Daniel Priestley

But is it okay? Well, it's not okay. No, we want widespread affluence.

I think that the way you see the world as a trader is that the world is a zero-sum game and that basically the pie is a fixed pie and it gets sliced up. How fast is the pie growing now? There's something like this.

I think that the way you see the world as a trader is that the world is a zero-sum game and that basically the pie is a fixed pie and it gets sliced up. How fast is the pie growing now? There's something like this.

So I'll tell you where my wealth comes from. My wealth comes from building technology companies. And the way it works is pretty weird, which is that I invent something out of my head And I go to investors and I say to the investors, here's what we're going to create. And I give them a spreadsheet.

So I'll tell you where my wealth comes from. My wealth comes from building technology companies. And the way it works is pretty weird, which is that I invent something out of my head And I go to investors and I say to the investors, here's what we're going to create. And I give them a spreadsheet.

And then they say, we'll give you a couple of hundred grand to get started, which is called seed capital. But that on paper makes me worth a couple of million. Right. But there's nothing has been taken from anyone at this point. The investors have said, okay, we'll invest some money.

And then they say, we'll give you a couple of hundred grand to get started, which is called seed capital. But that on paper makes me worth a couple of million. Right. But there's nothing has been taken from anyone at this point. The investors have said, okay, we'll invest some money.

Then as the business succeeds, some more investors come along and they say, we'll give you a little bit more money to keep growing it. And I'm innovating something new. And let's say investors come in and give me a million pounds and for 10% of the company and the rest of the company is worth nine million pounds or nine million dollars, right?

Then as the business succeeds, some more investors come along and they say, we'll give you a little bit more money to keep growing it. And I'm innovating something new. And let's say investors come in and give me a million pounds and for 10% of the company and the rest of the company is worth nine million pounds or nine million dollars, right?

So I'm not stealing something from the existing economy. I'm bringing something from outside of the economy into the economy. And my quote unquote net worth is growing exponentially because investors say, we'll give you a little bit of money that values the rest of the pie at a lot of money.

So I'm not stealing something from the existing economy. I'm bringing something from outside of the economy into the economy. And my quote unquote net worth is growing exponentially because investors say, we'll give you a little bit of money that values the rest of the pie at a lot of money.

In the wealth create, there's wealth extraction, which is what traders do. They extract from the existing economy and they bet on the economy. And then there's wealth creation, which is what entrepreneurs do. They come up with new ideas, better ways of doing things, and they build wealth.

In the wealth create, there's wealth extraction, which is what traders do. They extract from the existing economy and they bet on the economy. And then there's wealth creation, which is what entrepreneurs do. They come up with new ideas, better ways of doing things, and they build wealth.

No, the reason people are getting poorer is because economic freedoms are being eroded. Okay. When we have high economic freedom. And you associate that with taxes? Well, it could be anything that impacts economic freedom. So taxes and regulations are big. Was economic freedom higher in the 50s? 50s was, okay, so 50s was an interesting time. We were in food rations in this country until 1956.

No, the reason people are getting poorer is because economic freedoms are being eroded. Okay. When we have high economic freedom. And you associate that with taxes? Well, it could be anything that impacts economic freedom. So taxes and regulations are big. Was economic freedom higher in the 50s? 50s was, okay, so 50s was an interesting time. We were in food rations in this country until 1956.

So we had 10 years of food rations after the war. We had a labour shortage because only really men worked. Women hadn't entered the workforce en masse. There had been 300,000 or 400,000 men killed in war. So we actually had this big labour shortage. The whole country needed to rebuild because the Blitz had bombed it. So we had this huge need for economic activity and not enough people to do it.

So we had 10 years of food rations after the war. We had a labour shortage because only really men worked. Women hadn't entered the workforce en masse. There had been 300,000 or 400,000 men killed in war. So we actually had this big labour shortage. The whole country needed to rebuild because the Blitz had bombed it. So we had this huge need for economic activity and not enough people to do it.

We only had 2% unemployment. People who had had their legs blown off were put to work at that particular time. So we had this post-war boom and we also had the post-war baby boom, which drove consumption. And then when we got to the 60s, we had the roaring 60s or the swinging 60s, right? Pretty amazing time in Britain. And along comes high taxes.

We only had 2% unemployment. People who had had their legs blown off were put to work at that particular time. So we had this post-war boom and we also had the post-war baby boom, which drove consumption. And then when we got to the 60s, we had the roaring 60s or the swinging 60s, right? Pretty amazing time in Britain. And along comes high taxes.

And they put up the taxes massively at the end of the 60s and it pretty much crashed the economy. One of the things that happened... So what were the tax rates in the 50s? Well, they went up as high as 80% to 90% for the top earners. In the 50s? I think it was in the 60s. Are you sure about that? I think the 50s are unique. What is the answer, Gary?