Welcome friends to another edition of
Economic Update a weekly program devoted to the economic dimensions of our lives
jobs incomes debts those now those in the future and those besetting our
children as they face the future – I’m your host Richard Wolff I’ve been a
professor of economics all my adult life and my hope is that it has prepared me
to offer these economic updates about what’s happening around us. I want to
begin today with a small European countries sudden transformation. The
country is Armenia a place of 3 million people that was until relatively
recently a Soviet republic is now an independent country and it has suffered
after leaving the declining Soviet Union from corruption from a deepening sense
of inequality that was real and finally by that marker of inequality when young
people in large numbers leave a country because they can’t see a future for
themselves and so emigrate something afflicting Greece something afflicting
many of the problematised countries particularly in the south of Europe so
it was with great hope that the Armenian people and those of us who watch noticed
that there were spring demonstrations across the spring of this year that were
finally bitter enough and large enough to fall force out of power the old
Republican Party and particularly its president Sargsyan I hope I pronounced
that correctly and into office came the opposition party led by Nicole Passion
Ian the reason I bring this up is not only to celebrate
a progressive change of government particularly one brought out by mass
action of people which is the most democratic way it’s ever done but I want
to raise a fundamental question not just for Armenia but for all the other
countries that have had or may soon have Springs like this of their own like the
Tunisian Spring and the Arab Spring and so on
they make political changes they throw out the old scoundrels and they bring in
new people devoted to fighting corruption to ending the inequality to
making it no longer a problem for young people to build the future at home but
the truth of it is unless you are willing to change the basic economic
system you cannot achieve those ends a political revolution without the
economic transformation needed to go along with it will not succeed not in
effect was the lesson of the decline of the Soviet Union the end of it political
changes were made no doubt long overdue but the economic changes that had to go
with it were not of the sort or the depth needed to support societies that
are not driven towards inequality corruption and so on you have to face
the reality that these kinds of transformation offer an opportunity not
just for political but for economic transformation and the real question is
will these new progressive forces that come into power after Springs like this
understand the need and have the political determination to change their
economic systems my next economic update has to do with bearings here in the
United States they’ve been in recent weeks reporting
record profits banking is doing really well and I want
to tell us all to be thoughtful about that in the following way
the same banks that are rolling in the profits have been complaining bitterly
over the last year or two about the dodd-frank bill that bill passed in the
wake of the crash of 2008 that actually put some limits on what banks could do
in the hope of for stalling yet another crisis the banks said it would hurt them
harm them cripple them or the language you should have listened to it as I
unfortunately had to do and yet here it comes the dodd-frank bill has nothing to
do with bank profitability they’ve been more profitable with it than they had
been before without it sure enough the tax cut last
December is helping bank profits – that’s right the tax cut and the
dodd-frank bill are signs that the banking industry is able to get the
political support it wants cut taxes and no real reform either why because the
people who live off profit run this society now and they want to run it to
make more of those profits that’s what they do they complain about anything and
everything that stands in their way even as they make more money it’s kind
of a politics of pay to play and the banks have a lot of money to use and
they’re playing the government every which way they can and it’s working out
really well for them third update for today early on mr. Trump boasted about
what he had done for the harley-davidson company the big
motorcycle producer he was saving jobs he was making it America great again by
keeping jobs here then came the tax cut at the end of last
year providing a big boost in the profits for you guests at
harley-davidson and what did harley-davidson decide to do after all
that political theater about saving jobs they decided that with the extra money
they had by not having to pay taxes they could close their famous plant in Kansas
City eight hundred workers would lose their
jobs and that’s exactly what’s happening and the company is moving to York
Pennsylvania where wages are significantly lower than they were in
Kansas City now only that with new machines there’ll be a net loss of about
350 jobs no warning was given to the workers in Kansas City
despite the 22 year partnership that’s the word they used between the company
and the two unions Steel Workers and machinists that represent the workers
what did harley-davidson say I’m gonna read it to you because I want you to
listen to what they said after you know the reality of what they did quote this
is a decision we did not take lightly the Kansas City plant has been
assembling harley-davidson motorcycles since 1997 and our employees will leave
a great legacy of quality price and manufacturing leadership we are grateful
to them and the Kansas City community for their many years of support and
their service to our dealers and our riders Wow
thank you we’re dumping you have a nice day with no warning no preparation and
no funds to help any of the 800 families left
jobless by their profit-driven decision oh and by the way did they say anything
about the theater they had undertaken with mr. Trump to help him politically
not a word meanwhile Harley Davidson also announced
its opening a plant in Thailand and it already has to one in India and one in
Brazil making America great again knowlet’s highest priority it also took
its extra tax savings and increased the dividend to its shareholders and it
bought that 15 million of its shares in the market at a cost of 700 million
dollars put into the hands of shareholders who sold their shares back
and about all this mr. Trump has so far nothing to say the theater is over the
photos were taken who cares what the reality is well you can be sure
Kansas City is learning that it better care next my attention was caught as I’m
sure many of yours was also by the news from Vancouver Washington and Oregon a
young boy 15 years old in Vancouver Washington tossed a firecracker into a
forest and the end result was a forest fire that burned 48,000 acres terrible
thing no question about it thoughtless careless a terrible mistake
by a 15 year old boy the Oregon judge presiding over his trial sentenced him I
remember he was 15 when he did this – five years probation
14 hundred hours of community service and get this a 36 million dollar fine
and said something like punishment befits the consequences of the boys
action all I can ask you to do is to remember that Jamie Dimon the head of
Morgan Stanley and Lloyd Blank find the head of Goldman Sachs did things in
their capacity that harmed way more people and way more of this country than
anything the fifteen-year-old boy could be accused of doing and they got no
probation no hours of community service and no fine whatsoever crime befitting
what punishment befitting what crimes justice in the United States if you want
to call it that at this point in the program I would like to particularly
thank our patreon community that’s what we call the folks who in the past may
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proud also to tell you that on our website democracy at work dot info we
now have a store with all kinds of interesting mugs and shirts and other
things I want to stress to you that they are made by Union co-ops
we take seriously our commitment to support workers who have built a co-op
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be able to follow Puerto Rico forward a special blog that we produce also
available on Apple podcasts and Google Play returning to our updates the next
one has to do with the Federal Reserve in the United States our central bank
they do a special kind of research that we find very valuable called the survey
of household economics and decision making and they recently released this
survey for the year 2017 and they list there some information very valuable for
economists but two particular items I want to bring to your attention because
they are wonderful snapshots into the reality of the American economy right
now here’s the first one an emergency expense of four hundred dollars would
cause what kind of problems for American families a medical emergency something
breaks in the house whatever four hundred dollar cost forty percent of
Americans cannot cover an emergency $400 expense
without either borrowing from others or selling possessions
in other words 40% just under half of American families do not have four
hundred dollars in money readily available in the event of an emergency
costing $400 that friends is an inadequate economic situation you should
not be in that situation forced either to borrow from other people or sell your
possessions to handle a $400 emergency if as the Federal Reserve smartly
decided if we raise it to $1,000 an emergency that cost a thousand and
believe me be easier to make a list of emergencies that cost a thousand than to
make a list of emergencies that cost 400 well then it would easily be over half
the American people cannot meet an emergency demand for $1,000 without
either selling possessions are borrowing from other people the majority of
Americans are in tough economic shape that’s the truth the other statistic
that just jumped out at me from the Federal Reserve was that 20 percent of
Americans knew some other person who was addicted either to opioids or other
painkillers one in five Americans knew somebody think about it next let’s go to Hamburg
Germany something interesting happened there that’s also worth your time my
attention in Hamburg Germany the decision was made by the local
authorities to close several major highways – older diesel cars
and trucks number of cars and trucks involved over 200,000 were basically
told you can’t use these highways anymore that’s the equivalent old
something that you have spent a lot of money on is effectively unusable on
major arteries in and around the city where you live and/or work this was done
after the European Commission declared that Germany among other countries was
violating the pollution limits pollution emission from vehicle limits that were
harming the health of the people which is the job of the European Commission to
protect the health it turns out that Hamburg is one of 80 cities where
nitrogen dioxide levels exceed European safety threshold levels now why the old
diesel cars and why is pollution too high the answer has a lot to do with
what used to be called the VW scandal but is now a scandal involving virtually
all automobile makers they faked emissions tests or rather to be more
accurate they installed devices into their diesel vehicles that allowed them
to report lower pollution emissions during the testing than they actually
emitted on the road thereby exceeding the safety limits no that’s a nice way
to put it let me put it more bluntly they damage
the health of their own people in huge numbers so badly that the European
Commission has to come down on them and forbid them they let these cars run on
the roads this is a direct result of this scandal and the horror that the
Europeans understandably fee at the betrayal that they were subjected
to by the profit-driven decisions of car companies to make more money no matter
what it did to the air and the the health of the people of Europe it’s a
stunning maybe a little too late maybe a little too little but it’s something and
it’s an admission that’s worthy of some attention my next update has to do with
a poll a poll of 250 emergency physicians that were surveyed and asked
if they had experienced a shortage or absence of critical medicine in their
emergency departments in hospitals and clinics in the past month here’s what
drew my attention more than one-third of the physicians polled said patient
outcomes had been negatively affected as a result of these shortages nearly 90
percent said they had to take time away from patients to deal with these
shortages and 97% said they had to substitute other medications from those
they would have preferred for their patients I want to remind everyone
listening and watching Americans pay more for their health care than any
other people on this planet we have the most expensive hospitals doctors
insurance policies drugs medical equipment in the world but the quality
of the care we get as shown in the fact that our longevity is mediocre I need to
go to the hospital is not at all at the bottom as it should be we pay more and
now it turns out we can’t even get reliable supplies of the drugs we need
drugs are produced as a private capitalist commodity in this
they’re produced and marketed to make money for the companies that do it
that’s the primary thing and so if they need to create shortages maybe to make
you use this medicine rather than that one because maybe this one is more
profitable than that one well that’s what we allow private companies to do so
I have to report to you serious medical shortages while we pay
the highest prices in the world for this sort of medical care I want to close out
the first half of our program today by what might be called good news although
it depends a little on your perspective I I admit the fifth edition of a
remarkable book it’s called the wealth ex billionaire census that’s right it’s
a annual report that takes a look at all the billionaires and how they’re doing
this is not very difficult to do there aren’t very many of them a couple of
thousand more or less so I want to tell you how they did in the last full year
2017 because I’m sure you’ll be happy for them here we go the wealth of the
billionaires on this planet rose during 2017 by 24% let let me do that again and
let me be stark with you for a moment I want you to ask yourself how did the
wealth grow that you have that the people you know have that the people you
know about have did it do that well last year did your wealth grow by 24% see if
you’re a billionaire hit don’t need it to grow like that if you’re not you do
but in capital lism it works the other way the ones who
need it don’t get it and the ones who don’t need it do and if you allow that
system to continue you will allow it to produce these kinds of results which
people like me will have the bad taste to report to you
the billionaire population also rebounded in 2017 up by 15% here we go
2,750 for individuals that’s right two hundred and two thousand seven hundred
and fifty four individuals the largest number on record are now billionaires
Wow any other interesting results yeah
couple first it used to be that most billionaires were located geographically
in North America but with 2017 that changed where are most billionaires now
located answer Asia I’m an American I was brought up to think that this was
the land of wealth and power and dominance and you name it all the
superlatives wrapped into one how undignified that in the era the first
full year of Donald Trump’s presidency he’s presiding over a shift of the locus
of billionaires from a declining part of the world economy to the Rising Sun of
another part billionaires of course it’s a dubious distinction if you think about
it because billionaires in Asia are even further from the economic condition
of the mass of their people than billionaires elsewhere in the world so
it’s clear that inside of Asia like inside of Europe like inside of the
United States the inequality keeps growing out of control for me to say to
you that the billionaires of the world saw their wealth go up by twenty four
percent when no one else did means that the inequality the distance between the
rich and the rest of us keeps getting worse and worse this is a capitalist
system like a train running down the track seeing the stone wall but
apparently powerless to stop what’s coming I want to thank you for your
attention we’ve come to the end of the first half of economic update please
stay with us after a short break we will be right back you

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100 thoughts on “Economic Update: Capitalism Makes Few Winners Many Losers”

  1. The Dodd-Frank bill is being re-written, which mostly means that sometime in the near future the bill will go the way of Glass-Steagall. The banks will always get their way, it's a sign of the system we live in and do very little about.

  2. Capitalism is where the rich get richer and the poor get prison…and it gets worse every day until it implodes on itself. The only relevant biological model is terminal metastatic cancer.

  3. M.A.G.A.:
    Mainly A Greedy Agenda.
    Magical Accounting Goes Awry.
    More Americans Getting Angry.
    Manufacturers Are Going AWOL.
    Mueller Acknowledges Government Abuses.
    Mostly About Getting Access.
    Mendacious agenda gains approval.
    Myth About Government Accountability.
    Mature Adults Glaring Absence.

  4. To anyone who complains about Richards take on the Harley plant.
    Think about this, oh thee Libertarian party minds. That means more people need taxpayer money to survive for various time periods.
    "But if you lowered wages in Kansas…"
    Really?
    The problem is definitely supply side economics. The African experiment proved it. If you don't know what it is.
    Go back and watch Richard here explain it in an earlier video. Good luck digging!

  5. If 10 or 15% are ultra wealthy and rest are Peasants the system is working perfectly, and THAT sucks for 80% of the population..

  6. I think most people are more mad that their gov is not allowing them to drive.
    They need new cars given to them.
    Hell. We need new cars for everyone in the US!

  7. Listened to the entire episode over at IHeart. Thank you to all for your many efforts. Congratulations to the workers cracking the code.
    #WeRiseTogether
    #BreakTheDuopoly
    #WeAreTheSerfs
    https://youtu.be/8MDeJIKiMVU

  8. Why My Liberal Neighbors Aren’t Speaking To Me Anymore.

    I recently asked my neighbors’ little girl what she wanted to be when she grows up. She said she wanted to be President some day. Both of her parents, are liberal Democrats, were standing there, so I asked her, ‘If you were President what would be the first thing you would do?’

    She replied, ‘I’d give food and houses to all the homeless people.’

    Her parents beamed with pride.

    ’Wow…what a worthy goal.’ I told her, ‘But you don’t have to wait until you’re President to do that! You can come over to my house and mow the lawn, pull weeds, and sweep my yard, and I’ll pay you $50. Then I’ll take you over to the grocery store where the homeless guy hangs out, and you can give him the $50 to use toward food and a new house.‘

    She thought that over for a few seconds, then she looked me straight in the eye and asked, ’ Why doesn’t the homeless guy come over and do the work, and you can just pay him the $50? ‘

    I said, ‘Welcome to Conservatism.’

    Her parents still aren’t speaking to me.

  9. In short: Harley Davidson said, "thanks for your years of labor and loyalty – now GO F**K yourselves". Gotta love capitalism.

  10. A man who has never left school from kindergarten to professor. A man with no real world experience Fact : Socialism always fails.

  11. Democracy – must dictate – the golden rule : Make – MANY the winners – Make – FEW the losers R > G

  12. You can get whacked for $400 when you go to register your car and the safety check thieves at dps get their hands on you. I walked for six months while I had a car that worked all right. Headlight lenses can be 300 each. Plastic.

  13. 1. geography is not your thing Armenia is not a European country- and the economic program of new PM is fighting corruption and not establishing socialism – they had enough of that.
    2. Harley announced that they will consolidate 6 month back, and the reason for this is that millennial do not buy bikes and profits 90% so they consolidate to PA plant you lousy shmack
    3. Wolff sell shit on his website to support his 2 million dollar Manhattan coop and lavish live with other perks while pretending to care about working class
    4. Bullshit spreading about medical shortage of medicine
    5. Most of billionaires in this country are self made and as long as it is done honestly not your businessmen you jealous prick

  14. The problem with capitalism is eventually you run out of third world countries to steal from.

  15. We don't have capitalism we have debt based crony capitalism . The ones who get rich are the ones with access to the socialised currency who bid up capital asset prices, so that they out of the reach of everyone else.

  16. Also see: Whistle-blower: All Misery on Earthquake is a
    Business Model.
    And: The sacrificing of Children-
    Dutch elite Currency Trader reveals.
    By Ronald Bernard. on YouTube.

  17. This will all end soon in extermination or starvation as soon as we get AI, the good thing is the Capitalists, Libertarians, Trumpwits and conservatives who aren't rich haven't yet realized that it isn't just the working class jobs that will go and that autonomous drones can kill anyone, even if they have an AR15.

  18. LONG LIVE LORD EMPEROR JEFF BEZOS!

    HAIL THE ALMIGHTY TRUMP!

    COWER BEFORE THE CARBON MIGHT OF THE KOCH KABAL!

    EXTOL THE GENIUS OF THE PAYPAL, ELECTRIC LUXURY VEHICLE, AND BIIIIG ROCKET MAN ELON MUSK AND HIS TUNNELS!!!

    We may as well start bowing before our masters as they have all but won, Democracy is all but dead and unless we want to be we may as well accept our new slave status!

  19. Longevity is mediocre because of poor diet. You need to have a whole food plant based diet based on whole starchy staples, vegetables, some fruit. It should be low protein low fat high carbohydrate. Everyone should get the economics and govt right but also get your diet right.

  20. Make it FINANCIALLY worthwhile for people to share the jobs we actually do need people to do and to work LESS and you would be on the road to massively reducing inequality….there is no such thing as a shortage of jobs ..just a shortage of people sharing the work …..and that's simply because there is absolutely no financial mechanism to make it worthwhile for anyone to share their jobs and work LESS. There is no other way that people could even ever start to enjoy working LESS. There is no other way to make people welcome robots and automation taking over jobs other than to make it FINANCIALLY worthwhile to share the jobs left and to let them enjoy working increasingly LESS.

  21. Thank you professor for taking the time to produce these programs,they are very imformative.

    Capitalism is just another form of slavery. Albert Einstein called capitalism the "Predatory Phase of Human Development"

    In 2015 several large U.S. banks began selling billions in in something called a “bespoke tranche opportunity” A CDO “Collateralized Debt Obligation” Put simply U.S. banks are selling the same unstable bonds that caused the crash of 2008 when the American housing market collapsed.

  22. Mr. Richard, currently in Jordan, a middle eastern country, huge organized protests and strikes are happening across the country, against neolibrilism and the IMF. It might happen be interesting to you to talk about…

  23. Is it at all possible to increase the master volume on this? I'm a subcontractor that listens to my phone while I work…

  24. the winners in capitalism are the loser. the winning of one can feed all the losers. Jesus Christ feed millions with a fish and a loaf of bread. Jesus Christ the winner. the superstar.

  25. The wealth of the billionaires rised for 24% in one year. If global economy rised for 2-3%, that mean either they are eating the substance of the companies or they are stealing the people who work there or laying them of and the remaining have to work more in order the management and the owners could have more money left

  26. A webpage, that offered exclusively, union, co-op, American-made, and "fair trade" type imports, could be VERY popular!

  27. Capitalism has always existed because slavery has always existed, but it's had many different names: slaves are now called workers, employees, servants, and many others. Just say there never should have been any unequal wealth, it's always been caused by slavery, building wooden houses (cut down every tree), now vehicles, weapons, colleges, advertisements (showing too much unhealthy food, causing obesity). Like Michael Moore said in "Downsize This" terrorism is when corporations eliminate thousands of jobs, causing divorce, Suicide, millions killed by cars, etc. Wage slavery is a SIN because it's slavery, and will destroy the earth. KJV Rev. 11:18 God will destroy those who destroy the EARTH. We should have built only Tower cities connected to maglev Trains.

  28. This dude is one of the treasonous baby boomer frauds with the nerve to blame free markets and capitalism, when his generation spent 200 years of gold reserves and put billions into debt slavery – effectively degrading world wide freedom more than any other generation in history. They made world war, via deficit spending, and debt slavery, with a fascist economy, and have the criminal nerve to blame the victims and capitalism. We haven't seen freedom or capitalism in America since the 1800s, when we became the world super power from freedom and capitalism, and its ALL BEEN DOWN HILL SINCE ASSHOLES LIKE THIS GUY GOT THE GOLDEN MIC FROM THE NAZI WHO TOOK EVERYTHING OVER. Theft is theft, whether you send an IRS tax man or a terrorist (both the same thing). And your failed philosophies of everything are the ROOT CAUSE of the problem. This guy belongs in jail. His pompous elitist attitude would have you believe hes some poor victim, except his real estate equity got bailed out by ALL THE HOMELESS across America.

  29. Thank your Professor Wolf you truly are a beacon of light in these very depressing and desperate times. I was once so ignorant but over the past 8 years the veil has been lifted from my eyes and I am wide awake now. I am a self proclaimed Progressive Socialist and unapologetic about it! You are amazing!

  30. It is a shock for me that person who does so much good work sometimes acts/speaks like blind man. You advocate for "springs" yet a person such as you must know that most of those "springs" (especially those "Arab") if not all were initiated mostly by USA. And resulted mostly in bloodshed and worsening a situation of the people in those countries… Forgetting that, good video and important topics.

  31. It seems that attention spam continues its normal shrinking process in a constantly played nation.???..Let’s keep on confusing socialism with authoritarian regimes and use it to justify our natural tendency to making a comfortable living in the back of others.

  32. We tried to get ride of communism for like 60 years and now you people are begging for it. Most people don’t succeed because they are afraid to even try. Communism you can everyone on food stamps and then finally have equality. And even with communism how do you keep ambitious people from just trying

  33. Zafarnama the only way socialism works is at gun point capitalism doesn’t require your participation where socialism requires everyone’s participation. The only problem with today’s capitalism is what money has become between the central banks printing it out of thin air and charging governments interest and banks having the fractional reserve system

  34. Ditch the city background. Maybe the suit jacket too. It looks funny as your always holding the paper.

  35. Ephemeralization is decentralization – free energy with no carbon foot print
    when you think of the future you think of buying a new car (automation and shard transport not owned)Think of it like this, what if I can 3d print a heart that is more efficienct and any human real heart extending life? why stop at a cure for cancer?
    we have been extending our lives already so how far should we go?
    designing our bodies will be a real thing, have a bad heart? 3d print a new one and replace it.
    extension of life:
    150 years?
    1000 years?
    A billion years?

    If we wish to live long then we need to get into space,the best way to do that is to modify our biology so we can adapt to different environmens,the can range from DNA changes to future generations, It could be with nanotechnology,it could mean becoming part machine or all of the above. 😎

    everything mentioned above is possible and more.

    Sincerely,Post Scarcity Gods – To do more with less and food for thought. 👍
    https://www.youtube.com/watch?v=4ZXoCDjabEQ&index=109&list=PLfN09hf0oyUx7fS5KLZC0u7py6t4-ULGJ

  36. Socialism also makes many losers and a few winners. Look at Russia, North Korea or China where only the politicians at the top get the estates and good schools for their children. Everyone else is just a slave working on the farm or in a factory.
    In reality human nature causes the few smart hard working individuals to rise to the top of any hierarchy while the balance of the population with lower IQ’s or lower motivation have less wealth. And as Christ said, “The poor will always be with us.”
    So Wolf being a dyed in the wool socialist wants to blame human nature on capitalism to promote his socialist agenda but his socialist solution will create the same wealth hierarchy only you won’t get to see it till the socialists have taken over and you will have to fight to get rid of them.

  37. Wow. I've never heard a prof use this much pathos and so little logos. Behind the rethoric there is very little actual reason. Or even ethics.

  38. I have a great deal of contempt for the justice system, but for judges in particular. In my experience judges are some of the most vindictive people around. I have utter contempt all the way up to the sponge-heads in the supreme court. Shame on judges.

  39. This is why capitalism sucks. Socialism is much better in that it benefits more people than capitalism.

  40. People are often vocal to point out the history famines and shortages created under Mao and Stalin as evidence of why socialism "doesn't work". Its unfortunate that so many people agree with them, because that viewpoint is very intellectually dishonest.

    First of all, they're resorting to strawmen. Socialism can take on many forms, some of which are very different from the socialism of Mao and Stalin, who's socialism was very different from each other.

    Most new ideas are not without their flaws, when they go from theory to being put into practice. Its strange that people remember all the people who died when various forms of socialism were implemented in the 20th century, but they forget all the people who died from unregulated capitalism in the 19th century. Capitalism has a history of killing a lot of people too, that's why most western industrialized nations moved to mixed economies instead.

    Its unfortunate that the critics of socialism are often held in such esteem, because many times they know very little about socialism, while socialists reach their conclusions as a direct result of how much they already know about capitalism.

  41. the irony is; the youth in Armenia have the MONEY to immigrate – to flee their plight. here in the U. S. the poor are TOO POOR to leave! this is the same irony that inflicts the immigration issue. these immigrants, both legal and illegal, have enough money to flee their country of origin to come to a country where the poor people are TOO POOR to flee. then they take their jobs, driving wages down even more, and take the social services intended for those poor making life even harder for them! immigration is an elitist, fascist, capitalist DREAM – they love it!

  42. we NEED a revolution; a REVOLUTION of thought accompanied with action or, more accurately, NON-PARTICIPATION! these programs are GREAT at identifying the problems but they fall short on solutions. equalism IS the solution! watch my 3 latest videos on my channel – "equalism 126: I Don't Want Your Money" – https://www.youtube.com/watch?v=sT-MmjLkoEc&feature=youtu.be – "equalism 125: Yanny or Laurel? – https://www.youtube.com/watch?v=v4cetwKXwOQ&feature=youtu.be – AND – equalism 127: Sanctuary Cities? – https://www.youtube.com/watch?v=EZwUb0__RaM&feature=youtu.be – learn how to fix this mess the elite have made for us!

  43. Remember for capitalism to succeed in creating a few winners and mostly all losers the government must regulate and bring in policies that create that outcome otherwise otherwise who can enforce to the threat of violence that kind of outcome with only a few winners and mostly all losers? Can corporations create a secret private police and enforce their Monopoly on the people? Know the government must enforce the Monopoly and that's what we have will monopolistic system, so this professor believes that somehow a new type of government is going to make sure there is no Monopoly? Or that the new government will under the idea of equality continue to confiscate the creativity and artistic nature of the people's creations and that somehow this is going to be sustainable. Well you need moral trustworthy people the run that kind of system who would you appoint to do that? And you're the political parties that have been in place in any of the Socialist governments around the world that destroyed their countries? Like who who is honest enough who do you trust with running your life and every aspect of it from Cradle to grave? And while we're on the topic of being managed from cradle to grave why would anybody want to be managed like a little child to remain at the mentality of a little child comma? Because that's what socialist and communist societies achieve achieve the outcome of the society that can't think for themselves they can't run their own life there in efficient at running their own life making decisions for themselves, and then they lock sound mind and self-worth because it maintain the mentality of children from cradle to grave. There's a big price for not wanting to run your own life and that is to leave it in the hands of others who pay no Price ever throughout all history for the ill conceived policies that brings suffering to humanity, because you see politicians are always rewarded regardless of the outcome of their policies.

  44. I'd like to point out, Harley Davidson's main competitor, Triumph, has plants in England, Brazil, and Thailand. Harley Davidson is only in the US, but they're moving to Brazil, India, and (you guessed it) Thailand. I'm guessing the India component is computer programming related. Otherwise, Harley Davidson is just following the competition. AND, it is likely, both Harley Davidson and Triumph, are manufacturing domestically, that which minimizes tariffs. How can a government reduce this effect? Increase tariffs on manufacturing abroad. But in this race to the bottom, we will only see a reduction in those tariffs.

  45. Why they didn't ban the stupid fuckin fireworks in Oregon instead of destroying the future of a 15 years kid?

  46. Your thoughts Mr Wolff? MAYBE for some people this is the answer? I recently watch two YouTube posts. One a documentary on debt (in debt we trust), night mare, the other a post from a young couple who, went to work and saved every penny for some months. They then bought a boat, cash no debt. Saved another $10,000 and spent a year repairing their boat and although they were tight on money came through. BUT CHECK IT OUT FOR YOUR SELF'S. YouTube… Sailing Uma 119

  47. Dr. Richard Wolff supper excellent job in your courageous program. Really appreciated. Capitalism is very evil what else can I say.

  48. one way to dismantle capitalism, stop buying the products produced by big business. look up minimalist living (which in my opinion makes you get more out of life) buy second hand. try to support small businesses, stop being selfish, stop stop making material possessions your ambition. peace of mind indeed knowing when a burglar breaks into your house there isnt even anything worth taking. less worry and more living. charity shops are full to the brim with decent clothes, and if people have a problem with you not having the latest designer gear then those people arent even worth knowing. minimalist living is awesome. if you are sitting here reading this on an apple product that you bought brand new then without meaning to judge you you are part of the problem big time.
    how about taking a holiday somewhere poor, helping to spread money to poorer parts of the world. i dont holiday in first world countries for precisely this reason, for one thing first world countries have been taken over by corporate culture, for second knowing i have in some small way helped people with less access to money than myself is very satisfying.

  49. Capitalism not only makes many losers, it requires it. No one can become rich if they don't have an army of low wage earners working for them.

  50. It's quite shocking for me to hear this ! It seems the USA is just one big money making scandal for corrupt politicians , financial institutions , and large corporations , including drug companies and hospitals . Is all this true ? And if it is , then what is being done about it ?

  51. The banking update reminded me of the Ferengi in Star Trek Deep Space Nine. I wonder, was it actually a Ferengi ship that crashed in Roswell? Did the Ferengi find a way to disguise themselves as humans and manage to worm their way into the economy?

  52. Karl Marx once said “To each according to his need, from each according to his ability.” Capitalism says “from each according to his need, to each according to his lack thereof.”

  53. Socialism – No winners unless you are at the very top and even that is a no win in comparison to ordinary people capitalist countries..

    People fleeing Greece because of their socialist policies.

  54. What Wolf complains about and gets confused about is the socialist policies that exist in capitalist countries. Yet he is so focussed on them that he fails to see the benefits that the non socialist parst bring.

  55. Isn't Capitalism grand?? They'll lay you off without warning, then praise you for your "Legacy of producing great Bikes at great prices!" Why are they leaving, then?? This is why the need for a Social safety net is needed in the first place.

  56. القرآن – سورۃ نمبر 9 التوبة
    آیت نمبر 4
    Scenario: Capitalism in accordance with the treaty ?
    أَعـوذُ بِاللهِ مِنَ الشَّيْـطانِ الرَّجيـم
    بِسْمِ اللّٰهِ الرَّحْمٰنِ الرَّحِيْمِ

    اِلَّا الَّذِيۡنَ عَاهَدتُّمۡ مِّنَ الۡمُشۡرِكِيۡنَ ثُمَّ لَمۡ يَنۡقُصُوۡكُمۡ شَيۡئًـا وَّلَمۡ يُظَاهِرُوۡا عَلَيۡكُمۡ اَحَدًا فَاَتِمُّوۡۤا اِلَيۡهِمۡ عَهۡدَهُمۡ اِلٰى مُدَّتِهِمۡ‌ؕ اِنَّ اللّٰهَ يُحِبُّ الۡمُتَّقِيۡنَ ۞

    Translation:
    Excepted are those with whom you made a treaty among the polytheists and then they have not been deficient toward you in anything or supported anyone against you; so complete for them their treaty until their term [has ended]. Indeed, Allah loves the righteous [who fear Him].

  57. القرآن – سورۃ نمبر 10 يونس
    آیت نمبر 4
    scenario: Happiness of Believers and plight of non believers in afterlife in contrast of haves and havenots in this world
    أَعـوذُ بِاللهِ مِنَ الشَّيْـطانِ الرَّجيـم
    بِسْمِ اللّٰهِ الرَّحْمٰنِ الرَّحِيْمِ

    اِلَيۡهِ مَرۡجِعُكُمۡ جَمِيۡعًا ‌ؕ وَعۡدَ اللّٰهِ حَقًّا‌ ؕ اِنَّهٗ يَـبۡدَؤُا الۡخَـلۡقَ ثُمَّ يُعِيۡدُهٗ لِيَجۡزِىَ الَّذِيۡنَ اٰمَنُوۡا وَعَمِلُوا الصّٰلِحٰتِ بِالۡقِسۡطِ‌ؕ وَالَّذِيۡنَ كَفَرُوۡا لَهُمۡ شَرَابٌ مِّنۡ حَمِيۡمٍ وَّعَذَابٌ اَلِيۡمٌۢ بِمَا كَانُوۡا يَكۡفُرُوۡنَ ۞

    Translation:
    To Him is your return all together. [It is] the promise of Allah [which is] truth. Indeed, He begins the [process of] creation and then repeats it that He may reward those who have believed and done righteous deeds, in justice. But those who disbelieved will have a drink of scalding water and a painful punishment for what they used to deny.

  58. Scenario: Banks

    القرآن – سورۃ نمبر 2 البقرة
    آیت نمبر 30

    أَعـوذُ بِاللهِ مِنَ الشَّيْـطانِ الرَّجيـم
    بِسْمِ اللّٰهِ الرَّحْمٰنِ الرَّحِيْمِ

    وَاِذۡ قَالَ رَبُّكَ لِلۡمَلٰٓئِكَةِ اِنِّىۡ جَاعِلٌ فِى الۡاَرۡضِ خَلِيۡفَةً ؕ قَالُوۡٓا اَتَجۡعَلُ فِيۡهَا مَنۡ يُّفۡسِدُ فِيۡهَا وَيَسۡفِكُ الدِّمَآءَۚ وَنَحۡنُ نُسَبِّحُ بِحَمۡدِكَ وَنُقَدِّسُ لَـكَ‌ؕ قَالَ اِنِّىۡٓ اَعۡلَمُ مَا لَا تَعۡلَمُوۡنَ ۞

    Translation:
    And [mention, O Muhammad], when your Lord said to the angels, "Indeed, I will make upon the earth a successive authority." They said, "Will You place upon it one who causes corruption therein and sheds blood, while we declare Your praise and sanctify You?" Allah said, "Indeed, I know that which you do not know."

  59. Lesson: we assume that the wealth we put in banks might bring happiness but who then knows, leading unbalanced life also brings uncertainty

  60. Scenario: Breach of partnership
    القرآن – سورۃ نمبر 2 البقرة
    آیت نمبر 27

    أَعـوذُ بِاللهِ مِنَ الشَّيْـطانِ الرَّجيـم
    بِسْمِ اللّٰهِ الرَّحْمٰنِ الرَّحِيْمِ

    الَّذِيۡنَ يَنۡقُضُوۡنَ عَهۡدَ اللّٰهِ مِنۡۢ بَعۡدِ مِيۡثَاقِهٖ وَيَقۡطَعُوۡنَ مَآ اَمَرَ اللّٰهُ بِهٖۤ اَنۡ يُّوۡصَلَ وَيُفۡسِدُوۡنَ فِى الۡاَرۡضِ‌ؕ اُولٰٓئِكَ هُمُ الۡخٰسِرُوۡنَ ۞

    Translation:
    Who break the covenant of Allah after contracting it and sever that which Allah has ordered to be joined and cause corruption on earth. It is those who are the losers.

  61. scenario: Justice in usa
    القرآن – سورۃ نمبر 2 البقرة
    آیت نمبر 28

    أَعـوذُ بِاللهِ مِنَ الشَّيْـطانِ الرَّجيـم
    بِسْمِ اللّٰهِ الرَّحْمٰنِ الرَّحِيْمِ

    كَيۡفَ تَكۡفُرُوۡنَ بِاللّٰهِ وَڪُنۡتُمۡ اَمۡوَاتًا فَاَحۡيَاکُمۡ‌ۚ ثُمَّ يُمِيۡتُكُمۡ ثُمَّ يُحۡيِيۡكُمۡ ثُمَّ اِلَيۡهِ تُرۡجَعُوۡنَ ۞

    Translation:
    How can you disbelieve in Allah when you were lifeless and He brought you to life; then He will cause you to die, then He will bring you [back] to life, and then to Him you will be returned.

  62. Lesson: Those nations who are caught in disbelief are made to fear the Afterlife which they will soon realize

  63. Richard is the best!!!! A younger Noam Chomsky, but one that talks quicker and has more humour. Truth speakers are; Noam Chomsky, Richard Wolff, Chris Hedges, Dr. Michael Hudson, Stephanie Kelton, Stefania Maurizi, Cornel West, Stephen F Cohen, Steven Ressnick, Steven Shafarman, Donald Jeffries, Paul Krugman, William Blum, Alain Supiot, Yanis Varoufakis, Peter Levelle, Jimmy Dore, Kyle Kulinski, Lee Camp, David Doel, David Degraw, Tulsi Gabbard, Bernie Sanders, Jesse Ventura, Alexandria Ocasio-Cortez, Ilhan Omar, Katie Halper & Phyllis Bennis(anti-AIPAC), Eugene Debs, Jeremy Scahill, Glenn Greenwald, Ron Paul, Daniel McAdams, Rand Paul(on foreign policy), Gordon Dimmack, John Pilger, Julian Assange, Daniel Everett Hale, Edward Snowden, Chelsea Manning, Jeffrey Sterling, Thomas Drake, Daniel Ellsburg, Fred Hampton, Nils Melzer, Dane Wigington of GeoEngineering Watch, Richard Dolan, Joseph Farrell.

  64. Both socialism and capitalism are systems of enslavement of the masses. Pick your poison, or let's say, the least poisonous of these two choices. Socialism seems to be the lesser of these two evils. The social engineers are laying the ground work for what they believe is the easiest path forward for humanity . Control is the end game.

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