Projects of Capital: Austerity and Inflation with Professors Clara Mattei and Richard D. Wolff
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- Опубліковано 14 жов 2024
- Join New School Professors and Economists Clara Mattei and Richard D. Wolff in a discussion titled "Projects of Capital: Austerity and Inflation". In her new book The Capital Order, political economist Clara E. Mattei explores the intellectual origins of austerity to uncover its originating motives: the protection of capital-and indeed capitalism-in times of social upheaval from below. Mattei traces modern austerity to its origins in interwar Britain and Italy, revealing how the threat of working-class power in the years after World War I animated a set of top-down economic policies that elevated owners, smothered workers, and imposed a rigid economic hierarchy across their societies. Where these policies “succeeded,” relatively speaking, was in their enrichment of certain parties, including employers and foreign trade interests, who accumulated power and capital at the expense of labor. Here, Mattei argues, is where the true value of austerity can be observed: its insulation of entrenched privilege and its elimination of all alternatives to capitalism.
This discussion took place at the recent No War but Class War Forum on May 31st at Long Island University’s Brooklyn Campus Sponsored by Historical Materialism and Institute for the Radical Imagination Conference
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To me Mr Wolff, you are brilliant in the manner you impart knowledge to your audience which is so easily understandable. Evidence of this is that you never seem to need the assistance of a prompter - or even notes. Your knowledge is priceless and I am very grateful for you sharing it. All power to you sir!
If only it were true and factual knowledge...but it never is...and anyone
that actually "checked" would know that also.
I've known of Proff Wolff for some years now and while my exposure to Proff Mattei has been shorter I really believe they are important voices that explain our situation clearly and so well that anyone with an open mind can understand.
Wolff is a great speaker of eloquent truths.
Thank you Professors and Economists Clara Mattei and Richard D. Wolff. Thank you New School. A most informative conversation/presentation. Best wishes.
The Road Runner, which is the funny bird, leaps over the cliff being chased by Wile E Coyote but Coyote falls down with a " kaboom." As always, brilliant. Thank you Prof. Wolff.
Brave and Brilliant Economist Dr. Wolff 👏
Thankyou Professor Wolff. Ironically, the truth about inflation is hiding in plain sight: on the Reserve Bank of Australia (RBA)'s website, and presumably on the fed too, they baldly state "firms' pricing decisions". The RBA's economic model, and indeed the entirety of the reserve banking institution, constitutes a blame-shifting exercise; whereby the blame for "firms' pricing decisions" is shifted onto workers and consumers - who are of course the same people, us. In this construct, whether the inflation is "supply" or "demand" driven, WE pay for the inflation, and WE pay to "fix" it. Raising interest rates does not "fix" inflation, it merely ensures that the rich don't have their wealth eroded by the inflation. It's a scam.
The chairmen of the Fed in the US literally said that one of the purposes of the recent interest rate was to push wages down.
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Can I also do it??? My life is facing lots of challenges lately.
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Love Clara
I think a much more interesting topic of discussion is whether or not advanced social democracy is enough, a world where everyone has access to housing, education, healthcare, public transportation, etc (these industries would largely be publicly owned non profit cooperatives) but there still remains a private capital incentive. This would really help people who are on the fence of social democracy & socialism.
Is it enough to create an adequate baseline quality of life or is privatization in itself inherently immoral? I think you would have some interesting talking points on why reform is not enough, such as unequal exchange, surplus labour value extraction, induced inefficiency under cqpitalism, etc.
Advanced social democracy...what is that?????? Is that where the majority
doesn't make the rules??? Or where the minority does...like in this present WOKE idiocy???
How does one guarantee access to anything? You can pass all the laws you want...but someone
has got to provide the things you want access to. How do you FORCE people to provide
you with stuff?
@@jgalt308 Can you speak English and form a coherent sentence for once in your life? I'm willing to bet you're a cult supporter of Trump, a wannabe dictatorial authoritarian who's narcissistic, a delinquent and a pathological liar.
You literally live in a social democracy to some extent, not as much as countries like Norway but still. What are you on about where the majority doesn't make the rules? What do you think democracy is? Can you even define the term "woke?" Like shit if woke means that I'm aware and actually care about people then you can call me that all you want.
I don't understand your second paragraph at all to be honest, it's incoherent rambling. You don't force people to provide you with stuff, you influence them, force is ineffective and inefficient but under capitalism it's rampant and primary. One doesn't guarantee me access to anything, I don't understand that question, if you could enlighten me in a coherent manner that would be much appreciated.
In 1961 I think, the Students for Democratic Society attempted to try Direct Democracy.
Read the Port Huron Statement, written by Tom Hayden.
That sheds some light on the efforts of that Group.
We simply have a limited amount of time in a Day to consider issues.
the idea of designated responsibility at one time noticed Citizen Involvement
in the choices of Candidates.
Now that power is found in Investors who control the Parties,
count the Votes, and deliver instructions to the Elected Leaders.
The input from Citizens is gone.
A $15+ billion Business has assumed control of Electoral Appointments.
FDR went a long way toward your goal. It took several generations of Capitalists to remove all those protections. There is no way in this economic system to provide those necessities to those of us who work in a way that won't be eventually removed through the persistent work of the powerful.
It's mind-blowing that the Russian-translated version of this video has over 70,000 views, even though UA-cam is blocked in Russia, and many had to use VPNs to watch it. Meanwhile, the original English version barely reaches 11,000 views. This just shows how much people in Russia are seeking the truth about inflation, despite the barriers. While Americans dream of becoming millionaires, more and more people are sinking into poverty. What does it say about us when the harsh reality is embraced by those who face the most obstacles to accessing information?
Please make a video on the situation of Bangladesh.
While the World War 2 rationing system did well, I don't think Washington will be so kind again - at least not in Prof. Wolff's lifetime. We are more likely to find networks of co-ops agree to lower (or hopefully eliminate) prices.
Would that be the same thing as saying "prohibition" did well?
@@jgalt308 No, but todays lack of CONTROL of alcohol and all the other legalized drugs that put the next generation in a mild coma may actually be worse??
Nay link for the transcript of the video?
Use AI like WordTune
@@ssehe2007 were to download this AI Wordtune?
the transcript appears in the chat box...have fun.
Indeed...What is inflation but a method of redistributing wealth?
To whom? And by what measure? How can you measure "wealth"...when the
standard used is constantly losing value?
Increased prices and lowered wages are functionally no different. And yeah either method moves wealth toward those who already have most of it.
@@jgalt308 I suppose I should have said: "inflation is a method of redistributing profit."
@@klauserino Since the currency loses value equally regardless of the amount held,
nothing is redistributed...as for profits, the effect is even more insidious.
The inflation rate for the 70s was over 100% in total, so if one invested 1 million in 1971,
and sold it for 2 million in 1980, that would be a profit in dollars of 100%.
But what cost 1 million in 1971, now costs 2 million in 1980...so in terms of value,
or purchasing power, you realized no profit.
But the government doesn't count inflation, so in real terms with an inflation rate
of over 100%, you would have suffered an actual loss and you would still be taxed
on your paper profit of 1 million.
The capital gains tax rate for 1980 for both individuals and corporations was 28%
so your paper profit was an actual loss of the amount of inflation over 100%
plus an additional tax of 28%, or $280, 000
...And yet some very few people are profiting exponentially despite--or maybe perhaps-- because of this phenomenon...
Most of what is said here is true, and how austerity is used by industrial powers of finance for their benefit at the expense of the middle class is very true. What is not being elaborated or realized is the use of the austerity tool on these financial powers through proper legislation in the way of curbing profit,, or used in both directions it can also be a beneficial tool. Bidenomics, Trumpenomics, Reagonomics,... Uncontrolled capitalism which dominates and has grown rapaciously out of control in america in the last 3 decades can only be mitigated by a socialist authoritarian government. The economics discussed here also pretend that the workers ideally should have unlimited growth potential,, To what end, become a massive majority of elitist billionaires? The ecological problems and exploitation of all planetary resources including food and water demand managed austerity for our very survival. We talk about the problem, now talk about what will cure it, and what that will intend, even if it goes against your religion --(Objectivity).
I recall Nixon's comment when questioned about how he could ,as a conservative,deal with inflation by imposing wage and price controls.He answered ,"we are all Keneysians now."Nixon's political instincts overruled his ideological proclivities.He won reelection in a landslide.
Whether it's inflation or loss of jobs or the lowering of wages the results is the same the rich become richer and the poor become poorer.
The chair game is basic training for children on how to behave under capitalism. to build up quite particular mindset ⚔
Horrific Audio.
1860's Au Clair de la Lune quality
that's leftist audio for you
I dont disagree with a word you say Prof Wolff however you ignored the elasticity of price and demand to make your argument. That elasticity is "the invisible hand", as nobody will pay $812 for crisps for a company to cover business fixed and floating costs of low volume.
$812 was hyperbole which is obvious. It doesn't have to be $812, it can be $10 and the point is still valid. Employers are subject to pressures certainly but in the final analysis it is they alone who decide to raise prices. Lowering prices is also within their pervue but the god's only know when that ever happened.
Enjoying this line-up of guests, except the audio is so terrible. Please get some decent tech people onboard. It's such a shame the audio distracts so badly from the messages, which are so important.
asset inflation = more household debt = higher dependence on the job and wage = more obedience and acceptance of lower wage (growth) . rich people get more money in returns and via lower wages
43:15 4% unemployment rather than 4% inflation. Isn't it so?
The issue I have with the definition of Inflation is, that it's basically a truism. The prices go up? It's the employer classes fault and will. The prices go down? The same thing. Doesn't matter if thousands of employers go bankrupt in the process. Doesn't matter if due to the pandmic factories are closed and less productive for months and weeks. Doesn't matter if the trading with Russian trading with oil and gas is halted. It's all to the benefit of the 3% of the employing class. Nothing really is said by that. Somehow Nixon and Roosevelt are different to Janet Yellen. The former handle markets correctly by abolishing the price mechanism, while the latter deals only to the benefit of the rich and powerful. There's no reasonable disscussion about the specific motivations and historical circumstances about the different policy decisions and how the affect the different social group. Just polemics against our current political regime that is the target of bitter resentment. As if politics is not the result of class struggle, but the result of the ruling class exerting absolute power upon the ruled. No mention He wants to get the message across, that things don't have to be like there are. That there are alternatives in handling inflation, but without the discussion on the empirically obsverable detail of history all his analysis is devoid of the richness and problems, that each individual and class has to face.
..Did you ever realize that they go ahead and give everybody a raise and then they make it back by raising the prices that that's too funny people just don't see it they just don't see it ..
"State has to constantly intervene as a life support or "Boxing ring mediator" maintaining the capital order" ,, MY GOD that sounds like that unspeakable system. (Viva IL Duce) 😮😈
The moment you realize the USA is no different than Iran or North Korea......
Quite different. You don't know what those countries are like. They have the real problems they do because of the USA and your drawing that similarity is a product of US propaganda.
Easy fix: using a regular cellular phone sound recorder will give you a better sound than this. This sound quality is not acceptable in 2024. It has very narrow band and yet, still too noisy signal, clipping, distortion...
Yes and it takes 20 years to get a raise .
And during every one of those years inflation reduces your literal wage a bit more.
leftist audio strikes again
I'm sure it would have been a great conversation if people could hear it. 🤦
Wolf appeared to avoid mention of the Fiat Currency that was used in 1971.
I may have missed that comment.
I have listened to Professor Wolf for years.
He is articulate and does deliver his message well.
The end of support that Treasury proposed for the introduction of the Fiat Currecy,
appears to have expired 20 years ago in US economic efforts.
The appearance of a currency that now has all the value of Wiemar Deutschmarks,
has avoided any actual discussion.
When the understanding of the lack of value becomes apparent,
the system may present serious problems.
What is that well-articulated message?
BTW FDR gave you fiat in 1934, this truth didn't become obvious until Aug 15 1971,
for the WORLD...instead of the just the U.S.
Inflation was 300% between 1939 and 1970, and thanks to wage and price controls...
inflation doubled to 600% by 1980.
But you have to love the logic...
If inflation is an increase in prices ( which it's not: it's an effect, not a cause ),
then ....everything that follows is NONSENSE.
Wolff rarely talked about monetary policy by himself... I find it interesting, yet when other mention it, Wolff show quite a lot of knowledge in it.
My guess it's important in running a economy but yet not a good indicator alone of how well a economy is run.
Talk about fiat and the inherent lack of value all you want, how government implement monetary policy probably have more impact than what form of money actually are.
@@whensonzhou4174 He's been spouting the same nonsense and LIES
about inflation for as long as he has been a public figure.
Even Marx knew what money was...
Money is a commodity...people seeking to acquire money are capitalists as money is capital.
Das Kapital v1 p27, p63, p 104-107
Total inflation between 1860 and 1939 = 67%
Since 1939 in lawful money terms it is now over 5000%
But fiat doesn't matter?...only the ignorant would describe Wolff as knowledgeable.
@@jgalt308 So in your opinion, for a long time money are commodity, until a something happen in 1939. To only emphasize the fiat currency aspect as the only important thing happen 1939 show how tunnel-vision you have. Monetary policy were shaped by real world event and interests. I am sure WWII and great depression has nothing to do with the transition from commodity to fiat currency.
You are quick to denounce any non-commodity money, as commodity money haven't got us into trouble that precede 1939? Why would we want to regress to a system that is so inflexible that deprive the vast majority of society of wealth and humane condition? Also, how is monetary policy the only important thing that matters to economy in your opinion?
@@whensonzhou4174 In case you missed why they created Fiat Currency, the ability to spend money without limits was limited by physical currency providing limitations on spending.
That Fact seemed to affect the Vietnam War ending.
Yeah it's called gibberish Lloyd gibberish
How austerity lead FD Roosevelt to Fascism
Ridiculously poor audio. Self-sabotage. 😢
It's a live and non-studio environment, sometimes you have to make do with what they have on hand
@@SpunkyMcGoo69 there are free AI apps for sound clarity… zero excuses. Unserious.
@@grb1969AI programs can work wonders, but the audio to my ears is captured from a microphone in the room, because they didn't have a mult from the venue's PA system and therefore couldn't capture it directly. An AI program can't make a mic at the back of the room sound like someone is speaking straight into a microphone, but could clean up some background noise and reduce the ambience of the space. But I'm just a recording engineer, what would I possibly know?
@@SpunkyMcGoo69 so you’re advertising that you’re incompetent too. Nice.
@@grb1969 didn't even engage with what I said...zero excuses. Unserious.
George Carlin pretty much sums up the first 35 minutes of this presentation in a 2 minute clip ua-cam.com/video/H-PSCqhkWhg/v-deo.htmlsi=6RgiVycrtNDaNzDn
Invest in Bitcoin before retiring by diversifying across assets, allocating a small portion of your portfolio, staying updated on market trends, and considering long-term holding to balance risk and growth!
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James Clark's market insights have consistently led to profitable decisions.
I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
Celebrating a $30k stock portfolio today from a $6k start. Investing wisely has given me time for family and future plans.
Sorry but Ms Mattei's neck wrap and dress are seriously distracting. What she has to say is important.
You can not change any of that because you made people so stupid and extremely selfish to understand or even care.
AUDIO ABSOLUTELY SUCKS ! ! !
So Wolff continues to NOT KNOW what inflation is...nor much of anything else.
But it's the lawyers fault...although the Constitution is fairly easy to read and on this matter quite clear.
Then there is the history...which he also doesn't understand. ( and never gets right. )
All of which is very sad, since Michael Hudson has tried to explain to him, what cap[italism is,
what Marx said, and the history of the "rentier" ( F.I.RE sector ) economy...all of which
he continues to ignore...making everything he has to say, totally useless...leading to all of
the #Me2 comments thanking him for his "ignorance", and his victim messaging to
the 99%. ( blaming the small group of people at the top, who have been there
for the entirety of human history. )
Wolff is not wrong, it's a matter of perspective, take me a long time to get it, it really is another way to look at it. It's less academical, but hint at the problem nonetheless.
Michael Hudson's point can be easily be put in Wolff's framework: employer class in the pursuit of their own benefit eventually became monopoly rentier, lower the productivity and causes inflation for employee class.
Wolff rarely depart from his framework until somebody push him to demostrate his academy knowledge, which is super impressive, and deeply philosopical as well.
@@whensonzhou4174 Except when he is talking to Hudson...and there is no employer class.
So you still haven't gotten it...nor do you have any historical knowledge regarding inflation
and neither does Wolff...because the 70s had the greatest level of inflation in the 20th century
and wage and price controls didn't do a thing.
But when YOU don't know anything...there is no way for you to know that Wolff doesn't know anything either.
Here the FACTS are fairly clear...What cost $1. in 1860 cost $1.95 in 1865, $1. in 1896, $2.15 in 1926, $1.67 in 1939, $2.90 in 1950, $3.57 in 1960, $4.67 in 1970, $9.93 in 1980, $ 15.75 in 1990, $20.75 in 2000, $26.27 in 2010, and $34.18 in 2022
What cost $1.67 in 1939, cost $2.90 in 1950, inflation rate 73% , $3.57 in 1960, i.r. 23%,
$4.67 in 1970, i.r. 30%, , $9.93 in 1980, i.r. 112%, $ 15.75 in 1990, i.r. 53%, $20.75 in 2000, i.r. 31%
$26.27 in 2010, i.r. 26%, and $34.18 in 2022, inflation rate 30%
So for the two periods Wolff cites as inflation being stopped, these years were the highest rates
of inflation at 73% and 112%...but facts don't matter to Wolff, whether historical or economic
and they don't matter to those being "educated" by him.
Total inflation from 1860 to 1939 = 67%
From 1939 to 2022 = 1946% and in terms of the gold price since 1970 = 5193%
I wonder what could possibly account for this radical difference????
@@jgalt308 Ok, if you really want to get a bit in depth, let's do it, Wolff is talking about short term hyper inflation that affect working people's daily life urgently, the wage-price freeze did solve the most urgent issue at the time.
Regarding your number, how is a 90 day freeze affect a 10 year inflation number? It's not a fair evaluation.
Then when you are talking about inflation over a long period of time in mostly in U.S. dollar and the west, there is a huge blind spot: the socialist world. Through out cold war, including 70s, price inflation in socialist country are almost non-existent, b/c they did wage-price control all the time. Socialist economy has so much less animosity between the employer and employee class. I wonder how that contribute to the socialist economy?
In the end, there are so much alternatives and economy experiment to learn from. Monetary policy is but one important piece in a complex puzzle. Wolff is using an example from U.S. past to tell people there are alternatives and we had tried that before, and we can try them again as opposed to the ruling class "there is no alternative" austerity measure.
Now the personal attack part from me: your point of view seems to put money and monetary policy at the center of economy well-being, which is a very common thing for us consumer to do as we feel the effect first hand. However, it's important to understand that money are human construct, they are as real as and as impactful as far as how we run the economy. In the end, economy matter to us in the sense that we obtain enough material and service from system and the society fairly to sustain a humane growth, not just simply money. We shouldn't run a system that promote economy domination, and inflation only affect the poor, it's a manifestation of class war and rent extraction.
@@whensonzhou4174 In depth? No...using actual facts, absolutely!!!
And there is no blind spot for socialist countries...except that they were blind, and their "socialism"
was funded by the U.S....rebuilt by the Marshall Plan, and continual income from
rent paid to them for military bases by the U.S. under this thing called NATO that you may
have heard of. ( but they did catch on to the Bretton Woods scam and the 300% inflation
of the U.S. dollar, which is why they wanted their gold back in 1971. )
As for what things cost, there is little difference between Europe and the U.S....and now that
cheap energy is no longer available, capitalism ( the real kind ) can no longer support industrial
production producing goods for export...at competitive prices, even with the government subsidies
that have been in effect all along.
Ain't socialism grand...
Sorry, but Wolff didn't add any qualifiers to his understanding of "inflation."...which to him
is rising prices or price increases, by employers because they can. But capitalism and inflation
were never that and never will be that. Inflation is the increase in the money supply...and with real
( commodity ) money, the business cycle alternates between inflation and deflation and the supply
of money available for investment. ( credit ) Keynesian Theory, the attempt to smooth out
these swings was developed when commodity money was REAL...and was only applied, when it
was not. So...yay...you now no longer have deflation...just inflation...with more money being printed or created,
and most of the profits are unearned by the rentier sector, which produces nothing, or spent
by the government, which produces nothing...none of which Wolff understands although
he uses the words, but has never actually known what they mean or how things work.
Even Hudson can't tackle this directly, as the U.S. government has been a criminal, unconstitutional
enterprise since 1939...and even minor whistleblowers that expose even a little piece of this are
punished severely. As for Wolff, his nonsense is just another faction of division that
serves the status quo...there are no alternatives ( at least not by him ) so he can babble
all he wants...as he is no threat and never will be. Economics is neither science nor discipline
so it is more of a joke, so much so that even Hudson has rejected the label...and if you want to
understand what economics as a science ( empirical ) would look like...try Steve Keen.
As for a bit of harsh reality in its empirical sense you need only consider the following:
Over ninety percent of our goods arrive by way of an engine that uses liquid fuels.
One barrel of oil has the same amount of energy of up to 25,000 hours of hard human labor,
which is 12.5 years of work. At $20 per hour, this is $500,000 of labor per barrel.
IGNORANCE IS STRENGTH...it's just not the strength of the ignorant.
@@whensonzhou4174 aw, isn't that cute...deleting responses and ending the conversation
before it even starts...actually I'm surprised they let the last one stand...although that you
avoided the facts presented is typical of Wolff ( and his sycophants. )
Btw if 90 days is an "unfair comparison" why is the claim that it stopped inflation, also not "unfair'".
Also, Wolff said that "it was extended, for much more"...how much more? But Wolff is
now fast-forwarding to the present. (and you missed the extension part ) So what length of
time would be considered a "fair comparison" and support the claim?
Now, notice all the irrelevant facts that Wolff used...the date, who the president was, what the
action was called, the people complaining, the threat...( throwing a union in jail ) that it was political,
etc. Apparently, Nixon was unaware of due process...and that "going directly to jail" is not
a thing...for what would be a civil violation, and a federal one at that...by executive order,
not congressional legislation. BTW Wolff has also made the claim the "rationing" stopped inflation
in the forties...and that lasted much longer, yet inflation for that decade was 73%
Google has added a new A.I overview for questions...so we get this:
The US government's rationing program ended in 1945 as World War II came to a close, with the exception of sugar, which was rationed until June 1947. However, rationing remained in effect for most commodities until the early 1950s, with meat being the last item to be derationed in 1954.
and this non A.I. response:
June 1947
As World War II came to a close in 1945, so did the government's rationing program. By the end of that year, sugar was the only commodity still being rationed. That restriction finally ended in June 1947. Plenty of other goods remained in short supply for months after the war, thanks to years of pent-up demand.
Rationing | The National WWII Museum | New Orleans
Now imagine mentioning supply and demand, the most basic form of "price discovery".
You would think a PhD in economics would be familiar with that element, NO?
Year by year numbers for inflation are available...but never used by Wolff.
Since he is also frequently "math challenged" let me ask you...if the rate of inflation was
a constant 2% per year...what would this mean in terms of the increase in price?
There is a lot more...but since there is no guarantee that this post will not be deleted........
No Professor? Wolff, inflation is not when there is a rise in prices...that is the effect of an inflation.
Inflation is an increase in the supply of money, and in this case not "lawful money" or "commodity money"
but fiat money, a gift from FDR in 1934. ( but under the pretense that the fiat could be redeemed in
"lawful money" at any Federal Reserve Bank. ) Of course, it that were true, there would have
been no point to confiscating the gold in the first place, now would there?
But thanks for sharing your continued ignorance...as least a few people believe you.