Every two minutes of this video, I was saying "what the he....! Let me see if I can restate it.
1. Income is what you earn from your work; wealth is what you earn from your property.
2. Wealthy people don't make money from work but from what they own
#maishakazini
1. Income is what you earn from your work; wealth is what you earn from your property.
2. Wealthy people don't make money from work but from what they own
#maishakazini
https://twitter.com/garyseconomics/status/1373545689251250181
3. Poor people can also own property, but they do it through debt (borrowing a loan or a mortgage)
4. That mortgage is provided by a property owner who (earns from wealth, not income) and has cash to give out
4. That mortgage is provided by a property owner who (earns from wealth, not income) and has cash to give out
5. Until you complete paying your loan, the property you are working to pay for is owned by you in part, and by Mr. Tajiri in part.
6. Worse, Mr. Tajiri's wealth includes what you pay him from YOUR income, because you work to pay off the loan that you took from Tajiri's bank.
6. Worse, Mr. Tajiri's wealth includes what you pay him from YOUR income, because you work to pay off the loan that you took from Tajiri's bank.
7. That's how the rest of your life works. When you go to the supermarket, when you go to an office, spend money in a noisy pub in Kileleshwa, the income you spend is turned into wealth Matijiri earn without lifting a hammer.
8. In other words, the more you spend, the more Tajiri earns.
(I started to get lost at this point, so let's see if I make it to the end in one piece.)
9. While you spend the money you work for, Tajiri can't spend all the money he earns from his wealth. So what does he do?
(I started to get lost at this point, so let's see if I make it to the end in one piece.)
9. While you spend the money you work for, Tajiri can't spend all the money he earns from his wealth. So what does he do?
10. He buys more property.
What this means is that Tajiri is pulling money out of the economy while you who works is adding money to it.
And this is where Gary Stevenson says: the more you who works earn, the more Tajiri saves.
What this means is that Tajiri is pulling money out of the economy while you who works is adding money to it.
And this is where Gary Stevenson says: the more you who works earn, the more Tajiri saves.
(That makes one wonder what all this "save money" propaganda for wananchi means, but I digress).
11. What happens in an economy that is not growing? Tajiri has less property to buy but he's still earning more money from his property, and he needs put it in additional property.
11. What happens in an economy that is not growing? Tajiri has less property to buy but he's still earning more money from his property, and he needs put it in additional property.
12. So what do Matajiri do?
This is where I think a poor continent like Africa deviates from what Stevenson says, but I could be wrong.
He says that for the British, the Matajiri buy the houses of the poor who can no longer afford their mortgages.
This is where I think a poor continent like Africa deviates from what Stevenson says, but I could be wrong.
He says that for the British, the Matajiri buy the houses of the poor who can no longer afford their mortgages.
13. What we've seen in Kenya is slightly different. Here, the Matajiri go for public assets and natural resources. Our land, our water, our public hospitals, our schools, the whole shpill. They call it PPPs, but it's really about devils looking for property to devour.
14. When Matajiri hog public hospitals and schools, we are paying more to stay alive (health) and to raise our children (education). If we had public facilities, we would be spending less on our health and education. But instead we paying more (to them), and they earn more.
15. I need to add the TVET conversation, because that's why TVET for the poor is a religion in Kenya.
Remember point 10 & 11, where I said that the wealthy need property to invest their money in?
And remember point 1 where I said that the wealthy don't earn from work?
Remember point 10 & 11, where I said that the wealthy need property to invest their money in?
And remember point 1 where I said that the wealthy don't earn from work?
16. Who do you think is going to build the property for the Matajiri to invest their liquid cash in?
17. This is why that message of "don't bother with academics, get practical skills" is so loud. The rich need us to
a. build property which they will buy
b. use the wealth from that property to hire us to build houses
c. sell those houses to us
d. on loans from their banks.
a. build property which they will buy
b. use the wealth from that property to hire us to build houses
c. sell those houses to us
d. on loans from their banks.
18. The difference between the dynasties and the hustlers is right there: in the agent of growth. The dynasties used the state to build the property from which they earned wealth.
The hustlers are using our labor to achieve the same outcome.
That's the politics of inclusivity.
The hustlers are using our labor to achieve the same outcome.
That's the politics of inclusivity.
19. As an educator, I still say that CBC has to go. It is basically ensuring that our children build wealth for others and never understand what the system is, or demand a new system. Doesn't matter what the R to the Gee said. Might doesn't equal right.
20. Parents have to demand a different system. Wealth declaration, higher taxes on wealth than on income, including on the investments on the NSE. It is through investments that the rich pay less taxes than the poor. Reducing the interest rates on fuliza isn't enough.
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