Richard Wolff: This Is the Worst Economic Period in My Lifetime

[@DonaldMark-ne7se]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[@NoorFrohock]

Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?

[@Odmark-u5f]

It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance

[@PitcockRoth-9876]

Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns

[@NoorFrohock]

I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.

[@NoorFrohock]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?

[@hildablanco1591]

Falling down movie with Michael Douglas is a good look at working for someone without a future

[@BosMass617]

[@milimnava3133]

"There is no toilet paper for workers", but I bet there is private jet for CEO. And when the companies went bankrupt, the government will give bailout from tax payers money. And most of those bailout money are used for CEO's bonus and retirement payout.

[@steventan2550]

Yeah, that sounds familiar.

[@DanielField2023]

But what you American do about it? nothing get screw as usual.

[@rsync9490]

@@DanielField2023 They care more about drag queens reading to their children.

[@ajarncraig2327]

@@DanielField2023 Because they've been taught that joining a union is "communism". Propaganda nation.

[@DrRussPhd]

Off with their heads!!!

[@BosMass617]

Always stop and listen when I hear Prof. Wolff.

[@kraka2oanIner]

As do I ...!

[@Letsgetiton41]

Fools.

[@brianmurphy7372]

WE HAVE BEEN SCREWED!!!!!!!

[@seymorefact4333]

⛔⛔ The USA capitalism backed by govt bailouts, subsidize, protectionism, fiat dollar, and a PONZI CONOMY....is NOT CAPITALISM! ITS FAKE! ⛔. AT TAXPAYERS COST!

[@kraka2oanIner]

"HAVE BEEN"? Partly...we are currently BEING SCREWED!!

[@davidlim5]

Americans voters need to revamp & cleanup those Politicians in the Senate & Congress. Vote new faces to save yourselves & your nation before they breaking up the 50 States !! 😂

[@MusicLover-ui9sm]

Voting is a waste of everyone’s time . Once anyone is voted in, They bow down to the richest people, If they don’t give them what they want , They are done Political mafia for over 100 years

[@JackLouie-r6k]

And the Pentagon especily the white house far too much power

[@danielhutchinson6604]

Who do you suppose suggests the Names that are printed on a Ballot? Why do the Good and Faithful Servants of the Rich, seem to be pretty common, on a Ballot? Give that a think?

[@granolabean1]

Horrid economy. The top is doing great, the bottom is in collapse.

[@danielhutchinson6604]

The Currency appears to have lost all support.

[@teoh3564]

Top heavy.😮

[@teoh3564]

​@danielhutc "use RMB" hinson6604

[@danielhutchinson6604]

@@teoh3564 The Capital that is used to measure Value, is now facing a challenge from Physical Currency. The fragile nature of Fiat Currency, dictates a very unstable form of support for that form of Capital. Wiemar German Deutschmarks lost value pretty rapidly due to outside influences. The US Dollar that defines the wealth of the Investor Class, can crumble overnight. Like a House of Dollar Bills, constructed during a calm period of economic winds, can be blown away when the economic winds change. We live in interesting times.

[@ultramovier]

The unemployment rate as measured by government is way off, because anyone who fails to find work after 3 months magically disappears from the record. We have millions of chronically unemployed people in this country.

[@frederickmuhlbauer9477]

Indeed we do The numbers are BS

[@letsRegulateSociopaths]

i have seen you post this numerous places, either you really want to get that message out, or.......

[@livingitup9647]

@@letsRegulateSociopaths Yes, he should be posting this message about the falsity of the U.S. unemployment rate -- far & wide! -- because the general population doesn't seem to understand just how FALSE most of these stats are that come from the govt. And they are in collusion with all the financial industry mouthpieces who want t keep the illusion going, the markets propped up against serious crashing, and keep the masses normalizing all the losses of earnings and rapidly increasing cost of living... while ignoring the biggest economic tsunami approaching since the end of WWII. But, this time, it is truly global.

[@JulianPerez-zv6os]

@@geocam2 Actually no, not work with dignity and pay that can support a family. That no longer exists

[@JulianPerez-zv6os]

@@geocam2 If a job is worth doing, you need to pay someone enough to live to do it.

[@MarcIverson]

When you need food stamps even though you're working, something has gone disastrously wrong. When you need food stamps even if you're full-time military, society has stepped over the line into failure.

[@rexwilson315]

@@MarcIverson your right. A few years ago. We had US Army solders on food stamps. It May have been awhile. Never the less. That's something that never should have been! Americans in service to their country? On food Stamps! A pure joke.

[@SteveHartman-my9rg]

I worked for a company in Norfolk, Va workers had to supply our own toilet paper and soap

[@isatousarr7044]

This being the worst economic period in a lifetime is a sentiment shared by many, reflecting the harsh realities of rising costs, stagnant wages, and widening inequality. Inflation, job insecurity, and unaffordable housing have pushed many to the brink, while systemic failures leave basic needs like healthcare and education out of reach. For younger generations, the dream of upward mobility feels increasingly unattainable. Addressing this crisis requires bold economic reforms that prioritize people over profits, tackle inequality, and restore hope for a more equitable and stable future.

[@DonaldDolph-ob8yv]

This is Rome from centuries ago. This will be a repeat. If only the elitists would pay their fair share of taxes instead of the 'game' they play at the expense of the bottom 80%. Yeah, I'm dreaming.

[@fenderblue9485]

Reagan and Trump COVID was the very worst.

[@123all-about-us]

This guy is smart and knows his words Glad we’re talking about this. Yet, most of what he’s says is not new. We as a country need to be more accountable and demanding that the politicians do as well. Voting for someone who shows with a track record their for the health of the nation

[@kraka2oanIner]

If we truly had a free society, such that we could integrate and re-integrate knowledge, without censorship (denying "socialism" and "communism", for example, for DECADES!) we would have been FLEXIBLE enough to come up with a NEW system that would WORK. Humanity has too much paranoia, infecting politics...and it's slowing progress, and therefore ensuring failure on Earth(!)

[@sandyleonard4780]

AND THAT IS NOT DONALD TRUMP, THE TREASONOUS FELON!!

[@antoniac1234]

What is making Americans so angry is the sense they are being talked down to and gaslit daily about this situation. We can take hard times but don't BS us. As one American icon, Judge Judy, once said, "Don't piss on my leg and tell me it's raining".

[@LeTrashPanda]

“Ask not what your country can do for you - ask what you can do for your country,” ~ JFK Americans got behind this message in a big way...guess we were grown ups.

[@KadiddlehopperClem]

That is because most Americans don't have a clue about economics or civics!!! They just believe what Fox News tells them.

[@adnannasserel-dine]

Rely good, dont biss on my leg and til me it's raining 😅

[@williammorris3815]

I wish someone would address the excessive property taxes across America.

[@SK-ke2ep]

The economy is about to collapse.

[@marywest6844]

As he has said the financialization of economies. Basically speculation.

[@rrobak6477]

@@marywest6844 nope it's WEF marxists implememation

[@HughJass-313]

Can't wait! 🤣🤣

[@theboyisnotright6312]

The wealthy have stolen everything that isn't nailed down. Evil, just evil 😡

[@ronaldreagan-ik6hz]

Thanks democrats

[@LeftistUprising]

Hey y’all, I work as an entry-level salesperson for a life science advisory company. The deals that I found by cold-calling and mass e-mailing were about $3M. I used some tools such LinkedIn Sales Navigator ($85/month), a power-dialer ($135/month), and a couple more. A few days ago, I was told that I won’t be able to expense these services anymore “because we are $9,000 over our marketing budget.” FFS, I brought in $3M, and all I got was some cheap gratitude as if I were a Pavlovian dog. On top of that, they rescind me from using LinkedIn Sales Navigator, and I’m in SALES. WTF? There is NO upper-limit to a corporation’s greed. It’s one of the only maniacal conditions that hasn’t been pathologicized.

[@larrym2434]

I'm sorry they don't see the value you bring at work. I'm sure there are other businesses that would appreciate your initiative.

[@MarcIverson]

Yup.They won't stop until we're serfs and not just dead broke, but up to our ears in debt.

[@icemike1]

In my life I've never seen inflation like this

[@livondiramerian6999]

The greedy will always say the economy is good because it's working for them only not the people. The people should stop their division & unite in order to fulfil their goals.

[@markdalbey]

Are you suffering in a major way? The price of groceries averages about 412.00 per month for the average family of 3.13. Any family with .13 members in it is not average. Inflation for groceries is about 10.1%. This means the average price of groceries has gone up about 41.61 per month for the average family. It is in your face so you notice it, but it is hardly a calamity you are suffering from. The average price for gas in the United States just over 4.88 a gallon, a lot. The average car in the United States burns 656 gallons per year. At 4.88 per gallon this is 3,201 dollars per year, or 266.77 per month. The average price to own a car is 805.50 per month to own. The cost to buy gas for the average car is 33% of the cost of owning a car, it is just in your face every time you fill up. These are bad figures, but hardly a crisis. 10% unemployment and losing your house like happened in 2008 would be a crisis.

[@kimcissell1905]

The corrupt politicians.

[@livondiramerian6999]

Doing good brings more good, doing bad brings more bad things.

[@edwardmiessner6502]

@@markdalbey These are all government statistics and government statistics are a load of malarkey. Here in New Orleans it costs over $500 a month for 2 older people!

[@markdalbey]

@@edwardmiessner6502 Which government statistics are malarkey?

[@molliestanton2869]

Good introductory analogy , Professor Wolfe!

[@meimiaolin2581]

The US has the worlds best democracy fiat money can buy, the best news corporate media can spin, and the best highs pharmaceutical drugs can give. What can go wrong?

[@danielfiore8865]

@Joe B Adderall ? Ritalin? Ephedrine?

[@edwarddenoyer7073]

Ha ha ha . Well said

[@meimiaolin2581]

@@edwarddenoyer7073 Thank you Edward.

[@meimiaolin2581]

@@danielfiore8865 Special thanks to the Sackler family.

[@zomp]

Haha

[@TheVFXbyArt]

9:36 Stock market is the graph of rich people’s feelings.

[@cocopepe9234]

No it's not. It's a record of how the economy is doing. The stock market holds people's retirement savings. It holds 45% of the wealth of Americans.

[@eaglewing1415]

The stock market is run by the amount of money in the system, which generally comes from deficit spending and money 'printing' via digital inputs by the Fed. As money increased, the market went up. Now it is correcting due to money retracting due to business problems due to inflation, caused by the same over spending and money creation. At some point, it doesn't make any different about feelings.

[@ultravioletiris6241]

Both of the above comments ignore the influence of “investor confidence” . WeWork was dramatically inflated due to investor confidence, not due to inflation or the strength of the economy.

[@intuitionz1198]

@@cocopepe9234 80% of the population doesn't even use the stock market. it's not economy or even a reflection of the economy. it is a reflection of greedy people gambling and that is it. you're a simp for Goldman Sachs. come back when you have a clue.

[@fehlrock]

Love it !

[@RADIUMGLASS]

In 1971, Richard Nixon unpegged the US dollar from gold. The dollar became officially free-floating comparing it to other currencies. Before 1971, there was a natural limit to how much money could be printed. New issuances were dependent on the amount of gold sitting in the nation’s coffers. It's so bad right now that we could never go back to a gold standard. If we were to go back to the gold standard the price of gold would have to be set at a ridiculous amount to control things.

[@aJarrowLad525]

Chairman mo said that’s the end of America when Nixon came of the gold standard

[@RBAILEY57]

It's no coincidence that real wages, and labour's share of the GDP peaked in 1971, and have been trending down ever since.

[@kraka2oanIner]

Sounds correct...

[@NedBoukharine]

An economist tunnel vision : the American economy is highly "financial-ized" and produces far less "real things" and "real solid wealth" than it used to. That's one reason why GDP does not really reflect the real size and solidity of an economy. Witness Russia and the sanctions and their boomerang effects. A real solid economy MUST have a large COMMODITY BASE and not be confined to things un-tangible like "software" and the likes. The case of Western sanctions against Russia is a perfect illustration. You've forgotten to mention the humongous national debt and the real value of the dollar. If it loses reserve currency status, you can say goodbye to the American economy which will undergo a crisis never seen before. The US is a giant tethering on the edge of the cliff. I think that's why the US and NATO are seeking confrontation everywhere. They need a war like that of WW II to save their economic bacon. They've become a real danger to world peace and the continuity of the human species. I say this as a friend of the US with many ties to it. The world needs the US as beacon for civilization not this repulsive monstrous imperialistic horrible thing it's become lying cheating and fostering war around the globe.

[@Sabundy]

Exactly. Well said.

[@Vejita12]

He did not forget anything.

[@anthonyferris8912]

Wrong. China has very little in the way of a COMMODITY BASE, but is the only serious economic competitor to the US. The giant that is Russia relies largely on its COMMODITY BASE and has an economy the size of Italy.

[@Sabundy]

@@anthonyferris8912 it depends on what you are talking about. And what you consider most important. If the goal is near total self sufficiency then a commodity based economy will serve you better in times of financial stress, market crashes or sanctions. Of course Russia's economy is small by comparison. It's not much of an exporter outside of commodities and its market is small in terms of overall consumption. However GDP is simply the size of an economy. But there is also a lot that GDP size does not tell us. For example Singapore is tiny in comparison to the US and China and certainly doesn't have anywhere near the size of an economy of either. But its PPP is higher than both the US and China. It's in fact the highest in the world. And since PPP measures the actual amounts of money and assets the average person has in a country Singapore essentially has the highest standard of living in the world.

[@anthonyferris8912]

@@Sabundy And yet my wife’s Singaporean relatives who recently visited us were complaining about their situation. Cost of living and the cost and restrictions on buying property. Their dream is to retire to a European country.

[@rickb3650]

One of the most insightful statements from an economist I've ever heard was from Mark Blyth. "When you make moving a number the primary goal, the number will be moved". It sums up the difference between financial/economic reports and reality, and eventually reality always wins. We've become so numbed to corporate officers and politicians lying and "kicking the can down the road" that we don't even think about what happens when we get to the end of the road anymore.

[@killallrobots2001]

Everytime Mark Blyth speaks, I listen.

[@christiancorvino5252]

Gdp is another bogus number The only number that matters is tax receipts vs expenditures Without deficit spending and parasitic financial markets our gdp would be cut in half

[@rickb3650]

@@christiancorvino5252 GDP is just one specific metric that measures a limited aggregate of overall economic activity, ignoring highly significant factors. The data is useful when used appropriately, but It is commonly misused to give decision makers and the public a false impression.

[@stewartalexander8770]

Prof Wolff is ALWAYS a good listen!

[@harperwelch5147]

“The Elites saying the economy is good”. Now that’s a non-biased news report.

[@henriramonfosse]

good for them because they control it.

[@williammorton4616]

Many companies are hiring part time only to avoid the costs of a full-time employee ..

[@lockbert99]

I was aware that unemployment didn't capture people making $25 an hour in a factory that go to $8 an hour at Walmart after the factory is moved to China. But it turns out that it doesn't even capture that event if the Walmart job is part-time or the worker gives up looking. Working part time is not unemployed even if you want to work full-time. Same for giving up looking.

[@FrankPatrick-no8zo]

It's depressing how hard life has gotten for people in this generation. I wanted to know what to do with some money I had. I utilized a portion of it for my online store, but that failed. My biggest issue is how to prevent my $300K stock portfolio from declining, but I'm not sure which direction to go.

[@LuvmeRos]

Yeah, things may be hard right now, but I've come to realize both bear and bull market, recessions and economic boom, all provide opportunities to make high gains, I used to call bluff on folks that bragged about making a fortune from such down-markets until I happened to do so myself

[@CrystalJoy-32]

I agree. I've been working with a financial advisor since 2020, and I return up to 15k every month, and I don't even have to lift a finger. Although I also think the reason I make this much is because I started with significant capital.

[@jose2212-]

That makes a lot of sense. To be on the safer side and not second guess your market decisions, I’d suggest you reach out to a proper investment adviser for guidance, they’re better equipped at understanding market patterns/movements and adjusting portfolio to match up with these market trends

[@CrystalJoy-32]

Monica Shawn Marti is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@RuthEvelyn-rc3bg]

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

[@ottocubed9520]

Outstanding analysis professor Wolff

[@abdullahalatrash8912]

Well said Richard!!! ✊🏿☮️

[@tekannon7803]

Professor Wolff is a world-class teacher and on top of his game in talking about economics. It's heartbreaking to hear him talk of Revlon going bust and it being a zombie company that is among thousands of other zombie companies that are going to go belly-up because of rising interest rates. This is why I believe capitalism must be given an off-ramp so we can come up with something that makes more sense.

[@transsylvanian9100]

There is no need for an "off-ramp", capitalism simply needs to be destroyed, the entire system needs to blow up and burn to the ground and replaced with something we already know is the next necessary step for humanity after capitalism: socialism.

[@tekannon7803]

@@transsylvanian9100 GGGGGGGGGGGreat to hear from you. An off-ramp is the same as being put out of service. I have invented an alternative economic model to replace the capitalist model and my book is at the printers. Certain to be boo-hooed by critics from wall to wall, The Treatise of Teknomix from Austin Macauley Publishers Ltd., is my 'Linux'. It is for the true professionals to decide if there anything of merit in it and if so, ramp it up to real time and use it to push us forward.

[@BrokeBaller444]

Social democracy

[@tbone5654]

@@BrokeBaller444 Social democracy is capitalism. This is practiced in the Scandinavian countries where they have very low competitive corporate tax rates but high tax rates for individuals on low, median and high incomes, used to fund extensive social services.

[@tbone5654]

Wolff is a joke, can't grasp the basics or economics, psychology or history. Capitalism works just fine, crony capitalism is the cancer.

[@johnman025]

Love this interviewer! Insightful questions and very engaging.

[@pauladams1829]

Time to free the economy of landlords and other free loading scum.

[@realzachfluke1]

This is Richard Wolff at his best in my opinion. Really clear-eyed and informative.

[@RussCR5187]

@Ronald Reagan Could you take one of the points he made and show how it's wrong?

[@RussCR5187]

@Ronald Reagan Sorry, but you haven't answered my question. Either that, or your implied answer is "no".

[@RussCR5187]

@Ronald Reagan I think this conversation illustrates the problem with political labeling. I think virtually all terms of affiliation are counterproductive right now. Left, right, democrat, republican, Christian, Muslim, atheist, conservative, liberal, neo-this, neo-that, blah, blah, blah. More often than not the use of such terms only serves to dig one into a tribal position that MUST be defended no matter what. Otherwise, you won't be a card-carrying member. In particular, the elected officials of BOTH major parties represent the donor class rather than the electorate. Tribal bickering will be the death of us if it prevents massive numbers of people from standing together, in solidarity, speaking with one loud voice, demanding a return of power from the rich sociopathic oligarchs who have bought the government and currently have all of us by the throat. THAT is Job #1. It is the initial roadblock that must be swept aside; the universal root cause of our problems -- a fact that must be made clear to people. Nothing that favors the well-being of "we the people" will get done if Job #1 falls short. That's why I prefer to discuss specifics instead of broad characterizations.

[@JulianPerez-zv6os]

@Ronald Reagan Actually you are

[@TC-eo5eb]

Professor Wolff at his best is a pretty low bar.

[@bryan92252]

You know things are bad when Richard Wolff starts sounding like Milton Friedman.

[@jaegertiger384]

Your statement is truer than you might think.

[@philiptan2051]

Absolutely true prof. We are already at the top of the snow mountain waiting to get dragged down in An avalanche once some rich people start to sell short on the US dollar or in some of the blue chips.

[@Frannie12]

Gotta hear Professor Wolff as often as possible.

[@sunalwaysshinesonTVs]

Im guessing we can thank private equity (with their debt financing company acquisitions) for the mass proliferation of zombie companies....

[@garysmokesmeat]

No, you can thank the federal reserve and big government for bailing these companies out and all of the qe that boosted their asset prices for the last 15 years. Unregulated free market capitalism would have let these companies fail in 2008.

[@sunalwaysshinesonTVs]

@@garysmokesmeat That too.

[@DK-zu6tt]

And, the 0% lending during the pandemic that resulted in stock buy-backs and a "good stock market." It's all built on a lie.

[@philipbuckley759]

it is always something....where people are united, people prosper....

[@roberttay4517]

no end of lying by politicians to cover their ass!!!

[@lynnwood7205]

1964 found the Federal Minimum Wage set at $1 an hour until September when it went to $1.25. The $1 Federal Reserve Note of then was backed by 1/35 of a fine troy ounce of gold. (that is, the rate for which gold for dollars would be paid at the gold window) That 1/35 of an oz is now priced at about $52. This gives one perspective of the scale of the theft from the many and the commonwealth that was once enjoyed by the many.

[@rickb3650]

All true. What you left out was that the price of gold was set by decree, chiefly by the U.S. and Great Britain, with proportional input from 42 other nations. This was done to circumvent the disasters that commodity based currency always cause. Gold wasn't $35 p/oz because of any factor beyond that was the number needed for a sufficient number of dollars, pounds, francs, etc. to circulate within the economy as it existed.

[@fehlrock]

Excellent analysis Lynn 🧐

[@mns8732]

Lynn for fed chief. Who wants commerce dept?

[@kevinrussell1144]

This is a lie. Americans couldn't take their dollars to "the window" and exchange them for gold. Only foreign trading partners could. Our dollars were not backed by anything but the restraint for the US gov/Fed not to create too many dollars. But this year WAS the time when the spot price of silver increased such that the silver in a silver dollar exceeded (in value) $1. Silver soon vanished from the coinage. What caused this? Monetary inflation. Inflation is the tool used by every socialist government. The gold window was closed by Nixon because our balance of payment meant our gold reserves would be drained. This current ~$1900/oz Au was not theft from the commonwealth by "mysterious capitalists" but by the statist bank cartel and socialists in the government working together to create the tyrannical debt state we all know and love.

[@kevinrussell1144]

​@@rickb3650 You don't know what you're talking about. You need to read about Bretton Woods and creation of the Fed. Commodity based money (either gold or silver as the standard) fixes the definition of the dollar. For nearly 100 years the dollar= a fixed amount of silver, ~.7735 oz. The problem was that the silver:gold ratio was not fixed over time. Commodity money prevents governments from inflating the currency. By 1932, our gov't had been screwing with the currency for 60 years. FDR made it illegal for citizens to hold gold. At that time $20.66 could be exchanged for 1 oz of gold. After gold was confiscated from citizens, FDR's boys reevaluated the gold to $35/oz, giving the gov't a huge windfall. Fiat money is the disaster, not commodity money. Inflation is not measured by price; inflation IS the increase in the money supply. Change in prices is a function of multiple factors, including demand, supply, preferences, and money supply.

[@deemo5245]

Economy bad? Trump said ‘hold my beer’, sorry ‘hold my coke mirror’

[@_KITE]

“Consumer Evaluations from the University of Michigan” -> never heard of it before now, but thank you Professor!

[@1973secretariat]

Figures don't lie , but liars do the figuring.

[@normahodge6791]

2020 and 2021 we had a Pandemic, shut downs, nobody driving = no demand for gas = surplus = $2.64 per gallon for gas. The opposite is happening now. WORLWIDE inflation, a war, supply chain issues = higher prices. I am not discouraged. I have learned how to tune out the talking heads and adjust.

[@polly_sigh]

I guess the pandemic, in disrobing the rot of what capitalism has become has tipped us into the crumbling down stage and now can't be stopped. As Samuel L. Jackson said in Jurassic Park, hang on to your butts!

[@mrunderhill3970]

The plandemic itself is man made - literally lab caused , emergency biotech injections that made them billions and bilions and they want to turn into mandated annual revenue to support the rich while implementing their total surveillance state. Private profit, public debt. Imo

[@karenz1634]

Our government economists have been woefully inept for decades, most obviously since the Reagan era. Everything has been glossed over and fictionalized to tell a story as politics has dictated. He is spot on about Yellen. I am reminded of my economic classes, and realized that many sat through the same instructions and information, but even with grades it wasn't always obvious who was fully comprehending that information. Even an untrained mind comprehends some of the common sense evaluation that Wolffe makes. The government has been ignoring the public for decades and playing their own game, but its going to catch up to them now, the rubber meets the road and there's no more faking or talking their way out of what is becoming obvious to the average citizen. Yes, even those 50% at sixth grade reading level.

[@analcommando1124]

Its not the economists were/are inept. Its most of them aren't really economists yet people pushing a political agenda. I can't take Milton Friedman seriously as an economist because his ideas are insane. Friedman and all those like him were political activists pushing a political ideology masquerading as economics. The current economic orthodoxy as pushed by people like Friedman has been the greatest failure in economic history. But neoliberalism was never really about economic theory but a political agenda to take wealth away from the working class and redistribute it to the elites. In terms of politics neoliberalism it is the most successful political ideology of all time.

[@paulozimek276]

Totally agree, Karen !

[@kraka2oanIner]

Here in the U.S. it seems like a NON-ECONOMY. The original definition of economy is: "management of household". You might also use the analogy (which Richard does) of the human body, which needs good HEALTH to live long. And...here's a quote (which I believe): Socioeconomic inequality is the greatest public health issue on Earth. Our system doesn't work, and we (the U.S.) have tried to export our system, partially under the guise of "democracy". We GOTTA fix this!

[@JannyLuits]

Nobody can suddenly become prosperous financially. Although they did the background work, we mostly see the ultimate product. Fear is a harmful factor that prevents us from making the courageous decisions we need to make in order to achieve our goals. You have to deal with things like inflation, the recession, Fed policies, and more. In just a few months, I was able to add $289k to my portfolio. You must look for assistance in the appropriate locations.

[@carssimplified2195]

This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant by name “Christine” and everything changed. in the first quarter of this year i made $370k and counting

[@Justinmeyer1000]

@@carssimplified2195 That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

[@carssimplified2195]

@@Justinmeyer1000 My Financial adviser is ‘’Christine Jane Mclean’’ 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

[@Justinmeyer1000]

@@carssimplified2195 She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

[@69Jargon]

Bots

[@andrewedris2800]

My middle-class Grandparents lived off their retirement income in 1970s -2000s . They were able to invest in Certificates of Deposits CDs that paid them a fair rate of return. If interest rates go up to allow a 5-8% return, ordinary people could once again make safe retirement investments. The 0% rate was irresponsible policy, like Republican unsustainable income taxes cuts to pander to their socially irresponsible base. Though we know America was never socially "great", we do know that in post war years up until the 1980s Reagan era, 90% marginal income tax rates allowed massive civil infrastructure build out and kept the budget deficits and national debts under control.

[@MrDXRamirez]

I do believe the relationship between the rate of surplus value and how deep Americans are exploited for that surplus-value by sinister and greedy capitalists bald and spectacled, or short grandfatherly types, is expressed by the clock. Yup! Time. Abstract time to be precise as opposed to concrete physical exertion doing something useful, hopefully. People work more than necessary or required to work according to worker productivity. Americans are plain dumb about the economic laws of production and its engine productivity under the hood. This is the guts of the whole edifice and its an internal contradiction. The only reason people overwork themselves comes from this duality, socially its expressed by people getting other people to boss people into working longer for more hours to enrich the company and makes the worker poorer; and this excess work turns into an excess product; that turns into an excess value that is carried through all the stages of the making from start to finish of that product/service. The Reagan generation sold this method of work to the American people who bought the method hook, line and sinker. The Clock, is the Time Element that makes work in the present an experience in exploitation among people in the same society and makes work an abstract object that is measured in units of time, days, weeks, years, etc. the way a prison sentence works to confine a criminal the clock confines the working class to overwork and nothing for personal/social development. Tyranny was embraced not by your grandparents but your generation when Taylorism began breaking down craft work into deskilled work and detailed refine simple tasks assigned to workers in factories across America turned the workplace into a veritable war zone faster than unions could and knew how to react to the technological innovations driving productivity higher than need be. This is what Reagan did. Firing the air traffic controllers signaled to employers deal with labor by firing them. Employers fired your asses during the pandemic is well they learned that Reaganite lesson! For the first time in the economic history of human beings American society could have been the first to lead the world into true affluence, but this is in the hands of the dumbest mother f-ers on earth is the greatest paradox in all history. China can claim the role as the first.

[@samsantucci1044]

Reaganomics destroyed the American middle class!

[@GeorgePaul-dz9bi]

Excellent lecture professor Wolff. I’m a medical doctor and graduate of U.C. Berkeley, California back in 1968, and didn’t have time to study economics at that time or thereafter. Your presentation of this vital subject is very inspiring. Thank you.

[@JoyJoy-t8z]

Wall Street is not Main Street

[@The_War_Report]

We are in an economic depression now. Renowned investor and author Doug Casey coined the term "The Greater Depression" years ago. The Greater Depression according to Casey will be "much much worse and longer lasting" than what occured during and after the stock market crash of 1929. We are at the beginning of an era of permanent decline and War.

[@Bareego]

It's the good ol signs of recession. Rampant inflation > Central banks raising interest rates > defaults of zombie companies > unemployment > defaults on home loans and lower consumer spending > meanwhile the stock market enters bear territory > house prices crash. I don't buy China being a worthy competitor. China still has a lower GDP while having more than 4 times the population of the US. Many companies are now moving their supply chain away from China so they're not depending on them. China isn't a cheap labor country anymore. The companies are moving to Vietnam, Indonesia etc.

[@fatdoi003]

and people maxing out their credits will become quite ugly once the lending bubble bursts

[@VernonNickersonSCHOOLCOACH]

Well Dr. Wolff, at my economically segregated LAUSD special day school we regularly ran out of paper towels and toilet paper in 2018- 2019. Our floors got cleaned twice each year. But the District budget was cut to pay $177 million for all schools to be open for one additional week to " make up" for a "lost" year and cover the new Superintendents salary. At any rate, the students suffer the most. SAD. TRAGIC.

[@PB111627]

My mortgage was $560 dollars when Biden was appointed President it’s now $3,400

[@martinmcewen4614]

Unbelievable robbery. My condolences to you sir.

[@lynnekirk4820]

Doesn't sound correct we not getting the full story

[@PB111627]

@@lynnekirk4820 ohh it’s correct alright the money is taken from my account. On another front why is it that ordinary people are locked out of buying a home? Would you like a 30 year mortgage at 7%?

[@MusicLover-ui9sm]

No true

[@MusicLover-ui9sm]

Biden doesn’t own your mortgage The bank does Blame the right people , the richest people who own and have total control over everything you buy

[@marcoscastro8361]

I think he said a mouthful of truth and he said it with class.

[@owretchedman]

Weird. I just told somebody that it's impossible that Yellen doesn't know this economy is a dumpster fire.

[@Bovice..YT-handles-are-fn-dumb]

I think the "who the F is this moron, Janet Yellen" conversation is entering a lot of homes, as of late.

[@pr0newbie]

She knows that's why they've been speaking to China

[@lesliestenta3084]

Yellen is a sell off.

[@agoodchow]

Yellen surely know. Biden is naive on economics though. Biden is not comfortable talking about economy and finance at all ever from election campaign days.

[@transsylvanian9100]

@@pr0newbie China already bailed the US out once after the 2008 crash, i don't know if they are willing to do it again, especially with how belligerent the US has been lately towards them.

[@gingerkilkus]

Looking at the US Bureau of Statistics, under the Consumer Price Index, one can notice that in the last quarter of this year, stocks are not really doing well, especially energy stocks as they seem to be below the zero point. However, I don't know if stocks will quickly rebound as I have no clue the direction of the market. Can I get an advice on any other stocks that I can acquire to diversify my reserve of $300k across multiple markets while creating a comprehensive portfolio.

[@leojack9090]

Consult a fiduciary counsellor; these professionals are among the best in the business and offer individualized guidance to clients based on their risk tolerance. There are undesirable ones, but some with a solid track record can be excellent.

[@LucasBenjamin-hv7sk]

For you to grow your portfolio in today's market, you really need to be coachable and willing to get off your high horses. I for example, have managed to grow mine from $150k to 300% of my initial deposit within the past 8 months just by copying trades from a broker that has better skillset and technical know-how than me.

[@fadhshf]

@@LucasBenjamin-hv7sk Impressive can you share more info?

[@LucasBenjamin-hv7sk]

I won't pretend to know everything, though. Her name is Annette Marie Holt but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.

[@kraka2oanIner]

My Dad had a PhD in economics, and he seemed knowledgeable...but he was too impatient to be able to convey his knowledge. His anxiousness and temper often got in the way. Richard Wolff knows how to impart this knowledge, successfully. I wish MORE people would actively LISTEN to him(!)

[@cafeacupiper]

I love prof Wolff

[@ronaldreagan-ik6hz]

Lol

[@anthonynewkirk655]

They say that unemployment is down... I don't know what they're talking about.

[@beksinski]

It's hilarious that people think that a different party gaining power will help.

[@steventan2550]

Some one said" Nowadays in the Congress there is no aisle"

[@user-fx4qz8pt3w]

Especially when that other party ( the republican party )is the cause of our problems

[@gailbuffington9294]

Regardless of not liking the policies of the Republicans, I have to admit that they are delivering for their base. What are the Democrats doing?

[@jamesharris184]

No offense but are you University educated? I haven't heard of anyone, although I'm sure they exist, with a University degree, who thinks there's no difference between Biden and Trump and the consequences for the economy.

[@brianwheeldon4643]

Ryan, Agree with your sentiment, but it's not hilarious, it's criminal. The mafia and worse are running your country and most others. We allowed them, and continue to do so. And it's not just the share-market and economy, it's the real world of the climate and the environment and life systems. There you go, it's called extinction or close to it, unless people like you and I do something about it along with all other people. Good luck

[@itzenormous]

US GDP might officially reach the level of $21 trillion a year, but the actual value of America's economy is wildly inflated. Think about the salaries of unproductive workers that are factored into America's GDP. According to Lloyd Blankfein, the average Goldman Sachs employee earns over $21 million a year, yet produces absolutely nothing. This country has a plethora of workers who sit behind a desk, shuffling paper, writing reports, answering telephones, arranging fraudulent accounting schemes and so on; yet these same people earn inflated 6-figure salaries. Let's put this in context - all of the classical economists told us that the only human activity which produces real value, is labor ... productive labor. Unless your work creates a commodity, which can then realize its exchange value via purchase and consumption, then the value used to pay your salary is extracted from someone whose work does create such value. Obviously, this idea could be vastly expounded upon, but the lesson that should be discerned from it, is that America's economy is, literally, a house of cards.

[@anonony9081]

There is no way the average Goldman Sachs salary is $21 million a year. That number is probably massively inflated by the few people making insane money. Do you think the secretary and IT guys are making that?

[@marcelfuhrer5022]

How much does Goldman Sachs pay per year? The average Goldman Sachs salary ranges from approximately $99,512 per year for an Analyst to $159,000 per year for an Associate. Goldman Sachs employees rate the overall compensation and benefits package 3.9/5 stars.

[@itzenormous]

@@anonony9081 Well, I'm just going by Lloyd Blankfein's own well-publicized statement, from a few years ago. Obviously, I'm a working person, and I don't know anyone who works at Goldman Sachs. Clearly, Blankfein wasn't talking about the average salary, though. It's more likely that he was making reference to their average earnings after commission, penalties, fees, and whatever other form of passive income that is factored into their annual takehome.

[@Clifford03]

Well said … I’m a tradesmen myself and it’s a fantastic group of interesting people no matter what state I’ve worked it … These are salt of the earth type folks, they build, repair and solve real problems… They would say we got too many “walk around talk about it” types, the folks that don’t actually create any value they just ride on our backs…

[@jeanrusso3822]

Wow!! Well said!!! My dad used to say blue collars are the backbone of a country...

[@shawntruckingwithbs5302]

Ya I got rid of my doctor when he grabbed my knee and said cough and the hit me in the balls with a hammer

[@toldibldr]

Excellent your post the interview with the Professor Mr Wolff . HE'S RIGHT ON AS ALWAYS.Thank You

[@cookinthekitchen]

I don't think the U.S. understands China, not that I do but from what I know of chinese culture they work hard and honor honesty and discipline.

[@elliekwong3180]

@Cournay Power: A country cannot grow without people working hard. They didn't steal from other countries. Each family made sacrifices, so next generation can have a better life. There are some fundamental difference between China and USA. In general, Chinese tend to work for the collective good while Americans focus on individualism. Of course, there are pros and cons.

[@diplodocus462]

Discipline and hard work yes, but honesty is not a big part of the culture. You should look up the concept of "saving face".

[@elliekwong3180]

@@diplodocus462 : In the East is called "saving face" . In the West , it's called "ego" and " narcissism". In Latin America, it's called " macho man". Essentially, they are all the same.

[@m87orion]

More homogeneous cultues tend to be like that. U.S has a wildly more diverse population and our leaders couldn't be more out of touch.

[@evita9284]

I was IQ tested by a psychologist during an involuntary commitment before. I was in chains and handcuffs, and sweat trickled down my armpits. It was horrible as the psychologist was mean and kept testing me though I was tired. She gave me a 92 IQ score that scarred me and I dropped out of college. Sadly, I found out later that IQ means little because there are different IQ tests. Different indicators give different outcome 😔

[@mrgoober6320]

The different IQ tests produce very similar results, but that is not to say that you were tested fairly. If you want to settle the question to your own satisfaction, hire a private psychologist to administer a test under more copacetic conditions.

[@joylarson9040]

92 is A okay.

[@888ssss]

mine is 139.

[@peterkilbridge6523]

Sorry, Dummy. We were talking about economics. 🤡

[@timmoore3188]

No one every talks about whether it is even possible to keep growing the economy under extractionist capitalism on a limited planet. I have heard David Harvey, from Wolff's Democracy at Work org talk about this. I share his frustration about the silence on the limits of growth. Our over production is going to come back and eat us alive.

[@dillon4060]

Amen. My problem with Dr Wolff is his arguments are generally in line with more consumption is better. That we need more equitable consumption is the problem he and especially other neoliberal economists are focused on solving. That's really short sighted.

[@DennisMaher-v4i]

GREAT DEPRESSION

[@petermannix1772]

Very interesting information regarding the Economy and Politics. Congratulations to the interviewer. Great job!

[@duggydugg3937]

bullsmoke r w knows nothing about how the criminal money system works... crooks print USD.. lend it to GVT for T bonds... you & i go into tax debt.. $30 TRILLIONS.... escalating like wildfire

[@marklucas6114]

You cannot keep printing money out of thin air and keep an economy stable and growing. Everyone needs to be working and doing their part. Big government wasteful spending and this invasion by illegal foreigners must be the first thing we fix. We cannot allow greedy corporations to keep controlling everything in our lives and economy. We must start with free job skill training and free daycare to get people off their butts and working again. Greedy corporations what employees to be well qualified before they hire them. It’s time these greedy corporations start paying their fair share to make sure our workers get the training they deserve.

[@andrewkelly8696]

Thanks for your balanced analysis it’s refreshing to hear I am from the uk and this problem is global we have massively over leveraged households and businesses servicing debt financing on artificially low interest rates now the interest rates environment is changing and liquidity is contracting we are going to see asset price depreciation you can not feed a elephant on peanuts the debt payments will be unsustainable

[@marywest6844]

This was set up on purpose. Greece is likely precedent.

[@dannychurch7223]

He’s a communist, how can you say he’s balanced. It’s been the same old woe for decades. Never comes to anything

[@judithgrace9850]

Thank you Dr. Wolff.

[@jsmdnq]

Revlon is a company that was targeted, one of many, to be bankrupted. 1. Install shill execs. 2. Laden it with debt. 3. Offer a loan based on a scheme of the current stock price. 4. Short the company in to oblivion. 4. Company can no longer take loans to cover it's debt(this is the stage RW is talking about but he ignores the previous stages). 5. File for bankruptcy. 6. Gut company by selling off everything, usually to the insiders connections at a massive discount. 7. Never cover shorts(and hence 100% profit). This financial terrorist method is played out in thousands of companies.

[@marywest6844]

Thieves.

[@wayneplaisted9245]

Unemployment shouldn't be used. You lose your Unemployment your no longer counted homeless without benefits don't count people who cannot find a job and have no benefits don't count.

[@joshbigz8440]

I like the idea of coming up with new metrics to show the state of the economy other than the ones they want us to look at. How about a metric showing peoples ability to afford kids? I think that would be a good one for the next presidential debate.

[@francksasser1780]

A large portion of people have three jobs, two with companies, and one position of self-employment. All of those jobs could be counted in the federal statistical count. Therefore, the possibility could easily exist wherein the Fed touts a negative unemployment percentage. The Fed is reporting active jobs taken as a portion of citizens eligible for work.

[@kennyj851]

Finally someone talking sense about the economy, and none of it was complicated.

[@roderickcampbell2105]

Hi Kenny. Let's try a variant of your comment: "Finally someone talking sense about nuclear physics, and none of it was complicated." Does that hold water with you?

[@kennyj851]

@@roderickcampbell2105 Sorry, not sure what you mean.

[@josephredmond623]

You all are out of your minds. The worst economy in this man life time was during the Bush Era. Stop lying.😂 😂 😂 😂 😂 😂 😂 😂 😂 😂 The next one was at the end of Trumps 4 years.

[@Vejita12]

Then he was not talking about economy, because it is complicated. Very.

[@kennyj851]

@@Vejita12 Mathematics is complicated too, but it has its simple parts.

[@vicmarx-sl5xz]

Where can one verify those no's, and how is it calculated?

[@willengel2458]

Uncle Sam inadvertently painted himself into the corner. 😁😁

[@nealfager8126]

This was 2 years ago! I never heard a word about anything he said from either campaign!

[@michael511128]

Good show, you are a good interviewer, very professional 👩‍🏫

[@ockertvanzyl5340]

Clever man 👏👏👏👏👏👏

[@mohammadnouri4927]

Thanks Richard for your explanation I appreciate it .

[@freeheeler09]

Workers pay taxes and get no services. CEOs don’t pay taxes and get tremendous amounts of welfare.

[@danysl2008]

It is all top down. Starting from US President, all the way down to lowest ranking political officials, their only interest is to protect their jobs and your livelihood doesn’t matter to them.

[@jean-pierredevent970]

What is never done is some politician coming on TV,, explaining to people certain detrimental mechanisms at work in the economy and then ask them to cooperate on certain measures which could help, like to buy more American products or to consume less of this or that... Perhaps if everybody bought the local (more expensive) products in the end many jobs would return???

[@frankannis890]

Prof. WOLFF TELLS US THE TRUTH. our gov.does not.

[@williammorton4616]

Yes you are correct... we need to know how many people have fallen off of the unemployment rolls and didn't get a job?

[@trailguy]

I don’t even need to watch this to know it’s the worst economic period of all time.

[@daviddorais6071]

Negative to the bottom 80%ers for 40 plus years, from neolib policies and acts; GDP counts bad negatives as positives; no antitrust or anti monopoly enforcement since 1980; real unemployment does NOT count underemployment/dropout of employable minorities, underskilled and too "old" of those who stopped looking out of despair...all contribute to popular fear and doubt...

[@Mazeisaspace]

and positive positives are negative under the lens of GDP. Raising kids. Helping a friend. Playing music for free. Repairing a broken thing. Negative to GDP.

[@Paetaor]

Need to cut government spending massively to fix this.

[@frederickmuhlbauer9477]

Lets start with Defense budget Way too bloated

[@elliekwong3180]

@Paetaor: The largest US expenses are entitlement followed by military. Entitlement is for the people while the military is to kill people around the globe.

[@steinbauge4591]

GDP is nowadays regarded as a misleading figure..

[@francksasser1780]

On average, all items on the shelf today are 100% more expensive than four years ago. This comes to a little more than the 3.75% inflation rate touted by the Fed....actually approaches 25%.

[@samhaddad7078]

Thanks again Mr. Wolf, I need to mention a very important reason for the low unemployment rate, in which so many men and women who become of age 62 years old, are chosen early retirement (details for another time) that's left a huge number of jobs to be acquired by youngers, so you see the irony, the low unemployment rate is only the result of the lower number of workers on hand.

[@nancysmith2389]

Well, they wanted to shove older workers out of the job. They got what they asked for. Life is too short to put up with their awful shit and disrespect.

[@lauriehudson9493]

@@nancysmith2389 yep. 62 in Dec. Work till 65. For what. Them.

[@DK-zu6tt]

That's not it. People have been off work, struggling and facing a deadly virus and reassessed their jobs and lives. They don't want to be on the treadmill anymore only to skimp by.

[@chadwheeler977]

A system built on money and greed. What could go wrong?

[@yanxinniu6677]

Raise minimum wage once in 30 years , would give us a hand

[@dirremoire]

You can judge the health of any economy based on one, and only one statistic: the percentage of families that can afford a new home.

[@drakekoefoed1642]

china, 100%. usa, roadkill

[@dirremoire]

@Craig Bowers Leave it to an old white guy to be against young people buying houses.

[@aust.in2586]

@@dirremoire This only pertains to America, and even then it really only applies to past generations of land expansion, rather than imperial decline which is what we know now. The age of proprietary was over long ago, definitely before my own lifetime. That doesn't mean everyone cant be housed for free though

[@friendlychat34]

Hard agree. It is a key measure of debt and inequality.

[@Annie0-ys8oj]

Yep, 71 and homeless. Not because I have no money but because I now don’t have enough to qualify for rent as it takes 72% of income and can’t purchase because of interest rates and home prices are over the moon. What I have found is there are extended stay hotels that are full of homeless like myself.