19:14 Australian living in Germany here - can confirm that is very true, most people here still don't trust the banks as a result of this, and therefore most use mainly cash and never pay with card.
As a german, my reasoning for not paying with a credit card isn't that I don't trust banks (though I certainly don't. Big corporations, no matter what kind, never mean well for you). My reasoning is simply that paying cash is more practical. Imo, it makes it easier to keep in mind how much money you still have and adjust your spending accordingly. Handing over a physical item, even if it's just a piece of paper, just has a different psychological impact than just seeing a number change on a screen.
@@Tacklepig die meisten deutschen Banken sind keine Großbanken die Sparkassen und Genossenschaftsbanken machen den groß teil unseres Bankensektors aus.
Americans are almost totally dependent on banks. Banks are heavily responsible for economic recessions. They're responsible the Great Depression in the 1930s and the Great Recession in 2008
@@antonywerner3018 Deutschland hat 5 der 100 größten Banken der Welt (Deutsche Bank, DZ Bank, Commerzbank, Landesbank BW & Bayern LB). Nicht so krass wie die Amis oder Briten aber immerhin.
I commented and did videos on the parallels Richard spoke on over 4 years ago. I still post comments about it. And this is why self learning of real history and not the fantasy of the victor's history. Is paramount to understanding our place and purpose in our society. It give us clarity and pushes us to look for solutions.
In Mexico and I believe Latin America in general we know and learned a more accurate history of the USA than in the USA is learned. At least for the Mexico's case where the public education makes emphasis on the working class movement of the early 1900s . we even celebrate the 1st of May every year in honor of the martirs of Chicago. History revision is a stain on the intellectuals of the corporate class.
Some context about the german social security system: Bismark, who introduced it, was actually a very conservative polititian. For example he is know for the infamous "socialist laws", the objective of which was to opress leftists political movements, so he wasnt really in favor of a social welfare program. The thing was that the left at that time was so well organised that Bismark feared a revolution. In his diary he wrote that he felt it was necessary to give the workers some goddies so that they wouldnt sympathise with revolutionary ideas.
@Max Max -- That is interesting. Organization in the left is when it has the support of millions of workers, as for example a huge party membership, and Bismark's fear of revolution would be proof social security was a class war prize and victory for the workers against the German State Bismark represented or personified. Would it not be more historically accurate to locate the class struggle in Germany at the time as culminating in the creation of SS for workers in other nations just as we would should see a $20 dollar minimum wage increase and medicare for all, a struggle and a class war prize for workers against the Federal government's social welfare program in the form of tax cuts and bail outs to mega-corporations and the rich?
@@stella3265 Germany was already suffering from inflation when they decided to print money to help pay their workers. Printing excessive money was the direct cause of the hyperinflation. Of course, the treaty of versailles placing crippling debt on the Germany government was an indirect causes but high debt itself doesn't cause inflation.
@@stella3265 It was the direct cause. Germany made the mistake of paying for WW1 by taking out loans instead of raising taxes like France did. They lost and had to pay reperations somehow - with a not well-going economy and the inability to take out new loans without first paying back the old ones. The only way they had was to print money and buy foreign currency since neither France nor Belgium wanted reperations to be paid in Reichsmark. That flooded the international financial market with the German currency and led to it quickly losing all value, making it nearly impossible to import any goods, resulting in a quick increase in price of consumer goods, and once people realised that their money was quickly losing value, they bought like crazy as much as they could, resulting in the supply-and-demand structure of the market setting in. Since people bought a lot of stuff fast, the providers raised the prices. And to top all of this off, since this crippled the German economy, France invaded, resulting in a general strike during which the German government had to print money for the workers on strike which had no actual wealth behind it. That was the straw that broke the camel's back and tada, hyperinflation.
Another point of interest Prof Wolff omitted - in 1932, while Hitlers NSDAP had the best election outcome, social democrats, socialists and communist party could have built an alliance to elect a majority governement. But - as leftists always do - they could not agree on it. So the royalists, nationalists, liberals ect went with Hitler, hoping to "reign him in with responsibility"....
@Rex Icarus I think Paul is exaggerating but Dr Wolff is very very often correct. I am not sure why you would call someone names without any evidence at all.
@Rex Icarus Life expectancy in the US has been declining for some time. Education in the US has been declining for some time. What indicators are you referring to?
@Rex Icarus Over half the population does not deserve access to the best education available? Well I think that says everything we need to know about your position.
@Rex Icarus Even though your country is primarily responsible for dropping bombs on their homes and largely responsible for the climate disaster that is forcing these people to leave their homes in order to survive?
It is interesting to note that in Mexico you can find public schools named after people like Flores Magon , an anarchist and union leader of the workers of California and previously to exhile to the USA was active in North of Mexico to finally die in prison in the USA. History memory is clearer down south of the border.
@@jgalt308 some of the wise words with meaning are those that said ..." The mouth speaks the intentions of the heart " or the abundance of the heart speaks the mouth" . all words have meaning. You spoke your meaning. Are you empty??
@@georgefurman4371 My words have definitions that are precise...the words spoken by Wolff in this echo chamber have none. ( and neither do those of the echoers )
*No 1: Don't Only Hope On Government's Responds On security Matter's And Economy growth,* *No 2: As An Individual You Should Be Safeguarded And Also Look For Different Self Business And Trade Not Only Waiting on Betterment of Stock market activities,* *No 3: Most Important Always Save The Little You Can And Think Of What To Do With It When It Become Good For Capital,* *Because Government Have Failed Us In Aspect Of Security, Economics Activities And Other Trading Systems.*
Yes sure Bitcoin trade is great unlike the stock market and other financial market Bitcoin has no centralized location since it operates 24hour's in different parts of the world
Currently the rich stay rich by spending like the poor and investing while the poor stay poor by spending like the rich yet not investing like the rich
People need to be informed of the simple facts that have been forgotten. Thanks, Professor. I feel that as long as there is injustice and inequality, leftists will stand up and protect humanity.
@@liuzorich4058 are you joking? Obama went to Flint and laughed at the poisoned citizens and minimized their very real, serious problems. Just one example.
*It's unfair on how things has turned up to be due to the recent world pandemic things has been so difficult* *we see complains here and there in the social Media from different people in different countries all around the world* *The government has less or no time for their people anymore* *I think we all should try to engage in different things to make money and stop hoping on the economy*
Yes ! For real It is very important to have different streams of income and a diversified portfolio as for me I have already invested in crypto which is very profitable and easy to gain
@@teardrop-in-a-fishbowl That statement is not true for all of us. Certainly for the ruling elite, that is generally true. For those who are well read well informed amongst the population? We know the difference.. So, it is up to US, who need to organize and mobilize. We need to fight for Equality Liberty and fraternity(sisterhood too) . How do we accomplish this? Any answers?
@@stella3265 Sure, it can not be true for everyone. But, in the end, a majority decides where the journey goes and most of them don't know the history, nor how the present is manipulated by those who rule and their masters. First of all, the education system plays a main part when it comes to awareness. Secondly, the media has a huge influence on people and make opinion instead of informing people. It's difficult to break the circle of bad education and misinforming through main media. Those powerful have all strings in their hands and influence the political landscape too. To breake this system, a brought grassroot movement with trusted people of knowledge on top is needed. In the US you have those grassroot movement, the what Sanders built, you only have to use it in a right way. For me, the people in the US are still asleep even thou some are aware of the overall situation and dreaming of change. But it needs bolt actions and not dreaming and waiting that others, like the few politicians, will do the work. Not gonna happen, because the circumstances speak against it. And if they gain some power, a brought grassroots movement must show of.
and do you know who from far away quietly watching and learning from world history? yes, China. china know exactly what will happen if the western has the power and what did they do to them in opium war. china also know what soviet union had achieved and take better step compared to them. no wonder china is the rising power in such a short period of time.
@@johnsmith1474 it was the greatest aircraft manufacturer in the world. Before it's cared more about it's stock price, and the quality and safety of it's product. And no one has to use a Boeing plane. There is Airbus, and increasingly other manufacturers getting into the game. Boeing became complacent and corrupt.
@@Sabundy imagine skimping for a business that creates weapons that murder innocent civilians and soak federal dollars by the billions in weapons contracts. repulsive bootlickery....so killing hundreds of people due to deception and incompetence is likely not a problem for you either. equally as repulsive.
@@sunfish55 not at all my friend. Boeing is also a terrible company for that. It's obviously deeply immoral, and the fact that Boeing is a war profiteering company is another black mark against them. I was simply responding to above post based on Boeing no longer making a quality product.
the key sectors of the economy, hence transport, resources, energy and the medical system should be nationalized, that is without question. the common good needs to be put in front of profits
In your poorly punctuated imagination perhaps. In reality, people are busy working and earning a good living to waste time clamoring for new social values.
“I’m not here to ensure peace in Europe; I’m here to make Germany great again. If that can be done peacefully, well and good. If not, we’ll have to do it differently.” Adolph Hitler The Content of a note from Adolph Hitler to Crown Prince Friedrich Wilhelm of Germany after the prince congratulated Hitler for his “contributions to peace in Europe” on his visit to Rome in May of 1938. Hitler’s War, by David Irving [Page 89].-
Until we change political parties & politicians financing, corruption by the 1% will continue unabated and social progress will never happen. The government budget should include political party financing and caps on campaign spending for parties & politicians. Also, more political parties should be created to provide more choices and reduce the effects of polarization.
You could have mentioned that Bismarck - just like FDR - had to be forced to give people the welfare state and that right after this, he instituted the „Gesetz gegen die gemeingefährlichen Bestrebungen der Sozialdemokratie“ („law against the (terrorist, un-german) activities of social democracy threatening national security“).
"gemeingefährlich" is more accurately translated as "threatening to the general public", but that's awkward to insert into the english name. In modern terms, it would probably be called terrorist. Not that I disagree with your assessment, but the translation felt off to me.
Nice reference, bravo. I would be careful to name Bismark and then "just like" FDR. FDR had a humanitarian streak related to his travels in America, and was elected directly (within a racist US). Bismark was no populist as was FDR. I have not done the specific reading on the detail, but I'd like to think FDR used the socialist revolt in America against the banks who were his nemesis anyway. His preferred VP Wallace was practically a communist. FDR understood disadvantage with some compassion, Bismark was always at war with society.
17:50 It should be noted that Bismarck's government was very conservative who tried to get the worker's movement off his back. He tried with banning socialdemocratic and socialist organisations but that didn't help. The working class was organized and so strong, that this super conservative dude who helped crushing the Paris Commune was shitting his pants in fear of the working class. And he implemented a welfare state just to not get overthrown right away. I just love conservatives doing the job of socialists. But in order to do that, the working class must be organized. Join a union!
I don't know if you can purchase it but a book was published in 1914 with the title The ragged troused philanthropists written by Robert Tressel. Although written over a 100 years ago when I read it it was like reading about my life at work.
I've heard it said that this is because many many on the right have been through business school and be trained in marketing. They surely do have a great deal of control over the language as you say
I'm german too, and tbh, that's my analysis as well. Our alt-right is basically the only political branch that uses the internet at all, and thus they have an almost monopolized outreach through modern media. Almost all other politicians don't really use modern media effectively, plus they're usually way too careful when making statements, giving the right even more public space due to the outrage over their opinions. I'm pretty sure our alt-right is going to gain drastrically in the coming election, and our old, "established" parties are going to lose even more influence, and there's not much we can do about it except try and direct our votes to the lesser evil - which usually means 4 more years of no change at all, potentially this time even worse than that.
Redefine the definition of "fiduciary responsibility" to include safety, public, environmental concerns. So businesses can't say they are financially obligated to build planes that don't fly.
Who built a plane that can't fly? You are referring to a software problem that is a statistical outlier? For which fantastic safety requirements have prevented 99.9999% of the problem?
@@johnsmith1474 I'll give you that saying they "build planes that don't fly" is a bit much, but they openly admit they knew about the problem for a year before any incidents occurred. Unforeseen problems can be forgiven within reason, but known flaws like this cannot: the law of large numbers shows us that, given enough time, even things with a small probability of happening will inevitably occur. Consider that the fantastically 'low' figure of 99.9999% you chose means that, for every million flights, one of them would go wrong, and there are of course multiple tens of millions of commercial flights every year. They had profits over $10 billion a year before all this went down; they might've taken a small hit by telling the truth, but they still would've reaped profits in the billions while still acting in the public interest.
2021 stock look real weird right now I rather invest my money on crypto, I recommend Expert Bennice Marlene trading services for you her trading strategy is awesome.
When I meet Expert Bennice Marlene last year for the first time at a conference in the states, I invested €2,000 and traded in one month making close to €24,000.
A fun think: in the Harry Potter book series, goblins have an interesting take on capitalism. Goblins maintain that what they create and sell to wizards, only applies to that wizard. Meaning, once that wizard dies, their product should go back to the goblins. What I take away from this is, we must define capital. Capital is not the same as currency. Everyone has capital. How much, that depends on your skill set. Currency allows for an employer to buy someone’s capital. The person that built the house you live in, is either dead or very old. Are they getting their reward from their capital? No, they are not. That house is still making someone currency. Someone is taking the capital from the worker who built the place and keeping it for themselves. Yes, the worker got paid. Also, we must define public utility. There is nothing new out there. Why do we pay a third-party for something that was invented Long ago. It was the national Institute of health that came up with the corona vaccine. It will be the pharmaceutical companies that get the profit from it. Meaning, tax dollars were spent so a third-party could profit. In other words, kindling for a vast fire of nationalism. It was not the CEOs of General Motors that made the corporation what it is. It was the workers. The CEOs of General Motors stole the capital of the workers and moved production to other countries. Incidentally, this idea is mentioned in the Percy Jackson book series. Mount Olympus started out over Greece. It then moved over the United Kingdom. In the book series, it was over New York.
On Boeing at 9 to 11mins re Indonesia: You'd want to get to the facts on this one as Indonesia has a dismal record on air safety. Would not fly on any Indonesian airlines for any amount of money.
ONE Campaign, anti-poverty NGO , found that to date, the United States, the European Union, Britain, Australia, Canada and Japan have already secured more than 3 billion doses - over a billion more than the 2.06 billion needed to give their entire populations two doses.
The problem is not the system but the lack of understanding by many of how the systemic works. Which starts with education. People regularly make sub optimal financial decisions and then blame the system.
“Two percent of the people think, three percent of the people Think they think, and ninety-five percent of the people would rather die than Think." -G.B.S.
Because people are not informed and rely on those whom are in their trust, thus Media manipulation tactics, Governments not really representative of the people, but like self interest groups apparent. Seems actions are in play in US with theatrics to destroy the fabric of society. Why? is the point. It seems the Corporates, Oiligarchs, Monopolies, Technocrats,Duopolies , have already the buyout. Biden is in for a huge fall too if things carry on as is it seems. Nobody can survive long term under such an awful state.
I'm pretty certain the January 2021 737-500 accident in Indonesia was an airline with questionable safety standards. Given there are 1000's of 737's in service worldwide, the aircraft is very safe overall. Not mitigating the issue however.
@@lynnebarnes3840 I wasn't being disrespectful, only stating the 737 itself is generally a safe aircraft. I stated the airline has had some safety issues.
Sriwijaya Air flight SJ182 crashed shortly after take off from Jakarta on 9 January 2021. The flight, operated by 737-500 registered PK-CLC, departed at 07:36 UTC (14:36 local time). The last ADS-B signal from the aircraft was received by Flightradar24 at 07:40 UTC. He took off in bad weather with torrential rains near a Monsoon. The aircraft was 26 years old and was originally delivered to Continental in 1994. Current airline took possession of it in 2012. So you can't blame Boeing for this one.
Thank you for opening the learning of the History that connected the whole world. World War 1 and 2 still have the affect to lot of people, They didn't even know how and why they get to that .Thank again, Not wanting to have war is most Citizens Globally , not just some. learnt the history is knowing the truth, that will set us free of war.
The public schools are run by the government. The private schools are run privately. I think the problem is that the public schools are largely unionized and their members are hesitant to teach.....understandably.
Dear Professor Wolff, thank you once again for your informative and enjoyable updates from this British viewer. This update with your commentary on similarities between the current political and economic trends in the USA and parallels with Weimar Germany highlights the comment by Samuel Clemens (aka Mark Twain) that "History doesn't repeat itself, but it often rhymes'. Recent events in the US also have echoes of the 1935 dystopian political novel by American author Sinclair Lewis titled 'It can't happen here'' which describes the rise of a US dictator similar to Adolf Hitler. The novel describes the rise of Berzelius "Buzz" Windrip, a demagogue who is elected President of the United States, after fomenting fear and promising drastic economic and social reforms while promoting a return to patriotism and "traditional" values. After his election, Windrip takes complete control of the government and imposes totalitarian rule with the help of a ruthless paramilitary force, in the manner of European fascists such as Adolf Hitler and Benito Mussolini. The recent events at the Capitol and the presidency of Donald J. Trump and his shrewd use of his 'MAGA' propaganda has striking similarities to the fictional character of this novel published 86 years ago. It was easy for the 'liberal' media for the last four years to dismiss Trump as an embarrassing buffoonish character who provided their chosen 'right on' comedians with easy material for their ridicule. Unfortunately no one is laughing now. Trump turned out to be a genius at tapping into 40 years of working and middle class rage at the offshoring of their jobs and their endless cycles of impoverishment under both Reaganist Republicans and Clintonist Democrats. The Democrats under Clinton (NAFTA) and Obama (2008 Bankers bailout and 10 million home foreclosures) finished the job Reagan Republicans started in 1979. Biden unfortunately appears like a Fritz von Papen, the Weimar 'strong man' who tried and failed to resurrect an imperial style government based on using the old rails of the previous Hohenzollern' monarchy. Biden, by bringing Obama's 'old 'band back together again' in his staff selection, (and short of Biden having a sudden Damascene revelation of what needs to be done to help the ordinary citizens of the US to recover their American Dream) - is doomed to fail to deliver a radical change in average citizens' economic circumstances. If this failure happens then it will lead to either the return of Trump himself in 2024 or someone who has shares the same approach but who will succeed where Trump failed to take over the state for his own ends. Here's hoping that doesn't happen and Biden defies predictions.
give a "well said" from frankonia, germany! the simplicity of how the story is told helps me a lot to, not only understanding it, but to get the bigger picture of it. so far, so good. but ey, this bigger picture... is a pain in the ass! it says: things are so messed up, so deeply disturbed, that there is NO WAY OUT! one can not imagine the unspeakable ammount of things need to happen or be done, to find a way out of this sheer insanity. the us is DOOMED! youre done! hit the road, leave the country. things will be worst...
When aircraft were first invented no one saw a need for them. Flying contraptions that were only a curiosity at best. Do you think private company's developed aircraft and air travel? No, governments did. Can you imagine a world today without air travel? Developed in war and later brought to the masses by private company's for profit. Jet propulsion. Expensive, complicated, gas guzzling monsters. Can you imagine a world without jet engines? Developed by governments in war and later brought to the masses by private industry. During WW2 German flak artillery used computers and radar to locate allied bomber formations. determine their altitude, airspeed, and direction and then calculate were those bomber formations would be by the time the flak reached their altitude. Computers, developed by governments in time of war and later brought to the masses by private industry. Can you imagine a world without computers? It would appear private industry is FINALLY taking an interest in rocket propulsion and space travel. Nuclear power, solar power, communications. There is no question of governments role in shaping human destiny. But government can only do so much. The nation has to do their part as well. Which is why it is so important for government to protect the assets the nation has created as well as a stable society. How was allowing the nation to become a Banana Republic and allowing private corporations to off shore the nations industry for personal profit in the best interest of the nation or humanity's future? The government didn't violate the law by tearing down cultural symbols and inciting outrage in the population. it was those mean old protesters. But government refuses to enforce the law and constitution by restoring the culture and allowing the population to settle back down and become productive again? The government didn't violate the constitution by preventing Americans from assembling in digital gathering places it was those mean old corporations again? But government refuses to defend the constitution and enforce the laws allowing Americans to assemble and share ideas. For decades government has not developed any new technology's or encouraged private industry. Government has not protected national assets or peaceful society. Government has made no attempt to shape human destiny. When there is no question as to the importance of governments role in these areas.
Since I was a kid and became aware of the world, in comparing America to other countries one of the symbols above others stood out to me. The statue of justice, blindfolded, holding the scale. The representation of equal justice for all.. but the case in this video of the 737 planes that crashed even if internal memo's are revealed showing that Boeing knew the planes were dangerous but the fix would cut profits so they weren't made. All that will happen... all that EVER happens is the company is fined. If you or I cut the car brake lines and then collected life insurance money on someone who died in the car, you or I couldn't use a profit and loss sheet for our defense, why isn't someone at Boeing going to prison... or the bankers who gambled in 2008?
I think many people do understand. It's just that they have amassed lots of wealth and opportunity. They don't want to share. Bottom line....they know and don't care because they are greedy.
What greed does to a person? Unrestrained in an individual lead to callousness, arrogance, and even megalomania. A dominated by will often ignore the harm their actions cause others. Look what Greed did to Donald Trump and his Fascist Party .
I think the professor is mistaken about not having the materials to deal with the pandemic stockpiled and warehoused...what we did not have is a vaccine when the virus broke out. That said, with enough material support warehoused under FEMA's jurisdiction did not get to hospital staff and first responders around the country because of an administrative decision from the office of the president of the US to not distribute the PPE's. This is not a case of lack of materials and production as much as it is a case of deliberately holding back the material support by a president. This is a case of a weaponizing essential and necessary material to some other end which we know now in hindsight, was part of the process of destroying the government. Criminal, really.
How would worker coops deal with externalities like environmental degradation and abuse of public goods. How would it solve the problem of tax avoidance? How would it make sure that everyone has a home, a job, food, water, health care, education, and safety? I would definitely be in favor of democracy in the work place, but I don't think it can solve everything. A worker owned and controlled coal mine would still lobby against climate change legislation.
Complex human civilizations tend to be warlike in nature as history has demonstrated compared to where our species had originated, that of simple hunter-gatherers. It's the cleverness, our inventiveness, that has brought about this self-imposed confrontational sociological predicament that keeps repeating its blatant dysfunction again and again. It's clearly evident that due to the almost 8 billion of us on the planet today that we can no longer revert back to our primitive way of being and relative harmony with nature. Therefore, as you state, our only hope of any future at all in the near-term is to radically change the world's human-made economic system and the collective mindset from one based on the conditioned self-centeredness of modernity to that of a passionate concern for the well-being of the community first and foremost, which apparently was the foundation on which those tribal communities thrived. This may well just be an unrealistic pipe dream on a global scale, but our backs are now up against the wall literally from an existential point of view.
I have to agree with Prof Wolfe it is high time for the third reconstruction of this democracy. If we are going to move towards a more perfect union we have got to have worker-owned cooperatives. Labor like everything else needs to be competitive. We should start with the people who are currently unemployed the government can sponsor the creation of worker-owned cooperatives it's plenty of work to be done in this country in health care, education, affordable housing, infrastructure, and other public goods works that can be done. They can pay themselves a minimum wage of $15.00 plus profits at the end of the year that can be used for pensions and such. Otherwise, I fear in five years or so the American Empire will be over and headed to the ash heap of history.
I completely agree with professor Wolff, private enterprises cannot be trusted with any essential production or service, because the profit motive is unable to distribute those good and services correctly or fairly. Essential goods and services must be socialized, the luxuries and non-essential stuff can be managed by capitalism with strong protections for workers, because in those markets at least the companies do not have the leverage of necessity to extort consumers.
About the whining about the two party system: Have the folks at D@W engaged with Ian Shapiro's case about why the two party system is the best one? Multiparty sounds more democratic, but it isn't capable of giving term prosperity and security
19:14 Australian living in Germany here - can confirm that is very true, most people here still don't trust the banks as a result of this, and therefore most use mainly cash and never pay with card.
As a german, my reasoning for not paying with a credit card isn't that I don't trust banks (though I certainly don't. Big corporations, no matter what kind, never mean well for you).
My reasoning is simply that paying cash is more practical. Imo, it makes it easier to keep in mind how much money you still have and adjust your spending accordingly. Handing over a physical item, even if it's just a piece of paper, just has a different psychological impact than just seeing a number change on a screen.
@@Tacklepig die meisten deutschen Banken sind keine Großbanken die Sparkassen und Genossenschaftsbanken machen den groß teil unseres Bankensektors aus.
Americans are almost totally dependent on banks. Banks are heavily responsible for economic recessions. They're responsible the Great Depression in the 1930s and the Great Recession in 2008
@@antonywerner3018 Deutschland hat 5 der 100 größten Banken der Welt (Deutsche Bank, DZ Bank, Commerzbank, Landesbank BW & Bayern LB). Nicht so krass wie die Amis oder Briten aber immerhin.
@@kyletopfer7818 2/3 der transaktionen werden von sparkassen landesbanken und genossenschaftsbanken ausgeführt
I commented and did videos on the parallels Richard spoke on over 4 years ago. I still post comments about it. And this is why self learning of real history and not the fantasy of the victor's history. Is paramount to understanding our place and purpose in our society. It give us clarity and pushes us to look for solutions.
In Mexico and I believe Latin America in general we know and learned a more accurate history of the USA than in the USA is learned. At least for the Mexico's case where the public education makes emphasis on the working class movement of the early 1900s . we even celebrate the 1st of May every year in honor of the martirs of Chicago. History revision is a stain on the intellectuals of the corporate class.
Thank you for sharing this important information.
Thank you for listening and understanding the message and lesson.
Some context about the german social security system:
Bismark, who introduced it, was actually a very conservative polititian. For example he is know for the infamous "socialist laws", the objective of which was to opress leftists political movements, so he wasnt really in favor of a social welfare program. The thing was that the left at that time was so well organised that Bismark feared a revolution. In his diary he wrote that he felt it was necessary to give the workers some goddies so that they wouldnt sympathise with revolutionary ideas.
Max Max, do you believe that the Paris peace conference played a role in why Germany ended up in hyperinflation in the early 20s?
@Max Max -- That is interesting. Organization in the left is when it has the support of millions of workers, as for example a huge party membership, and Bismark's fear of revolution would be proof social security was a class war prize and victory for the workers against the German State Bismark represented or personified. Would it not be more historically accurate to locate the class struggle in Germany at the time as culminating in the creation of SS for workers in other nations just as we would should see a $20 dollar minimum wage increase and medicare for all, a struggle and a class war prize for workers against the Federal government's social welfare program in the form of tax cuts and bail outs to mega-corporations and the rich?
@@stella3265 Germany was already suffering from inflation when they decided to print money to help pay their workers. Printing excessive money was the direct cause of the hyperinflation. Of course, the treaty of versailles placing crippling debt on the Germany government was an indirect causes but high debt itself doesn't cause inflation.
@@stella3265 It was the direct cause. Germany made the mistake of paying for WW1 by taking out loans instead of raising taxes like France did. They lost and had to pay reperations somehow - with a not well-going economy and the inability to take out new loans without first paying back the old ones. The only way they had was to print money and buy foreign currency since neither France nor Belgium wanted reperations to be paid in Reichsmark. That flooded the international financial market with the German currency and led to it quickly losing all value, making it nearly impossible to import any goods, resulting in a quick increase in price of consumer goods, and once people realised that their money was quickly losing value, they bought like crazy as much as they could, resulting in the supply-and-demand structure of the market setting in. Since people bought a lot of stuff fast, the providers raised the prices. And to top all of this off, since this crippled the German economy, France invaded, resulting in a general strike during which the German government had to print money for the workers on strike which had no actual wealth behind it. That was the straw that broke the camel's back and tada, hyperinflation.
Another point of interest Prof Wolff omitted - in 1932, while Hitlers NSDAP had the best election outcome, social democrats, socialists and communist party could have built an alliance to elect a majority governement. But - as leftists always do - they could not agree on it.
So the royalists, nationalists, liberals ect went with Hitler, hoping to "reign him in with responsibility"....
Dr Wolff is always right on.
@Rex Icarus I think Paul is exaggerating but Dr Wolff is very very often correct. I am not sure why you would call someone names without any evidence at all.
@Rex Icarus Life expectancy in the US has been declining for some time. Education in the US has been declining for some time.
What indicators are you referring to?
@Rex Icarus lmao. Can you please provide the metrics you are referring to?
@Rex Icarus Over half the population does not deserve access to the best education available? Well I think that says everything we need to know about your position.
@Rex Icarus Even though your country is primarily responsible for dropping bombs on their homes and largely responsible for the climate disaster that is forcing these people to leave their homes in order to survive?
Excellent description of the current political narrative.
Words are unnecessary after watching and listening to Professor Wolf. Great American! Thank you Professor Wolf!
It is interesting to note that in Mexico you can find public schools named after people like Flores Magon , an anarchist and union leader of the workers of California and previously to exhile to the USA was active in North of Mexico to finally die in prison in the USA. History memory is clearer down south of the border.
Words are unnecessary because they have been rendered meaningless...
@@jgalt308 some of the wise words with meaning are those that said ..." The mouth speaks the intentions of the heart " or the abundance of the heart speaks the mouth" . all words have meaning.
You spoke your meaning. Are you empty??
@@georgefurman4371 My words have definitions that are precise...the words spoken by Wolff
in this echo chamber have none. ( and neither do those of the echoers )
@@jgalt308 you are just another echo of other echoes in a wilderness of echoes. I see little precision in your echo.
*No 1: Don't Only Hope On Government's Responds On security Matter's And Economy growth,*
*No 2: As An Individual You Should Be Safeguarded And Also Look For Different Self Business And Trade Not Only Waiting on Betterment of Stock market activities,*
*No 3: Most Important Always Save The Little You Can And Think Of What To Do With It When It Become Good For Capital,*
*Because Government Have Failed Us In Aspect Of Security, Economics Activities And Other Trading Systems.*
Yes sure Bitcoin trade is great unlike the stock market and other financial market Bitcoin has no centralized location since it operates 24hour's in different parts of the world
Currently the rich stay rich by spending like the poor and investing while the poor stay poor by spending like the rich yet not investing like the rich
Wise words that's just the fact and also what is happening day by day
I'm just so Lucky to have Dr Benjamin as my investor he really understand all methods of Bitcion
We get to see people remain poor due to ignorance and selfishness
People need to be informed of the simple facts that have been forgotten. Thanks, Professor.
I feel that as long as there is injustice and inequality, leftists will stand up and protect humanity.
Can they even protect themselves at this point?
@@lynnebarnes3840 Nope. You might have confused Leftists with Marxists. Obama, Sanders, and Biden are all, in sone extent, leftists.
@@liuzorich4058 are you joking? Obama went to Flint and laughed at the poisoned citizens and minimized their very real, serious problems. Just one example.
No facts "have been forgotten." The facts are in the books, in the libraries everyone in this nation ignores.
Superb outline and explanation of why we are where we are. Thank you!
*It's unfair on how things has turned up to be due to the recent world pandemic things has been so difficult*
*we see complains here and there in the social Media from different people in different countries all around the world*
*The government has less or no time for their people anymore*
*I think we all should try to engage in different things to make money and stop hoping on the economy*
Yes ! For real It is very important to have different streams of income and a diversified portfolio as for me I have already invested in crypto which is very profitable and easy to gain
Exactly I'm also happy to start investing too than to have my money sleeping in bank
That’s the fact well I only invested in stocks and will love to know a better investment too
I held stocks for a long term but I swapped and invested in Bitcoin and forex and I have been earning much from it
Sure investing in bitcoin is really a big chance to make more money nowadays
" HISTORY TEACHES US THAT MAN LEARNS NOTHING FROM HISTORY " ( Hegel ) German Philosopher 1770-1831
True, unfortunately.
@@teardrop-in-a-fishbowl That statement is not true for all of us. Certainly for the ruling elite, that is generally true. For those who are well read well informed amongst the population? We know the difference.. So, it is up to US, who need to organize and mobilize. We need to fight for Equality Liberty and fraternity(sisterhood too) . How do we accomplish this? Any answers?
@@stella3265 Sure, it can not be true for everyone. But, in the end, a majority decides where the journey goes and most of them don't know the history, nor how the present is manipulated by those who rule and their masters. First of all, the education system plays a main part when it comes to awareness. Secondly, the media has a huge influence on people and make opinion instead of informing people. It's difficult to break the circle of bad education and misinforming through main media. Those powerful have all strings in their hands and influence the political landscape too. To breake this system, a brought grassroot movement with trusted people of knowledge on top is needed. In the US you have those grassroot movement, the what Sanders built, you only have to use it in a right way. For me, the people in the US are still asleep even thou some are aware of the overall situation and dreaming of change. But it needs bolt actions and not dreaming and waiting that others, like the few politicians, will do the work. Not gonna happen, because the circumstances speak against it. And if they gain some power, a brought grassroots movement must show of.
and do you know who from far away quietly watching and learning from world history?
yes, China. china know exactly what will happen if the western has the power and what did they do to them in opium war. china also know what soviet union had achieved and take better step compared to them. no wonder china is the rising power in such a short period of time.
@@stella3265 You only know what you are told
if its boeing, I ain't going.
take a decent airliner, not one of those cheap foreign ones
It's the greatest aircraft manufacturer in the world. But yeah you can bitch, it's a free country.
@@johnsmith1474 it was the greatest aircraft manufacturer in the world. Before it's cared more about it's stock price, and the quality and safety of it's product. And no one has to use a Boeing plane. There is Airbus, and increasingly other manufacturers getting into the game. Boeing became complacent and corrupt.
@@Sabundy imagine skimping for a business that creates weapons that murder innocent civilians and soak federal dollars by the billions in weapons contracts. repulsive bootlickery....so killing hundreds of people due to deception and incompetence is likely not a problem for you either. equally as repulsive.
@@sunfish55 not at all my friend. Boeing is also a terrible company for that. It's obviously deeply immoral, and the fact that Boeing is a war profiteering company is another black mark against them. I was simply responding to above post based on Boeing no longer making a quality product.
the key sectors of the economy, hence transport, resources, energy and the medical system should be nationalized, that is without question. the common good needs to be put in front of profits
so we have a revolution next
In your poorly punctuated imagination perhaps. In reality, people are busy working and earning a good living to waste time clamoring for new social values.
A very excellent and easy way to understand it! I’m a huge fan, thank you Dr Wolf! Best🙏
Thank you for this series of plain language economic analysis and suggestions for a better future (for ordinary people).
Thank you Prof. Richard Wolff, for exposing the case of Boeing. The policy of putting money first is a killer.
Very good Mr Proffesor Richard Wolff 👏👏👍👍👍
Thanks for the lessons! Great Professor! First time that I can understand a little bit of economy.
We love these intelligent You Tube videos and the smart comments by posters!
“I’m not here to ensure peace in Europe; I’m here to make Germany great again. If that can be done peacefully, well and good. If not, we’ll have to do it differently.”
Adolph Hitler
The Content of a note from Adolph Hitler to Crown Prince Friedrich Wilhelm of Germany after the prince congratulated Hitler for his “contributions to peace in Europe” on his visit to Rome in May of 1938.
Hitler’s War, by David Irving [Page 89].-
My bf turned me onto this, thank you!
Until we change political parties & politicians financing, corruption by the 1% will continue unabated and social progress will never happen. The government budget should include political party financing and caps on campaign spending for parties & politicians. Also, more political parties should be created to provide more choices and reduce the effects of polarization.
You could have mentioned that Bismarck - just like FDR - had to be forced to give people the welfare state and that right after this, he instituted the „Gesetz gegen die gemeingefährlichen Bestrebungen der Sozialdemokratie“ („law against the (terrorist, un-german) activities of social democracy threatening national security“).
"gemeingefährlich" is more accurately translated as "threatening to the general public", but that's awkward to insert into the english name. In modern terms, it would probably be called terrorist.
Not that I disagree with your assessment, but the translation felt off to me.
@@Tacklepig Yeah, a literal translation wouldn’t have the same weight I guess ;) but it sure is good to also know the literal translation
Nice reference, bravo.
I would be careful to name Bismark and then "just like" FDR. FDR had a humanitarian streak related to his travels in America, and was elected directly (within a racist US). Bismark was no populist as was FDR. I have not done the specific reading on the detail, but I'd like to think FDR used the socialist revolt in America against the banks who were his nemesis anyway. His preferred VP Wallace was practically a communist. FDR understood disadvantage with some compassion, Bismark was always at war with society.
@@johnsmith1474 WTH?
17:50 It should be noted that Bismarck's government was very conservative who tried to get the worker's movement off his back. He tried with banning socialdemocratic and socialist organisations but that didn't help. The working class was organized and so strong, that this super conservative dude who helped crushing the Paris Commune was shitting his pants in fear of the working class. And he implemented a welfare state just to not get overthrown right away.
I just love conservatives doing the job of socialists. But in order to do that, the working class must be organized. Join a union!
Another great segment
Thank you for the history lesson as it should be taught.
Thank you Sir .Tragic situation .
A superb informative lecture THANKS.
I’m just here for how Prof. Wolff pronounces Latinx
Yes, it seems that once again a general repression is in the interest of capital investments in the US.
As a former Air Force technician I ask myself why is there no wireless data recordings. It's not that difficult.
I don't know if you can purchase it but a book was published in 1914 with the title The ragged troused philanthropists written by Robert Tressel. Although written over a 100 years ago when I read it it was like reading about my life at work.
Excellent video. Wow! I learned.
I'm german. Sadly, it may happen here top, again. The right is so mich better in messanging than we are. It's easier for them.
I've heard it said that this is because many many on the right have been through business school and be trained in marketing. They surely do have a great deal of control over the language as you say
I'm german too, and tbh, that's my analysis as well.
Our alt-right is basically the only political branch that uses the internet at all, and thus they have an almost monopolized outreach through modern media.
Almost all other politicians don't really use modern media effectively, plus they're usually way too careful when making statements, giving the right even more public space due to the outrage over their opinions.
I'm pretty sure our alt-right is going to gain drastrically in the coming election, and our old, "established" parties are going to lose even more influence, and there's not much we can do about it except try and direct our votes to the lesser evil - which usually means 4 more years of no change at all, potentially this time even worse than that.
@@andrewzcolvin Very well said
@@dinnerwithfranklin2451 Yeah, business school gives you rigorous training in how to spout bullshit.
Redefine the definition of "fiduciary responsibility" to include safety, public, environmental concerns. So businesses can't say they are financially obligated to build planes that don't fly.
Who built a plane that can't fly? You are referring to a software problem that is a statistical outlier? For which fantastic safety requirements have prevented 99.9999% of the problem?
@@johnsmith1474 I'll give you that saying they "build planes that don't fly" is a bit much, but they openly admit they knew about the problem for a year before any incidents occurred. Unforeseen problems can be forgiven within reason, but known flaws like this cannot: the law of large numbers shows us that, given enough time, even things with a small probability of happening will inevitably occur. Consider that the fantastically 'low' figure of 99.9999% you chose means that, for every million flights, one of them would go wrong, and there are of course multiple tens of millions of commercial flights every year. They had profits over $10 billion a year before all this went down; they might've taken a small hit by telling the truth, but they still would've reaped profits in the billions while still acting in the public interest.
Excellent solution!!!
I said what Richard in this Economic Update we have education that hasn’t been forgotten! We should lead America ! You be POTUS and I’ll be V.P !
You are good story teller like the historical Chinese story teller 你大假 whom l enjoy from the radio when I was a child. I truly enjoy your lecture.
I freaking love Professor Richard Wolff. Thank you for doing this weekly program
Excellent!
Despite the economy crisis it's also a good time to invest in gold and Cryptocurrency.
Nice words.
I think investing in crypto under forex will be the wisest thing doing now.
2021 stock look real weird right now I rather invest my money on crypto, I recommend Expert Bennice Marlene trading services for you her trading strategy is awesome.
When I meet Expert Bennice Marlene last year for the first time at a conference in the states, I invested €2,000 and traded in one month making close to €24,000.
My first investment with Bennice Marlene gave me a huge profit over $23,000 Us dollars and ever since then she has never failed to deliver.
always on point.
A fun think: in the Harry Potter book series, goblins have an interesting take on capitalism. Goblins maintain that what they create and sell to wizards, only applies to that wizard. Meaning, once that wizard dies, their product should go back to the goblins. What I take away from this is, we must define capital. Capital is not the same as currency. Everyone has capital. How much, that depends on your skill set. Currency allows for an employer to buy someone’s capital. The person that built the house you live in, is either dead or very old. Are they getting their reward from their capital? No, they are not. That house is still making someone currency. Someone is taking the capital from the worker who built the place and keeping it for themselves. Yes, the worker got paid. Also, we must define public utility. There is nothing new out there. Why do we pay a third-party for something that was invented Long ago. It was the national Institute of health that came up with the corona vaccine. It will be the pharmaceutical companies that get the profit from it. Meaning, tax dollars were spent so a third-party could profit. In other words, kindling for a vast fire of nationalism. It was not the CEOs of General Motors that made the corporation what it is. It was the workers. The CEOs of General Motors stole the capital of the workers and moved production to other countries. Incidentally, this idea is mentioned in the Percy Jackson book series. Mount Olympus started out over Greece. It then moved over the United Kingdom. In the book series, it was over New York.
In preparation for the Anthropocene extinction, let the epitaph for the human race read: throw me a fish.
On Boeing at 9 to 11mins re Indonesia: You'd want to get to the facts on this one as Indonesia has a dismal record on air safety.
Would not fly on any Indonesian airlines for any amount of money.
ONE Campaign, anti-poverty NGO , found that to date, the United States,
the European Union, Britain, Australia, Canada and Japan have already
secured more than 3 billion doses - over a billion more than the 2.06
billion needed to give their entire populations two doses.
Great work Sir.
Great!
Who can tell me the name of the intro song?))
jay-z - moment of clarity
@@christopherglemaud4709 how apt.
Shady's Back
You say that this is systemic failure. That is the best scenario. What if the system is working EXACTLY as it is designed? That is my fear.
Thank you so much.
Richard you re first class, great vid which will last
Thanks, Professor
Teachers are United ! Women are RISING!
The problem is not the system but the lack of understanding by many of how the systemic works. Which starts with education. People regularly make sub optimal financial decisions and then blame the system.
Thank you Sir! Always Informative
Is there a group that read your book, Dr. Wolff and discuss about it?
TY!! You are terrific.
“Two percent of the people think, three percent of the people Think they think, and ninety-five percent of the people would rather die than Think." -G.B.S.
Because people are not informed and rely on those whom are in their trust, thus Media manipulation tactics, Governments not really representative of the people, but like self interest groups apparent. Seems actions are in play in US with theatrics to destroy the fabric of society. Why? is the point.
It seems the Corporates, Oiligarchs, Monopolies, Technocrats,Duopolies , have already the buyout. Biden is in for a huge fall too if things carry on as is it seems. Nobody can survive long term under such an awful state.
By how much did the fiscal stimulus package offset the 2. 5 billion penalty Boeing was fined
Enlightenment! Thanks, appreciate very much
Thank you. I posted this on Facebook and Twitter. I hope folks pay attention.
I'm pretty certain the January 2021 737-500 accident in Indonesia was an airline with questionable safety standards. Given there are 1000's of 737's in service worldwide, the aircraft is very safe overall. Not mitigating the issue however.
That will be good confirm for the families of the over 300 deceased.
@@lynnebarnes3840 I wasn't being disrespectful, only stating the 737 itself is generally a safe aircraft. I stated the airline has had some safety issues.
@@67tomcat I accept that, generally travelling by car is much more dangerous, but, none of my family have died in one of those plane crashes.
Sriwijaya Air flight SJ182 crashed shortly after take off from Jakarta on 9 January 2021. The flight, operated by 737-500 registered PK-CLC, departed at 07:36 UTC (14:36 local time). The last ADS-B signal from the aircraft was received by Flightradar24 at 07:40 UTC.
He took off in bad weather with torrential rains near a Monsoon.
The aircraft was 26 years old and was originally delivered to Continental in 1994. Current airline took possession of it in 2012.
So you can't blame Boeing for this one.
very good lesson
Dr. Wollf, how did America thrive in the 1920's ( Roaring 20's) while Germany suffered acute inflation at the exact same time
27:04
So instead they go for the next best thing, oligopolies.
Thank you for opening the learning of the History that connected the whole world. World War 1 and 2 still have the affect to lot of people, They didn't even know how and why they get to that .Thank again, Not wanting to have war is most Citizens Globally , not just some. learnt the history is knowing the truth, that will set us free of war.
The German Revolution? Rosa Luxemburg? Karl Liebknecht? Spartakusbund? No? Okay
The public schools are run by the government. The private schools are run privately. I think the problem is that the public schools are largely unionized and their members are hesitant to teach.....understandably.
Unions negotiate though. Can & will, so why the stymy. = Ratbags?
Dear Professor Wolff, thank you once again for your informative and enjoyable updates from this British viewer. This update with your commentary on similarities between the current political and economic trends in the USA and parallels with Weimar Germany highlights the comment by Samuel Clemens (aka Mark Twain) that "History doesn't repeat itself, but it often rhymes'. Recent events in the US also have echoes of the 1935 dystopian political novel by American author Sinclair Lewis titled 'It can't happen here'' which describes the rise of a US dictator similar to Adolf Hitler. The novel describes the rise of Berzelius "Buzz" Windrip, a demagogue who is elected President of the United States, after fomenting fear and promising drastic economic and social reforms while promoting a return to patriotism and "traditional" values. After his election, Windrip takes complete control of the government and imposes totalitarian rule with the help of a ruthless paramilitary force, in the manner of European fascists such as Adolf Hitler and Benito Mussolini. The recent events at the Capitol and the presidency of Donald J. Trump and his shrewd use of his 'MAGA' propaganda has striking similarities to the fictional character of this novel published 86 years ago. It was easy for the 'liberal' media for the last four years to dismiss Trump as an embarrassing buffoonish character who provided their chosen 'right on' comedians with easy material for their ridicule. Unfortunately no one is laughing now. Trump turned out to be a genius at tapping into 40 years of working and middle class rage at the offshoring of their jobs and their endless cycles of impoverishment under both Reaganist Republicans and Clintonist Democrats. The Democrats under Clinton (NAFTA) and Obama (2008 Bankers bailout and 10 million home foreclosures) finished the job Reagan Republicans started in 1979. Biden unfortunately appears like a Fritz von Papen, the Weimar 'strong man' who tried and failed to resurrect an imperial style government based on using the old rails of the previous Hohenzollern' monarchy. Biden, by bringing Obama's 'old 'band back together again' in his staff selection, (and short of Biden having a sudden Damascene revelation of what needs to be done to help the ordinary citizens of the US to recover their American Dream) - is doomed to fail to deliver a radical change in average citizens' economic circumstances. If this failure happens then it will lead to either the return of Trump himself in 2024 or someone who has shares the same approach but who will succeed where Trump failed to take over the state for his own ends. Here's hoping that doesn't happen and Biden defies predictions.
give a "well said" from frankonia, germany!
the simplicity of how the story is told helps me a lot to, not only understanding it, but to get the bigger picture of it. so far, so good.
but ey, this bigger picture... is a pain in the ass! it says: things are so messed up, so deeply disturbed, that there is NO WAY OUT! one can not imagine the unspeakable ammount of things need to happen or be done, to find a way out of this sheer insanity.
the us is DOOMED! youre done!
hit the road, leave the country. things will be worst...
for the algorithm
When aircraft were first invented no one saw a need for them. Flying contraptions that were only a curiosity at best. Do you think private company's developed aircraft and air travel? No, governments did. Can you imagine a world today without air travel? Developed in war and later brought to the masses by private company's for profit. Jet propulsion. Expensive, complicated, gas guzzling monsters. Can you imagine a world without jet engines? Developed by governments in war and later brought to the masses by private industry. During WW2 German flak artillery used computers and radar to locate allied bomber formations. determine their altitude, airspeed, and direction and then calculate were those bomber formations would be by the time the flak reached their altitude. Computers, developed by governments in time of war and later brought to the masses by private industry. Can you imagine a world without computers? It would appear private industry is FINALLY taking an interest in rocket propulsion and space travel. Nuclear power, solar power, communications. There is no question of governments role in shaping human destiny. But government can only do so much. The nation has to do their part as well. Which is why it is so important for government to protect the assets the nation has created as well as a stable society. How was allowing the nation to become a Banana Republic and allowing private corporations to off shore the nations industry for personal profit in the best interest of the nation or humanity's future? The government didn't violate the law by tearing down cultural symbols and inciting outrage in the population. it was those mean old protesters. But government refuses to enforce the law and constitution by restoring the culture and allowing the population to settle back down and become productive again? The government didn't violate the constitution by preventing Americans from assembling in digital gathering places it was those mean old corporations again? But government refuses to defend the constitution and enforce the laws allowing Americans to assemble and share ideas. For decades government has not developed any new technology's or encouraged private industry. Government has not protected national assets or peaceful society. Government has made no attempt to shape human destiny. When there is no question as to the importance of governments role in these areas.
well said
Since I was a kid and became aware of the world, in comparing America to other countries one of the symbols above others stood out to me. The statue of justice, blindfolded, holding the scale. The representation of equal justice for all.. but the case in this video of the 737 planes that crashed even if internal memo's are revealed showing that Boeing knew the planes were dangerous but the fix would cut profits so they weren't made. All that will happen... all that EVER happens is the company is fined. If you or I cut the car brake lines and then collected life insurance money on someone who died in the car, you or I couldn't use a profit and loss sheet for our defense, why isn't someone at Boeing going to prison... or the bankers who gambled in 2008?
I think many people do understand. It's just that they have amassed lots of wealth and opportunity. They don't want to share. Bottom line....they know and don't care because they are greedy.
The rent and mortgages shall never be paid back so consumer debt will be that rent converted because those past due won’t be paid ever!
The US2020-Germany1924 comparison brought out the horrifying similarities. Are we doomed?
Pity of War. Reading now.
For anyone interested in more of the German and European history touched on in part 2, check out Blackshirts and Reds by Parenti
[20:35] German Beer Hall 'Putsch' November 8 to November 9, 1923.
20:00 The American South experienced a similar inflation during and after the Civil War: it took wheelbarrows full of money to buy anything.
Well, you won't have to worry about needing a wheel barrow here...there isn't enough cash available
to fill one.
What greed does to a person?
Unrestrained in an individual lead to callousness, arrogance, and even megalomania. A dominated by will often ignore the harm their actions cause others. Look what Greed did to Donald Trump and his Fascist Party .
It is systemic classism (oh that dirty word) in what is supposed to be a classless society.
Corporations are persona until it comes to responsibility and consequences..
Profit is what capitalism after, NOT safety!
boeing is the only company do what it does. well... it has huge leverage.
I think the professor is mistaken about not having the materials to deal with the pandemic stockpiled and warehoused...what we did not have is a vaccine when the virus broke out. That said, with enough material support warehoused under FEMA's jurisdiction did not get to hospital staff and first responders around the country because of an administrative decision from the office of the president of the US to not distribute the PPE's. This is not a case of lack of materials and production as much as it is a case of deliberately holding back the material support by a president. This is a case of a weaponizing essential and necessary material to some other end which we know now in hindsight, was part of the process of destroying the government. Criminal, really.
How would worker coops deal with externalities like environmental degradation and abuse of public goods. How would it solve the problem of tax avoidance? How would it make sure that everyone has a home, a job, food, water, health care, education, and safety? I would definitely be in favor of democracy in the work place, but I don't think it can solve everything. A worker owned and controlled coal mine would still lobby against climate change legislation.
👍🏼
Complex human civilizations tend to be warlike in nature as history has demonstrated compared to where our species had originated, that of simple hunter-gatherers. It's the cleverness, our inventiveness, that has brought about this self-imposed confrontational sociological predicament that keeps repeating its blatant dysfunction again and again. It's clearly evident that due to the almost 8 billion of us on the planet today that we can no longer revert back to our primitive way of being and relative harmony with nature. Therefore, as you state, our only hope of any future at all in the near-term is to radically change the world's human-made economic system and the collective mindset from one based on the conditioned self-centeredness of modernity to that of a passionate concern for the well-being of the community first and foremost, which apparently was the foundation on which those tribal communities thrived. This may well just be an unrealistic pipe dream on a global scale, but our backs are now up against the wall literally from an existential point of view.
great video!
I have to agree with Prof Wolfe it is high time for the third reconstruction of this democracy. If we are going to move towards a more perfect union we have got to have worker-owned cooperatives. Labor like everything else needs to be competitive. We should start with the people who are currently unemployed the government can sponsor the creation of worker-owned cooperatives it's plenty of work to be done in this country in health care, education, affordable housing, infrastructure, and other public goods works that can be done. They can pay themselves a minimum wage of $15.00 plus profits at the end of the year that can be used for pensions and such. Otherwise, I fear in five years or so the American Empire will be over and headed to the ash heap of history.
" more perfect"????
Amen Professor
@20:36 Think you meant 1923, and not 2003
I completely agree with professor Wolff, private enterprises cannot be trusted with any essential production or service, because the profit motive is unable to distribute those good and services correctly or fairly. Essential goods and services must be socialized, the luxuries and non-essential stuff can be managed by capitalism with strong protections for workers, because in those markets at least the companies do not have the leverage of necessity to extort consumers.
Government is more corrupt they take care of the elite or their people. I trust the individual over the governments.
The similarities are scary.
Food prices rising. In a time of war this would be classed as 'profiteering' and prosecuted as a major crime.
About the whining about the two party system: Have the folks at D@W engaged with Ian Shapiro's case about why the two party system is the best one? Multiparty sounds more democratic, but it isn't capable of giving term prosperity and security