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Gary Stevenson [0] is the only economist who makes sense to me on this issue. He mostly speaks about the UK but we're basically all in similar boats with house

Gary Stevenson [0] is the only economist who makes sense to me on this issue. He mostly speaks about the UK but we're basically all in similar boats with house prices across the English speaking world. Gary put his money where his mouth is, and was the world's most successful trader for three years running. However, since he talks in a candid and coherent manner about inequality and the stunts the ultra-wealthy pull, you'll never see him get to talk for very long on any mainstream news source. That hasn't stopped his new book from being successful though, due to the popularity of his YouTube channel. 0 - https://www.youtube.com/watch?v=GcaiTZKlCj4 https://www.youtube.com/watch?v=GcaiTZKlCj4

tmnvix 3y ago
He does seem to have a pretty good take on the bigger picture. What it means for me, is to pay close attention to anything that looks like another round of QE. I'm sure it will happen, just a matter of when and how much.
datascienced 3y ago
I like the video. But I just can’t imagine “The Rich” hoarding lots of cash to lend out? Look at Donald Trump unable to get cash at hand for example to pay a fine that is a fraction of his worth. I think the rich will be heterogenous in their assets but most will have non cash assets and borrow when they need cash. Having money out of asset markets so they can time the market based on interest rates doesn’t seem likely. Better off holding SPX or investing in the businesses they probably own that out perform any investment on the open market (for example a company I worked at 100x value in shares over 12 or so years).
- mandmandam 3y ago
  > I just can’t imagine “The Rich” hoarding lots of cash to lend out? Um. What do you think mortgage lenders are doing? Or banks in general? ... And who do you think owns those institutions and profits from them?
haizhung 3y ago
Very good video. The quote that stood out to me was „This is what happens when a country has basically given up on taxing the rich“. I wonder why this is happening all over the planet. Shouldn’t there at least be some countries that try to remedy this? Why do ALL the countries have given up on taxing the rich, when, just ~100 years ago, we had massive taxation on wealth even in the US?
- aprilthird2021 3y ago
  Because countries have rulers and those rulers personally benefit handsomely from not taxing the rich more. It's that simple. Also there is a pretty long history of opposing the rich and standing up for the "people" being a fast track to assassination

tmnvix 3y ago

He does seem to have a pretty good take on the bigger picture. What it means for me, is to pay close attention to anything that looks like another round of QE. I'm sure it will happen, just a matter of when and how much.

datascienced 3y ago

I like the video. But I just can’t imagine “The Rich” hoarding lots of cash to lend out? Look at Donald Trump unable to get cash at hand for example to pay a fine that is a fraction of his worth. I think the rich will be heterogenous in their assets but most will have non cash assets and borrow when they need cash. Having money out of asset markets so they can time the market based on interest rates doesn’t seem likely. Better off holding SPX or investing in the businesses they probably own that out perform any investment on the open market (for example a company I worked at 100x value in shares over 12 or so years).

mandmandam 3y ago
> I just can’t imagine “The Rich” hoarding lots of cash to lend out? Um. What do you think mortgage lenders are doing? Or banks in general? ... And who do you think owns those institutions and profits from them?

haizhung 3y ago

Very good video. The quote that stood out to me was „This is what happens when a country has basically given up on taxing the rich“. I wonder why this is happening all over the planet. Shouldn’t there at least be some countries that try to remedy this? Why do ALL the countries have given up on taxing the rich, when, just ~100 years ago, we had massive taxation on wealth even in the US?

aprilthird2021 3y ago
Because countries have rulers and those rulers personally benefit handsomely from not taxing the rich more. It's that simple. Also there is a pretty long history of opposing the rich and standing up for the "people" being a fast track to assassination