Conservatives: "obey authority" Also Conservatives: "Less government" Conservatives: "I will fight and die for my freedom" Also Conservatives: "women should not be able to terminate a pregnancy"
@@arabcadabra8863 except he’s so biased in every way against capitalism and so many of his statements exclude tremendous amounts of information or do not account for such an incredible amount of factors that it’s actually ridiculous people take everything he says at face value
It's the "great man" myth. The late-1800's industrialist attitude of being exempt from normal standards, and generally "outside" the system, because they saw themselves personally as producers.
I learned that the rich are beneficiaries of socialism. And the rest (poor) taxpayers are funding that enterprise. We all know the rich pay less taxes and they keep getting tax breaks from their conservative legislator friends .
The Catholic Church just got paid big time. $1.4 billion of free tax-payer money. And where is the outrage, from the Conservative Right, over this wasteful spending? Again that's $1.4 billion paid out, without questions or strings attached, to an already outrageously wealthy institution. Someone tell me how this makes any logical sense. Anybody.
There is nothing more disconcerting to the ownership class then an angry well educated truth teller, with a pulpit from which to shout from. Thank you professor!
It's important to note that the Federal Reserve has never been actually part of the government, despite its governmental sounding name. It's in the white pages, not the blue pages. Unfortunately, private representation within the Fed was allowed from its inception in 1913. This private control should have never been part of the Fed because it hobbled its supposed purpose and we're still living with the consequences. Private banking should have never existed in the United States and should be abolished in favor of a public central bank. The United States has moved back and forth from private to public banking several times. Abolition of private banking was the greatest accomplishment of President Andrew Jackson, who otherwise committed atrocities against Native Americans. Unfortunately the public bank didn't last and private banking came back to stay.
The Federal Reserve is not a private corporation. It is part private and part public, with its Board of Governors an agency of the United States government. The regional Federal Reserve Banks are private corporations acting as agents of the federal govt that are owned by their member banks, where 94% of their yearly profits are directed back to the US Treasury. I'm 100% in favor of a fully public central bank. Unlike other private industries, the private banking industry, being perverted by the profit motive, is not motivated to improve services, prices, or even honesty. Criminality is rewarded with hundred-million dollar bonuses. Lack of punishment is the fault of a federal government, that itself has been polluted by massive contributions from private banks. The federal govt is not impaired by a profit motive. Old Hickory pretty much destroyed the US economy via insistence of paying off the federal debt in its entirety. Led to a massive half decade depression. Removing $ from the private sector is a prime recipe for depression.
I would prefer to have a cooperative economic system over the current competitive economic system. That way the useless and wasteful industries will cease to exists. Also the planned obsolescence, make thing only last for one or two years instead of 10 years would be extinguished.
'The next time you hear the conservative notion about 'Small Government', turn it off, go for a walk, stop listening, to nonsense..' - Amen Brother Wolff!!
I think what "conservatives" really mean (I'm sure they're quite aware of their need for gov't subsidies etc), when they talk about small gov't, is just enough gov't to supply their needs. Because, these are the same groups that approve of what is called "elite democracy" (as opposed to a real democracy, and certainly opposed to "participatory democracy") Thus, the reason "conservatives" are so dedicated to offset elections (even illegally) in their favor. They basically adhere to the notion that some of us are more deserving, because we're just simply [fill in an excuse] than the vast majority of the people. This is a tradition that can be traced back to the founding of the country, by the wealthy land-owning elite who put together the US Constitution.
Unless we can reach others then those that see the wisdom we are simply preaching to the choir. I agree with everything you say and you have been saying what I’ve been saying for a long time. The problem I always run into like a brick wall is shear ignorance uneducated angry people. They can’t see past today and their memory only goes back a week.
Then they mention silly small things the media picks up and goes straight to the "well communism is bad, look at stalin" or whatever. It's either all or nothing for alot of people. "Capatalism is good, we are better now then ever before, it's the best system we got. Communism is the enemy and this is an article I read in the sun (British right wing newspaper) so I'm right" even if you reply with, well what about 'insert scholar names'? And then the reply is just well their communists your wrong. Your right, ignorance is a brick wall to open discussion. However, it is bliss, so that's why alot of people won't listen. You have to find what makes them tick, right wing people tend to be protective and more fearful - left wing tend to be compassionate and too adventurous. So if your talking to an ignorant person that's more right wing, try appealing to that protective side. Don't you want to protect your access to education? For example. For left wing ignorance, appeal to their compassion. Sorry, wasn't meant to be a paragraph - your thoughts?
And they are afraid, of many things. Ignorance and fear will likely lead to total fascism, and there is no place to escape to unless you have enough money to support yourself. It is as difficult to emigrate to another place as it is to immigrate to the good 'ol USA. "May you live in interesting times". Indeed. Have a good day
Thomas Paine wrote on the relationship of government and society pointing out that society is formed by our need for cooperation in order to survive. When the hardships are overcome by the pioneers and comfort gives time for mischief, some among us, out of boredom or malice will cause discord. Society then agrees to meet at some site to discuss the problems and form a solution, perhaps taking the form of laws, which restrict society, hoping to dispel discord. Paine writes, "if our conscience alone could restrict our vices, society would have no need of government."
ive been listening and reading you for a long time prof wolff and i just realized ive never commented! i particularly liked this video and just wanted to let you know how much i and my family loves you! my further comments will without doubt be more critical, but in the time of covid gotta send my love
You help me feel 1/1000th (haha) better this morning! So glad to have found you because I’ve felt as if I’m insane, while your explanations validate my personal & professional experiences. Are there any workers cooperatives for teachers anywhere in the US?
Well said Doctor Wolfe, Thank you for arming myself with the knowledge necessary to combat the political dogma, that I hear on a daily occurrence. As of late, I have had many constructive discussions about socialism with many around my community to help pass the word.
The paradox of the free market is that in order for it to be free and fair, it must be regulated by a democratic government. No libertarian or conservative wants a fair and free market for the people. They want it free for themselves.
Dear Prof. Wolff, have we already reached the economic crisis that you have predicted a few years ago to arrive in the very near future? Or is there going to be an even bigger crisis adding up to what we already have because of Covid-19?
We would already be beyond that next crisis if the US government wasn't continuing to prop up the fantasy stock market and now even the bond markets. Both of these would have massively imploded months ago without constant Fed injections and now the Fed has no way out of the conundrum. The moment it withdraws market support the system WILL collapse. Interest rates are at near zero so the Fed has no other levers to pull to keep the economy from collapsing. Basically, they're f!cked if they do and f!cked if they don't. And so are we all!
Watch the stock markets all around the world. They are rising for years. Now appears covid19. The keep on rising. As soon as this bubble explodes it will be worse than "Black Friday".
But "the stick market is rational". It will be a.o.k. Just ask good old milt and his chicago boys, they'll tell ya so. (Sarcasm, for those not sure of my position)
Ironically, it was Ayn Rand who famously advocated for the complete separation between economy and state, in the same way there should be the separation between church and state.
Bless you, you are doing such amazing work helping to educate the indoctrinated masses including myself. Watching you and Cornell West and a few others has removed the scales from my eyes and never again will I believe capitalism to be some infallible system. There must be alternatives. Thanks again, much appreciation from central Pennsylvania!
I just discovered your videos a few days ago. Being a business-admin student in Louisiana we NEVER hear the truth about Capitalism's flaws and failures but it's always being extolled as the solution to all problems. My micro-economics Professor, although a great person and educator, is absolutely sold on free-market/lassiez-faire and that is 100% the only narrative as if there were no other possibility. Anything that is not totally/irresponsibly de-regulated is termed an economic heresy, "Communist," "Socialist," "Fascist" (which makes absolutely no sense: People here are profoundly ignorant of what they're arguing for and against or why but are fueled by misguided emotion), or generally evil. I remember possibly the earliest sayings I was taught by my father "If you don't work you don't eat:" To realize that we can drastically improve our economy with intelligent planning is as a light going off for me. It has always made sense but people are fiercely ideologically-opposed to anything different than the same system which is becoming more untenably unequal every day, (I could barely afford food or water last year and worked wayyy harder than my rich "boss"), and the icing on the cake is that it is CONSTANTLY BREAKING, weak, and disorganized. It is not the economic system of a sophisticated species of apes like ourselves. It is so hypocritical of Ayn Rand's followers to take Government money: They make me sick (and I used to be the one carrying around "Atlas Shrugged.") I was a Randian 10 years ago before I started thinking about reality. Very incoherent comment I realize: I wish you were my Professor and thank you for producing this content which we in America need to take seriously.
You ever played Bioshock? Well if you want to explore the ruins of a failed capitalist utopia that sacrificed itself for its beliefs while getting to play as a gun touting wizard I could not suggest it more.
Dr. Wolff - I have been following your thoughts for some time now, and have often wondered why you don’t broach the subject of the privately-run prisons in the US. These institutions must get their monies from government sources for the services they provide. And with the insane long sentences given inmates these institutions have what looks like a long-term guaranteed source of income. Looks like a very real potential for corruption to me. Would love to hear your comments on this.
Globalized consumer capitalism was never intertwined with conservative or traditional political ideologies until very recently in American history, and still isn't in most of Europe and even Canada. Neoconservatives in the U.S. permanently hitched their wagon to economic liberalism during the Reagan era and never looked back.
Think of that scene in 'It's a mad mad mad mad world' where Jonathan Winters is saying. "there's enough for me and for you and you' while they all move towards their cars. That's where we are. lol
The notion that a "free market" would or could develop organically in the absence of government is akin to expecting Bundesliga football to naturally occur in a pristine rainforest.
The problem of course is it would work the same under a Wolffian cooperative system. The goal of the cooperative would still be to minimize government interference on the regulation side and try to maximize government interference on the subsidy side.
Well Marx might be right that revolution is necessary to get the change that is needed to ensure a more equitable share of income and wealth. Unfettered, unregulated capitalism is not sustainable for the majority of human beings. Richard Wilde is a economist who is telling the truth. Stay healthy , Richard Wolff.
The most important role of a capitalistic government in support of the capitalists class is the monopoly of violence in the name of law making, law enforcement and the military. The law fundamentally forbids the violation of private ownership of the means of production, and the police enforces it. The military could literally bomb foreign nations into obedience or stage coups in case business interests is under threat. All the other handouts in various industries are based on this "lawful authority" of the government. And that's the reason why the capitalists all seek help from the government. They can use working people's surplus to grow their own business at the discretion of the government but will never get any retaliation from the workers threatening their ruling status, since the law forbids it. There is no possible way to fix the system within it, i.e. through election or reform, as long as the capital has the power to project political influence.
The problem is that you can't get any conservatives or Capitalists to listen to any of this. They are so convinced that the world is a wonderful place under Capitalism.
Yup. There's no such thing as "anarcho-capitalism." Without the government, who forces people into the capitalist system? Private companies? Isn't that just feudalism? Yup, that's just feudalism.
White American 'middle classish' boys goes through an Ayn Rand phase the way french teenagers go through with Camus and Sarte. Difference is you can still hold on to your dignity if you are still enamored with Camus by 30, the same can't be said for when you make it all the way to the top of the U.S Treasury Department and still idolize Ayn Rand.
The Chairman plus 7 Governors of the Fed who are in Washington are appointed by the President and confirmed by Congress. They are the supervisory and regulatory body. The actual ' work' and printing of money is done by the 12 Regional Reserve banks. These are private corporations whose stock is owned by private banks. Each Regional Reserve Bank has 9 directors. 3 appointed by the Governors in Washington and 6 private bankers. So there is a total 117 people running this institution , 45 directly or indirectly appointed by Congress and 72 who are private bankers. May explain where the printed money ends up when things get tough.
And when it comes to the government acquisitions especially the Feds, I am an expert with dealing the Feds. Worked for both for the Feds and private industry. It is lucrative job.
The congress wants to limit unemployment checks to $600 week, but congress receives $87 an hour plus expenses and COL increases and IF they would work 2,000 annually.
What are your thoughts on the Makers vs Takers argument considering the "conservative" states take more money from the Federal Government than they send in, but the "liberal" states get less than they send in?
Is Wolff bashing anarchists or the government or both? Liberals and anarchists are against state regulation and interference (including the paternalism of welfare), however, they disagree on whether the state should help civil society organizations financially. This disagreement is called the separatist vs. accommodationist (the third way) debate. Separationsists want a complete separation between economy and state (or no state at all), accommodationist want the state to fund and subsidize private civil society organizations. However, history proves the state can do things much better, for example the failure of mutual aid societies vs. social security. The state does those things better even if private organizations (the service providers) are funded by the state as the social democratic countries prove that universal state benefits are superior to the US private welfare system
To be fair, the US Government is horribly inept at helping it's own citizens (and purposefully by design). With all the international wars and lack of return to the people living here to where we can't even get decent roads (in a car country no less), I really don't want to pay taxes for the government to pocket either.
Here's another one. Ever since the Age of Exploration corporations were state charted and sanctioned entities. Corporations are still in large part state protected entities. Adam Smith would not recognize our economic system as capitalist. "Between the 14th and 19th centuries, royal charters were used to create chartered companies - for-profit ventures with shareholders, used for exploration, trade and colonization. Early charters to such companies often granted trade monopolies, but this power was restricted to parliament from the end of the 17th century.[14] Until the 19th century, royal charters were the only means other than an act of parliament by which a company could be incorporated; in the UK, the Joint Stock Companies Act 1844 opened up a route to incorporation by registration, since when incorporation by royal charter has been, according to the Privy Council, "a special token of Royal favour or … a mark of distinction". en.wikipedia.org/wiki/Royal_charter#Corporations
What support? I got so much help from the US government that I spent the first 9 years of my adult life homeless in the US. And no, it was not a choice, I was not lazy, I definitely was looking for work,. And I spent nearly a decade on the streets, literally. II lived under bridges, in boxes and abandoned properties when I could find them. And I was told flat out that therre was no help for me at all. Basically told to piss off. God bless America and capitlaism, clearly the wolds best answer to poverty.
For years and years and years, "free handout money is bad", for .2 milliseconds the amount of time it takes to transfer trillions of dollars to the most already outrageously wealthy, "only free handouts can save us", then back to normal again as though that didn't just happen
I think that most of us ("average" John or Joan citizen) do NOT realize, nor does it seem to be mentioned here that fiat money creation lies in Borrowing and Debt... Let's consider (hypothetically) how the fiat game begins... 1.) Someone wants to borrow against a promise to return that sum of money PLUS INTEREST at a given point in the FUTURE... (LETS use $1000.00 as a starting point... so 2.) A $1000.00 amount of IOU NOTES is created, say by the TREASURY and thus loaned to the borrower, who then spends the notes to get what is needed, and since they are received in confidence by the seller, they soon become circulating throughout the (economy) "system"... BUT, 3.) and very crucial to understand the rip-off of this system... THE MONEY NEEDED TO PAY THE INTEREST ON THE LOAN WAS NOT CREATED... (YET)... and therefore, at this point, it is IMPOSSIBLE to pay the $1000.000 plus the interest amount back, UNLESS: 4.) MORE MONEY IS "CREATED" BY MORE LOANS AND BORROWING to make an image that there is enough money circulating to pay the INTEREST.....BUT.. 5.) the system therefore requires more and more and more DEBT NOTES creation to keep this (PONZI SCHEME) going... OR, it will fall short and fail... Now herein is the root of PROFIT and GREED and movement of capital as it circulates, moving from weak hands, (dummies) to smart hands. ("profiteers", crooks, smart business people, gamblers, AND, of course, governments which COLLECT TAXES by law and decree... I know this doesn't sound very nice, but, to me, this whole system relies on the masses of people being too stupid to realize that they are being had.. W'hile certain "elite" persons seem to understand this system, almost from birth...and thereby profit from it... Now, in my view, governments make all kinds of promises to the masses, offer all kinds of protections and welfare, but mainly exist to fleece the masses, keeping them poor and in debt and in line... Secondly, the governors use their power to give the real spoils away to their cronies and or those rich individuals who can help them, the governors, get personally wealthier.. At least, this is how I see it... and it all begins to crumble for most of the masses when they take on "CREDIT" and go into DEBT... and that is what keeps the PONZI system running along... (and I don't care what ISM one uses, it is all the same to me)... The next problem is, that as an INDIVIDUAL, who understands all of the above and speaks out too often, or too loudly,.. well, that individual can basically kiss their own (butt) good bye.... as in, be eliminated...
Ignorance, selfishness, greed, exploitation, discrimination, hatred, jealousy, unnaturalness, and inhumannes are the causes of all our disasters unless we change them we will have continuous disasters.
and big government is what then? We are at the largest government in American history and we have the widest gap wealth gap. perhaps look at the facts.
@@ColinStuckert I said Ideology, not facts. The rich and powerfull say that they want a small governement that let's " free market" rule over them. IN REALITY, the want a big government that helps them suck all the money anf stay in power. That is what i meant by my previous comment.
who said it is free of corruption ? every system's got his weaknesses and dishonest people will always find a way to pull the blanket to them BUT with the so called "socialist" medical system every one in Europe and civilized countries as Australia or Canada gets the most basic right of having medical care. In USA it seems that whatever can makes profit in private pockets should as jails, sick ones ... Shameful. Btw the entire world even Autralian's Prime makes fun of your clown in charge.
@@becassine38 You make a good point.I lived in Iceland when I was younger and everyone paid into a national health plan and you got great care for reasonable cost. My sister lives in Japan and they have awesome health coverage. As far as America goes, we're rife with greed and corruption...
Ya gotta love how potus 45 is rolling back water saving appliances in the middle of a nationwide drought. Michigan! Experiencing a drought. What is our world coming to?
GOP is "right wing liberalism." DNC is "left wing liberalism." We CONFUSE Left and Right within our Anglo-American Lockean "Liberalism" with Conservatism. We don't have "Conservative" political parties here.
The Conservative Ideology: "I'm gonna get mine." The Conservative Justification: "If I don't exploit my fellow Man, someone else will!" It is disturbing that so many people adhere to Psychopathy.
Can you talk about the China floods and the economics consequences of that? Also covering how well or how terrible a communist country could rebound from such a disaster.
![Global Capitalism: West in Turmoil 2024: Big Elections, Big Social Changes [September 2024]](http://i.ytimg.com/vi/OIgH1dnsh50/mqdefault.jpg)
"if you lived with someone as unstable as capitalism you would have moved out a long time ago." - Richard Wolff himself.
Conservatives: "obey authority"
Also Conservatives: "Less government"
Conservatives: "I will fight and die for my freedom"
Also Conservatives: "women should not be able to terminate a pregnancy"
F R those are true tho
One of the (fictional) General Orders under the Name-Droppers is “Obey Higher Authority.”
What's considered trashy when you are poor and classy when you are rich? Taking money from the government
"This country has socialism for the rich, rugged individualism for the poor." Martin Luther King, Jr.
Ray Dalio
And utopian Communism for the 1%
@@meenki347 haaha
The wealthy pay 95% of Fed taxes...so, should they get nothing in return?
@@useyourbrain3765 Please provide evidence that the 1% pays 95% of the taxes.
I don't know where you learned this from but it is very misinformed.
I will continue to say it. This guy needs to be at the end of every evening news broadcast.
Except the capitalist elite own all the evening news broadcasts.
@@arabcadabra8863 except he’s so biased in every way against capitalism and so many of his statements exclude tremendous amounts of information or do not account for such an incredible amount of factors that it’s actually ridiculous people take everything he says at face value
Andy Rooney style!
@@BenjaminDavis104 Is it truly "bias" or counter argument to the biased status quo?!
@@stvwds61 okay so remove bias from my statement but still keep everything else. I couldn’t care less about the semantics
That AR institute story was priceless. It really sums up capitalism. “Capitalism is good for you but not for me. I need the nanny state.”
It's the "great man" myth. The late-1800's industrialist attitude of being exempt from normal standards, and generally "outside" the system, because they saw themselves personally as producers.
This PPP scandal is a mess and a dam shame. The provision is clear PPP was for small businesses who didn't have access to capital markets.
Don’t forget oil, and cigarettes, and pharmaceuticals (haha), and... everything else. Very well-put professor, this was a good one.
Really hammers home the point that capitalism requires constant Band-Aids to function
I have learned a lot by watching and listening to Prof. Wolff's videos.
You have learned a lot... such as?
Same here, I been learning from pr Wolff for last couple years.
I learned that the rich are beneficiaries of socialism. And the rest (poor) taxpayers are funding that enterprise. We all know the rich pay less taxes and they keep getting tax breaks from their conservative legislator friends .
SEGA Arthur It’s not specifically conservatives that give tax breaks, it’s the government intervening in the economy that does thos
@@cafeirlandais Are you saying you are NOT learning valuable information here?
The Catholic Church just got paid big time. $1.4 billion of free tax-payer money. And where is the outrage, from the Conservative Right, over this wasteful spending? Again that's $1.4 billion paid out, without questions or strings attached, to an already outrageously wealthy institution. Someone tell me how this makes any logical sense. Anybody.
The excuse for that was they had already had to pay out expensive settlements for creepy priests and they already have tax exempt status.
do u know expensive it is to bail out all those child rapists they have?
There is nothing more disconcerting to the ownership class then an angry well educated truth teller, with a pulpit from which to shout from. Thank you professor!
yeah, Trotsky was kinda like that
And Stalin had him killed with an axe to the head.
It's important to note that the Federal Reserve has never been actually part of the government, despite its governmental sounding name. It's in the white pages, not the blue pages. Unfortunately, private representation within the Fed was allowed from its inception in 1913. This private control should have never been part of the Fed because it hobbled its supposed purpose and we're still living with the consequences. Private banking should have never existed in the United States and should be abolished in favor of a public central bank. The United States has moved back and forth from private to public banking several times. Abolition of private banking was the greatest accomplishment of President Andrew Jackson, who otherwise committed atrocities against Native Americans. Unfortunately the public bank didn't last and private banking came back to stay.
Right on the money! Pun intended, but all true. Lol.
The Federal Reserve is not a private corporation. It is part private and part public, with its Board of Governors an agency of the United States government. The regional Federal Reserve Banks are private corporations acting as agents of the federal govt that are owned by their member banks, where 94% of their yearly profits are directed back to the US Treasury.
I'm 100% in favor of a fully public central bank.
Unlike other private industries, the private banking industry, being perverted by the profit motive, is not motivated to improve services, prices, or even honesty. Criminality is rewarded with hundred-million dollar bonuses.
Lack of punishment is the fault of a federal government, that itself has been polluted by massive contributions from private banks.
The federal govt is not impaired by a profit motive.
Old Hickory pretty much destroyed the US economy via insistence of paying off the federal debt in its entirety. Led to a massive half decade depression. Removing $ from the private sector is a prime recipe for depression.
Looks like you've been watching "The Money Masters" documentary. I used to like it until I discovered MMT.
The US Post Office once was a public bank. Might be a good time to revisit that!
I love this series, thank Michael Brooks, Rest In Power, who led me to Prof. Wolff. I'm sharing this with my comrades on social media.
Thank you so much professor Wolff
i just watched Saving Capitalism with Robert Reich last night. he said kinda the same thing--capitalism without proper governance is a huge problem
I would prefer to have a cooperative economic system over the current competitive economic system. That way the useless and wasteful industries will cease to exists. Also the planned obsolescence, make thing only last for one or two years instead of 10 years would be extinguished.
Robert Reich is also a muthafucking G, but I am petty sure he's not a qualified economist like Dr.Wolff.
@Craig Bowers the only reason they wouldn't agree is that they're brainwashed
Thank you, professor.
Please publish a list of these fraudulent gangsters for we lazy fools can go after them. Thanks for what you doing.
It's supposed published somewhere loads of politician and other filthy rich folks took millions each.
More people need to hear you speak!
The Ayn Rand Institute gets bailed out! Lmao, that's truly priceless.
'The next time you hear the conservative notion about 'Small Government', turn it off, go for a walk, stop listening, to nonsense..' -
Amen Brother Wolff!!
America really needs more ppl like you!
I think what "conservatives" really mean (I'm sure they're quite aware of their need for gov't subsidies etc), when they talk about small gov't, is just enough gov't to supply their needs. Because, these are the same groups that approve of what is called "elite democracy" (as opposed to a real democracy, and certainly opposed to "participatory democracy") Thus, the reason "conservatives" are so dedicated to offset elections (even illegally) in their favor. They basically adhere to the notion that some of us are more deserving, because we're just simply [fill in an excuse] than the vast majority of the people. This is a tradition that can be traced back to the founding of the country, by the wealthy land-owning elite who put together the US Constitution.
all of that is made up
@@MultiHobos - You wouldn't know because you are a Bot with a channel that has no content.
Your brain has no content, because you do not have one.
Barquero Juan Carlos -
Well said. Good breakdown of Conservative "values".
No, they don't mean "small government". They mean "no government to provide social aid but huge government to oppress minorities and the poor"
"The Ayn Rand Memorial Appeal for Government Rescue"!!!!
LOL! LOL! Ayn Ryand Institute gets money from the PPP.
Top kek
Unless we can reach others then those that see the wisdom we are simply preaching to the choir. I agree with everything you say and you have been saying what I’ve been saying for a long time. The problem I always run into like a brick wall is shear ignorance uneducated angry people. They can’t see past today and their memory only goes back a week.
Then they mention silly small things the media picks up and goes straight to the "well communism is bad, look at stalin" or whatever. It's either all or nothing for alot of people. "Capatalism is good, we are better now then ever before, it's the best system we got. Communism is the enemy and this is an article I read in the sun (British right wing newspaper) so I'm right" even if you reply with, well what about 'insert scholar names'? And then the reply is just well their communists your wrong.
Your right, ignorance is a brick wall to open discussion. However, it is bliss, so that's why alot of people won't listen. You have to find what makes them tick, right wing people tend to be protective and more fearful - left wing tend to be compassionate and too adventurous. So if your talking to an ignorant person that's more right wing, try appealing to that protective side. Don't you want to protect your access to education? For example.
For left wing ignorance, appeal to their compassion.
Sorry, wasn't meant to be a paragraph - your thoughts?
everyone that doesn't agree with me in just ignorant
And they are afraid, of many things. Ignorance and fear will likely lead to total fascism, and there is no place to escape to unless you have enough money to support yourself. It is as difficult to emigrate to another place as it is to immigrate to the good 'ol USA.
"May you live in interesting times".
Indeed.
Have a good day
I agree. It is almost hopeless to get anyone who considers themselves a conservative to listen to any of this.
Thomas Paine wrote on the relationship of government and society pointing out that society is formed by our need for cooperation in order to survive. When the hardships are overcome by the pioneers and comfort gives time for mischief, some among us, out of boredom or malice will cause discord. Society then agrees to meet at some site to discuss the problems and form a solution, perhaps taking the form of laws, which restrict society, hoping to dispel discord. Paine writes, "if our conscience alone could restrict our vices, society would have no need of government."
clear as pure water..may be for this some people don' t see it.
ive been listening and reading you for a long time prof wolff and i just realized ive never commented! i particularly liked this video and just wanted to let you know how much i and my family loves you! my further comments will without doubt be more critical, but in the time of covid gotta send my love
lol I can tell you had some fun in this one =D I had fun listening, and will have more fun sharing haha
Your final advice at the end is one of the greatest things you've ever said.
Bravo! Bravo! Prof Wolff!
The title says it all.
Corporate socialism, as Bernie put it.
You help me feel 1/1000th (haha) better this morning! So glad to have found you because I’ve felt as if I’m insane, while your explanations validate my personal & professional experiences. Are there any workers cooperatives for teachers anywhere in the US?
yeah, the entire union-controlled government education system
Well said Doctor Wolfe, Thank you for arming myself with the knowledge necessary to combat the political dogma, that I hear on a daily occurrence. As of late, I have had many constructive discussions about socialism with many around my community to help pass the word.
The paradox of the free market is that in order for it to be free and fair, it must be regulated by a democratic government. No libertarian or conservative wants a fair and free market for the people. They want it free for themselves.
Good talk professor. Thank you
Dear Prof. Wolff,
have we already reached the economic crisis that you have predicted a few years ago to arrive in the very near future? Or is there going to be an even bigger crisis adding up to what we already have because of Covid-19?
I'm no Richard Wolff but I'd say this shit is just getting started.
We would already be beyond that next crisis if the US government wasn't continuing to prop up the fantasy stock market and now even the bond markets. Both of these would have massively imploded months ago without constant Fed injections and now the Fed has no way out of the conundrum. The moment it withdraws market support the system WILL collapse. Interest rates are at near zero so the Fed has no other levers to pull to keep the economy from collapsing. Basically, they're f!cked if they do and f!cked if they don't. And so are we all!
Watch the stock markets all around the world. They are rising for years. Now appears covid19. The keep on rising. As soon as this bubble explodes it will be worse than "Black Friday".
But "the stick market is rational".
It will be a.o.k.
Just ask good old milt and his chicago boys, they'll tell ya so.
(Sarcasm, for those not sure of my position)
@@tamsenmillerbaum thx very important information for non-natives
Ironically, it was Ayn Rand who famously advocated for the complete separation between economy and state, in the same way there should be the separation between church and state.
Fantastic, thanks Prof. Nobody puts it as clearly, honestly and succinctly as you. Lovely touch of sneer, too. Better watch your back!
Bless you, you are doing such amazing work helping to educate the indoctrinated masses including myself. Watching you and Cornell West and a few others has removed the scales from my eyes and never again will I believe capitalism to be some infallible system. There must be alternatives. Thanks again, much appreciation from central Pennsylvania!
congratulations on being ignorant on how capitalism works to being indoctrinated about socialism
I just discovered your videos a few days ago. Being a business-admin student in Louisiana we NEVER hear the truth about Capitalism's flaws and failures but it's always being extolled as the solution to all problems. My micro-economics Professor, although a great person and educator, is absolutely sold on free-market/lassiez-faire and that is 100% the only narrative as if there were no other possibility. Anything that is not totally/irresponsibly de-regulated is termed an economic heresy, "Communist," "Socialist," "Fascist" (which makes absolutely no sense: People here are profoundly ignorant of what they're arguing for and against or why but are fueled by misguided emotion), or generally evil. I remember possibly the earliest sayings I was taught by my father "If you don't work you don't eat:" To realize that we can drastically improve our economy with intelligent planning is as a light going off for me. It has always made sense but people are fiercely ideologically-opposed to anything different than the same system which is becoming more untenably unequal every day, (I could barely afford food or water last year and worked wayyy harder than my rich "boss"), and the icing on the cake is that it is CONSTANTLY BREAKING, weak, and disorganized. It is not the economic system of a sophisticated species of apes like ourselves. It is so hypocritical of Ayn Rand's followers to take Government money: They make me sick (and I used to be the one carrying around "Atlas Shrugged.") I was a Randian 10 years ago before I started thinking about reality. Very incoherent comment I realize: I wish you were my Professor and thank you for producing this content which we in America need to take seriously.
You ever played Bioshock? Well if you want to explore the ruins of a failed capitalist utopia that sacrificed itself for its beliefs while getting to play as a gun touting wizard I could not suggest it more.
@@classyrassy1790 One of my favorite games! Videogames=Life
Great video!
🐺 Professor Wolff is my spirit animal. 🐺
Dr. Wolff - I have been following your thoughts for some time now, and have often wondered why you don’t broach the subject of the privately-run prisons in the US. These institutions must get their monies from government sources for the services they provide. And with the insane long sentences given inmates these institutions have what looks like a long-term guaranteed source of income. Looks like a very real potential for corruption to me. Would love to hear your comments on this.
The Soviet union's education system obviously wasn't that good, it created Ayn Rand.
"...if blind eyes could blaze and be meteors and be gay; rage! rage! against the dying of the light"--Dylon Thomas
Globalized consumer capitalism was never intertwined with conservative or traditional political ideologies until very recently in American history, and still isn't in most of Europe and even Canada. Neoconservatives in the U.S. permanently hitched their wagon to economic liberalism during the Reagan era and never looked back.
Damn good take professor. It's helpful to have someone help connect the dots.
Think of that scene in 'It's a mad mad mad mad world' where Jonathan Winters is saying. "there's enough for me and for you and you' while they all move towards their cars. That's where we are. lol
The bit about regulation of utilities makes me wonder if that's what is needed in medical care today...
TY Wolffie SWAK!
In other words... everything is a hustle 🔥😎
Bravo!!!
The notion that a "free market" would or could develop organically in the absence of government is akin to expecting Bundesliga football to naturally occur in a pristine rainforest.
So very very true.
The problem of course is it would work the same under a Wolffian cooperative system. The goal of the cooperative would still be to minimize government interference on the regulation side and try to maximize government interference on the subsidy side.
Well Marx might be right that revolution is necessary to get the change that is needed to ensure a more equitable share of income and wealth. Unfettered, unregulated capitalism is not sustainable for the majority of human beings. Richard Wilde is a economist who is telling the truth. Stay healthy , Richard Wolff.
I have a huge dose of professor Wolfe in my mind
WOLFF DON'T MISS
He articulates quite well what most of us have already known.
Me: *waiting for it most of the vid*.........
Wolff: ISN'T IT?!
Me: =D
Wolff is too wholesome for the world.
The most important role of a capitalistic government in support of the capitalists class is the monopoly of violence in the name of law making, law enforcement and the military. The law fundamentally forbids the violation of private ownership of the means of production, and the police enforces it. The military could literally bomb foreign nations into obedience or stage coups in case business interests is under threat. All the other handouts in various industries are based on this "lawful authority" of the government. And that's the reason why the capitalists all seek help from the government. They can use working people's surplus to grow their own business at the discretion of the government but will never get any retaliation from the workers threatening their ruling status, since the law forbids it. There is no possible way to fix the system within it, i.e. through election or reform, as long as the capital has the power to project political influence.
Boy oh boy would it be amazing to see you on MSNBC, or The PBS News Hour!
Thank you Professor Wolff! Now, when do we bring out the guillotines?
greed has no reason. they have to lie. all we can do is shun them. psychopaths have no conscience
Prof what kind of future possible mechanisms and policies would you devise to introduce democracy in the daily life of working people?
Excelente thank you again for your work educating people on the facts about capitalism. Keep it up.
The basis of much conservative ideology is the belief that justice requires the infliction of pain.
The problem is that you can't get any conservatives or Capitalists to listen to any of this. They are so convinced that the world is a wonderful place under Capitalism.
And the money that I get from the government isn’t enough to scrape by on. Seems fair
Yup. There's no such thing as "anarcho-capitalism." Without the government, who forces people into the capitalist system? Private companies? Isn't that just feudalism? Yup, that's just feudalism.
Yes, you know that and WE know that. It's those ANCAP scum that don't get it.
@@Shadowman4710 They are the useful idiots who have always supported the aristocracy. They just have an online marketing strategy nowadays.
sounds like someone doesn't know how feudalism worked
White American 'middle classish' boys goes through an Ayn Rand phase the way french teenagers go through with Camus and Sarte. Difference is you can still hold on to your dignity if you are still enamored with Camus by 30, the same can't be said for when you make it all the way to the top of the U.S Treasury Department and still idolize Ayn Rand.
Oh man, that punchline at the end, 'go for a walk etc' was the best put-down of these libertarian nutjobs I've heard!
The Chairman plus 7 Governors of the Fed who are in Washington are appointed by the President and confirmed by Congress. They are the supervisory and regulatory body. The actual ' work' and printing of money is done by the 12 Regional Reserve banks. These are private corporations whose stock is owned by private banks. Each Regional Reserve Bank has 9 directors. 3 appointed by the Governors in Washington and 6 private bankers. So there is a total 117 people running this institution , 45 directly or indirectly appointed by Congress and 72 who are private bankers. May explain where the printed money ends up when things get tough.
And when it comes to the government acquisitions especially the Feds, I am an expert with dealing the Feds. Worked for both for the Feds and private industry. It is lucrative job.
The congress wants to limit unemployment checks to $600 week, but congress receives $87 an hour plus expenses and COL increases and IF they would work 2,000 annually.
What are your thoughts on the Makers vs Takers argument considering the "conservative" states take more money from the Federal Government than they send in, but the "liberal" states get less than they send in?
lol how would the fact that the federal government spends more in rural states be the fault of the rural states
The reserve is private not government the Treasury is government you should know that sir
Is Wolff bashing anarchists or the government or both? Liberals and anarchists are against state regulation and interference (including the paternalism of welfare), however, they disagree on whether the state should help civil society organizations financially. This disagreement is called the separatist vs. accommodationist (the third way) debate. Separationsists want a complete separation between economy and state (or no state at all), accommodationist want the state to fund and subsidize private civil society organizations. However, history proves the state can do things much better, for example the failure of mutual aid societies vs. social security. The state does those things better even if private organizations (the service providers) are funded by the state as the social democratic countries prove that universal state benefits are superior to the US private welfare system
To be fair, the US Government is horribly inept at helping it's own citizens (and purposefully by design). With all the international wars and lack of return to the people living here to where we can't even get decent roads (in a car country no less), I really don't want to pay taxes for the government to pocket either.
Here's another one. Ever since the Age of Exploration corporations were state charted and sanctioned entities. Corporations are still in large part state protected entities. Adam Smith would not recognize our economic system as capitalist.
"Between the 14th and 19th centuries, royal charters were used to create chartered companies - for-profit ventures with shareholders, used for exploration, trade and colonization. Early charters to such companies often granted trade monopolies, but this power was restricted to parliament from the end of the 17th century.[14] Until the 19th century, royal charters were the only means other than an act of parliament by which a company could be incorporated; in the UK, the Joint Stock Companies Act 1844 opened up a route to incorporation by registration, since when incorporation by royal charter has been, according to the Privy Council, "a special token of Royal favour or … a mark of distinction". en.wikipedia.org/wiki/Royal_charter#Corporations
What support?
I got so much help from the US government that I spent the first 9 years of my adult life homeless in the US.
And no, it was not a choice, I was not lazy, I definitely was looking for work,.
And I spent nearly a decade on the streets, literally. II lived under bridges, in boxes and abandoned properties when I could find them.
And I was told flat out that therre was no help for me at all. Basically told to piss off.
God bless America and capitlaism, clearly the wolds best answer to poverty.
For years and years and years, "free handout money is bad", for .2 milliseconds the amount of time it takes to transfer trillions of dollars to the most already outrageously wealthy, "only free handouts can save us", then back to normal again as though that didn't just happen
I think that most of us ("average" John or Joan citizen) do NOT realize, nor does it seem to be mentioned here that fiat money creation lies in Borrowing and Debt... Let's consider (hypothetically) how the fiat game begins... 1.) Someone wants to borrow against a promise to return that sum of money PLUS INTEREST at a given point in the FUTURE... (LETS use $1000.00 as a starting point... so 2.) A $1000.00 amount of IOU NOTES is created, say by the TREASURY and thus loaned to the borrower, who then spends the notes to get what is needed, and since they are received in confidence by the seller, they soon become circulating throughout the (economy) "system"... BUT, 3.) and very crucial to understand the rip-off of this system... THE MONEY NEEDED TO PAY THE INTEREST ON THE LOAN WAS NOT CREATED... (YET)... and therefore, at this point, it is IMPOSSIBLE to pay the $1000.000 plus the interest amount back, UNLESS: 4.) MORE MONEY IS "CREATED" BY MORE LOANS AND BORROWING to make an image that there is enough money circulating to pay the INTEREST.....BUT.. 5.) the system therefore requires more and more and more DEBT NOTES creation to keep this (PONZI SCHEME) going... OR, it will fall short and fail...
Now herein is the root of PROFIT and GREED and movement of capital as it circulates, moving from weak hands, (dummies) to smart hands. ("profiteers", crooks, smart business people, gamblers, AND, of course, governments which COLLECT TAXES by law and decree... I know this doesn't sound very nice, but, to me, this whole system relies on the masses of people being too stupid to realize that they are being had.. W'hile certain "elite" persons seem to understand this system, almost from birth...and thereby profit from it...
Now, in my view, governments make all kinds of promises to the masses, offer all kinds of protections and welfare, but mainly exist to fleece the masses, keeping them poor and in debt and in line... Secondly, the governors use their power to give the real spoils away to their cronies and or those rich individuals who can help them, the governors, get personally wealthier.. At least, this is how I see it... and it all begins to crumble for most of the masses when they take on "CREDIT" and go into DEBT... and that is what keeps the PONZI system running along... (and I don't care what ISM one uses, it is all the same to me)... The next problem is, that as an INDIVIDUAL, who understands all of the above and speaks out too often, or too loudly,.. well, that individual can basically kiss their own (butt) good bye.... as in, be eliminated...
Wow... is he always such an idealogue?
Fed who controls interest rates and the money supply is 100% private.
Then the government is private too.
Ignorance, selfishness, greed, exploitation, discrimination, hatred, jealousy, unnaturalness, and inhumannes are the causes of all our disasters unless we change them we will have continuous disasters.
My advice...get yours. It's all that matters now, if you have it life is good if you don't life is hell so get yours.
Small Government Ideology = Money for the rich and powerfull.
and big government is what then? We are at the largest government in American history and we have the widest gap wealth gap. perhaps look at the facts.
@@ColinStuckert I said Ideology, not facts.
The rich and powerfull say that they want a small governement that let's " free market" rule over them.
IN REALITY, the want a big government that helps them suck all the money anf stay in power.
That is what i meant by my previous comment.
libertarians were more opposed to the bailouts than liberals were
I’m so glad that Socialism is free of corruption. Will be moving to China soon.
Socialism is the government too.
who said it is free of corruption ? every system's got his weaknesses and dishonest people will always find a way to pull the blanket to them BUT with the so called "socialist" medical system every one in Europe and civilized countries as Australia or Canada gets the most basic right of having medical care. In USA it seems that whatever can makes profit in private pockets should as jails, sick ones ... Shameful. Btw the entire world even Autralian's Prime makes fun of your clown in charge.
@@becassine38 You make a good point.I lived in Iceland when I was younger and everyone paid into a national health plan and you got great care for reasonable cost. My sister lives in Japan and they have awesome health coverage. As far as America goes, we're rife with greed and corruption...
Lol China hasn't been socialist since Mao.
Deng Xiaoping, Mao's immediate successor: "To get rich is glorious."
Ya gotta love how potus 45 is rolling back water saving appliances in the middle of a nationwide drought. Michigan! Experiencing a drought. What is our world coming to?
GOP is "right wing liberalism." DNC is "left wing liberalism." We CONFUSE Left and Right within our Anglo-American Lockean "Liberalism" with Conservatism. We don't have "Conservative" political parties here.
well shouldn't this rush to get PPP loans show major corruption within government? since congress make laws to benefit businesses in which they own ?
The Conservative Ideology:
"I'm gonna get mine."
The Conservative Justification:
"If I don't exploit my fellow Man, someone else will!"
It is disturbing that so many people adhere to Psychopathy.
that's what you'd think if you never actually read any conservative literature
@@MultiHobos I was referring specifically to the US Conservatives, I.E - Republicans.
I wonder what prof Wolff would make of Bioshock?
Can you talk about the China floods and the economics consequences of that? Also covering how well or how terrible a communist country could rebound from such a disaster.
“(Capitalism) becomes unlivable!”
It’s funny how people praise Capitalism but capitalists only needs non-capitalists so the exploitation can start!
Ignorance is bliss