The economy is made up of real resources and the people who produce and own them. Money is different. Money is supposed to represent these real things and the relations between them, but it often fails to. Focusing too much on money – and interest rates and monetary policy – blinds us to how the economy actually works. Gary explains why this is so important if we want to change anything.

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Special message: I've been meeting MPs, lords, political influencers, TV and radio presenters and heads of think tanks every week to convince them to tax wealth not work. Momentum is seriously growing behind wealth taxes as we head towards the autumn Budget. We need your help to keep making videos every week, growing our team and building the movement to tax wealth not work. Make a one-off donation on Stripe: buy.stripe.com/dRm4gs9Nl1L6eqWbUydjO00 Or make a regular donation on Patreon: patreon.com/garyseconomics (on the Patreon you'll also get access to live Q&As with me and early access to content.) All donations go to our not-for-profit company. Thanks, Gary x

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Further resources to understand money mentioned in the video:

What is money?    • What is Money?  
Burning money    • Burning Money  
The devaluation of money    • The Devaluation of Money  

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Chapters

00:00 Intro
01:47 The obsession with interest rates
03:56 How monetary policy failed in 2008
06:05 Know your medieval history
06:55 People confuse money for real resources
07:24 Money printing during COVID
08:20 Why don't we just make more money?
10:21 You need more real resources
11:27 Redistribution of resources
12:46 Money is different for the individual and the state
13:24 Resources are rapidly flowing to the rich

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