Economic Update: U.S. Capitalism At The Crossroads

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[EU S14 E04] U.S. Capitalism At The Crossroads
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This week’s Economic Update Professor Richard Wolff discusses the special dimensions and qualities of the US labor movement's current dynamism; Thomas Piketty’s analysis showing how capitalism generates widening wealth and income gaps leading to crashes or simmering, divisive, and domestic resentments. Leading to the system itself becomes destabilized.
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[@merry8092]

I started working at the age of 9 in 1979. I’ve worked 2-3 jobs my whole life, I’m 54 now. I’m a nurse, making good money. I’m homeless. I’ve been a good person to everyone. No one will rent an apartment to an ‘old’ lady. No boomer privileges. I’m gen X. Thanks for listening.

[@Kite-te9km]

Sorry.

[@michaelandrews4783]

Capitalism and US government have failed you

[@robertjensen501]

You're in my thoughts. Live on!

[@carlywright5127]

Oh heck. That is so unfair. And nobody was willing to help lift you up? Terrible.

[@charlessoukup1111]

Hello. I'm 77, justreetly. I own my house, but jointlywithmye-wife,and the divorce agreement has me pretty tight financially...dipping into a dwindling annuity, splitting the house payt & taxes with ex as we own the house jointly,survivorship. My ex is 14 years younger &we have 2 grow kids. Your text struck me as ifeel the same sort of trapped by circumstanes as you seemed to state,. I'll soon be done with annuity and unsure of how things will go when that's gone, and my ex does not want to participate in the house expenses.last year furnace boiler went out, fridge & water heater, & big car expenses so a big blow to shrinking annuity. So where do you get your hope that things will get better ...cuz mine is. Shrinking! Good luck to you! You are young yet so I hope you have time for things to turn up! Best of luck!

[@Ahibasabala]

Dr Wolff, the things you say are not only educational, but your delivery is very satisfying. It reminds me of better, more civilised days, and it gives me a bit of hope as well, even though we're facing dark times.

[@theprophet489]

Hope for what any idea of masters and slaves freedom and democracy is the biggest deception the colonial imperialism masters have been selling for the past couple centuries 😂

[@SkipKiplinger]

He's a clown and nothing in his presentations are educational, entertaining perhaps. He's the circus in Bread and Circus. Just keep that in mind when begging for bread after the currency collapse.

[@simonsadler9360]

Why have taxpayers in America allowed $ 1550 trillion on 12 nuclear subs !

[@genelarson6849]

​@@simonsadler9360Russia and China cannot hide its antipathy for the united states. It's heavy handed autocratic inclinations cannot be ignored

[@DCastro9mm]

It's a pleasure to hear Prof Richard Wolff .. the decay of capitalism is worse day by day..

[@GrandSolarEclipse]

The rise to the too was awesome. Now we are in the SHTF phase.

[@prakorngirodkunkid7877]

FDR got money from the riches to support the poors. Nowaday USgovt. try to get money from the riches but the riches said "when they use up money they want money from us".

[@ExPwner]

Capitalism isn’t decaying so that makes no sense

[@Retro-Revival]

Unity

[@carlywright5127]

And they can shove the Fascist enslavement debt burden and control freaks Control Central digital currency to whence the freaks cannot have us over and over.

[@PDTRUMP]

I am a Union Ironworker and I saw the battles first hand

[@0MVR_0]

feels as if the uaw is handing over its artillery shell and high explosive munitions producers to the administration the ira is now firmly a shot in teh arm for military industry

[@narancauk]

Against whom ?

[@alonsocalderon117]

"When all else fails they take you to war." -Gerald Celente

[@tomtuttle919]

WWIII IS COMING...

[@narancauk]

@@tomtuttle919 WW2 never stopped

[@narancauk]

............................and you coming back as a Victor ?????????????????????????????????????

[@aaronogden9900]

I like his name for the two parties The Democraps and The Repulsicans. 😂 I think it’s fair to say Gerald Celente is no fan of the establishment.

[@narancauk]

@@aaronogden9900 Yes we mock them and they run the show ..................

[@stephen_pfrimmer]

Thank you Dr Wolff. That the BBC would refer to the working class that way tells us something. Your work is truly valuable and valued. You are a gift to us. Thank you.

[@mikemurray2027]

Yes, it's not the material conditions of workers' lives, it's some weird 'culture' that has taken us all over. They will soon be telling us Putin did it, and we'll have to suffer until we mend our ways.

[@jgalt308]

Not really since most prefer the Free stuff here...rather than actually paying for it. So "his work" is a gift...but it is more of the "Greek bearing" variety.

[@fritzforsthoefel8031]

Do you believe in a livable wage

[@jgalt308]

@@fritzforsthoefel8031 and the point of that question is? What is a non-livable wage? The implications seem to suggest that if one is not receiving such a wage, the result is death. The homeless receive no wage at all, and many are addicted to dangerous drugs, yet they do not appear to be dying in any great numbers as the problem would be self-resolving, rather than becoming worse. As a result, the question suggests that it is motivated by a particular subjective moral standard containing many assumptions including one that assumes the standard itself, shares universal agreement. Unfortunately, this is not true, subjectively..and could not be further from the truth objectively. The first minimum living wage in the U.S. was set at 25 cents an hour...and from that point (1938?) has consistently been increased and yet it seems to be further and further removed from what is meant by a "living or livable" wage. Yet, people are not dying for the lack of it... so there is a serious disconnect between the "implied meaning" and its objective meaning. This is not a unique problem but rather a ubiquitous one...as one constantly hears that "greed" is the source of all evil, and yet when faced with the questions; How much is enough? and; How would you know? ...one is met with silence. Then there are logical questions regarding the concept of a "minimum living wage", determined by law? Why, if was indeed an accurate estimate, did it have to be constantly increased, and why, even with these increases does it continue to fall further and further behind what is believed to be needed? Then there is this question: What is a wage? The answer here is a bit simpler... it is the cost of hiring labor and it is the price for your labor...and your cost or price is determined by the level of skill involved ...its relevant availability ( supply )and is balanced by the required need for it. ( demand ) A wage is therefore a "price".( and a cost ) which presents a problem for the rather inventive wage/price spiral...that becomes a price/price spiral and an absurdity exposed by its very utterance. So, thanks for the question but as you can see a bit more clarification is required to arrive at a reasonably detailed and truly explanatory answer. Of course, our Professor would have no problem answering it as is...as he no doubt shares all the subjective assumptions required to provide you with the answer you have decided is the correct one...and when failing to do so, will no doubt be assaulted by your ad hominem wrath, limited only by your imagination. As for me...I just have a few questions.

[@vthilton]

Sharing will save the world.

[@limitisillusion7]

Quite intuitive isn't it?

[@narancauk]

That is against capitalist's ideology

[@mocoroco6028]

Very interesting parallels and connections you're highlighting between the US and European economies in the interwar period and after, presented in a clear and concise manner. Thanks Prof. Wolff.

[@narancauk]

Yes. USA capitalism no good. German capitalism good. Hahahahahahaha Why I am not surprised?

[@Matt-fz1vm]

You said it, Professor Wolff, as you so often have. Thank you many times over for all the hard work and passion that you and your wife pour into this modern media conglomerate. Your works are so indispensable that I hope, and pray, your messages spread far and wide. I'm brainstorming ways to get the word out there, and I'll be in touch. Thanks for all the thought-provoking content, as you are both an inspiration to me. ⚓💙

[@davidluckens3479]

Your lectures require me to darkly ponder the question ,"how much will labor cost when its finally ,"free"? I only wish I could have attended your probative,accessible lectures with your colleague Dr Resnick at UMASS back in the day.I understand they were "cracklin good and "jolly well told".Peace.

[@user-fh9kn3nq7c]

These videos are awesome. THANK YOU, Prof Richard Wolff.

[@CTN999]

My favourite professor! Very few are able to breakdown complex economic concepts the way this professor does!🙏😊

[@luclalande1]

Contrasting Professor Wolff's words with those of Argentinian President Javier Milei's recent speech at Davos is exactly the crisis crossroads we are now facing.

[@rwm5518]

As a student of history, I'm with Javier...

[@thomaswikstrand8397]

​@@rwm5518Then you're an incredibly BAD student indeed.

[@ExPwner]

@@thomaswikstrand8397nope he is a better student than you or Wolff

[@katsullivan]

both are the two sides of same coin

[@thomaswikstrand8397]

@@katsullivan No, not at all.

[@PDTRUMP]

I love this man

[@GrandSolarEclipse]

This man loves You.

[@albwilso9]

Good lecture. You need to get it out to more people, as I have always said, when I was a volunteer!

[@kindaplayerone4128]

Good after noon. God bless you and your crew continued Peace.

[@anzhelikaadeyemi6858]

Огромное спасибо за просвещение, продолжайте информировать людей

[@vg7985]

Do you think that world would be in better situation if Russia would not f… up?

[@narancauk]

Prosvescenie eto net sdelat lucse neobhodimo

[@caim3465]

Привет

[@narancauk]

spasibo

[@narancauk]

Osobenno neobrasovannie duraki s sapada

[@edogle8163]

Very good lecture Professor Wolff thxs....

[@georgekostaras]

Rich thanks again for the thought provoking content

[@andrzejkopalnia]

Always happy to see you, Professor Wolff! ✊

[@clarestucki5151]

All those people going on strike doesn't change the fact that the percentage of unionized labor in the U.S. is the lowest level in all of history The recovery of the rest of the world from WWII and the resulting increase in globalization of trade sounded the death knell for unions.

[@clarestucki5151]

@@3338MAN RTW laws don't prevent anybody from joining a union.

[@user-ct3tc5or6i]

@@clarestucki5151 Ваши профсоюзы и убили рабочее движение что так пугало капиталистов. Слушайте и дальше глупости профессора Вольфа ))

[@albwilso9]

So true. It’s surprising that Americans did not see what was / is happening!

[@PDTRUMP]

I have been standing on the railroad tracks screaming since 1998

[@501lilspoon]

​@@PDTRUMP your name is cop trump how are you not the most pro capitalist out there

[@jgalt308]

@@PDTRUMP But it's been happening since 1939.

[@narancauk]

Yes but UKR first !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[@veronikalynn5084]

Britain’s story is a monumental example of what’s described here. I know it was touched on but it could seriously be the focus of an entire segment. Australia is also very emblematic of this lurch and pendulum. Currently the effects of it are pretty ugly and disconcerting. Being from the US though, what’s going on in their whole political/cultural scene feels eerily familiar. Watching their mainstream news media is like watching ours, only a couple years past and reflected back in some tragic funhouse mirror.

[@narancauk]

''Britain’s story is a monumental example of what’s described here''---------------------Opinion of people who never been or do not know what UK is EU wishful (nasty) thinking

[@antonewilson4310]

As always, thank you Professor Wolff

[@jessegreywolf]

thank you for this well thought out, succinct and articulate talk!

[@Mikey-mike]

Thank you, Richard.

[@Denitakis]

These videos are important lessons. Thank you!

[@revolutionaryhamburger]

Dr. Wolff certainly has my admiration. Richard has a reported net worth of $20 millions and he made it teaching the youth how they can never make it here.

[@15clank]

Yeah he was able to do better than his immigrant father thanks to cheap college and better job opportunities than most graduates have today. America used to care about its people . I learned that thanks to wolf. I admire him too.

[@stephen_pfrimmer]

A gift you are to us.

[@tekannon7803]

Professor Wolff, I have listened to many of your lectures and what keeps me up at night is thinking how unfair and ridiculous the whole idea of finance capitalism really is. Doesn't anyone see the merry-go-round we are all on with working class people having to result in getting unions to represent them so that they can make enough to live on until inflation gets so high, they are back on the picket lines and have to go through weeks and months of belt-tightening and grief and stress until their paychecks pay the way again. I am not an economist, but I have... 'invented' would be too strong a word, but I have come up with an idea for an economic model that I think needs to be looked at. In my book which I shamelessly plug to make my point: The Treatise of Teknomix, I have put together an economic model that takes care of 90% of the people if not more and there is no need for strikes or student debt or bankruptcy and the like in my model. It is utopic, of course, and economists like yourself would probably never agree. However; aren't we looking at an economic system in finance capitalism that makes about as much sense as smoking cigarettes which has been proven to do harm to the human body? Richard, as a lay person I have no right to say I have got my finger on the pulse of what society needs, but what I see in finance capitalism is all about is people chasing money to pay down credit or the rent etc., and let's be frank: everyone does it---even rich people never seem to be satisfied with how much money they have. We need to move on to something that is running smoothly under the floorboards that does not break down in these God-awful recessions that tank tens of thousands of jobs and creates fractures in society that never heal. We need an economic model that is not about wealth creation but societal sanity and takes care of all of us at the same time in the same way and not a system where the dollar-whisperers who charm their way to becoming top-earners run the show. It's time to re-think what an economic system should be in the 2020s and put finance capitalism out to pasture...

[@jgalt308]

First, the Professor has never acknowledged either "finance capitalism" or the "rentier" economy as being a "thing"...and he just did two joint interviews with Michael Hudson demonstrating his "ignorance" of it, as well as his "ignorance of Marx's understanding of it, and his expectations that it would be "actual capitalism" that would enable or lead to a transition to "socialism" whatever that might actually be. If one follows Hudson's reasoning and work which is economically and historically consistent with Graeber's Debt: The first 5000 years, and the requirement of frequent debt jubilees to avoid system collapse and the other aspects of these credit-based systems...one has to call into question even the use of the term "finance capitalism" as having any useful definitive meaning...and indeed Hudson himself has gone to great lengths to actually define what capitalism is...but this doesn't really solve the problem, for it also adds a word to "capitalism", leaving us with two forms of capitalism, one which IS capitalism and one which is NOT!!!! Indeed Graeber's Debt begins with upending the imagined economic cycle of barter, money, credit to the cycle that emerges with civilization itself, to credit, money, and barter...with the final stage remaining after the collapse occurs...and this is also historically consistent. The next problem that arises is that of "money" itself...and the realization that "money" as a commodity no longer exists ( de facto from 1933 and de jure from 1971 ) so NOW, money itself has become debt. Wolff has no grasp of any of this or refuses to acknowledge it and it makes little difference which of those is true or the motivation for it although at best it would seem he is channeling Rodney King and the question "Can't we all get along" for which "historically and pre-historically" the answer has been a definitive NO. Without revealing the details of your "utopian" solution that you have an actual grasp of what "finance capitalism" is, or capitalism, or money, or wealth" or history...the very fact that you admit to its utopian aspirations would suggest that you also haven't come to grips with the objective reality of human existence which keeps telling you that we all can't get along. and it would seem that solving that part would be critical to its potential success. As for approaching Wolff or being guided by him, that is a waste of time...Hudson is a better guide and he has a significant body of work, also Steve Keen, and Thomas Sowell, offer different perspectives, and from the scientific biological behavioral school, Robert Sapolsky. The conceptual understanding of biological altruism is one twin, two siblings, or 8 cousins, and one must also determine whether humans are a monogamous or tournament species...as well as the understanding that we are NOT a eusocial one. ( see E.O. Wilson ) It is the failure to recognize and accept this that dooms the "utopian vision of the anointed."

[@theprophet489]

When the ceo,s was walking away with millions of dollars as bonuses hundreds of times more than their annual salary no one complained take your minimum wage and keep quiet get a credit card and keep a high credit score so they the capitalist could the people enslaved 😂😅

[@albwilso9]

It’s about time that the workers, get active again!!! After so many years of suppression and moving Companies out of country!!!

[@JMoroccoMisterBoy]

Glad to listen: Tks., much appreciative.

[@kindaplayerone4128]

Your wise beyond your years. God bless you and your crew(professional/ personally) and cont

[@OlJackBurton]

dude is already over 80. how much wiser beyond that can he get?

[@jgalt308]

@@OlJackBurton It is believed by most that wisdom comes with age but this is not a guaranteed result, and since Wolff has pursued and pontificated the same ideology his entire life, he is living proof that age doesn't necessarily correlate with the attainment of wisdom.

[@narancauk]

And wise beyond his ears .Hhahahahahahahaha

[@peterjol]

If it was made financially worthwhile for people to SHARE the jobs we would almost all democratically agree we NEED to have done... We wouldn't even need unions and in a sense everything we do WOULD be a worker cooperative because everything we do would be something we AGREE we need.

[@theprophet489]

Compare China and Russia to democracy for the people

[@blogintonblakley2708]

@@theprophet489 What about China and Russia?

[@jgalt308]

@@blogintonblakley2708 That was an "exercise"...what part of it did you not understand? and THAT was a question.

[@blogintonblakley2708]

@@jgalt308 So, I was talking to the prophet, not the original poster. {shrugs}

[@jgalt308]

@@blogintonblakley2708 Yes dear...that was very clear... "Compare China and Russia to democracy for the people" That was an "exercise"...what part of it did you not understand?

[@JoseLopez-ys2oz]

If we want democracy, it must be all the way!

[@user-ct3tc5or6i]

Нет такого слова- "Демократия".

[@yvettecardieri6373]

Thank you Mr. Richard Wolff ❣️

[@marycollins8215]

Thank you. Glad to have discovered your channel.

[@PDTRUMP]

Welfare state for corporations

[@sdrc92126]

Fabian socialism

[@fritzforsthoefel8031]

The top five percent pay over half the federal taxes and the average person draws out three dollars for every dollar paid in medicare taxes and the poor get subsidized housing food assistance cash assistance and free healthcare the rich pay almost all the federal taxes and get next to nothing in return

[@fritzforsthoefel8031]

You are aware that corperations are taxed three times at the federal level

[@narancauk]

And When it is tough they got bailed out.

[@narancauk]

@@fritzforsthoefel8031 Where ? On Cayman islands

[@irelandishsac13]

Over consumption and greed has ruined almost everything imo.

[@eveningchaos1]

That's just a component of Capitalism. Capitalism needs to grow exponentially or it will go into crisis. It's a small wonder that consumers are pushed to buy, buy, buy. And borrow ,borrow, borrow if you can't afford it. This is just one of the many inherent contradictions in the Capitalist system. You can't degrow an economy to something sustainable under Capitalism. It can't do it, because that is antithetical to what Capitalism is. It must grow infinitely on a finite planet.

[@vg7985]

Overconsumption and greed is not the reason, it’s the symptoms of the system. You need to listen to prof Wolff more - he explains the system of capitalism and how it works and why overconsumption ( and underconsumption) and greed are necessary to survive in capitalist society.

[@wegap2012]

Thanks Prof. Always informative and insightful. @13:00 is where it hit me.

[@johnknowles1050]

Thanks for putting things in perspective. Inequity in wealth is the root of the problem. You help explain why.

[@geraldmantel4955]

This dude "tells it like it is," unlike Sloman ...

[@MJCaribbeangirl-oq1lb]

How many decades of strikes would we need to have in order to make up for the earning loss of the the middle and working class over the last 3 decades?

[@ExPwner]

Earnings went up and not down

[@limitisillusion7]

I'd focus less on the length of the strike and more on the magnitude of the strike.

[@josho6038]

#bankrun2024 and bring back Glass Steagall

[@artemiovelaochaga2209]

Thank you professor Wolf

[@markparker8054]

Thanks Prof Wolff

[@albwilso9]

Now all we have to do is to not allow companies to move factories out of the country, without offering to allow the workers to buy the company!!!!!

[@vivalaleta]

Exactly. Workers should always have first option to buy their company.

[@jamie000]

Expropriation of assets and tax outgoing capital if they ever consider leaving. Corporations should not have rights of personhood (and outside of the US they rarely do.) They should have no right of movement until workers are compensated first.

[@ExPwner]

Idiotic entitlement nonsense

[@ExPwner]

@@vivalaletano they shouldn’t

[@vivalaleta]

Why not? @@ExPwner

[@PDTRUMP]

14 years since I saw you do your talk at google and we have gotten worse

[@sinaBehmanesh]

thank you so much we will be seeing big changes in the capitalist system sooner than we inspect due to the brisk block

[@daniellahootian6487]

tnx professor. beautiful truth and knowledge ❤

[@magepunk2376]

Abolish capitalism!

[@fritzforsthoefel8031]

People flee communist countries to capitalist ones why is that

[@fritzforsthoefel8031]

And replace it with what

[@magepunk2376]

@@fritzforsthoefel8031 Anarchism.

[@fritzforsthoefel8031]

How did we ever survive without government help

[@fritzforsthoefel8031]

Even the libertarian party believe in military police EPA fda and schools

[@maddysys]

I'm considering investing around $700,000 in stocks as I've learned that savvy investors can still profit during challenging times. Do you have any solid stock market strategies for this year?

[@chrissmurrayy]

It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. Patience and a long-term perspective are key. You should consider a market expert to guide you.

[@eastwood224]

I'm in line with having an advisor oversee my day-to-day investing cos, my job doesn't permit me the time to analyze stocks myself. Thankfully, my portfolio has just 5X in barely 5 years, summing up nearly $1m after subsequent investments to date.

[@ElizabethWoosleyOberg]

how I can get in touch with this advisor as my porfolio isnt doing well?

[@eastwood224]

NICOLE DESIREE SIMON is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@Patatkevin]

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

[@prajnaseek]

Professor Wolff, I love your very lucid analysis and framing of the current global situation and its historical antecedants - and I especially love how you present workplace democracy and worker cooperatives as a crucial part of the answer. Bravo. And I entirely agree. Let me also restate my earlier point, because I know you get a lot of comments, and it's easy for some to be missed or overlooked: Richard, your work is excellent and I respect it greatly. However, there is a blind spot, regarding what I would say is best called Covid-1984, as the host of Geopolitics & Empire so aptly phrased it; or the Covid War, as the world's leading trend analyst, Gerald Celente called it. In short, the Western corporate-state oligarchy used a crisis, covid, to vastly increase its wealth, and more crucially, its power. Hardly surprising. Rocco Galati, the leading constitutional lawyer of Canada, my native land, said it directly, when he was interviewed by Doug McKenty, on The Shift, right before he interviewed me. He called it fascism - which of course, it is. As Gerald Celente said, "Let's call it what it is. It's fascism. The money changers have taken over. That's all this is about." It's the merger of big business and the state, which Mussolini himself said was the very definition of fascism. The covid crisis simply gave the Western oligarchs, the means and opportunity to consolidate their long-unfolding power grab and slow motion corporate-fascist coup. For a summary and analysis of this entire landscape, historical development, and its further culmination since 2020, with the Covid War, see my essays: Sinking All Ships (Except Our Own) The Worst Of Both Worlds And The Failure Of Propaganda & The Resort To Fascism See also, my first two published books: Enlightened Democracy: Visions For A New Millennium And The People vs The Elite: A Manifesto For Democratic Revolution Warm regards, my friend, And do read these works! They can help us in the fight for a better world for all. - J. Todd Ring, Villa Samadhi, Uruguay, January 30, 2024 My writings are on Substack, WordPress, Rumble, Barnes & Noble, and Amazon.

[@jgalt308]

Wolff doesn't read comments...nor does his volunteer...he also doesn't read much, or understand much...as Michael Hudson recently demonstrated, twice! So what is enlightened "democracy"...one where the majority doesn't cancel the minority... or has the meaning of the "word" changed somehow...to mean anything other than "tyranny"? And if you have a problem with the "elite" you could always rise up and eliminate them...but that wouldn't solve your problem and you are not going to do it anyway. Btw...Uruguay seems to have the following problems... Vulnerable to commodity prices (soybeans, beef, dairy products, wood, rice) Dependent on the economic conditions of Argentina and Brazil (tourism) and China (commodities) Inadequate transport infrastructure Reduced competitiveness due to high inflation and market rigidity Public debt (mitigated by a longer maturity and diminishing denomination in dollars) So like Wolff you still haven't figured out the source of inflation or what enables the "elites" to become "ELITE". Given that you a supposedly a "constitutional republic"...which is antithetical to "democracy", you are simply another "republic" that has lost their way. Good luck...and in any case, this is not the mechanism that will succeed in contacting Wolff... try visiting the website or emailing Charlie as instructed...if you succeed Democracy at Work will grant you 15 minutes of fame. Oh, joy...oh, rapture.

[@user-rp8sg4dw5p]

Prof. Wolff! so good to see you after being one of your students over 50 years ago at CCNY! I still recall you comparing the price of oil versus the price of toothpaste. And this was just before the great OPEC oil embargo. I agree that democracies all over the world are failing as their political leaders and their parties cannot address their respective problems as they no longer can work together through compromise and seek support from the middle of the political spectrum Instead they Parties have been drawn to the respective extremes in their ranks. Yet totalitarian governments in China, Russia - and I now include Turkey - are strengthening, using capitalism partnering with oligarchs and their military. Our repeat choices here in the US between Biden and Trump is greatly distressing! the future looks bleak for democracy in this country.

[@DC-wg1cr]

Complete lies about communists. They did attempt collectivization and cooperativization and had great successes as well.

[@vivalaleta]

Wtf? Where did Wolff hate on communism? Early communism that is. Later it became something very different from communism.

[@DC-wg1cr]

@@vivalaleta he lied and said communists didn't try to reorganize the workplace.

[@vivalaleta]

@@DC-wg1cr How hard did they try? Employee ownership of their work is the crux of true Communism and the only way to ensure democracy. Russian communists didn't secure that system or they'd still have it.

[@user-il8ip1kv4q]

Well said Thank you

[@PDTRUMP]

ABSOLUTELY CORRECT

[@catherinemoore9534]

Great video again. Thanks. 💯👏

[@kindaplayerone4128]

continued peace!

[@charlesbrown1365]

This is excellent, comrade

[@Spock_Rogers]

ありがとう、ウルフ教授！🌸

[@user-um9rf5el1q]

Thank you !

[@vivalaleta]

In the past all we had was main media to inform us on what's what. Now we have the Internet.

[@sdrc92126]

Not for long if they can help it. New regulations to stamp out misinformation.

[@vivalaleta]

I think you mean "misinformation".@@sdrc92126

[@adilsonsf]

Thanks for the class professor 😂

[@alexcooperlaguna7915]

Could you please always put a video timeline so we can quickly jump to a topic? Thank you.

[@backToFreedom]

Keep turning around the same circle until you understand that the capitalism model lacks limits. Limit in how much an individual is allowedvto accumulate wealth, limit in how big a corporation can be. Until these issues are addressed, unsustainable inequalities will lead to all kind of problems we see every day.

[@jgalt308]

The empirical rules of economics are responsible for the limits that constrain any system. But the study of economics is only a pretense, as it is neither, science nor discipline, and as such, the variations of these systems are determined by those in control of them, through FORCE and commonly referred to as "government"... a fact that has remained true for the entirety of the history of civilization.

[@bernardheathaway9146]

Thank you DaW!!

[@jimtaleb4364]

Thanks!

[@iank2207]

Can’t believe he is 81! His mind is so sharp

[@orlandoambert5052]

Profesor the problem with those protests is every cent we has to pay to us to compete with the cost of living,the Government take from us in Taxes and cost of living,we need a government for the people and not for the ones percent richer,they don’t pay taxes,this sistema is not fear 😧💪🏾🇵🇷🇵🇸

[@fritzforsthoefel8031]

The rich pay almost all the federal taxes what are you talking about

[@jgalt308]

Actually, who pays taxes is readily available from the government, and the evidence directly contradicts your claim.

[@PDTRUMP]

Spot on!

[@diabetesasia8261]

Thanks 🙏

[@happyguy2k]

The intro slaps

[@Songbirdoflove]

Brilliant.

[@sofiasmith6757]

Gracias

[@dabrupro]

"Violence's capacity to allow arbitrary decisions, and thus to avoid the kind of debate, clarification, and renegotiation typical of more egalitarian social relations, is obviously what allows its victims to see procedures created on the basis of violence as stupid or unreasonable. Most of us are capable of getting a superficial sense of what others are thinking or feeling...but going beyond that superficial often takes a great deal of work. Much of the everyday business of social life, in fact, consists in trying to decipher others' motives and perceptions. Let us call this "interpretive labor." One might say, those relying on the fear of force are not obliged to engage in a lot of interpretative labor, and thus, generally speaking, they do not.... "Let me take these points one at a time. Is it accurate to say that acts of violence are, generally speaking, also acts of communication? It certainly is. But this is true of pretty much any form of human action. It strikes me that what is really important about violence is that it is perhaps the only form of human action that holds out even the possibility of having social effects without being communicative. To be more precise: violence may well be the only way it is possible for one human being to do something which will have relatively predictable effects on the actions of a person about whom they understand nothing. In pretty much any other way in which you might try to influence another's actions, you must at least have some idea about who you think they are, who they think you are, what they might want out of the situation, their aversions and proclivities, and so forth. Hit them over the head hard enough, and all of this becomes irrelevant. "It is true that the effects one can have by disabling or killing someone are very limited. But they are real enough-and critically, it is possible to know in advance exactly what they are going to be. Any alternative form of action cannot, without some sort of appeal to shared meanings or understandings, have any predictable effects at all. Maintaining them [human relations] requires a constant and often subtle work of imagination, of endlessly trying to see the world from others' points of view. This is what I've already referred to as 'interpretive labor.' Threatening others with physical harm allows the possibility of cutting through all this. It makes possible relations of a far more simple and schematic kind ('cross this line and I will shoot you,' 'one more word out of any of you and you're going to jail'). This is of course why violence is so often the preferred weapon of the stupid. One might even call it the trump card of the stupid, since (and this is surely one of the tragedies of human existence) it is the one form of stupidity to which it is most difficult to come up with an intelligent response." -- "The Utopia of Rules On Technology, Stupidity, and the Secret Joys of Bureaucracy" by David Graeber

[@FoxSt3v3]

good shit Ricci

[@PDTRUMP]

Genius….thank you

[@jgalt308]

NOT!!!!

[@Glumclam]

@@jgalt308haha such a loser.

[@stellaconsortium]

About time. 'Two centuries' too long. Good Riddance.

[@tomtuttle919]

I was lock out from work and social connections by the government during the pandemic...and today I am still homeless with no hope of returning to my old life..I strongly believe today society with the help of the Wealthy has lead to vast numbers of toxic citizens..

[@TheRealBozz]

THIS year, buddy! This year you're going to be right!

[@cev12]

I would like to hear more about how the Great Recession compares to the Great Depression. You had a guest once who said he called it the "second Great Depression." And along the same lines, an episode focusing on how the younger generations, and probably most distinctly, the millennials, have been impacted by these repeated downturns. I'm sure downturns harm most, but would be especially bad for those just starting out.

[@user-ct3tc5or6i]

О нет нет!! Великая депрессия была депрессией, а то что происходит у вас в экономике- это не депрессия а системный слом Америки. Смешно смотреть как Вы ждёте что со временем всё наладится. Не наладится. У нас в России подсчитали что американцы станут в 2 раза беднее. Представьте себя без работы и в 2 раза беднее. Вот это и есть самый лучший вариант для американцев (для вас лично).

[@narancauk]

''Italy is following footsteps of Greece''----------------------------Oho that is the magic of EU???????

[@MrBigred29]

Maybe you guys should look at Hanesbrand and Parkdale they are slowly moving all there operations overseas not good.

[@harbinger6562]

Good morning Mr Wolfe❤️🇺🇲🦾😇👋

[@tomtuttle919]

Please Dr.Wolf could speak on the collapse of the bond market at the start of the pandemic. I am one of the 7 million American staying out of the work force in a kind of silent strike.

[@user-ci3hn3tb3t]

Which is better plastic plant pots or clay plant pots

[@user-ct3tc5or6i]

оба хуже.

[@mountainhobbit1971]

I find it ironic that as I listen to this I am seeing how my tax return this year will be $100 less than last year and I made the same amount. Seems to be an odd coincidence.

[@lifeonearth9261]

Declining birth rates and the retirement of the Baby Boomer generation appear connected to tightening labor markets globally. This basic supply-demand shift increases the leverage of workers to advocate for better compensation and working conditions. Simultaneously, a pivot towards localized or friend-sourced manufacturing could further empower domestic employees rather than overseas labor. In the US, unions seem to be capitalizing on these dynamics, as evidenced by a dramatic upswing in strikes over the last two years. Organized labor groups understand worker scarcity affords them greater influence in negotiating pay, benefits and employment policies. European countries have observed similar strike activity compared to prior periods.

[@roughgalaxy7990]

The world is a very scary place right now... you'd think we could shield one generation in between global disasters of our own making.

[@geixiong5749]

It always fascinates watching you professor Wolff . If this Americans populations don’t get together and stop this criminal activity of this government, America will be done for good .

[@jgalt308]

When has Wolff claimed that the government was engaged in criminal activity, and in what sense would it be in fact "criminal"? As a matter of law, all of the actions of FDR were in fact criminal...and declared as such by the Supreme Court for those in his first term... That this result would be repeated for those in his second term, provoked him to threaten to pack the court...another criminal act, along with the 4000+ executive orders mandated in his administration. So you have had an unconstitutional and criminal government since 1939...as well as the consequences of that criminality. Whatever criminal activity Wolff has cited, if any, he has never identified the source or cause of it, just as he has never identified the source or cause of the failure of capitalism, a claim without evidence, since he never bothers to identify what capitalism is, or much of anything else. What is fascinating is that for all the rhetoric, it is composed of words that have no definitive meaning...and those in this echo chamber never seem to question it.

[@Glumclam]

@@jgalt308you again. The Supreme Court that declared corporations are people. The Supreme Court has always been another institution that suppresses democracy in order to protect the interests of a minority of elites.

[@jgalt308]

@@Glumclam Interesting, you didn't answer the question and didn't comprehend or respond to what was written. Also, this is (was ) a constitutional republic, not a democracy...designed with an understanding that both government and democracy were to be feared. But keep trying...things will get easier for you when you learn to read, and can comprehend the meaning of the words used.

[@johannakamstra-schickendan7380]

Professor Wolff please read “THE GREAT TAKING” and you will be capable of informing the people rightfully.

[@jgalt308]

That is clearly not what motivates Wolff.

[@kippgoeden]

Let’s keep the momentum going in 2024 ✊

[@PDTRUMP]

Trust me because 34 years AS AN IRONWORKER AND HE IS GOING TO BE SPOT ON

[@artemiovelaochaga2209]

I would like to share it on Facebook but isn't possible. I don't know why

[@user-ct3tc5or6i]

ха-ха-ха... Он не знает ))) Фейсбук- это сливной бачок ЦРУ и ФБР.

[@PDTRUMP]

Was that Jan 6?

[@HerrschmannNachmann]

... and now explain the "Gold Bugs" what would have happened to the situation of the ordinary people in case no "fiat money" could be released and allowed US citizens to live much beyond their means and finance the trade deficit of the USA ... ... and the surplusses of the others, and by that the wages of those others working in the exporting industry ... ... and, of course, that the end of the lifecycle of the game had come with the liquidity trap ... Good Luck!

[@Marxist2]

An enlightening episode on the current state of capitalism. I hope your prediction is right, Prof. Wolff. I treasure your knowledge.

[@jgalt308]

Too bad he has never had a clue what capitalism is...nor is it the cause of the problems...and this contradiction should be obvious to anyone who listens to him. After all, if Wolff's understanding was consistent...he cannot attribute the Rise of China to communism or socialism...as well as attribute the West's decline to that of capitalism.

[@user-hb3ql4sb4d]

I have made a challenge and no one has taken up the challenge. Do you know any where in the world, in any country, politicians ever protesting for more pay? Makes you think why!

[@RiggsBF]

I wish we would labor unions here in Texas.

[@fellsmoke]

If we had industry of substance..things to offer the world other than weapons, war and debt, abroad, service industry employment, inferior educational system and opportunities, not to mention growing homeless dieing in the streets...plus militarized police forces and mass incarceration...The US can strike away...win or lose this place/nation not a nation is going down hard...

[@benjaminstarks4071]

Good ol' Charlie Fabien.