When you let incompetent criminals run the world, you shouldn't be surprised that things go to hell. Living well takes the self discipline to pay attention and the courage to stand up to cruelty.
I worked in the coporate office of a large childcare provider. In the office, they underpaid us; in the “field” (daycare centers), they grossly underpaid the “teachers”. Demands on them were high, pay was low and they were expected to keep the centers full of “enrollments” (children). The lowest pay for a teacher I saw was in Iowa-$8.86/hr. The only people making over $50,000 (barely over) at the centers were the “directors” who were treated as though they were part of a multi-level markeitng scheme.
So how much would the customer have to pay for people to make 50k a year? The flaw with other economic systems is the false notion that money is made on the worker instead of the consumer. In capitalism, the consumer is the boss, and the consumer is everyone. Its not the people at corporate or the people in the field.
@@robertprice9052 🤨... Well, perhaps because, by and large, they ARE UNDERPAID! They're just at the bottom of a chronically-underpaid workforce and the most exploited of the groups. Being 'low skilled', which is all relative, doesn't mean you're unworthy of earning a living wage. And that ought to be true anywhere in the world, though, of course, it's not.
@@MrBreeze66 more importantly, how much does the consumer pay for the C-suite and shareholders to bring in 6-7 figures? How many choices does the consumer have in a tight market? Why is the care of our children left to the market?
If we've learned anything about Capitalism it always inevitably leads to a Recession, & instead of trying something different America always reverts back to what set the country back in the first place.
And what exactly would that be? The entire national debt was eliminated in 1836. The 1860 dollar was inflated by 95% by 1865 due to printing money to fund the war and from that point deflation recovered all of its value by 1896...when industrial capitalism took off, and all the commodities produced by it fell precipitously in price, all while the purchasing power of the dollar was increasing. Amerian foreign imperialism began in earnest in 1898, the highest level of inflation occured in 1926 at 115% of the 1860 and 96 dollar...this after a war, pandemic and the crash of 1920, nobody was bailed out and the economy rebounded quickly. Then came the 29 crash, and government decided it should do something...as it now had the unconstitutional FED and the 16th amendment...and it got everything wrong, then came FDR and he made it worse, and you got fiat money to boot. ( also unconstitutional ) Nothing worked and the idiocy of the policies is chronicled in FDR's Folly...but under deflation the dollar recover to 1.67 ...so 80 years, and 67 % total inflation... From that point inflation was constant... What cost $1.67 in 1939, cost $2.90 in 1950, inflation rate 73% , $3.57 in 1960, i.r. 23%, $4.67 in 1970, i.r. 30%, , $9.93 in 1980, i.r. 112%, $ 15.75 in 1990, i.r. 53%, $20.75 in 2000, i.r. 31% $26.27 in 2010, i.r. 26%, and $34.18 in 2022, inflation rate 30% Total inflation from 1860 to 1939 = 67% From 1939 to 2022 = 1946% and in terms of the gold price since 1970 = 5193% I wonder what could possibly account for this radical difference???? FDR gave you "fiat" and consistent inflation while the socialists and the "new deal" gave you unconstitutional government, which destroyed capitalism along with the unions, and made you dependent on the "nanny state"...and the "rentier" F.I.RE sector...as well as an imperialist military empire...all of which is non-productive, and dependent on the productive aspects of the economy, of which little remains. So what was that that set the country back in the first place? And where exactly is this capitalism you are referring to???? A rentier economy is NOT capitalism, it is a feudal remnant of the aristocracy which which preceded capitalism...and contrary to Marx, capitalism did not bring it to an end as he predicted, it expanded...but when you say "first place" you don't mean "first place"...it took the FED, FDR and unconstitutional government along with the "new deal" to get you here.
I have not had any meat in 14 years and I am still alive and vibrant : ] Humans do not need meat 3 meals a day. In fact in 1978 the FDA changed the Food Pyramid TWICE in one year because Poultry, Pork and Beef producers like Tyson complained of low sales. Americans eat the most meat in the world and we also have the highest Heart Attacks and Obesity. Corporations push the meat agenda to increase profits.
In 'Democracy in America', Alexis de Tocqueville opined 'As one digs deeper into the national character of the Americans, one sees that they have sought the value of everything in this world only in the answer to this single question: How much money will it bring in?'. I would argue this situation has only worsened over the intervening nearly 200 years.
@@robertprice9052 Our US economy owes it's meteoric rise to slavery and eradication of native peoples. We did not create a country so much as appropriate one.
I have kids and I was always flabbergasted that child care professionals didn't make more money in their careers. Taking care of toddlers is exhausting work. I can't imagine how hard it is to take care of a room full of toddlers. I spent a lot of my paycheck on childcare, just to be able to hold down a job and raise kids at the same time. I can't imagine what other less fortunate families do to get by. The current system doesn't make sense if struggling to get by is considered a virtue. Young children in their formative years don't need austerity, every child doctor would tell you. This is a prime example of the rich taking care of their own, and offering austerity for everyone else, to keep the hierarchy in place, by literally depriving the other classes of what they would need to pull themselves up by their bootstraps.
America has had a caste system for a while. Slaves were at the bottom and their descendants are still at the bottom today. Caste systems are racial, they're not based on class.
He’s a paid propaganda machine. He misleads, half truths and lies his way through his videos. He thinks Marxism is a better system even with the 100+ years of death and destruction Marxism has caused. He’s a quack
@@ExPwner He earned a BA magna cum laude in history from Harvard, then earned his MA in history, and MA and Ph.D. in economics from Yale. He’s taught economics at Yale and City University of NY to name a few, pray tell, who would you suggest?
Every worker should have access to the financial reports of the company they work for. I guarantee that unions would skyrocket if they can see with their own eyes who getting how much of the pie they produced.
I think the problem with the formula issue is that people are talking about the short term production issue but fail to speak on the real issue. It remains to be an argument which will solve the hunger issue and save lives now but further entrenches our reliability on an uncaring and frail system to provide life's necessities. The allowance of corporations or any other organization to control our lives through our food systems. We can't produce progeny without a chemically processed powder? When did this become the case? As difficult as it may be, in this case especially, a return to nature is dire.
The horrors!!! Can you imagine if Americans couldn't eat dead animals morning, noon and night--and for snacks?! Americans would all shrivel up and die. lmao
Brilliant! like a kind of intellectual tresure of America .I belive students in the future will study your lectures and videos for generations to come .! thank you for all that you make so clearly ! God Bless.
i been watching your program for a while mr wolf, and i just wanted to say thanks for your work and all your effort to open our eyes to the truth about how capitalist system work. i saw an increase in your air time months ago and has been decrease or thats how i see it receantly, i guess the corporation are winning the battle because people all around the globe just do nothing, including my self and i guess that i failed to your efforts in this entrprise of yours,maybe the people its to busy to protest, because they have to work a lot to feed their families with the wages their earn, but we are heading to a cliff with out a real leader who drive us away.
Yeah, pretty much every vegetarian meal I make is because it's cheaper. Just by the sheet grace of God, they also happen to taste good and be a satisfying meal. Of course, the only reason they're good is because I do my own cooking and I'm good at it. And that's just because I have the free time do it. If I were a parent and saddled to some minimum wage slow death, I wouldn't have had the time to learn to cook or the time TO cook. My kids and I would subsist on processed crap and fast food like so many other households are forced to.
The egregious "disconnect" between what America says and BELIEVES about itself, and what it actually DOES, is so disconcerting that I am having difficulty expressing my thoughts. There are many biblical admonitions about the danger of worshipping "false gods", yet America does just that! Our contemporary economic and political systems are both examples of a blind adherence to culturally-acceptable "norms" that have consistently proven themselves to be inimical to their own well-being! As just one case-in-point I would like to compare America's decimated and sub-standard and exorbitantly-exclusive Education system to the vibrant and burgeoning Arms Industry and weapons manufacturers! The utter lunacy of American cultural priorities is terrifying, ludicrous, and concrete evidence of our ability to worship false gods.
Unfortunately when USA catch a economic cold, the rest of their western allies catch the resultant pneumonia. Trust in system for me has gone askew. Prof Wolff for ages has been proponent of system change. Personally I agree with him . But I live outside USA. More egalitarian society, but fast social economic disparity here too. Consequences.
First of all thanks for the video, but with all my respect Prof. Wolff bitcoin (that's not the case with other cryptocurrencies) monetary policy is way more transparent from as you said "private money" that we have before, dare I say it's way more difficult to change something in bitcoin consensus than decisions that couple of people make in central banks.
I think you bring up a good point and I agree that Prof Wolff's description of cryptocurrencies as a new form of private money isn't technically correct. However, it doesn't change his point about cryptocurrencies being a new form of currency for power to be concentrated in a small group of people. Theres only a very small group of people that own most of the cryptocurrencies since early adopters were able to accumulate vast amounts at the beginning simply by being lucky. Additionally, any entity holding a big chunk of computational resources can have control over a significant portion of the (sorry if I'm not using the right terms here) processing that happens within the ledger. Tldr, while cryptocurrency isn't exactly private money, the way it behaves in the real world essentially leads to the same monopolistic effects that private money face
Prof Wolf, I'm a socialist (Or I believe in equality anyway); The one thing I don't understand - the capitalist companies we have now are obsessed with profit, this is bad. But wouldn't the workers in a democratic co-op all want profits too? I mean it's people who are obsessed with money, not some abstract idea of "the company", I.e CEO's, shareholders, private owners. Why would workers in a co-op be any different?
You said the lack of inventory in the meat and baby formula companies were motivated by profit. What would incentivize an employee owned company to maintain inventory, instead of getting a higher paycheck?
Not even the premise is true. Meat inventory takes a year or more to grow. It's not something that one can ramp up or down at will. The baby formula problem wasn't an inventory problem, at all. One of the producers had a quality control problem and was shut down by the FDA. The alternative would have been to sell bacterially contaminated baby formula. Which, of course, is exactly what a socialist government would have done. ;-)
The Euro currency is not controlled by the government, there is no European government. The European Central Bank produces the Euro and it's an "independent" organization, meaning it's a supranational autocratic organization that is not scrutinized by any electorate in Europe. Eurozone nations lost their sovereignty by changing their currency to Euro foreign currency.
I’m hearing a lot of talk about the crash of the dollar, and an impending economic depression and out of control inflation. Some advisors are saying gas will hit $15/gal or $200/barrell for oil. What are your thoughts?
I received watched another documentary about the Boeing 737 MAX debacle. This sad story reads to me like a classic failure of capitalism driven by greed, competition, and incompetence, topped off by denial.
Our entire financial system is privatized and heavily manipulated. There is no public banking. Those celebrities did ads for centralized exchanges of crypto, they did advertise any specific coins or tokens. Also usdc and usdt have still maintain their dollar pegs. I wish Richard would've done more thorough research on this topic before talking about it.
Crypto has been completely corrupted. In fact, it was probably a scam from the start. Another shell game the "bankers" created as a hedge. Remember, crypto really took off after 2008. Most likely it was created to steal just like everything else the "bankers" create. Sure it was sold as a way to get off fiat but it's a lie since it too is fiat. Sure if you got in early you could have made a killing... but that is true with just about anything. Either it was a scam from the get go or it wasn't... but it is now. It could have been great if properly created but it wasn't and either that was intentional or, say, the FED's saw it was a threat and decided to make it in to a scam so that once it fails no one will want to touch crypto. The fact is that the lunatics who have taken over the money system will corrupt everything from now on until collapse of the human race. They will use their stolen wealth to undermine anything that poses a threat. Just the way it is. They have their "utopia" and there is no way in hell they will let any take it away from them. Even when humanity collapses they will have all the wealth because you can bet they are busy hording gold bars, food, private child sex islands, cocaine, and whatever else they can dream up with their monopoly money.
So did Terra or UST... until it didn't. And then it collapsed. Same will happen with tether.... and circle. I would ask you to do more research. Be cautious on the crypto thing. My own personal research, and experimenting trading it, mining it, and moving it to wallets and stuff... I have concluded it's a big scam.. a pyramid scheme and some a Ponzi scheme... the stable coin sector of crypto was used to pump the other crypto stuff (BTC ETH ADA DOGE etc etc) with exchanges providing off and on boarding of real money USD or Euros or Yen etc. But it remains the same, it's only value is paying out old investors with new investor money... when the music stops, so does the value of the stuff. Terra should be a big warning flag. Do your research please... I mean right now, Tether/USDT is an open scam at this point... even "investors" realize Tether doesn't have enough real money USD backing their poker chips. And it is inevitable such pyramid schemes come crashing down... they'll maintain their peg at least mostly until they simply cannot and the entire thing falls apart quickly. So your lamenting that USDC and USDT still maintain their peg... mostly close to $1... well I hope so... because the moment they don't... it's over. You won't have time to get out. Just like Terra. You didn't have much time to get out of that one. Runs on banks aren't new... and old private money had this happen frequently... to say it's okay for now means nothing for the future... because the moment it isn't okay... it's done. And it happens fast. The scary thing about Tether is that it accounts for about 80% of all crypto trading liquidity... so... you could see the real price for BTC lose essentially most if not all its trading value... many exchanges trading the stuff might even go under themselves. And none of these crypto exchanges are SIPC insured nor FDIC insured. So fiat USD sitting on the sidelines in your account is not insured should Coinbase go bust or Bittrex or some other crypto exchange go under. Be cautious. This is just a casino. And one that has precedence in ending badly. All private money become worthless within one to two decades... some within a few years.
@@jsmdnq you're making an argument against capitalism not cryptocurrency. The problems that crypto is facing are not unique to crypto. There is nothing in our economy that is insulated from market manipulation. The manipulation will continue to happen as long as our massive wealth inequality does and the US dollar continues to be the world reserve currency. If you're going to call crypto a scam, it logically follows that you think our entire financial system is a scam. The petrol dollar itself is a scam because it's value is artificially inflated by forcing people to trade with it as if it is a neutral currency even though it clearly isn't. Bitcoin is more neutral than the dollar because no government can use it to sanction their enemies. It's unfortunate that Richard hasn't made this argument because it's the most relevant one for the time we're in. Any leftist with a clear understanding of global economics should be making this argument, not the silly one Richard made.
@@jmitterii2 capitalism in general is a ponzi scheme because new money pays old money. If old money pulls out, the market collapses on new money. This is how Terra fell and how any market crash happens. Again, this problem is not unique to crypto. The US dollar can collapse in the same way if enough countries decide to dump it. FDIC insurance doesn't provide the protection you think it does. The crash of 2008 demonstrated that quite well. We can keep doing this, but you're just going to continue reinforcing and supporting my original argument as you've been so far.
@@TribeByNoire Yes, I'm making an argument against capitalism BUT we actually have capitalist society and economy. What you fail to understand is that we have to transition AWAY from such a system and that system isn't going to let it happen without destroying humanity if it has to. Crypto, if done right could solve the economic issues we face. Hypothetically at least. There still are a lot of problems with it AND even though it is decentralized *IF* it is ever compromised then we end up in a similar boat. If, say, QC ends up able to reverse hashes or factor integers quickly THEN the entire system fails and the entire world economy, if it was using crypto, fails. In fact, if such things came about they would not fail immediately but wealth would be extracted in to the hands of the lunatics hacking the system and no one would know until it was too late. Things are no so cut and dry and crypto right not isn't the perfect solution and is not even close. Yes, in some ways it could be better what what we have but still. Capitalists will always look to steal so they can have all the power for themselves and that will happen no matter what system one is until that psychopathy is "bred out"(which may be impossible). Crypto does solve a lot of the technical issues but again, it's all irrelevant while capitalism exists to undermine it. Crypto will ever end up anywhere as long as it's nothing but shitcoins and rug pulls and the exchanges are all crooks(literally this is true. All the exchanges and 99.9% of all crypto is a scam). The ultimate issue is with the masses who are ignorant of what really is going on and either refuse or can't educate themselves about it enough to make proper choices. Our society has been so fundamentally destroyed psychologically that there may never be any recovery, at least not for millennia. The good news is that the newer generations, while growing up such a screwed up system also have access to vast amounts of knowledge quickly so maybe they will be intelligent enough figure out a way... the problem is that they might just become even more intelligent psychopaths(which is what is likely).
This may not be the place to ask, but I hope someone can tell me … Why are all increases in prices, increases in COL, called inflation? It seems misleading to me.
good to see you...less babies...Great..!! less people,, less cars ,less weapons...Better quality of life for all..re the "dead animal industry,,,should be eliminated immediate;y..NO MORE FACTORY FARMING OF ANIMALS !!
I know most of the Cryptos are bs but I think Richard Wolff should take a look deeper into how Bitcoin works. Doesn't seem like he fully understands it.
Capitalism is freedom of choice, the flaw with other systems is lack of choice or freedom. People against capitalism do not understand that it’s not the bosses or the worker that’s in control, it’s the consumer. At some point, rich or poor, everyone is a consumer.
This guy is a propaganda machine. Most of the people who listen to him don’t understand economics or business functions. They are under skilled and economically illiterate
You're a fake put $10 on what you say and I will prove you wrong You don't listen to Professor wolf enough you don't know anything about regulatory capture the diminishing rate of profit and how capitalism is eating everything it's made You can't regulate capitalism because we will just elect someone like Ronald Reagan because of all the propaganda by the neoliberal like yourself and they will deregulate everything
Stop just stop you're wasting time you know nothing about capitalism or the problems of capitalism you don't know anything more than anyone here that's just the facts
Capitalism does not create Innovation China and Russia had vaccines before the USA and they improve them and they are better they also found more ways to treat covid capitalism is crap and it makes crap it makes garbage just like you
The state is only able to control the supply of cash. Most money is digital, existing only in bank statements and credit card records. Banks control the vast bulk of money supply by the creation of credit. Since they do not have to have the amount of cash in hand that they lend, but are able to do fractional reserve banking, every time they issue a loan (or a credit card creates a credit account with so much credit advanced to the card holder) money which has not been minted or printed comes into existence in the form of the debt obligation imposed on the borrower. That money borrowed is spent, so it exists, it contributes to economic demand. The money that states issue, including Quantitative Easing issues, is multiplied by that number times by the ratio of the rest of the dollar to the percentage that the lending institution is required to carry in reserves, because QE money is handed out directly to the banks rather than deployed doing anything actually useful to man or beast.
Working class salaries in the U.S. are laughable and sad. The median salary for a child care worker should be $25 per hour if it were in keeping with most other OECD countries.
The costs that inflation accumulate as every action results in another reaction, seem to drive the cost of living beyond human capacity to overcome? As the Wealthy deposit their profits in discreet locations to insure they can continue to live the lifestyle they enjoy, the distribution of Capitalism in the form of paychecks, seems to be challenged? Should the Wealthy Employers save their money or spread it out among the people who make it possible? I assume that the costs of supporting the devotion of discreet Banksters is one expense that needs to be greased? The bribes that are needed to enable families like the Biden's to provide economic security for their progeny are another facet of the economic needs of Capitalism? Support for the economic pool of cash that enables the IMF to be the instrument that can purchase the affection of former Soviet Union Nations is another well of cash that may need to borrow from the Working Class Stiff Paychecks? Costs keep increasing as Inflation enters the picture and eliminating a third of the contemporary Commodities from world trade seems to drive prices up on Stainless Steel and Gas? Food costs increase as Global Warming evaporates water that is needed to grow the Produce that enables the California Growers to sell products to the Nation. All these effects and the burden of Wall Street expectations seem to offer a problem that the ordinary Individual seems unprepared to face, as they figure out how to pay the bills they are presented every day? Has Capitalism exceeded the limitations that reality has placed on the use of that social value system? Or is that too complex a question to ask the Yootuber commentators?
Boycott meat, for the sake of the environment, your health and for the animals whose lives are a holocaust every single day. Please consider following a plant based diet
As unfair as capitalism may be I have fix for ya. Follow this and you too can live your best life. If you’re taking pills alcohol/other drugs to either make those voices in your head go away or just to stabilize your mood, don’t have kids. If you wake up and don’t feel like doing much of anything at all(and you’re not on vacation), don’t have kids. If you are at, below, slightly above, or don’t know where the poverty line is, don’t have kids. If you drank, smoked, partied your way through college and have a sociology or psychology degree, don’t have kids. If you need me to go on, don’t have kids. Working at McDonald’s, eating right, exercising, taking minimal risk, and using state and federal grants for community college is enough to make sure you live a great life in this country. In all seriousness tell your family and friends. Stop bringing children into your mess you call a life. You wouldn’t go out and get a dog when you can’t afford dog food, a home, or the vet cost when old Fido gets sick. Children are infinitely more precious and deserve better.
Clearly he doesn’t understand crypto currency. He couldn’t even explain what it is. Private money is a promissory note. The Civil war showed the need for a central currency
Rick - you gloss over the 'block chain' tech aspect of crypto,and in doing so you (appear to) miss the core power / potential of that technology. Decentralised fidelity. Decentralised processing. Decentralised Power. Sure, it will interact with and be utilised by the current dominant systems/structures - but there is much potential within this technology for leftish looking people. Don't focus on the crypto - that's a fuel for a system,focus on the block chain tech... U may find something of worth there.
Going vegan is hard, especially in the US, whose gov't heavily subsidizes meat. Meat is in everything, and in fast food it's french fries or onion rings. But I've done it, 2 years now, with only eating animals when there really was nothing else to eat. I now eat no animal products whatsoever. It's the best thing I've ever done for myself.
@@marygard4608 good for you! I'm right there with you👍 and like any capitalist company wanting to maximize profits, there has been a positive response to the increased demand for vegan food items from these companies, so I'd say it's now easier than ever to go vegan and hopefully more people will.
My problem with Bitcoin and other computer generated money is that computers are constantly being upgraded. For example computer scientists are now working on Quantum computers that are thousands of times more powerful than today's computers. As a result the new computers will be able to break the codes and passwords of today's computers and hackers will ultimately be able to steal every one else's money. Would someone like to comment on that?
I don't think the average person will have access/capital to acquire a quantum computer for a long time. It's usually used for specific purposes when made, as well. Regardless, I'm just jaded and want a revolution lol. Too much needless suffering for a few to enjoy.
@@bugsbunny4647 The thing about technology is that it can never be predicted. When I was growing up everything was mechanical, typewrites, cameras and so forth, all had parts you could assemble and disassemble. Computers were vacuum tube devices possessed only by the US government and it consisted of a large building that housed vacuum tubes. Now the simplest telephone is a powerful computer that you put in your pocket. I read my news on the internet, I no longer buy newspapers and the news tells me of new advances being made everyday in quantum computers. So who knows, maybe a few years from now our laptops and telephones will be replace by quantum computers that we carry with us in our pockets. Maybe a dishonest person with a few extra bucks will buy a quantum computer and use it to withdraw millions of bitcoins from people's accounts. I too want a revolution but bitcoins are based on a technology that very few can now access but someone anyone will be able to get one. Most of the suffering that exists in this world is caused by greedy capitalists. Making the rich pay a fair tax and using that money to help people wouldn't even dent anyone's wealth yet greed and nastiness prevents this. Revolution yes, by any means necessary, but I don't want to risk the few dollars I have managed to save on bitcoins that could be outdated by new technological advances just as the dial telephones and crt tv sets have been outdated.
Unfortunately, these are not flaws but manifests of our liberal capitalism. Liberal capitalism will under-perform when extreme inequality leaves large portion of population striving for survival, unproductive towards further development of our society.
Food science shows plant protein is much healthier than animal protein. Increasing prices of animal protein can make the poor healthier, fit and longer lives. So there is a silver lining for the corporate greed until such time when a government for all comes about.
We don't need food Nazis step aside neoliberal We can eat almost as much meat as we do in the u.s.a. sustainably what happened to the Bison what happened to the native grasses that sustains them without draining aquifers? It was the capitalists which you support
Plant protein is synthetic and prob riddled with metals just like most meats even. The chemicals in this stuff is very bad long term for attention span. America doesn't have healthy food also Elk and Bison natural meats are quite healthy you actually sustain a healthy life on this.
Do the American people know that OF THE PEOPLE, BY THE PEOPLE AND FOR THE PEOPLE, does not translate into of the rich, by the rich and for the rich? The corporate should exist to serve the people, NOT that the people should exist to serve the corporate. Do we know the difference between a democratic republic and feudalism? One is liberty and one is slavery. Do you know the difference? Vote according to your desire in 22&24. And yes, Baloney is up to $9.00 per pound. This is not inflation. This is greed run amuck. And greed destroys everything.
The point on cryptocurrency for a socialist is to push for global adoption of standard currency that can be used regardless of nationality rather than capture unregulated exchanges into the legible market.
Standardized currency doesn't help the socialist movement at all, that I can think of. It can actually cause more harm than anything by putting regions with low costs on currencies with high values (making them even more impoverished), or utilizing a currency whose value is largely based on speculation via the stock market (making it unreliable for any kind of purchasing), keeping the majority of people around the world out of the economy by denying them access to the standard currency (it's a digital currency, not a hard one, so if you don't have the infrastructure and personal access, then you have no money), requires a lot of power to and no doubt other issues. Keeping a variety of currencies isn't a problem that socialists need to worry about for the time being, if at all. Beyond that, until crypto has become viable as a currency, rather than just another toy for the stock market, it's not really worth considering as a standard for global adoption. Maybe you see things from a different perspective, but so far that I've seen, crypto has proven to just be another tool of capitalism for prolonging capitalism, used in the same ways and for the same purposes as other goods (including currencies) and services.
@@samuelrosander1048 Yes you are very correct, dismantling or unifying the objects of value exchange will do little to promote awareness of institutional relation to the individual. My own concern was in whether socialism should be captivated by nation-state circulation or if working in a domain external to regulation would be beneficial. Capital, currently, is opting to utilize cryptographic technology to avert social obligation and by little means would I claim the invention to bring a spontaneous revolution. Simply that a new perspective based from Marxian directions should be developed for the sake of acknowledging the social effects of illegible currency circulation. As in to say, the global declaration of absolute minimum subsistence and total recognition of how, why, where, when, a good, or all its partitions, has been produced, which cryptography could achieve.
Cryptocurrency is not simply private money, it's a decentralized, publicly accessible ledger extremely robust against fraud. Not saying you're wrong to criticize it, but it seems disingenuous to dismiss it as if it were simply a new form of an old thing without addressing the features of it that legitimately have never been seen before.
lol it's ponzi-scheme economics with a mechanism more unsustainable and illogical than the gold standard of the past. all its scandals are becoming clear now
Bitcoin is as dependent on markets as any Fiat Dollar. The costs associated with Bitcoin Mining seem to present as many challenges as Gold Miners faced in the Big Hole..... Money seems to leave a trail of tears as it appeals to greed.....
@@danielhutchinson6604 what a buncha ideological anti-factual array of jargons to produce nonsense statements. can you tell me, what is the production process of this "currency" and where is it stored?
Bitcoin started out as an investment scheme backed by the notion that computers could keep it free of abuse.- just like the stock market. Get the idea? Initially you had to have substantial net worth to buy the bitcoin dream. Catch on? Ponzi would be proud.
This comes off wierd, that part about putting guilt on the system for forcing women to carry out their duty & not murder their baby. That reasoning doesn't come from a sound foundation in Christ.
You completely made this up I dare you show a citation that explicitly says that in the video You are all fake you pretend to care about life and you never mentioned the ones that exist today
As others have stated, please look again at cryptocurrencies. I value your opinion tremendously but I think you've got this one wrong. If anything BTC and ETH are what we need now more than ever. Focusing on scams and failed projects that take advantage of a new emerging industry won't give you the full picture. For many younger people crypto is viewed as their only way to regain any type of financial control.
No you are not free to produce your own food because land that is arable is so over-inflated you know nothing about growing you need to sit down and shut up
@@ronaldmalnar6259 I have more intelligence than you when it comes to politics history and I'll put my money behind it but to give you credit Bush was worse than Reagan
@@ronaldmalnar6259 your b******* comment was bait that's all it was right-wing bait to try to say the individualism and self-sufficiency are the American way and it's not even the human way
How many of you would trust your life savings to me? I promise I will return your money... I'll serve your interests before mine... No takers? Why not? Then can you explain to me why I should trust any business person or politician to serve my interests before their own?
Idiot, hamburger helper is a pot pan meal using hamburger meat, a powdered sauce, and noodles or potatoes. But since he mentioned it; in Marxist Russia people mixed sawdust with meat and soup to make it go further.
The size of my biscuits and the quality is down. Also UK was found to have horse meat in their frozen product in recent years. Cost cutting happens every where. Human nature may be more the problem.
The poorest American today receives better health care for free than was available to the richest American at any price just a century ago. A new iPad or new smart phone is nice, but a little more time on earth with those we love is priceless. That's what market Capitalism is all about.
Wow! How's that bubble you are living in? Market capitalism, from its onset, did everything in its power to exploit the poor and working classes more than even the feudal system could accomplish. If healthcare has improved for any social class, it has done so because of resistance to capitalistic impulses and not because of capitalism.
Healthcare in general is better than a century ago because of innovations produced by individual pioneers or taxpayer-funded research. I can't think of a single innovation produced by a corporate R&D department. Jonas Salk refused to patent the polio vaccine because he wanted it to be available to the whole world. Capitalism does the exact opposite of this.
@@letosgoldenpath1993 History shows that progress has only occurred through capitalism. Even the socialists' favorite, Sweden Sweden Sweden is just a scaled-up tribe. Once you step beyond your own racial/religious/cultural kin-affinity, the only thing that redistributes wealth is a perfect market.
@@NotAPacifist825 Actually, patents protect inventions like drugs but they eventually lose their protection and go generic. Without the incentive to profit from discovery, there would be no discovery. It's a historical fact. Communism appeals to the good in us all to accomplish good for us all, but Capitalism harnesses our stronger, more steady, more reliable self preservation need to accomplish good for us all. What Lenin taught Communists is that to accomplish good for the workers requires that one dominate and violently suppress the workers. Since you're just trying to help, that's okay, according to Lenin.
Rick is dazed and confused about Bitcoin. It is the ONLY decentralized currency on the planet. ALL the other "crypto currencies are centralized and controlled by private enterprise. Sad to see him spouting such BS. Rick should have Michael Saylor on for some real info on crypto.
@@breft3416 Says no one that knows anything. I have a VISA Debit card linked to my Coinbase account. I can use Bitcoin to buy anything. How is that NOT currency?
I don't think the baby food industry is a capitalistic thing. I think they have a duopoly. Possibly through food stamps. Formula is just too profitable of an industry that there would only be two players. Local milk producers like Kemps and Polkadot should be in this extremely lucrative industry. Something is up besides the free market has gone awry.
@@Spock_Rogers no, but I would like more information. If I were to guess, I would guess the government has exclusive contracts with these companies or has given them exclusive rights to make the product. I mean we are talking about dehydrated milk here. It's not hard to make. All the milk producers should be making this stuff. There is something preventing them.
I really don't think that hooking kids on processed food (formula) is really the best option. I think people should also study the ingredients in things like Ensure.
@@Spock_Rogers I would think people would want to breastfeed, but I guess they don't want to take the time. Nevertheless, I believe this is a man-made shortage.
My hats off to D@W, you people are really getting down to the grind lately. Production takes a lot of work, I know.
When you let incompetent criminals run the world, you shouldn't be surprised that things go to hell. Living well takes the self discipline to pay attention and the courage to stand up to cruelty.
I worked in the coporate office of a large childcare provider. In the office, they underpaid us; in the “field” (daycare centers), they grossly underpaid the “teachers”. Demands on them were high, pay was low and they were expected to keep the centers full of “enrollments” (children). The lowest pay for a teacher I saw was in Iowa-$8.86/hr. The only people making over $50,000 (barely over) at the centers were the “directors” who were treated as though they were part of a multi-level markeitng scheme.
For that kind of money in Iowa I hope they don't expect anyone actually trained in teaching to apply.
So how much would the customer have to pay for people to make 50k a year? The flaw with other economic systems is the false notion that money is made on the worker instead of the consumer. In capitalism, the consumer is the boss, and the consumer is everyone. Its not the people at corporate or the people in the field.
All low skilled worker thinks they are underpaid
@@robertprice9052 🤨... Well, perhaps because, by and large, they ARE UNDERPAID! They're just at the bottom of a chronically-underpaid workforce and the most exploited of the groups. Being 'low skilled', which is all relative, doesn't mean you're unworthy of earning a living wage. And that ought to be true anywhere in the world, though, of course, it's not.
@@MrBreeze66 more importantly, how much does the consumer pay for the C-suite and shareholders to bring in 6-7 figures? How many choices does the consumer have in a tight market? Why is the care of our children left to the market?
Anyone making under 50k took a 50% pay cut while higher incomes got big raises and promotions. $20hr is new 2001 $10.
That’s absolutely not true at all
@@robertprice9052 you didn't make an argument you just cried like a little girl baby
If we've learned anything about Capitalism it always inevitably leads to a Recession, & instead of trying something different America always reverts back to what set the country back in the first place.
And what exactly would that be? The entire national debt was eliminated in 1836.
The 1860 dollar was inflated by 95% by 1865 due to printing money to fund
the war and from that point deflation recovered all of its value by 1896...when industrial capitalism
took off, and all the commodities produced by it fell precipitously
in price, all while the purchasing power of the dollar was increasing.
Amerian foreign imperialism began in earnest in 1898, the highest level of inflation occured
in 1926 at 115% of the 1860 and 96 dollar...this after a war, pandemic and the crash of 1920,
nobody was bailed out and the economy rebounded quickly.
Then came the 29 crash, and government decided it should do something...as it now had the unconstitutional
FED and the 16th amendment...and it got everything wrong, then came FDR and he made it worse, and you got
fiat money to boot. ( also unconstitutional )
Nothing worked and the idiocy of the policies is chronicled in FDR's Folly...but under deflation
the dollar recover to 1.67 ...so 80 years, and 67 % total inflation...
From that point inflation was constant...
What cost $1.67 in 1939, cost $2.90 in 1950, inflation rate 73% , $3.57 in 1960, i.r. 23%,
$4.67 in 1970, i.r. 30%, , $9.93 in 1980, i.r. 112%, $ 15.75 in 1990, i.r. 53%, $20.75 in 2000, i.r. 31%
$26.27 in 2010, i.r. 26%, and $34.18 in 2022, inflation rate 30%
Total inflation from 1860 to 1939 = 67%
From 1939 to 2022 = 1946% and in terms of the gold price since 1970 = 5193%
I wonder what could possibly account for this radical difference????
FDR gave you "fiat" and consistent inflation while the socialists and the "new deal" gave you unconstitutional
government, which destroyed capitalism along with the unions, and made
you dependent on the "nanny state"...and the "rentier" F.I.RE sector...as well
as an imperialist military empire...all of which is non-productive, and dependent
on the productive aspects of the economy, of which little remains.
So what was that that set the country back in the first place?
And where exactly is this capitalism you are referring to????
A rentier economy is NOT capitalism, it is a feudal remnant of the aristocracy which
which preceded capitalism...and contrary to Marx, capitalism did not bring it to
an end as he predicted, it expanded...but when you say "first place" you
don't mean "first place"...it took the FED, FDR and unconstitutional government
along with the "new deal" to get you here.
I have not had any meat in 14 years and I am still alive and vibrant : ] Humans do not need meat 3 meals a day. In fact in 1978 the FDA changed the Food Pyramid TWICE in one year because Poultry, Pork and Beef producers like Tyson complained of low sales. Americans eat the most meat in the world and we also have the highest Heart Attacks and Obesity. Corporations push the meat agenda to increase profits.
In 'Democracy in America', Alexis de Tocqueville opined 'As one digs deeper into the national character of the Americans, one sees that they have sought the value of everything in this world only in the answer to this single question: How much money will it bring in?'. I would argue this situation has only worsened over the intervening nearly 200 years.
de Tocqueville also decried the continuous patriotic banter he had to listen to from Americans.
I am afraid that question is still being asked when it comes to the treatment of black people in this country.
@@marygard4608 of course, the US was a new country broken away from Europe.
@@robertprice9052 Our US economy owes it's meteoric rise to slavery and eradication of native peoples. We did not create a country so much as appropriate one.
I have kids and I was always flabbergasted that child care professionals didn't make more money in their careers. Taking care of toddlers is exhausting work. I can't imagine how hard it is to take care of a room full of toddlers. I spent a lot of my paycheck on childcare, just to be able to hold down a job and raise kids at the same time. I can't imagine what other less fortunate families do to get by. The current system doesn't make sense if struggling to get by is considered a virtue. Young children in their formative years don't need austerity, every child doctor would tell you. This is a prime example of the rich taking care of their own, and offering austerity for everyone else, to keep the hierarchy in place, by literally depriving the other classes of what they would need to pull themselves up by their bootstraps.
Very helpful and enlightening as always!thank you
In America, the consumer is nothing but a sucker.
The workers are "Losers and Suckers."
Completely untrue. Some people are suckers and will be where ever they are.
We are seeing the re-creation of strict social classes. Like the cast system in India.
Strict yet also oddly well veneered.
they never ceased to exist... (?????)
@@cev12 Yeah and that is also true.
Too dumb for words
America has had a caste system for a while. Slaves were at the bottom and their descendants are still at the bottom today. Caste systems are racial, they're not based on class.
Great video professor Richard Wolff
I love this man ...he teaches, I learn..
He’s a paid propaganda machine. He misleads, half truths and lies his way through his videos. He thinks Marxism is a better system even with the 100+ years of death and destruction Marxism has caused. He’s a quack
He is misleading you. Please learn actual economics, not this quackery.
@@ExPwner He earned a BA magna cum laude in history from Harvard, then earned his MA in history, and MA and Ph.D. in economics from Yale. He’s taught economics at Yale and City University of NY to name a few, pray tell, who would you suggest?
@@jeanniep1003 attending an actual economics class instead of listening to this liar.
@@jeanniep1003 Watch a Thomas Sowell video and you will learn what a real economist has to offer.
Every worker should have access to the financial reports of the company they work for. I guarantee that unions would skyrocket if they can see with their own eyes who getting how much of the pie they produced.
They do at least for those companies that sell their shares to the public. They are required to file with the SEC.
Here's an idea. Start your own company and you can have access to all the financial reports.
I think the problem with the formula issue is that people are talking about the short term production issue but fail to speak on the real issue. It remains to be an argument which will solve the hunger issue and save lives now but further entrenches our reliability on an uncaring and frail system to provide life's necessities. The allowance of corporations or any other organization to control our lives through our food systems. We can't produce progeny without a chemically processed powder? When did this become the case? As difficult as it may be, in this case especially, a return to nature is dire.
I breastfed both of my children so that I wouldn't be dependent on the food industry.
The horrors!!! Can you imagine if Americans couldn't eat dead animals morning, noon and night--and for snacks?! Americans would all shrivel up and die. lmao
Thank you for your videos professor
Brilliant! like a kind of intellectual tresure of America .I belive students in the future will study your lectures and videos for generations to come .! thank you for all that you make so clearly ! God Bless.
Nobody is studying him now, either. ;-)
Thanks Professor!
The capitalists always come up with excuses don't they ?
It takes a village to raise a child & that particular village is on fire
i been watching your program for a while mr wolf, and i just wanted to say thanks for your work and all your effort to open our eyes to the truth about how capitalist system work. i saw an increase in your air time months ago and has been decrease or thats how i see it receantly, i guess the corporation are winning the battle because people all around the globe just do nothing, including my self and i guess that i failed to your efforts in this entrprise of yours,maybe the people its to busy to protest, because they have to work a lot to feed their families with the wages their earn, but we are heading to a cliff with out a real leader who drive us away.
Join your local chapter of the Democratic Socialists of America.
One thing you can do is share all of his videos on all social media platforms
I fully support the hiking of meat prices. I hope the industry gets prices out of existence.
Yeah, pretty much every vegetarian meal I make is because it's cheaper.
Just by the sheet grace of God, they also happen to taste good and be a satisfying meal.
Of course, the only reason they're good is because I do my own cooking and I'm good at it.
And that's just because I have the free time do it.
If I were a parent and saddled to some minimum wage slow death, I wouldn't have had the time to learn to cook or the time TO cook.
My kids and I would subsist on processed crap and fast food like so many other households are forced to.
The egregious "disconnect" between what America says and BELIEVES about itself, and what it actually DOES, is so disconcerting that I am having difficulty expressing my thoughts. There are many biblical admonitions about the danger of worshipping "false gods", yet America does just that! Our contemporary economic and political systems are both examples of a blind adherence to culturally-acceptable "norms" that have consistently proven themselves to be inimical to their own well-being! As just one case-in-point I would like to compare America's decimated and sub-standard and exorbitantly-exclusive Education system to the vibrant and burgeoning Arms Industry and weapons manufacturers! The utter lunacy of American cultural priorities is terrifying, ludicrous, and concrete evidence of our ability to worship false gods.
And trying to get people to realize this is an uphill battle against a lifetime of propaganda.
Love the show, great updates thank you!
Most empires seem invincible right before their collapse.
Unfortunately when USA catch a economic cold, the rest of their western allies catch the resultant pneumonia. Trust in system for me has gone askew. Prof Wolff for ages has been proponent of system change. Personally I agree with him . But I live outside USA. More egalitarian society, but fast social economic disparity here too. Consequences.
First of all thanks for the video, but with all my respect Prof. Wolff bitcoin (that's not the case with other cryptocurrencies) monetary policy is way more transparent from as you said "private money" that we have before, dare I say it's way more difficult to change something in bitcoin consensus than decisions that couple of people make in central banks.
I think you bring up a good point and I agree that Prof Wolff's description of cryptocurrencies as a new form of private money isn't technically correct. However, it doesn't change his point about cryptocurrencies being a new form of currency for power to be concentrated in a small group of people. Theres only a very small group of people that own most of the cryptocurrencies since early adopters were able to accumulate vast amounts at the beginning simply by being lucky. Additionally, any entity holding a big chunk of computational resources can have control over a significant portion of the (sorry if I'm not using the right terms here) processing that happens within the ledger.
Tldr, while cryptocurrency isn't exactly private money, the way it behaves in the real world essentially leads to the same monopolistic effects that private money face
Brillante como siempre DIOS LO BENDIGA PROFESOR MUCHAS GRACIAS
Prof Wolf,
I'm a socialist (Or I believe in equality anyway);
The one thing I don't understand - the capitalist companies we have now are obsessed with profit, this is bad.
But wouldn't the workers in a democratic co-op all want profits too? I mean it's people who are obsessed with money, not some abstract idea of "the company", I.e CEO's, shareholders, private owners. Why would workers in a co-op be any different?
I think a co op is those people in it are the shareholders. Not others. Self responsibility. They are themselves directors, owners.
"...less hanky-panky..." lol; love how you talk prof
Great to see meat product prices rising so high.
Capitalism is like a crow perched on the side of world's cradle.
A crow?? More like a tiger or a lion 🦁 🐅
@@WileyCylas a crow steals babies from the nest and loves roadkill.
You said the lack of inventory in the meat and baby formula companies were motivated by profit. What would incentivize an employee owned company to maintain inventory, instead of getting a higher paycheck?
Not even the premise is true. Meat inventory takes a year or more to grow. It's not something that one can ramp up or down at will. The baby formula problem wasn't an inventory problem, at all. One of the producers had a quality control problem and was shut down by the FDA. The alternative would have been to sell bacterially contaminated baby formula. Which, of course, is exactly what a socialist government would have done. ;-)
The Euro currency is not controlled by the government, there is no European government.
The European Central Bank produces the Euro and it's an "independent" organization, meaning it's a supranational autocratic organization that is not scrutinized by any electorate in Europe.
Eurozone nations lost their sovereignty by changing their currency to Euro foreign currency.
Imagine believing that the euro is not controlled by germany and france lol
22:00 - This is the Last Great Looting of American Consumers.
Nice,without the hat👍
They cook their books. ..we need more whistle-blowers.
We do not have markets so much as legal systems of extortion. Where "legal" means required by law.
I hope people are choosing a plant based diet because it is affordable and good for health, animals and the planet 💙🌏🥑
will see how that diet works in arctic climate where winters are -30 degrees of celcius or more.
And for the sake of the meat packing workers
I’m hearing a lot of talk about the crash of the dollar, and an impending economic depression and out of control inflation. Some advisors are saying gas will hit $15/gal or $200/barrell for oil. What are your thoughts?
You need to do your homework on crypto professor. Your analysis was very surface level and shallow.
You need to do your homework on money itself
@@kevintewey1157 I have been doing so since 2012. That’s why I’m a crypto investor.
They want to keep inventory low because they don't want to pay for storage.
If you think workers are close together at meat packing plants yet you think fast food was fine you might see what's wrong
I received watched another documentary about the Boeing 737 MAX debacle. This sad story reads to me like a classic failure of capitalism driven by greed, competition, and incompetence, topped off by denial.
The invisible hand of the market naturally closes into a fist unless acted upon by a force.
Our entire financial system is privatized and heavily manipulated. There is no public banking.
Those celebrities did ads for centralized exchanges of crypto, they did advertise any specific coins or tokens. Also usdc and usdt have still maintain their dollar pegs.
I wish Richard would've done more thorough research on this topic before talking about it.
Crypto has been completely corrupted. In fact, it was probably a scam from the start. Another shell game the "bankers" created as a hedge. Remember, crypto really took off after 2008. Most likely it was created to steal just like everything else the "bankers" create. Sure it was sold as a way to get off fiat but it's a lie since it too is fiat. Sure if you got in early you could have made a killing... but that is true with just about anything. Either it was a scam from the get go or it wasn't... but it is now. It could have been great if properly created but it wasn't and either that was intentional or, say, the FED's saw it was a threat and decided to make it in to a scam so that once it fails no one will want to touch crypto.
The fact is that the lunatics who have taken over the money system will corrupt everything from now on until collapse of the human race. They will use their stolen wealth to undermine anything that poses a threat. Just the way it is. They have their "utopia" and there is no way in hell they will let any take it away from them. Even when humanity collapses they will have all the wealth because you can bet they are busy hording gold bars, food, private child sex islands, cocaine, and whatever else they can dream up with their monopoly money.
So did Terra or UST... until it didn't. And then it collapsed.
Same will happen with tether.... and circle.
I would ask you to do more research. Be cautious on the crypto thing. My own personal research, and experimenting trading it, mining it, and moving it to wallets and stuff... I have concluded it's a big scam.. a pyramid scheme and some a Ponzi scheme... the stable coin sector of crypto was used to pump the other crypto stuff (BTC ETH ADA DOGE etc etc) with exchanges providing off and on boarding of real money USD or Euros or Yen etc.
But it remains the same, it's only value is paying out old investors with new investor money... when the music stops, so does the value of the stuff.
Terra should be a big warning flag.
Do your research please... I mean right now, Tether/USDT is an open scam at this point... even "investors" realize Tether doesn't have enough real money USD backing their poker chips. And it is inevitable such pyramid schemes come crashing down... they'll maintain their peg at least mostly until they simply cannot and the entire thing falls apart quickly.
So your lamenting that USDC and USDT still maintain their peg... mostly close to $1... well I hope so... because the moment they don't... it's over.
You won't have time to get out.
Just like Terra. You didn't have much time to get out of that one.
Runs on banks aren't new... and old private money had this happen frequently... to say it's okay for now means nothing for the future... because the moment it isn't okay... it's done. And it happens fast.
The scary thing about Tether is that it accounts for about 80% of all crypto trading liquidity... so... you could see the real price for BTC lose essentially most if not all its trading value... many exchanges trading the stuff might even go under themselves. And none of these crypto exchanges are SIPC insured nor FDIC insured. So fiat USD sitting on the sidelines in your account is not insured should Coinbase go bust or Bittrex or some other crypto exchange go under.
Be cautious. This is just a casino.
And one that has precedence in ending badly. All private money become worthless within one to two decades... some within a few years.
@@jsmdnq you're making an argument against capitalism not cryptocurrency.
The problems that crypto is facing are not unique to crypto. There is nothing in our economy that is insulated from market manipulation.
The manipulation will continue to happen as long as our massive wealth inequality does and the US dollar continues to be the world reserve currency.
If you're going to call crypto a scam, it logically follows that you think our entire financial system is a scam.
The petrol dollar itself is a scam because it's value is artificially inflated by forcing people to trade with it as if it is a neutral currency even though it clearly isn't.
Bitcoin is more neutral than the dollar because no government can use it to sanction their enemies.
It's unfortunate that Richard hasn't made this argument because it's the most relevant one for the time we're in.
Any leftist with a clear understanding of global economics should be making this argument, not the silly one Richard made.
@@jmitterii2 capitalism in general is a ponzi scheme because new money pays old money. If old money pulls out, the market collapses on new money. This is how Terra fell and how any market crash happens.
Again, this problem is not unique to crypto.
The US dollar can collapse in the same way if enough countries decide to dump it.
FDIC insurance doesn't provide the protection you think it does. The crash of 2008 demonstrated that quite well.
We can keep doing this, but you're just going to continue reinforcing and supporting my original argument as you've been so far.
@@TribeByNoire Yes, I'm making an argument against capitalism BUT we actually have capitalist society and economy. What you fail to understand is that we have to transition AWAY from such a system and that system isn't going to let it happen without destroying humanity if it has to.
Crypto, if done right could solve the economic issues we face. Hypothetically at least. There still are a lot of problems with it AND even though it is decentralized *IF* it is ever compromised then we end up in a similar boat. If, say, QC ends up able to reverse hashes or factor integers quickly THEN the entire system fails and the entire world economy, if it was using crypto, fails. In fact, if such things came about they would not fail immediately but wealth would be extracted in to the hands of the lunatics hacking the system and no one would know until it was too late.
Things are no so cut and dry and crypto right not isn't the perfect solution and is not even close. Yes, in some ways it could be better what what we have but still. Capitalists will always look to steal so they can have all the power for themselves and that will happen no matter what system one is until that psychopathy is "bred out"(which may be impossible).
Crypto does solve a lot of the technical issues but again, it's all irrelevant while capitalism exists to undermine it. Crypto will ever end up anywhere as long as it's nothing but shitcoins and rug pulls and the exchanges are all crooks(literally this is true. All the exchanges and 99.9% of all crypto is a scam).
The ultimate issue is with the masses who are ignorant of what really is going on and either refuse or can't educate themselves about it enough to make proper choices.
Our society has been so fundamentally destroyed psychologically that there may never be any recovery, at least not for millennia. The good news is that the newer generations, while growing up such a screwed up system also have access to vast amounts of knowledge quickly so maybe they will be intelligent enough figure out a way... the problem is that they might just become even more intelligent psychopaths(which is what is likely).
10:51 I know Richard isn't the type to say it so I will: Nice.
When Forbes publishes their annual metric, they classify a family of 3 making between $35k-$64k as Middle Class...
Damn, I guess even they know the average person can't afford a home and are stuck renting since we can't save for a down-payment.
This may not be the place to ask, but I hope someone can tell me …
Why are all increases in prices, increases in COL, called inflation?
It seems misleading to me.
From cHildcare... caregivers' poverty wages... abortion. A pattern.... emerges.
If I were a young white woman I'd be worried.
good to see you...less babies...Great..!! less people,, less cars ,less weapons...Better quality of life for all..re the "dead animal industry,,,should be eliminated immediate;y..NO MORE FACTORY FARMING OF ANIMALS !!
I'd like to see a debate between Richard Wolff and Warren Buffet. I know it not likely, but Id like to hear Buffet defend the system.
Why would Warren Buffet debate an idiot? ;-)
3:00 Okay... but.... where is all the legislation we were promised codifying Roe and Casey into law?
I can't ever afford to live on my own with my wages as a special needs paraprofessional with my current salary.
capitalism in US is called democracy.
I know most of the Cryptos are bs but I think Richard Wolff should take a look deeper into how Bitcoin works. Doesn't seem like he fully understands it.
Capitalism is freedom of choice, the flaw with other systems is lack of choice or freedom. People against capitalism do not understand that it’s not the bosses or the worker that’s in control, it’s the consumer. At some point, rich or poor, everyone is a consumer.
This guy is a propaganda machine. Most of the people who listen to him don’t understand economics or business functions. They are under skilled and economically illiterate
You're a fake put $10 on what you say and I will prove you wrong
You don't listen to Professor wolf enough you don't know anything about regulatory capture the diminishing rate of profit and how capitalism is eating everything it's made
You can't regulate capitalism because we will just elect someone like Ronald Reagan because of all the propaganda by the neoliberal like yourself and they will deregulate everything
Stop just stop you're wasting time you know nothing about capitalism or the problems of capitalism you don't know anything more than anyone here that's just the facts
Capitalism does not create Innovation China and Russia had vaccines before the USA and they improve them and they are better they also found more ways to treat covid capitalism is crap and it makes crap it makes garbage just like you
When everything needed for The Pursuit of Happiness Is Out Of Reach because of the capitalist monopolies it is not Freedom it is slavery
Bitcoin is the only thing I don't agree with Prof. Wolf on.
I do think some cryptos are legit, but we have SO MANY bad ones.
What marks communism is shortages and long lines
The state is only able to control the supply of cash. Most money is digital, existing only in bank statements and credit card records. Banks control the vast bulk of money supply by the creation of credit. Since they do not have to have the amount of cash in hand that they lend, but are able to do fractional reserve banking, every time they issue a loan (or a credit card creates a credit account with so much credit advanced to the card holder) money which has not been minted or printed comes into existence in the form of the debt obligation imposed on the borrower. That money borrowed is spent, so it exists, it contributes to economic demand. The money that states issue, including Quantitative Easing issues, is multiplied by that number times by the ratio of the rest of the dollar to the percentage that the lending institution is required to carry in reserves, because QE money is handed out directly to the banks rather than deployed doing anything actually useful to man or beast.
Working class salaries in the U.S. are laughable and sad. The median salary for a child care worker should be $25 per hour if it were in keeping with most other OECD countries.
Then you got the whole problem if you have to pay childcare workers more what is the point for both parents to work.
You speak as if 80% are in control of the government
that's funny
@@kevintewey1157 ?
Same old thing. Wake up! Financial system must go.
The costs that inflation accumulate as every action results in another reaction, seem to drive the cost of living beyond human capacity to overcome?
As the Wealthy deposit their profits in discreet locations to insure they can continue to live the lifestyle they enjoy, the distribution of Capitalism in the form of paychecks, seems to be challenged?
Should the Wealthy Employers save their money or spread it out among the people who make it possible?
I assume that the costs of supporting the devotion of discreet Banksters is one expense that needs to be greased?
The bribes that are needed to enable families like the Biden's to provide economic security for their progeny are another facet of the economic needs of Capitalism?
Support for the economic pool of cash that enables the IMF to be the instrument that can purchase the affection of former Soviet Union Nations is another well of cash that may need to borrow from the Working Class Stiff Paychecks?
Costs keep increasing as Inflation enters the picture and eliminating a third of the contemporary Commodities from world trade seems to drive prices up on Stainless Steel and Gas?
Food costs increase as Global Warming evaporates water that is needed to grow the Produce that enables the California Growers to sell products to the Nation.
All these effects and the burden of Wall Street expectations seem to offer a problem that the ordinary Individual seems unprepared to face, as they figure out how to pay the bills they are presented every day?
Has Capitalism exceeded the limitations that reality has placed on the use of that social value system? Or is that too complex a question to ask the Yootuber commentators?
26:05 The central banks were captured?
Do you not know how central banks work?
Boycott meat, for the sake of the environment, your health and for the animals whose lives are a holocaust every single day. Please consider following a plant based diet
As unfair as capitalism may be I have fix for ya. Follow this and you too can live your best life. If you’re taking pills alcohol/other drugs to either make those voices in your head go away or just to stabilize your mood, don’t have kids. If you wake up and don’t feel like doing much of anything at all(and you’re not on vacation), don’t have kids. If you are at, below, slightly above, or don’t know where the poverty line is, don’t have kids. If you drank, smoked, partied your way through college and have a sociology or psychology degree, don’t have kids. If you need me to go on, don’t have kids. Working at McDonald’s, eating right, exercising, taking minimal risk, and using state and federal grants for community college is enough to make sure you live a great life in this country. In all seriousness tell your family and friends. Stop bringing children into your mess you call a life. You wouldn’t go out and get a dog when you can’t afford dog food, a home, or the vet cost when old Fido gets sick. Children are infinitely more precious and deserve better.
Wow, Dude, your life must really suck. ;-)
Child care is hardly a new crisis...the peasant pay to child care folk has a long history...
Clearly he doesn’t understand crypto currency. He couldn’t even explain what it is. Private money is a promissory note. The Civil war showed the need for a central currency
Wolff doesn't understand much of anything he records. Basically diarrhea of the mouth.
Central bank funded statism’s flaws fester.
Rick - you gloss over the 'block chain' tech aspect of crypto,and in doing so you (appear to) miss the core power / potential of that technology. Decentralised fidelity. Decentralised processing. Decentralised Power.
Sure, it will interact with and be utilised by the current dominant systems/structures - but there is much potential within this technology for leftish looking people.
Don't focus on the crypto - that's a fuel for a system,focus on the block chain tech... U may find something of worth there.
No better time to go vegan🌱
Going vegan is hard, especially in the US, whose gov't heavily subsidizes meat. Meat is in everything, and in fast food it's french fries or onion rings. But I've done it, 2 years now, with only eating animals when there really was nothing else to eat. I now eat no animal products whatsoever. It's the best thing I've ever done for myself.
@@marygard4608 good for you! I'm right there with you👍 and like any capitalist company wanting to maximize profits, there has been a positive response to the increased demand for vegan food items from these companies, so I'd say it's now easier than ever to go vegan and hopefully more people will.
My problem with Bitcoin and other computer generated money is that computers are constantly being upgraded. For example computer scientists are now working on Quantum computers that are thousands of times more powerful than today's computers. As a result the new computers will be able to break the codes and passwords of today's computers and hackers will ultimately be able to steal every one else's money. Would someone like to comment on that?
I don't think the average person will have access/capital to acquire a quantum computer for a long time. It's usually used for specific purposes when made, as well.
Regardless, I'm just jaded and want a revolution lol. Too much needless suffering for a few to enjoy.
@@bugsbunny4647 The thing about technology is that it can never be predicted. When I was growing up everything was mechanical, typewrites, cameras and so forth, all had parts you could assemble and disassemble. Computers were vacuum tube devices possessed only by the US government and it consisted of a large building that housed vacuum tubes. Now the simplest telephone is a powerful computer that you put in your pocket. I read my news on the internet, I no longer buy newspapers and the news tells me of new advances being made everyday in quantum computers. So who knows, maybe a few years from now our laptops and telephones will be replace by quantum computers that we carry with us in our pockets. Maybe a dishonest person with a few extra bucks will buy a quantum computer and use it to withdraw millions of bitcoins from people's accounts. I too want a revolution but bitcoins are based on a technology that very few can now access but someone anyone will be able to get one. Most of the suffering that exists in this world is caused by greedy capitalists. Making the rich pay a fair tax and using that money to help people wouldn't even dent anyone's wealth yet greed and nastiness prevents this. Revolution yes, by any means necessary, but I don't want to risk the few dollars I have managed to save on bitcoins that could be outdated by new technological advances just as the dial telephones and crt tv sets have been outdated.
Unfortunately, these are not flaws but manifests of our liberal capitalism. Liberal capitalism will under-perform when extreme inequality leaves large portion of population striving for survival, unproductive towards further development of our society.
Food science shows plant protein is much healthier than animal protein. Increasing prices of animal protein can make the poor healthier, fit and longer lives.
So there is a silver lining for the corporate greed until such time when a government for all comes about.
We don't need food Nazis
step aside neoliberal
We can eat almost as much meat as we do in the u.s.a. sustainably what happened to the Bison what happened to the native grasses that sustains them without draining aquifers? It was the capitalists which you support
Unfortunately meat is very addictive and not good for people, just like cigarettes. Very sad
@@kevintewey1157
Eat as much as you like. You will remember this post when you are over 40.....
Plant protein is synthetic and prob riddled with metals just like most meats even. The chemicals in this stuff is very bad long term for attention span. America doesn't have healthy food also Elk and Bison natural meats are quite healthy you actually sustain a healthy life on this.
Do the American people know that OF THE PEOPLE, BY THE PEOPLE AND FOR THE PEOPLE, does not translate into of the rich, by the rich and for the rich?
The corporate should exist to serve the people, NOT that the people should exist to serve the corporate.
Do we know the difference between a democratic republic and feudalism?
One is liberty and one is slavery. Do you know the difference?
Vote according to your desire in 22&24.
And yes, Baloney is up to $9.00 per pound. This is not inflation. This is greed run amuck. And greed destroys everything.
The point on cryptocurrency for a socialist
is to push for global adoption of standard currency
that can be used regardless of nationality
rather than capture unregulated exchanges into the legible market.
Standardized currency doesn't help the socialist movement at all, that I can think of. It can actually cause more harm than anything by putting regions with low costs on currencies with high values (making them even more impoverished), or utilizing a currency whose value is largely based on speculation via the stock market (making it unreliable for any kind of purchasing), keeping the majority of people around the world out of the economy by denying them access to the standard currency (it's a digital currency, not a hard one, so if you don't have the infrastructure and personal access, then you have no money), requires a lot of power to and no doubt other issues.
Keeping a variety of currencies isn't a problem that socialists need to worry about for the time being, if at all. Beyond that, until crypto has become viable as a currency, rather than just another toy for the stock market, it's not really worth considering as a standard for global adoption. Maybe you see things from a different perspective, but so far that I've seen, crypto has proven to just be another tool of capitalism for prolonging capitalism, used in the same ways and for the same purposes as other goods (including currencies) and services.
@@samuelrosander1048 Yes you are very correct, dismantling or unifying the objects of value exchange will do little to promote awareness of institutional relation to the individual.
My own concern was in whether socialism should be captivated by nation-state circulation or if working in a domain external to regulation would be beneficial.
Capital, currently, is opting to utilize cryptographic technology to avert social obligation and by little means would I claim the invention to bring a spontaneous revolution. Simply that a new perspective based from Marxian directions should be developed for the sake of acknowledging the social effects of illegible currency circulation. As in to say, the global declaration of absolute minimum subsistence and total recognition of how, why, where, when, a good, or all its partitions, has been produced, which cryptography could achieve.
@@0MVR_0 Reasonable. Stretching our materialist/Marxist muscles is important for staying relevant and understanding what's happening.
parking lot attendants are generally male, child care providers are generally female - hence the difference
22:37 crypto
If you are not vegan, or atleast moving towards a more plantbased diet, i feel very sorry for you. Ignorance is not a beneficial mindset for anyone.
Cryptocurrency is not simply private money, it's a decentralized, publicly accessible ledger extremely robust against fraud. Not saying you're wrong to criticize it, but it seems disingenuous to dismiss it as if it were simply a new form of an old thing without addressing the features of it that legitimately have never been seen before.
Disgusting behaviour how can you get away this
Americans need to stand with the oppressed and take back Our Democracy from the oligarchs.
Bitcoin doesn't involve fractional reserve lending. (oh, and that "fraction" in fiat, is now zero percent). Let our eyes focus on THIS.
lol
it's ponzi-scheme economics with a mechanism more unsustainable and illogical than the gold standard of the past. all its scandals are becoming clear now
Bitcoin is as dependent on markets as any Fiat Dollar.
The costs associated with Bitcoin Mining seem to present as many challenges as Gold Miners faced in the Big Hole.....
Money seems to leave a trail of tears as it appeals to greed.....
@@danielhutchinson6604 what a buncha ideological anti-factual array of jargons to produce nonsense statements.
can you tell me, what is the production process of this "currency" and where is it stored?
@@biometronome7010 You want me to tell you how Fiat Currency works?
Or do you simply want to show me how well you can stay awake in Econ Class?
Bitcoin started out as an investment scheme backed by the notion that computers could keep it free of abuse.- just like the stock market. Get the idea? Initially you had to have substantial net worth to buy the bitcoin dream. Catch on? Ponzi would be proud.
This comes off wierd, that part about putting guilt on the system for forcing women to carry out their duty & not murder their baby. That reasoning doesn't come from a sound foundation in Christ.
You completely made this up
I dare you show a citation that explicitly says that in the video
You are all fake you pretend to care about life and you never mentioned the ones that exist today
The Parasite class.
capitalism is not a failure by accident, but by design, they cause all the social chaos.
Wrong
As others have stated, please look again at cryptocurrencies. I value your opinion tremendously but I think you've got this one wrong. If anything BTC and ETH are what we need now more than ever. Focusing on scams and failed projects that take advantage of a new emerging industry won't give you the full picture. For many younger people crypto is viewed as their only way to regain any type of financial control.
Wow, crypto weasels are spitting nails now, at the good professor.
You are free to produce your own food
No you are not free to produce your own food because land that is arable is so over-inflated
you know nothing about growing you need to sit down and shut up
Do you get teased a lot because your first name is the same name as Ronald Reagan who instituted neoliberalism?
@@kevintewey1157 Since you attached my name rather than my suggestion I can only assume you do not have the intelligence to properly discuss issues.
@@ronaldmalnar6259 I have more intelligence than you when it comes to politics history and I'll put my money behind it
but to give you credit Bush was worse than Reagan
@@ronaldmalnar6259 your b******* comment was bait that's all it was right-wing bait to try to say the individualism and self-sufficiency are the American way and it's not even the human way
Robbery....
Sounds like crypto is a work-around. Like, u wouldn't need it, & the dollar would b fine, if u de-corrupted the government instead.
Convenient excuse=bare face lie
Yes the capitalist use convenient excuses and making bold-faced lies they've been doing it since World War 1
How many of you would trust your life savings to me? I promise I will return your money... I'll serve your interests before mine...
No takers?
Why not?
Then can you explain to me why I should trust any business person or politician to serve my interests before their own?
That's part of the problem. You are concerned only about *your* interests.
@@dbarker7794 Whose interests should I be concerned about?
But you can and should learn to trust real people's party
the people in China have and 80% of them are happy
you can't come close in the US
@@kevintewey1157 Not buying it.
@@blogintonblakley2708 but you're smarter than 80% of the Chinese which means you're just the racist
Idiot, hamburger helper is a pot pan meal using hamburger meat, a powdered sauce, and noodles or potatoes. But since he mentioned it; in Marxist Russia people mixed sawdust with meat and soup to make it go further.
The size of my biscuits and the quality is down. Also UK was found to have horse meat in their frozen product in recent years. Cost cutting happens every where. Human nature may be more the problem.
The poorest American today receives better health care for free than was available to the richest American at any price just a century ago. A new iPad or new smart phone is nice, but a little more time on earth with those we love is priceless. That's what market Capitalism is all about.
No sorry but market capitalism is all about making a profit.
Wow! How's that bubble you are living in?
Market capitalism, from its onset, did everything in its power to exploit the poor and working classes more than even the feudal system could accomplish.
If healthcare has improved for any social class, it has done so because of resistance to capitalistic impulses and not because of capitalism.
Healthcare in general is better than a century ago because of innovations produced by individual pioneers or taxpayer-funded research. I can't think of a single innovation produced by a corporate R&D department. Jonas Salk refused to patent the polio vaccine because he wanted it to be available to the whole world. Capitalism does the exact opposite of this.
@@letosgoldenpath1993 History shows that progress has only occurred through capitalism. Even the socialists' favorite, Sweden Sweden Sweden is just a scaled-up tribe. Once you step beyond your own racial/religious/cultural kin-affinity, the only thing that redistributes wealth is a perfect market.
@@NotAPacifist825 Actually, patents protect inventions like drugs but they eventually lose their protection and go generic. Without the incentive to profit from discovery, there would be no discovery. It's a historical fact. Communism appeals to the good in us all to accomplish good for us all, but Capitalism harnesses our stronger, more steady, more reliable self preservation need to accomplish good for us all. What Lenin taught Communists is that to accomplish good for the workers requires that one dominate and violently suppress the workers. Since you're just trying to help, that's okay, according to Lenin.
Government agencies are always 100% transparent. No corruption anywhere. This show is a joke.
Rick is dazed and confused about Bitcoin. It is the ONLY decentralized currency on the planet. ALL the other "crypto currencies are centralized and controlled by private enterprise. Sad to see him spouting such BS. Rick should have Michael Saylor on for some real info on crypto.
Too bad it's consuming more energy than many countries
@@glueplay Too bad you are spouting total BS. See: ruclips.net/video/E5gXD40OHcg/видео.html
Funny how the booji crypto boys show up on this channel.
Wake up and smell the tuna: It's not currency. It's an investment for a relative few no matter how popular it becomes.
@@breft3416 Says no one that knows anything. I have a VISA Debit card linked to my Coinbase account. I can use Bitcoin to buy anything. How is that NOT currency?
I don't think the baby food industry is a capitalistic thing. I think they have a duopoly. Possibly through food stamps. Formula is just too profitable of an industry that there would only be two players. Local milk producers like Kemps and Polkadot should be in this extremely lucrative industry. Something is up besides the free market has gone awry.
Blame the poor and powerless.
@@Spock_Rogers no, but I would like more information. If I were to guess, I would guess the government has exclusive contracts with these companies or has given them exclusive rights to make the product. I mean we are talking about dehydrated milk here. It's not hard to make. All the milk producers should be making this stuff. There is something preventing them.
@@user-wp8yx ruclips.net/video/lp4zWaLE_ik/видео.html
I really don't think that hooking kids on processed food (formula) is really the best option. I think people should also study the ingredients in things like Ensure.
@@Spock_Rogers I would think people would want to breastfeed, but I guess they don't want to take the time. Nevertheless, I believe this is a man-made shortage.