@Deep Thought Sorry to break your bubble, but the empirical evidence disagrees. Anyway, it seems to me that you think that profit is bad, when profit generates consumer surplus, which is good. You make comparisons between sweatshop workers and CEOs, when you should realize that a CEO's labor is much more valuable. There are low supply of CEOs, and high demand, where there is easy supply for sweatshop workers. Anyway, sweatshops that emerge only occur when there is a poor rule of law, which is governments fault. Then you say "“People are ready for change. They want to see workers paid a living wage; they want corporations and the super-rich to pay more tax; they want women workers to enjoy the same rights as men; they want a limit on the power and the wealth which sits in the hands of so few. They want action.”" Workers do get paid living wages, in fact standards of living is the highest in human history, and poverty is as low as ever in history. If you are wondering why living costs have gone up, blame the federal reserve for conducting so many open market operations to increase the money supply and cause inflation. Then when it comes to your feminist statement, that is a joke, and the wage gap has been debunked more than the idiocy of marxism. And the limit of the power of the wealthy is the wrong way of addressing the problems of income inequality. Instead of redistributing the wealth of the rich, how about you remove the regulations that government has enacted that the rich lobby for? These regulations facilitate monopolies and are worse for the consumer, and increase income inequality. "Ensure the wealthy pay their fair share of tax through higher taxes and a crackdown on tax avoidance, and increase spending on public services such as healthcare and education. Oxfam estimates a global tax of 1.5 percent on billionaires’ wealth could pay for every child to go to school." I hope you realize that the rich are the only ones who pay effective tax rates. Poor people recieve more than they pay in taxes, and so do the middle class. The upper middle class pays an effective tax of 2% when the rich pay an effective tax of about 34%. "It would cost $2.2 billion a year to increase the wages of all 2.5 million Vietnamese garment workers to a living wage. This is about a third of the amount paid out to wealthy shareholders by the top 5 companies in the garment sector in 2016." This is a fallacy unlike any other. You want to redistribute the wealth, okay, the wealth created by what? The wealth created by the entrepreneurs in the first place?? We could end poverty in the world right now if we redistributed all the wealth, but then we wouldn't create any more, you know why?? Because of incentives. You must look at where and how the wealth was created before you take action on the wealth itself. ourworldindata.org/extreme-poverty ourworldindata.org/hunger-and-undernourishment#:~:text=Undernourishment%2C%20or%20the%20incidence%20of,across%20world%20regions%20since%201990. data.worldbank.org/indicator/NY.GDP.PCAP.CD And here is a link debunking wage stagnation. There are many like this, the point being that wages don't count perks, like healthcare, in which healthcare is provided by employers, and it's expensive. It also critiques the measurements they use. fee.org/articles/dispelling-the-myth-that-wages-have-been-stagnant-for-decades/
@Marlin Williams, without knowing where specifically you live, a possible explanation is that urban professionals are fleeing major cities for the suburbs/exurbs. This demand for housing on the periphery of a city will be balanced by the emptying out of cities. Landlords in these buildings being foreclosed on and so on.
Probably the single best example that professor Wolf has ever used and he has a lot of good ones. Zero sum game is not a term a lot of people know but will experience for many reasons but the pandemic has definitely give us a glimpse of what is coming. It will be similar to the great depression but much deeper and longer so the sooner we get back to FDR's new deal and a green new deal the better. I don't think modern capitalists understand how important FDR was to saving capitalism and they are going to lose it to probably fascism or communism and most likely fascism. The oligarchs have all the power and they favor fascism so as long as it's their guy they'll be happy.
In Marxist philosophy, the bourgeoisie is the social class that came to own the means of production during modern industrialization and whose societal concerns are the value of property and the preservation of capital to ensure the perpetuation of their economic supremacy in society. CAPITALISM IS NOT DEMOCRATIC AND IT IS BROKEN ( crashes ) you are labor, sorry ARE YOU THE EMPLOYER OR THE EMPLOYEE ARE YOU THE BOURGEOISIE OR LABOR ARE YOU THE LORD OR A SERF ARE YOU THE MASTER OR A SLAVE Can you quit your job ? retire ? No, then you are labor, make that a slave. LOL when can you retire ? $10B AT 3.65% = $1M PER DAY $365M PER YEAR $1B AT 3.65% = $100K PER DAY $36.5M PER YEAR $100M AT 3.65% = $10K PER DAY $3.65M PER YEAR $10M AT 3.65% = $1K PER DAY $365K PER YEAR $1M AT 3.65% = $100 PER DAY $36.5K PER YEAR $100K AT 3.65% = $10 PER DAY $3.65K PER YEAR What is wrong ? well punk, are you a slave ? That's right the Capital brings the relationship of power, class division if you understand it as so. Capital is not only that described by prof. Wolff but also political power that is needed to maintain it, the superstructure. So for example, in 2008 the Gov. could have instead of giving the billions bailout "almost free money" to the financial system, actually financed(bought) part of the debt of the people who bought the houses or whatever. Even if the price was too high, the effect would be exactly the same(maybe better for the bubble) for the economy except that the power would go to save the people and no the rich capitalists who made a lot on the financial system. The money would come exactly from the same place, but without people have lose their homes, etc. Unfortunately, that irelative power. Capital is power,as much any previous class system we had. The only difference is that the previous systems used a form of violent dominance over the lower class, while Capitalists uses their Capital and power to create their ideology, including that fake story that says everyone can be rich is just a matter of hard working or good entrepreneurship. got your rice and beans ?
@@jamesmorton7881 "everyone can be rich is just a matter of hard working or good entrepreneurship." Everyone is just a temporarily embarrassed millionaire.
@@jamesmorton7881 Kleptocray with crony capitalism is what we have and the only way to get government help is to own stock because the company issuing the stock is probably getting corporate welfare. I think the Republicans call it trickle-down welfare or wait That's probably what the Democrats call it. They're both funded by the same donors but they have to work things differently so they can create the facade there's a difference between the parties.
A lot of homeowners, myself included, still have to pay ground rent in the UK, carried over from feudalism. The land owners were given 999 year contracts on vast tracts of land, which are still enforced to this day.
You'll find we've asked that question many times consciously or subconsciously and if nothing changed was because each time we surrendered to feeling of being alone or not enough. Here is our chance to join what we never were as people, alone in a movement cause by being filled to brim with injustice and fed up. Join
@@rezadaneshi Thank you for your reply. My apologies for the late response. I vote for "Joining", but I am cautious about what I join. I have joined Professor Wolff's campaign to remove the fear from American understanding of Socialism...so that We The People can forge a Better Social Construct for the sake of Most Of Us. I would like to join Bob Well's New American Nomad Movement, but need to become stronger in the right type of transport. Workin on it. At election times, I join different Third Party, or Independent Candidate efforts by voting and wee donations. "Con Troller"? When you wrote: "Here is our chance to join what we never were as people..." Did you have anything specific in mind?
@@danieljones9463 my part in all this is to pass my optimism that if we don't underestimate the intaligence of our countrymen and vote, we'll find a majority of us were and are always against fascism and where Donald Trump is taking us now that we know where that is. A mare 19% support Trump's plan for America regardless of Republican gerrymandering and Trump's cheating. www.nbcnews.com/politics/meet-the-press/biden-opens-11-point-national-lead-over-trump-nbc-news-n1233913 Only 19 percent think the country is headed in the right direction. Join the steadfast movement against bigotry and misinformation and policies that has claimed 200000 lives without blinking.... After we succeed, I'm taking wood carving classes. You're welcome to join
The difference is that feudalism really failed because of the number deaths decreasing the population. This lead to a middle class being created because of a labor shortage. This disease has far lower mortality rates. This economic crisis is caused by governments shutting businesses down.
Holy shit, I never realized that many of our current terms, like landlord, rent, etc, are vestiges from feudalism! 😳 So there is a continuity between feudalism, slavery, and capitalism.
The collapse of civilizations and/or their economic systems as history has proven time and again is inevitable. Add to this present human pandemic situation existential climate catastrophe has put humanity in quite a predicament. The churning industrial heat engine cleverly invented by our species over the last 200 years or so has provided many lifestyle conveniences and creature comforts, but the price to be paid this technology is extraordinarily high. The dilemma now is that if going back to capitalist-driven business, as usual, is the goal, the habitat that we all depend upon to grow food is quickly being compromised on numerous fronts. Therefore, life as we knew it is quickly coming to an end whether everyone likes it or not. Adaptation of having to do with drastically less materialistically and living a dramatically simpler lifestyle seems quite obvious if there is to be a foreseeable future for our species.
When the US is in serious trouble, as is now, more ordinary Americans are listening to this long-time economist, Prof Wolff, to look for solutions, hopefully
"World War I (or the First World War, often abbreviated as WWI or WW1) was a global war that lasted from 28 July 1914 to 11 November 1918. Contemporaneously known as the Great War or "the war to end all wars"". The causes leading up to the world war, were continually more brilliant idea's and a curve of upward economic growth and technological advancements. Just as the Germany had become a new economic power so to has China become the same, so to has the prosperity and growth of China surged and this has spurred America on to rally against her in much the same way as England did against Germany. Hence the entanglement of international politics and policy followed by the media driven propaganda to mislead and confuse all the way, the way we know all too well but somehow seem not to notice... suddenly we need more and more force to maintain our way of life and so drift away from peace as we embrace war and the hardships thereof!
In the book, "Why Nations Fail", this would be described as a critical juncture in our history, much like how the Black Death was in Europe for European history. In Western Europe, they became more liberalized and serfdom disappeared, but in Eastern Europe serfdom actually became entrenched and didn't disappear until the Russian Revolution. How we respond to this critical juncture will determine what kind of country we become in the long term.
Dr. Wolff, I understand your message here, and it does make sense. However can you please discuss the apparent contradiction between what you just said in this video and the fact that the billionaires of this country have gotten overwhelmingly more wealthy throughout this pandemic.
I noticed in kcmo alot of big name stores are remodeling. Months after February i mean more than 4 big companies have enough to remodel but not enough to hire more workers or pay them hazard pay? Wtf
The collapse of the American economy began on September 16, 2019 when the Fed had to bail out the repo market after the overnight lending rate spiked above 8%.
Quite interesting. More to consider as I ponder over effects on my monthly retirement payments. Aside: I thought that the bubonic plague survivors, fewer workers, were in a better position of negotiation with the Lords. If the serfs could get a better deal elsewhere, they just moved on. However, maybe that was a temporary benefit. I cannot imagine that I might have to get a gun to protect my 5 gallon buckets yield of pepper, tomatoe, and eggplant. Appreciate your videos, knowledge, brain, and leanings...
Professor Wolff talks about the transition from fedualism to capitalism. That is not true. There is a intermediate state called Mercantilism that I rarely hear him to talk about it. I would want some more discussion about it.
Thanks Richard. Global governments don't yet realise that the way ahead will require a completely new model for economies but are holding on to the only thing they know. Regardless of opinion on China we will see them lead the world with their different way of doing things and many countries will follow them. Countries that always had the wealth will become poorer and poor countries will prosper.
What should replace the current economic system in the United States, and how should this new system replace it? Should economic systems continue to use currency and/or barter, or is it possible to move beyond that in some way?
@@gojotigan92 Я в первую очередь марксист. Сейчас мы не в том положении, чтобы делиться. Я смотрю в первую очередь на отношение к марксизму, его знание и следование ему, а не на отношение к отдельным историческим фигурам и мелким расхождениям в платформе. Троцкисты разные бывают. Сегодня во многом это жупел. Православный сталинист с коричневым душком куда дальше стоит от марксизма, чем иные троцкисты. Естественно, уклон в евролевачество так же плох. Этот профессор же ближе к соцдемам. Это плохо, но в штатах вообще трудно с нормальными леваками.
I think the Covid -19 is changing the human consumption habits-because money is tight.. Might be a good thing to our Mother Earth. Less pollution already for sure.
The Spanish flu was not from Spain, it came out of Kansas from army fort, from a military base March 11, 1918, United States you should educate yourself,,
Great explainer. This is a gruesome thing to watch alright. The hospitality industry here is trying to pressure the government to allow them to open sooner. I suspect they also have lifestyle debts to service, quite apart from their rents etc.. However, they fail to see that people simply won’t crowd into their restaurants while a fatal virus is circulating. I think a lot of people have realised how they’ve wasted money on eating out so frequently also, so I think this is one sector set for massive rationalisation. This thing hasn’t even got going - there is no vaccine on the horizon.
I'd say let the debt continue to accumulate. Most of Us are perpetually in debt anyway. The world of high-finance and banking uses debt as its mainstay anyway. The more debt the more they feel secure in their (Our) system. Let it accumulate until it becomes meaningless. And while this is playing out, quietly begin to design and build Better Ways of Living. Our own currency. Our own banks. (not debt based) our own businesses and renewed manufacturing of what's "important". Our own Educational Facilities. Our own Institutions for Healing and Health Maintenance. Our own Green Energy. Our Own Constitution For A Better Nation. Our Own laws. Our own Defense Forces. Serving Ourselves...the benign use of "selfishness". All these things, the Co-operative Majority can build for Ourselves...parasitical controller/leader forms, being gradually (hopefully) left behind. We can become Better than what We are.
"And while this is playing out, quietly begin to design and build Better Ways of Living." ...[with] parasitical controller/leader forms, being gradually (hopefully) left behind. " I'm not sure 'gradually' will work in the context of rapidly advancing climate change. What we're seeing now is just a preview if drastic steps are not taken: most recently we've had historic forest fires in the U.S. West, in Australia, in Siberia; massive ice losses in the Arctic; half of the Great Barrier Reef bleached and dying; hurricanes worsening in frequency and severity; widespread flood and drought on the increase. And that's at just +1C of warming. +2C of warming is already baked into the climate system due to the lag time between previous gas emissions and their full expression as temperature rise. I'm afraid what's really needed is a popular uprising. A revolution.
He is missing one important point - the event he calls ‘pandemia’ (which is disputable ) only speeds up the system collapse. Economy would collapse anyway cause the whole system is sort of the proper capitalism mutation driven by the greed of financial elites. So I agree it will be painful but it will deliver opportunity to fix up the system and goes back to its roots. Financial industry must support entepreneurs not killing them by keeping the whole money only for the financial elite. This must end as well as marxist indoctrination which is definitely leading to the even worse crash. It was amazing how he was trying to manipulate talking about social inequality which is favourite marxist topic. Even medieval times were good for him to do that. This concept is false cause in reality inequality is eternal and present in each society ( even in communist countries) . Simply people are more or less talented and not everybody is able to establish the business and offer employment to other people. Simple.
Marxism is not about that people is equally talented or equality in other aspects. It is about not giving a surplus for a "lord" but using it for the good of a working class. Free medicine, education, at least accessibly priced housing. Main goal to rise not a consumer-man but a man-creator
So Richard, where did you get your degree? Did you pay for it? How’s the lecture circuit going, making good money are you? Books, royalties, endorsements, chair, let alone salary, living pretty comfortable? Where are you financially in the world population, or better yet, what rank are you in the top half of wage earners? When are you selling all your possessions and sacrificing all your wealth and moving into an efficiency apartment and give away all that comfortable money to how many struggling college students, or better, families living in third world squalor? What’s that? Your not? Elite Socialism = Hypocrisy Think through this young people. I make a LOT less than old Richie Rich here, and same generation, but I give a biblical portion of my income to charities and individuals to support their efforts to bring about divine comfort and peace, so more rely on God in this life and eternity in the next. Life is more than just life this planet.
relax, nothing you can do. but it might pay to organize subsistence farming instead of mowing yer lawn. a basic competence in the management of a cheap assault rifle might pay too.
Jeff Bezos has done thousands of people a massive favour during the pandemic by providing jobs. Bezos has done this from the kindness of his heart as he has enough money and needs no more.
We still live in a kind of slavery system
I hate when voluntary transactions occur, slavery man
Kevin Tewey Less people starve now more than ever, what’s your point?
@Deep Thought
True, I agree 👍
@Kevin Tewey
So true 👍
@Deep Thought Sorry to break your bubble, but the empirical evidence disagrees. Anyway, it seems to me that you think that profit is bad, when profit generates consumer surplus, which is good. You make comparisons between sweatshop workers and CEOs, when you should realize that a CEO's labor is much more valuable. There are low supply of CEOs, and high demand, where there is easy supply for sweatshop workers. Anyway, sweatshops that emerge only occur when there is a poor rule of law, which is governments fault.
Then you say "“People are ready for change. They want to see workers paid a living wage; they want corporations and the super-rich to pay more tax; they want women workers to enjoy the same rights as men; they want a limit on the power and the wealth which sits in the hands of so few. They want action.”"
Workers do get paid living wages, in fact standards of living is the highest in human history, and poverty is as low as ever in history. If you are wondering why living costs have gone up, blame the federal reserve for conducting so many open market operations to increase the money supply and cause inflation. Then when it comes to your feminist statement, that is a joke, and the wage gap has been debunked more than the idiocy of marxism. And the limit of the power of the wealthy is the wrong way of addressing the problems of income inequality. Instead of redistributing the wealth of the rich, how about you remove the regulations that government has enacted that the rich lobby for? These regulations facilitate monopolies and are worse for the consumer, and increase income inequality.
"Ensure the wealthy pay their fair share of tax through higher taxes and a crackdown on tax avoidance, and increase spending on public services such as healthcare and education. Oxfam estimates a global tax of 1.5 percent on billionaires’ wealth could pay for every child to go to school."
I hope you realize that the rich are the only ones who pay effective tax rates. Poor people recieve more than they pay in taxes, and so do the middle class. The upper middle class pays an effective tax of 2% when the rich pay an effective tax of about 34%.
"It would cost $2.2 billion a year to increase the wages of all 2.5 million Vietnamese garment workers to a living wage. This is about a third of the amount paid out to wealthy shareholders by the top 5 companies in the garment sector in 2016."
This is a fallacy unlike any other. You want to redistribute the wealth, okay, the wealth created by what? The wealth created by the entrepreneurs in the first place?? We could end poverty in the world right now if we redistributed all the wealth, but then we wouldn't create any more, you know why?? Because of incentives. You must look at where and how the wealth was created before you take action on the wealth itself.
ourworldindata.org/extreme-poverty
ourworldindata.org/hunger-and-undernourishment#:~:text=Undernourishment%2C%20or%20the%20incidence%20of,across%20world%20regions%20since%201990.
data.worldbank.org/indicator/NY.GDP.PCAP.CD
And here is a link debunking wage stagnation. There are many like this, the point being that wages don't count perks, like healthcare, in which healthcare is provided by employers, and it's expensive. It also critiques the measurements they use.
fee.org/articles/dispelling-the-myth-that-wages-have-been-stagnant-for-decades/
Highly educated. My best teacher 💙👌👍
Richard IMO, is the next best thing to having Moses Mordecai Levy himself here today.
Socialism or Barbarism seem to be the choices.
@Marlin Williams, without knowing where specifically you live, a possible explanation is that urban professionals are fleeing major cities for the suburbs/exurbs. This demand for housing on the periphery of a city will be balanced by the emptying out of cities. Landlords in these buildings being foreclosed on and so on.
Probably the single best example that professor Wolf has ever used and he has a lot of good ones. Zero sum game is not a term a lot of people know but will experience for many reasons but the pandemic has definitely give us a glimpse of what is coming. It will be similar to the great depression but much deeper and longer so the sooner we get back to FDR's new deal and a green new deal the better. I don't think modern capitalists understand how important FDR was to saving capitalism and they are going to lose it to probably fascism or communism and most likely fascism. The oligarchs have all the power and they favor fascism so as long as it's their guy they'll be happy.
Well said 👏
In Marxist philosophy, the bourgeoisie is the social class that came to own the means of production during modern industrialization and whose societal concerns are the value of property and the preservation of capital to ensure the perpetuation of their economic supremacy in society.
CAPITALISM IS NOT DEMOCRATIC
AND IT IS BROKEN ( crashes )
you are labor, sorry
ARE YOU THE EMPLOYER OR THE EMPLOYEE
ARE YOU THE BOURGEOISIE OR LABOR
ARE YOU THE LORD OR A SERF
ARE YOU THE MASTER OR A SLAVE
Can you quit your job ? retire ?
No, then you are labor, make that a slave. LOL
when can you retire ?
$10B AT 3.65% = $1M PER DAY $365M PER YEAR
$1B AT 3.65% = $100K PER DAY $36.5M PER YEAR
$100M AT 3.65% = $10K PER DAY $3.65M PER YEAR
$10M AT 3.65% = $1K PER DAY $365K PER YEAR
$1M AT 3.65% = $100 PER DAY $36.5K PER YEAR
$100K AT 3.65% = $10 PER DAY $3.65K PER YEAR
What is wrong ? well punk, are you a slave ?
That's right the Capital brings the relationship of power, class division if you understand it as so. Capital is not only that described by prof. Wolff but also political power that is needed to maintain it, the superstructure. So for example, in 2008 the Gov. could have instead of giving the billions bailout "almost free money" to the financial system, actually financed(bought) part of the debt of the people who bought the houses or whatever. Even if the price was too high, the effect would be exactly the same(maybe better for the bubble) for the economy except that the power would go to save the people and no the rich capitalists who made a lot on the financial system. The money would come exactly from the same place, but without people have lose their homes, etc. Unfortunately, that irelative power. Capital is power,as much any previous class system we had. The only difference is that the previous systems used a form of violent dominance over the lower class, while Capitalists uses their Capital and power to create their ideology, including that fake story that says everyone can be rich is just a matter of hard working or good entrepreneurship.
got your rice and beans ?
james morton oh my gosh thank you. Exactly. 👏
@@jamesmorton7881 "everyone can be rich is just a matter of hard working or good entrepreneurship." Everyone is just a temporarily embarrassed millionaire.
@@jamesmorton7881 Kleptocray with crony capitalism is what we have and the only way to get government help is to own stock because the company issuing the stock is probably getting corporate welfare. I think the Republicans call it trickle-down welfare or wait That's probably what the Democrats call it. They're both funded by the same donors but they have to work things differently so they can create the facade there's a difference between the parties.
The parallels are scary
I'm here for my daily Poilitical Science lecture.
Thank you Prof. Wolff
Thank you Proffesor Wolff, if I was in Harvard University, I would expect a class on Economics like this one.
Thank you, Professor Wolff!
A lot of homeowners, myself included, still have to pay ground rent in the UK, carried over from feudalism. The land owners were given 999 year contracts on vast tracts of land, which are still enforced to this day.
Is it time to ask Ourselves : What must I do? What is my part in all of this?
You'll find we've asked that question many times consciously or subconsciously and if nothing changed was because each time we surrendered to feeling of being alone or not enough. Here is our chance to join what we never were as people, alone in a movement cause by being filled to brim with injustice and fed up. Join
I’m moving to Europe!
@@8bitninja64 What part of Europe attracts you?
@@rezadaneshi Thank you for your reply. My apologies for the late response. I vote for "Joining", but I am cautious about what I join. I have joined Professor Wolff's campaign to remove the fear from American understanding of Socialism...so that We The People can forge a Better Social Construct for the sake of Most Of Us.
I would like to join Bob Well's New American Nomad Movement, but need to become stronger in the right type of transport. Workin on it. At election times, I join different Third Party, or Independent Candidate efforts by voting and wee donations.
"Con Troller"? When you wrote: "Here is our chance to join what we never were as people..." Did you have anything specific in mind?
@@danieljones9463 my part in all this is to pass my optimism that if we don't underestimate the intaligence of our countrymen and vote, we'll find a majority of us were and are always against fascism and where Donald Trump is taking us now that we know where that is. A mare 19% support Trump's plan for America regardless of Republican gerrymandering and Trump's cheating.
www.nbcnews.com/politics/meet-the-press/biden-opens-11-point-national-lead-over-trump-nbc-news-n1233913
Only 19 percent think the country is headed in the right direction.
Join the steadfast movement against bigotry and misinformation and policies that has claimed 200000 lives without blinking.... After we succeed, I'm taking wood carving classes. You're welcome to join
Thank you, Dr. Wolff for sharing your informed view with so many of us who are wondering what is going on in the United States.
Rrosa Seconda I would advise you to not listen to this joke of an economist
@Deep Thought Corporate lacky? Explain?
Thank You Richard Wolf for the refresher
Trillions to wall street. No MEDICARE FOR ALL. One party system ( CORPORATOCRACY). Now go vote. LOL
If I could only find someone or party worthy of my vote.
No,Quadrillions to WS,
The difference is that feudalism really failed because of the number deaths decreasing the population. This lead to a middle class being created because of a labor shortage. This disease has far lower mortality rates. This economic crisis is caused by governments shutting businesses down.
Keep up the hard work!
Thank you Mr. Wolff for such clear presentations! Greetings from Pakistan!
Holy shit, I never realized that many of our current terms, like landlord, rent, etc, are vestiges from feudalism! 😳 So there is a continuity between feudalism, slavery, and capitalism.
I always enjoyed movies about Feudalism.
now that it's a possible reality, not so much anymore
The collapse of civilizations and/or their economic systems as history has proven time and again is inevitable. Add to this present human pandemic situation existential climate catastrophe has put humanity in quite a predicament. The churning industrial heat engine cleverly invented by our species over the last 200 years or so has provided many lifestyle conveniences and creature comforts, but the price to be paid this technology is extraordinarily high. The dilemma now is that if going back to capitalist-driven business, as usual, is the goal, the habitat that we all depend upon to grow food is quickly being compromised on numerous fronts. Therefore, life as we knew it is quickly coming to an end whether everyone likes it or not. Adaptation of having to do with drastically less materialistically and living a dramatically simpler lifestyle seems quite obvious if there is to be a foreseeable future for our species.
Agree.
SALUTE 💪🏿💯👍🏾❤️
wow love ur vids
When the US is in serious trouble, as is now, more ordinary Americans are listening to this long-time economist, Prof Wolff, to look for solutions, hopefully
"World War I (or the First World War, often abbreviated as WWI or WW1) was a global war that lasted from 28 July 1914 to 11 November 1918. Contemporaneously known as the Great War or "the war to end all wars"". The causes leading up to the world war, were continually more brilliant idea's and a curve of upward economic growth and technological advancements. Just as the Germany had become a new economic power so to has China become the same, so to has the prosperity and growth of China surged and this has spurred America on to rally against her in much the same way as England did against Germany. Hence the entanglement of international politics and policy followed by the media driven propaganda to mislead and confuse all the way, the way we know all too well but somehow seem not to notice... suddenly we need more and more force to maintain our way of life and so drift away from peace as we embrace war and the hardships thereof!
In the book, "Why Nations Fail", this would be described as a critical juncture in our history, much like how the Black Death was in Europe for European history. In Western Europe, they became more liberalized and serfdom disappeared, but in Eastern Europe serfdom actually became entrenched and didn't disappear until the Russian Revolution. How we respond to this critical juncture will determine what kind of country we become in the long term.
Dr. Wolff, I understand your message here, and it does make sense. However can you please discuss the apparent contradiction between what you just said in this video and the fact that the billionaires of this country have gotten overwhelmingly more wealthy throughout this pandemic.
I noticed in kcmo alot of big name stores are remodeling. Months after February i mean more than 4 big companies have enough to remodel but not enough to hire more workers or pay them hazard pay? Wtf
The neo-fascism system is on its way, Thanks Prof. Wolff for your lessons, you are the best.
The collapse of the American economy began on September 16, 2019 when the Fed had to bail out the repo market after the overnight lending rate spiked above 8%.
I want to know, what is the opinion of proff. Wolff about the ideas of Zeitgeist movement and Venus project?
Thank's and greetings from Bulgaria!
Quite interesting. More to consider as I ponder over effects on my monthly retirement payments.
Aside: I thought that the bubonic plague survivors, fewer workers, were in a better position of negotiation with the Lords. If the serfs could get a better deal elsewhere, they just moved on.
However, maybe that was a temporary benefit.
I cannot imagine that I might have to get a gun to protect my 5 gallon buckets yield of pepper, tomatoe, and eggplant.
Appreciate your videos, knowledge, brain, and leanings...
Professor Wolff talks about the transition from fedualism to capitalism. That is not true. There is a intermediate state called Mercantilism that I rarely hear him to talk about it. I would want some more discussion about it.
Thanks Richard. Global governments don't yet realise that the way ahead will require a completely new model for economies but are holding on to the only thing they know. Regardless of opinion on China we will see them lead the world with their different way of doing things and many countries will follow them. Countries that always had the wealth will become poorer and poor countries will prosper.
The Fed can always bails out which it has done so in 2098 until the the system collapse.
What should replace the current economic system in the United States, and how should this new system replace it? Should economic systems continue to use currency and/or barter, or is it possible to move beyond that in some way?
imagine knowing this much about anything
You're a projector of doom, indeed, for that's where we are headed (if we're not already there). Well said, RW.
Taxes I paid my Taxes and deserve my Retirement,
Greetings from Russia, comrades! Marxism gives us a hope for the better life. Workers of the world unite!
сталинист троцкисту не товарищ
@@gojotigan92 Я в первую очередь марксист. Сейчас мы не в том положении, чтобы делиться. Я смотрю в первую очередь на отношение к марксизму, его знание и следование ему, а не на отношение к отдельным историческим фигурам и мелким расхождениям в платформе. Троцкисты разные бывают. Сегодня во многом это жупел. Православный сталинист с коричневым душком куда дальше стоит от марксизма, чем иные троцкисты. Естественно, уклон в евролевачество так же плох. Этот профессор же ближе к соцдемам. Это плохо, но в штатах вообще трудно с нормальными леваками.
ну поглядим, какой уклон на этот раз сработает.
@@gojotigan92 как говорил товарищ Сталин - они оба хуже, но сейчас то время, когда приходится выбирать из двух зол
хм. я представляю третье зло. тем интереснее мне посмотреть, какое из двух активных эффективно.
If workers had equal votes, wouldn’t capitalistic back channels evolve to persuade votes?
How can society improve when most new employment for the most people is precarious employment which is billed as the "gig" economy.
Richard the MIC POPS are annoying
I think the Covid -19 is changing the human consumption habits-because money is tight.. Might be a good thing to our Mother Earth. Less pollution already for sure.
Wage Slave: A person with debt.
that is where these pledges come from Europe and Asians countries like China
The Spanish flu was not from Spain, it came out of Kansas from army fort, from a military base March 11, 1918, United States you should educate yourself,,
The feds just lower interest rates for the rest of the year
For 3-4 years they said 😭
Great explainer. This is a gruesome thing to watch alright. The hospitality industry here is trying to pressure the government to allow them to open sooner. I suspect they also have lifestyle debts to service, quite apart from their rents etc.. However, they fail to see that people simply won’t crowd into their restaurants while a fatal virus is circulating. I think a lot of people have realised how they’ve wasted money on eating out so frequently also, so I think this is one sector set for massive rationalisation. This thing hasn’t even got going - there is no vaccine on the horizon.
What if we take up a resource based system such as what the venus project presents? You can look at it yourself at thevenusproject.com.
I'd say let the debt continue to accumulate. Most of Us are perpetually in debt anyway. The world of high-finance and banking uses debt as its mainstay anyway. The more debt the more they feel secure in their (Our) system.
Let it accumulate until it becomes meaningless.
And while this is playing out, quietly begin to design and build Better Ways of Living. Our own currency. Our own banks. (not debt based) our own businesses and renewed manufacturing of what's "important". Our own Educational Facilities. Our own Institutions for Healing and Health Maintenance. Our own Green Energy. Our Own Constitution For A Better Nation. Our Own laws. Our own Defense Forces. Serving Ourselves...the benign use of "selfishness". All these things, the Co-operative Majority can build for Ourselves...parasitical controller/leader forms, being gradually (hopefully) left behind.
We can become Better than what We are.
"And while this is playing out, quietly begin to design and build Better Ways of Living." ...[with] parasitical controller/leader forms, being gradually (hopefully) left behind. " I'm not sure 'gradually' will work in the context of rapidly advancing climate change. What we're seeing now is just a preview if drastic steps are not taken: most recently we've had historic forest fires in the U.S. West, in Australia, in Siberia; massive ice losses in the Arctic; half of the Great Barrier Reef bleached and dying; hurricanes worsening in frequency and severity; widespread flood and drought on the increase. And that's at just +1C of warming. +2C of warming is already baked into the climate system due to the lag time between previous gas emissions and their full expression as temperature rise. I'm afraid what's really needed is a popular uprising. A revolution.
Tax the ROBOTS.
Private debt forgiveness, universal basic income, nationalisation of all rented property, nationalisation of all banks, stock markets regulated.
He is missing one important point - the event he calls ‘pandemia’ (which is disputable ) only speeds up the system collapse. Economy would collapse anyway cause the whole system is sort of the proper capitalism mutation driven by the greed of financial elites. So I agree it will be painful but it will deliver opportunity to fix up the system and goes back to its roots. Financial industry must support entepreneurs not killing them by keeping the whole money only for the financial elite. This must end as well as marxist indoctrination which is definitely leading to the even worse crash. It was amazing how he was trying to manipulate talking about social inequality which is favourite marxist topic. Even medieval times were good for him to do that. This concept is false cause in reality inequality is eternal and present in each society ( even in communist countries) . Simply people are more or less talented and not everybody is able to establish the business and offer employment to other people. Simple.
Marxism is not about that people is equally talented or equality in other aspects. It is about not giving a surplus for a "lord" but using it for the good of a working class. Free medicine, education, at least accessibly priced housing. Main goal to rise not a consumer-man but a man-creator
So Richard, where did you get your degree? Did you pay for it? How’s the lecture circuit going, making good money are you? Books, royalties, endorsements, chair, let alone salary, living pretty comfortable? Where are you financially in the world population, or better yet, what rank are you in the top half of wage earners? When are you selling all your possessions and sacrificing all your wealth and moving into an efficiency apartment and give away all that comfortable money to how many struggling college students, or better, families living in third world squalor?
What’s that? Your not?
Elite Socialism = Hypocrisy
Think through this young people. I make a LOT less than old Richie Rich here, and same generation, but I give a biblical portion of my income to charities and individuals to support their efforts to bring about divine comfort and peace, so more rely on God in this life and eternity in the next.
Life is more than just life this planet.
Trump has recently fully reignited the war on drugs... is there any low this man won’t stoop to?
relax, nothing you can do. but it might pay to organize subsistence farming instead of mowing yer lawn. a basic competence in the management of a cheap assault rifle might pay too.
Google.com
Jeff Bezos has done thousands of people a massive favour during the pandemic by providing jobs.
Bezos has done this from the kindness of his heart as he has enough money and needs no more.
Hilarious! Jeff Bezos has a heart? If he does he keeps it in a jar on the shelf.
Woah, biting satire there.
You love his amazing amazon store. Bet you bought something from him to add to his wealth.
apex legends
So you believe all this must be something wrong with your brain? Send me profits