Gary Stevenson

When the economy is bad, stock markets go down.

If stock markets go down, that means the economy is bad.

And yet here we are in the midst of like probably the most obvious piece of economic like sh**ness we've seen in a long time.

Stock market's going through the roof.

We are going to explain to you what is happening.

So the first thing to say is like this is not new.

So I'm talking to you now in 2026, in the midst of one economic crisis that appears to be pushing stock markets up.

And obviously, five years ago, we had COVID, which was another enormous economic crisis.

And what was the long term effect of COVID on asset prices, gold stocks, housing, they went up 2011 sovereign debt crisis.

pushed asset prices up.

And 2008, obviously the credit crisis, the Lehman shock, the massive 2008 economic crisis, in the long run, pushed asset prices up.

So, you know, what is happening?

Why is it that we have this thing happening, which is like totally the opposite of what is supposed to happening?

Why does it seem to be that whenever there is an economic crisis, Iran war, COVID, 2008 crisis, why do they always push asset prices up?

when we expect them to push asset prices down.

So a narrative was starting to form on this sort of like 10 years ago.

which was that, so 2008, for anyone who doesn't know, I guess I'm getting older now, 2008 was like a massive credit crisis.

It turned out that basically like all of the banks, at least in the Western world, had lent money to people who couldn't pay it back.

The banks would have gone bankrupt.

The banks stopped lending.