Gary Stevenson

And I made tons of money on these predictions.

So I'd like to think that, you know, I have a little bit of a right to speak on these things.

In my opinion, what has been under discussed and under understood as a driver of these asset prices is deficits and distribution.

So in a sense here, I'm repeating

an argument that I made at the beginning of COVID, which is

when the government runs a deficit or in essence really anybody runs a deficit somebody accumulates money and this is basically an intrinsic part of our monetary system but the way it basically works is like this you know if i borrow a ton of money and then give that money away somebody has to have more money now quite simply i think this is

something which is unfortunately not well understood and it's one of the reasons why we are in this

mess so i think the clearest sort of way to understand this is to look at covid itself because i think it's just such a clear example of this happening which is at the very beginning of covid we knew that governments were going to run very long-term lockdowns we knew that governments were going to have to subsidize people's wages and we knew that the the way that governments were going to fund that

was to essentially borrow or in some cases print we can argue the details borrow or print an enormous amount of money and give that money out um and you know i'm not necessarily opposed to that policy but it's important to recognize that when governments do this when governments run very big deficits some group of society must accumulate money and when the deficit is enormously big and the deficits in covert were just like

like mind-blowingly big in the UK it was like twenty thousand pounds per adult I think in the US it was like something more like forty or forty thousand dollars per adult crazily huge amounts of money when the government runs enormous enormous deficits

Somebody accumulates money.

And I did all this analysis at the beginning of COVID because my background is like distribution and inequality.

All I really wanted to know at the beginning of COVID was who is it going to be that accumulates that is on the other side of this enormous deficit that will be run by the government.

And if you want to see the details of that, you can go and watch the first video on this channel.

You can see me following it through.

but i'll give you the um the uh conclusion the conclusion i came to was that these enormous government deficits in covid were going to end up being accumulated basically by the richest people in the country and that happened here in the uk but it also happened pretty much wherever you're watching unless you're watching from switzerland that happened in basically every single country in the world and that led me to be able to make these like really in my opinion like quite obvious conclusions like if we know

that what is going to happen is governments are going to run huge deficits and the richest people in the world are going to start accumulating like unbelievably enormous piles of cash.

Like what is the obvious consequence of that?

The most obvious consequence, if you give like rich people an enormous amount of money, so something you need to understand, when I talk about rich people, especially talking about very rich people, people with like 10, 20, 100 million pounds or billions of dollars,

If you give a large amount of money to somebody with that amount of wealth, they, by and large, will not spend much of it.