Howdy, friends! If you enjoy my content and you'd like to support the channel, consider checking out today's sponsor, Ground News (it's free!) - it's a great way to help friends and family members break out of their little propaganda bubble and develop media literacy skills. Check out Ground News here: ground.news/secondthought
Love that you turned me on to Ground News! Also, you are just making your content so damn tasty, like leveling up every vid with the humor and editing styles. Just absolute fav channel and creating a league of its own. Like rivaling Johnny Harris on production & story telling level now, but about monumentally more important issues and providing actual solutions. Don’t stop leaning into more of this - Keep on my guy!!!
hey long time fan, like even before you did political content, and i just wanted to say that it's been nice to watch your production skills reach professional level. what's even cooler is seeing you now go beyond that and experiment a little. made the producer in me happy.
When I was studying business I did an intro to economics course in uni they told us that a recession was a natural thing that happens on a regular cycle. No matter how much I hounded the professor he would not explain to me why this happens. He literally said that if I care about ending unemployment and homelessness I was in the wrong degree. I took his advice and changed majors.
I took macroecon classes back when everything was still Keynesian. The idea of boom/bust cycles comes from JMKeynes. I hear he got it from Marx but we don't have Marx in US schools. The idea of saving capitalism from destroying itself through tiny gov interventions is also very keynesian. If profits and gdp go up for any reason, investor confidence goes up and the interest rates go down becauae they all expect good returns. Inflation, over-investing,sketchy startups, scams, consumer carelessness,and overproduction result because were all greedyfukkers at heart and tne system is driven by demand. When these things reach the max that the market can sustain,a bust happens. The bust is reversed by frugal demand,savings,and a tendency towards more actual work/production than fire sector gambling. Eventually people start buying stuff because none of us are good at keeping a savings amid so many fabulous products,especially when we're hungry and work all the time. I hope my oversimplification helps.
@@berkaltuglu8140 pls recognize that you do not know how to spell the word professor and should probably wait 8 years before giving someone advice again
I love how conservatives always tell socialists to “learn basic economics” and I took econ classes and it only made me more of a communist by understanding the fucked up logic the system operates under
Gotta love how recessions mean I can't afford to stay warm but energy companies are making record, multi-billion £ quarterly profits. That's economics 101 innit.
@@faustinpippin9208 whether it's state or capitalists robbing us,there's a logical limit. If we stop buying things and/or stop working,the whole scam falls apart.
Rich gotta rich. Poor gotta poor. It's EXTREMELY rare that one type of human "crosses over" into the other's territory. The 99% remain the way they are during their entire existence. The 1% also remain the way they are for their duration on the planet. It is what it is.
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
Indeed, you are correct! Economic downturns actually also offer numerous prospects for ordinary individuals to create wealth from the ground up. Nevertheless, seeking guidance from an investment planner might be necessary if you desire a more assertive return.
In the world of fina-nce, rece-ssions are prime opportunities for wealth creation. When my port-folio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 250k. The knowledge and skills I have acquired through this experience have been inval-uable in my journey towards financial success.
@@rogerwheelers4322 I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
@@rogerwheelers4322 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Recession is often the result of external factors, and it appears that the United States is losing its grip as a federal reserve currency. With a decreasing ability to control inflation and a reduction in stocks and oil trading, it seems that a new multilateral world order is on the horizon.
@davedelva I personally worked with an investment advisor to diversify my $200k portfolio across multiple markets, resulting in over $980k in net profit from high dividend yielding stocks. With the right guidance, you can also make informed investment decisions and achieve your financial goals.
@@bernisejedeon5888 I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with?
@@bernisejedeon5888 thanks for sharing this, I googled the advisor you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
Why do you feel like a rented mule in capitalism? Short answer: capitalism rents you by the hour and works you like a rented mule! E: Wage labor is renting yourself via "self ownership". Employment is literally renting another human being as if they're property. The employer-employee relationship is a very insidious dynamic. Employment is a rental contract, like if you rented capital (say, a chainsaw from Home Depot), you pay rent for the "time preference" (basically the cost of time) for a piece of property. Capitalism is based on a principle of self ownership, which sounds empowering, until you realize that most people don't own capital goods other than themselves, and must rent out the authority over themselves as pieces of "human capital". This is a process of dehumanization where human beings are valued for their return on investment as capital goods. This is why, at the very least, capitalism needs unions and safety nets (or abolishment), or else the system won't value people for their human value. Importantly we must also think about our sick, elderly, and disabled people, as they can't provide competitive economic return for the investor class to value. We must figure out a way to change this economic system if we wish to value each other.
You really opened my eyes to this topic. I had no idea recessions were not a necessity. The 2008 recession was devastating for my family and we are still trying to come back from it. I’m just deeply hurt and angered that people would play with our lives like this. Thank you the high quality content! Keep it up!
Recessions are necessary. It’s the most effective tool to cool down inflation. Don’t listen to that clown Second thought. Even in his utopia planned economy, recessions would exists. The difference is, in his utopian planned world, millions would die from recession and starvation.
Wait till it really sinks in that this entire system is a Ponzi scheme and the blasted money isn’t even real. All of this misery and suffering and ruining of peoples lives is orchestrated. It’s just shoved in between two tangibles. This imaginary concept, money, once they manipulate that they can manipulate it all. We earn 10 times as much as our grandfathers yet can afford to buy 100 times less.
The movie the big short is also good. Then more perfect union channel has a video about black rock conspiracies which is just on the science of systems of how asset managers and universal ownership cause prices to rise across the economy.
Please consider doing a video on the 2008 housing market crash you’ve mentioned it in several videos but I don’t think you’ve ever did a video dedicated to explaining how it happened and what should have been done after it happened and what regulations should be put in place to make sure it never happens again
Yes!! Fun fact! There's an increasing consensus among economic researchers that 08 was NOT caused by subprime mortgages, it was caused by house flippers speculating. House flippers buying things, giving the white paint special, and reselling for 100k more 7 months later... Sound familiar to anyone?
Making sure it never happens again really just means no more capitalism. The repeal of glass steagall was a direct line to a bunch of banks knowingly trading risky assets with each other. Because each of their motivations trading an asset on paper they can call less risky by mutually agreeing to hide the risk is that of course that'll eventually explode. Just keep passing the bomb and make sure you're not the one holding it when it goes off. That's how 2008 happened. Banks wanted deregulation and got it.
@@blah204 who is coping and how is it cope? It's research from MIT, NBER, UGA, and was discovered in a 10 year retrospective analysis rather than struggling to find explanations while we were in the midst of the recession. I suggest you read any of the modern research on this.
@@lizk96 I would suggest reading the work of Gorton and Metrick in their 2010 paper "Securitized Banking and the Run on Repo" if you're really interested in learning about why exactly 2008 occured. In summary, a govt mandated increase in mortgage provision created an incentive for banks to lend to subprime clients, which were packaged to investors in bundles as a mortgage backed securities which were then used by institutions like investment banks as collateral to cover loans they were making to each other for working capital. When the value of the mortgages declined as people defaulted due to rising rates, the banks couldn't pay their margin calls and went bust. Panic spread, and fire sale prices bankrupted many banks. Relatively little to do with individual house flippers who have almost no economy-wide impact
In my econ class, my professor asked the class to assign a health insurance rate for a health young adult and an elder retired senior. Everybody answered low rate for the younger and high rate for the senior. Makes sense. He said were all wrong. High rate for everyone because health insurance is a mandatory service. That's when I knew capitalism is doomed.
I'm sorry, what exactly is an insurance rate? Do you mean the proportion of the salary that goes into healthcare (indirectly so, I guess)? I'm french so I don't understand the assignment very well
I’m 22 and there’s never an end to it. My generation needs to change the mold and revolt so many things are said but nothing is actually done… Hard not to feel hopeless.
agreed. I love that more ppl are discussing possible solutions but I feel we get so stuck on debating “the best option” instead of taking actual steps towards creating a better world for all us us regular ppl together.
It's because people around the world have been subjected to this capitalist economic propaganda for decades. A lie repeated 1000 times doesn't necessarily become truth, but certainly feels like it. What you need to do is to SAY more, spread the ideas and challenge people to think. Nothing will be done until all the necessary things are said enough to change people's minds. How can we do anything when the majority of us doesn't understand that something has to be done? So don't feel hopeless and do your job :)
I’m 40. There have been back to back recessions my whole working life. I understand why baby boomers look back fondly on the ‘good old days’. They’re the only generation that didn’t deal with a major recession during their working years
@@merrytunes8697 That's not true; there was the Oil Shock Recession 73-75, Stagflation Recession (Part 1) 1980. Stagflation Recession Part 2 81-82, Gulf War Recession 90-91. Then the Dot-Com recession 2001, then the Subprime recession 2007-2009.
I would say we all know when the recession starts much faster than any economist who wants to avoid a panic or maintain their credibility is willing to admit, so our instincts are actually much more accurate than an economist would ever be. And I would also say we have been in a recession since the egg memes came out. But yes you are right, I just think economists will keep the wool over our eyes as long as possible.
Concerns about a potential recession and the Fed's talk of interest rate hikes have left me uneasy. I'm unsure about my $700K portfolio strategy, considering the uncertainty of a recession and the possibility that interest rates may not rise significantly
I completely understand your concerns. But In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
I agree. This is why having the right plan is invaluable, my $210k portfolio is well-matched for every season of the market and recently hit 40% rise from early last year. I and my CFP are working on a more figures ballpark goal this 2024
What you described as a solution existed already. I was born in such country, sadly non existing today. Yugoslavia had its own issues, but well being of people was certainly taken care of on the state level. Universal healthcare, education, college, basically secured job, profits were shared with workers which also had access to many resorts along the coast to enjoy with families during vacations, many companies were giving apartments for their workers.. It can be done.
I'm from Italy. When i was little i learnt that my uncle during the cold war was in the army, in a tank brigade near Trieste (maybe you know it as Trst), first response to a possible yugoslav invasion . I was always proud of him defending my country but now i realize i would prefer that the yugos did actually invade and brought socialism here
That concept is foreign to Americans. Funny thing trump said other countries are shitholes but America is turning into one because these things are looked down upon in America nowhere it's like that anymore. They all say socialism is breadcrumbs on streets now who is fighting for breadcrumbs with this current system.
@@zeusmultirotor8479 Nationalism, NATO, Cold War, just a big complicated mess for my ignorant western brain. But before any of that there is memory stability known as yugo-nostalgia that he's talking about.
For the majority of working class people, it's been an almost constant recession for more than a half century. Prices of necessary goods and services (total, on average) have steadily risen much faster than wages and pensions for most workers. Any system of accounting doesn't count that as a recession doesn't deserve to be taken seriously as one attempting to make an honest and informed general appraisal.
end of life care in America also wipes out a lot of the elderly's wealth too.. which is a big problem. as it ensures inheritance for the middle class doesn't happen.
I am still traumatized by what we lived through in the recession of 2008; my family fell well below the poverty line. My parents worker well over 40 hours a week and we still couldn't make it; gas prices soared, food was hard to come by for three kids, and we lost the lights and water on more than on occasion, and we never recovered after.
Thanks! I didn't know we aren't really even in control of recessions thanks school 😒let's hope for the better NEVER LOSE HOPE AND KEEP UP THE GOOD WORK ON SOCIAL AND ECONOMIC ISSUES❤️
Recessions are kind of like a phobia to happiness. "I don't wish to be too happy because I know that sadness and disappointment will follow." In the same way, no matter what how much profit and rewards companies reap, something incredibly worse is always lingering around the corner.
The first sign that we would have entered a recession is mass layoffs of construction workers. Construction workers don’t ever get laid off in mass numbers unless there is a economic crisis.
I work at a factory which makes equipment for label making. We are a bell weather industry because everyone needs labels on their products these days, so if people are selling lots of stuff and expect to sell more, were busy. Rn, were so slow they're sending workers home for lack of work. My coworkers who have been there longer say they've never seen it before
@@revwroth3698 Credit score is a way to force people into debt, specially when Important necessities requires them even if you have enough cash. Some places would refuse to sell you a car for cash just because you have No credit, same with houses
I remember reading an article several years ago about how Ukraine "decommunized" the surviving remnants of public healthcare in the country to the point that just calling an emergency costs money now. That policy lead to a growth in GDP, a big win for the economy and of course for the people, no doubt.
Usa is very conservative. 100% capitalism which makes it have so many problems. I just hope when im an old man i get to see capitalism on its knees and see young people celebrating on the streets when socialism takes full control. Then i can die peacefully.
I think we are too obsessed about the market crashing. In the right sense, the market never really crashes. It just undergoes cycles, and almost always recovers. So I really don't care what the predictions are. I just want to grow my portfolio. I read that people are pulling in massive profits both in bull rally and crashes. I'm here for tips on how they do it.
Long term? Stocks! Small-Caps are poised to perform better in the coming year despite Fed actions with rates to make investors worried. you should look into which the Best Small-Caps Stocks to position into.
Accurate asset allocation is crucial right now, and some individuals use hedging strategies or allocate part of their portfolio to defensive assets for market downturns. financial advisory is vital for achieving this. This approach has helped me stay financially secure for over five years, yielding nearly a million ROI
@@44Gleek182 HA HA, I have studied it. And greed is always present and therefore not the cause. Regulation, money printing and government interference in interest rates are the cause.
18:47 _This_ is how you do a good sponsor segment. I have tried Ground news and found it frustrating, for this very reason; it significantly narrows the political landscape by only focusing on the mainstream US political spectrum. I was so happy to see that JT was transparent about this in the sponsor segment. And I'm glad it still worked out, because many sponsers don't let creators do this, which is why I usually do not trust them very much. But yeah that was great to see, keep up the great work JT! :)
Great explanation for the recession to come! Would you consider making a video about care work under capitalism? I’m thinking of the many hours spent on the unpaid and often arduous care of children, the sick and elderly expected by this system? Capitalism greatly benefits from this set up, and our major institutions (Christian churches for example) perpetuate it.
Uncounted and necessary labor goes away when the capitalists take everyone out of the home. Womens equality in work has some darker sides. I think you're right that these things need way more attention in economics.
@@drphosferrousyour solution is “go back to the kitchen, women”? I’m a dad and I would love to be able to spend my time caring for my children and raising them while my wife “wins the bread”… but frankly all parents regardless of gender should be able to raise and spend time with their kids, where “bread” doesn’t have to be “won”… winning the bread means there are losers, and that is capitalist cruelty for you
I'd say, first work on gender equality, second recognized homework as labor and find a way to recognize it monetarily, third, have a public pension system, a minimum wage for any eldery, a well funded public healthcare system, and so on.
@@lizziemallow if we challenged all the artificially imposed heirarchies though, couldn't we have room in the economy for homemakers to do ok without the state or oligarchy taking care of them? Maybe it sounds like anarchist utopianism but I'd like to think that home, community, and family could exist without permission from a higher power.
@@goldenealgefromdutchbros6834 care of children,elderly, and disabled comes from our labor excess and almost no one would vote against that but we've all been conned into letting the upper class get most our labor excess. We have to pay someone to take care of our people now and the answer becomes more work and more work and less and less labor excess from our excessive labor. Having the State cover it would be better than what we have now but that's hardly a solution to the root problem.
I hope millions more people subscribe to your page. We absolutely need this type of knowledge! I feel like I’m getting crash college course information. But simple enough to fully grasp.
great video this week, JT! seems timely for me especially because my company just announced budget cuts and potential layoffs yesterday as a result of indications of recession supposedly threatening profit (growth) - lol. The use of the projector seems really great for visualization which probably being easier to edit than the paper, so i thought it was cool! Also to JT and all fellow comrades, happy birthday to daddy marx!
I used to think social entrepreneurship would be the golden ticket for my career because it focuses on people, planet, & profits. However, I aim to add my expertise to society within communities seeking ways to drive innovative solutions for recursive & sustainable development. I love the concept of degrowth, cohousing, and disrupting systemic inequities.
I've been thinking about this a lot recently; and I'd just like to state that I'm sure that we can get through this as a species. Thank you so much for this video.
There's just one thing to look at to determine if you're in a recession. Is your mailbox suddenly not full of junk mail. In a recession you will only get narrowly targeted junk mail. Old people will still get the occasional hawker for some Medicare Advantage plan. Homeowners will get only one or two offers to buy their house in a week's time. Your dentist will still summon you for your cleanings, ( you probably addressed the postcard while at your last cleaning. ). Not much else. That's a recession.
Hell yeah! Thank you for this video JT. We need more talking about Degrowth. Collapse is still going to happen, so we may as well lessen the crash, and distribute resources more equitably
What I don't understand is why capitalist run after money...like after reaching a certain point you already have enough to get everything you want....then what is that reason behind greed...where is the motivation to acquire more and more is coming from? Why doesn't it occur to them that they can do something for greater good?
@@aureyd2515 They can't take money with them to afterlife so what's the point. They can make themselves immortal though by doing something good for the society. After a while no one would remember how rich a person was but what they contributed to society. Even they are aware of that.
More power and control is the goal. Most of us don't want to see it, but if we follow the logic of infinite growth, capitalism's final form is fascism. A few major mergers and acquisitions, then boom: we're all toiling away in different branches of the same company. Leisure (the most coveted thing on the planet) will only be available to the rich. We should try to avoid this reality as best we can.
@@daniellarson3068 I agree, and I appreciate the few lawmakers who've attempted to enforce antitrust laws. But it hasn't stopped P&G from owning the entire toiletry aisle. It hasn't stopped M&As of media conglomerates. Once corporations get that big, there's no level of government intervention to stop them. Corporate lobbying should be abolished, for sure.
I don't know what you've changed, but as much as I liked your previous videos this one is way more enjoyable. You seem more dynamic and the delivery and visuals are captivating. Way to get even better
They always were in the context of long term stability, that is just a consequence of information theory and the need for any system to obey the underlying principals of our universe. Free market capitalism and any variation of unplanned economics necessitates an open system that doesn't fully account for resources being extracted from somewhere else to compensate for the gross excesses, i.e. its a system far from equilibrium, this is the second law of thermodynamics and everything from atoms to stars and black holes follows it.
@@Jose-yt3qz You said this exemple yourself, we means like the nordic countries (or Europe, except that Europe is getting more and more liberal (economically) and it's more and more going shit)
@@Jose-yt3qz The DPRK literally would have imploded under American sanctions regimes without the stability of the planned economy. Compare the societies of Cuba and DPRK with socialist planned/state run economies with that of sanctioned Afghanistan. These cases both prove the destructive inhumane nature of American sanctions but also the benefits of planning.
I think in my case the youtube-algorithm deserves some thumbs up: A few days ago I've seen the video why American patriotism is so weird and I needed some moments to realize you're an American youtuber and that the community is not only from other countries. I really started to hope, that not everybody has this weird ideologies I'd expect of Americans. And then I've seen lots of other videos and started to love your content. Keep going this way and let's fight for a better world, not just for capitalists, but for all. The proletarians have nothing to lose but their chains. They have a world to win. If in the USA or here in Germany. ✊️🔥
Usa is headed towards nazi Germany. The way ppl defend this system is like Germans defended fuhrer and Weimar back in days and about patriotism immigrants are more patriots then American counterparts. As it seems.
The graph at 7:30 is from is by Nitzan and Bichler - thier Capital as Power (CasP) analysis is very interesting - a combination of Kalecki, Veblen, Mumford and other thinkers. Thier book called Capital as Power - A Study of Order and Creorder is also highly recommended! Cheers.
It's incredible how close it rings to the debate currently animating France over Macron's neoliberal policies. We're facing an absurd inflation because of covid and instead of taxing businesses, Macron prefers to cut costs on public services, like healthcare, education, and infamously so, pensions. I'm proud of my country when I see that people ain't taking that sh*t anymore
Could you also do a video on how monetary policy of keeping inflation low ultimately means that a country MUST have some level of unemployment to keep things going, and therefore, the demonisation of the unemployed is baseless as it's quite literally "part of the plan"
@@KekusMagnus full employment used to be a thing in some countries though. Sure it's still shitty capitalism, but I know there was a shift in emphasis from full employment to low inflation prior to WW2 at some point
Free marketers,austrians,american libertarians,and oldschool capitalists all want to destroy capitalism in one way or another. They say socialists want to destroy capitalism but its different. Socialism always looks like it wants to prioritize the people over the profits and get a workaround for the worst effects of capitalist socioeconomic tendencies.
I've been watching your videos for a while and I want you to know how impressive your growth has been in video-making. Your sense of humor and your editing instincts (or ability to hire a really good editor) have been really shining through with each successive video :)
From seeing a more perfect union video on asset managers and universal ownership cause oh my God! Every prices to rise more and extract more, to watching the big short, to watching this, how can we all start our villian arc?
Something I am craving from this channel is an actionable steps guide. Your videos are well produced and bring a lot of light to the ills of a capitalist society, but I am often left wondering what to DO. HOW do we create a new societal structure? What steps do we take? I’d like more of that information.
Join a socialist organization! Very likely you have a branch in your local area, and certainly in the nearest major city. Look into joining the CPUSA, PSL, FRSO, or even just the DSA. Get involved! The answer to “how” is the same it’s always been. People power.
@@SecondThought Thank you! Maybe you’ve already done that, but a video about those kinds of actionable steps might be well appreciated! Keep up the good work!
@@SecondThought Not to counter your suggestion outright, but I've come across a few anecdotes saying that CPUSA was compromised or basically an invitation for the U.S.'s three-letter groups to keep tabs on oneself. Is there any basis in reality for these observations, or am I just paranoid?
@@ryanmcmanus63 there was when things were in a large enough boom. The ruling class thought it would be cute to have some people think they were different than the "poor" and lick their boots for the system that provided them the opportunity. It's made up in reality, it's the working class and the owning (ruling) class. It exists solely as a class warfare tool to get the average voter to go against their own interests now, it was never harmless in use only a wedge used against the common people. But it exists in the minds of republicans and classist idiots, politicians and other conmen.
@@ethimself5064 how many thousands of apartments did your beloved social democracies build and provide for their citizens free of charge or rent? How many of them went from being colonies to building nukes in 40 years? How many of them did so while being completely blocked from international trade?
Capitalism is when businessmen do stuff. And the more stuff they do, the more capitalism it is. And when they do a whole lot of stuff, it's still capitalism but worse.
Already felt the effects since a year. . .every payment clogged, every month is struggle, and so many customers i do business with going under. . . honestly. . This scared the shit out of me. . More so when i just got married
I ask for permission in order to have access to a script from this video, so that I can translate it into Spanish. That way I can inform my people living in developing countries of these recessions. I will of course provide them a link to the original author of the content. (I'll be continuing with my homework in the meantime)
5:42 Thanks for explaining this in such a Detailed way, now I'll be able to take whatever Mainstream Media says about "The Coming Recession" with a grain of salt.
Love the content, love the idea. Mini-socialist here. But please explain, how we, as a society, we would pay for this large amount of services while still holding up the ideal of "working". I think it's either: change everything. The way we think about work and family and values and the environment and money. Or don't change at all. Because you would need to change on the whole level, right?
"But please explain, how we, as a society, we would pay for this large amount of services" Save a trillion dollars by not bombing the shit out of other countries for 20 years, put the 'genocide' money into something good like public transit Alternatively, make rich people pay tax. You have a good point about changing everything though, since any small change will be reversed later.
First of all, we have to start by highlighting the fact that the capitalist system has inherent flaws. The current system, in fact, is designed to benefit a few at the expense of everyone else, with wealth being concentrated in the hands of the wealthy. Instead, society should be structured in a way that redistributes wealth and resources more equitably. The solution to this problem would be to abolish the capitalist system and replace it with a socialist system that prioritises the collective good over individual gain. Under a socialist system, the means of production and distribution would be collectively owned and controlled by the people, and everyone would be entitled to an equal share of resources and services. By the way, this doesn't mean that people are compensated equally, that people get paid the same amount as everyone else. This myth is actually a liberal distortion designed to misinform and deceive people. In terms of how this would be funded, under capitalism, the value of labour isn't reflected in wages, with workers being paid less than the value of the goods and services they produce. In contrast, in a socialist system, workers would receive the full value of their labour, and the surplus generated by production would be reinvested in things like social services, education, and infrastructure. What we also need is a radical shift in societal values, emphasising the importance of collective ownership and community welfare over individual gain. And in order to create a more equitable and just society, we also need to fundamentally change the way we think about work, family, values, and money, and move away from a system that is built on exploitation and inequality. Now, I would also like to address this last point in case you are wondering why. Karl Marx believed that in order to create a more equitable and just society, we must first understand and fundamentally change the way we think about work, family, values, and money. Marx's beliefs were grounded in the idea that our current society is characterised by a fundamental inequality in power and wealth, and that the only way to change this is to shift our entire way of thinking. Marx believed that our current society is built around the idea of capitalism, which is focused on profit and the accumulation of wealth. Under capitalism, those who control the means of production (i.e., the wealthy) hold all the power, while the working class is left struggling to survive. Marx believed that this unequal distribution of power and wealth is the root cause of all social and economic problems, and that the only way to address it is through a radical shift in our thinking. According to Marx, the first step in this shift is to recognise that work should be viewed as a social activity rather than an individual one. Instead of seeing work as something we do solely for our own benefit, we should see it as something that benefits society as a whole. This would require a complete rethinking of our current economic system, which is based on the idea of individual competition and profit. Marx also believed that we need to fundamentally rethink our ideas about family, values, and money. He argued that the family should be seen as a collective unit rather than as a group of individuals. This would require a shift away from the traditional patriarchal family structure and towards a more equitable model. In terms of values, Marx believed that we need to reject the current capitalist values of individualism and consumerism in favour of a more communal and cooperative mindset. This would require a shift away from the idea that we need to constantly acquire more and more things, and towards a more sustainable and equitable way of living. Finally, Marx believed that we need to rethink our ideas about money. Instead of seeing money as a measure of individual success, we should view it as a means of facilitating social exchange. This would require a shift away from the current system of unequal distribution of wealth and towards a more equitable distribution of resources. Overall, Marx's beliefs about the need to fundamentally change our way of thinking about work, family, values, and money were grounded in the idea that our current society is fundamentally unequal and unjust. Only by shifting our entire mindset can we hope to create a more equitable and just society for all.
The solutions are sound, implementing them is what has me in despair since the people in charge fight tooth and nail to prevent said implementation, and they have access to the resources to ensure they get their way, while the left has to scrounge around for whatever it can get which will always be dwarfed by the owner class' resources. Like, how does one succeed with such odds not in their favor?
there's no guarantees when it comes to revolution. all you can do is work together and do your best. there are guarantees when it comes to reform, which is that the capitalists will roll those reforms back the first chance they get. often this chance comes in a recession
Your production quality is increasing with every video, but this one feels like a huge step. I think I can see Johnny Harris influence 😉 Your channel is a huge inspiration 🙏
Just discovered your content and it's amazing. There's just this one thing... The rhythm of your content is fantastic until you interrupt yourself to say your analogies are lame. We get that you're trying to communicate when a topic is more complicated than you have time to unpack. We don't care. We are here to watch 20 minute videos where you unpack with your alarmingly effective communication skills. You don't have to stop every two minutes to remind us that you're not the expert on everything. I know what it's like to edit yourself and find your own arguments (or face) nauseating. It's a distortion from the production process. Seriously, you don't need to take the viewer out of the zone, to make yourself sound more relatable. We're here on purpose. ✌️
Quality of life increase without GDP increase: I saw it in Burlington, VT a few years ago. Many ways they did that but in particular they worked out a barter/payment system between markets/restaurants and the local farmers so that the majority of food was locally sourced which provided money and jobs which meant more customers, etc. The wages were the same, the food prices the same, just everything better and a healthier local economy. I don't know the scope of gov't involvement/non-involvement but it worked well and I was impressed not only by the food but the attitudes of people being very positive. Btw, I was visiting from the West Coast and had grown up with farm-to-table SF-Berkeley-Napa when it arose and this was way better because it wasn't special elite stuff for the wealthy but everywhere for everyone.
Howdy, friends! If you enjoy my content and you'd like to support the channel, consider checking out today's sponsor, Ground News (it's free!) - it's a great way to help friends and family members break out of their little propaganda bubble and develop media literacy skills. Check out Ground News here: ground.news/secondthought
A Harry Potter commercial aired during your video. Just a heads up.
Npr covered it the same way. Very much downplaying the bank failure as a fluke that would be handled by JP-Morgan Also - being pro-labor.
Love that you turned me on to Ground News! Also, you are just making your content so damn tasty, like leveling up every vid with the humor and editing styles. Just absolute fav channel and creating a league of its own. Like rivaling Johnny Harris on production & story telling level now, but about monumentally more important issues and providing actual solutions. Don’t stop leaning into more of this - Keep on my guy!!!
Jt looks like he been hitting the gym. Habibi is arming up for the revolution😂
hey long time fan, like even before you did political content, and i just wanted to say that it's been nice to watch your production skills reach professional level. what's even cooler is seeing you now go beyond that and experiment a little. made the producer in me happy.
When I was studying business I did an intro to economics course in uni they told us that a recession was a natural thing that happens on a regular cycle. No matter how much I hounded the professor he would not explain to me why this happens. He literally said that if I care about ending unemployment and homelessness I was in the wrong degree. I took his advice and changed majors.
I took macroecon classes back when everything was still Keynesian. The idea of boom/bust cycles comes from JMKeynes. I hear he got it from Marx but we don't have Marx in US schools. The idea of saving capitalism from destroying itself through tiny gov interventions is also very keynesian.
If profits and gdp go up for any reason, investor confidence goes up and the interest rates go down becauae they all expect good returns. Inflation, over-investing,sketchy startups, scams, consumer carelessness,and overproduction result because were all greedyfukkers at heart and tne system is driven by demand. When these things reach the max that the market can sustain,a bust happens. The bust is reversed by frugal demand,savings,and a tendency towards more actual work/production than fire sector gambling. Eventually people start buying stuff because none of us are good at keeping a savings amid so many fabulous products,especially when we're hungry and work all the time. I hope my oversimplification helps.
That so-called educator is in the entirely wrong professional field.
You had a good proffessor.
@@berkaltuglu8140 pls recognize that you do not know how to spell the word professor and should probably wait 8 years before giving someone advice again
I love how conservatives always tell socialists to “learn basic economics” and I took econ classes and it only made me more of a communist by understanding the fucked up logic the system operates under
Gotta love how recessions mean I can't afford to stay warm but energy companies are making record, multi-billion £ quarterly profits. That's economics 101 innit.
Heads I win tails you lose.
@@faustinpippin9208 My condolences buddy. At least they haven't tried to conscript you and send you off to fight in Ukraine.... yet..
The powerful gain capital in a bust and profits in a boom. It's been fixed since the neolithic.
@@faustinpippin9208 whether it's state or capitalists robbing us,there's a logical limit. If we stop buying things and/or stop working,the whole scam falls apart.
Rich gotta rich. Poor gotta poor. It's EXTREMELY rare that one type of human "crosses over" into the other's territory. The 99% remain the way they are during their entire existence. The 1% also remain the way they are for their duration on the planet. It is what it is.
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
Indeed, you are correct! Economic downturns actually also offer numerous prospects for ordinary individuals to create wealth from the ground up. Nevertheless, seeking guidance from an investment planner might be necessary if you desire a more assertive return.
In the world of fina-nce, rece-ssions are prime opportunities for wealth creation. When my port-folio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 250k. The knowledge and skills I have acquired through this experience have been inval-uable in my journey towards financial success.
@@rogerwheelers4322 I actually subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your coach?
@@rogerwheelers4322 Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
Recession is often the result of external factors, and it appears that the United States is losing its grip as a federal reserve currency. With a decreasing ability to control inflation and a reduction in stocks and oil trading, it seems that a new multilateral world order is on the horizon.
@davedelva I personally worked with an investment advisor to diversify my $200k portfolio across multiple markets, resulting in over $980k in net profit from high dividend yielding stocks. With the right guidance, you can also make informed investment decisions and achieve your financial goals.
@@bernisejedeon5888 I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with?
@@bernisejedeon5888 thanks for sharing this, I googled the advisor you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply
This whole thread looks like a scam, pretty creative scam tbh.
Recessions happen not only in the US
Why do recessions happen? Capitalism. There, just saved you 19 minutes. Please watch the video anyway, JT deserves it
Why do you feel like a rented mule in capitalism? Short answer: capitalism rents you by the hour and works you like a rented mule!
E: Wage labor is renting yourself via "self ownership". Employment is literally renting another human being as if they're property. The employer-employee relationship is a very insidious dynamic. Employment is a rental contract, like if you rented capital (say, a chainsaw from Home Depot), you pay rent for the "time preference" (basically the cost of time) for a piece of property. Capitalism is based on a principle of self ownership, which sounds empowering, until you realize that most people don't own capital goods other than themselves, and must rent out the authority over themselves as pieces of "human capital". This is a process of dehumanization where human beings are valued for their return on investment as capital goods. This is why, at the very least, capitalism needs unions and safety nets (or abolishment), or else the system won't value people for their human value. Importantly we must also think about our sick, elderly, and disabled people, as they can't provide competitive economic return for the investor class to value. We must figure out a way to change this economic system if we wish to value each other.
Please read " web of debt" by Ellen brown on why recession is by product of how we create money in current economic system.
@@alpeshmittal3779 of how capitalism works*
D'oh!
"Why do life exist? Chemistry"
"Why do birds fly? Wings"
"Why do parallel lines do not cross? Reasons"
modern-day school education
You really opened my eyes to this topic. I had no idea recessions were not a necessity. The 2008 recession was devastating for my family and we are still trying to come back from it. I’m just deeply hurt and angered that people would play with our lives like this. Thank you the high quality content! Keep it up!
Recessions are necessary. It’s the most effective tool to cool down inflation. Don’t listen to that clown Second thought. Even in his utopia planned economy, recessions would exists. The difference is, in his utopian planned world, millions would die from recession and starvation.
you should watch the documentary on the 2008 crisis called inside job… truly eye opening
Playing with people’s lives and making the general populace suffer is profitable for large-scale corporations.
Wait till it really sinks in that this entire system is a Ponzi scheme and the blasted money isn’t even real.
All of this misery and suffering and ruining of peoples lives is orchestrated.
It’s just shoved in between two tangibles. This imaginary concept, money, once they manipulate that they can manipulate it all.
We earn 10 times as much as our grandfathers yet can afford to buy 100 times less.
The movie the big short is also good. Then more perfect union channel has a video about black rock conspiracies which is just on the science of systems of how asset managers and universal ownership cause prices to rise across the economy.
Please consider doing a video on the 2008 housing market crash you’ve mentioned it in several videos but I don’t think you’ve ever did a video dedicated to explaining how it happened and what should have been done after it happened and what regulations should be put in place to make sure it never happens again
Yes!! Fun fact! There's an increasing consensus among economic researchers that 08 was NOT caused by subprime mortgages, it was caused by house flippers speculating. House flippers buying things, giving the white paint special, and reselling for 100k more 7 months later... Sound familiar to anyone?
Making sure it never happens again really just means no more capitalism. The repeal of glass steagall was a direct line to a bunch of banks knowingly trading risky assets with each other. Because each of their motivations trading an asset on paper they can call less risky by mutually agreeing to hide the risk is that of course that'll eventually explode. Just keep passing the bomb and make sure you're not the one holding it when it goes off. That's how 2008 happened. Banks wanted deregulation and got it.
@@blah204 who is coping and how is it cope? It's research from MIT, NBER, UGA, and was discovered in a 10 year retrospective analysis rather than struggling to find explanations while we were in the midst of the recession. I suggest you read any of the modern research on this.
Ever heard of the term, "control fraud"?
@@lizk96 I would suggest reading the work of Gorton and Metrick in their 2010 paper "Securitized Banking and the Run on Repo" if you're really interested in learning about why exactly 2008 occured. In summary, a govt mandated increase in mortgage provision created an incentive for banks to lend to subprime clients, which were packaged to investors in bundles as a mortgage backed securities which were then used by institutions like investment banks as collateral to cover loans they were making to each other for working capital. When the value of the mortgages declined as people defaulted due to rising rates, the banks couldn't pay their margin calls and went bust. Panic spread, and fire sale prices bankrupted many banks. Relatively little to do with individual house flippers who have almost no economy-wide impact
I love how much energy you've been putting into these videos recently. Switch to bi-weekly was good for you JT!
In my econ class, my professor asked the class to assign a health insurance rate for a health young adult and an elder retired senior. Everybody answered low rate for the younger and high rate for the senior. Makes sense. He said were all wrong. High rate for everyone because health insurance is a mandatory service. That's when I knew capitalism is doomed.
How would one justify an insurance rate based on age and not income? Was this a class in the US?
I'm sorry, what exactly is an insurance rate? Do you mean the proportion of the salary that goes into healthcare (indirectly so, I guess)? I'm french so I don't understand the assignment very well
@@lizziemallow Not even related to income, just how much you pay per month to be covered by insurance. AKA insurance premiums.
Yeah, it's garbage.
It’s funny because health insurance in the United States is a socialist future it’s not capitalism.
@@lizziemallow Lizzie here humble-bragging about her universal health care access.
I’m 22 and there’s never an end to it. My generation needs to change the mold and revolt so many things are said but nothing is actually done… Hard not to feel hopeless.
agreed. I love that more ppl are discussing possible solutions but I feel we get so stuck on debating “the best option” instead of taking actual steps towards creating a better world for all us us regular ppl together.
It's because people around the world have been subjected to this capitalist economic propaganda for decades. A lie repeated 1000 times doesn't necessarily become truth, but certainly feels like it. What you need to do is to SAY more, spread the ideas and challenge people to think. Nothing will be done until all the necessary things are said enough to change people's minds.
How can we do anything when the majority of us doesn't understand that something has to be done? So don't feel hopeless and do your job :)
I’m 40. There have been back to back recessions my whole working life. I understand why baby boomers look back fondly on the ‘good old days’. They’re the only generation that didn’t deal with a major recession during their working years
@@merrytunes8697 That's not true; there was the Oil Shock Recession 73-75, Stagflation Recession (Part 1) 1980. Stagflation Recession Part 2 81-82, Gulf War Recession 90-91. Then the Dot-Com recession 2001, then the Subprime recession 2007-2009.
Be careful what you wish for.
All of us can probably guess if there is a recession coming as accurately as an economist can.
I would say we all know when the recession starts much faster than any economist who wants to avoid a panic or maintain their credibility is willing to admit, so our instincts are actually much more accurate than an economist would ever be. And I would also say we have been in a recession since the egg memes came out. But yes you are right, I just think economists will keep the wool over our eyes as long as possible.
We're already in an actual recession
It's there when loblaws reduces it's prices
Most economist are capitalist drones tho. They work in gov and fudge the numbers for politicians and their capitalist friends. 💁♂️
This is the reason why economics department in universities is separate from business administration... In USSR it was one - political economy..
Concerns about a potential recession and the Fed's talk of interest rate hikes have left me uneasy. I'm unsure about my $700K portfolio strategy, considering the uncertainty of a recession and the possibility that interest rates may not rise significantly
I completely understand your concerns. But In this current unstable markets, It is advisable to diversify while retaining 70-80% in secure investments. looking at your budget, you should consider financial advisory.
I agree. This is why having the right plan is invaluable, my $210k portfolio is well-matched for every season of the market and recently hit 40% rise from early last year. I and my CFP are working on a more figures ballpark goal this 2024
Pls can you recommend this particular coach you using their service?
"NATALIE NOEL BURNS " maintains an online presence. Just make a simple search for her name online.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
What you described as a solution existed already. I was born in such country, sadly non existing today. Yugoslavia had its own issues, but well being of people was certainly taken care of on the state level. Universal healthcare, education, college, basically secured job, profits were shared with workers which also had access to many resorts along the coast to enjoy with families during vacations, many companies were giving apartments for their workers.. It can be done.
WOW...
I'm from Italy. When i was little i learnt that my uncle during the cold war was in the army, in a tank brigade near Trieste (maybe you know it as Trst), first response to a possible yugoslav invasion . I was always proud of him defending my country but now i realize i would prefer that the yugos did actually invade and brought socialism here
so what happened?
That concept is foreign to Americans. Funny thing trump said other countries are shitholes but America is turning into one because these things are looked down upon in America nowhere it's like that anymore. They all say socialism is breadcrumbs on streets now who is fighting for breadcrumbs with this current system.
@@zeusmultirotor8479 Nationalism, NATO, Cold War, just a big complicated mess for my ignorant western brain. But before any of that there is memory stability known as yugo-nostalgia that he's talking about.
For the majority of working class people, it's been an almost constant recession for more than a half century.
Prices of necessary goods and services (total, on average) have steadily risen much faster than wages and pensions for most workers.
Any system of accounting doesn't count that as a recession doesn't deserve to be taken seriously as one attempting to make an honest and informed general appraisal.
end of life care in America also wipes out a lot of the elderly's wealth too.. which is a big problem. as it ensures inheritance for the middle class doesn't happen.
@@lordblazer What do you mean by "middle class"?
@@lordblazer middle class doesn't exist, there are those who earn by selling their labor, and those who earn by possessing capital.
@Monika W
Those two categories are one and the same.
I am still traumatized by what we lived through in the recession of 2008; my family fell well below the poverty line. My parents worker well over 40 hours a week and we still couldn't make it; gas prices soared, food was hard to come by for three kids, and we lost the lights and water on more than on occasion, and we never recovered after.
Thanks! I didn't know we aren't really even in control of recessions thanks school 😒let's hope for the better NEVER LOSE HOPE AND KEEP UP THE GOOD WORK ON SOCIAL AND ECONOMIC ISSUES❤️
Recessions are kind of like a phobia to happiness. "I don't wish to be too happy because I know that sadness and disappointment will follow." In the same way, no matter what how much profit and rewards companies reap, something incredibly worse is always lingering around the corner.
The first sign that we would have entered a recession is mass layoffs of construction workers. Construction workers don’t ever get laid off in mass numbers unless there is a economic crisis.
I work at a factory which makes equipment for label making. We are a bell weather industry because everyone needs labels on their products these days, so if people are selling lots of stuff and expect to sell more, were busy.
Rn, were so slow they're sending workers home for lack of work. My coworkers who have been there longer say they've never seen it before
Recession occurs when i get into a cold pool, causing at least a 50% shrinkage of my GDPP
Gross Domestic Personal Product?
Got Damn Pee Pee
@@tatertotbobaandpieck that is correct 😂
The GDP is like Credit Scores...they mean nothing.
You're just saying that because you can't get a sandwich from Katie with your sandwich score of an armadillo with a slide rule.
@@revwroth3698 Credit score is a way to force people into debt, specially when Important necessities requires them even if you have enough cash. Some places would refuse to sell you a car for cash just because you have No credit, same with houses
@@revwroth3698 sounds like somebody's got a rating of a squirrel with a switchblade
I remember reading an article several years ago about how Ukraine "decommunized" the surviving remnants of public healthcare in the country to the point that just calling an emergency costs money now. That policy lead to a growth in GDP, a big win for the economy and of course for the people, no doubt.
@@Power_to_the_people567 He was referencing More News which is another socialist youtube chanel so its prolly a joke XD
Keep up the great work my friend!!
America feels like we are either in a recession or on the verge of a recession every 6 months or so
The USA is so right wing that CNN is considered left wing while in Brazil, CNN is the most right wing media outlet we have.
That must be a nightmare
Usa is very conservative. 100% capitalism which makes it have so many problems. I just hope when im an old man i get to see capitalism on its knees and see young people celebrating on the streets when socialism takes full control. Then i can die peacefully.
Not only in Brazil. In most countries. 'muricans have no idea what left wing mean.
drone footage of wheat harvesters is a second thought certified classic
You know I gotta do it
I think we are too obsessed about the market crashing. In the right sense, the market never really crashes. It just undergoes cycles, and almost always recovers. So I really don't care what the predictions are. I just want to grow my portfolio. I read that people are pulling in massive profits both in bull rally and crashes. I'm here for tips on how they do it.
Long term? Stocks! Small-Caps are poised to perform better in the coming year despite Fed actions with rates to make investors worried. you should look into which the Best Small-Caps Stocks to position into.
Accurate asset allocation is crucial right now, and some individuals use hedging strategies or allocate part of their portfolio to defensive assets for market downturns. financial advisory is vital for achieving this. This approach has helped me stay financially secure for over five years, yielding nearly a million ROI
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular advisor to whom you have used their services?
Credits goes to Marisol Cordova, one of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services.
It is not a Bug, it's a Feature.
A feature that kills a lot of people in the way.
@@44Gleek182 yes. And that’s called an “opportunity”.
A feature of Government, not Capitalism.
@@BarrySlisk eh, i think you should look at how boom and bust cycles work and how they are caused. Spoiler alert, corporate greed.
@@44Gleek182
HA HA, I have studied it. And greed is always present and therefore not the cause.
Regulation, money printing and government interference in interest rates are the cause.
18:47 _This_ is how you do a good sponsor segment. I have tried Ground news and found it frustrating, for this very reason; it significantly narrows the political landscape by only focusing on the mainstream US political spectrum.
I was so happy to see that JT was transparent about this in the sponsor segment. And I'm glad it still worked out, because many sponsers don't let creators do this, which is why I usually do not trust them very much.
But yeah that was great to see, keep up the great work JT! :)
Thanks so much!
rw pfp spotted hello there
Dude .
Your videos are awesome.
Concise, well written, not boring and just enough humor.
Thank you. 🎉
I was about to eat and feel happy.
On second thought, lemme watch this first.
your videos are great, keep up the hard work man, we all appreciate it and you
Great explanation for the recession to come! Would you consider making a video about care work under capitalism? I’m thinking of the many hours spent on the unpaid and often arduous care of children, the sick and elderly expected by this system? Capitalism greatly benefits from this set up, and our major institutions (Christian churches for example) perpetuate it.
Uncounted and necessary labor goes away when the capitalists take everyone out of the home. Womens equality in work has some darker sides. I think you're right that these things need way more attention in economics.
@@drphosferrousyour solution is “go back to the kitchen, women”? I’m a dad and I would love to be able to spend my time caring for my children and raising them while my wife “wins the bread”… but frankly all parents regardless of gender should be able to raise and spend time with their kids, where “bread” doesn’t have to be “won”… winning the bread means there are losers, and that is capitalist cruelty for you
I'd say, first work on gender equality, second recognized homework as labor and find a way to recognize it monetarily, third, have a public pension system, a minimum wage for any eldery, a well funded public healthcare system, and so on.
@@lizziemallow if we challenged all the artificially imposed heirarchies though, couldn't we have room in the economy for homemakers to do ok without the state or oligarchy taking care of them? Maybe it sounds like anarchist utopianism but I'd like to think that home, community, and family could exist without permission from a higher power.
@@goldenealgefromdutchbros6834 care of children,elderly, and disabled comes from our labor excess and almost no one would vote against that but we've all been conned into letting the upper class get most our labor excess. We have to pay someone to take care of our people now and the answer becomes more work and more work and less and less labor excess from our excessive labor. Having the State cover it would be better than what we have now but that's hardly a solution to the root problem.
I hope millions more people subscribe to your page. We absolutely need this type of knowledge! I feel like I’m getting crash college course information. But simple enough to fully grasp.
A second thought, first thought and Deprogram video all in one day?
You spoil us.
great video this week, JT! seems timely for me especially because my company just announced budget cuts and potential layoffs yesterday as a result of indications of recession supposedly threatening profit (growth) - lol. The use of the projector seems really great for visualization which probably being easier to edit than the paper, so i thought it was cool! Also to JT and all fellow comrades, happy birthday to daddy marx!
I used to think social entrepreneurship would be the golden ticket for my career because it focuses on people, planet, & profits. However, I aim to add my expertise to society within communities seeking ways to drive innovative solutions for recursive & sustainable development. I love the concept of degrowth, cohousing, and disrupting systemic inequities.
we don't know when the recessions will hit, but we always know who they benefit, and it's never us. thanks for the great video!
I've been thinking about this a lot recently; and I'd just like to state that I'm sure that we can get through this as a species. Thank you so much for this video.
There's just one thing to look at to determine if you're in a recession. Is your mailbox suddenly not full of junk mail. In a recession you will only get narrowly targeted junk mail. Old people will still get the occasional hawker for some Medicare Advantage plan. Homeowners will get only one or two offers to buy their house in a week's time. Your dentist will still summon you for your cleanings, ( you probably addressed the postcard while at your last cleaning. ). Not much else. That's a recession.
Don't forget the scams. Scammers love to prey on desperate people because the desperation can make people easier to deceive.
This might be one of the most important video you have made.
Hell yeah! Thank you for this video JT. We need more talking about Degrowth. Collapse is still going to happen, so we may as well lessen the crash, and distribute resources more equitably
I'm impressed you described Crisis' of Overproduction without using any words of the sort. Loving it
This channel has evolved and improved so much over the years.
What I don't understand is why capitalist run after money...like after reaching a certain point you already have enough to get everything you want....then what is that reason behind greed...where is the motivation to acquire more and more is coming from? Why doesn't it occur to them that they can do something for greater good?
@@aureyd2515 They can't take money with them to afterlife so what's the point. They can make themselves immortal though by doing something good for the society. After a while no one would remember how rich a person was but what they contributed to society. Even they are aware of that.
Greed is greed. There's never enough for these people.
More power and control is the goal. Most of us don't want to see it, but if we follow the logic of infinite growth, capitalism's final form is fascism. A few major mergers and acquisitions, then boom: we're all toiling away in different branches of the same company. Leisure (the most coveted thing on the planet) will only be available to the rich. We should try to avoid this reality as best we can.
@@daniellarson3068 I agree, and I appreciate the few lawmakers who've attempted to enforce antitrust laws. But it hasn't stopped P&G from owning the entire toiletry aisle. It hasn't stopped M&As of media conglomerates. Once corporations get that big, there's no level of government intervention to stop them. Corporate lobbying should be abolished, for sure.
Some people just like to make something grow....
I don't know what you've changed, but as much as I liked your previous videos this one is way more enjoyable. You seem more dynamic and the delivery and visuals are captivating. Way to get even better
Every video significantly improves in quality, keep on going JT!
Been noticed this when I learn about how stock market works. Didn't know how to explain it however, so thank you very much.
Loving the higher production quality of these videos, especially that killer hook at the start 😂 Keep it up JT!
Planned economies are becoming more necessary every single day, excellent video
They always were in the context of long term stability, that is just a consequence of information theory and the need for any system to obey the underlying principals of our universe.
Free market capitalism and any variation of unplanned economics necessitates an open system that doesn't fully account for resources being extracted from somewhere else to compensate for the gross excesses, i.e. its a system far from equilibrium, this is the second law of thermodynamics and everything from atoms to stars and black holes follows it.
Economies are always planned tbh. It's just that right now, the plans are being made by capitalists for their own benefit.
You mean like North Korea? Nice example.
@@Jose-yt3qz You said this exemple yourself, we means like the nordic countries (or Europe, except that Europe is getting more and more liberal (economically) and it's more and more going shit)
@@Jose-yt3qz The DPRK literally would have imploded under American sanctions regimes without the stability of the planned economy. Compare the societies of Cuba and DPRK with socialist planned/state run economies with that of sanctioned Afghanistan. These cases both prove the destructive inhumane nature of American sanctions but also the benefits of planning.
I think in my case the youtube-algorithm deserves some thumbs up:
A few days ago I've seen the video why American patriotism is so weird and I needed some moments to realize you're an American youtuber and that the community is not only from other countries. I really started to hope, that not everybody has this weird ideologies I'd expect of Americans. And then I've seen lots of other videos and started to love your content.
Keep going this way and let's fight for a better world, not just for capitalists, but for all.
The proletarians have nothing to lose but their chains. They have a world to win.
If in the USA or here in Germany.
✊️🔥
Usa is headed towards nazi Germany. The way ppl defend this system is like Germans defended fuhrer and Weimar back in days and about patriotism immigrants are more patriots then American counterparts. As it seems.
Germany also has some hella weird stuff tho, as many other countries
The graph at 7:30 is from is by Nitzan and Bichler - thier Capital as Power (CasP) analysis is very interesting - a combination of Kalecki, Veblen, Mumford and other thinkers. Thier book called Capital as Power - A Study of Order and Creorder is also highly recommended!
Cheers.
It's incredible how close it rings to the debate currently animating France over Macron's neoliberal policies. We're facing an absurd inflation because of covid and instead of taxing businesses, Macron prefers to cut costs on public services, like healthcare, education, and infamously so, pensions. I'm proud of my country when I see that people ain't taking that sh*t anymore
Could you also do a video on how monetary policy of keeping inflation low ultimately means that a country MUST have some level of unemployment to keep things going, and therefore, the demonisation of the unemployed is baseless as it's quite literally "part of the plan"
That's called the Reserve Army of Labor. Karl Marx talked about it a bit in his writing
the necessity of a reserve army of labor guarantees there will always be unemployment no matter what government policies are there
@@KekusMagnus full employment used to be a thing in some countries though. Sure it's still shitty capitalism, but I know there was a shift in emphasis from full employment to low inflation prior to WW2 at some point
He has mentioned it many times but maybe he should do a dedicated video.
JT made a video on this! Forgot what it was called but you could look around
This new style of video is great and i really love it. You're doing great work.
I love how your videos have evolved over the last year or so!
The Dr
Theee minutes in and wow JT the quality/vibe of the content is FIRE 🔥 love seeing the growth comrade!
As a socialist I love your videos
"When I give food to the poor, they call me a saint. When I ask why the poor have no food, they call me a communist." -
Dom Helder Camara
I love your videos too. Socialism is the future.
@@berkaltuglu8140If socialism is the future of America then America is really going to fall because capitalism is what that made America a superpower
Free marketers,austrians,american libertarians,and oldschool capitalists all want to destroy capitalism in one way or another. They say socialists want to destroy capitalism but its different. Socialism always looks like it wants to prioritize the people over the profits and get a workaround for the worst effects of capitalist socioeconomic tendencies.
The Corporate Guy
Incorrect. What made America a superpower was luck.
Thank you so much for this. Why I didn't realize this before is beyond me.
Keep up the good work JT! Much love.
I've been watching your videos for a while and I want you to know how impressive your growth has been in video-making. Your sense of humor and your editing instincts (or ability to hire a really good editor) have been really shining through with each successive video :)
I love your style of videos. Keep it up!
I always feel the irony of just how many ads youtube will shoehorn over your content
Please consider doing a video on artificial scarcity and what to do about it!
What to do about it? Abolish capitalism
There should already be a video on the channel explaining artificial scarcity. It was the video that brought me over to this channel back in 2021.
@@elliot9336 Absolutely. Nothing can be done under capitalism for scarcity. Foolish question.
scarcity=demand
Demand=profit
profit=good for sellers
Thats basic capitalism and only solution in this case obviously is to get rid of capitalism.
The moment you build infinite energy/matter generators, then you can get zero scarcity
I want to say that this channel is really inspiring. I want to read more on economic history and how things were done in the 15th century.
From seeing a more perfect union video on asset managers and universal ownership cause oh my God! Every prices to rise more and extract more, to watching the big short, to watching this, how can we all start our villian arc?
Something I am craving from this channel is an actionable steps guide. Your videos are well produced and bring a lot of light to the ills of a capitalist society, but I am often left wondering what to DO. HOW do we create a new societal structure? What steps do we take? I’d like more of that information.
Join a socialist organization! Very likely you have a branch in your local area, and certainly in the nearest major city. Look into joining the CPUSA, PSL, FRSO, or even just the DSA. Get involved! The answer to “how” is the same it’s always been. People power.
@@SecondThought Thank you! Maybe you’ve already done that, but a video about those kinds of actionable steps might be well appreciated! Keep up the good work!
@@SecondThought do you know, if someone of them have online marxist club?
@@SecondThought Not to counter your suggestion outright, but I've come across a few anecdotes saying that CPUSA was compromised or basically an invitation for the U.S.'s three-letter groups to keep tabs on oneself. Is there any basis in reality for these observations, or am I just paranoid?
The guy wants robot marxism, also known as Resource Based Economy. In other word poverty and misery.
Tye production quality keeps upping itself, good job
The boom and bust cycle is like a heartbeat of capitalism that pumps money from the poor and middle class up to the rich and their corporations.
Actually there is no middle class
@@ryanmcmanus63 there was when things were in a large enough boom. The ruling class thought it would be cute to have some people think they were different than the "poor" and lick their boots for the system that provided them the opportunity. It's made up in reality, it's the working class and the owning (ruling) class. It exists solely as a class warfare tool to get the average voter to go against their own interests now, it was never harmless in use only a wedge used against the common people. But it exists in the minds of republicans and classist idiots, politicians and other conmen.
LOL, whatever you say, buddy.
Your video making skills are getting even better and engaging, congrats!
Have you thought of doing a video explaining some of the progress socialist states have made in the natural sciences?
Do you mean - progressive socialism democracies?
@@ethimself5064 they're probably talking actual socialist states - USSR, DPRK, China, etc.
@@miketheant1107 Hope not
Lol like Lysenko? Commie taters 😂
@@ethimself5064 how many thousands of apartments did your beloved social democracies build and provide for their citizens free of charge or rent? How many of them went from being colonies to building nukes in 40 years? How many of them did so while being completely blocked from international trade?
Thanks for all you do. really like the new format of the vids recently. keep doing what you do :)
have to love the fact we are "heading into a recession" when every corporation is posting record profits. How exactly is this happening?
Because they cut jobs and other benefits, which in turn means more money left for them to report as a “record profit”
lol take a look at housing profits before 2008
the capitalists are talking up recession in the hopes that the Federal reserve will panic and lower interests rates again
Hope you are getting a piece of that pie buddy
Government money printing.
Video production value has noticeably gone up recently, great work my man
Ooh, I know this one! What is capitalism?
💯
**In Alex Trebek voice**
Correct.
Capitalism is when businessmen do stuff. And the more stuff they do, the more capitalism it is. And when they do a whole lot of stuff, it's still capitalism but worse.
Privately owning the means of production?
Have you watched the video tho
@@dylanjesus1552 woooooosh
Love the improvement in Production Quality
you really outdid yourself
Really like the way you used the sponsor to benefit your argument, that's smart shit
I subscribed thanks to Sabby. This is very well explained. I want to hear more.
Already felt the effects since a year. . .every payment clogged, every month is struggle, and so many customers i do business with going under. . . honestly. . This scared the shit out of me. . More so when i just got married
Amazing! The new format of videos really rocks!
Much more entertaining
love your videos and The Deprogram and stuff but sidenote: *you have beautiful eyes* :3
Your show is awesome. Thank you. New style is even more engaging. I'm loving it. 😝
Commenting to help you in the algorithm.
I ask for permission in order to have access to a script from this video, so that I can translate it into Spanish. That way I can inform my people living in developing countries of these recessions. I will of course provide them a link to the original author of the content. (I'll be continuing with my homework in the meantime)
As a baker, I appreciate that you didn't say, "artesian bread."
Love the new editing/ production style! Keep it up :)
5:42 Thanks for explaining this in such a Detailed way, now I'll be able to take whatever Mainstream Media says about "The Coming Recession" with a grain of salt.
You’re my new favorite channel
Our country is in the business of manufacturering misery and death. No way we will remov something that proliferates both of those goals.
don't forget it's one of their best exports
Love the style you added to this video!!! You've grown a lot!
I'd like to see something breaking down the private prison industry.
Killer video comrade.
He did ua-cam.com/video/WNhlXUBNJPE/v-deo.html
This
It's the subtle, barely noticeable dig at Johnny Harris' "baguette recession" video, for me 💀😆👌
Love the content, love the idea. Mini-socialist here.
But please explain, how we, as a society, we would pay for this large amount of services while still holding up the ideal of "working".
I think it's either: change everything. The way we think about work and family and values and the environment and money.
Or don't change at all. Because you would need to change on the whole level, right?
"But please explain, how we, as a society, we would pay for this large amount of services"
Save a trillion dollars by not bombing the shit out of other countries for 20 years, put the 'genocide' money into something good like public transit
Alternatively, make rich people pay tax.
You have a good point about changing everything though, since any small change will be reversed later.
First of all, we have to start by highlighting the fact that the capitalist system has inherent flaws. The current system, in fact, is designed to benefit a few at the expense of everyone else, with wealth being concentrated in the hands of the wealthy. Instead, society should be structured in a way that redistributes wealth and resources more equitably.
The solution to this problem would be to abolish the capitalist system and replace it with a socialist system that prioritises the collective good over individual gain. Under a socialist system, the means of production and distribution would be collectively owned and controlled by the people, and everyone would be entitled to an equal share of resources and services. By the way, this doesn't mean that people are compensated equally, that people get paid the same amount as everyone else. This myth is actually a liberal distortion designed to misinform and deceive people.
In terms of how this would be funded, under capitalism, the value of labour isn't reflected in wages, with workers being paid less than the value of the goods and services they produce. In contrast, in a socialist system, workers would receive the full value of their labour, and the surplus generated by production would be reinvested in things like social services, education, and infrastructure.
What we also need is a radical shift in societal values, emphasising the importance of collective ownership and community welfare over individual gain. And in order to create a more equitable and just society, we also need to fundamentally change the way we think about work, family, values, and money, and move away from a system that is built on exploitation and inequality.
Now, I would also like to address this last point in case you are wondering why.
Karl Marx believed that in order to create a more equitable and just society, we must first understand and fundamentally change the way we think about work, family, values, and money. Marx's beliefs were grounded in the idea that our current society is characterised by a fundamental inequality in power and wealth, and that the only way to change this is to shift our entire way of thinking.
Marx believed that our current society is built around the idea of capitalism, which is focused on profit and the accumulation of wealth. Under capitalism, those who control the means of production (i.e., the wealthy) hold all the power, while the working class is left struggling to survive. Marx believed that this unequal distribution of power and wealth is the root cause of all social and economic problems, and that the only way to address it is through a radical shift in our thinking.
According to Marx, the first step in this shift is to recognise that work should be viewed as a social activity rather than an individual one. Instead of seeing work as something we do solely for our own benefit, we should see it as something that benefits society as a whole. This would require a complete rethinking of our current economic system, which is based on the idea of individual competition and profit.
Marx also believed that we need to fundamentally rethink our ideas about family, values, and money. He argued that the family should be seen as a collective unit rather than as a group of individuals. This would require a shift away from the traditional patriarchal family structure and towards a more equitable model.
In terms of values, Marx believed that we need to reject the current capitalist values of individualism and consumerism in favour of a more communal and cooperative mindset. This would require a shift away from the idea that we need to constantly acquire more and more things, and towards a more sustainable and equitable way of living.
Finally, Marx believed that we need to rethink our ideas about money. Instead of seeing money as a measure of individual success, we should view it as a means of facilitating social exchange. This would require a shift away from the current system of unequal distribution of wealth and towards a more equitable distribution of resources.
Overall, Marx's beliefs about the need to fundamentally change our way of thinking about work, family, values, and money were grounded in the idea that our current society is fundamentally unequal and unjust. Only by shifting our entire mindset can we hope to create a more equitable and just society for all.
that intro slapped 😂
JT always stepping it up whew you thought it couldn't get better.
The solutions are sound, implementing them is what has me in despair since the people in charge fight tooth and nail to prevent said implementation, and they have access to the resources to ensure they get their way, while the left has to scrounge around for whatever it can get which will always be dwarfed by the owner class' resources. Like, how does one succeed with such odds not in their favor?
When the odds are stacked so heavily against you, the only way to win is to change the game. Turn the table, by force if you have to
there's no guarantees when it comes to revolution. all you can do is work together and do your best.
there are guarantees when it comes to reform, which is that the capitalists will roll those reforms back the first chance they get. often this chance comes in a recession
@@furiousdestroyah9999 Such as?
@@teenkitsune Well, we have numbers, they don't. If the peaceful route doesn't work then there's another
I agree but small communities and businesses that configure themselves as "employee-owned" (and there a few, belieb it or nor) would be a start.....
Your production quality is increasing with every video, but this one feels like a huge step. I think I can see Johnny Harris influence 😉 Your channel is a huge inspiration 🙏
Just discovered your content and it's amazing. There's just this one thing...
The rhythm of your content is fantastic until you interrupt yourself to say your analogies are lame.
We get that you're trying to communicate when a topic is more complicated than you have time to unpack.
We don't care. We are here to watch 20 minute videos where you unpack with your alarmingly effective communication skills.
You don't have to stop every two minutes to remind us that you're not the expert on everything.
I know what it's like to edit yourself and find your own arguments (or face) nauseating. It's a distortion from the production process. Seriously, you don't need to take the viewer out of the zone, to make yourself sound more relatable. We're here on purpose. ✌️
Quality of life increase without GDP increase: I saw it in Burlington, VT a few years ago. Many ways they did that but in particular they worked out a barter/payment system between markets/restaurants and the local farmers so that the majority of food was locally sourced which provided money and jobs which meant more customers, etc. The wages were the same, the food prices the same, just everything better and a healthier local economy. I don't know the scope of gov't involvement/non-involvement but it worked well and I was impressed not only by the food but the attitudes of people being very positive. Btw, I was visiting from the West Coast and had grown up with farm-to-table SF-Berkeley-Napa when it arose and this was way better because it wasn't special elite stuff for the wealthy but everywhere for everyone.
Please make a video on CAsP, capital as power - a new school of economics.
& also more about Marxist economics, MMT, anarcho communism.
To learn even more, I would watch "Crisis of Civilizations" it's a great documentary