Richard Wolff: Fed Rate Hikes Are "Body Blow" to Workers Reeling from Pandemic, Growing Inequality

We speak with Marxist economist Richard Wolff about how experts forecast another economic recession in the United States, with inflation at a historic high and a federal minimum wage that hasn't changed for 13 years. The Federal Reserve plan to combat rising inflation by raising interest rates delivers a "body blow to a working class" already suffering from decades of upward wealth redistribution and a pandemic, says Wolff, emeritus professor of economics at University of Massachusetts Amherst and visiting professor at The New School. His latest book is "The Sickness Is the System: When Capitalism Fails to Save Us from Pandemics or Itself."
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[@Raymondjohn2]

We are already in the big crash, Inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated. If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.

[@bob.weaver72]

People believe their currency has the worth it does because they have no other option. Even in a hyper-inflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@martingiavarini]

Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.

[@hermanramos7092]

You are right! I diversified my 450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above 1.3m in net profit across high dividend yield stocks, ETF and bonds during this red season.

[@bob.weaver72]

How can I reach out to this coach? because I'm seeking for a more effective investment approach How good is this person at portfolio diversification, particularly with regard to digital assets?

[@hermanramos7092]

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

[@justinsullivan1285]

I never get tired of listening to Prof Richard Wolff. He makes economics relatable and not ashamed of pointing out the faults of capitalism.

[@caseychavez9815]

Both systems have massive flaws. If you think socialism is flawless then ask anyone from Venezuela or read about the Ukraine famine and see for yourself. Wal Street and the Fed are garbage but so is giving all the power to the government to push a socialist agenda that it’s been proven time and time again that it doesn’t work

[@joymarx-mendoza2385]

♥️♥️♥️

[@joymarx-mendoza2385]

Chandigarh and Amy Goodman !!! You

[@josephplumb4130]

Love your sarcasm... hilarious.

[@asadullahzeeshan5539]

"There's no democracy in allowing 1% of the people to set prices that 99% of the people are forced to pay for food, clothing, shelter and all the rest" 🌹🌹🌹

[@johnpettigrew83]

Absolutely. What was the point of 1776?

[@soulife8383]

seems very similar to how the system works. Except it's the top 10% setting legislation for the bottom 90%

[@insomniac2007]

Is it inhumane to tie housing, food, water, and healthcare, the things we need to survive, to income? Same people who set prices set our pay, and their profits depend on setting prices high and keeping payroll (overhead) low. What did we expect from a system like that? As the safety net privatizes further and there's no more debt to rack up, fewer and fewer people will have anything to lose.

[@soulife8383]

@@insomniac2007 they addressed that tho; 'bootstraps'

[@frank124c]

@@johnpettigrew83 The point of 1776 was to set up a system to enslave black people and commit genocide against the Native Americans.

[@Riggsnic_co]

Several of the biggest market experts have been voicing their opinions on exactly how awful they think the next downturn would be, and how far equities may have to go, as recession draws closer and inflation continues.. well above the Fed's 2% objective. I'm trying to build a portfolio of at least $850k by the time I'm 60. I need suggestions on what investments to make..

[@kenanporubsky2122]

I'll suggest you find a mentor or someone with experience guide you especially in this recession. especially for your 401K, IRA and portfolio diversification.

[@hermanramos7092]

I agree, that's the more reason I prefer my day to day invt decisions being guided by a init-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a init-coach for over 2years+ and I've netted over 2.8million.

[@lipglosskitten2610]

@@hermanramos7092 I've been thinking of going that route been holding on to a bunch of stocks that keeps tanking and I don't know if to keep holding or just dump them, think your Inv-coach could guide me with portfolio-restructuring..

[@hermanramos7092]

@@lipglosskitten2610 I've shuffled through a few advisors but “Catherine Morrison Evans” remains the most resourceful thus far. Her strategy proves profitable, and sustainable both in a bull & bear market. Most likely, her deets can be found on the net, so you can confirm yourself..

[@lipglosskitten2610]

@@hermanramos7092 Thank you for saving me hours of back and forth investigation into the markets. I simply copied and pasted Catherine’s full name into my browser, and her website came up first in search results. She looks flawless.

[@blyt5046]

We will go from a recession to a depression. Prime example. My son just called me and told me his rent was $1300. Now it's $2000. In less than six months. These people are gonna put us in the street and the only ones that will have money will be people making over $400,000 or more. The rest will be out on the streets.

[@mswindoc]

My father worked for minimum wage at the Kingsport Press in the 1960's @$1.25 per hour. With that wage he housed, clothed, and fed his wife and two children, while also making payments on a new VW Beetle. I almost forgot, he was also saving money for the down payment for on a new home. If you wanted to live the exact same "lifestyle" today, you would need to be paid well over $35 per hour!

[@42Mrgreenman]

Yup, if you look back to the TV show, All in the Family, Archie Bunker owned his home, owned his car, and put a kid through college...what was his job? He was a forklift driver down on the docks...

[@STScott-qo4pw]

@@42Mrgreenman All in the Family!! :) what a show... PS I didn't know Archie owned a car. I thought living in Queens he and The Dingbat always used the subway.

[@gizelop8481]

The politicians raised their salary 16 times but minimum wage stay the same for the low paid slaves of poor Americans

[@orlandoselles7926]

I think you mean victims of social capitalism.

[@johnpettigrew83]

@@orlandoselles7926 Or corruption.

[@beesplaining1882]

Just another part of the great wealth distribution that is underway as the professor explained.

[@pennyarmstrong4327]

That says it all. No one in government is working for the people.

[@orlandoselles7926]

@@pennyarmstrong4327 it's hard to trust anyone nowadays.

[@kcuzz4091]

I always love listening to Prof. Wolff. He's clear and very informative.

[@lindascanlan6317]

Agree with you

[@gailjoe7217]

Dude is hilarious, in a good way, the first time I'm listening to him speak. He's like a mellow version of Jim Cramer. I wish my professors in university taught like him.

[@albertog7245]

@12:35 Watch as The Wolff, with his allotted "...minute and a half" puts The American Problem in historical perspective in less than a minute. Good job, Hermano Lobo, good job

[@adamsmith307]

He hasnt a clue

[@iLLMaSTa35]

He is the Neil Tyson of Economics. For that reason you will never see him on the Main Stream.

[@fredturner7787]

We need to flip the script: we pay exorbitant interest rates on credit, while insider corporations borrow money at almost 0 percent. How about we get the corporate 0 rate and they can borrow at the 20 percent rip off rate we pay on credit cards?

[@jmitterii2]

Because we handed our monetary policy over to the big banks since 1908.

[@angiealexis3093]

Genius! 👍👍

[@aa2339]

It should be technically possible to cut out the middle institution and have everyone borrow directly at insider rates.

[@r8chlletters]

29.99%

[@jlsudberry5862]

@@jmitterii2 we didn't the crap that fills our government did

[@mauricerobertson8211]

I found that ENTIRE segment both interesting & informative from beginning to end!!.... straight forward answering of questions as opposed to the bullsh@@t answers you get from most politicians when watching the news!!

[@jaybeep6083]

You’re watching Democracy Now!

[@smoothcriminole3467]

Always always enjoy listening to professor wolf

[@RobertMJohnson]

commies usually do

[@glennmiller9491]

You know wolf is a clown right?

[@celticman1909]

Being a youngster during oil embargo of the 1970's the shortage of oil and gasoline lead to rationing at the retail level. Unscrupulous, greedy business leaders in other unrelated market commodities began "copy cat" shortage tactics to increase their profits by creating shortages thus driving up prices. We had the coffee shortage. The sugar shortage. The paper shortage, and others that I can't remember at the moment. Once the greedy feeding frenzy starts it's difficult to stop.

[@jonnomarko7072]

Car less days .... odd's and even's ...... special exemptions .. it worked then, but the numbers, today, would make it very hard to enforce, especially in Western countries. 'we have all witnessed the enforcement procedures of China upon it's citizens . Right or wrong, could these events un-fold near you. We do indeed live in some strange times. ' oh well ..... time for a snooze.

[@aoeu256]

Get a remote job and leave the US, and if that country you go to is bad go to another... If we had VR gloves and remote control robot hands then the number of remote jobs can increase as well...

[@rickb3650]

Wolff specifically mentions Nixon's solution to that.

[@celticman1909]

@@rickb3650 Yes, arrest them. Arrest businessmen, coming from a Republican President.

[@joshuaortiz2031]

@@aoeu256 LOL most places are going to be dangerous to live soon most countries are facing societal collapse, war, etc. Maybe if you know spanish and go to Latin america maybe Argentina or Chile and know the safe neighborhoods to live in. I wouldnt live in the eastern hemisphere with the way things are going.

[@codacreator6162]

None of those corporations “lost” anything. They just didn’t make their expected 10% year-over gains. It’s not the same thing as losing money. It’s corporate America pretending to “regain” their expected “losses.”

[@cellonpot]

Most corporations made historic profits and have paid negligible taxes since the last administration… shareholders expect an endless trend of exponential growth of profits - I mean, why would Metflix have inserts ads now even though you’re already paying for it?

[@jasonblue9297]

@@cellonpot Yes, blame shareholders as well. The people who invest in usury are literally piggybacking off of an unfair system. It’s time people realize how devastating this is to the any form of fair trade.

[@jasonblue9297]

Freeze cost increases 🤔

[@lauralafauve5520]

I still say workers have been being nudged systematically into a form of peonage. We are paid, but never quite enough to provide security.

[@benholstrom]

Well put sir

[@sousa9682]

The precarious proletariat - Noam Chomsky. Hard to get people to change the system when they are living paycheck to paycheck and finding it impossible to save

[@reubenmorris487]

@@sousa9682 When people protest, the police will just mow us down...unless everybody has an AR-15...

[@lauralafauve5520]

@@sousa9682 we are spending all our energy to stay afloat with none left over to reach the shore!

[@TheJonnyEnglish]

“I’ll try to be as brief as I can. Over the last 30 to 40 years…” Lol I love Wolff.

[@tktimber418]

Being wrong about facts is Ignorance. Believing bullshit is willful ignorance. Blindly believing bullshit because you find the narrative comforting amounts to stupidity.

[@princewilliams1632]

about to give us the whole history of neoliberalism in 10 minutes lol

[@barquerojuancarlos7253]

In case there's any doubt, read this: "The Top 1% of Americans Have Taken $50T From the Bottom 90% And That's Made the US Less Secure" * ... article about a study from the Rand Corporation that studied the transfer of wealth (50 trillion dollars) to the wealthy from 1975 to 2018 ... * Time Magazine 14 September 2020 ("have taken" is euphemism for "have stolen")

[@TheJonnyEnglish]

@Ronald Reagan dude your username is Ronald Reagan

[@grizzlycharizard0017]

​@@TheJonnyEnglish lmao exactly

[@euroinvestconsultingltd4350]

Excellent analysis and commentary. May I add that the American consumer, that buyer of last resort, is the Goose that laid the Golden Egg. Sadly the current economic environment is strangling that goose.

[@CBT5777]

That's capitalism. Capitalizing on others misfortunes. They've rigged the system so that the consumer has no choice or power.

[@davidgreen3719]

It’s crazy how I was brought up in the 70’s, 80’s and 90’s to believe capitalism the savior of democracy, and here we are facing the reality that unfettered capitalism ensures democracies failures!

[@orlandoselles7926]

Thus the consequence of the industrial revolution. Many places are now being affected globally. It's not going to stop.

[@mr-yeah]

That’s just capitalism, no qualifiers

[@alxfonso4924]

@@mr-yeah exactly the only difference now is that the rich are running out of industries and countries to exploit.

[@orlandoselles7926]

@Ronald Reagan sure! Capitalism is a very attractive swallow.

[@domesticatedwolverine4152]

@Ronald Reagan If capitalism is so great then why have to bailout GM, Chrysler, Chase, Morgan Stanley and so many more. If the same rule of capitalism was applied to these corporate crooks as it is applied to the poor then we would have a completely different and more fair economic system but we don't. In this so called free market we have socialism for corporations and cutthroat capitalism for the poor.

[@tracyday6710]

The two voices of reality. Thank you Amy and Professor Wolf. ✌️

[@grassgeese3916]

They are not the only two! Believe in your own voice, and search for the truth-tellers in your daily life... The good people are here, we just aren't used to coming together in that way

[@gmw3083]

And don't wear.a.mask or get any more.boosters. That's.dumb.

[@amillionlittledingdongs6768]

Ain’t nothing real about America being capitalist, we’re fascist. Have been for a long time, there’s a reason the Lincoln memorial chair is made of fascistas. This guy is working for the bank, giving you the solution to the mess they made

[@gmw3083]

@@amillionlittledingdongs6768 good comment. It's hidden from the thread though. My first one might be too. I didn't log out and check.

[@amillionlittledingdongs6768]

@@gmw3083 yep, your first one is blocked 🥂

[@cheri238]

❤️Professor Wolff , Democracy NOW, thank you.

[@kaimingraymondchoi9909]

US keeps saying controlling inflation is its top priority. Yet it never stops making moves to create conflicts worldwide which in turn disrupts the supply chain.

[@lexburen5932]

thats how the usa survives. its a full war economy, thats how they make their money

[@zeusvalentine3638]

Yet Trump never started any wars. When did progressives become the war guys?

[@orlandoselles7926]

Well explained by the economist. I wish these terms will be clearly explained at local communities and secondary academic institutions.👍

[@0397rb]

I just learned all this in my macroeconomics class

[@TheVanillatech]

Who do you think OWNS the schools? The Americans priviatized their education system when the government allowed the 1% to purchase schools and run them as "for profit" academies. That allowed the 1% to dictate exactly WHAT was taught, WHO taught it and to WHAT STANDARD. All the while, rinsing the taxpayer and making an absolute fortune, and producing new generations of under educated debt slaves. The UK followed the same example during the mid 2000's, with the almost total "academization" of our state education institutions. The public opposed it (those who knew about it - obviously it wasn't being reported by the mainstream news because the mainstream news is owned by the SAME 1%) yet it happened anyway. What we saw was huge profits for the richest people who bought the schools, far worse condtions for governors, teachers and students, and falling exam results - leading to the creation of a new grading system which masked how bad results were getting, year on year, decade on decade. So don't get your hopes up. Until the heads of the 1% are removed, nothing is going change, and the new generations will continue to be indoctrinated into the status quo to serve their serf duties.

[@Tigerhearty]

Inflation means zlonlsts are stealing the value of your money, it's a hidden tax on your life.

[@soulife8383]

Fox will just spin those discussions as "woke". And will have 40% of the country protesting against their best interests.

[@michaeledwards2251]

@@TheVanillatech Its even worse than you state, through I suspect you imply it in your statement. In mathematics the art of teaching how to derive results is no longer taught. For example school children are taught the theorem of Pythagoras without getting them to think through how to generate such a result. Without the systematic effort needed to generate proof, children are left with no understanding of how Science works.

[@deidaraer]

Alternative perspectives like Wolf's are INDISPENSABLE to the health of our national discourse! I used to be more libertarian, but voices like his have persuaded me that economic and financial regulations are NEEDED!

[@hughjassle5876]

So you lean more towards fascism now.

[@deidaraer]

@@hughjassle5876 LMAO, I don't think going from libertarian economics to center left economics where it's mostly Wall St. and big banks that are regulated is fascism. I also don't agree with Wolff on everything; he has simply moderated my views

[@hughjassle5876]

@@deidaraer when you're talking about a government "regulating" the economy there are only two ways for it to go; fascist, or socialist.

[@hughjassle5876]

@Down with Corporate Amerika until you realize they pay 45% of their gross in taxes.

[@orlandoselles7926]

The days when the federal and state governments used to regulate businesses are over. I don't think Republicans and Democrats will like to have a more honest system even if one still believes in check and balances.

[@Ianpact]

Thank you, Prof. Richard Wolff. Juan, Amy, and DN! crew.

[@joymarx-mendoza2385]

Richard Wolf a favorite teacher of mine !!! Thank you ALL💕💗😊

[@shannondavis5728]

If your paying most folks $10 to $15 an hour …how are they suppose to afford rent,food,utilities and insurance price hikes without giving them a raise even if their excellent at household budgeting!!!

[@Thee-Marie]

THANK YOU, Amy! You’re looking good! I can see the FIGHT back in your eyes! Keep going!!!

[@harmoni4499]

Richard Wolff is the man! I''ve following him for a long time.

[@vivalaleta]

He made us Marxists. 😳

[@toyotaprius79]

Richard Wolfe, best man on the FBI hitlist.

[@jackdezmen572]

Professor Wolf!!! Thank you for your eye opening message

[@kaylawood9053]

Hate to say this, but stock market crashes are normal features in the game,Over a 50-year investment horizon, you can expect to live through 14 of them,When they happen, don't panic and sell. Buy more shares, reinvest your dividends, wait...and then wait some more.

[@cloudyblaze7916]

These corrections and crashes are normal when asset prices have been overinflated. The key part in this is that in a 50 year period, there are 14 crashes. More periods of asset prices rising than falling during the 50 year period.

[@bradcornwell3206]

I’d much rather buy in a bear market than buy in a raging bull market. But I’m always buying

[@jinajung1943]

These days the best way to come into the market space is patience and seeking guidance when necessary, due to my line of work i can’t handle my portfolio so i just copy the trades of ''Theda Helene Jackson''', a FA i saw on Bloomberg business news. It’s been smooth since then. I have saved myself from all the hassle that chaotic market causes.

[@tariqomar1635]

@@jinajung1943 i really need guidance because i want to use this avenue that everything is on discount to build a dividend yielding portfolio.

[@jinajung1943]

@@tariqomar1635 She is quite the genius in portfolio diversification. You can look her name up on the web as she is SEC regulated.

[@CaliMilli]

Prof wolff as sharp as ever , he's polished and crafted his message to perfection that he is one of few that can communicate the subject matter completely in the purposely short segments of television news guest interview slots

[@adamsmith307]

he talks nonsense.

[@duggydugg3937]

neo commie

[@AmericaFuckYeah1776]

He’s a complete whackadoodle

[@duggydugg3937]

@@AmericaFuckYeah1776 pretty much... he despises KAPATALIZM,... while enjoying its benefits

[@cheapcharlieredhorse2286]

What's perplexing is that these high paid government workers or politicians are doing absolutely nothing about it which makes me think that the federal reserve really runs the country.

[@ramonng6381]

People must ask, WHO ARE THE PRIVATE OWNERS OF THE FED, if it is a private corporation, why is it buying everything, stocks, bonds, properties, with the people's money, printed paper, nonetheless....? And it ends up OWNING everything, but not using their own money, but just PRINTS..... Time to establish a central, people's bank, like THE PEOPLE'S BANK OF CHINA, which the people actually owns....

[@tktimber418]

It’s government that own central banks. No hope for you.

[@BigBearHostel]

Bitcoin is the people's money.

[@steviewonder417]

That’s not really correct. It is only quasi private and member bank shares aren’t like you owning stock in Google. These shares only entitle member banks to a tiny almost non existent return on reserves and a vote on the FOMC. Also the FED is not a for profit organization. They turn over all profits by law to the TGA or treasury general account. They also aren’t buying half of what you claim. The FED is a rotten institution but they don’t hold the purse, Congress does.

[@kayt9576]

Corporations are destroying our economy. Congress needs to limit how much corporations can buy. Perhaps to 10% of their profits over 10 years time would limit them buying up the rental properties.

[@philiptan2051]

Agreed with prof Wolff on the explanation of why the US dollar keeps surging despite of the increasing debt. It is like sitting on a snow mountain which can turn into an avalanche in a single moment. This disastrous fall can happen any moment as it await the right trigger that will unleash the massive unprecedented avalanche which marks the demise of the US dollar. The trigger will come from inside the usa itself which will draw others in massive domino effect.

[@frank124c]

The capitalist system will destroy itself by its own greed and stupidity.

[@kknudsen4907]

There is no dollar demise. After China starts really collapsing it will be evident to all that the world’s safest reserve currency will always be the dollar and petrodollar because it will be the safest best as globalization fails.

[@lpklpk447]

House of Cards

[@duggydugg3937]

GOVT DEBT is the thing that can destroy us if not stopped

[@duggydugg3937]

@@lpklpk447 💯% on the mark .. 99% of congress support buying USD with criminal T bonds.. a debt on us civvies

[@taniakeen4375]

Clarity at last thanks excellent interview

[@glennmiller9491]

Clarity of what? Communism is the answer?

[@HJ-yg4bp]

Benn listening to this guy since I got on-line, his name is wisdom. Be kind.

[@soulife8383]

I've been stealing toilet paper ever since the pandemic. The job also pays for my printer ink unbeknown to them. But it seems fair considering I use it for them. PPP boosted them $250K, we didn't take a single day off, but we no longer get reimbursed for mileage and no longer get a raise. Oh, and I work up to 50hrs and my pay is capped at 40hrs. Don't mix Americans in with that just because we got 3 checks while businesses got bank. Airlines are selling seats they don't even have, refusing to increase staff, while they buyback stocks, after they were paid to keep people employed. GTFO

[@soulife8383]

@Ronald Reagan joined 1yr ago. It's always the young bucks \ sock accounts

[@coolmodelguy6304]

@Ronald Reagan - You have the mantra: “I am an under educated conservative, down pat”.

[@coolmodelguy6304]

@Ronald Reagan - The OP is an actual victim, not someone reciting a mantra. That was your "factually incorrect" lie. I would call it a factually incorrect error, but we both know better.

[@coolmodelguy6304]

@Ronald Reagan - You have really soaked up the propaganda those billionaires put out on those infotainment media channels they own. Your condition gives those wealthy people everything they want, a willing subject too stupid to know he is being conned. However, you cannot beat the math (you do understand math, yes?). The wealthy pull more money out of us than the economy can support. You and the OP are both victims, but you have allowed yourself to be convinced that you are not one. That is what you get for drinking too much conservative koolaid! I will give you one thing, the left is almost as lazy and irresponsible as you are. They can't do math either.

[@domesticatedwolverine4152]

Its a chess game between government and employers and employees are the pawns

[@cev12]

Good to see Richard Wolff on here, always has good analysis.

[@tktimber418]

No. He’s telling fools like you what you want to hear. Being wrong about facts is Ignorance. Believing bullshit is willful ignorance. Blindly believing bullshit because you find the narrative comforting amounts to stupidity.

[@radpincombe729]

Richard Wolfe is a wonderful man and beautiful intellect

[@ricojakkakarico-che2561]

The FED is a PRIVATELY OWNED BUSINESS and operates as the Central Bank of the USA… most central banks are private NOT government institutions - owned by the Oligarchy

[@steviewonder417]

Nah not really private at all.

[@timothydoyle6859]

I have heard Prof. Wolff deliver this talk several time now. Two comments: 1. Note that he is calling for BOTH a price freeze AND a wage freeze. Don't overlook the second part of this. 2. If what Nixon did worked so well, then why wasn't it repeated in the late 1970s and early 1980s when inflation was extremely high?

[@brennam954]

I think his point is not that it's the best economic policy possible to combat inflation - as he said we could debate the policy itself. But just the sheer shock that a republican would be willing to endorse a policy that is in essence bad for business (via price freezes), and that it actually worked to bring prices down. In contrast to today's democratic administration which is unwilling to even do something similar.

[@newtypexzerox]

At the end I thought Amy said "we're a mess." and I agreed we are.

[@gmw3083]

If you're still wearing a.mask, you are.a.mess

[@noiseshapes]

But wait, the chip manufacturing industry deserves a free fat cheque worth billions and approved by the senate by both sides. Imagine repubs and dems agreeing on something, and that is making corps richer at the expense of most of us.

[@vkrgfan]

People usually leave places with the lack of safety, war thorn countries but it doesn’t mean that there isn’t outflow of people from the USA, people are leaving the USA as well.

[@robbinghook3571]

He is always admired for his knowledge. Thanks

[@chrisrayne3274]

By you perhaps. People like me who actually run businesses rather than on relying on the comforts of academia like Mr Wolff, can spot BS when we hear it.

[@susanmercurio1060]

The Federal Reserve tries to use a monetary policy when what we need is a change in fiscal policy.

[@STScott-qo4pw]

everything Wall street et al do seems to cover that need and deflect attention from it. Where's katie porter to have a long look?

[@blueoak116]

Excellent! With Professor Wolf you get a feeling the truth still has a chance. Thanks.

[@chrisrayne3274]

You mean the truth that Amazon are evil capitalists? It doesn't stop him selling his books on there does it?

[@ese3go]

I remember the oil embargo of the '70s very well when there were lines at gas stations. My response was to purchase an imported auto that had high gas mileage. Today's proliferation of SUVs and trucks for family use has people stuck in the middle. Better subsidies are needed for EVs. My '96 Toyota Tercel is going strong at 35mpg. Autos today don't last that long and car payments are killing people who bought them. What is the figure of the amounts people are on the hook for? Will repossessions begin that are ugly and stop the ability to get to work?

[@martinwhalley3286]

You are speaking on Fed oversight! That would be the IMF, and enforced by the MIC. (INT'L MONETARY FUND and Military Industrial Complex) You might never expect to hear this, but we have produced regime change in 5 of 7 countries that refused to establish a central bank. Iran and NK are in our sites. Venezuela is repatriating is oil resources and taken it off the US$D standard. US failed regime change efforts has brought gaslighting to a new capter

[@codacreator6162]

We only feel price hikes because corporations refuse to absorb ANY cost increase at all. And they wonder why we no longer want to work. Declining wages coupled with extortionate practices, corporate America clearly feels emboldened to run with the myth of continuous growth while we end up on the streets and hungry. These guys kill me with their whining about missing quarterly expectations when, instead of eating it, they pass it along. Don’t worry, America. Your businesses will fare well. In fact, they’ll still be standing when there is no more American market. Then, they’ll use THAT to raise prices on necessities AGAIN. Forget credit cards, housing will climb out of reach, food will climb until it implodes, energy and transportation and healthcare will seal the deal.

[@The_Opinion_of_Matt]

There is a limit to which people will tolerate. Three missed meals is an oft quoted limit. I hope we don't get to that point because then change is driven by random processes and influencers that likely don't have the best interests of the population in mind.

[@jessealedonis3987]

Who's worse corrupt politicians or stupid gullible citizens??? Ok people wake up and do something about it. Power to the people! 💪

[@lpklpk447]

Excellent segment. Thank you so much for this information 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸

[@ramonng6381]

Will Prof. Wolf, please explain this scam, of the FED, why is it private, and WHO are its owners....?

[@tktimber418]

Simple. It’s a way to circumvent the constitution’s prohibition of the government printing money.

[@susanmercurio1060]

@@tktimber418 : Actually, the Constitution says, in Article 1 Section 8, that "Only Congress shall mint coin [create the currency]." Which Constitution did you read? Because it wasn't the one that the Constitutional Congress wrote...

[@susanmercurio1060]

You are confusing the Federal Reserve with the World Bank. The Fed is a branch of the US Treasury Department. The World Bank is a consortium of private banks. The Fed was created by Congress in 1913, so we own it, just like we own the National Parks. Congress creates the currency every time they pass an appropriations bill. They instruct the Treasury to disburse those funds. Treasury, in turn, tells the Fed to cash the government's check. So just like you need a bank in order to cash your paycheck, the government needs a bank to cash its checks. Learn Modern Monetary Theory (MMT). It explains how the monetary system works.

[@codacreator6162]

And nobody doing anything to ease the burden. Nobody.

[@lorishumate]

No one is as clear and concise on economics as Prof. Wolff. Love Economic Update.

[@MrSean03839]

Actually Ibonds from the US Treasury are currently yielding more than 9%. But there is a 10k/year limit per individual. There are limited ways around the limit that allow you to go higher, but not by a lot.

[@rigil5477]

Every day online the 'manosphere' laments the horrifying plight of American marriages. They are correct. Only about 40% of American adults are married. We need a clearer picture of how to help American families. My personal suspicion is that healthcare, childcare, and now gas are the main culprits.

[@user-zy4wv7yx1z]

Not everyone wants to be married. It's okay if people don't marry. Incels crying because nobody wants to marry them isn't a real issue. If all you do is hate women online, no wonder there's no women lining up to marry.

[@rigil5477]

@@user-zy4wv7yx1z If that were true you wouldn't be calling my house 30 times a day Lucas. Get off your butt and fix it.

[@rigil5477]

@@user-zy4wv7yx1z Dinner and a walk in the park. And no, I don't care what anybody thinks. My position is clear.

[@user-zy4wv7yx1z]

@@rigil5477 Bro you need to take your meds, you seem hella unstable. Maybe that's why nobody wants to marry you?

[@travisdillon8356]

Get your passport. Simple as that!!!

[@susanmercurio1060]

Yes, I remember that prices mysteriously rose from August 1, 1971 to August 14, 1971, quite highly. Then Nixon made his famous speech about the price/wage freeze on August 15th. (And wages froze but prices didn't.)

[@dianemitchell1717]

I believe that was about the time when Nixon made a deal with Saudi Arabia which sent gas prices from $2 a barrel to $40 a barrel. It changed America forever. All inflation is based on oil prices.

[@susanmercurio1060]

@@dianemitchell1717 : Not exactly. Which is why I am going to encourage you to study Modern Monetary Theory (MMT). It is an empirical study of how our monetary system works. I can explain what inflation is, but the experts can do a much better job than I can. Stephanie Kelton and Pavlina Tcherneva have some great videos on KZbin about it.

[@josephshields2922]

I lived through the NIXON controls. Believe me, the "WAgeControls" were enforced far more effectivly than the "Price Controls"because of loopholes

[@adrianjanssens7116]

Good to see Dr. Wolff on Democracy Now. Cheers from Canada.

[@bigcatproductions2789]

TAX the RICH TAX the RICH TAX the RICH

[@ralphbernhard1757]

Those who have never faced any disadvantages from the decisions they imposed onto others, rule over those who do suffer...

[@benholstrom]

You're really put this very well in terms of articulating your thought. What you write is is pretty much my Mantra through life . Thank you for that

[@toyotaprius79]

🎶 IT'S THE AMERICAN WAY🎵

[@lindascanlan6317]

I ❤️ Proff Wolff..

[@Winter_Jasmine]

Good topic with good guest like Prof Wolff.

[@Marxist2]

I have learned so much from Prof. Wolff & his show Democracy At Work. I'm a big fan of this economist.

[@josephmorrell9954]

yo, occasional cortex, you're clueless. the left created the fed. its been downhill ever since.

[@m.r.5379]

With inflation running at a four-decade high, a recession is now the ‘most likely outcome for the economy. How can I grow my portfoIio to outpace inflation and maintain a successful long-term strategy? I have been reading of investors making about $250k profit in this current crashing market, and I need ideas on how to achieve similar profits.

[@msholt9518]

.On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then.

[@beltran3353]

@David cho who is this individual guiding you? I lost over $9000 just last week, so I’m in dire need of a financial-planner.

[@msholt9518]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@thraknar]

How do we demand the govt and corporations are held accountable and PUNISHED for their abuse and exploitation?

[@AGirlofYesterday]

We take to the streets and seize power like they did in Sri Lanka.

[@albertog7245]

@12:35 Watch as The Wolff, with his allotted "...minute and a half" puts The American Problem in historical perspective in less than a minute. Good job, Hermano Lobo, good job

[@jerometekien2927]

Cut the Military budget to Zero for 40 years!! We will have plenty of money for the peoples needs!!!!😡😡😡

[@addammadd]

Increase the military budget, draft everyone aged 9 to 90, disengage all hostilities everywhere, expand the armed forces mission to include agriculture, education, medical, house building, infrastructure building, etc.

[@thejquinn]

@@addammadd Why not just do a fed jobs program and nationalize all those industries? Just a thought....

[@jfb112697]

@@addammadd why would an organization that's responsible for a plurality of global pollution, committed several genocides and murdered millions of civilians be a good choice for this project?

[@akp167]

Jesus Christ, you leftists really do live in a fairy tale land. I can't wait till we get invaded after cutting the military budget to zero. Maybe I should enroll myself in some Mandarin classes right now.

[@karlzipp3706]

@@addammadd Laudable goal, but why create a facscist state to do that. What you descrbed is similar to China.

[@jerometekien2927]

Why no Maximum CEO Pay???

[@Jackzay90]

I'd like to hear Richard Wolff's response to people saying that the Nixon price freezes caused the stagflation under Carter.

[@lindascanlan6317]

Our economic policies are Always unsustainable...

[@vivalaleta]

Capitalism.

[@jerometekien2927]

Why is their no Public Banking System in this Country? Because the Banksters will never allow it!!!!😡😡😡

[@thejquinn]

The Bank of North Dakota is still standing strong.

[@hoosierbaddy3052]

It’s called the Federal Reserve. And although it’s here, it ain’t ours. We borrow from it, heavily. Do you mean a granddaddy of all banks? Thee one who started this whole, ‘I’ll hold your money for you here. Promise to take good care of it’. The banks are federally insured by the government. FDIC, federal deposit insurance. It’s there so the banks cannot have any oopsies regarding your money. If something happened and the bank went bankrupt, the gov’t is responsible for your accounts.

[@jerometekien2927]

@@hoosierbaddy3052 What happens when the Government no longer exists?

[@cryptbeast3222]

There used to be. The post office used to also serve as a non profit bank. They didn't have financial problems when they served as banks too.

[@nadiawheeler4772]

Kick them when they are down...this is an awfully sorry system

[@nadiawheeler4772]

@Ronald Reagan I surely hope they're lies.... nothing lost...if they're not lies, a catastrophic collapse

[@Clusterboy]

The left courageous? Great sense of humor! Wolffie explains things so well. What a great teacher!

[@kb_100]

When rates were low people complained about real estate prices going too high. Then when rates get cut people complain that mortgage payments will get too high. You can't have low rates AND low real estate prices. So you have to pick one.

[@timothypulliam2177]

This is just the start of the recession. We have years of this still

[@reubenmorris487]

Been kinda bad since 2008.

[@frank124c]

Prof. Wolff is very good, but I must disagree with freezing wages and prices. I was actually there in the days of Nixon and there were shortages of all kinds. I couldn't buy meat in supermarkets, for example. And prices of things went up, while our wages remained the same. The only solution to these problems is for the workers to rise up and take over the government.

[@williamshafer3199]

Frank, ultimately that is the only solution: since implosion of Soviet Union employers increasingly treated workers with contempt, because an alternative model no longer in place to temper their greed. Corporate Capitalism is beyond saving, even if another FDR were to show up; look what they did to Jeremy Corbyn :(

[@frank124c]

@@williamshafer3199 Don't know who Jeremy Corbyn was but Biden tried to push through some moderate reforms and couldn't even get them through.

[@williamshafer3199]

@@frank124c Corbyn was leader of UK Labour at last election, got sabotaged by Zionists; he wanted to better protect British workers from effective pay reductions; Murdoch etc made sure he didn't get elected; GOP gerrymandered electorates etc make it near impossible for fair reforms in USA

[@frank124c]

@@williamshafer3199 The same thing happened to Bernie Sanders. He wanted to make reforms, but the democrats gave us Biden even though Sanders was more popular. Sanders has the potential to be a modern day FDR but the Democrats are too crooked to nominate him.

[@williamshafer3199]

@@frank124c that was real ugly sabotage of Sanders, also in 2016 when they engineered Clinton as candidate, Bernie may well have beaten Trump, but your Donkey Party would rather let Orangutang in than have Sanders in White House

[@cboy5oc]

WOW! What a clear, helpful, but frightening explaination.

[@janicenichols4591]

Thanks for telling it like it is.

[@danmarquez3971]

There are 4 ways to fight inflation: 1) Raise interests to reduce buying 2) Increase productivity to increase supply. 3) Reduce hoarding that manipulates the market. 4) Reduce real estate hoarding and policies that inflate real estate.

[@jonz23m]

Or admit that the whole system is just a walking zombie at this point

[@biometronome7010]

1) That's a very vague statement. The only significant buying it stops is at the top; the buying of assets and the borrowing by big businesses and equities, which actually ties to your 3 and 4. Higher interest rates mostly hurts the poor who have debt or need to borrow. It's like very unsuccessful chemo; attacks everything together but mostly the innocent and vulnerable. It's a bad and temporary solution for reducing the flow of the fed without dealing with the actual systemic problems that Richard Wolff and others like him have been talking about for years. 2) Would you say raising wages would be a good way to increase productivity? How about progressive taxes for public projects? How about regulations to reduce speculative activities and administrative positions, and direct production? The good ways to fight this inflation are price caps on giant price-gouging industries like big oil and big tech, progressive taxes and strong regulations. Your 4 suggestions are not the only ways, they do not include the actual meaningful solutions with historical precedence to back them.

[@michaelhalbherr3683]

There is another way .. raise taxes.

[@danmarquez3971]

@@biometronome7010 Of course it's vague; I can't write a book in a comment. Sigh. But you are right. Price gouging is a big issue, too. So are the huge salaries of CFO's. I forgot to suggest a cap on them too. 2) is needed but simple wage increase won't do the trick. Huge potential bonuses might. Progressive taxes... interesting one. It could reduce hoarding by the rich.

[@danmarquez3971]

@@michaelhalbherr3683 Yup. Don't give them any bad ideas, however. They might just do it! LOL!

[@patriknorsten5813]

What should this professor recommend then? These sanctions and downsizing of energy? Could that have something to do with higher production costs/distribution/transport costs... or is it only evil companies behind this torture of "workers"? Almost everything is imported. Would be nice to hear a solution.

[@ardien.535]

listen to some of his previous podcasts: democracy at work

[@dannyapeshit]

HIs solution is what Nixon did in the 1971, where he made it illegal for companies to raise prices during recession.

[@grassgeese3916]

fwiw, we have a very strong leather/wood working culture, a decent but terrifying gun culture, we have the capacity and arguably the need to engage in wildly ambitious projects to prepare ourselves for the effects of climate change and to save our teetering agricultural system. And of course America continues to be popular for tourism and entertainment worldwide. The people in charge of this country have access to supposedly the smartest people, the most experienced professionals, yet they fail (or refuse?) to envision or craft a safe path through this wave of disasters. Our priorities are all incorrect; the highest paying jobs are the most worthless. Their skill is extracting wealth out of us, the people. Our government has a military, it has proven itself to possess the legal mandate to enforce dramatic shifts of wealth, set prices, declare emergencies, and if necessary, exert deadly force. (As seen against BLM, or individuals like Tamir Rice) The solution is a cultural shift of the left. To acknowledge that our traditional avenues of electoral politics are useful to many extents, but limited, we cannot get the job done with this alone. How can the left grow its teeth back, what are our mechanisms to pressure the wealthy and elite puppets? I think every community will have a different answer. Some people make cartoons like The Owl House, in which the main characters experience the good and bad side of institutional learning (and they use this word EXPLICITLY lololol). Everyone can contribute in a different way. We can change each others minds in ridiculously long KZbin comments (if I'm lucky!).. I know a few folks who think the right choice is to take up arms and to train. It's not for me, I think, but I see the use of that. Because the Right wing is absolutely training, they think it's a fucking game...... So. I think that the question is for you, @Patrik Norsten, because every person comes with a different set of skills, and access to different doors and resources. Different knowledge and perspectives. What are you capable of doing, you alone? What are you capable of doing with trusted friends? Alongside your neighbors? Or coworkers? How bout your Tuesday evening book club? Lol. .. My point is, there are more of us than there are of them. And we are the ones making this society run in the end. If we are all on the same page we can get more done, together, instead of accidentally bumping elbows and sometimes fighting each other. We can focus on fighting the evils of our society but it takes a lot of digging down deep and helping each other help each other

[@grassgeese3916]

times keep getting tougher too.

[@moranmike36]

Excellent program! Thanks

[@phyllisthompson4207]

Very informative segment, and great analysis..

[@missingpiece2071]

we need to provide a basic level of resources and after your limit is reached then free market capitalism. If we don't do this then we will lose capitalism.

[@missingpiece2071]

@@bubs4635 yes, indeed, why must we have oppression, has any society figured this out? Seems like the closest we have got is democratic socialist societies.

[@ZealothPL]

Quick question: Couldn't the FED combine very high capitalisation requirements with steep negative rates to punish cash hoarders and tax avoidance loans? Banks are unable to lend because they loose money and corporations who sit on trillions of dollars worth of cash get set on fire. Hopefully the results would be mass loan settlement, effectively deleting insane amounts of money out of the economy?

[@orlandoselles7926]

The government is the only official identity that can bail out the debtor. However, since we live in a capitalist society, this will not solve anything. Even foreigners love the word "debt" when they arrive in USA.

[@BigBearHostel]

Easier to just tax the money back wherever it lands (corporations with large profits) and pay down national debt. Takes money out of system.

[@ZealothPL]

@@BigBearHostel this idea came about specifically since getting Congress to actually do any real taxation is nigh impossible. It is something that fed could do unilaterally, technically speaking

[@susanmercurio1060]

Cash isn't exactly hoarded anymore, if you're picturing a granny with bills stuffed into a tin can. It's all done with keystrokes.

[@susanmercurio1060]

@@ZealothPL : Except that the Fed can't set taxes. Only Congress can do that. You'll have to come up with some other way to get Congress to do their job.

[@clairelivefreeordie2551]

Wonderful coverage of an important issue...hope this goes viral! Richard Wolff...I will remember this name & read his books.. this is TNT

[@stephenjones4013]

This episode is amazing

[@awilliams4957]

Support and increase the middle class,fix up old abandoned apartment buildings,fixed low rents for the low income people,and decrease homelessness give homes to these people.

[@orlandoselles7926]

I will add, stop the massive apartment buildings' constructions that resemble German ghettos.

[@awilliams4957]

@@orlandoselles7926 yes build communities,apartment owned by corporations,need rent to own,buildings belong to the people that live there

[@orlandoselles7926]

@@awilliams4957 thanks. Rent to own in apartment buildings is no a good idea. Your restricted: pay association fees, you live like canned sardies, put up with other unwelcome tenants, etc. I rent, but I rather pay a house. The government must control the housing market to provide access to anyone who like to own property. Only military personnel enjoy this accessibility and the wealthy.

[@episdosas9949]

workers need to become owners. pool their monies together and start or buy their businesses. invest in each other. wall street does it. stop depending on the system.

[@ComradeHB]

With their 7.25 an hr? Lol

[@orlandoselles7926]

For that, you need to stop the banks from being greedy. Not all are treaded equally.

[@tracyday6710]

Co ops are the future. ✌️

[@episdosas9949]

@@ComradeHB yes. You work towards it. Are you still at 7.25 an hour. Do you think you ll keep that pay for the rest of your life

[@episdosas9949]

@@orlandoselles7926 yes. Banks need to be held accountable. People can form banks as well

[@lindascanlan6317]

Our great economic guru Professor Wolff..

[@ChristopheMassey]

I'm old enough to remember Nixon doing that price free...and yes it did work while it was in effect. As soon as it ended the prices were jacked up.

[@kayt9576]

I remember, it worked.

[@julianholman7379]

Professor wolf hasn’t heard about peak energy it seems

[@josephmorrell9954]

peak energy, global warming, the covid pandemic. how much of this bs have you swallowed?

[@codacreator6162]

Corporations could absorb their share of pandemic losses, but true to form refuse. Instead, they pass it along. Every single time, continuing as though it’s the duty of the populous to both carry the tax burden and the cost burden on a temporary supply chain disruption. They’ll use this to further reduce wages, watch. But by God their balance sheets and stock prices will continue to look great. Target just did a $7 Billion buy back. They could have given their employees a $16,000 raise. This is business as usual in America. If we don’t start helping the little guy and stop believing the Capitalist BS, we will all soon be living in tents, eating out of cans.

[@dianahill5116]

All religious organizations should be required to pay: federal, state, County and property taxes. They should be required to do bookkeeping. What do they spend their money on: lawyers, lobbyists, campaign donations, life insurance, building insurance, travel, vacations, building and maintenance, payments for lawsuits--pedophile priests and their accomplices, stock markets, advertising, vehicles-food and shelter for themselves, health costs for themselves, retirement, landscaping, and such?

[@hephaestusiron]

What en excellent summary…thanks DN!

[@rigil5477]

Verified, studied, and researched economic realities that ARE NOT recognized by Congressional legislation: 1. For 40 years, American wages have not kept up with the cost of inflation 01:40 2. Wealth has been distributed upward 01:45 3. America was unprepared for the pandemic 02:15 4. Between 2020 and 2021, half of the US labor force was temporarily unemployed 02:40 5. Inflation is a general increase in prices with or without a rise in wages 03:40 6. Inflation is determined by employers, the 1%. Employees, the 99%, must accept inflationary increases set by employers. 04:15

[@commonsense6967]

Yes, the solution is to get rid of all central banks, including the FED, but Central banks are a plank of Marxist's (like Wolff) Communist Manifesto.

[@xenocampanoli815]

There is also no real democratic function when the 99% consume unsustainably because they are trained to believe this is a good thing. It is clearly odd Greta Thunberg is absent in this discussion. We in fact NEED to reduce our consumption massively. We need to practically eliminate our consumption of fossil carbon. However, the system is so malignant that a general move in that direction makes society scream, while in fact the move isn't 10% of what is needed to save our ecological asses.

[@xenocampanoli815]

Ah, Robert Newman's Salvador Dali Magic Checkbook prediction. I agree.

[@xenocampanoli815]

Non-stewardship belief-systems are indeed like a cancer on our world as you assert. I don't think the Earth's higher life-forms will survive our era unless humans realign themselves meticulously and solidly as fact-based planetary stewards. Fantasy based activism breaks that and can make it impossible. It's like the toddler who breaks his toy in hopes it will make his parents will get him another one.

[@josephmorrell9954]

and we need to eat insects and get vaccinated. i hear greta is doing a playboy shoot. onwards and upwards, comrades. lmfao.

[@hughjassle5876]

How dare you! 🤣 Yeah, that's what we need; more advice from a child.

[@spankyssurprise1361]

Greta Thunberg? How old are you?

[@tammystigars5477]

Sad, and they do it over and over again. You ask who is they? The 1%. Most money holders making wrong decisions for the 99%

[@entropy2644]

Professor Wolff is remarkable

[@pipster1891]

If you pay the vast majority of people so little that they can't pay for goods and services, the economy will tank. Simples.