Economic Update: The U.S. Economy As An Apartheid System

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[EU S14 E05] The U.S. Economy As An Apartheid System
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This week's episode of Economic Update hosted by Professor Richard Wolff, we will be discussing the continuing decline of US manufacturing; a 29,000 person strike at California State Univ.; the Houthis disrupt Red Sea shipping in move against Israel; and Texas refuses to obey US federal government's rules in struggle over immigration and white supremacy. In addition we have a special Interview with leading economist Prof. Michael Hudson on basic crises facing US capitalism.
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The d@w Team
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[@gabrielbruhnr]

These elites in tandem with the corrupt government will take this country to it's knees like the fall of Rome, My sympathy goes to anyone approaching retirement, you may have reasonable concerns over your pension and if it'll stretch to cover the rising cost of living, bad regulatory policies, bad energy and insane fiscal policies.

[@yvesderrick4348]

Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes .It's always good to have a financial plan,

[@ThistainByrthle]

No doubt being financially free and not having to worry much about health care and other essentials cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.

[@valeriejeanmathis874]

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.

[@gabrielbruhnr]

indeed, most people downplay the roles of financial planners until burnt by there mistakes. Productivity is optimized and keeping up to date strategies and analysis makes it more lucrative. I've been able to navigate the volatilities and scaled up 880k from 220k with professional guidance.

[@chirstianpeyre5530]

impressive, I'll definitely check it out, I buy the idea of employing the services of a financial advisor because finding that balance between saving and living requires counsel. Who do you work with?

[@geraldmantel4955]

"Trickle-Down" economics, now in its 5th decade of drought.

[@aaronblain6377]

Look up "Horse and Sparrow Economics"

[@moemimouni679]

🎯💯🇨🇦

[@reddy11-11]

😂😂😂👍🏾

[@kiwitrainguy]

I think Wall Street really believes in something called "The Tinkle Down Economy": They get to pee on everyone else. Trickle Down economics is having three dogs and giving a steak to one of them and thinking "He'll share it with the others" - Bill Maher The clue is in the name: TRICKLE down economics. It isn't flood down or deluge down.

[@jenniferr9624]

Yellow showers don't make flowers.

[@Ace1000ks19751982]

In China, the government didn't bail out the real estate speculators. As a result, the price of homes in China are going down. Back in 2008, our government bailed out the speculators, and now homes and rents aren't affordable. People can't start businesses renting commercial real estate, many people can't buy homes at these inflated prices, and rents had gone up a lot.

[@blondiegreeneyes4802]

Thanks ! This is extremely interesting.

[@aaronblain6377]

"Houses are for living in, not for financial speculation." -- Xi Jinping

[@qake2021]

👍👍👍 agree ✌️✌️✌️

[@danielhealy9725]

And not ONE in jail. They write the laws so they never break any. Disgusting! Over a thousand went to jail for the Savings and Loan scandal.

[@Ace1000ks19751982]

@@danielhealy9725 Exactly. The only people that are paying for it are the people of the U S. We have a lot more homeless people, more people are under a tremendous amount of stress paying these inflated mortgages, rents, and inflation. Some people say my home is paid off so it doesn't affect me. Tell that to my parents who have difficulty paying property tax and homeowners insurance due to property values going up for the past 16 years.

[@NonchalantWalrusParty]

My two favourite economists having a chat ❤

[@shomulder6854]

💯

[@gfarrell80]

Yeah... I don't know what else we could add here... David Harvey maybe?

[@dylannaenzo9737]

Please don't call Hudson "an economist", as he dispises them. He prefers to be called "a futurist" and he's also an anthropologist.... so he knows the past, and he is very good at predicting the future. He's on my dream team dinner/conversation.

[@l.w.paradis2108]

Love all these posts!

[@NonchalantWalrusParty]

@@gfarrell80 Definitely enter David Harvey into the chat! And Yanis V whilst we're at it

[@stephen_pfrimmer]

Thank you Dr Wolff for inviting Dr Hudson. We love you both.

[@simonsadler9360]

Spain a backward country , no way ,last year 93 million visitors , we are now the world's biggest producer of fine wines . VERY anti French we have tinto in cartons €1.05 per litre , our version of Champagne = Cava ,from € 3.50 a bottle , have my full dss pension my Pru pension taxed in Britain .Very cheap healthy food here , & superb coffee .Spanish is my prime language now ,Spanish cooking superb ,when in season we make paellas from rabbit & snails ,am expert making Hungarian Goulash ,Iive in a humble casita in Gaianes ,been here 22 years .

[@damintten]

Would tune in every week for a weekly Wolff/Hudson segment.

[@mrclo_l0pz330]

The unbeatable "dream team": Prof. Richard Wolf and Prof. Michael Hudson. It DOES NOT get better than this. What an amazing privilege!

[@basook6116]

sad part is USA's economy is declining fast do to self inflicted; less investments, funding more endless wars, thus increasing debt, Americans standard of living is degrading

[@gregwang8628]

@@basook6116Beltway politics are pure American, and voters put these goons in the office to do them over, how sad is that?

[@basook6116]

@@gregwang8628 corruption ???

[@janelliot5643]

​@@gregwang8628sure we put them in office. Sure we have a completely intact democracy. Sure Santa Claus is real

[@davidluckens3479]

Yep,by the calculus employed by economists a few decades ago,half of us are paying unaffordable rent just to keep a roof over our heads.Thats not only unsustainable ,its gratuitously predatory.I'm thankful for Profs Wolff and Hudson for bringing this up.

[@sjoncb]

the 99%: Housing should be a human right the 1%: nope

[@MrChiangching]

Give me your house 😊😅

[@attieschutte7116]

How about the right to oragasms? Or lollipops. Can I have your bonus check and daughter for the weekend? No such thing as private property remember!

[@theprophet489]

History as it is white supremacy and colonialism and capitalism slavery

[@robertburatt5981]

If the average american adult understood-at all-the importance of democracy, american society would be unrecognizable from what it IS today.

[@Aroncare]

Even byrds have their nest shelters and they don't have to pay nobody, why we a modern civilized society canot have free housing when even animal have them 😢

[@danielhealy9725]

Economic apartheid is real, and we're LIVING it.

[@ozanozkirmizi47]

Probably, better term would be "We are suffering in it" rather than "Living in it"

[@geraldmantel4955]

All this brings to mind a comment I read by Michael Parenti: "Capitalism will devour itself ..."

[@JaceHart33]

Just finishing Against Empire and going to start reading Black Shirts and Reds. Parenti is a great resource.

[@kateoneal4215]

I got his documentary THE WAR ON CHINA awhile back and it's excellent-- and very relevant today!

[@jjbwoy]

A few of his lectures are available on this platform.

[@aaronblain6377]

​@@JaceHart33Also you might enjoy the audiobook version of BS&R on the YT channel Socialism for All. He's an "anti-revisionist" Marxist-Leninist who is quite knowledgeable and will occasionally stop and make helpful comments or explanations.

[@user-ys3hx7ox4l]

To outsourced manufacturing is cheaper than doing it in America, anyway they're the biggest arms dealer and wars makers so they're in good business.

[@mirziyodm]

Well, what do you know - it so happened that I'm reading Hudson's "Killing a host" right now! And it's a great read!

[@a.m.7438]

It's more than pay for me. I don't want to work the entirety of a year, every year, with the nonsense excuse that I can have "the weekend," or a holiday here or there. It's absurd we're expected to work our lives away in the manner we do. I'm not living to labor FOR SOMEBODY ELSE for the majority of my adult life. We don't have to live like this. Make 4 day weeks the norm, and shrink work hours to 6 hour full time employment days.

[@michaelandrews4783]

Good for you the Capitalists just use and and spit us out to finance a class of lazy rent seeking reprobates,, always scheming to put their fellow countrymen over a barrel for the most basic of life necessities.

[@0ChanMan]

Start that business bro! Quit exploiting the capitalist system by earning more than you otherwise could buy yourself!

[@partofme100]

Why don't you become an employer and show us how to do it right.

[@lilithlives]

I would like you to do a segment on the Gig jobs in America, where "employees" use their own transportation, insurance, gas, insurance, repairs and physical risk, and after all those expenses, many don't even make minimum wage. But many are forced into this horribly exploitative industry where the CEOs are billionaires.

[@kristiblack4789]

And Billionaire Bombing Butthead Larry Ellison, sole owner of the stolen Island of Lanai, doesn't allow his employees to even look at him. Not in the face or eyes! Like a right Master/Slave relationship!

[@kylezo]

there are a few dozen stories on this topic in the archives, also take a look over at More Perfect Union which does great pieces on those issues as well

[@JohannCABJ]

The collab I always wanted. Waited 5 years for it.

[@ansa336]

Yes!!! I could not agree more.

[@BrentMedia]

They did an interview together on another channel a few days ago. Def recommend it if you haven’t watched.

[@PogoTheC1own]

There is plenty of Richard Wolff and Michael Hudson vids here on youtube!

[@jgalt308]

@@PogoTheC1own There are only two serious ones...the rest are segments of those two and they're both new. Anything earlier is a waste of time.

[@jamessmith1785]

In Italy rent is established by square meter space specifically, a landlord cannot name their own price without regulation even in commercial buildings or office space.

[@headsails]

Yanis did a piece on the Amazon serfdom and was blown away. It's really quite frightening.

[@fredtan1506]

I remember, in the 1960s, American leaders bragged about letting the Japanese (paraphrase) “make Sanyo or Panasonic washing machines, fridges for us while we dominate outer space”.

[@kristiblack4789]

And the only dependable thing that we've got to show for those MIA Trillions are NASA Space Panties!

[@kp6215]

Waiting for his next book 😊

[@thomasduggan8755]

Best wishes from Manchester Old England great show everybody keep up the good work ❤️👍 just follow the money 🤑

[@blacksyrianiskenderunboi9388]

Shout out to oldham and Rochdale

[@seanpenfold4374]

Great episode, I'd certainly like to see Dr. Hudson on again.

[@kp6215]

Back to several people sharing residence rented to pool their income to pay the rent same as 1895.

[@kennethhancock2433]

Two of the absolute best.

[@kp6215]

My favorite people 😀👍 Reading Michael his books are my brain learning.

[@MrChiangching]

Sorry for your loss 😱

[@dylannaenzo9737]

Michael Hudson = genius, socialist, overall great human being. He is an American Hero can make very complex ideas, concepts, easier to comprehend. I pray for his continuing good health. I love Wolff, too, for helping us all understand what's happening all around us for decades, on KZbin. Many thanks to both wonderful intellectuals.

[@alvinfrazier4152]

Thank you for explaining why America is an apartheid state, Professor.

[@kristiblack4789]

"There never was a democracy yet that did not commit suicide." Samuel Adams!

[@kp6215]

A realtor in 1965 told me about red lining and ask to call my mother when a black child was playing outside to not bring clients because property values were go down that I said that is discrimination and we said NO .

[@marycollins8215]

Thank you. I am 64 and like your intro music very much. It is uplifting and also not something that I don't want to hear even once. Dr. Wolfe you are being authentic and I value you so much! I care about our planet home and our future generations, and I don't want to age in a warehouse that takes away everything we own. We need a new, new deal approach.

[@fidomusic]

"Cape of Good Horn"😃. Richard means the Cape of Good Hope, at the tip of South Africa. Cape Horn is at the tip of South America.

[@patriceesela5000]

He's human afterall

[@DarkVader-jj4dt]

Thank you Professor Wolff for explaining how economics and democracy work, things are a whole lot clearer to me now.

[@Nemesisnxt]

Whoa, hold on there. You really need to study other sources of information. The professor’s statements are heavily skewed towards pro-communism. Balance this out with Hillsdale’s economics 101. Then you will have a better understanding of how it works.

[@kateoneal4215]

MICHAEL HUDSON IS AN ADVISOR TO JILL STEIN! ❤

[@penelopeprill211]

#JillStein2024

[@l.w.paradis2108]

Just checked the statistics --- the largest number of workers in the manufacturing sector, in terms of total workers and not as a percentage of the total labor force, occurred during the Carter administration: roughly 20 million people. So, later than we thought. Pre-Reagan, not coincidentally. The purchasing power of the minimum wage peaked about ten years earlier, around 1968 or 1969. Back then, a couple starting out, both working full time for the minimum wage, could afford an apartment anywhere: San Francisco, Denver, Seattle, Chicago, New York, Boston, . . . literally anywhere.

[@dcikaruga]

'We study the economy, and then we pretend, like our collegues, that we really understand what's going on.' - That was awesome!!!!!! 😁

[@kristiblack4789]

They know exactly what's going on, and not going on in "our" Debt Based Economy. But must pretend like they're super, duper Clueless! Meanwhile they laugh their arses off back at the Lodges!

[@rubenrubinos982]

I have worked 3 jobs to purchase a home and have been unable to buy one at this time I have given up on buying.

[@1LaOriental]

I’m in the same boat.

[@kylezo]

same.

[@egbutler114]

The market economic system is the problem, and no one is addressing it.

[@kylezo]

the PSL is addressing it with de la Cruz's presidential campaign but it is not addressed by corporate media. "no one" is horrifically dismissive of those of us that are doing everything we can to uplift these ideas

[@Sakhara256]

I'm getting a great education on national and global economics by listening to this channel.

[@gabrielmonopoli7994]

Excellent information

[@AymanB]

Longer interviews please with guests of this caliber. Could've done the updates on a no-interview episode and had a 30min interview here.

[@merfymac]

Too short!

[@azoteapost8734]

Thanks for having Dr. Michael Hudson !

[@johnqueripel2001]

Exactly the same in Australia. Sydney is the second most expensive city in the world for real estate. Young people have virtually no hope of getting into real estate.

[@oramaspilsbury275]

I love Michael Hudson! & you too Rick. It’s an honour listen to you both.

[@tiashannon4614]

A republic strive while a democracy surrender.

[@headsails]

I read the title to this episode and bust out laughing. Wolff doesn't mince words and so we are aghast at how true the analysis is - every time like clockwork.

[@bertbaker7067]

Thinking back about Obama still kinda feels like i was cheated on or something. He was the first politician that I really thought was going to help people. I know he had huge forces arrayed against him, and we had to keep supporting him. I didn't realize it until years later, but when he let the bankers off the hook after bailing them out, and that "beer summit" with the racist cop that arrested Henry Gates in his own house. I didn't say anything at the time, had to keep the faith, but looking back, that was when I started to realize he might be the same as all the rest of the politicians.

[@TheLeaderr]

I could listen to you two talking for hours without getting bored :D....

[@Mj_Billz]

Just your interview on Palistine much respect man, new subscriber happy to have found your channel. From London. Peace and love.

[@Elizabeth-bz2mi]

Do you have a link to that?

[@kindaplayerone4128]

Professor Richard Wolfe you Rock!

[@alexnevermind5963]

Love listening to Michael Hudson. 😃👍

[@NoreenHoltzen]

Dream team to have Michael and Richard together!

[@johnchan6955]

Thank you Dr. Wolff! I wished I had you as my professor in college.

[@geraldmantel4955]

This channel offers Straight Talk without the usual political long-windedness.

[@edfurti5046]

With this thumb I don't need even watch the video to give a like!

[@d.csiona171]

Great show and, conversation between two of the best minds in economics.

[@terryhollands2794]

Similar to Canada, there are 2 classes of people, those within the system and those excluded from the system.

[@stoneneils]

oh boy you have no idea to say that.

[@terryhollands2794]

@@stoneneils what? Do you think opportunity is distributed equally in North America ? I know exactly what I am talking about. I lived in both the USA and Canada. I have personally experienced both inclusion and exclusion.

[@stoneneils]

@@terryhollands2794Most workers out ther are immigrants..high and low paying. Maybe Alberta is racist but jesus christ man its 2024 in Canada..if you're qualified and not a whining gen-z demanding 75k at your first job than you're hired like anyone else. Most of my bosses have evern been immigrants. NOT the same in the USA.

[@stoneneils]

@@terryhollands2794 Are you qualiflieid, because you don't mention your career. You're just whining like a typical victim mentalitythat life isn't fair without any details to back it up. I promise you there are MILLIONS of new young immigrants across the usa and canada who surpassed me in IT salary already and i have 30 years experience. Should I blame the color of my skin!? Or might it just be they are BETTER coders.

[@hlmuench4212]

@@stoneneilsI live in the US. You’re full of crap.

[@ansa336]

Thank you gentlemen!!!

[@regrichard4533]

Good men, good show.

[@angelacouncil1092]

Love the Esteemed Economic teachers,breath live love economics, Great 👍 work .

[@vivalaleta]

Best guest evah.

[@markstuckey6225]

It would be interesting for Dr. Wollf to do an analysis of effective inflation according to income. Since housing costs are a larger proportion of income for the poor, they must face higher inflation; it would be interesting to see this quantified.

[@geraldmantel4955]

The level of Apathy in the US is staggering, most of the 'pundits' will say (regarding the collapse of the empire) "Ah, nothing to be concerned about, it's just politics ...."

[@SaintFluffySnow]

I can remember in the 1990's reading in AutomotiveNews (Auto Industry Paper/CrainPublications), where Automobile Dealers and Banks would brag having always charged Black consumers sky high interest rates for car loan financing (10%+), but much less for white consumers this admission was a ghastly unfair practice making car ownership out of reach for most blacks in USA plus, at the time, black business men were still getting rejected in owning and operating a new car dealership (franchiseeship) for any of the USA "Big 3" Automakers

[@reginaerekson9139]

8:31 teachers are the actual product that’s being sold at universities and based on student recognition that makes the brand of a university. I didn’t pay $13 a unit at SMC for UCLA teachers by accident. Thank you!

[@frizellruckerjr3968]

Dr. Wolff, YOU give the plain truth. Acudos to You, respectfully to You, Sir.

[@merry8092]

Wow, the title alone is stunning.

[@MR-tn5kv]

Absolute dream team!

[@vooyas.mp4]

As always an insightful and though provoking conversation between two great minds!

[@randolphholy-day6400]

Very informative!

[@reginaerekson9139]

20:38 by the time I got a house, I was sabotaged at work and I wanted to just die and 2008 mortgage being what they were. I sold my new car and liquidated everything to be homeless in nyc and by the time I was rehoused 2 years, I was informed the foreclosure on my house was finalized just the month prior. Isn’t it ironic- don’t you think?

[@DerekSpeareDSD]

Love seeing Prof Hudson on Economic Update!

[@thomasduggan8755]

Best wishes from Manchester Old England great show everybody keep up the great work ❤️☺️ Amen

[@ratnabahadurgurung9850]

Nice conversations, thanks both professors,appreciate.

[@Itharl]

Professor Hudson is phenomenal; he explains these concepts very clearly and succinctly, thank you for bringing his perspective to us.

[@longcours]

Very interesting, professors, thank you ! The US are showing the way to us Europeans (unfortunately), everyone speaks about oligarchies being in power in each of our countries, I wonder why the word "plutocracy" is so little used to describe the current political regimes in so-called Western countries ?

[@Fatfingertunes]

Thank you Prof Wolff, and Thank you for Michael Hudson - I've read (a few of) his books!

[@chuekaothao6329]

Red sea shipping has the same effect as a tariff for EU and and the west. No matter how long it takes for products to reach Europe, Asia exporters and MiddleEast exporters still gets their priced values. the hiked up prices resulting from the detour are paid by European consumers, so why would Asian exporters do anything about it even if Sullivan spokes until he's foam from the mouth?

[@lady-bug939]

Thank you for bringing Michael Hudson on your show. Very informative talk.

[@Spock_Rogers]

Thank you! 👍

[@marysavage970]

It’s always awesome to listen to you, Prof. Wolff, and Mr Hudson in conversation…maybe I should contact Charlie and suggest that more of the same ie: you and Michael discoursing…👍👌👍

[@alimay1011]

Great to hear these speakers. Thanks CN

[@cev12]

I like that Michael Hudson has few and actionable solutions. That sounds doable.

[@kristiblack4789]

It's historically called a Debt Forgiveness Jubilee! Super duper funny that right before vulgarly wealthy Queen Elizabeth died, a product of a vast ancient, absolute Monarchy, had a royals Jubilee in her honor minus the Debt Slavery Forgiveness! What a royal Hoot her majesty was! May she rest in Piece!

[@MegaPapa8888]

very interesting from another point of view solving our economic problems. Thanks.

[@joecool3332]

Great show

[@miahsaint-georges]

Wolf + Hudson = Legendary

[@Baobabaloo]

Thank you for all your hard work, both of you. Your voices are so important right now.

[@jameslovering9158]

Same property bubble in NZ and AU, renters are being exploited and the banks have created a ponzi housing bubble.

[@user-nq8vt5xr6j]

The next step is to label. Make yourself appear righteous and highlight your moral superiority. Label the people as evil and terrorists, and if it is a national government, directly label it as authoritarian and against democracy. Find the perfect excuse for subsequent sanctions, intimidation, and even war.

[@JMoroccoMisterBoy]

Richard : Tks. much.

[@VeleroMedia4952]

Welcome my friend

[@EmHotep4520]

Richard Wolff and Michael Hudson. It doesn't get much better. Can't forget Radhika Desai. Would very much like to witness a discussion between Desai and Wolff.

[@wav3st3p16]

Yeah, I feel the "apartheid system" every time I remember that Richard can make the money I make in a month of labor, in barely a couple hours. I don't expect him to ever talk about the wealth gap between him and his audience, as it'd be counterintuitive to his career. People are eventually going to have to take their heads out of the sand and see him and his ideas for what they truly are, though.

[@sufferingsuccatash7720]

I just paid my rent. Now I have a place to starve.

[@johnschreiner8550]

It doesn't get much better than Richard and Michael chatting :)

[@WickedV3ng3nc3]

LOVE your content, Mr. Wolff! Please allow us to clip your videos to improve shareability.!

[@gD-cp3cg]

Thank you for your videos guys !! It is always subtle to see that policy in France follow the same system as your policy have made in US. Toujours intéressant de voir pourquoi il faut standardiser le monde. Always interseting to see why it does standardize the whorld.🙃

[@egbutler114]

Manufacturing jobs have been lost due to technology and market economy. It is simply cheaper for the employer to cut labor costs and produce goods using foreign, cheap labor.

[@l.j.r.8448]

Not before NAFTA.

[@egbutler114]

@@l.j.r.8448 , not true. Manufacturers have been leaving or outsourcing jobs for decades.

[@thethirdgeneration1738]

It didn't really start big until around the 1960's moving forward, up to the point where it has gotten us now over the decades. Dr. Wolf covered this once before, in another clip of when it got really triggered and why, what precipitated it, etc.etc. Capitalism was on the move once again trying to take the Unions down, searching for sweatshop labor to pay people pennies, It's all about that Greed.@@egbutler114

[@andrzejkopalnia]

Brilliant as ever, both of them ❤️

[@kp6215]

Yes I read the Harvard report my business to know since 1970.

[@adwilkin7975]

Get these two their own podcast! Awesome stuff!