Richard Wolff: Capitalists Have Never Been More Incompetent

Economist Richard Wolff explains why Congressional partisan battles are like professional wrestling and why global capitalism continues to experience crisis after crisis.
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[@danielskillman4030]

The electoral process is meaningless when all the candidates are captured by corporate interests. Voting will not get us out of this.

[@carlretter4263]

If voting made any difference it would be illegal. America needs a 3rd party peace party

[@horsemeattball]

Not just voting. We need a new constitution. Start from the bottom up. Make political campaign contributions against the law. All political candidates must be vetted before they can run for office. Tax ALL religious institutions like the corporations they are. And make all political offices, including judges, term limited.

[@jmitterii2]

@@horsemeattball And once they're out, they cannot work in any industry they regulated directly in departments elected or appointed either way for 20 years plus nor can they be paid in back pay after that for services awaiting that period to end (you know figure a loop hole before it's exploited) doing so 1,000% taxed meaning a fine that is 9x the owed in addition to the owed amount, and 10 years of community service (prison is to overrated and useless, make such people work it off and stop putting people behind bars it serve only to make people bitter and not restore their morale and decency).

[@peterkilbridge6523]

@@horsemeattball vetted...by whom?

[@marybusch6182]

​@@horsemeattballand lobbiests?

[@glm4054]

What Professor Wolff is describing is exactly the disturbing denial I'm experiencing from average Americans in my daily life when I bring up these issues and they say oh I'm not political and I respond well it's happening anyway.💔🇺🇲

[@justjust8953]

"im not political" is code for "im a conservative and im aware of the social consequences of my views, so I avoid dissenting viewpoints"

[@MyNameIsRed111]

When people tell me “I’m not into politics..” I say “Well, politics are into you!” It just seems to go right over their head. It’s frustrating.

[@donaldjamesx2990]

Isn't it so true.....political apathy is strong in America. Just like corporate media wants it to be.

[@camaradamanuel5025]

@@donaldjamesx2990 It's not "apathy", is alienation. People work their asses off, from month to month trying to survive. If they have any free time at all, I personally don't think they'd be using it to read about politics, or the current policies that are being inplemented, and so on and so on, they'd rest or pass time with their families, who knows.

[@donaldjamesx2990]

@@camaradamanuel5025 Yea...I know. there still is apathy, but if more progressive politicians say what the public wants to hear....it would pull some out of that "state".You are right tho...it is more that people are unaware than apathetic Thanx to the media

[@logicNreason2008]

None of you have ever looked as good as Richie Rich Wolff with the hat on

[@mischevious]

@Rip Price Now that you mention it, his hat’s not crooked enough IMO, and it should be a bit further down on his brow, and that’s going to distract me now!

[@apartofthewhole6639]

@Rip Price it's his head that's crooked

[@mischevious]

@@apartofthewhole6639 Nope likely yours! Richard is one of the few people in this country with his head on straight.

[@hazelwray4184]

@Rip Price 'so have at it'?

[@TheVFXbyArt]

I have that hat!!!!!

[@peacelovebrad]

I haven't found anyone in youtube or podcast media who can teach and explain economics as well as Wolff. So much of left media is just reaction videos to right-wingers, stretching a few seconds' worth of content into hours of worked-up, capslocked, self-satisfying entertainment to generate revenue from clicks and views, that it takes someone like Wolff to remind us what's worth our time and attention.

[@matboi5746]

George gammon. Great format, geared towards the intermediate level of knowledge. Visual support, clarity etc...👍

[@IshtarNike]

Unlearning economics is VERY good. Check them out.

[@peacelovebrad]

@@matboi5746 awesome, i'll look him up--thanks!

[@peacelovebrad]

@@IshtarNike will do, thank you!

[@hal970fx]

I've heard it referred to as the Chud-Dunking Industrial Complex.

[@charlesronk2989]

Intrest rates alone tell you how sick the economy is. A healthy economy will have 8-12% interest rates. We have made borrowing cheap and interest rates low to keep up consumption while corporations under pay workers. This has a vast majority of the country living in debt. With little to no savings. The problem is there is no where to go from here. Interest rates are rock bottom. Wages are rock bottom for what is necessary to live. The system can not continue as it has for 45 years. Consumption drives everything in a Capitalist economy. That is why we have trade deals. To increase consumption of American goods. We also need domestic consumption. Which requires business to pay higher wages and expect lower profits. This is against every companies interest in profit maximization. It is why Laissez Faire Capitalism is designed to self destruct. The closest times in our history we have gotten to Laissez Faire Capitalism we see disaster. The Italian Hall Disaster, the Triangle Shirtwaist Factory, the Minors Wars, and the Ford Massacre. If it wasn't for Labor fighting against Capital the country would not exist today. Unfortunately the History Channels, The Men Who Built America does not address this. Capitalism does require Capital, but just as important in that mix is Labor and Consumers. It is a 3 legged stool any one without the other is worthless. This is what individual businesses looking to Maximize profits fail to understand.

[@filmjazz]

The Men Who Built America is a superb series and the one that first truly opened my eyes to the problem of unregulated, or barely regulated capitalism. I haven’t watched it in a few years, but I believe it did address the issue of labor. The first labor laws and labor protections emerged as a direct result of the excesses and abuses of the Guilded Age. It would be worth watching that series again (note to self).

[@anthonytwohill9726]

All economies are made up of land, labor, and capital. All three are equally important. Without any one of those things, you have nothing.

[@johnbemery7922]

"The system isn't broken, it's FIXED."

[@JulianPerez-zv6os]

It's also broken though as it no longer works even for those at the top

[@lesstevens2370]

@@JulianPerez-zv6os and once a game is rigged and unwinnable people stop playing 🙄

[@user-gz4ve8mw9l]

@@lesstevens2370 That sums up the game of life not just capitalism. Why play a game that's the most rigged complete bullshit game in the first place? Aside the obvious that your essentially forced to until death.

[@nightoftheworld]

American capitalism isn’t capitalism it’s socialism for the 1% supported by the fed, privatize the profits, socialize the losses.. like a casino where large capital holders always win

[@JulianPerez-zv6os]

@@nightoftheworld What you just described is capitalism, and the unfairness is it working as intended

[@farhanchowdhury1534]

Wolff is super under appreciated, brilliant guy in my view

[@andybaldman]

He was on Lex Fridman recently. It’s funny to see how all the slaves hate him. Because he speaks the truth. But people don’t want to admit he’s right. So the defense mechanisms kick in HARD.

[@andybaldman]

@@boyblue3270 I know, right? It's the most brilliant example of gaslighting in human history. Trick people into being slaves, and then get them to defend the system that enslaves them. As Wolff calls it, the employer/employee relationship is 'polite slavery'.

[@hinxlinx]

00:20 Wresting metaphor 02:35 Going backward 04:24 Incompetence 05:54 Great Depression 08:45 Debts 10:15 Crisis 11:30 Shift of Power 15:41 Manufacturing 20:57 Hope

[@Smittumi]

You do the Lord's work.

[@byDsign]

@@Smittumi .... you beat me to that very comment. ♥♥♥

[@barriewright2857]

Thank you very much 👍.

[@heinrichvon]

@@Smittumi Even if you're an atheist.

[@ozarkexplorations7221]

Every thing he says is spot on except I don't see any hope to the future.

[@thecatsbackyard4833]

2:00 K. Harris' own father called her corrupt. Ouch. That's bad.

[@Bisquick]

Indeed, though it might be worth noting it's because he's awesome and not a transparently inauthentic neoliberal jackass i.e. (to be more descriptive rather than normative lol) he's also a marxist professor, I think he did his doctorate on US imperialism in the Caribbean or something, likely because he experienced such first hand.

[@michigandersea3485]

No father should do that to his daughter. But the very fact that he did says something. It still sucks, though.

[@thecatsbackyard4833]

@@michigandersea3485 Yeah. I was actually just appalled at the fact. Harris still walks around with that narcissistic gaslighting elitist smile. No humility. It's almost terrifying.

[@commentingisawasteoftime7195]

@@michigandersea3485 Harris literally blocked the review of exculpatory evidence for an innocent man on death row. I would perform a late stage abortion if my daughter did that.

[@m.woodsrobinson9244]

@@commentingisawasteoftime7195 🤣🤣🤣😱

[@witHonor1]

I've been explaining this to people since 2005 and I'm not even an economist. Since we didn't actually fix anything in 2009, it's just been snowballing. Our economy is literally a crypto currency held up only by people's belief that it's okay. Their obliviousness and ignorance is the final floorboard holding up the house. If the financial industry was allowed to collapse in 2008, that would have been a cakewalk compared to what's coming, and even that would have been global catastrophe. Even Professor Wolff's language is getting close to matching the severity I've been describing for a long time. If anything, that should scare you.

[@ince55ant]

our governments collectively told the corporations that they are a protected class of people. they are our lords. people mostly dont realize it yet, but when they do they will be angry and will become violent as they get less and less each year.

[@Jay...777]

Fast processed food has drug like effects. Overlay a map of high lead exposure + the centers of the opioid crises + the highest glyphosate areas, then place over a map of Trump supporting areas and you have a near perfect match.

[@witHonor1]

@@Jay...777 or a map of people who eat and land.

[@zac491]

Money is what people agree money is, that has always been true... Equating the fiat with a blockchain based currency is dishonest or you don't know what your talking about... The financial system should have been allowed to collapse in 2009, no bailouts, I agree. Blockchain tech was invented to combat centralized monetary policy/influence/corruption... What's coming would be much worse without having the ability to store your value, your dollar which is inflating to extreme highs as we speak due to government and corporates who control it, if traded into say a stable coin or Bitcoin or Ethereum or the dozen other better places you can store your value and even earn compounding interest like the banks do...you could greatly reduce the negative impact of a system that's on the verge of collapsing. Good luck.

[@witHonor1]

@@zac491 Every crypto nerd keeps talking about the technology. How much are any of the coins worth if a government isn't back a world currency somewhere. You going to trade bitcoin for food and pelts when the time comes? No, it's not tangible and it's value is derived from the dollar.

[@dabrupro]

The pro wrestling analogy is spot on.

[@SMac86]

I really like hearing from Wolff, please keep having him on the show. 👍

[@LauraVee63]

Sy Mac: You can watch him on his KZbin Channels..called "Democracy Now" and "Prof Wolf Answers Your Questions." He's always got a video out every couple of days. He's fascinating. Peace.

[@LauraVee63]

Sy Mac: Professor Wolf's channel is called..."Economic Update." If you liked this video, you'll love his channel. He's one of the smartest people I've heard that can explain the dire situation this country is in.

[@SMac86]

@@LauraVee63 Thank you! Subbed and watching. I first came across him on a debate channel I follow, and I really appreciated his knowledge and direct style. I will definitely recommend his content to others.

[@megg.6651]

I used to listen to him religiously - until I started to realize that he is just as closed-minded as the people he criticizes.

[@furtceli]

The comparison with wrestling is perfect.

[@kimothemo]

Damn it Vince

[@robinsss]

if the number of covid deaths is a failure it's a failure of the government not the capitalists the legislative battle in congress is not two puppets controlled by the same group of corporations it's two groups of working class conservatives that agree that there should be no strong safety net which working class conservatives would logically do based on culture the blue collar working in particular is not very charitable and as they move up into the white collar they maintain their lack of charity

[@Bisquick]

@@robinsss I don't get it, are you saying both parties are controlled by a culturally manifested/cultivated sort of "business ontology"? Because if so, even granting that (which I don't think we have any _material_ grounding for - the core distinction intrinsic to marxism making it particularly useful as an analytical lens here, but just for the argument here let's go with it for a second) where does that idea come from? Do you think it spontaneously generates in a vacuum ie does essence precede existence in some sort of Calvinist predestination conception of the world as having intrinsically "good" and "bad", selfish and unselfish people? Or is it perhaps intentionally cultivated precisely by that class of corporate power? Check out the Powell memo for instance, the extremely dense outline generated by supreme court justice Lewis Powell (Nixon appointee I believe) to...well, cultivate precisely this, as a reaction to the 60s counterculture and civil rights movements ("funnily" enough, Powell voted pro-choice in Roe, but pretty much only because of a personal experience, shocker, the only thing that will break through to "conservatives" lol...but I digress). Here, as that Marx guy put it: _“The ideas of the ruling class are in every epoch the ruling ideas, i.e. the class which is the ruling material force of society, is at the same time its ruling intellectual force. The class which has the means of material production at its disposal, has control at the same time over the means of mental production, so that thereby, generally speaking, the ideas of those who lack the means of mental production are subject to it. The ruling ideas are nothing more than the ideal expression of the dominant material relationships, the dominant material relationships grasped as ideas.”_ _"Men make their own history, but they do not make it as they please; they do not make it under self-selected circumstances, but under circumstances existing already, given and transmitted from the past. The tradition of all dead generations weighs like a nightmare on the brains of the living."_ - some guy In other words, as Sartre succinctly put it in his call for existentialism (and what I was unsubtly referring to earlier), existence _precedes_ essence. If you think about it in terms of feedback loop _process_ ("process metaphysics", basically a break from a more Kantian conception of "things in themselves" insulated and isolated interacting independently through some sort of medium, emerging from Hegel and his concept of the dialectic), you got your base material organization of property relations, and then out of which all the superstructure of social relations, language, culture, law, all the shit that forms our social (and like consciously lived ontological reality) on top, guided by and limited to the bounds of that base. See: dialectical materialism. To make it less abstract, as Boss Tweed in his hubris noted quite explicitly, _"I don't care who does the electing, so long as I can do the nominating."_ Or hey, how about William Casey (CIA director under Reagan ie absolute demon) in _his_ hubris explicitly stating the goal/efficacy of Operation Mockingbird: _"We'll know our disinformation program is complete when everything the American public believes is false."_ *_TLDR;_* To do politics effectively, you gotta answer the _only_ political question there is: cui bono? And of course, it's not by mere coincidence the answer to "who benefits" is the capitalist class (corporate power), this is the inevitable result of material interests and material power/influence and a mode of production in which there are two antagonistic zero-sum material interests of the capitalist/owning class and the working class (ie these classes are formed from _material_ relationships, they're not merely abstract ideas). Hopefully any of that made sense.

[@MarcoBonechi]

@@robinsss the point is the government does what capitalists (lobbyists) say. So government is capitalism.

[@robinsss]

@@MarcoBonechi it does what corps say because the voters won't stand up and take control of it

[@StarSeedThom]

Brilliantly & brutally honest and yet compassionately serene & courageously clear in its depth of delivery and magnitude of wide ranging perspective . . .

[@dannywindham3295]

The wrestling analogy is 100% correct

[@ralfwk163]

What wrestling does he mean? Not wwe i assume?

[@dannywindham3295]

@@ralfwk163 I thought it would be WWF the World Wrestling Federation

[@Bisquick]

@@ralfwk163 So basically if circumstantially unfamiliar, the staged veneer of spectacle in wrestling that is portrayed as "real" or like "true" is called "kayfabe" specifically.

[@jamesthomas5025]

Except there are 48/50 Democrats keen to pass a huge public spending bill and 50/50 republicans desperately opposing it. You have to be completely wilfully blind to think that they are in any way the same. This is just pandering ignorance.

[@JulianPerez-zv6os]

@@jamesthomas5025 nah, dems allow this to happen with their cowardice. They are equally to blame

[@nickopeters]

You nailed it, Professor Wolff. My friends and I have been saying for years that the American politico-economic system is really structured exactly like "the WWE," picking the winner in advance, and scripting everything for show.

[@mtn1793]

The next question is who is doing the picking, of the winners and losers, and what are their reasons?

[@kyliepechler]

That professional wrestling analogy was brilliant. Politics is all scripted, each side say and do what their joint donors pay them to say and do.

[@jimandskittum]

@@kyliepechler Trump printed money like crazy and the Democrats blame Putin for inflation. How can the whole party pretend to not know the real cause?

[@janelliot5643]

@@mtn1793 so you didn't strain and stress through the Bernie kneecapping in 2016? The DNC did it - they did it a hundred different underhanded ways I don't even like to recall, like a death from a thousand cuts, to make it look as though he did not win the primary, and they succeeded.

[@mtn1793]

@@janelliot5643 It bothers me now worse than ever. We’ve landed between a rock and a hard spot and the boulder has started rolling.

[@Jay...777]

Nice to see Prof Wolff have a free ranging discussion on the topics of the day.

[@JohnT.4321]

Glad that he is being frank on what been going on.

[@itsoktolovechina]

Nice to see anna be unbiased for once as well, but shes looking for more tyt views

[@johnhenninger1980]

w/ shitlibs

[@gabrielsatter]

Lol. He totally went on an 8 minute rant that had nothing to do with what Nando, or whatever said.

[@cmtsage]

I feel that people don’t seek to change their actions until there’s no way out. Same thing with this system. Until individuals realize that each one of us have to change the way we live, one by one, our oppresive institutions will not change.

[@scubamanbrian1518]

The oppressive institutions are all run by far left activists at this point. Even private corporations bend their knee.

[@jonnymahony9402]

LOL of course

[@theizzoshow5180]

Well that’s just it, people are comfortable until they aren’t.

[@andybaldman]

People will choose to be increasingly more uncomfortable, if you just boil them slowly.

[@alexhess1163]

But then what's the point of a government? Of society? If we have to make all the changes and solve all the problems as individuals, why are we paying taxes? What makes you my neighbor or my countryman?

[@TexanWineAunt]

Lobbying is obviously legalized bribery. I am appalled that foreign entities may legally contribute to US political parties. On a superficial note, that ribbed velour sweater and wool cap look great on Richard Wolf. Have a great holiday!

[@bmatthews15]

They aren't incompetent, they know exactly what they are doing.

[@STScott-qo4pw]

i know this is odd but I think both you and Dood! are correct...

[@polybian_bicycle]

@@gluttonousmachina2961 But labour is abundant? The developing world is full of people willing to work for very little. Resources maybe not so much, but that's why things are moving more and more to the digital world, where you don't really need resources in the same way as in the real world.

[@stephencorsaro954]

It's called Corporatism and I have a quote for all those that really don't understand what fascism really is. Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power..Benito Mussolini.

[@m.woodsrobinson9244]

So many people aren't ready to have that discussion, and when they are ready, by then it'll be too late.

[@kyliepechler]

@@m.woodsrobinson9244 Sadly its already too late. I keep wondering how those in still in denial (who ignorantly vote against their own interests) will cope, when they finally realize they have been hoodwinked.

[@allesdurchprobiert]

But but russia, china! Evil people! Freehdum and muckracy!1!! Bring on the bombs!

[@m.woodsrobinson9244]

@@allesdurchprobiert Sad but true!

[@CornFedZ06]

@@kyliepechler Kylie, we all vote against our interests 🤠

[@mariavila8857]

That wrestling analogy is spot on perfect and the media are the ringside announcers was the only thing missing.

[@kyliepechler]

Spot on! 🎯

[@alexluthiger731]

The media are already bought and controlled by the stinking rich and eaten up by their own cowardice and thoughtlessness - with the few obligatory exceptions. Or they hate the light of the truth like the stinking rich.

[@mattroxursoul]

Those manufacturing jobs were really important. In my area there were steel mills that employed small cities worth of people. But with cuts and automation those numbers were quartered if not more. Those people paid taxes and also put money into local economies. People could have other jobs which serviced those people. Think about a small town that has nothing like that. How can a professional really thrive there? Not enough money to have doctors/lawyers etc... So it is not only the loss of those jobs which was a major blow, but also the side effect of all of those other jobs that went into supplying those workers.

[@RobinHerzig]

Always love Prof Wolff's takes. Professional wrestling is an excellent comparison to the establishment games going on right now. And that Hillary didn't notice the Rust Belt created by rapidly losing the “means of production” during the 90s when she could've seriously done something about it to stop the bleeding.

[@robinsss]

if the number of covid deaths is a failure it's a failure of the government not the capitalists the legislative battle in congress is not two puppets controlled by the same group of corporations it's two groups of working class conservatives that agree that there should be no strong safety net which working class conservatives would logically do based on culture the blue collar working in particular is not very charitable and as they move up into the white collar they maintain their lack of charity

[@legalconsultant861]

Rust belt rusted because it was sold out by capitalists running the commodities markets. Reagan was the one who encouraged farmers to constantly expand and did (bought bigger equipment and more reliance on chemical based agriculture production that is hugely expensive)....to then turn around and then blame them for expanding. Republicans....republicans. Talk about voting against self-interest.

[@robinsss]

@@legalconsultant861 ''''''Rust belt rusted because it was sold out by capitalists running the commodities markets'''''' what do you mean by that specifically?

[@frugalcomfort]

@@robinsss Corporations and investors moved manufacturing overseas to boost profits. Neo- liberals like Clinton facilitated it with trade agreements like NAFTA, with no regards for the loss of livelihoods of regular people. Only the wealth building of elites mattered.

[@johncahill3644]

@@frugalcomfort Except it started under Reagan and was a fait accompli by the time Clinton was President. I watched it happening throughout the 80’s, it’s just a little too convenient to blame Clinton when it was really Republican CEO's who sold off American manufacturing to make the big, short term bucks. It was that same time period when Republican CEO’s started freezing merit raises, and then even COA adjustments. A decade or so later they stripped the company’s of personnel only to hire them back as contractors. And ultimately they closed down whole divisions, shrinking everything and merging with competitors. None of this “NAFTA”...and if by “elites” you mean Republicans, then I agree with you. I knew a lot of them in multiple organizations, and not a Democrat in the midst.

[@jamesmorton7881]

Hard to JAIL your government for serving the 1%. Bankers do not go to jail, You get that honor.

[@tuckerfrd1]

Just 2 min. in and Wolff has me laughing out loud about his analogy of Ana's question, and how spot on he is - it's all rigged from the beginning.

[@zoktoberfest]

There is no singular voice that has more depth and breath than his. If he never came forth on social media, as he has, there would be no light at the end of the tunnel at all, other than the train. No one has such a well reasoned command of cause and effect. Few have the ability to summarize the past, understand the present, and extrapolate into the future so unpretentiously. His perspective is mesmerizing. If only the Left would get their heads out of their asses and listen and learn...their might be a modicum of hope, but only if...

[@reasonablespeculation3893]

Wolff is a Communist . Wrap your head around that.

[@twoshea749]

I think Americans need to wrap their head around how the elites have embedded us so deep in propaganda over the last century that we can’t communicate rationally about better ideas than crapitalism without being compared to Stalin. It’s very sad. Communism has nothing to do with authoritarianism- you can have authoritarian capitalism or state centered “communism” which is just authoritarianism by another name- real communism has never been allowed to be born but is actually the only way to have society wide democracy as it removes hierarchy from the means of production which constitutes the majority of public life and exchange. True communism has NEVER been allowed to get off the ground before being overthrown by imperialism and capitalism. The history of the USA has been to crush freedom everywhere it tries to show its face at home and abroad.

[@michaelwaninger3155]

There may be a light at the end of the tunnel now but I fear there won't be when the other train enters the tunnel.

[@MrWphilips]

“Nothing will fundamentally change, or potentially become much worse!”

[@wrightjustin23]

Wolfe is the man 👊 As usual, he nails it.

[@naveenrajaka]

It is always a delight to hear Prof. Wolff!

[@damionalbarr7961]

Once again Prof. Wolff correctly breaks it down.

[@neilifill4819]

Richard Woolf: “It’s a spectacle…” Yup. It certainly is.

[@person-yu8cu]

It is worker solidarity that is needed, and it has to be built from the bottom-up. We can't just wait for capitalism to hit a new low, or the fascists will divide people against each other.

[@charliebrandt2263]

Too late. USA is falling into fascism RIGHT NOW! I predict civil war within 5 years....

[@person-yu8cu]

@@charliebrandt2263 at the same time, interest in labour action is at an all time high

[@kyliepechler]

@@charliebrandt2263 Fascism is indeed coming, however a civil war won't be allowed to happen. The powers that be (who control the actions of the police & military) will not allow fighting to happen anywhere near their own homes.

[@williammcfarlane6153]

Also when thinking about how many people have experienced unemployment we need to juxtapose that with the Brookings Institute findings from a report released in March 2020, show that 44% of the US Labor Market is classified as low-wage and if you include unemployed that means well over half of the US Labor Market is currently being subsidized by the government for the maximization of corporate profits... That is not sustainable!!

[@07Flash11MRC]

"That is not sustainable!!" : Good :-) Please wake me up once people are ready for a french style revolution and overcomming the cncer that is capitalism and private corporations.

[@mischevious]

Name one thing that all of us alive today only as a direct result of fossil fuels, do that is sustainable.

[@JohnT.4321]

@@07Flash11MRC 🎯🎯🎯🎯🎯🎯🎯🎯🎯🎯

[@07Flash11MRC]

@@mischevious "Name one thing that is sustainable": Why should we do the work for capitalists when we're all saying it's not sustainable? Go ask a capitalist instead. You can find many among the Elon Musk, excuse me, Iron Man fanbase.

[@mischevious]

@@07Flash11MRC “we’re all saying it’s unsustainable” Yeah who’s we? And are you referring to capitalism or to the all encompassing everything that I referred to? I assume the “iron man” reference is about Musk. Pop culture also lies in the realm of the profoundly unsustainable, I don’t know a thing about it.

[@michealklee8844]

And that’s why we formed unions ✊🏽solidarity forever ❤️union strong 💪🏽 support your local essential workers 🇺🇸Chicago UBC 🏙

[@wowomah6194]

Unions in 2021 mostly all suck.

[@MoparMan1320]

Excellent analysis of the current state of affairs...Bravo 👍

[@raelsackey104]

And all this while Medicare4All, the best way to address this health crisis, is ignored!

[@newsoul8626]

its not even talked about by our so-called public servants, nada, zip, nothing...coulda been loud about it every day, there feels like no hope

[@makaracomeau160]

OMG! Truth is so needed & so well articulated. Thank you. This needs to be heard by evertyone.

[@hafifi57]

Again, professor Wolf is brilliantly explaining how did we arrive to this mess we are in right now because of the neoconservative and their self serving democrats starting with The Clintons.

[@anthonytwohill9726]

The Clintons are actually Reagan Democrats. Most baby boomers love Reagan and all his policies. That's the main problem.

[@frank124c]

Prof. Wolff is endlessly fascinating. He's not just reading from a script, he is using his own words to express his knowledge and true feelings. He should run for president.

[@007kingifrit]

are you overeducated? he didn't really make a thesis or a compelling argument.....or any affirmative claims at all. he just summarized the news , vaguely

[@Cyberphunkisms]

Privilege = Power is the best gift to the neoliberals

[@taooflifekenpo]

i think in the working class , you just work and you do not notice the changes until it shows up on your check . the work loop won't let you notice it . go to work come home take a shower , eat , watch tv and get programmed for a couple hours , go to bed get up and do it again . on the weekend catch up on chores (if you even get a weekend).

[@thetruthandnobs2]

Just Love prof Wolff. He is...THE BEST 🤓🎯📸📢🌍. Been subscribed to his KZbin channels for years. Brilliant 👏

[@pineapplepenumbra]

Credit and debt are what they use to paper over the cracks in a long term unworkable Economy.

[@bobg.3206]

Who is they?

[@pineapplepenumbra]

@@bobg.3206 "Who is they?" A good question. As our Economy grew up piecemeal, the people responsible for various aspects of it are many and varied. The logical answer should be governments and banks, but as we know, both institutions are affected, and sometimes controlled, by other entities. "I care not what puppet is placed upon the throne of England to rule the Empire on which the sun never sets. The man who controls the British money supply controls the British Empire, and I control the British money supply." Rothschild, 1815,

[@JulianPerez-zv6os]

@@pineapplepenumbra "antisemitism is the socialism of fools" - Karl Marx

[@pineapplepenumbra]

@@JulianPerez-zv6os That's a quote I haven't heard before. It's a good one.

[@theodorlee]

It always fascinates me that people from the third world tend to sugar-coat the performative democracy of the United States, which is arguably the shame of the developed countries, even worse than that of Japan.

[@kierandevine364]

If you think that is all an accident; you have no idea what is going on.

[@ThaTruFily]

Much love for R.W. and Jacobin, fighting the good fight!

[@KedgeDragon]

We MUST change the vocabulary. A SPENDING bill requires two questions, "How much will it cost?" and "How will we pay for it?" This discussion, because it is ungrounded, swirls in never ending irresolution. What we need to address are INVESTMENT bills. An investment bill requires two additional, and much more important questions, "What do we want?" and "Is it worth paying to get what we want?" This discussion, because it IS grounded, is relatively simple.

[@charliebrandt2263]

What do we want. For control of corporate capitalism, the break up of monopolies and for the rich TO PAY THEIR TAXES! They are all thieves, and in the pandemic MASS MURDERERS...You think I am Joking?

[@barbarajohnson1442]

What a GREAT teacher! Thank you for this clear visual presentation of our economic situation! I love the Pharoah analogy

[@LetsGoGetThem]

Great push back on the "economy rebounding" narrative by Wolff here. I have been worried about the rising of interest hikes too, the stopping of QE and also a myriad of other factors. They cannot raise rates, because the current high private and public debts are sustainable only at very low interest rates. There is a great article that paints a bleak picture of where we are right now in regards to debts, inflation and interest, which points out that we are at the zero sum area of interest and how interest rates + QE has contributed to economic disparity called "Why the Rich Get Richer and Interest Rates Go Down" By Servaas Storm in the Institute for New Economic Thinking (an Economist institute for progressive economists). The S&P is also overvalued I think. We are definitely at the peak right now, that's for sure.

[@scubamanbrian1518]

What you’re seeing is the real problem with Keynesian economics with regard to fiscal and monetary policy. Politicians who buy into the notion that they can control and manipulate the economy with interest rates and spending ALWAYS end up making a bigger mess than they were trying to fix. It’s all just a matter of time, because in order for the theory to work they need to raise taxes and lower interest rates during booms. This almost never happens for obvious reasons. The government needs to stop thinking it can stop recessions.

[@winluben2909]

I am SO GLAD I LISTENED TO THIS.

[@alloomis1635]

not really a crisis, that implies communal goals and long-term planning. but 'capitalism' is just greed, explainified in mock-intellectual terms. capitalism is not the problem, any more than gravity is. it is about equally resilient, like political kudzu. the problem is ignorant people, conditioned to submission, and amused by superficial discussion on the web. there is no visible resistance to 'capitalism,' which i think would require sustained and general revolution in the usa. more sophisticated societies may be quietly evolving towards democracy and socialism, the scandis, swiss, 1 or 2 others. we live in hope.

[@michaeljmorrison5757]

Added to the crises of covid19 and economic depression, we must not forget the looming global warming/heating, environmental collapse, nuclear conflict or war! Edgy!

[@dingusdingus2152]

To compare professional wrestling with politics is extreme calumny, a grievous insult to a noble form of entertainment. Wrestling is way more honest than politics: the wrestling fan gets exactly what they pay for. As opposed to the voters, who get gypped and cheated year after year

[@riocannistrano756]

He's talking about old school Kayfabe where Flair and Dusty would try to murder each other and then be at each others houses having a bbq the next day lol .

[@jf2176]

Yes. But they get to vote! Oh, that precious day of voting.

[@charlesronk2989]

Yes the people put these actors in place with no accountability. I would say that the people are getting exactly what they "paid" for.

[@user-rb7ns9yj5y]

Despite your xenophobic slurs, possibly even ignorantly, wrestling is nothing more than a bread and circuses 🎪 distraction. A type of Brutus display of a cock fight and which man can have the women. This is an ancient story of testosterone and misogyny. Unnecessary in a civilized society, but it is great for views, advertising, and selling violence. Normalized violence is on the rise. Expect more violence and school shootings. Etc.

[@JulianPerez-zv6os]

@@user-rb7ns9yj5y It's not bread and circuses, it's the way the world is. The fact you call it testosterone and misogyny shows you are "performatively soft," which is really pathetic. Wrestling is awesome, as is mixed martial arts. You should work out, develop a regimen for fitness and weightlifting.

[@zacheryhershberger7508]

Wolff gettin ladies with that flat cap

[@mawortz]

Crisis in capitalism are not a bug, but a feature. That's how rich people get richer.

[@scubamanbrian1518]

Rich people get richer because they provide a service or product that lots of people see as valuable. Or, they convince the government to write regulations which punish their competitors in such a way as to benefit their business. The relationship between regulations and corporate/government corruption is pretty clear and needs to be dealt with, primarily by reducing or eliminating regulation whenever possible. To say that rich people get richer because of “crisis” is not correct. In the current situation, the government made idiotic decisions in order to supposedly control COVID, and thus we saw small businesses utterly decimated. Only large corporations who were already prepared to operate through online fulfillment made huge gains as a result. So once again, we see leftist policies harming regular Americans with so called “good intentions”.

[@mawortz]

@@scubamanbrian1518 I have studied every financial crisis in modern times. Most often than not, those who benefit are wealthy individuals.

[@scubamanbrian1518]

@@mawortz yes, and why is that? I’m not disputing it by the way. As you observed in my comment, some companies did extremely well due to government action to stop COVID. But, that doesn’t mean that the people who benefited somehow exploited those who didn’t. For example, it’s not Amazon’s fault that the government imposed lockdowns, which forced more people to buy online rather than go out and shop in public. I think if you’d take another look, what you’ll find is that it isn’t free markets that cause horrible crisis. Typically, it’s humans stopping the free market from existing as it would normally that truly causes a problem. Why, for instance, did the Great Depression last so long? First of all, a huge contributor to the beginning of the Great Depression was entirely the fault of the federal government for being incompetent with the money supply, but that’s not even the point. FDR put all kinds of programs into effect in order to try and jumpstart the economy like jump starting the engine of a car. Almost without exception, all of those programs resulted in worse outcomes overall than if he had done absolutely nothing at all.

[@michealklee8844]

Support your local essential workers 🙏solidarity forever ✊🏽union strong 💪🏽 Chicago UBC 🇺🇸

[@bulletproofblouse]

Dear Lady Jesus, I love Richard Wolff.

[@fintechip96]

Listening to Richard Wolff speak is like listening to Louis Armstrong play the saxophone Live.

[@onamemmet]

Armstrong played trumpet.

[@fintechip96]

@@onamemmet that’s what I meant you’re right

[@GrandmaCathy]

Do you know how companies are run now? It's completely insane. I don't understand how the whole thing hasn't completely collapsed yet.

[@SpiderMonkeyElf]

“She probably thought using that phrase was clever” L M A O

[@ingebrigt8143]

I believe that it should be made in to law that every company had to print 1% new shares each year and distrebute it equally between their workers so that the workers would be part owners of their workplace.

[@CarFreeSegnitz]

A simple law: before a company can be sold to a competitor or shuttered a reasonable offer must be made to its current employees for purchase. Who better to run a company than those who have been hired to run the company.

[@thebookkeeper8404]

Just love Professor R.D. Wolff !

[@newyorkfilharmonik110]

It's the freedom that causes the problem. The media never said who started the pandemic: The haves. Athletes, entertainers, and politicians were the first to have Covid 19. People on cruises. Of course, it would have gotten here eventually, it's everywhere. But, the pandemic mobilized through the actions of people who have money and does what they want when they want.

[@dabrupro]

“When you deceive yourself that you work for the good of all, it makes matters worse, for you should not be guided by your own ideas of what is good for others. A man who claims to know what is good for others, is dangerous.”--Nisargadatta

[@BH-fi1sb]

"I won't let you drown the monkey said as he carried the fish up the tree." the path to hell is paved with good intentions

[@evasionbycartwheel12345]

The problem isn't the system,it's people. If you want to agree with the progressive s,which has taken over the left,you would also have to accept that all white men are racist,America is racist,men in general are bad,the list is endless. So thanks a lot Mr Wolff

[@michaeljmorrison5757]

People need to be reminded of Maslow's hierarchy of needs to be happy. Greed, power and stupidity are never enriching!

[@logangrant3359]

As someone involved in professional wrestling I will attest, Wolff's comparison is accurate, maybe in more ways than he even realizes. The person who runs wrestling shows, sets up the matches, and decides who wins (the booker) very rarely tell the wrestlers *exactly* what to do. Wrestlers have some creative freedom; in practically everywhere except WWE on some occasions, wrestlers can decide what moves they want to do and what gimmick or persona they want to put on, and gimmicks 9/10 times is some genuine characteristic turned up to 11. Something you'll hear a lot as a wrestler, is 'worry less about the moves and more about getting yourself a gimmick.' The gimmick is what sells the drama. The gimmick is what *sells*. And the gimmick cannot be complex. It has to be simple enough for audiences to understand almost instantly. Thus, finer details and specifics of policies aren't fit for news; that's all too complex, too boring. And all that jargon and rational discourse prevents politicians from getting into their simple gimmicks, manifesting through impassioned speeches which are essentially wrestling promos.

[@scottluthy5828]

The response to the pandemic has been a colossal failure. Richard Wolfe has incredible solutions to help the working class. This country needs changes.

[@mikeincalifornia]

Not economically. Socially and culturally and politically, yes. But the American economy and the American people are actually doing much better than before the pandemic. Stocks are way up, employment is way up, rents and real estate values are way up, prices and profits are up, wages are up, everything is up. People have a lot more money in the bank, state legislatures have more money on hand than ever before in US history, and on and on. The most reliable indicator of a prosperous and growing economy are rents and real estate values. If these are going up then that means the economy is doing well, and if they're stagnant or declining that means things are bad. And rents and real estate are growing rapidly, with no end in sight. Statistically at least, these are the best economic times in US history. World history actually.

[@phatster88]

Not a bug. With the Fed manning the printing press, you get very competent grifters but alas incompetent in everything else.

[@jayxavier6930]

Anything with Ana Kasparian should get a thumbs down... her takes on Syria, Aaron Mate, Assange and Madeleine Albright are nothing short of disgraceful

[@urrywest]

Bingo... I wounder why someone who it hurts so much to see is a headliner in these important discussions. I often don't look at the video when her picture is on the cover.... I hate to hear her talk. It was also her going against force the vote as well.

[@jayxavier6930]

@@urrywest Yes on FTV. Also... I know seven likes, which I got, is pretty small on the face of it... but note this is a vid headlining Kasparian. Add to that: there are (so far) no dislikes. It shows that even on her turf, so to speak, her credibility has fallen.

[@urrywest]

​@@jayxavier6930 I can't help but think of her saying to Aaron Mate... "Fuck You" and showing her middle finger... That was in respoonse to Aaron's reporting on the false flag chemical attacks in Syria... I posted what I though was a flattering picture of AOC and an alderman who I had worked for unfriended me [he felt the picture was unflattering].... I told him in no uncertain terms that that was not his place... I no longer post pictures of AOC because she was point person against 'force the vote'..... If I am not mistaken Ana was part of the effort against force the vote as well.

[@jayxavier6930]

@@urrywest Good point. On her expletives and outbursts against Aaron Mate... We had seen it all before, when she exploded at Alex Jones in person, calling him a "fat f***" -- it's just that, because this was happening to Jones, (almost) nobody gave it any mind. Still, the writing was on the wall: she seems to be both massively delusional, megalomaniac, and has a nasty case of anger management issues. Those usually go hand in hand: she thinks she can do no wrong, and flies off the handle at anyone who doesn't toe her line to a fault. Toxic.

[@urrywest]

@@jayxavier6930 I don't even know.... I can imagine someone being miffed at Jones. Maybe she thinks she is a 'sable genious' who knows stuff just by intuition.... About my alderman guy.... I thought the picture of AOC was flattering if not a bit humanizing.... It was not up to him to judge me for anything at all. It is me who judges him... I told him it was not his place at all...

[@ac7205]

Excellent content. All star line up.👏👏👏

[@davidevans6618]

What drives financial enslavement and how far can we go ? Right to totalitarian hell if you're paying attention, and continue to support it, you're as good as done. That's a promise from history.

[@danielvalleduarte]

Its a bought game....you gotta learn how to look for important news, and almost none of that is words of our politicians.

[@kyliepechler]

Politics is the modern day "bread and circus" of ancient Rome. When the general population had to be distracted, as the Empire at the end of it's glory, was all falling apart.

[@samueldivers9151]

In the last days, these overlords will Lose their wisdom

[@mariaharrington8708]

We should all change to “independents” to send both abusive parties a loud message

[@allesdurchprobiert]

I'm impressed! That dude is a boomer, and yet has a working brain and isn't detached from reality. He has my highest respect!

[@dogeared100]

Hey, boomers rule!

[@treefrog3349]

In the 30's they had FDR someone with a brain, a heart and a backbone. We have a chunk of tofu in the Oval office.

[@mitesh8utube]

An elected chunk of tofu. I don't know why people fail to realise their political rulers are their choice.

[@puravidadew7031]

You should also remember that FDR did what he did in order to save capitalism.

[@rogersmith7396]

They had 10s of millions of hungry armed people ready to go to war with the capitalists.

[@robinsss]

@G C if the number of covid deaths is a failure it's a failure of the government not the capitalists the legislative battle in congress is not two puppets controlled by the same group of corporations it's two groups of working class conservatives that agree that there should be no strong safety net which working class conservatives would logically do based on culture the blue collar working in particular is not very charitable and as they move up into the white collar they maintain their lack of charity

[@thedadoftown1774]

@@robinsss suggesting lobbying has no effect on politics, that the two parties are working class and that conservatives would support a strong safety net 'based on culture', and that blue collar folks move into white collar positions? What world are you living in?

[@fluffyunicorn7155]

The cool grandpa we all wish we had.

[@fluentpiffle]

The bottom line is that people will do nothing about the slide into ever-more corruption, simply because we are all complicit, involved as parts of the 'society' that plays authoritarian games, and in order to do anything about it we will have to work hard on ourselves, AND go back to a time when we consumed less and led more frugal lives...all the time being lured by a thousand comfortable carrots..

[@davidalmeida2991]

How I admire Professor Wolff 👏👏👏

[@jackgude3969]

Love Richard Wolff. This guys is right about literally everything

[@JohnT.4321]

Almost, but he is coming around little by little. He needs to call for the end of capitalism. He needs to say that the means of production and distribution should be in the hands of the working people who create all social wealth. Don't let the Right Wing fool you otherwise. Vote socialism.

[@bugsbunny4647]

@@JohnT.4321 I'm starting to think that continuing to partake in this system is morally bad. Yeah, I work myself, but this is really getting out of hand. Seeing it any other way to me is being a hypocritical.

[@robinsss]

@@JohnT.4321 not many countries still using socialism

[@JohnT.4321]

@@bugsbunny4647 🎯🎯

[@JohnT.4321]

@@robinsss In a sense Richard is trying to organize workers on the economic field. However, he is ignoring organizing unions and other places of work to make a difference. Also, he is ignoring organizing on the political field with a coalition of socialist left parties. Other countries are seeing the contradictions of capitalism and those countries are organizing for change. We just don't hear about it.

[@barquerojuancarlos7253]

We mustn't accept the theatrics from the actors reading scripts as if they belong to different parties in Washington. It's entertainment in preparation for the electoral carnivals. It's not politics.

[@sidmarx7276]

Calling big capital incompetent is missing the point: Big money is exploiting disasters and encouraging them to continue.

[@pattyanderson1199]

I love this man.

[@boorhaave5880]

He looks like a retired adult film director

[@youliantroyanov2941]

Like Tinto Brass 😜 Both dude are pretty cool, in different ways though...

[@ke6944]

😆 🤣🤣😂😂

[@goldenphoenixpublish]

There's a difference between 'Capitalism' and 'Entrepreneurship` needing detailing in any discussion of economics. Perhaps the main difference is that entrepreneurship begins with the idea of meeting community needs and capitalism tends to begin with making money from investment rather than addressing needs-meeting. Once this clarification is exposed, it becomes quite clear why capitalism fails us...

[@stephencorsaro954]

The real problem is Corporatism. That debt can be used to create is not debatable. China is the best current example. What is important is the return on debt. That if used correctly the return minus the creative destruction costs ( that those costs should be reclaimed and that the environment should be somehow recovered or improved) is in balance creative. This isn't happening in all cases and in those cases debt and capitalism is destructive. When the state endorses Corporatism it becomes unaccountable and that is what fascism really is. It requires authoritarian rule in this destructive form to continue. There should be an amendment to separate the state from economic "belief" just as there is with religion. Both lead to the same bad outcomes.

[@goldenphoenixpublish]

@@stephencorsaro954 Hi Stephen, It would seem that there is a spectrum of economic possibilities that might be described. That spectrum probably begins with sheer survival-oriented "eco-economics" -- wandering the plains of the Serengheti in a small tribe perhaps -- and ends with a people totally dominated by business activities prescribed by the state with each individual simply a "cog in a machine" serving the whims of the very few 'domin-ators' at the political top. The tipping point probably begins with 'capitalism' where money may be used to support socio-ecological collective well being or simply become an instrument without scruples serving the power-mongering elites of the day. Clearly, humanity has largely lost interest in a hunter-gatherer economic modality. The question becomes will we reverse course and return to a more benign form of capitalism that invests its assets in things good, true and beautiful?

[@allesdurchprobiert]

I've thinking this for ages! We have soooo many capitalists, yet so few entrepreneurs!

[@goldenphoenixpublish]

@@allesdurchprobiert Hi Alles, just about everything is a two-edged sword. A thing can be used for good or ill. We could 'invest' our capital in things sustainable, but mostly we don't...

[@LONEWOLF..314-S-T-L]

GREAT TALKING POINTS PROFESSOR WOLFF AS USUAL 💪🏾💯👍🏾❤️🌄

[@deeremandoug]

prof wolff is the best and most truthful speaker on economics.

[@echokehn4990]

Hillary's ignorance never ceases to amaze. Bringing back manufacturing after her husband destroyed it 25 years ago. That issue was a big running point for Trump also. She never had her own mandate and still doesn't have any she can call her own. Why she's given precious air time is beyond me.

[@_John_Tyree_]

...but at the same time, women will desperately try to vote her in...because they want a woman president; ignorance be damned, on her end or the voter's end.

[@fredganoe9791]

Democrats and Republicans are "two cheeks of the same arse." [George Galloway, former UK MP]

[@epierre727]

Excellent analogy Prof. Wolff

[@superduperjew]

Excellent discussion.

[@StephanDallaPria]

The irony of Richard Wolff talking about captured interests with ANA KASPARIAN does not go unnoticed and unappreciated.

[@unwavery]

ELI5 please.

[@dante6563]

Huh? Stay off the drugs.

[@donaldjamesx2990]

That cap is pimp....by the way

[@Ianpact]

Thank you.

[@ruyuchen2378]

Two big strikes John deer and Kellogg reached to agreement, Happy ending for both Capitalists and workers.

[@bobg.3206]

So the workers aren't working for profit? This fabricated separation between owners and workers is ignorant. Everybody goes to a job to make money. If you aren't making enough money at your job you take your skills somewhere else and earn what you're worth. If you have locked yourself into a system and given up your freedom to earn what you are worth, that is on you. It doesn't make people who have retained their freedom bad.

[@johnbirk843]

I grew up between Denmark and Canada, I now live in Antigua and Barbuda in the Caribbean for the last 50 years. That said, what you doing reminds me of Canadian politics, one vote for the party that one dislikes the least. What you have been doing reminds me of the bully effect, namely even though the bully is wrong most people will kind of do an equivalency thing, just in case the bull is going to beat up on them. Cross set and tell the truth. Scientia Non Domus, (Knowledge has No Home) sntiguajohn

[@andybaldman]

Capitalism as a whole tends toward creating things that people just barely don’t hate. (Or hate less than the other option.)

[@arjunface]

He looks and sounds like my old violin professor. Very comfy vibes whilst outlining the country’s existential dread.

[@salmoreno7186]

Nice program Jacobin. Excellent choice with kasparian and Richard Wolff. Thank you

[@Base4SpaceGlobal]

What I would prefer to spend my critical time on is two speakers, challenging each other's pov's, NOT agreeing with each other and patting each other's back. Its not an F but it is an E in my book