Economic Update: China & Inflation: Real Analyses, Not BS
HTML-код
- Опубликовано: 19 сен 2024
- [S11 E40] China & Inflation: Real Analyses, Not BS
The program's first half focuses on the realities of China's rise and not the Cold War rhetoric. The second half analyzes the inflation now threatening the US economy. Its causes and consequences turn out to be quite different from the mainstream media treatments of the subject.
**Economic Update with Richard D. Wolff is a@democracyatwrkproduction. We make it a point to provide the show free of ads. Please consider supporting our work. Donate one time or become a monthly donor by visiting us at democracyatwork.info/donate or become a patron of Economic Update on Patreon: / economicupdate . Your contributions help keep this content free and accessible to all. Now more than ever, sharing Prof. Wolff's message is critical.
******************************************************************************************
Follow us ONLINE:
Facebook:
/ economicupdate
/ richarddwolff
/ democracyatwrk
Twitter: / profwolff; / democracyatwrk
Instagram: / democracyatwrk
Shop our CO-OP made MERCH: democracy-at-w...
******************************************************************************************
Check out the NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff!
www.democracyatwork.info/books
“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly
www.lulu.com/sp...
******************************************************************************************
SOURCES FOR SHOW SEGMENTS:
* China's rise: apnews.com/art...
www.imf.org/EX...
www.worldbank....
asialinkbusine...
www.scmp.com/e...
* Inflation: www.forbes.com...
www.thebalance...
www.inquirer.c...
www.marxist.co...
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
@@Oly_laura How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
@@martingiavarini My consultant is ‘’Catherine Morrison Evans’’ I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so.
I am Indian and no matter what India media show us , I always believed China a tremendously developed .
Rubbish , where do I buy the Spanish flag , a Chinese Bazzar their range of Man things is of excellent quality , from adhesive labels to hand tools , last Wednesday in Muro de Alcoy ,long queues. If you need replacement parts head lamps , motor bike computers reliable copies from the city of Shenzen , does Britain make new TV remotes or tvs , dvd players or cheap cars , no way Josè ! HONDA , SUZUKI & FIAT , Think about it , hasn't Nissan disappeared , Cadbury , Sheffield made railway line ! Some rich people are paying for new Steam locos !
Success is dependent on the actions or steps you take to achieve it. Show me a man who doesn't have an investment, and i will tell you how soon he will go broke. Investment is building a safe heaven for the future. With the right choice of Investment that has at least 1% minimum risk and with an expert guidance, profit and Intrest is 100% guaranteed.
I agree with you. I had a senior colleague at work who was living well but never had an Investment, unfortunately his work was terminated,so he went from living well to surviving with his family.If he had invested when he was still working, he would have had another source of income.
Investing is a prior decision to make for the future. If you are seeing this and don't have an investment, please do make plans to invest so you don't end up like my senior colleague at work.
This made so much sense, just like he said " for one to invest, the person have to consider an appropriate choice of Investment with at least one percent minimum risk , profits margin, a mentor and expertise to guide and help you manage your Investment portfolio.
With the help of Angelina Morris who works with an Investment organisation in England, I have been investing in the Foreign exchange market, Stock, and dividends with her expertise and guidance,she has helped me make huge profit on my Investment portfolio.
@@halasultan6439 Oh its great to see someone who also benefit's from the services of Angelina Morris indeed it's a small world. She is my portfolio manager and mentor too for 2 years and still counting and I have made profit of 93,795 usd from my initial amount of 5100 usd with her managing my portfolio.
It amazes me how many foreigners are saying: 'Free HK', while in the colonial period the people of HK have never had the chance to choose a native governer, they were always chosen by the British crown. The Brits never brought real democracy to HK, only in the years when they were transitioning to the handover to Beijing.
Even in the very last days, UK never gave real democracy to HKers.
Brits only talked of giving it by telling HKers "We will demand from China to give you democracy."
@@DanBurgaud although I believe you - I know a few Brits myself - I'd still like to read some newspaper article or a UK gov communique...
@@jondoe1622 you are free to google the agreements signed between the british and chinese as well as when hong kong’s basic law was put into effect. Its all publicly available information.
British usually pretended to give former colonies democracy before leaving,actually they turned their colonial elites to politicians!Through them they kept controlling these colonies in the dark....
@@peterg0 Can you name one former British colony that prospered? I'm scratching my head.
Well ya, Singapore and that's because Harry Lee got rid of lots of problematic legislations leftover from the Brits.
I consider myself a part of the Wolff Pack.
Me too! I learned so so so much from this brilliant man...
every wolf pack has its omegas just like you.
@@abdulrahmanraheem423 another omega.
Wolff Pack! Haha I love it count me in
Me too, in Australia we have wolverines a pack of juvenile politicians who go around inciting war with China and placing stickers around the capital saying wolverines were here pathetic.
Thy have turned a good friend into an enemy at the bidding of America
As a foreigner who lived through the entire duration of zero covid for the past 3 years in China, this is by far the most objective commentary I’ve seen on RUclips to date. Economists and business leaders are voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said Tuesday that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy now or put on a watchlist
Emotionally-charged decisions to sell off large quantities of stocks or other investments now lock in your losses, removing any chance for future growth.
@Brilliantrans Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
@Brilliantrans Quite frankly this recommendation is coming at the right time because i am literally grasping for straws atm ! I looked her--up online and scheduled a phone call with her. Thank you for sharing !!
@tudorrwilson so the majority that needs assistance but can't afford it don't get one and the ones that can do. Interesting how that works out.. /s
Did the British thank Russia for the Sputnic jabs that saved lives from Covid ?
i like it when Wolff does his whiney capitalist voice 😂
most USA people forget their colonialism with Puerto Rico and pointing out other countries crimes but dont mind their own business
You can say the same of pretty much every US 'Territory'...
Very direct, I like it.
China has a saying: for big countries, internal affairs are more important than diplomacy.
China has been reducing poverty in the past few years. Now it is limiting the expansion of capital and promoting social equity.
I hope the United States will pay more attention to its own domestic affairs!
China is addressing its own internal issues, the US is creating more internal issues for itself while meddling in the internal affairs of others.
Hong Kong is China.
Taiwan is China.
South China Sea is China.
Unification is right, just, and inevitable.
Welcome to the Chinese century.
@@zoomzoom3950 i'll one up you:
Tibete is China
Xinjiang (literally 'New Territory') is China
South Mongolia is China
Mongolia is not China (because desert is too hard for red army to overcome)
Yet to come:
Buttan is China
Nepal is China
Northern India is China
Myanmar is China
Vietnam is China
Phillipines is China
Japan is China
South Korea is not China. It's just the DPRK.
@@jondoe1622 time will tell
China is very clear about what is China and what it’s place will be in the world
America and her puppets are exact opposite they are all over the place changing there ideas continually , no direction no leadership
@@jondoe1622 "Myanmar is China Vietnam is China" Are you still cutting and pasting all over the place?
@@maxsweetman6341 you're right. The western civilization no longer rules with an iron fist. But there's always time to go back on our ways and customs... once that happens China will be meowing like a little kitten... you know, like they do in their dealings with the Taliban... 🤭
Comparing Puerto Rico and Hong Kong is brilliant and correct 👍
Sort of, except that China’s govt focusses more on pleasing their people than the US govt does.
Yes and no. Puerto Rico wasn't a part of the US first, then colonized by Spain, then returned to the US. That Hong Kong *was* part of China, then taken during the Opium Wars by Britain, then returned, is wholly different. China has far more of a claim on HK than the US does on Puerto Rico.
@@non-standardproletarian3356 Puerto Rico was a prize of the Spanish American war. It’s also being destroyed by austerity whereas Hong Kong has resumed normality after the NED coup attempt in Hong Kong being thwarted by China.
@@SimonAshworthWood how is the CCP trying to please ppl from HK?
@@davidlazarus67 where can find more info on this 'NED coup'?
I'm lucky and just got a raise of 3.3%. Good to know I'm still making less. This madness under capitalism needs to stop. Prices go up and up, wages go down and down. Rich get richer, everyone else gets poorer.
It's not capitalism, it's fiat money and excessive government spending. They can't get enough dollars from taxes and there isn't enough to borrow from the private sector so they just create dollars at the central bank and the central bank buys government bonds at a loss from the treasury.
@@happycakes1946 Yeah, no. What does government programming/spending have to do with private sector goods pricing? I'll tell you. Dick all. Also, I guess you didn't watch the video? Cause he covers that.
@@TWiTCH757 Uncontrolled currency printing causes it to devalue and cause inflation, so prices rise.
Capitalism itself is the problem (i.e. a few people owning businesses, while most people are employees), as Richard explained in the video.
That seems to be the way it works with capitalism , everyone gets poorer and the rich make more profits.
It just makes too much sense. The way he describes our current economic situation is so simplified and concise that anyone can see and grasp this concept of inverted totalitarianism. I look up to Wolff not only because of his knowledge, but because of his ability to communicate his points concisely, persuasively, with the reinforcement of commanding narratives that rival most other political performances.
Yes, the wonders of Socialism are easily persuadable ideas. They prey on the fudimental empathy indemic of the human condition. Unfortunately once FORCEFULLY applied the truth of their Intent is not fully realized until it is too late. SLAVERY OF THE MIND AND STARVATION OF THE SOUL
For most of the human history, China had the highest GDP. Even during the Qing dynasty, China's GDP was higher than that of the British empire when British empire invaded China. The Brits had better technology after the industrial revolution. China became poor after the Western powers and Japan invaded and looted China during the Qing dynasty, which resulted in the demise of the emperoral system of China.
also India
If China wasn't rich, how could it pay the 450m taels of silver, which at 1901 prices was around US$400m of US gold dollars, plus interests. That made the predatory countries very rich indeed, at the expense of the Chinese people. Even the GDP of the US at that time was only a faction of what it extorted from China. The aftermath of the Boxer Protocol saw many American institution grow very fast and build grand buildings.
GDP is a statistic that only means something when evaluating capitalist economies--economies which must grow in order to maintain their own existence. Attempting to project it onto pre-capitalism economic systems that aren't obsessed with growth at all costs is meaningless and inappropriate.
@@MathUDX China had 40% of the world's wealth before 1840.
1/3 of all people on Earth were Chinese.
Outside the New World, Brit's empire was based on cheap New World resources plus about a 20 year head start on coal powered steal making and coal powered war steam ships. That empire didn't last long.
My Aunt and Uncle are being bankrupted by the medical system. They worked their whole life, bought a house and saved money. She has a pension and gets social security. He has MS and has been disabled since his 40s, but now his MS is getting progressively worse. Yet they cannot afford the care he needs even though they have additional insurance. Yes you still have to buy private insurance after you retire.
My wife is very concerned about that same scenario. Work your entire life, then sell everything in order to pay medical expenses the last years of your life. Sad
@@jimbodriver1015 You are the government so, your bitching at yourself. Why dont you take responsibility and point at solutions?
To say that's a shame is an understatement...
@@fritanke2318 I'm not trolling....just trying to get an idea where you're coming from? What do you mean by " solutions "?
@@supportiranianfreedom4982 citizens will not protest Government's choices, because they do not believe in themselves, or that they are being minimized by Government power. Solutions will only come from the people.
One of the most honest and objective analyse of China and China’s relationships with USA,mainly and allies of USA. I am comforted by knowing that the rare still sensible people in the cowboy country
Bla, bla, bla….. when you can treat your people like salves, of course you can do anything. It is any wonder why chin became rich so fast? They use their vast number of people as laboring slaves and consumers to attract foreign investments. What is amazing is that with five thousand years in history, it is still so far behind USA, which is only two hundred and fifty years old !
This fake professor is most likely on china’s payroll ! I guaranteed it !
@@DrunkenXiGinPing You are at a lost. Get a life man
@@DrunkenXiGinPing Ahhh, but the U.S had bigger and better bombs to threaten countries who were reluctant to allow the U.S. access to their resources. The U.S. is in huge debt internationally, is on the verge of collapse, has a very bad record of turning blind eyes to human abuses when it serves them etc. It has a major deficit in relative poverty, income equality, home security, health care etc.....
Please don't confuse "ahead" with power - that is usually a human index of atrocities.
@@DrunkenXiGinPing Not sure why you would say that, I didn't hear him praise China much, he just used China as a comparison with the U.S. If that makes China look good and you don't like it, perhaps you should make a closer assessment of the U.S.
I'm addicted to Mr. Wolff's shows - they are just so illuminating.
I am, too. He is clear and good teacher. His reasoning is always good!
Mr. Wolff is much more articulate than any of my STEM profs.
Good addiction!
You are not the only one. I tried to quit the Professor, began to have withdrawal symptoms. He is one of the best.
He’s a lying stooge for China.
Regarding the Uyghurs, anybody who bothers to visit Xinjiang will see that the Uyghurs are happy, that their culture is thriving. Before the pandemic, millions of foreign tourists visited Xinjiang every year. Think about that. How can you hide genocide and concentration camps with millions of tourists wandering around all over the autonomous region? Does anyone think that all of Xinjiang is just one great big Potemkin village?
Where are the streams of refugee migration as desperate Uyghurs flee for their lives? In every other country that has had genocide, we've seen mass migration.
Whoever still buys into Western Media propaganda of Xinjiang genocide, forced labour etc are incorrigible morons, period.
Nice try CCP propaganda department. No one in the world believes you. you've lost all face.
Are you saying i can tour around Xinjiang, on my own, talk to ppl whoever i want, without a goverment chaperone? Where do i signup?
@@jondoe1622 Yes, that's what I'm saying. My brother and his wife did. My wife and I did. Many tourists we travelled with did.
You don't need a government chaperone. Not in Xinjiang (Urumqi, Hotan, etc.). Not in Beijing nor Shanghai nor Shenzhen nor Chongqing. Have you ever been to China? Anywhere in China?
Where are you getting your China information from???
@@jondoe1622 Yes, you can. There are multiple westerners who have visited Xinjiang by themselves and made youtube videos about their trips. Care to know their names?
Remarkable, such a combination of wit, honesty, clarity, insightfulness, verbosity, courage. Praise to Prof. Wolff.
Richard Wolfe should become a Chinese citizen. The people of Hong Kong wants a democracy. Richard wolf has abandoned them in favour of the communist. The Uighur people are suffering and Richard wolf wants to put the blame on them. Wolf does not believe in human rights. What a shame
@@everythingandmore5537 There is more democracy in HK post 1997 and even more so after last year. You would not know if you do not know history but eat the propaganda shit against CHINA.
@@everythingandmore5537 You are not listening. He tells that the american government has no right to condemn China for things that they are doing themselves, and far worse. And ofcourse there is biased journalism from the western side.
And to say that someone has to move because he does not agree is, especially for a treasure like Richard Wolff, is bad. AOC should move to south america, Cori Bush and the afro americans should move to africa if they don't like the evil here. What preposterous.
@@everythingandmore5537 And look what the USA is doing to Puerto Rico!!! Open your eyes !! What are you blind? Or are you so easily brainwashed by the mainstream BS propaganda. You obviously are not paying any attention to what Prof W is saying.
Glad he's on our side
Excellent and timely program. Dr. Wolff is my economic hero.
It's so hard to find someone talking about China without bias and with a good understanding at the same time. It's even harder to say such thing under current political atmosphere. Well done and thank you.
Poopdia 🇮🇳 keyboard warrior left the chat, using Western name 😂😂
When China GDP will be twice that of US, will it really matter
Do you know which company is 100% owned by employees? Huawei. You have to be an employee or retiree to own Huawei stocks. Ever wondered why our government tried this hard to kill off Huawei, instead of targeting actual Chinese government owned enterprises? Because these share the same structures as private sector corporations, except the board is appointed by the government that's the sole share holder. Huawei is a co-op, owned by the employees, for the employees.
The point about Chinese state enterprise is false. The Chinese state enterprises have a level of autonomy as they are run by workers' congresses. This is right granted to them in China's constitution.
prof Wolff :always the best !! Truth. No distortion or bias or BS. He's 👏 brilliant
Nope, he's a deep state shill selling you go nowhere bullshit
@@uncannyvalley2350 reality check for one please.
Oh yes, like the "truth" about how "Monopoly causes competition, and competition causes monopoly", from a guy with three economics degrees!!!
@@uncannyvalley2350 In this case I am going to hold you to the Sagan Standard, where extraordinary claims require extraordinary evidence! So with that said, got any sources, papers and or video evidence to back up your claim? 🤨
Now here's the real reason why China went from an impoverished nation status to the second largest economy in the world. "THEY STOLE THE TECHNOLOGY FROM AMERICA". Regardless of what you think of Trump he shut that down (of course Biden is starting it back up again) and now China is stumbling economically, so they are falling back on the old tried and true method of economic expansionism (Honk Kong and Taiwan) and cracking down on dissidents (dissatisfied citizens) with brutality which is the hallmark of Socialism.
The success of China is proving that Socialism is the best system.
The U.S. has the #1 economy in the world.
THEN YOU SHOULD GO THERE AND EMBRACE YOUR SOCIALISM AND FINALLY BE A 'SUCCESS'
As a Chinese, I have to say Mr. Wolff understands China very well. I'm also happy as the "competitor" of the US because he hasn't been elected(just kidding, love & peace).
Let's go Brandon btw!
What a great way to define inflation: Profit Driven Price Increase.
This man is completely off his rocker. Businesses raise prices in an inflationary environment because their costs are rising due to all the money printing. Rule number one in economics, there are not enough goods to satisfy the demand for those goods. If the man goes through the roof because everyone has fresh new federal reserve notes, bidding wars begin prices rise. This is real basic stuff, Mr. Wolf is a ConMan.
@@peterponcedeleon3368 What actually reaches businesses and individuals is not free cash that would drive prices up (admittedly, the metaphor of throwing money from helicopters is deceiving) but are cheaper loans that make investments viable. That does present businesses with the choices laid out by Mr. Wolf, and he correctly abhors price gouging (and stock buybacks) being chosen over valuable investments.
@@stijndelaere991 Cheap loans do not make investments viable. Cheap money creates bubbles.
@@peterponcedeleon3368 Overall I call BS on the PDPI idea. I think that companies like inflation because if profits are a set margin of say 10% of goods sold, if the dollar amount of goods sold increases due to inflation, the company makes more money overall. Many businesses will not be able to do much to increase or dumb things to decrease their sales, their sales are steady, like with tire sales. So if prices get inflated by 5% a year, this means the gross profit also increases 5% a year.
The money printer go burr is certainly the stimulus to cause inflation. And some of those dollars are gone forever, so they have to keep blowing into the popped ballon to prevent collapse.
Brilliant, brave, and honest analysis.
It's ideological sloop.
@@anonymousaustralianhistory2081 Afraid and jealous of the truth uttered so brilliantly by the Professor? This is for you: "Nothing in all the world is more dangerous than sincere ignorance and conscientious stupidity " - Dr. Martin Luther King Jr.
@@justicematters427 Your quoting a joke that has a different world view than the Marxists. An incompatible world view. MLK Jr was a Christian, and believed in love and forgiveness. Marxists believe in endless power struggles and no love or forgiveness. (Former Marxist non Christian btw).
@@anonymousaustralianhistory2081 What incorrigible and nonsense you are talking here? You are having hallucinations! Maybe you can understand this better - "When debate is lost, SLANDER becomes the tool of the loser".
Marxism has killed millions of people. This dude is advocating this suductive ideology, and defending communist China, a state with the greatest imbalance between rich in poor anywhere, that is ethnically cleansing minorities.
The points about western crimes. Yes this is true.. however marxism doesn't solve it.
Scientology advocates cures to real problems doesn't mean they work
Great video Dr. Wolff. Thank you for telling the truth.
️😂
😂😂
😂😂😂😂😂😂😂😂❤️😭❤️😂😂😂😂😂😂️
I cling to the hope that we will have more of Prof. Wolff for many years in the future. We all need of him so much.
❤❤❤❤
He's pretty old so probably not.
We need to realize the bullcrap fed to us about capitalism. We now need both spouses to work for longer to retire. How is that better? Simple logic.
@@lewislane1143 except communism doesn't work either. try again commie bot
@@philawsonfur Communism works perfect with Democracy. Everyone has the right to vote, the land, resources, water and clean air. There is no perfect system. But Communism works for the people and not just the rich.
As always, Richard Wolff is telling the truth.
I really love your way of teaching and explaining how economic works! I can listen to you all day long without getting bored and this is what all schoolchildren should learn in school!!
This is beyond words that I just want to say thank you and please bring more of these spectacular analysis for us.
Wow. This is brilliant. This is clear explanation and I learned something very important. The cause and effect on inflation via a capitalist society.
A well prepared and well done presentation, thank you.
Such a unique take on the labor shortage, and it makes so much sense...
Wolff has pointed out before aswell that labour shortage means employers aren't willing to raise their wages to attract people. Virtually never mentioned.
Thank you for your honest podcast. This is where everyone should get their unbiased news.
White Americans seem to resent their Emigrants. Do they thank our Emigrants for keeping our Country Growing in population? If it weren't for our worldwide emigrants, the population growth of U.S. would be worse than the EU's, etc.
@@kirstinstrand6292 Population growth would be 'worse?' Why do you need population growth in the first place? That need is a sign of failure in an overpopulated world. You should be taking in immigrants due to hardships created by U.S. foreign policy and business models because it is the right thing to do, not because it might benefit you. The latter reason reduces you to no better than the slave nations.
please look up "emigrant"
@@gigiwills7851 And then what? Can't you do it yourself? I am not your baby-sitter.
Agreed
Since I started teaching in 1997 my pay has increased a tenth of a percent per year. Yes, adjusted for inflation I make less than when I started.
That is awful!!!
@@GrandmaCathy I live in a conservative part of Colorado. The attitude about my job from the general public is that I should just teach for fun. The cost of living has always outstripped my ability to keep up. That is why I now work two full time jobs and continue to serve in the National Guard. Because if I take a day off I am loosing ground to inflation. My parents’ generation believed that hard work and lack of spending would lead to wealth and a comfortable retirement. For my generation (generation x) my retirement will be saving enough money to work a regular job with days off at the end of each week.
This is the conservative utopia that Reagan created for me.
And now Reagan is too liberal they want Trump. So maybe I work till I die.
@@paulroyle-grimes8279 people with high school degrees teaching English in China makes more money than you. it is very sad that teachers in the US makes so little. I have a friend, his gf is a teacher at elementary school, and she specialized in teaching kids with special needs, kids that demands your attention 24/7, and she makes 37500 per year. i was shocked how little she makes. the society is so unfair to these people who teach and take care of the vulnerable.
@Hoops Kevinski Reagan was the turning point to disempower unions, take away the bargaining ability of the employee, vilify government employees, and run up debt instead of raising the tax revenue necessary to run the country.
Go look at his rhetoric, policy and the explosion of debt - both governmental and personal that occurred during his eight years.
Also look at the trend toward vilifying schools, teachers and education that started in his administration.
Reagan caused Trumpism.
@Hoops Kevinski true
I'd recommend people to read Zhang Weiwei's 'China Wave: The Rise of a Civilizational State', John Ross' 'China's Great Road', Roland Boer's 'Socialism With Chinese Characteristics: a Guide to Foreigners', Jenny Clegg's 'China's Global Strategy: Towards a Multipolar World', Domenico Losurdo's article 'Has China Turned to Capitalism?' and Samir Amin's article 'China 2013'
😉👍
I paid $22 for a bug zapper a few year ago on amazon, it worked great, I wanted to get the second one this summer, thanks to the tariffs on China's products, price now is $44. Other similar products is also at least 50% higher. we, the consumers, are paying for this stupid tarriffs.
Oh well, it’s not just just the tariff, because tariff is just layer of the import prices. Another significant layer is that the US dollar has devalued since the pandemic began. For example. The US dollar has devalued about 7.5% against Chinese Yuan. On top of that, US put more heavy tariff on the Chinese import. Bizarre move, more bizarre is that the US officials kept claiming US is winning the trade war.
Professor Wolff is one of the best educators I have ever come across in explaining politics and economics. He is extremely knowledgeable and clear and concise. Thank you. I learn a lot listening to you.
The growth of heavy industries was rapid in China between c. 1950-c. 1978, except during the few short years of the Great Leap 1958-1961. Certainly capitalism was not the cause for such rapid industrialization.
Literacy rate had also increased rapidly during that period.
Chinese speaking here. First thank u for not demonizing “Communist China” (We prefer to recognize ourselves as Socialism China with Chinese characteristics). Secondly, although Profits Driven Prices Upgoing Leads to Inflation is an interesting opinion. BUT, I don’t agree with portraying employers as having evil motives to take the initiative to create all this.
When Private Ownership is a consensus, the pursuit of protfis is the natural right of any person or organization, and this is what they should do. In my opinion, the key point to cause/control an inflation here is whether A country (ANY country) has good governance or not. After all, guarantee the survival of the people and make their lives better is why a country or a government should exist in the first place, at least is one of the meanings.
Hey, Chinese speaking.
First, you need to understand the point before arguing against a distinction no one is making. Second, your attempt at shifting the focus away from those who actually raise prices (employers) to governments is a very transparent much-debunked right-wing libertarian argument that requires more than the authority of your your cultural identity to defend.
"... evil motives", "... concensus", "... natural rights", ... Really? Who brings that up in a discussion about the economic issues? Apparently, Mr We-prefer-to-recognize-ourselves-as-Socialism-China-with-Chinese-characteristics.
China is socialist and so was the USSR (Union of Soviet *_Socialist_* Republics) and so is Cuba, etc. Western countries are filled with so much anti-communist propaganda that most westerners hate communism while having no idea what it even is. They can't tell you the difference between communism or socialism, or even give you the vaguest idea of what communists believe, and if you ask them to try and explain it, they will give the most absurd caricature of it, like saying communism is when everyone is forced to be exactly the same, or when you have a dictator.
Your point about private ownership is not a very good point. I need a house and food to live. People who control these things will have control over my life, and there is a power imbalance, no agreement I make with these people can said to be "consensual". If I hold a gun to your head and say give me your wallet or die, if you agree to give me your wallet, is that a consensual agreement because you agreed to it? No, it's not. Private ownership creates an enormous power imbalance where the workers become subjugated and exploited by the oligarchs who control everything.
China is socialist precisely because private ownership is not allowed to reign supreme, that China maintains public worker ownership as the principle aspect of the economy and that authority built upon it to reign in the excesses of private ownership to create a more consensual and just society for working people. You are basically spreading liberal anti-socialist propaganda in favor of dismantling China's socialist government.
Thank you Prof Wolff, very revealing information. Prof Wolf is my main source in Economics. I like to hear the truth, not sugar coated propaganda.
Soviets modernized pretty damn fast. I think the real difference is the extent of the turnaround: China started out poorer than the Russians and became more prosperous than the Soviets. Plus they have several times the population.
Two different times and space. Soviets modernized from 1917 to 1960s. China from 1979 to now. Average home prices in Beijing and Shanghai is higher than New York and LA, 1.5 million US dollar for 1000 sq feet apartment. They are buying 4 times more Mercedes too.
Richard Werner has what seems to me to be most plausible explanation of the differences between Soviet communism and Chinese communism. The Soviet Union had a central bank doing all of banking functions while the Chinese have a large number of banks of various types that have been more efficient at allocating capital for productive purposes.
Here you have a very accurate explanation: HOW CHINA ESCAPED SHOCK THERAPY: THE MARKET REFORM DEBATE
ruclips.net/video/E7GbGWH8lPw/видео.html
@@michael511128 i never did quite understand why the measurement of the ability to waste was/is considered "success"
@@kaijessen3654 does your view of economics only view monetary flow?
Prof Wolf is the only one in the western media who speaks the truth. Thank you Prof!!
Why dont people like him run for president? Cause hes honest!
Every government has SECRETS.
Thank you so much for speaking out the truth about China. They haven't been treated fairly for a long time!!!
I listen to get educated by the best.Professor Wolff ,Thanks
Yes, I salute you Professor Wolf with gratitute thanks. 😇😇😇
@@justicematters427 He is clueless, please use your brain and do a good research
@@rabbitland9837 Yes, doing research on "gaslighting"!
@@justicematters427 okay I will point out to one of his mistakes. When he said the government will give people money and the businesses would increase the prices because they know people have more money. That's simply very stupid because if the government give me money then I'm not going to work and when I'm not working that is mean no products, there is no product while there is more money that's mean fewer products and more money eventually even if the business didn't jack up the prices there would be a shortage of products , because of supply and demand which is 101 economy. Social governments tried to control prices before and the end result was shortage of the products, please go check out why China has famine before they adopt the new rules of capitalism allowing private property. It's a big subject and you need to question every aspect of it and study it well to understand.
We, seniors are getting a 5.9%
increase in our social security, when the real inflation is upwards of 15%.
when you add to it the higher increase in Medicare contributions, it is a net loss..
who comes up with these brilliant.
ideas..
6% increase? 2.6% ja ja ja.do you work for uncle Sam Or any government office?
Ng, singapore or malaysia spelling of huang or wong
@@manuelvazquez6399 Is Social Security getting a $200 raise in 2022?
Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor's Consumer Price Index (CPI-W).Oct 13, 2021
Businesses don’t make (more) money. Workers create all wealth by their labour.
Business' aim IS make money, no businessmen no money, in 1970s China eradicated all businessmen, so all people were poor. But now , the Chinese government encourages everyone do business make money, the Chinese people are getting rich.
Marx's Manifesto said " settle matters with its own bourgeoisie ", but the Chinse edition translated was "knock down its bourgeoisie " 打倒 本国的 资产阶级. That really was Chairman Mao's feat.
@@middalai6611 False dilemma. China never had a democratic economy, not before and not after Deng Xiaoping came back to power in China (and started the current modernization of its economy).
Nobody claims that production cannot happen in a capitalist economy.
This channel is dedicated to demonstrating how production (1) can be done and (2) can be done much better in a democratic economy.
@@notabene7381 If China is not a democratic economy then why is it doing most of the production?
@@middalai6611 That's pretty one-sided. In reality, China was isolated from world trade, subject to tariffs and sanctions, not allowed to import technologies, etc, the usual economic warfare the US launches against socialist states. So the PRC could not have done much different to what it actually did and was forced into self-reliance and trying to create wealth from basically nothing at all.
Not one word of that sentence is correct in the manner you mean it to be. True if I work to grow ten tomatoes in my yard then I would reap the wealth or profit of those tomatoes. I would by my labour reap the fruit of my labour but in return for what? Can I keep all ten of my tomatoes for my own profit from my own labour? Do I owe to a system that actually creates currency out of thin air and am I then paid for my tomatoes in that currency that is worth less as they create more? That is to say, does the fruit of my labour become worth less if I trade for dollars every day that I hold onto or save those dollars? If so, how long until my first profit isn't providing me with enough currency to even purchase more seeds? I'll explain, year one, I grow ten tomatoes, I make ten dollars, ten dollars purchase me ten seeds and leaves me 5 dollars. Year two, I grown ten tomatoes and make ten dollars, ten dollars purchases me 10 seeds and leaves me 4 dollars. Year three, I grow ten tomatoes and make ten dollars, which purchases me ten seeds and leaves me 2 two dollars. As you can see, sooner or later, I have to either grow more tomatoes, that is do more work or apply more labour to create the same profit or I will eventually be out of business because the dollar I'm trading the fruit of my labour for is worth less and less, which buys me less seeds or leaves me less to live on until eventually I'm out of luck. That's the simple truth of fiat ponzi scheme government currency. Money on the other hand is a completely different thing, money is the medium of exchange with intrinsic value. Currency is the fiat dollars, fiat meaning by decree and/or force, that we use in circulation today. Currency has no intrinsic value except that the government tells us it does, we believe and therefore it is, however, soon, we won't believe anymore because it's failing and that is exactly whey everyone here is upset. It's not capitalism and social spending is more debt, which means more fiat currency which means more devaluation/inflation, on and on until no one believes and the system crashes. Currency will have no value but a gallon of gasoline, a box of bullets, ten pounds of flour, eggs, milk, gold, silver, rice, lumber, all of it has intrinsic value,,,,,we need these things, so they will always have value and they will be yours if you don't allow the government to control every aspect of your life and your business.
I think Richard wolf should run for president. This man is brilliant!!!!
Masterful explanation for those of us who do not know about economics and what is more amazing is the simple way in which you explain it and the way in which you connect the historical factors 👏🏼
Richard Wolff? Wow. I just stumbled onto you.
I am absolutely flabbergasted how you've summed up clearly, accurately and comprehensively in what is happening in Countries.
I did not believe that people like you existed. Well done mate.
You're now my new guru! A global philosopher.
I just wish everybody could hear you're summation of the global realities and truths.
A Coopers to you mate!
Welcome to the most prominent Marxist economist channel. You should check his other stuff he has many great works. One book that i absolutely recommended that everyone should read was his book that describes the differece between the neo-liberal economic theory, the Keynesian economics theory and Marxian economics theory.
Well said, mr. Prof. Wolff
Everyone needs to listen to Prof. Wolff
Chinese political (CPC) and governmental leaders are required to learn from U.S. and the whole developed world since the beginning of its reform in the 1980s, and the Chinese are used to be always learning from the west. However, the US politicians have becoming more and more ignorant (to their internal issues) and arrogant (to Chinese achievements) that they always belittle China. There are always so many to learn from outside of your own country, and respect the others' progresses, developments and achievements. BUT, THANKS to Prof. Wolff's lecture!!!
Even though it's debated, Huawei calls itself "employee owned". Employees get dividends based on the performance of the overall company. Not exactly a worker co-op, but much closer to it than the typical American company.
RUclips video Huawei 100 Faces showed 200,000 of 280,000 employees worldwide owned stocks, boss only owns 0.8%. Every 5 years employees vote for department chiefs in a gala. Bigger than Alibaba but opts to not go public.
we have a company like that here
WINCO
To be fair, many US companies have profit sharing schemes. I do want to see the company shares distributed more evenly to employees tho (1:1).
@@davidl5119 what do you do when your specialized workers vote down that 1:1 idea?
@@davidl5119 profit sharing and employee owned ARE NOT THE SAME by any means.
walmart profit shares
some straight talk. good show 👍
Thanks, for explaining so well that the inflation problem is a result of a "for-profit" focused economy. I've tried to explain this to other people but they think the "free market" controls it. I've also told people the immigrants took the jobs that Americans were too proud to take and weren't taking jobs from Americans before. I will show people this when explaining either thing now.
May God Bless Professor Richard Wolff For Speaking The Truth. The World needs more & more Good & Honest Human Beings Like him. Thank You.
Saying the south china sea belongs to china because "china" is in the name is like saying "Americans are entitled to south America because the name is in it". Either way since 2019 the independent china tribunal had already concluded that china is a criminal state based on many accounts of organ harvesting (and also more recently thanks to the Uighur tribunal).
The USA ALSO needs an independent tribunal considering how many countries they destroyed for whatever reason. Be it Iraq or afghanistan because of greed wars, or the marshall islands during the cold war where nuclear bomb tests were held and radioactive fallout contaminated flora and people alike, or when they used chemical warfare in Vietnam which still has repercussions to this day. US history is plagued with examples like this.
But ofc we can still go further, for example by remembering how the UK stole overall 45 trillion dollars from India when it was a colony by using the trains they built and operated which weren't even given to the indians for free and was still sold to them after ransacking their country and leaving it in misery.
Most powerful countries (and mostly the people in power) are all corrupt and selfish.
Mr Wolff is one of the last few Godly Americans who speaketh the Truth, the whole Truth nothing but the Truth. You earned my respect Sir. 🙏
cold truth. is prof. R. Wolff very angry at the bs now ? at you swallowing and repeating the bs once again? it is not your fault, right, throw up and quit, right, it is not the fault of the slaves you ignored, oh, it is some body 's fault : fake economistbody, false politicianbody, rabit corporatebody, senseless mi-bi-tri-llionärbody...
@@michelegosse7116 Have you taken your med?
This is one of the most insightful explanation about China coming from a western scholar. I just hope that being honesty won't make you the target.
A Marxist scholar.
I mean, he's a Marxist, he'll always be a target for speaking the truth. I think he's used to that by now.
Employers, in general, especially big ones, have been doing exactly what the Federal and Local governments tell them to do.
They pass on the inflation in the commodities etc into the goods prices.
What about the simple idea … decrease the supply more willing to pay more for goods they need . Take for example tractor tires. If a farmer needs the replacement tire in order to pull down the crop they will pay more for it . In turn they charge more for the crop because of the increase costs associated with production . That is then passed along down the chain to the consumer . So it’s not just an employer perogative to raise price . It’s because their prices have gone up . The higher crop prices turns into higher fees costs for livestock that turns into charging more for the meat . But wait ! The covid protocols in meat processing results in less meat processed them in the past where productivity goes down due yo protocols. So now in addition to higher fees costs raising meat prices , the processing cost has been affected as well. And now the burger prices rise . Not because of price setting , but because of supply decrease .
This guy is interesting but has an agenda. He is for companies owned by the workers.
But if workers owned the company, would they keep the price lower or increase it in line with market forces.
See if a company raises the price too much, few will buy if there is choice.
Want lower prices, competition, real competition will help get that.
My son kept telling me, Coke and Pepsi are the same company. I am like technically NOPE. But they sure are glad to have split the market between those mega companies.
My favourite professor of my RUclips university of political and economy science free class. Thank you !
Great points about China and inflation. Thank you!
i worry about china allowing billionaires because they are counter productive and have the power to endanger the state. one or two million is probably all right, but a billion is way too much
Richard wolf is the man. I learn so much just from one short vid.
The fact that you feel you need to explain yourself for not condemning China is evidence of a Cold War.
Dr. Wolff makes too much sense for the masses to understand.
I stand corrected; the masses are kept from receiving the real truth that Dr. Wolff so simply and eloquently places at our feet.
Thank you, Professor Wolff, when I was a student, I got suspended due to one of your lecture points. I used and would not retract in spite of suspension: Immigration drives down the wages and living standards of the domestic population. My evidence that proves, during the late 18th to early 20th-century American capitalists, with their money which was of course repaid, immigrated Eastern Europeans and Mediterraneans to drive down domestic wages and crush worker movements. It backfired remarkably because these good immigrants were socialists, communists, and anarchies. These good immigrants were the driving force behind the Great Deal, not the domestic workers, who had been successfully broken and indoctrinated by the capitalist system.
@@jimbodriver1015 Yes, then suspended and reinstated an additional three more times, contrarily the authorities liked me and sympathized with my mother. I was named a rebel without a cause.
@@commonsensethecynosure1639 Write a book. The perspectives would be interesting.
11:50 Scandinavia countries are social democracies not socialist. There's a distinction.
He knows that
What’s your definition of socialism?
@@lisashung9442 Collective ownership over the means of production.
@@PalkkiTT so according to this definition, socialism is a definition for one type of economic systems, which is not anyhow specifically connected to a certain type of political system. “Social democracy” is one type of political system……so what kind of economic system do these Scandinavia countries have? Plus what’s exactly “democracy” mean?
@@lisashung9442 Social democracy is economicaly capitalist. Democracy is when the people have power over things.
I don't know if you're just really busy today but you seemed to have increased the pace at which you speak and I personally think it's better. Not that I didn't like it before I've watched a few of your lectures online and I love the way you drive your point home but the increase in pace works well for EU. Keep up the good work comrade.
@Notary S haha!
The problem with US capitalism is the trade unions. They have been demanding a lot but give very little. They are hindering the progress of even capitalism if not communism. The workers by way of the trade unions just never ending demanding for more but refuse to dedicate to the improvement of their job quality. That's what failed the US economy.
And the Chinese People Place a Very High Value on EDUCATION!
Great analysis! Profits are all that matters. There's the reason for all the problems we have
And, firms listed on stock exchanges are required by law to increase profits for their share holders. It's illegal not think "profit" whatever a firm does. Thus, when a firm talks how climate friendly it is, it's a ploy to increase profits, only, climate be damn
Profits are all that matter for all oligarchies: Wall Street oligarchies, Beijing oligarchies, etc...
@@jondoe1622 How simple minded, let me guess, you're in the proletariat comrade? It's not profit, it's power, it's always been power. The climate, ohhh, goodness the climate, well don't worry about that either, that's all up to the sun as it always has been but fear well, there's power in that, how quick will you give away all the fruit of your labour to save a planet? Yet, we can't destroy or construct planets, we can't even control our own homeostasis, Heinrich and Dansgaard-Oeschger Events will take of that, with or without us. Oooh, companies bad, people good, right? I have a job with a large company, on the factory floor, I have two houses and land of course, I have my whole family in those two houses on an acre each, side by side with a mountain behind us, these are important facts to my point. Parents, sister, brothers, nieces nephews all working half of our acreage, to a thousand jars a year. We're in town, well, because of 100 year old laws, which I search for, technically we're outside city limits although I could throw a rock at city hall from my front porch. So, my point, I work at a factory for a large company as does many people and I wish profit was all that mattered to them as I hate unions and I hate all this bullshit communist safety crap, we agree on payment to do a job for someone, who I hope makes money or how can they pay me, I do the job how I see fit and accept my money. Very simple system, I need hay off the field, I'll pay you $100 and I don't care how you get it done just get it done quick, that was a perfect system. Currency and money are two different things, currency is regulation to control the ponzi scheme and lies to veil the myth of currency, the fiat nature of forced and decreed money, this system enslave you and everyone else with the exception of those making the rules, which is why large companies have moved into political funding and lobbying because the very wealthy want to continue making the rules and keep the ponzi scheme alive. Although Bezos and Musk, for example, are both digging into mountains a few miles from the launch pads to space, whilst shopping for Noah's Ark, so, I don't know what that tells us. They aren't the only ones. The currency system needs to die, free market between you and I with real money, is the only thing I will accept and I intend to make a profit, that is, to reap rewards of the fruit of my labour. I'm not in any of this for the collective Tavarish, so you understand, I smoking a cigarette butt smoke right now and I won't put siding on my house because I'm not paying more taxes to the city for pretty and I make 70 000 plus a year working the factory floor. All I want out of my factory is to make them money, I work hard to help them succeed it's what a job is, it's what I agreed to, have some pride in your work.
Just like my brother, deluded to think it's all about money. It isn't, central banks make currency out of thin air, they have no need for more necessarily, Governments need more currency all the time to keep the ponzi scheme going. Anyone who owns actual goods has money. Corporations play to survive withing the fiat currency ponzi scheme, all of which trickles all the way down to you and me. The more you save, the faster your lose value to your fake currency. When US bonds sell, sell, sell, it's all over. This is all about power and control and they pull the strings for the Marxist idealist way because it's a way to maintain power withing in a system about to hit a brick wall.
@@aaronsterlind6334 you'll have to excuse me, but how does any of what you wrote contradicts what I wrote above? It seems to me that we agree on a lot of stuff... 🤔
i love how wolffy boy has the most gangster intro music
Long supply chains can be illustrated with the Silk Road connecting Europe to the Middle and Far East. In the Middle Ages, spices such as cloves, cardomon, and cinnamon were more valueable than gold, ounce per ounce. This is because of the long supply chain. Merchants wouldn't personally bring goods from India or China. They would take them for a stage - 50, 100, 200 miles, and then sell them on to another merchant. So an ounce of cloves might be sold on 30 or 40 times, each resale adding a little for the middle merchant. Modern supply chains are exactly like that, and the longer the chain, the more expensive the goods. So, moving manufacturing abroad not only denies Americans' employment, it imposes higher prices on consumers. Not exactly a win-win for us, but for business it's a literal gold mine. And the profits? Hidden in tax havens or coverd by numerous loop holes bought from Congress - in fact, we end up paying them with tax credits or direct bail outs. And the public love it, being protected from "socialism" and all that.
Yep you said it right 👍
The public aren’t against socialism. In the past 2 presidential elections, surveys showed that more people were willing to vote for Bernie Sanders than Trump, Hillary or Biden. It was the manipulations of the elites (e.g. the DNC rigging of the Democratic Party primaries) that prevented Bernie from being elected.
@@SimonAshworthWood NO, they're not against "socialism" and the recent move to CRT as the go to insult suggests that the right are giving up "Socialist" as an effective slander.
I agree with your take on USA needing the immigrants, but don’t forget baby boomers retiring and almost 1 million deaths due to COVID also reduced our labor force. Gen X is finally getting a seat at the table!
As if they wanted one..
LOL.
Makes me wanna really stick it to conservatives about their anti-Communist hysteria. Say to them "look at how successful the economy guided by the Chinese Communist party is".
Interesting that he doesn’t mention competition, which keeps a lid on prices.
My 17-year old niece said that Hardy's/Carl's Junior told her to tell customers that they had to raise prices because of higher wages. I literally laughed in her face, then felt depressed that companies still abuse younger workers.
Thats right how can you say moderately prosperous when the minimum salary of an average Chinese is only between $200-$300 per month its a poor man's salary
south China sea, haha, the name tells clearly.
The Vietnamese call part of what is called “South China Sea” “East Sea” and therein lies their dispute. The Philippines has also started to call what is called “South China Sea” “West Philippine Sea”. I think Dr. Wolff really skimmed the milk here
@@suckerfox1 You also forget that once Vietnam claimed most of South China Sea even from Philippines and China. No one is innocent here.
@@Bug-sg1li thank you for pointing that out! Most of the times territorial disputes are messy. If Vietnam is indeed grabby then it is grabby. I don’t want to defend any wrongdoings.
Its not as simple as that... dig deeper...
@@entahlah7840 True its not. Having said that hosting imperialist American and British military in our backyard is not the solution. History won't be kind to those who forget it and american imperialist history is still ongoing.
Absolutely excellent discussion of inflation. I'm so sick of hearing "more money --> less value per dollar" assertions without considering whether the money is circulating.
If we 'printed' $100T tomorrow and gave it all to Bezos, would the price of bread increase? Of course not. But would the price of certain risk assets like real estate or stocks go up? Of course it would.
I appreciate Prof.Wolff and all of his shows . I am very much in faver of a new American Socialism .
Hi Richard we love you, 💖💖💖💖💖💖💖, so please relax, and give us a smile.
You are alone in a sea of economists that all say expansion of the money supply creates inflation. More access to cheap money has made the housing market take off. Sure there is greed in sellers taking advantage of increased prices but the demand has skyrocketed because of money supply.
DOUBLE INFLATION WHAMMY, PRICE GOES UP -VOLOUME OF PACKAGE GOODS REDUCED, CONSUMER SCREWED AGAIN.
Why the professor keeps ignoring the most important sector of the economy: the agriculture in China? The organization of agriculture is very democratic in China. Farmers were the backbone of the revolution led by Mao who was the son of a farmer himself.
Only until the CCP needs the land for its projects... 🤣
@@jondoe1622 May I know how you got info about China?
@@xiaopengzong6980 by trying to enter China as an independent journalist. *That* experience told me a lot of what i need to know about the CCP. Chinese ppl? Wonderfull. Chinese gov? Atrocious.
@@jondoe1622 Trying to? Did you actually enter?
He's not ignoring it, it's just not necessarily relevant to the specific topics of the video.
Economically, Red China
will collapse because the
business model does not
work in the long run. This
too shall pass. Red China
promotes state capitalism,
a form of central planning,
not free enterprise, a very
"decentralized" paradigm
of continuous prosperity.
🔷🔷🔷🔷🔷🔷🔷🔷
🇺🇸 Marc J. Metivier 🇺🇸
A big reason why people buy from China is because the CEOs of American companies have priced their companies out of competition with their hi gh CEO salaries
People say they want to go back to the way it was in the 50s and 60s but when you remind them that the corporate tax was 49% and the individuals making over $250,000 paid 92% in person income tax they change their mind
Well who can blame them?
What happened to the fabulous idea of the 29% Flat Tax Rate, across all classes, including our Corporations listed as Individuals.
@@kirstinstrand6292 The flat tax was BS because rich people don't pay taxes on income… the billionaires would fight a flat tax on wealth...they are right now
If people don't want to go back to 49% corporate tax and a 92% tax on personal income over $250,000 then they should quit whining about wanting to go back to the 50s and 60s (dog whistle)
Richard wolff,my man,he always right.
Thank you prof Wolf!
Much needed analysis, more please.
I strongly urge everyone to make time to understand RANKED CHOICE VOTING and work for it in your area.
It is the most effective way to break the two party stranglehold that we suffer from now!
RANKED CHOICE VOTING NOW!🗳🗳🗳
That only helps in a democracy.
I keep hearing about ranked choice voting and yet I don’t understand what it is or why it is good for democracy. Can you explain?
@@OddMeterMusic ranked choice voting is where you get to choose candidates in a ranking order. It's a strategy to allow people to vote for a third or fourth party candidate but not allow the greater of 2 evils in their mind win the election.
Unfortunately, I don't see how this system will change the corporate owned duopoly that runs our federal, state, and local governments. It just gives us pleebs the illusion of more choices and stops the arguments of voting Nader or Stein creates a Bush or a Trump presidency.
HOW ABOUT HONEST ELECTIONS. FULLY AUDIT THEM ALL 50 States.
Check every email, every discussion, every meeting for collaboration and cheating.
Of course it was very informative... Thank you!! It's refreshing to hear reasonable discourse on China... Thank you. Wish the rest of the world would wake up and smell the coffee
You sir, are at the cusp of victory of workers' rights...If people know, right now, they can walk out. No desperation. No fear. They can leave, and change the market entirely.
Well, Prof Wolf’s analysis about China is bit contradictory. Why should it be a problem, If US is trying to do the same now what China did to the US in past years.
Fair trade is what US has been trying to tell China to do for years. China has steadfastly refused to play the fair game. The notion US should continue play the same way to China’s advantage is ludicrous.
Dr.Richard Wolf would make excellent addition to cities skylines
Right on time with this video Mr. Wolff
Your forgetting the price of materials is going through the roof! So prices have to rise to cover this cost! Its the increase in the money supply by the fed that causes inflation not sellers its a common mistake!
He chooses to ignore that.
His focus is that companies should be owned by the workers.
Okay, fine, I actually thought of an idea to do just that. It might break some SEC laws, but this is the idea anyways.
On Facebook, you connect with family and friends and have then invest in a small company and get enough stock shares to get you a seat at the board. Next you get other family friends into the company and eventually take it over.
It would be the power of social media to take over companies for the little folks.
Since you are investing your retirement anyways, might as well get something for it, some voting control of companies. Basically you and your investing friends become the boss, become the business owners.
I love the hot button issues. You can see endless debates and videos on these in the mainstream media and Wolff just decimates each one in seconds. 👏🏼👏🏼👏🏼
Mr. Wolff, you are true American wise, honest, loving your country!