You can’t give it away~!

Here is a rough transcription of the presentation for people who are hard of hearing. Apologies for the lack of grammar, I am working to improve the automated transcriptions -
hello whenever you are hardest to video think your axle start with Axel yes I think two things coming from Accel one is that rich people are basically educated into being rich and powerful and poor people are educated into being and poor car mechanics obviously that’s a big black-and-white that the ring is at that sort of thing that exists in how the Western world education system especially in the UK and the US not so much in Europe but am basically money still buys you your children the chance the best chance the much better chance of I getting in and having more money and keeping it in the future and power from that lets have a quick go at redistribution again any redistribution-is just because because the thing is so obvious it’s its own are just run it through certain let’s say we have a redistribution we know that these tax things on income are pretty useless because Han the wealthy have already got their wealth and power so taxing just a bit of turnaround of money isn’t going to make any inroads into it at all estate taxes and I’ll just say one thing that if it ever came to it besides the other thing and, besides the fact that the people do as a commentor said think for themselves as in I would like to pass on I don’t have a house but I’ve saved up 20,000 monies I’d like to give that to my children or the other person has got a house and 200,000 monies wants to give that everybody will always vote for it and will understand that the person has 10 houses and to billion dollars of money and three yachts and they want to do it as well and everybody will appreciate that this is how I feel about my money and I’m sure that’s how they feel about their money and will always be chary Charlie as they will not be coming forward to is demand that the wealthy even very hyper wealthy do give over and should be heavily heavily taxed on their estate tax that obviously the rich you get more people will vote for the rich to be clouted the Euros be struggling to get the mass population behind huge estate taxes when talking what we talk about is getting into the great big and suede loads of wealth and power that their wealth and powerful have got so taxes are no good and lunch pretty sure that estate taxes aren’t going to be away into it and it worked to a certain extent in Han 18th and 19th-century Britain specially 19th-century Britain to Bill pulled down the arm that the royalty basically at the Dukes and all that sort of thing they did put huge estate taxes on and it did break up the estates so it it is It can be ago if it is seen only if it’s been seen as a punishment for the rich and powerful pop over playing their hand as long as the rich and powerful just are rich and powerful and aren’t seen to run slaves and basically be exceptionally naughty I don’t think estate taxes will ever get mass support enough mass support to push it through against the wishes of the rich and powerful in similar mean he needs huge mass support from them major mass of the population to move against the small amount of people with huge amounts of voting money so another way would be well you can’t get them year by year you can’t get them the end of their life how about just going in one lot and all our whole lot of money out of them obviously this won’t work either because it it would have to be a one-hit wonder if it was then you can’t ever convince you never convince the world that it’s a one-hit wonder because if it was ever imagined that it was going to happen again well what what would happen was okay just like did happen Indian and in the in USSR when they distributed the state and ownership of the state owned companies to the people that before you know few years was out all of those tickets were owned by 50 oligarchs and it would happen again but only if it is the oligarchs or the harm disinherited rich thought it would be worth buying them again the be no doubt about it that Paul would sell them they would be selling them because the stock market that seven were giving away stock tickets the stock market would be absolutely tumbling because everybody would know that the hard of thinking when given stock tickets that are going down I don’t sell them the make and go down further or they just sell them because they just wanted the cash they don’t understand or trust these little bits of paper they want Walmart money to be selling them stock market the prices of all this stuff could be going down now if you wanted it to go back up again to give the people the value for the money the tickets that they’re being given and the fuss that been caused in the country you’d want us have that value kept up and the only way to be kept up if there were major buyers and the only major buyers would be the look that the people you taken the money from the people are due to trust those tickets so you need those rich people to be wanting to buy them back again even if they had to borrow money to buy them back again without that’s without the tickets going back to the rich in creating the demand will you do is get your stock market level all the way down to effectively not zero but very very small amount and you’ve wasted in complete picked up wasted that the faith that I am the world has in your effect effective ways of running the country because just to rip me money off people and give it to people and then that money the the the the tickets to fall to 0 value so it’s done nobody any good it’s just done a load of harm I’ll would just be a pathetic arm thing to do okay now I’m going to in this harm video but Barnes might give it a bit of a different way now if you wanted stripped the rich personal owners of bonds that might be different but actually equity stop stock tickets it is just be ludicrous because you give away nothing new just ruin things for no reason at all he wouldn’t be giving away anything because those stock tickets only have value if they have demand for them no demand for them you wouldn’t be giving anything away or you’d be doing is taking from the the the rich for the fear of it at all it would be absolutely be okay once we could talk about over in Europe are just read the denial by the ECB the European Central bank’s morning denying that they will bark and they will And let’s say Spain’s bonds by anybody’s bonds that come under what could happen is a can of an ABC a country like Spain has to write a letter to Brussels and say we are in serious trouble we need to borrow money we need to come under the protection program then the protection program says right out arm will put a program together for you where you must do posterity you must do austerity here here here at this much next year that that that of this much and the year after bending demo in much okay that’s paper is must be then signed by say example Spain Italy whoever Portugal again whoever it might be and then without being signed and as long as they stick to whatever’s been signed the EEC Bay will come along and buy that all by enough of their higher bonds in the secondary market in the natural selling stock market for bonds you could call it in the in the external bond market and Those rates say it, 5% on the ten-year etc etc whatever they would which would be making solid targets and market participants to Weymouth but that’s a technical point but it looks like that is with the way Europe has moved because Europe is arm 17 countries/80 and they got voting rights so Italy and Spain Greece Portugal Ireland and France have much more voting power than Germany and Holland and Austria put together a laptop and basically that’s the court understand that push comes to shove their outvoted so that’s what both people want that means that the arm the countries would have their bonds And they would not be forced into posterity and by their bonds that they they don’t like the idea that their bonds will be going up and down and it’d be a rapper not irrational to be volatile for them and they wouldn’t know what to do so the countries would be happy in their bonds would be capped the armed the corner would be happy that they could tell the peripheral countries exactly what to do which would be austerity austerity posterity to try and get in line with what they think that they’d be getting the periphery in line with what they do which is absolute nonsense that’s where it all falls down and the ECB doesn’t want to do this buying but would at least know that they would be keeping up the value of the bonds in the banks of the member countries and would effectively chip and if I all the banks in Europe but it’s better having in Japan if I’d and just held arm solvent than it would be to have an insolvent and have huge bank runs in Europe to everybody would be unhappy but happy enough to sign up for something like that help would that make the Euro currency strong like the Japanese yen no great ideas come to me but maybe you can think that far ahead into fudge but of course this have to be a fudge would it would cause what we what people call inflation near the would-be fuss that it would but it wouldn’t because deflation it could well might and that could be what actually breaks it but that’s another story but the market would be temporarily happy with it because the thing that worries the market so much is the solvency of the banks and it would temporarily guarantee the solvency of the banks and their asset side stuffed full of sovereign bonds the rest of the stuff will go bad slowly but at least one major asset class is saved by