Global Capitalism: The Changing World Economy [May 2023]

Global Capitalism
Richard D. Wolff
Wednesday, May 31, 2023 at 7:30 PM
Because of Covid affecting Richard Wolff as well as some internal reorganization at Democracy at Work (d@w), we had to postpone the original May 10 date for this presentation of Global Capitalism. It will now premiere instead on May 31, 2023 on Democracy at Work’s KZbin channel at 7:30pm.
Premiere: d@w KZbin channel on Wednesday, May 31, 2023 @ 7:30 PM EST.
This lecture will also be available on the Democracy at Work KZbin channel; look for the most recent video on the "Global Capitalism" Playlist. It will also be published on our website: www.democracyatwork.info.
The Changing World Economy
- BRICS outgrow the G7
- Global de-dollarization speeds up
- China’s Economic Strategy
- US: people vs leaders on changing world economy
Co-sponsored by Democracy at Work and Left Forum
Special messages to our audience:
Please help sponsor Global Capitalism by becoming a monthly donor to Democracy at Work. Go to our website to learn more (www.democracyatwork.info/donate).
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Our four Democracy at Work books, three by Richard Wolff (Understanding Marxism, Understanding Socialism, and The Sickness is the System: When Capitalism Cannot Save Us from Pandemics or Itself) and our latest by Robert Hennelly (Stuck Nation: Can the United States change course on our history of choosing profits over people?) are for sale on Lulu.com. Find direct purchase links on our website ( www.democracyatwork.info/books ), or find them directly on Lulu ( www.lulu.com/spotlight/democracyatwork )
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[@Sheil-hard]

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

[@lipglosskitten2610]

One strategy for protecting against a recession is to buy equities. Investors, especially during a recession, need to know where and how to put money in order to make money while avoiding inflation.

[@hermanramos7092]

It has never been easier to understand how to build your money than it is right now, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investtments, in my opinion, are complex.

[@Oly_laura]

Working with a Financial Advisor to help guide you on your wealth-building journey if you're just starting out is a wonderful way to get started and thats how i was able to accrued good gains . They helps to manage investment overall risk profile , prevent permanent loss of capital consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal

[@lipglosskitten2610]

@@Oly_laura please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

[@Oly_laura]

@@lipglosskitten2610 My advisor is ‘’Catherine Morrison Evans’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market

[@joyjoan3744]

Thank you for this wonderful video! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong?

[@victoriajohn5065]

Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong

[@Lolanoa2479]

Wow I'm just shock you mentioned and recommended Expert Mrs Janet,I thought I'm the only trading with her

[@mrdrewhall9302]

YOU DON'T NEED TO BE SHOCK BECAUSE I'M ALSO A HUGE BENEFICIARY OF expert MRS JANET

[@cohenocchino6339]

Here in Texas Expert Mrs Janet carries out the both orientation and mentorship potentials

[@asneeRonny24]

​I stumbled upon one of her clients testimonies and decided to try her out...I'm Expecting my third cashout in 2days

[@wilmabrock6401]

Most people simply enter the foreign exchange market without comprehending matters like this. The first stage in building money is determining your goals and risk tolerance, which you may do on your own or with the assistance of a financial counselor who works with a verified Finance agency. And also you can learn the facts about saving and investing and create a clear plan, you should be able to acquire financial security over time and enjoy the benefits of income management.

[@raymanmorrison3994]

Yeah, that guy is one asset manager that gives the breakdown of everything on how things are done, joining an effective financial community can be 100% beneficial when joined properly that's all I can say out of experience

[@Stella34065]

Thank you so much for the advice. Your coach was simple to discover online. I did my research on him before I scheduled our phone call. He appears knowledgeable based on his online resume.

[@Cleopatra45]

I've been making more than six figures passively investing with John Desmond Heppolette, who showed me the right community to join and grow mv finances and I don't have to do much work. It doesn't matter if the market is crashing, I will always make returns.

[@Fiammanapolitani]

I curiously made a research of his full names after reading what you shared, I came across his webpage on-line. My portfolio suffered a big hit, holding it further won't be any good. I've heard of people netting hundreds of thousands this red season I'm really glad to see this...

[@FrederickBlein]

Exactly why i enjoy market decisions being guided by a professional, seeing that their entire skillset is built around going long and short at the same time both employing risk management and market experience, been using the expertise and guidance of John Desmond Heppolette, for over 5years+ and I've netted over $3million in that time frame..

[@standinginthegap7118]

I'm glad you're feeling better Professor Wolff. No apologies are necessary.

[@Dustin_Bins]

Glad to hear that Professor Wolff is better. Still don't know if COVID would hit someone harder if they've never had COVID (like Professor Wolff) or if someone who gets COVID more than once get it worse (There have been cases in both directions; so I don't know which is more likely.)

[@Riggsnic_co]

Inflation hits people a lot harder than a crashing stock or housing market as it directly affects people's cost of living that people immediately feel the impact of. It's not surprising negative market sentiment is so high now. We really need help to survive in this Economy.

[@hermanramos7092]

I think I could really use more guidance to navigate the market, it is completely overwhelming, I've liquidated most of my assets and I could really use some advice on what best to invest into.

[@martingiavarini]

Your best option if you are unfamiliar with the markets is to seek advice or help from a consultant or investing coach. I know it sounds simple or generic, but talking to a consultant helped me stay afloat in the market and increase my portfolio to roughly 65% since January. For me, it's the best method to enter the market right now.

[@bob.weaver72]

@@martingiavarini please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

[@martingiavarini]

My consultant is‘’Catherine Morrison Evans’’ I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so.

[@martingiavarini]

Thanks for sharing, I just liquidated some of my funds to invest in the stock market, I will need every help I can get.

[@leondonald]

The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies

[@duane_29]

The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.

[@DavidRiggs-dc7jk]

Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again

[@HarrietBemish]

@@DavidRiggs-dc7jk Please can you leave the info of your investment advisor here? I’m in dire need for one

[@DavidRiggs-dc7jk]

@@HarrietBemish My advisor is "Christine Jane Mclean". In terms of portfolio diversity, she's a genius. You can look her name up on the internet and verify her yourself. she has years of financial market experience plus she is also FINRA & SEC verifiable.

[@HarrietBemish]

@@DavidRiggs-dc7jk She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.

[@Cid2065]

PROTECT RICHARD WOLFF AT ALL COSTS!!!!!!!!

[@TacticalMayo]

Why?

[@j.gregory6478]

​Prof. Wolff is a national/international treasure. I wish him well and hope he takes good care and allows himself enough rest. We will be here waiting on his return.

[@donalddavis4387]

Fantastic video Everybody wants to be financially independent and live a better life.With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realized early on that achieving financial freedom requires hard work.

[@aarondaniels5525]

Investment is a fabulous way to save money for the future as well as a way to generate passive income. Those who make poor mistakes early in life regret them later in life. But, if done alone, investing may be challenging and risky. For this reason, I suggest consulting experts for advice (financial advisors). The difficulty lies in effectively employing it, not just watching videos and reading investing books.

[@charliehunnam5187]

Sincerely, I'm genuinely moved by what you said. I have a sizable amount of money that I am willing to invest if given the appropriate knowledge and I am highly interested in investing. My greatest concern is losing money on a bad investment. I'm open to hearing your advice on how to make sensible investments as a result.

[@jessicasam2516]

Please let me know how to contact your financial planner.

[@aarondaniels5525]

Sure,my advisor is Olivia Maria Lucas. In terms of portfolio diversity, she's a genius. You can look her name up on the internet and verify her yourself. she has years of financial market experience plus she is also FINRA & SEC verifiable.

[@josephhughes9583]

Thank you for this tip. it was easy to find your coach. and I conducted thorough research on her credentials before scheduling a call with her.Based on her résumé, Olivia Maria Lucas appears to possess a high level of proficiency, and I am grateful for the opportunity to speak with her

[@ThomasLambertPhD]

Excellent work again by Dr. Wolff. Always very insightful!

[@user-dw9un4zv7m]

The smartest thing that should be on everyone's mind right now should be to invest in different streams of income that are not dependent on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies (BTC ETH...).

[@MARCSMITH-uc9np]

​@Ananya chaudhri How? Am a newbie in crypto investment. Please can guide me through how you made it.

[@MARCSMITH-uc9np]

​@Elvis Williams I also needed her info too I’ll write her thanks.

[@NobleGregor]

Wow! I invest and buy cryptocurrencies but mostly wait for the rise to sell. This is a great opportunity to start trading my investments to start earning right away.

[@NobleGregor]

I came in contact with Lori in a conference at Washington, I talked to her after she made a speech and was opportuned to invest with her ever since then my life has been better than my past.she's a great personality in the state

[@DavidMecall]

As a first-time investor with Mrs Lori Jean, I started trading with $15,000. Now, my portfolio is worth $75,600 within the space. Two two 2weeks of trading with her, I only trust Mrs Lori Jean.

[@Raymondjohn2]

I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.

[@Oly_laura]

I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?

[@lipglosskitten2610]

There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts

[@martingiavarini]

I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.

[@Oly_laura]

@@martingiavarini 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

[@martingiavarini]

@@Oly_laura Definitely! All of this happened in less than a year after Catherine Morrison Evans told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.

[@LeonteConstantin]

Thanks

[@clairjunior5291]

The best free education on global economy I could ever receive. Thank you Mr. Wolff! Glad you’re doing well after contracting Covid!

[@jgalt308]

FDR initiated a lot of free* stuff...but free* isn't FREE! Too bad it took 90 years to reveal itself and you still haven't figured it out!

[@clairjunior5291]

@@jgalt308 I often wonder why we have to read too much into everything. I know nothing is free in life on this earth, but thanks for the reminder.

[@jgalt308]

@@clairjunior5291 Oh, reading too much has never been a problem for most, and is even less of a problem now. None of the words seem to mean much of anything, and facts are irrelevant. Of course you didn't mean that so we'll just jump right into the facts conveniently absent from the Wolff narrative... The wonderful world of "fiat" currencies...just imagine what a basket of them can accomplish? Trading pieces of paper for actual production...such a deal and it continues. The effects on the U.S. were as follows: Since the dollar became de facto fiat in 1934, and de jure fiat in 1971...we can use the price of gold ( real money ) at $35/oz troy to calculate real net worth in today's fiat dollar. In 1939 and 1971, 1 million dollars would have purchased 28, 571 oz of gold, where today it would purchase about 500 oz. At today's prices, 500 oz of gold equals $997,000...whereas 28, 571 oz of gold would equal $56, 970, 574. This gives you an inflation rate of 5600%. in terms of the purchasing power of the fiat dollar...vs the price of gold ( real money ). Historically for the U.S, the country was debt-free in 1836, experienced a 95% inflation rate between 1860 and 1865, a deflationary cycle until 1897, where the 1897 dollar equaled that of the 1860 dollar, and U.S. production equaled that of Great Britain in 1880. Another inflationary cycle commenced with the Spanish American War and WWI, ending in 1626 at 113% in 1926, at which point the U.S controlled 80+% of the world's gold and became the world's dominant economy. A deflationary cycle followed, lasting until 1939, with fiat introduced in 1934, and the world's greatest con game foisted on the world in 1944 via Bretton Woods, establishing the LIE of the fiat dollar being as "good as gold"...which held up until April of 1971...at which point the dollar had been inflated by 250%, so with the official price of $35, actual redemption would have required redeeming gold at 1934 rates, which would include the 67% inflation rate of the 1939 dollar, plus the 250% inflation rate, added to it. Anyone attempting to analyze "economics" while neglecting these facts, and many others is simply engaged in rhetorical B.S. and ignores the fact that these actions by the U.S. government were unconstitutional and criminal, a condition which continues to this day. Even Michael Hudson avoids this truth while accurately detailing the history and states clearly that the U.S. currency is DEBT, not "money"...

[@Glumclam]

@@jgalt308 Such a sad little boy, nobody reads the stuff you’re pushing J.

[@jgalt308]

@@Glumclam Spoken like the typical willfully ignorant, functionally illiterate.

[@masterix6]

I pray that you will continue to recover to the best of health Professor Wolff. Thanks for your efforts at educating us!

[@westleymanc]

So true

[@peaceleader7315]

Printing money for capitalism's pharmaceutical companies isn't a joke.. 😂.. Just another strain of flu 🤧...yup with a different name ..... hmmmm..

[@cev12]

He's ill? How do you know?

[@masterix6]

@@cev12 Let me clarify. He was ill recently but I really hope he is fully recovered. Such an honourable and cherished Fellow Professor Wollf is.

[@shellb1633]

What kind of ill??? What's happening?

[@james.atkins88]

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

[@edward.abraham]

Emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth.

[@hunter-bourke21]

A 2022 Northwestern Mutual study found that 75% of U.S. adults admit their financial planning needs improvement. However, only 29% of Americans work with a financial advisor.

[@Believer292]

@@hunter-bourke21 Very correct; the bear market has contributed significantly to the growth of my investment. I was able to quickly increase my portfolio from $180K to $572K. Essentially, I was just doing as my financial advisor instructed. You're good to go as long as you get competent assistance.

[@rebecca_burns14]

@@Believer292 Would it be okay if I asked you to recommend this specific advisor or company that you used their services? Seems you've figured it all out.

[@Believer292]

@@rebecca_burns14 “Julia Ann Finnicum” is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.

[@naomigonzales9663]

Retiring in 20 years? Due to inflation, you may need upwards of $2.6 million to maintain your existing lifestyle, with the ongoing effects of high inflation, lower forecasted stock market returns, and stagnant wages, achieving a secure early retirement could be more challenging than ever before.

[@EmiliaAbelard]

An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumer staples, utilities, and healthcare companies, but off course such decisions cannot be made by an average Joe, a financial advisor is important in making this decisions

[@KangMinsu122]

@@EmiliaAbelard Such considerations can certainly have a role when I think about whether I ought to buy into a share. But I never purchase purely on that basis, i always have to seek the adv!ce of my financial-planner who has helped me gain $985k in a well-diversified portfoIio that has experienced exponential growth

[@dianarabbanii2]

@@KangMinsu122 Mind if I ask you recommend this particular c0ach you use their service? I have trouble knowing when to buy or sell.

[@KangMinsu122]

@@dianarabbanii2 Personally I work with Viviana Marisa Coelho a registered Investment advisr. Quite renowned, search her name to get in touch

[@scottjuarez9549]

@@KangMinsu122 I looked up Viviana Marisa Coelho online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-markt

[@pipster1891]

He's right that revolutions usually occur unexpectedly, explosively. That's the only hope we've got. Keep well, Prof.

[@GrandmaCathy]

When it happens it won’t be a surprise at all. It has been on the starting line since 2015.

[@revolutionishere]

​@@GrandmaCathy eh, more like 2008 honestly.

[@seb6177]

Excellent 👍 thank you

[@mariarobles6426]

VIVA🎉 BRICS ‼️♥️ I wish Honduras would join them instead of being the backyard of someone evil.

[@johnsmith-cw3wo]

you are to close to mighty America... just like Cuba and others... try join BRICS and USA will spread some freedom and democracy in your country. 💪💪

[@ritkam]

Great to see that you have fully recovered, Professor Wolff! You are amazing and we are so lucky to have you!!! Thank you for all that you do so courageously and with such clarity always!

[@TheRJRabbit23]

Great to see you back Wolff🫡

[@KasirRham]

BRICS+ is a serious group and the West is silly to doubt them. I had a delusional dream that the G7 and BRICS+ would have a sit down and come to friendly agreements on multipolarity.... then I woke up, must've eaten too much Fruit Loops before bed.😂

[@JacobPrater]

Does this make you feel like moving to one of their countries? Since they're the clear future?

[@hkiani6853]

G7 soon will be called M7(Misreable 7), Also they were never want peace in world. Which Countries created wars in the last 20 years. Russia special operation in Ukraine even cause by these criminal Western Government.

[@kuldeepgadhvi1788]

Thank you Prof. Wolff. Wishing good health for you 🙏

[@alandoane9168]

Thank you as always for your analysis and insight, it's much needed in today's world.

[@mudpiemudpie785]

I miss your weekly 30 minute Economic Updates. I always looked forward to them.

[@eddygonzalez7174]

Glad you are back professor Wolff.

[@manimalworks7424]

Prof Wolf is absolutely correct, just look at the high speed rail system in China, it is not something that can be achieved by private entities

[@mountainhobbit1971]

I am 52 years old and you, kind sir, are the only one who has actually helped me understand economics, politics, social issues and history AND how it relates to the world we are seeing today...I am not sure how you do it but thank you so very much!

[@AxiomBlurr]

Thank you Prof Wolff for this powerful and timely presentation. With respect, admiration and great appreciation from Australia.

[@brianwheeldon4643]

Thanks, the talk was great.

[@pilotprojekt7723]

You are an excellent teacher. Your words help me understanding what‘s happening around me. Thank you. Jürgen Rumstig Frankfurt

[@jeffreywillstewart]

I love Prof Wolff. I hope you are better

[@jenniechambers2705]

Dear Professor Wolff. I am very pleased that you have recovered from your illness. I followed you a few weeks ago on the Katie Halper show and realised that you were suffering from flu type symptoms and when I kept checking your Democracy channel only to find there were no updates I realised that it must have been quite serious. I always follow you whatever channel you appear on and admire your wisdom and the intellect you bring to your discussions. I have learned so much over the last 18 months about economics both domestically and globally and thank you so much for all your hard work. I have also purchased a couple of your books which I have shared with my son.

[@MarilinaPortemar-on8xl]

X

[@PNNYRFACE]

Hear Hear Richard in House!

[@MrToontuber]

Covid is probably as old as humankind and everybody gets it al the time. The C19 lab.variand on the otherhand...

[@advandepol7537]

So happy that Prof. Wolff is in good health now. Hopefully another bright 20 years.

[@anhedonic-voting]

Thank you 🌎✊🗽🌹 I am so happy you are back on your feet brother Wolff.

[@ramkanjeenterprises5416]

Good analysis by proffesor Richard Wolff. Well, the G7 should know that their economic block is now the underdog and co-operating with the rest of the world is better than instigating wars.

[@hkiani6853]

They should change the nsme to M7 (Misreable 7)????

[@johnsmith-cw3wo]

@@hkiani6853 They should go and spread some freedom and democracy in India, Brazil... why stop there... also in China and Russia. 💪💪

[@pritidodhia5059]

Very highly professional account of this subject of economics and its effects worldwide.

[@MalefuNhlapo-tt2yw]

I learn a lot from you Sir from🇿🇦

[@MaryBeth551]

Thank you Professor Wolff!!! You have the courage, the will, the astonishing knowledge and insight on geopolitical economic systems all Americans need to understand!

[@Walks-With-Pride]

Epic! A masterpiece!!!

[@tmy7231]

Thank you so very much for your WISDOM, I can only pray for our wisdom to follow

[@dianabuettner7783]

As usual an awesome presentation of reality!

[@huang5723]

It's nice to have you back Mr Wolff, thanks so much for all your efforts made to bring us up to date with world event. Take good care, God bless you.

[@georgecitizen7405]

Glad you are back.

[@naturalmystics-kd9vt]

I am so glad you recovered from COVID-19 I wish you good health strength and stay young to the end of time you are a great teacher 🇯🇲

[@davidkelly2262]

Your up- date Lecture, was the most professional presentation i have heard yet, your unique ability to explain to us,where we all stand in the world today,is truly amazing,Thank You very much. very,very interesting.

[@jgalt308]

Yeah, his explanation is as unique, accurate, and professional as the government's explanation of the "pandemic"...

[@lisayoder5686]

So glad to know you are up and about again! Thank you for ALL you do Dr. Wolff! Your contribution to our society is truly priceless! You have taught me so much, mostly in that my way of seeing the world isn’t crazy dream stuff, it’s doable and actually needs to happen for us to ever be ok again! Thank you, thank you, thank you! And continued health, my friend…America needs you and your wisdom.

[@johnstrawb3521]

@Lisa YODER It's a shame the good professor inevitably flags, as here, after 33:20, when he descends into nonsense such as "what we didn't pay attention to." --We? "We" had no say in it, and it wasn't for want of paying attention. The elites knew and know they won't suffer for globalism. Their interests were always maximizing profit in the short term. Somehow Wolff is never truly willing to excoriate the oligarchy. He consistently soft pedals their atrocities---is he seeking to remain viable? Who knows, but it's offputting and fundamentally dishonest as is his unwillingness to stand up for the people he purports to speak for as he would by encouraging and even helping foment a series of national strikes or any other action that would help galvanize working people even as they're being crushed.

[@jgalt308]

The crazy dream stuff has been around for as long as humans have been capable of crazy dreams. History demonstrates they have never been doable. Claiming to have learned something from someone teaching crazy dreams is therefore...?

[@mikekulati7526]

Dr. Rick Wolf bases his postulations on empirical evidence e.g. statistics... Where and on what, do you base your insults JG??

[@jgalt308]

@@mikekulati7526 What statistics would those be? Here's some for you: The wonderful world of "fiat" currencies...just imagine what a basket of them can accomplish? Trading pieces of paper for actual production...such a deal and it continues. The effects on the U.S. were as follows: Since the dollar became de facto fiat in 1934, and de jure fiat in 1971...we can use the price of gold ( real money ) at $35/oz troy to calculate real net worth in today's fiat dollar. In 1939 and 1971, 1 million dollars would have purchased 28, 571 oz of gold, where today it would purchase about 500 oz. At today's prices, 500 oz of gold equals $997,000...whereas 28, 571 oz of gold would equal $56, 970, 574. This gives you an inflation rate of 5600%. in terms of the purchasing power of the fiat dollar...vs the price of gold ( real money ). Historically for the U.S, the country was debt-free in 1836, experienced a 95% inflation rate between 1860 and 1865, a deflationary cycle until 1897, where the 1897 dollar equaled that of the 1860 dollar, and U.S. production equaled that of Great Britain in 1880. Another inflationary cycle commenced with the Spanish American War and WWI, ending in 1626 at 113% in 1926, at which point the U.S controlled 80+% of the world's gold and became the world's dominant economy. A deflationary cycle followed, lasting until 1939, with fiat introduced in 1934, and the world's greatest con game foisted on the world in 1944 via Bretton Woods, establishing the LIE of the fiat dollar being as "good as gold"...which held up until April of 1971...at which point the dollar had been inflated by 250%, so with the official price of $35, actual redemption would have required redeeming gold at 1934 rates, which would include the 67% inflation rate of the 1939 dollar, plus the 250% inflation rate, added to it. Anyone attempting to analyze "economics" while neglecting these facts, and many others is simply engaged in rhetorical B.S. and ignores the fact that these actions by the U.S. government were unconstitutional and criminal, a condition which continues to this day. Even Michael Hudson avoids this truth while accurately detailing the history and states clearly that the U.S. currency is DEBT, not "money"...

[@jgalt308]

@@mikekulati7526 Here's some more: According to the source of income, in 2022, the per capita wage income of residents nationwide was 20,590 yuan, an increase of 4.9 percent, accounting for 55.8 percent of disposable income; the per capita net operating income was 6,175 yuan, an increase of 4.8 percent, accounting for 16.7 percent of disposable income; ...Jan 18, 2023 What is China's average per capita income? China Gross Domestic Product (GDP) per Capita reached 12,732.547 USD in Dec 2022, compared with 12,615.732 USD in Dec 2021. China GDP Per Capita data is updated yearly, available from Dec 1957 to Dec 2022, with an average number of 363.871 USD. Is per capita income higher in US or China? The Per capita income of the United States is 5.78 and 3.61 times higher than that of China in nominal and PPP terms, respectively. The US is the 5th richest country in the world, whereas China comes at 63rd rank. On a PPP basis, The United States is in 8th position, and China is at 76th. Is per capita income higher in US or China? The Per capita income of the United States is 5.78 and 3.61 times higher than that of China in nominal and PPP terms, respectively. The US is the 5th richest country in the world, whereas China comes at 63rd rank. On a PPP basis, The United States is in 8th position, and China is at 76th. Is there more income inequality in China than in the US? China's income and wealth inequality is worse than that of European countries, but it is better than in the US and many Latin American and African countries, data from international studies has shown.Jan 23, 2022 What is considered upper class in China? Already a member? Millionaires are defined as individuals with personal wealth of over 10 million yuan, and super-rich are defined as individuals with personal wealth of 100 million yuan or above. One yuan equals approximately 0.16 U.S. dollars and 0.14 euros (as of April 2022).Apr 14, 2022 Who is richer between USA and China? The U.S. makes up 23.93% of the total global economy, says Investopedia. The World Bank Group lists China as the second richest country in the world as of 2021, possessing a GDP of $17.734 trillion along with a GDP per capita of $12,556.3. China makes up 18.45% of the total global economy.Oct 25, 2022 What is the average salary in China in US dollars? In 2021, the last full year for which Beijing's National Bureau of Statistics offers data, the average Chinese worker earned 105,000 yuan a year, the equivalent of $16,153. The average American worker earned some $58,120 a year, 3.5 times his or her Chinese counterpart - still wide but not what it was.Jan 30, 2023

[@cheri238]

Wishing you healthy days ahead, Professor Richard Wolff!!!! As àlways, your critical analysis on the world's economics, historical insights of yesterday gradually moving through the years and wars into what is happening today is without a doubt rewarded by your wisdom and knowledge. Thank you again for your books and years of helping others along to be able to grow more with minds open what lies ahead now and in our future generations. Many changes and challenges lay ahead. The awakening of intelligence is now in this present moment.

[@ac7205]

👏👏👏 excellent content 👍❤👍

[@victormonroy3002]

That ending was 🔥

[@traciewebster4175]

I was getting worried when I did not see new content from KZbin. Glad you are ok. You are so good at what you do.

[@antoniofiorentinodistefano2940]

Powerful. clear, objective. Things that we in the US need to hear for ourselves and our children and grandchildren who will be the ones facing the future.

[@paulocembranelli5514]

Brilliant, crystal clear presentation Mr Wolff...

[@Denitakis]

Thank you, Prof. Wolff.

[@jamflowman8896]

Feel better Professor Wolff!!

[@treefrog3349]

Prof Wolff objectively talks about most of the things that our subjective corporate media don't wan everyone to be aware of. That should be the first clue. The second thing to realize is that has efforts have little commercial incentive to do so. His motivations, I am convinced, are purely humanistically generated. Truth is his lodestone. Humanism is his motivation. Total respect!

[@TacticalMayo]

He's not objective at all he's a communist.

[@mp7161]

Thank you for the presentation and hope that you are well and healthy

[@dannyfitzgerald3004]

Just graduated from Virginia Tech and you are the best professor I never had. Hope you are feeling better dawg, the concept of a global economy of egalitarian democratically run worker cooperatives is pretty cool I guess🤪🤗

[@jgalt308]

Yeah, the idea of the "democratic co-op" where the "workers" decide what to produce, how to produce, and when to produce has got to be the most nonsensical understanding of economics ever advanced in the entire history of the species.

[@hernandojimenez2255]

Thanks professor Wolf. I'm so glad to live in this time when the big lie is falling

[@maxpotion]

We missed you Professor Wolff

[@brunorubio4050]

One of the true bleesing of the internet is that it really has made aveilable for many people the knowledge of outstanding men and women like you professor. Thanks a lot. Greetings from Mexico.

[@dddunlap86]

I was wondering why no presentation. I am glad you are now well

[@godfatherofcinema]

Outstanding analysis Mr.Wolff. Thanks once again for putting together another insightful presentation

[@POENARUEDAN]

Thank you very much, Professor Richard Wolff! Take care of your health!

[@zoofeather]

Free lectures informative and free - thank you - Capitalism Hits the Fan....

[@maxthemagition]

We are all on a cruise ship called Earth, hurtling through space and time at breakneck speed. We do not know where we are going, or why we are here, but we are all in this together. Some are born into luxury, while others are born into poverty. Some are happy, and some are sad. But we all share one thing in common: We are all on this journey through time. Our visit here will not last forever. So let us make the most of it. Let us enjoy the ride. Let us learn from each other. Let us grow together. And let us make the most of our time on this cruise ship called Earth. Let there be Love and Peace for every one of us. AMEN.

[@mariarobles6426]

I always watch your program from Honduras in Central América ♥️ I always agree with your point of view!. You speak slowly, clearly, and with the truth. ♥️🙏💫🇭🇳

[@saveriofalcone66]

No worries Mr. WOLFF. GLAD YOU ARE BACK. Web always wait for you.

[@slipdishman8443]

Glad you've recovered and even better to have you back. Thanks Professor! ❤️

[@ptan4120]

Extremely good presentation, Mr Richard Wolf.

[@vuxulu]

Great to be watching your show, it is an important show. I am glad you have recovered.

[@mourdebars]

Good to see you. Positive vibes from Poland

[@charlespiliero3709]

Great teacher and great instruction.

[@SaladBowlz]

I was kinda worried about you when I didn't get my regularly scheduled Dr. Wolff. Good to hear you're doing well.

[@charlesdarwin9830]

Glad to see you're recovering

[@CollinsBlessings-rj2fz]

Thank you Dr pius on KZbin for all you do in my life and My family. I went for test today after taking the medication I ordered from Dr Pius and I tested chronic Hepatitis B virus negative. Thank doctors I will keep letting the world know about your good work sir

[@nane4849]

Your best yet! Thank you.

[@19eventhorizon66]

What a fantastic program, thank you so much.

[@dfkhhxxhnnncjfif6604]

Thank you so much from Cambodia.

[@Spock_Rogers]

I hope you're feeling better, Dr. Wolf! I feel like I'm one of your students. Thank you for explaining things in such a clear manner.

[@jgalt308]

Whereas most of his "real" students are nowhere to be found, among those on this site or the one you have to pay for.

[@deepthimanasa1]

Hi Professor Wolff, Iam glad to see that you have recovered

[@lillianvazquez6672]

❤ no worries and im glad i found you.

[@joeldwest]

Thank you for your work. Please never stop.

[@savxgestevenlestrom6164]

Bravo ! Hoping at the same time you feel better with your Covid related experience prof. Wolff and thank you for a very remarkable world economic information . 👍🏻✌🏻🙏👏👋🏻😁❤️. . . .

[@omalashevich]

Thank you 🙏 you doing great job not just for us but for future generations. We are really appreciate it.

[@adeyemiadedamola7099]

Its a very good presentation on global economy.

[@profdrsiva]

Excellent lecture

[@jerryvaughn4198]

Excellent summary! Thank you! The lack of awareness and interest to understand by the majority will ultimately become our demise!

[@chongjcj6977]

Professor Wolff I never understood economics when I learnt it as a 6th form student in England till I heard your talks now ! Thank you for sharing.

[@mamakalami]

Thank you for the schooling

[@iart2838]

Very enlightening, so glad to be learning from you. Your recovery from covid makes me happy. Wishing you great health for a long time

[@jimlaregina]

It's been one month since Democracy at Work published a video. Here's wishing Professor Wolff, Dr. Fraad, and the rest of the staff the best and hoping for a new video soon.

[@cosmicmusicreynolds3266]

Thanks for this vid professor,I hope you have made a full recovery. Best wishes from comrades, supporters in England, and please don t apologize as it's not necessary !

[@asaffaawaaqtolaa8902]

I thank you for such profound knowledge

[@bryansmith9231]

1 hr a day walk now for you. We need you and you must keep the breath up!!! PLEASE.

[@mandyluo1371]

I’m glad you’ve recovered professor. I think it’s hard to say if China benefited more or the west benefited more from globalization. The west also generated a lot of wealth through the globalization process, but this wealth was overwhelmingly distributed to the capitalist elite. Working class (the majority) in the west didn’t get their fair share. That might be the key reason the West feel China gained more through globalization. Comparatively speaking, the Chinese economic system did distribute wealth to the poorest people-substantially lifted their living standard. The government does need to do much more to raise the living standard of the poor in China, and they do set goals about creating such a society (prosperous for everyone). Let’s see how well they do over the next two to three decades.

[@vegetableunderpants]

The west squandered everything, its economic growth was hollow - states are increasingly in debt while billionaires profit and act with impunity. US was reliant on a petrodollar system which is clearly coming to an end. BRICS is in a far better position to ride out a potential global recession. Looking like the safer option will be a positive feedback loop as more countries seek to join - also fed by the absolute freak show that internal US politics has become.

[@whiterabbit2932]

The poll shows in my opinion that class consciousness is there. We need parties and movements to organize and mobilize the masses.

[@timeenoughforart]

Much of the class consciousness is buried under very real sexism and racism. We suffer a brain drain. Our class leaders join the elite and lose their roots. It happens with union leadership. It happens by educating women and minorities. It happens with small business. I know too many tradesman who become "evil" when they hang up their tools and try competing with the sharks.

[@whiterabbit2932]

@@timeenoughforart I can fully understand

[@jennyrokeach523]

I will use your videos in my English language classes. You speak so clearly and your content is super.

[@starfishw7138]

So glad you are doing well. Such a strong constitution!!