Wolff Responds: China & US Changing Places?

In this Wolff Responds, Prof. Wolff tackles the question, Is America’s global and economic reign coming to an end while being replaced by China? By looking at four major facets: GDP, real wages, COVID-19, and inflation, Wolff argues, we can begin to assess the economic realities and how these two major powers will interact moving forward.
Wolff Responds is a ‪@democracyatwrk‬ production. We provide these videos free of ads. Please consider supporting our work. Visit our website democracyatwork.info/donate or join our growing Patreon community and support Global Capitalism Live Economic Update with Richard D. Wolff at / gcleu .
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[@misterhill5598]

USA already rised and now declining due to its own poor management. China is not rising, China is returning to its former glory.

[@misterhill5598]

@@user-ravenxv 5000 years civilisation. China has consistently been a super power. The exception being the last 300 years. How long is long?

[@bloodybonescomic]

We have been plundered by our Capitalist bosses. I think that ever more Americans realize this but what they lack is a substantial grasp on the particulars. Professor Wolfe provides the insights we really need. I have sent his comments to my family and every single one of us now follows him. Best of all we discuss the world now in a much more enlightened manner than was the case in the past. Much gratitude to Prof Wolfe.

[@nancylee7435]

True..it has actually open our eyes to what the `real` world is now instead of being fed lies and an `imagined` great economy by our politicians!

[@yeska62]

All the critics of China, have never been there.

[@HKChineseCanadian]

Or they were in China more than 30 years ago. Those who lived through the cultural revolution and came to Canada hate China. But my parents have journeyed back to China since coming to Canada in 1966. They will admit that China has come a long way. From being one of the poorest and oppressive nations, China has truly transformed into one of the most progressive, democratic and peaceful societies in the world.

[@yeska62]

@@HKChineseCanadian Absolutely correct! And don't think the MSM will help change this picture in the west. All they want to do is be paranoid about losing hegemony. LOL

[@ne0ge049]

We will be there when we go to war.

[@ne0ge049]

@Account NumberEight only CCP tankies are shills. Plus if everything else fails you will get Thucydide's trap mutually assured destruction or not.

[@ne0ge049]

@@yeska62 laugh now but we will choose war mutually assured destruction or not, second to China is not an option. ☢️

[@franciscofrancesco7844]

Prof Wolff, I am reading your book: CAPITALISM HITS THE FAN, It is the most interesting and revealing book on Economics I ever read. I like how you refer to current events and history to give a economic class. My goal is to read all your books. I share the content of the book with my coworkers and they look at me like they have never heard that before.

[@georgestewart8414]

When I worked most of my co-workers were alcoholics, a six-pack, and TV every night, most died just after retiring. I don't know how it is today with 12 and 18 packs but I suspect it is just as rampant if not worse. Most were Republicans, I don't know why when you asked them they could never give a straight answer, this was back when everyone made $2.00/hr, this was back in the 60s that is 60 years ago and we are up to $10.00/hr real progress. When you allow elected legislators to do your thinking for you this is what happens, Clinton, a Democrat signed into law NAFTA this was to allow other countries to catch up to our manufacturing power. Instead, it allowed the US manufacturers to send all their manufacturing to China for a greater profit. We are now a service country and most of our manufacturing is in China. Are we better off today? Are all the countries that NAFTA was supposed to help any better off? Is the Democratic party better off with Manchin and Sinema, two closet Republicans, sabotaging everything the Democrats want to accomplish for the American people? With the Republican party, big money, big pharma, and Trump are we this close to fascism than ever before? We can't even get big pharma to negotiate prices with Medicare although all other countries can negotiate these prices, why? I hear big pharma spends more on advertising in the US than it makes on all of its drugs sold overseas. Why, Why, Why? Do you think that money is the root of all evil?

[@herojiro31valmire32]

North Korea poor and starving, South Korea happy and rich. Don't believe in well written lies. Class warfare weakens a nation; socialist countries get people dependant on Government.

[@tvaddict135]

@@herojiro31valmire32 North Korea is poor because of UN and US sanctions. They can not do business with other countries. Same as Cuba has been sanctioned by US for 60 years, how can Cuba get rich?

[@herojiro31valmire32]

No see that is not true. North Koreans are shot trying to leave. South Koreans welcome them. That Billionaire leader of North Korea has no problems making money, he has no problem making Nukes, while the people die of Starvation. Wealth is not just money but freedom to make money.

[@moestietabarnak]

@@tvaddict135 I'm getting piss at KZbin.. here I see only your reply when it say 4 exist.. damn shadow banning , happen to me too we'll have to switch to other video sharing site asap as this one is becoming anti-speech and no longer open discussion. Welcome to USA, just like North Korea, speech controlled...

[@leonluo4061]

Very well commented. I hope more US citizens understands this.

[@ne0ge049]

We will choose War.

[@youngz13o]

@@ne0ge049 yea Civil war lol

[@joej6780]

There's little hope, most of us are brainwashed not to think, since childhood in this country.

[@JD-yz4kr]

@@youngz13o Jan 6, 2021 is just the start.

[@hayden1770]

China is already the largest economy in the world in purchasing power, since 2015. It's about $6 trillion bigger than the U.S. The U.S. economy is only bigger if you count nominal GDP (which is a complete joke in how it's defined). There was almost $800 billion in trade between the two countries in 2021. The majority of the 21st century will be dominated by China. The industrial revolution that started in Britain 200 years ago and spread to America, western Europe, and later in Japan and other parts of Asia, that genie is out of the bottle and will be impossible to put back. China is industrialized, technologically advanced, and growing rapidly. If there's anyone who thinks they can stop it, just read them the story of King Canute and the Tide.

[@ne0ge049]

Well then we will choose nuclear war mutually assured destruction or not everyone knows that.

[@user-qm1vj9gf1y]

The United States uses the US dollar to shear the world's wool, but China beats the United States with a new model, and in turn shears the wool of the United States. China and the United States use a needle to draw each other's blood into their own bodies, but the speed of China's drawing of American blood is obviously faster. So China has become a beneficiary of dollar hegemony, which means that the US military is serving China, which is really ironic。There are 1.4 billion invisible US citizens in the Far East. God bless America

[@theinfralink6598]

@@ne0ge049 who are ‘we’?

[@sotirmilivojevic6233]

@@ne0ge049 Seems like you're very evil people.. no heaven for you I guess ¯\_(ツ)_/¯

[@ne0ge049]

@@theinfralink6598 sure as F isn't you

[@astonprice-lockhart7261]

So basically America who doesn't want to learn from from history is doomed to repeat it. Sounds about right.

[@kevchard5214]

They never have through out history.

[@ne0ge049]

What do you mean we got 6,000 nuclear warheads. We'll take the whole world with us.

[@pahatpahat9566]

@@ne0ge049 , A day will come when missiles may never arrive at their targets. Why? They simply be returned to senders!

[@ne0ge049]

@@pahatpahat9566I can guarantee you one thing it won't be back to us.

[@pahatpahat9566]

@@ne0ge049 , Claim whatever you want but at the moment we all know who is shitting in his pants! Otherwise, it would have been a walkover just like Libya or Syria but surprisingly the Taliban can call the bluff!!

[@Boilthebunny15]

I think poverty alleviation is China’s greatest achievement. It’s an ongoing battle because people may still fall behind both in the countryside and in the city’s. China wants moderate prosperity and expand the middle class. There where still be very rich and very poor and expanding the middle is not easy and ongoing

[@ReparationsForImperialism]

Prosperity and middle class are dirty words to anyone who loves our Earth. If typical "poor" amerikan lifestyles, owning cars and thousands of pounds of other needless things, were extended to others, our Earth would boot us right off here. The biggest achievement that China is about to accomplish is the defeat of the most vicious and parasitic empire to ever exist, opening the path to global equality. Without amerika's boot on necks, we in the non-imperialist countries are free to take over our means of production. The Chinese masses would never peacefully allow them to send their military to crush revolutions like the amerikan masses do.

[@peanut0brain]

before this poverty alleviation project started, China spent about a decade fighting corruption, catching & punishing all the big fish, to scare all the small fish. Without getting rid of corruption, any money for projects would just disappear like before.

[@michael511128]

Young people these days don’t know the definition of very poor. Just 25 years ago Chinese peasants lived in rural homes without water and power. Their face and hair looked dirty from the coal bricks in the stove. There were a few hundred millions of them. Now they live in modern apartments with 5G. But even when they were poor they lived better than a lot of homeless people in developed countries who have lost hope and soul. Poor and pathetic are two different concepts.

[@garyhamlin3299]

they did it with capitalism. but their plan is to let capitalists create all of the wealth and capital structure, and then take it when they think it will sustain their commie utopia. because commies are uber lazy.

[@caloriebuddy]

@@ReparationsForImperialism "The Chinese masses would never peacefully allow them to send their military to crush revolutions like the amerikan masses do" ha ha ha ha ha. whatever china's current 'foreign policy', china's "masses" don't get to "allow" their masters anything, it is their masters who allow THEM!!! ha ha ha ha ha. allow them to live in one place and not another, allow them to behave in a certain way and not another, etc etc it's fair enough to think as you do, you are blinded by how awful america is and somehow imagine that worse things are not on the way, when they are

[@vincentwatty4697]

Best speech ever, it is reality one can't change.

[@docall18]

Good for the Chinese. But he's talking as if strong government control is some great new thing. It isnt, and next guy might have a Cultural Revolution. I'll hold on to my freedom.

[@johnm7267]

@@docall18 your freedom is illusory. You are free as long as you behave yourself and if you don’t the govt has the Patriot act to deal with you. An act that violates the constitution in at least 6 areas.

[@antediluvianatheist5262]

@@docall18 those who do not move, do not feel their chains.

[@transsylvanian9100]

@@docall18 Cultural revolutions are good and necessary. The capitalist corruption of culture has been an unfortunate side effect of China's rapid growth. The party knows this and it will take action to rectify this and establish a society with a truly socialist culture when the time is right.

[@leo96119611]

It was really understood that China has overtaken the US by far. Their recent unscrupulous behaviour towards China and the Chinese companies have shown all their weaknesses.

[@namelesswarrior4760]

Thank you for your candid, insightful and unbiased analysis.

[@jacobrocks7]

Great commentary Prof. Wolff...if you ever have a chance in the future, go to China and you’ll be astounded with the modern society and technological development...people there love the CCP because they are taking care of especially now with Xi’s Common Prosperity push ..America needs to do the same

[@ne0ge049]

Nope we won't accept second you're only going to get a nuclear war.

[@JonROlsen]

@@ne0ge049 According to John Mearsheimer.

[@peanut0brain]

@@ne0ge049 can you disappear from this channel? this Prof is Pro CCP

[@ne0ge049]

@@peanut0brain I know he's pro CCP that's why I'm not going nowhere and all of you better get ready for the most lethal case of thucydides trap in human history. If you think for a second we'll accept second you're crazy 6,000 nuclear warheads will go off before that happens.

[@peanut0brain]

@@ne0ge049 USA is already #2, not #1, based on purchasing power. Loser, lets launch those missiles of yours.

[@marpro765]

A healthy and safe New Year to you, professor. Thank you for your ongoing work. You're an excellent teacher. I catch your lectures whenever I can and I appreciate them. I forward them to educate anyone/everyone. Please continue with your educational effort.

[@kevintewey1157]

" over the last 25 years the annual average frowth of US GDP has been wavering from 2 to 3 %; in the same period China GDP has been from 6 to 9%

[@ne0ge049]

That's why we will choose War

[@antediluvianatheist5262]

@@ne0ge049 because you are psychopaths. The future of humanity is not you.

[@winkus8586]

I pray for the military to hear your voice to avoid unnecessary bloodshed.

[@caseyakasubzero]

richard wolff thanks you for these updates very much appreciated one of the disturbing things here in America is people believe history is over capitalism won its the best system and only with no alternatives but watching you gives understanding into the very alternative that isn't being discussed thank you this idea comes from Mark fisher capitalist realism

[@bpm1965]

Wow. Was moved by your words Dr. Wolff. You're always good, but you nailed it in ten minutes. When will you write a book about all the stuff the west press fails to mention, like the real cause behind the Greece bailout, how corps can have the power to raise prices.... Etc, etc. Big fan!

[@summerli2010]

we chinese people only want peace and shopping and travel, so please drop the guns and we can be friends as before.

[@pwp8737]

We were never friends before; our capitalists abandoned America's factories and workers and found your people to exploit with low wages and none to few regulations. Once you can't feed capitalism's needs you will be abandoned in turn.

[@summerli2010]

@@pwp8737 but chinese people and american people can still be friends, we can fight capitalilsm together, right?

[@summerli2010]

@Traiano Wellcome we should fight the wrong and do the right thing, make peace and be friendly to each other, we're too far away and should have good relationship.

[@ne0ge049]

Nope you threaten our Global position so be prepared for nuclear war. ☢️

[@summerli2010]

@@ne0ge049 hahahaha, maybe we can play that in online games, not in real world. we have to protect the life of other animals like elephants and whales.

[@chiasunmeng]

Will share this video to my friends

[@chiasunmeng]

Prof, I like your work a lot, pls keep it up. It is very difficult to hear alternative voices from the western media nowadays

[@ReparationsForImperialism]

The alternative isn't necessarily war. When the US empire collapses to overt fascism, with more mass genocides on that land, and China cuts off all goods to them, the massive scarcity of goods may see to it that the US surrenders rather peacefully.

[@ne0ge049]

Are you out your mind? LOL you will 100% get a war that goes nuclear LOL oh my God I can't even believe you would say that.

[@jeffmason2691]

@@ne0ge049 You are funny!

[@poisonivy745]

@@ne0ge049 oh you really think after the 20 year failure of Afghanistan...that America can win in the long run against China?

[@ne0ge049]

@@poisonivy745 oh yes we can, what war has China experienced in the past 40 years name one? Plus we will take it all the way to nuclear war mutually assured destruction or not whether you believe it or not.

[@ne0ge049]

@@jeffmason2691 laugh now 💀 later.

[@hoabach1579]

Its the government system and the faithfulness of the people enables China's astounding growth and achievement. It radiates the benefits outward, not the power, to the world, including USA. It is now facing serious containment measures by the US and allies so it must act to protect its success and to survive.

[@ne0ge049]

We will take it all the way to nuclear war if we have to but seconds not an option.

[@antediluvianatheist5262]

@@ne0ge049 and this is why you need to go. So obsessed with status that you prefer to end the world to avoid facing reality.

[@chuamengkim6020]

The Chinese is willing to seek advice and took the challenge to change for the better , that's is in their blood.

[@catcaves]

We need to clone Richard as the left needs a young leader to run in 2024 with his knowledge and wisdom

[@Cpop1919]

🙄 when you put 800 billion in militarytary... does it matter who is elected

[@catcaves]

@@Cpop1919 Simple answer is to elect someone who will cut that budget

[@Cpop1919]

@@catcaves what you think is what many others already thought in the past decades 🙄…. You still don’t understand …

[@PoliticalEconomy101]

Revolutionary theory, class theory, and critical theory are a complete waste of time. If you are not studying political systems, monetary systems, and economic systems and how to socialize them you are not even in the game and you are completely worthless to socialism.

[@anhedonic-voting]

Thank you 🌎 ✊️ 🌹 🗽

[@michaelfung4629]

I'd love to share these insights. Unfortunately, everyone I know will lose their minds and start waving flags when they hear stuff like this.

[@hayden1770]

Because you're Asian, they'll call you a spy or "CCP shill".

[@ne0ge049]

@@hayden1770 because you are a shill.

[@wongcilik5960]

This is fact n reality❤👍

[@victorkmlee]

Happy belated New Year and thank you for another excellent speech. Leaning from others involves humility but that is always do as people who want to improve. America should fix their own dysfunctional system of plutocracy and ever widening disparity between rich and poor. That's what killing the middle class. When government's interest get hijacked by wealthy lobbyists and military industrial complex.

[@ne0ge049]

It's all about being number one. If China surpasses us say goodbye to the world.

[@TheMDM1956]

@@ne0ge049 very true and believe me, the world is scared of this possibility. Although MANY countries have already been in the hands of China for decades. China is extremely corrupt and dictatorial. The professor appears to like communism...

[@ne0ge049]

@@TheMDM1956 yes he's a Marxist and a communist so he is against the United States and he glorifies China because they promote the ideology that he follows.

[@antediluvianatheist5262]

@@ne0ge049 China already surpassed you years ago.

[@bobbiecat8000]

China is a communist is like saying America stood for freedom, meaningless and shallow.

[@robertseaborne5758]

Thanks Prof, for another short, succinct, political lesson, helping us as you do to better understand the reasons for tension and conflict between major state powers such as China and the US. More importantly what now needs to be done about it. Your analogy of how imperialist Britain deferred to imperialist America is a good and very pertinent example for the US to think about.

[@yeapsoon3115]

China does not want to displace nor replace any so-called empirism but to develop the shared wealth and global community for peace, happiness and prosperity.

[@dogfinger.6365]

Hat off Sir for such a great analysis.

[@saviourmukuka89]

Just another soul here from Africa...following Mr Richard so closely. 🙏🔥

[@Cuzdcrow]

Thank you sir your valuable these days

[@henryyip1]

⭐️⭐️⭐️⭐️⭐️Great Golden China - Number One Power 1,800 of The Last 2,000 Years , NOW AGAIN NUMBER ONE ⭐️⭐️⭐️⭐️⭐️THE WHOLE WORLD & ASIA ARE PROUD OF YOU GREAT GOLDENS💖💖💖💖💖 IN GREAT CHINA & ALL AROUND THE WORLD ⭐️⭐️⭐️⭐️⭐️

[@michaelmappin1830]

Ty

[@lionvictor9944]

Thank you Professor Wolf for your wise observation, as always.

[@quay007]

Quote " The Best way to survive is prepare for what is looming ahead" Well said Prof.

[@paulbrooks2087]

Excellent I just explained this same material yeasterday by Post, from personal experience on China. Keep up the excellent analysis

[@aliceloke2679]

Thank you. This is basic and fundamental economics . The GDP was always the benchmark used to measure a country economy. What are the components of the US GDP ? That would be enlightening?

[@frankymaclellan7295]

What does the us produce anymore besides weapons that protect democracy & freedumb. You do build a good rocket stove though it's called the liberator ironically.

[@woodensurfer]

Have you taken macro econ 101? GDP=Investment + consumption + Government spending + net export vs the rest of the world. This is the most basic macro accounting truth without any theory. Note that there is only one country and the rest of the world but no country B or C specifically, so focus on bilateral trade deficit is meaningless.

[@elvinmari251]

Good insight sir.i am a fan

[@Tom-Travels]

US system. Here it is in a nutshell... *Privatize Profits, Socialize Losses* Look, I admit that it's a dog eat dog society here, and if I am going to make it, I have got to be tough, and lucky, because... if I ever really, really, need a helping hand... *No one will be there!*

[@rjung_ch]

That's what vulture capitalism does

[@MrDXRamirez]

Its more than dog eat dog. A silly proposition: Dog is nature, dog eats dog, nature eats itself, nature consumes nature. Silly and illogical. Get real. The working day has been changing in length and not in a good way. The way technology doubles the quantity workers produce, in some cases, trebles the output of labor (GDP) is not understood how capitalist technology aims to give impulse to converting more of civil society into a fully market society where all people are nothing more than buyers and sellers for their entire lives. At the same time this material output is the basis of a society that can produce to last and reduce mass consumption taking less from nature and actually restoring its bountifulness. Capitalism has no interest in nature beyond how it can use it for exchange-value. Labor is the true father of Nature and Nature is the true mother of labor. When this level of consciousness spreads to all individuals then labor will consciously produce strictly for need and its main job would be to perfect its tools and its environment to create the least amount of damage to the planet and all its living life-form contents. There are no signs of life of intelligent production coming from human society in the present historical stage of our species’ history. Intelligent production, planned production, production for the sake of production is still a realm unexplored. The complete opposite of exchange, money and capital and a society of people who cannot maximize their potential because that potential exists for another not its possessor places people into precarious and isolated social categories as buyers and sellers. This has to be shattered! This principal (see William Petty, 1790) is Political Economy 101, is a principal that at present does not enter into the consciousness of the working class on its own when that working class has been materially deprived. The American Dream has gone from a home to a homeless tent for a third of the total population. American policy aims to reduce that number by attrition to a deadly disease begins to look more like a slow moving genocide because of the high level of productive output capitalism makes workers superfluous, unnecessary. There is a civilizing aspect to capitalism that resents homelessness, disease and infestation the world of poverty generates in the manner of phobias in people who if they are in charge of life-giving work in society would sabotage the work and send more workers into their graves. One I can think of, is Jared Kushner and his handling of the pandemic medical supplies has so far caused America a high death rate. It has been the hope of all the observers in this field, that ultimately the working class will rise up against its brutal use by unconscious capitalism is a hope held in a straight jacket and muzzled and working people will never be taught this principal in any of America’s schools as long as America is the last bastion of capitalism. Americans will forever be behind the rest of the world in every social category and have the shortest lives. Its a social catastrophic crisis of higher historic importance than the fantasy of ’dog eats dog’ reduces to a child logic and misleads to convey.

[@michael511128]

There are no national interests, only billionaires interests. Boeing for instance has China as the biggest customer and the US bases its second. Money is their interest, what could possibly be the interests of the innocent 20 year old Americans stationed in Korea and Japan and Guam spending billions of taxpayers dough?

[@pattyanderson1199]

Thanks Professor. I sucked in school. Especially with economics. LOL. Some friends are trying to teach me MMT. ???? I suck at that to. LOL. But listening to you speak, makes it a lot easier to understand things. Thanks so much.

[@tc691kiing9]

By the scale of the China population, work forces and spending power, China needs an alternative system to manage them. In the past, the west did not have chance to experience this kind of complexity in the historical show case and Chinese has been tired of wars in the past several thousand years. Today, It happened to be this alternative system is totally opposed of what the US has been believing. And it enables poverty alleviation, stable social economy, races and religions harmony, low crime rate and sustainable energy and food production... Nothing about phone tapping, infiltrate, intervention, war and destruction of other nation. Investing your resources at the right thing saves human kinds. Nothing too complicated.

[@macpoolalbert5615]

My beloved Prof. You have done a good job.! When I am a poorest Chiness citizen, I have konwn USA is 1000 times better than us. I am often rolling tears as time gone bye. The only way we fought is to be hard working, hard learning. When I asked my 3000 years Ghost Anccestor, what shall I do, and he reply to me: my son, Go and love the people, and you will beloved by me as you want.

[@kz7822]

Thank you Professor Wolff to bring the real development of China out to more audiences.

[@wulung5943]

The reality is that the US government per capita is much larger than China but ineffective due to corruption. I remember that last year the US government prioritise how to make money from scarce PPE government stock for the White House cronies. In China, they and set up PPE factories within weeks, meeting local demand and also supplied the whole world.

[@biochemwang2421]

No no no, ineffectiveness of US government is not becaue of corruption. It is because US is a free (blood-sucking) capitalism country.

[@stevenicoletti3498]

Of course going from widespread poverty to anything decent wage wise represents a huge real increase in wages.

[@naitzelooi2356]

Wise and insightful.

[@patrickholt2270]

The way the UK gave up (most) of the British empire was hardly satisfactory. It involved handing over imperial control to the USA except in the case of the settler-colonial, effectively white countries like Canada and Australia, under the disguise of formal independence but under American neo-colonialisation of their economies, guaranteed by the practice of fomenting coups against governmets intending to keep control of national raw materials and other natural resource assets, and not simply allow US companies monopoly control over them. It involved replacing the Sterling Area with the Petrodollar and the the dollar as the international reserve currency, requiring countries to buy their imports with dollars as they had previously been required to buy them with pounds, giving a huge advantage to US exports, and requiring countries to sell their raw materials, especially oil, for dollars, giving a huge advantage to US customers. It involved commencing the process of deindustrialisation of Britain, France, Italy and others into the nascent EU, a design of US New Dealers aiming to stabilise the world economy by creating additional financial centres beside Wall Street in Berlin and Tokyo, and modified by neoliberal planners into a Free Trade Zone with an Investor-State-Disputes Court like NAFTA and having the same effect on countries forced to drop their trade controls vis a vis German industry, but with the added power of autonomous unelected legislative superceding that of elected member state parliaments - the definition of neoliberal international arrangements. In the process, not only was imperialism maintained, but under a new hegemon and as neocolonialism rather than outright occupation and direct rule, with appalling effects on democracy, socialism, human rights and freedom in what the process turned into "the Third World", but it also had horrible effects on the industrial working classes and prospects for socialist politics in the European former imperials mother countries, as the effect of that de-industrialisation and globalisation of their economies diminished the power of organised labour versus capital. We should hope that the gradual dismantling of the US empire does not take the same path, and does not maintain domination in the form of neocolonialism just under the hegemony of others, and reverses rather than reimposes the neoliberal globalising order on the US working class, so that US organised labour can be strengthened versus US business and financial capitals, and so that rather than suffering economic extraction in favour of another country and in favour of Wall Street and Washington DC and environs, the US can be shifted toward a balanced trade balance with the rest of the world instead of the enormous trade deficit it currently suffers from and which a form of retreat from Empire like that which the UK underwent would surely dramatically worsen.

[@andtam008]

The UK didn't give up the empire. The Americans took the empire away from the Brits.

[@patrickholt2270]

@@andtam008 In effect.

[@thetreekeeper143]

The American empire is definitely declining. Both China and its strategic partner ally Russia are both rising rapidly.

[@samlosco8441]

Russia is not rising rapidly at all. Its economy is smaller than Italy and its population dropped by over 1 million in 2021 alone. Russia at this point is basically a gas station with nukes

[@cyberywayne3128]

@@samlosco8441 and a very capable conventional army as well. as long as it can sale energy to China, and live off Chinese money, it will be there for a long time

[@jascu4251]

Not with those demographics. If you're looking for a rising empire, look at India

[@rahmathidayat8785]

Good

[@qd7343]

Whenever something is falling on the highest level, there is a large possibility smash it into pieces if there is not any safely net to catch..or peoples may believe the falling object has a ability to bounce by itself. And then it is going to stop eventually anyway .

[@givenjust6564]

A great man Professor Wolff.

[@DocDanTheGuitarMan]

Prof Wolff, can you do a video on price controls? My understanding is that that don’t work against inflation and may aggregate shortages, lead to inferior products, gray markets and price escalations once they ate taken off. Am I misinformed?

[@kaizersouza1562]

My fellow patrons, I would like to recommend this book called "THE RISE AND FALL OF GREAT POWERS" by Paul Kennedy.

[@veritas4104]

I'm currently studying economics and i so wish i could share some of the information you teach us prof., instead I'm stuck listening to garbage liberal propaganda, ive actually decided to write an essay on the Mondragon Corporation, but i think I've chosen a difficult task wish me good fortune!

[@Jul_Nguyen]

C@pitalism or C@mmunism ==> doesn't matter if a cat is black or white so long as it catches mice

[@MartysFadingHand]

The best way to deprive everyone of ownership is to make everyone feel Ike they own everything.

[@markmahan38]

1st correction. Chinese population is 1.41 billion. 2nd correction. The US government is NOT without control. The government serves the ultra wealthy and those who represent the wealthy. So government does have power. But only uses that power for the private wealth and those who can serve the wealth and get returns for their services. Which means 90% are unrepresented and not served.

[@ngheanchoong]

usa is a one dollar one vote democracy

[@TheMDM1956]

very well said.

[@jascu4251]

Given the US's authoritarian response to the Covid situation, its surprising and disheartening to see China starting to do something similar in Shanghai,

[@harryzhang3111]

Reach the peak, go nowhere but down. Nothing could change this.

[@SagittarianArrows]

Thank you Prof. Wolff for speaking the truth. You are healing your nation. As a Chinese Australian in Sydney, I feel sad that so many God fearing ppl are being grossly mislead by Fox. Here is a great channel from within China by a Canadian kzbin.info/www/bejne/n6i1qIOPjrWJZ9E

[@hk_zionlove]

I appreciate the things you say 👍🏿🇹🇹

[@fredhayward1350]

Interesting thanks

[@richdiana3663]

What we lost China gained. Time to get our manufacturing back.

[@antediluvianatheist5262]

You can't.

[@lealyan]

👍

[@YouTubeCensor]

9:30 Professor Wolff has obviously never ridden a roller coaster.

[@petestanton1945]

😃 ya I was facing an uphill battle trying 2 consume that meta4

[@deanrossi3062]

Richard Wolff

[@forfreedomssake4315]

Thanks man.

[@KhanBalkan]

The chinese covid statistics seem underestimates to say the least.

[@10lauset]

... Cheers...

[@henryyip1]

🌟🌟🌟🌟🌟The Great Goldens Have been Shining for 5,000 years. The whites merely reflects the light in the last 200 years 🌟🌟🌟🌟🌟

[@geraldmeehan8942]

The test from Boston sewer systems shows a very very extremely sharp decline in Omicron infection rate. We may be out of this latest spike in 2 to 3 weeks

[@kevinmichael9482]

Signs indicate an Omicron plateau is nigh! so far, evidence conveys Omicron peters out after initially hitting hard and fast.

[@donkeykong516]

Trump said the same about Covid19 in 2019

[@htlow3598]

I note Prof Wolff avoided one of the aspects of 'changing places' ie 'Is China going to be the aggressive (read bullying) country like USA?' He is wise to avoid addressing that.

[@jascu4251]

China will need to address its demographic issues, by the end of the century its likely India will be number one, not USA

[@radhakrishna1845]

Ancient.. India.... Vehicles of... Wealth.. Astaire.. Lakshmi... Eight aspects of.. Wealth These are.. Personal... The.. Kings... Practiced... Their.. Wealth.... Economic.. Principles.. At.. Higher.. Level of Consciousness...

[@questworldmatrix]

And the bet: one dollar.

[@ne0ge049]

The USD would bring Armageddon.

[@arvindchokseu5523]

It. Destiny

[@bit1733]

I don't think China will ever reach the level of global dominance the US enjoyed the last 70 years. That kind of thing is over, but it'll certainly be a regional hegemon with the US and the EU having parallel influence in their respective regions.

[@snslifestyleorg]

China has no interest in global dominance. Its priority is poverty alleviation.

[@TL-fe9si]

Hopefully, the era of a unipolar global superpower is reaching an ending in human history.

[@bit1733]

@@snslifestyleorg Pursuing global dominance is not just for the sake of being dominant and nick-named a superpower. It's an outcome of your ambition to set your terms unquestioned to benefit your long-term economic interests. In that light, China certainly has the ambition to replace the US and it would be naive to think otherwise.

[@snslifestyleorg]

@@bit1733 east Asia stability. kzbin.info/www/bejne/l5zHmGCBd8yaa5I

[@dennyli9339]

Management style: Private vs public

[@qd7343]

Intelligent man.

[@mranderson4739]

Will have to see how things work out in the future

[@ne0ge049]

It will be war.☢️

[@menoyuno8430]

I may not agree with on socialism but I do agree with Wolff on the fact that the left should be supporting the anti-mandate movement... yes Wolff DOES support the anti mandate movement he was on jimmy dores show explaining this check it out.

[@jascu4251]

He is anti-lockdown in the US and pro-lockdown in China, which is interesting

[@dyrectory_com]

I shared this video? Have you? 💡

[@renaatceulenaere8131]

The PRC always invited the US to work together, to grow together, but the Americans were too pretentious to work with Asians. Their High Tech was s full of Chinese, they are coming back. ! The biggest fault of the hegemonic US was to block Chinese growth. Now they advance at even a faster speed due to the sanctions. Were is the intelligence is US, are there still some brains besides the neocons that only think to make troubles worldwide to sustain their only economy left, the war-industry. The PRC defends the people, nations that defend the happy few always collapse.

[@HebaruSan]

What was the US's growth rate when its per capita GDP was where China's is now? It'll be interesting to see what happens after they catch up.

[@rcmrcm3370]

Infinite growth on a limited planet? there needs to be a contraction.

[@yu-jd5jg]

China spearhead by the CPC is charting its own path to Common Prosperity under Socialism with Chinese characteristics and constantly bettering itself

[@ne0ge049]

War☢️

[@russtaylor2122]

But war is very profitable for the rich, enables them to sacrifice some poor people and retain their fragile egos. Which course do you think they'll take....?

[@petestanton1945]

"4get it brother, u can go it alone!" London Calling The Clash

[@ne0ge049]

We will choose war and it will go nuclear

[@petestanton1945]

@@ne0ge049 ya like the Beirut port

[@user-wl2xl5hm7k]

Prof. Wolff, can you please research & advocate for full intellectual property (IP) abolition? This is the most important activist aim for working class people! A worker co-op economy (& most leftist projects) has very little chance without first abolishing IP. IP is the most severe & oppressive tool of the rich & powerful. Please see the work of Stephan Kinsella, Michele Boldrin, & David K. Levine. These are the best experts on intellectual property in the world. Everyone who cares about seriously improving things for humanity needs to know what IP abolition is about.

[@user-wl2xl5hm7k]

IP laws make no sense from either left or right politics. The ‘property’ in intellectual property is a false term used for propaganda purposes. Intellectual property is not property in any sense. It’s monopoly. IP actually stifles innovation & creativity. And IP seriously screws up our economy & stacks it for the rich & powerful more than any other tool (especially IP with digital tech and the internet). IP abolition is the most important aim to liberate artists, programmers, inventors, etc. and make them all better off financially.

[@user-wl2xl5hm7k]

All 4 types of IP must be fully abolished in any & all countries ASAP: patents, copyright, trademarks & trade secrets.

[@user-wl2xl5hm7k]

IP provides for censorship. IP is the main component of cultural control, propaganda, & advertising. Copyright does not just monopolize art- copyright also monopolizes all text, video, audio, photos, images, software & websites. And patents monopolize important aspects of media infrastructure. Therefore, IP is the main component which allows media conglomerates to “manufacture consent”.

[@user-wl2xl5hm7k]

The 2008 economics book ‘Against Intellectual Monopoly’ and the 2001 essay ‘Against Intellectual Property’ are both as important as Marx’s ‘Capital’! Each has nearly flawless argumentation. All leftists need to read both (free online). If you can’t read them now, then write down both titles so you can tell others so they can read them.

[@user-wl2xl5hm7k]

And Uniquenameosaurus has two excellent and entertaining videos from April 2021 about IP abolition. Patricia Taxxon has another excellent one from October 2017 about copyright abolition.

[@hurri7720]

Please Wolff, I am as a Nordic much on the lines of you regarding what is going on. But please also accept that the way you present yourself matters. In this video you look up to us like from a cellar, it's not good. Take this seriously and look at your audience straight, like in real life. And yes, I could understand that you cannot grasp anything of this but please do as it matters.

[@JSB103]

Look for a course of Chinese online and take it. In time, down the line, you'll be glad you did!!

[@jondoe1622]

Professor, what is your datasource concerning the covid numbers from China?

[@marksimmons4580]

Acknowledging the value of the 4 salient and succinct points of the video, I can't help but focusing on the main meta causel problem in America today which is that this is no longer a capitalistic system or anything resembling it. Firstly there is no capital creation, no competition, no price discovery. Without the Fed Printing and usinf tricks like repo loans snd buying nonds and stocks out economy would immediately be illiquid. Prices are dictated by monopolies and price fixing, not competition. The trillions that funnel Into the stock market are hoarded. Our productivity, real wages and GNP Is measured against a ghost. It's time for a smart Economist such as yourself to stop pretending that America Is a Capitalist Free Enterprise system. The redistribution of American wealth continues. What would you call this crap game that the American system has evolved? It's not capitalism. MS

[@stevej3483]

this is all technically true... but who would want to be the poor in either of these countries ? the fact of the matter is neither of these countries are serving its average citizen particularly well

[@StephenKuehn]

The War of 1812 was declared by the US, not the UK (which was busy with Napoleonic France) who had sent concessions that did not arrive before the US commenced hostilities. USAmerica is never the victim. Ever.

[@petestanton1945]

The song was OK

[@motsu84]

The Transition between the UK and the US is not a transition out of Anglo Saxxon influence. In a similar sense, power transfer from the US to Australia or to Canada requires a lesser change in the values and norms, compare to transiting to any countries in Asia including Japan and the Philippines. On a grander scale, it is also a transition away from the more than 300 years of maritime empires to land powers. Nonetheless, I agree we are living in an amazing time.

[@ne0ge049]

You will get Thucydide's trap.

[@TheMDM1956]

amazing?? I'd say chaotic!

[@willyablowme2274]

sh*t happens

[@ne0ge049]

I hope you say that when the war happens.

[@doesandroidguitaristdreamo6876]

I 'm from China, in 键政圈(people who are keen on talking about politics and history etc on internet) we have a joke saying: When Britain was the largest industrial country, it established colonial hegemony. When the Soviet Union was the largest industrial country. Made the red giant. When America was the largest industrial country. It has laid the foundation for the international framework for the next decades and the dominance that every family living in a big house, eating steak. When China was the largest industrial country, it couldn't stop reading other people's scriptures(so far almost all the theories in natural science or social science are imported from Western countries )

[@therevolutionwill23]

Your name rocks!

[@hypoyt0015]

while many western countries stole many knowledge, technology, and resources from asia, middle east, africa, latin america. Thats stolen knowledge, technology, and resources its for building western imperialist nations by colonialize many nations and plundering other nations resources

[@KillahManjaro]

All those imported ideas you think came from west are ideas imported into the west from Africa, Asia, Asia minor and elsewhere. You need to pick up the book, "Before European Hegemony"

[@peachychoc7905]

Yup! Sounds like a boomer’s joke…. haven’t moved on from the 70s/80s! LOL!

[@Jul_Nguyen]

Doesn't matter if a cat is black or white so long as it catches mice C@pitalizm , C@mmunizm

[@fabp.2114]

Combat bias and omission with bias and omission. Well done.

[@alaurag3143]

Do we have to have gdp growth? We need to tax the rich.

[@fannyalbi9040]

you know your voting right can’t change that, either deciding who is the next president

[@theresajandt2775]

Sir Wolff, I read in the Global Times , Since the beginning of winter, Xi'an, Northwest China's Shaanxi Province has recorded a series of hemorrhagic fever cases, a natural epidemic disease with a high fatality . Medical experts say that rodents are the main source of infection, and called on the public not to panic, while human-to-human transmission is basically impossible. Hemorrhagic fevers ebola and small pox are types of these. It appears another virus outbreak is spreading in China. This allegedly has patients bleeding from bodily openings , including including eyes, ears, nose and mouth and other parts. According to Epoch time's. Reports from Xi'an where the Chinese Communist party has locked down a city of 13 million people and Reports of people nearing starvation. They have what they call the potato economy coming out where basically people are using potatoes as currency and they're trading like ipads for a few packets of Ramen and a few potatoes. The city is starving to death. The CCP , the Chinese authorities have been welding door's shutoff housing complexes. And in addition to all of this Reports videos coming out of people bleeding from their orifices. It's pretty shocking. Their saying there's now signs of community transmission of hemorrhagic fever. Basically it's a virus and it's spreading person to person now. The Chinese Communist party's State-Run Global Times news outlet reported on this. The Chinese Communist party is urging quick vaccinations to stop the spread and Global Times is basically saying we have it under control nothing to worry about. There are also reports of this hemorrhagic fever spreading in Brazil. Several articles talking about it.

[@rap3208]

Global Times? lol! Don't bother reaing them, all they tell you are lies. But if those lies are what you wanted to hear, then I guess you went to the right place.

[@iart2838]

USA, just like the queen in "Sleeping Beauty" asking the mirror who is the fairest, the mirror told the truth. You know the rest of the tale.

[@ne0ge049]

No because we got nukes.

[@alloomis1635]

china hasn't solved the primary question facing homer sap. and i think they can not. they are faced with an implacable enemy in the usa, and must devote time, materials and modulated aggression to holding off the economic war that usa hopes will preserve its hegemony. speaking on behalf of homer, we must find a way to limit population, limit carbon release, and limit the misery that inspires aggression, or else we will ruin our home. this process is visibly occurring, and it is difficult to see any way to curb the mixture of violence and greed that characterizes the u.s. government. they are the only organization that is capable of independent assault on our environment, and their unreasoning exercise of that power endangers us all. prc currently is sane, and fairly sensible. the rest of us should back their resistance to the usa, as they are the only society capable of offering resistance, and inclined to do so. the primary question? a stable, peaceful and fair assembly of societies desperately needed, and we only have homer sap to work with. would like to file it under 'too hard,' but failure to achieve will likely to kill us all. usa will either cede power, or destroy the world. the usg is insane. only a general revulsion from their company will save us.

[@ne0ge049]

We will 100% without question destroy the world. We will never cede power that's not even an option. So enjoy the time you have left on this world it's going to be over sooner than you think.

[@CripplingDuality]

Depopulation is a spook.

[@jamalcalypse]

people who blow off comparisons to the failing US empire as "whataboutism" confuse me the most. it matters.

[@ne0ge049]

No it doesn't matter because we will choose war mutually assured destruction or not.