Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
I just looked up her website on google and I would say she really has an impressive background in investing. I have sent her an email hope she gets back to me soon. Thank you so much
@@jgalt308 Socrates on Wealth According to Plato’s dialogues, particularly in “The Republic” and “Gorgias”, Socrates held a nuanced view of wealth. He believed that wealth is not an end in itself, but rather a means to an end. Here are some key points summarizing his thoughts: Wealth is not the ultimate goal: Socrates argued that true happiness and excellence (arete) come not from wealth, but from living a virtuous life. Wealth is merely a byproduct of a well-ordered soul. Excellence leads to wealth: In “The Republic”, Socrates claims that “wealth does not bring about excellence, but excellence makes wealth and everything else good for men, both individually and collectively” (Plato, Republic, 359d). This suggests that virtue and wisdom are more important than material wealth. Moderation is key: Socrates advocated for a moderate approach to wealth, neither excessive nor insufficient. He believed that excessive wealth leads to luxury, idleness, and innovation, while insufficient wealth leads to illiberality and wrongdoing (Plato, Republic, 419c). Property is secondary: In “The Laws”, Plato (through the Athenian Stranger) emphasizes that humans are naturally relational and political creatures, seeking harmony in community. Private property rights, including wealth, are secondary to this fundamental human desire. Sophistry and money-making: Socrates distinguished himself from the sophists, who taught for a fee and accumulated wealth. He saw this as a corruption of wisdom, emphasizing that true wisdom is not for sale. True wealth is in the soul: In “Why Socrates Didn’t Charge”, Plato presents Socrates as saying that money has its truth in being a symbol of the soul’s adherence to the good. This implies that true wealth lies in the cultivation of virtues and wisdom, rather than material possessions. In summary, Socrates viewed wealth as a secondary concern, emphasizing the importance of living a virtuous life and cultivating excellence (arete) as the ultimate goal. He believed that true wealth lies in the soul, and that excessive or insufficient wealth can lead to negative consequences In summary, Socrates viewed wealth as a secondary concern, emphasizing the importance of living a virtuous life and cultivating excellence (arete) as the ultimate goal. He believed that true wealth lies in the soul, and that excessive or insufficient wealth can lead to negative consequences.
@@kathanzia Yes, we all been turned into addicts, sugar, tobacco, alcohol, coffee, soft drinks, cell phones, ideology, power... By nature, humans have a propension to addiction. We like what makes us feel good, righteous and/or superior.
Richard, I am glad you educate us on the matters of life. Your college class mate Ms. Yellen no thankyou. She cannot compete with you. I am glad I found you.
I wish you could be the keynote speaker at my graduation. Your words are always so inspiring and thought provoking. I go to CUNY, Bronx Community College.
I just shared your economic reality lesson with my close friends recently. Told them listen and prepare accordingly. As always thank you for your knowledge and guidance. Have a wonderful holiday.
This is the most important program of the time, making financial education and geopolitical education accessible to everyone from a practical point of view , especially under circumstances of ongoing crises. You are laying a legacy that will not fade away without impact. My sincerest gratitude.
U know what use to baffle me? How some of society’s most educated people (professors, doctors, lawyers, other small business owners, etc.) aren’t necessarily amongst the wealthiest; definitely not amongst the world’s elite. To become an Elon Musk, Jeff Bezos, Trump, etc. it takes a lack of sympathy and empathy, not the finest education. Not genuinely caring about others, and only caring about urself, is an important and unfortunate path to monetary success in the world of capitalism
The only thing that baffles me about your comment, which is good by the way, is your inclusion of small business owners with society's most educated people.
@@arabcadabra8863 Small Business Owners are falling fast. I stopped attempting to hire People almost 20 years ago. The situation appears worse since then.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless" -Thomas Jefferson
I will be forever thankful to you, you changed my life I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
I'm favoured, 90K every week! I can now give back to the locals in my communities and also support God's work and the church. God bless America,, thank you Mr Jihan Wu😊🎉
Right, when his companies rocket came back down and settled itself, he was cheered as a true American hero. Most common folks don't understand how he funds his projects or his life. ON THE BACK OF THE GOVERNMENT.
*A lot of people are suffering from putting food on the table yet many are sleepwalking! Facing this recession without investing is actually risky, salaries are easily spent!*
Jasmine Harvey has taught me how to generate profit while trading. Now I monitor before I place and that's the best. The most amazing part is that I still go about my daily job as usual.
have been living under average Income before coming across Jasmine, my husband and I just had to give it a try for 3,5k and surprisingly we made 8k four days later.
The deficit and national debt of the US government can be reduced a lot if it stops interfering in the affairs of other countries and starts new wars in some parts of the world every year.
Great information and I believe if the basics of all of this were widespread and taught more often especially in public schools there would be more people on board with the critiques of our current capitalist system
"You say we're on the brink of destruction and you're right. But it's only on the brink that people find the will to change. Only at the precipice do we evolve. This is our moment." --Professor Barnhardt
Mr, Richard, one thing I don’t understand about this debit of USA, Why US government is borrowing money if they can just print money? Also at the end of the day don’t you think government of US can just wipe out the debt?
You cant just wipe out the debt because then nobody would ever lend you money again. They borrow money by selling Treasury bills and bonds at very low interest rates because the US government has never defaulted on a payment. So they essentially do just print money to pay the debt.
Some countries have tried this, the trouble i guess is that it just devalues that currency, so other countries won't want that currency. also imports would become more expensive heading to more inflation.
The us government and the federal reserve are seperate. The fed loans the government money, so the government can't print but the fed can. Where/why the federal reserve is able to do this is a rabbit hole...
What an excellent explanation of taxes, debt, and deficit. If only the masses would invest the time and effort to learn about this. They would see how they are manipulated by the wealthy.
From my understanding, fed gov does not collect Tax money into an account or use said money to pay for their budget. The fed gov sets a budget and then the fed reserve creates that money to spend into existence. Fed taxes are collected in an effort to regulate the money supply and keep inflation down. Since we create our own currency, a debt is instantly created once we create a dollar. And that there would be no money in the economy, in people’s bank accounts, if we collected the same money back that was issued. I’d appreciate any comment or critique as I am just learning this stuff and curious how true and accurate that is
I’m so use to the bad roads that I have learned to accept it. I not only pay high taxes, I also have to pay for garbage pickup, a sewer bill that is really just a %300 tax on my water. .63 cents on every dollar spent in personal property taxes goes straight to the teachers union! My 1000sqft house is costing me $2600 a year. I just paid $67.00 for a sticker to pay for yearly vehicle registration. Ha ha! I’ve been getting nothing for my money! And I’m paying %12.4 into social security and medicade! You lost me. Let it crash!
The "law of diminishing returns" applies to resource depletion. "Low hanging fruit" is easily harvested, but as time goes by more and more effort must be applied toward achieving the desired harvest. This is most profoundly applicable to world petroleum production, where the value of everything is linked to its availability, where depletion is most evidenced by inflation. "You can take that to the bank!"
The interesting thing about excessive government taxation, over spending, and a government that constantly fails to maintain public services to high standards, is that the government "once upon a time" had enough to go around and also held public services to a much higher standard, longgg before income tax was introduced (via the 16th Amendment) by Congress on July 2, 1909, and ratified on February 3, 1913 ... which I would argue, is when the government was infiltrated by crooks, looking to directly take advantage and fleece "We The People" for the foreseeable future. I would actually argue, had the founding fathers lived long enough to witness the drafting of the 16th Amendment, America would have very likely seen a domestic revolutionary war, soon as the rough draft of the 16th amendment saw the light of day, and if not then, certainly longgg before it had a chance of being passed by congress.
A former IRS agent, Joe Bannister produced a two volume book entitled "The Law that Never was"...which challenged the fact of the claimed ratification of the 16th amendment, as well as the 14th and 17th, by examining the records held by the several states. Each of these was critical in the dismantling of the "constitutional republic" which was completed by FDR in 1939. This book is no longer available due to the government's attempt to acquire the information of those who purchased this book. ( used copies are...but the price is excessive. )
History actually shows that maintaining ridiculous taxes on "rich" corporations encourages them to avoid these taxes completely and establish themselves in places like Ireland where they pay zero taxes to the US.
I'm favoured, Getting my own Truck has always been my Dream for my business. I just acquired 2 recently, earning $32K weekly has been really helpful. I can now give back to the locals in my community and also support Charity Organizations.
Yes! I'm celebrating £32K stock portfolio today... Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family an…
when someone is straight forward and good at what she does best. People will always speak for them. For me I can would say give Mrs Jenna Brooklyn of finance education a try and you be happy you did
I wish Uncle Rick would engage with MMT when this topic comes up. We know he is familiar with it, and while he may not agree with its premise or conclusions, it would be illuminating if he would grapple with it when debt and deficit are discussed.
"Soooooooooooooooooooooooooooooooooooooooooooooo, are we stuck? Is there a way out? Can we, as a people, influence any course of action? You presented the dilemma beautifully (if I could use that word!) and I understood everything you said. But, where do we go from here? Is there a solution? And what if the global wars continue or even escalate, then what? I will pass this video onto some folks I know. Definitely a 'must' listen. My opinion? What I have concluded out of this is that we must tax the rich corporations we eventually borrow from and of course we can 'trim' costs in many area but WITHOUT AFFECTING OUR QUALITY OF LIFE. If, in fact, we can replace humans with sophisticated technology, sounds great, BUT, where do those people find employment when that happens? What 'jobs' will be available for the public looking down the road? With a Country of 300+ million people, where are the jobs for them? And, while we're at it, if the large, powerful corporations rule the world as we know it, what does the future look like for the 'mom and pop' and 'under the radar' businesses? Will banks narrow down to just a few? Will food establishments become unaffordable for most? And, OMG (!), real estate? What does the future of one family homes look like? Richard, does looking at history give us some answers how we can get out of this mess? I think you know this was a rhetorical question, wasn't it? Because I don't even want to go there. Would you dare to go there and do it in a way which doesn't 'upset' everyone, or, instead, hint of what history as told us and then come up with an alternative plan? In conclusion, with all these crucial matters on the table, will we have confidence the new administration coming in can handle all the issues of the day? All of us need to stay on 'full alert' because if things begin to go haywire we need to take action immediately and reestablish positions of authority with qualified personnel."
Between Wolff, Chomsky, and Bernie, it's astonishing to me that these men demonstrate an ability to be sharp and on point even over the age of 80, but we elect a man that drones on for hours about water pressure and how many times you have to flush a toilet. We deserve what's coming.
Sorry, Richard, but you have got it backwards, like most people. A currency-issuing government does not borrow money. It ISSUES money. What appears to be borrowing is nothing more than a "savings account". The money deposited IS NOT USED for expenses. The government owes nothing but a bank statement. You should read Warren Mosler and Stephanie Kelton.
You can not simply print notes, that has a number of effects such as increasing inflation and others. Proffesors, by the way, unlike most people, tend not to get things back to front.
Global problems require global governance. Populist emotionalism has replaced logical reasoning. In that process "for ourselves and posterity" has been truncated to "for ourselves."
Solution is apparent. Increase taxes on wealth, limit spending in a way that harms the American People least, set goals for paying debt off. Along the way adjust spending and taxes with those goals in mind. Now to be a patriot is to understand this national goal wherever you are in the mix.
Game theory is dominated by often-misunderstood Nash Equilibrium. To me, the lesson to be learned is that when playing a zero-sum game, like Monopoly, where the winner unwittingly becomes the loser, too, by not having any more customers, the only way out of losing is for all parties to unilaterally quit playing the game (witness the growing national debt, now at $35 trillion, and a dying planet from global warming). When the game is growth through a growing population, that is a unsustainable zero-sum game. In finding Nash Equilibrium, the longer the zero-sum game is played, the greater the catastrophic fall. Nash equilibrium requires that a different game be played, hopefully one that is sustainable, like limiting human population to what can be supported by available sunlight, as has been the case for all of human history until now.
Interest is the tax we pay to the Corporate State. As long as we accept the validity of that debt,we must . also accept the dominance of the Corporate State. When we finally accept that this debt was contrived by the Banking Cartel for the express purpose of funding the Corporate State and thus maintaining social and economic control ,we can then explore the possibility of declaring Odious Debt.
Professor Wolff can you please speak to the UHC CEO and what that means for class consciousness? Do you think change is on the horizon for the healthcare industry?
Consider this science: The rate of population growth has been exceeding the rate of increase in worldwide petroleum production. This growing imbalance is a necessary part of "peaking oil," which is inevitable, because there are no more dinosaurs being made. When that peak is reached, the driving force for population growth will end and decline (along with the population). a message that most do not want to receive.
And my question is how much has all this gone up since they established these programs for the people? And how much has the government enlarged its department is what I would like to know?
@@AlmaMercer Sorry, but no one reads these comments from D@W, nor are questions answered here. If you want answers from Wolff, you must pay up front and then you can ask questions...or try CHUCKY...the "volunteer"...which is where this question probably came from...as noted by Wolff and to what he is responding. Nothing in his answer here is of any use, nor is it accurate, nor can you do anything about it. Your question is too general, since you don't specify which programs you are talking about and they are all going 'broke" and this will happen faster now, since the money is fiat. But I do admire your commitment to self-imposed historical and economic ignorance...or your belief that Wolff is the solution to it.
Very interesting, but you must admit that some of the spending is wasteful, like perhaps two government agencies tasked with the same responsibility - I think that is what Musk and Ramaswamy are going to be trying to discover.
Healthcare for all program should be budgeted under Department of Defense Budget? It should resolve the dillema, who is paying for it once and for all.
@RichardDWolff if the federal government raises spending money through taxes, where did the first taxed dollar come from? How does it borrow more dollars than already exist? Who does it borrow dollars from when the only entity legally entitled to produce dollars is the US Federal Reserve, which is a part of the US government?
Many Americans suffer a lot financially under Capitalism. They simply don't understand that Capitalism is what they should channel their frustrations at, rather than at one another, or at China or Russia. Under Capitalism financial crises are created every certain number of years, it's not a stable economic system. The Capitalism approach that is supposed to bring a trickle down economy, has been proven again and again not to be working. As long as so many Americans continue to vote for the two mainstream political parties (Republican and Democratic), both which are aligned with the extreme implementation of Capitalism in the United States, the country will continue to endure financial hardship caused by inflation and other adverse outcomes of Capitalism, such as huge inequality. The U.S. government (and many of its people) thinks it still manages / controls the world. It no longer does ... It's time for implementing Socialism in North America, similar to the one with Chinese characteristics that's implemented in China.
@@jgalt308 What does capitalism have nothing to do with, the huge deficit and national debt that rip everyone off? Capitalism has nothing to do with it? Are you joking?
@@johnsmith100 Capitalism is the PRIVATE ownership of the means of production...it doesn't decide what money is, nor does it write any laws, nor does control any aspect of government...it was supposed to be a "constitutional republic" and this is stated clearly...This constitution ...and the laws made pursuant to it...shall be the SUPREME LAW OF THE LAND. That its people have allowed this to be ignored...is on them.
I DONT REALLY BELIEVE WHEN THEY MAKE STATEMENTS ABOUT THE AMOUNT OF EACH COUNTRYS DEBT, THEY COULD SAY ANY HIGH AMOUNT IS OWING HENCE TAXES PAID INCREASED AND THE PUBLIC WOULDNT BE THE WISER.
I have a problem with the tax & spend explanation of how it funds the public services we all need. Today we are influenced by the Modern Monetarist Theorists best represented by Prof Stephanie Kelton's book The Deficit Myth. The gist of that is a sovereign government can create money as needed to pay for services. Taxation is not to fund necessary spending but to control the amount of money in the economy to regulate "aggregate demand" to not let it get too high which would drive inflation and ease back on taxation if economic activity falls too low which we call slumps which the media makes us well aware of because Wall St doesn't like it... & so & so forth.
India is striving to become a 5 trillion economy. America has more than 30 trillion in debt, yet it still claims to be the richest country in the world. Can anyone explain that?
Our taxes are NOT "shipped to Beijing". our taxes simply disappear. The government spends dollars into existence and taxes them back out of existence. The dollars that have been digitally minted and spent by the government but not taxed back out forms the base money supply, on top of which bank credit is loaned into existence by banks and repaid out of existence by borrowers. China sells a huge quantity of goods into the US economy without purchasing anywhere near as much in return, thus representing a drain of US dollars out of circulation here. Those dollars, already spent into existence by the US government, are swapped for interest-bearing treasury bonds. Our government can raise or lower that interest rate at will, since it is just free money for rich people. If we set the treasury bond rate at zero and let all the outstanding bonds just mature without rolling them over, we wouldn't be wasting our fiscal capacity on this phony game. But then, of course, we would be losing one of the major economic levers over the economy, since the treasury bond rate, as the zero-risk rate, sets the market rate for bonds. Interest prices risk, so if the zero-risk government bond rate rises to , say, 4%, then private sector bonds have to meet or beat that rate plus the risk premium, which discourages major corporate bond-financed projects, hiring, etc. and slows the economy. And the reverse is true if the fed lowers treasury bond rates. But another effect of ending the practice of issuing interest-bearing US treasury bonds would be to weaken the attractiveness of the US dollar and the enticement for countries to hold their central bank reserves in the form of treasury bonds and to host US bases on their territory to keep getting those dollars. In other words, this system of issuing treasury bonds and paying out all this interest has almost nothing to do with mom and pop taxpayers "paying China" since the interest is paid using fiat money creation out of thin air, but has a lot to do with maintaining US imperialism and global hegemony.
Game theory is dominated by often-misunderstood Nash Equilibrium. To me, the lesson to be learned is that when playing a zero-sum game, like Monopoly, where the winner unwittingly becomes the loser, too, by not having any more customers, the only way out of losing is for all parties to unilaterally quit playing the game (witness the growing national debt, now at $35 trillion, and a dying planet from global warming). When the game is growth through a growing population, that is a unsustainable zero-sum game. In finding Nash Equilibrium, the longer the zero-sum game is played, the greater the catastrophic fall. Nash equilibrium requires that a different game be played, hopefully one that is sustainable, like limiting human population to what can be supported by available sunlight, as has been the case for all of human history until now.
There's something about how you explain stuff that makes it understandable. And interesting. Thanks
The only problem is that he took 18.5 minutes too long. Most people only have a 20 or 30 second attention span.
Almost seems like it's set up to fail.
@@Dale-s1u hence our problem in America. Most people that could benefit from this knowledge aren’t his target audience
Invest judiciously, keep a stop loss figure. Shuffle between debt and equity wherever the ratio goes too off your target. As for the target, I recommend a Ratio like this Debt % should be equal to your age in years. If you are 20, debt is 20%, reset in equity. If the market falls or rises drastically, your debt % will change, which you should rebalance to 20% and bring back equity to 80%. Thus you would have bought low or booked profit depending on if it was a crash or a bull run.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
I totally agree; I am 66 years old, recently retired, with approximately $1.2 million in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, I didn't do all this alone, but with the help of a financial advisor. Having one is currently the best way to trade in the stock market, especially for people nearing retirement.
Is there any chance you could recommend who you work with? I've wanted to make this switch for a very long time now, but I've been very hesitant about. I'll appreciate any recommendation.
When ‘Carol Vivian Constable’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
I just looked up her website on google and I would say she really has an impressive background in investing. I have sent her an email hope she gets back to me soon. Thank you so much
"Wealth is addictive, the rich will eventually destroy society" -Socrates and friends (paraphrasing)
Inventing...since Socrates didn't write anything.
@@jgalt308
Socrates on Wealth
According to Plato’s dialogues, particularly in “The Republic” and “Gorgias”, Socrates held a nuanced view of wealth. He believed that wealth is not an end in itself, but rather a means to an end. Here are some key points summarizing his thoughts:
Wealth is not the ultimate goal: Socrates argued that true happiness and excellence (arete) come not from wealth, but from living a virtuous life. Wealth is merely a byproduct of a well-ordered soul.
Excellence leads to wealth: In “The Republic”, Socrates claims that “wealth does not bring about excellence, but excellence makes wealth and everything else good for men, both individually and collectively” (Plato, Republic, 359d). This suggests that virtue and wisdom are more important than material wealth.
Moderation is key: Socrates advocated for a moderate approach to wealth, neither excessive nor insufficient. He believed that excessive wealth leads to luxury, idleness, and innovation, while insufficient wealth leads to illiberality and wrongdoing (Plato, Republic, 419c).
Property is secondary: In “The Laws”, Plato (through the Athenian Stranger) emphasizes that humans are naturally relational and political creatures, seeking harmony in community. Private property rights, including wealth, are secondary to this fundamental human desire.
Sophistry and money-making: Socrates distinguished himself from the sophists, who taught for a fee and accumulated wealth. He saw this as a corruption of wisdom, emphasizing that true wisdom is not for sale.
True wealth is in the soul: In “Why Socrates Didn’t Charge”, Plato presents Socrates as saying that money has its truth in being a symbol of the soul’s adherence to the good. This implies that true wealth lies in the cultivation of virtues and wisdom, rather than material possessions.
In summary, Socrates viewed wealth as a secondary concern, emphasizing the importance of living a virtuous life and cultivating excellence (arete) as the ultimate goal. He believed that true wealth lies in the soul, and that excessive or insufficient wealth can lead to negative consequences
In summary, Socrates viewed wealth as a secondary concern, emphasizing the importance of living a virtuous life and cultivating excellence (arete) as the ultimate goal. He believed that true wealth lies in the soul, and that excessive or insufficient wealth can lead to negative consequences.
Wealth/ standard of living is addictive once drive a Cadillac can never drive a Honda
@@kathanzia Yes, we all been turned into addicts, sugar, tobacco, alcohol, coffee, soft drinks, cell phones, ideology, power...
By nature, humans have a propension to addiction. We like what makes us feel good, righteous and/or superior.
Richard, I am glad you educate us on the matters of life. Your college class mate Ms. Yellen no thankyou. She cannot compete with you. I am glad I found you.
I listen and study your material everyday Dr. Rick😑
...you are one the most valuable people in the country..
He's a good man a good soul.
Habe gerade Ihr neues Buch bestellt! Vielen Dank für Ihre verständlichen Vorträge!
Schuss! 👍🤔( from London, UK )
I wish you could be the keynote speaker at my graduation. Your words are always so inspiring and thought provoking. I go to CUNY, Bronx Community College.
Thats a great idea, I hope he does this for you!
Dear Professor, please do be the keynote speaker!
oh woah didn’t think this would get so much attention, thank you everyone!
No one at D@W reads these comments...not even CHUCKY!!!!!!
I just shared your economic reality lesson with my close friends recently. Told them listen and prepare accordingly. As always thank you for your knowledge and guidance. Have a wonderful holiday.
This is the most important program of the time, making financial education and geopolitical education accessible to everyone from a practical point of view , especially under circumstances of ongoing crises. You are laying a legacy that will not fade away without impact.
My sincerest gratitude.
There is no education of any kind taking place here.
That is nothing new to me, but when I tell it to my people they just looked at me like I am crazy😢
U know what use to baffle me? How some of society’s most educated people (professors, doctors, lawyers, other small business owners, etc.) aren’t necessarily amongst the wealthiest; definitely not amongst the world’s elite. To become an Elon Musk, Jeff Bezos, Trump, etc. it takes a lack of sympathy and empathy, not the finest education. Not genuinely caring about others, and only caring about urself, is an important and unfortunate path to monetary success in the world of capitalism
The only thing that baffles me about your comment, which is good by the way, is your inclusion of small business owners with society's most educated people.
@@arabcadabra8863 Small Business Owners are falling fast.
I stopped attempting to hire People almost 20 years ago.
The situation appears worse since then.
Monopolies are the point of capitalism and capitalism is about brainwashing people to believe unfairness should exist.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless" -Thomas Jefferson
What deflation would you be referring to? The currency is fiat ( 1934 ) and deflation has been a non existent fantasy since 1939.
Hit 240k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in October 2024
I will be forever thankful to you, you changed my life I will continue to speak on your behalf for the world to hear that you saved me from huge financial debt with just a little trade, thank you Jihan Wu you're such a life saver
Jihan Wu Services has really set the standard for others to follow, we love him here in Canada 🇨🇦 as he has been really helpful and changed lots of life's
His guidance allowed me to restructure my retirement plan, resulting in an estimated $700,000 more by the time I retire.
I'm favoured, 90K every week! I can now give back to the locals in my communities and also support God's work and the church. God bless America,, thank you Mr Jihan Wu😊🎉
Waking up every tenth of each month to £210,000 it’s a blessing to I and my family… Big gratitude to this same Jihan Wu🙌
God Bless You, Dr. Wolff. You are doing Godly things. Keep going.... Do not give up.
Excellent analysis
one of the best "Wolf Responds" I've heard. Excellent teacher, Professor Wolff.
Thank you, Proff Wolf
thank you
Thanks!
Great Insight, Thank you Mr. Wolff 🐺 🙏🏻😎💯
Ask Musk how SpaceX would be doing without government spending.
Right, when his companies rocket came back down and settled itself, he was cheered as a true American hero. Most common folks don't understand how he funds his projects or his life. ON THE BACK OF THE GOVERNMENT.
Can’t blame the guy for winning a government contract. A contract that will ultimately save tax pays billions compared to NASA.
*A lot of people are suffering from putting food on the table yet many are sleepwalking! Facing this recession without investing is actually risky, salaries are easily spent!*
That's true, everyone needs a different stream of income, such as where one can invest some parts of his or her monthly salaries.
Jasmine Harvey has taught me how to generate profit while trading. Now I monitor before I place and that's the best. The most amazing part is that I still go about my daily job as usual.
Investment is the best idea presently and without it, human struggles are worthless.
have been living under average Income before coming across Jasmine, my husband and I just had to give it a try for 3,5k and surprisingly we made 8k four days later.
I'm really interested in this information, how can I reach out to her???
You explain it so well. Sadly, because the system is this way, education is poor, and people don't learn this.😢
Thankyou Mr Wolff.
As workers We Paid Our Social Security and demand benefits when we retire‼️💯💘
The deficit and national debt of the US government can be reduced a lot if it stops interfering in the affairs of other countries and starts new wars in some parts of the world every year.
Cut some spending and tax the wealthy and corporations a bit more and it could actually happen.
Thank you Richard.
We need to try to spread this lesson as wide as possible to anyone who will listen.
I thank you Prof. Wolff, you're brilliant
Great information and I believe if the basics of all of this were widespread and taught more often especially in public schools there would be more people on board with the critiques of our current capitalist system
You should be the president! ❤
thank you Professor Wolff
Prof, you are the best economics teacher . 🎉
Merry Christmas Comerads✊️🚩💗
Absolutely brilliantly described. Loving your information
Richard, can I borrow from you? You're a national treasure!!! Thanks for all your work!
"You say we're on the brink of destruction and you're right. But it's only on the brink that people find the will to change. Only at the precipice do we evolve. This is our moment." --Professor Barnhardt
Thank you for this explanation
deep truth...nice guy telling, smooth words...cutting edge reality!
Mr, Richard, one thing I don’t understand about this debit of USA, Why US government is borrowing money if they can just print money? Also at the end of the day don’t you think government of US can just wipe out the debt?
I wonder about that too.
You cant just wipe out the debt because then nobody would ever lend you money again. They borrow money by selling Treasury bills and bonds at very low interest rates because the US government has never defaulted on a payment. So they essentially do just print money to pay the debt.
Some countries have tried this, the trouble i guess is that it just devalues that currency, so other countries won't want that currency.
also imports would become more expensive heading to more inflation.
The us government and the federal reserve are seperate. The fed loans the government money, so the government can't print but the fed can. Where/why the federal reserve is able to do this is a rabbit hole...
@@kinawosindani884 Gooooold
MY GOLD
I OWN IT SO I CONTROL IT, CAT FISH?
Thank you Mr. Wolf for the truth of how the rich is getting richer and the poor is getting poorer !
Thank you Professor Wolff, great news! greetings from Oklahoma City, Ok.
The government has no intention or plan to balance the budget. The total debt is getting bigger and bigger year after year. 😂😂😂
What an excellent explanation of taxes, debt, and deficit. If only the masses would invest the time and effort to learn about this. They would see how they are manipulated by the wealthy.
So what is money?????
From my understanding, fed gov does not collect
Tax money into an account or use said money to pay for their budget. The fed gov sets a budget and then the fed reserve creates that money to spend into existence. Fed taxes are collected in an effort to regulate the money supply and keep inflation down. Since we create our own currency, a debt is instantly created once we create a dollar. And that there would be no money in the economy, in people’s bank accounts, if we collected the same money back that was issued.
I’d appreciate any comment or critique as I am just learning this stuff and curious how true and accurate that is
Sounds perfectly accurate to me.
You are correct and richardh wolf is misleading. He should know better.
Hello from Brazil Mr. Wolff, your videos are awesome 👏
This confirmed my speculations. Thank you.
Theres a book called, Deficit Myth by Stephanie Kelton. She breaks this topic down pretty well.
Excellent 😊
Thank you Mr.Wolf for the clear and honest statements about situation.
Hope you and american people settle this issue in a little damage.All the best.
I’m so use to the bad roads that I have learned to accept it. I not only pay high taxes, I also have to pay for garbage pickup, a sewer bill that is really just a %300 tax on my water. .63 cents on every dollar spent in personal property taxes goes straight to the teachers union! My 1000sqft house is costing me $2600 a year. I just paid $67.00 for a sticker to pay for yearly vehicle registration. Ha ha! I’ve been getting nothing for my money! And I’m paying %12.4 into social security and medicade! You lost me. Let it crash!
Buy a shipping container home and live off the grid in Montana.
The "law of diminishing returns" applies to resource depletion. "Low hanging fruit" is easily harvested, but as time goes by more and more effort must be applied toward achieving the desired harvest. This is most profoundly applicable to world petroleum production, where the value of everything is linked to its availability, where depletion is most evidenced by inflation. "You can take that to the bank!"
The interesting thing about excessive government taxation, over spending, and a government that constantly fails to maintain public services to high standards, is that the government "once upon a time" had enough to go around and also held public services to a much higher standard, longgg before income tax was introduced (via the 16th Amendment) by Congress on July 2, 1909, and ratified on February 3, 1913 ... which I would argue, is when the government was infiltrated by crooks, looking to directly take advantage and fleece "We The People" for the foreseeable future. I would actually argue, had the founding fathers lived long enough to witness the drafting of the 16th Amendment, America would have very likely seen a domestic revolutionary war, soon as the rough draft of the 16th amendment saw the light of day, and if not then, certainly longgg before it had a chance of being passed by congress.
A former IRS agent, Joe Bannister produced a two volume book entitled "The Law that Never was"...which challenged the fact of the claimed ratification of the 16th amendment,
as well as the 14th and 17th, by examining the records held by the several states. Each of these was critical in the dismantling of the "constitutional republic" which was completed by FDR in 1939. This book is no longer available due to the government's attempt to acquire the information of those who purchased this book. ( used copies are...but the price is excessive. )
Wow, what an amazing retreat from politics at this juncture.
Perhaps tax cuts for the elite are not such a good idea. That 1.1 trillion per year in tax breaks might have been useful to tackle the debt.
Tax revenue increased following the tax cuts. Laffer Curve. Have a great day.
History shows it's never a good thing cutting taxes for the wealthy.
History actually shows that maintaining ridiculous taxes on "rich" corporations encourages them to avoid these taxes completely and establish themselves in places like Ireland where they pay zero taxes to the US.
@@johnfolk1448so, no loss. They pay no taxes if they stay. And pay no taxes if they go.
Excelent! 👏👏👏
I'm favoured, Getting my own Truck has always been my Dream for my business. I just acquired 2 recently, earning $32K weekly has been really helpful. I can now give back to the locals in my community and also support Charity Organizations.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Yes! I'm celebrating £32K stock portfolio today...
Started this journey with £3K.... I've invested no time and also with the right terms, now I have time for my family an…
when someone is straight forward and good at what she does best. People will always speak for them. For me I can would say give Mrs Jenna Brooklyn of finance education a try and you be happy you did
I'm glad to write her tay I do hope she will help handle my paycheck properly☺️☺️☺️
Can I start with as low as $1,000?
Please who is this Mrs Jenna
This sounds so good andI would like to
be a party to this, is there any wayl can
speak with her?
I wish Uncle Rick would engage with MMT when this topic comes up. We know he is familiar with it, and while he may not agree with its premise or conclusions, it would be illuminating if he would grapple with it when debt and deficit are discussed.
this is easy understandable, I'll share it :)
唯一说人话的媒体
Excelent👏👏👏
My math says $1.84 trillion from taxes goes in interest payment
"Soooooooooooooooooooooooooooooooooooooooooooooo, are we stuck? Is there a way out? Can we, as a people, influence any course of action?
You presented the dilemma beautifully (if I could use that word!) and I understood everything you said. But, where do we go from here? Is there a solution? And what if the global wars continue or even escalate, then what? I will pass this video onto some folks I know. Definitely a 'must' listen.
My opinion? What I have concluded out of this is that we must tax the rich corporations we eventually borrow from and of course we can 'trim' costs in many area but WITHOUT AFFECTING OUR QUALITY OF LIFE. If, in fact, we can replace humans with sophisticated technology, sounds great, BUT, where do those people find employment when that happens?
What 'jobs' will be available for the public looking down the road? With a Country of 300+ million people, where are the jobs for them? And, while we're at it, if the large, powerful corporations rule the world as we know it, what does the future look like for the 'mom and pop' and 'under the radar' businesses? Will banks narrow down to just a few? Will food establishments become unaffordable for most? And, OMG (!), real estate? What does the future of one family homes look like?
Richard, does looking at history give us some answers how we can get out of this mess? I think you know this was a rhetorical question, wasn't it? Because I don't even want to go there. Would you dare to go there and do it in a way which doesn't 'upset' everyone, or, instead, hint of what history as told us and then come up with an alternative plan?
In conclusion, with all these crucial matters on the table, will we have confidence the new administration coming in can handle all the issues of the day? All of us need to stay on 'full alert' because if things begin to go haywire we need to take action immediately and reestablish positions of authority with qualified personnel."
the students at the colleges you're talking about don't know the multiplication table ....
This world should be called mathematics not earth the reason is everything is a number.
👍🏻👍🏻👍🏻
I would like you to be the keynote speaker at my graduation ceremony.
A brilliant simple explanation of this tax and wealth reality. Why the rich get a lot richer at the expense of the rest of us.
So why does this happen?
38% of taxes raised in the US goes to pay interest on the national debt!!!!! (13:45)
Between Wolff, Chomsky, and Bernie, it's astonishing to me that these men demonstrate an ability to be sharp and on point even over the age of 80, but we elect a man that drones on for hours about water pressure and how many times you have to flush a toilet. We deserve what's coming.
Peace
Sorry, Richard, but you have got it backwards, like most people. A currency-issuing government does not borrow money. It ISSUES money. What appears to be borrowing is nothing more than a "savings account". The money deposited IS NOT USED for expenses. The government owes nothing but a bank statement. You should read Warren Mosler and Stephanie Kelton.
MMT macroecon, yes, but. The remedy for inflation is more taxation. Otherwise, you devalue the dollar, and that taxes everyone.
You can not simply print notes, that has a number of effects such as increasing inflation and others. Proffesors, by the way, unlike most people, tend not to get things back to front.
Global problems require global governance. Populist emotionalism has replaced logical reasoning. In that process "for ourselves and posterity" has been truncated to "for ourselves."
Solution is apparent. Increase taxes on wealth, limit spending in a way that harms the American People least, set goals for paying debt off. Along the way adjust spending and taxes with those goals in mind. Now to be a patriot is to understand this national goal wherever you are in the mix.
Game theory is dominated by often-misunderstood Nash Equilibrium. To me, the lesson to be learned is that when playing a zero-sum game, like Monopoly, where the winner unwittingly becomes the loser, too, by not having any more customers, the only way out of losing is for all parties to unilaterally quit playing the game (witness the growing national debt, now at $35 trillion, and a dying planet from global warming). When the game is growth through a growing population, that is a unsustainable zero-sum game. In finding Nash Equilibrium, the longer the zero-sum game is played, the greater the catastrophic fall. Nash equilibrium requires that a different game be played, hopefully one that is sustainable, like limiting human population to what can be supported by available sunlight, as has been the case for all of human history until now.
How do I contribute to this program?
Interest is the tax we pay to the Corporate State. As long as we accept the validity of that debt,we must . also accept the dominance of the Corporate State. When we finally accept that this debt was contrived by the Banking Cartel for the express purpose of funding the Corporate State and thus maintaining social and economic control ,we can then explore the possibility of declaring Odious Debt.
Professor Wolff can you please speak to the UHC CEO and what that means for class consciousness? Do you think change is on the horizon for the healthcare industry?
Consider this science: The rate of population growth has been exceeding the rate of increase in worldwide petroleum production. This growing imbalance is a necessary part of "peaking oil," which is inevitable, because there are no more dinosaurs being made. When that peak is reached, the driving force for population growth will end and decline (along with the population). a message that most do not want to receive.
Government Expenditure 101
And my question is how much has all this gone up since they established these programs for the people? And how much has the government enlarged its department is what I would like to know?
So try asking a search engine...ask multiple search engines.
@jgalt308 That's possibly what it takes but I came here for answers not to do research thank you
@@AlmaMercer Sorry, but no one reads these comments from D@W, nor are questions answered here. If you want answers from Wolff, you must pay up front and then you can ask questions...or try CHUCKY...the "volunteer"...which is where this question probably came from...as noted by Wolff and to what he is responding. Nothing in his answer here is of any use, nor is it accurate, nor can you do anything about it. Your question is too general, since you don't specify which programs you are talking about and they are all going 'broke" and this will happen faster now, since the money is fiat. But I do admire your commitment to self-imposed historical and economic ignorance...or your belief that Wolff is the solution to it.
@jgalt308 Yes I was informed I was told to go do the research I didn't know that was on me but thanks
Does Modern Monetary Theory render budget debates moot? Apparently only inflation can stop the money mill.
Very interesting, but you must admit that some of the spending is wasteful, like perhaps two government agencies tasked with the same responsibility - I think that is what Musk and Ramaswamy are going to be trying to discover.
Healthcare for all program should be budgeted under Department of Defense Budget? It should resolve the dillema, who is paying for it once and for all.
🌹
@RichardDWolff if the federal government raises spending money through taxes, where did the first taxed dollar come from? How does it borrow more dollars than already exist? Who does it borrow dollars from when the only entity legally entitled to produce dollars is the US Federal Reserve, which is a part of the US government?
All you'll get is crickets. He will never admit he's wrong.
SSI does
not effect the national debt.
If our government spent on what the people want we would be in clover.
Many Americans suffer a lot financially under Capitalism. They simply don't understand that Capitalism is what they should channel their frustrations at, rather than at one another, or at China or Russia. Under Capitalism financial crises are created every certain number of years, it's not a stable economic system. The Capitalism approach that is supposed to bring a trickle down economy, has been proven again and again not to be working.
As long as so many Americans continue to vote for the two mainstream political parties (Republican and Democratic), both which are aligned with the extreme implementation of Capitalism in the United States, the country will continue to endure financial hardship caused by inflation and other adverse outcomes of Capitalism, such as huge inequality. The U.S. government (and many of its people) thinks it still manages / controls the world. It no longer does ...
It's time for implementing Socialism in North America, similar to the one with Chinese characteristics that's implemented in China.
😂
@@Nemesisnxt Funny, right?
@@johnsmith100 Hilarious really since "capitalism" has nothing to do with it.
@@jgalt308 What does capitalism have nothing to do with, the huge deficit and national debt that rip everyone off?
Capitalism has nothing to do with it?
Are you joking?
@@johnsmith100 Capitalism is the PRIVATE ownership of the means of production...it doesn't decide what money is, nor does it write any laws, nor does control any aspect of government...it was supposed to be a "constitutional republic" and this is stated clearly...This constitution ...and the laws made pursuant to it...shall be the SUPREME LAW OF THE LAND. That its people have allowed this to be ignored...is on them.
-40+T adding -1T every 90 days,
Entertainment begins at itemized receipts...
Europeans came to the US on holiday and wonder why we don't take better care of our roads.
💙💙💙
The more you got$ the more you get$!
I DONT REALLY BELIEVE WHEN THEY MAKE STATEMENTS ABOUT THE AMOUNT OF EACH COUNTRYS DEBT, THEY COULD SAY ANY HIGH AMOUNT IS OWING HENCE TAXES PAID INCREASED AND THE PUBLIC WOULDNT BE THE WISER.
Debt to China and Japan is less than 3 trillion...total foreign debt is about 7.5 Trillion...the National Debt is 36 Trillion.
Wha if the US decide not to pay the-money they borrowed, what happens then?
The money is fake and printed...it can always be repaid.
I have a problem with the tax & spend explanation of how it funds the public services we all need. Today we are influenced by the Modern Monetarist Theorists best represented by Prof Stephanie Kelton's book The Deficit Myth. The gist of that is a sovereign government can create money as needed to pay for services. Taxation is not to fund necessary spending but to control the amount of money in the economy to regulate "aggregate demand" to not let it get too high which would drive inflation and ease back on taxation if economic activity falls too low which we call slumps which the media makes us well aware of because Wall St doesn't like it... & so & so forth.
What happens when billionaires abd Government does not abide to The Social Contract.
Do you have a copy of this contract?
Why cant the state/govt borrow from itself ? Whatever happened to that
Article One, section 10
India is striving to become a 5 trillion economy. America has more than 30 trillion in debt, yet it still claims to be the richest country in the world. Can anyone explain that?
Our taxes are NOT "shipped to Beijing". our taxes simply disappear. The government spends dollars into existence and taxes them back out of existence. The dollars that have been digitally minted and spent by the government but not taxed back out forms the base money supply, on top of which bank credit is loaned into existence by banks and repaid out of existence by borrowers. China sells a huge quantity of goods into the US economy without purchasing anywhere near as much in return, thus representing a drain of US dollars out of circulation here. Those dollars, already spent into existence by the US government, are swapped for interest-bearing treasury bonds. Our government can raise or lower that interest rate at will, since it is just free money for rich people. If we set the treasury bond rate at zero and let all the outstanding bonds just mature without rolling them over, we wouldn't be wasting our fiscal capacity on this phony game. But then, of course, we would be losing one of the major economic levers over the economy, since the treasury bond rate, as the zero-risk rate, sets the market rate for bonds. Interest prices risk, so if the zero-risk government bond rate rises to , say, 4%, then private sector bonds have to meet or beat that rate plus the risk premium, which discourages major corporate bond-financed projects, hiring, etc. and slows the economy. And the reverse is true if the fed lowers treasury bond rates. But another effect of ending the practice of issuing interest-bearing US treasury bonds would be to weaken the attractiveness of the US dollar and the enticement for countries to hold their central bank reserves in the form of treasury bonds and to host US bases on their territory to keep getting those dollars. In other words, this system of issuing treasury bonds and paying out all this interest has almost nothing to do with mom and pop taxpayers "paying China" since the interest is paid using fiat money creation out of thin air, but has a lot to do with maintaining US imperialism and global hegemony.
Yeah, we get real stuff in exchange for fiat...doesn't that just suck?????
Game theory is dominated by often-misunderstood Nash Equilibrium. To me, the lesson to be learned is that when playing a zero-sum game, like Monopoly, where the winner unwittingly becomes the loser, too, by not having any more customers, the only way out of losing is for all parties to unilaterally quit playing the game (witness the growing national debt, now at $35 trillion, and a dying planet from global warming). When the game is growth through a growing population, that is a unsustainable zero-sum game. In finding Nash Equilibrium, the longer the zero-sum game is played, the greater the catastrophic fall. Nash equilibrium requires that a different game be played, hopefully one that is sustainable, like limiting human population to what can be supported by available sunlight, as has been the case for all of human history until now.