Dude, no matter how much you people don't want to accept this reality. You're not going to have the US crumble like the USSR and then it'll be accepted. That's not what's going to happen. The wolfowitz doctrine of 1994 is what's going to happen. And then well sayonara 👋
You so right!!! It's scary,it can get to the point where they will only want tax contributing citizens ,and the rest can just die,lts already very difficult to get disability
It's very hard to get help when you need it they make the minimum you can make is 1,600 when rent is 1,600,when storms come FEMA doesn't help and say they have run out of money
@@marybrewer782part of it is they are spending massive amounts of money on illegals. Also the illegals have taken all the job that young people, students, and teens should be working.
@@Maximoose875 Yes, he handed out checks to people who made their full income (my wife and I were among them) during COVID as "relief". We didn't lose $1 in income, yet got a big handout. Why? Because he buys votes. His entire platform is geared towards making America as selfish as he is. Who cares if it all burns down, so long as you get to buy that big pick-up and boat!!
We have lived in a corporate oligarchy for some time . Our policies favor corporate interests . Our elected officials campaigns are funded by corporate interests . The transfer of wealth to the top 1 percent will continue to be growing faster . Nobody is going to pass a law that prohibits them from receiving money and that’s where we are and will stay .
@@greenthumb8266 it's made worse because they've made it that you have to buy stuff to survive too. They eliminated teaching people how to be self sufficient and then made distraction from that too great to learn how to do so when not being slaves to corporate greed. I can't work a job that pays enough to me to live and survive on my own. That's slavery
Unfortunately US is starting to lose it’s leverage over the world. Research B.R.I.C.S. It’s already a 32 nations and growing; they are starting there own currency to out the US dollar and Russia and China are leading the way.
Look at city skylines. Have they improved in 20 to 25 years ? Has public transportation become better ? Are youth better educated ? Maybe better schooled but not better educated. One thing has become bigger - The National Debt.
You forgot, Are Americans any Healthier as so called First world nation? America is as backward as Zimbabwe only difference is running water and indoor plumbing and cars that is financed. Life blood of America is Fast Food, Obesity, wars, Shootings and Entertainment.
I was in Denver which is having a building boom and they were building all these beautiful condominiums and buildings while all these homeless people are right underneath on the sidewalk It just makes you want to puke
I am a strong believer Romans 13:8 Owe no one anything except to love one another. When you own anyone, you are a slave to the borrower. America, you will reap what you sow.
China and Japan are the largest foreign creditors, not the largest creditors. It sounds alarming when we say that China owns our debt but it’s more accurate to say that China is one of the hundreds of countries that owns American debt.
Its all about greed, there is nothing Christian about America at all. America is wholley owned entity of corporate America whose loyaly is to the GD bottom line not the constitution.
There is nothing wrong with being a declining empire. There are many famous empires who declined and evaporated. The US should be proud to be amongst them. No declining empire has declined as good as the US empire. The US is always the biggest and the best. Be proud America.😁🍻
Actually the number one holder of US debt is the fed, the ones that print the money to lend to us. The fed is not a federally agency like most think and is owned by ?. The fed is a private company so they don't have to supply that info. Now if anyone else decided to print money to buy it's own bonds ( debt ) they would go to jail for life. A lot of people do not know this, the program is called 'quantitative easing'. Now you know. Second, in exactly 7 years if we spend the same amt we are spending today on debt out ENTIRE GDP will go to pay the interest on that debt. It is not china or japan getting most this money it's the secretive people at the fed getting it.
That's not how the fed works. It's not a wholly private company, it's steered by the board, which reports to Congress. Quantitative easing also isn't exclusive to America, most countries' central banks do it.
Countries budgets are not run like household budgets. As far as I understand, quantative easing is the only way the people of a nation can survive and not starve etc after disasters such as wars, natural disasters etc.
We live in an artificial "house of cards" that few can see, and which few government officials will admit to. The wishful thinking, the arrogance and the denialism of those who run this country is merely an "accident waiting to happen". Our "deciders" rest comfortable in the fact that when the sh*t DOES hit the fan, they will be immune from the inequitable ravages that occur. It is good to be old. I weep for the future.
Rick you are telling the truth. Now explain how the United States of America got into the debt problem. May I suggest a publication to help you, The Creature from Jekyll Island will explain in great detail how Banks assisted via Bailouts and other shenanigans.
Yes it is,they are trying every way to get more money from us in taxes to spend the way they want,to the point of after we work all our life for our social sucurity then the age is raised hoping we die before we can collect,or kill us in the hostipals once we get old,sorry but that's the way it is
The last election is the should tell you all you need to know as to the future we face . We do have an expert in thread counts and rally size and lying ….we should be fine
My first husband died of massive H A in 1994...after finding out he owed IRS $31000.He had his own dump truck we found for $10000 We were a young family.2 sons, 6+11..He was only 48💔💔💔💔
The creditors are paid in USD. Under normal circumstances, the logical thing to do with this money is to lend it back to the US. However, normalcy is gone nowadays. China no longer trusts the US to honor their end of the contract. So, instead of lending those USD to the US, China is lending those USD to other countries! 😂🤣😂🤣😂🤣😂🤣
I so wish that Professor Wolff would understand the difference between household debt and Federal debt. Households and corporations can't create and value their own currency. Neither can state and local governments. Our Federal government is the issuer, not the user of currency
Yes, he should take an accounting class. Read the publication of the Bank of England, And take seriously how MMT describes the monetary system of a currency sovereign. And if he would grass the role of credit in the economy, which is a Steve Keen thing, He might actually have a better rounded comprehension of economic dynamics. Unfortunately, he probably lives in the equilibrium hell of neoclassical theory, Because I don’t think in classical Economist ever came to terms with the true nature of monetary systems.
Wrong, my friend, “our federal government “ is NOT the issuer, but that is an easy to make mistake. The Federal Reserve Bank, which is a private entity, is who prints money, raises or lowers interest rates and the like. It confuses a lot of people because it has the word “Federal” in its name, but I can assure you it is not run or controlled by the US government.
Is the US a country or a global militant Corporation designed to protect and spread these Corporations globally , US has 800 military bases consuming 1/2 of the budget and China gets Free Shipping into much of the world. Corporations control most things we consume with food being a key issue because no communities can grow when there is nowhere to sell grown food and small businesses cannot compete when Chinese sellers get free shipping. Now that we have the internet we can work together and create a Cooperative World and work to replace Corporate control of everything.
My respect and appreciation to everyone. When we look at the US $100 bill, it says 2009, when this money was transferred from the federal government to the private company. The private company that prints the US dollar is the one that benefited by buying real estate in Europe, Asia, and Latin America under several names and titles. We must reveal it. The truth is, who transported all the gold from America abroad, who are this group that destroyed the future of the people? The American flag is raised in the world by major companies in a way Multiple efforts to destabilize security and stability in the world for their own interests, not for the benefit of the people. Everything has become clear. Everyone who caused the destruction of the economy within America must be held accountable.
Mr Wolff, please predict/analyze the effects of Elizabeth Warren's proposal to tax wealth (realized and unrealized in exess of $ several millions). It seems necessary to me.
Been looking at jobs on indeed lately. Very scarce. Even the bottom of the barrel jobs. I really do believe we are very close to a massive recession. Lots of layoffs already
Well the interest rate is higher than the historical rates,. Inflation really started to come down in June 2023 and kept coming down. The federal reserve never lowered the interest rate too match Inflation. Look at the charts of this century, especially 2011 interest and Inflation rates.
I would like him to explain how a currency sovereign which issues and furnishes the money of a nation by spending it, goes into debt for the stuff it creates? It’s absurdity because that accounting entry has no obligation to pay it back associated with it. In fact, if it was, there would be no money in the US economy. That number represents the money in our bank accounts. Debt is an entirely irrelevant term. It’s not like commercial money creation. Federal taxes also destroy money the government has created; rather than financing the federal government, it simply retires the money furnished the economy when the government spent it into existence. But 2/3 of the debt in the United States is commercial money, the stuff created by banks when they issue a loan. Commercial money is a different animal entirely. Interest and inflation are two sides of the same pure wealth transfer Ponzi scheme. That is why if we are ever to exit an existential need for growth we must exit an interest and inflation based monetary system. This was the original impetus, for all its author’s flaws to the idea of Freigeld. The experience of Wörgl and Cheimgauer, drive home this point. Even then, the ideas of Freigeld existed in 10th century Europe. The level of debt is a symptom of wealth concentration, and, because majority of debt is commercial debt, the money created by commercial lending always comes with a debt service obligation which requires continuous growth in the money supply, along with the existential need to expand the money supply because the population is growing, the size economy is growing in size, but also *because* inflation, commercial banks and corporations create. Interest in inflation are two sides the same money transfer scheme.
The reasons for the United States decline is about the same reason for Europe’s decline in China’s decline. Marx, I think I’m not well read on him, But it’s substantially interesting “was made of him referring to the nature of commercial agriculture, That would always deplete and destroy the land and its productivity because of the nature of that kind of agriculture. Even China engages in the same necrotic metabolism that defines modernity. It is subject to exactly the same corrosive dynamics that is emerged in Europe, but predated capitalism it was not at all constrained to western culture. Few are the societies that learn to live within ecological constraints. No member of the financial and industrial core of which China is a prominent member can do so, not with a for-profit economy
Dr Wolff be reasonable. Corporate debt and Personal debt exist because those folks need to earn to pay back debt. This is not the case with Government debt. In the first place China owns U.S. debt because it has no place to really spend that money. So it keeps it here to acure interest. It has no desire to cash in that debt at the moment. But if it did it would ask the U.S. government to redeem it’s bonds and that would happen. The U.S. Government would contact the Treasury department and instruct them to create the money to pay back the debt. They would not do it by printing money, that’s old school. All they would is make a few key strokes on their computer. Adding the amount, whatever it was, to the Chinese account. You know as well as I that unlike Corporations or individuals, The U.S. government owns the printing press that creates money. The debt exists to convince the American people that the country is broke and can’t afford increasing Social Security, building low cost housing or providing care for the aged. Which is total bullshit, and you should be calling the government out on it. Government debt is also one of the very few ways to get new money into the economy. Let Trump balance the budget and see how fast the country goes broke.
Imagine your father owns a grocery store. A magical one. This one is magic because it keeps refilling itself, and everything in it, is free. The food, and water just replenish and anyone can just come in, and grab what they need, and pay with a thank you. Now imagine your father has lots of children. Each one can use it too. For free, because it’s your parents store right. Would it make sense for one of the siblings to lock the door, only allow who he wants in, and start charging everyone for the free groceries? Are they his groceries to profit from? Is it his store or his parents? How could he own anything in that store? What rights would he have to do charge others for the free groceries his parents gave not only him, but everyone?
But the FED can create any amount of money at Will. How about explaining how this can be used to pay off some debts and also Fund purchases by the government?
I wish I could ask him what he thinks about freedom. Does he feel Ukraines might choose to live in a country not run by a dictator who will kill people who dissent. I like most of his ideas but still have fear of dictatorship. I know we have dictatorship of corporate power but I Don t think the ceo's would get away poisoning people.
I don’t understand how this much debt is floating around yet companies keep posting profits and paying themselves those profits and give themselves more debt
Every year, the US Govt spends Seven Trillion Dollars, but only raises Five Trillion Dollars - So it must borrow Two Trillion Dollars. Today the Debt owed by US Govt increases by One Trillion Dollars every 3 months. (Federal Govt Debt is 35 Trillion Dollars, at present).
why only china has money to build massive projects worldwide? why no other nations have money to build overseas? why only china making money & building power?
May I also remind you of the fact that our Native American population in our motherland, the Continent of America before the European Colonizers arrived, was around 15 millions, while the European population in their motherland, the Continent of Europe was around 25 millions. Today, Native American population is 15 million, while the European population, in the Continents of America + Europe, is a staggering TWO BILLION! A shockingly sad truth. In my humble opinion, it's about time to decolonize the Colonized lands, and return to rightful owners Native American people. Notorious global cardinal crimes the Christian West has committed, and benefited a great deal, such as centuries-long global Slavery & Colonialism had long been over, why on earth is notorious Colonization still lingering on, may I ask? 😔
My jaw dropped as I read Native American population in their motherland, the Continent of America before the European Colonizers arrived, was around 15 millions, while the European population in their motherland, the Continent of Europe was around 25 millions. Today, Native American population is 15 million, while the European population, in the Continents of America + Europe, is a staggering TWO BILLION.. It is a shockingly sad truth. 🤷
I agree, it's about time to decolonize the Colonized lands, and return North/South America and Australia/New Zealand in Asia-Pacific to rightful owners Native American people and Native Asian-Pacific people. True, notorious global cardinal crimes the Christian West has committed, and benefited a great deal, such as Slavery and Colonialism had long been over, why on earth is notorious Colonization still lingering on.
The vast bulk of the dollars that China holds, which it has swapped for interest bearing bond "debt" came from the gigantic quantities of cheap manufactured goods China has sold into the American market. Rather than let China purchase what they might want or need from the US, our government would rather they swap those dollars for bonds and voluntarily sideline those dollars' purchasing power in exchange for a few percent of interest. It's not the federal government "debt" which is going to crash the American economy, it's the overhang of private debt. Dollars spent into the economy by the federal government above and beyond the amount taxed back out can cause inflation, but they aren't owed to the bank and won't cause a wave of defaults the way excessive bank credit money creation will. If the federal government sharply curtails the quantity of dollers in the economy from cumulative past deficits, in other words, the debt, by raising taxes or cutting spending to run a balanced or surplus budget, then the proportion of default-prone bank-credit dollars in the economy grows, making the economy less and less capable of riding out a shock without a wave of defaults propagating through the system. I for one would really like to see a conversation between professor Wolff and professor Steve Keen.
Wow japan is such a small sweet country. Amazing that they loan us money. I heard something about why trump wants to stop healthcare subsidies bc ot cost the government, tax payer funded government something like 300 billion dollars in 10 years 😅🤣 as if . We haven't already given that amount to Ukraine and Israel in this past year not thst I'm a mathematician but you get it
Then all what said point to a reevaluation of history ,... Soviet unión event was a reestructure and modernize Rusia ... Sepárate losing partes and concéntrate on the important and most valuable, making proifits and cut loses
Sir I don’t disagree with your assessment on the USA as a debtor. That said. How do you equate China as a net Creditor when they have hidden debts cloaked within their own local municipalities and therefore not showing up on their governments bottom line ledger? Im not here for propaganda but wanting to understand your point.
Mister, you are one lost soul. Ya, have have a lot intellectual stuff in your head but you really lack truth. Your groomed in human reasoning and conclude you know the real truth but lack the revelation there of. The church that sponsors your humanistic rambling doesn' t know the answer either according to their statement of belief and values.
@Antiquated-Ether If there hadn’t been marxists/ communists / trade unions fighting for justice generations before us, guys like you would have none of the benefits you now enjoy, such as sick leave, 35-hours week, holidays, retirement plans, insurances, maternal leave, prohibition of child labour, work place safety, housing projects and the list goes on. Even without the North Americ and Western Europe having turned socialist, they have been influenced by it for the better and have its footprints on them. Be aware that what you might take for granted wasn’t heaven sent but fought for with lots of blood, sweat and tears.
Everyone is trying to steal as much as they can before the empire finish Crumbling
100%, it’s a sea of rats climbing to the top of the last wave
Dude, no matter how much you people don't want to accept this reality. You're not going to have the US crumble like the USSR and then it'll be accepted. That's not what's going to happen. The wolfowitz doctrine of 1994 is what's going to happen. And then well sayonara 👋
That's Kommunist 40millions empty homes and 20million half finished Ponzey 😅
@@ssuwandi3240🤔
@ssuwandi3240 haha you wish russias economy is doing great and average income has much more buying power than average american income
Greed will be the downfall of the USA !
You so right!!! It's scary,it can get to the point where they will only want tax contributing citizens ,and the rest can just die,lts already very difficult to get disability
It's very hard to get help when you need it they make the minimum you can make is 1,600 when rent is 1,600,when storms come FEMA doesn't help and say they have run out of money
I was going to object but realized that most of America's sins are a result greed.
And we just elected the patron saint of greed as POTUS. People didn't want sensible economic policy, they wanted their tax cuts.
@@marybrewer782part of it is they are spending massive amounts of money on illegals. Also the illegals have taken all the job that young people, students, and teens should be working.
He thinks we haven't already thought of all this. Trump raised the debt three times what biden did.
But MAGA Morons do not believe this. Nor do they care.
Covid
@@Maximoose875 yea he handled that well, not!
@@stcroixliberal the national debt of almost every country in the world tripled during covid
@@Maximoose875 Yes, he handed out checks to people who made their full income (my wife and I were among them) during COVID as "relief". We didn't lose $1 in income, yet got a big handout.
Why? Because he buys votes. His entire platform is geared towards making America as selfish as he is. Who cares if it all burns down, so long as you get to buy that big pick-up and boat!!
We have lived in a corporate oligarchy for some time . Our policies favor corporate interests . Our elected officials campaigns are funded by corporate interests . The transfer of wealth to the top 1 percent will continue to be growing faster . Nobody is going to pass a law that prohibits them from receiving money and that’s where we are and will stay .
The only way to beat them is to quit buying, but people won’t , because generally speaking, most humans are just as greedy as the handful at the top.
@@greenthumb8266George Carlin - 'If you have selfish, ignorant citizens, you're gonna get selfish, ignorant leaders.'
@@greenthumb8266 it's made worse because they've made it that you have to buy stuff to survive too. They eliminated teaching people how to be self sufficient and then made distraction from that too great to learn how to do so when not being slaves to corporate greed. I can't work a job that pays enough to me to live and survive on my own. That's slavery
How can we raise their taxes if their hands are in their pockets
@@greenthumb8266the young kids, they aren’t even paying their student loans… this will bite them in the ass come SS time.
And also, when the US does not want to pay the interest due, it finds excuses to freeze other countries' money.
They're credit junkies
Unfortunately US is starting to lose it’s leverage over the world.
Research B.R.I.C.S.
It’s already a 32 nations and growing; they are starting there own currency to out the US dollar and Russia and China are leading the way.
Look at city skylines. Have they improved in 20 to 25 years ? Has public transportation become better ? Are youth better educated ? Maybe better schooled but not better educated.
One thing has become bigger - The National Debt.
You forgot, Are Americans any Healthier as so called First world nation? America is as backward as Zimbabwe only difference is running water and indoor plumbing and cars that is financed. Life blood of America is Fast Food, Obesity, wars, Shootings and Entertainment.
We can see it, they don't want to see it
Preach. You are spot on
I was in Denver which is having a building boom and they were building all these beautiful condominiums and buildings while all these homeless people are right underneath on the sidewalk It just makes you want to puke
Too much tax payers money going towards the military industrial complex. Ask yourself, why is USA soo afraid being in between Mexico and Canada?
"We're still here ... We are not going anywhere." - Native Americans 😔
even after 300 years of genocide 1607-1900
I am a strong believer Romans 13:8 Owe no one anything except to love one another. When you own anyone, you are a slave to the borrower. America, you will reap what you sow.
You're an american, you're in the debt boat too. But your point well taken.
China and Japan are the largest foreign creditors, not the largest creditors. It sounds alarming when we say that China owns our debt but it’s more accurate to say that China is one of the hundreds of countries that owns American debt.
Hard to believe! How did we as a country GET HERE? It's ALL about money!
Its all about greed, there is nothing Christian about America at all. America is wholley owned entity of corporate America whose loyaly is to the GD bottom line not the constitution.
There is nothing wrong with being a declining empire. There are many famous empires who declined and evaporated. The US should be proud to be amongst them. No declining empire has declined as good as the US empire. The US is always the biggest and the best. Be proud America.😁🍻
No one knows about more decline than the US and no one in the US knows more about that decline than Trump 😅
Nothing to be proud of ….
Down with the arrogance
@odhiamboomulo5937 Why didn't you and Biden and Kamala and all the other Trump haters do anything about this in the last 4 years?
Good point, I hadn't thought about it that way.
Biden Regime paid for War in Ukraine!
Love your analyses!
Well done Mr |Wolff. I thought for a minute you were actually gonna scream WAKE UP AMERICA!!! But you managed to put it better-ish.
Actually the number one holder of US debt is the fed, the ones that print the money to lend to us. The fed is not a federally agency like most think and is owned by ?. The fed is a private company so they don't have to supply that info. Now if anyone else decided to print money to buy it's own bonds ( debt ) they would go to jail for life. A lot of people do not know this, the program is called 'quantitative easing'. Now you know. Second, in exactly 7 years if we spend the same amt we are spending today on debt out ENTIRE GDP will go to pay the interest on that debt. It is not china or japan getting most this money it's the secretive people at the fed getting it.
That's not how the fed works. It's not a wholly private company, it's steered by the board, which reports to Congress.
Quantitative easing also isn't exclusive to America, most countries' central banks do it.
Countries budgets are not run like household budgets. As far as I understand, quantative easing is the only way the people of a nation can survive and not starve etc after disasters such as wars, natural disasters etc.
If everyone lived within their means from the start we wouldnt be in this mess.
You are on fire 🔥🔥 preach !!! 😂 Keep up the good works 👍 tell it like it is.
With 330 million people here. And 1100 million people over there. They're obviously outscrewing us !
Figuratively and literally speaking 😅
And taking women’s rights away isn’t going to have us “catch up”.
They don’t screw up us, we screwed ourselves
@@shayjones8867 🤔🤔
@@shayjones8867 Woman's rights? What are you talking about?? You have the same rights as men.
Bernard Baruch said "The most expensive commodity in the world is money".
I love it whenhe says "DENIALLL"
😆 Me too!
They will tax homeowners into debt. Just like they do in Europe.
It is WEF ! WEF is set-up by Kissinger 😂😂😂😂
Thank you US.
He's completely right
We live in an artificial "house of cards" that few can see, and which few government officials will admit to. The wishful thinking, the arrogance and the denialism of those who run this country is merely an "accident waiting to happen". Our "deciders" rest comfortable in the fact that when the sh*t DOES hit the fan, they will be immune from the inequitable ravages that occur. It is good to be old. I weep for the future.
G'Day from Australia 🇦🇺 🖖🙏✌️
Yep not paying my bills anymore 😂😂
Rick you are telling the truth. Now explain how the United States of America got into the debt problem. May I suggest a publication to help you, The Creature from Jekyll Island will explain in great detail how Banks assisted via Bailouts and other shenanigans.
More wars more debts; MIC and financiers benefit and the people pay it.
....they crapped out money away, and have the nerve to "help" us manage our assets?....we must be the dummies, for giving them the power....
Keep spending to generate "growth". High inflation = higher growth and GDP.
AND . . . . At some point, The BANK (YOU). Will NOT give you MORE money. (They know you owe more than you make). Get it. ❤❤
I’m sorry…our terrible debt is all crazy!!!!!!!!!!🤪
Yes it is,they are trying every way to get more money from us in taxes to spend the way they want,to the point of after we work all our life for our social sucurity then the age is raised hoping we die before we can collect,or kill us in the hostipals once we get old,sorry but that's the way it is
The last election is the should tell you all you need to know as to the future we face . We do have an expert in thread counts and rally size and lying ….we should be fine
My first husband died of massive H A in 1994...after finding out he owed IRS $31000.He had his own dump truck we found for $10000 We were a young family.2 sons, 6+11..He was only 48💔💔💔💔
Sorry about that!!! So sad
Well said and explained!
AMERICAN EMPIRE? Get over yourselves.
The creditors are paid in USD. Under normal circumstances, the logical thing to do with this money is to lend it back to the US. However, normalcy is gone nowadays. China no longer trusts the US to honor their end of the contract. So, instead of lending those USD to the US, China is lending those USD to other countries! 😂🤣😂🤣😂🤣😂🤣
Right. You can outsource anything...
Very well said. Sadly, it's true.
I so wish that Professor Wolff would understand the difference between household debt and Federal debt. Households and corporations can't create and value their own currency. Neither can state and local governments. Our Federal government is the issuer, not the user of currency
lol! I’m sure he understands all about this. He certainly doesn’t need a silly comment like this. He’s incredibly aware
😅😅😅
Yes, he should take an accounting class. Read the publication of the Bank of England, And take seriously how MMT describes the monetary system of a currency sovereign. And if he would grass the role of credit in the economy, which is a Steve Keen thing, He might actually have a better rounded comprehension of economic dynamics. Unfortunately, he probably lives in the equilibrium hell of neoclassical theory, Because I don’t think in classical Economist ever came to terms with the true nature of monetary systems.
MMT only works if youre an imperialist power
Wrong, my friend, “our federal government “ is NOT the issuer, but that is an easy to make mistake. The Federal Reserve Bank, which is a private entity, is who prints money, raises or lowers interest rates and the like. It confuses a lot of people because it has the word “Federal” in its name, but I can assure you it is not run or controlled by the US government.
Is the US a country or a global militant Corporation designed to protect and spread these Corporations globally , US has 800 military bases consuming 1/2 of the budget and China gets Free Shipping into much of the world. Corporations control most things we consume with food being a key issue because no communities can grow when there is nowhere to sell grown food and small businesses cannot compete when Chinese sellers get free shipping. Now that we have the internet we can work together and create a Cooperative World and work to replace Corporate control of everything.
This is sobering and disheartening. Thank you for sharing. 🥴😕
P.F.P.M The sociology of contemporary business life
Personalisation
Debit
BANK
Credit
Financialisation
*
Market ~ Trade
*
Privatisation
*
Account
*
Marketisation
*
Shop
*
Personalisation
Etc
Clive Burgess
Yet, I, as a soon to be retired teacher, cannot claim bankruptcy on my $160k student loans.
My respect and appreciation to everyone. When we look at the US $100 bill, it says 2009, when this money was transferred from the federal government to the private company. The private company that prints the US dollar is the one that benefited by buying real estate in Europe, Asia, and Latin America under several names and titles. We must reveal it. The truth is, who transported all the gold from America abroad, who are this group that destroyed the future of the people? The American flag is raised in the world by major companies in a way Multiple efforts to destabilize security and stability in the world for their own interests, not for the benefit of the people. Everything has become clear. Everyone who caused the destruction of the economy within America must be held accountable.
Mr Wolff, please predict/analyze the effects of Elizabeth Warren's proposal to tax wealth (realized and unrealized in exess of $ several millions). It seems necessary to me.
Been looking at jobs on indeed lately. Very scarce. Even the bottom of the barrel jobs. I really do believe we are very close to a massive recession. Lots of layoffs already
Yeah but, as long as we use the lenders' pronouns correctly, everything should be fine.
Well the interest rate is higher than the historical rates,. Inflation really started to come down in June 2023 and kept coming down. The federal reserve never lowered the interest rate too match Inflation. Look at the charts of this century, especially 2011 interest and Inflation rates.
Inflation has not come down. It's just raising as fast. The 20% increase in prices is still growing.
I would like him to explain how a currency sovereign which issues and furnishes the money of a nation by spending it, goes into debt for the stuff it creates? It’s absurdity because that accounting entry has no obligation to pay it back associated with it. In fact, if it was, there would be no money in the US economy. That number represents the money in our bank accounts. Debt is an entirely irrelevant term. It’s not like commercial money creation. Federal taxes also destroy money the government has created; rather than financing the federal government, it simply retires the money furnished the economy when the government spent it into existence.
But 2/3 of the debt in the United States is commercial money, the stuff created by banks when they issue a loan. Commercial money is a different animal entirely. Interest and inflation are two sides of the same pure wealth transfer Ponzi scheme. That is why if we are ever to exit an existential need for growth we must exit an interest and inflation based monetary system. This was the original impetus, for all its author’s flaws to the idea of Freigeld. The experience of Wörgl and Cheimgauer, drive home this point. Even then, the ideas of Freigeld existed in 10th century Europe.
The level of debt is a symptom of wealth concentration, and, because majority of debt is commercial debt, the money created by commercial lending always comes with a debt service obligation which requires continuous growth in the money supply, along with the existential need to expand the money supply because the population is growing, the size economy is growing in size, but also *because* inflation, commercial banks and corporations create. Interest in inflation are two sides the same money transfer scheme.
National Corperate and Consumer Debt.
The reasons for the United States decline is about the same reason for Europe’s decline in China’s decline. Marx, I think I’m not well read on him, But it’s substantially interesting “was made of him referring to the nature of commercial agriculture, That would always deplete and destroy the land and its productivity because of the nature of that kind of agriculture. Even China engages in the same necrotic metabolism that defines modernity. It is subject to exactly the same corrosive dynamics that is emerged in Europe, but predated capitalism it was not at all constrained to western culture. Few are the societies that learn to live within ecological constraints. No member of the financial and industrial core of which China is a prominent member can do so, not with a for-profit economy
Dr Wolff be reasonable. Corporate debt and Personal debt exist because those folks need to earn to pay back debt. This is not the case with Government debt. In the first place China owns U.S. debt because it has no place to really spend that money. So it keeps it here to acure interest. It has no desire to cash in that debt at the moment. But if it did it would ask the U.S. government to redeem it’s bonds and that would happen. The U.S. Government would contact the Treasury department and instruct them to create the money to pay back the debt. They would not do it by printing money, that’s old school. All they would is make a few key strokes on their computer. Adding the amount, whatever it was, to the Chinese account. You know as well as I that unlike Corporations or individuals, The U.S. government owns the printing press that creates money. The debt exists to convince the American people that the country is broke and can’t afford increasing Social Security, building low cost housing or providing care for the aged. Which is total bullshit, and you should be calling the government out on it. Government debt is also one of the very few ways to get new money into the economy. Let Trump balance the budget and see how fast the country goes broke.
Maybe all the billionaires viewing for positions in the new administration will chip in to pay off the debt since they want thosejobs so badly
Imagine your father owns a grocery store. A magical one. This one is magic because it keeps refilling itself, and everything in it, is free. The food, and water just replenish and anyone can just come in, and grab what they need, and pay with a thank you. Now imagine your father has lots of children. Each one can use it too. For free, because it’s your parents store right. Would it make sense for one of the siblings to lock the door, only allow who he wants in, and start charging everyone for the free groceries? Are they his groceries to profit from? Is it his store or his parents? How could he own anything in that store? What rights would he have to do charge others for the free groceries his parents gave not only him, but everyone?
FED is the magical store for those bankster families.
@ no, the earth is that store.
All power comes out of the mouth of a Gun.
People are not countries. 🎉
Sovereign debt does not function the same way.
But the FED can create any amount of money at Will. How about explaining how this can be used to pay off some debts and also Fund purchases by the government?
I wish I could ask him what he thinks about freedom. Does he feel Ukraines might choose to live in a country not run by a dictator who will kill people who dissent. I like most of his ideas but still have fear of dictatorship. I know we have dictatorship of corporate power but I Don t think the ceo's would get away poisoning people.
I don’t understand how this much debt is floating around yet companies keep posting profits and paying themselves those profits and give themselves more debt
PPPPPPPPrrrrrriiiiinnntttttt $$$$$$
Every year, the US Govt spends Seven Trillion Dollars, but only raises Five Trillion Dollars - So it must borrow Two Trillion Dollars. Today the Debt owed by US Govt increases by One Trillion Dollars every 3 months. (Federal Govt Debt is 35 Trillion Dollars, at present).
Where are the so called problem solving economists to rectify this horrific debt?
They created this situation
@@WorldturnedupsidedownHow?
@@Worldturnedupsidedown No, you're misinformed. Economists don't make policy. Politicians do.
Well, they are sure as heck not in public office. Economists are NOT policy makers!
Do you think in this current climate anyone will listen to Economists? Those days are gone.
Smart Man
Which Empire? 🙏 🛥 😊 💞 💖
why only china has money to build massive projects worldwide? why no other nations have money to build overseas? why only china making money & building power?
China builds factories and make products to exchange goods for money. They almost make everything.
May I also remind you of the fact that our Native American population in our motherland, the Continent of America before the European Colonizers arrived, was around 15 millions, while the European population in their motherland, the Continent of Europe was around 25 millions.
Today, Native American population is 15 million, while the European population, in the Continents of America + Europe, is a staggering TWO BILLION! A shockingly sad truth.
In my humble opinion, it's about time to decolonize the Colonized lands, and return to rightful owners Native American people.
Notorious global cardinal crimes the Christian West has committed, and benefited a great deal, such as centuries-long global Slavery & Colonialism had long been over, why on earth is notorious Colonization still lingering on, may I ask? 😔
My jaw dropped as I read Native American population in their motherland, the Continent of America before the European Colonizers arrived, was around 15 millions, while the European population in their motherland, the Continent of Europe was around 25 millions.
Today, Native American population is 15 million, while the European population, in the Continents of America + Europe, is a staggering TWO BILLION.. It is a shockingly sad truth. 🤷
I agree, it's about time to decolonize the Colonized lands, and return North/South America and Australia/New Zealand in Asia-Pacific to rightful owners Native American people and Native Asian-Pacific people.
True, notorious global cardinal crimes the Christian West has committed, and benefited a great deal, such as Slavery and Colonialism had long been over, why on earth is notorious Colonization still lingering on.
🤡
Like politics, economics makes for strange bedfellows.
And I agree and our interest rate will soon surpass over a trillion dollars what do you get that money our GDP isn't even that high ?
The vast bulk of the dollars that China holds, which it has swapped for interest bearing bond "debt" came from the gigantic quantities of cheap manufactured goods China has sold into the American market. Rather than let China purchase what they might want or need from the US, our government would rather they swap those dollars for bonds and voluntarily sideline those dollars' purchasing power in exchange for a few percent of interest. It's not the federal government "debt" which is going to crash the American economy, it's the overhang of private debt. Dollars spent into the economy by the federal government above and beyond the amount taxed back out can cause inflation, but they aren't owed to the bank and won't cause a wave of defaults the way excessive bank credit money creation will. If the federal government sharply curtails the quantity of dollers in the economy from cumulative past deficits, in other words, the debt, by raising taxes or cutting spending to run a balanced or surplus budget, then the proportion of default-prone bank-credit dollars in the economy grows, making the economy less and less capable of riding out a shock without a wave of defaults propagating through the system. I for one would really like to see a conversation between professor Wolff and professor Steve Keen.
Fearmongers unite!
Why is he so shocked about how business works?
He reminds me of Bela Lugosi.
Wow japan is such a small sweet country. Amazing that they loan us money. I heard something about why trump wants to stop healthcare subsidies bc ot cost the government, tax payer funded government something like 300 billion dollars in 10 years 😅🤣 as if . We haven't already given that amount to Ukraine and Israel in this past year not thst I'm a mathematician but you get it
Creditor ? Or predator ?
No debt. Since 1990.
“Automobile?”
Then all what said point to a reevaluation of history ,... Soviet unión event was a reestructure and modernize Rusia ... Sepárate losing partes and concéntrate on the important and most valuable, making proifits and cut loses
They canel your comments in here if they don't like them
What about bonds?
Late stage capitalism.
Creditcard 😂😂😂 you fools.
Is that wise to declare trade war on everyone?
What happened to free speech
Is it heading for thirty six trillion .
Crapitalism!
Wow! Paying back China. Thank you for getting real about the debt and the interest paid on it rather than making out debt does not matter.
Duhhh
Sir I don’t disagree with your assessment on the USA as a debtor.
That said. How do you equate China as a net Creditor when they have hidden debts cloaked within their own local municipalities and therefore not showing up on their governments bottom line ledger? Im not here for propaganda but wanting to understand your point.
You know nothing about that which you speak.
I have listened to him in the past just a clueless educator . and so goes America
This guy is always wrong yet can't resist offering his analysis
Are you supporters of which group of clowns democratic or republican?
Lol
What specifically is he getting wrong?
@nicklebuck do your own research. Listen to his detractors
The US never had an empire
Interesting solution to the problem. Go socialism. Right?
Preach Jesus dude. Get off that secular shit.
Mister, you are one lost soul. Ya, have have a lot intellectual stuff in your head but you really lack truth. Your groomed in human reasoning and conclude you know the real truth but lack the revelation there of. The church that sponsors your humanistic rambling doesn' t know the answer either according to their statement of belief and values.
Decline? Does this gentleman know how a declining empire keeps spending billions of dollars for arms to Ukraine, Israel. 4:02
This guy is a known marxist 😂 call him cooked
Nope, but I wager you're known as a fascist. 😉
True enough, but he ain't whistlin Dixie.
@Antiquated-Ether
If there hadn’t been marxists/ communists / trade unions fighting for justice generations before us, guys like you would have none of the benefits you now enjoy, such as sick leave, 35-hours week, holidays, retirement plans, insurances, maternal leave, prohibition of child labour, work place safety, housing projects and the list goes on.
Even without the North Americ and Western Europe having turned socialist, they have been influenced by it for the better and have its footprints on them.
Be aware that what you might take for granted wasn’t heaven sent but fought for with lots of blood, sweat and tears.
Antique unconscious
Stupid