Why is the Russian Economy Not Being Destroyed? | Richard D. Wolff
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- Опубликовано: 26 сен 2024
- Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University, New York City.
Earlier he taught economics at Yale University (1967-1969) and at the City College of the City University of New York (1969-1973). In 1994, he was a Visiting Professor of Economics at the University of Paris (France), I (Sorbonne). Wolff was also a regular lecturer at the Brecht Forum in New York City. (www.rdwolff.co...)
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I live in a third tier Chinese city. In ten years, they've installed subways, electric buses and taxis. The construction in this Chinese cities is on steroids. Large buildings are going up in every corner of this city. I don't know macro-economic numbers or statistics, but I do know new buildings, upgraded roads and sidewalks. Easily rented bicycles are everywhere too. I haven't purchased a drop of gasoline in 12 years. I travel across the city daily to work at about a dollar a day or $20 a month. Buffet lunch costs about 4 dollars. A human cannot carry $25 dollars worth of vegetables in China. A cart is needed and there are at least 4 or 5 grocery markets within 200 meters of my apartment. 5 years ago, I rented a car in Albany NY for $500/week. What the hell?
Wonders of capitalism, mate. Before that it was pig carcasses rotting in the streets. You know, when China was still following economic advice from Marxists such as this Wolff guy.
Lol, America is finished.
It's been finished a long time.
Every year a few more people see it
Shhh
Demographics. The ones who built Albany are leaving.
@@churblefurbles sheep, the ruling class that stripped our country of its wealth has you mad at other people who also have nothing because they are a different skin tone. wake up, you're in the same boat as the people of bad demography
Perhaps the question ought to be- not why is Russia doing so well, but why is the US doing so badly. This is what I think. It goes back the fall of the Soviet Union.
It seems to me that it was only the fear of communism that kept the liberal order 'honest'. The threat of an alternative system forced western oligarchic class to concede a decent and improving standard of living for western citizens.
The institutions of civil society, such as publicly owned services, social safety nets, mutualised finance companies and trade unions etc. were tolerated. As was a tax structure that supported economic equity.
Once the Soviet Union collapsed, and with China not yet a superpower, all restraint on the Western capitalist oligarchic class was lifted. With the cold war ended, private Western capital power bodies could operate without effective restraint. Government was captured, and tax laws were heavily revised to transfer the burdens of financially supporting civil society to the lower and middle class. Privatisation and demutualisation were accelerated by legislative decree. Private media was unrestrained and peddled the views of its owners to descend into the lowest common denominator in pursuit of advertising revenue.
Distractions like identity politics accelerated destruction of intellectual resistance, while providing a false and alternative explanation for society’s growing ills. The corporate controlled media applied the tried-and-true method of inducing the victims to blame each other. It generated the false narrative of a bogeyman Left v a bogeyman Right. Ironically, in a demonstration of a paucity of critical thinking skills, these self-appointed elites have come to believe their own lies.
The power brokers then reigned supreme with no alternative, and they exploited their opportunity ruthlessly. The result is a deep financialisaton of the social order, not just the economy, as everyone competes for status based on paper wealth, or is in a fight for survival.
There were a few years of living off the credit card as the resulting debt growth was fuelled by the intended asset inflation. Debt now became the primary trading commodity of the West.
But the economy now resembles an upside-down pyramid, where every aspect of life is run on an undemocratic corporate model.
This is how the so called ‘liberal order’ died.
With the re-emergence of a primitive, corrupt, ruling clique who are wilfully ignorant of their crimes, and who are increasingly insecure and paranoid due to the instability of their paper wealth base.
It is ugly, uncivilised and unstable.
It is no wonder the rest of the world pours scorn on us. It is a betrayal of our heritage of Reason and Western philosophy.
It took three decades to sell off the West's economic heritage and the cupboard is bare. So they cast their gluttonous eyes to the East. But an alternative system has arisen that bases its success on equity.
Although reapplying restraints on the traitors will be long and difficult, it is necessary.
IMO.
😊
Excellent perspective and well written.
I usually don't read long postings but yours absolutely deserves 5 stars.
The USA is not doing badly, the West is not doing badly. There is no other region in the world where the wages are as high and the quality of life has reached the same high standards as in the West.
More AI generated garbage 🗑️
Yep, you can't fix a situation, when you convince yourself that it doesn't exist.
Professor Wolff always teaches me something new. Thanks for another great interview.
As always, another great Prof Richard Wolff video 👍🏼👍👍🏻
From : Singapore 🇸🇬
Professor Richard Wolfe is the best educator. He explains in such a simple way to understand ❤❤❤👍👍👍
Wolff. ;o) There is also a Richard Wolfe out there though he is anything but a critique of capitalism.
@@Nine-Signs blind capitalism lead to plutocracy, plutocracy leads to oligarchy, oligarchy leads to fascism, fascism leads to dictatorship, dictatorship leads to the whims of any man’s ego whims.
All systems need regulations, limits, oversights, system laws to prevent abuse.
China is a socialist capitalist system which explains why they’re succeeding in the management and advancing development of their country and society. The U.S. went off the rails starting with Reagan and his “trickledown” deregulated capitalism (corporatism) in bed with governments public treasury that has led to money buying up our government (elections, congress, presidency, Supreme Court) all that now serve the interests of those (Citizens United/Lobbyists) that can buy these government bodies. All things can only work with controlled regulations or they just become the power of those who are in a position to wield it
@@Nine-Signs you should read @lawrieyoutube comment
Dialogue Works has fantastic guests all the time, of course, but what I like best is the way this collection of brilliant people is presented, so that each specialist fills in gaps left by others.
A military analyst followed by an economist followed by a diplomat . . . their unique insights round out and inform each other just perfectly. :)
Not only the best Prof. Wolff interview but one of the best aired on this channel to date. Will recommend this interview to others.
RUclips apparently started hiding geopolitical videos for me that are critical of the current Western policies. Glad I still found this video today.
Brilliant...absolutely Brilliant video! 👏👏👏👏👏
Richard D. Wolff is very good at explaining economics
Employees during WWII were very unhappy and were striking a lot, but no one talks about that.
Show some proof please
the same employees could afford to buy entire house and sustain entire family on one income. working in a factory today will barely scrape you enough money to rent a cockroach infested bachelors apartment in the worst part of town.
@@nuke7777777 It's all due to inflation which devalues the currency so that what is earned today is not worth the same value tomorrow. To find out what and who causes inflation, check out your books on 20th Century Economics History.
Was this due to the schedules necessary for such high production? Also, how did the federal government respond?
@@tkgawaI found this information on Google around 2008, when the crisis broke out but I don't think Google can offer good answers right now. Google is getting worse as the time passes. I think, what is always at play, is 'they' (politicians) are trying to make people emotionally engaged so they 'volunteer' to work because of the 'common threat' and because 'we need to stick together' and some such 'patriotic' reasons. But people don't buy it, at least not for long. In short, 'positive' emotions as reward instead of money.
The best show and the best guest ... Great info !!!
Thanks from New Zealand
An outstanding interview Nima... Professor Wolff is so wise.
Thanks again 👍🏾. Cheers from New Zealand 🇳🇿🇷🇺🙏🏾💪🏾
Hi, my cuz lives in Picton.
Slava Ukraini 🇺🇦🇺🇦🇺🇦
@@joelturley4847What is Ukraine? Is it edible?
@@joelturley4847 You mean Nazi-loving Ukraine, dolt!
The quality of leadership in the WEST is really poor. It is time for a better quality of leadership.
They’re criminals. This criminal system breeds them.
Agreed !
No old people should rule
How can it be BAD as this is what the West Proud of so-called "DEMOCRACY" that wants the rest of the Non-Democratic elected Govt to follow?
It doesn’t exist at the moment 😮
Greetings from Thailand.
Wonderfully interesting guest, prof. Wolff. Thank you.
Professor Wolff is the best ❤ Greetings from Abuja Nigeria
Richard Wolff always makes us think and see the world more clearly -- even if the vision is clouded now.
Dear Neema', please have a detailed session with the Professor on the effects of the US printing money without fearing the inflation at home.
Thanks from California.
As long as they can keep exporting the inflation and borrowing/spending more, all is well.
US inflation is diverted into asset price inflation via mass asset purchasing and mass gentrifying of towns and cities acros this earth. I live in a small useless British city yet the number of American corporations that have arrived here post 2008 and are responsible for destroying my history and quality of life via mass Us corporate gentrification, is ungodly. As for returns they only ever have to show a 3% return per year on the monies invested in order to satisfy market expectations meaning here in the west where we produce nothing anymore it's all pretty much artificial funny money economics driven by nothing other than speculative bubbles that keeps it all going. To the mass detriment of the majority workforce and their nations, all for the benefit of the capitalist minority and their political and media acolyte alone.
This man should be running the economy
russias economy cannot be destroyed because the russins have every natural resource a modern industrial country could need in massive quantities. and infact thats what we in the west look at with a greedy eye. basic economics man
And the western goods they needed like microchips and CNC machines they are now getting from China.
SO DOES CANADA
@@KenHubbard-jz1vq In theory, yes. Canada has huge amounts of untapped oil reserves.
In practical... most of Canada's oil reserves exist in the form of oil sands, which contain a high amount of particulate matter, hence why it's called 'sands.'
This oil requires a much higher degree of refinement before it can be used, compared to conventional sour crude oil (which is the form that Russia has), which also make the production costs much higher than that of sour crude.
Technological development _is_ driving down the refinement costs of oil sands over time, to be sure. So while Canada is not _quite_ at present at the same level as Russia in terms of resource self-sustainability... assuming that refinement costs of oil sands continue to drop, within a few decades it will be.
@@Zidana123 I WASN'T EVEN CONSIDERING OIL , I WAS MEANING TO NATIONALIZE THE GOLD AND SILVER MINING , OPEN UP AND DEVELOPE AS MANY NEW MINES AS POSSIBLE , USING THE MILITARY EQUIPMENT AND THE MINING UNIONS , NO TAXES ON ANYTHING TO DO WITH MINING THESE 2 PRODUCTS , COOPERATION BETWEEN PROVINCES , HALF OF ALL GOLD AND SILVER MINED TO GO TO THE FEDERAL GOVERNMENT AND HALF TO THE PROVINCES EQUALLY , AND PUT THE CANADIAN DOLLAR ON THE GOLD STANDARD , THE FED GOVERNMENT CAN THEN PRINT MONEY EQUIVALENT TO THE GOLD AND SILVER RESERVE ,UNLIKE THE AMERICANS OUR DOLLAR IS BACKED UP BT GOLD THERE BY MAKING IT VALUEBLE AND IN DEMAND , ALSO AUSTRALIA COULD DO SOMETHING SIMILAR IN THE IRON ORE INDUSTRY IN CONJUNCTION WITH INDIA THERE OBVIOUSLY MORE TO IT THAN WHAT I CAN EXPLAIN ON YOU TUBE , ALL OTHER INDUSTRIES IN CANADA TO CARRY ON AS NORMAL WHATEVER THAT IS ONLY NATIONALIZE THE GOLD AND SILVER TO GET CANADA OUT OF THE CURRENT SITUATION THE FAILED CAPITALIST SYSTEM HAS PRODUCED , CONSERVATIVES ARE A HUGE PROBLEM SO A REFERENDUM TO BE HELD NATIONALLY. OIL AND GAS NOT IMPORTANT
@@Zidana123 and VASTLY more ecologically and climatologically destructive vs conventional oil, which itself is no panacea.
Hello from Denver Colorado USA 🇺🇸. Great interview. The point that Professor Wolff made that capitalism has a crisis every 7 years really hit home. The additional point was the fact that our leaders expect the average citizen to pay the taxes to pay the interest to China instead of taxing the rich and corporations. It explains why hiring at the IRS has been made a priority with reduction of services across all other government agencies. The citizens of 🇺🇸 are sleepwalking into a dystopian state.
Actually the US is an oligarchy. People are just too stupid to believe otherwise.
naw issue is oversized government and government overreach
I will tell you a bit of history all be it abridged, that the Good Prof Wolff told me and any other who viewed or attended the lectures some 12 years ago.
1937, 4300 rolling strikes lasting a 20 day average that combined destroyed 13.5 million hours of Labor...
The end result? better pensions, forms of health cover, social security and unemployment benefits, maternity leave, masses of affordable and social housing, 15 million government jobs paying good wages that built the national parks, new schools, hospitals, rail, roads, dams, bridges, the lot, all paid for by a 92% tax rate on income from any source once over $400,000 in todays money. For every dollar a person got after that 400K mark, they got to keep.... 8 cents, and the rest went BACK to society that had granted them more than ample wealth to live a good life as a reward for their work or lack there in. As for corporations their taxes were raised and an ADDITONAL anti war profiteering tax was dropped on them to claw back any excess profits they were making vis the pre war years to ensure they were unable to profiteer from war and death, unlike today.
Ukraine war have fortified the Brics alliance, and bring Russia and China closer to each other. They know they must work together to resist America's last-ditch effort to preserve its hegemony.
Russia is now subservient to China. It will be interesting to watch.
West thought that sanctioning Russia is like sanctioning Serbia in the 90's
That's the only reference point they have these days
They have sanctioned loads of countries since then. NK and Syria have been wrecked by sanctions and are more likely the reference points, along with south American nations and Cuba
They also think their (American) military is that of the 1990’s and Russia’s of the 1980’s.
FAFO.
The difference is that Russia is straight
@@arostwocentsThe Russians have the experience of doing 80% of the work fighting Nazi Germany and are Orthodox Christians. This makes them unlike Syria or NK.
NATO GDP is 50 trillion 😅
The ORCS is1.5 😅
Prof. Wolff goes right to the point. He is always crystal clear. ❤ thanks
Wolff speaks with a patient clarity that even I can understand.
the mark of an excellent teacher.
Thank you Nima for your effort ❤️🙏
Excellent snapshot on macro-economics. Thank you Professor Wolff.
A great analysis! Thanks Nima for bringing such great "claibers" as guests! Good to hear sane people!
Very informative, as always, coming from Nima's guests! Thank you, Nima, and more power.
Hi Nima - props frim Dr Wolff is high praise indeed! Well deserved my friend.
The great Wolfman!!!
"The Denial" is the longest river in the World! Love the Wolff! I have learned a shxtload from listening to him and his guests in just the last few years. There is a whole different world out there from what I was taught as a boy. But boy! Am I ever glad I stumbled upon Dr. Wolff's great work(s). Thank you both!
Very interesting interview. This is the information that you won't get in the MSM.
Thank you Professor Wolff! Always feel so informative listening to your comments and I can listen again and again ☺
Yet another great interview.
Great program Nima, thankyou Richard!
Thank you for the wisdoms of Economics, Pr. Wollf.
A fantastic interview, thank you.
i am always WOW by this professor my only source for economics news
Very straightforward.
Greetings from Australia
Best yet from proff Wolff. Incredible source, authentic man, thanx N.
Thank you, Professor Wolff!
Good morning my friends ❤🇨🇦
Profesor Richard Wolff is a brilliant analysist with such an amazing understanding thank you Nima we all learn so much thank you ❤❤❤
Outstanding. Much appreciated
Richard wolf absolutely sees...absolutely how it is....x. wise man
A blind man can see NATO's mistakes. Like supporting Nazis. Haven't you ever seen a war movie? Nazis never win.
Richard D. Wolff definitely knows the subject. 🤓
Excellent interview!
Nothing like a Richard Wolff interview to put cold hard reality back on the table in a world of deception and illusions. Fantastic stuff.
Brilliant analysis
Professor Wolff is one of the most kindest and empathetic man that you have had as a guest Nima
Thank you Mr Nima and thank you Professor Wolff. Super !
Even if the taxes go up and borrowing to zero, the money will be spent on the military
Love professor Wolffe
Nima always appreciate your videos.
Very articulate as always Sir Wolf
Prof Wolff, with respect, you left out MONEY printing!
...it's also called inflation
@@patricklyons7683 and "Overcapacity".
The prof is a realistic rational individual who have our respect. Thanks Nima for bringing him to your show. He is spot on in his analysis.
Good presentation
To this question - why the Russian economy cannot be destroyed, the president of El Salvador, Naib Bukele, gave a simple and logical explanation to Tucker Carlson: because it is constructed as a superpower country... And explained how they have everything they need 😉😎
The same applies to the US, constructed as a super power and we too have everything we need. This is an oversimplification. Perhaps US's decline is a mere repeat of other civilizations demise, the enemy within, greed, corruption, lack of moral responsibilities.
Do you have a link to the video?
@@96Deni96 ruclips.net/video/U5n8R9lq8SI/видео.html
Great stream 👍
American message to the Ukrainians:
"You do all of the dying - we can do all of the winning"
***
This is all we - Ukrainians need to know about this proxy NATO vs Russia war:
Усе, що ми, українці, повинні знати про наших західних "союзників":
“Being an enemy of America is dangerous, being a friend of America is fatal.” - Henry Kissinger (?)
***
>>>I guess it was the 12th or 13th time to Kiev, and I was supposed to announce that there was another billion-dollar loan guarantee. I got a commitment from Poroshenko and from Yatsenyuk that they would take action against a state prosecutor, and they didn’t.
“So as they were walking out to the press conference, I said, nah, we aren’t going to give you the billion dollars. They said you have no authority, you are not the President. I said call him. I’m telling you, you are not getting the billion dollars.
“You are not getting the billion; I am leaving in six hours. If the prosecutor is not fired, you are not getting the money.
“Well, son of a bitch, he got fired.>If you put aside the immense human suffering and look at Ukraine’s war through the cold lens of international power politics, a clear picture emerges: the West is having a good war against Russia.
All NATO has to do is send Kyiv munitions, equipment and money, which, as any general knows, is the c h e a p e s t way to wage war.
(...)
The lives are being given by the Ukrainians. They’re defending their nation but also, inadvertently, helping decide the Cold War.
For 70 years, NATO deterred a Moscow attack westwards. The Russians eventually invaded, last February, what they assumed would be a conquerable target on their south-western border.
The war that NATO long prepared for is finally being fought.
Exactly 👍
Sucker.
Good lesson in economics.
Brilliant synopsis by Prof Wolff ! Finally someone had the courage to explain the US dilemma .. as the dollar declines US citizens will just be taxed more..
Excellent analysis by Professor Wolff.
Ric & Nima thank you so much for letting me understand so clearly & simply the world economic & military situation even the socio-psychological aspect of it…
Dima, This is just a guest suggestion - KJ Noh. I think you'd like him.
Great overview from Prof Wolff.
Why one country wants to destroy another country? Where’s the religious belief preaching that we should love each other as fellow human beings?
Christianity is being hounded out and its traditional values vilified in the west. But there are still many who follow those beliefs. Just few of them are in positions of power 🤷🏼♀️
There is one religious group/Tribe that thinks it is far superior to all others and wants to dominate all others, this group is known as the "Chosen Tribe" and its arrogance knows no bounds.
@@lilbitsleepy2574 in simpler words, the west is dominated and led by protestantism, and protestantism is a satanic cult!
When has religion prevented you from killing the enemy? In my opinion, it's always been the other way around.
For quite a long time, it wasn't someone who spoke like you or looked like you who was considered one of them. Only a co-religionist was his own.. Is
it expensive to buy churches to promote the goals of the government?
Remove taxes.
Ask for support.
That's it.
You are probably young or you live in a world where real history is not taught.
If the government or government entity have the ability to create money. Why does the government need to tax the people to get what they are empowered to create?
Once upon a time in the USA, people were NOT TAXED on their income. The government didn't need to back then. Check out the history online in how and when income taxes began in the U.S.A.
Think of taxation as a method of destroying money, as a government you have to balance the two.
@@Nine-Signs Taxation is a method by which the money supply is controlled. As if money was continually created and pumped into the economy without regulation there would be too many dollars (inflation). Also taxes collected in the local currency gives the money legitimacy as if you can't pay the tax you are thrown in prison.
@@seeker2118
I will say again in reply to your question of "Why does the government need to tax " but with a longer explanation.
Think of taxation as a method of destroying money, as a government you have to balance the two, i.e. creation and destruction. This is one major reason.
Another is the government requires money for infrastructure, education, housing, health, defence, that requires taxation in order to pay for what society and economy requires though again this is more about balance as the US and my own the UK and presumably myriad others do not use taxes to fund government, they use taxes to offset/remove/destroy the monies created out of thin air at the press of a button to suit a departments budget requirements.
Taxation is the regulator. Trouble is the burden of it now falls on the majority workforce, not the rich and corporations.
@@Nine-Signs Well we are in agreement saying the same thing, I guess. So yes taxes are a way of destroying money and creating legitimacy for the currency created out of thin air to be accepted as money.
Excellente analyse, merci Nema et M. Wolff 👏
'NICE FOR A WHILE' song
I got to be nice for a while
I faced a new world with a smile
'Til the empire screwed
All the hopes I renewed
But I got to be nice for a while
I swam in a hope for a spell
I hoped that the empire meant well
'Til the empire screwed
Everyone they had used
I swam in a hope for a spell
They made up some words I believed
For a moment, I too was deceived
'Til the empire screwed
All the words they abused
To make up their 'make believe'
Repeat #1
This is excellent. 100% true.
Don’t know how it works but some channels have auto generated Chinese subtitles -e.g. Ken Abroad, Sun Kissed Bucket List. Would be great if this channel uses that function too.
Lots of work to get decent translation, stock auto generated often wanting
Interesting, thankyou gentlemen.
Prof Wolff has given me as a South African so much insight and understanding. I could not make out any sense of national and international politics.
This now makes sense:
Capitalism in decline.
Hopefully we in Africa can survive the focus on this continent's wealth.
Africa looks like a big t bone steak to all these resource hungry economies to thier left and to thier right.
Clear and consise.
Thank you so much guys for everything you're doing to inform us
Excellent guest
The question to the World is - do you want to be on the side of a Declining Empire? or on the side of a new alliance known as the Brics .... those countries that choose the latter will do better in the long run. Those countries such as Argentina will continue to decline.
Prof Wolff is brilliant.
Great interview
Professor telling it as it is...fair balanced....thanks nima for bringing him on...
Sadly, we in the globalrest believe the collective west is too arrogant to listen to advice given by their own intellectuals like the prof.
God level understanding of economics,, My 2nd of dr. wolffs vids
Wolff is brilliant !!!
We don't have real capitalism.we have enormous government interfering at every turn
The definition of capitalism at least in terms of economics, is by what its key difference is to to other systems primarily regarding the relationship in the worlplace.
Master>slave - slave system
Lord>serf - feudalism
Employer - employee, capitalism.
Thank you sir for teaching us.
⭐️⭐️⭐️⭐️⭐️ professor Wolff.
It’s not unpatriotic to admire economic strength and good leadership in Russia.
With the greatest respect to Mr Wolff, US Govt can spend fiscally without issuing a single treasury, i.e. so-called borrowing is actually no such thing, just a savings vehicle for the private sector.
Thank you Prof. Wolff
Sometimes to other governments? Who holds more us debt, foreign governments or business domestic and foreign?
woot! 😊
Master class.
I think that Japan currently holds more US debt than China, which is odd since Japan's debt is over three times its GDP. How is that sustainable?
Dialogue Works does indeed focus on the real issues and hosting Prof.Wolff is vital for Americans if we are going to understand how capitalism has ruined the country. If our elections are controlled by the wealthiest beneficiaries of capitalism that's not a democracy!