Gary Stevenson
speaker
5,834 appearances
16 recordings
3 series
first heard Apr 2026
last heard 26 Jul
Gary Stevenson’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 16 in all, peaking in Jul 2026 with 6.
Appearances
All right.
And now this is the third one, which I have been asked a couple of times in recent interviews because I'm on the press campaign for my upcoming documentary.
Keep an eye out, which is that wealth taxes will be punished by the bond markets.
And this is.
It reminds me of the economist video we did a few weeks ago, where the economists were like, we hate wealth taxes, we love inheritance taxes, without realising that from the perspective of the very rich, they're structurally, functionally the same tax.
Which is, it just reveals a fundamental economic incompetence.
And I think it's sort of...
It reveals this way that people kind of like anthropomorphize the bond markets as if the bond markets are like the disembodied spirit of Margaret Thatcher that just hate anything that seems vaguely left wing.
What the bond markets want is their money back.
OK, the bond markets want high taxes and low government spending.
That doesn't mean that's what you should do, but that's what the bond markets want.
And if you increase your capability to tax very rich people, that increases your ability to keep inflation low and pay your creditors back.
If you don't bring in your ability to tax rich people, it will become like the very, very rich.
As they get richer and richer and richer and the rest of society gets poorer and poorer and poorer, it will become increasingly very, very, very, very difficult for governments to
support the poor, support public services, support the welfare state and pay their creditors back.
And I think it's like painfully obvious that the best thing that you can do in order to reassure your creditors is build the capacity to tax very rich people.
And anyone who doesn't see that well-designed wealth taxes are obviously what the bond market wants is basically a little bit dumb.
But I think when we talk about this idea of like, oh, if we try to tax the rich, it'll be bad for the bond markets.
I think in order to understand this conceptually, I think it's important to recognise that high levels of debt, government debt, literally are wealth inequality.
I'm going to unpack that a little bit because I think it's an important conceptual idea that you need to understand.
Showing 2221–2240 of 5,834 · page 112 of 292
← Previous
Next →