@Asskhole Snarkerson Wolff earned a BA magna cum laude in history from Harvard and moved on to Stanford-he attained an MA in economics in to study with Paul A. Baran. Baran and Wolff transferred to Yale University, where he received an MA in economics i, MA in history in and a PhD in economics . As a graduate student at Yale, Wolff worked as an instructor.
@Asskhole Snarkerson I suggest you you debate Richard Wolff and he can demonstrate what a degrees from Harvard, Yale and Stanford means compared to your highshool equivalency Degree
Don't forget that Biden has promised his core constituent, namely his rich donors, that, "Nothing will fundamentally change." Expect nothing new now that he's the president-elect!
It's as if Biden's a reverse Obama: "don't get your hopes up because nothing will fundamentally change." Meanwhile, people are honking in the streets, the dance "protests" gave way to jubilation over the weekend, and a woman on a megaphone in New York City on Saturday chanted "our votes matter!" People held mocking signs about Donny the loser, implying somehow they won something. The losers are the people who fall for this racket over and over again. Nobody wins as much as I'm glad Trump is gone. There will be another boogeyman, but as Richard points out, the racket is that the real villain is a a system that works against us no matter what and most people are asleep.
@@curiousone6435 Reverse Obama? Are you drunk and suffer a head injury? Obama admitted he governed as a moderate Republican...where have you been shoving your head?
@@billiamc1969 Wow, that really triggered you. I was pointing to the hope and change that a lot of people bought into BEFORE Obama was elected and comparing that to Biden who isn't even promising us much other than reassuring nothing will change.
At Democracy Now no mention of the epic under performance of Biden/Harris and the Democratic party. Things will now be wonderful since Biden won. But I don't know of ANYBODY who liked the Biden/Harris ticket - they either voted for Biden not because they were happy with the ticket but because they couldn't stand Trump and others voted for Trump to stick up the Democrat's nose.
Maybe it's US, WE THE PEOPLE.....THAT NEED TO DEMAND CHANGE! Remember how BAD the elites wanted to get us back to work? Maybe that's a clue that worker bees are worth more than we thought.
@@stevemora7845 I heard Dick Chenney will be tapped as secretary of state..disgusting..the entire cabinet will be war criminals and wall street criminals. But at least neolibs can brunch in peace now... 😑
Thank you Mr. Wolff for all your work!!!!!! Wish I had some money printed out of thin air that is destroying the environment (Ecocide) to donate, but I don't. I've have learned a lot from your work on your channel, and you remind of this quote... “In a time of deceit telling the truth is a revolutionary act.”― George Orwell Have a nice day!
Only a white heterosexual could be so privileged that it does not matter which party wins. Try being a Black gay man or a transgender person. How about being a DACA child working her way through college. How about GOP legislators in red states that eagerly legislate "Right to Work" anti-union laws? How about Trump's relentless attack on our environment just so a tiny group of his billionaire peers can reap up even more digital wealth? Come on. It isn't all about YOU. The GOP doesn't even try to hide that is serves white heterosexual evangelical Christians who are terrified of diversity of any form. The DEMS are all about diversity but don't have the balls to do anything substantive to change the continuing slide to fascism that the GOP is orchestrating through a huge right wing media empire in the USA. But as a gay Black man, I'll take the DEMS any day. We just might do something (ANYTHING!) about climate change and seek to cooperate with other nations instead of bashing them.
@@ArizonaWillful If the party or the president you are voting for is capitalist, it realy doesn't matter....if you think elswhere, you didn't understood capitalism, and the whole system which drives humanity to diverse instead of unite....capitalism = diversity....you cannot change racism, facism, hatered or any similar in capitalism, cuz its part of the system....the system itself creates these ideologies....so....if we want to change the world, the best we can do is to boycott capitalism, which isnt easy, and revolt....extinction rebellion as a group not accidentally put rebellion in its name....or with other words, if you vote, cuz this thing is part of the system too, you are hailing the system....the whole thing is corrupt from top to bottom, so we have to reject it....
@@ArizonaWillful I think earth ocean means neither party will stop what they are doing until the whole civilization collapses. When your civilization collapses it's bad for everybody. It might be a big die off.
Hey good day. Thank you for another good show. You are very informative I am just about 65 years old, very skilled craftsmen was an honest contractor for 40 years, wish I had known half the things you've expressed. Thank you it's not all bright stuff but it's reality and it's good to know have a great day. Jim
Little old man from Brooklyn walks into his local hospital. Old man: I want to see the ear-eye doctor. Admitting nurse: We don't have those. Old man: I WANT TO SEE THE EAR-EYE DOCTOR. Admitting nurse: And I TOLD you we don't have those! Old man: I HAVE TO SEE THE EAR-EYE DOCTOR!!! Admitting nurse: Look, sir, we have ear-nose-&-throat doctors and we have eye doctors BUT WE DON'T HAVE EAR-EYE DOCTORS! Anyway, why do you "have" to see an ear-eye doctor?! Old man: [straight into her eyes] Because I keep hearing one thing and seeing another.
The late Gore Vidal: "America is not a democracy, it's an oligarchy, exactly as our forefathers planned it, with TWO right-wing parties, one Republican and one Democrat, both owned and run by corporations." True then, worse now.
@@markco61 THERE IS AN ALTERNATIVE,THE GREEN NEW DEAL PARTY WITH HOWIE HOWKINS. AND FOR MORE INFORMATION ABOUT SOCIALIST ALTERNATIVES...READ ABOUT THE I S A INTERNATIONAL SOCIALIST ALTERNATIVE
@earth ocean You got that right and without a 3rd or 4th party to choose from we have no choice but to keep reelecting the same criminals that are raping america.
Thank you Richard Wolff for your excellent and ongoing work. I am always learning something new and valuable from you as I listen to your excellent speeches, interviews and lectures. All the best to you.
Capitalism is in the personal relationships too. For example, I helped my neighbor fix his computer and he insist on paying me. It took me 30 minutes. I was happy to be a good neighbor. I asked my other neighbor to help me work on my car and he expected to be paid. LOL What ever happened to just lending a hand? Even my own niece asked what she has to pay me for changing the oil on her car. Pretty soon, we'll have to pay our mothers for giving us birth.
@@foodparadise5792 And eventually, you will go bankrupt and get sent to prison to labor for free for life to enrich the Visa, Mastercard and Amex of this world.
Your life is just starting Richard. You need to start taking more care of yourself friend. What you need to do now is start doing rallies. You have all the skills necessary. If you don't, you will have let yourself down. Form a movement Richard. Build it, and we will come.
We have many people with the education and celebrity to start a united revolution. People like Dr. Wolff, Peter Joseph, Lee Camp, and even Russell Brand. We need a leader to step up NOW! I have already quit my capitalist driven job because i refuse to pay their taxes. I am ready to participate in the Non-violent revolution.
It is the classic 100-year economic cycle, symbolised by a snake that devours its own tail until a new skin emerges to swallow it whole. The Greeks, Chinese and Hindus figured that sh!t out millennia ago.
Whoever is in power, we must rebuild and continue to build the labor and cooperative movement. There is no magic pill, the emancipation workers will come from workers, organized and civilized in our industries
Here's the thing. In my life, I have known many people from all over the world including USA, and I have found the vast majority of them to be reasonable, gracious and compassionate. It gives me no pleasure to witness the good people of USA being actively devoured by a very small cadre of rapacious psychologically damaged monsters. Is it time to move those monsters into some kind of zoo? The imperative of compassion, grace and reason leaves no alternative at this point. All that prevents this is your realization that these are monsters. They may potentially be humans, but right now? They are not.
@Deborah Lawson You have done the research that few venture into. Now what? I have great respect how you already know to such detail. That took a LOT of work. OK .. we are confronted by monsters .. we cannot defeat them head on - that is what they want. How do we head them off? Like .. you KNOW . we are on the page that matters. My only thing is to promote better nurture of mothers and infants. What are your ideas?
@@ozwhistles Small and unhelpful aesthetic triviality but I really like your writing style and of course your larger outlook/worldview. It reminds me of John Brown in its affect of hopeful determination/consideration of necessity. But yeah, exactly as you're saying, the monsters you speak of use those values of compassion, grace, and reason as a tool of Nietzschean 'slave morality' and until that is recognized we're stuck within its bounds, doomed to repeat a spectacle of despair. The management of savagery as Max Blumenthal I think accurately describes it. Agree with all Deborah has added and have really nothing to offer here except superfluous commentary lol. I think the economist Michael Hudson has some really interesting anthropological support to connect debt forgiveness with religion (so things like Leviticus 25 for example) which could potentially puncture an opening in this hypnotising cultural "political" spectacle and realign/unify a working class toward their actual class enemies as their success is quite literally premised on all of our defeat.
@Deborah Lawson It was my supreme good fortune to have been married to a gifted educator. It is clear that you are her equal. It is my opinion that the truly great educators see plainly the social reality through the students they love. It is the love. By that measure, the stain of harm stands out in stark relief. By "love" I mean compassion - and to have compassion as the primary motive. The insights that flow from that are rare and valuable. And often uncomfortable. To know what few know is a lonely place, however, the compassion is sustaining. I do hope you gain that sustenance - as I well know, recognition is rare. Please be recognized? I could write a book about my journey of compassion. I see you could too. In the small space of youtube comments .. suffice to say - we are true friends. We are not alone. There IS a "we".
@@Bisquick I seem to remember that we have reacted on YT before? Yes. Michael Hudson. A truly great man. You know? Curiosity is important. Like; what is "love"? what is a "self"? What is "we"? Diogenes searched for "an honest man". He never found one, because he never asked: "what is honesty?" I suspect that the entire wisdom of humanity is hidden in the words we use, but do not truly understand. Chomsky proved that "language is computationally efficient, but transmissionally inefficient." In other words: "language is externalized thought". It is NOT a signal - it is a resonance. Chomsky was part of the MIT nexus that gave us network processing and AI. One of the greatest in that crew was Marvin Minsky - a topologist. Functional topology explains how we can use words without really knowing their meaning. All we need to know is the context and the topology does all the rest. It is no mistake that Minsky was recorded as a guest on Epstein's "Lolita Express". He was not there for the little girls, he was there because he had unusual ideas about where humanity should progress - and Epstein was an arch-Eugenicist. I suspect it was not a comfortable flight? For myself? Life has given me many rare insights. My curiosity leads me to dark places, but the light of it always leads me back out again. All my words are backed by personal experience. It is plain to me to see those who bloviate on subjects they never experienced. Hubris is a real danger. There is ALWAYS someone better than me. These days I am old and slow. My remaining tasks are to move the ignorant into light. From personal experience, I know about the cluster-B stain of insanity - and where it comes from. I know about topology and the universal imperative of entropy. I know what "money" is. Although . I would like someone to ask Michael Hudson about how international trade affects local money-supply. No one ever asks him .. and I know he knows. Money seeks to track the extent that life defies entropy. It fails. And I want to know why? I'll leave it at that. Unhelpful? Trivial? Please forgive yourself? YOU are one of US.
You know .. humor is the way that the messenger does not get shot. Joe Biden. So, me and my son (He's a recovered autistic with a brilliant talent for jokes) .. we decided that politics resolves to the lesser evil or the lesser good. We invented Block O'Concrete. He's not good, he's not bad. But we should elect him because it will be better to have an inanimate object making decisions on behalf of the living. We had a whole series of jokes about how "Blocky" was superior to all politicians based on his inherent neutrality. However Biden seems to have won. So how is Biden a block of concrete? Well he has the same IQ? And lemme tell ya - IF you don't support Joe "Block O'Concrete" Biden? That means you are anti-cementic!!! Inanimate rights now!!! Trump? well he's just a narcissist. Old news! ;)
thats because they are all pressured by the market into being more efficient and cutting corners which means they have no reserves and no fallbacks if anything goes wrong. if you do save money to have reserves, instead of investing it all, well then you cannot compete with companies that invest all their money into growth, as long as the market is on the upswing.
Unfortunately the USA American Dream is a very unstable pyramid scheme that requires taking on absurd amounts of risk/debt. We can’t keep going that way. This entire country needs more small biz owners, fiscal responsibility, a balanced budget and less corporations and government welfare/spending. EDIT: *less CORPORATE welfare.... not talking about welfare for individuals.
"Everybody knows that the dice are loaded Everybody rolls with their fingers crossed Everybody knows the war is over Everybody knows the good guys lost Everybody knows the fight was fixed The poor stay poor, the rich get rich That's how it goes Everybody knows"
America has made its choice complacency and to be bowled Over like there was no tomorrow thank you for your education Professor Wolf we would love to send you a shirt and a book peace and love save the world
"Zombie corporation" is new vocabulary for me. Just this morning, I was explaining how corporations could still post profits even when they didn't have enough sales to cover overhead. I didn't have the word. Richard Benjamin in Love at First Bite (1979): "You can't kill him. He's already dead."
I figure it will take about 12 months for the woke ones to realize neither Biden nor Harris is working toward their agenda. We should start a pool about how furious they get and what they do about it. Hit the streets and burn shit again, or just make defeated whimpering noises
The profound lack of an understanding of the system by the masses makes it almost impossible to talk to them. What little they do know was hand fed to them to regurgitate back at someone who knows the truth about the weakness inherit in our system. So the saying "It's easier to fool someone than to convince them they've been fooled" is at play on a massive scale.
I want to ask prof. about what impact of Fed printing money on other parts of the universe (that uses dollars as means of exchange in their countries). I mean: the dollar has a certain value when the Fed prints more dollars, without real coverage, the dollar value will decrease so the real purchase power of the dollar I own ( outside or inside the USA) also decreases, and the differences between the two values will go to the Fed. Printing more money does not affect the Fed since it "steals" the difference it creates in real value from dollars holders. Please correct me if I'm wrong.
I love your in-depth analysis of American capitalism. It started in 1913. The FDR got rig of Golden Standard in 1930s. Nixon got US from gold currency system in 1971. Globalization has finished the party.
Richard, thanks for alerting us that nothing will fundamentally change with either Biden or Trump in office. However, what do you recommend as a way to remedy the ills of capitalism??? Please I'd really love to hear your solution/s. @democracy at work richard wolff
Revolution and rebellion can only start when you refuse to pay taxes. Until then you are merely a cog in the machine. When the gears that drive the machine start breaking off the cogs, the gears can no longer perform their task. I woke up from a dream this morning and immediately felt the deep desire to help end the military industrial complex. Bob Dylan's song Masters of War ringing in my ears overlapping with Pink Floyd's Welcome to the Machine. Love and peace to all.
No matter who wins There are three losers The candidates And the American people I hope I can learn enough to help my neighbors thanks for the education
"never let a crisis go to waste" or more brutally: "buy when there's blood in the streets". No exaggeration that's the phrase they use to describe this in the investing world. There's even an investopedia entry for it.
Will the stock market be kept artificially inflated in perpetuity, or will that eventually collapse (notionally with the oligarchs cashing out right before everyone else)?
Only 2 choice of parties were bad enough. But King 👑 Diaper 🎺 Trumpet wanted to reduce it only 1 . Makes it easy for voters to choose afterwards. Are you going to choose party #1? Or maybe # one ? Or maybe #I? How do you like them APPLES ?
I advocate this! Now that the fiasco is finished, we have got to do something about making damn sure people can't go for another power grab. We need ideas for change. I believe these Maslowian Humanist inspired changes to the system would go a long way in fixing the structural defects that allow it to happen. I tried to place the items in an order that would have a connection between the item before and after. Thanks for your consideration. (work in progress) Note: Maslowian Humanist instead of the term "socialist". It blunts the post WWII anti-Soviet/socialist propaganda. My group is trying to get away from the word socialist because bad people have so thoroughly, and unjustly I might add, tarnished the name of socialism. These items are derived from study of Prof. Wolff's lectures on Marxist Economics, Karl Marx Das Kapital, Thomas More Utopia, Adam Smith Wealth of Nations, Speeches from and documentaries about people such as Dr. Martin Luther King Jr., Oh my goodness, there are so many learned and wise people it is hard to bring them all to the front of my mind. The United States Declaration of Independence & Constitution, the advice and council of wise men and women has caused this list to be formed. ----------------------------------------------------------------------------------------------------------------------- 1. Open all closed primaries. 2. Automatic Universal Federal Voter Registration at 18 years of age. 3. Universal Election Laws for All States. 4. Non-Partisan Speaker of the House (vow an oath). 5. Non-Partisan committee chairs in congress (vow an oath) & require an expert on the subject at hand. 6. Remove "President of the Senate" as a Vice Presidential duty. Cause the President of the Senate to be voted for by their peers, and also to vow an oath of non-partisanship. 7. Require a supermajority to overrule a President of the Senate, or Pro Tempore ruling. 8. Disallow the suspension of the rules on the floor of the House of Representatives and Senate. 9. Disallow the adding of nongermane items onto bills. 10. Disallow the President of the United States from firing any person who is in a position that requires senate confirmation. Require the senate's consent to the firing. 11. Require that the makeup of the SCOTUS be an even mix of female and male. 12. Remove lifetime appointments for judges of all kinds, making the max term, like in the case of the SCOTUS 10, or 20 years. 13. 50% Labor in All Corp. Boardrooms, Codetermination. Of that number 50% female and 50% male. 14. Raise the minimum wage to a level in which labor can maintain a level of existence somewhat above the bottom rung of Maslow's Hierarchy of Human needs. 15. Tie the minimum wage to inflation, requiring a Cost of Living Adjustment every year. 16. Make the minimum Social Security stipend equal to the after tax minimum wage worked 40 hours. 17. Tax all earnings the payroll tax for the purposes of funding Social Security. Eliminate the cap. 18. Institute Universal Prenatal to Grave Health Care, like Medicare for all. 19. Institute Universal Kindergarten through Doctorate Education for all citizens. 20. Nationalize all natural resources of materials and energy on and off the planet Earth. This would fund items number 18 and 19 and for other uses. 21. Begin a National Priority Program of Infrastructure Remaking, which would bring all of the elements of our national, regional and local infrastructures up to 21st Century standards. 22. A National Priority Program of Infrastructure Remaking would include all Earthly infrastructure and start the Off World Expansion of the Human Race by including Mars colonization, along with outer space industrialization, which would create many millions of jobs and provide an unlimited source of material and energy resources. 23. Disallow 1st Amendment protections for lies. Make it a class B felony for an elected official, a candidate for political office, or the media to purposefully deceive the public, utter falsehoods concerning government policy, or civil issues, in a public setting. 24. Require all political debates between opposing candidates, or by two or more politicians making a debate for the reason of influencing public opinion to be hosted by C-Span, which would provide the facilities and avowed non partisan inquisitors. 25. Disband all commercial banks and the commercial stock market. 26. Institute a Federal Bank of the United States (FBUS) and a Federal Stock Market (FSM). Open branches of the FBUS in every post office, providing banking services and FSM stock sales and purchases for citizens. 27. Use precious metals to back all US currency, and to make all US coins.
In the Great Depression of the 30s, 4.3 million Americans were displaced, 5% of the population. FDR told the elites, 'it's the new deal or revolution'. In 1945, at the end of WW 2, Europe had 11 million displaced people, roughly 2% of the 5oo million population. In 2021 America will have 30 million displaced people, roughly 9% of the 350 million population, just to give you some perspective of what your about to go thru.
The thing that consistently confuses me, is that big business especially, wants government out of the way, no interference and regulations, and out of their lives, the so-called "Free Market". But then they have no problem lining up to take the government Corporate Welfare handouts. A true free market, would be letting unviable businesses fail.
Ever since Nixon took the US off of the gold standard in 1971, it has had money sovereignty. The US can make money out of nothing. It does so when the Treasury and Fed spend it into existence. Money is destroyed when people pay taxes or buy US securities. What doesn't matter are taxes, deficits or surpluses. What does matter are budgets. Spend money on warmongering, corporate welfare and wealthy welfare and you get inflation, prosperity for the wealthy and austerity for the people. Spend money on infrastructure, education, jobs programs, small businesses, and social welfare and you get deflation, prosperity for the people and austerity for the wealthy. See Modern Monetary Theory for the details.
I thought the eviction crisis would have happened by now. Everyone keeps saying it's "coming." What's stopping it? (If he covers this in the video, I haven't seen the entire thing yet)
I could be wrong about this but I believe that evictions were not allowed to occur before the first of next year. That is why the discussion about the eviction crisis speaks of a flood of them occurring after the first of the year. Further all the back rent comes due with interest. So none of the rent has been forgiven. If someone else knows more about this and can correct me if i am wrong please chime in.
Biden is status quo. But it’s upsetting to realize that we still haven’t had an ope economic policy discussion. The people are still in the dark just following capitalism. Hierarchy and competitiveness are still deep in our culture and prevent us from imagining a better today or tomorrow.
I call the 'financial cycle', when it down-turns, Harvest Time for MegaCorporations...cheap businesses to scoop, defaulting unemployed to lose their property for 10 cents on the dollar. Money supply goes down, but those with cash get Deals, Deals, Deals! A billionaire can lose millions yet still have their purchasing ability Enhanced by recession/depression.
FYI: What you are describing is the secret for winning at the board game Monopoly. You buy everything, mortgage everything as you go, and voila, you win.
Totally in agreement with Prof Wolff as I most always do; this is clearly a lack of foresight even if they try to use the excuse that they were caught by surprise. Even sickness comes periodically so that we at intervals do doctor check-ups to try to maintain optimum health; so Prof Wolff is correct; there is simply no excuse for this financial crash.
Love this man. This country needs more people like Richard Wolff.
Prof Wolff should be appointed as an economic consultant in the new government. But the Deep State will be the stumbling block
@Asskhole Snarkerson Wolff earned a BA magna cum laude in history from Harvard and moved on to Stanford-he attained an MA in economics in to study with Paul A. Baran. Baran and Wolff transferred to Yale University, where he received an MA in economics i, MA in history in and a PhD in economics . As a graduate student at Yale, Wolff worked as an instructor.
@Asskhole Snarkerson Oh boy, another temporarily embarrassed millionaire who thinks he is smarter than Richard Wolff.
@Asskhole Snarkerson Tell me where you have your PHD in economics from?
@Asskhole Snarkerson I suggest you you debate Richard Wolff and he can demonstrate what a degrees from Harvard, Yale and Stanford means compared to your highshool equivalency Degree
Don't forget that Biden has promised his core constituent, namely his rich donors, that, "Nothing will fundamentally change." Expect nothing new now that he's the president-elect!
It's as if Biden's a reverse Obama: "don't get your hopes up because nothing will fundamentally change." Meanwhile, people are honking in the streets, the dance "protests" gave way to jubilation over the weekend, and a woman on a megaphone in New York City on Saturday chanted "our votes matter!" People held mocking signs about Donny the loser, implying somehow they won something. The losers are the people who fall for this racket over and over again. Nobody wins as much as I'm glad Trump is gone. There will be another boogeyman, but as Richard points out, the racket is that the real villain is a a system that works against us no matter what and most people are asleep.
@@curiousone6435 Reverse Obama? Are you drunk and suffer a head injury? Obama admitted he governed as a moderate Republican...where have you been shoving your head?
@@billiamc1969 Wow, that really triggered you. I was pointing to the hope and change that a lot of people bought into BEFORE Obama was elected and comparing that to Biden who isn't even promising us much other than reassuring nothing will change.
At Democracy Now no mention of the epic under performance of Biden/Harris and the Democratic party. Things will now be wonderful since Biden won. But I don't know of ANYBODY who liked the Biden/Harris ticket - they either voted for Biden not because they were happy with the ticket but because they couldn't stand Trump and others voted for Trump to stick up the Democrat's nose.
Aren't you the same person who 4 years ago said, "let's give our new president a chance".?
Jamie Dimon announced yesterday that he is excited about Biden's election. That says it all.
I think Biden is considering him for his cabinet so that says a lot.
Maybe it's US, WE THE PEOPLE.....THAT NEED TO DEMAND CHANGE! Remember how BAD the elites wanted to get us back to work? Maybe that's a clue that worker bees are worth more than we thought.
This short lecture MUST be seen by the majority: th-cam.com/video/8PQ4svtAfmI/w-d-xo.html
@@stevemora7845 I heard Dick Chenney will be tapped as secretary of state..disgusting..the entire cabinet will be war criminals and wall street criminals. But at least neolibs can brunch in peace now... 😑
@@jordanallen3078 I am so glad . . . I voted for neither Trump nor Biden.
Thank you Mr. Wolff for all your work!!!!!! Wish I had some money printed out of thin air that is destroying the environment (Ecocide) to donate, but I don't. I've have learned a lot from your work on your channel, and you remind of this quote...
“In a time of deceit telling the truth is a revolutionary act.”― George Orwell
Have a nice day!
And that is "false"...
nationalinterest.org/blog/buzz/fact-check-did-george-orwell-say-%E2%80%98telling-truth-revolutionary-act%E2%80%99-69896
"No Matter Who Wins" Yep, I say this all the time, cuz this is the sad truth....
@earth ocean yes and not only humanity, but the entire eco system...
@Anticapitalist X Yes...those few will get everything they stole from the poor, and we get nothing...not even a piece of shit... :D
Only a white heterosexual could be so privileged that it does not matter which party wins. Try being a Black gay man or a transgender person. How about being a DACA child working her way through college. How about GOP legislators in red states that eagerly legislate "Right to Work" anti-union laws? How about Trump's relentless attack on our environment just so a tiny group of his billionaire peers can reap up even more digital wealth? Come on. It isn't all about YOU. The GOP doesn't even try to hide that is serves white heterosexual evangelical Christians who are terrified of diversity of any form. The DEMS are all about diversity but don't have the balls to do anything substantive to change the continuing slide to fascism that the GOP is orchestrating through a huge right wing media empire in the USA. But as a gay Black man, I'll take the DEMS any day. We just might do something (ANYTHING!) about climate change and seek to cooperate with other nations instead of bashing them.
@@ArizonaWillful If the party or the president you are voting for is capitalist, it realy doesn't matter....if you think elswhere, you didn't understood capitalism, and the whole system which drives humanity to diverse instead of unite....capitalism = diversity....you cannot change racism, facism, hatered or any similar in capitalism, cuz its part of the system....the system itself creates these ideologies....so....if we want to change the world, the best we can do is to boycott capitalism, which isnt easy, and revolt....extinction rebellion as a group not accidentally put rebellion in its name....or with other words, if you vote, cuz this thing is part of the system too, you are hailing the system....the whole thing is corrupt from top to bottom, so we have to reject it....
@@ArizonaWillful I think earth ocean means neither party will stop what they are doing until the whole civilization collapses. When your civilization collapses it's bad for everybody. It might be a big die off.
Hey good day. Thank you for another good show. You are very informative I am just about 65 years old, very skilled craftsmen was an honest contractor for 40 years, wish I had known half the things you've expressed. Thank you it's not all bright stuff but it's reality and it's good to know have a great day. Jim
Little old man from Brooklyn walks into his local hospital.
Old man: I want to see the ear-eye doctor.
Admitting nurse: We don't have those.
Old man: I WANT TO SEE THE EAR-EYE DOCTOR.
Admitting nurse: And I TOLD you we don't have those!
Old man: I HAVE TO SEE THE EAR-EYE DOCTOR!!!
Admitting nurse: Look, sir, we have ear-nose-&-throat doctors and we have eye doctors BUT WE DON'T HAVE EAR-EYE DOCTORS! Anyway, why do you "have" to see an ear-eye doctor?!
Old man: [straight into her eyes] Because I keep hearing one thing and seeing another.
I've been saying for years, 1 party, 2 flavors.
The late Gore Vidal: "America is not a democracy, it's an oligarchy, exactly as our forefathers planned it, with TWO right-wing parties, one Republican and one Democrat, both owned and run by corporations." True then, worse now.
Don't you mean two puppet parties with one puppeteer? :)
Of course. You don't hear of Coke and Pepsi mentioning the other brands.
@@SuperIcekool $$$$$$$$$$$$$$$$$$$$$$$$$$$$Now who is that. I no wonder.
Two Party System Is Trash. It Stifles The Imagination & Humility Of Man. Lowers Our Frequency & Vibration. Wow. We Are Truly Lost. Damn
Two party duopoly = 2 points of view in service to the same greedy special interests. Deadly mistake.
@@markco61 THERE IS AN ALTERNATIVE,THE GREEN NEW DEAL PARTY WITH HOWIE HOWKINS. AND FOR MORE INFORMATION ABOUT SOCIALIST ALTERNATIVES...READ ABOUT THE I S A INTERNATIONAL SOCIALIST ALTERNATIVE
Capitalism does that too. Drains humanity
Basically four more years of nothing but increased wealth to the one percentage
NO....that's what we had the LAST 4 YEARS. Time to tax the rich!
Nothing since 2003
@@tEqUiko nothing since reagan
@earth ocean ask the ones who re elected Mitch McConnel....the grim reaper. Only THIS TIME, without help, America will be the wasteland!!!
@earth ocean You got that right and without a 3rd or 4th party to choose from we have no choice but to keep reelecting the same criminals that are raping america.
They're Diet-Republicans is the best way I've heard someone describe our current "Democratic" party lol.
"Diet Republicans" Best thing I have heard all week
Thank you Richard Wolff for your excellent and ongoing work. I am always learning something new and valuable from you as I listen to your excellent speeches, interviews and lectures. All the best to you.
Preach it, Dr Wolff!
Capitalism is in the personal relationships too. For example, I helped my neighbor fix his computer and he insist on paying me. It took me 30 minutes. I was happy to be a good neighbor. I asked my other neighbor to help me work on my car and he expected to be paid. LOL What ever happened to just lending a hand? Even my own niece asked what she has to pay me for changing the oil on her car. Pretty soon, we'll have to pay our mothers for giving us birth.
Thanks for telling it like it is Prof. Wolff. It's all about social control and worker insecurity. Insecurity leaves people open to exploitation.
Refreshing to hear the unvarnished truth. We need a strong new populist party to elect from.
Nobody can explain this better than prof.Wolfe,sir,you are a blessing and my fav. Speaker of economic realities.Thank you and God bless you!
Absolutely the best explanation of money creation I've ever heard presented in a short video.
The most dangerous non-freedom is one that you confuse for freedom
@Josh Parrott
"None are more hopelessly enslaved than those who falsely believe they are free"
― Johann Wolfgang Von Goethe,
Paid off my Visa with my Master Card then paid off my Master Card with my American Express which I paid off with my Visa.
And there are TWO pay-day loans around the typical american corner, so you can borrow to pay for everything.
@@foodparadise5792 And eventually, you will go bankrupt and get sent to prison to labor for free for life to enrich the Visa, Mastercard and Amex of this world.
😂😂
Hehe hopefully, you pay off your Visa (with cash) before it all catches up to you. :-)
I remember being surprised when I learned that my small business employer had to borrow money each month to make payroll! This was in the 80's.
Your life is just starting Richard. You need to start taking more care of yourself friend.
What you need to do now is start doing rallies. You have all the skills necessary. If you don't, you will have let yourself down. Form a movement Richard.
Build it, and we will come.
We have many people with the education and celebrity to start a united revolution. People like Dr. Wolff, Peter Joseph, Lee Camp, and even Russell Brand. We need a leader to step up NOW! I have already quit my capitalist driven job because i refuse to pay their taxes. I am ready to participate in the Non-violent revolution.
Maybe online Zoom rallies. I wouldn't recommend doing that stuff in person today.
yeh, intellectual figuers should step up for the occasion. prove yourself in history!
@Asskhole Snarkerson You are going to be exposed to covid sometime,you can't avoid it indefinitely.
Richard isn't the type to lead a movement like that. He is an educator. You should learn.
Capitalism is eating itself and everything else--Zombification, indeed!
Mark Ukeley question is - who's suffering more - zombie companies or working class?
It is the classic 100-year economic cycle, symbolised by a snake that devours its own tail until a new skin emerges to swallow it whole.
The Greeks, Chinese and Hindus figured that sh!t out millennia ago.
@@vg7985 Obviously the workers suffer more. Austerity is always for the regular people not for the plutocrats.
I love you Richard! God bless you! You are the ONLY one telling the truth all the way through your beautiful kind heart! 🙏🏽
Great episode!
Whoever is in power, we must rebuild and continue to build the labor and cooperative movement. There is no magic pill, the emancipation workers will come from workers, organized and civilized in our industries
keep up the good work Prof.Wolff-I really enjoyed your recent book,Democracy at work.A good read for all Americans.
What a great speaker Richard Wolff is----Every time I listen to him speak, I want to take notes.
Here's the thing. In my life, I have known many people from all over the world including USA, and I have found the vast majority of them to be reasonable, gracious and compassionate.
It gives me no pleasure to witness the good people of USA being actively devoured by a very small cadre of rapacious psychologically damaged monsters.
Is it time to move those monsters into some kind of zoo?
The imperative of compassion, grace and reason leaves no alternative at this point.
All that prevents this is your realization that these are monsters. They may potentially be humans, but right now? They are not.
@Deborah Lawson You have done the research that few venture into. Now what? I have great respect how you already know to such detail. That took a LOT of work. OK .. we are confronted by monsters .. we cannot defeat them head on - that is what they want. How do we head them off? Like .. you KNOW . we are on the page that matters. My only thing is to promote better nurture of mothers and infants. What are your ideas?
@@ozwhistles Small and unhelpful aesthetic triviality but I really like your writing style and of course your larger outlook/worldview.
It reminds me of John Brown in its affect of hopeful determination/consideration of necessity. But yeah, exactly as you're saying, the monsters you speak of use those values of compassion, grace, and reason as a tool of Nietzschean 'slave morality' and until that is recognized we're stuck within its bounds, doomed to repeat a spectacle of despair. The management of savagery as Max Blumenthal I think accurately describes it.
Agree with all Deborah has added and have really nothing to offer here except superfluous commentary lol. I think the economist Michael Hudson has some really interesting anthropological support to connect debt forgiveness with religion (so things like Leviticus 25 for example) which could potentially puncture an opening in this hypnotising cultural "political" spectacle and realign/unify a working class toward their actual class enemies as their success is quite literally premised on all of our defeat.
@Deborah Lawson It was my supreme good fortune to have been married to a gifted educator. It is clear that you are her equal.
It is my opinion that the truly great educators see plainly the social reality through the students they love.
It is the love. By that measure, the stain of harm stands out in stark relief.
By "love" I mean compassion - and to have compassion as the primary motive. The insights that flow from that are rare and valuable. And often uncomfortable. To know what few know is a lonely place, however, the compassion is sustaining.
I do hope you gain that sustenance - as I well know, recognition is rare. Please be recognized?
I could write a book about my journey of compassion. I see you could too.
In the small space of youtube comments .. suffice to say - we are true friends. We are not alone. There IS a "we".
@@Bisquick I seem to remember that we have reacted on YT before?
Yes. Michael Hudson. A truly great man.
You know? Curiosity is important.
Like; what is "love"? what is a "self"? What is "we"?
Diogenes searched for "an honest man". He never found one, because he never asked: "what is honesty?"
I suspect that the entire wisdom of humanity is hidden in the words we use, but do not truly understand.
Chomsky proved that "language is computationally efficient, but transmissionally inefficient." In other words: "language is externalized thought". It is NOT a signal - it is a resonance.
Chomsky was part of the MIT nexus that gave us network processing and AI. One of the greatest in that crew was Marvin Minsky - a topologist.
Functional topology explains how we can use words without really knowing their meaning. All we need to know is the context and the topology does all the rest.
It is no mistake that Minsky was recorded as a guest on Epstein's "Lolita Express". He was not there for the little girls, he was there because he had unusual ideas about where humanity should progress - and Epstein was an arch-Eugenicist. I suspect it was not a comfortable flight?
For myself? Life has given me many rare insights. My curiosity leads me to dark places, but the light of it always leads me back out again.
All my words are backed by personal experience. It is plain to me to see those who bloviate on subjects they never experienced.
Hubris is a real danger. There is ALWAYS someone better than me.
These days I am old and slow.
My remaining tasks are to move the ignorant into light.
From personal experience, I know about the cluster-B stain of insanity - and where it comes from. I know about topology and the universal imperative of entropy.
I know what "money" is.
Although . I would like someone to ask Michael Hudson about how international trade affects local money-supply. No one ever asks him .. and I know he knows.
Money seeks to track the extent that life defies entropy.
It fails. And I want to know why?
I'll leave it at that.
Unhelpful? Trivial?
Please forgive yourself?
YOU are one of US.
You know .. humor is the way that the messenger does not get shot.
Joe Biden.
So, me and my son (He's a recovered autistic with a brilliant talent for jokes) .. we decided that politics resolves to the lesser evil or the lesser good.
We invented Block O'Concrete. He's not good, he's not bad. But we should elect him because it will be better to have an inanimate object making decisions on behalf of the living.
We had a whole series of jokes about how "Blocky" was superior to all politicians based on his inherent neutrality.
However Biden seems to have won.
So how is Biden a block of concrete?
Well he has the same IQ?
And lemme tell ya - IF you don't support Joe "Block O'Concrete" Biden?
That means you are anti-cementic!!!
Inanimate rights now!!!
Trump? well he's just a narcissist. Old news!
;)
HEAR HERE!!!! ;) ...TRUTH THAT NEEDS TO BE SHARED AND UNDERSTOOD.
MASSIVE RESPECT TO YOU GOOD SIR.
THIS NEEDS TO BE SHARED AND UNDERSTOOD WITH ALL.
In all honesty if it takes only one economic quarter of depression to destroy a business it seems we have alot of
Weak Businesses
thats because they are all pressured by the market into being more efficient and cutting corners which means they have no reserves and no fallbacks if anything goes wrong. if you do save money to have reserves, instead of investing it all, well then you cannot compete with companies that invest all their money into growth, as long as the market is on the upswing.
Maybe if the small businesses got the same tax breaks as big companies(Amazon) they could compete
Unfortunately the USA American Dream is a very unstable pyramid scheme that requires taking on absurd amounts of risk/debt. We can’t keep going that way.
This entire country needs more small biz owners, fiscal responsibility, a balanced budget and less corporations and government welfare/spending.
EDIT: *less CORPORATE welfare.... not talking about welfare for individuals.
It's already going on for almost a year!
The whole civilization will collapse soon, and here is the reason (Civilization 101): th-cam.com/video/8PQ4svtAfmI/w-d-xo.html
Very informative update! This is where we are!
thanks for covering this
"Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
That's how it goes
Everybody knows"
That's absolutely brilliant, Rincenso!! 🙌👍👍
@@JSB103 I appreciate Rincenso posting Lenard Cohen's great poetry.
@@xrxs1020, I didn't know who the author was. Thank you much for letting me know. 🌺🌺🌺
This information about Dunkin' is very revealing information. Thank you, Professor Richard Wolff.
Excellent analysis. Thank you for your program.
" if you lived with a roommate as unstable as capitalism you would've moved out a long time ago!" Hahaha lol 🤣🤣 I love that!
America has made its choice complacency and to be bowled Over like there was no tomorrow thank you for your education Professor Wolf we would love to send you a shirt and a book peace and love save the world
Sorry this might be a weird question
But can I get the theme song for “economics update”? It sounds absolutely awesome.
"Zombie corporation" is new vocabulary for me. Just this morning, I was explaining how corporations could still post profits even when they didn't have enough sales to cover overhead. I didn't have the word. Richard Benjamin in Love at First Bite (1979): "You can't kill him. He's already dead."
"No Matter Who Wins: You Lose" There, fixed it for you.
I figure it will take about 12 months for the woke ones to realize neither Biden nor Harris is working toward their agenda. We should start a pool about how furious they get and what they do about it. Hit the streets and burn shit again, or just make defeated whimpering noises
dr Wolff. Right on . Again!!!! I wish more people could /would see this “,
Lesson”, many people might change their actions. keep it up. Al Wilson, AZ
Thankyou for telling the truth u are a brave man
Thank you, Maestro.
👍 Thanks Richard W. can't say it any better.
Market feudalism: as a worker you may not be tied to the land, but you're tied to a brand.
Professor, please join the Movement for a People's Party. We need you and your following. We need you for the future we want to build. Us, and you.
The profound lack of an understanding of the system by the masses makes it almost impossible to talk to them. What little they do know was hand fed to them to regurgitate back at someone who knows the truth about the weakness inherit in our system. So the saying "It's easier to fool someone than to convince them they've been fooled" is at play on a massive scale.
wht the 29:15 denial>refusal to satisfy a request or desire
I want to ask prof. about what impact of Fed printing money on other parts of the universe (that uses dollars as means of exchange in their countries). I mean: the dollar has a certain value when the Fed prints more dollars, without real coverage, the dollar value will decrease so the real purchase power of the dollar I own ( outside or inside the USA) also decreases, and the differences between the two values will go to the Fed. Printing more money does not affect the Fed since it "steals" the difference it creates in real value from dollars holders. Please correct me if I'm wrong.
I love your in-depth analysis of American capitalism. It started in 1913. The FDR got rig of Golden Standard in 1930s. Nixon got US from gold currency system in 1971. Globalization has finished the party.
Richard, thanks for alerting us that nothing will fundamentally change with either Biden or Trump in office. However, what do you recommend as a way to remedy the ills of capitalism??? Please I'd really love to hear your solution/s. @democracy at work richard wolff
Keep telling it like it is... Thanks!
Thanks thanks and thanks again
Thank you so much. I wonder if you could describe what are the features of the 4-7 year collapse cycle
Are you intellectually blind or willfully stupid? Seriously asking.
Revolution and rebellion can only start when you refuse to pay taxes. Until then you are merely a cog in the machine. When the gears that drive the machine start breaking off the cogs, the gears can no longer perform their task. I woke up from a dream this morning and immediately felt the deep desire to help end the military industrial complex. Bob Dylan's song Masters of War ringing in my ears overlapping with Pink Floyd's Welcome to the Machine. Love and peace to all.
Turn on, tune in, drop out.
sure sounds like doom & gloom. but let's confess. it's REAL.
Thank you Prof.
Wolff is best
Never let a tragedy go unexploited...
No matter who wins
There are three losers
The candidates And the American people I hope I can learn enough to help my neighbors thanks for the education
"never let a crisis go to waste" or more brutally: "buy when there's blood in the streets". No exaggeration that's the phrase they use to describe this in the investing world. There's even an investopedia entry for it.
Why are the books expensive?
Will the stock market be kept artificially inflated in perpetuity, or will that eventually collapse (notionally with the oligarchs cashing out right before everyone else)?
Thanks for the update after our Lose-Lose election.
Thank you for the wisdom!
What do you guys think of the MPP?
Only 2 choice of parties were bad enough.
But King 👑 Diaper 🎺 Trumpet wanted to reduce it only 1 .
Makes it easy for voters to choose afterwards.
Are you going to choose party #1? Or maybe # one ? Or maybe #I?
How do you like them APPLES ?
Dr. Wolff, We are engaged in an asymmetrical economic war. How do we (little people) play defense? How can we protect ourselves?
Buen programa, me pregunto si es posible entrevistar a algun economista de Democracy at work que hable castellano
I advocate this!
Now that the fiasco is finished, we have got to do something about making damn sure people can't go for another power grab. We need ideas for change. I believe these Maslowian Humanist inspired changes to the system would go a long way in fixing the structural defects that allow it to happen. I tried to place the items in an order that would have a connection between the item before and after. Thanks for your consideration.
(work in progress)
Note: Maslowian Humanist instead of the term "socialist". It blunts the post WWII anti-Soviet/socialist propaganda. My group is trying to get away from the word socialist because bad people have so thoroughly, and unjustly I might add, tarnished the name of socialism.
These items are derived from study of Prof. Wolff's lectures on Marxist Economics, Karl Marx Das Kapital, Thomas More Utopia, Adam Smith Wealth of Nations, Speeches from and documentaries about people such as Dr. Martin Luther King Jr., Oh my goodness, there are so many learned and wise people it is hard to bring them all to the front of my mind. The United States Declaration of Independence & Constitution, the advice and council of wise men and women has caused this list to be formed.
-----------------------------------------------------------------------------------------------------------------------
1. Open all closed primaries.
2. Automatic Universal Federal Voter Registration at 18 years of age.
3. Universal Election Laws for All States.
4. Non-Partisan Speaker of the House (vow an oath).
5. Non-Partisan committee chairs in congress (vow an oath) & require an expert on the subject at hand.
6. Remove "President of the Senate" as a Vice Presidential duty. Cause the President of the Senate to be voted for by their peers, and also to vow an oath of non-partisanship.
7. Require a supermajority to overrule a President of the Senate, or Pro Tempore ruling.
8. Disallow the suspension of the rules on the floor of the House of Representatives and Senate.
9. Disallow the adding of nongermane items onto bills.
10. Disallow the President of the United States from firing any person who is in a position that requires senate confirmation. Require the senate's consent to the firing.
11. Require that the makeup of the SCOTUS be an even mix of female and male.
12. Remove lifetime appointments for judges of all kinds, making the max term, like in the case of the SCOTUS 10, or 20 years.
13. 50% Labor in All Corp. Boardrooms, Codetermination. Of that number 50% female and 50% male.
14. Raise the minimum wage to a level in which labor can maintain a level of existence somewhat above the bottom rung of Maslow's Hierarchy of Human needs.
15. Tie the minimum wage to inflation, requiring a Cost of Living Adjustment every year.
16. Make the minimum Social Security stipend equal to the after tax minimum wage worked 40 hours.
17. Tax all earnings the payroll tax for the purposes of funding Social Security. Eliminate the cap.
18. Institute Universal Prenatal to Grave Health Care, like Medicare for all.
19. Institute Universal Kindergarten through Doctorate Education for all citizens.
20. Nationalize all natural resources of materials and energy on and off the planet Earth. This would fund items number 18 and 19 and for other uses.
21. Begin a National Priority Program of Infrastructure Remaking, which would bring all of the elements of our national, regional and local infrastructures up to 21st Century standards.
22. A National Priority Program of Infrastructure Remaking would include all Earthly infrastructure and start the Off World Expansion of the Human Race by including Mars colonization, along with outer space industrialization, which would create many millions of jobs and provide an unlimited source of material and energy resources.
23. Disallow 1st Amendment protections for lies. Make it a class B felony for an elected official, a candidate for political office, or the media to purposefully deceive the public, utter falsehoods concerning government policy, or civil issues, in a public setting.
24. Require all political debates between opposing candidates, or by two or more politicians making a debate for the reason of influencing public opinion to be hosted by C-Span, which would provide the facilities and avowed non partisan inquisitors.
25. Disband all commercial banks and the commercial stock market.
26. Institute a Federal Bank of the United States (FBUS) and a Federal Stock Market (FSM). Open branches of the FBUS in every post office, providing banking services and FSM stock sales and purchases for citizens.
27. Use precious metals to back all US currency, and to make all US coins.
Great vids, clear and informative. Thanks and keep it up. Hasta la Victoria de Siempre
Well done publication, saying, analysis
The zombie corporation is an interesting concept, now try to pay a credit card debt with a credit card.
In the Great Depression of the 30s, 4.3 million Americans were displaced, 5% of the population. FDR told the elites, 'it's the new deal or revolution'. In 1945, at the end of WW 2, Europe had 11 million displaced people, roughly 2% of the 5oo million population. In 2021 America will have 30 million displaced people, roughly 9% of the 350 million population, just to give you some perspective of what your about to go thru.
Sounds like the end of Empire to me. Pull up a chair, grab a beer and lets watch the show.
How is the price of housing going to be impacted, economically, by the pandemic?
The thing that consistently confuses me, is that big business especially, wants government out of the way, no interference and regulations, and out of their lives, the so-called "Free Market". But then they have no problem lining up to take the government Corporate Welfare handouts. A true free market, would be letting unviable businesses fail.
And that's why Capitalism remains an utopia aka wet dream for Chicago School of economics fanboys.
"Contribution to modern food intake" Is that a sarcasm or compliment?
:-)
'Rome had become too sick to long endure and too weak to survive the cure'. Livy's history of Rome.
So, serious question, is it a good time or a bad time to refinance my home loan?
Ever since Nixon took the US off of the gold standard in 1971, it has had money sovereignty. The US can make money out of nothing. It does so when the Treasury and Fed spend it into existence. Money is destroyed when people pay taxes or buy US securities. What doesn't matter are taxes, deficits or surpluses. What does matter are budgets. Spend money on warmongering, corporate welfare and wealthy welfare and you get inflation, prosperity for the wealthy and austerity for the people. Spend money on infrastructure, education, jobs programs, small businesses, and social welfare and you get deflation, prosperity for the people and austerity for the wealthy.
See Modern Monetary Theory for the details.
I used to hate you but this video made me realize my own biases and realize that you’re right about all this!
Why does this video and channel not have millions of views?
so what do we do ?
Hey i was just wondering what are your views on a great reset. That the world economic forum has talked about
He made an Ask Prof Wolff video on it already
@@mishy_mix i found it but thank you for spreading the word
Wolff, talking about evictions: "There's an extraordinary fellow, his name is Ma..."
Me: "... o Tse-Tung?"
Wolff: "... thew Desmond."
I thought the eviction crisis would have happened by now. Everyone keeps saying it's "coming." What's stopping it? (If he covers this in the video, I haven't seen the entire thing yet)
I could be wrong about this but I believe that evictions were not allowed to occur before the first of next year. That is why the discussion about the eviction crisis speaks of a flood of them occurring after the first of the year. Further all the back rent comes due with interest. So none of the rent has been forgiven. If someone else knows more about this and can correct me if i am wrong please chime in.
Biden is status quo. But it’s upsetting to realize that we still haven’t had an ope economic policy discussion. The people are still in the dark just following capitalism. Hierarchy and competitiveness are still deep in our culture and prevent us from imagining a better today or tomorrow.
has China's political/economic resilience upset the expected power transfer benefits of the crash rhythm in any way?
It's "Biden and them" vs. us.
This is frank talk Prof. It is indeed very sad when we operate a deceptive scheme while lolling about in denial.
Would you discuss Modern Monetary Theory and how it works. Would you explain, with graphics, how MMT is different then our current system.
I call the 'financial cycle', when it down-turns, Harvest Time for MegaCorporations...cheap businesses to scoop, defaulting unemployed to lose their property for 10 cents on the dollar. Money supply goes down, but those with cash get Deals, Deals, Deals! A billionaire can lose millions yet still have their purchasing ability Enhanced by recession/depression.
Wolf You are funny but real on point.
FYI: What you are describing is the secret for winning at the board game Monopoly. You buy everything, mortgage everything as you go, and voila, you win.
You may not be aware of this but, Dunkin’ Donuts came over on the Mayflower.
they threw them in the fryer if they floated they were donuts and eaten
Don't forget basic banking services at USPS that was shut down in 1966 as a socialist innovation!
Totally in agreement with Prof Wolff as I most always do; this is clearly a lack of foresight even if they try to use the excuse that they were caught by surprise. Even sickness comes periodically so that we at intervals do doctor check-ups to try to maintain optimum health; so Prof Wolff is correct; there is simply no excuse for this financial crash.
This is the most doomer I've ever seen Prof. Wolff get