Episode 62: ‘I made millions from the financial crisis. Trust me, the system is broken’
with Gary Stevenson30th July 2020
He made a fortune in the last financial crisis betting against a recovery. Now one-time City trader Gary Stevenson tells his jaw-dropping story. He won his job in a card game at one of the world’s top universities and was the most profitable trader globally at Citigroup in 2011. But his maths-based predictions of currency movements hit upon a problem: global inequality was paralysing the economic future of the entire world. In this podcast, Gary tells hosts Zoe Williams and Luke Cooper why the system has to change. He laments the failure of the Economics discipline to steer a new course and believes we are on the cusp of the total destruction of social mobility in every country in the world.
This podcast is part of an on-going collaboration between the Friedrich Ebert Stiftung and Another Europe Is Possible.
For more information on the ideas discussed in this podcast check out these bits of reading:
For a more technical, economics-take on the issues discussed see this paper from the economists Gary mentioned in the podcast.
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