Daniel Priestley

There is something which you have, which is this elite mindset, which is how do I organise society so that everyone gets a job and everyone does stuff, right?

And this is the trap that many people have fallen into and it's actually at the root cause of socialism.

So the root of socialism is that I know better than everybody else and I will come up with a way of running society so everyone gets looked after.

That's the top-down mindset.

The crazy mindset that actually works is if we give people education and training and we make opportunity transparent and we actually let people know what's actually happening in the market and we give them price signal data, they will self-organise and reorganise and they will have a bottom-up revolution and they'll find amazing, interesting things to do.

The money is in the economy.

You think that's true?

When people feel that they can't get ahead, they look for somebody to blame.

And this is historically consistent.

What is really happening is that the government has become so big in the economy.

The UK government is now 45% to 50% of all spending in the UK economy.

That's essentially a socialist or it's getting socialist.

Every amount of government spend is a market distortion, regardless of what it's for.

And I'm saying there are plenty of things governments should be spending money on, but all government spending is a market distortion.

It's not market-driven, and there is a monopoly on spend, so therefore it is a market distortion.

The more government spending you have, the more market distortions you have.

What do you mean by market distortions?

So a market distortion is where the markets are not really able to function because there is some big organisation like the government spending money and taking away price signals and taking away the realities of the market.

So a great example is what happened with student loans.

So in a capitalist society, what would have happened...