08.639> to<00:08:08.720> happen<00:08:09.039> is<00:08:09.199> the<00:08:09.440> payback<00:08:10.080> to

what needs to happen is the payback to

what needs to happen is the payback to deal<00:08:11.199> with<00:08:11.360> the<00:08:11.520> inequality<00:08:12.160> that<00:08:12.400> is<00:08:12.479> about

deal with the inequality that is about

deal with the inequality that is about to<00:08:12.879> come

to come

to come because<00:08:13.680> as<00:08:13.840> you<00:08:13.919> say<00:08:14.080> all<00:08:14.160> the<00:08:14.240> rich<00:08:14.479> people

because as you say all the rich people

because as you say all the rich people sit<00:08:14.879> there<00:08:14.960> getting<00:08:15.199> richer<00:08:15.440> buying<00:08:15.759> their

sit there getting richer buying their

sit there getting richer buying their houses

houses

houses you<00:08:16.560> know<00:08:16.800> trading<00:08:17.039> off<00:08:17.120> property<00:08:17.599> property

you know trading off property property

you know trading off property property guys<00:08:18.560> and<00:08:18.879> the<00:08:19.120> the<00:08:19.360> poorer<00:08:19.680> people<00:08:19.840> whose

guys and the the poorer people whose

guys and the the poorer people whose real<00:08:20.400> economy<00:08:20.879> has<00:08:21.039> been<00:08:21.280> decimated<00:08:21.840> by<00:08:22.000> this

real economy has been decimated by this

real economy has been decimated by this they're<00:08:23.120> left<00:08:23.280> with<00:08:23.520> nothing<00:08:23.759> because<00:08:23.919> they

they're left with nothing because they

they're left with nothing because they don't<00:08:24.240> have<00:08:24.319> any<00:08:24.560> assets<00:08:25.680> exactly

don't have any assets exactly

don't have any assets exactly exactly<00:08:26.639> that<00:08:26.879> is<00:08:27.280> that<00:08:27.520> that<00:08:27.680> is<00:08:27.759> a<00:08:27.840> big

exactly that is that that is a big

exactly that is that that is a big question<00:08:28.560> the<00:08:28.720> media<00:08:29.120> is<00:08:29.199> asking<00:08:29.520> how<00:08:29.680> do<00:08:29.759> you

question the media is asking how do you

question the media is asking how do you pay<00:08:30.000> the<00:08:30.160> debt<00:08:30.319> back

pay the debt back

pay the debt back that's<00:08:31.120> the<00:08:31.199> wrong<00:08:31.440> question<00:08:32.080> everybody<00:08:32.479> in

that's the wrong question everybody in

that's the wrong question everybody in finance<00:08:32.959> knows<00:08:33.279> the<00:08:33.440> debt<00:08:33.680> doesn't<00:08:33.919> get<00:08:34.000> paid

finance knows the debt doesn't get paid

finance knows the debt doesn't get paid back<00:08:34.560> the<00:08:34.719> real<00:08:34.959> question<00:08:35.200> is<00:08:35.360> what's<00:08:35.599> going

back the real question is what's going

back the real question is what's going to<00:08:35.760> happen<00:08:36.000> to<00:08:36.080> the<00:08:36.159> money

to happen to the money

to happen to the money that's<00:08:36.959> going<00:08:37.120> to<00:08:37.279> reach<00:08:37.440> people<00:08:37.760> it's<00:08:37.839> going

that's going to reach people it's going

that's going to reach people it's going to<00:08:38.000> push<00:08:38.240> asset<00:08:38.479> prices<00:08:38.880> up<00:08:39.039> it<00:08:39.200> is<00:08:39.279> going<00:08:39.440> to

to push asset prices up it is going to

to push asset prices up it is going to cause<00:08:39.680> a<00:08:39.839> crisis<00:08:40.320> in<00:08:40.399> home<00:08:40.640> affordability<00:08:41.440> and

cause a crisis in home affordability and

cause a crisis in home affordability and inequality

inequality

inequality so<00:08:42.719> really<00:08:43.120> the<00:08:43.279> problem<00:08:43.599> we're<00:08:43.680> going<00:08:43.839> to

so really the problem we're going to

so really the problem we're going to have<00:08:44.159> coming<00:08:44.480> out<00:08:44.560> of<00:08:44.640> this<00:08:45.120> is<00:08:45.360> how<00:08:45.680> do<00:08:45.839> we

have coming out of this is how do we

have coming out of this is how do we deal

deal

deal with<00:08:46.720> that<00:08:46.880> massive<00:08:47.200> rising<00:08:47.600> inequality<00:08:48.240> and

with that massive rising inequality and

with that massive rising inequality and the<00:08:48.480> impossibility<00:08:49.360> of<00:08:49.440> getting<00:08:49.680> housing<00:08:50.080> for

the impossibility of getting housing for

the impossibility of getting housing for ordinary<00:08:50.640> people

ordinary people

ordinary people and<00:08:51.279> just<00:08:51.519> a<00:08:51.600> word<00:08:51.839> on<00:08:52.080> because<00:08:52.240> i'm<00:08:52.320> getting

and just a word on because i'm getting

and just a word on because i'm getting lots<00:08:52.720> of<00:08:52.800> people<00:08:53.040> texting<00:08:53.440> and<00:08:53.519> saying

lots of people texting and saying

lots of people texting and saying inflation<00:08:54.240> inflation<00:08:54.640> inflation

inflation inflation inflation

inflation inflation inflation how<00:08:56.240> do<00:08:56.320> you<00:08:56.399> keep<00:08:56.640> inflation<00:08:57.200> low<00:08:57.360> enough<00:08:57.680> so

how do you keep inflation low enough so

how do you keep inflation low enough so that<00:08:57.920> you<00:08:58.080> don't

that you don't

that you don't don't<00:08:59.600> have<00:08:59.760> barrels<00:09:00.160> or<00:09:00.480> thousands<00:09:01.040> of<00:09:01.120> cash

don't have barrels or thousands of cash

don't have barrels or thousands of cash being<00:09:01.600> wheeled<00:09:01.839> around<00:09:02.000> there's<00:09:02.160> two

being wheeled around there's two

being wheeled around there's two different<00:09:02.480> kinds<00:09:02.720> of<00:09:02.720> inflation<00:09:03.120> which<00:09:03.279> is

different kinds of inflation which is

different kinds of inflation which is inflation<00:09:03.839> out<00:09:03.920> on<00:09:04.000> the<00:09:04.080> streets

inflation out on the streets

inflation out on the streets and<00:09:04.800> inflation<00:09:05.200> in<00:09:05.360> asset<00:09:05.600> prices<00:09:06.080> after<00:09:06.320> 2008

and inflation in asset prices after 2008

and inflation in asset prices after 2008 we<00:09:07.600> didn't<00:09:07.839> see<00:09:08.000> much<00:09:08.240> inflation<00:09:08.640> in<00:09:08.800> shops

we didn't see much inflation in shops

we didn't see much inflation in shops we<00:09:09.600> didn't<00:09:09.920> see<00:09:10.080> but<00:09:10.240> we<00:09:10.320> saw<00:09:10.480> a<00:09:10.560> huge<00:09:10.720> amount

we didn't see but we saw a huge amount

we didn't see but we saw a huge amount of<00:09:11.040> inflation<00:09:11.440> eventually<00:09:11.760> in<00:09:11.920> assets<00:09:12.320> so<00:09:12.480> the

of inflation eventually in assets so the

of inflation eventually in assets so the thing<00:09:12.720> that's<00:09:12.959> happening<00:09:13.200> here<00:09:13.360> is<00:09:13.519> loads<00:09:13.760> and

thing that's happening here is loads and

thing that's happening here is loads and loads<00:09:14.080> of<00:09:14.160> people<00:09:14.399> are<00:09:14.480> losing<00:09:14.640> their<00:09:14.800> jobs

loads of people are losing their jobs

loads of people are losing their jobs talk

talk

talk and<00:09:15.600> when<00:09:15.760> people<00:09:16.000> lose<00:09:16.240> their<00:09:16.399> jobs<00:09:16.959> that

and when people lose their jobs that

and when people lose their jobs that makes<00:09:17.360> the<00:09:17.519> job<00:09:17.680> market<00:09:18.399> really<00:09:18.640> really<00:09:18.880> weak

makes the job market really really weak

makes the job market really really weak and<00:09:19.200> people<00:09:19.360> don't<00:09:19.519> get<00:09:19.680> pay<00:09:19.839> rises

and people don't get pay rises

and people don't get pay rises as<00:09:20.800> long<00:09:20.959> as<00:09:21.040> pay<00:09:21.200> rises<00:09:21.600> aren't<00:09:21.760> happening

as long as pay rises aren't happening

as long as pay rises aren't happening then<00:09:22.480> you<00:09:22.560> don't<00:09:22.720> get<00:09:22.800> much<00:09:23.040> inflation

then you don't get much inflation

then you don't get much inflation so<00:09:23.920> that's<00:09:24.160> the<00:09:24.240> reason<00:09:24.480> why<00:09:24.640> after<00:09:24.800> 2008<00:09:25.440> we

so that's the reason why after 2008 we

so that's the reason why after 2008 we didn't<00:09:25.760> see<00:09:25.920> inflation<00:09:26.640> now<00:09:26.800> i'm<00:09:26.959> not<00:09:27.120> saying

didn't see inflation now i'm not saying

didn't see inflation now i'm not saying necessarily<00:09:27.920> that's<00:09:28.160> going<00:09:28.240> to<00:09:28.320> happen<00:09:28.560> again

necessarily that's going to happen again

necessarily that's going to happen again the<00:09:29.200> amount<00:09:29.440> of<00:09:29.519> money<00:09:29.760> being<00:09:30.000> printed<00:09:30.320> here

the amount of money being printed here

the amount of money being printed here it's<00:09:31.440> well<00:09:31.600> it's<00:09:31.760> much<00:09:32.000> quicker<00:09:32.399> definitely

it's well it's much quicker definitely

it's well it's much quicker definitely than<00:09:32.800> it<00:09:32.880> was<00:09:33.040> in<00:09:33.120> 2008

than it was in 2008

than it was in 2008 there<00:09:34.160> is<00:09:34.320> a<00:09:34.399> risk<00:09:34.640> that<00:09:34.720> we<00:09:34.880> lose<00:09:35.040> control<00:09:35.360> of

there is a risk that we lose control of

there is a risk that we lose control of it<00:09:35.760> and<00:09:35.920> inflation<00:09:36.399> does<00:09:36.560> increase

it and inflation does increase

it and inflation does increase especially<00:09:37.440> once<00:09:37.680> covered<00:09:38.080> passes<00:09:38.720> and<00:09:38.880> like

especially once covered passes and like

especially once covered passes and like we've<00:09:39.279> said<00:09:39.519> all<00:09:39.680> of<00:09:39.760> these<00:09:39.920> people<00:09:40.160> with<00:09:40.320> huge

we've said all of these people with huge

we've said all of these people with huge amounts<00:09:40.800> of<00:09:40.880> cash<00:09:41.120> in<00:09:41.200> their<00:09:41.279> bank

amounts of cash in their bank

amounts of cash in their bank start<00:09:42.160> trying<00:09:42.320> to<00:09:42.399> spend<00:09:42.720> it<00:09:43.120> that<00:09:43.360> is

start trying to spend it that is

start trying to spend it that is definitely<00:09:44.080> a<00:09:44.240> possibility

definitely a possibility

definitely a possibility um<00:09:45.680> i<00:09:45.839> think<00:09:46.080> if<00:09:46.160> you<00:09:46.320> remember<00:09:46.720> after<00:09:47.040> 2008

um i think if you remember after 2008

um i think if you remember after 2008 2010<00:09:48.240> 2011<00:09:48.800> we<00:09:48.959> did<00:09:49.120> have<00:09:49.279> quite<00:09:49.519> high

2010 2011 we did have quite high

2010 2011 we did have quite high inflation<00:09:50.160> five<00:09:50.399> percent<00:09:50.720> yeah<00:09:50.959> coming<00:09:51.279> up<00:09:51.360> to

inflation five percent yeah coming up to

inflation five percent yeah coming up to six<00:09:51.680> percent<00:09:52.080> that's<00:09:52.160> right<00:09:52.480> and<00:09:52.640> then

six percent that's right and then

six percent that's right and then the<00:09:53.279> bank<00:09:53.519> of<00:09:53.680> england<00:09:54.480> rather<00:09:54.800> sensibly<00:09:55.279> i

the bank of england rather sensibly i

the bank of england rather sensibly i suspect

suspect

suspect decided<00:09:56.720> to<00:09:57.040> leave<00:09:57.279> the<00:09:57.360> money<00:09:57.680> out<00:09:57.839> there<00:09:58.160> not

decided to leave the money out there not

decided to leave the money out there not take<00:09:58.640> any<00:09:58.800> money<00:09:59.040> back

take any money back

take any money back leave<00:09:59.600> the<00:09:59.680> easy<00:09:59.920> money<00:10:00.160> the<00:10:00.240> bank<00:10:00.399> of<00:10:00.560> england

leave the easy money the bank of england

leave the easy money the bank of england if<00:10:01.519> it<00:10:01.600> happens<00:10:02.240> you<00:10:02.320> know<00:10:02.480> if<00:10:02.640> it's<00:10:02.800> five<00:10:03.040> six

if it happens you know if it's five six

if it happens you know if it's five six percent<00:10:03.600> which

percent which

percent which you<00:10:04.399> know<00:10:04.560> i<00:10:04.640> don't<00:10:04.720> want<00:10:04.800> to<00:10:04.880> make<00:10:05.040> any<00:10:05.279> exact

you know i don't want to make any exact

you know i don't want to make any exact predictions<00:10:06.000> but<00:10:06.160> it<00:10:06.240> could<00:10:06.399> be<00:10:06.560> at<00:10:06.640> some

predictions but it could be at some

predictions but it could be at some point<00:10:07.120> coming<00:10:07.360> out<00:10:07.519> of<00:10:07.600> this

point coming out of this

point coming out of this i<00:10:08.399> think<00:10:08.560> the<00:10:08.640> bank<00:10:09.040> will<00:10:09.200> allow<00:10:09.360> it<00:10:09.440> to

i think the bank will allow it to

i think the bank will allow it to continue<00:10:10.000> but<00:10:10.160> what<00:10:10.320> that<00:10:10.480> will<00:10:10.720> cause

continue but what that will cause

continue but what that will cause is<00:10:11.680> a<00:10:11.760> cost<00:10:12.000> of<00:10:12.079> living<00:10:12.320> crisis<00:10:12.720> for<00:10:12.880> ordinary

is a cost of living crisis for ordinary

is a cost of living crisis for ordinary people<00:10:13.920> just<00:10:14.079> like<00:10:14.240> it<00:10:14.320> did<00:10:14.480> after<00:10:14.720> 2008.

people just like it did after 2008.

people just like it did after 2008. um<00:10:16.880> gary<00:10:17.440> you<00:10:17.760> you've<00:10:18.160> been<00:10:18.320> fascinating

um gary you you've been fascinating

um gary you you've been fascinating talking<00:10:19.200> to<00:10:19.279> you<00:10:19.440> i'm<00:10:19.680> already<00:10:20.079> incredibly

talking to you i'm already incredibly

talking to you i'm already incredibly late<00:10:20.880> for<00:10:21.040> the

late for the

late for the the<00:10:21.839> bits<00:10:22.079> i<00:10:22.160> need<00:10:22.320> to<00:10:22.399> hit<00:10:22.640> on<00:10:22.720> the<00:10:22.800> program

the bits i need to hit on the program

the bits i need to hit on the program i've<00:10:23.760> got<00:10:24.000> to<00:10:24.160> ask<00:10:24.480> you

i've got to ask you

i've got to ask you what's<00:10:24.959> it<00:10:25.120> like<00:10:25.279> to<00:10:25.440> be<00:10:25.600> 27<00:10:26.240> with<00:10:26.399> multiple

what's it like to be 27 with multiple

what's it like to be 27 with multiple millions<00:10:27.200> in<00:10:27.279> the<00:10:27.360> bank<00:10:27.600> account

millions in the bank account

millions in the bank account um<00:10:29.279> well<00:10:29.760> um<00:10:31.120> it's<00:10:31.760> it's<00:10:32.079> unusual

um well um it's it's unusual

um well um it's it's unusual like<00:10:33.120> i<00:10:33.200> said<00:10:33.360> i<00:10:33.440> didn't<00:10:33.680> grow<00:10:33.839> up<00:10:34.079> um<00:10:34.560> you<00:10:34.720> know

like i said i didn't grow up um you know

like i said i didn't grow up um you know i<00:10:35.360> don't<00:10:35.440> know<00:10:35.760> your<00:10:35.920> money

i don't know your money

i don't know your money and<00:10:36.480> and<00:10:36.640> i<00:10:36.720> made<00:10:36.880> the<00:10:36.959> money<00:10:37.200> very<00:10:37.360> quickly

and and i made the money very quickly

and and i made the money very quickly and<00:10:37.760> it<00:10:37.839> was<00:10:38.000> it<00:10:38.160> was<00:10:38.240> all<00:10:38.399> so<00:10:38.640> it<00:10:38.720> all<00:10:38.880> come

and it was it was all so it all come

and it was it was all so it all come very<00:10:39.200> quickly<00:10:39.440> to<00:10:39.600> me<00:10:39.760> and<00:10:39.920> okay<00:10:40.160> well<00:10:40.240> let<00:10:40.399> me

very quickly to me and okay well let me

very quickly to me and okay well let me ask<00:10:40.640> you<00:10:40.720> this<00:10:40.959> it's<00:10:41.040> very<00:10:41.120> funny<00:10:41.360> you're

ask you this it's very funny you're

ask you this it's very funny you're gonna<00:10:41.600> have<00:10:41.680> to<00:10:41.760> be<00:10:41.839> really<00:10:42.000> brief<00:10:42.240> gary<00:10:42.480> i<00:10:42.640> am

gonna have to be really brief gary i am

gonna have to be really brief gary i am obsessed<00:10:43.360> with<00:10:43.600> i'm<00:10:43.839> obsessed<00:10:44.240> with<00:10:44.320> this

obsessed with i'm obsessed with this

obsessed with i'm obsessed with this this<00:10:45.440> idea<00:10:45.920> right<00:10:46.640> so<00:10:46.880> there<00:10:47.040> you<00:10:47.200> are<00:10:47.360> it

this idea right so there you are it

this idea right so there you are it doesn't<00:10:47.600> matter<00:10:47.839> what<00:10:48.000> age<00:10:48.160> you<00:10:48.320> are<00:10:48.399> who<00:10:48.560> you

doesn't matter what age you are who you

doesn't matter what age you are who you are

are

are there<00:10:49.600> is<00:10:49.680> a<00:10:49.920> moment<00:10:50.320> in<00:10:50.399> your<00:10:50.640> life<00:10:50.880> where<00:10:51.040> you

there is a moment in your life where you

there is a moment in your life where you suddenly<00:10:51.680> realize<00:10:52.240> you've<00:10:52.480> got<00:10:52.720> more<00:10:52.959> money

suddenly realize you've got more money

suddenly realize you've got more money than<00:10:53.440> you<00:10:53.680> ever<00:10:54.000> possibly<00:10:54.480> could<00:10:54.720> have<00:10:54.880> dreamt

than you ever possibly could have dreamt

than you ever possibly could have dreamt of

of

of that<00:10:55.920> it's<00:10:56.079> there<00:10:56.480> for<00:10:56.640> you<00:10:56.959> and<00:10:57.200> your<00:10:57.440> whole

that it's there for you and your whole

that it's there for you and your whole world<00:10:58.160> has<00:10:58.399> just

world has just

world has just shifted<00:10:59.600> on<00:10:59.680> its<00:10:59.920> access<00:11:00.480> access<00:11:00.959> because

shifted on its access access because

shifted on its access access because you've<00:11:01.839> you've<00:11:02.000> got<00:11:02.160> this<00:11:02.399> money<00:11:02.720> in<00:11:02.800> your

you've you've got this money in your

you've you've got this money in your bank<00:11:03.279> account

bank account

bank account and<00:11:04.000> it's<00:11:04.079> for<00:11:04.240> you<00:11:04.560> when<00:11:04.800> was<00:11:04.959> that<00:11:05.120> moment

and it's for you when was that moment

and it's for you when was that moment for<00:11:05.920> you

for you

for you for<00:11:07.279> me<00:11:07.519> when<00:11:07.680> was<00:11:07.839> that<00:11:08.240> well<00:11:08.640> that<00:11:08.720> was<00:11:08.880> when

for me when was that well that was when

for me when was that well that was when i<00:11:09.040> got<00:11:09.200> my<00:11:09.279> first<00:11:09.519> bonus<00:11:09.920> and<00:11:10.000> i<00:11:10.079> realized<00:11:10.480> i

i got my first bonus and i realized i

i got my first bonus and i realized i should<00:11:10.720> have<00:11:10.880> spent<00:11:11.120> my<00:11:11.279> whole<00:11:11.519> childhood

should have spent my whole childhood

should have spent my whole childhood buying<00:11:12.079> boots<00:11:12.320> meal<00:11:12.839> deals<00:11:13.920> um

buying boots meal deals um

buying boots meal deals um yeah<00:11:15.200> that<00:11:15.360> was<00:11:15.600> it<00:11:16.160> but<00:11:16.320> before<00:11:16.640> i<00:11:16.720> go<00:11:16.880> i'd

yeah that was it but before i go i'd

yeah that was it but before i go i'd just<00:11:17.120> like<00:11:17.279> to<00:11:17.440> suggest<00:11:17.839> them<00:11:18.000> if<00:11:18.160> anyone

just like to suggest them if anyone

just like to suggest them if anyone wants<00:11:18.480> to<00:11:18.640> know<00:11:18.800> more<00:11:19.040> about<00:11:19.279> the<00:11:19.360> effects<00:11:19.680> for

wants to know more about the effects for

wants to know more about the effects for money<00:11:20.000> printing<00:11:20.480> there<00:11:20.720> is<00:11:20.800> a<00:11:20.880> really<00:11:21.040> good

money printing there is a really good

money printing there is a really good video<00:11:21.440> on<00:11:21.519> my<00:11:21.600> youtube<00:11:21.839> gary's<00:11:22.160> economics

video on my youtube gary's economics

video on my youtube gary's economics explaining<00:11:23.040> exactly<00:11:23.360> how<00:11:23.519> it<00:11:23.600> works

explaining exactly how it works

explaining exactly how it works great<00:11:24.320> man<00:11:24.560> gary<00:11:24.800> stevenson<00:11:25.200> thank<00:11:25.360> you<00:11:25.440> for

great man gary stevenson thank you for

great man gary stevenson thank you for your<00:11:25.600> time<00:11:25.760> an<00:11:25.920> economist<00:11:26.320> focusing<00:11:26.560> on

your time an economist focusing on

your time an economist focusing on inequality<00:11:27.279> former<00:11:27.600> trader<00:11:27.920> retired<00:11:28.240> from

inequality former trader retired from

inequality former trader retired from the<00:11:28.480> city<00:11:28.800> multimillionaire

the city multimillionaire

the city multimillionaire aged<00:11:38.920> 27.03