Daniel Priestley

And it can be the difference between less than 10% right up to 70% poverty rates. And when countries go on a path towards economic freedom, poverty just drops. So India, for example, has been on that path, and they announced today that they've almost eradicated poverty. abject poverty or extreme poverty.

The UK went on that path of low economic freedom to high economic freedom and we saw poverty rates come right down. But in 2008, when the global financial crisis happened, one of the things that happened is the government said, we need to step in and we need to take charge and everyone said, please do.

The UK went on that path of low economic freedom to high economic freedom and we saw poverty rates come right down. But in 2008, when the global financial crisis happened, one of the things that happened is the government said, we need to step in and we need to take charge and everyone said, please do.

So they came in and they said, all right, we're going to ramp up debt, ramp up taxes to pay for the debt and we're also going to put all regulations in. And unfortunately, that starts to reduce economic freedom. then the pandemic happens and they say, oh, we're going to spend more money again through debt, we're going to have more taxes, more regulations, less economic freedom.

So they came in and they said, all right, we're going to ramp up debt, ramp up taxes to pay for the debt and we're also going to put all regulations in. And unfortunately, that starts to reduce economic freedom. then the pandemic happens and they say, oh, we're going to spend more money again through debt, we're going to have more taxes, more regulations, less economic freedom.

So the UK, we went from an 82, when I arrived in 2006, we went from 82 out of 100 down to 68 out of 100. So we're less economically free. And predictably, what we will always see happen if you lower people's economic freedom is more poverty, less affluence, the millionaires and the wealth creators leave, the people who are stuck in dead-end jobs or no jobs get incredibly frustrated.

So the UK, we went from an 82, when I arrived in 2006, we went from 82 out of 100 down to 68 out of 100. So we're less economically free. And predictably, what we will always see happen if you lower people's economic freedom is more poverty, less affluence, the millionaires and the wealth creators leave, the people who are stuck in dead-end jobs or no jobs get incredibly frustrated.

Everyone starts looking for someone to blame. People are angry and they're like, who do we blame?

Everyone starts looking for someone to blame. People are angry and they're like, who do we blame?

It's very different because in the US, we blame, US blames someone different to the UK. So we have a historical cultural memory. In the UK, we have a cultural memory that the people to blame are the rich. So we have landlords and aristocracy and the landed gentry. Those guys are to blame, right? So blame the rich is what we say in the UK. In the US, they have a very different view.

It's very different because in the US, we blame, US blames someone different to the UK. So we have a historical cultural memory. In the UK, we have a cultural memory that the people to blame are the rich. So we have landlords and aristocracy and the landed gentry. Those guys are to blame, right? So blame the rich is what we say in the UK. In the US, they have a very different view.

Their cultural memory is that they're anti-government. They want limited government. In 2023, there was this song that came out called Rich Men North of Richmond, and it was the number one song in America. And the lyrics of the song basically says, people in Washington do not care about working people. They are taxing everything we touch. You can't earn money. They depreciate the dollar.

Their cultural memory is that they're anti-government. They want limited government. In 2023, there was this song that came out called Rich Men North of Richmond, and it was the number one song in America. And the lyrics of the song basically says, people in Washington do not care about working people. They are taxing everything we touch. You can't earn money. They depreciate the dollar.

They tax, tax, tax, tax, tax, and they want to control our lives. Those are the lyrics of the songs, controlling our lives and taxing us. So the American reaction to this is who's to blame? Government. So we want smaller government. We want a Department of Government Efficiency to come in. We want someone as a wrecking ball who will come in and smash government.

They tax, tax, tax, tax, tax, and they want to control our lives. Those are the lyrics of the songs, controlling our lives and taxing us. So the American reaction to this is who's to blame? Government. So we want smaller government. We want a Department of Government Efficiency to come in. We want someone as a wrecking ball who will come in and smash government.

The British instinct is hate the rich. It must be the rich's fault. So when we look for – like all of the Western countries that implemented lower economic freedoms – created more poverty, less affluence, and more disruption to their economies. So both US and UK, for example, and Australia as well, but both sides of the pond want someone to blame.

The British instinct is hate the rich. It must be the rich's fault. So when we look for – like all of the Western countries that implemented lower economic freedoms – created more poverty, less affluence, and more disruption to their economies. So both US and UK, for example, and Australia as well, but both sides of the pond want someone to blame.

It's just that the Americans blame government and we blame the rich.

It's just that the Americans blame government and we blame the rich.

See, one of the things that I think happened during the pandemic is everything went digital. And entrepreneurs and investors did actually think about what would happen. The investors immediately boomed stocks like Zoom and Microsoft, and we ended up with the Magnificent Seven. I don't know if you, you know, there's seven big tech companies in the USA market.