I just finished the book “The Trading Game” by Gary Stevenson and now it sits at the top of my personal recommendation list under the financial books to read. I wish this was the stuff I’ve read since the start of my financial journey and I wished I came across his content while the pandemic was still happening. It’s really that good of an eye opener when it comes to the subject of wealth inequality.
If anyone took notes on my previous posts related to economics and finance, and lot of the inspirations to write about it came from encountering his content over youtube. If reading the 350+ page book isn’t your thing, know that just by watching the videos he posts on this channel would give you the gist of his advocacy. He explains why the rich became richer, how wealth inequality exists today, and why he is betting on the economy to fail which he makes money from this fact.
No spoilers below.
The Book:
It talks about Gary’s background and how he managed to win a trading game by cards for an internship at Citibank. While working as a trader at Citibank, he managed to earn several millions of pounds just by betting the economy would collapse with this was a period of 2011 to 2012 just a few years after the 2008 global financial crisis. This made him, as he claims in the book, the world’s top trader during that top. And the latter parts contained details of his journey trying to break free from the bank’s grasp.
What I picked up from the book:
Not much on the technical side of things that elaborate how the existing wealth inequality dooms us all but not the rich, but I did get some sense on what traders for these large banks do. The book is more about storytelling his life and what led him to develop his theory about the economy and wealth inequality. If you’re just after the actual theory, check out his website wealtheconomics.org or YouTube channel instead.
Since I already knew the theory behind his bet calling the collapse of the middle class inevitable unless laws that make the rich spend more are made, the book became a leisure read than a textbook, in contrast to my initial expectations before starting. But regardless of spoiling myself early on the theory, the book was convincing enough for me to dig deeper on his points and see for myself what is actually happening in real life.
And things happening now aligns with his points that it’s depressing to realize that things that you previously thought were good economic news are actually waiting disasters in disguise. I don’t think everything laid out in the book is the entire truth as there are some skipped parts due to legal reasons he could not elaborate, but there are some instances that might be altered or underplayed just to put up a good story. And despite these things, I still prefer reading the book over some fantasy novel because it’s closer to reality.
I’d say, this is the shit that you should be learned by everyone if they want to take generational wealth building seriously as a middle class. It may not contain a get rich scheme but it gives you a compelling argument to think about what’s happening around you and viewing the world with inequality in mind.
I’d say this is one of those moments when street smarts beats what’s being taught in the textbooks and that’s how Gary made a name for himself.
Thanks for your time.
Crapitalism is doomed, for a variety of reasons, not least of which is that it is designed to funnel money from the restivus to the 1%.
Chapter 9 of this book summed it up nicely, in 1907.
We have to have workers, we don't have to have dollars.™
https://theanarchistlibrary.org/library/petr-kropotkin-the-conquest-of-bread
This book was written in 1890 and translated to english in 1920 and quickly dropped from any state sponsored reading lists.
You can imagine why control freaks would do that.
There are other ways known to economic science, but they come with a decided lack of control over the working population.
Control freaks are compelled to keep this info secret from the crowds.
Crony capitalism is doomed but it's a slow process with the way things are going.
@adamada, I paid out 0.771 HIVE and 0.142 HBD to reward 1 comments in this discussion thread.