The time for a revolution from the ground up is the only thing we have. Every other solution especially voting , do not hold the weight needed to restructure.
@ragusajr100 Thank you for your response. You state: "Violence and Destruction seems to be the only thing the 1% understand." The "Old Way" is violence and destruction. Shouldn't We try to bring much needed change in some better new ways? They also understand and value their "Wealth and Power Empires"...they might compromise to keep most of those. When We are strong enough, We could offer them what they already have? And then build Our Brave New World out around them. But, yes, they will have to give up (a lot of) the Natural Resource foundation and "means of production" that has provided the basis for their empires. They will have to content themselves with recycling their wealth between themselves. They can be their own monopoly video game as long as they leave WE The People/Workers alone, as We discuss, design, build and establish, superior economic and social systems Of, For and BY The Many.
@BoulderPM Landlords are not "providing" houses for people. They are renting houses to them. Even a so-called American style libertarian should understand that difference.
@@alstewart1186 he's a piece of work. he Love's to spend his days trying to analyze Rational, Sensible people and can't believe they exist. eventually ending with Nonsensical Moral critiques and ad Hominems when all else has Failed. I tell ya', his Ideological Zealotry is Machine-like...? 🤷
True.... Authoritarian Capitalism has funneled American Economy and Political system to the International 'Elites' whether American or Not. America is being serfed.
It's not that we don't know. Its a several headed hydra of debt domino that is poised to collapse. A tinderbox. It's not a conspiracy. The only conspiracy is the one in our heads that scream denial... as well as the one that says what can I with meager sums saved do? Should I put some of that in precious metals and if so which ones and how much? Should I just borrow to buy some land and just defend it to the point of death even if I can't pay the mortgage when the collapse happens so I can at least position a plot away from a mass amount of people? Do I stock pile food and that only can last for so long? And where do I put it in my two bedroom apartment? What do we do? That's the conspiracy at play. The denial. The realization we are in fact mostly powerless unless you already own or mortgaged some of these properties for places to store such foods and weapons and have sufficient savings in case whatever investments become just as foul as our funny money with Fed printing press going burrrr.
@@jmitterii2 You are correct about most people when it comes to denial of what is happening. It may seem like it's accelerating and all civilizations have failed. I'm hopeful that something good will come out of it, people are only becoming more informed and radicalized against this exploitative system. Progressives, while not a far left as I'd like, are still changing things up, they are only gaining more power and the trend is becoming more obvious. Older Dems who want a job for the next decade after the leadership ages out will have to change course. I think the reason we see the rich planning for absolute chaos isn't because it's all going to breakdown and everyones gonna be at each others throat, but that they will be the target when the critical mass of informed workers is reached. Hopefully we will be get this done soon enough to act on climate change. I'm a little relieved that Biden has a decent climate change policy position, not holding my breath though.
They know the same thing that African Warlords have known many time before, now is the time for the powerful to loot the rest, and hide it in Swiss bank accounts.
The whole system is rotten, since it's founding. We need restructuring of society at every level, when government no longer represents the people it's time for a change.
@James Wisrik We don't need another tea party, we need to do it similar to the U.K or Germany. If you actually understood what the real reasons of the American Revolution you'd know we DEFINITELY don't need another tea party.
@@ASTRA1564 The hybrid system works best, centralised strategic planning controlling infrastructure planning & spending. Then grafted onto that the private sector creating wealth. The Chinese have mastered this & the system works. Whats fundementally different no corporate takeover of government. The power still stays with the voter.
@@calgarycowboy2 I'm not sure about the Chinese system, I'm more of a Socialist like Denmark or Germany. But I'd have to look into China's Economics and Governmental structures.
BoulderPM- says you, as you clearly lack vision and imagination. As if there are no alternatives- you related to Ayn Rand by chance? Or Margaret Thatcher?
BoulderPM Sorry genius, I don’t have time to try and match-wits with you. Maybe just stop thinking in black-and-white terms and you’ll feel better, if all the coke, yachts and whores don’t fill the hole...peace
It should be a capital offense for any politician to be a millionaire. Retired politicians should live no better than the median retired person. Medical systems for the politician should be no better than that of a person with a $50,000.00 income for a family of 4.
@Steve Fortuna There are some millionaires & billionaires granted not many that advocate for things like a universal wage & that believe that they should pay more taxes. We need people like that who have the brains to succeed as well as the morality & social responsibility to share. Also you only need to have a very average house in some places to technically be a millionaire. But should definitely go after the wealth of some starting with those that got tax payer handouts, bailouts & profited from tax payer funded research & gave nothing back in return. And those who have ripped off people & businesses to acquire their wealth.
@Steve Fortuna Exactly! Couldn't agree more. I don't hear enough talk, even in the past 4 years, about overturning Citizens United, let alone re-instituting Glass-Steigel, etc. I was (and still am) hoping that Elizabeth Warren will be working with the new Biden administration on such measures. Maybe, if we can get Bret Kavanaugh OFF the Supreme Court (for perjury, etc), and another non-conservative to replace the amazingly persevering Justice Ginsburg, we'll have a chance at taking a run at, and overturning, Citizens United. Heaven help us (and I mean that NOT in the religious sense, only in the spiritual sense). I'm not holding my breath on this, because there's plenty of corruption to go around-- on both sides of the aisle-- but I'm willing to practice being hopeful. ;- )
@Steve Fortuna Ummmm, well I was with you until you said, '...Starting at the top, with the 900 billionaire families, we should arrest, try and execute them, one family at a time...' That just kind of blows the whole democratic justice system, and leaves the door open for more of the same, from whichever party is in control-- like where we're at right now. So, yeah, that's not gonna work. But, all the other stuff you outlined is definitely on the right track.
34/35 for raising a family, 27/35 social mobility, 4th highest poverty rate: haven't we made America great? The biggest problem is private debt. The federal gov can always print the money, but the private sector has to earn it or borrow it in a zero sum game. Private debt got us in 1929, 2001, 2008 and it will get us again very soon. Like Michael Hudson says, "Debts that can't be paid won't be paid." Steve Keene tells us that when the second derivative od private debt growth goes to zero it's down to just a nubbin of burning fuse on an economic bomb.
Well said Edward Siegel-private debt is the issue. For the last 40 years we've had stagnant wages and bank credit to supplement them so that banks arem in effect, supplementing wages while capital suck more and more wealth to itself. Add to that housing and land bubbles - this is a zombie economy.
@BoulderPM I doubt that for those in the 30+ countries doing better for their people than here such a trade would be considered. Not a lot of Danes, Swedes, Norwegians, Finns, Icelanders, Germans, or French pounding at our doors. You don't see a big exodus from Canada or Australia, either. The hungry come here because the stories of America they've heard are 70 years old.
@BoulderPM The operative word is *had* not has. That's why the US has declined precipitously those statistics of peoples well being. If you think everybody, or even a majority of people can get rich, you do not understand even the most basic paradoxes of finance and economics. Anecdote and ideological assertions are not convincing in the face of countervailing documentary evidence.
Thank you for recognizing Oregons Gov. Brown for her efforts to prevent evictions/ homelessness. Our state already is dealing with a homeless crisis. Additionally, she has done an excellent job keeping down Covid numbers in our state.
Have a coworker who was a Serbian refugee, he owns a house in Serbia today, his parents live there. He's going to retire in a few years and move there to take care of them. He said that evictions in Serbia are rare, and that one a tenant lives in a place for so many years they cannot be evicted, but eventually enter into a buy to own contract with the landlord. The landlord eventually receives their investment plus return and has to either build new properties or buy others to do the same again over a period of 20 to 30 years. Housing there is very affordable both just to buy, but even to rent; despite the world wide stupidity allowing international cartel aka plutocrats to buy up properties as a store of wealth like their gold ingots or something. Empty, and leaving what's available to buy or rent prices going up. And of course the insidious trusts called Real-estate investment trusts aka REITs which get lots of various plutocrats as well as 401K and roth IRA and other private small time retail investment accounts to buy these things, pushing cash into these REITs, these REITs based on their prospectus cannot keep so much in cash, they must use that cash from investors pouring in to buy real-estate, and the agents of the REIT don't care about how much they're over paying or over bidding for properties, they just need to burn that money quickly so they're within their prospectus. And these turd baskets literally go into an area and offer 10% to 25% above asking price just to quickly close a sale. Bidding up property prices among everyone else. Many of these REITs don't just turn and burn property either, they rent them. And doing so they hire some large oligopoly property management company that charges the REIT fees and the tenant fees, they do nothing on the property but charge fee after fee, fee to pay a fee to pay rent has a fee. Absentee landlords pumping up home and rental prices. These things ought be illegal. Any new development firm that wishes to have rentals should be required to build 10 units to every 1 existing unit; whether that be a single or multi-dwelling unit; whether it is to be sold or rented. Oh and these REITs are going bust. Our fucking Fed Reserve is bailing their junk bonds and ETFs and Indexes; check it out the excel spread sheets Aug, July, June, etc: Secondary Market Corporate Credit Facility August 10, 2020 PDF | Transaction-specific Disclosures XLSX August 3, 2020 PDF July 10, 2020** PDF | Transaction-specific Disclosures XLSX June 28, 2020 PDF | Transaction-specific Disclosures XLSX May 29, 2020 PDF | Transaction-specific Disclosures XLSX April 29, 2020 PDF March 30, 2020 PDF www.federalreserve.gov/publications/reports-to-congress-in-response-to-covid-19.htm
When I become president, I want you to be one of my top economic advisors :) With people like you in top leadership positions, we can turn around this country in no time ! ! Keep the faith ! & Thanks a million for all you do! You explain everything so well, what you're doing is really a public service, Prof Wolff !
It doesn’t surprise me. The American diet is full of fast food, processed food and junk foods. Our healthcare and education system is broken and there is very little affordable housing or daycares for families. I doubt young people will even be able to afford a family even if they wanted one. Very sad!
@Klaa2 The government stepping in to stop people from dying is considered socialist. Unless it's the government stepping in and splurging trillions of dollars on 2 imperialist wars in the Middle East and 2 massive corporate bailouts within the span of a decade, then that's not socialist, that's just freedom at work.
While I understand that eviction is not popular, it is necessary when someone stops paying rent or through negligence is damaging the property. Many landlords are individuals in the US and have mortgages on the property they rent. While these landlords should be able to sustain some months of no rent, it is difficult for them to have no rent indefinitely. They will have to try and sellout or go bankrupt. The cost of rent will rise as being a landlord becomes a risky investment. If we want to put in a real safety net with a jobs programs and basic income then It can all workout but in today's world eviction moratoriums over a long period of time just shifts the pain. I am not a landlord.
@@michaelweaver2627 "Being a rich burgeoise who owns and rents houses becomes a risky investment" okay, why not just sell the houses and get a real job then?
Thank you. Stats such as these that help us communicate with libertarian lunatics are super useful... The debate goes on and on.. even though socialism is clearly the path toward civility.
Just a note on the restaurant industry: restaurant owners/managers have already begun to increase the amount that tipped servers have to hand over to the house. In many places a server has to hand over anywhere from 5-8% of the BILL TOTAL to either the house, or to bartenders, bussers and hosts. Many businesses now are requiring that servers also payout kitchen staff and managers to subsidize their wages so the restaurant doesn't have to.
Bankers understand that money is essentially a fiction; and like anything that relies on belief and confidence, such as religions for example, it must be treated with the utmost respect and seriousness.
I really enjoyed this episode Prof. Wolff. I've been hoping for a more in depth dive into this piece for awhile. Thank you for having such an intelligent, articulate and, knowledgeable guest on 👍
"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 on the continent their Fathers conquered." - Thomas Jefferson, a founding father of the U.S.A. "We need to nationalize the Federal Government. It's currently privately owned." not my quote
Good job, Dr. Wolff: As Thos. Jefferson said in 1787, "Educate and inform the whole mass of the people . . . They are the only sure reliance for the preservation of our liberty."
I don't believe you can have a "capitalist" economy when monopolies form within one. I believe that capitalism was meant for small business, farms and small industry.
And Mexico's drug war, the reason it occupies that position, is entirely due to US policy. Should the US take the rational position on this issue like Portugal did, both countries would be much better places to live.
This video will be used in economics courses in 20 years when all the businessmen will live in infamy and shame for how MISERABLY they mismanaged this pandemic
OMG Nomi Prins; She is so; I mean just saying; She is so knowledgeable on finance; I mean just saying. Great episode; Maybe you could interview Nomi some more; I mean just saying.
The U S is supposedly run by a generation which grew up in the richest, most developed country in the history of the world as compared to Europe and parts of Asia which were destroyed by war and had little or nothing. What is the U S going to be like when it is run by a generation with an “F” (almost last) ranked upbringing?
As always professor, I concur. As to Noemi, hope voice to text did not murder your name, I believe you to be a brave human being. Keep up the good work young lady. Peace.
Professor Richard Wolff slightly reminds me of my biological father.My Dad worked in the field of electronics in Daytona Beach , Florida after he came out of The U. S. Army in 1964.
This was a magnificent presentation for the top of a Sunday morning. Ms. Prins is exceptional. The healing begins when we vote out this administration and install in its place people who at least make a pretense of caring about the welfare of the American people. But the coronavirus should be the start of a discussion of how me must change our ways collectively as consumers. Or else we will face a greater tragedy in the future.
the problem with the system is that the operators all cheated on thier college entrance exams and cheated their way through school using influence and adderall
I worked my whole life as a self employed person...I have no pension or 401k but have a rental property that currently has a person living there that has not paid rent for 10 months...we can't evict him or get a single dime from him until next year...this means that my family will likely not get anything from this individual for over a year due to "covid"...meanwhile we are required to pay the mortgage despite our rental financial issue. How is this fair that I am now forced to allow this person to live for free in my life saving?
You never worked your whole life as self employed. You bought property and depended on the payments from your property to support your lifestyle. "Covid" wasnt around for 10 months you should've evicted your tenant by then why not? How can you blame covid for not being able to evict someone 10 months past due? People like you are the reason we in this economic situation. You dont contribute to soceity in any productive way, but you're sitting back collecting money cash non stop. This isn't sustainable
@@ruthj2359 How do you know where he worked, or if he worked and saved. He never disclosed that information. Many people work a job, save, buy a property to rent, to sustain them. Common practice. But, now when rents are not paid - not a sustainable idea with a mortgage that must be paid to the bank.
Love California pizza.so many lost jobs, my god, the stress and anxiety, financial stress is unbearable. I know because I worked at a great hospital for 28 years. Then our brilliant politicians cut Medicaid and healthcare to bare bones, my hours were cut drastically and many staff were laid off and fired. Our healthcare system is a disaster before the pandemic. I quit my unstable job and moved overseas.Many expats can’t believe how expensive our healthcare is. Totally unaffordable. One Thai person said to me if you don’t have money you die. Even in a third world country, there are government hospitals where they can get taken care off. America is losing respect in the world. Mainly because of the disaster of the pandemic.
Great analysis of the actual state of the nation. Unsurprising how neither the Democratic nor the Republican leadership wants to get anywhere near these important topics. That’s because the oligarchs don’t want it discussed.
According to Jeff Snider of Alhambra Investments, the Federal Reserve is not making money that goes into the real economy) out of thin air, but "tokens" that are only used as reserves within the banking system. In fact, this suggests that the outstanding loans and payments to the regional banks are in trouble and this is the need for these reserves. Also, interest rates falling lower means that there is less economic activity as there is less demand for investing and using money for new adventures. Think of a comic book and baseball card collector as their prices go up when there are more demand. Interest rates are the same. In my 1970s tax classes, interest rates are deductible, and investments depend on IRR (Internal Rate of Return) and NPV (Net Present Value). It was the last 40 to 50 years that created this mess!
Interest rate falling lower is the intent of OMO: the Fed buys bonds to incerase LF, which then sits in banks, and the banks want to loan it, so they lower interest rates to attract customers (debtors). You got it though: they issue money into banks, not into consumer hands. Nobody understands monetary policy and you get all this ridiculous conspiracy theory stuff, but it's simply broken economic theory. Mind you it's CURRENT theory, even if it's stone-age. I've extended current theory several times, and have new tools for the Fed, notably direct issue of currency into a negative income tax system structured as a social insurance (nobody could figure out how to operate or fund NIT before; I figured out both and then figured out how to use it as a monetary policy tool-you should pay attention to that: if you have knowledge, you can infer new knowledge; inferred knowledge is knowledge, so you can infer new knowledge; wash, rinse, repeat). The short version is with NIT, you have a distribution system sending payments on the 1st and 15th of every month to all adults. The payments are exactly equal (the NIT takes a fixed, flat tax on net corporate profits, gross wages, rents, and proprietor income i.e. pass-through non-corporation business profits-notably NOT on capital gains or dividends or the like, only on actual productive income-and divides the annual take by all adults, so if you have less income your net benefit is higher). Where there is income loss (increased unemployment), the impact of such distribution is proportionally larger compared to incomes-it's a localized stimulus. Currency issue in this way goes into LF: consumers put money in the bank; they spend money, which is just moving from their bank account to a corporate bank account, to wages (another bank account), and so forth. This works the same as OMO, except you start with consumer demand to direct businesses to invest in capital-oh, and to hire people to produce whatever it is consumers are buying with all this money so they can make a profit selling it to them. If LF gets too high and you want interest rates to go up, Fed sells bonds. This removes reserves from banks, but not from consumer hands. See it? We can tweak the demand side to the same effect as tweaking the loanable funds supply; and if we overheat it a bit, we can tweak LF to raise interest rates and constrict the money supply. Precision control over a substantial economic mechanism, as opposed to cutting interest rates (by making a lot of money available just sitting in the banks to be loaned out) and hoping for the best. Note that first off the Fed isn't allowed to do this; and second this requires taking modern monetary theory (a step ahead of current monetary theory) at least one step further (i.e. ditch the government-spending-as-stimulus approach), accepting that government has to fund major transfers like NIT with tax money (this is a LONG explanation), recognizing that the Fed has one good tool but is missing about 80% of the equation covered by a DIFFERENT tool (issuing into consumer hands), figuring out that NIT is ACTUALLY SOMETHING AN ECONOMY NEEDS (for a ton of reasons not currently understood by most economists!), and THEN figuring out that the Fed's needed tool is right there in the heart of the NIT. Think about that. It's extremely far removed from anything we've seen before. I invented the NIT system here in 2013; I didn't UNDERSTAND it until around 2017, and I'm STILL realizing more about its implications; I came up with NIT as currency issue 10 months ago, but didn't figure out the deeper implications related to monetary theory until after March. Once I have the first piece, I have something nobody else has, and so can rapidly discover the further pieces; it took me nearly a decade to get to this point, and I'm the only one researching an actually-viable NIT (I've read the academic papers on NIT; they're all theoretical on its implications for wage elasticity or whatever, and don't recognize it as a tool to correct recessions, nor recognize localized poverty as a recession). Even inventing the NIT system was just me tripping over it trying to do something else. Hanlon is usually right.
@@johnmoser3594 Negative Income Tax (NIT) is the way to go which is similar to Universal Basic Income (UBI). What Modern Monetary Theory (MMT) stresses is that unlike helicopter money that is given as a gift with no strings attached, UNI or NIT has with an exchanged value that is both received and given to both parties: money for less cost (such as government costs in legitimising welfare claims and follow-ups; reduction of prison and police expenses; improved nutrition and housing; etc.) What is essential is to make sure that value is guaranteed from improved social and community conditions. So, overall there is no inflationary pressure!
@@stridedeck Yep. UBI is impossible: households have differing needs, so you WILL need public aid and social insurances. NIT doesn't even try to give people a basic standard of living (mine gives people a SHARE of the economy). Remember you can't really cause inflation by issuing currency during unemployment. You can cause inflation by breaking the supply chain (i.e. reducing trade and sourcing domestically when it's cheaper to outsource), which is stagflation (rising unemployment with rising inflation). When unemployment is unnaturally high, more currency just means people can spend and buy; and if you have a "shortage" of some good…there are workers RIGHT THERE LOOKING FOR A JOB who you can put to work making more of that good! The quantity supplied of the good increases until you run out of workers (note all the economic complexities: if you hit diseconomies of scale, the good becomes more-expensive anyway, but in that case people shift buying over to some other good and, besides, you can continue to issue currency to cause more jobs until you have only frictional employment). You don't need to somehow "guarantee value" or whatever. It's automatic: unemployment means available labor, and available labor without jobs means money shortage-unless everyone is already infinitely rich and won't have any wants or needs such that more money just means suitcases of money sitting in their basements. Jobs into communities of high unemployment and low incomes means major community improvement (also, more tax revenue). The other piece is minimum wage, which has to be tied to GDP per capita. I'm writing a research paper about this.
@@johnmoser3594 By tying NIT as a share of the economy and minimum wage structured to GDP, you are adding value to both sides of the transaction. During high unemployment, helicopter money can increase inflation, as there is a lengthy lag time (such as, training, available capital, infrastructure, resources, and factories set up, ) before workers and manufacturers can jump in to produce more goods and services.
@5:35 Thought; All those places filing bankruptcy, like the Pizza Huts all over the place, might be good candidates for turning into Cooperatives. Perhaps instead of federal bailout money going into failures, use it to subsidize the Cooperative.
I went to a couple of places that are giving grants for financial inequality PayPal, BofA and UBS - they found the idea interesting but not enough to support it - think they have a hard time with the concept It would not only help the employees but give a greater boost to the economy The government could allow people to tap into their 401ks to invest in these companies and also give a tax
The new broom will sweep clean come January 20th....Harris is a prosecutor and we have a lot of prosecuting to do.......She would do serving as Attorney General since she could get more redcoat criminals behind bars. Can the VP also be the AG? Why not?????
Hello Richard, thank you for your very informative and interesting series of videos and interviews. Just a note on the intro music. I don’t know if it’s new, but, it really sets a tone so heavy and threatening that I’ve noticed myself deciding upon the opening notes to skip listening to the video. May I humbly suggest it may be off putting to more people than me. As sound design, it’s intended seriousness is very effective, and yet, I find myself avoiding your new videos because it suggests living in uncontrollable fear. That aside, I support every other aspect of your entire methodology, content, and very contextually informative data stream. Be well, and keep on keeping on. I will try to get over the intro music. I know, there are more important things to address, and I regret that my visceral reaction limits what I learn. Take care. I hope I’ve written this with my respect for you and your work in plain sight.
Not just cities, rural poverty is going to tear this country apart as right wing militias are becoming normalized in places like the Olympic peninsula in Washington or the Idaho panhandle.
The Canadian province of Ontario's had a similar ban on winter evictions since at least the 1980s... so there is precedent for such things in North America, Mr. Wolff. :)
The fact that the stock market does not account for what is actually going on with the economy is truly alarming. It used to be the current value of a company plus or minus a companies expectations. It served as an economic barometer of what's going to happen. Now it's being artificially inflated and the values are meaningless. It also demonstrates the great economic divide we now have. It's as if corporate America is saying.."we're going to be ok--forget the rest of you."
Good episode! I liked it. After seeing Crazy Rich Asians, the movie, one feels that things are shifting. The Working class in that movie exists: uniformed maids, masseuses, cooks... half the movie is them going into restaurants. The help is faceless and servile. Capitalism is orderly, joyous and provides plenty. Skyscrappers mushroom and abound. It even liberates women, the movie says in it's most emotional moment. I have an opinion on all that, but it's irrelevent. It, as always, puts the dillema of replication vs moneytisation forth. Human relantionships must be priced! But that endangers the family, which endangers Capitalism. One cannot shut their mind off and let Capitalism run rampant. Society can be dissolved, but to have your spouse worth money is to have the performance of the working class be the ultimate arbiter of your most intimate moments! So, that's a funny thing about Capitalism.
I think the basic economic problems are the terms we use to describe economic systems. From what I have seem these words "capitalism" and "socialism" do more to obscure reality than describe it. And these words are often deliberately used to create a dichotomy of systems when such a dichotomy does not and cannot exist in a fair and equitable economy that facilitates personal liberty.
why should the private citizen, who may have worked hard all their lives to buy a property to to subsidise their pension, should act as welfare. That is why many buildings are falling apart in Europe because landlords have no money to repair rentals, or you can't find a place to rent because people are scared to rent out anything. I live in this stupid system. Hard working people have to support the lazy, so most people don't work hard.
Question Dr. Wolf. If we have no evictions. How are land lords supposed to run their business's when their tenants can't or choose not to pay their rent? Seems like that idea puts the land lords in the street along with the tenant. What's your answer to this problem?
When tenants (renters) are exempted from paying rent because they are unemployed (or because it's cold outside, etc.), are landlords exempted from remitting the property tax portion of the rent to the local municipalities, and the mortgage portion of the rent to the banks, in which case, there will be no $ for the public schools, no $ for the policemen, the firemen, etc., and will the banks be precluded from foreclosing on the landlord's mortgage???
The states spend 51 cents of every dollar on the military the other 49 counts goes to pay debt on loans, none of your tax dollars goes on any service, they are paid through money obtained through exports and imports.
So who pays the landlord’s mortgage? We own a 2-flat that our 2 children, my husband and I live in. The rent is crucial to our being able to our payment. Does the French government pay the landlord’s mortgage or does only the landlord get evicted in November?
Dear Professor Wolff, I have watched many of your videos and can see the passion you bring to your work. You and Paul Mason (in the UK) offer useful insights into the way that capitalism works. Nevertheless, simply criticising is not sufficient. What do you propose as a viable alternative to the current system - either by way of an altered or an entirely new model? Isn't the problem with any model, the fact that it has to be implemented by humans and therefore subject to the same issues of exploitation? If there is to be any change, shouldn't it be around changing hearts and minds about the benefits of sharing? If we can change attitudes towards smoking, wearing seatbelts and other social issues, could we not change attitudes towards co-operation and sharing? Paul
This French law is called trève hivernale, while it may be nice for people who would otherwise get evicted, many abuse this law not to pay their rent and live at the expense of their landlord...
The time for a revolution from the ground up is the only thing we have. Every other solution especially voting , do not hold the weight needed to restructure.
What kind of "Revolution"?
@@danieljones9463 do not return to work
@david chan its only our conservatives who can't admit that, they worship the beast.
@ragusajr100 Thank you for your response. You state: "Violence and Destruction seems to be the only thing the 1% understand."
The "Old Way" is violence and destruction. Shouldn't We try to bring much needed change in some better new ways?
They also understand and value their "Wealth and Power Empires"...they might compromise to keep most of those. When We are strong enough, We could offer them what they already have? And then build Our Brave New World out around them.
But, yes, they will have to give up (a lot of) the Natural Resource foundation and "means of production" that has provided the basis for their empires. They will have to content themselves with recycling their wealth between themselves. They can be their own monopoly video game as long as they leave WE The People/Workers alone, as We discuss, design, build and establish, superior economic and social systems Of, For and BY The Many.
@@jamesmorton7881 ??? Is there any kind of "Work" you would go to? Some alternative "Work" that would help Our Revolution to be successful?
Economic update is beast. If only he was on a mainstream channel
people wasting their time watching crap like stevencrowder and dailywire. when they can watch legit stuff like this.
You have to be a sycophant of capitalists if you want mainstream media to give you a whole lot of positive attention.
There are no heroes to save us. It's up to us.
We need to come together - otherwise we will all suffer - most people don't realize that - hopefully we will before it is to late
Seems so. We do our part, that's huge! Thanks.
It's the same in Canada, can't evict people in winter, or cut electricity either.
Troll Alert !!! -- @Internet Connection
@BoulderPM Landlords are not "providing" houses for people. They are renting houses to them. Even a so-called American style libertarian should understand that difference.
@BoulderPM You answered my question. You're a libertarian. That's enough of you.
@@alstewart1186
he's a piece of work. he Love's to spend his days trying to analyze Rational, Sensible people and can't believe they exist. eventually ending with Nonsensical Moral critiques and ad Hominems when all else has Failed. I tell ya', his Ideological Zealotry is Machine-like...? 🤷
Better not advertise this . 1/2 of the U.S. will move to Canada just for a free 6 months.
It is always nice to hear Nomi's genuine arguments. She is definitely not a parrot.
It’s like their having a going out of business sale with our country...makes you wonder what they know that we don’t...
Who are they selling to?
True.... Authoritarian Capitalism has funneled American Economy and Political system to the International 'Elites' whether American or Not. America is being serfed.
It's not that we don't know. Its a several headed hydra of debt domino that is poised to collapse. A tinderbox. It's not a conspiracy. The only conspiracy is the one in our heads that scream denial... as well as the one that says what can I with meager sums saved do? Should I put some of that in precious metals and if so which ones and how much? Should I just borrow to buy some land and just defend it to the point of death even if I can't pay the mortgage when the collapse happens so I can at least position a plot away from a mass amount of people?
Do I stock pile food and that only can last for so long? And where do I put it in my two bedroom apartment?
What do we do?
That's the conspiracy at play. The denial. The realization we are in fact mostly powerless unless you already own or mortgaged some of these properties for places to store such foods and weapons and have sufficient savings in case whatever investments become just as foul as our funny money with Fed printing press going burrrr.
@@jmitterii2 You are correct about most people when it comes to denial of what is happening. It may seem like it's accelerating and all civilizations have failed. I'm hopeful that something good will come out of it, people are only becoming more informed and radicalized against this exploitative system. Progressives, while not a far left as I'd like, are still changing things up, they are only gaining more power and the trend is becoming more obvious. Older Dems who want a job for the next decade after the leadership ages out will have to change course. I think the reason we see the rich planning for absolute chaos isn't because it's all going to breakdown and everyones gonna be at each others throat, but that they will be the target when the critical mass of informed workers is reached. Hopefully we will be get this done soon enough to act on climate change. I'm a little relieved that Biden has a decent climate change policy position, not holding my breath though.
They know the same thing that African Warlords have known many time before, now is the time for the powerful to loot the rest, and hide it in Swiss bank accounts.
The whole system is rotten, since it's founding. We need restructuring of society at every level, when government no longer represents the people it's time for a change.
Well said Republicans work for business owners NOT voters. The corporate takeover of essential services is actually costing voters more in taxes .
@@calgarycowboy2 Yeah, but any vote that isn't for a Progressive candidate is a wasted vote.
@James Wisrik We don't need another tea party, we need to do it similar to the U.K or Germany. If you actually understood what the real reasons of the American Revolution you'd know we DEFINITELY don't need another tea party.
@@ASTRA1564 The hybrid system works best, centralised strategic planning controlling infrastructure planning & spending. Then grafted onto that the private sector creating wealth. The Chinese have mastered this & the system works. Whats fundementally different no corporate takeover of government. The power still stays with the voter.
@@calgarycowboy2 I'm not sure about the Chinese system, I'm more of a Socialist like Denmark or Germany. But I'd have to look into China's Economics and Governmental structures.
There might come a time when we stop equating power and money and junk to fill our homes with a good life.
Sir, that's UN AMERICAN
lol
Can't happen soon enough
BoulderPM- says you, as you clearly lack vision and imagination. As if there are no alternatives- you related to Ayn Rand by chance? Or Margaret Thatcher?
BoulderPM Sorry genius, I don’t have time to try and match-wits with you. Maybe just stop thinking in black-and-white terms and you’ll feel better, if all the coke, yachts and whores don’t fill the hole...peace
It should be a capital offense for any politician to be a millionaire. Retired politicians should live no better than the median retired person. Medical systems for the politician should be no better than that of a person with a $50,000.00 income for a family of 4.
@Steve Fortuna only a revolution will accomplish that.
Great! Let's start by throwing Bernie Sanders in jail!
@Steve Fortuna There are some millionaires & billionaires granted not many that advocate for things like a universal wage & that believe that they should pay more taxes. We need people like that who have the brains to succeed as well as the morality & social responsibility to share. Also you only need to have a very average house in some places to technically be a millionaire.
But should definitely go after the wealth of some starting with those that got tax payer handouts, bailouts & profited from tax payer funded research & gave nothing back in return. And those who have ripped off people & businesses to acquire their wealth.
@Steve Fortuna Exactly! Couldn't agree more. I don't hear enough talk, even in the past 4 years, about overturning Citizens United, let alone re-instituting Glass-Steigel, etc. I was (and still am) hoping that Elizabeth Warren will be working with the new Biden administration on such measures. Maybe, if we can get Bret Kavanaugh OFF the Supreme Court (for perjury, etc), and another non-conservative to replace the amazingly persevering Justice Ginsburg, we'll have a chance at taking a run at, and overturning, Citizens United. Heaven help us (and I mean that NOT in the religious sense, only in the spiritual sense). I'm not holding my breath on this, because there's plenty of corruption to go around-- on both sides of the aisle-- but I'm willing to practice being hopeful. ;- )
@Steve Fortuna Ummmm, well I was with you until you said, '...Starting at the top, with the 900 billionaire families, we should arrest, try and execute them, one family at a time...' That just kind of blows the whole democratic justice system, and leaves the door open for more of the same, from whichever party is in control-- like where we're at right now. So, yeah, that's not gonna work. But, all the other stuff you outlined is definitely on the right track.
Aren't you... FED up with this?
Actually, I'm quantitative easingly FED up.
34/35 for raising a family, 27/35 social mobility, 4th highest poverty rate: haven't we made America great? The biggest problem is private debt. The federal gov can always print the money, but the private sector has to earn it or borrow it in a zero sum game. Private debt got us in 1929, 2001, 2008 and it will get us again very soon. Like Michael Hudson says, "Debts that can't be paid won't be paid." Steve Keene tells us that when the second derivative od private debt growth goes to zero it's down to just a nubbin of burning fuse on an economic bomb.
It’s a sad state of affairs.
Well said Edward Siegel-private debt is the issue. For the last 40 years we've had stagnant wages and bank credit to supplement them so that banks arem in effect, supplementing wages while capital suck more and more wealth to itself. Add to that housing and land bubbles - this is a zombie economy.
@BoulderPM I doubt that for those in the 30+ countries doing better for their people than here such a trade would be considered. Not a lot of Danes, Swedes, Norwegians, Finns, Icelanders, Germans, or French pounding at our doors. You don't see a big exodus from Canada or Australia, either. The hungry come here because the stories of America they've heard are 70 years old.
@BoulderPM The operative word is *had* not has. That's why the US has declined precipitously those statistics of peoples well being. If you think everybody, or even a majority of people can get rich, you do not understand even the most basic paradoxes of finance and economics. Anecdote and ideological assertions are not convincing in the face of countervailing documentary evidence.
Thank you for recognizing Oregons Gov. Brown for her efforts to prevent evictions/ homelessness. Our state already is dealing with a homeless crisis. Additionally, she has done an excellent job keeping down Covid numbers in our state.
You are one of the most remarkable people I listen to every week.
Have a coworker who was a Serbian refugee, he owns a house in Serbia today, his parents live there. He's going to retire in a few years and move there to take care of them.
He said that evictions in Serbia are rare, and that one a tenant lives in a place for so many years they cannot be evicted, but eventually enter into a buy to own contract with the landlord. The landlord eventually receives their investment plus return and has to either build new properties or buy others to do the same again over a period of 20 to 30 years.
Housing there is very affordable both just to buy, but even to rent; despite the world wide stupidity allowing international cartel aka plutocrats to buy up properties as a store of wealth like their gold ingots or something. Empty, and leaving what's available to buy or rent prices going up. And of course the insidious trusts called Real-estate investment trusts aka REITs which get lots of various plutocrats as well as 401K and roth IRA and other private small time retail investment accounts to buy these things, pushing cash into these REITs, these REITs based on their prospectus cannot keep so much in cash, they must use that cash from investors pouring in to buy real-estate, and the agents of the REIT don't care about how much they're over paying or over bidding for properties, they just need to burn that money quickly so they're within their prospectus. And these turd baskets literally go into an area and offer 10% to 25% above asking price just to quickly close a sale. Bidding up property prices among everyone else. Many of these REITs don't just turn and burn property either, they rent them. And doing so they hire some large oligopoly property management company that charges the REIT fees and the tenant fees, they do nothing on the property but charge fee after fee, fee to pay a fee to pay rent has a fee. Absentee landlords pumping up home and rental prices.
These things ought be illegal. Any new development firm that wishes to have rentals should be required to build 10 units to every 1 existing unit; whether that be a single or multi-dwelling unit; whether it is to be sold or rented.
Oh and these REITs are going bust. Our fucking Fed Reserve is bailing their junk bonds and ETFs and Indexes; check it out the excel spread sheets Aug, July, June, etc:
Secondary Market Corporate Credit Facility
August 10, 2020 PDF | Transaction-specific Disclosures XLSX
August 3, 2020 PDF
July 10, 2020** PDF | Transaction-specific Disclosures XLSX
June 28, 2020 PDF | Transaction-specific Disclosures XLSX
May 29, 2020 PDF | Transaction-specific Disclosures XLSX
April 29, 2020 PDF
March 30, 2020 PDF
www.federalreserve.gov/publications/reports-to-congress-in-response-to-covid-19.htm
When I become president, I want you to be one of my top economic advisors :) With people like you in top leadership positions, we can turn around this country in no time ! ! Keep the faith ! & Thanks a million for all you do! You explain everything so well, what you're doing is really a public service, Prof Wolff !
It doesn’t surprise me. The American diet is full of fast food, processed food and junk foods. Our healthcare and education system is broken and there is very little affordable housing or daycares for families. I doubt young people will even be able to afford a family even if they wanted one. Very sad!
Nomi has been a guiding force through economic crisis since Lehman Brothers.
Thank you Nomi for always telling the truth, even if it hurts
Nomi Prins is one my favorite people. I love to hear her talk. She is a real truthseeker.
ME TOO-!!! (I WISH she was my wifey)-!!!!!!! 😍👍✌
TRULY OUTSTANDING analysis and presentation! The world needs to hear much, much more from Richard Wolff.
Maine has the same eviction law as france. Cant get evicted in the winter
Three cheers for Maine.
@Klaa2 The government stepping in to stop people from dying is considered socialist. Unless it's the government stepping in and splurging trillions of dollars on 2 imperialist wars in the Middle East and 2 massive corporate bailouts within the span of a decade, then that's not socialist, that's just freedom at work.
All winter to contemplate ways towards a better world!
While I understand that eviction is not popular, it is necessary when someone stops paying rent or through negligence is damaging the property. Many landlords are individuals in the US and have mortgages on the property they rent. While these landlords should be able to sustain some months of no rent, it is difficult for them to have no rent indefinitely. They will have to try and sellout or go bankrupt. The cost of rent will rise as being a landlord becomes a risky investment. If we want to put in a real safety net with a jobs programs and basic income then It can all workout but in today's world eviction moratoriums over a long period of time just shifts the pain. I am not a landlord.
@@michaelweaver2627 "Being a rich burgeoise who owns and rents houses becomes a risky investment" okay, why not just sell the houses and get a real job then?
Thank you. Stats such as these that help us communicate with libertarian lunatics are super useful... The debate goes on and on.. even though socialism is clearly the path toward civility.
Funny that you say that libertarians are lunatics yet I received a thumbs up on a comment I just posted.
@@chriscourtney7369 wait wah?
@@chriscourtney7369 , Libertarians are lunatics.
@@jamespurcer3730 nice rebutle you must have put some thought into your comment!
@@chriscourtney7369 , no, sir, just personal experience with such people. It's nice that you see that you care about punctuation.
Just a note on the restaurant industry: restaurant owners/managers have already begun to increase the amount that tipped servers have to hand over to the house. In many places a server has to hand over anywhere from 5-8% of the BILL TOTAL to either the house, or to bartenders, bussers and hosts. Many businesses now are requiring that servers also payout kitchen staff and managers to subsidize their wages so the restaurant doesn't have to.
You can't make this stuff up
Q: is the Owner's share of Profit also tapped? And the Corporate Officer's, too?
Bankers understand that money is essentially a fiction; and like anything that relies on belief and confidence, such as religions for example, it must be treated with the utmost respect and seriousness.
For it to have purpose.
ah yes Fiction.... it seems to be a popular World view now days. 😕
@fluoxy L.
?
I really enjoyed this episode Prof. Wolff. I've been hoping for a more in depth dive into this piece for awhile. Thank you for having such an intelligent, articulate and, knowledgeable guest on 👍
"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 on the continent their Fathers conquered." - Thomas Jefferson, a founding father of the U.S.A.
"We need to nationalize the Federal Government. It's currently privately owned."
not my quote
Good job, Dr. Wolff: As Thos. Jefferson said in 1787, "Educate and inform the whole mass of the people . . . They are the only sure reliance for the preservation of our liberty."
I don't believe you can have a "capitalist" economy when monopolies form within one. I believe that capitalism was meant for small business, farms and small industry.
Just grotesque! Down with billionaires!
Thank you for this enlighten interview.
I just 😍 professor Wolff
Solidarity. Thanks for your thoughts. ✊✊✊
An economic system is a system of dollars. An eco system has no use for them. When's the last time you seen a squirrel pay rent ?
Here in Michigan our shelves in stores are bare. Cant buy fridges or freezers. Even if people had money there's nothing to buy.
As usual, Nomi distills a subject so we can all understand it. She is that good!
This man is Brilliant , and should be teaching economics to schools online .
I live in Oregon and didn't know people can't be evicted until March. My opinion of Kate Brown has escalated!
This country is doomed.
"only one rated worse: Mexico"
Me living in Mexico: :v
And Mexico's drug war, the reason it occupies that position, is entirely due to US policy. Should the US take the rational position on this issue like Portugal did, both countries would be much better places to live.
when US goes broke and more car manufacturers move to Mexico you will want to pay for the wall. ;)
@@noidontlikeu with our natural resources, Mexico could be a world super power, unfortunately the proximity to the US comes with a price
when China's economy slows, the government invests in building infrastructure. In the US not so much.
Instead we invest in the military
@@johnbrownsahero315 ....and walls. So the US motto should be," we build fences, not bridges." (you see what I did there?)
This video will be used in economics courses in 20 years when all the businessmen will live in infamy and shame for how MISERABLY they mismanaged this pandemic
Thank you so much for this. I will share with those I know who are doggedly pro-capitalism/anti-socialism.
Thank u for sharing your knowledge@democracy at work
OMG Nomi Prins; She is so; I mean just saying; She is so knowledgeable on finance; I mean just saying. Great episode; Maybe you could interview Nomi some more; I mean just saying.
@@t2k777 I've read several of Ms Prins books and they can be a challenge to read but her insights are top shelf
The U S is supposedly run by a generation which grew up in the richest, most developed country in the history of the world as compared to Europe and parts of Asia which were destroyed by war and had little or nothing. What is the U S going to be like when it is run by a generation with an “F” (almost last) ranked upbringing?
As always professor, I concur. As to Noemi, hope voice to text did not murder your name, I believe you to be a brave human being. Keep up the good work young lady. Peace.
Excellent show Professor, thank you. Ms Prins if very interesting
Once the landlords have evicted everyone, who do they plan on renting to?
Thank you for having Nomi Prins on-her commentary is always excellent.
THANK YOU FOR INFORMATION , IT IS AN EDUCATION.
Two of my favorite economists
Professor Richard Wolff slightly reminds me of my biological father.My Dad worked in the field of electronics in Daytona Beach , Florida after he came out of The U. S. Army in 1964.
I LOVE NAOMI PRINS... 😆😍👍✌
This was a magnificent presentation for the top of a Sunday morning. Ms. Prins is exceptional. The healing begins when we vote out this administration and install in its place people who at least make a pretense of caring about the welfare of the American people. But the coronavirus should be the start of a discussion of how me must change our ways collectively as consumers. Or else we will face a greater tragedy in the future.
the problem with the system is that the operators all cheated on thier college entrance exams and cheated their way through school using influence and adderall
I worked my whole life as a self employed person...I have no pension or 401k but have a rental property that currently has a person living there that has not paid rent for 10 months...we can't evict him or get a single dime from him until next year...this means that my family will likely not get anything from this individual for over a year due to "covid"...meanwhile we are required to pay the mortgage despite our rental financial issue. How is this fair that I am now forced to allow this person to live for free in my life saving?
You never worked your whole life as self employed. You bought property and depended on the payments from your property to support your lifestyle. "Covid" wasnt around for 10 months you should've evicted your tenant by then why not? How can you blame covid for not being able to evict someone 10 months past due? People like you are the reason we in this economic situation. You dont contribute to soceity in any productive way, but you're sitting back collecting money cash non stop. This isn't sustainable
@@ruthj2359 How do you know where he worked, or if he worked and saved. He never disclosed that information. Many people work a job, save, buy a property to rent, to sustain them. Common practice. But, now when rents are not paid - not a sustainable idea with a mortgage that must be paid to the bank.
Love California pizza.so many lost jobs, my god, the stress and anxiety, financial stress is unbearable. I know because I worked at a great hospital for 28 years. Then our brilliant politicians cut Medicaid and healthcare to bare bones, my hours were cut drastically and many staff were laid off and fired. Our healthcare system is a disaster before the pandemic. I quit my unstable job and moved overseas.Many expats can’t believe how expensive our healthcare is. Totally unaffordable. One Thai person said to me if you don’t have money you die. Even in a third world country, there are government hospitals where they can get taken care off. America is losing respect in the world. Mainly because of the disaster of the pandemic.
Thank you Prof. Wolff! You're the greatest ! !
Great analysis of the actual state of the nation. Unsurprising how neither the Democratic nor the Republican leadership wants to get anywhere near these important topics. That’s because the oligarchs don’t want it discussed.
I hope to hell Prins is wrong about a crash.
For congress to go on vacation at this time is inexcusable.
Because she may be right.
I've read Prins' "All the Presidents Bankers" and "Collusion" and they are both excellent. Thank you guys for your wonderful and terrifying insights.
According to Jeff Snider of Alhambra Investments, the Federal Reserve is not making money that goes into the real economy) out of thin air, but "tokens" that are only used as reserves within the banking system. In fact, this suggests that the outstanding loans and payments to the regional banks are in trouble and this is the need for these reserves. Also, interest rates falling lower means that there is less economic activity as there is less demand for investing and using money for new adventures. Think of a comic book and baseball card collector as their prices go up when there are more demand. Interest rates are the same. In my 1970s tax classes, interest rates are deductible, and investments depend on IRR (Internal Rate of Return) and NPV (Net Present Value). It was the last 40 to 50 years that created this mess!
@Steve Fortuna The status quo keeps this system going. Both Biden and Trump are for the status quo with minor tweaking to keep people at bay.
Interest rate falling lower is the intent of OMO: the Fed buys bonds to incerase LF, which then sits in banks, and the banks want to loan it, so they lower interest rates to attract customers (debtors). You got it though: they issue money into banks, not into consumer hands. Nobody understands monetary policy and you get all this ridiculous conspiracy theory stuff, but it's simply broken economic theory.
Mind you it's CURRENT theory, even if it's stone-age. I've extended current theory several times, and have new tools for the Fed, notably direct issue of currency into a negative income tax system structured as a social insurance (nobody could figure out how to operate or fund NIT before; I figured out both and then figured out how to use it as a monetary policy tool-you should pay attention to that: if you have knowledge, you can infer new knowledge; inferred knowledge is knowledge, so you can infer new knowledge; wash, rinse, repeat).
The short version is with NIT, you have a distribution system sending payments on the 1st and 15th of every month to all adults. The payments are exactly equal (the NIT takes a fixed, flat tax on net corporate profits, gross wages, rents, and proprietor income i.e. pass-through non-corporation business profits-notably NOT on capital gains or dividends or the like, only on actual productive income-and divides the annual take by all adults, so if you have less income your net benefit is higher). Where there is income loss (increased unemployment), the impact of such distribution is proportionally larger compared to incomes-it's a localized stimulus.
Currency issue in this way goes into LF: consumers put money in the bank; they spend money, which is just moving from their bank account to a corporate bank account, to wages (another bank account), and so forth. This works the same as OMO, except you start with consumer demand to direct businesses to invest in capital-oh, and to hire people to produce whatever it is consumers are buying with all this money so they can make a profit selling it to them.
If LF gets too high and you want interest rates to go up, Fed sells bonds. This removes reserves from banks, but not from consumer hands.
See it?
We can tweak the demand side to the same effect as tweaking the loanable funds supply; and if we overheat it a bit, we can tweak LF to raise interest rates and constrict the money supply. Precision control over a substantial economic mechanism, as opposed to cutting interest rates (by making a lot of money available just sitting in the banks to be loaned out) and hoping for the best.
Note that first off the Fed isn't allowed to do this; and second this requires taking modern monetary theory (a step ahead of current monetary theory) at least one step further (i.e. ditch the government-spending-as-stimulus approach), accepting that government has to fund major transfers like NIT with tax money (this is a LONG explanation), recognizing that the Fed has one good tool but is missing about 80% of the equation covered by a DIFFERENT tool (issuing into consumer hands), figuring out that NIT is ACTUALLY SOMETHING AN ECONOMY NEEDS (for a ton of reasons not currently understood by most economists!), and THEN figuring out that the Fed's needed tool is right there in the heart of the NIT.
Think about that. It's extremely far removed from anything we've seen before. I invented the NIT system here in 2013; I didn't UNDERSTAND it until around 2017, and I'm STILL realizing more about its implications; I came up with NIT as currency issue 10 months ago, but didn't figure out the deeper implications related to monetary theory until after March. Once I have the first piece, I have something nobody else has, and so can rapidly discover the further pieces; it took me nearly a decade to get to this point, and I'm the only one researching an actually-viable NIT (I've read the academic papers on NIT; they're all theoretical on its implications for wage elasticity or whatever, and don't recognize it as a tool to correct recessions, nor recognize localized poverty as a recession). Even inventing the NIT system was just me tripping over it trying to do something else.
Hanlon is usually right.
@@johnmoser3594 Negative Income Tax (NIT) is the way to go which is similar to Universal Basic Income (UBI). What Modern Monetary Theory (MMT) stresses is that unlike helicopter money that is given as a gift with no strings attached, UNI or NIT has with an exchanged value that is both received and given to both parties: money for less cost (such as government costs in legitimising welfare claims and follow-ups; reduction of prison and police expenses; improved nutrition and housing; etc.) What is essential is to make sure that value is guaranteed from improved social and community conditions. So, overall there is no inflationary pressure!
@@stridedeck Yep. UBI is impossible: households have differing needs, so you WILL need public aid and social insurances. NIT doesn't even try to give people a basic standard of living (mine gives people a SHARE of the economy).
Remember you can't really cause inflation by issuing currency during unemployment. You can cause inflation by breaking the supply chain (i.e. reducing trade and sourcing domestically when it's cheaper to outsource), which is stagflation (rising unemployment with rising inflation). When unemployment is unnaturally high, more currency just means people can spend and buy; and if you have a "shortage" of some good…there are workers RIGHT THERE LOOKING FOR A JOB who you can put to work making more of that good! The quantity supplied of the good increases until you run out of workers (note all the economic complexities: if you hit diseconomies of scale, the good becomes more-expensive anyway, but in that case people shift buying over to some other good and, besides, you can continue to issue currency to cause more jobs until you have only frictional employment).
You don't need to somehow "guarantee value" or whatever. It's automatic: unemployment means available labor, and available labor without jobs means money shortage-unless everyone is already infinitely rich and won't have any wants or needs such that more money just means suitcases of money sitting in their basements. Jobs into communities of high unemployment and low incomes means major community improvement (also, more tax revenue).
The other piece is minimum wage, which has to be tied to GDP per capita. I'm writing a research paper about this.
@@johnmoser3594 By tying NIT as a share of the economy and minimum wage structured to GDP, you are adding value to both sides of the transaction. During high unemployment, helicopter money can increase inflation, as there is a lengthy lag time (such as, training, available capital, infrastructure, resources, and factories set up, ) before workers and manufacturers can jump in to produce more goods and services.
thanks rd wolff
Can only say salute you Mr Wolff
Thank you ☺️
Absolutely great episode.
Why do citizens continue voting politicians back in office.
@5:35 Thought; All those places filing bankruptcy, like the Pizza Huts all over the place, might be good candidates for turning into Cooperatives. Perhaps instead of federal bailout money going into failures, use it to subsidize the Cooperative.
I went to a couple of places that are giving grants for financial inequality PayPal, BofA and UBS - they found the idea interesting but not enough to support it - think they have a hard time with the concept
It would not only help the employees but give a greater boost to the economy
The government could allow people to tap into their 401ks to invest in these companies and also give a tax
The Bugatti Baby lmfao
Fantastic interview
Thank you
The new broom will sweep clean come January 20th....Harris is a prosecutor and we have a lot of prosecuting to do.......She would do serving as Attorney General since she could get more redcoat criminals behind bars.
Can the VP also be the AG? Why not?????
Harris is only going to do what is good for her backers ie banks, big tech
Very informative, thank you...
Who pays the farmer for his production who pays the health worker its not profit thats wrong its the wealth thats not fairly distributed .
Hello Richard, thank you for your very informative and interesting series of videos and interviews. Just a note on the intro music. I don’t know if it’s new, but, it really sets a tone so heavy and threatening that I’ve noticed myself deciding upon the opening notes to skip listening to the video. May I humbly suggest it may be off putting to more people than me. As sound design, it’s intended seriousness is very effective, and yet, I find myself avoiding your new videos because it suggests living in uncontrollable fear. That aside, I support every other aspect of your entire methodology, content, and very contextually informative data stream. Be well, and keep on keeping on. I will try to get over the intro music. I know, there are more important things to address, and I regret that my visceral reaction limits what I learn. Take care. I hope I’ve written this with my respect for you and your work in plain sight.
YES, personal mobility will go to zero. How to get food and shelter.
Cities will become concentrated centers of extreme poverty.
Not just cities, rural poverty is going to tear this country apart as right wing militias are becoming normalized in places like the Olympic peninsula in Washington or the Idaho panhandle.
"Let them eat hard work." - US Government
"Sit down. Put your head between your knees. Kiss your ass goodbye." Walt Whitman
Nomi at 15:00
There are some states that don't let landlords to evict during the winter. NH is one of them
Good for New Hampshire. A step in the right direction.
I read one of her books and it was really enlightening. I like the way they create money to help wall street but not unemployed.
The Canadian province of Ontario's had a similar ban on winter evictions since at least the 1980s... so there is precedent for such things in North America, Mr. Wolff. :)
In fact, it is very difficult to evict in Ontario, regardless of the season.
Thank You
good interview........
Thank
You.
The fact that the stock market does not account for what is actually going on with the economy is truly alarming. It used to be the current value of a company plus or minus a companies expectations. It served as an economic barometer of what's going to happen. Now it's being artificially inflated and the values are meaningless. It also demonstrates the great economic divide we now have. It's as if corporate America is saying.."we're going to be ok--forget the rest of you."
Good episode! I liked it. After seeing Crazy Rich Asians, the movie, one feels that things are shifting. The Working class in that movie exists: uniformed maids, masseuses, cooks... half the movie is them going into restaurants. The help is faceless and servile. Capitalism is orderly, joyous and provides plenty. Skyscrappers mushroom and abound. It even liberates women, the movie says in it's most emotional moment. I have an opinion on all that, but it's irrelevent. It, as always, puts the dillema of replication vs moneytisation forth. Human relantionships must be priced! But that endangers the family, which endangers Capitalism. One cannot shut their mind off and let Capitalism run rampant. Society can be dissolved, but to have your spouse worth money is to have the performance of the working class be the ultimate arbiter of your most intimate moments! So, that's a funny thing about Capitalism.
*Highly subjective low rating #34 can't be true but I admire your authentic voice*
The super rich get 5 trillion dollars from us, and they can't afford to pay equitable wages----what a bunch of crooks! Put the bums in jail.
"They did not cause the virus."
I disagree.
as do i. i suspect this is another 9-11 but worldwide.
Professor's talking is really science developing reason and recently speech that scholar changes.
The division between the have's and have not's is getting wider and wider. We're looking down the rabbit hole and it's not a pretty sight.
Good stuff!
I think the basic economic problems are the terms we use to describe economic systems. From what I have seem these words "capitalism" and "socialism" do more to obscure reality than describe it. And these words are often deliberately used to create a dichotomy of systems when such a dichotomy does not and cannot exist in a fair and equitable economy that facilitates personal liberty.
why should the private citizen, who may have worked hard all their lives to buy a property to to subsidise their pension, should act as welfare. That is why many buildings are falling apart in Europe because landlords have no money to repair rentals, or you can't find a place to rent because people are scared to rent out anything. I live in this stupid system. Hard working people have to support the lazy, so most people don't work hard.
Support the SRA and IWW. Get armed and involved.
Question Dr. Wolf. If we have no evictions. How are land lords supposed to run their business's when their tenants can't or choose not to pay their rent? Seems like that idea puts the land lords in the street along with the tenant. What's your answer to this problem?
When tenants (renters) are exempted from paying rent because they are unemployed (or because it's cold outside, etc.), are landlords exempted from remitting the property tax portion of the rent to the local municipalities, and the mortgage portion of the rent to the banks, in which case, there will be no $ for the public schools, no $ for the policemen, the firemen, etc., and will the banks be precluded from foreclosing on the landlord's mortgage???
The states spend 51 cents of every dollar on the military the other 49 counts goes to pay debt on loans, none of your tax dollars goes on any service, they are paid through money obtained through exports and imports.
So who pays the landlord’s mortgage? We own a 2-flat that our 2 children, my husband and I live in. The rent is crucial to our being able to our payment. Does the French government pay the landlord’s mortgage or does only the landlord get evicted in November?
Dear Professor Wolff, I have watched many of your videos and can see the passion you bring to your work. You and Paul Mason (in the UK) offer useful insights into the way that capitalism works. Nevertheless, simply criticising is not sufficient. What do you propose as a viable alternative to the current system - either by way of an altered or an entirely new model? Isn't the problem with any model, the fact that it has to be implemented by humans and therefore subject to the same issues of exploitation? If there is to be any change, shouldn't it be around changing hearts and minds about the benefits of sharing? If we can change attitudes towards smoking, wearing seatbelts and other social issues, could we not change attitudes towards co-operation and sharing? Paul
In Virginia police have authority to enter someones house during eviction with guns drawn. I wander what trauma little kids could have from that.
This French law is called trève hivernale, while it may be nice for people who would otherwise get evicted, many abuse this law not to pay their rent and live at the expense of their landlord...
Interview starts at 15:20.