Economic Update: Capitalism's Anxiety About the State 

Instead of having a stooge like Chris Wallace conduct a Presidential debate, let’s have Professor Wolff 😎👍

I lost my job and home. I am camping out in a small, old travel trailer trying to get by on $200 per week and foodbanks. The brakes on my truck are going out. I have painful cavities I had saved up to get fixed this year. That money is gone. I don’t care about covid- nearly a million people die from poverty every year in the USA in a good year. My risk of dying from covid is 0.04%. My risk of death soon from poverty is 7 to 8 times of covid.

All jokes aside really like your stuff been listening to your speeches for years, thanks for the grim truth.

"There was a crooked man, and he walked a crooked mile, He found a crooked sixpence against a crooked stile; He bought a crooked cat which caught a crooked mouse, And they all lived together in a little crooked house." Mother Goose

there would be no such thing as unemployment if we lived in an intelligent world that made it financially worthwhile for people to SHARE the jobs we actually NEED people to do and work LESS. Instead of world where people have to do anything FOR money.

I was self employed and under the additional COVID rules, I was eligible for unemployment insurance. My business disappeared entirely, and yet I was denied. I have had no income since March. I have been limping along with the help of family who are themselves over-stretched.

I have become a huge fan partly because your explanations are easy to understand and because you make sense in an increasingly corrupt/bs country. Thank you for all your videos and your economic updates.

Oh, we do have the muscle. We've just been punished so badly that we are apathetic. We have become alienated.

Proletariat of the world unite! From Russia with great regards.

voice of knowledge, history, empathy and Sanity amidst an insane US leader. These views take decades to seep in sometimes and maybe never for some. I find Prof Wolff the FRESHEST of AIR. Succinct. Passionate. Articulate. A RARE BIRD, grateful I'm alive during his time!

Great way to describe how government is seen in the U.S. Socialist greetings from Canada.

Exactly!!! All of America Into the streets now! Support each other 🤗, instead of the establishment!✊🏻✊🏻✊🏻✊🏻✊🏻✊🏻✊🏻✊🏻 🦺 🦺 🦺 🦺 🦺 🦺

Wow. This presentation was his best yet. I wish people could understand this and get together to change the system for the better.

Ronald Reagan said "The government is the problem." That was the beginning of our long slide downhill to now.

It reminds me of that meme of the “don’t tread on me” flag that looks like the normal flag except the snake is being stepped on by the major corporations and the line underneath says, “aTlEaSt ItS nOt ThE gOvErNmEnT” 😂😂

We are a nation of gullible non-critical thinkers

Every time I hear, “we’re in this together”, I want to throw up. The same eugenics apply in veterinary clinics. Customers are forced to wait outside in asphalt parking lots for HOURS in Arizona’s triple digit heat. The veterinary technicians come outside and interact with the customers and their pets in close contact. You never see the veterinarians. Only the techs. Not even when they take your money for their over priced services. They call you on the phone if they feel like it while you sit out in the parking lot. This continues even after the restrictions have been lifted. I am a vet tech but would never work in a clinic. Four years of college and two expensive certifications which must be maintained every two years at enormous expense and the best you can start at is minimum wage. Kids at Dairy Queen make as much licensed, educated techs. Has anybody told these vets that they are animal doctors and not heart or brain surgeons practicing at John Hopkins? They are insufferable to work with.

In the Corporate world the mantra will always be: "We are open-minded towards people who think like us." Also, forget about firefighters, social services staff and other Building and Constructions workers. The USA doesn't even have enough teachers to teach at its State/Public schools. God save America.

Excellent podcast as always Richard, keep speaking up for those who have no voice.

Professor wolff , Thank you . learned a lot everytime listening your speech .

Keep going Prof Wolff. Your a great person.

I never received a cent from the government homeless disabled no stimulus check no unemployment nothing I need company here on the streets nice

Professor Wolff just gets better and better! All Americans should be taught these things from the time they enter school to the time they finish.

You are ALWAYS so right on! We the people need guidance and leadership. Please run for office. Public office...the presidency. You have the knowledge. You're a fantastic communicator. You have name recognition. You have followers. Be the leader we need you to be.

the whole pro-democracy anti-government stance is confusing, because where are you going to affect democracy without a democratic government? the workplace?

Best video yet. Bravo doc.

Always a pleasure Prof 😁

I listened to this podcast walking my dog. Its like you clearly explained something I've known for years now. Thanks Dr. Wolff

Thanks for your work

Free Julian Assange!

As long as we have lobby culture, we can't have good democracy. Lobbying people make everything crooked.

Great episode Professor Wolff

Gives me the idea that the majority is experiencing Stockholm Syndrome. We grew up looking up to the oppressors that we learn to admire and love them. The second part was a different kind of eye opener for me. I've never heard Prof. Wolff discuss this topic. The idea that Gov't is fundamentally about enacting the Majority's will. The Majority are made to hate the Gov't, yet it's one of the most powerful tool they have at their disposal.

Thank You Richard Wolf for being one of my RU-vid teachers. Stephanie Kelton, Warren Mosler and Steve Keen too. It would be great to see you all call for a paradigm shift economically based on the priorities of protecting humanity and nature rather than our current system that values greed and individualism so much that narcissistic sociopathy becomes a survival expression and winning trait.

"Give a man a gun and he can rob a bank, but give a man a bank, and he can rob the world." - Tyrell Wellick.

Wow! Good arguments as usual professor Wolff.

Truck drivers , grocery clerks , sanitation workers .

We've been trying it your way for about 90 years Mr. Wolfe

“Universal suffrage”, not everyone can vote though, incarcerated people don’t have that right.

The amount of traffic on this channel is a great source of hope for my sons future

I PRAY GOD BLESS AN CONTINUE TO GUIDE AN MOLD AN SCULPT MR RICHARD WOLFF MIND AN EXTEND HIS DAYS .. ❤️💯👍🏾💪🏿

Right on the money as usual Prof. Wolff.

INTRO MUSIC is a synclavier, or an emulation thereof. The Synclavier is a microcomputer-based 1980's hundred-thousand dollar synthesizer featured in the movie "Liquid Sky." Also featured on Laurie Anderson's "Mister Heartbreak." In 1982, I had access to one of those monsters. We don't hear that every day.

The government: "why did you let the whole entire financial system crash?" The banks: "Yeah! Why did you allow us to do that!?" Libertarians: "Answer the question, government." Socialists: "if the government is going to bail out banks and businesses, on a regular basis, in cash, shouldn't the government own them by now?" Libertarians: "REEEEE!"

US median family wealth by ethnicity in US Dollars- White: 185K, Hispanic: 40K, Black: 25K, Other: 70K. You get the idea?! Source: The latest issue of The Economist magazine. The World This Week: Business.

His whole argument about government coming into private sector and competing is what I thought libertarianism was when I was younger. I later came to find out it’s not and Libertarianism in America is basically just conservative anarchism

Make the government to run something like Amazzon to compete Amazzon, so Amazzon cannot extort people.

Spot on, Dr. Wolff.

On an unrelated topic, virtually every corporation proudly claims that they train their workers, but the truth is that more than 50% of all training is received by managers.

One of my favourite professors!😊

Great logic; great presentation; great truth!

Your debate with Peter Schiff was good, please do more of those.

Keep up the good work. I’ll be ready when the revolution comes

I'm so impressed with dr.Wolff and his wife dr.Fraad. i would love to see them speak.

Little disdain for government to be observed when i.e. stacking courts is becoming such an issue...

Very true words , Prof . Wolff !

I admire you dear professor for your ability to communicate clearly what capitalism in the US is all about. I live in Scandinavia, I am currently unemployed, but I get $3.000 in unemployment benefits. Enough to live a decent live. We have strong workers unions here, 5 weeks payed vacation, health care and education for all payed through taxes. I pay 36 % of my income in taxes, which is not bad. The rich, of course, pay much more in taxes. Hiw come that people in the US are not interested in the Scandinavian model of capitalism?

Keep it up Prof. Wolf!!!! Agree unemployment in Europe is not as bad as in the US, but we can still do much better. I sense EU is ready to turn back to an even fairer social system if the opposition from countries like The Nederlands, which stop Euro bonds emission so poorer economies of the south could take better care of their populations, will fade away. This, in turn, will result in higher demand for the goods produced in the northern countries. This is what I call greedy to the point of stupidity... We have been sick in Europe for a long time as well. Things, in Europe too, have not been what the used to be for a long time already.

I wish I Knew of you and your work 40 years ago. And also of your wifes great work and insight.

Trust me professor: in Italy no one goes to the streets to demonstrate against the government for reasons related to the problems of capitalism, indeed the Italians would tell you "We want more capitalism! Give us back Mussolini". If there is a population of people attached to the TV and the sofa, it is the Italians. Let us not forget that "panem et circenses" was invented in Rome

Americans are so passively held in so magical spell of pain and misery. One if they organized and exchanged stories and ideas .... for change .... that's power.

You are wise, Dr. Wolff!

Wolff makes many good points in this presentation, and I agree with almost everything EXCEPT...... I would like him to explain why he continually claims that government must "borrow" from the rich. According to Modern Monetary Theory, such borrowing is not necessary at the federal level, because the U.S. has a sovereign currency and can therefore generate all the money it needs so long as Congress approves it. The only conditions under which government might need to borrow from the rich is in cases where Congress does NOT approve money being allocated to individual states. That's what we've seen in recent months, illustrated by the fact that Mitch McConnell has refused to give money to the states to fight the pandemic and to help states deal with joblessness, homelessness, etc. In other words, it's misleading to say that government must borrow from the rich without making a distinction between what the FEDERAL government does and what STATE governments might need to do under certain circumstances. Ideally, the federal government should answer the needs of individual states when faced with economic crises like the one we're facing. But thanks to Mitch McConnell and the rest of the lackeys in Congress, that is not happening ----- consequently, states must somehow take up the slack. There are other ways, however, that states might compensate for a lack of revenue other than borrowing from plutocrats, but Wolff does not mention them here. Also, according to MMT, taxes do not fund public services and programs, yet Wolff consistently maintains that they do. The primary function of taxes is to reduce inequality ---- that is, assuming tax policy is progressive rather than regressive. What funds public services are not taxes, but simply decisions by government officials to allocate available moneys for this or that purpose. After all, regardless of how much money is available, it won't do the public any good unless government decides to use it for public needs. And if the money is not available ----- well, as mentioned already, states must find ways to compensate . As for deficits, it's unclear why these should be a problem. MMT provides answers which are absent from Wolff's presentation ---- I won't provide the details here, because Stephanie Kelton is better at this than I am ----- for those interested, consult any number of her RU-vid videos on her book, "The Deficit Myth."

great job

I should have also mentioned I saw your heated discussion with Peter Schiff the other day and you handled it well almost causing Peter’s overdone makeup job to run. Loved it.

Great googa mooga! It must be Monday, that's when I get your show, because once again I may only concur with my favorite professor. As always sir I thank you for your clarity, your wonderfully calm logic and your ability to dumb it down without condescension. Love and gratitude, your pal Al. Peace.

Trading Places, not just an Eddie Murphy movie, but Wells Fargos society at the top.

I really would like to hear you address Modern Monetary Theory. From what I've read it seems like a way out of all of this mess.

Thanks , one thing is sartin truth is hard to accept if you're on the wrong track , tell them to know for you to free your mind

Y’all out here recreating the book animal farm.

Can't help but laugh at the irony of "The Bloomberg Equality Summit"

My country of the Netherlands is mass testing now we had a great start but, capitalism is in the way of us taking the right precautions as in most of the world. We are now sky-rocketing in corona cases this week 22000 new cases, we are all preparing for a new lockdown. Yes everything is free; our healthsystem is semi-socialised, unemployed get social security, we have an unemployment rate of 4,6% as of this month although it's rising a bit and most of the measures Dr. Wolff is talking about are taken here. Still there is continuous talk by most parties especially right and center-right (we have a multi-party parliamentary monarchy if you want to know more look it up or ask) of austerity bc of deficit spending while we have pretty much the lowest state debt along with Germany our biggest trading partner of the entirity of Europe. I personally find it amazing how people can be as brainwashed to actually believe in austerity, before this corona pandemic, business was booming here and still largely is (very important since we are mostly a trading nation). We don't have our own central bank anymore, well officialy we do but, they are unofficialy just a local office of the ECB (European Central Bank). America still has that advantage, also it has the advantage that it has the world's standard denominator in finance, concluding it shouldn't be and doesn't have to be as it is right now which is, excuse my French a utter and total freakshow. We would love to help, even Cuba and China offered help but, your goverment doesn't want it instead decides to spit the whole world in the face as it has continuously done for 4 years. If that cheetoh is re-elected we might go through WW3 before we solve all real issues. Going back to capitalisms limitations: we have progressive taxsystem which means the more you earn the more you pay. The problem is it's not watertight as any taxsystem is and reform because of corporate lobby, the current structure of the EU and world. The last 12 years we had a Neo-Liberal disaster bestowed upon us by our elected president who up untill Covid took a chopping axe onto our extensive social security (especially pensions and unemployment) and along a lot of measures our society has become; unhappier, more unequal, less tolerant, less secure and more uneducated. The latter because, they took a chainsaw too the education system where a chisel was needed. I could go on for longer but, I think most will catch my drift, dr. Wolff presents measures deemed impossible by most or blasphemy by others, I'd say if you truly think about them they are perfectly logical. I would like to end by saying democracy or not if the people force it on mass the oligarchy will end and will be forced to bend it's will to the Working Class. I believe that should be our goal. As a matter of fact it's the only way towards a livable, equitable and sustainable planet and society. I'll end with a slogan that's close to 200 years old: 'WORKERS OF THE WORLD UNITE!!' You guess who said that😉.

Speaking of government, TERM LIMITS for politicians and justices. Civil Servants already provide the enduring core of government, and worthwhile projects continue on as people come and go, and opportunities for corruption are lessened when there are no Career Politicians.

If we in the EU had to pay for our own defense, rather than relying on the US, would we have money to do our social programs?

Brilliant.

Question came to mind when mr, Wolff compared Europe's approach jobs to the U.S.'s. Ideally for any health experts reading this, but if you have an opinion - How much is the anxiety he focuses on contributing to the US death rate? Many of you are probably familiar with the concept of a positive outlook being an important part of, for example, cancer patients.

perhaps we should extend on what is covered by the word "government". In the real physical world that we live in, government is that which governs ie controls. In a capitalist state, the main force of control is corporate power. In a capitalist state, Corporate Power is the de-facto Government. LIbertarians are utterly clueless if they believe leaving corporate power where it is and destroying people's representation is reducing government. (umm .. Perhaps if you identify as a Corporation then reducing people's representation and influence would be reducing government. But not so if you identify as a Human Being)

Dr. Wolff spicy today!

29:04 Yet another mic drop moment from Professor Wolff. 🎤

So many older Americans are accepting of CAPITALISM and PLUTOCRACY that they don't believe they have alternatives. Socialism has been portrayed as "evil", some people are unwilling learn about the different types of socialism which work for the masses.

Richard has done an excellent job manufacturing consent for the World Economic Forum's Great Reset. We Billionaires thank you for helping us to increase profits. 😀

Things are about to get much uglier than I thought possible. I'm 79 years old and don't want to believe this but it is in our faces at this point. Like bail out the airlines before addressing the needs of the the people. Without some kind of plan to deal with the pandemic, we're in for years, not months, of hardships.

Awesome

Appreciate the informative content @DemocracyAtWork, but you should seriously consider updating the the intro music and graphics. Especially the intro music. Boot the fake hip-hip beats. They're lame, and an insult to the real thing. Please do not consider this comment as trolling or "hating", but as genuine constructive criticism, because I love Prof Wolff's message and would love for it to be embraced by the masses. The People are ready to hear it. Cheers!

Hi professor, does your book ship internationally? I'm living in Asia and would like to read it. Thanks

11:18 "you betray your namesake" dayum

I Advocate A National work stopage by our Country's essential support workers for a period of one week . This would be a wake-up for the banks and the. " Wall Street Corporation's and Their Money Managers .

Good video, I'm kinda motivated with it, I invested in bitcoin and it's favourable to me.

Great content as always Prof but please change the show theme! It sounds to me like a kids spy movie. I recommend changing it to something like Chris Hedges' "On Contact" theme

If democracy is built on the principle of reaching a consensus than the establishment of an arbitrating commander in chief is undemocratic. Each office should be governed by a constituency of electable, designated experts.

Agree with most what the prof says. But I don't like the line drawn between capitalists and government as being completely different animals without explanation. In both cases you give the power to a small group of people who most likely have their own self interest above the public good and also both can be corrupted or bribed by external interested parties.

Very interesting video. Are you trying to state that capitalists can be generous, principled and 'magnanimous'. It's important to note that within the political structures of western Europe - that many hold in high esteem - there are very important political entities that hold qualitative sway. These are the worker's parties, otherwise known as social democratic parties. These are still capitalist governments and parties but their existence can stay (within the framework of capitalism) the hand of their respective bourgeoisie.

Ty

Those of us who know better have to take issue with what Rick said and emphasized about contributions into Social Security. It is one of the biggest political canards to suggest or paint the picture that the 64 million people receiving Social Security can expect to be put at risk because the massive failure by this disastrous administration to help keep people's jobs will devastate Social Security payments into the Trust Fund. That's not a dependency that is real. Why? Because no financial obligation of the United States government is dependent on tax revenues (of any kind) or even on borrowing through bonds and treasury notes. Let's be clear. As the monopoly issuer of its sovereign floating-rate currency, the U.S. government CANNOT GO BROKE, AND THERE IS NO DEBT THAT CANNOT BE PAID IN FULL BY PRESSING A FEW KEY STROKES ON THE TREASURY'S COMPUTER. To understand this further, everyone must listen to Professor Stephanie Kelton address this in the following video: townhallseattle.org/event/stephanie-kelton-livestream/?fbclid=IwAR2cYIroZmtoSwdkyBRrOvuuo8dUjXdfRPjKUoWBspwZZREWWlJrjAGv14c I strongly urge Rick to interview Prof. Kelton on EU, so that more folks can be disabused of the following myths and lies: ♦ The government doesn't have the money -- that's a LIE. ♦ What you want will increase the debt that your children and grandchildren will have to pay -- that's a LIE. ♦ Social Security and Medicare will go bankrupt -- that's a LIE. ♦ The government has to curb spending to balance the budget -- that's a LIE. ♦ The government depends on taxation and borrowing to be able to spend -- that's a LIE. ♦ The federal budget is like a household budget -- it can't spend more than it takes in -- that's a LIE. ♦ Too much debt means the government will go broke -- that's a LIE. ♦ The U.S. can't afford Medicare For All -- that's a LIE. The reality is that the foregoing BIG LIES HAVE BEEN GIVEN TO US AS EXCUSES FOR WHY OUR FEDERAL ELECTEDS DON'T WORK FOR THE PEOPLE, BUT INSTEAD WORK FOR THEIR DEEP-POCKET DONORS who are only interested in profits for the few instead of prosperity for all.

Fatanstic discussion about universal suffrage. Professor can you also eventually elaborate on the Electoral College vote , and is it still valid or un democratic? Should voting be mandatory as it is in other countries. What do you think? I can wait to get your new book!

Talk about when we moved our economy from industrial to a service economy. This is why they don’t care what the people need?

Does the government actually borrow from corporations or does it borrow from itself? I see that the government subsidizes and funds many private enterprises, but where in the equation is the government receiving anything back from industry other than the individual politicians that get lobbied and bought off?

I agree with most of what Professor Wolff says here; what he refers to as “systemic racism,” Peter Joseph referred to as “institutional violence” and I also seem to recall him referring to it as “economic terrorism.” The racial aspect of this discussion feels too much like pandering & it marginalizes essential workers who are white. Professor Wolff once said, “I am no more white, than I am an employee” & that includes all of us in this struggle. Please, if you make race a part of your narrative, you’re going to lose a lot of support.

Ahahah-Mr. Sharff who isn't. I love you Wolff. :~D

6:40 the governments in Europe taking 90% of your normal pay while you work the same hours? I would rather lose my service industry job and make 20% of my normal pay with unemployment and not have to work than have to continue working and only get 10% of my pay. What am I missing?