HOW this crisis happened (and how we fix it)

Gary reminds us of the entirely predictable events that have followed governments around the world printing money.

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Performed by Gary Stevenson
GARYSECONOMICS

Produced by Simran Mohan
MOHAN MEDIA

[sardav]

Wish you were the chancellor, this government scares the life out of me. I worked for 11 years driving hgvs until my mental health got so bad I had a breakdown and my employer rather than help me sacked me instead. This made it worse and I'm now classed as disabled due to my mental health illness. I live in fear of the dwp daily and living in the private sector rented flat my landlord put my rent up by an extra £100 a month which housing benefit won't cover so it comes out of my disability benefits. I'm on Esa and pip so had no extra support through covid. I was in hospital 2 years ago with sepsis in intensive care and because I forgot to tell the dwp I was in hospital i had a £600 deduction. There's not a day goes by I don't wish I was able to work I've got family in the haulage industry who say there's a job waiting for me but my illness won't let me work my mental health drs say I can't work but I feel this government is just punishing people like me.

[glowwurm]

Man you need more love, keep up the good work Gary!

[Skylark_Jones]

Please please *please* go on mainstream media when they invite you so that a wider audience hears you, because more & more ppl really really need to have their eyes & ears opened the way you've opened mine!

[timandrew]

You might think about entering politics. Your explanations and solutions are understandable, digestible, and compelling. Love to hear about your thoughts in relation to policy and it's implementation.

[Hambo]

Gary if you ever decide to go into politics, you'll have my vote.

[VorosMedve]

We need you on the BBC and ITV news dropping truth bombs

[sam.wootton]

Love GE's explanations and arguments, done with clarity and good exemplification. Thanks.

[seanpoet]

I remember you said in a previous video. That 450 billion was given to the rich during the pandemic (which was the equivalent of 1k per person in the uk). Which also seems to be how much people are being squeezed as a result of inflation. Reinforcing your point.

[JohnDoe-knjo]

Nice one Gary. Good video. Please could you do a video on the 🏦 of England? Ordinary people need to understand it's role and what it actually is.

[jasonuren]

'money is not like resources.'

[darrenchristian]

Once again another excellent video. So when will we see your TED talk? Have a good week fella.

[chongxina]

There’s a reason Boris and his homies were poppin bottles and partying like it’s 1999 during the Covid lockdowns. They were making a lot of money.

[bigdaz]

What is your opinion on the old argument of Taxing Land/Property instead of Income??
I understand that Tax in general cannot be so Black & White and will have to be a little Broader because more and more people as time goes on do not/will not ever get the opportunity to even own a Home, let alone any Land and will be lifetime Renters with no Property or Land to levy a Tax upon.
Council Tax does Tax people based on the Home they live in but it does not even come anywhere near close to being reflective of the Homes we live in, someone in a 30 Room Mansion may pay Double what someone in a Terrace House pays which is absurd ect??
Very good video by the way Gary, especially explaining Money printing too the Rich as a Tax on you at your Point of Purchase and not as a 'Traditional' Increase in the Tax you are obliged to Pay on your Wages.
This should be pointed out more, its the most obscene Stealth Tax when viewed from this perspective imho but certainly a Tax increase that will again hit those with the least the Hardest.
Thanks for what you are doing :)

[marknorman]

Great explanation, Gary. I would be interested to understand more about the mechanisms that result in the printed money flowing to the rich. Also, do you think a ‘people’s QE’ as proposed by some politicians would ultimately produce any different outcomes? Surely that would result in inflation too?

[clivewilliams]

Have you made contact with Yanis Varoufakis?

[beazzz]

Great video. THere's just one aspect I don't quite understand. During the 2008 global economic crisis, governments printed money (like during COVID, albeit less of it). However, there wasn't inflation. Why is it different this time? Is it purely due to the increased scale of QE? Thanks

[mcconchied]

Is there a difference between consumer goods and services and financial asset inflation? I thought that QE was effected through the BoE buying financial assets (increasing demand and driving up the price for financial assets) and that was why the rich got richer during the COVID crisis. I also thought that inflation in consumer goods and services was driven by supply side issues e.g. China COVID policy and reduction in oil and gas supplies due to the war in Ukraine, rather than excess demand. Am I misunderstanding something? I do worry that increasing interest rates to reduce consumer spending in order to tackle inflation (rather than fixing the supply side issues) will lead to real suffering for ordinary working people.

[johnjones]

I've been a fan of yours for a while Gary but I only found out today that you have a youtube channel. I reckon you need to find more ways to promote your channel! Hello from Nottingham

[widebleek]

The more money you make the more taxes you should pay. Why is that a problem?

[daftjunk]

This is a great explainer.

One piece I can't grasp though, is why (if the cashflows are settling with the rich only) would it cause huge CPI inflation this time? The masses of people that spend on the estimated CPI basket of goods aren't the ones holding extra money, the middle class are being squeezed too.

Doesn't this suggest that the inflation we're seeing is cost push or price gouging?

Eg post 2008 there was huge printing of money, but negligible CPI inflation for over a decade as the money went to the rich and houses/stocks. I don't see what's changed this time.