Gary Stevenson is not your typical economist. Formerly a top trader at Citibank, he earned millions for his ex-employer by betting on economic inequality and the devaluation of money.

Today, he spends his energy and his financial knowledge pushing for a political solution to the increasing wealth inequality problem. Lately through his YouTube channel, “GarysEconomics”, and his new book “The Trading Game“, Stevenson has become a prominent voice in the UK and around the world advocating for wealth redistribution and a fairer economic system.

From Citibank to Activism

Gary studied economics and mathematics at the London School of Economics and later earned an MPhil in economics from the University of Oxford. At just 21 he joined Citibank thanks to a very weird and interesting kind of onboarding, the trading game that he describes in his book. There he quickly rose to be one of the bank’s top traders betting on interest rates.
In many interviews of his, he mentioned that he accredits his success to his ability to talk to “the real people” and getting soon enough the understanding that people were not spending more money even if interest rates were at 0%, just because they had nothing left at the end of the months.

His bets allowed him to earn very generous bonus checks that quickly made him a very wealthy man, that said Stevenson started feeling a profound sense of dissatisfaction during his last period with the bank. He realized that his wealth was built on a system that perpetuated inequality and left many behind. This disillusionment led him to leave his high-paying job and eventually brought him to start his YouTube Channel and to tour the world to promote the book. You can find here the interviews he participated in during his stay in Italy:

The Economics of Inequality

Stevenson’s economic philosophy centers on the idea that wealth inequality is not just a social issue but an economic one that undermines the stability and equality of rights of societies.

One of his key points is the devaluation of money. Stevenson explains that as governments print more money to service debt, the value of currency decreases, eroding the purchasing power of the general population. Meanwhile, those with significant assets can protect themselves from inflation, further widening the wealth gap.

This brings governments and the middle class to sell assets to obtain liquidity that allows them to survive in the short term, and secures their financial stress for their future.

This phenomenon is perceived by many as one of the great dangers to democracy and society, which has to be solved no matter how. This brings him to propose a very personal solution.

Advocating for Wealth Taxation

Central to Stevenson’s activism is his call for higher taxes on the wealthy. He contends that taxing income alone is insufficient to address the growing inequality. Instead, he advocates for a wealth tax of 1% targeting individuals with assets exceeding £10 million. He argues that such a tax would not only generate revenue for public services but also help redistribute wealth more equitably across society.

Stevenson’s stance has garnered attention and sparked debate. While some critics argue that higher taxes on the wealthy could lead to capital flight and reduced investment, Stevenson maintains that the current system is unsustainable and that a more equitable distribution of wealth is essential for long-term economic stability.

Criticisms and Controversies

While Stevenson’s message has garnered widespread support, it has also faced criticism. Some detractors argue that his proposals for wealth taxation are impractical and could lead to unintended economic consequences.

Many can agree on the necessity to find a solution to the problem, but when it comes to practical solutions he is harshly criticized by experts and the general opinion.

Despite these criticisms, Stevenson remains steadfast in his belief that the current economic system is flawed and that significant reform is necessary.

The best piece of content regarding Gary Stevenson

In conclusion, if I can leave you a single piece of content that truly makes the listener aware of who Gary Stevenson is and why his activism is built with this strategy, it’s the podcast Depolarize episode n.89.

Unlike other interviews or short videos, this conversation is long enough to allow the host to push him to go deeper, confronting both the strengths and weaknesses of his message. The hosts challenge his ideas where they appear fragile, while also recognizing the originality and clarity of his strongest arguments. This balance of critique and praise makes the episode the most insightful and well-rounded resource available online for anyone who wants to fully understand Stevenson’s vision, his journey, and the economic battles he is determined to fight.

I strongly suggest investing 2 hours of your life to listen to it. It’s really great!