The lies, games and strategy of rich and powerful people. What I learnt at Citibank

Summary

In this special edition of Gary's Economics, Gary reflects on his experiences as a trader and shares insights from his book, 'The Trading Game.' He discusses how the powerful often manipulate truth, lies, and games to achieve their goals, highlighting how wealthy figures like Donald Trump and Elon Musk behave in ways that prioritize gaining more wealth and power. Drawing parallels between business and games like Monopoly and Catan, he encourages listeners to avoid getting caught up in the manipulative tactics of the rich and instead focus on mental health, unity, and support for each other.

Takeaways

• 😀 Powerful people often use manipulative strategies in conversations, treating them as games to achieve their objectives rather than speaking the truth.
• 😀 During Gary's time at Citibank, he was subjected to a series of contradictory meetings with senior management, which helped him understand the game-playing mentality of the powerful.
• 😀 Rich and powerful individuals often prioritize accumulating wealth and power, not only for themselves but also for their descendants, which influences their decisions and actions.
• 😀 Politicians and influential figures like Donald Trump, Elon Musk, and Vladimir Putin often say things they don't intend to follow through on, as part of a strategy to shape perceptions and maintain control.
• 😀 The truth behind what rich and powerful people say is less about their intentions and more about what they want others to believe or do in response.
• 😀 Consistency in beliefs, ideologies, or actions is not expected from wealthy and powerful individuals, as they will say whatever is necessary to achieve their goals.
• 😀 Gary's experience with Citibank and the way they manipulated him highlights the importance of not getting sucked into their games and learning to step outside the system.
• 😀 The key to winning against the powerful is not to engage in their games, but to ally with others who are similarly disadvantaged and focus on collective strength.
• 😀 Society's mental health and unity will be tested in the coming years, as the powerful will attempt to drive divisions and foster hate, which weakens the poor and vulnerable.
• 😀 Gary's personal journey from being caught in a corporate game to breaking free emphasizes the importance of staying mentally healthy, compassionate, and supportive of one another during difficult times.

Q & A

What is the focus of this special bonus edition of Gary's Economics?

The episode focuses on 'truth, lies, and games,' where Gary discusses an experience from his time as a trader that helped him understand the behavior of powerful figures like Donald Trump.

Why did Gary want to share a story from his time as a trader?

Gary wanted to share a story from his trading days to help explain how he came to understand Donald Trump during his presidency, using his own experiences with corporate strategies.

What is the 'meeting period' Gary refers to, and what did it entail?

The 'meeting period' refers to a time when Gary was frequently threatened by senior management at Citibank. For several weeks, he attended multiple meetings daily with various senior managers, each with different strategies aimed at preventing him from quitting.

How did Gary describe the behavior of Citibank's senior management during these meetings?

Gary described the behavior as highly varied and manipulative, with some meetings involving a 'good cop, bad cop' dynamic, and others involving senior managers offering support and reassurance in back-to-back meetings.

What realization did Gary have from these experiences with Citibank's management?

Gary realized that wealthy and powerful people often approach conversations with a strategic, game-playing mentality rather than expressing genuine beliefs or desires. They say things with the objective of achieving a particular outcome, such as preventing Gary from quitting.

How did Gary relate his experience to understanding Donald Trump's behavior?

Gary found that Trump’s behavior, such as making statements that seemed outrageous but often led to no real action, mirrored the kind of strategic game-playing he had observed in corporate environments. He believed Trump’s actions were part of a broader pattern among powerful people who speak to influence perceptions, not necessarily to fulfill promises.

What does Gary suggest we should consider when powerful people speak?

Gary suggests that when rich or powerful people speak, it’s important to consider what they want others to believe rather than taking their words literally. Their statements are often part of a broader strategy to accumulate wealth and power.

Why did Gary question Vladimir Putin’s decision to invade Ukraine?

Gary was surprised by Putin’s invasion of Ukraine because, as someone already extremely wealthy and powerful, he felt that such an action would jeopardize Putin’s position. Gary looked into Putin’s family situation to understand his motivations, which often focus on securing wealth and power for future generations.

What key point does Gary make about people in positions of power and their motivations?

Gary emphasizes that the primary motivation for wealthy and powerful individuals is to amass more wealth and power, not just for themselves but for their children. This desire often drives their decisions and actions.

What analogy does Gary use to explain the behavior of powerful individuals?

Gary uses the analogy of a game, comparing the actions of powerful people to players in games like Catan or Monopoly. He describes how, in these games, players will say anything or do anything to win, regardless of consistency or truth, which mirrors the behavior of powerful individuals who prioritize accumulating resources.