Gary Stevenson (economist)

Add links
From Wikipedia, the free encyclopedia

Gary Stevenson
NationalityBritish
EducationIlford County High School
Alma mater
Years active2008–present
Known forEconomic activism
YouTube information
Channel
Years active2020–present
Subscribers146K[1]
Total views5.1 million[1]
Last updated: 08 Mar 2024
Websitewww.wealtheconomics.org

Gary Stevenson (born 1987 in London), known also by his YouTube-channel GarysEconomics, is a British inequality activist, economist, and former financial trader based in London.[2]

From a working class background in Ilford, Stevenson studied economics and mathematics at the London School of Economics before becoming a financial trader at Citibank in 2008, at age 21. Stevenson grew to become the bank's most profitable trader in 2011 by predicting there would be a large increase in economic inequality, and that growing poverty would cause interest rates to stay low.[3][4] In 2014, Stevenson quit his job to study for an MPhil in Economics at the University of Oxford in 2016.[5] In 2020 he started the YouTube-channel GarysEconomics, where explains economic concepts related to inequality to a wider audience.[6]

He has contributed to outlets such as the Guardian, BBC, LBC, and Novara Media. In 2024, Stevenson published the book The Trading Game on Penguin Books, which is a memoir about his years working in the finance industry.[7]

Early life[edit]

Stevenson's father was a Post Office worker in Ilford, London, United Kingdom.[3] He grew up with a sister, Debris Stevenson, and a brother.[4] As a child, Stevenson worked as a paperboy, and went to Ilford County High School, from which he was expelled at the age of 16 due to a "'drug-related' transgression".[3]

In 2005, he enrolled in the London School of Economics and studied maths and economics.[3] He later wrote in his memoir that his university experience led him to conclude that "a lot of rich people expect poor people to be stupid". He worked in a sofa shop, earning £40 a day.[8]

Career[edit]

Interest rate trader[edit]

Stevenson claims to have become an interest rate trader in 2008 at the age of 21, after winning a "card game" based on trading,[4][9] initially being hired by Citibank as an intern and then as a full employee.[8] He took advantage of the 2007–2008 financial crisis,[3] receiving his first bonus in early 2009 of £13,000,[8] and earned just under £400,000 in his first year, followed by his first million pounds by 2010.[3] He also bet on the Greek government-debt crisis in 2011.[10] By the end of 2011, Stevenson had become "Citibank's most profitable trader" by trading based on the prediction that interest rates would not rise due to the impact of wealth inequality upon demand,[3][4] as he believed the wealthy tended to save their money rather than spend it, instead investing it in property.[11]

Campaigning[edit]

Stevenson retired from trading in 2014 when he was 27 and enrolled at the University of Oxford to study economics.[3][9] "Depressed and disillusioned" with the education he was receiving,[3] and annoyed that "change isn't going to come from there,"[10] he involved himself in the work of Thomas Piketty, Emmanuel Saez, Gabriel Zucman, Atif Mian and Amir Sufi, and Ludwig Straub.[3]

When the COVID-19 pandemic began, he predicted a rise in house prices and in the cost of shopping,[3] and that inequality would increase.[4] He joined the Patriotic Millionaires and Millionaires for Humanity to campaign for wealth tax, and set up the YouTube channel GarysEconomics with the mission of explaining economics to the wider public.[3][12][13] In 2021, he signed an open letter to Rishi Sunak alongside 29 other UK millionaires, calling on the then chancellor to introduce a wealth tax and stating that "instead of raising national insurance and taking £1,000 a year away from families on universal credit, the chancellor, who is a multimillionaire, should be taxing himself and people like me – people with wealth."[14] He has also proposed limiting the length of time for which people can keep their wealth.[2]

In 2022, Stevenson appeared in the Channel 4 documentary Cryptocurrency: Has the Bubble Burst?[15] In 2023, Stevenson featured in Steffan Roe Griffiths' short film, Gary Stevenson - Life Out of Balance,[16] and appeared on BBC Politics Live.[12] He wrote a memoir, The Trading Game,[13] named after the event held by Citibank which allowed him to obtain an internship there.[17] It was acquired by Penguin Books in a six-figure deal,[13] and released in March 2024.[8] Joris Luyendijk of The Guardian wrote that it was "a well written and often darkly funny book that makes a convincing case that high finance is as toxic, reckless and deeply cynical as ever."[8]

Books[edit]

  • The Trading Game, Penguin Books, 2024, ISBN 9780241636602

References[edit]

  1. ^ a b "About Garys Economics". YouTube.
  2. ^ a b Neate, Rupert; @RupertNeate (2 July 2022). "Gary Stevenson, City trader turned campaigner: 'I made money betting on a disaster'". The Guardian. ISSN 0261-3077. Retrieved 16 April 2023.
  3. ^ a b c d e f g h i j k l Chakelian, Anoosh (17 November 2021). ""Capitalism's over": The man who made millions by betting the economy would never recover". New Statesman. Retrieved 16 April 2023.
  4. ^ a b c d e Stevenson, Gary (7 May 2020). "I made millions out of the last debt crisis. Now the wealthy stand to win again". The Guardian. ISSN 0261-3077. Retrieved 16 April 2023.
  5. ^ Neate, Rupert; @RupertNeate (2 July 2022). "Gary Stevenson, City trader turned campaigner: 'I made money betting on a disaster'". The Guardian. ISSN 0261-3077. Retrieved 13 March 2024.
  6. ^ "Garys Economics - YouTube". www.youtube.com. Retrieved 13 March 2024.
  7. ^ Stevenson, Gary (5 March 2024). The Trading Game.
  8. ^ a b c d e Luyendijk, Joris (22 February 2024). "The Trading Game by Gary Stevenson review – cashing out". The Guardian. ISSN 0261-3077. Retrieved 23 February 2024.
  9. ^ a b "Commentary: I got rich by betting that inequality would destroy the U.S. and U.K. I'm sorry". Fortune. Retrieved 16 April 2023.
  10. ^ a b Neate, Rupert (3 April 2021). "'Raise my taxes – now!': the millionaires who want to give it all away". The Guardian. ISSN 0261-3077. Retrieved 16 April 2023.
  11. ^ Jones, Owen (13 January 2022). "As things fall apart, the super-rich spend $2m on whisky. We need a wealth tax". The Guardian. ISSN 0261-3077. Retrieved 16 April 2023.
  12. ^ a b Ellingham, Miles (1 March 2024). "He made millions betting against economic recovery. Now he wants to fix things". Financial Times. Retrieved 3 March 2024.
  13. ^ a b c "Allen Lane lands 'gripping' memoir by ex-trader Stevenson in 12-way auction for six figures". The Bookseller. Retrieved 16 April 2023.
  14. ^ Neate, Rupert; correspondent, Rupert Neate Wealth (24 October 2021). "Millionaires petition Rishi Sunak to introduce wealth tax". The Guardian. ISSN 0261-3077. Retrieved 16 April 2023.
  15. ^ Hogan, Michael (9 August 2022). "Cryptocurrency: Has the Bubble Burst? review: a disappointing and dumbed-down crash course". The Telegraph. ISSN 0307-1235. Retrieved 16 April 2023.
  16. ^ Roe Griffiths, Steffan (24 May 2023). Gary Stevenson - Life Out of Balance, A Cinematic Documentary. MNA Film. Retrieved 24 May 2023.
  17. ^ Stevenson, Gary (2 February 2024). "I was the City's youngest and highest earning trader – but it nearly killed me". The Daily Telegraph. ISSN 0307-1235. Retrieved 12 February 2024.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Gary_Stevenson_(economist)&oldid=1219565368"