Economic Update: The US Capitalist Class and the Election

[@jillainenewman1358]

Thank you for this, professor. I feel that you are the only prominent person in the United States who actually cares about regular working people and our struggles. We need you and I appreciate you. I'm going to make a donation at your website to this important work.

[@idaaudeh5745]

Thank you so much for discussing Gaza in the context of settler colonialism, Professor Wolff. Much appreciated.

[@nthperson]

I have long wondered how Europeans (who happened to be Jewish) thought they could migrate to the Middle East and somehow live peacefully with the devoutly Moslem and strongly tribal Arab peoples. Arabs have not been able to live peacefully with one another, willing to war against one another over which of Mohammed's offspring is the legitimate heir to the prophet's teachings.

[@albwilso9]

Good luck. To the Wells Fargo Workers!!!Long Live the Unions!!

[@ItsOgre]

“Foreign aid is when the poor people of a rich country give money to the rich people of a poor country” - Michael Parenti

[@davidtimus4026]

And that’s a cornerstone of communism.

[@dr.zoidberg8666]

​​@@davidtimus4026No, it isn't. In fact that is the means by which capitalist imperialism operates. Those rich people in poor nations are called "compradors." This is why many African peoples for instance still harbor fond feelings for Russia even though it has changed so much. They remember that the USSR helped their liberators while the USA helped their oppressors.

[@davidtimus4026]

@ and look at the outcomes in those countries. Capitalism has produced more advancements than any other economic model and socialism is just a parasitic ideology that empowers envy. Just about all the industrial, humanitarian and medical advances come from capitalism as the economic model. The eradication of slavery came from it too. Socialism/communism wants to put everyone in servitude, as there’s no other end that could be accomplished when you belong to the state. The same outcome has happened wherever it’s practiced. The experiment has been done and it’s been an abject failure. That’s why you must destroy the system that’s to be socialized, as socialism/communism is otherwise incapable of convincing people to surrender their autonomy.

[@Monkehrawrrr]

@@davidtimus4026 wtf lol wow you need to read a bit more bud

[@mementomori7825]

​@@davidtimus4026😂 clueless.

[@gobeyondaj]

Great episode Wolff!

[@uniqueecho4260]

Dear Professor, I hope your wise words touch the hearts of many Americans and thoughtful people around the world. Thank you for your immeasurably immense work. I thank your guests for their civic stance.

[@brianwheeldon4643]

Richard thank you for this talk and discussion. May I Say that along with other important channels we're not including climate in our descriptions and explanations. When an expert talks of the near term and medium term there is no recognition of what is too rapidly overtaking humanity in terms of life in a quickly heating climate and decaying environment and it's ecosystems. The result is that people 'don't get it' , it doesn't compute. We desperately need to incorporate and weave the story we are telling into our economic updates and near to medium term future. I happen to think co-operative and like structures will be (are) essential together with a deliberative democratic governance system from community level to nation level. Deliberative being the active word. Thanks again for your work and super human patience.

[@tarmotyyri6733]

🇫🇮♥ prof. Wollf. Unfortunately, capitalism is killing all life on planet Earth.

[@kennyyap9745]

BUT THE ELITES & TOP 20% HAVE MILLIONS TO BUT ENVIRONMENTAL TECHNOLOGIES

[@bcadams75]

I look forward for a way forward Excellent episode 👏

[@LarryWasser]

Superb!

[@albwilso9]

I never thought about it that way, but you are right!!!

[@brina6680]

This was a great interview. Looking forward to reading this book

[@charlierpaul5486]

I love this guy

[@marycollins8215]

Wonderful as always. TY

[@miztropraineraine9923]

I wanted to have a say about your comment on New Zealand… Australia and New Zealand have very similar history, similar laws and history because of the British colonial past, however unlike Australia they had a treaty. They seemed a lot more progressive than Australia because the haka (tribal dance performed before a sports game) is celebrated not just by Māoris, but by every Kiwis, and it’s something a lot of spectators look forward to when seeing a Kiwi team. In Australia tribal dance by the aboriginals have been criticised a lot especially of late. Aboriginals tribal dance (welcome to country) have been practiced more especially after the Black Lives Matter movement. The recent racial tensions in New Zealand and Australia have become more frequent ever since Donald Trump gained popularity. He is the poster boy for extreme right wing who fall for the ideology that foreigners are taking their jobs and fear past colonial regimes needing to face the consequences of their rules. The everyday people of Australia and New Zealand are not racist, they have however been persuaded to believe that their rights will be violated by the original people of the land by the media of the extreme right who repeat these scare tactics almost daily. Racism is more visible, and practised more than ever and it is worrisome. My point here is these effects of Trump isn’t isolated to the USA it is spreading globally especially when you have common news agencies in all countries (Murdoch).

[@pipster1891]

Who are the "May-Ori"?

[@nthperson]

So much is traced to how the land of first peoples was taken by new arrivals who possessed superior weapons. Sharing the land (i.e., the commons) could have fostered peaceful relations. Some effort was made by those of European heritage who had come to embrace the public capture of the economic rent of land to replace other sources of public revenue. There is some history of this that is not taught but is valuable as a lesson for how to create true equality of opportunity.

[@sylviewalker7560]

Kapitalism Kills

[@geoffreynhill2833]

SOLID ! 👍🤔 ( Greets from UK )

[@jason8077]

The real significance is that people choose real-estate billionaire as the president.

[@stephen_pfrimmer]

Thank you Dr Wolff. Many months ago I heard Ralph Nader say, first thing, on his Radio Hour podcast that congress needed to pass new laws forcing employers to sign contracts with unions. He said this in light of the history of companies keeping the contract tied up in litigation (I think is the way I understood his argument). Some companies don't sign contracts for decades. Interview Chris Smalls please.

[@vivalaleta]

You mean there are other professors, besides you and the ones I'm familiar with, that recognize what's going on and how to fix it? Good news.

[@miriamsilata8498]

Great info❤

[@trewdat361]

Not a large issue, but Māori is pronounced as "Mow-ee" or "Mar-ee" most oftenly. Keep up the great worker Professor Wolff!

[@Turdfergusen382]

I hope we see 32 hour standard work week in my life. Americans have long made enough surplus for the rich. Time they paid for us to get our fair share

[@ivanoleaanimator]

21k views, more likes please.

[@commonman317]

What also worries me is that our U.S. population is growing, while corporations continue to lay workers off, downsize, or ship jobs overseas. We will have tens of millions of more people in the future with less and less jobs to choose from. More Americans will be sidelined.

[@lyndamonchak4072]

Sadly yes

[@SVmathfarmer]

We are living in the future now

[@kennyyap9745]

​@SVmathfarmer ....ONLY TOP20% ARE IN FUTURES.....SADLY REST ARE SLAVES OF CAPITALISTS....NO MORE JOBS DEVELOPMENT.....ON M.I.C IS EXPANDING....

[@shadylane7988]

More people into robbery, drugs and addiction. Already on that path.

[@danielhutchinson6604]

I prefer the "Investor Class" as we all seem to be surrounded by the effects of Capital as a measure of Value. Investors who live off their Dividends from Investments, are not like the Wage earners. The Wall Street Crowd enjoys the benefit of skimming the 401 plans of Working Class Folks. Ut seems like a Oligarchy as Jimmy Carter claims? But the ability to extend the Currency beyond the limitations of support, now appear to present another Currency Crisis as we saw in 1967.

[@monaliza3334]

Lol Capitalists without capital. Just same are living somehow good, the rest are living on the streets in cardboard houses. While in Russia 10 years after the WW2 the government build 168 000 000 free apartments,... schools, universities hospitals was free for everyone, no jobless or homeless ect ect

[@cev12]

Ohhh, if only Wolff hammered home the difference between Kamala and Trump BEFORE the election: "how do you see a way forward for a working class that is now trapped, we might say, within this exceptional capitalism, suffering in the way that they are, and about to probably more so..." We would have had a better chance, an easier starting point, against Kamala. We weren't picking our soul mate, just our opponent.

[@StephanieG.Augustus]

People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?

[@JohnNgomba-k3v]

truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors

[@KarenJ.Mancia]

I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.

[@Andreavince-v]

I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you

[@KarenJ.Mancia]

Stacy Lynn Staples is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@CharlesT.Foster]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@pardeeptandon]

Crony capitalism practised in America in the last 40 years has kept the Median income of Americans stagnant, while a meritocracy-based political system has made China the largest economy in PPP terms in the world. Today, China leads the world in 44 of the 56 advanced technologies of the future. In another generation, Americans will go to work in China, as the Chinese economy will be the wealthiest in the world. I say this because today, the wealthiest newborn in the world is the Chinese, as they inherit the wealth of six ancestors tax-free. This is due to the two generations of the one-child policy implemented by the Chinese. They inherit two houses. No wonder China today has surplus housing.

[@SVmathfarmer]

As I tell everybody start learning mandarin 大家需要学习汉语❤❤❤。 it’s a true statement made here about the housing in China. My Chinese wife inherited a house that she doesn’t need but we are keeping it and renovating it for when we retire bc life is just so pleasant over there

[@Olddog3985]

Lithium- Bolivia. We have US operated crap happening now in Bolivia. You need to do a show on this ongoing coup of gangsters trying to capitalize on this lithium.

[@turningtree6351]

So, it is ok for the Māori to have “blood and soil” nationalist sentiments but not the White Europeans from having the same sentiments in their indigenous homelands?

[@jacobsolace177]

Dear Richard Wolff: Isn't it about time that you stop being merely a talking head and use your time, energy, resources, talents, AND your platform to organize the middle class, the working class, and the poor to make sure that only the most Loving/most Wise/most Intelligent become our public servants? i've been a full-time independent political consultant/journalist since 2010. My Voting Bloc of 3,500 is galvanized to do everything it can to replace Establishment Democrats with True Progressives AND create a viable 3rd party that truly stands with the middle class, the working class, and the poor.

[@kennyyap9745]

TAHE PROBLEMS ARE ALL CONTROL BY ELITES/OLIGARCHS...WITH CORRUPTED POLITICIANS BOTH SIDES WHICH ARE MUCH EASIER TO CONTROL

[@Zhagg1]

Great discussion! A result of the strength of our capitalists is that of this ever catches traction, they'll halt its distribution...

[@rcmrcm3370]

❤❤❤

[@gaikokugo1]

I'd call it commercial capitalism. The term "merchant" is used to refer to what Marx called "the antediluvian form of capital" prior to the British industrial revolution (aka the rise of the capitalist mode of production). He also referred to it as "the independent form of capital". That independence ended aas merchant capital was subsumed within the new capitalist mode of production, where it formed the commodity circuit of capital (Vol II, Part 1).

[@matthewgilfus1640]

The problem is that we're all capitalists because everyone's retirement is tied to the stock market. 401k's, 403c's, Roth IRA's, even CD's. Even Savings Accounts. Every loan you take out has compounding interest. It it wasn't for that people could pay their loans off before they're 55 years old. Corporations have tons of profit. I just wonder what they do with it besides mismanage it?

[@luisurbanoduarte3857]

✊️✊️✊️👍👍👍💪💪💪

[@Martha-s7u]

Please bring Mr. Rick back soon

[@godfatherofcinema]

My teacher got my laptop open and ready to go

[@yasseralsaidi1168]

Poor African Americans are suffering lack of employment

[@petermartin8740]

The rich steal from the poor😅

[@pardeeptandon]

Today, China controls more rare earth mines abroad than America does. China has also beaten America in this.

[@jacquelineraner14]

There is a tale about 2 lumberjacks that compete to see who chops the most wood in a day. One chops nonstop not taking any breaks. The othere stops for about 10 minutes every hour. When they compared it was the one who took breaks that had a significantly larger pile. When the other lumberjack wondered how thus was possible when he could hear the other taking breaks and he did not. The other lumberjack said that's easy. When you heard me stop chopping wood I was sharpening my ax.

[@gianpaulgraziosi6171]

Outcompete in stillness…verbal precision…not wasting emotional energy on strawmen…

[@stephen_pfrimmer]

Listeners can give to Jackson Rising too.

[@publicdomain1103]

San Juan county is number one progressive district in Wa. state. Island time is best spent on the mellow side.

[@moneynongrata]

Access to resources (based on tickets - money) - out of thin air = monetary economy.

[@albwilso9]

How did you like Bernie Sanders Book? It’s Ok to be Angry about Capitalism!!!!!

[@jameswilliams7337]

Did the county workers still make the same weekly salary or wages by working only 32 hrs a week instead of 40 hrs ? If they did, where was the money savings ? Please explain.

[@username19237]

Does anyone know what the study was called that he mentioned at the start?

[@jgalt308]

Details are not his modus operandi...anecdotal allusion is.

[@callyyeadon2653]

👍😊❤️

[@bernardheathaway9146]

✌🏾✌🏾

[@neilhyland1163]

working people need unions but also politicians who actually work for everyone not just the mega wealthy. A good place to start is with the ceo class . they are employees. treat them as such. If a company can pay millions to a very few they can also pay far higher wages to the workers, there pay comes from the same purse !

[@ArleneYLope]

❤🎉

[@gordonadams5891]

Only Congress is authorized to tax according to the Constitution. So how is it the President can be unilaterally impose tariffs?

[@CKGamingChannel-w2o]

But Aced, Unions are strictly forbidden by the Master of Masters.

[@lacha608]

Somebody seems to think that climate change will offer us enough time for a long game. Even if that weren't an overarching issue, nobody who can't afford medical care, housing or education has time for a long game. Good luck engaging the people who really need change to get involved in a movement that doesn't offer a solution to their problems sooner rather than later. The people who can afford a long game are the people that the current system is already taking care of.

[@georgewaters6424]

Not pronounced ""Mae or ee"" it's pronounced ""Ma or ee"" ma as in 'ma baker' not 'may day'

[@stephenlaurence8650]

Professor Wolff, you misunderstand a little. The treaty was signed in 1840, was only one page long, and effectively had Maori cede sovereignty to the crown. It wasn't until 1975 (135 years after the signing of the Treaty) that Maori claimed the text of the Treaty in the English language differs from the text of the Treaty in the Maori language and therefore a tribunal was needed to be established to make recommendations on claims relating to the practical application of the principles of the Treaty and, for that purpose, to determine its meaning and effect and whether certain matters are inconsistent with those principles. In 1985 the act was amended to give the Waitangi Tribunal the authority to consider claims dating back to 1840, when the Treaty of Waitangi was signed. It also enlarged the tribunal's membership to enable it to handle the increased number of claims. It also required the tribunal to have a Māori majority. In 1988 tribunal membership and hearings expanded the tribunal's membership and abolished the requirement for a Māori majority. It also enabled different groups of tribunal members to investigate different claims simultaneously. In this time many treaty settlements have been made but it has become clear that the practical application of principles sought in 1975 have never been aired or explained in writing for all New Zealanders (Maori and non-Maori) to understand once and for all. I was born in 1959 and played no part in the colonialization of NZ. I am the son of a cheesemaker (deceased) and a dressmaker (91 and alive) who after their marriage had 5 pounds sterling and a car with a flat tire to their name. They worked hard an as children (my siblings and I) followed their lead in life. And here we are in 2024, 31 years after NZ voted for MMP (Mixed Member Proportional representation) and our politicians can't determine and define treaty principles' entered into at Waitangi between Her late Majesty Queen Victoria and the Maori people of New Zealand in 1840 and nor principles sought in 1975. Since MMP passed by REFERENDUM in 1993 the Treaty has been used as a divisive instrument to keep us all divided politically if not personally. Their is no better example than our current Prime Minister, Christopher Luxon, stating that the Coalition Government (3 party agreement) had been elected and we've come to power because we want to be able to improve outcomes for Māori and non-Māori”. And now we have a debacle coinciding with International turmoil that could force NZ people into civil war if international war commences. I understand your economics Professor Wolff but you are off base here. Kind Regards, Steve Laurence, Taranaki, New Zealand

[@sklinsklansky3113]

Leave your talk of civil war at the door, Maori marched 100,000 strong the length of the country alongside peoples of all nations and there was not a single arrest in nine days! and this at a time of unparalleled tension. These breaches would see cities burn in many parts of the world so appreciate the fact that you live alongside a people who have laid down weapons and hatred in favour of change through peaceful democratic process. Maori understand that the Treaty Principles Bill is an attempt to dilute the rights guaranteed to them in Article 2 of Te Tiriti o Waitangi. This particular change is intended to separate or lessen the rights of the indigenous people in order to pave the way for oil exploration and commercial exploitation, under the guise of equality.

[@musashimiyamoto586]

I fear the biggest problem is that apart from disappointed democrats and socialists not many Republicans will view progams like these and get informed/wise up. Consumption is all that matters and the strange thing is, it is society which paves the way for the demography we are now experiencing. Society meaning the people. So does that mean we increasingly dull ourselves and make ourselves passive by mass consumption and Social Media and, frankly, getting dumber every day? I am surely noting a tendency toward a subservient behaviour and surrender to people who shout the loudest and tell the masses it will all be ok no matter the insanity. It is like people cannot be bothered or have no incentive of engaging. And sadly, there is no intelligentia or movement capable of counteracting this dangerous lull and which actively resists this precarious tilt toward dictatorship as well as religious and political fascism.

[@AlmaMercer]

isn't it basically the same thing as NATO You're talking, Europe?

[@patricialongo5870]

In Hawaii the population calls itself the kanaka maoli. Maoli sounds a lot like Maori, not coincidentally. Americans took Hawaii by force recently. Looks like we haven't seen that and yet we understand Palestine?

[@John-gw2tf]

Yawnnnn...............ho hum.

[@Freepr411]

Tell that to Puerto Rico the oldest colony in the new world

[@trathmutters1144]

Richard the Indigenous polynesians in New Zealnd pronounce it.Mow(as in ouch) ri (with the i like a long ē and the ŕ rolled a little) Google will let 😊you know. Now more than ever your ideas are very important.🙏

[@minime8048]

LOL even the Maoris cant pronounce it .. i think ive heard 20 versions of it in my life time ..( From Maoris ).. prolly cos they like to change the goal post to suit there needs

[@victorialeif9266]

There’s no transcript for this video.

[@abbyyanow5811]

there is.

[@jgalt308]

It's useless as it shows up in the chat box.

[@2xsive05]

Unfortunately, you didn't mention the genocide of the Moriori, the first inhabitants before Maori, whom sailed down from Asia a few centuries ago. The current treaty gives Maori more rights than than other ordinary New Zealanders, so that's not the definition equality really. New Zealand has a treaty, and Maori have rightfully referred to it many many times. New Zealand is actually the envy of many other nations for the way it was settled. It's neighbour Australia doesn't have a treaty and has a real problem with its indigenous people. They are real indigenous people, living there for tens of thousands of years. I urge you to get your facts straight before passing judgement.

[@minime8048]

Your dead right .. The mori ori were, red headed Maori ( Polynesian ).. They will killed off by Invading Maori from nearby islands (much like Mr Wolfs Palestine moment ) Most of the women were raped and spared.. which is why as a child growing up , i couldnt figure out why some Maoris had red Hair .. Genetics Throwback 🤗

[@sklinsklansky3113]

You bring up a genocide committed 200 years ago, that Maori have admitted to and made steps towards reconciliation for while at this very second in 2024 the British government is complicit in the genocide of Palestinians being played out in real time on social media. Maori are under no illusion that David Seymore "The Man from Atlas" has strong ties to The Atlas Network (a graduate if I am not mistaken) and that the proposed changes he has unilaterally made are intended to dilute the rights guaranteed to Maori over their lands, homes and resources which will the way for oil interests and commercial exploitation.

[@jacobokumu1826]

Ok so Jews are now "white settlers", i have a question for you professor, where did the Jews come from then? If israel isn't their country of origin, we can argue about where the border starts and ends but we cant call them settlers or "Zionists" as if that isn't their place of origin, Lets be fair here. We can argue about their approach to claiming the land but not dismiss their authenticity by giving them titles so we can disapprove of them. Even before the zionist movement there were still jews in israel.

[@Nemesisnxt]

Three Stooges!!!

[@Robert-y7g2g]

Speaking of resource theft (& foreign aid tie-in) Afghanistan mountains, I've read, particularly Rich in mineral wealth... (Why, it's said, military target: 2 empires)

[@cristinacamero3733]

Historia can not and should not be repeated. NO BRITISH COLONIZERS!

[@heyyall1912]

Professor Wolff , you shouldbknow better than that .

[@Martha-s7u]

They teach, not preach

[@albwilso9]

Yeah, makes sense,since the Capitlist class has played the long game up to now!!!

[@monaliza3334]

Capitalists without capital...😂

[@tanujSE]

Hey mr wolff,I wanna marry you

[@Nemesisnxt]

Eww

[@jgalt308]

"profits without production" is NOT CAPITALISM...thanks for explaining that. ( while NOT understanding it. )

[@verdict1163]

Limited government is the antidote to crony capitalism/corporatism. The huge wealth disparities and corporate control we see in the current economy is caused by a government-run banking system, a large public sector financed by deficit spending, and monopoly-favoring regulation sold to the public as consumer protection. Monopolies are in almost all cases created by government and could be eliminated simply by eliminating all the regulations choking every industry which prevent the entry of smaller competitors. "Greed" or self interest will always exist, but the worst thing you can do in the face of this is give more power to the institution with a monopoly on force, i.e. the state. Capitalism is the means by which the greater good is served through the combination of everyone pursuing his or her own selfish interest, because in a competitive market only businesses which serve the consumer are successful. "It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest." -Adam Smith People like Wolff do not understand basic economics.

[@vivalaleta]

That claim is preposterous. Taking the rest of the weak regulations off corporations will make them do better?? You live in lala land.

[@jgalt308]

Only 8 of the 15 comments are visible...only 56 days left...enjoy it while you can.

[@derekdufail2558]

Details, please.

[@jgalt308]

@@derekdufail2558 About the comments...? The other thing is simple math.

[@jgalt308]

So, neo-colonialism like China's Belt and Road? Once again, we are provided with claims, but the details are absent. Public sector unions should be illegal. So, are you saying that the Maori didn't launch missiles at the white New Zealanders? And another nonsense interview with historical revisionism...all captured in a single phrase, "profits without production", which is NOT capitalism.

[@pipster1891]

When a workplace votes to unionize, great, good for them, and I hope their employer doesn't stall them for several years. But it's such a tiny thing against the behemoths of capital in America. Unionizing Starbucks one store at a time is useless, you need to get all stores, all workers, getting unionized and getting the same terms at the same time.

[@beataannanowak659]

My only child was taken away. Worse than slavery. Bergen County New JERSEY concentration camp the sopranos wannabe were milking me like a cow so many males and my credit cards whatever I was making here minimum wage they loved my credit cards loved it

[@DEPLORABLEKULAK3]

If you guys were all about anti-imperialism you would unite with Trump

[@DEPLORABLEKULAK3]

Dr Wolf is your organization a co-op or are you all talk😂

[@jgalt308]

no, a 501c non profit...

[@DEPLORABLEKULAK3]

@jgalt308 do the employees get to decide what he puts on air

[@jgalt308]

@@DEPLORABLEKULAK3 What employees? Available tax returns... indicate one employee...a son-in law married to one of his hyphenated kids...and since neither has changed their name which one is a mystery. He appears to be the "video tech" person...so it's "all in the family".

[@DEPLORABLEKULAK3]

@@jgalt308 that's interesting and not something I'm going to fact check. I appreciate the info

[@jgalt308]

@@DEPLORABLEKULAK3 It's from the tax returns available at Pro-publica...

[@SteStarI718]

❤❤❤