[music] Welcome, friends, to another edition of Economic
Update, a weekly program that you’re quite familiar with by now, and you’re also familiar
with me. I’m your host, Richard Wolff. I want to talk today in the beginning of our
program about two parallel economic developments, one in the United Kingdom, Britain, and the
other one here, in the United States, because they really are quite similar, which is probably
not surprising considering they were all both once part of the same British Empire, now
long gone Let’s start with the United Kingdom. They suffered the great, global, capitalist
crash in 2008 as badly as any country did. A little bit differently, they followed it
with a very harsh austerity. They had bailed out the big banks and corporations. They had borrowed huge amounts of money. The government had to bail them out, and then
immediately having bailed out the companies that actually brought them the crash, they
turned to the mass of the British people and said, Well, we borrowed so much money. We have to pay it back. We can’t afford the services we provide to
you. And they cut back the services, and they laid
off employees. Wages declined in Britain more severely than
they did elsewhere in the last ten years since the crash. It got so bad for the British people, they
did something extraordinary; namely, they decided that the fault was not the capitalism
that failed to work for them, but rather the fact that Britain was part of Europe. So they had the Brexit vote, where they voted
to divorce themselves from Europe. That genius idea was the Conservative Party
doing its part to focus people not on the capitalist system that was screwing them,
but on the Europeans who weren’t. And so they are now separating from Europe,
which is causing them even more economic problems. All of this is managed by a ruling Conservative
Party led by Mr. Cameron, at first who caused the Brexit vote, then fumbled and bumbled
by Teresa May and now in the hands of Britain’s own Trump, Mr. Boris Johnson, who is threatening
to take Britain out in October, and God knows what will happen. This is a sad story. It is a story of capitalism’s decline in England
and the inability of the people who lead it to face that reality and try to cope with
it, but instead to engage in a real program of denial, blaming immigrants—how popular
these days—and Europeans. How nice to blame foreigners. Notice immigrants and foreigners are the problem,
and you rail against them, and you leave them, and you expel them, and you imagine that this
is gonna solve the problem of a declining capitalism. The tragedy of it is that the decline is only
getting worse, and the British people, deep in their souls know it, and they’re gonna
have to make big changes or they’re gonna go down with it. Now let’s shift to the United States, and
you’re going to see, if you haven’t already, that the story is quite similar. I’ll focus on Mr. Trump and the Federal Reserve. Here’s the problem in the United States: We
have a capitalist system, and everywhere that capitalism has existed as an economic system
in a society, the same truth has shown itself over and over again. Every four to seven years, this capitalism
has an economic meltdown. It’s called a recession, a depression, a downturn,
a meltdown—the words are endless because the repetition is endless. And we’re now about nine years from the last
one, 2009 and [20]10, which means the averages are catching up to us, and we’re gonna revert
to another recession. Everybody in the financial world knows that
and knows that it’s only a question of when, no longer a question of whether, and now here
comes the problem for Mr. Trump, which is parallel to the problem for the Conservatives
in the UK who are Mr. Trump’s parallel. Here’s the problem: Mr. Trump is running for
re-election (just as he has been doing since the day he was first elected) and having to
say that the economy is great. Well, it isn’t because it’s a capitalist economy
about to have a nasty recession, and usually when you have had a recession postponed, the
postponement makes it worse—you know, like having an illness that you don’t attend to
gets worse if you don’t attend to it. Well, capitalism has a lot of parallels with
illnesses. So Mr. Trump goes around saying it’s wonderful,
but the reality is (as his economic advisors know) that a recession is coming. This scares Mr. Trump. It threatens his reelection because if that
downturn we all know is coming because of capitalism; if that downturn hits in 2019
or even if it hits in the first part of 2020, it’s going to hurt millions of Americans (they
always do, these downturns), and those people are not gonna be happy with Mr. Trump. And whoever runs against him will say, Hey,
Mr. Trump, it’s the economy, stupid! (like earlier candidates have done in the same situation). So what is Mr. Trump doing? Well, he’s trying to blame the economic troubles
on somebody else, and he’s a specialist (just like Mr. Johnson is in England). He blames (you guessed it!) immigrants, why
not? And foreigners, why not? The Chinese, you see, have been cheating us,
and the Mexicans and the Canadians and the Europeans—gee! the whole world has been
just taking it out on the good old victim United States. It’s a picture no other part of the world
recognizes, but it sells in the US, or at least Mr. Trump hopes so. So he’s gonna blame them, but that’s not enough
because this is a doozy that’s coming. So he’s decided to blame the Federal Reserve. You see, they should cut interest rates. By yelling about the Federal Reserve, he’s
already showing where the blame he hopes will go for the economic troubles—not to him,
not to his policy, not to his carrying out what capitalism wants while blaming immigrants
and foreigners—no, no! He can now also blame the Federal Reserve. It didn’t cut interest rates. And the second reason he wants that to happen
is if you cut interest rates, you make it cheaper for people to borrow. Maybe he hopes he crosses his fingers, or
whatever it is that he crosses, and he hopes that maybe with lower interest rates, people
will borrow more, businesses will borrow more, and maybe the economy, the downturn, will
be delayed a few months, just long enough to get him to slide back into office in November
of 2020. That’s what’s going on. Capitalism is, in fact, in trouble in the
United States, as the extreme inequality makes evident every day, as the turmoil—everything
from opioid crisis to mass shootings gives you ample evidence. What is being done? Well, in the US, as in the UK, next to nothing. Instead, we engage in denial, blaming scapegoats,
wherever we can find them: immigrants, foreign trading partners, the Federal Reserve, anything
but the system. Because Mr. Trump, like Mr. Johnson, are loyal
servants of the status quo. Don’t blame the system; don’t change the system;
that’s the iron rule governing them. You can say whatever you want, as long as
you protect what puts you in office and what keeps you in office. That’s the harsh reality, but the irony of
it all is that the capitalism they’re protecting keeps deteriorating because they’re not facing
what the problems are and what the changes needed to fix it are all about, and that can
only go so far. Stories of decline, of societies, coupled
with blindness on the part of the people who lead those societies, that always ends badly. And here’s the irony that history should have
shown to both the UK and the US. They were both parts of something once called
the great British Empire, upon which it was said the sun never sets because it’s everywhere.) Well, guess what? The people who led it lost it. It’s gone, never to return because they didn’t
face the realities of what it meant, and that sad story is being recapitulated right now
in these two countries who pretend, and hope everybody else does, that what I just described
is not going on and that will end badly too. We’ve come to the end of the first part of
this program. Please stay with us. I think you’ll find the second part interesting
and valuable as well. [music] Welcome back, friends, to the second half
of today’s Economic Update. Before jumping in to the two big topics I
want to talk to you about today, one of which is the political economy of immigration and
the other one is what’s going on in Latin America, with particular reference to Venezuela. Before doing that, I want to remind you that
it is a very important support for us to have YouTube subscribers. If you have not yet subscribed to our YouTube
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use of our websites, Democracy at Work (all one word: democracyatwork.info) and our RDWolff.com. There you can communicate with us, sign up
to follow us on Facebook, Twitter, and Instagram. And, finally, as always, a strong thank you
to the support of our Patreon audience. We value your support and your interest. It is an important encouragement for all that
we do. So let me begin with the economics of immigration,
a topic that seems to be lost in all of the hoopla around the Trump administration’s behavior
at our border. Immigration happens by and large because employers
want it. They often are recruiting directly and indirectly
around the world to bring workers here. Why? The basic reason is it’s profitable, which
is why companies do most of the things they do in a capitalist system. So they bring immigrants—sometimes educated
immigrants, sometimes not so well-educated immigrants—because they’re cheaper to employ
than their native American counterparts. And now let’s watch how this plays out. First, the Democrats. The Democrats reward, support the employers
in bringing in cheap immigrants by reading to them the imprint on the Statue of Liberty
about how we, as a nation, welcomed the poor, the tired, the hungry masses huddled around
the world who want to come here. And that’s how the Democrats help the employers
get the cheaper labor. The Republican Party supports the capitalist
employer in a different way. It works real hard to turn the native workers,
watching the cheaper immigrants come in, turns the native worker against them, sees the problem
as the poor immigrant rather than the employer profiting off bringing that immigrant here. If the native upset and anger at the immigrant
community moving into the school, moving into the neighborhood, moving into the jobs, bringing
a different language and culture—if that boils over, then the two parties play a different
role. The Democrats wave their scolding finger first
at the native Americans for being hostile to the immigrant, and secondly, to the GOP,
the Republicans, for a kind of racist support of all of this. The Republicans answer in again helping the
employer by saying all the Democrats only really support immigrants because they want
their votes. While all this bickering between Republicans
and Democrats goes on, the employers are laughing all the way to the bank. They are getting the extra profits from the
immigrants. They are crowding them into housing for which
they overcharge the rentals. You get the picture. And if it all begins to boil over to the point
where someone like Trump comes in and builds an entire career around this kind of stuff
(battling and yelling and accusing and blaming)! If this actually works to stop immigration,
what will the employers do? They’ll do what they have always done when
they run out of cheap immigrants. Some of them will move to where the immigrants
came from, to hire them there and pay them the low wages over there, so that Americans
will be wondering where the jobs went. And if that isn’t feasible, then the employer
will replace native workers (who are expensive) with machines and automate. The system is the problem. That’s the problem, that’s what has to be
faced. It isn’t this or that detail. The immigrants are here because it pleased
capitalism to bring them. It’s profitable, and if the noise and trouble
that ensues makes it unprofitable or difficult, then we will solve the problem, say the capitalists,
another way. We’ll move the jobs over there or we’ll
automate the job right out of existence. If you don’t want to be on the wrong end of
this problem and this process, capitalism is your difficulty, not poor immigrants. It makes as much sense beating them up as
if you ran into the factory and beat up the machine that replaced you. “Grow up” is the answer we need in the
face of a system that is designed for profit and not for the needs of people. This is an old story, and if you ask me (which
you are entitled to do), what should we do about immigration? Here’s a simple, two-part answer. Number one, every person who wants a job in
the United States ought to be given the right to have one. A decent economic system finds out how to
match the individual interests and passions and skills and enjoyments of individuals with
what is needed in society. People are happy if they make a contribution
to society, and society is better off if it can find and harness the creativity that varies
from one individual to another. Either you do that well and you succeed as
a society, or you don’t. Currently, we don’t. And if you did that, if everybody had a job,
then you could have a proper democratic decision. There are people who would like to join us
to bring us the benefits of different cultures, different cuisines, different dresses. There are also people who need a better life,
just as our own forefathers and foremothers did. And let’s have a democratic decision whether
we can find a place in our economy, as in our hearts, for people who need help. Many of us are devotees of religions that
tell us that’s what God wants us to do. It’s remarkable how few of us seem to be listening. Let me turn now to the second major topic
for today’s conversation. It has to do with Venezuela, but really, the
problem of Venezuela has to be put into a context. Venezuela is one of 20 countries in Latin
America, Central America, South America, whatever you want to call it. Those countries have been part of the world
for a long time. That means for the last two three hundred
years, they’ve been part of a global capitalist system. They were never colonies, a few of them were,
but most of them were not colonies. They had their independence once they broke
away from Spain and Portugal, which were the major European countries that did try to colonize
them and did colonize them early on, but they became independent countries. Their economies were capitalist; they were
private enterprises by and large. They had markets as the institutions through
which people bought and sold their ability to work and there buy the products that their
work helped to produce, etc. Free enterprises, private enterprises, markets:
the accoutrements of capitalism. The basic relationship in their production
systems was the relationship of employer to employee. The employers were a small minority; the employees
were a vast majority. And this was the way the economy was organized,
which is why it deserves the name capitalist for the last two or three hundred years. There have been very few exceptions. The only exceptions right now that deserve
the name are Cuba and Venezuela. What can we say about capitalism and South
America? Well, the answer is very obvious. In every country, there is a small minority
of very rich people, and I’m talking Mexico to Chile and everything in between. A small minority of very rich people and a
vast majority of extraordinarily poor people. If you go to a major city in Brazil, South
America’s largest country, you will be taken, if you dare—I’ve done this in Sao Paulo—you’ll
be taken, if you dare, by a host, if the host dares, to the edges of this city where the
vast majority of the city’s residents live. Those areas in Brazil are called favelas. They are some of the worst slums on this planet. Every major city in Latin America, in South
America, has huge populations of desperately poor people, people who don’t really have
homes or houses. They live in shacks of corrugated metal and
cardboard, where there’s no real sewage and no real running water, except on a few occasions
when they all have to compete. The conditions are abominable, and they have
been that way for the last two centuries. Capitalism develops unevenly, and one of the
most glaring unevennesses are all over Latin America: Chile, Peru, Ecuador, Mexico, Honduras—it
never stops. Well, what do you say about this? Well, occasionally, in every one of these
countries, a revolution breaks out, which should surprise no one because these conditions
for the masses of people are horrific, not just in Cuba and Venezuela. In 1954, the people of Guatemala had a revolution. They wanted to
take over the land and distribute it equally to undo the grotesque inequality that capitalism
has reproduced for two centuries. But the United States got rid of the leader
Jacobo Árbenz, and he disappeared. And I could give the story about virtually
every other country. The United States has looked upon South America
as its special area. We call that the Monroe Doctrine from back
in the early 19th century when President Monroe declared that this was our area and the Europeans
were to keep out. It was as if one big colony for the United
States, which is how the United States has dealt with those parts of the world for pretty
much the rest of the period until now. So yes, in 1959, Cuba’s turn. It had a revolution, and the interesting thing
was for the first time the revolution was threatened by the United States—indeed,
like always, the attempt was made to overthrow the Cuban Revolution. Yeah, yeah. It was 1961. Bay of Pigs. Look it up if you’re not familiar with the
history. But the new young leader in Cuba, a man named
Fidel Castro, unlike the Jacobo Árbenz in Guatemala few years earlier, managed to survive,
and his government managed to survive to the present day. In Venezuela, Hugo Chávez, and now his successor,
Maduro, are trying; they’re trying to overcome, to stop the horrific legacy of what capitalism
has meant in Venezuela, a resource-rich country, oil, that has nonetheless the same pattern
of a minority of very rich people, a majority of very poor people, and a small middle class
in between, usually one dependent on employment from the very rich at the top. People have been critical both of Cuba and
of Hugo Chávez, whom the United States, by the way, also tried to overthrow at the beginning,
a botched effort that was the laughingstock of the world, if you know the story. But here’s the interesting point: Are there
things that Cuba and Venezuela do that are worthy of criticism? Of course. Have they done things that we wouldn’t want
them to do, that a decent society shouldn’t do? You betcha! They are not perfect. They are not the solution to the human problem,
and they make mistakes—sometimes big ones—and they make people suffer. All true, all true. But you are no way going to undo two to three
centuries of capitalist inequality deeply engrained in the consciousness of your people
by making a social change that has no blemishes, has no failures, has no cruelties. That’s not gonna happen. We might wish it, and I certainly do, and
we might say it’s important to point out the mistakes that the Cubans and the Venezuelans
have made and are making. Fair enough. But once you understand the context, you will
understand that the big problem facing Latin America is not Cuba and not Venezuela, neither
of their regimes. They don’t even have the history to justify
it. The history is on the side of saying the big
problem of the economic backwardness, inequality, and instability of Latin America. There the credit belongs where the credit
is due. It’s the capitalist system that has produced
and reproduced their poverty, their misery, their inequality. If that isn’t dealt with, you are going to
have one revolution after another, as we have already seen. The future will be as the past has been, and
will the United States each time be entering and trying to stop and control what in the
end will win? The demand of people for an economic system
that does not perform in the future as it has in the past. The overwhelming majority of people of in
Latin America want out of a system that has brought them the kind of suffering, the kind
of inequality that is in fact behind the migration of people north to the United States because
the conditions where they are, are unbearable. That, too, is a product of a capitalist system
brought to Latin America and South America by Europeans, left there, managed now by their
own elites, their wealthy elites. This is not a sustainable situation, and finding
fault with Cuba and Venezuela for how they have managed to get out of this situation
is an inappropriate cheap shot that doesn’t belong if you understand the economics of
that part of the world. I hope you have found these discussions, first
of immigration and then of South America, up-to-date, topical, and a useful corrective
to what is so often said in the mainstream media about these urgent problems that need
our attention. Thank you, and I look forward to speaking
with you again next week. [Music]

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100 thoughts on “Economic Update: Capitalism in Denial”

  1. Lol. Well isnt obvious? And what exactly would you if you were in trumps shoes Richard? And what is your solution to capitalism wolf? Socialism or communism you seem to be a fan of russia and china.

  2. So you out to give welfare to the population and live in a lazy freeloader society? The beautiful thing about the u.s is that it is the land of opportunity mr. And sir,capitalism promotes wealth and hard working motivated people. As for immigration no they dont have a right to come here and get a job when ever they feel like it. Theres enough homelessness we dont need anymore.

  3. "Recessions, panics, depressions and downturns are scientifically planned and artificially created by central banks." – Charles A. Lindbergh, Sr. U.S. politician (1922)

  4. "governments, not regimes" Regimes, to ma anyway, have negative connotations. Therefore, you never hear the US corporate press refer to our goivernment as a regime, though it fits better on the uS than on Venezuela and Cuba.

  5. I'd sure like if you'd show the studies… I won't just agree and like a sheep follow along, but yeah you sure seem to make some convincing arguments (if what you're saying is true)

  6. I makes me laugh when the US brags about their military, and how much they spend on them.
    They lost the Afghan war (to the Taliban).
    They lost the Iraq war (to ISIS).
    They lost the Vietnamese war (to the Viet Cong).
    They lost the Korean war (to the North Koreans).
    They only showed up in the last year of WWII..
    They only showed up in the last year of WWI.
    They can't protect their Arab Allies from attack.

  7. Mr. Wolff, Tne Mexican president kick the felon Cristina Lagarde back to the FMI hole, that started a Cu De Etat effort against Anderes M Lopez Obrador by the USA government whit the help of the so_called whaitxicans (Mexicans who hated to be Mexicans) so the next axis of evil will be Cuba, Venezuela, and Mexico.

  8. Mr Wolff, indeed you inspired me to write this today (took me like six hours! LOL) I'm not a writer, and similar to you, I grew up listening to a different language, though I must say, your non maternal language skills are much better than mine! 🙂 I hope you're able to get through it 🙂
    ::
    What is really going on between Capitalism and Socialism?
    ~
    My theory is that all political systems fundamentally stem from either one of the two generalized areas that are found in our brain’s thinking.
    These two areas which together make up our entire consciousness are; the area that seeks to please and consider the collective of the species or in other words thinking in terms of “for or because of others”, and the area that seeks to please, further and protect the self individually. The ego, stands in between rooting for and arbitrating in favor of the self, but that’s for another conversation.
    ~
    We are not divided socially in any way by these two aspects of our mind as we ourselves cannot split our mind by them for too long, but in politics which is the philosophy of ordering society in order to build nationhood, and where our intellect will construct structures of reasoning, political thought inherently in maintaining its integrity will end up fundamentally structuring itself in one or the other of these two areas of the mind by building correlation of sensible consequence, though all political systems by virtue of being humanly created will naturally end up having parts in both sides to greater or lesser degrees.
    For example, Capitalism which places the nation on the central function of money providing for society and progress above human values, which it believes will be inclusively attended to “in the wash”, is clearly spun mostly by the individualist part of the mind, given that money becomes endowed with much greater strength as an acquiring agent, than as a disbursement agent, appealing to the individuals need for survival. All of whom will end up erecting a society mostly based on those individual’s needs or desires who have the greatest wielding power over increasing money production, and yet however not focusing on the universal individual’s needs because that is not where this political system is primarily nor essentially aiming at.
    Socialism on the other hand places the nation on collective thriving or at the very least survival, and has money adapt to its ordering of values and human principals much closer to the physiological needs of the universal individual, which considers the individual for its fundamental human needs and the natural tendency of its mind to seek equalization and inclusion. It therefore references more often than not the collective consideration part of the mind in its own building correlation of sensible consequence, and thus is mostly spun by it.
    ~
    We need but only look at how and why evolution configures the minds of living beings this way to understand the relationship these two political currents have had during the clear existence for the first time of both during this last century, as the socialist intellectual trend in politics is ‘that’ recent and the “new comer” to the world’s governmental scene, at least at the large scale that we have record of.
    ~
    I’m not an evolution scientist but it’s not so difficult to figure out why the human mind has these two aspects leading to those behavioral expressions which will have the species thrive survive and order itself, by the individual when it needs the individual and through the collective when it needs to consider the collective. We need the concentrated leading thinker for both ourselves and to lead the group, but we also need each one of us the group if any one of us is to survive, thrive and experience life to its fullest. These two needs, which are not exactly separated by a line as they flow into the other through smaller intimate groups such as family spouse or good friends, create nonetheless an undivided flowing polarity which gives our thoughts differences in the motivating character when “doing for me” vs “doing for all others” and the vastness in between.
    ~
    So, Which one is strongest? and Which one is more important?
    Quite the existential question! All our ethical and moral discourses and schools of thought including politics in fact ride the area in between these two, attempting to do what’s right or what’s necessary by the community collective and by the other in our single stream of thinking.
    The answer in case I have yet not made it obvious, is both of course. The issue only has only to do with how we understand their whole complex interaction and explain the reasons for their extreme differences and the purposes.
    ~
    This said, the answer to the prompting question above, though as mentioned difficult to explain through the use of human language, is that; both are strongest differently and both are most important differently but; one has been what humanity has adopted as strongest throughout history, and the other is what is becoming strongest the deeper our intellectual progress advances in its understanding of nature and the human species. The latter or “the collective” is essentially more important and the actual origin of all comprehension about the species, like the silent lead. While the other is the forceful, necessary and obvious lead. One is more physical the other more esoteric. One is quick, the other slow. Yet the first or “the individual”, can only contain very few others in its acute and involved consideration of people. Hence why it is commonly said “no one person alone should ever have all the power, nor too much power over others”, we will implode and head towards self centered self serving thought if that power simply remains on our lap.
    ~
    There is definitely order in life and evolution’s creation; first, second, third, forth… But what human intellect still needs to have a good grip on is that ‘that’ order happens in a three dimensional space, full of conditioning simultaneous circumstances, making order appear to jumble as you and your singularly minded one language at a time configured linear perspective travels within that space of comprehensions. This limitation is normally what leads to people not understanding each other or contradicting themselves, but this too is a conversation for another time.
    The reason I explained this, is because we must understand that a logically constructed harmonious reconciliation of our “individual thinking” to our “community” or “collective thinking” in a singular political discourse, not to mention a system, is a vastly complicatedly difficult attempt, much beyond just a great challenge.
    The good news is that in so far as it concerns a political system and not a way of educating a child for example in how to be perfect towards life and the world, it ultimately is a design on a piece of paper to try and implement socially, recognize errors and flaws, then design some more and try again.
    ~
    The appearance of Marxism and its socialist criticism of Capitalism has created an intellectual tug of war described by the very character found in its neurological parallel in the human psyche, including the reluctance we find in Capitalism as well as the motivational ambiguity we see in Socialism.
    A successful system of government will be one that is based on the consideration and purpose of the social collective as its primary goal thus obtaining our optimal universal health, yet empowering the individual with all tools and means it may want to obtain in order to freely further him or herself, give to others freely all that is possible, teaching sharing or inspiring others to do the same, without a single individual on this Earth ever having too much say or dominion over the will and lives of others, nor any ability at all of depriving them of any self empowerment or healing potential, while at the same time allowing for the potential leadership of any by the many who seek that person’s leadership.

  9. So Cuba and Venezuela are better with socialism? If you think it's wrong to a minority be rich and the great minority be poor, that's exactly what happens in Cuba and Venezuela, but instead of entrepreneurs, business people, celebrities, doctors and etc to be rich it's the dictators and the ruling political party that is rich, while the rest of the population doesn't have food, medicine, electricity and higiene itens. Fidel Castro died a multimillionaire. And if the people are against starvation they are brutally repressed by the dictatorial forces.
    I'm from Brazil and Venezuelan people are fleeing socialism to live in our capitalism, the same way Cubans risk their lives trying to flee to capitalist America and NEVER the other way around. The things they say about socialist Venezuela hurts, women that were doctors and rich have to become prostitutes to get some food, people eat rotten meat from dead animals on the street to get some protein.
    Funny thing is, you say capitalism is the cause of theses problems, but Venezuela was the richest country in South America and one of the richest of the world, people lived comfortable lives. Chavez and Maduro came to power with their socialist party and then fucked the hole country up, became rich and fat while the people starve to death. Nice going socialism

  10. Come to the south…..where preachers and syncopates rule….manipulated by jews…..for Jesus….jejejeje…..Listen to the radio in Northern Florida…..you'll think you back …..A Macon County Line…..jejejeje…..You'll experiencet he perfect GOP republican……or the love child of the union between Joe Arpaio and that crazy Judge fm Alabama…jejejeje

  11. I though that capitalism is self-preserving system, and it is not. even worse – it is based on primitive senses like greed and therefore does not fit future of human race. 

    especially because information based technology will stop primitive-based schemes working, RIP, capitalism.

  12. Where have you been the last 10 years ?
    Trump is trying to control the crash.

    This guy and the federal Reserve will never admit they should have listened to the Fiscal Conservatives back in 2006.
    They were RIGHT ,,,,If you want out of a hole, you DO NOT frantically dig it deeper. :>)

  13. Thank you Professor Wolff with 2 f’s from the bottom of my life long struggling working class heart! You are so generous to provide these lessons for us. 💖

  14. The tragedy is that if these guys go down, they gonna drain all the other nations under their tutelage. Russia and China have seen this and are subtly loosening the dollar belt off their economic waist.

  15. I love Richard Wolff, but I'm always a little afraid he's going to have a heart attack with the angry-talk; of course he has reason to be… But then he has a break between the parts, so I guess he's fine.

  16. Half of Americans or a bit more with Corporations media brainwashing.. is stifling r movement to hold on this Capitalistic disease..so elites can still keep controlling power over all. I put this on Facebook have you .. still being laugh at by others. In Texas Sanders would beat Trump in a Presidential election , a red state. So I feel its working here my effort.. in my mind. How about your state..can you say the same. The change has to come ..because the working class is being left to far behind to keep up with inflation and we r seeing it in some states as housing is getting to be un affordable to buy into.. and with pay not keeping up. Half of the people will start leaving in tents to make it and who wants that.. as the say we r the wealthy nation in the world.. let make it true for all Americans.

  17. I have spoke with a number of people and to my surprise most of them who voted leave the EU wish they had voted remain as they have realised that they have been lied to,our problems are not because of the EU or immigrants but,because of the draconian austerity forced onto the people based on this lie by the tory government,Sadly there are millions in Britain who have their heads buried firmly in the sand

  18. A rear view from a Capitalist who understands the importance and responsibility of Capitalism it's ashame that mainstream Media and Political Parties are playing a game of who shot John…

  19. As a brit who saw both sides of brexit, alot of people KNEW things needed to change. Brexit for alot of people is simply a desire to change, ANY change. They (and I) cant see a way of changing things and we were given an option to make one. So we took it. Might have been a bad idea, but IMO it would be just as bad either way.

  20. The large majority of capitalism's supporters are idiotic, servile sycophants for the rich and powerful, and they don't even realize it themselves. Especially those idiots that talk about capitalism from an idealist standpoint rather than a pragmatic one. Funny how a system that's likely about to destroy the planet (if it doesn't get changed) and kill so many people in the process still has so many supporters despite the fact that it's basically full blown authoritarianism on the most vulnerable. Why these idiots don't get on board with changing the system to another one is beyond me.

  21. The analysis of South America is slightly off. 1) the accuracy of American intervention in Chile deposed the longest democracy in South America and while there was elements of socialism creeping in it was the imf that dealt the fatal blow. So Latin America had success stories 2. it makes no sense to talk about Venezuela without bringing up the new Spaniard class that actually led to the dissemination of any hope for equality. These people are also the people who helped tank Venezuela since they lost power. it also doesn't seem fair that you don't condemn the regime for blatantly Miss managing the nationalized oil industry which happened in 1976. Venezuela the unequal socialist country was having a cathartic moment. 3 it also seems weird that as much as I'd like to hear in this videoyou don't condemn America for actually being the catalyst of Cuba's failure. After 1959 the stalemate between the United States and Cuba literally destroyed Cuban Enterprise and business. Cuba had no chance

  22. Because the Chinese intellectual property theft is no big deal. We should have open source on all great ideas and never have legal protection for people innovating. Sounds like a communism. And all the illegal immigrants causing social and economic turmoil is no big deal because a major influx of cheap labor to a higher labor market will have no negative affects. This guy is an idiot.

  23. If capitalism gets out of control, people should stop having kids. Not enough future workers, consumers, and tax-payers will cause any economic system to reset. Also, people should refrain from reproduction if they cannot provide for their children, for whatever reason.

  24. The Chinese are cheating us, lol—factory workers in China get paid 25 cents per day to provide us with gigatons of cheap goods but they’re cheating us. Trump, you’re a goddamn moron

  25. Now everything you wondered about in politics was given to you in 29:20 minutes. It just goes to show you , that you can never underestimate the stupidity of humanity. Capitalism is not an ethic, it's a process — one that requires losers in order for there to be winners in which living nature and people are commodified for conversion into dead capital.

  26. Sorry to hear you talk about Brexit in this way. One of the reasons the UK wants to leave the EU that it has become an institution without any democracy, a bunch of very well paid people in parliament without any voice for everything is decide by the commission of "learned" gentlemen. (and the occasionnal female) These rulers have an extreme influence on our lives, just ask the Serbians or the Greeks. Greece is suffering while France can go on living in debt. Hypocrits and double standards. I'm Dutch and i would like it very much when things could return to the EEG.

  27. The American mentality… to be in a perpetual war with anyone, if there are no conflicts around the world, Americans create them for you, they create the problem and the solution to Kill, Drill, Spill and loot your resources’.

  28. I am from thd uk conservatives are the basterds from hell the people are suffering and they could not care less brexshit is brexshit well said Richard

  29. The U.S. Government spent an extra Trillion dollars it doesn't have just this year alone I'm told. No Nation can continue like that. Collapse is imminent.

    Woe to the Destroyer Isaiah 33:1

  30. Immigration opposition isn't about jobs or economics but about racism and ethnic supremacy. People just want their race and culture to be dominant.

  31. Dear Democracy At Work,
    Mr. Richard Wolff,
    I watched you for the first time on Linktv and was quite amazed at your discussion of the company in Spain that no one in charge could make more than 5 or 6% more than the employees, the whole narrative was how well it worked. If I and I can assure you that I would hold to it apply the same principles as in running a country as this business has done. The same would hold true with innovation including every little detail that we need to keep equal a country in this world so the rest would follow suit. Why do people who are aggressive of sorts find solace in money? I don't think that is where you'll find the 2'9" giant with a never ending name/symbol, that we refer to as a three letter name…Paper money comes from trees and copper and silver come from the ore in the ground. I felt so sorry for Mangas, Geronimo's tribal chief I assume growing up, with what those money, gold diggers did to him. If I remember the story right he was showing them where that yellow stuff was up in the mountains and pointed the way. They thought he was trying to get rid of them to horde that yellow stuff himself. I think they left him for the vultures. His tribe luckily found him alive and treated him back to health. Trading or selling goods/services the 5 to 6% rule still applies. Why does it cost to travel? I could keep going…You know, an international purity law for human and non-human alike needs this companies policy in place in addition to checks and balances so to speak for peace and prosperity so all can enjoy life and travel without threat as we all help out our fellow human restore and maintain nature as it was meant to be. When in doubt simple guidelines to smoothe out the accidental hiccups apply. The ones who disrupt on purpose under same simple policy may be publicly admonished so all will know that it isn't taken lightly to enjoy what was meant to be enjoyed. You know Mr. Wolff the ones who will cause problems will already be working hard to dismantle this. If they don't want equal peace and prosperity for all then they need never leave an area sectioned off till they do. Each of us is as equal as the next one. You could actually say we are equal to what covers land, sea and air. Thank you.
    Sincerely,
    Don Suiters
    09/24/19

  32. It is historically correct about Latin America..Capitalistic societies are failing,the inequality dat exist in many countries are unbelievable.Prof Wolff is tellin' it like it is.

  33. Brexit was not only about capitalism failing. It was also about not willing to take part in EUs migration policies. As a german i have experienced what uncontrolled, wrong migration looks like. So i am not trying to blame immigrants for the problem of failed capitalism. I am blaming my government for bad, irresponsible migration – poltics. And if we would solve that problem, that would not make failure of capitalism go away. But it would solve the problem of the german government killing, raping and stealing from german citizens by just opening the borders to anyone from everywhere. Failing capitalism is not the ONLY problem in this world. There are several. And there are more ways to solve the problems without getting rid of capitalism ( which does not mean, that i am an opponent of getting rid of it ). Look at Hungary and Poland. They do not seem to have problems with the harmful, unintelligently organised forms of migration. But they are capitalitic countries.

  34. I wonder when WE will finally have enough and decide to have our own revolution here in the US and force our empire building administrations to deal with all the problems of our own economy and culture??!!

  35. Compulsory viewing from Dr. Wolff. I wish we had somebody like this in the UK. If you mention economics over here nine people out of ten slam the door in your face.

  36. Regarding South and Central America (countries like Cuba and Venezuela), they did not manage to completely get rid of capitalism. What they ended up with in those countries was state capitalism. Another thing to note is how movements in South America were co-opted. Just look at what the Sandinistas once were, compared to what that group of people is like today!

  37. America has fallen to a state of entitled humans demanding handouts. The social security will run out of money while white folks and their kids blame the immigrants employed by McDonald's is the cause of their troubles.

  38. When you talk about the economy of usa you never talk about the foundation of this economy on slavery seems to me there would be no usa without it
    1818 there was still slavery while Europe was discovery capitalism, the usa already served as a model
    Let’s hear about it Oliver Twist ant got nothing on Aunt Jamima

  39. Your a socialist/communist. You support Maduro and Castro. They have ruined their countries. I agree this has been due to US sanctions. But has Cuba any other sanctions? no. Their production is less than in the 60s, their productivity is poor and their economy has not developed. The issue with the other Latin american countries is endemic corruption. You can not have that as it skews economic resource allocation. The issue is that neither system works. Capitalism needs checks and balances that used to be able to be performed on a national level. With globalization that is defunct and so only on a global level can this occur, as this has not happened things will only get worst. But socialism/communism is not the answer.

  40. You forgot to mention that you could make a carreer even as an average man in south america under a dictatorship by joining the military, serving well, and bravely shooting at your own people, when ordered to do so, with your society/people beeing frequently in state of emergency and uprising, as a result of the ongoing exploitation of the working majority, oppressed so hard they could not stand.

  41. Hardcore Absolute Fact: Capitalism is dead! No livable wages = no value to employees! Cost of living is to high!!!! The USA is dying! Soon the masses will hunt down the parasitic wealthy ( everyone making $30/Hour and up with stable work and lives comfortably is a sitting duck )!!! The millionaires and up will receive no mercy from the masses!!! These parasitic defective souls will have to be eradicated to purge evil off the face of the Fallen Realm Earth!!!!!

  42. If God were to be given a chance to choose between Socialism and Capitalism, what would be his decision?

    Westerners are ideology mules, they can think in black and white only; it's impossible for them to even understand the question, let alone answering it.

    For the Chinese, this question can simply be answered using a black and a white cat.

    Ha ha ha!

  43. Wow !! as always eye opening , BUT how do you end capitalism and what kind of sustainable system can replace it ?? not the chinese socialism neither the russian one ……what kind indeed

  44. The thing about Brexit though is there is actually a left wing argument for it (not the Brexit that the Tories want obviously) we just never got to hear it because the far right was so loud. If you think capitalism and austerity is bad it doesn't make sense to love the EU, just ask Greece. There's a reason a lot of socialists are eurosceptics.

  45. The powerful have criminalized mankind, and what makes us all human beings have always been antithetical to their unjust laws.

  46. This is the kind of honesty we never hear in our media or from our politicians. Intelligence, education, decency and class.  Isn't it refreshing? Subscribe and keep it going. I did.

  47. ONLY IF our educational public system teaches us properly… WE wouldn’t be in this situation. History 101. I BEG YOU TO RUN FOR USA PRESIDENT????

  48. I was born in a Totalitarian/dictatorship system (Cuba). I strongly condemn all of them. I was fortunately to escape and come to the USA.

    I have not problem with inequality if wealthy people and corporations pay their fair share and regular people can live a decent life with a job, not two or three.

    The problem is profit over people .

    “Inequality” ,wars, greed and corruption will destroy countries and will bring Totalitarian/dictatorship systems like in Russia, Cuba, Venezuela and many other countries where the majority will end up worth off and only the top of the revolution will be better off. Once in power , they will do anything to stay in power.

  49. The irony of course is that Dick here would never have been able to reach en masse the audience he has today if it hadn't been for the self-interests of these tech companies that fundamentally transformed our existence.

    Marxists never fail to amuse me. Capitalism is flawed. Our country is flawed. Our citizens are flawed.

    I believe capitalism needs reform and refinement but if any of you honestly believe that someone like Dick here cares about you any more than "the corporations", then you're in deep denial of human nature. He simply cannot.

    Even you, yes you, reading this now never knew of my existence until reading this sentence. How could you have possibly "cared" about me?

    I even say "don't tax me, don't take away my income" and still you wish to defy my wishes, because "you care", because you know my life, my situation, my goals, my values.

    And you Marxists wish for people who do not know you, to make your decisions for you, in turn making a decision for me, who also do not know me.

    I'm not interested in your conception of State, so I ask you Marxists, do you really care about me?

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