Wolff Responds: Its time for U.S. leaders to accept the truth about China's economy (June 6, 2024)
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- Опубліковано 5 чер 2024
- Today's "Wolff Responds", Professor Richard Wolff offers his thoughts on United States' politicians disingenuous analysis of the strength of China's economic system.
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Americans are in deep denial.
I guess denial is more than the name of a river in Egypt 😎
It is not denial, it is more of a heavily selective media reporting in the USA.
I am beginning to believe what was said that Americans are heavily propagandised by their system and medias
Haha youtube deleted my post in less than 5 minutes.
U tube is scared of the terms propagandised, Nuland and Ukraine
now my post gets deleted in less than a minute
I truly respect your opinion and honestly Professor Wolff ..has any of these politicians ever visited China and witness the impressive achievements and infrastructure? I’m American and have been to China numerous times and honestly, it makes the US seem like a third world country..
It doesn't matter what they see. Even if China and the entire Globe South lived in paradise, the politicians would still say the same things so they can hang onto power.
US politicians and elites know America has been overtaken by China. But they will keep the American public in the dark. Most Americans have never been to Asia, let alone China. Ignorance is bliss, until reality sinks in.
Thank you for your comment.
Yeah I live in Shanghai and the infrastructure is just astonishingly good. Also incredibly safe. Plus pretty cheap aside from housing. The West is better in many regards but infrastructure ain't one of them.
like that hospital they built during covid lolllll
The current economic instability is causing a lot of concern. With factors like trade tensions and fluctuating markets, it's hard to predict what's coming next.
And the pandemic has only exacerbated things. It's led to disruptions in supply chains and forced many businesses to shut down temporarily or even permanently.
And the ripple effects of these disruptions are felt worldwide. It's not just one country's problem; it affects everyone.
The massive government stimulus packages implemented to combat the pandemic's economic impact could have long-term consequences, like inflation.
One of my major problems with a decentralized system is that governments did not want it. Not that it's was not possible but it was just unlikely, I personally believe the government began to bring the hammer down on Bitcoin, because it attacks their ability to mismanage the currency, now it's a different story.
Inflation is definitely a concern. It can erode people's purchasing power and make it harder for businesses to operate profitably.
It's as though we are ruled by bratty children in the US.
It is not "as though" because they are bratty children.
@@timothychung4811 Not literally 🙄
apparently powerful children
Racist brats who are used to getting their wicked way, but the tables do turn.
@@timothychung4811 I sometimes 'phone You Tube HQ and ask them why they remove my comments when I'm critical of pro-Zionist USA foreign war policy. They always rant at me "Hey man, I'm a Yank. So my 'A' hole don't stink. Got it?" Then they hang-up!
This is surely proof they are bratty children!
A dying empire lead by bad people.
It all began in 1963
Do not go gentle into that good night
@@theprophet489 Around 1995, PBS T.V. aired the original Zapruder video and Autopsy photos. This should just be forwarded to the Government!
Led by people who will use their power to grab what they can, as the titanic is sinking.
You get a Caligula !
the thing is: yes, more than 70 years ago, chins was one of the poorest countries in the world, but 200 years ago, china was the richest country in the world, the biggest economy, the biggest trading nation, and has the biggest trade surplus, just like today. so, it's not new at all, things are only back to normal.
the real question is, what happend in that 130 years in between? we all knows the answer from world history: a dark, sick and savage age for humanity, china is just one of the victims.
and now that age is finally ending for good, instead of g7 and some "rule base order", we have BRICS and "big changes unseen in centries".
"Rule based order" = USA makes the rules and orders everyone else around.
Yeah, everyone has guns and gunboats now. Before only the west had that advantage, a disastrous one!
The BRICS plus 4, may become plus 40 in October. As a group with growing physical economies - it's time to partner with them - to then construct a new Economic Architecture for the world!
it started with the Brit Admin threatening "Free Trade, Free Mkt" in selling drug i.e. opium in China, saving the capitalist British East India Co.? 🤦♀🤦♀👻👻
Who knows what? A bunch of leftist come on United States social media to glorify the axis of evil and talk crap about us that's what you realize? 🤣
Bravo Prof. Wolff! You choose to speak out loud when most American leaders stay silent.
The American people themselves don't want to hear the truth !!!
So,main news channels simply feeds them with what they want to hear!!!
What are you going to do with people who refuse to believe the truth ???
I wonder...
Could I be the ONLY ONE who just cannot help and end up watching MOST of prof. Wolff's videos AT LEAST twice?
It's like a beautiful symphony to my ears.... it's like being so tired of living in the dark and getting the chance to see light.
No kidding!
Thanks for sharing your thought. Indeed prof Wollf is a light guiding one through this dark time of chaos.
It's tooting your own horn for you. Rightfully so. I am similar. After reading all the fairy tales all day long, Mr. Wolff is soothing for the brain before going to sleep. Kind regards Sir!
me also. 😃
I mean if you're a tankie.
@@TacticalMayo
Some critics argue that the term “tankie” is overly broad and can be used to silence or discredit individuals who hold left-wing or socialist views. Others argue that the term is often used as a way to avoid engaging with complex political issues and instead resort to name-calling and personal attacks.
The USA government has no money and no1 dares to put extra taxes on the people.
But calling the taxes, tariffs, changes everything.😂😂😂
Tariff the people and the POTUS gets away with it.
The Fed keeps loaning money to the large banks - which they don't repay. They just add this to their debt!
A tax by any other name is still a tax.
@@eish3291 Taxes, tariffs, added on costs and curtailing services from certain people!
*HERE IN BULGARIA* we have a $12k Chinese electric car - my neighbour has a $28k Chinese electric car and the quality is AMAZING - mid-range BMW level
Cant say what the $12k one is like - Ive not seen it. But the $28k is WAY better than a Tesla
The People’s Republic of China has been working feverishly for the past 40 years, and has successfully eradicated her poverty. What is most remarkable is that China did that despite having 4 times the United States’ (US) population. The US still has 38 million Americans living in poverty today. Conversely, 9 of the 10 richest men in the world are US citizens. That being so, could the US legitimately claim to be the champion of democracy? The US is in fact an oligarchy. That is why the US is supporting Israel’s genocide in Gaza, despite the majority of Americans being opposed to it. That is why the US is fighting a proxy war against the Russian Federation, despite the majority of Americans being opposed to it. That is why the US hypocritically says that it supports Taiwan’s inalienable right to self-determination and independence, while, at the same time, it has consistently refused to comply with 42 United Nations’ (UN) resolutions demanding that it immediately return Puerto Rico’s sovereignty to the Puerto Ricans. The UN will hold its annual Puerto Rico decolonization hearing on Thursday June 20, 2024. Most people don’t know that, because the US’ press wants to hide the US’ crime against humanity. The UN will issue yet another resolutions saying exactly the same thing as all the others. Who will force the US to comply with international law? The US will continue violating international law, until US citizens force the US to become a real democracy. Both major US political parties support the US Empire. Only the third party candidates have platforms to eradicate US imperialism. What is the will of the people?
Lol. According to the World Bank, 17.2% of China's population lived on less than $6.85 a day in 2023, which is the upper-middle-income country (UMIC) poverty line.
More lies? Shame on you; there are more than fifty million living on the streets in tents in California alone. 😢😢😢
And capitalism works very hard to benefit the rich, barely have any goodies for the general Americans! Just be aware of the vast majority of Americans live averagely and a 10% of population are homeless...
@Jose Lopez: I hope Puerto Rico will " decouple" from the US.Its time for P.Ricans to feel what freedom is all about( don't forget to provide for yourself,no dreaming on being on disability,etc,etc).I'm just afraid they will end up being conquered by Cubans,or even worse,the whole island being taken over by Haitians."Commo ye?seva bien?"No,hum gangu".( Creole for how are you?,everything ok?no,I'm hungry.Please practice,the Haitians are waiting for your independence.
Oligarchy. Or, the greatest democracy money can buy.
Spot on!!! This message needs to spread.
We🇺🇲 will never accept number two or coexist as number two everyone knows that. I hope everyone's ready for what comes with this....
Yes. That additude guarantees poverty, food shortages and civil war.
Oh, I forgot to mention that the USA will not be number 2 for very long , nor in the top 10. The ending of the Petrodollar will see the US currency drop to account for all the money they printed without any backing.
I’m from China and have lived in the USA for 15+ years. I used to worship American products and would buy everything made in America. At some point, I realized that I could get similar made-in-China products, with comparable quality but much lower prices. A quick example, I dumped my iRobot robot vacuum and bought RoboRock, which was smarter and cheaper. 😂 And I know I am definitely not alone. I would buy a BYD any day if it were available here. As an ordinary consumer, I don’t care much about geopolitics and am more interested in quality products at affordable prices.
Btw, I know many Americans feel that the Chinese stole/copied American technology, which might be true to a certain degree. However, you also have to give credit to the Chinese people. It’s typical for Chinese white collar workers to work so called 996, 9am to 9pm and 6 days a week. And the blue collar workers often do not take any breaks except for the Chinese new year. In other words, their hard work pays off. If you visit China, you can find plenty of technologies that don’t exist in the rest of the world- they definitely don’t steal technology that’s only available in China.
I'd rather say shared or imparted technologies when foreign companies in China compelled to do.
@@guhoya19prof wolf had a video on this. American companies wanting products made in China (or Mexico) would have to pass on their tech specs and designs in order to get things made. So it's not bs stealing copying etc.
CANT GET THAT FROM THE CURRENT FORM OF CAPITALISM, PROFIT TAKES PRIORITY OVER PEOPLE EXAMPLE BOEING, CAR MANUFACTURING, THE BOTTOM LINE IS AMERICA CANT COMPETE AT ANYTHING
Many thanks for the video. Everybody needs financial freedom. Let this be a thread for some more simple, reproducible approach from anyone who have build wealth. I have saved up $190k to get started.
My success was largely based off of a single, simple approach (portfolio Management) but remember, investing is a journey, not a sprint - take your time, stay patient, and stay focused on your long-term goals.
At the end of the day, there's no one particular way of bridging that gap. but starting to save early and investing in the financial markets can never go wrong. if I were to start over in 2024 with less than $50k I would still use the portfolio management play-book.
think you could suggest any professional/advisors i can get in touch with? i'm in dire need of proper portfolio allocation
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "Amber Kay Wright" I've worked with her for 9 years and highly recommend her. Check if she meets your criteria.
Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info
Truth is hard to swallow
Steel production: The U.S. - 85 million tons; China - 1 billion tons !
IME, it always was😢
Mr Wolff you are DEFINITELY one of the best to explain the topic
Brillant you are
Prof Wolff is very very very honest and he don't deny the fact of what is really going on around the world.
But I hope US people don't get jealous or hate China for being successful.
China do NOT intend to overtake any country but it is only working hard to make China develop into a modernized country, for the sake of her people.
US should cut down on the military spending and instead use those money to help it's country. What US need now is, the most important thing is to get a capable, fair, visionary leader to lead the country again.
I don't understand, the US is so big isn't there any leader worthy to lead the country fairly and compete with the world fairly. If yes, THEN people around the world will look up to US as a fair leader (again ?)
One of the reason prices are high in the US is the amount of obscene profits by the owner class. Musk's and his class of owners wealth went from a few million dollars a few year ago to hundreds of billions of dollars. You are not mentioning this.
Protection means we are stuck paying high prices for horrible products compared to much better products at cheaper prices available elsewhere.
We are governed by the same owner class which now threatens life itself for their profits.
Inflation is inherently built-in to the capitalist system. The capitalist derives profit from extracting surplus value, or, anything charged, over the cost of labor and raw materials.
And even the cost of raw materials can be calculated by the costs of labor. So, seeing how the bourgeois class sustains itself, and elevates its wealth by creating more profit, the only way they can do this, is by raising prices.
@@MatewanMassacre It goes beyond capitalism alone.
Even before it was called capitalism they wanted power over the people from birth to death. THEY ARE working to go backwards to serfdom.
Look around the world, they actively prevent progress and constantly keep people down, desperate and in fighting amongst ourselves.
THEY become richer and richer with Fiat money and by wars on people who go AGAINST them!
Prof, you are the best economics teacher.
Thank you Professor Wolf for educating us with the utmost truth. We need to wake the hell up.
My man Mr.Wolff
The Uniparty, Biden / Trump, and their criminal bosses need to go. 😢
Vote whoever, the result will be the same.
@@tandan399the Deep state who worship the devil😢😢😢😢
I also hope the American people realise that the Chinese success is through a lot of sweat and sacrifice. There’s no free lunch and the Chinese work very hard to get where they are now.
In US, it's what's gender am I? How many genders are?
@@44jwong It can be fluid...
The Americans claim its "because of US" that China became rich lol. As if they did all the hard work for China. Its a business contract
And China didn't colonize, nor rob any country to power this ascension. The Empire however has outright stolen gold, oil, minerals, lands, etc, from countless nations.
I was looking for someone to talk about what the quality of life is for the workers in China making these “higher quality lower cost” things.
'WOLFF' You are a Real American with human values. The world deserves more people like you❤❤❤
He's a leftist socialist communist. He is not American at all other than by birth.
We need more voices of reason like this!!
80 years they lead the world.. tell them they're second and maybe 3rd in a few years... ouff they have to survive on denial.... and wars .
Thank you so much for all your explanations. Again and again, I know. But it starts to sink in. God bless you Mr. Wolff
based on US history... i recognized that US policies are incompetent , i wonder why?
Slavery never ended branched across Europe mainly gb
Yes, (((what))) causes all these problems?
Nawww.... most are highly competent in protecting their respective own turfs and serving their own personal interests? And they don't really care if there chewing on the foreign cheap labor or the US citizens? 🤣🤣🍺🍺
Because you're a tankie.
Love the clear eyed realism.
Agreed about protectionism being a bad idea.
The biggest difference between the US and China is that China acts like a team. If a team member gets sick or something happens the team will pick him/her up, give support so the team continues to be strong.
In the US, they throw the poor person in jail or let him/her live on the streets.
Top priority to listen ‼️
China has cities of the future. Usa gas cities of the past. No high speed rail, no new bridges
On top of the economical improvements, the Chinese have gained a tremendous amount of freedom too. 40 years ago, mainland Chinese escaped by risking their lifes swimming across shark infested waters to Hong Kong. Now they can go overseas freely by planes, by ships, by trains, by cars, do their business overseas (including studying, touring for leisure ... etc), then return freely to China afterwards .
Really? I’d say that the residents of Hong Kong, Tibet, an Xinjiang would strongly disagree with you. Not to mention the millions of native Chinese who are under constant surveillance. Why do you think most Taiwanese are so against any kind of unification with China?
@@clacicle Sorry that you are so brainwashed by the constant propaganda.. The people in HK, Xinjiang and Tibet strongly disagree with you. I suggest you fly to these provinces and see for yourself. Most Taiwanese are not against reunification. The difference is that in China, you call them surveillance camera, and in the west you call them security cameras. NYC and London has more cameras. And the Chinese don't even mind these cameras because they are there to catch the bad guys, the criminals.
@@clacicleJulian Assange, Snowden, Scot Ritter would disagree 😂😂😂😂. Freedom is an il😢😢😢😢
@@PeterLamin-pi6rv Of course they would disagree because it doesn't benefit their cause.
@@clacicle Your ignorance is beyond belief. Maybe its time for you to stop parroting after Msm.
The truths sure hurt
Professor Wolff,
You explained so many things I wanted to know in ten minutes time. Thank you, for being there.
Thank you Professor. ❤from 🇬🇧
Love your programs, everything you cover is absolute, loud and clear ❤
bravo chiina on all your goals, dreams & economy success... from guam, chile & belize!
You are very right
How can this be true? Fox New always brings on their Gordan Chang, China expert, to tell us differently. 😢.
American tariffs protect American mediocrity!!😂
or inferiority
Well said sir!
This is “modern” America! Enjoy!
"Modern America" for the rich, by the rich and forever more.
TRUTH HURTS; REALITY BITES. C'MON AMERICA
I HOPE YOU LIKE FALLOUT 4 ☢️
I hope you like the caste-system, little-D-boi's 😂😂
I hope you like Dalits
@@taiwanstillisntacountry I wouldn't have a clue dude I'm American I live in Florida. I don't know what the f*** you're talking about.
Truth is treason in the empire of lies.
I saw videos on Americans went to China and Afghanistan and they love those countries and its friendly people, according to them
Well done, sir. More people need to talk and put pressure on the politicians.
How do you put pressure on the politicians when their elections are funded by big business?
Thanks Professor!! One of the finest economists n analysts there is!!❤
We protect our trash products 😢
Prof Woolf u r right. Competition is about doing our best through hard training, reviewing current weaknesses of oneself and what are your competitors strengths so u try harder to improve. It’s like going for the Olympics, u need to train hard to qualify, u need to improve urself to beat your competitors while they too are training harder to win the match. One cannot bar your competitors from competing or tie a competitors limb so that u can win. That’s unethical and detriment to improving oneself.
The politicians of this nation really need to learn from outside and have open minds, for the benefits of the nation and also others.
Thank you Prof Wolff … always feel the pleasure and informative listening to you 😊
Díky!
Thanks!
keep up the good work
Very honest opinion
Well, one way they did it was by stealing.
America can never compete in manufacturing consumer, industrial goods except weapons
As long as we decide to fail, we will fail. Step one: Removal of the government that tyes our hands and tells us no 😢 we have every resource we ever had but no access to use them 😢
even then, they are overpriced
Much easier to manufacture "imaginary threats" to get allies to purchase more weapons to defend themselves.
if there's not enough $$$ being shifted to the US MIC, even the military weapons can either not firing or mis-firing? 🤪🤪
It protects the 1%…… and Harriet is an intellectual angel. Bless you both.
The corruption of the depravity of US capitalism has not gone away …..for the last 70 years…… keep up the good fight. Fond regards to you and Harriet. Miss Jenny
Thanks
Thank you, Prof Wolff.
It would be great if you would in a presentation to come, confirm or debunk the "overcapacity" issue that was being pushed by Yellen and the whole gang.
Thank you and best regards.
"三人行, 必有我师” 出自于儒客圣师孔子的《论语·述而》。 原文是：子曰：“三人行，必有我师焉；择其善者而从之，其不善者而改之。”意思是：孔子说：“别人的言行举止，必定有值得我学习的地方。 选择别人好的学习，看到别人缺点，反省自身有没有同样的缺点，如果有，加以改正
Nobody, likewise no country , has a monopoly. It's mutually beneficial to learn from one another.
Evidence abounds. China has made remarkable achievements and also suffered some mistakes over the last four decades. Nevertheless, overall, China has been able to improve the living standards and well being of ordinary people. Chinese manufacturing prowess, green energy industries and environmental protection ( reforestation of dessert programmes and aquatic and land wild life conservation started in the 1970s) , benefit all creatures in our common Home, the Earth not only China.
Great prof.❤
Thanks a lot professor.
Thank you for all your work Professor
Thank you for keeping us all informed
Thank you for sharing this.
Following all these debates over China , and economics , and political economics is a full-time occupation m. Let’s address what is a key , indisputable fact “the Europeans can buy quality (Ev’s) at a cheaper price “ . This is now a fact , not some political remark.
It will good for Americans to study Chinese language in order to have a better understanding of China, Chinese culture, Chinese history, Chinese wisdom, etc.
As always, another great video Prof
👍🏻👍👍🏼
Thank you ❤
You served truth and they served money.
Great profesor Wolf
Ignorance isn't bliss
Well spoken,Bullseye.
Misplaced confidence of the US president just makes the non-Asians squint😂
Why should we trust any of them? Our children are their cannon fodder. Even though they try to kill us with fake vaccines for a fake illness, we sit like sheep and do nothing 😢
Excellent discussion Prof. Wolf. Terriffs, protectionism just increases the cost of everything, a bonus for the corporations as the working class struggling with inflation and rate hikes descend deeper into unsustaiable debt. If the majority of the working class in the U.S. are frantically working to service their debts at unsustaiable interest rates how will they have any money left over to pay their mortgage, their rent, their utility bills, their over priced medical bills or even have enough to provide food for their families. They certainly aren't going to be inclined to spend money on big ticket items at Lowes or Home Depot. Isn't this economic downturn called a contraction in the economy.
Thanking you
Prof Wolff,
keep reminding
ALL AMERICANS & VOTERS NOT to vote old Politicians back to Congress.
but both parties are anti-China, it won't change anything no matter who will be the next president.
but both parties are anti-China, it won't change anything no matter who will be the next president.
Interest rates are dropping says it all good bye US dollar .
It's call price gouging when tariff is place for american corporations to increase prices on every thing for there profits increase every year. We the people are getting squeeze by the government and corporations.
Rick, you got the lighting right.😉
Great speech, bravo!
I always learn from you, Professor Wolfe.
this will keep the high inflation up high in the US, yet not able to complate out into the world
We have the Federal Reserve Act to thank for that. We have no control of our currency or economy,, all in the plan 😢
US do not even have a kilometer of bullet train! On the contrary, China has 60,000+ kilometers of bullet train!
The US in general must relearn or will be forced to anyway how to live within its means and be productive instead of relying on debts. The most important thing to remember is to mind its own business in the rest of the world
Very good as usual.
We can always count on Dr Wolff for the facts, fairly delivered and analyzed, without fear or favor. It’s well past time we Westerners grow up and face facts.
Thank you for telling it as it is.
Mr. Wolff: America is the princess who is jealous of the poor peasant girl who has grown up to become beautiful. Jealousy + Denial = Self Destruction. Our politicians prefer Power (vote count) over Goodness.
With the high tariff imposed, the Chinese probably can't sell much in the US but its the regular Americans who are denied an affordable car! The Chinese can sell their EVs elsewhere but the poor American are stucked with expensive local models!
Thank you so much, America!
In 2012, US introduced protectionist tariffs on Chinese solar panels. Ten years later, US solar panels and parts manufacturing industry is practically non-existent.
In the mid-1980s, the US complained about Japanese "dumping" of memory chips into the US market. The resulting US-Japanese Semiconductor Agreement had the Japanese making several concessions. But that didn't save the US memory chips manufacturing industry. What it did instead was make US consumers pay more for electronics.
Wise words. Thank you Mr Wolff.
US plan: by this year we will have 50% parts made by US and next year 100% but they never show on how to accomplish that 😂
People always complain about China subsidizing the car industry, and the solar panels and clothes and toys and everything.
Well, a country can subsidize a few products to gain market shares but not EVERY product area. Where would the money come from?
I leave an apple on your desk.
Autocracy ??
state controlled economy & businesses ??
🤷♂️
It's a hybrid model with large subsidies for emerging industries. No one relies on free markets in the beginning.
Market meltdown inevitable. Store water, food, soaps. NOW.
The Chinese learned from Chairman Mao that you need to face the reality truthfully and then come up with solutions.
Wolffie, is it a mystery how China outcompetes the US in many markets? Is it cheaper labor and state involvement in industrial strategy and infrastructure, or are there some other key factors? One other key factor is motivation. There are still hundreds of millions of people in China who want a better life and will work hard for it, because they have seen that it is attainable.