@kenneth pacheco So if someone suggests an alternative, a better way to function your goto line is "get out of the country". Well i guess by that standard we should ship you off to a fascist country and let the free market deal with you. Because clearly you're a sociopath who cares nothing about anyone but their own greedy needs. So im all for evicting people like you and using your wealth to feed to poor. Also you have no choice, because vastly more people support these kinds of welfare reforms than ignorant people like you who oppose them.
That was interesting, I said to myself "Do you really want to watch a video on economics first thing in the morning.", and turns out to be really good. There was lots of stuff to talk about, I'm surprised there aren't hundreds of comments. Just before 38:37 'Lights on nobody home...", that happens to be all the time on many subjects!
And baby formula shortage happened. Imagine the emotional displacement that is happening. This country is so disappointing. I’m so worried about my kids’ future that I’m more motivated than ever to have them learn Chinese, which might help bring more opportunities for them.
@kenneth pacheco because you’d still find something stupid to say even if he did. A system that keeps most people too poor to leave and puts the blame on them is perfect, better than whips and chains slavery.
Capitalism is not the problem. It’s our business scam knock off of capitalism that is the problem. We don’t have true capitalism…we have mercantilism and thieves and deceivers in government. I don’t like how the wealthy/elites have taken power. But if we keep arguing about conservatives, progressives, socialists, communists, INSTEAD of discussing Constitutional solutions, we are just like bees buzzing. We just need goals clearly stated and then discuss solutions. Probably need a miracle while we’re at it.
I'm surprised this video hasn't blown up and gone viral (hopefully it wasn't blacklisted) Letters and Politics caught the popular culture sleeping here.
Every time they give a SS raise, they take a comparable amount out for an increase in Medicare premiums. If SS is truly going insolvent, why are we still giving SS to semi wealthy, instead of poor. (Wealthy just assume poor should have worked harder. Most poor worked HARDER thst wealthy…maybe not smarter (due to disadvantages) but harder.
Yes, I always found it amusing when some claim that the market rules over the government contrary to all the examples in history where it was the other way around. Remember "To Big To Fail?" however, if the government does not use this power for whatever reason, well, just look at you USA! And one more thing, there is a reason why Big Business spends so much money on campaign contributions and the promise of safe high payed jobs after their terms!
Our utility is a co-op. Couldn't they describe the current operating costs, the expected needed infrastructure costs in ratepayer monthly fees and rate increases. Then fire safety measures expressed as actions and the price ratepayers incur to provide those safety measure actions, published in the monthly co-op magazine. If their are choices, those choices can be made by vote at the annual Co-op meeting.
The problem with inflation is that employers view it as value added, so they naturally assume they are entitled to add on a margin of profit above the increased costs for materials, goods, & services
@@kenlawson554 True. But if a major portion of your business model is simply to add the expense of your profit, without adding value, it burdens the vulnerable.
About 1933. When a thief hits a brinks truck and gets away, their next target isn't the corner store. Lot of people think the security of their physical selves is found in money, when in fact, a click on your account, you have no access to the money, or a redo of 1933 gold grab, or even the elimination of gold as a currency of servitude all together. Anything that controls the work of humans in any form is money. Fortunately there are forms that can not be manipulated allowing a well functioning society, without the misery of capitalism and the enslavement to an external inanimate objects.
When it comes to understanding economics, I'd say he's historically among the best avenue of information out there, unless to do an extensive research yourself in order to know what he has learned. However, no matter ones education regards a subject, always be prepared to run into someone who creates a lightbulb 💡,an epiphany of understanding, regarding any subject. Squirrels don't pay rent and we're looking for freedom ? 😳
You said it, " the working class". There's the working class and the give commands classes and the trail of gold goes to the bank of human services to an inanimate object.
13:51 “Aren’t these large corporations that are setting the price legally bound to provide the largest potential profit for shareholders?” “Yes, that’s what capitalism is.” The answer is no, they’re not. Whatever the imperatives of capitalism, there is _no_ legal obligation for corporations to provide the largest potential profit for shareholders. That’s the myth of shareholder maximization. _See_ “The Shareholder Value Myth” on _Harvard Law School Forum on Corporate Governance_ which states “Contrary to what many believe [including, apparently, Mitch Jeserich], U.S. corporate law does not impose any enforceable legal duty on corporate directors or executives of public corporations to maximize profits or share price.” _See_ also “The Shareholder Myth” by Lynn A. Stout who traces the origin of the myth back to free market economists.
Sounds plausible but as you eluded, in effect there may as well be a legal obligation to maximize profits at any cost due to the competitive nature of the market. There are also actual maws that enable corporations being able to sue foreign governments for lost profits due to policies which might benefit their people over those corporate profiteers.
@@SofaKingShit That’s all true but (1) again, as to the specific question Mitch Jeserich asked and Richard Wolff didn’t answer specifically, there is _no_ legal obligation to maximize shareholder value (2) not responding to the question clearly in effect perpetuates a right-wing myth and (3) that there is _no_ legal obligation to maximize shareholder value demonstrates more clearly the inherent dynamic of capitalism for enterprises to maximize profit even _without_ a legal obligation to maximize shareholder value.
it's a milton friedman doctrine, and its support goes back to a grift with the summaries of scotus cases. i would like to tell friedman, well, i better not say. but the law in parts and corps in law school will say the bylaws of the corp. so suppose the bylaws say the corp's purpose is to pay 20% more than the competition to raise wages. or that half the profit is to go to social benefits. why would you not have the freedom to offer that? maybe people buy the stock to make those contributions.
I do not see any reason to assume that any specific business must profit at a time when everyone is losing money except business owners. We consumers cut back. We deny ourselves many items and we live smaller. But businesses increase the prices to continue to make profits over and above all the costs of production. And it isn't a small profit, it's a healthy profit in an unhealthy economy. There is no balance. We cannot cut back on food and shelter or medicine. Essentials need price controls. In hard times businesses must cut profits along with the people. Those business owners will survive on profit of only 2% or 3%. The company won't grow but it will survive until the supply disruptions are solved. Besides, the business class has plenty of money in reserve for hard times. We citizens don't have a cushion.
It's good to hear professor Wolff. Is KPFA though still an organ of the Atlantic Council? It's quite concerning that KPFA enforces the state-corporate mono-opinion regarding covid and Ukraine. Is this just group think at play or an actual internal takeover?
41:36 GDP of US: $21 Trillion. Ukraine GDP before war: $0.5 Trillion. US bailout of banks in 2008: $0.5 Trillion. US bailout of banks in 2019: $4.5 Trillion. US pandemic: $4.5 Trillion. Post-profit capitalism
Couple of points early. So maybe Richard will get to. Purchase doesn't have to be about able to afford it. It can be debt. Next is controlling the market through monopoly gives an advantage to price things without competition while forcing the public to purchase out of necessity, since they are limited opportunity to get it elsewhere.
Going to be hard since Biden ADMIN (Biden is doing NOTHING except what his handlers are telling him…he is truly cognitively impaired) has sold our strategic fuel supply to China, et al. Evil stupid group.
To me Wolffs analogy with masks and traffic lights misses the target. I wish i could say how in a few words but i cant. The social contract we agree to at a traffic light is transparent (unless you need glasses). I can see what everyone at that intersection is up to and can make sense of their intentions? Something like that. The problem with the social contract with the masks is that its not transparent. It starts to fall apart in the sense making dept pretty fast in regard to where when and what kind of mask and again with vaccinations. Im not against vaccinations but i am against making it almost mandatory to be part of a mass testing of a completely new technology in medicine (someone much smarter than me pointed out that its illegal to force ppl to participate in a medical experiment according to the geneva convention or something). Esp when there were other treatments that worked (yes im talking about "cow dewormer" lol) and were more affordable and readily accessible. It just kinda strikes me as odd that wolff wouldnt have made this argument considering what he's all about. I mean so far i do like a lot of what he's saying but i didnt get the traffic light bit but im not a big brained person. Idk. Just sayin... Thx for the great content.
To hell with the economists and their debates about what the inflation rate is! Let me tell you what the inflation rate really is in real terms. First of all I am a single 80 year old female diabetic. What this tells you is that I can't buy in bulk because I can't use bulk food fast enough. I can't eat too much or my diabetes gets out of whack. I live in a small 1 bedroom apartment so I can only store what my apartment sized cabinet can hold and what my apartment size freezer and fridge can accommodate. So whatever the current price of everything is, that's what I have to pay. My biggest expense is rent. For most folks shelter eats a big chunk of income. I'm talking about one low income senior living on Social Security and a pension of $165.02/month. I live in low income housing that I and other community members fought for and won 16 years ago. Given all that, rent is still 50% of my monthly income. That makes me officially rent burdened. I cannot imagine how the hell anyone can afford the kind of rent that is going price in my city. I think that almost everyone living in an apartment is rent burdened. And who can accumulate enough money for a down-payment on a home? More and more of us are priced right out of the home ownership market and whole lot of us are priced out of the shelter market altogether. Now that I'm officially poverty stricken and rent burdened I'm also being priced right out of the food market too. I used to be just as poor as I am now but according to the rules I wasn't old enough to get on some of the assistance programs I now qualify for as a very elderly poor person. So there were several pre-pandemic years when I was only able to eat once a day. I got so thin that I was too bony to sit on hard surfaces. I suppose that's too much information, but it also gives you some idea of how elderly working people survive in the United States. I went to a food bank. I qualified for that too. It wasn't/ just given freely. I had to go to classes on how to cook and stretch the food I was given or I would not be given a Thanksgiving turkey. Well, as a single person I can't store a turkey, even cut up, which the frozen bird wasn't, in the freezer and there is no way I could give some to other needy folks and still consume the small amount I can use. So I didn't go to classes. I not only had to sit through a humiliating intake process before I was issued a card giving me the privilege of coming on a specific day, once a month to get donated food. Now let's talk about that food. The fresh food wasn't fresh and fully 50% of the produce had to be cut away. Often the rest needed to be cooked immediately to extend the life of the food or it would spoil before I could consume it. So shopping day was also cooking several meals day. That was very hard for me, but I did cook all that day so I could freeze, preserve or prepare the food I had. Then too, I'm diabetic. So hardly any starch and no sugar in any form was allowed. I need mostly veggies and some protein. The food bank has lots of pasta, stale bread, beans, rice, cereal. I used a few beans but that's all I could use. I could get a can of tuna and peanut butter with some sugar in it. I took the one can of tuna and left the peanut butter. If I came on a lucky day I was allowed 6 medium sized eggs. I gratefully took them home. Potatoes, carrots and the occasional wilted cabbage or other cruciferous vegetable were also on offer but in monitored amounts. So two carrots, an onion, three potatoes, which I had to pass up, and the veggies on offer was put in my basket. Any low sodium canned veggies went in the basket in monitored amounts. So my hour long standing in line to get through to the food after getting my card examined, then through the limited selection was what I had for the last two weeks of the month. My income did not stretch beyond the first two weeks if the month. Now I am lucky. I qualify for food stamps, called SNAP. My landlord overcharged the ten low income tenants on the allowable rent so he has reduced the rent for the first 6 months of this inflationary year so I have $6 extra from rent. I also qualified for Medicaid this year and that saves me a lot on monthly medications for my diabetic supplies and asthma supplies, as well as pills for other geriatric diseases. So this year I didn't have to apply for pandemic rent relief. I can actually scrape by without that aid. Then came the inflation. Now I am spending $150/week for the special food I require. Mostly fresh veggies, some protein and almost no starch and no sugar. I used to spend about $75/week. I wish now that I had applied for rent relief. I don't need clothes and I have shoes for now. But not everyone can say that and clothing is way too expensive. For them, and for me in the future, Good Will will be my new best source of fashion. I'm completely priced out of the clothing market. My routine medical care is taken care of, thankfully, but that can and will change if a crisis comes along. Not everything medical is free from Medicaid. The cost of the K95 masks I use to stay healthy went up. They are expensive! But as an asthmatic and diabetic I need to wear a mask. My doctor read me the Riot Act for wearing an inferior mask. Laundry went up too and so did gasoline, so I stay home a lot. So thst's what inflation means to seniors who were poor before the pandemic, survived the worst of it only to be thrown back into stressful and impossible household decisions. Do I have to hand launder clothes so I can afford chicken? Can I have canned salmon this week? Fresh is too expensive but I'm supposed to eat fatty fish. Tuna has too much mercury to eat it more than a couple of times a month. Sardines are too expensive as is trout. I'm always pinching and denying and looking for bargains but nearby bargains because gasoline offsets the saved pennies. I know about inflation and so do you. Professor Wolff told you about Nixon. I was a working person during that stagflation, that's what it was called. He told you about rationing. I was a little child during that. I remember Mom ripping up ration books and throwing ration book confetti out the window when it was over. She didn't like it but rations fed us. We could do things like that again. Get off the sofa. Demand price controls with strong penalties for black marketeers and gougers.
Helen, this is awful... please head to CVS , Walgreens etc and ask for Free N95 Masks which they have behind the counter. They cost nothing! Just make sure you get some 3M or decent ones because some locations have terrible ones which are a bit cheap like the honeywells.
What a horror story America is! People like you are heroes. Just a few suggestions: note, salmon is just as large as tuna, therefore, also has lots of mercury. Canned anything has a ton of additional toxins, too many to list here. What is a toxin? --a chemical that is not water-soluble, so we cannot pee it out. It is FAT-soluble! You don't need to eat fatty fish, you will do much better (especially given your weight loss due to starvation) with animal fats. Do you have Chinese area with markets? They sell salmon and other fish much cheaper. Can you afford organic dairy? You can churn your own butter and ghee--and cook/bake everything in this ghee (forget the toxic easily-oxidizing veggie oils). If you could find some extra corner in your apartment--buy a 2nd fridge with a large freezer. You will eventually, save a lot on food, especially buying everything raw and cooking & baking from scratch (use different flours, organic if possible, not only wheat). Last advice: do forget your high school 'nutrition' class. It was compiled by the Big Agro and Big Pharma. Be well, and I mean it.
Helen, my mom is a little older than you and has mobility issues. I try to see my future through her eyes. Thank you for posting. I recently started working at a new job (finally employed post-ish pandemic) I thought I was doing great. Then I realized I am considered low income on all of the tables. I have been saving for retirement all of my life but what will my retirement be worth? I don't have enough $ in that account to buy an average priced home. I'm off the couch and I my senators office. If that doesn't work I'll take his seat in 5 years, when I retire.
@@thomaskaplan4898 Advocate for what? Something sinister no doubt. Are you saying that poor people could not possibly be well-educated and well-spoken?. That in the wes---as everywhere else and throughout history---writers, artists, painters were all rich? You are an 'advocate' then. For capitalism. Or just a moron.
In the real world we focus on the main points; some are irrelevant to confuse people. You have heard of KISS; it applies to every thing - keep it simple stupid. Find me a one armed economist. Meaning they are usually wrong in their predictions. The businessman specializes in both making money and paying the taxes. I leave the theoretical to ivory tower elites.
Supply and demand best describes the price of goods. The government is the largest employer in the USA. The government basically is the welfare state, prints money, is involvement in fixing the gold market, it basically subsidies businesses like oil, and we basically have a government banking system due the 2008 financial crisis; basically paying student loans for some. All this is paid for by you're taxes. School revenue is based on taxes from property values. This is not free at all and the high taxes (Work til April to begin earning for yourself). All this skews the market.
How many exchanged took place between production of the last product you got before you got it. If I buy the blocks, then there's a shortage and people pay my price, if I did that. No I'm not a money mutt.
As a democrat voter I'm extremly unhappy with Biden admin. He is for rich people but act like helping poor people which all those stimuls monet are ended up to rich people.
I'm self employed. This way I have control of my Profit. I am both the Employer and Employee. When People are envious of me, I encourage them to become Self Employed. If we get something like Rationing I shall start Black Markets where opportunity to get Rich increases greatly. I always charge what the market will bear because Profit is good for me. I encourage People to be self employed. I make good profit no matter what or I will go Broke.I give Poor people a break sometimes because Profit is important but not everything. Self Employment is the way. Anyone can make a Corporation in the US for about $200. If you want to be Rich Self Employment is good. Don't work for the Economy, make it work for you. If you think like a Slave, you behave like a Slave. Most Masks can filter 200 Nanometer Particles, a Coronavirus has a Diameter of 30 to 60 Nanometers. This is Irrational.
The mask and vaccine portion of this video was hard NO for me.. it’s another form of capitalism rearing it’s ugly head again.. they DO NOT WORK… and most importantly are NOT NEEDED. Though they have made ppl BELIEVE so cuz that’s what they are doing in this instance and like SLAVES ppl comply and do not question….
🤦♂️ so make things worse meanwhile just print more and more money the US does not have. Tax the rich you will say. No the government has to stop spending money they don't have fool. The US does not have 40 billion to send to Ukraine. We don't have the money to spend on pet projects. Stop spending money.
How about he open up drilling and processing fuel. He burned us on that! How about stop mandates completely. How about he stop illegal immigration that is tearing apart border states with increased spending for schools, health care, housing , food, etc. How about Biden stop wasting money on other countries. And on and on and on.
He literally states in the beginning it is a complex subject that even he isn't sure of. If you can't handle someone trying to distill the most basic reasons of a complex subject for the general population, thats a you problem.
@@KznnyL Exactly my point. The guy incites his viewers with his left wing rhetoric and offers no solutions other than socialism and worker cooperatives. Wolff has been peddling his Marxism for decades and no one is buying it.
@@TC-eo5eb - there is no "left wing" rhetoric. When you explain to people the truth about how Capitalism works and what it does to them, it makes them angry. Wolff used to be an obscure Marxist, now he is a prominent Marxist with more speaking engagements than he can fill. As Capitalism declines, his teschings are appreciated more and more. Thats why you are here.
An NBA or NFL player has a contract with the Club Owners to play s a force against the will of the athlete. Club Owners represent the Market and the outside will that is both. Mercenary contracts, independent contract relations are all a... “Social Contract”, that the market recognizes each owner’s right is a force that happens outside of our will. Behind every contract relation is a set of social institutions, i.e, Lawmakers, Courts, Police, that if we had it our way would not even exist as a State. Concretely, an example of a force outside of your will Money holds outside of our possession is health insurance, food, that only if you have a job can the privilege of being healthy and eating be the result of your own actions and your own will, these natural needs or wants that exist in material form are never your’s under capitalism. They exist in ideal form as internal and subjective needs driving you to take certain actions that can range from moderate to extreme. Actions which always engender a institutional reaction to any person who exercises their free will in society. In essence, we are free from nature and free from the necessities of life in the Social Contract. A job itself is another concrete example of a will presenting itself as a outside force against your own will, a job means you are now a person and a rightful owner inside the social contract that contains the privileges of good health, food, home, transportation, the rights. Outside of the Social Contract you become a person without food, housing, good health, no car, or a broken down car, all just barely surviving is the force of markets in America. The real economic relation, that is, when a person has a job and is working does their labor count as value to society and worthy of the privileges that come with the rights. This negation of a human being begins at birth and is extended for 18 years as a way of separating natural needs, i.e., hunger, learning, comfort, into privileges obtainable only in the Social Contract. forcing the individual to get a job if they wish to be fed, be educated, and live in a home of their own.
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Prof. Richard Wolff is the best guest ever. Thank you for your courage and truthfulness.
He uses Jewish Guilt and Fear.
@kenneth pacheco
So if someone suggests an alternative, a better way to function your goto line is "get out of the country".
Well i guess by that standard we should ship you off to a fascist country and let the free market deal with you. Because clearly you're a sociopath who cares nothing about anyone but their own greedy needs.
So im all for evicting people like you and using your wealth to feed to poor. Also you have no choice, because vastly more people support these kinds of welfare reforms than ignorant people like you who oppose them.
@kenneth pacheco Because America is his home and because there aren't any real socialist states and never have been.
The minimum wage sees no inflation. How predatory of employers.
That was interesting, I said to myself "Do you really want to watch a video on economics first thing in the morning.", and turns out to be really good. There was lots of stuff to talk about, I'm surprised there aren't hundreds of comments. Just before 38:37 'Lights on nobody home...", that happens to be all the time on many subjects!
Thank You Richard Wolff 🙏
The Canal Zone (a former US colony run as a mini socialist state) used to issue commissary ration books, known colloquially as 'commie books.'
A price/wage freeze is a hard sell when people are working full-time and can’t afford a roof over their heads.
And baby formula shortage happened. Imagine the emotional displacement that is happening. This country is so disappointing. I’m so worried about my kids’ future that I’m more motivated than ever to have them learn Chinese, which might help bring more opportunities for them.
YOU’RE FABULOUS JUST AS ALL YOUR GUESTS 💓⭐️💫🌷
As always, it comes back to the irrationality of capitalism.
It's hard to see the abysmal minimum wage as being a result of irrationality. Sadly.
@kenneth pacheco because you’d still find something stupid to say even if he did.
A system that keeps most people too poor to leave and puts the blame on them is perfect, better than whips and chains slavery.
Capitalism is not the problem. It’s our business scam knock off of capitalism that is the problem. We don’t have true capitalism…we have mercantilism and thieves and deceivers in government. I don’t like how the wealthy/elites have taken power. But if we keep arguing about conservatives, progressives, socialists, communists, INSTEAD of discussing Constitutional solutions, we are just like bees buzzing. We just need goals clearly stated and then discuss solutions. Probably need a miracle while we’re at it.
I'm surprised this video hasn't blown up and gone viral (hopefully it wasn't blacklisted) Letters and Politics caught the popular culture sleeping here.
Got a 5.6% SS raise but then the prices went up 150%!!! WTF!!!!!!!
Every time they give a SS raise, they take a comparable amount out for an increase in Medicare premiums. If SS is truly going insolvent, why are we still giving SS to semi wealthy, instead of poor. (Wealthy just assume poor should have worked harder. Most poor worked HARDER thst wealthy…maybe not smarter (due to disadvantages) but harder.
Superb Enlightenment by Mr. Wolff
the way Richard Wolff talks about the system is too funny especially because i agree with him the passion in his face is too funny 😂
God bless your heart
Best economist, best professor in economics ever!
Yes, I always found it amusing when some claim that the market rules over the government contrary to all the examples in history where it was the other way around. Remember "To Big To Fail?" however, if the government does not use this power for whatever reason, well, just look at you USA! And one more thing, there is a reason why Big Business spends so much money on campaign contributions and the promise of safe high payed jobs after their terms!
We had the same over here in the UK. However, this created a ‘Black’ Market
No I am approaching to understand the working mechanism of information behind inflation
Our utility is a co-op. Couldn't they describe the current operating costs, the expected needed infrastructure costs in ratepayer monthly fees and rate increases. Then fire safety measures expressed as actions and the price ratepayers incur to provide those safety measure actions, published in the monthly co-op magazine. If their are choices, those choices can be made by vote at the annual Co-op meeting.
Wolff is a little too trusting of Public Utilities Commissions... maybe because he's not from CA! ;-)
My thinking was the prices of everything rise sort of a like a chain reaction. Especially when the price of fuel skyrockets
The problem with inflation is that employers view it as value added, so they naturally assume they are entitled to add on a margin of profit above the increased costs for materials, goods, & services
Almost as if our economic system pits employers against employees. We can do better.
Price increases of inputs are a business cost.
@@kenlawson554 True. But if a major portion of your business model is simply to add the expense of your profit, without adding value, it burdens the vulnerable.
should have a lot more viewers; won't see him on CNN though...
Setting price is a two way street.
About 1933. When a thief hits a brinks truck and gets away, their next target isn't the corner store. Lot of people think the security of their physical selves is found in money, when in fact, a click on your account, you have no access to the money, or a redo of 1933 gold grab, or even the elimination of gold as a currency of servitude all together. Anything that controls the work of humans in any form is money. Fortunately there are forms that can not be manipulated allowing a well functioning society, without the misery of capitalism and the enslavement to an external inanimate objects.
When it comes to understanding economics, I'd say he's historically among the best avenue of information out there, unless to do an extensive research yourself in order to know what he has learned. However, no matter ones education regards a subject, always be prepared to run into someone who creates a lightbulb 💡,an epiphany of understanding, regarding any subject. Squirrels don't pay rent and we're looking for freedom ? 😳
Everything I need to know about inflation is servitude to inanimate objects is a sure way to assure it. 🐿️
You said it, " the working class". There's the working class and the give commands classes and the trail of gold goes to the bank of human services to an inanimate object.
13:51 “Aren’t these large corporations that are setting the price legally bound to provide the largest potential profit for shareholders?”
“Yes, that’s what capitalism is.”
The answer is no, they’re not. Whatever the imperatives of capitalism, there is _no_ legal obligation for corporations to provide the largest potential profit for shareholders. That’s the myth of shareholder maximization. _See_ “The Shareholder Value Myth” on _Harvard Law School Forum on Corporate Governance_ which states “Contrary to what many believe [including, apparently, Mitch Jeserich], U.S. corporate law does not impose any enforceable legal duty on corporate directors or executives of public corporations to maximize profits or share price.” _See_ also “The Shareholder Myth” by Lynn A. Stout who traces the origin of the myth back to free market economists.
Sounds plausible but as you eluded, in effect there may as well be a legal obligation to maximize profits at any cost due to the competitive nature of the market. There are also actual maws that enable corporations being able to sue foreign governments for lost profits due to policies which might benefit their people over those corporate profiteers.
@@SofaKingShit That’s all true but (1) again, as to the specific question Mitch Jeserich asked and Richard Wolff didn’t answer specifically, there is _no_ legal obligation to maximize shareholder value (2) not responding to the question clearly in effect perpetuates a right-wing myth and (3) that there is _no_ legal obligation to maximize shareholder value demonstrates more clearly the inherent dynamic of capitalism for enterprises to maximize profit even _without_ a legal obligation to maximize shareholder value.
it's a milton friedman doctrine, and its support goes back to a grift with the summaries of scotus cases. i would like to tell friedman, well, i better not say. but the law in parts and corps in law school will say the bylaws of the corp. so suppose the bylaws say the corp's purpose is to pay 20% more than the competition to raise wages. or that half the profit is to go to social benefits. why would you not have the freedom to offer that? maybe people buy the stock to make those contributions.
What about the fiduciary responsibility?
I do not see any reason to assume that any specific business must profit at a time when everyone is losing money except business owners. We consumers cut back. We deny ourselves many items and we live smaller. But businesses increase the prices to continue to make profits over and above all the costs of production. And it isn't a small profit, it's a healthy profit in an unhealthy economy. There is no balance. We cannot cut back on food and shelter or medicine. Essentials need price controls. In hard times businesses must cut profits along with the people. Those business owners will survive on profit of only 2% or 3%. The company won't grow but it will survive until the supply disruptions are solved. Besides, the business class has plenty of money in reserve for hard times. We citizens don't have a cushion.
Boom boom boom, let me just get my broom $$$,
It's a wondrous sight, collapsing structures at night.
That's like a bankers game plan.
Money doesn't care who blames who, it's on the sidelines, just the guidelines, which is servitude to inanimate objects.
It's good to hear professor Wolff. Is KPFA though still an organ of the Atlantic Council? It's quite concerning that KPFA enforces the state-corporate mono-opinion regarding covid and Ukraine. Is this just group think at play or an actual internal takeover?
Of course economists could not have been advocating for mandatory accounting/finance in the schools since Sputnik.
Hier it already needs to pay 80% extra for meat for the testaurant
41:36 GDP of US: $21 Trillion. Ukraine GDP before war: $0.5 Trillion. US bailout of banks in 2008: $0.5 Trillion. US bailout of banks in 2019: $4.5 Trillion. US pandemic: $4.5 Trillion. Post-profit capitalism
Couple of points early. So maybe Richard will get to.
Purchase doesn't have to be about able to afford it. It can be debt.
Next is controlling the market through monopoly gives an advantage to price things without competition while forcing the public to purchase out of necessity, since they are limited opportunity to get it elsewhere.
Be self sufficient in event of war.
Going to be hard since Biden ADMIN (Biden is doing NOTHING except what his handlers are telling him…he is truly cognitively impaired) has sold our strategic fuel supply to China, et al. Evil stupid group.
Look at a dollar and ask it what it thinks of food as a necessity 😂, it's an inanimate object.
To me Wolffs analogy with masks and traffic lights misses the target. I wish i could say how in a few words but i cant. The social contract we agree to at a traffic light is transparent (unless you need glasses). I can see what everyone at that intersection is up to and can make sense of their intentions? Something like that. The problem with the social contract with the masks is that its not transparent. It starts to fall apart in the sense making dept pretty fast in regard to where when and what kind of mask and again with vaccinations. Im not against vaccinations but i am against making it almost mandatory to be part of a mass testing of a completely new technology in medicine (someone much smarter than me pointed out that its illegal to force ppl to participate in a medical experiment according to the geneva convention or something). Esp when there were other treatments that worked (yes im talking about "cow dewormer" lol) and were more affordable and readily accessible. It just kinda strikes me as odd that wolff wouldnt have made this argument considering what he's all about. I mean so far i do like a lot of what he's saying but i didnt get the traffic light bit but im not a big brained person. Idk. Just sayin... Thx for the great content.
"Animating Objective" of inanimate objects.
To hell with the economists and their debates about what the inflation rate is!
Let me tell you what the inflation rate really is in real terms. First of all I am a single 80 year old female diabetic. What this tells you is that I can't buy in bulk because I can't use bulk food fast enough. I can't eat too much or my diabetes gets out of whack. I live in a small 1 bedroom apartment so I can only store what my apartment sized cabinet can hold and what my apartment size freezer and fridge can accommodate. So whatever the current price of everything is, that's what I have to pay.
My biggest expense is rent. For most folks shelter eats a big chunk of income. I'm talking about one low income senior living on Social Security and a pension of $165.02/month. I live in low income housing that I and other community members fought for and won 16 years ago. Given all that, rent is still 50% of my monthly income. That makes me officially rent burdened. I cannot imagine how the hell anyone can afford the kind of rent that is going price in my city. I think that almost everyone living in an apartment is rent burdened. And who can accumulate enough money for a down-payment on a home? More and more of us are priced right out of the home ownership market and whole lot of us are priced out of the shelter market altogether.
Now that I'm officially poverty stricken and rent burdened I'm also being priced right out of the food market too. I used to be just as poor as I am now but according to the rules I wasn't old enough to get on some of the assistance programs I now qualify for as a very elderly poor person. So there were several pre-pandemic years when I was only able to eat once a day. I got so thin that I was too bony to sit on hard surfaces. I suppose that's too much information, but it also gives you some idea of how elderly working people survive in the United States. I went to a food bank. I qualified for that too. It wasn't/ just given freely. I had to go to classes on how to cook and stretch the food I was given or I would not be given a Thanksgiving turkey. Well, as a single person I can't store a turkey, even cut up, which the frozen bird wasn't, in the freezer and there is no way I could give some to other needy folks and still consume the small amount I can use. So I didn't go to classes. I not only had to sit through a humiliating intake process before I was issued a card giving me the privilege of coming on a specific day, once a month to get donated food.
Now let's talk about that food. The fresh food wasn't fresh and fully 50% of the produce had to be cut away. Often the rest needed to be cooked immediately to extend the life of the food or it would spoil before I could consume it. So shopping day was also cooking several meals day. That was very hard for me, but I did cook all that day so I could freeze, preserve or prepare the food I had. Then too, I'm diabetic. So hardly any starch and no sugar in any form was allowed. I need mostly veggies and some protein. The food bank has lots of pasta, stale bread, beans, rice, cereal. I used a few beans but that's all I could use. I could get a can of tuna and peanut butter with some sugar in it. I took the one can of tuna and left the peanut butter. If I came on a lucky day I was allowed 6 medium sized eggs. I gratefully took them home. Potatoes, carrots and the occasional wilted cabbage or other cruciferous vegetable were also on offer but in monitored amounts. So two carrots, an onion, three potatoes, which I had to pass up, and the veggies on offer was put in my basket. Any low sodium canned veggies went in the basket in monitored amounts. So my hour long standing in line to get through to the food after getting my card examined, then through the limited selection was what I had for the last two weeks of the month. My income did not stretch beyond the first two weeks if the month.
Now I am lucky. I qualify for food stamps, called SNAP. My landlord overcharged the ten low income tenants on the allowable rent so he has reduced the rent for the first 6 months of this inflationary year so I have $6 extra from rent. I also qualified for Medicaid this year and that saves me a lot on monthly medications for my diabetic supplies and asthma supplies, as well as pills for other geriatric diseases. So this year I didn't have to apply for pandemic rent relief. I can actually scrape by without that aid.
Then came the inflation. Now I am spending $150/week for the special food I require. Mostly fresh veggies, some protein and almost no starch and no sugar. I used to spend about $75/week. I wish now that I had applied for rent relief. I don't need clothes and I have shoes for now. But not everyone can say that and clothing is way too expensive. For them, and for me in the future, Good Will will be my new best source of fashion. I'm completely priced out of the clothing market. My routine medical care is taken care of, thankfully, but that can and will change if a crisis comes along. Not everything medical is free from Medicaid. The cost of the K95 masks I use to stay healthy went up. They are expensive! But as an asthmatic and diabetic I need to wear a mask. My doctor read me the Riot Act for wearing an inferior mask. Laundry went up too and so did gasoline, so I stay home a lot.
So thst's what inflation means to seniors who were poor before the pandemic, survived the worst of it only to be thrown back into stressful and impossible household decisions. Do I have to hand launder clothes so I can afford chicken? Can I have canned salmon this week? Fresh is too expensive but I'm supposed to eat fatty fish. Tuna has too much mercury to eat it more than a couple of times a month. Sardines are too expensive as is trout. I'm always pinching and denying and looking for bargains but nearby bargains because gasoline offsets the saved pennies.
I know about inflation and so do you. Professor Wolff told you about Nixon. I was a working person during that stagflation, that's what it was called. He told you about rationing. I was a little child during that. I remember Mom ripping up ration books and throwing ration book confetti out the window when it was over. She didn't like it but rations fed us. We could do things like that again.
Get off the sofa. Demand price controls with strong penalties for black marketeers and gougers.
Helen, this is awful... please head to CVS , Walgreens etc and ask for Free N95 Masks which they have behind the counter. They cost nothing! Just make sure you get some 3M or decent ones because some locations have terrible ones which are a bit cheap like the honeywells.
What a horror story America is! People like you are heroes. Just a few suggestions: note, salmon is just as large as tuna, therefore, also has lots of mercury. Canned anything has a ton of additional toxins, too many to list here. What is a toxin? --a chemical that is not water-soluble, so we cannot pee it out. It is FAT-soluble! You don't need to eat fatty fish, you will do much better (especially given your weight loss due to starvation) with animal fats. Do you have Chinese area with markets? They sell salmon and other fish much cheaper. Can you afford organic dairy? You can churn your own butter and ghee--and cook/bake everything in this ghee (forget the toxic easily-oxidizing veggie oils). If you could find some extra corner in your apartment--buy a 2nd fridge with a large freezer. You will eventually, save a lot on food, especially buying everything raw and cooking & baking from scratch (use different flours, organic if possible, not only wheat). Last advice: do forget your high school 'nutrition' class. It was compiled by the Big Agro and Big Pharma. Be well, and I mean it.
Helen, my mom is a little older than you and has mobility issues. I try to see my future through her eyes. Thank you for posting. I recently started working at a new job (finally employed post-ish pandemic) I thought I was doing great. Then I realized I am considered low income on all of the tables. I have been saving for retirement all of my life but what will my retirement be worth? I don't have enough $ in that account to buy an average priced home. I'm off the couch and I my senators office. If that doesn't work I'll take his seat in 5 years, when I retire.
I think you are lying. You are not in the situation you outlined. You write extremely well and use technical terms. You are an advocate
@@thomaskaplan4898 Advocate for what? Something sinister no doubt. Are you saying that poor people could not possibly be well-educated and well-spoken?. That in the wes---as everywhere else and throughout history---writers, artists, painters were all rich? You are an 'advocate' then. For capitalism. Or just a moron.
The time is NOW 4 CHANGE
Inflation is simply a rise in prices due to over taxation and reckless money printing and excessive government spending.
"simply"
Simple ideas don't explain extraordinarily complex systems. Stop it.
In the real world we focus on the main points; some are irrelevant to confuse people. You have heard of KISS; it applies to every thing - keep it simple stupid. Find me a one armed economist. Meaning they are usually wrong in their predictions. The businessman specializes in both making money and paying the taxes. I leave the theoretical to ivory tower elites.
Never mind all the examples he gave of how supply chains and supply affect prices as well. Is a government necessary for that to occur?
Supply and demand best describes the price of goods. The government is the largest employer in the USA. The government basically is the welfare state, prints money, is involvement in fixing the gold market, it basically subsidies businesses like oil, and we basically have a government banking system due the 2008 financial crisis; basically paying student loans for some. All this is paid for by you're taxes. School revenue is based on taxes from property values. This is not free at all and the high taxes (Work til April to begin earning for yourself). All this skews the market.
What is inflation? Costco toastier chicken $4.99!
How many exchanged took place between production of the last product you got before you got it. If I buy the blocks, then there's a shortage and people pay my price, if I did that. No I'm not a money mutt.
Teenager who cut my grass rise price, when I ask her why answer was "because". How many businesses Prof. Richard Wolff run in his life?
As a democrat voter I'm extremly unhappy with Biden admin. He is for rich people but act like helping poor people which all those stimuls monet are ended up to rich people.
I'm self employed. This way I have control of my Profit. I am both the Employer and Employee.
When People are envious of me, I encourage them to become Self Employed.
If we get something like Rationing I shall start Black Markets where opportunity to get Rich increases greatly.
I always charge what the market will bear because Profit is good for me. I encourage People to be self employed. I make good profit no matter what or I will go Broke.I give Poor people a break sometimes because Profit is important but not everything. Self Employment is the way. Anyone can make a Corporation in the US for about $200. If you want to be Rich Self Employment is good. Don't work for the Economy, make it work for you. If you think like a Slave, you behave like a Slave. Most Masks can filter 200 Nanometer Particles, a Coronavirus has a Diameter of 30 to 60 Nanometers. This is Irrational.
The mask and vaccine portion of this video was hard NO for me.. it’s another form of capitalism rearing it’s ugly head again.. they DO NOT WORK… and most importantly are NOT NEEDED. Though they have made ppl BELIEVE so cuz that’s what they are doing in this instance and like SLAVES ppl comply and do not question….
It's all employers fault, nothing to do with the government printing money to avoid having to make tough choices.
Government printed Money to save the system. Better if it all collapsed and started all over
Which is complete BS
Wrong. The Gov/corporate/media/tech/military industrial/bankers complex AGAINST US.
Will Biden EVER get off his throne and initiate price controls? It's past time!
🤦♂️ so make things worse meanwhile just print more and more money the US does not have. Tax the rich you will say. No the government has to stop spending money they don't have fool. The US does not have 40 billion to send to Ukraine. We don't have the money to spend on pet projects. Stop spending money.
How about he open up drilling and processing fuel. He burned us on that! How about stop mandates completely. How about he stop illegal immigration that is tearing apart border states with increased spending for schools, health care, housing , food, etc. How about Biden stop wasting money on other countries. And on and on and on.
The freedom analogy with the mask issue was laughable.
You’re right, not wearing masks should’ve been made illegal and at least a $100 fine, which is low considering the amount of lost life
were toast
Prof Wolff with yet another theory of what inflation is. In another one of his videos he claimed inflation was solely corporate greed.
He literally states in the beginning it is a complex subject that even he isn't sure of.
If you can't handle someone trying to distill the most basic reasons of a complex subject for the general population, thats a you problem.
@@KznnyL Exactly my point. The guy incites his viewers with his left wing rhetoric and offers no solutions other than socialism and worker cooperatives. Wolff has been peddling his Marxism for decades and no one is buying it.
@@TC-eo5eb - there is no "left wing" rhetoric. When you explain to people the truth about how Capitalism works and what it does to them, it makes them angry.
Wolff used to be an obscure Marxist, now he is a prominent Marxist with more speaking engagements than he can fill. As Capitalism declines, his teschings are appreciated more and more.
Thats why you are here.
He is still telling us corporate greed is behind inflation.
Ration = rash-un, not race-shun
Language is regional. Either is correct.
@@mountaindweller777 nah, there's a pronunciation for it in the English dictionary. Either is not correct.
An NBA or NFL player has a contract with the Club Owners to play s a force against the will of the athlete.
Club Owners represent the Market and the outside will that is both. Mercenary contracts, independent contract relations are all a... “Social Contract”, that the market recognizes each owner’s right is a force that happens outside of our will.
Behind every contract relation is a set of social institutions, i.e, Lawmakers, Courts, Police, that if we had it our way would not even exist as a State.
Concretely, an example of a force outside of your will Money holds outside of our possession is health insurance, food, that only if you have a job can the privilege of being healthy and eating be the result of your own actions and your own will, these natural needs or wants that exist in material form are never your’s under capitalism. They exist in ideal form as internal and subjective needs driving you to take certain actions that can range from moderate to extreme. Actions which always engender a institutional reaction to any person who exercises their free will in society. In essence, we are free from nature and free from the necessities of life in the Social Contract.
A job itself is another concrete example of a will presenting itself as a outside force against your own will, a job means you are now a person and a rightful owner inside the social contract that contains the privileges of good health, food, home, transportation, the rights. Outside of the Social Contract you become a person without food, housing, good health, no car, or a broken down car, all just barely surviving is the force of markets in America.
The real economic relation, that is, when a person has a job and is working does their labor count as value to society and worthy of the privileges that come with the rights. This negation of a human being begins at birth and is extended for 18 years as a way of separating natural needs, i.e., hunger, learning, comfort, into privileges obtainable only in the Social Contract. forcing the individual to get a job if they wish to be fed, be educated, and live in a home of their own.
Liars on the 8.5%!!!! Groceries are up 150% in the past 18 months! I kept all my receipts.
It's an average.
Everything you need to know about inflation: don't listen to Richard Wolff.
What did he say that was wrong?
At 5:46 mark. Owners have to raise retail prices when their input costs are wiping out their profits
Woolf whiffed this one.
You misunderstand basic economics.
Screams Jewish Guilt
richard has gotten cocky since he got the tweed newsboy hat.
Richard Wolff is a clown