Thoughts on Gary Stevenson
His hatred of banking makes it more fun tbh. He has an econ youtube channel, its interesting, dont totally agree on everything tho.
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Inequality is an important conversation to have in the UK alongside our low growth, but the fact that Gary fails to discuss things like our immigration, welfare state, triple lock, education + energy policy and the thing he always reverts to is
He is clearly a very smart and accomplished person and has a big platform amongst normies - so its a shame he just reverts to tax the rich blud as a pavlovian response to any critique about his ideology
Also his cosplaying as a scruff is crazy. Put on a proper suit, do up your tie and sing the national anthem
For me, my issue is that he seems to present inequality as the start of the problem, but doesn’t really go into what causes the inequality. He doesn’t seem to talk that much about monetary economics, central banks, currency debasement. Seems just populist tax the rich kind of tone, which obviously appeals to the masses.
That being said, I don’t watch all his stuff.
Cope and seethe ;)
Couldnt agree any further, deserves +2SBs
This also links to the fact that anyone who has 'strategies' for how the UK economy grows, yet isn't willing to ackowledge the NHS being unsustainable in throwing money at it, the triple-lock being unaffordable and a de-incnetive for youngsters and the wage-crisis stemming from having too many middling universities, is unqualified and should be avoided
There was an article in the FT that largely debunked or watered down his boasting of, 'being Citi's best trader'. He claims he became the best trader there by, 'betting on inequality worsening' which is a totally nonsensical and fictional view of how traders trade ANY asset class. His tag line of 'tax the rich' bruv is enough to gain support from Millenials, GenZ and metropolitan liberals who follow PoliticsJoe / Novara Media, but it won't be long before he's exposed as a fraud (albeit a remarkable career even if he wasn't as good a trader as he states) and a good grifter in driving book sales.
He's exaggerated his story, obviously
https://www.ft.com/content/7e8b47b3-7931-4354-9e8a-47d75d057fff
Do you have a non-paywall version?
Try this
https://archive.ph/VqHsR#selection-2425.0-2427.1
What he does now is very much a pop econ/econ-lite for people who want to feel better about themselves than anything else. What he talks about is so frequently surface level with no real substance to it that it isn't even possible to figure out how much economics he actually knows.
I get a poor man's econ version of Mr. Beast from his content
Braindead populist for working class leftists who "hateeee the richhh!!!!".
Read the FT hit piece on him - he basically forged everything he claims. "World's best trader" aka he ranked top of only his desk in one month at one mid BB bank in London.
He also claims to be a genius (his words) and one of the smartest kids at university (his words) because he got good grades at LSE (everyone else spent their time applying to internships), and only managed (he was a dumbass who didn't apply to any internships in penultimate year) to get the best job out of university (his words - S&T at Citi?????) because he won a trading game citi used for recruiting (this is true and actually was a thing) which is essentially the same thing as AmplifyMe trading simulators which MS use to hire for s&t/ER (hardly proves you're a genius lol)
All in all it's so embarrassing to see him lie nonsensically as everyone actually in the industry can just see through is grift, but obviously 100% of his fanbase are not in finance.
I am not from the UK and cannot comment on some of the UK-specific things being discussed here, but what Gary is doing is making people aware of the problem. The "rich get richer" has always been a thing because rich people (for the most part) put their children in positions to be successful or at the very least retain wealth. However, today the rich are accumulating assets at unprecedented rates in historical terms (at least post the era of feudalism and lords etc.). Gary may not be breaking down specific economic data in his content or podcast appearances, but his fundamental message of raising taxes on the ultra wealthy is correct.
Yeah mate you still have a lot to learn about how the real world works and that 'taxing the ultra wealthy' has never in history been a strategy that has worked. Certainly, when it comes to the broader economy, the solution is not singular. People imagine that by taxing the 'ultra rich' it will solve the fiscal & budget issue which is just not accurate. To 'FIX' the economy, it takes multi layered solutions which take into account both government income but more importantly, government spending, fiscal budgets, trade relations and so on. It's not 'taxing the rich' will make everyone's life better. And this is coming from someone from an underprivliliged background. I never understood the hate of the rich, if you want a better life, then stop crying about other people and build discipline, ambition and achieve what you need to achieve.
I did not say that raising taxes on wealthy people will solve all the problems, but it will limit their power. Also, I am not "crying about other people", I personally have worked very hard to be in the position I am in and I feel confident in my own ability to accumulate wealth. However, in America, the wealthiest people have effectively written the tax codes over the last few decades such that many (specifically in real estate) pay next to nothing in income taxes. Wealth inequality precipitates deadweight loss in the economy.
Issue with the UK is awful fiscal governance and low growth for years post brexit and esp post covid/ukraine.
outside of broader financial services (including banking law accounting insurance etc) and some pockets of other industries (education,pharma) uk really produces nothing
one thing that doesn’t get mentioned as much is the cultural apprehension to success
doing well in school - getting a good job/taking risks via entrepreneurship - being financially successful is looked down on for whatever reason
that’s the one thing i envy about american culture (it’s called the american dream afterall not the british dream) and that really needs to change in the uk otherwise the country is going to stagnate into an irrelevant backwater
I think he needs some vitamin D and a protein shake
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