Economic Update: Karl Marx, 1818 - 1883
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- Опубліковано 14 чер 2024
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S7 E08: Capitalism's Excuse: Blame Government
THIS WEEK'S TOPICS (w/timestamps):
01:05 - Updates on global capitalism's extreme inequality (Oxfam report);
08:12 - Victoria's Secret's billionaire owner;
11:45 - why immigration is a “weapon of political distraction”;
16:07 - announcements;
17:25 - how the GOP tax cut really helps the rich more than others;
22:05 - how the Michigan State University sex abuse scandal reflects "running schools like a business.”
29:01 - SPECIAL TOPIC: A series of discussions on Karl Marx’s life, the goals of his writings and their lasting relevance.
To watch the second half, please visit us at patreon.com/economicupdate.
Learn more: www.democracyatwork.info/econo...
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Richard D. Wolff's website: www.rdwolff.com
LIKE Richard D. Wolff on Facebook: / richarddwolff
Follow Richard D. Wolff on Twitter: / profwolff
"The people who are billionaires are only billionaires because the rest of us enable them to be billionaires." ~Richard D. Wolff
Chris Hedges, Peter Joseph, Lee Camp, Jimmy Dore, Jacque Fresco (unfortunately died last year), Noam Chomsky, Abby Martin, and of course also Richard Wolff - are some of the heroes educating the World so that we, some day, will change the world for the better - FOR EVERYONE!
....and Michael Parenti. His books and lectures are a must-read/see.
Damn Skippy. The real media
But it will take a revolution!!
The question is
"do the oppressed have the backbone for it?"
thanks for the recommendations your guys i really appreciate it
Hi Carl, Thanks, I looked up Chris Hedges and ordered one of his books. I just got done ready Peter Joseph (great book but he dodges the point where there is absolutely no way to envision a political pathway for achieving anything). But Lee Camp and Jimmy Dore don't seem serious. and Jacque Fresco... well I hope he is out-dated because his books are not currently in print.
A big thank you to the D@W team and professor Wolff for speaking up, for us lowly Serfs. ;* ;)
Lila W
It looks like us lowly Serfs are about to enter "the pipeline!"
Hang ten my friend!
Hi Lila, Actually the Serfs in many ways had more Wealth than we do. You see, when they say that Serfs were held in 'bondage', well, that was just propaganda, as the only thing that held to the Serfs to the Land was that they Owned It! Through Ancient Traditions the Serfs had Entitlement to their land, with certain conditions stipulated. In many instances the Serfs could no subdivide their property, just as in many instances the Lords of the Manure were limited to hereditary primogenitor (first son gets it all, and the other children must go into the Church, the Navy or the Army). But, yes, the Reason why the Aristocracies chose themselves to "Liberate" the Serfs was in order to kick them off their land, so that they could employ the land differently and more profitably. The Serfs effectively were screwed over and they had flood into the Urban Centers and become the downtrodden Urban Proletariat. They looked back at being Serfs as the Good Old Days.
Lila W "lowly serfs"? If you stop categorizing yourself and other humans into groups (in your case "serf") like the left loves to do, you might be able to break free out of your mental trap and take charge of your own life while you still can.
Clitories Deplorable
I bet you're super fun at parties
Leo Volont Can you provide better sources for this? I've long since suspected that a lot of the demonization of feudalism is completely ideological to prop up bourgeois capitalism. Feudalism suffers the dame ideological fate in today's ruling ideology as communism.
Just saw "The young Karl Marx movie" it was OUTSTANDING!! Well done.
The Boar in Berlin! I didn't know they made a movie. Thanks, Comrade...
To be fair, I wonder what Mr Wolfs argument would to those living in communities suffering under the grip of illegal gang violence and drug smuggling? Or communities that have seen wages and working conditions plummet after waves of illegal immigrants enter their towns working for lower wages without tax, disability insurance and so forth? I ask because I happen to live in one of those communities and the effects of illegal immigration have been, not just palpable, but devastating. I do agree that it is just one part of a much larger picture, but an important part nonetheless.
And to be clear, no one here BLAMES the immigrants. We blame the anti-worker policies that have encouraged them to come here to drive down our wages, working conditions, and way of life.
@@thenewtalkerguy496 You're completely leaving out the globalization of the labor force that happened in 1979, I believe. Why pay higher wages in the States when you can go to other countries and pay really low wages for the same product you mark up the price on by astronomical amounts?
If people just could get their heads around how they come to be that rich. Them money doesn't come from thin air. It comes from the pockets of the people that get poor. Their produced wealth goes to the already rich.
Except that no one is point a gun at their heads and forcing them to buy products and services.
+juniorgod321 Very true. We should take responsibility for our mistakes: undo the inequality we've created and fundamentally restructure society so it doesn't happen again.
Hi Juniorgod, Duress does not take a gun to one's head. Remember Siege Warfare? In a Siege you only have to starve a city out. The Capitalists can starve us out. We Need Stuff and we just can't poop the stuff we need out of our butts.... well, maybe 'juniorgods' can.
No the amount you earn determines that.
No, the amount you earn determines that.
I love this man he’s funny but spot on,on the evils of Capitalists who control labor!!
HeliOs AsclepiUs Agree. He talks the truth that most refuse to see. This has become a country of haves and haves not like many 3rd world countries and immigrants have nothing to do with it.
Funny? He is not funny, at all, what he talks about should not make anyone laugh. Your choice of words makes me wonder. It should be known that 'this man' studied in the best universities in the country and is packed with degrees.
So start a co-op. Put your money and time where your mouth is.
HeliOs AsclepiUs Marxism is capitalism as well who owns the means of production any kind of activity that involves producing a good and selling it on the market is a form of capitalism there many different types of capitalism. What the distinguished Professor fails to disclose about the Hidden Side of Marxism is that it inquiry it requires forced participation by the state authorized guns identify the day let us say that you do not want to participate then you have a different idea you want to go it alone and you want to try your idea of self-governance under Marxism what would be the cost of such a belief what would be the repercussions of attempting to realize your dream as an individual? If you are asking this question he has to answer what the truth the truth is that they will ensure manipulation and then if that doesn't work they will ultimately have to initiate Force and aggression against you is that moral and ethical? There is an interesting format very very small small government people keep the fruits of their labor to distribute as they see fit to their own Merit and participation in the economy taxes are voluntary and those that do pay taxes may have a little more votes and how to facilitate agenda local issues ETC there presently taking applications for citizenship so very unique model an opportunity I suppose. People should look up what happens to those who are no longer able to participate and be productive in a communist Marxist Society in every instance they were regarded as being useless eaters and found some sort of justification I wish to eliminate them reducing the burden on those that were able to continue producing for the state but you have to recognize models of governance there are the bureaucrats that live a very good life while everyone else loves a very modest very basic life with just basic necessities we all have needs and desires for things products technology that helps make life easier that helps free up time for ourselves to do other things do we really need Society to tell us what we need I mean we all have unique and diverse quality of life requirements for instance I have a $2,000 bed and it is an average bad and much to average for the injuries that I have in my back I know that having tried the $6,000 bed which required many many man hours to produce and so that's why it cost so much that was the bad that would have suited my needs for my back injuries but I could not afford it in a Marxist Society there is absolutely no way that everyone is going to have access to a $6,000 bed nor is everybody going to really need one but the point is there is no way that a Marxist government will create such an inequality by giving a disabled person a $6,000 bed while everybody else is sleeping on a 200 or $300 bed that would be unfair the person with a disability ends up losing because somehow the engineered needs of the masses is more important than the individual. You mean nothing in the Marxist ideology as an individual you mean nothing you are not acknowledged unless you are anointed and you are one of the bureaucratic Elites then you are rewarded so what we have and crony or corporate capitalists or socialist or communist Marxist governing systems we have the upper idiots who rule over everybody else will have a really good life and everybody else lives in misery or or at least eventually going to get there through taxation without representation and inflation which destroys the purchasing power of men's labor through excess money printing. Socialism communism crony capitalism they all look good on paper to each group The subscribes to it until you actually participate in it and find I'll truly inhumane they all are I will suggest to watch the documentary entitled what anarchism isn't which is based on non-aggression principles so all the systems I've mentioned above all require the initiation of force aggression manipulation coercion ultimately we are looking for a definition of evil well then we have one.
pfft... you haven't been listening at all, just spewing out your ill-informed opinions - yuk!
A most sincere thank you Democracy At Work + Richard Wolff! As I worked in manufacturing and my job has been exported I now have no income. I still see the new tax structure as an improvement as increased "Golden Urine Showers That Trickle Down On Me" help keep me warm in the winter. Yum.
It's unconscionable that vast sums of money are in the hands of so few people. It's utterly scandalous.
The rich have convinced a lot of Americans that they're middle class (instead of working poor) by providing them with tons of cheap, imported consumer goods. If people get to consume a lot, they feel well off (even though they very likely consumed those goods via credit card).
@@Islandswamp And people have forgotten there is more out there, a better way, because of this
When ı saw karl marx written suddenly ı click video
I know, right? wouldn't it be great if the system was set up to make doctors and waiters to earn the same?
####sarcasm###
juniorgod321 No, you live in one the makes Hedge Fund scammers wealthier than Midas compared to lowly Doctors.
@Ahmet Deveim @Democracy At Work
the founding fathers of the US were way ahead of Carl Marx:
"We the People"
shares the same derivation, ie means the same thing as
"Co" mm "Uni" sm/ty/on/cation
"Co-Unity", ie "Together as One" ie "E Pluribus Unum"
...its in everyones face & no ones noticed.
the implications of this should strike a great interest in you as it does myself as it shows the founders to have recognized the same thing, decades before marx
🤓🤗😜🤗🤗🤗🤓
Junior 321 probably you dont have enough information about marxism and communism I am not american or english so I cant explain marxism to you here.You should read abc of socialism,communist manifest and capital.I am sure you will find answer of your all questions.
t ́chin up
...the founders were the first collective away from the individual projection of king or dictator. while largely pigeon holed into their lifestyles, they penned into being means for future generations to pursue what they could not...
Nice try though...
🤓😜😘
Great information !! Thanks
"crank up" the volume in future uploads please
Very interesting video. Eye opening.
love it guys, keep it up
also PLEASE GO VEGAN - FOR YOUR HEALTH
$200,000? There are people here in Palm Springs who list that as an entertainment budget. And they still don't tip!
They didn't get rich by being generous...
Orange Hitler Just an observation, I'm certain there are many wealthy and generous folk.
@@mastorione what are ur observations on the blacks
Professor Wolff- keep your head up during these depressing times, it must be hard to be constantly talking about how humanity lacks humanity, some of us out here are listening and more and more your work is chipping away at what seems like an unchangeable system. Seriously.. thank you!!
Keep up the good work Professor Wolfe, you explain things very well.
Mr Wolff, l listen to u from Sweden.I appreciate u as a responssible person who care about
Humanities in real life,,,,
I wished we had alot such as u in all countries to inform the peopule.
Then soon could be end for captlisem!!!
Good Luck in ur best job
There are communist countries in the world, you should think about emigrating there.
Great fan Mr Wolff you are really educational thanks
Since our purchasing power has been severely curtailed, and extreme debt has been imposed on us, it's only logical that we become more selective and demanding with our spending. Previous generations had the abundance to celebrate opulent holidays like Thanksgiving and Christmas, but not us. Save your money folks: don't spend money you hardly have on things you don't need. #SecondGreatDepression
Edward Maxwell
Boycott entered the lexicon back in 1880 and this act of abstention has borne great fruit.
I'm amazed how seldom this form of demonstration is put into use by the downtrodden.
Edward Maxwell *the age of abundance is coming
The value of the dollar has been diminishing since 1971 when Nixon took it off the gold standard.
Paper money is a fake money. So rather than saving dollars or curtail spending, you should exchange your hard earned dollars for gold, silver and real estate, assets that hold their value at the very least.
This is what economists like Wolff should be teaching you instead of hitting you over the back of the head with a communist manifesto....
Clitories Deplorable Be nice. Professor Wolff is a Marxist Economist, not an investment advisor. I recommend you shake off the Stockholm Syndrome that has been inflicted on you by decades of MSM brainwashing, and begin to understand the benefits of social collaboration and cooperation.
Capitalism needs spending more money to survive , that s the problem
as always very good insight into things that are going on that affect us all. and unfortunately, as always very depressing. but also very much appreciated. thanks prof. Wolff
Hello Dr.
Its my pleasure to find my missing and inspiring academic personality, who I was always looking for, since this 99% is suffering from social and economic inequality.
I have found Dr. a clear lecturer, with very clear language and determined to serve academically for this 99% majority.
I have been passionate of watching his videos and lectures with a very deep feelings and philantrophic intentions to human being as a whole and his bold criticism against most inhumane and unethical system (capitalism).
and I just love Ricks sence of humor.
Hi Wolfe's friends : where I could find the transcription of what Mr.Wolfe is saying ? the one provided in youtube configurations is filled with seconds and keeps going , never stops .--- I would like to translate some of his commentaries to portuguese . Thanks a lot ! Long life to Richard Wolfe and his program !
SUBSCRIBED !
very good
Very informative
Thanks
Thanks so much! Would live to see something in student loans
I was naturally drawn to the writings of Karl Marx brought about by a feeling that something is very wrong with the way the system works, by creating enormous wealth for a few while allowing the vast majority to live in poverty or on the border line of it .
I went through Capital Volume One twice with David Harvey’s online lecture series, a close reading of Capital and very helpful in really understanding what Marx was saying.
I can only say that after having done that I never looked at the working world the same and see that the wealth that a few have as been stolen from the work of the poor.
As Richard Wolff as said, don’t let them fool you, you don’t them, they need you!
Thank you professor for your work in educating the people on the true nature of the capitalist system!
If was not for people like you and David Harvey many would still live in the dark with that feeling that something is terribly wrong and not knowing what it is that makes them feel that way.
That is wonderful! I have doing something similar with Capital Volume I and Harvey's lectures as a goal for 2019. Good job!
Beating a dead horse, my input to what Professor Wolff is saying here is that almost all societies today are dominated by "rentier" interests. Solving the problem will require a fundamental change in how governments raise revenue to pay for public goods and services. Rents from all sources are unearned by individuals or entities; they are societally-created.
If is certainly true that rentier interests have gained control of the socio-political arrangements and institutions to secure and protect their monopoly privileges. The lesson is that change will not come without fundamental reforms of our political systems.
There is in the United States only one political party committed to changes in public policy based on principles of equality of opportunity. This is the Green Party. Yet, the Green Party cannot even get a seat at the table because of the laws governing political parties, laws that essentially ensure the duopoly of the Democratic and Republican parties. Changing this system will require constitutional amendments.
America is a Two Party System... not Constitutionally but by some ancient Gentleman's Agreement that has been institutionalized into the Legislative Rules. that is why Progressives are taking over the Democratic Party, and why the Libertarians (the Tea Party) tried to take over the Republican Party. The Green Party.... they must be idiots to not see that.
Real libertarians do not believe in coercion. That principle is absent from Tea Party activists. The Republican Party is all about the protection of privilege and the accumulation of wealth even when unearned and acquired by monopoly. The Green Party has tried, so far with minimal success, to convince voters that neither of the two parties will ever break from their financial dependency on those willing to use part of their financial power to defend the status quo.
Edward Dodson There is no "greens party". They are the communist party wearing green ties. They're also called 'water melons', green on the outside, red on the inside...
I have been a member of the Green Party for over nearly 20 years. Many newer members have come from the Sanders campaign and embrace socialism. Perhaps you see no distinction between a socialist and a communist. Perhaps the best term to describe my own politics is social democracy.
Edward Dodson since when has any politician ever paid the price for the ill conceived policies that harmed many people? Never in history have we ever seen any instance of accountability so I now have to beg the question why do people insist on leaving their autonomy in the hands of people who just don't care and ultimately seek to remove more more if your freedoms this has been the historical facts the political process. Why do the Sheep desperately seek out the shepherd the Shepherd protects his sheep until such time that it is necessary to harvest those sheep and put them out of their misery this is what human sheep doesn't see Slaughter behind the curtain those would have been unfortunate enough to go behind the curtains unable to tell their story some of us can tell their story in their honor.
How do I watch the second half...?
when you gonna make the JRE, Doc? LONG overdue
piece of advice on your videos. turn the audio gain up when posting. the volume is very low.
"Fucking businessmen making money because a lot of people like and buy their products. Where will the madness end?"
Singapore's per capital income of US$58K is the highest in the world. Based on Oxfam survey, Singapore was ranked among the bottom 10 countries, 149 out 157 countries on Oxfam list in reducing inequality.
Hey I’ve been a long time follower of dr wolfs democracy at work, and and even more long time follower of the ideas of anarcho-syndicalism. But this is an open question to all fellow anarcho-syndicalist and even the legend Dr Richard Wolff himself who may even be reading this comment. Since you are in the position of creating a large scale revolution why don’t you? Having a website and a UA-cam account isn’t going to do anything and to be frank I am tired of people just talking and not acting. I am still in high school so I can’t do much but god damn somebody start a revolution already! If not in the United States then some where else. I want to see the rise of international anarcho-syndicalism. I guess I kind of sound like a Trotskyist but seriously we need to start real change already not this bullshit political reform talk.
as a fellow anarcho syndicalist i gotta say that its not that simple. i agree that there is way too much talking, but what mr. wolff is doeing is analysis of economy which is something not talked about enough. economic analysis is important so you know when and how to strike.
@Leah Hunter This is so true so many people are so busy trying to eke out a living they don't have time for any revolution. Beside the right wing propaganda is just so deep and effectibe it's really hard to break thru to people.
THANK you Democracy@work and Professor Wolff for fighting for the WORKING CLASS CITIZENS. Maybe you can put in ads for businesses people should support that sell Healthy Safe Products. THANK you for all your righteous efforts.
Absolutely correct, the people enable the billionaires.
Thank you for speaking the truth. Our world is one big lie.
There wasn't one billionaire on earth when I was born in 1962.
That's a very interesting point.
I am watching from Isiolo Kenya on UA-cam
You can tell us about what is wrong, about the incredible amounts that one fellow (Wexler) is spending, an on what it's being spent. Well done. You've also suggested better things that it could have been spent on. Cudos again. How do we get from where we are to where we should be?
What does the c.e.o of oxfam get a year ?
Maybe the big boss gets, say a hundred thousand dollars a year 🤔 I would say it's already way to much for a job devoted to helping the less well off .....
I heard Bloomberg has one of those money vaults like scrooge mcduck.
Imagine taking the advice of a man who never once in life even went to a factory to look at the conditions, just sat in a library living off his parents money, and writing books that inspired genocides.
MORE WOLF! WE WANT WOLF!!!
Just I'm curious to know if Dr. Wolf is Al's doing business?
fantastic coverage!
Love the show. You might want to change title of the episode. You spoke on various topics. From the title you might think it's a video only about Karl Marx. It's not. Great episode as always. I look forward to each one.p.s. as much as I don't like capitalist greed. Victoria secrets is sexy! I like it on my wife. Lol I can't give it up. Sorry. I'll tell her to only .buy while on sale at least.
Too bad a cooperative isn't competing against them. Is there a list of cooperatives anywhere?
where the hell is part 2?
I encourage folks to stop buying brand names and products from corporations. Save your money not spent on essentials for living. Then get together with a group of people to pool resources and create a new worker owned cooperative.
I wonder how this vast disparity in the distribution of wealth compares to other periods of history and how it translated in terms of relative influence and power throughout history and cross-culturally. I am not just talking about the times of industrial tycoons who made their wealth during their lifetimes or European aristocrats who inherited their wealth or even feudal lords or the wealthiest Roman patrician families. I am talking about some of the pre-columbian civilizations who peopled the Americas, ancient Sumer, etc. What percentage of the population lived brutish lives and died young? Not justifying any wealth disparity, mind you, just curious.
I ride the rhythm in that just this video over English.
Greed kills
Greed sucks !
I never considered socialism because I’m a product of our modern USA public education system. I’m socialist now...I would try anything else. I served my country and I just think people should share more. How much is enough? I think people should be rewarded for hard work but how much is enough? I’m pretty sure billions are too much.
Oxfam: 1:13 "Reward Work, Not Wealth" - what does Trump's tax cuts do? 17:45 earnings: less than $25.000, savings: $60 ... between $25,000 and $49,000, savings: $360
between $49,000 and $86,000, savings: $930 - most Americans
... over $3.4M, savings: $193,380
Michigan State University is STILL up to shenanigans. The University named as interim President of MSU the ex-governor of Michigan, John Engler - known to many as "pothole John" because there were just too many other issues during his administration that were "more important" than upkeep of the infrastructure. The students and the staff of the school protested that Engler is not qualified, and the school flatly refused to hear their protests. Just as they refused to hear the complaints of the young women victimized by Larry Nassar. Nothing has changed, and nothing WILL change without force from the public.
Are there any numbers available of the costs to taxpayers of these incaceratons and deportations?
I wonder if the good Dr Wolfe owns a 401k or Roth IRA, all of which play in the stock market. If he is completely divested in anything related to the stock market he should educate us on how to do so while still trying to secure our financial future.
Okay, those billionaires employ at least hundreds of thousands of people each. They own companies that are have a huge revenue, they are at the top so they should get the biggest share of their own company.
Wait, what was the deal with the Victoria's Secret bit? Wouldn't the argument be that Wexler's employees are to have a say in how the company's profits are distributed because they created them? That's very different from saying the consumers should control the profits. I'm not sure how his claim fits into a strictly socialist framework.
Sam brownback is ambassador for religious freedom. the richest,com says: By 2010 the senior career diplomats may earn up to a minimum of $119,554 or a maximum of $179,700. At the executive level or the highest most level of the diplomatic corps the minimum salary is $145,7000 so far as the EX-IV is concerned, and a maximum of $199,7000 for the classification of EX-I. the republicans take care of their own no matter how worthless
'if you want to make an assessment of the capitalist system take a look at its results' I guess the same applies for socialism and comunism, we can take the Soviet Union, North Korea, Cuba and Venezuela as examples, are those beacons of progress and well being?
If you want the ripe fruit, you have to climb the tree. If you wait for fruit to fall, you will perish.
- Chinese proverb -
Professor Wolff, how many women, when they buy undergarments, think about the accumulation of a billionaire's wealth? In this particular example, you're suggesting that we herd cats.
nic information.....
Not sure what's up here but there has always been and there will always be, the have's and the have nots. It's the reward individuals receive when they work hard and excel. Everyone in the US has the opportunity to move up the ladder if they want it. I don't think Mr. Wolff is explaining things completely, it's pretty one sided.
All Hail The Scarlet Banner
You should always speak about how "we" the people are funding all of these oligarchs!!! Not me!! I'm not a sucker!!
wow this is that dank shit
you, sir, are correct.
tax the rich feed the poor
voluntarism, not tyranny
So the ordinary people are doomed, living under the shadow of the rich forever! Sad.
Ha ha I painted that boat many years ago, they had contracted with a company from Spain who entered the country illegally, on vacation Visa's to work in US. Plenty of B's to go around. Limitless is the boat.
Why do you state that there were two socialist parties' which shaped FDR's reforms? You say there was the Socialist Party, and the Socialist Workers Party. But what about the first American socialist party (originally the Workingman's Party) in the 1880s which became the Socialist Labor Party transformed by Daniel DeLeon. Why ignore it?
Proffesor wolff explains complex issues in very simple terms/english. I love it.
Extreme poverty is smaller now than ever before, because of capitalism.
Oxford Famine Relief. FYI.
Please go back to the old Economic Update intro.
Hi Alan, Why do they need to waste time with an intro?
But they create the jobs though, right?
A fine stimulus ain't it?
Acquisitions, expansions, buyouts
All for naught
Fore the moneyed interests expanded beyond
And we will all pay
What do you mean by extreme poverty and what would constitute it's elimination? by a 762 billion, a one time paydown?
How many levels of poverty do you have? What is the next step up from the extreme kind? What would it take to eliminate that?
This in not an argument that it should not be done.....these are questions that arise regarding the process of how it would be done and what are the effects of doing it? And these are just SOME of the obvious questions that have to be dealt with.
So while your statement regarding what an amount of money can do may be "true".....it serves no purpose not to consider the "rest of the story". Ans it is "economics" which is the issue.....as well as a whole lot of other things.
Hi J Galt, yeah, I think that Wolff was just enjoying a rhetorical moment. He understands that Dollars are NOT Wealth. All those Dollars are Financial Instruments circling around it Equities and Derivatives and they are actually buying and selling nothing of any Material Value. but if you suddenly took 732 Billion Dollars and tried to buy Food, Utilities, and Services with them, then they would quickly lose value as the Inflation Rate in the Actual Economy would skyrocket. If Money could fix the problem then all we would need to do was Print Money. but its not so easy to Print food, energy, utilities and services.
Maybe.....but it creates a false impression and a simplistic mindset which I don't believe is helpful when examples like these are given. Take for example the oft quoted stat that the top three individuals have as much wealth as the bottom 50% in the US. Now if we are generous, this total might be 250 billion times two.
So half a trillion dollars.....this would fund the federal government for 6.5 weeks at current expenditure rates of 1 trillion a quarter.....it also makes you wonder what the total wealth is, of the entire population.....which doesn't seem like much compared to 18T GDP, a 4 trillion annual federal budget, 20 trillion debt, etc.
Then there is the fact that a lot of what is the GDP, is stuff we shouldn't be doing or producing and a lot of it is producing negative value, and consists of things we can't afford to keep doing.
Now it is clear that the billionaires and those in government are complete idiots, but the constant repetition of this fact and well as the latest string of "foolishness" isn't really a solution to any of it, and simply saying that the problem is systemic doesn't really capture the scope of it, because there is a lot of "system" involved.....so given a political environment where everyone is looking for a simple cause or something or someone to blame, encouraging this in anyway, defeats the purpose of raising awareness to the levels we are going to need to fix it. ( yes, I know he explained why immigration is not "the problem"......but neither is 670 billion a solution.....but people hear what they want to hear, and many will hear that.....and we have enough ignorance already.....just saying.)
Hi J Galt, Yeah... I like your point about the problem being Systematic. It really really IS. The biggest problem in the Problem is that the System, while being all screwed up, is in fact a Huge and Very Complex Interrelated Machine that somehow is keeping everything going.... not Intelligently, and mostly by momentum, BUT, what would happen if you jumped in and started Taking It All Apart. I believe a Collapse is Inevitable. But trying to Fix It before it Collapses will probably just precipitate the Collapse. Damned if we do, and Damned if we don't.
Is the set of all systems, a member of itself? ( thrown in for humorous consideration ) Systems, systems everywhere, and not a one that works. Undeniably, regardless of which system or set of systems one finds oneself, humans are involved and invariably, it is a rare outcome that any system manages to serve all of its members, or even makes the attempt.....so to be involved in a system, one has to also recognise, that one is essentially trapped by it, and those at the bottom, run the risk of being deemed non-essential to it, and subsequently discarded by it. This process is facilitated by all members of the system, which when it fails to serve those at the bottom is not viewed as evidence of a failure of the system, but rather the failure of those who being trapped by it, fail to rise within it and have no means of escape from it. This truth regarding all systems will continue to remain true, until a system and all its members recognizes its responsibility to serve all of its members and holds itself accountable to this responsibility and for all the rhetoric paid to co-operation and altruism being inherent characteristics of humans....this seems to be beyond the ability of humans to achieve.
P.S. Observations on the observations of Karl Marx ( the second half of this program )
For those familiar with evolutionary biology, one learns that one of the primary survival traits humans have, is that of "pattern recognition". This trait is so strong that humans tend to want to attempt to apply it, even when such a pattern may not be present and in doing so, they also adjust their behavior and actions or reactions according to it.
Karl Marx, observing the results of the american and french revolutions and noting the structure of the previous social orders of master/slave and lord/serf considered the new order of employer/employee and
concluded that this was simply a "variation" of what had previously been dominant systems.
Given the ubiquity of the trait, and the simplicity of the pattern one might be prompted to question that given the effects of these variations and the flow of benefits from them and their distribution, why the latter variation has managed to persist in view of the "results" they have produced, especially one adds to the mix, the rise of "democratic" tendencies as a reaction to the previous hierarchical models?
( to be continued.....)
is it hatred of the rich or is it empathy for the poor.
Tomato Pa
What if I give you $10 and I give the other guy $1.
But what if the coin of the realm is yuan, and that sawbuck I gave you is in American dollars and considered not legal tender. What if the other guy, whose $1 is in street legal yuan, says to you,
"psst, tomato pa, I'll give you my $1 in goverment issued yuan for that 10 spot you got in American dollars"
What would you do?
Tomato Pa Why do I have to choose 2 such stupid options? whose saying for me to choose? Someone with a gun like the goverment.
Tomato Pa ill join!! whats the game plan?
Tomato Pa
Deciding to exchange your $10 in U.S. currency for the other guys $1 in yuan would seem like a judicious choice to most people reading this, especially when they are made aware that under the Law of the Peoples Republic of China, anyone trafficking in bills from outside the realm is subject to instant land forfeiture. It is also decreed that the malefactor will also lose his left hand, the thumb and middle finger (making it difficult to wipe one's ass) of his right hand, and the hallux from his left foot.
But what if I were to tell you that the man you're conducting the transaction with is blind, and you could conceivably give him that parking ticket you got earlier in the day and tell him it's a $10 bill and then exchange it for the $1 yuan he possesses that has the picture of Mao Zedong on it.
Would you do it?
Tomato Pa eliminate who?
Disappointed. Karl Marx wasn't discussed despite that his name is the title of the video
To be fair, mr. Wolf, how do you think that your argument about immigration would land in communities suffering under the grip of illegal gang violence and drug smuggling? Or communities that have seen wages and working conditions plummet after waves of illegal immigrants enter their towns working for lower wages without tax, disability insurance and so forth? I ask because I happen to live in one of those communities and the effects of illegal immigration have been, not just palpable, but devastating? I do agree that it is just one part of a much larger picture, but an important part nonetheless.
And to be clear, no one here BLAMES the immigrants. We blame the anti-worker policies that have encouraged them to come here to drive down our wages, working conditions, and way of life.
It is really annoying that the part of the episode that gets the episodes its name and thumbnail isn't even in this video and is not available unless you pay for it on patreon
Some socialists you guys are
Really |;
Use that link to watch for free, but also donate if you can!
Can socialism create 2043 billionaires? Can Socialism eradicate poverty?
I thought he was gonna talk about Marx... -_-
Bernie's brother.
It’s hopeless.
Boycott Billionaires
Migrant do cheap labour for USA farmers, same here in Australia.
illegal immigrants drive down wages for all wage earning people....today 11/28/2023...USA southern border and over stay visa people are 60 million ....AI finish the job of the NWO...WORLD ECONOMIC FORUM...
Once again Wolff is fanning the flames of envy. “Look how extravagant the life style of the rich is. We should be able to tell them what they should be able to spend their money on.” But would you tolerate our employer telling you what you can spend your pay check on? Of course not! If you do not like what the owner of Victorias Secret does with his money then don’t purchase any stuff at his store. That is your prerogative. Those billionaires got their money selling stuff to people like you and me who voluntarily spent our dollars to get the stuff they sell and we WANT! Wolff wants to set up a socialist government where the government will take your money whether you like it or not and spend it on poor people while marking the government workers rich. Is that what you really want?
Back when I was young. A possession of marijuana conviction in around MSU was a $25.00 FINE.
any were outside the area you were going to jail.
Pretty easy to tell the difference between poor demographics and rich. Just by the penalties each areas laws have related to them.
Reality Of Our Demon-cracy....!!!!
Also, if you don't like being a product, #DeleteFacebook :)
I guess this is the Clickbaitist-Paywallist current of Marxism? I really like Wolff and Democracy at Work, but it annoys me that the video's title doesn't reflect its actual content. I know it costs money to make these Economic Updates, but I clicked on the video expecting to learn at least a little bit about Karl Marx. I'm a bit disappointed with the clickbait strategy, and less likely to support D@W on Patreon. Sorry.
Hey man, just a couple of links that you might like. Not sure where you are so please don't think i am trying to be condescending. The full audio is here www.truth-out.org/news/item/43638-economic-update-karl-marx-from-1818-to-1883
The librivox audio recording of Capital is here ( it is in four parts and is somewhat tedious. Ironically, it has a lot of ads on the ol' youtubes.) ua-cam.com/video/LE6qa3bhnOo/v-deo.html
ua-cam.com/video/GRFE91yjBWQ/v-deo.html
ua-cam.com/video/zzTHOBPtUPQ/v-deo.html
ua-cam.com/video/nMI63BNBhXM/v-deo.html
Then for an analysis of said Capital i would recommend this by David Harvey ua-cam.com/video/gBazR59SZXk/v-deo.html
all the best and have a great day.
I also find the "patreon-paywall" blocking the second half a very CAPITALIST maneuver I'm not sure Mr. Wolff even know about, but is totally contrary to his 'pitch' that his online content never costs us to see/hear. Yeah, I get that the AUDIO is available. Why not the video? because monetization is more important that dispersing the information as in past where the entire program was uploaded to this channel.
Patreon-paywall = CAPITALIST EXPLOITATION of Marxist-ideology-education.
Move to Russia
Heck, they, the Russians, are more Capitalist that we are now. Even Trump wants to move to Russia.
Saying "You're Crazy" does not help your argument.
How is it that socialists cannot advocate something as simple as mandatory accounting in the schools? If that had been done since Sputnik what would the American economy be like today?
I think this gentleman is old enough and “educated enough” that he knows what what is he talking about. Nevertheless he also seems to be a very confused person, spreading misinformation. I lived over 30 years in a socialist country and almost 30 years in capitalism (USA). Socialism is sounding nice, but it is a terrible failure (social, economic, cultural….), oppressive and very corrupted. I suggest to people like this gentleman to try to live in country like North Korea, or Cuba and he will learn that capitalism, although not an ideal society, is still the BEST ONE. I traveled all over the world and USA is the best country to live. Do not get confused by people like this gentleman and the group who is doing the discussed “research”. It is all just confusion.
Ok, so I wont buy lingerie from Victoria Secrets then Richard. Instead, I'll go and resource the material and machinery needed to create my own garments, spend a few years mastering the craft, then finally create my own underwear. Meanwhile, I've not received anything in return for my labour, and I've also suffered severe losses from potential earnings, the cost of purchasing a small amount of raw materials to make the garment (which is orders of magnitude more expensive then say, the buying power of a large corporation who can buy in bulk and benefit from economies of scale which in-turn get passed onto the consumer. e.g. how much does your sandwich cost to purchase, or food from a supermarket?) and the purchase and maintenance costs associated with the machinery.
No thanks, I would rather just pay a few 100 dollars for Victoria Secrets lingerie, also have choice in the marketplace from all the other suppliers, and utilise my time do more productive things, like selling my labour or starting my own business where through the wonders of Capitalism, I too can make my own millions or billions.
Welcome to capitalism Richard! Maybe try getting a job and leave academia for once and you might learn some all important life skills and realities about modern life (not a political and economic theory - i.e. Marxism - which was based on the medieval times when Globalisation for example, hadn't even materialised). What you espouse is bitter, nihilistic and resentful...almost like you've spent you're entire life believing something which has turned out to be total nonsense. Please retire and stop spreading your envy of those who are optimistic and have made successes of their lives. Finally, who cares about these billionaires? You sound so envious its palpable.
The number one production of capitalism is arms unfortunately, not lingerie.