Gary Stevenson – Economist
Discussion
I thought this guy was worth a post as I couldn’t find one on here. Gary Stevenson is a former city trader from a working-class background who made a lot in the City and now is an author
( https://www.amazon.co.uk/Trading-Game-Confession-G...) and now youtuber https://www.youtube.com/@garyseconomics
He is starting to gain a following; the basis of his premises is that over the last few years, money has been transferred from the middle and working class to the rich and if we don’t do something about it wealth inequality will grow and grow, taking us back 100+ years
Now, I know that “tax the rich” goes down like a lead balloon around there, but I would be interested to hear from anyone who has listened to him speak and is entirely against what he has to say because it makes a lot of sense to me.
Immigrants and the government waste more and more appear to be a convenient smokescreen to some of the real issues around inequality. He gives an example of someone like Sunak probably making something like 30m a year in passive income, what does he do with it? Buy assets that make life more expensive for the average man on the street. Is Gary wrong?
( https://www.amazon.co.uk/Trading-Game-Confession-G...) and now youtuber https://www.youtube.com/@garyseconomics
He is starting to gain a following; the basis of his premises is that over the last few years, money has been transferred from the middle and working class to the rich and if we don’t do something about it wealth inequality will grow and grow, taking us back 100+ years
Now, I know that “tax the rich” goes down like a lead balloon around there, but I would be interested to hear from anyone who has listened to him speak and is entirely against what he has to say because it makes a lot of sense to me.
Immigrants and the government waste more and more appear to be a convenient smokescreen to some of the real issues around inequality. He gives an example of someone like Sunak probably making something like 30m a year in passive income, what does he do with it? Buy assets that make life more expensive for the average man on the street. Is Gary wrong?
Like Gary says,people who earn £200k a year aren’t the rich,they are wealthy.
The rich,by Gary’s definition, are the families with private offices,the £100 million + group of people.
The properly rich,the rich that own all the assets. A couple of Supercars and a holiday home don’t qualify in Gary’s definition.
The rich,by Gary’s definition, are the families with private offices,the £100 million + group of people.
The properly rich,the rich that own all the assets. A couple of Supercars and a holiday home don’t qualify in Gary’s definition.
As ever with these types you have to take them at face value. He speaks a lot of sense in some regards but does just seem to be the latest grifter trying to peddle you something by stirring up the masses.
Good article from the FT on him and his claims about being the best trader in the world - stick https://archive.ph/ in front of the URL for a better view https://www.ft.com/content/7e8b47b3-7931-4354-9e8a...
Good article from the FT on him and his claims about being the best trader in the world - stick https://archive.ph/ in front of the URL for a better view https://www.ft.com/content/7e8b47b3-7931-4354-9e8a...
devnull said:
As ever with these types you have to take them at face value. He speaks a lot of sense in some regards but does just seem to be the latest grifter trying to peddle you something by stirring up the masses.
Good article from the FT on him and his claims about being the best trader in the world - stick https://archive.ph/ in front of the URL for a better view https://www.ft.com/content/7e8b47b3-7931-4354-9e8a...
Kinda where I'm at. He doesn't pass the sniff test for me.Good article from the FT on him and his claims about being the best trader in the world - stick https://archive.ph/ in front of the URL for a better view https://www.ft.com/content/7e8b47b3-7931-4354-9e8a...
Some of his positions I can get on board with, but there feels like there is something else driving him, like he feels an internal conflict between his own successes and being a class traitor or something. Either that or he's an outright grifter, but I'm not sure I take that view just yet.
Type R Tom said:
I thought this guy was worth a post as I couldn’t find one on here. Gary Stevenson is a former city trader from a working-class background who made a lot in the City and now is an author
( https://www.amazon.co.uk/Trading-Game-Confession-G...) and now youtuber https://www.youtube.com/@garyseconomics
He is starting to gain a following; the basis of his premises is that over the last few years, money has been transferred from the middle and working class to the rich and if we don’t do something about it wealth inequality will grow and grow, taking us back 100+ years
Now, I know that “tax the rich” goes down like a lead balloon around there, but I would be interested to hear from anyone who has listened to him speak and is entirely against what he has to say because it makes a lot of sense to me.
Immigrants and the government waste more and more appear to be a convenient smokescreen to some of the real issues around inequality. He gives an example of someone like Sunak probably making something like 30m a year in passive income, what does he do with it? Buy assets that make life more expensive for the average man on the street. Is Gary wrong?
The thing is though that it isn't just about "taxing the rich" as wealth inequality has been increasing at the same time as income tax rates have increased for those on higher incomes (when compared to 1990s and early 2000s).( https://www.amazon.co.uk/Trading-Game-Confession-G...) and now youtuber https://www.youtube.com/@garyseconomics
He is starting to gain a following; the basis of his premises is that over the last few years, money has been transferred from the middle and working class to the rich and if we don’t do something about it wealth inequality will grow and grow, taking us back 100+ years
Now, I know that “tax the rich” goes down like a lead balloon around there, but I would be interested to hear from anyone who has listened to him speak and is entirely against what he has to say because it makes a lot of sense to me.
Immigrants and the government waste more and more appear to be a convenient smokescreen to some of the real issues around inequality. He gives an example of someone like Sunak probably making something like 30m a year in passive income, what does he do with it? Buy assets that make life more expensive for the average man on the street. Is Gary wrong?
It is far more about the structure of the economy and the level of immigration seen in western countries like the UK very much has played a part in that structure, together with other facets of globalisation such as outsourcing production.
Then on top of this we get ideological projects such as Net Zero, which were always going to reduce average living standards in the way they were carried out.
For those who are ideologically committed to all of the above the scapegoat is the rich and the solution ever higher taxes regardless of how likely they are to stay around to pay them.
We didn't have higher taxes on the rich in the 1990s. We had a housing stock in balance with the population and an economic environment that supported productive activity.
Type R Tom said:
So this is interesting. The last two comments seem to have an element of "playing the man, not the ball." Now, I'm sure he's no angel, but should we not look more closely at the issues he raises?
I've been on the internet long enough to know that these sorts of people like to peddle a set of messages that appeal to the masses and the narratives evolves bit by bit over time, usually for the worse. See also: Elon Musk
I was a bit cynical of him but maybe it's just that he had nothing, fell into a job that he was good at and made a shed load of money, then realised that the job he was good at involved enriching a bunch of people that didn't deserve it at the expense of people that did. There is nothing wrong with realising that the career path you have chosen doesn't align with your values as you get older, maybe a bit of that and burnout/mid life crisis kicking in.
I had much the same when I joined a bank thinking it was a safe career but then realised that over time it was turning into a sales job, and there were much better ways of earning money in sales than sitting in a bank flogging pensions / life assurance / credit cards to people that didn't need them.
I am a little bit cynical that this type of things always end up with a book and a podcast but everyone has to live I suppose. I think a lot of what he says is correct, doubt it will make much difference in the grand scheme of things.
I had much the same when I joined a bank thinking it was a safe career but then realised that over time it was turning into a sales job, and there were much better ways of earning money in sales than sitting in a bank flogging pensions / life assurance / credit cards to people that didn't need them.
I am a little bit cynical that this type of things always end up with a book and a podcast but everyone has to live I suppose. I think a lot of what he says is correct, doubt it will make much difference in the grand scheme of things.
CLK-GTR said:
He speaks exactly like a friend of mine who made a lot of money early on, had a breakdown, got spat out and is now full of bitterness and resentment towards the industry.
Still, I don't think he's wrong in a lot of what he says.
Ha. that somewhat parallels to my take on him above. From what I have seen, I agree with some of the issues he identifies although he's a bit light on the solutions side of thingsStill, I don't think he's wrong in a lot of what he says.
JagLover said:
The thing is though that it isn't just about "taxing the rich" as wealth inequality has been increasing at the same time as income tax rates have increased for those on higher incomes (when compared to 1990s and early 2000s).
It is far more about the structure of the economy and the level of immigration seen in western countries like the UK very much has played a part in that structure, together with other facets of globalisation such as outsourcing production.
Then on top of this we get ideological projects such as Net Zero, which were always going to reduce average living standards in the way they were carried out.
For those who are ideologically committed to all of the above the scapegoat is the rich and the solution ever higher taxes regardless of how likely they are to stay around to pay them.
We didn't have higher taxes on the rich in the 1990s. We had a housing stock in balance with the population and an economic environment that supported productive activity.
Well there's a handy list of the populist online right talking points I suppose.It is far more about the structure of the economy and the level of immigration seen in western countries like the UK very much has played a part in that structure, together with other facets of globalisation such as outsourcing production.
Then on top of this we get ideological projects such as Net Zero, which were always going to reduce average living standards in the way they were carried out.
For those who are ideologically committed to all of the above the scapegoat is the rich and the solution ever higher taxes regardless of how likely they are to stay around to pay them.
We didn't have higher taxes on the rich in the 1990s. We had a housing stock in balance with the population and an economic environment that supported productive activity.
In answer to the OP - Gary isn't wrong.
egomeister said:
CLK-GTR said:
He speaks exactly like a friend of mine who made a lot of money early on, had a breakdown, got spat out and is now full of bitterness and resentment towards the industry.
Still, I don't think he's wrong in a lot of what he says.
Ha. that somewhat parallels to my take on him above. From what I have seen, I agree with some of the issues he identifies although he's a bit light on the solutions side of thingsStill, I don't think he's wrong in a lot of what he says.
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