Prof. Richard Wolff - Crises of US Capitalism: Pandemic, Crash, and Secular Decline
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- เผยแพร่เมื่อ 30 มิ.ย. 2024
- The Oxford Economics society is delighted to host Richard D. Wolff, Professor of Economics Emeritus, University of Massachusetts, Amherst, and a Visiting Professor in the Graduate Program in International Affairs of the New School University, NYC. He is the founder of Democracy at Work and host of their nationally syndicated show Economic Update. His latest book is The System is the Sickness: When Capitalism Fails to Save Us from Pandemics or Itself and is available with his other books Understanding Socialism and Understanding Marxism at www.democracyatwork.info.
The US today faces the most serious challenge to capitalism’s hegemony since the 1930s Great Depression. Failures to prepare for or contain Covid-19 and the crash, deepening inequalities of wealth and income, and a dysfunctional politics make millions question the system as a whole. Basic social problems - systemic racism, misogyny, ecological destruction - become more acute and more socially unacceptable. Social explosions and social changes loom.
0:00 Introduction
0:58 Talk
45:57 Q&A
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it is so nice to have Professor Wolff's insight. I'm so tired of listening to lies, from our media.
Corporate news was turning my mind to mush.
@@ozzyhouston2535 This is what propaganda does.
The media is there to voice the opinions of the bosses of Capitalism.
The man's an empty suit.
Imagine taking richard wolff seriously
And here we Americans are in Nov 2022 and every word Prof Wolff predicted has happened.
No
Whether it is capitalism or communism, power and wealth has always been concentrated among the very few. World history proves that and there is no need to deny or debate that. Thank you.
Time since the date of this post has provided proof(empirical knowledge), that the speaker is tight on about the cause and effect of the current dilemma that the system of economic Capitalism has created in the USA and the world. The question this reader puts forward is; Is the ruling elite in the USA capable and willing to allow changes needed in our economic system to *reset* the tenants of our democratic system as provided for in our constitution and it's basis in the Judeo- Christian traditions of the past as needed for our future existence as a free society.
Except during the french revolution when the rich had all their estates and money taken to be redistributed to the french people, and their heads.
Nice to listen to someone with the spine to speak the truth
The man's an empty suit.
She's young and Chinese.
@@briansmith2160 zzz Xcaret
@@briansmith2160 🤨
@@briansmith2160 he says go back to normal ..
Why do I fall in love with the way he explain? I never had any teacher or instructor to have an energy like Richard
Thank you Prof. Wolff for the down the center analogy.
It was straight to the point.
Like he's praising China's response to covid-19. He's just a fan boy for authoritarianism.
@@TJ_USA i know the part you are referring to early on. i think he is praising the relatively low rates of COVID cases compared to USA, not the authoritarian tendencies of china as a whole
Makes sense, lots of sense
@@TJ_USA Yes, China is authoritarian but USA who has illegal sanctions on countries to get them to do what we want isnt authoritarian...
As usual, professor Wolff brings an eloquent and informative lecture on the failures of our current system and why these things are happening. Many thanks, prof 🐺! 💖
If you're reading this check out the 2 year treasury note valuation graph for 2000-2022 and you will see the price of the T note has already reached pre 2009 levels. We are 100% on track for a hard slowdown
@professorwolf
@@iliketacos6067 double "f"
Biden wants a normal path. Now we f--d
I LOVE that he speaks & explains economics as they relate to our every day lives in a way that even a laymen can understand it. But at the same time he doesn't talk down to you
The best truth-telling about COVID-19 in USA, hands down.
Yikes.
Best overview from Professor Wolff to date.
And that's saying something, majority of his in depth info is gold!
He just keeps getting better and better at conveying his points. Amazing man.
@@EroticInferno yes,so very very true!!!!
Well explained....
Mr.Wolff, would you expand on the definition of reasonable profits??? Please!!!????
Thank you, Professor Wolff
You forgot our Seniors and Disabled ( always left out )
Perhaps we seniors and disabled should UNIONIZE!😁
A great lecture filled with knowledge, wisdom and vision. Thank you Professor.
He’s just salty nothing he ever says comes true.
@@jakeroper1096 I'm
He is just another propagandist pushing communism.
So interested lectured by prof. Wolff thank you sir.
The socioeconomic political system has failed in the United States. Americans can no longer afford cars, not to mention housing. The corruption of the Republican Party has diminished the validity of the electoral system. No longer has moral voice been a platform for change. Technology seems to have stifled the need for orators.
Policy or platform mean less than personality to the electorate. The American population has lost its mooring in that the major stimuli is entertainment. The fact a pandemic in two years has killed three times (1.1 million) the military killed (347,000) in six years of World War Two. Yet there has been no substantial moral outrage of the public.
The population is stoic to their diminished well being despite the high death rates, shortened life expectancy and societal shift. They are feeble in thought and too paralyzed to act.
Très aimable Professeur Wolff!
Thank you Professor Wolff. Regarding the Government's stockpiling of Military equipment and weapons; it seems the U.S. Government solves the problem of Military stores accumulation by continuously stirring up and involving this country, directly and indirectly, in Wars all around the world.
Hi Mr Bill, I could not have said it better than you did
American police departments absorb a lot of surplus military equipment. You also notice the US hasn't actually WON a war since 1945.😂
I feel a sense of optimism when he comments on these issues.
These are things young people around the world have felt to be true and were always told were not. Richard Wolff will likely leave a legacy more powerful than most people on earth, in terms of positive incremental change to the world we live in.
The truth will set you free.🌹j.
_I suggest evoking the irony that you wouldn't be listening to this lecture if it weren't for capitalism in the first place. Somebody invented a computer and sold it, and you bought it, and enjoyed it. In socialist countries, you don't even have food and water. Yes, you should be feeling very optimistic!_
Thanks Prof Richard Wolff for your lecture, you have given me words to decribe a situation. Joseph in France from Nairobi Kenya
Yes. True. It's worth mentioning though that the Sub-Prime Mortgage Crash of 2008 was caused by the GW Bush administration, who advised banks to accept housing loan applications from virtually anyone. The government is to blame as well as the inherent instability of the financial system.
The American government is sponsored and owned by wallstreet.
that policy began before bush fyi. but yes correct socialism caused the 2008 crash.
@@superdog797 to big to fail is not socialism. Publicly subsidized and privately profitable is not socialism. Bush and Obama's 1980's economic policies were not socialism. It's right wing corny capitalism and fascism. Quit with the bs.
@@natas12rm The housing crisis _was_ caused by socialist policies.
For your reference:
"What Caused the 2008 Financial Crisis?
The 2008 financial crisis began with cheap credit and lax lending standards that fueled a housing bubble. When the bubble burst, the banks were left holding trillions of dollars of worthless investments in subprime mortgages. The Great Recession that followed cost many their jobs, their savings, and their homes."
-Investopedia, The 2007-2008 Financial Crisis in Review
The "cheap credit" and "lax lending standards" referred to were non-existent prior to, and a direct result of, the federal government (1) establishing partially socialized lending houses Fannie Mae and Freddie Mac, (2) purposefully deviating from pre-existent market-based practices private lenders had used for decades, (3) giving only two or three rating agencies exclusive rating rights, and (4) the belief that politicians could and should introduce/force the market to accept "pro-social" reforms and practices in the private housing market (of note, the reforms turned out to be anti-social, of course, given the disaster they caused).
Yes, this was socialism. Yes, too-big-to-fail is socialism. Subsidies are socialism; big subsidies given to big corporations "in order to save the economy" are socialism. "Crony capitalism" is not capitalism, of course - it's actually just either (A) pilfering the public treasury by private corporations, or (B) "socialism" _so long as it is a policy enacted by the government on behalf of the "good of the people."_
If the government interferes in the market then it's _not capitalism_ because capitalism *means* "the government doesn't interfere." (One should notice that this is synonymous with "private property rights.")
If you want to split hairs about words we can have a semantic discussion. Reality won't change - socialism in its basic format is the idea that markets should be interfered with by the government, ostensibly to benefit some group (most often workers, the underprivileged, or "the people" writ large). Note that, therefore, in _socialism_ literally *all you need* for a policy to qualify as "socialist" is that it (1) be instituted by the government, and (2) be declared to be "in the interest of the people" or some particular subset of people the politicians claim need support for whatever reason. This means that if politicians tell Morgan Stanley to take a big fat check from them and they say they are doing this "to help people" then that's a socialist policy. :::::: Capitalism, on the other hand, is the idea of markets without government interference based solely on the non-aggression principle and private property rights. In capitalism, you _cannot_ have too-big-to-fail because it will just fail - the government doesn't intervene in the market. ::::: Crony capitalism is indistinguishable from the socialist policy _except_ that nobody bothers to _assert_ that "this policy is being done to benefit the people." So if the politicians tell Morgan Stanley "come take this big check from us" but don't give any reason, that would be "crony capitalism" in the sense that it's basically just welfare for banks. Obviously, though, that bears no resemblance to capitalism.
As a consequence of the two philosophies (capitalism vs. socialism), "socialism" will describe government policies _regardless of whether or not they actually benefit the people or end up hurting the people_ *even though there is an ostensible purpose* to _benefit_ the people at the time of the implementation in _socialism_ . Capitalism makes no such claims; socialism does. In other words, it doesn't matter if the policy helps people or not; so long as it meets the two criteria I described in the previous paragraph, it's socialist. That means that so long as the government isn't simply allowing corporations to just loot the treasury, then what you're calling crony capitalism is actually a form of socialism, because politicians who bailed out zombie banks did so for ostensibly pro-social reasons. That's socialism. The only difference between crony capitalism as I've described it here and socialism is that "socialism" is just the same exact thing except it is done with rhetorical purpose to "help people" behind it.
This is something that becomes more obvious once one studies the broader history of communism and socialist economies. The way these economies inevitably end up working is indistinguishable from what you're calling crony capitalism, except that they're given rhetorical justification because they are "social" and therefore "good". [Think of the state-run enterprises in the USSR, the national socialist economic policies of 1930's and 40's Germany, the post-war Vietnam economy, the state sector in China].
[For more information on the housing crisis see Thomas Sowell "The Housing Boom and Bust." You can google lib gen (Library Genesis) and get a number of such books in the form of PDFs online without cost from that site (though arguably this is unethical).]
@@superdog797 how is selling junk bonds and stock based on housing loans socialism? It was a quick buck that came with the strings we'll get bailed out. So 6 million people who lost their homes was socialism too? I mean they gave their houses back to the bank that internationally gave them bad loans. It's funny to me because somehow to you screwing over the people for special interests and banks is socialism to you. They did these loans for profits not socialism. Wtf
Prof you are so right❤it’s so sad 😢I saw this on my first visit to the USA in the 1970! Taking all the industries to China! India! Etc! Now America has no way out! Sad for the future 😂.
Great opening statement. I am 77 and have seen quite a few of them , I agree with the Prof.
The state of new York was required to maintain a large number of operational ventilators by law. It was the government that failed to spend the money to Purchase and maintain these ventilators.
This should be a mandatory lesson for all 8th and 11th graders, and college freshmen.
Considering the USA is so backward as to not even have universal health care, even 3rd world countries including India have it these days, I imagine it would be shutdown by the rich pretty quickly.
Thank you for everything those involved with Dr Wolff ,and everything Dr Wolff does ! Voting for FASCISM ,and the Duopolies of CONFLICTS OF INTEREST isn't voting !
This is an old one but very correct assessment of the past in relation to the present and what is expected in future.
Thanks for the study research..
The difference between capitalism and socialism is not who manages the production, like prof Wolff exclaimed, but rather who owns the production materials and who controls the output of the profits, namely, the ownership of the enterprise. If the population owns all the enterprises and each and everyone of the owners is benefitting from their shares, that's the direction of socialism. The co-op prof Wolff trying very hard to promote, is in fact also about the ownership of the company, not who manages the company. Ownership is the foundation of your right of decision making for the company...Just a thought.
How American capitalism functions has great similarities with how masai mara national park functions!. The big fish eats the small fish.
Capitalism is good at production of wealth and very poor at wealth redistribution and created the worst unequality, while socialism is very poor at production of wealth and good at wealth redistribution. There’s a equality in poverty!
@@mohamedbarre4189 Cash Money Is Just A Control Device That The Sake of Survival, Health and Necessities Is Dependent Upon. I am 36 years old by the way, Black American male. / Also Watch TH-cam channel "Moneyless Society" You Will Like It
Thank you,
Thanks very much interesting to know
Interesting educational lecture. They don’t teach economics at school. We know why.
there is not much to teach. it may look scientific as we deal with measurable items, but it is structured as humanity. there is no method to verify hypothesis against reality. so what ever idea became the post popular it is seen "true"
Damn, depressing, but informative.
it's shame within the usa government, there are so lack of those wise guy like professor richard wolff!
Insightful and true ! Very well presented !
The die was cast in 1913 with the Federal Reserve act. There should never be a condition of money creation that’s not a function of increased productivity.
Hope this lecture to be broadcasted in Hindi language ,languge known by Crores of Indian population
Indian schools don't teach math and economy in Hindi . Not single one , none , How can an American economist professor invent Hindi words for " economical terms " which does not exist in Hindi for "so superiors" Hindus? Hindus will cry racism and burn him alive lol
Greatly appreciate your lectures into what no one dared to explain.
I will try to read some of your books. Thank you.
To a casual observer post-WW2 politics - at least in the US and UK - seems to have involved a conservative revolution (championed as moral rectitude), against the transfers of Keynesian economics - leading to a massive concentration of wealth in a very few hands. This has been attended by reduced wages, insecure and casualised employment ("gig" economies) for increasing numbers of working people in the above respective countries - and consequent social ills. A lot more people seem to be on struggle street. I would be interested in Professor Wolff's comments about that?
Very outstanding article !
An intelectual courageous, to warn the the society of the economic disaster in the years to come.
True intelligence is the primary institutionalized outcome for world peace.
An excellent and well targeted perspective on the nature of our faltering society. Could you please explain how the rampant and overt shoplifting from brick and mortar retail businesses is being compensated, if at all?. I'm close to someone who cashiers at an outlet of a major grocery chain. Every day, she witnesses, one or more, incidences of individual or group shoplifting, openly looting costly merchandise from the store. Customers, who are becoming ever more short-fused, quick to yell and scream at cashiers when their own checking account indicates insufficient funds, for instance. Occasionally, these ever more disturbed customers have physically assaulted cashiers. Ironically, management strictly forbids employees from interaction (defending themselves?) with such belligerent customers and ambitious thievery. Store security is often slow to respond, if they notice the perps at all. Seemingly, more cameras are pointed at employee stations and employees than up and down the likely escape corridors for the thieves. Employees have been put on probation or immediately fired for the mere suspicion of eating a candy bar that they may have intended to pay for at the end of their shift. The store will always have security camera footage of that, but rarely of the assault or the shoplifting. Are their policies in effect that are somehow reimbursing or allowing stolen inventory to be written off at tax time? Is this some kind of backdoor welfarism to slow the ever encroaching entropy of our society, at the street level? Everyone who works retail, nowadays, has similar stories. In addition, should the thieves be caught and turned over to police, store management is unlikely to press charges because it would involve time away from work for someone on staff to testify in court. Essentially, the shoplifting is increasing because the consequences, for such, are decreasing. Bezos, and all the online merchants, like Safeway (that has reinvented itself, from a once, major retail chain, into a solely online, grocery home delivery service) must be elated watching the death, by a thousand paper cuts, of the brick and mortar grocery business. I now see Safeway delivering vans through out my neighborhood. What is to become of all that retail employment, as unappreciative and unrewarding, as it may be? Obviously, it will become warehouse and delivery employment. Will the drivers time and location be monitored down to the minute and to the mile and perhaps include, always watching, cameras in the cab? Of course, on both counts.
Excellent insight! Perhaps it is the intention of larger online retailers like Amazon to sit back and wait for the brick and mortar customers to transition to fully online ordering because of its claims of having much lower prices. These claims ultimately lead people to make purchases with the assumption that they are saving money and time shopping online. Meanwhile, the customers seemingly become forced to purchase online as the brick and mortar stores slowly go out of business. You make a very good point that I believe Amazon CEOs like Jeff Bezos have also realized. However, with their inclinations towards profit and capitalism, they are weaponizing this insight. The brick and mortar stores are obviously turning a blind eye to the theft because it is at the very least keeping shoppers in their stores and delaying the transition to a fully online shopping experience.
Apparently, Prof Wolff only reads the Patreon commentary, you know, the pay to play ones, behind the paywall. I'd be lying, if I didn't admit my grave disappointment. I have put forth legitimate subject material for him to address. I truly thought someone, somehow would have relayed my conveyances to him, but clearly I'm revealing my delusion pertaining to how things work in the real world.
@@masondecker2228 Very eloquently put. I would love to have your unimpeded mode of expression. In addition to the points already made, this person also buys all their groceries from their place of employment. Besides being an employee they are also a devoted customer. None of the policy that the "customer is always right" however is applicable to them. This would be a meaty bone for Prof Wolff to chew on, but as I said in a previous comment, he only reads Patreon commentary. Everywhere you turn confrontation with "pay-to-playism" is inevitable, everything behind a pay wall, even on a socialist channel, supposedly, condemning such things
@@zoktoberfest This channel is run by the Oxford Economics Society. Wolff had nothing to do with the uploading of this video. It isn't really reasonable to expect him to read or reply to comments posted here. If you don't have the money for Patreon, you could always send a message to his UMass Amherst email.
Wow so well said the world should a Attention what Richard
Beatiful !!
Very good views by learned sir
I think that the "great reset" is the problem with the virus, has notting to do with capitalism, but there is a reason to think about the bad with capitalism, but we need that in our society....as it is a principle of freedom. But we should have decentralized power not the power ruling us as the world economic forum. Well, mixed mixed economy, but power of the voter has to be clear in society. New party called Folkestyret in Norway will take of this.
Dig a little deeper,
The covid virus has everything to do with capitalism and corprate national security state and banker cartel greed and profits
Richard forgets to mention that both parties bring up abortion and gay rights as the theme for midterm elections and completely ignores the economy and their war monger stance to get the economy rolling again along with the military machine.
Because video is 2 years old?
Just remember, history repeats itself!!!!!
Exactly. Democracy failed 2500 years ago in Athens into mob rule, lawlessness, and anarchy as accurately predicted by Socrates, as it is happening in USA today.
May the love and the peace of Jesus be with us.
Danm , he is right. Your choosing it clear sign of decline. My Respect
He predicted that interest rates would be raised. Now out rates are very high...I guess we get to see what happens from this.
An economic genius !
Not at all
Fantastic video, the first part of the q&a was absolute genius
7:45 Unfortunately, governments are not Marsians, they are humans, they are citizens and because of that, they share the common ideology with which the majority of citizens agree. At the moment that ideology is capitalism. And capitalism ideologically demands that everything be done for profit, for maximum profit. It is, therefore, quite logical to expect such a society to be driven at its core by profit and profit only. Not by humanism, but by profit.
Obviously, this must be changed. Greed can not be used as a ground for a healthy society. For rich and prosperous (on some levels and in some aspects) -- yes. But if you want to build a highly humane society, profit as a main (or indeed, only) driver must be abolished. There is no other way.
Agree With. Every. Word. He. Said. Here. Because. It's. True. True. True
I was hoping for a far better analysis. No mention of why the central government bureaucracies (CDC, FDA, WHO, HHS, etc) failed even worse. He talks about masks but didn't mention the Surgeon General lying to the people saying masks were to protect the other guy. The FDA couldn't develope DNA testing that every biology lab in the country could do as some university researchers discovered the massive outbreak in rest homes in Seattle only to be reprimanded by the FDA for not complying with their rules.
It's All Good though!!!!
Prof is most watching video
What happens when the adjustment for excess cash and zero interest debt occurs?
In a macro sense?
If we don't make a change, we will see tremendous upheaval, and then there will no America left to change. I hope the ignorance ends soon.
How do we convince the shareholders to sell their shares so the workers can have a democracy at the work Enterprise.
Convince them with mass strikes, organized protests, written demands to govt. Lile that. The last thing they want to do is help workers etc. Their arrogance and sense of being the deserving prevents them from having any vision for society.
it won't work because worker-owned enterprises are inferior. if they were equal or superior they would already exist en masse and out-compete other traditional company structures. convincing the current shareholders is unnecessary and unrealistic.
Nixon era left gold standard to Petro dollar as Vietnam war debt mounted ;When petroleum is no longer in demand what will dollar's value be attach to ?
There are crises caused by two sorts in the United States of America. They are lumped into one here which we call Capitalism but we must look into them separately in order to be fixed.
Capitalism in name and in perspective is not bad. What went wrong is the interpretation and the implementation. Capitalism has been misguided to be short sighted profit making on Wall Street. Capitalism traded away our long term profit, our humanity, enlarged the gap between rich and the poor, diminished our humanity and heritages.
However "Freedom and Democracy" produces another set of problems in another dimension all together. "Freedom and Democracy" in a para religious context is a Morphin of the American masses. In the name of F&D we make wars, destabilize foreign governments, murders political leaders including our own in America. With F&D, we feel righteous and guided by some holy enterprises like the Dark Side.
But when we combine all those crooked enterprises of Freedom, Democracy and Capitalism, hell breaks loose. America has reached a point that it must break itself before it can be fixed and reborn.
You are the American conscience !
Whats a virus on the telly? Well sorted that one; Got no adverts on my computers as downloaded for free Opera web browser, with vpn too so much less tracking etc... Love Mr Wolf talking like he does....
Just watched his talk that was posted on YT 12yrs ago, and then this one...sad that all the predictions are coming true. Humanity once again failed by greed. Collapse seems inevitable before the next raise that isn't gonna be here anytime soon.
You right proff
The ailing and falling of US empire
☭ Socialism or Barbarism! ☭
ACTUALLY we have warehouses across America with all kinds ideams for different crisis
Through F.E.M.A and Trump denied Access to them. We have been paying for them and for the people to guard them..24/7..
We have not been normal for 40+ years.
So, the end game is to not accept going back to the old ways...chaos before order is probably ahead
The new will only be constructed with the destruction of the old.
this is so relevant
Unless you are given warnings of the arrival of said pandemics.
Kapitalisme Terbaik Itu Keadilan Keuangan Ekonomi Bagi Semua !
We also don't understand or get ' it, space, infinity, re incarnation, etcétera..
The older people were frightened away from any socialist question by the American government through public pressure of interrogations and loss of public standing.
👍💐
That is another we spent so much but got sollitle in Medicare among all countries on earth
Instead of Amazon, how about Ali Baba by Jack Ma?
Sorry, sometimes the government is the culprit. And the government could have done for public health what it does for the military industrial complex. It does not require our permission. Also, here in Baltimore, the public health system failed to administer shots efficiently, and it was a nightmare. For profit medical practices did no better. I witnessed a major failure in the government. There are problems with finance capitalism and massive debt accumulation, and the system will crash, but government will do nothing about it. It’s a joint problem of finance capitalism and poor government.
OMG this guy is so awesome 👌. Whatever he's saying is exactly the truth. We need someone like him to come out to Fox, CNN, and all news media to inform everyone that we need a government change not party change. Get rid off all these senators and politicians so that something could be done with USA and our falling apart States.
What does he mean on the concept of bringing democracy for the workers in the enterprises? That was just tried in 🎉Rusia, in Cuba etc etc and we all must know the very bad results
Yeah Im not in agreement with most of what he is saying here. But I loved his talk called, "The Game is Rigged"
He is 99,9 percent right
Two important , major errors or lack of understanding of classical Marx or Left Forces , after 2000 , and about this video of Dr. Wolff ! One is that in USA or any other modern republican state after 1971-1979 , republics are developed into non-republican , non-democratic, non-humanitarian , anti-social or socialist , and anti-ecology etc.... into what I call Neo-Fascism or Neo-Fuedalsm as Yanis calls them , but I underline this too : a new type of STATE-BANKING ( NATO - World- ) INSTITUTION , that is in the origin of all aggravated social-political contradictions after 1980's ! And that 1989 was a result of this lack of understanding , and the fact that Real-Capital (defined by 5 characteristics of Marx ) produced in concentrated form in industrial centers of 1830 to 1900 , aided by SLAVERY , and mixed with Falsified Kapital , mainly produced in Stock-Markets , owned by Bankers and Money-Masters , ' short-noted ' by Engels, only in the last page of Kapital 3rd Vol. , aided with Neo-Colonialism , what I call it Fictitious Kapital , after 1979 , Banking deregulations all over the globe , except Russia-China and former Socialist-Seeking republican models of 'socialism' after 1917-1920's to 19S0's (Sic ?) ; and mixed with real capital Values since 1870's to 1979 , and especially in larger quantities from 1900 /1913 ( privatized FED apparition ) to 1940's up to 1980 , period of capitalist developement , after 1980 has turned into a new phase of Fictitious Kapital developement of a hybrid non-capitalist system , from paper money printing of central national banks , period of R.C. & F.K. mixed , as Hitler did it in larger and larger quantities in WWII , backed by Money-Masters in Baesel ! Then going into F.K. domination after 1980 to liquidate all republics and socialist models , into F.K. credits of electronic monetary values or Bit-Money F.K. after 1990's domination on all republics fallen under USA FED's Financial-- NATO world governance, called The N.W.O. ( except Russian Federation and China and former socialist seeking states with their central banks still more or less under GOV. --Public sectors , escaping somewhat ?? - Therefore all republics are only or merly dominated by STATE--BANKS' INSTITUTIONS world-wide , a domination of F.K. in a New Phase of Hybrid -- Kapitalism distinct from Lenin's and Zinoviev's imperialism or a New Imperialism of F.K. ! And after 2008 , going down and accelerated to it's DEATH , Covid 19 and New Cold Wars and Embargos and disintegration of all republics of ' new world-capitalism accelerating in all countries with people rising in greater and greater waves against these Anti-Social , Anti-Human and Anti-Ecological hybrid dying systems , dragging the world either to a nuclear catastrophy or a 27th Gr. Anthropocene ! The Left forces are too confused and too dispersed and in their heads emprisonned by old phases !
Looking back just after a year to this Proff. Wolff's discussion of a new era of unprecedented failling capitalism and particularly most drastically in USA - Canada and E.U. regional markets etc.... , I can see as anybody else , today in Nov. 2022 , that these hybrid capitalism , as I called it is further falling into deeper recessions and rising galloping inflation and in addition to qualitative changes occurring , possibility of a nuclear WW III , or war in Ukraine , and war on China planned for arming Taiwan with missiles and US Navy and arms industries to rearm against China ! All and more , as comming mass-bankruptcy planned for Germany, for UK and E.U. against a rising monetary war against Euro , Yuan and Rubble and Pesos etc... & the rest , for dollar survival , is well added to those failled capitalist systemic crisis beeing accelerated , Total indices in Stock Markets going into NEGATIVE and the continued rush towards a Depression plus a total devastating two or more front wars of a near-future nuclear war for total destruction of civilization and humanity fast approaching towards horizons of or on the brink of mass poverty that will rob all humans from wealth and infrastructures necessary in the ten to thirty years ahead to be dedicated to prevent climate catastrophies , and acceleration towards THE END WALL of A DEFINITE MASS EXTINCTION pathern in E.U. and those NATO countries affecting the whole world , that planned to engage within 5 to 15 years before 2040 / 50 / 60 , measures to slow down at least the crash he talked about ( and I was expecting since 2002 FOR ANOTHER GREATER DEPRESSION AFFECTING WORLD WIDE MUCH WORSE THAN IN 1930's ! Because as Einsteine well put it after 1950's ( “I know not with what weapons WW3 will be fought, But WW4 will be fought with sticks and stones.” What does this quote mean exactly ? ) It surely is visible now that we are well headed towards a Total Civilization Great Loss and retreating to levels of sticks and stones again after more than 10 000 years of fast growth for human beings since end of last ice age's ending or well completed thaw , allowing for rapid growth and spread of civilization through series of social revolutions ( starting from mass settled societies in cities due to agricultural revolution period , and allowing re-discovery of some of those remanents of past glorious eras that had disappeared under miles of thick ice etc..... for faster growth of human civilizations to get to the point we have reached today , and are accelerating to the visible horizons of mass extinction , by continuing with this ill-system being maintained by sheer nuclear war menace , now becoming reality , where every morning getting up we must sing the song '' one more day is risen today in our neglected paradise planet Earth '' ! Yet manufacture of consent as Noam Chomsky warned has got to the point that when even people vote against it in USA as in mid-terms elections of Nov 2022 ; electoral results are retarded by 4 to 7 days , to allow for printing and shipping and 'fixing ' of false votes to rigg elections as in 2019 !
tradlation dr.
I keep seeing these videos and have not had any of them suggest ways to ease the destruction, to give us steps that can fix some of the issues. We need to have all the brains come together, agree on process and then give the 1% and the politicians, and the elite leaders, no rights not to follow suit. They got rich off the backs of Americans now they should be patriotic and serve the Country for the greater good. Stick it to them all let them see a time of homelessness, hunger. They can nor serve if they have no clue what's going on in our neck of the woods
What is square N?
Page 212
On courthouse square N. of Business I-20.
New definition of capatilism is cRapatilism
Watch TH-cam channel "Moneyless Society" / Also Watch Peter Joseph : Eviscerating Capitalism and Building New Alternatives
Could you please seperate capital and capitalism and industrialisation!!!
Allot of what you saying apply's to Europe.
the fourth crasch of economic because of disaster
We used to be the richest country in the world. That is no longer true. Supply-side economics has drained our economic wealth. Supply-side does not work.
In past humans were expendable but we now are Terminal so act according
🤑👉Polarisation !
I wish my ex husband would have taken an economics class from you. He worshiped capitalism
wolff is full of bull crap. i suggest you question virtually everything he says because if you look at hard data and facts he's absurd.
Wrong god.
Capitalism and democracy are not "perfect" systems. They do not resolve all problems.
@@harism5589 Watch TH-cam channel "Moneyless Society" / Also Watch Peter Joseph : Eviscerating Capitalism and Building New Alternatives
There might be denial because your position as economist should be supported with documentation, comparison of the difference in statistics, tabulation , d I agrees & statistics & nit just purely inferences
do you think dr. wolf really _believes_ that work communes are what replaces capitalism? most commentators - even those on the left - seem to think we're falling back into a neo-feudalism, mr hayek's thesis notwithstanding. and, i'm sort of privy to that, myself - financialization is the actual road to serfdom, and it's the superhighway we seem to be on.
@W Shiflet if you'll allow me to play devil's advocate, it would rather seem like this temporary liberalization is unsustainable, and feudalism is the more stable form, if we keep reverting back to it every time we try some other novel approach. i do have a tendency to lean towards biological arguments regarding this, meaning this may be harder than some of us would like. i would agree with those arguing that we're mostly taught to be selfish, and tend to be cooperative by nature. but, as a corollary to that, i wonder if the thing we're really hard-wired for is primate deference to hierarchy, which, if true, makes getting out of feudalism a much harder problem than we thought.
@W Shiflet i'm not following your argument that liberalism is a deference to hierarchy; marx would have agreed that liberalism was a reaction to hierarchy that failed in overthrowing it. there's not much hierarchy in liberty, equality and fraternity, whether it succeeded in it's attempts to dismantle it, or not. but, this is ultimately not a discourse that is informed by evolutionary biology, but rather some specious philosophical nonsense. and, that's the problem the left needs to grapple with - it is fundamentally promoting a biological theory of guided evolution via artificial selection, and attempting to advance it using morality and religion. it needs to drop the moralism and embrace the science. but, regardless, i think you're missing the point, regarding the stability of the competing options - stability is a tendency towards a mean, not an undoing of change. if you're seeking an end of history, that's not stability, that's utopia. if a stable system is defined as one that has the ability to put down challenges to it and revolts within it, feudalism is the most stable system we have, which is why we keep coming back to it - it is the one most reflective of the primate dominance hierarchy we evolved to exist within. if the left cannot address this issue of primate dominance hierarchy, and find ways to alter an evolutionary path towards something else, it will fail over and over again, because it's fighting against the evolution of the species.
Funantialation of a economy without production can only be done thru orcastrated theft of service employees or other countries assets and resorces
Work has to be done somewhere and that added value has to be removed from somebody somewhere in order to support a stockmarket ponzi scheme .
Coops would be impotent to deal with the pandemic. Government must step in. Capitalism must be thoroughly regulated. Full stop
F.D.R.was voted out in 1930s???