Comments by "David McCulloch" (@davidmcculloch8490) on "Garys Economics" channel.

@stumac869 OMG! You have a very convenient and inaccurate memory. What you called "Blairism" left us with record prosperity and the lowest NHS waiting lists. What caused our financial crash? Casino banking, WORLDWIDE!!!
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I agree about the urgency. The dilemma is getting one party to mitigate neoliberalism, which was designed to create inequality.
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 @billB101 Actually it's neoliberalism.
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That is the case for the greedy or deluded poor.
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 @brunosmith6925 and his tax rate as a proportion of income and wealth was...?
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Yes. Inflation means prices going up. Deflation is prices going down (the latter also being known as a miracle. Lol).
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Well done. Admire your vision and the stand you are taking.
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How about building quality social housing to mitigate the shortage and stop the richest people getting their grubby mitts on them?
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The ruse started in the 1980s. Neoliberalism was designed to exacerbate inequality by persuading the poor to vote for the rich to have more, through the lie of trickle down. It has failed society while benefiting the richest. Remember Thatcher's words: There is no such thing as society? We now live in an oligarchy, inching towards fascism.
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@billB101 I understand that he was the economist. Yet the master plan was designed by some of the most powerful people at Mont Pelerin in 1947. Pinochet was the first, followed by Thatcher then Reagan. They were puppets for the most powerful.
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@badgerpitful Your first sentence invalidates the argument. Key word: if. If your assets lose value, your Labour may gain, depending on supply and demand, as opposed to the value of capital assets. The same applies in a capitalist economy.
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Applying advanced maths to a world of fantasy seems mad. Yet what if it's intentional, and planned? The neoliberal model was designed to persuade the poor to vote for the rich to have more, through the lie of trickle-down. Part of that was changing the economics syllabus...enter Friedman and the Chicago Boys. Restricting the model to averages and fixating on interest rates was all about the "free market", which is actually rigged by financialisation. Ted Heath once said that the sole use of interest rates to control inflation was like a professional golfer competing with just one club in their bag. No attempt to regulate prices when we have cost push inflation. Friedmans "market" can't have that. The model is designed to support exploitation by the rich and powerful imo. It also keeps politicians in line.
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Prof Richard Murphy believes that the high interest rate on bonds is created through quantitative tightening. Selling back the bonds they held to create new money, thus forcing the interest rate up and the bond value down. The BofE is effectively creating the mess to force austerity and should be told to stop selling off the bonds. We also need to tax back wealth to redress the balance, as you say.
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@WhichDoctor1 which is why Thatcher had to break the unions. The conspiracy hatched at Mont Pelerin in 1947, now known as neoliberalism
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@kevinsyd2012 Where is the independent validation of this? Sounds like Tory or Reform rhetoric. Have you noticed the correlation between record NHS waiting lists (including mental health) and the so-called economically inactive? Time to engage brain?
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If you are saying that Britain is not a meritocracy, I absolutely agree.
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Don't think I'd like the recipe...could end up with their balls.
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 @rolyars Indeed. Actually it was planned at a meeting in 1947, at Mont Pelerin. Search online "George Monbiot mont Pelerin 1947"
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@EmmaJonesSmith91 Labour supporters? Prejudice preceding bullsh1t. Not everyone is driven by money. Some even work hard for the benefit of society. Trickle down is a con, to persuade the poor to vote for the rich to have more. We DO NOT live in a meritocracy.
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 @MelbourneMeMe The connection is oligarchs destroying democracy so they can have even more power and money to satisfy their greed.
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The economy is collapsing because politicians fall down and worship the free market: "you can't tamper with it; we have created something bigger than us that we don't fully understand". Ask an economist and they will give you insights from mathematical models that provide an understanding of market behaviour, while offering no solution. The people with ultimate financial power will bribe (their polite word is "fund") politicians to act in their interests. The politicians, claiming to represent the people, are afraid to intervene with the gods of the market because their financial backers prohibit it. We have a perfect storm and Gary is one of the few human beings who will attempt a solution for the good of humanity. Meanwhile, the sociopaths with ultimate power will use every tactic of resistance. One solution might be real democracy but that is also denied to us.
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Trump's act of stupidity was promising to reduce inflation while imposing tariffs. Tariffs are paid by the importer, which pushes prices up. Hence the two are incompatible, unless home industries can fill the supply gap at a competitive price, in which case tariffs won't be needed.
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At the core of the problem sits neoliberalism, which was designed to persuade the poor to vote for the rich to have more through the myth of trickle-down. If we were to put more wealth in the hands of the majority, they would spend it in the local economy. Put it in the hands of the richest and they either move it offshore or buy assets to rent back to us at extortionate prices. Inequality is indeed the key to poor growth.
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"Levelling up!". Who said that? A serial liar, so why not expect the opposite? Most of the awarded pittance was directed to the red wall seats where the Tories had won a narrow margin. Who would have guessed?
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Bernie Sanders has been calling out inequality and oligarchs derailing democracy, yet the land of greed appoints president moron. Conclusion: it's a thousand times easier to appeal to prejudice than to persuade with logic.
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Inequality is inevitable. Why? It's planned and deliberate. The neoliberal system was planned at a meeting in Mont Pelerin (1947) and has persuaded the poor to vote for the rich to have more, through the lie of trickle down. Not content with the rate of inequality, we now have the disease of financialisation, where companies such as Apple and Pfizer spend more on share buybacks than on R&D. We buy the lies spread by puppet polticians, who shift blame to defend their masters. It's as though they are competition to see who can extract the most wealth before our planet dies.
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The clue is in the name: CONservative. The party with the worst economic record yet the most millionaires. Greed over public service.
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Another solution is to tax passive income at the same rate as work income, so personal allowances could be raised to help the lower paid. There is the further problem of taxation based on country of residence, so we either need to change that rule or tax on asset values of non-doms.
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The neoliberal lie of trickle down has persuaded the poor to vote for the rich to have more.
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@DesperateDan3231 should we sponsor vulture capitalists to do it?
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It's called misdirection, practiced by scammers and promoted by the oligarch media. Here's how it works. Three people sat at a table containing 100 cookies. A billionaire, a worker and an immigrant. The billionaire scooped up 99 cookies then said to the worker: "Hurry! Or he will steal your cookie".
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Game theory in this instance not only fails to take account of individual human nature, but depends on the suppression of communication. The experiment depends on isolation, to play one off against the other. The total time of imprisonment would be lowest if the prisoners could collude and talk (a total of 2 years). Communication and cooperation become the key. As a species, we have survived by working together. Thatcher had to smash unions and denounce society to enable divide and rule - assisting the damage of neoliberalism and the extraction of wealth by the few.
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