Economic Update: Fascism
ฝัง
- เผยแพร่เมื่อ 13 ก.พ. 2022
- [S12 E06] Fascism
On this week's show, Prof. Wolff talks about the US' 2021 trade deficit and its implications, the FED's inflation policy dilemma, and the political economy of the Baltimore and Bronx fires. In the second half of the show, Wolff uses the actual history of fascism in Italy, Germany and Spain to analyze the positions and prospects of fascism in the US today.
**Economic Update with Richard D. Wolff is a@democracyatwrk production. We make it a point to provide the show free of ads. Please consider supporting our work. Become an EU patron on Patreon: / economicupdate and help us spread Prof. Wolff's message to a larger audience. Every donation counts!
A special thank you to our devoted EU Patreon community whose contributions make this show possible each week.
******************************************************************************************
SUBSCRIBE: EU Podcast | Apple Podcasts | Google Podcasts | Spotify | iHeartRADIO
SUPPORT: Join our Patreon community at patreon.com/economicupdate or donate on our website at democracyatwork.info/donate
Follow us ONLINE:
Facebook:
/ economicupdate
/ richarddwolff
/ democracyatwrk
Twitter:
/ profwolff
/ democracyatwrk
Instagram: / democracyatwrk
Shop our CO-OP made MERCH: democracy-at-work-shop.myshop...
Want to help us translate and transcribe our videos? Learn about joining our translation team: www.democracyatwork.info/geti...
******************************************************************************************
NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff is now available at: www.lulu.com/
“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly www.lulu.com/spotlight/democra...
******************************************************************************************
SOURCES FOR SHOW SEGMENTS
* Trillion dollar deficit: www.marketwatch.com/story/u-s...
* Baltimore fire: baltimore.cbslocal.com/2022/0...
"America, home of the greed, and the corporately enslaved." - someone reading the game
"Enforced Capitalism"-what a perfect definition for Facism.
I like the clarity Dr. Wolff brings to these subjects.
Except that "capitalism" does not involve "force"...so Wolff brings zero clarity to anything.
@J GALT
Well, capitalist steered countries have certainly used a lot of force. Many capitalists would sooner support fascism than socialism.
@@jgalt308 that's some serious willful ignorance
@@benangel3268 You are confusing government systems with economic systems and you have
no understanding of what any of the economic systems actually are.
Government has always been the "problem"...and the economics benefits them...that is
not nor has ever been what capitalism is nor will it ever be no matter how many
attempts are made to conflate the two.
@@jgalt308
By a capitalist steered government I mean those run by and on behalf of the wealthiest capitalists. You are talking about anarcho capitalism.
According to all quality encyclopedias the capitalist system has existed since the 1500s. It was first spread by the British Empire and other imperial countries followed.
Capitalism puts an emphasis on private ownership with the goal of making a large profit and investing that money to make more profits.
Capitalists are the owner class.
Socialism has traditionally been the representation of the working majority
Prof Wolff is the best. He explains difficult concepts so easy to understand its almost an art. And, his explanations don't make novices like me feel stupid in figuring out the answers here. We need more Wolffs, less politicians...
VERY useful analysis, much appreciated!! Thank you Professor Wolff!
I would like to know Prof. Wolf's opinion on the impact that the Evangelical movement is having on all levels of our government and the development of a type of neo-religious facism. They are very well organized, vocal, aggressive, and even most worrisome, heavily armed. While they claim to hate "big government" they are driven by an even larger ruling authority known as religious dogma, which recognizes no man-made government. To overlook the powerful influence the Evangelcal movement continues to have in our country, will only blind us to when it comes to full friuition or "Manifest Destiny."
Dear kennyw,
Prof. Wolff answers specific questions from Patrons of our Economic Update Patreon community each week. Even donations at the $3/month level give you access to this perk, so if you’d like your questions answered, feel free to join and submit via Patreon.
Here’s the link: www.patreon.com/economicupdate
Small donations are the lifeblood of our organization and keep our shows going. Thank you for your support and engagement!
Personally I think they are largely incompetent. They may be armed but in the end they're just larpers with body physiology more akin to a slice of ham than a hardened soldier. Look at the January 6th election for example. A few people died but in the end, they didn't really accomplish all that much. These idiots are not something really worth losing sleep over.
@@alexanderb7721 they are just the ones you can see. But the people who took part along with all those who share similar views have been nudging society for a very long time,their influence is massive, they can put a call out abd b4 you know two militant factions in ireland suddenly have weapons and resources.
Yeah, the 80's may be over, but they still have the ability to undermine entire nations.
We are all familiar with the term "American Exceptionalism". Take it one step further and you arrive at "Human Exceptionalism" where, according to the ancient Greeks, "Man is the center of all things". Then the Judea-Christian myth assured us that "man shall have dominion over all the earth...". Religion and politics are two mythologies that are working to ensure our demise! THAT is our self-induced "manifest destiny".
@@democracyatwrk lol ooh 😲😲
Fascism part blew my mind. Gave me clear perspective of things happening in my country india. Thanks professor for sharing your wisdom.
India, Brazil, United States...
All failing humanity by descending into the *bottomless depths of fascism* together!
@@merbst Good, fascism is the future. We need to get rid of degenerates, join under one banner and conquer the universe!
@@Victor-gh3ur find a tall building and test drive flying for the human race
@@Cryabtit829 Dawg youre on the side of thinking women can have penises, corporate greed and the destruction of climate. I want to get rid corruption, greedy businessmen and degenerate behaviour. I KNOW what will prevail before long and you should jump ship before its too late.
@@Victor-gh3ur choke
Unlike the 1930s we don't see the strong socialist movements preempting facism. With the success of communist China reminding us how well they are doing relative to us, we might find ourselves going in the opposite direction to facism..
In the UK they've undergone nearly 15 years of austerity, where public services have been cut to the bone, wages frozen and there's a huge cost of living crisis because of inflation. Add covid, skyrocketing energy prices, with brexit thrown in, things are not looking good for the forseable future..
Once again, it is either socialism or barbarism. Gotta have hope that the mass can make it work.
How is China Communist? They are closer to capitalism in the 1800’s with no worker protections and terrible conditions. They are closer to fascism.
@Pat M Nicely put, particularly 'Sir' Kier the puppet, makes me sick, a cardboard cut out!
@@jeffmoser4034 Communism is when workers work the 996 or die.
Fascists are enormous supporters of China and consider socialism with Chinese characteristics to be the closest thing to fascism in the modern world
Wolff knows history and economics so well, he can see BS coming from a mile away. Never underestimate the validity of what Wolff speaks about because he thinks objectively and without hidden motives.
Is that why he rarely gets invited on "pick your news channel' for an informed counter analysis ? Isn't that curious how the people who make the most sense and recite trends within the larger picture to give one a firm footing on what to expect in the future---are suppressed and isolated by that narrow band of cable-approved viewpoints, dominated by Zionists and pro-Israel , pro-War, pro white, western egotism . The parties have never looked so alike, bad news for consumers everywhere. Let me now get back to the Russia bashing marathon mayhem .
@@henrygarciga Man, you nailed it hard. All this is based on the idea that the "reason why we do what we do" is founded on a competitive ethos while any other interpretation is prohibited by the things you mention. Competition has many inherently negative artifacts, namely, vanity, secrecy, corruption, coercion, anxiety, despair and chance. These artifacts are built into the "competitive ethos" and are thus irreconcilable within the democratic context. The "winner" is "decided by" these negative artifacts. "Democratic determinations" do not choose who wins in a competition and thus have no meaningful place within the competitive context. Self-determination, personal sovereignty, open knowledge and democracy cannot thrive in a competitive ethos. Science cannot thrive when the incentive to cheat is so inherently high within the competitive construct. Science thrives when the incentive to cheat has been eliminated through the mechanism of cooperative, democratic, self-determination. Self-determination through competition is replaced with self-determination through open knowledge and democracy.
I want to see a series of talks between Prof. Wolff and Prof. Snyder.
@@dogh2o921 -- Thank you. Your analysis of competition as the over-riding problem is spot on. I have often felt this way towards competitive sports and your use of the concept to understand economic problems is a breath of fresh air.
Darwinian survival of the fitness has more to do with adaptation and change than brute force or strength. We should encourage cooperation, adaptation and not winner take all, zero sum thinking nor monotheism to the god of profit.
Your explanation of the affects of competition on democracy is brilliant and explains a great deal about the failings of our modern democracy through corruption, tribalism, and animosity. TY
@@Xaxtarr_Neonraven Thank you! I spent many years mulling it all over and was unable to untangle the mess until I distilled things down to "universal truths". This is why it is important not to waste time on terminologies that just confound things, hence I veer away from using "capitalism" or "socialism" and just go straight to the psychological aspects that all people can understand. This way anyone can understand whats going on without too much wrangling and confusion. :)
Always, amazingly interesting and informative. Thank you for your work and shared wisdom from a little south of your country!
Greetings!
Professor Wolff for president!
9:30 What all this tells me is, the US has backed itself into a corner and is most likely going to use the Ukraine issue as a hail marry.
You have answered the 64,000 question
Lord, I hope not 😡
@@fallbrkgrl I don't say I want the US to act out, because I don't. What I am saying is we have a five-alarm fire on our backside.
@@MariDutton no, I get it. Was just kinda thinking out loud 😊
I think you should read Dr. Michael Hudson. Europe used to be industrialized. Industry moved elsewhere. The people were poor. It is the same thing going on today in the United States. We no longer have industry, other than weapons of war.
And cannabis
Have you read him, or just heard part of an interview. His book contains a lot more nuance than this.
I was unaware a dissertation was required.
none of this is surprising when you consider a corporation is essentially a fascist organisation. It's a pyramid/hierarchy. The workers don't have a say in how the business is run or who leads it. People halfway up the pyramid want to keep it intact too, god forbid they end up at the bottom and don't have anyone under them. There is a reason free-market ideologue's (libertarians/republicans) are so primed and ready for fascism... it's because it's not that different to their dream capitalist worldview. The shark eat minnow, grab as much power as you can worldview.
Ive come to the conclusion that fascism is just a term to describe what goes on in capitalism. It's been fascist from day one. The technical definition of capitalism is the government and business uniting under capitalism. Well... It's been that way all along, as capitalists ARE the government's only constituents.
Consider the fascist capitalists abhor the free market economy. The only way large pools of capital can exist is under protection of government force.
@@RickLarsonPermacultureDesigner i think that is a backwards way of thinking about it. It makes more sense that the reason the elite have so much control over the government is because of a free market in the first place. They then in turn use the power and money gained through capitalism to buy more influence in the gov(and take it away from the real gov; i.e. the people).....and the circle continues.
so to your point i ask: How did the fascist capitalists gain the power to be able to control the gov in the first place?
I'm not convinced the free market deity is the answer.
@@ecpruthless I never ever have thought the free market economy is possible. If it ever does exist it doesn't last long as per your excellent observation.
@@ecpruthless I do cringe when people blame the free market economy when it doesn't exist though...
"They" say the US is the wealthiest country but looks like we are the most indebted country. Thanks Prof. Wolff for telling the Truth !
One person's debt is another man's asset.
Trade deficits had meaning when we were on the gold standard ( meaning we had to pay our foreign debts with gold). Now we pay for our imports with little pieces of green paper which cost us nothing to produce? Why is that not a great deal for us?? I see no reason to care about being "the most indebted country" if you can pay your debts with free pieces of green paper!!
@@clarestucki5151 "Money is nothing but dirty paper with pictures of dead men on it"
-attributed to Al Capone.
Or Bugsy Segiel.
Yes they sent all the manufacturing & production overseas , so now the nation is dependent on other countries for their products . Most tech chips for computers, phones, cars , etc are assembled in other countries now.
Professor Wolff is wrong he's a nice man but he's wrong. Professor wolf's head is stuck in the gold standard. The United States federal government is the Creator and the issuer of the currency the US dollar the money. Article 1 Section 8 of The Constitution Congress has the power of the purse. Professor Stephanie Kelton learn mmt please
It is becoming increasingly difficult to have any hope for anyone but those in the Management, Owner, and Ultra-Wealthy classes.
If WE people exposed the $$ system for the Fraud it IS and $$ as the DEBT, not " wealth" it is, the Sociopaths wouldn't be worth spit. But, the fraud continues because even the people are afraid to wake up
yeah biggest lie of the past two decades is the"bootstrap" argument
I'm here to tell you that even folks in "management", are not safe.
I, like many of you, worked my way up, from inspector, to manager...you know, pulled myself up by my "bootstraps".
22 years later, the world is hit by a pandemic, and all of those years of service, and dedication....well, I'm sure you can figure out the rest of the story.
I had thought that, if perhaps I stayed at the supervisor level, that I may still be employed. Odds are that I wouldn't be, because of my salary level.
Yeah, "capitalism"...
When money means nothing anymore, it won’t help them.
@@fallbrkgrl They are safe until they need to be sacrificed for the almighty profit margin - which is the bitter irony of the sycophant who laughs and jeers at the workers that get exploited, only to eventually realize he/she is to be exploited, too.
America's 'traditional and mythic past' as embraced by fascists is white settler communities with a theocratic rule.
It is also important to point out that fascism is not just failed capitalism, as Lenin said, it forms itself in societies depending on their relations of production under capitalism and their level technological development.
With technology in the hands of the ruling class technocratic fascism, or transnational corporate fascism, is the dominant force under failing capitalism and collapsing liberal democracy that challenges national socialism of the type explained here.
And technocratic fascism with its illusions of choice and faux democracy might be more multicultural,but in the end it is also one of the most dangerous forms of fascism. For it involves control by surveillance, the abdication of all civil rights and a technocratic elite devoted to machines.
Socialism is of course the only form of governance that can fight and beat fascism.
With liberal democratic institutions disdained and delegitimized, and with confidence low and stress high, the appeal to a 'ruler' or autocrat is a danger, but so is a ruling technocratic elite that operates a racket called liberal democracy.
America passed its Weimar moment. Autocracy is the future,but it will be a technocratic dystopia if we do not win.
We are of the same mind: socialismo o muerte!
Thank you, prof. Wolff!
Haha 😄 professor has funny rhetorical questions. " What's happening about this?...nothing!! that's why it continues "
Thank you for emphasizing the Federal Reserve’s role in controlling inflation. I agree with your conclusion that we’re at a dead end. I think they’ll choose to endure double digit inflation rather than crash the economy.
The federal reserve created the inflation by printing masses of additional currency.
bingo
Politically that's a death wish. They personally don't care about the inflation because they're wealthy. But in the United States you cannot get elected with this type of inflation. So they will attempt to do something about it.
They'll let Americans die for this system, and Americans allow it.
@@norawheeler2555 Inflation is caused by too much money chasing too few goods. This is a devil's bargain between capitalists and politicians. There is no fix for this. The whole system needs replaced.
Thank you very much professor Richard Wolff
And if we had MEDICARE FOR ALL, people with mental illness and/or addiction could get treatment which would support them living in safe, clean housing.
Good morning professor Wolff. Thanks for all you do! 🙏
thank you so much for taking the time out of your day to do this!
It seems to me like private landlords really only want to rent to the relatively well-off anyway so, instead of just blaming homeless people and having the police shoo us away anytime someone doesn't want to even risk having to see another human being who is so poor that they don't have a home, maybe the government could deal with the housing needs of the majority of society. Then, anyone with enough money who wanted some fancy pants luxurious bullshit could rent from the private landlords who are first among those who do not want to even have to see, let alone rent to, the poor.
Beautiful work ! The clearest and most compelling demand for socialism in our current situation I have ever heard. Wow !
My net income increased 5% in the last year. It is heartbreaking that that I'm losing ground with all of the real inflation. Ever since 2008, I haven't believed in debt and avoided it. It turns out, I might be wrong. If I had borrowed at 3%, like my Fascist homebuilder brother, I'd be money way ahead today. He always laughing, joking, and driving fine cars, meanwhile I'm sweating bullets over my monthly bills. My brother knows my plight, but since I refused to work for him, he doesn't seem to give a damn.
I think your lack of debt will be an asset. Your brother is using the capital of others to build his own, which devalues everything.
I had the same experience with my brother in law. He barrow to his eye. A employer had an accident and took him to court. My brother in law lost it all. I live paycheck to paycheck. I know it sucks but carma socks more. Stay strong you know what matters.
@@marygard4608 Only if the creditors show up one day and take everything back. Not likely. Creditor will go bankrupt as will the creditor's creditors. All the way up the chain of command, people will have gotten their stuff for free. Yes there is such thing as a free lunch.
Then that is on you. You see that the is happy, and you are notes go work for him, you're not going to be taking on his debt, you will get a paycheck. Demand a high pay and cash the check immediately.
@@janedoe5048 I don't know what country you're from, but living off credit and undercutting employees is how he affords his lifestyle. He laughs and doesn't care because he's a thief, and in contracting this happens all the time. The minute that something happens to the housing market he will lose everything- OR he closes up shop, fires everyone and lays low for a bit. I say Tom, good on you for not working for him, he's just going to fuck you over.
You remind me of my dad professor Wolf! You looked like him! Thank u for your amazing work!
Gee, the second half about Fascism is so insightful, and stunning.
its kind of funny because fascism and communism kind of have has an inverse effect of each other. anyways whenever there's a crisis fascism becomes more viable in the first world countries. for developing/third world its the opposite because it trends towards to communism (which usually becomes more viable in third world countries). the revolutions in russia and china, those nations were poor (developing, third world, etc) whilst you had italy and germany (that were more developed countries) tending towards fascism. all though fascism being funded by the elites to keep communism at bay. it could also be noted that it comes from a place of privilege.
That's the bird's eye view of it
I'm sorry but I would consider this to be very wrong. It's not a matter of viability but more just the fact that they are different responses to the same problems. Personally, being a commie, I support that side of things. Also your statement that Germany was "developed" is also kind of erroneous. Nazism rose to power after the economic crises in the Weimer Republic (that state in Germany that came following WW1). Germany was incredibly poor and fascism was a response to that.
@@alexanderb7721 as was Italy which at the time was still extremely agrarian
@@alexanderb7721 I think the idea is that that germany was more developed and advanced, so that when they fell on hard times they turned to fascism.
@@alexanderb7721 how exactly did Germany build great war machines if they were not advanced? Weimar inflation was caused by austerity imposed on Germany by the West after WWI. Weimar was an industrial center for Germany. That austere punishment proved to be far too severe and made H1tl3r a guaranteed outcome.
100% Truth .
Good, thanks
We look to the USAmerican working class to close their military bases defund their military budget and deal with the problems they all face, locally. I hope that in this they inspire the worlds working class to do the same.
It is a difficult paradox. Can workers inside a corporation do what the executives do? CEOs make a colossal marketing campaign out of a mere phase in the production of the yearly product before re-investing the sale money back into capital again...and so on...assuring a smooth process...reconverting the sale money back into capital, or re-buying or buying all at once the right quantities of material for that level of production...you can see how quick rulers acted to clear a main artery for this process on the Ambassador Bridge Truck Convoy shut down. CEOs use market stats to decide if they buy again...the process generates extreme economic inequality. The general rule is a certain quantity of capital determines a certain quantity of production...have workers figured out the laws CEOs use to guide their decisions in order to level the playing field? The consequences for an empire built on social classes of other countries get a share of the corporations’ profits and in many cases no profits at all just jobs...and borrowed dollars...to bring the jobs back the work at home will cost more, and the profits fall, interest and inflation too high, producing the military effect to deal with rampant international unemployment and agitation.
Do American working people understand how these relations are considered productive labor. That, if you take away from capital, labor bought at a rate of $.50cents a day, capitalism will perish...and so the American working class perish along with it?
...and if labor is bought to high for its own cost of production, too many people are producing nothing of value by not working for the corporations! Here a formula or a prescription is needed: if you cannot bring your jobs back and cannot let social classes, allies and friends down who make up your empire, then WTF do you do?
‘tis a complex and problematical paradox, the one social class that has the power to do it can’t because it does not have the intellectual or the theoretical power to do it.
@@chrisj984 with the occasional kick by the policy makers to get us there faster.....
Unfortunately the companies who make the war weapons in this country own our government now. Most federal money goes to this bloated military system. Average citizens no longer have a voice due to the corruption.
This channel should have atleast a million subs
It's an interesting financial & political way of seeing how the USA isn't doing much productive work like housing or other infrastructure
Thank you. This needs to be amplified.
Exquisite truth!
Thanks 💗🍃
who listening remembers the fire in the Bronx on a daily basis in the 70s that's what happens when public housing is owned by private landlords
I seriously wish I could afford to just leave this country, the US. I'm not looking forward to spending my final years in misery and fighting the authoritarian movement.
Where would you go?
Go Wolfe Go. 👍👍
Great commentary!
This professor is awesome and so on point.
Listening to Professor Wolff I feel like I am listening to a wise grandpa who knows what's happening and patiently explains you everything with no BS.
Thank you Prof.Wolf!
"I've seen the writing on the wall
And brick by brick this world will fall"
Important information, thank you.
Really appreciate solid analysis and telling of truths.
Excellent 👌
Thank you Professor Wolff for addressing these very important issues. I am pleased to see you address fascism in particular and for the same reasons I am sure you had prior to constructing this Economic Report installment.
I am worried we are on the verge of some rough times here at home and I worry about conservative and right wing reaction in particular. I am sure you agree it is a real possibility that some form of even more obvious fascism is sure to rise from the Trump movement and we must be informed and ready. A lot is in flux and throughout history this has been the response by capitalists to control the flow.
Fascism comea from the left, hun.
@@chachacha2023 Says the crypto fascisti that cannot tell up from down. You are on par with a religious zealot that speaks in tongues and every bit as brainwashed. Go back to your temple of fools and leave the critically thinking world to do the heavy lifting for you.
@@chachacha2023 Both the Left and the Right are evil.
Excellent.
A great work Professor Wolff
This was a very helpful video. Thank you.
Let me get this straight, because the US allows corps to write the laws allowing them to shelter their profits outside the country and avoid paying their taxes, our roads and bridges are crumbling. So we tax the citizens and borrow from other countries to "make up" for this. Our indebtedness causes more of our capital to flow away from the US. This cycle isnt working to OUR benefit; but to the benefit of the owners of big corps. Is this who we are now? The place for corps like pharma drugs to buy their to maximum profits at the expense of the growth and prosperity of our country?
Yes. That is who you are now.
The place was created by people who would enslave humans for profit, always has been exploitative and inhumane.
That's capitalism.
@David Huberty So, help me understand: In your history of the U.S. there was no slavery and no colonial theft of first nation territory? What color is the sky in your imaginary U.S.?
The audiobook version of Understanding Socialism that I have also has Understanding Marxism at the end of the book. Very informative.
Read the Federalist papers argue about democracy and it's inherent danger . Our founders were aware of how deceptive the term democracy was .
👍👍👍👍👍Well said Professor Wolff
The UK has definitely moved towards fascism in the last 10 years. Its disguised in government by having black and brown cabinet members. We have 2nd generation immigrants creating laws that would deport their own families! 12 years of austerity has crippled the poorest and most vulnerable and nobody gives a shit. We are obsessed with work and buying g homes we can't afford, and doing our best to destroy our health and education systems. Everyone of our major public companies has been privatised and its created huge economic disparity. With a PM who thinks he's Churchill! We're screwed!
Longer. The UK started with Thatcher, the USA with Reagan; Baby boomers are responsible for both. Neoliberalism is two short steps from full blown Mussolini and baby boomers are the de facto neoliberal generation.
Thank you 🌎 ✊️ 🌹 🗽
Woolf's words are eminently sharable.
What does Professor Wolff's thoughts on the Russians and Chinese de-dollarizing their economies?
Brilliant programme Prof. Wolf! Thank you.
yes,professor wolff.
You are right on the dot on fascism. I believe it will be implemented in the US. Soon!
Thank you, professor Wolf, for addressing these critical issues that the politicians care nothing about. Bless you.
"There is no Capitalism without labor!" Abraham Lincoln
1:30 America: “Garbage in…garbage out”. Always has been. 🤷♂️
Keep it going
How do i do "don't recommend channel" if this was auto-played after a different video?
Excellent description of the history of fascism. It is happening again…
We used to ask ourselves, how could the German people have voted for Hitler? In the last few years we've seen exactly the people who would have waved a swastika enthusiastically, in our own towns...Wow...
@@chrismalcomson7640 The people voting for Democrats and Republicans, right? Both parties back the capitalist economy that gives rise to fascism. Both parties back the endless wars, and the largest prison system in the world. Their differences are rather superficial.
@@DonDeering False equivalency alert !
@@DonDeering Yeah, the only difference is that republicans are out right fascist and democrats are not.
@@vikitheviki The problem is not the people involved. Neither party is actually fascist at this point, although both are authoritarian. The problem is both parties represent the interests of the capitalists not the people, and when capitalism is in a crisis, it turns to fascism as a defense against the people. Capitalism isn't a stable system. We have a choice, to fight for socialism, for workers control of finance and industry; if we fail, we're headed toward fascism.
Prof. Wolff. Is it possible to reset the U.S. Dollar by canceling debts or do we need a complete redistribution of wealth with a new currency? It seems the distribution of wealth is completely out of control and has been for a while. What other steps need to take place in order to know if this is a good choice?
If you do that, the world loses faith in the main trade currency in the world. The Dollar is the only way America maintains any economic control, and if they cancel all debt, inuding their own, every other country (especially China) would cut trade ties with them. There would be mass chaos since a new universal exchange currency would be necessary, likely being the Yuan. A complete restructuring of the world economy would be in order, and then you have millions of military personnel all over the world who suddenly wouldn't be getting paid in a legitimate currency, the people of America would see their savings turned into dust, since no other nation would trade the now worthless American dollars for either goods or a different currency.
The entire world would be in freefall, and the Ultrarich, who have real material wealth in technology, and houses, and land would descend into neo-feudalism (likely creating their own currencies like cryptos) to create new captive economic zones. The people there, left with no secondary power force (since the government would be defunct) would be forced to participate in this economy.
It would simply be feudalism again.
China would probably be safe since they have basically all the means of production on Earth. It would simply let them take over as the new world power with veritable ease.
@@wyattlines7228 Not the main trade currency in the world if we undermine it's value by perpetuating wars around the world and propping up dictators. We have lost economic control, wake up.
The doctor rocks every time.
(End of Empire. Collapse. Peak Inequality. Peak Resources. Ecosystem Destruction. Peak Population. The Rise of Fascism.) = Peak Prosperity and the Fall (or maybe Winter?) of Civilization. I, FOR ONE, stopped my denial and accepted it. It really helps remove the stress. We aren't going to FIX it. Just try to make the ride bearable for as many as possible.
Same! I used to get $1 raises for every review. I'm due for another $1 in March it means much less now. When I made $12 it was an 8-10% raise. Now at $21 it's barely over 4%. My rent alone is up 5%. Literally the rent cap for my municipality. Gas and dairy is where I've noticed the most :/
And 12 people killed in fire in Philadelphia, 8 of them children.
Could we compare and contrast the domestic versus the often mentioned foreign U.S. Treasury debt? I thought Social Security, the Federal Reserve, and U.S. based investment firms hold far more of a share than either China or Japan.
How do you create a system like Denmarks and make it work in the USA
NO WAY are wages going up 4%-5%
Thank you, Professor Wolff, for being a vital truth-teller in this place where 'the centre cannot hold.' These are not easy messages to hear but they are erudite and essential.
Just saw Dr. Wolff on Chris Hedges OnContact RT show!
... I am livestock
I hope the gazpacho police don't come around!! 🤭
I always love Wolff's economic updates, it's always a sobering and well explained observation to the lay person
This episode missed the opportunity to tell the story of the attempted capitalist-fascist coup against Roosevelt, as unveiled by General Smedley Butler. Would have been perfect to show Americans how they are not exempt from what happens in the rest of the world.
A true sage!
A very enlightening synopsis. Thank you!
Hell yeah!!! Richard Wolff!!! Awesome commentary as always.
I had a good laugh when I heard some folks say they are only going to buy stuff made in the USA...like there is anything totally made here any more.
China Win Win policy seems to be paying dividends . I purchased only Asian products for my Christmas presents for me and family. This is my second year of not buying anything made in the USA (except a little junkfood) I am not quiet about this to my friends and its catching on . The power of choice in personal boycott of not buying products of a country that falls out of favor feels amazingly good. American made entertainment products are harder to get around however through the power of the internet seem almost "free". From Canada with love
Unless our government makes major world changing deals WITH China that doesn't really help. I love China, and if we learned lessons from them Canada would be so amazing. But people hate China without even knowing why, and this is true of even people on the NDP and Green party.
@@wyattlines7228 Respect
powerful stuff...it's scary but the truth has to be revealed
This video has been nominated for the TH-cam Hall of Fame.
Wait! This just in! The nomination ...
.
. Has just been confirmed by TH-cam Admin !!!!!!!!!!
So kittens cause fires? Who knew lol!
I completely agree.
Important video. Thank you!
GREAT TALKING POINTS PROFESSOR WOLFF AS USUAL SIR 💪🏾💯👍🏾🌄😎
Interesting presentation! It made me think about Sweden where I live. In April of 1917 there were hunger strikes all across the country (before equal voting rights were enacted) directly inspired by the February Revolution in Russia (October Revolution came later, in November), and it seems to me that capitalism somehow still found its way through the cushioning that it meant to implement many welfare policies.
The interesting part as I see it is when Americans talk about Sweden and our economic system as if it's some socialist idea I think that couldn't be further from the truth, actually. Sweden and the other Nordic countries are very business friendly, and it seems to me as if the government, rather than being hands-off, stepped in to provide conditions that are beneficial for business. We have good healthcare, free and good education, good infrastructure of roads, internet, and so on. All these things makes capitalism all the more tolerable, yet we the workers pays for the infrastructure that the capitalists use free of charge when operating their business within my country (the tax avoidance you see in USA happens in EU too, many of the bigger companies barely pays any taxes). Without the government stepping in and making long term plans for the economy of Sweden, I don't see how our current neoliberal policies of deregulation will be of much use in a couple of decades when the nationalists invariably will pick up where they left off. The Swedish hunger strikes of 1917 has been characterized as syndicalist, and I'd like to think that it was a memorandum for today, a hundred years later.
This man is a true idol.
18:09 ''We used to that here too ''-------------Hahahahahahaahahahahahahahahhahhhahahaaaaaaaaaaaaaaaa
Am I allowed to vote for you, Dr. Wolff, as the person in charge of Global Monetary Policy?
Our constitution guaranties a Republic form of government to each state. The word democracy does not appear in our US constitution at all!
TIK History has a series of videos explaining Fascism and Nazism.
In Brasil the constitution says that buildings and land must have a social economic destination , so empties building can be occupied by the poor ones . The same happens with abandoned farms .
Mr Wolfe could invite the leader of MST , João Steadile for an interview .
This means China/Japan own the USA? Re: interest rates: why do increases in my savings acct interest never occur? Are there 2 types of interest? rates?
4:03 - really like his mimicry!