Peter Schiff Argues with Marxist Richard Wolff

[@jordanaraujo2579]

Let's face it. It's an FU shaped recovery.

[@jordanaraujo2579]

@Mr. Sarcastic thanks, I guess.

[@artemisthor2757]

Love it!!!

[@annlong1426]

Ha ha ha!!! Except that it’s no laughing matter

[@well.thy.one.]

Lol

[@notworking5692]

This is NOT CAPITALISM.. this is CENTRAL BANKISM back to 1971 please! Stop this confetti printing, and Start gold centered economy..

[@thomasdangerpowers]

"A friend with weed is a friend indeed, but a friend with gold is the best I'm told" - Leaprecaun

[@JackDuffley]

"Curious aroma!"

[@lc7789]

now... give me the flute

[@chrisfan9492]

Epic

[@nmoranv]

THIS

[@sunilpuri5864]

Looks like I’m the ideal friend!

[@amadkrazeeworld2328]

At least everyone can agree "This is going to end VERY BADLY!!"

[@94nolo]

As Peter has said all along, capitalism will take the blame for the problems created by socialist Keynesian fiat central banking.

[@C.Zacarias-Main]

Yeah...we are all screwed!

[@TheGilbalfas]

@@94nolo i dont call that socialism i call it corruption. because low interest rates creates inflation which they tax and make money

[@notworking5692]

This is NOT CAPITALISM.. this is CENTRAL BANKISM back to 1971 please! Stop this confetti printing, and Start gold centered economy..

[@bluenami7520]

If the rich get richer, where does the money come from? Either it comes from everyone else or it is created, in which case it dilutes everyone else's money. There is no other place for the money to come from, so there is no way for the rich to get richer without taking the money from everyone else. And that is exactly what we are seeing as the rich get richer, the poor are getting poorer and more numerous.

[@Honestcritic79]

Peter: Government is the problem.. Wolff: Its not government, its the bad people in government. If only we had good people in government. Peter: Yes, if we had good people in government, they would limit their powers. Wolff: No, we need good people who want more power. Peter: No good person would want more power. Only bad people do.

[@braynz2378]

Bro, Richard Wolff is delusional

[@richhornie7000]

Peter Schiff wants rich people to get richer though (including himself of course). And wealth perfectly correlates with power under capitalism. Does it mean Peter is a bad person (personally I think so, how are you so rich without leeching from working poor), but what do you think.

[@Honestcritic79]

@@richhornie7000 Peter Schiff wants everyone to get richer. However, the crash that he predicts will cause rich people to become poor, they are the one's who own all these assets that will depreciate in price immensely. The poor people will be able to snag up all their assets for steep discounts. So in way, he does not want rich people to get richer, he wants poor people to get richer and rich people poorer. The next economic crisis/crash will be a reset in a way and provide for a redistribution of wealth.

[@wustachemax]

@@richhornie7000 lol leeching from the poors. Please. It's business people that are creating jobs and the opportunities for the leeching poor living off the state. And yes they're rich because the market is rewarding them for their risk and taking of the responsibility of creating those jobs.

[@BarrySlisk]

@@richhornie7000 Schiff wants freedom. And then the results are what they are.

[@jamesmichael8777]

Why does anyone have to agree?...conversations where people disagree is perfectly ok

[@nirtheart]

james michael you have to reach consensus to love forward. Especially when socialism, which is where we're headed, is in the complete opposite direction of where we should head (back to): capitalism

[@Davidhussey8917]

absolutely!

[@JM7Blocks]

Because truth matters. I guess not to you though.

[@sekulrtsnfnugg6126]

if it's educational. schiff interrupting wolff instead of listening and learning, is a complete waste of time. I'm not interested in hearing schiffs wacky talk.

[@pexus4127]

@@ManuelCastro-ns5sd Here we go again with the stupid fucking “pizza toppings” argument. Vote for policies that directly affect YOU.

[@GeorgWilde]

Government: Overreacts and shuts down the economy. Marixts: Internal contradictions of capitalism.

[@branquinho8444]

There was state when there was slavery. There was state when there was mercantilism. There was state when there was feudalism. You know someone has never read a line of the socialist economic theory when you start an argument related equating state with socialism.

[@branquinho8444]

All capitalist economic theory deals about is wage and the size of states. This is laughable. "Marixts" at least recognize we have to factor the capability of production into WHAT should be done. Today, who decides that is lobbists a.k.a., a plutocracy of which, I'm sure, you don't make part of. Did you have a saying on pardoning Billionaire debts of gigant industries? Did you have a saying if your tax dollar should be pumped into increasing the capability of PRODUCTION of the army-industrial-complex, instead of health-care? etc. All you clowns talk about is "interest rate", "state shinkrage" etc. All these are CONSEQUENCES of what the failure of capitalism created - not because the production capacities diminished. When that happens, we call an economical system FLAWED. Because it's - one - unstable and - two - susceptible to ARTIFICIAL economic crisis.

[@michaelmappin1830]

Of course it's the internal predictions of capitalism. Under capitalism the state is controlled by the capitalists. Under capitalism most of the capital is owned by the richest members of society. Those people use their wealth to construct their ideal government. That government represents the owning class, not the working-class. The working-class has to fight protections and privileges under the law. Just like slavery in the Antebellum South saw an increase in protections and privileges for the slaves. Capitalism is a modern form of slavery. If you don't own the product of your labour, then everything you produce belongs to someone else. If you believe in free markets and volunteerism, then you would be anti-capitalist and pro-socialist.

[@Pyasa.shaitan]

Well sure, what about the 1 million deaths alone in the United states with broken healthcare system?

[@michaelmappin1830]

@Johan Liebert , dude, the capitalist class at the top of the pyramid has made record profits during the pandemic. The oil industry, the banking industry, people like Jeff Bezos, Zuckerberg, Etc, yeah, some capitals get thrown under the bus. The big fish eat little fish. The function of the capitalist government is to protect the capitalist system, the capital Holdings of the capitalists, and the capitalists from one another. ▪︎ The 1% grabbed 82% of all wealth created in 2017. ~ Wall Street Journal ▪ During the last 20 years over 90% of newly created wealth went to the top 1%. The Top 1% of Americans Have Taken $50 Trillion From the Bottom 90% ~ Time Magazine ▪ The two richest people-Jeff Bezos and Bill Gates-possess almost the same amount of wealth as the poorest half of the population. ▪ the richest 1% has almost as much wealth as the poorest 91% of the American population. ▪ The wealthiest Americans live on average 20 years longer than the poorest Americans. ▪︎ The number of homeless children in the United States is at its highest in more than a decade, according to a recent study by the National Center for Homeless Education. ~2017 stat ▪ The United States comes in at number 27 on the social Mobility index! That's even worse than Portugal and Lithuania! Never mind trying to start a business either cooperatively or individually. That number 27 a person would be lucky just to be able to retire debt free. There's a reason why most Americans can no longer afford a family on a single income. Anyone can start a business? I think not. ▪ over 40% of u.s. households are one paycheck away from poverty. ▪ Banks have foreclosed on over 7 million homes between 2004 and 2015. ▪ There are 554,000 homeless people on a given night. ▪ The United States, the wealthiest nation in the history of the world, has a larger percentage of low-income workers than any other developed nation. ▪ As of 2020, According to the U.S. Department of Education, 54% of U.S. adults 16-74 years old - about 130 million people - lack proficiency in literacy, reading below the equivalent of a sixth-grade level. ▪ 30% of the low-wage workers live below 150% of the federal poverty line, or $36,000 per year for a family of four. 26% receive safety net assistance such as food stamps, welfare benefits, federal housing assistance, and other programs, which have been cut back throughout the years by successive Democratic and Republican administrations. ▪︎ more than one-third of us healthcare costs go to bankruptcy! ▪ A study conducted by researchers at Harvard University found 45,000 Americans die each year from preventable causes because they can’t afford healthcare. But, we do have a $1.5 trillion jet fighter that can’t fly in cloudy weather. Go ‘Murcia! ▪ In 2017 Over 30 million Americans had no health insurance and even more are under-insured with high deductibles and co-payments. As of May 2018, the numbers of people in the U.S. without health insurance have risen to 15.5%, up from 12.7% two years ago, according to the latest Commonwealth Fund tracking survey. This translates to an increase of four million uninsured people nationwide. ~ forbes. ▪ "the US tops all European countries in terms of the percentage of workers and family members who avoid necessary trips to the doctor because they fear financial ruin from the inflated costs of their private health care." ~ Prof. James Petras (the American Sociological Review, British Journal of Sociology, Social Research, and Journal of Peasant Studies) ▪︎ Millions of Americans - as many as 25% of the population - are delaying getting medical help because of skyrocketing costs. ▪ more and more Americans are selling their blood for extra money. over 40 million Americans, many of them full-time workers, require food stamps in order to get enough food to eat. That's more people than the entire population of Canada! When you're desperate enough, you'll even sell your blood! "With 58% of Americans living paycheck to paycheck, corporate America is exploiting poverty through blood and plasma donations while most other countries have banned the practice on ethical and medical grounds." ▪ economic insecurity and workplace stress is destroying the mental health of Americans. USA #1 for mental disorders. about 1 in 4 adults. about 60 million people. ~ (Archives of General Psychiatry, 2005.) ▪ Published studies report that about 25% of all U.S. adults have a mental illness and that nearly 50% of U.S. adults will develop at least one mental illness during their lifetime. ~ cdc gov - mentalhealthsurveillance-fact sheet ▪ and as people become more desperate we see crime rates increasing. ▪ 3% of American adults-6.8 million people-are either in jail or prison or on parole or probation. ▪ A third of states have a form of debtor’s prison, where the poor are locked up for failure to pay fines or debts. ▪ There are 1.2 million police officers in the US-almost equal to the population of the state of New Hampshire. ▪ The police have killed 15,000 people since 2000. ▪ There are 55,000 children presently in juvenile detention.

[@94nolo]

The moderator was trying to debate. C'mon man. Get out of the way.

[@IamYofXY]

He is confused.

[@94nolo]

@@IamYofXY quite

[@rohin614]

The way peter blinks , I’m convinced he is atleast partially a robot

[@silverfox3637]

HE'S A DORK!

[@gblargg]

And the other guy kept deferring to him to get his position bolstered. EDIT: Oh, the loud-mouthed guy wasn't the moderator. He sure acted like he owned the place. Funny how Schiff's voice was the easiest to hear over them chattering. All they could do is attack Schiff rather than his ideas. "Oh how convenient." Irrelevant.

[@marknix8962]

How in the hell is it capitalism when the government shuts jobs down

[@H4I2I2EE]

The right wing likes to confuse people and fear monger for profit. They call stuff like the Green New Deal, medicare for all, free public college socialism to scare people. With these programs people will save money and be spending that money in a capitalist system.

[@H4I2I2EE]

@Saami Zakir What you mean "real socialism" You should listen to Richard Wolff. He explains there are different types of socialism. What we have now is socialism for the rich at our expense.

[@sanath8483]

Under capitalism, a few people hold more power in the form of wealth and more importantly, they have control over the means of production so naturally, any government structure under capitalism will serve those who have power and who do control the means of production as if the government upset those people, the wealthy can threaten the government in various ways to get what they want. For that reason, capitalism naturally implies the corruption of the state to some degree.

[@Chwo6789]

@carlson mujem Most European countries don't have universal healthcare. They may have a public option, but they also have private. The United States has government funded healthcare but it's provided by the county. Also States like California and cities like Minneapolis have some of the largest welfare programs in the US yet they have some of the widest wealth inequality gaps. What is your answer to that?

[@Chwo6789]

@carlson mujem There's county hospitals in most counties which are similar to what is seen is Europe. It's not funded by the federal government though, it's mostly funded by the county. The standard of living in Massachusetts is pretty high and population has been sort of stagnating for years now.

[@dollymartin7498]

We haven’t had capitalism my entire life. The FED has manipulated markets since its inception.

[@Conenion]

So true!

[@niicommey4117]

Fine, call it financialism, it needs to change.

[@ListingToPort]

@Mark Johhson "NEVER" a word used by zealots and the blind. You may as well be saying God exists but Zeus NEVER did. Capitalism or Socialism much like religion are ideals to strive for. That said, two of these have been proven time and again to fail. But, hey this time maybe we'll get it right and not revert tribalism . Give me sound money, a free market, and a government that only intervenes for the protection of personal liberties. Otherwise, pick yourself up, rub some dirt on it and keep going, your mommy isn't coming.

[@JM-ip7hf]

Exactly. Free market capitalism is a utopian dream that westerners like to brag about. None of them have lived in a free market capitalistic economy. The Federal Reserve destroyed that dream. You shouldn’t be protesting by destroying small businesses, you should be standing outside Capitol Hill hanging those crony politicians that have sold out your country & your children’s future.

[@permaiussen4208]

END THE FED ABOLISH GOVERNMENT PRIVATIZE THE ENTIRE PLANET CORPORATE NEO-FEUDALISM NOW!

[@libertylover4575]

Those were NOT “mistakes” nor were they examples of “capitalism”! Why don’t you say what problem REALLY is - CORRUPTION AT THE VERY TOP!!!

[@nursejean903]

@Grief 101 agreed

[@TheGilbalfas]

is this a failure of mankind/ Are we just too greedy and selfish to live in peace, harmony and productiviity?

[@nursejean903]

@@TheGilbalfas I think the idea is to destabilize countries so that then they can usher in a new type of society. Divide first then conquer. The solution is to unite and stand together.

[@libertylover4575]

Grief 101 , I agree that we live in a world full of corruption. And our American system of government was originally supposed to be very limited, so that people would be free to prosper if they worked hard, which is true free-market capitalism. But now, our government has become huge and very socialistic, plus there is massive corruption at the top, plus we’re partially being governed by unelected technocrats like Bill Gates! Corruption always finds its way to the top, in both socialist and capitalist societies, but if we had a truly free market, without central banks & a federal reserve controlling our money, those corrupt tyrants wouldn’t get very far in controlling us & stealing the money from the people, in the form of taxes. Another thing which made it easy for the tyrants to gain power, is the fact that there are no term limits on Congress people. They should not be allowed to run for office more than two terms. It’s a big problem that they can keep running for re-election, for the rest of their lives, because then it all becomes about their political careers, instead of representing the people, as they were supposed to do. But in communist countries, you have the same problem, but it’s even worse. In every communist/socialist takeover, throughout history, the rich tyrants end up having all the power & money, while everyone else is dirt poor & starving. I visited Russia, back in the early 80’s, a few years before the Soviet Union broke up. We had to stay on tour buses, & we were only allowed to see what they wanted us to see, but one time our bus stopped at a street corner, and I looked out the window to see a long, long, food line of people standing on the sidewalk, and they were each being handed a dead pigeon, as their daily food ration. That’s what happens to the regular people in true socialist societies. By the way, Sweden is NOT a true socialist country - it’s more like a free market, but with SOME elements of socialism, such as high taxes.

[@organicdudranch]

yes, there are a few who control everything, it is done through the jesuits, with their banking arm (rothschilds)they own and control the governments using the owned media and information sources and many operatives in other areas. including MK ultra monarch trauma -based mind control operatives . Mitt romney is one, many others i don't know how many.

[@nirtheart]

The point that was not brought up in this interview that people forget is that capitalism is pro-strong, but limited government - one that protects individual freedom, health and private property. The government doesn't produce anything, it only distributes and reshape the resources given/taken from the private sector - with a hefty fee on the way, that is. The government should not have the power to make big financial decisions that go outside the constitution, and this is where our current situation becomes problematic: government can today be bought by people with money, because it works. A government with limited powers as determined by the constitution would not allow for the outcomes of such transactions, because the government does not have the power to begin with. And thus the incentive to lobby politicians go away. A limited government with decision power rooted in the constitution would allow free-market capitalism to allign incentives properly with what each and everyone chooses, at the same time as letting the government step in with issues such as public goods (decisions affect everyone, and to make these decentralized is impossible) and external effects of production (because no one "owns" the air and so on, it needs to be accounted for by the government on behalf of the people). All in all this sets the *playing rules* for free-market capitalism, that then is the way to create the highest productivity possible, which then is distributed through wages and limited government regulations. Decision making in the hands of those who are the closest to the situation at hand is the most produtive route towards prosperity for the general public. A free-market capitalism aided my a strong, but limited government is the way to go.

[@feruspriest]

Governments produce the markets. Governments, at their most basic, accrete labor to create surplus supply to create specialized labor to create refined supplies all in the name of self-edification of the governing body.

[@jimraynor8695]

@Mark Johhson the WPA did not provide the captial or materials for all those projects, it just provided the wages for workers at uncompetitive prices. Local sponsors provided everything else, because yes the goverment is only good for redistribution of other peoples money.

[@feruspriest]

@@tjhughes7740 It's cyclical logic, man. You can't have the private sector as you envision it without governments or other force-monopolizing structures to round up labor and surplus food/supplies to create the circumstances required to produce the kind of specialized labor/resources that go into a construction company. Big enterprises need big government. The question is whether we want those enterprises to *BE* the government. I don't want the East India Trade Company or Amazon to be my de facto governing body.

[@stevenodland]

Mark Johhson where did the money come from to build the amphitheater?.....the short answer: it was taken from the people, through taxation (both visible....ie taxes and invisible....ie inflation). You’re right you enjoy those things for free.....27 trillion of socialist expense and rising every day, the collapse of the USA is coming and it’s because of socialist politics. The government produces debt, unpayable debt.

[@AustinKoleCarlisle]

@Mark Johhson but what could have been produced using the same resources and labor in the private sector? what waste was created through government bloat and management when the private sector does this more efficiently?

[@troy_eclipse2732]

No one is better at blaming their failures on someone else than a socialist.

[@kenswanston820]

I think the point being made was that the current situation (an economic failure for the majority of society) has not affected he 10%ers who own 90% of the country's assets...in fact they have done VERY well.

[@sergio8465]

It’s mind boggling to think that Richard Wolff teaches economics. If that the type of academic we have influencing young minds, we are in trouble.

[@permaiussen4208]

Whom did "Professor" Wolff pay for his three Ivy League degrees and his teaching positions? My pet cat, a staunch libertarian, literally knows more about economics than him. Literally. Ditto my anarcho-capitalist pet dog. Peter Schiff, one of the great prophets of our time, did a remarkable job of not getting the least bit emotional, not resorting to any personal attacks, and showing how to put a commie crank in his place.

[@TheDNAGroup]

Hence, we are in trouble.

[@permaiussen4208]

END THE FED, ERASE THE PUBLIC SECTOR CRUSH COMMUNISM, ABOLISH DEMOCRACY PRIVATIZE AND DEREGULATE THE ENTIRE GALAXY CORPORATE NEO-FEUDALISM NOW!

[@permaiussen4208]

@EndtheNWO now As terrible of a president as Bush was, picking Wolff as his economic advisor was an incredibly stupid move, even for him. (Edit: Lol, I wrote Obama. Freudian slip.)

[@permaiussen4208]

@@sherratto3087 THEY WERE 100% MARXIST. MARXISTS HIJACKED OVER 90% OF ACADEMIA DECADES AGO.

[@randybest9187]

Come on. There was no recovery after 2008. Everything was papered over with cheap debt.

[@ludwigbeethoven3119]

When the dollar collapses you can bet free market capitalism will be blamed just like during the Great Depression caused by the independent Federal Reserve haha

[@frankmargel3305]

Right on!

[@savarzei]

I think peter schiff was pretty bad in this interview to explain what free market was. He does not step in front of this teacher as a Milton Friedman would have do: explain that big capital is NOT free market.

[@Oskisono97]

Good thing Roosevelt saved the economy with his social reforms! :-)

[@jameslasso1690]

Payment on national debt in 2019 was almost 600 billion , that at low interest rates. Already China has already quit buying US debt, and there is movement to replace dollar as reserve currency . Now 2020 we’ve added lot more debt and after Biden gets elected, we’ll do stupid green new deal. Eventually they’ll print so much money massive inflation and dollar crises. Socialists will take over and blame capitalism. Then we’l exist like Venezuela and become a 2nd world country.

[@chrism3933]

@@Oskisono97 He prolonged it. Not only that, people had to pay more for their goods and services too. How is that helpful at a time when you have record losses in employment? In addition to that, he confiscated gold from the American Citizen. This is the type of shit you only read from a dystopian novel. Lol.

[@markcrouch9047]

Richard Wolff is not an economist. Not a competent one anyway.

[@Andre-ni2lh]

30 minutes not enough... you both should go on Rogan and try to have a “calm” debate.

[@nzajflynn]

You may aswel debate a 3 year old. Wolf doesn't understand economics, history or the state of todays main stream media. Hes a socialist and a faucci fan.. peter should debate someone with some intellectual integrity.

[@nosouponhead]

What's the point of having an idiot socialist on Rogan?

[@littlecaesar1842]

someone @jre

[@ramonserna8089]

Señor Poodles. Because he can reach a wider audience. I used to believe in socialism in my teens (mostly because my father was a left wing extremists), but now I can see how silly their ideology really is. The problem is that they wrap it in an air of intellectual and moral superiority that sometimes is hard to discern what's true of what they say.

[@nosouponhead]

@@ramonserna8089 Exactly. This guy doesn't need a wider audience to fill their heads with this slave ideology

[@swm2602]

What Richard described is not capitalism its fascism. Peter is right capitalism is the only way out but for most I fear its too late.

[@James-il3tq]

Never too late to go with Capitalism.

[@renanruiz8851]

James never too late. Those who dont want to strive can die and thats that

[@renanruiz8851]

Joe Justjoe yea that was a great point richard made. I dont see how socialism will solve that. The problem we have is central banks and fiat money. Slowly but surely central banks will take everything of value, the real wealth like land, property, utilities with the current fiat system and the inflation etc. honest money is needed. The moderator also made a great point as far as what happens to those who lost everything and have shit right now. This mess is hard to clean up and will take time. True capitalism and free markets combined with honest money is the only way.

[@clmdcc]

When I was unemployed I agreed with Richard. When I was working for subsistence pay I agreed with Richard. When I began working a job that allow me to build up capital and assets I began to agree with Schiff.

[@ffmdotcom]

They call it "bias" I belive :-D

[@Max0r847]

So basically your opinions are self-serving.

[@ffmdotcom]

@@Max0r847 never before happend in the history of mankind - why don't you enlighten us with a more universal approach

[@clmdcc]

@@Max0r847 People attempt logical conclusions based on their knownledge and direct perception of the world, i merely have the humility to realize that change in outlook correlate with situation.

[@Max0r847]

Perhaps you are a humble servant of truth and objectivity, crafted by worldly travels and tribulations, triumphs and sorrows. But, statistically, you're probably just a self-serving schmuck that justifies your pocket book and ego. I said PROBABLY. I don't know you!

[@HillyTop]

Mr. Peter's wisdom is like a GEM.. He must have been hired as an economic adviser of the US ailing government! Listening from a person who talks about realities without any reservations or evasion is so educational and mind blowing eye opener! Keep them comin'.🙏👍

[@C4Shop]

It never amazes me how angry the socialists and Marxist always look 😂.

[@quant2011]

They are incredibly weak people. Affraid, small, no balls, no brains only lowest emotions. That is why they fall in love with psychopaths who are their mirror opposites

[@notworking5692]

He managed to came up with a theory! Each worker 1 vote. Example inside a McDonalds restaurant: Who wants to work this Saturday Night? Any hands up? Ok. So Sara 10 people voted you to work. Sorry, but it's what the majority says.

[@erikperik1000]

1990: In thirty years an american capitalist is going to be on Russian television talking to an American communist. 2020:Sure

[@andrewb8010]

China is not a Capitalist country!

[@erikperik1000]

@@andrewb8010 Ok

[@281cu6]

@@andrewb8010 What does that have to do with OP?

[@281cu6]

@@andrewb8010 They were full blown communist but realized it was making their economy sick. They have aadopted a little free enterprise but it's still subjected to dictatorship rule.

[@SuperSweetflowers]

@@281cu6 No. Russia had socialism and was on the way to communism until Americans tricked them into destroying their nukes and open their borders for Americans capitalist "investors". And now Russia is destroyed, everything is owed buy handful of mob-like people, just like in US. US and Russia have one thing in common - both of them are trying to yell louder 🔊 who is the "greatest country on Earth", meanwhile little European countries built real socialism, and were perfectly fine before they let in "refuges", people that don't want to work and brought their "countries" with them. They live by their own rules and now destroying Europe. Well, too much tolerance gen get you killed.

[@alexgrant1176]

When peter argues with people is my favorite

[@94nolo]

Pure and beautiful content for the next "Peter Schiff was right" video.

[@bluenami7520]

The empty can rattles the most.

[@michaelric3540]

Bluenami what a retarded comparison.

[@notworking5692]

This is NOT CAPITALISM.. this is CENTRAL BANKISM back to 1971 please! Stop this confetti printing, and Start gold centered economy..

[@derekhajos3555]

Check it out. Peter posted this so called "debate". Richard Wolff did NOT. Something to hide???

[@PeterProf7777]

Because government gets its revenues from taxes, its agencies are not concerned with keeping costs down. In fact, it is quite the opposite. They encourage waste so that in the next year's budget more money will be appropriated. It is a belief that the taxpayer is a bottomless bucket of money that they have a right to. I worked for a government agency and that was my experience.

[@MrsBStacyBattleBorn]

Don't call those actions mistakes....they were intentional... and don't call it capitalism...its pure corruption. Immoral and illegal actions in the market are not capitalistic actions.

[@James-il3tq]

Capitalism isn't moral any more then Socialism or Communism. Capitalism is based on freedom and personal responsibility, Socialism and Communism are based on wealth confiscation and redistribution as "government" sees fit.

[@Battleborn357]

@@James-il3tq Freedom and responsibility is what makes Capitalism more moral.

[@jasonboursaw3258]

@@Battleborn357 freedom and self responsibility is morality. Not using force against others and not sacrificing yourself for the good of others at expense to you is moral. Capitalism is the only moral system there is.

[@Rio-ke9he]

Yes it is, the small percentage of the capitalists who own the means of production will always be criminals, sociopaths, pedophile, etc.

[@MinecraftEAT]

To say “immoral and illegal actions in the market are not capitalistic ones” is to say “capitalism is absolutely above reproach and 100% flawless, as it is incapable of producing immoral actions”. This is of course, nonsense. Might as well pray to Adam smith every night and fast during the holy day of Black Friday at this point. Capitalism is a system, not an infallible moral guide to which we should all aspire.

[@9MagTV]

We are ROME. Empty Stadiums And All. Just saved u 26 minutes. Thank me later...

[@PassportBrosBusinessClass]

“ iam pridem, ex quo suffragia nulli / uendimus, effudit curas; nam qui dabat olim / imperium, fasces, legiones, omnia, nunc se / continet atque duas tantum res anxius optat, / panem et circenses. “ “Already long ago, from when we sold our vote to no man, the People have abdicated our duties; for the People who once upon a time handed out military command, high civil office, legions - everything, now restrains itself and anxiously hopes for just two things: bread and circuses.”

[@bengmelea8646]

Thanks.

[@johndough796]

13 min if you listen at 2x

[@calio99]

And just like Rome got destroyed from within. We let the commie marxist scum open the borders and sell us out to China to get destroyed. But we got one more trick up Our Sleeve for them on the way out

[@davidpatton7298]

Nations succumb to corruption. There is no possibility of reasoning with amoral, self serving, self righteous liars who crave power and influence at the expense of their willful lemmings. Put the marxist in Venezuela, or China, or Zimbabwe to help create their delusional utopia by micromanaging every aspect of human life. There are two very evil people of these three.

[@wyterook00]

Peter, you should have added that the less a small government controls, the less it matters who controls it.

[@420Gold]

The less power government has, the less money that will be invested into persuading politicians to pass laws that benefit you and the more money that will be put back into serving the consumer

[@wyterook00]

@@420Gold and the private sector can produce in a competitive market where the best and highest quality product with the most affordable price gets the sale.

[@ambrant7422]

Dense, dense, dense. The less the government controls and regulates, the more unaccountable private tyrannies control the lives of ordinary citizens.

[@wyterook00]

Yeah, socialism/communism is so great, it's citizens build trash boats to flee and float to evil capitalist United States.

[@gblargg]

Would have turned that bully guy's argument back on him. "You know just as well as I do who controls government." Exactly! Which is why government should be smaller.

[@folksyblues]

Can you cite one country where marxism is practiced and can be considered a success?

[@wxfield]

The look on Peter's face I imagine is about the same as if someone told him either "Today you're having a colonoscopy" or "Today you're debating a Marxist on RT"

[@The_Angry_BeEconomist]

But this time he faced a worthy adversary. Wolff made good points.

[@josephzeigler6853]

@@The_Angry_BeEconomist Wolff has a vague understanding of economics. Definitely not a "worthy adversary" lol

[@The_Angry_BeEconomist]

@@josephzeigler6853 a professor in economics has a vague understanding of economics, okay got it

[@AustinKoleCarlisle]

@@The_Angry_BeEconomist he has an understanding of bastardized economic thought, but not of reality.

[@The_Angry_BeEconomist]

@Arrogant Australian Socialist of Victoria care to point out one point he is clueless about? and what would be the clued up position?

[@tylerbragg4220]

FINALLY! I’ve been waiting for these two to debate for so long.

[@branquinho8444]

Peter mostly spoke, then spoke upon Richard. That wasn't a debate. Very shameful and intellectually weak.

[@johngainer4840]

*weak.

[@mr.brenman2132]

​@@branquinho8444 lol it was 2 vs 1 and Peter was the 1.

[@TheTektronik]

This is the debate I've been waiting for.

[@lc7789]

it was too short

[@The_Angry_BeEconomist]

it wasn't really a debate, I'm not sure what it was actually

[@profound205]

We have crony capitalism in America now. Not the real free market capitalism. Corporations have merged with the government to create a form of socialism. Real Capitalism has been dead for many decades. The final nail in the coffin was in 2008 when we bailed all these corporations out. The "too big to fail" line is not used in capitalism. In Capitalism nothing is too big to fail. Real capitalism is competion between corporations to offer the best high quality product for the lowest price. We dont have that anymore in any sector where the government gets involved

[@kenswanston820]

...and in America, Corporations are 'citizens' and that allows them to contribute to PACs and Super PACs so they can 'influence' elections by supporting contenders who will endorse their corporate agenda!...and of course 'lobby'/bribe them once they are in office to ensure their 'suggestions' are followed.

[@wadewheelingtonii7690]

I enjoyed this debate but, Peter should've been a bit more respectful. Peter went off the rails by trying to intellectually taunt and insult Mr.Wolff. When you use this route to me, you've lost the handle on the debate.

[@AustinKoleCarlisle]

and Wolff constantly mischaracterized Schiff's argument.

[@AustinKoleCarlisle]

@@Aaron-ju2gp the government doesn't "do" capitalism, though. the less the government does while maintaining social order and upholding contracts, the better.

[@AustinKoleCarlisle]

@@Aaron-ju2gp the government doesn't "do" capitalism, though.

[@JackDuffley]

I do appreciate Wolff's willingness to go toe to toe with his opponents (without violence, that is lol). Can't say that about many folks in the Marxist camp at the moment, unfortunately.

[@shadowbanned4days]

Joke!

[@filho_da_noite_amigo]

sounds like you are saying you appreciate his willingness to show insanity live without feeling ashamed for doing so.

[@JackDuffley]

@@filho_da_noite_amigo Hey I'll take this over riots lol

[@JS-ns3wm]

Wolff's performance was poor at best, truly third rate! peter crushed it with even the moderator hating him too amazing.

[@slobodanjevtovic7102]

Peter is The Prophet of economics and capitalism. He’s so right it’s scary.

[@GoCruit]

This is a debate between a practitioner (Peter the real world guy) and a theorist (Richard the professor who never lived in the real world and deludes in a socialist Utopia)

[@joeygarcia8295]

Peter is Rodney Dangerfield im Back to School and the Socialist is the professor.

[@cyberblock7619]

This marxist professor is absolutely terrifying,

[@tonybokon8770]

Any reason behind the statement or just you say so? I believe it is Latter!

[@cyberblock7619]

@@tonybokon8770His leftist cult followers are scary too

[@ProlificThreadworm]

I wonder what his followers think of Peter. Is trading stocks theft? Jk I don't care

[@jasonpalacios2781]

Capitalist bootlickers are scary. Imagine being cucked out of your wages & watching your boss get richer while you get poorer.

[@goodkid2959]

Cyberblock ‘terrifying’....’scary’....buy yourself a dog will you??

[@paulkesse8947]

Brilliant Peter Schiff! 👏👏👏 Richard should provide an example of socialism implemented successfully... with 0 or almost 0 poverty! For example: how can everybody participate to decisions if the decision making process requires specific knowledges that not everybody has?... Good example of ideologist far away from reality 😵

[@MichaelHooo]

Fan of Peter, and I like his arguments; but I feel like his counter points would carry a lot more weight if he waited to respond, instead of interrupting.

[@sarahbrown5073]

Peter has more patience than a saint to sit through this guy's nonsense.

[@rohin614]

The moderator should have let them counter each other but he often asked different questions that was bad if they had a free convo it would flow better

[@matthewkelleher1647]

Hes talking to children who don't know anything.

[@vanivanov9571]

He was never going to get a chance to respond. The slimy moderator gave 90% of the time to the troll, and cut into Peter's sections constantly.

[@JonathanSchattke]

The whole format of the show is immediate replies. Thus "Cross-talk."

[@CollectorChronicles]

I finally watched this. I got to the point where Wolff cast his lot with BLM and Faucci and just stopped watching because Peter won the debate.

[@Unkn0wnGuy]

I always find it interesting that a professor can argue for socialism and marxism with a straight face. The professor works in a world where his ideas are never put to the test.

[@James-il3tq]

Teacher debating a successful business owner... 🙄

[@anthony94570]

They have been put to the test, For the past 100years the result for Marxism=200 million Dead,

[@ListingToPort]

never trust a man in a bowtie

[@xsw882]

They agree on everything except the definitions of capitalism and socialism themselves

[@leroyjones6170]

Important however...

[@mmyr123]

How do they agree?

[@MAnnnooo1]

Capitalism has two meanings: 1. free market, a market without government regulation; 2. collusion between big businessmen and the government. Both meanings are adverse, one is the opposite of the other. That is why an economic debate between a libertarian and a socialist is pointless. Each one uses a different concept for the same word.

[@xsw882]

@@mmyr123 they spend almost the whole interview agreeing with each other until the hosts changes the topic

[@mmyr123]

@@xsw882 peter is arguing for less government, the socialist is arguing for more government

[@server1ok]

Richard Wolf secretly admires Peter Schiff.

[@nasisimi1]

Would Amazon be what it is today if its 1 million employees told jeff Bezos what to do with his capital? Hell no.

[@7QHook]

25:02 "your ideology is responsible for misery, poverty and death." said with the most intensity I've ever heard Peter use.

[@tomlee6263]

It's cronie capitalism that we are in with a good measure of socialism.

[@LetsGetitBoah]

The only way to help a permanent underclass is to continue to make it so they have ways to improve their class. If you force a permanent 'even' class, you're still going to be considered lower class, because only the officials of a Government are going to have truly higher privileges.

[@GoCruit]

They have been given opportunities to improve themselves, they just don't take it! Maybe it starts in the home by having a loving intact family. How about we talk about that, or is that too controversial?

[@jonswift6173]

You two should go on Joe Rogan together. That would be fantastic fun. An example of two charismatic guys who just see the world very differently

[@morbiusprime2043]

"The use of the word mistake here always amazes me" Says the man that refered to the millions of innocents starved, murdered, jailed and oppressed under communism as "past experiences" in his debate with Gene Epstein. The nerve on this guy.

[@nirtheart]

Iman Akbari but that was not the kind of socialism that *he would make* if he could, because obviously he has a *different kind of socialism* that somehow is going to break it's current track record of never working

[@permaiussen4208]

MARXISM ACTUALLY KILLED MORE THAN HALF OF ALL HUMANS WHO EVER LIVED, NOT 100 MILLION. ALSO NOTE THE MARXIST ORIGIN OF THE COMMUNIST CORONAVIRUS. ON THE OTHER HAND, NO ONE EVER STARVED OR WAS PERSECUTED BECAUSE OF CAPITALISM.

[@permaiussen4208]

@Yo Momma Believing in anything is better than believing in nothing. Ha, checkmate, nihilist! Language never lies. Therefore the National Socialists really WERE socialists, the Democratic People's Republic of Korea really IS democratic, and alleged right-wing "grifters" on KZbin who call themselves leftists really ARE leftists. BTW, mouth-breathing is pretty useful when there's a really bad smell in the air that you do not want to admit into your nostrils.

[@permaiussen4208]

@Yo Momma Oh, and those regimes WERE socialist because socialism is when the government does stuff. To be more precise, they were full-blown communist because communism is when the government does A LOT of stuff. Ergo, Stalinism and Maoism = pure communism. It's that simple! You don't need a PhD in economics from the University of Chicago to figure it out!

[@joshslater9835]

I have to say, this is how a debate should be. Calm and collected, each stating their views without any arguing. Respect for both Peter and Richard.

[@hloniphizwemthembu8143]

Peter came with a solution while Richard Wolff did nothing but complain about capitalism while admitting that it's the government fault(while simultaneously defending socialism) and clown Peter. Richard knows nothing about the economy and that says alot about him as a Marxist.

[@joshslater9835]

@@hloniphizwemthembu8143 Insulting a man who gives his time and considerable wealth of knowledge surely shows an inbuilt bias to a belief system, which at present, is failing the masses considerably. Peter is trying to sell gold for his own benefit. Richard is trying to educate people that this current system is failing more people than it is helping. I haven't ever heard Richard try to sell anyone anything, rather he gives his knowledge freely. I am all for positive discussion on any system that can address the current issues the majority of the world is experiencing.

[@hloniphizwemthembu8143]

@@joshslater9835 it's called the freemarket and it's responsible for everything you've bought. It's the only system that has fixed everything, capitalism is about getting rich by benefitting society. How has that failed when all problems are linked to government intervention???

[@mjmatteo]

Hloniphizwe Mthembu We have a totalizing system of concentrated power driven by the capitalization of everything monopolized by a consortium of less than 20 giant global conglomerates. Basically, we have a defacto government of full spectrum corporate dominance. Or as the late great political philosopher, Sheldon Wolin would exclaim: “Inverted Totalitarianism!” Free markets exist on Craig’s list, Yard sales, Market Place, etc...Corporate welfare Kings won’t allow it anywhere else. www.yesmagazine.org/economy/2016/07/05/the-italian-place-where-co-ops-drive-the-economy-and-most-people-are-members

[@hloniphizwemthembu8143]

@@mjmatteo there wouldn't be a monopoly without government policies. A monopoly is a business without competitors, and most monopolies are either state owned or protected by the government. Capitalism is about individuals benefitting themselves and society. Socialism is about enslaving people by vote.

[@beavis408]

Richard Wolff thinks he's debunking capitalism by attacking crony capitalism. Classic straw man.

[@michaelmappin1830]

All forms of capitalism are crony. Capitalism is an immoral system that's based on exploitation and waste.

[@LetsGetitBoah]

This comes off as someone who has actual experience and success in the economy, along with a deep understanding with how it works, against someone who simply philosophizes and talks about the economy in Wolff.

[@thomaskilroy3199]

Unfortunately as someone who does not share Schiff’s deep understanding of the economy it comes off a bit techno-babbly. I blame myself for that, not Schiff, and I happen to know that Wolff’s philosophy is itself deep Marxist nonsense, but since ‘one who does not understand the economy ‘ is the normal person, I think Wolff’s emotional argumentation wins a lot of hearts here. It’s tragic but I think it’s true. The surface appearance here is ‘I don’t know what Schiff is really saying, but Wolff seems more upset on my behalf’. That is exactly how socialism is creeping into the public conscience, it won the mediator over in this very clip before the debate even started.

[@yamahantx7005]

@@thomaskilroy3199 Marxism is cancer. On all levels. Just because we're different doesn't mean we need different treatment!

[@somethingsomethingbenny]

@@yamahantx7005 Do you not see the irony of your statement?

[@danclark2013]

Correct, it is a businessman vs. a college professor.

[@coddyface1]

@@thomaskilroy3199the fact that Peter can not explain his ideas without that babble is an indication that his ideas are weak

[@nanovation]

Let’s do communism! I need to lose 40 pounds and communism will surely get me there. My family might end up in a concentration camp along the way, but hey, what are you going to do?

[@nateisawesome766]

lol you're brainwashed

[@danielbarnes6420]

Richard Wolff is the absolute example of pure evil .

[@justinkerrigan5863]

Am I the only one that thinks Richard Wolff has an extreme arrogant demeanor ?

[@tswierczek]

I saw the whole thing earlier and was surprised at the amount of common ground they have.

[@Pyasa.shaitan]

Yes one wants everyone to prosper, other can’t handle bill gates is richer than him.

[@craigechampion9358]

The rich are going to suffer? Really, Peter? I'm crying buckets.

[@Chwo6789]

@abc def apparently not

[@antediluvianclockwork9769]

@abc def that's why theyre poor

[@expendable4h002]

@Seth'sChopShop Yup. They will never "conform" to capitalism because its easier to bitch than learn.

[@jameshughes8179]

@abc def people just cherry pick in order to engage in a straw man argument

[@daytonabeachUSA]

Peter thinks poor people love being poor.

[@mp0391]

Proof: You can lead an idiot to knowledge but you can't make him think.

[@Chwo6789]

Kinda reminds me of a quote from Carl Sagan. "Knowing a great deal is not the same as being smart; intelligence is not information alone but also judgement, the manner in which information is coordinated and used."

[@Chwo6789]

@Eric Cartman I know that's why I bother doing the research first

[@PadraigGOHara]

SCHIFF REFUSES TO LEARN SIMPLE

[@nonyabidness7260]

Well put.

[@willlongacre4900]

I don’t like a system that has poor. But comparing America’s poor to the poor of socialist countries is an interesting comparison. Communism resulted in 110 million dead mostly from starvation between 1900-1987. Americas poor has to settle for Burger King.

[@Mathiu_Truhile]

I admire both Richard and Peter. But I tend to go with Peter on this. Embrace free markets and get government out of the way. End the fed.

[@nateisawesome766]

but capitalism needs the fed to survive. Otherwise the whole system crashes. I mean hey I like that. So yea, get the government out and let capitalism die once and for all.

[@branquinho8444]

Well, you only could agree with Peter, since he was the only to speak. When was his time, and then over the other two.

[@harrylongdick1303]

@@branquinho8444 Peter was 100% right. You can blame capitalism when the government eliminates it.

[@axelhenriksen129]

the moderator looks like a younger version of Richard Wolff

[@silverandblack9242]

what’s your solution “professor” wolf? ...More socialism... But mr “professor”where in history has it worked?... um, well... it hasn’t been implemented properly... But mr “professor” why are you still in a capitalist country? If socialism is so great, why are people worldwide risking their lives fleeing socialism and coming to free capitalist countries? Um, well, yeah but... Um...

[@j7ydentanaka]

You answered your last question earlier in your comment. Poor execution due to economic and political attacks from capitalist superpowers is also to blame.

[@silverandblack9242]

@@j7ydentanaka Poor execution? Omg you people are sick in the head, clueless and just downright stupid. Smart money says you’re saying what you’re saying from the comforts of a free country, otherwise you’d be begging to get out. So, what’s stopping you from buying a plane ticket to cuba?

[@j7ydentanaka]

@@silverandblack9242 This has got the be one of the most brain dead arguments to ever exist. “If you don’t like it then leave”!! a slogan commonly toted by the likes of the KKK. What makes you think just up and leaving is such a practical decision for me 🤔 If you’d pay for my expenses I’d willingly leave! Then again i’m not such a weakling to run with my tail between my legs to a country that’s being crippled by capitalist superpower embargos. Maybe grow a spine and stay to fight for what’s right in your country.

[@ExPwner]

@@j7ydentanaka no, socialism fails on its own. It's not capitalists sabotaging it. Quit spewing bullshit.

[@loadingless3406]

Title should be “Peter schiff vs Richard Wolff and also this moderator guy half the time”

[@catladynj]

Peter is ALWAYS right.

[@killap3nguin]

The host is debating Peter more than the guest.

[@TheFinnmacool]

@Dillon c Yup.

[@johnholland2825]

@Dillon c - Explain Fascism?

[@lenblack1462]

@Dillon c Wrong! Peter is not realistic.

[@thijsstavenga4350]

@Dillon c how can a socialist be a fascist?

[@mrunstoppable6711]

This debate was basically 2 on 1

[@jonasoblouk667]

The best part if this debate is the part I decided to end it and acceping that Richard is and will always be a fool.

[@TheDNAGroup]

He and Bernie, two peas in a withering pod.

[@jamesdean7756]

Jonas Oblouk no idiot your the fool. Brainwashing is hard to undo

[@nirtheart]

James Dean ???

[@emilivanov8507]

These ppl - the socialist fail to understand human nature. Sure maybe in 500 years we can have something similar to a fair share economy. This whole notion that humans can coexist peacefully whilst you do have a monetary system is ridiculous. In every society that has faded in the past ten thousand years there always were groups in control who held the resources, ALWAYS. Be it kings , clergy, communists , capitalists - you name it. My point being here is that in order to solve the problem humanity needs to evolve it`s consciousness, not come up with new experiments... They always fail, one way or the other.

[@jeffms2]

Peter is absolutely correct!

[@Silvertarian]

Haven't watched yet but I already know this will be good. I don't think Mr. Wolff knows the definition of capitalism. I have a question for Mr. Wolff: If you had that capital, (which I wholeheartedly doubt) to open up a business. Would you do so in a climate, where you were forced to adhere to policies dictated by mob rule? "Blaming the government is a cop-out." -Richard Wolff Also Richard Wolff: Blame the rich, the rich are the source of all our problems.

[@bluenami7520]

Nah, economic professors who graduated from Harvard, Stanford, and Yale have no clue what capitalism is.

[@garrettlees]

Wolff is the poster boy for elitist academia -- highly educated with nothing intelligent to say.

[@bluenami7520]

@@garrettlees More likely he's talking over your head so it seems like nonsense to you.

[@anternynova1630]

Riichard Wolf advocates democracy iin the workplace, therefore his busiiness would adhere to policies dictate by democracy

[@Silvertarian]

@@bluenami7520 As much as I'd like to dive into the communist rabbit hole of ambiguity, I have much more productive uses of my time. Like balancing my budget or washing my underwear.

[@kevinobyrne8020]

Wolff is sickening. He argues against freedom with such passion

[@jamesdean7756]

Your an idiot peter is the blowhard who talks over anyone who disagrees with his views with extreme passion and rudeness. He still won’t admit he was wrong about bitcoin when he told everyone to sell at $100 ten years ago lol he was wrong about the stock market 10 years ago also and he said it was going to crash and he still won’t admit the federal reserve is a private banking institution every video he calls it the government it is Not the government. If it were it would be audited the Fed will not allow the government to audit it so who controls who? I don’t think he’s that stupid to not know this so he’s being intentionally deceptive and lying to idiots like you and you zombies fall for it

[@jasonpalacios2781]

Socialism is the only economic system that allows for freedom.

[@AaronD313]

@@jamesdean7756 well said

[@antithesispistopheles937]

Wolf is a Bolshevik.

[@jamesdean7756]

Antithesis Pistopheles You capitalist idiot ms sound like zombies worshiping a system that is crumbling all around you look at the planet dummy. Then look at the debt clock of every country that uses capitalism... how do you think it’s being sustained? Then they beg for government bail outs like socialist when they lose money lol

[@presleymckinley8984]

Anyone saying we have lived in a true free market .. stop listening to them immediately

[@timedilatorman]

People like Richard are why I dropped out of public schools. Best decision ever 😉

[@jamesdean7756]

AFARDB2012 try not to be a brainwashed zombie all your life.

[@LAStreetPreacher]

David-Richard clearly doesn't understand the function of government and how free markets work. Peter never said there should be no government but LIMITED GOVERNMENT which makes capitalism work and it has given us the highest standard of living in history. Socialism SUCKS! Socialism means less freedom, higher taxes, more regulations. It makes people lazy by not requiring the Biblical injunction of working to earn your bread.

[@jamesdean7756]

Brother Carlton Don’t be an idiot capitalism has never worked without either extreme debt or slavery to sustain itself. It’s not difficult to see just open your eyes and refuse to be brainwashed anymore. Look at the debt clock that will tell you all you need to know If you truly have a brain

[@LAStreetPreacher]

@@jamesdean7756 Before the Federal Reserve was created in 1913 the U. S.. had very little, if any debt, and we were extremely prosperous building railroads and much more as the industrial age came about. Slavery was not an issue by the turn of the century so your premise is wrong. Socialism assume (incorrectly) that the State is God like in their powers and knows more than the individual on how best to use our limited resources. This is wrong as history proves. Communism never worked and as the late Margaret Thatcher once quipped: "The problem with Socialism is that you eventually run out of other people's money (OPM) Socialism is theft by Government decree so whether the gov't steals or an individual God says this is breaking His commandments. Only Capitalism is Biblical in line with freedom of choice for each person to do the best he/she can with what God gifted him/her with.

[@jamesdean7756]

Brother Carlton you are barely scratching The surface on the Total picture. why was the central bank created. What was the agenda. Who was behind the agenda. How did they get the power to fulfill this agenda. It’s a natural progression of capitalism to enable the top .00001% to control nations through this power from this extreme wealth. they then buy and own the govt. it’s really quite obvious if you could step back from your academic brainwashing and media lies.

[@JavierRamirez-lx4ev]

I mean it is socialism but, not for everyone, only for the rich.

[@kalijasin]

The Rich get bailed out. The poor and middle class never do. The Rich can consolidate debt without creating additional and/or new debt. The poor and middle class cannot. The Rich can use the courts to get out of debt. The poor and middle class cannot. The Rich have schemes and loopholes to avoid paying taxes. The poor and middle class do NOT. The Rich have ways of getting interest on their money. The poor and middle class do not. The Rich are venerated and revered. The poor are discriminated against and despised. The Rich have full coverage medical care and access to the best care. Most poor people can't even get medicaid and when they can get it its only for 1 year. Middle class struggle to get medical insurance and when they can get it its only partial & limited coverage.

[@cagecunningham6316]

Michael Hemsley I’d much rather have less well off economical people and families get $1,200 to insulate them from being evicted or unable to pay car insurance than the billions of dollars of tax breaks for corporate behemoths that have been thriving. Call both of them socialism, one sounds a lot more grotesque to me. Just my humble opinion :)

[@JavierRamirez-lx4ev]

Michael Hemsley but, it’s mostly socialism for the rich, tax cut, subsidy, quantitative easing and bailouts all socialism, the rich cannot fail. And no I’m not attacking rich people just the system. The system that gives them endless amounts of money and power.

[@JavierRamirez-lx4ev]

Michael Hemsley ok, and why do we have so much debt? I can tell you, it’s because we give so much money to the rich, that’s why theirs nothing left for anyone else.

[@JavierRamirez-lx4ev]

Michael Hemsley I said, that already. Didn’t you read what I said, BAILOUTS!!!

[@steampunk888]

Imagine giving every participant in a business enterprise “a vote” as to how to run every aspect of the business. The vote will always be the same: distribute the capital stock equally, and take the rest of the day off.

[@notworking5692]

He managed to came up with a theory! Each worker 1 vote. Example inside a McDonalds restaurant: Who wants to work this Saturday Night? Any hands up? Ok. So Sara 10 people voted you to work. Sorry, but it's what the majority says.

[@TheForeverAddicted]

check out DSA convention 2019 on KZbin. That's why communism doesn't work. They got together to vote and spent the entire day talking about rules and feelings.

[@steven5054]

@@notworking5692 It's still more productive than lazy people spending their time copy/ pasting the same comment on KZbin.

[@RigelOrionBeta]

Sounds like a great idea! Jokes aside, if you spent a moment actually thinking about this (a hard ask of you, I'm sure) you'd realize if workers did this enough, their business would begin failing to bring in money to pay themselves for the vacations their taking. The only thing that would result in a democratic form of business decision making is that workers will actually have a say in how they are worked and paid rather than a few people at the top who provide absolutely no labor to generate the profits that workers do. The leeches in the current system - the CEOs, shareholders and board of directors - will have to actually work for once, and won't be paid exorbitant amounts of money for the no work they do, because the workers would not in any sane world vote for one person to make tens of millions of dollars and be given golden parachutes.

[@RigelOrionBeta]

@@notworking5692 If the majority agreed that this is how things should be set up, I see no problem with people individually voting to organize their workplace in this way. It's a whole lot better than a boss (dictator) deciding who works Saturdays, with zero input from anyone else, just as it was bad for kings to decide what peasants have to become cannon fodder in their next battle. Capitalism is essentially a number of little monarchies, until you get to the late stage capitalism we are in, where these monarchies are multinational corporations who have monopoly or oligopoly control over many markets and make more money than some countries, allowing them, in conjunction with other corporations, to control governments as well.

[@chaseriddick3058]

Thanks for posting this. We need more of this - hearing from both sides, from people who are distinguished and honest. The problem with this conversation in my opinion is that it's too quick, there's too much point-winning, and some of the points are over the heads of most people. It'd be cool if you could get people like this to work together, get a team of graphic artists, and present their difference of views with well-mapped concepts and explanations.

[@kingmu1]

The interviewer should of just let the two gentlemen talk.

[@LottCindy]

How conveniently the Host calls to go to a break right when you were going to unmask socialism. Great job Mr. Schiff.

[@pmcauslan]

Nice comment. You might separate the sarcastic sentence from the sincere one with a line break or two next time ;)

[@LottCindy]

@@pmcauslan thanks for the advise and time to correct me. I wish more people would help others like you do.

[@pmcauslan]

@@LottCindy *advice

[@Laskuna]

Wolff dont understand economy.

[@James-il3tq]

What Wolff misses is in Capitalism a rising tide of lifts all boats. In Communist a sinking ship aka corrupt government/suppression/taxes sinks all boats.

[@bmw803]

And what do you expect? It would disqualify him of being a college professor. DUHHH~~~

[@JS-ns3wm]

He's a fing professor, what are you surprised?lol

[@bobleib737]

The moderator can't get out of his own way.If it wasn't for him this would be worth watching.

[@JDMKEV]

yeah i agree, let the 2 guests duke it out & interrupt if it gets out of hand

[@MY-nc7lq]

I agree with Peter that the source of capital should predominantly come from savings and not from funny money created by banks and central banks. I also agree that interest rate will eventually go back to levels few people experienced back in the 80s. The conumdrum or paradox with people and the economy having to save is that the dollars they are saving is continuously losing value as we speak. To put it more accurately what Peter meant about increasing your savings... Save physical gold or silver, not dollars!!

[@FeloniousBitcoin]

There’s an easy way out of all of these economic problems. People need to collectively follow the constitution as its worded and not listen to anything else. In case people haven’t noticed, it’s been the ignorance of sound money that’s brought us to this point. Article 1 Section 10 states that only gold and silver are to be used as money to repay debts. Federal reserve notes have caused all these problems, so string them up, and string up all the politicians that turned their back on the constitution. It’s a lot easier to go back to a stable system rather than argue about what to do... The answers have been neglected by the people in charge for long enough. We the people can ignore after the fact rules, as well as those that want to enforce them. It might require a war to make this happen, unfortunately. I agree with Peter on this 100%. The constitution was put in place to protect people’s rights and since banks and government decided to lie and bait and switch our money from gold and silver to paper notes, that’s where the problems emerged.

[@rtquest22]

then give up SS, Medicare and Medicaid if you want to lead by example.

[@FeloniousBitcoin]

Daniel T. If the constitution was followed healthcare would be privatized, a lot cheaper, and far more effective, as well as individualized for each patient. Doctors use to make home visits to check on the well being of their patients, understood their ailments, and were able to take a much more effective and targeted approach. Yielding better patient care. Today however, that’s not the case. Healthcare has turned into a “for profit” scam and not actually about the care of each individual patients needs. I assume you would have been able to figure that out. Please don’t get me started on how inefficient the overall healthcare system that exists today really is. If this system wasn’t built on printing debt into existence the education of healthcare, and overall educational system would be better for everyone. It’s likely most of the foods filled with harmful chemicals that cause a plethora of health problems wouldn’t even exist today. In case you haven’t noticed, today’s “healthcare” system is about keeping patients sick to ensure they continue coming back for further treatment. The entire system is a huge farce based on worthless currency.

[@jeffreymartinez2172]

Peter Schiff was right on point, socialism has never worked. Keep up the good work!

[@rtquest22]

then why are you taking SS, Medicare and Medicaid?

[@zirene5237]

So this is "real capitalism has never been tried" vs "real communism has never been tried". I'm on Richard's side btw, we have tried this over and over again and haven't learned shit. The richest have been loving this shit, they will make money no matter what.

[@runswithraptors]

So then what makes you think that people wouldn't exploit communism to enrich themselves?

[@damienretro4416]

America was capitalist but it has gone downhill since the introduction of Marxist ideas like a central bank and a graduated income tax.

[@damienretro4416]

...and the more that Marxist policies fail, the more they try to blame the free market.

[@chickencharlie9828]

Wolff is clueless. He'd do fantastic in Cuba or Venezuela.

[@quant2011]

And north korea. Communists should live there. Its their paradise! Soooo much government safety all around :)

[@jameshughes8179]

But that wasnt REAL socialism. All the attempts at socialism/communism/national socialism (fascism to the layperson) just hasnt been dome right yet. Theyll get it right the next time with out all the war, death, eroding civil liberties, despair, starvation... oh shit!! They're already doing that here! So sad seeing people blame free markets for the problems created by socialist/communist/fascist(national socialist[nazi for short]) ideals.

[@phamnuwen9442]

The notion that an economy can grow without inequality is incredibly stupid. Growth is innovation and production. The innovators and producers will always have a higher income than the rest. Inequality is a necessary and moral _feature_ of freedom.

[@dualfluidreactor]

Yes! Inequality is actually even a feature and not a bug, because it creates additional individual motivation to do better, even if it is through a irrationality of people comparing themselves, but the result is that you have more striving people. Remember inequality per se is completly irrelevant. What actually matters is the living standard of the poorest of a society! If they are hungry then you have social unrest. If they are reasonably comfortable it doesn't matter at all if there is a group of people who have it 1000 times better!

[@branquinho8444]

Yes, a feature is something among others. When inequality becomes a purpose in itself it's not wealth because of innovation, but monopoly and lobbying. Of course, let's not forget when the US invades a country, reap its commodities off, and leave it when depleted - the greatest innovation since the dawn of empires (2000+ years old)

[@brendansherlock6442]

Of course, equality of access to opportunity would be a good objective. Equality of outcome is impossible have consistently abs ubiquitously. Jordan Peterson pretty much ended the woke collectivist argument for equality of outcome.

[@willl7780]

@@brendansherlock6442 100%

[@gregwood7120]

everywhere around the world where we place a central bank we have problems.

[@0815funkmaster]

@Reuben Thomasson the EU has a central bank....wtf are you talking about?

[@nbmi4613]

Marxists want MORE central banking

[@jpfrank4228]

@Reuben Thomasson wtf you talking bout bro, they have the ECB

[@lacavalerieqc3714]

@Reuben Thomasson not sure tough then why woukd they keep interest rates at zero let me give you an hint (QE INFINITY !).

[@Guafarina]

Central Banks are a problem! China enters the chat..you were saying? 🤣

[@studiouswadoo5027]

I love how richard wolff criticizes peter's valids criticism of cronny capitalism as "utopian view of capitalism" like all socialist economies and marxist governments are paradise lol nobody will fall for his delusions cause people like food and wealth not starvation and homelessness.

[@TheGreatIndoors1979]

This is a 🌈-shaped recovery. Get some gold, but don't expect to grab any at the end of this rainbow.

[@99cachorro]

"This will end badly" Is what I heard throughout. So, are we to become a third world country?

[@RussCR5187]

If "we the people" don't intervene? In a word: YES.

[@99cachorro]

RussCR5187 OK but how do I tell people who really need the money who aren’t eating or can’t pay rent not to take government printed money?

[@RussCR5187]

@@99cachorro What are the chances they're going to get sufficient money from the government in any case? Trillions have been given to banks and corporations so far during this crisis, and only crumbs have gone to the people. I really can't see that changing.

[@kieranhimself9124]

The rich will get theirs, only 7 houses to live in instead of 12

[@shanewatkins1826]

This is a fascinating conversation/debate/argument/fight!!! Both of these men make great arguments and are some of the great minds that can speak well for their view points. I would like to hear this debate in long form over the course of a few hours. This should be required listening for every citizen of our country and for every high schooler.

[@mrkingcat2]

Uh are you serious??... There's only one great man making great arguments and its peter schiff.

[@mrkingcat2]

You seriously think that Richard Wolff is a great mind?...

[@MR-G-Rod]

@@mrkingcat2 I feel you. Only gov directed schools can create an entire population with this level of ignorance. Its tragic that some people on this chat think Richard is anything but a defunct economics professor who professes socialism as the way to prosperity. SOCIALISM, a horribly failed ideology, can only be praised by anyone who learned nothing from Solzhenitsyn and is ignorant of hundreds of years of economic thought.

[@tateprocter3263]

To think wolf is teaching our kids😞

[@mr.brenman2132]

@Shane Watkins Nice 2 vs 1 debate lol.

[@presleymckinley8984]

😂😂😂 he couldn’t even answer Peter questions ☠️

[@elementaesthetique]

Real capitalism has never been tried VS. Real communism has never been tried LETS GOOOOO

[@jarren32]

Real capitalism was tried from 1870 to 1920 and we experienced the greatest growth of world history. Also, keep in mind, capitalism isn't a theory, its a science. A fact of life, such as water flowing downhill. Outside factors are what influences capitalism. Like water flowing and getting blocked by a dam, governments inflict strange holds on capitalism. Capitalism, by the way, is defined by the free exchange of goods between individuals.

[@kert2mmapets]

@@jarren32 you are clueless. Nothing you said was true.

[@haribo123ism]

Exactly, i couldn't stop laughing.

[@jarren32]

@@kert2mmapets lol ok

[@jarren32]

@@haribo123ism why are you even here if you don't believe in even a little bit of what I said? Go follow your liberal fraudsters

[@Matt-yz3iq]

The economy is so bad that two guys on complete sides of the spectrum are basically agreeing on the problem. Different solutions but neither have any clear plan out.

[@JonathanSchattke]

Peter DOES have a clear plan out: abolish the fed, coin sound money, and remove government regulation.

[@AustinKoleCarlisle]

no, one sees the problem and the other sees an opportunity to push his agenda.

[@Matt-yz3iq]

Jonathan Schattke right let companies like DuPont and 3M go unregulated so chemicals can be spilled into communities that impact the health of newborn babies, spike asthma rates and lead to heart and kidney disease and pollute the food we eat. Great short term solution to make a few bucks.

[@AustinKoleCarlisle]

@@Matt-yz3iq why does less regulation automatically equal removing laws for pollution to you people?

[@Matt-yz3iq]

Austin Kole Carlisle bc it always does

[@lameemo]

The idea of a free market is as much a utopian fallacy as compassionate authoritarian communism. The companies that dominate in a free market, unchecked by strong government regulation to control monopoly and predatory practices, will shut out, buy out, price out, or outright destroy smaller competitors. What we see now in the US is the ideal end-game of a free-market capitalism that really hit its stride decades ago. The level of control exerted by the largest and most powerful companies is something that they have been working toward for over a century. Capitalism is authoritarian and predatory in its nature and it is necessarily anti-democracy. The government is simply another arm of the powerful and wealthy and the more they can control it, the better their business functions, the better their profits.

[@rtquest22]

Apparently youve never owned or run a business and you wouldve understood how money works. The US Constitution doesnt allow the FED govt to hand out money in a form of stimulus to anyone (rich and poor alike). Those in power started using the FED Reserve to fund the bills after 1913 and Woodrow Wilson and FDR started devaluing the dollar by making gold illegal. This problem has long been fettered into the private sector before the 2008 recession and the housing market crash under the Bush administration. Obama adopted those same policies under Bush and prices of goods/services went up then Trump took over in 2017-2020 and made it even worse like what were experiencing now (more stimulus, more bailouts, PPEs). If we want the free market capitalism to flourish, then govt needs to get out of the way and start phasing out programs that arent amended in the Constitution (SS, Medicare, Medicaid, Fannie Mae/Freddie Mac, Affordable Health Care Act, etc). Let the private sector market(s) work it out.

[@narancauk]

It is only A matter of time when opponents of Mr Richard D Wolff will start shouting ''FIDEL CASTRO''!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Magic.

[@jameshughes8179]

Not opponents of wolf but opponents of a failed, murderous economic/social platform. Which one do you prefer? Venezuela? Zimbabwe? China? USSR? NAZI Germany? Plenty to choose from. Incase your rebuttal is Scandinavia then read more. Their economy is MORE capitalistic than the US. Hope we can fix this before the "great reset" or the "banking for all"act is implemented. Cheers

[@narancauk]

@@jameshughes8179 Cuba particularly and Zimbabwe also were exposed to full international sanctions for decades .It means nothing in nothing out....If somebody had put any capitalist country in the same vice they would start dying of starvation in 3 months.....It is the case of ''Cut off my legs and call me shorty''. Obviously capitalism needs a change like USSR needed change in 1990. Alternative is continuous imperialistic wars and finally WW3.And we will have WW3 if J0 Biden and B-C clan -killers of JFK win the next election. Reset for a failing apple:)

[@narancauk]

PS ''Their economy is MORE capitalistic than the US.''---------------Hahahahahahahahahahahhahahhaaaaaaaa

[@peterwiggett8197]

@@jameshughes8179 Oh yeah. Forgot the guns pointed at their citizens to get them to give up their work part.

[@jameshughes8179]

@@peterwiggett8197 that wasntvreal socialism though.

[@vidcreatorlondon]

What a line up. Could watch these two for ages.

[@thereignofthezero225]

"What is capitalism doing for me?" Simple. Giving you the potential to do something for yourself.

[@slimjim1104]

Sure bro..0_o

[@thereignofthezero225]

@@slimjim1104 another embarrassment to the human race chimes in.

[@coopsnz1]

Without capitalism there no middle class

[@AudioElf]

good god schiff is childish in this. He paints the outcomes really well and then he's like "rich people are crazy rich and it's because of government! Oh and you're stupid because you disagree!" and then he whataboutisms about the government which serves the richest people in America because that's how they get reelected. The market in the US is extremely free. wall street trades with impunity. It has less regulation here than basically any other first-world country.