Wolff Responds: Is Another Recession Looming?

In this Wolff Responds, Prof. Wolff talks about the economic climate of the last 2 years - a major public health disaster coupled with an economic crash has left so many Americans jobless and desperate. Now high inflation and rising interest rates suggest another recession is looming. Capitalism is failing Americans repeatedly. It's time to consider an alternative.
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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[@alaurag3143]

Thank you Prof Wolff. We appreciate that you care. As the pandemic showed, and now the government’s global economic warfare, people in power don’t care if we all die.

[@heyzues8363]

Just watched episode 11, season 3 of Star Trek DS9, Past Tense, which is set in a distopian America of October 2024. Aside from there being no cell phones everywhere, it might be an accurate prediction of America in 2 years.

[@saintpatrick6681]

they want us poor, dead is very very poor. mission accomplished 😌

[@Soundofsilver2007]

The Military Industrial Complex IS absolutely going to spark a nuclear holocaust in the next year or two.

[@UntilChill]

I wish anyone I know would listen to you Dr. Wolff. Lots of folks would rather just ignore these things

[@ants_in_my_eyes_Wilson]

I keep introducing people to his work. A couple of them listened... I love that he makes economics so simple. He makes me feel like a genius because a lot of the stuff that he talks about, is stuff that I have thought to myself. I think people are afraid of the topic of economics. Because largely I think that people are not very smart. Not that they aren't capable of maintaining a discussion on the topic, they are just a little bit too ignorant to care.

[@TexasRiverRat31254]

Unfortunately my family made it into the bottom of the investor class. They think everything is wonderful and keep toasting their success with expensive wine. I'm a nut case with a tin foil hat that thinks the sky is falling. We don't visit much anymore.

[@minhducnguyen9276]

Then they are not as good as they think they are the way you described them. I have relatives who are also very successful investors and all of them agreed that there is no guaranteed safety from the whim of the market.

[@antimattv]

Please continue what you are doing Professor. I support D@W passionately.

[@lizardsman601]

Thank you for all your work 🙏

[@imranealmardi8796]

Bless you and please keep up your great work. Wish that we stand up together and change this all

[@melparrishjr]

Mr. wolff, How can we be going into another recession when we never came out of the last one? Do recessions nest? Is it possible to have another recession inside of a recession? More proof we are all living in hell...

[@antimattv]

That's an interesting point! Since economies involve millions of moving parts it could very well be true that there are nested recessions.

[@danielhutchinson6604]

Paulson and Bernanke made sure that there would be no "Run on the Banks", by bribing the Big Banks to give everybody credit cards..... When the Cards went limp they just give another batch of plastic..... The Government seems to enjoy picking up the Tab? So we did stay in a recession for 12 years and no one announced it.... If they do not tell you we are having economic difficulty how the hell are we supposed to know? ...............................Right?

[@MohicanD]

Welcome back Sir .

[@burden9809]

Very much appreciated. Education is the way out of this mess, reason must prevail ! RANKED CHOICE VOTING 🗳 PLEASE GIVE IT GOOD LOOK, OR JUST WORK WITH WHAT THE TWO PARTYS OFFER.

[@rjung_ch]

Three, four, five or more parties are needed. Anything less is a bad joke, not anything close to democracy.

[@jeremyrangel8138]

@@rjung_ch Democracy is the joke... The fact that the government has been empowered to interfere with every part our lives is what makes democracy a particularly sick joke.

[@agfagaevart]

Education is useless if you're over 50 and looking to move upwards!

[@BarefootBard]

More a downward PLUNGE than a spiral. This will not end well.

[@publicdomain1103]

Was the pandemic the closest we get to a general strike, or just a taste?

[@kevinschmidt2210]

It's not a general strike when the government forces people out of their jobs. That is totalitarianism, not activism.

[@BrianBruise]

Those thoughts crossed my mind too. The scary part is that it shows the resilience of late capitalism. Because of shrinking industrial production, the shruken industrial working class does not have the clout it once had. Those workers used to be a conduit of labour history, worker solidarity and grass roots politics outside elections. They lived on your street or were a relative and helped shape the broader political climate.

[@kevinschmidt2210]

@@BrianBruise The US outsourced most of it's steel production and manufacturing base to China and other Asian countries back in the 70s-80s. It's been downhill ever since. Although, the Military Industrial Complex has been making a kiIIing, literally, ever since.

[@danieljackson2000]

Prof. Wolff why do you say the government will step in and raise interest rates, when the federal reserve is in control of the monetary policy and the federal reserve is not a government institution, its not federal. Right?

[@alanchriston6806]

Superb 😊🏴‍☠️

[@nthperson]

As I have pointed out on numerous occasions, the outcomes described by Professor Wolff are caused significantly by the regressive structure of how our government (at all levels) has chosen to raise needed revenue going back, well, to the very first governments established by Europeans who came to North America. From the very beginning the laws of our society have been designed to secure and protect landed privilege, pushing the cost of public goods and services onto those who actually produce goods and provide needed services. What political economists of the past termed "rent" (i.e., that portion of total goods produced rightfully claimed by society because derived from both natural and societally-created advantages) has been left in the hands of private individuals and entities. This is one of the great moral injustices of history. And, because communities and societies need both physical and cultural infrastructure, successive generations of government have chosen instead of the public capture of rents to tax everything we earn by working, every tangible asset we produce and every exchange of goods and services. Economists who have researched the history of land markets provide the evidence that the economic system we have is subject to 18 year cycles of boom and bust, the primary source of which is credit-fueled and speculation-driven land markets. These cycles could be brought to an end by the simple remedy of imposing an annual tax on landholdings equal to the potential annual rental value of whatever land is privately held. No one has done more to try to alert governments around the world of this problem and its solution than the British author Fred Harrison. As one would expect, no one in government has listened. With 2008 as the starting point for the current cycle, 2026 in when we can expect what is likely to be the most devastating financial and economic crisis in modern history. Why? Just look at the price of land all around the globe and how escalating land prices make their way through the economy.

[@danielhutchinson6604]

Capital was invented by the Sumerians, when they invented the first Coins, to replace Salt and other things that were traded for products. Have we advanced as a society , far enough to dispense with Capital? It has been a few tousan Years since they created Capitalism? Are we wise enough to simply do what is needed to feed those around us? We seem to have lots of houses, there are people who have a few....

[@jessicamai7783]

Boy are we angry! Especially if we lose our house 😫

[@politicallil7060]

History will be the truth teller in the end

[@christopherm7500]

HELP US, WE DROWNING!

[@WoWCity]

quality

[@GhostOnTheHalfShell]

The economic data claim savings is high, but I suspect this is mean savings not mode measure of savings

[@moji8405]

Dr Wolff, please note that the current inflation is way more than 8% as you indicate in many of your talks. All one needs is to look at the price of major food items such as proteins (meat, poultry, fish, etc.) and carbohydrates (rice, wheat, oat, etc) as well as cost of energy (fuel, gasoline, home heating, etc.) all of which have gone up between, 10-50% in some cases 100%. It was never about do the hard work, study hard and show up in time at work because it never translated into a stable life. I am a highly educated person with a PhD in engineering and its been over 28 months without work since Jan 2020. This system is truly sick and it would be great if you could articulate how best people like me could be the basis for a more just and stable workforce. I know I can offer a lot but doesn’t seem existence of a place in this system for many of us working and middle class people. So, I look to you your guidance and will be happy to help anyway I can. Thanks for all you do!

[@garyhamlin8269]

oh absolutely, if you measured inflation the way we did in the 70's, it would be at least 15%. the government tries to hide how much inflation there really is in order to justify more government spending.

[@romanyarkov8426]

The Russians have this proverb: three soldiers from a construction battalion replace an excavator. Capitalism itself is not interested in technological development. Nobody needs machines as long as there is cheap and low-skilled labor, if it allows you to extract the same profit using cheap labor. How? there is no way. Many people have lost their jobs in the world and are ready to work for a bowl of rice, and the current crisis will exacerbate this situation.

[@garyhamlin8269]

@@romanyarkov8426 yeah but I don't have to pay an excavator a wage.

[@romanyarkov8426]

@@garyhamlin8269 But you will have to pay money for a loan for an excavator)

[@romanyarkov8426]

@@garyhamlin8269 The price of an excavator is a couple of hundred thousand dollars) just imagine how much rice you can buy with this money) It's just a joke)

[@patriciaquirarte1461]

Prof. Wolff do you recommend AXIOS News as a trustworthy source?

[@AZ-rg3rf]

And what do you know, Q1 of 2022 has shown a contraction of 1.4% of GDP

[@kamran-kc4ow]

If we had 20 persons in each state then we could be able to do something.

[@frank124c]

All we really need is two men in a village according to Chairman Mao.

[@zenaidacamba3891]

No mercy

[@danialindrakusuma1492]

This is a short introduction to my new book on the political economy of contemporary imperialism Imperialism and the Development Myth: How the Rich Countries Dominate in the Twenty First Century The book interrogates one of the most fundamental questions of our time. How has it come to pass that more than seven decades after the end of colonialism across most of the world, after decades of increasing "globalisation" of production, that the same small group of rich countries dominate the world economy today as 75 and 100 years ago? One hundred years since imperialism was theorised by Marxists - how is it that the same countries remain rich and the same ones poor? That the gap between these rich and poor countries is getting bigger, not smaller? Imperialism and the Development Myth explains more clearly than previous works exactly how the rich countries maintain their stranglehold. It demonstrates that the global labour process itself is the key to imperialist domination. Contrary to popular mythology surrounding so-called “deindustrialisation”, the global labour and production process is still dominated by the rich, imperialist societies. The imperialist countries’ monopolies over science and technology form the backbone of a modern hierarchical and highly polarised global division of labour. Increasingly the rich countries specialise in carrying out only the highest technology and scientifically advanced forms of labour. By specialising in the “highest”, most advanced labour processes, for which high, monopoly profits can be earned, the imperialist countries increasingly outsource all other labour processes (that is non-monopoly processes) to the poor societies. Only the non-monopoly producers - mostly based in the global South - are subject to the disastrous “race to the bottom” competition associated with plummeting prices, profits and wages. Highly unequal competition between monopoly and non-monopoly producers during the period of neoliberal globalisation brought about what has been perhaps the biggest wealth transfer from poor to rich countries in human history. The massive jump in the number of Chinese, Bangladeshi, Indonesian and other workers producing for the world market ultimately underwrote the huge increases in profits for the imperialist states and their Multinational Corporations over the last 40 years. Catch-up is Impossible This analysis issues a devastating critique of the widely touted possibility of economic “catch-up” by poor societies. Demonstrating how the imperialist societies have dominated for the last 70 years - and how, exactly, they continue to reinforce their domination today through domination of the global labour process - also foreshadows their continuing stranglehold over the next 70 years. Societies that still make up the Global South today were the victims of colonial plunder and were formed and shaped by colonialism as adjuncts to the imperialist economies. The idea that they can overcome that legacy and catch-up with the imperialist societies and their giant multinational corporations via competition on the capitalist world market is shown to be a fantasy. The function of this fantasy is to support the status quo: ongoing imperialist exploitation of most of the world. There can be no catch-up under capitalist imperialism. The massive global divide between rich and poor countries is permanent - as long as capitalism remains. China Almost everyone today believes that China now challenges the imperialist countries’ domination of the global production process. However, a closer analysis of the character of the productive forces being developed in China, and of the true role of China within the global division of labour, shows that China’s development does not challenge the US or other rich countries' domination. The highest technology aspects of the global production process remain inside the imperialist core. China today - like Mexico, Russia and Brazil for a longer time - occupies a global position well above the very poorest societies. Yet its position is not fundamentally challenging to the imperialist monopoly of the commanding heights of global production. These countries can be characterised as among the most developed non-monopoly capitalist societies. China’s development may threaten the degree of imperialist dominance over it and over the Global South as a whole. However, the near universal view that China is a peer competitor with the USA or with the imperialist societies more broadly for global dominance is shown to be based on fundamental misconceptions and assumptions about the type of economic development that is taking place there. Development of Marxist Theory The book arrives at these contrarian conclusions through careful analysis and elaboration of Vladimir Lenin's theoretical work on imperialism and by applying that general framework to the contemporary world. The analysis also establishes crucial new insights for the Marxist theory of imperialism and for the application of Marx’s labour theory of value to the modern world. Detailed textual analysis of all Lenin’s work related to imperialism dispenses with a range of long held caricatures preventing contemporary thinkers from comprehending his imperialism theory - these include caricatures on colonialism, finance capital and capitalism’s “highest stage” of development. Critically for contemporary analysis, the book elaborates Lenin’s central theoretical concept of monopoly. It finds Lenin’s definition of monopoly - as expressed in his own words - to be centred on (1) the labour process and (2) located in capitalist social relations. Hence competition between the various monopolist groupings, for Lenin, is principally fought on the capitalist market. We can see the reality of this conclusion in the so-called “free market” policies adopted by the capitalist ruling classes during the neoliberal period. Lenin’s very capitalist definition of monopoly also gives rise to a further theoretical advance. The book demonstrates how contemporary forms of monopolistic competition on the capitalist market have brought about a crucial modification to the way Marx's law of value. Under conditions of monopoly capitalism, monopoly competition modifies the expression of Marx’s labour theory of value. Further, a full explanation of exactly how imperialist exploitation of the poor countries occurs, is not possible without this link. My book is the result of many years of research. However, the book’s ideas and conclusions are mostly straightforward and readily understandable. I am told it is a fairly easy read. The aim is to help reignite serious debate and discussion about a most fundamental question facing humanity, a question long marginalised and forgotten among the GDP growth fetish and hype of our era. The question is, how can genuine social development be achieved in the countries where the overwhelming majority of humanity live? I hope this brief introduction has given you a taste of the book and inspires you to read it. Please feel free to get in touch if you would like to discuss the issues raised or about how to help the book get a wider distribution. For more information about the best way to get a copy, request a review copy or request the book for your library please PM me. Solidarity, Sam King Imperialism and the Development Myth: How the Rich Countries Dominate in the Twenty First Century, Manchester University Press (2021). Progress in Political Economy book series. Sam King is researcher in economic imperialism, the global labour process and unequal exchange. He was awarded a PhD from Victoria University, Melbourne in 2018 for his doctoral thesis Lenin's theory of imperialism today: The global divide between monopoly and non-monopoly capital. He is based in Melbourne, Australia. Recent publications include: S. King, China and the Third World are not “catching up” to the rich countries, Journal of Labor and Society, 21, 4 (2018). S. King, Why China Cannot Win a Trade War against the USA, Rupture Magazine, 3 (2019). S. King, China is not a rich country, it’s poor!, Red Ant, January 21 (2020). S. King, Digitalization, Automation and the Future of Globalization, in I. Ness (Ed), Platform and Precarious Economy: Terrains of Capitalist Exploitation, Routledge (forthcoming).

[@richyrich3231]

A recession is consecutive quarters having negative growth as measured by gdp. This happened in 2020 with the caveat it was self inflicted due to covid lockdown measures taken by us and the vast majority of developed countries, and most recently 08-09 last and first respectively. We are in a bubble due to artificially low interest rates combined with drastic spending thus decreasing the value of the dollar.

[@danielhutchinson6604]

When the majority of Humans are not able to earn enough to feed their Family, that seems like a Recession to the Hungry Families ...... The GDP needs to sell something to produce income for the Nation..... Creating an illusion that there is actual money is as convincing as actually earning money, When You use Fiat Dollars......

[@MindRebelion]

Is there any hope left for all of those in need?

[@GingerPeacenik]

If you read KSchwab’s books or watch his videos, you’ll easily see that NONE of this was by accident. Every step was planned in 2013.

[@Phatkillz]

I think the man is pure evil incarnate.

[@rjung_ch]

The whole idea of WEF is a failure, just made to grab from the working class. It is disgusting.

[@garyhamlin8269]

the great reset is a socialist, authoritarian, and centralizing phenomenon.

[@Phatkillz]

@@garyhamlin8269 Klaus Schwab is not a socialist, two out of three isn't bad.

[@OPTHolisticServices]

💓🍃

[@saramuhumphries5197]

👍💐

[@72rmboyd]

It has already arrived in Brexit UK

[@JS-eq6qy]

Worse by the hour. Yes.

[@Ianpact]

Correct me if I'm wrong but I believe Jamie Diamond manages to get richer and richer off of each recession. Yet, he refuses to believe that the system he has helped create is the problem.

[@sandybarnes887]

Jamie Dimon

[@jeremyrangel8138]

So then why don't you do what Jamie Dimon does?

[@TexasRiverRat31254]

He knows and doesn't care.

[@Ianpact]

@@sandybarnes887 Doh, well, that may be the correct spelling but I feel mine fits even if done by accident. lol

[@Ianpact]

@@jeremyrangel8138 Right after I get a few hundred thousand dollars from my parents, I'll be all over that. 😉

[@musiqtee]

Big finance (banking, energy, weapons, estate, food & commodities futures) are doing well - People and small businesses aren’t. So, politicians can say that “our economy is doing well”. Exactly - their economy, not the common, real producing economy. Here in 🇳🇴 families are financialized while our world famous welfare is dwindling. Not even our own left mention why, and they never refer to academic facts or scholars. No Varoufakis, Stiglitz or prof. Wolff here, so I feel quite lonely as marginalization creeps in. We’re all M’-C’ here, M-C is all but forgotten…

[@michelle-jn7ul]

eay answer. its capitalism, it is always looming.

[@GingerPeacenik]

Hit “Newest First” above to see ALL the comments!

[@CharlesBrown-xq5ug]

Thank you Dr. Wolff for this comment area. I have a wide scope unexpected contribution to discussion of the economy. I and a few consulting people are working to bring out Thermal Perpetual Motion, first as a proof-of-concept prototype, then, if it works, a fast exponentially growing wonderful energy technology. It promises to be cheap, always working, usable everywhere, sustainable and inexhaustible, scaleable, autonomous or networkable. It works best in a consulting and cooperating society. It would allow people to live comfortablly with inexpensive basics or work for more material goods. Industry would be clean with cheap energy processing potental pollutants to better outputs. ALOHA

[@discblaster9210]

Is this a joke title. If this isn’t a straight up depression, im Donald f ing Duck

[@mundosam]

You do not answer the question: is another recession looming?

[@pax6833]

A recession in the traditional sense is unlikely in the near term. As cynical as it is for me to say, wars have a way of stimulating the economy. Happened in 2001. Happened in 1991. Happened in 1950. Happened in 1939. Happened in 1914. This says nothing about inflation, which might get worse. But a recession is unlikely. If we're *lucky* there may be appetite for a new tax bill for the rich to pay for all these weapons.

[@danielhutchinson6604]

Just how do they write a Tax Bill that penalizes the people who bought Congressmen a Seat? The illusion that voting is some form of Citizen Input is as phony as the differences between the two parties? The US seems to be unable to be fighting with Nukes in the Hands of way too many Nations. The desire to start a War seems to be the reason for all the current Propaganda. The alliances that are lining up against the US are much bigger than the NATO guys assume? "They didn't think it through.".........Conrad Breen

[@cosmicmusicreynolds3266]

what ever happens its a one way street, capitaliism is finished. Its only a matter of when

[@pax6833]

@@cosmicmusicreynolds3266 People have been saying that for 100 years. I'll believe it when I see it.

[@stuckinthemud4352]

Let me ask a basic math question. What happens to the amount of products in a system if people who normally produce products and consume products at equal rates stop producing for a year, while still consuming products within that year? Just a simple question right? Do we have more or less products available? Its a basic question can anyone give me the answer?

[@cosmicmusicreynolds3266]

yes inflation measured how much money is chasing good in the economy! less goods the go up in price. oli prices adds to products as well as petrol

[@stuckinthemud4352]

@@cosmicmusicreynolds3266 i dont understand your answer or your question

[@Nevarek_]

This is an economic question. If it's a global stoppage of production, you'll have the supply chain shortages that happened during covid, but worse. The covid shortages was a slow burn of a drop in labor, and people had some warning it was going to happen that way. Surplus goods were likely already stored in warehouses at that time, and it's impossible to tell if businesses now plan better as a result. Some places in the US experienced a borderline famine from production and service interruptions. World hunger has worsened, and some places in the world still experience food shortages as a result. Local stoppages would mean more imports, and with that a monetary cost that would be extremely high because of oil prices. For instance, a general strike would be very expensive for businesses to withstand right now.

[@Q-154]

@@stuckinthemud4352 there should be less products. A lot more money that was given out without production or services rendered. You can’t simply blame inflation on one single thing, but handing out money “for free” essentially sure didn’t help the cause.

[@jeremyrangel8138]

No, that's not the problem. The problem is that Starbucks only pays $11/hour, bigot.

[@joeblundell299]

20 years ago I invented a self heating and cooling nigh indestructible building template. It’s superior to the three little pigs style mankind has been playing with for millennia, check it out at thecorehome. From mass seawater distillation to power generation through methane digesters, anything that needs a thermal process to drive it can be outright achieved or greatly augmented with this technology. I would like to organize my company around the Mondragon style, I would really like to speak to you about this sometime. It’s the lowest cost way of achieving a sustainable means of food water and shelter, for every man woman and child, regardless of race color or creed. The only wealth there has ever been comes from the earth, having a greenhouse year-round is a real money printer, especially when one realizes you cannot eat bitcoin.

[@garyhamlin8269]

the current boom bust cycle that we're experiencing is solely the fault of government and central bank policy, and would not exist in a free market capitalist system.

[@schen7913]

In a free market your children would still be working in factories, for pennies. Be careful what you wish for.

[@fredturner7787]

Denial is the most powerful of drugs!

[@TheWindGinProject]

Volume is a bit low. This man deserves some quality control help. Please let someone review things like volume and etc, before releasing the video.

[@a-dawghunchback6927]

Volume sounds normal on my device

[@TheWindGinProject]

@@a-dawghunchback6927 ok, Thanks, maybe I'm too picky or its just my PC

[@DiceBaseballDigest]

He has been saying it’s coming for 14 years.

[@cosmicmusicreynolds3266]

and he s right now too

[@pucciox40]

Well it's a slow process, and it happened in 2009-10

[@pilleater]

New cartoon lol

[@Joker129]

Wtf do u talk about?

[@pilleater]

@@Joker129 Evil stuff. Otherwise, I just pointed out there is a new cartoon, and it is funny. I wasn't being condescending. Does this cartoon not give out funny vibes?

[@Joker129]

@@pilleater idk, I like it but not in a funny way.

[@konamihageri32]

I cant like this?

[@DiceBaseballDigest]

If I say it’s going to rain today every day, eventually I will be right.

[@cosmicmusicreynolds3266]

whats the point you re trying to make because this is nt rain its a fucking blizzard in the economy

[@minhducnguyen9276]

More like you successfully delayed your lung cancer growth for a few years so you think you beat it and started smoking again

[@fishstock2007]

This place is hopeless. I’m out soon as china opens.

[@alloomis1635]

why complain about the failures of capitalism? first, what do you expect? gyrating economy is built in. degeneracy of the plutocrats is built in. the questions to ask are: can anything be done? do you know how to change it? no, and, no. this is homer sap in action, in a national petri dish that began with a social conscience reminiscent of genghis khan.

[@din3832]

How Amazing, an economist that doesn't know anything about the economy!

[@jeremyrangel8138]

So, according to Richard Wolff, the inflation is "capitalism's" fault? It has nothing to do with the government and its central bank currency manipulation? You just pin it all on the capitalist economic system? ..... and he's an economics professor?

[@Q-154]

Terrifying

[@romanyarkov8426]

Hahaha so what? under the most "pure" capitalism there is no inflation? So there is no inflation or commodity shortage under capitalism? You need to decide what you want to prove, supporters of the invisible hand of the market.

[@romanyarkov8426]

By the way, it will be very interesting to look at Americans when they cannot buy goods because they do not have enough money, and how it will differ from when they cannot buy goods because they are not in the store.

[@jeremyrangel8138]

@@romanyarkov8426 First, you need to learn what capitalism is. Figure that out, and when your shift at Starbucks is over, get back to me.

[@romanyarkov8426]

@@jeremyrangel8138 Starbucks left Russia) Only Burger King and KFC remained With the money they pay in Russia, you can only live in a McDonald's toilet, eating their hamburgers) In the case of Starbucks) you won’t last long eating cookies and drinking coffee) at some point you will turn into Tweek Tweak from the south park

[@TrojansFirst]

It’s never been better for me. I’ve made millions investing in crypto. It’s the fourth industrial revolution. I wish more working class people would wake up and save their money and invest it in crypto. That’s what I did, I used to be a member of the poor working class. That’s why I can watch videos from Marxists and sympathize with the people are suffering but at the same time you gotta take some action and not depend on the government. Save and invest.

[@pucciox40]

Imagine thinking that a whole class of workers could invest in a volatile market and therefore thinking "There's not a problem in economy, just invest in crypto"

[@GingerPeacenik]

No, you haven’t. You’re a scammer.

[@TrojansFirst]

@@andrewtownend4511 I don’t really trade it I buy it and hold. Buy and hold for at least a year to qualify for the long term capital gains tax. The DeFi sector exploded and I made a lot on that with coins like Terra Luna and Solana. But the next sector my research is leading me to is the banking coins like XRP, XLM, Algorand, XDC, Quant. But I really like XRP, XLM and Algorand because they are F-assets, that means they can be minted on the Flare network and earn potentially hundreds of percent in APY at practically zero risk. Of course there’s always the risk of coins losing value but over the long term these coins are going to grow massively as they are part of the next financial system so you can always just hold and keep buying in the case of market corrections and crashes. But Flare Network doesn’t launch until July 4th but I’m building my F-assets now before prices take off to the moon.

[@freelance_commie]

I make my money systematically gambling. I know how to make smart bets and understand the game so that its somewhat profitable for me. Therefore THIS IS A POSSIBLE SOLUTION FOR THE ENTIRE WORKING CLASS and not just another tool that gets the “casino” much much much more wealth. Imagine if the casino had THE ENTIRE WORKING CLASS gambling in their casino?! Now that is wealth!

[@MrFastFarmer]

Over the last 6 months I’ve lost 50% on crypto and I’m not even sure if it has a future. Wtf are you on about?