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, 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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Support us: we're making progress in our campaign to convince MPs and the public to tax wealth not work. Gary's been meeting MPs, Lords, political influencers, broadcasters and heads of think tanks every week – and momentum is growing behind wealth taxes as we head towards the autumn Budget. We need your help to keep doing this work. Support us on Patreon and you'll also get exclusive access to live Q&As with Gary and early access to content. All donations go to our not-for-profit company. Thanks:

https://patreon.com/garyseconomics

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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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Further resources to understand money:

'What is money?'

https://www.youtube.com/watch?v=_gcNMu40jqs

'Burning money'

https://www.youtube.com/watch?v=lYjKycq0CYI

'The devaluation of money'

https://www.youtube.com/watch?v=So484-4VbxI