Economic Update: The Deepening Fragility of US Power
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- Опубликовано: 14 авг 2022
- [S12 E31] The Deepening Fragility of US Power
In this week’s show, Prof. Wolff presents updates on successful unionization at Trader Joe’s, lottery tickets as disguised regressive taxation, gasoline inflation brings record profits to big oil companies, and pharmaceutical industries' ad campaign to block gov't plan to buy medications in bulk and pass savings onto public. In the second half of the show, Wolff interviews Vijay Prashad on his new book with Noam Chomsky on the fragility of US global power.
**Economic Update with Richard D. Wolff is a @democracyatwrk production. We make it a point to provide the show free of ads. Please consider supporting our work. Join our Patreon community: / democracyatwork and help us spread Prof. Wolff's message to a larger audience. Every donation counts!
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About our Guest: Vijay Prashad is an Indian historian, the chief editor of LeftWord Books, and the director of Tricontinental: Institute for Social Research. He is a senior fellow at Chongyang Institute for Financial Studies, Renmin University of China, and author of over 20 books, including his latest co-authored with Noam Chomsky and released this month. It is entitled The Withdrawal: Iraq, Libya, Afghanistan, and the Fragility of U.S. Power.
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NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff is now available at: www.lulu.com/
“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.democracyatwork.info/books
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SOURCES FOR SHOW SEGMENTS:
1. Trader Joe’s Union: www.usnews.com/news/business/... truthout.org/articles/trader-... www.teenvogue.com/story/young...
2. US Lottery: www.axios.com/newsletters/axi...
3. Oil Record Profits: www.wsj.com/articles/chevron-...
A HUGE fan of Vijay Prashad! I could listen to him for hours.
First I ever heard him. He made my day.
He has a great way of articulating the point to get full pictures
I love listening to Vijay Prasad, he is very knowledgeable on geo politics and he can see the truth even though how murky it is. Please bring him more to your show.
Thanks that was a great interview with Vijay Pashad. Vijay Prashad expresses his thought in an eloquent way.
I think Americans genuinely don't realize the world is turning away from it in every way.
Think? Majority of Americans don’t realize it, and or fail or don’t want to believe it.
@@JasonLastName I was gonna say this too. Many Americans don’t realize, or refuse to believe, that their influence in the world has been shrinking for years now. They are turning into a pariah state
We know and we don't care.
Observing the denial is an amazing experience considering how many of the US financial experts are online now singing the same tune in chorus.... We in the West could delay the effects if we would only learn to CO-EXIST and CO-OPERATE with those in the East who are now becoming the engine of the future global economic growth. Trying to suppress and re-establish dominance over nations who now form the basis for your economy to continue to survive is not a realistic solution to a declining empire...it just speeds up the decline in influence.
Which financial experts are most prominent in saying this?
Vijay Prasad is one of the most honest intelligent and enlightened people on the planet!! Always a pleasure to hear his wisdom.
Thanks professor Wolff we need to keep hearing this message and voices like Vijay. So important
Enjoy listening to both of you as your talks are factual based, many thanks.
Always a pleasure to listening to Mr Pradesh. An intelligent and truthful man 👍
He is mr prashad
Vidjay Prashad
Truth and logic are lacking in main stream western media. Lying to ourselves would only lead to stupidity, contradictions and decline. Prashad is so right about that fragility.
Yeah I almost fell in love with Professor Prashad when he spoke in COP26-- so brave, highly intelligent and adorably handsome😘. He can be my idol for sure!
Mr. Prashad and The Welsh Dragon are
both victims of English rightist
empire.
Great discussion, especially with vijay prishad.
I watched the Warmonger U-tube series. Every time when a US President announced a war, they announced it with great pride. They felt absolutely heroic about it.
USA reminds me of Mongolian empire, ferocious and short-live. We still stand after 5000 years. That's all it matters.
Two giants of wisdom, what a pleasure to listen to them.
Listen to vijay, never trust the politicians, support your local co-ops, la lucha sigue compañeros 🌹🌹
Hear, hear! The politicians are not representing our best interest since long ago. It dosent matter which political party, they are there for their own benefit. People must begin to understand that we all have many of the same concerns and problems and begin to face the real threats to us.
The best thinkers are easy to understand. I think because they are approaching the truth. I love this guy.
I really like that point you make. I'm going quote you on my fb. page i hope you don't mind.
Prof Wolfe has been talking for years about how the thrashing and roiling of an empire in it's death throes will terrible to behold. Now it seems that we're experiencing it directly.
It’s taken years because that ailing empire can print its own money and the rest of the world had to take on the US debt. Not anymore, the world has options which is a problem for the empire because if no one is using their $$ to trade with then it’s lights out
I'm terribly frightened by what this empire might do in its death throes. We've still got a hell of a lot of nukes. I can see these old men and women in power who apparently don't give a damn about their kids or grandkids blowing the whole thing up.
Because of a little inflation and shortages caused by supply chain inefficiencies? We aren't experiencing anything yet. I don't want to be a doomer but this really is just a prologue for what's to come.
Sounds more like the other KPFA Allstar, Chris Hedges.
@@hollyw9566 Col Larry Wilkerson, chief of staff for Colin Powel, participated in many tabletop wargame exercises during his time in the government. As I recall, most represented conflicts between the US and China. He said that every single one ended with nuclear war.
The high cost of gas has been mostly oil company profit. You can't say this enough.
Agree
So true
Oil is like US housing market, the asking price is really the starting point for negotiations. That's what happens when there is more demand than supply. I would take the highest price too.
The government is collecting more taxes than ever before! They love inflation created from Fauci's bioweapons and Putin's invasion. That's why they love Ukraine so much.
@@darkroses3479 it might be if 3 people owned all the houses
I worked in a small mom and pop grocery in a tiny farming town and came to realize buying a lottery ticket is the only hope the poor have.
Which is to say ... very close to no hope at all.
A man from India told me a joke. He said America is a country blessed by god but the americans dont know it. Are we to be miserable if we dont win the lottery? I detest everything about that notion.
The poor of the global north run on the lottery for hope and the poor of the global south still run on a white man's God for hope.
@@guyburgwin5675 If you were born in the USA or immigrated here, you have already won the lottery. Sadly most American young people aren't shown that. They are like the most miserable person who lost the winning lottery ticket. If only they could meet your Indian friend.
The lottery exists to collect money from the poor while pretending to offer them wealth.
One of the most powerful solution for the entire presentation, many thanks to Professor Richard Wollf and well known Historian Mr.VJ Prashad.
I never thought of lottery tickets as a way for the rich to avoid taxes. Thank you Professor Wolff for enlightening us on this and many other topics!
Always love to hear the sanity of Mr. Pradesh. He’s on many platforms and always delivers great insights. Recently he was on Useful Idiots for a lengthy valuable interview.
lottery and casinos.....they collect the money frrom poor to pay taxes instead of paying their fair share
This was great. Thank you to the both of you. Excellent analysis from you Dr Wolff and from Vijay, clear and methodical as always. From Sydney Australia.
This was excellent; please invite Vjay to again speak about US global suicide.
"US global suicide" that phrase really captures our situation.
Vijay is an excellent Speaker with extremely good knowledge of history and geopolitics.
I can't believe people in US and EU are sitting on their hands, while a handful of lunatics are throwing them under the bus. Something has to give.
Episode 2 with Vjay please
& The US want everyone to suicide with them
Thank you for the global insight professor Wolff
It should be pointed out that during the 1970s, the beginning of the lottery, they stated they would put proceeds towards schools. Obviously, that did not happen.
surprise, surprise...
Thanks Richard and Vijay. Always a pleasure to listen to Vijay with his widepread knowledge of Asia, Africa, and much of the rest of the continents. Thanks again
When I was studying in UK, I read a lot of economic papers published by the university of US. I was astonished how advance were those economic analysis. They have highly powerful and comprehensive analytic as well simulation tools to predict how one action could affect the local as well as international economy. I am therefore 100% confident that the President of US was fully aware of the effect when he order sanction against Russian oil - another obvious act to help the rich to become richer and poor poorer. I therefore question if that's the President really wanted by its people or he is only wanted by those controlling the economy of US.
We have worked very hard here in the US to keep the East and SA impoverished. Of course our victims are getting strong enough to fight back.
Costco, whose treatment of its employees originally drew me in, as a customer, seems to be regressing toward Walmart standards. Along with other, more subtle changes, they now include DIY check out areas, which, in time, means one less employee per successful station. Perhaps, it's time for those employees to get together...
its called unionism in the old days the police would attack the strikers deprive them of most of their freedoms till they desroyed them Now is "BETTER" few "G/men" in black may pay a visit to the leaders wives maybe nutch their car off the road when they are driving their kids to school shopping etc with few words tell hubby if he wants to see his chilren again the strike stops as form today unions are finished now mate the deep state is now Very sinister, why did Canada "confiscated IE stolen" the truckers trucks n put them in prison, its too late for that now either a Nuclear Holocaust or God's Armageddon IE Apocalypse if not we are all stuffed, Planet of the slaves lanet of the apes was a cold run for what they have in store for us
At first I avoided those self checks (at supermarkets) to go to the regular cashiers, but I noticed they seem to prefer that we go to self checks so they have fewer customers. I feel that is such a backwards thought for them
@@EvolutionWendy I have experienced the same. The store has the employees actually guide you to the self check registers and they are too willing to follow orders. I believe they (the employees) are not truly understanding what that new trend means for them. I still go to the regular cashier, leaving the self check as a speedy way to pay when I have 5 items or less and the regular registers are quite busy.
@@chloesweet6667 I will not work free for the store and use the self-check, unless I get 15% discount.
I have asked at Walmart employees about those machines that will take jobs away they say they didn't understand what I was saying .The are always in fog
Two of my favourite socialists 🥰
Each has his strengths. They're a good combination.
Fucking tankies.
When regan illegally broke the air traffic controller strike it was open season on unions and the past reflects that it had indeed been no holds barred more n faster since then
Empires end when the cost of maintaining overseas armies exceeds the profits of their colonies.
Well stated! Which led to the downfall of Rome. History does indeed repeat itself, just give it time.
That's when the nukes fly.
@@c.p.haslop2500 no one will take the place of the United States as the number one economy or number one superpower it's not going to happen. Otherwise the US will get so aggressive that life will end on Earth due to nuclear war.
@@beastmode8203 I agree. The elites will ensure that both the military industrial complex and the Eurodollar remain the major players in global policy. Otherwise, ALL BETS ARE OFF
@@c.p.haslop2500 this is why I'm leaving to Puerto Rico. Because tribalism is going to kill us all.
Vijay is so good at painting a picture of the world wide processes taking place right now, I am going to give this many replays.
I'm a retired union skilled tradesman with two pensions. I worked in the non union sector until my early 30's so I have experience on both sides. The union isn't perfect. There's political BS and "the good ole boys" run both but without my pensions to add to social security I'd be struggling to get my work boots on to hobble off to work. Go union now if you can.
The FEDs have had their claws in everything with transformative potential for almost a century. They have a money machine and are not shy about using it for absolute control.
It wont be there when you go to collect it, but it makes you feel good i guess
Outstanding professor Wolff. Thank you VJ, your the man!
Kishore said: The USA cannot share power .. indeed internationally and internally.
Pure facts!
in the UK where i live, we call the lottery, the "stupid tax", i think that says it all!
It does if you add desperation to the equation
@@dannyweilthereisnorussiaga6594 It is well documented that living in want and uncertainty blunts your decision making and thinking skills. It was confirmed by several ubi trials. It follows of course that this is a desired outcome for those in power to retain it. People don't organize and strategize effectively, when destitute.
Vijay's remarks about the US not making cheaper phones in relation to China hit me hard! Instead of being creative and innovative the US decision makers are just clobbering people. Innovation requires education and that has been made abysmal in the states so... I haven't felt this sad - this kind of sad - in a while (and I'm a school teacher well aware of climate collapse and preparing accordingly). When the Russians beat us into space, I don't recall learning about sanctions and b.s. like visits to Taiwan. I remember we did better. Wow. I'm teary.
Two brilliant professors, love it.
This is the best guest Prof Wolff has ever had!
Thank you professor Wolf and Mr Pradesh for your honest/truthful interlectual information very enlightening. In my opinion the main stream journalism/ media is full of propergander, thanks to people like you.
Around 20 pages of the tax code are how to fill out your 1040. The other 80 thousand pages are exemptions for rich people so they don't have to pay tax. The unpaid tax burden is shifted from rich people to those who don't get those exemptions. Capital gains, which come from having a piece of paper that says you own something which earns you money, like most rich people have, is taxed at a far lower rate than income from providing labor, which is what most of the rest of us have to do. Big money people made the tax laws to favor themselves because enough of the rest of the people believed in deregulation to make that happen.
How do you know you are a "person"? If that seems like a strange question, it is similar to the question....How do you know you are an employee or employer? Is this a question that depends on common understanding, or has it been "legally" defined?
By law an employee is:
The term employee includes every individual performing services if the relationship between him and the person for whom he performs such services is the legal relationship of employer and employee. The term includes officers and employees, whether elected or appointed, of the United States, a State, Territory, Puerto Rico, or any political subdivision thereof, or the District of Columbia, or any agency or instrumentality of any one or more of the foregoing.
If this suggests to you that you are one....( by common usage or understanding ) you are being misled by the first sentence, because the definition of a "legal' employee only applies to those that follows the word "includes"......and while that might be you, it does not include anyone who is NOT WORKING for some level of "government". The source for this is: 26 CFR § 31.3401(c)-1 which is the regulation governing w-4 voluntary with holding agreements.
Other excerpts from this regulation are:
1.) (a)Employer-employee agreement. An employee and his employer MAY enter into an agreement under section 3402(p)(3)(A) to provide for the withholding of income tax
2.) an employee who desires to enter into an agreement under section 3402(p)(3)(A) shall furnish his employer with Form W-4 (withholding exemption certificate)
3.) If accepted by the employer as provided in subdivision (iii) of this subparagraph, the request shall be attached to, and constitute part of, the employee's Form W-4. An employee who furnishes his employer a request for withholding
4.) An agreement under section 3402(p)(3)(A) shall be effective for such period as the employer and employee mutually agree upon. However, either the employer or the employee may terminate the agreement prior to the end of such period by furnishing a signed written notice to the other.
Now keep in mind that this applies only to those legally defined as being an "employee" by that same regulation., and that there are NO other "regulations" regarding any "other type" of "employees"....and the use of THIS FORM, for the purpose, also defined.
The following is the entire regulation and all words that have "legal definitions" are highlighted in blue and linked to that definition.
( link removed to avoid post deletion )
So are YOU a "person" or an "employee"?
Under penalties of perjury, I declare that I have examined this certificate and, to the best of my knowledge and belief, it is true, correct, and complete.
Employee’s signature
(This form is not valid unless you sign it.)
So maybe what you "believe" matters.....and in your ignorance of the law, you will commit "perjury".....but don't worry, you WILL NOT be "prosecuted".
After all, you just made yourself "liable" for "income taxes" you don't owe......which is a much better deal for the government, and they will prosecute you for NOT paying them. Now you would think that all those people you have voted for or will vote for should know this....but if you have learned nothing else when it comes to the "law", never ASSUME you know what the words mean...because you DON"T. ( although the typical reaction to this "information" will be similar to that of those who deny the reality of a "scam" that has been successfully working for 8 decades and counting. )
So vote early and often.....after all, look what you are getting in return.....priceless.
Cleary, Dan is not living in capital gains tax Canada.
Vijay & Vandana- thank you, India, 🇮🇳
They are stellar citizens & very generous in global truth-telling.
The Patnaiks are also great !
Radhika Desai, Bikrum ?? , very fortunately etc. !
Two intelligent gentlemen for the people 👍🏼
Do you think either one has a surplus of goods?
Thank you, Democracy At Work! This past weekend, I watched Vijay Prashad on a few other RUclips channels and wondered when Professor Wolff might interview him - something I was hoping for. Thanks also for examining the flow and distribution of money in state lottery systems. I had wondered about that for a while, but hadn't tried to look into it.
This Indian scholar is one of very few of Indian who has an honest opinion about China
As a former TJ's crew member, order writer and store artist, Trader Joes was probably the best retail gig a person can get. HOWEVER, the company has changed a lot from even five years ago. TJ workers need to be protected from the treatment and pressures placed on them by management. The game playing with work scheduling and clawing back worker benefits are just two new tactics going on. Power to the workers! It's crew members taking all the insane crap from customers, not the mates and certainly not captains.
Trader Joe's is trying to survive in an impoverished USA. Your money goes further in other grocery stores.
Excellent content and thought provoking perspectives 👍
Brillant guest.....
Rome also declined in violence. The military primacy was key in their decline.
The twist is that the US leveraged this to destroy the USSR and apparently they may experience a vintage effect.
Far from it our nukes will fly before anyone takes our place.
Great stuff VJ as always great.
"This is the beginning of the transition from liberal-globalist American ego centrism to a truly multi polar world." ~Vladimir Putin, - 06/08/2022
I was incensed at the US stand on Huawei, whose equipment is on technical grounds better than anyone else's. In consequence of US fear, meddling and bullying, Europe and the US is now being forced to buy inferior G5 equipment from 'politically acceptable 'non-Chinese vendors. Some of the Huawei software for its G5 system was developed with the help of UK sources. The idea that non-Chinese equipment is free of 'backdoor' entrances, is laughable. Sardonically amusing that 'Communist' China is out-capitalisting the chief capitalist! If the US was truly interested in competition, it would welcome it, instead of suppressing it. It's not as if they're gong to regain their techno-mojo - CHIPS or not.
We have the same cost-of-living crisis here in the UK.
I wonder what we have in common, to suffer the same problems.
We use the same global corporations to supply us, that's it.
We have the same neo-liberal ideological madness too.
No, both countries spend more than they produce and that creates high prices and a weak economy.
@@darkroses3479 Too much happens between "country spend" and "country produce" to conclude with "high prices and weak economy".
@@johnwright8814 western world is living too well, compared to many poor countries... time to take down a peg for you.
you always just whine and moan you are having it bad... well... visit India, Africa, even Latin America.... then you will stop complaining so much.
@@diamon999 You should read Professor Richard Murphy's article "Surviving 2023" freely available on his Tax Research UK website.
Grats on the team at Democracy@Work. I have seen this channel from the beginning, I have been following Prof. Wolff before this channel existed. Almost 400k subscribers is serious now. Keep up the good work!
Vijay is my favorite person to listen to
Lotteries. A subject near to my heart.
The Pennsylvania lottery claims to help seniors. Yet, low income housing for seniors has dwindled to the point where there are years-long waiting lists,. The public "free" transport for seniors is constantly being limited or eliminated. The most pathetic site I se, is elderly, shabby people patiently scraping away at the $2 ticket. Who knows what dreams they entertain? Thanks, Prof.
yup just like casinos are supposedly helping native americans.....BS....its about rich people avoiding paying taxes that should go to support native americans....instead poor people go to casinos and pay the rich peoples taxes for them....including supporting native americans......its pitting poor people against native americans and the rich laugh all the way to the bank.....its disgusting
Always good to hear from Vijay. Thanks
Hopefully it stays independent, the Teamsters is known for managements graft & corruption, exactly why long islands Amazon warehouse union drives failed initially connected with the teamsters, soon as they tried on their own,they got it!! Good for them
yup fk the teamsters as much as any corporation, corrupt mofos
AFRICA THANKS VIJAY PRASHAD !!!...TELL AMERICA ISRAEL FRANCE TO GET BOOTS OFF AFRICAN SOIL !
Best episode of the show yet!
The interview was very good. Thanks Mr Pradesh for your insightful view of the situation.
Thank you professor 🙏
great show, I loved Vijay Prashad's segment
Your explanation of the lottery was superb. I learned a lot. Great work professor.
i wonder if a society that only uses adversarial methods of organization is really efficient?
the drive to maximize profit seems likely to alienate the entire society. the normal human response is to do as little as possible, while looking for a better job.
Very informative
"exonmobil earned four times more ..."
I object to the use of the word "earned".
Well said!
Loved this particular episode. Indispensable from the Prof ♥️🕊️♥️(yes, I watch older vids too - again, indispensable).
At my Union it clear among us workers that our Union is only for the interest of the Union and NOT the employees. It's so bad at my job that there is a division between the workers, the ones who get a pension and the ones who don't. The ones who don't get a pension get a 401/457 plan, like myself. Before, every worker at my job used to get a pension.
Our union was responsible for that change and division because they are in cahoots with staff. We don't even have a strike fund!
Where is my money going and what is the purpose of our union? Our union says they are insurance/protection for in case you get in trouble with staff.
Isn't that the same thing the Mob would tell their victims, you need protection? People who opted out the union get in trouble all the time at my job yet they are still here! The union is a scam! I started this job paying 60 bucks a month in union dues and now it's almost 100 bucks a month!
Non-pension holders at my job are starting to opt out the union and eventually that's what staff wants so we can be at their mercy but we are already at the mercy of staff. So many people are fed up yet people I think are scared to say or do anything. The way the union talks to us, I literally can't tell the difference between them or staff.
How are we going to pay our bills if we go on strike?
I'm down to go on strike, I don't have kids plus I have enough savings for rent and food for a whole year but I don't know about everyone else.
Where is George Sorros when you need him?
Thanks!
Vijay is just excellent!
Vijay Prashad is spot on in pointing out that Reuters, AFP, and even Nikkei are instruments of desperate Western attempts to stave off a decline in multiple dimensions of the manifestation of their power.
Great stuff! Prashad lends intense clarity to the issues the US faces. Or is it better to say created? As always, thanks Professor Wolfe.
It's a degrace many workers are grossly underpaid and they have to top up by the tips given by customers often feeling pitty towards these workers. Meanwhile the bosses are paying less tax than they should have been paying.
and the invisible shareholders make out like phukking bandits.
Australia's 60 Minutes is one of those mediums that likes to tell a lot of lies.
Great show, but it's sad to see that the impending ecological disaster does not cut into this discussion
@Pat M Climate change is not the only ecological issue we are facing. A recent study has found PFAS--a moisture repelling chemical used in many things from raincoats to pots and pans--at unsafe levels in rainwater the world over. There's also the issue of the saturation of plastics in the environment, of nuclear waste leaking into water sheds and rivers and into the ocean--what's going on at Hanford, WA is crazy. There's also the dead zones in the ocean that are growing because of pollution and overfishing, fish stocks plummeting in fishing communities. The species loss we are witnessing is also incredibly alarming...on and on man. I just think that at this point any discussion about empire and U.S. decadence, and China, etc. needs to also say something about this. Thanks for your reply...I disagree with you.
Wonderful segment 👏
Amazing analysis Wolff!
Thank you, well said !
Thanks for this.
Excellent discussion!
i love Vijay. easily one of my favourite Communist Intellectuals in the world today
Great post
Lottery is a tax on people who are bad at Math.
Top notch analysis..thank you.
this bijaya prasad has knowledge like christ with all the truth ..salute to you..
Vjay and professor Wolff! Here we go
Solidarity and greetings from the hilltowns just a 25 minute drive from Hadley, MA. We are going for greater mutual aid and organizing in the hilltowns, but there is much work to do to get there.
Will Dr. Wolff be the one in charge when the Revolution comes?
He should have a place in the cabinet
@YOU KNOW ITS ME good question! Perhaps, every working person stays home (blue collar) or doesn't log on (white collar). Military sets down arms. Then...watch economy screech to a halt, stocks plummet and the elite panic. There's your revolution.
I'm afraid he's too old. :(
Thanks
Vijay is brilliant in understanding and voice.
Funny how we promote and are always saying we are a democracy, but ironically, our economic system is about as undemocratic an entity as one could create.
Brilliant👍🍻
Rich people [and smart people] don't buy lottery tickets.
Mao. said we Carry all the people in the world in our shoulders until they forget how to walking 🚶♂️
I don't play the lottery, but by god, that's quite a revelation!!😲😲
Just a few things. I don't know if I completely believe that America is going to collapse. I also think we need to work on creating worker owned businesses and cooperatives. The system is too rigged against unions.
15:03 I missed part of Vijay, needed the timestamp to get back to it. :)
Vijay great guest
Interesting.
we should just call them the oil mafias!
It is imperative that the citizens of the United States demand our leaders encourage the integration of Eurasia, as that is the only way to assure lasting Peace globally. It would be a shame if the neo-colonialists foolishly copy the British empire's policy of global dividerule and conquer. A policy that has always proven to ensure perpetual and senseless war