Economic Update: The U.S. Economy As An Apartheid System

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[EU S14 E05] The U.S. Economy As An Apartheid System
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This week's episode of Economic Update hosted by Professor Richard Wolff, we will be discussing the continuing decline of US manufacturing; a 29,000 person strike at California State Univ.; the Houthis disrupt Red Sea shipping in move against Israel; and Texas refuses to obey US federal government's rules in struggle over immigration and white supremacy. In addition we have a special Interview with leading economist Prof. Michael Hudson on basic crises facing US capitalism.
If you haven't already, please subscribe to our channel, follow us on social media and of course be sure to sign up on our website:
www.democracyatwork.info
And as always, we thank for your attention, support and solidarity.
The d@w Team
Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community:
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Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else.
We want to thank our devoted community of supporters who help make this show and others we produce possible each week. We kindly ask you to also support the work we do by encouraging others to subscribe to our RU-vid channel and website: www.democracyatwork.info

Опубликовано:

4 фев 2024

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Комментарии : 651

@gabrielbruhnr 3 месяца назад

These elites in tandem with the corrupt government will take this country to it's knees like the fall of Rome, My sympathy goes to anyone approaching retirement, you may have reasonable concerns over your pension and if it'll stretch to cover the rising cost of living, bad regulatory policies, bad energy and insane fiscal policies.

@yvesderrick4348 3 месяца назад

Honestly this cannot be overemphasized, helping people mitigate unforseen circumstances and mistakes .It's always good to have a financial plan,

@ThistainByrthle 3 месяца назад

No doubt being financially free and not having to worry much about health care and other essentials cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.

@valeriejeanmathis874 3 месяца назад

Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.

@gabrielbruhnr 3 месяца назад

indeed, most people downplay the roles of financial planners until burnt by there mistakes. Productivity is optimized and keeping up to date strategies and analysis makes it more lucrative. I've been able to navigate the volatilities and scaled up 880k from 220k with professional guidance.

@chirstianpeyre5530 3 месяца назад

impressive, I'll definitely check it out, I buy the idea of employing the services of a financial advisor because finding that balance between saving and living requires counsel. Who do you work with?

@stephen_pfrimmer 3 месяца назад

Thank you Dr Wolff for inviting Dr Hudson. We love you both.

@simonsadler9360 3 месяца назад

Spain a backward country , no way ,last year 93 million visitors , we are now the world's biggest producer of fine wines . VERY anti French we have tinto in cartons €1.05 per litre , our version of Champagne = Cava ,from € 3.50 a bottle , have my full dss pension my Pru pension taxed in Britain .Very cheap healthy food here , & superb coffee .Spanish is my prime language now ,Spanish cooking superb ,when in season we make paellas from rabbit & snails ,am expert making Hungarian Goulash ,Iive in a humble casita in Gaianes ,been here 22 years .

@mrclo_l0pz330 3 месяца назад

The unbeatable "dream team": Prof. Richard Wolf and Prof. Michael Hudson. It DOES NOT get better than this. What an amazing privilege!

@basook6116 3 месяца назад

sad part is USA's economy is declining fast do to self inflicted; less investments, funding more endless wars, thus increasing debt, Americans standard of living is degrading

@gregwang8628 3 месяца назад

@@basook6116Beltway politics are pure American, and voters put these goons in the office to do them over, how sad is that?

@basook6116 3 месяца назад

@@gregwang8628 corruption ???

@janelliot5643 3 месяца назад

@@gregwang8628sure we put them in office. Sure we have a completely intact democracy. Sure Santa Claus is real

@NonchalantWalrusParty 3 месяца назад

My two favourite economists having a chat ❤

@shomulder6854 3 месяца назад

💯

@gfarrell80 3 месяца назад

Yeah... I don't know what else we could add here... David Harvey maybe?

@dylannaenzo9737 3 месяца назад

Please don't call Hudson "an economist", as he dispises them. He prefers to be called "a futurist" and he's also an anthropologist.... so he knows the past, and he is very good at predicting the future. He's on my dream team dinner/conversation.

@l.w.paradis2108 3 месяца назад

Love all these posts!

@NonchalantWalrusParty 3 месяца назад

@@gfarrell80 Definitely enter David Harvey into the chat! And Yanis V whilst we're at it

@damintten 3 месяца назад

Would tune in every week for a weekly Wolff/Hudson segment.

@Ace1000ks19751982 3 месяца назад

In China, the government didn't bail out the real estate speculators. As a result, the price of homes in China are going down. Back in 2008, our government bailed out the speculators, and now homes and rents aren't affordable. People can't start businesses renting commercial real estate, many people can't buy homes at these inflated prices, and rents had gone up a lot.

@blondiegreeneyes4802 3 месяца назад

Thanks ! This is extremely interesting.

@aaronblain6377 3 месяца назад

"Houses are for living in, not for financial speculation." -- Xi Jinping

@qake2021 3 месяца назад

👍👍👍 agree ✌️✌️✌️

@danielhealy9725 3 месяца назад

And not ONE in jail. They write the laws so they never break any. Disgusting! Over a thousand went to jail for the Savings and Loan scandal.

@Ace1000ks19751982 3 месяца назад

@@danielhealy9725 Exactly. The only people that are paying for it are the people of the U S. We have a lot more homeless people, more people are under a tremendous amount of stress paying these inflated mortgages, rents, and inflation. Some people say my home is paid off so it doesn't affect me. Tell that to my parents who have difficulty paying property tax and homeowners insurance due to property values going up for the past 16 years.

@geraldmantel4955 3 месяца назад

"Trickle-Down" economics, now in its 5th decade of drought.

@aaronblain6377 3 месяца назад

Look up "Horse and Sparrow Economics"

@moemimouni679 3 месяца назад

🎯💯🇨🇦

@reddy11-11 3 месяца назад

😂😂😂👍🏾

@kiwitrainguy 3 месяца назад

I think Wall Street really believes in something called "The Tinkle Down Economy": They get to pee on everyone else. Trickle Down economics is having three dogs and giving a steak to one of them and thinking "He'll share it with the others" - Bill Maher The clue is in the name: TRICKLE down economics. It isn't flood down or deluge down.

@jenniferr9624 3 месяца назад

Yellow showers don't make flowers.

@davidluckens3479 3 месяца назад

Yep,by the calculus employed by economists a few decades ago,half of us are paying unaffordable rent just to keep a roof over our heads.Thats not only unsustainable ,its gratuitously predatory.I'm thankful for Profs Wolff and Hudson for bringing this up.

@danielhealy9725 3 месяца назад

Economic apartheid is real, and we're LIVING it.

@ozanozkirmizi47 3 месяца назад

Probably, better term would be "We are suffering in it" rather than "Living in it"

@geraldmantel4955 3 месяца назад

All this brings to mind a comment I read by Michael Parenti: "Capitalism will devour itself ..."

@shevashevasheva777 3 месяца назад

Yup

@JaceHart33 3 месяца назад

Just finishing Against Empire and going to start reading Black Shirts and Reds. Parenti is a great resource.

@kateoneal4215 3 месяца назад

I got his documentary THE WAR ON CHINA awhile back and it's excellent-- and very relevant today!

@jjbwoy 3 месяца назад

A few of his lectures are available on this platform.

@aaronblain6377 3 месяца назад

@@JaceHart33Also you might enjoy the audiobook version of BS&R on the YT channel Socialism for All. He's an "anti-revisionist" Marxist-Leninist who is quite knowledgeable and will occasionally stop and make helpful comments or explanations.

@mirziyodm 3 месяца назад

Well, what do you know - it so happened that I'm reading Hudson's "Killing a host" right now! And it's a great read!

@JohannCABJ 3 месяца назад

The collab I always wanted. Waited 5 years for it.

@ansa336 3 месяца назад

Yes!!! I could not agree more.

@BrentMedia 3 месяца назад

They did an interview together on another channel a few days ago. Def recommend it if you haven’t watched.

@PogoTheC1own 3 месяца назад

There is plenty of Richard Wolff and Michael Hudson vids here on youtube!

@jgalt308 3 месяца назад

@@PogoTheC1own There are only two serious ones...the rest are segments of those two and they're both new. Anything earlier is a waste of time.

@sjoncb 3 месяца назад

the 99%: Housing should be a human right the 1%: nope

@MrChiangching 3 месяца назад

Give me your house 😊😅

@attieschutte7116 3 месяца назад

How about the right to oragasms? Or lollipops. Can I have your bonus check and daughter for the weekend? No such thing as private property remember!

@theprophet489 2 месяца назад

History as it is white supremacy and colonialism and capitalism slavery

@robertburatt5981 Месяц назад

If the average american adult understood-at all-the importance of democracy, american society would be unrecognizable from what it IS today.

@Aroncare Месяц назад

Even byrds have their nest shelters and they don't have to pay nobody, why we a modern civilized society canot have free housing when even animal have them 😢

@headsails 3 месяца назад

Yanis did a piece on the Amazon serfdom and was blown away. It's really quite frightening.

@jamessmith1785 3 месяца назад

In Italy rent is established by square meter space specifically, a landlord cannot name their own price without regulation even in commercial buildings or office space.

@kp6215 3 месяца назад

Waiting for his next book 😊

@kennethhancock2433 3 месяца назад

Two of the absolute best.

@a.m.7438 3 месяца назад

It's more than pay for me. I don't want to work the entirety of a year, every year, with the nonsense excuse that I can have "the weekend," or a holiday here or there. It's absurd we're expected to work our lives away in the manner we do. I'm not living to labor FOR SOMEBODY ELSE for the majority of my adult life. We don't have to live like this. Make 4 day weeks the norm, and shrink work hours to 6 hour full time employment days.

@michaelandrews4783 3 месяца назад

Good for you the Capitalists just use and and spit us out to finance a class of lazy rent seeking reprobates,, always scheming to put their fellow countrymen over a barrel for the most basic of life necessities.

@0ChanMan 3 месяца назад

Start that business bro! Quit exploiting the capitalist system by earning more than you otherwise could buy yourself!

@partofme100 3 месяца назад

Why don't you become an employer and show us how to do it right.

@seanpenfold4374 3 месяца назад

Great episode, I'd certainly like to see Dr. Hudson on again.

@fredtan1506 3 месяца назад

I remember, in the 1960s, American leaders bragged about letting the Japanese (paraphrase) “make Sanyo or Panasonic washing machines, fridges for us while we dominate outer space”.

@kristiblack4789 3 месяца назад

And the only dependable thing that we've got to show for those MIA Trillions are NASA Space Panties!

@DarkVader-jj4dt 3 месяца назад

Thank you Professor Wolff for explaining how economics and democracy work, things are a whole lot clearer to me now.

@Nemesisnxt 3 месяца назад

Whoa, hold on there. You really need to study other sources of information. The professor’s statements are heavily skewed towards pro-communism. Balance this out with Hillsdale’s economics 101. Then you will have a better understanding of how it works.

@kp6215 3 месяца назад

Back to several people sharing residence rented to pool their income to pay the rent same as 1895.

@Sakhara256 3 месяца назад

I'm getting a great education on national and global economics by listening to this channel.

@dylannaenzo9737 3 месяца назад

Michael Hudson = genius, socialist, overall great human being. He is an American Hero can make very complex ideas, concepts, easier to comprehend. I pray for his continuing good health. I love Wolff, too, for helping us all understand what's happening all around us for decades, on RU-vid. Many thanks to both wonderful intellectuals.

@lilithlives 3 месяца назад

I would like you to do a segment on the Gig jobs in America, where "employees" use their own transportation, insurance, gas, insurance, repairs and physical risk, and after all those expenses, many don't even make minimum wage. But many are forced into this horribly exploitative industry where the CEOs are billionaires.

@kristiblack4789 3 месяца назад

And Billionaire Bombing Butthead Larry Ellison, sole owner of the stolen Island of Lanai, doesn't allow his employees to even look at him. Not in the face or eyes! Like a right Master/Slave relationship!

@kylezo 3 месяца назад

there are a few dozen stories on this topic in the archives, also take a look over at More Perfect Union which does great pieces on those issues as well

@kp6215 3 месяца назад

My favorite people 😀👍 Reading Michael his books are my brain learning.

@MrChiangching 3 месяца назад

Sorry for your loss 😱

@marycollins8215 3 месяца назад

Thank you. I am 64 and like your intro music very much. It is uplifting and also not something that I don't want to hear even once. Dr. Wolfe you are being authentic and I value you so much! I care about our planet home and our future generations, and I don't want to age in a warehouse that takes away everything we own. We need a new, new deal approach.

@gabrielmonopoli7994 3 месяца назад

Excellent information

@thomasduggan8755 3 месяца назад

Best wishes from Manchester Old England great show everybody keep up the good work ❤️👍 just follow the money 🤑

@blacksyrianiskenderunboi9388 3 месяца назад

Shout out to oldham and Rochdale

@kristiblack4789 3 месяца назад

"There never was a democracy yet that did not commit suicide." Samuel Adams!

@azoteapost8734 3 месяца назад

Thanks for having Dr. Michael Hudson !

@alexnevermind5963 3 месяца назад

Love listening to Michael Hudson. 😃👍

@johnqueripel2001 3 месяца назад

Exactly the same in Australia. Sydney is the second most expensive city in the world for real estate. Young people have virtually no hope of getting into real estate.

@headsails 3 месяца назад

I read the title to this episode and bust out laughing. Wolff doesn't mince words and so we are aghast at how true the analysis is - every time like clockwork.

@MR-tn5kv 3 месяца назад

Absolute dream team!

@l.w.paradis2108 3 месяца назад

Just checked the statistics --- the largest number of workers in the manufacturing sector, in terms of total workers and not as a percentage of the total labor force, occurred during the Carter administration: roughly 20 million people. So, later than we thought. Pre-Reagan, not coincidentally. The purchasing power of the minimum wage peaked about ten years earlier, around 1968 or 1969. Back then, a couple starting out, both working full time for the minimum wage, could afford an apartment anywhere: San Francisco, Denver, Seattle, Chicago, New York, Boston, . . . literally anywhere.

@oramaspilsbury275 3 месяца назад

I love Michael Hudson! & you too Rick. It’s an honour listen to you both.

@tiashannon4614 2 месяца назад

A republic strive while a democracy surrender.

@alvinfrazier4152 3 месяца назад

Thank you for explaining why America is an apartheid state, Professor.

@AymanB 3 месяца назад

Longer interviews please with guests of this caliber. Could've done the updates on a no-interview episode and had a 30min interview here.

@johnchan6955 3 месяца назад

Thank you Dr. Wolff! I wished I had you as my professor in college.

@angelacouncil1092 3 месяца назад

Love the Esteemed Economic teachers,breath live love economics, Great 👍 work .

@merfymac 3 месяца назад

Too short!

@kp6215 3 месяца назад

A realtor in 1965 told me about red lining and ask to call my mother when a black child was playing outside to not bring clients because property values were go down that I said that is discrimination and we said NO .

@regrichard4533 3 месяца назад

Good men, good show.

@kateoneal4215 3 месяца назад

MICHAEL HUDSON IS AN ADVISOR TO JILL STEIN! ❤

@penelopeprill211 3 месяца назад

#JillStein2024

@merry8092 3 месяца назад

Wow, the title alone is stunning.

@DerekSpeareDSD 3 месяца назад

Love seeing Prof Hudson on Economic Update!

@rubenrubinos982 3 месяца назад

I have worked 3 jobs to purchase a home and have been unable to buy one at this time I have given up on buying.

@1LaOriental 3 месяца назад

I’m in the same boat.

@kylezo 3 месяца назад

same.

@Spock_Rogers 3 месяца назад

Thank you! 👍

@vivalaleta 3 месяца назад

Best guest evah.

@randolphholy-day6400 3 месяца назад

Very informative!

@kindaplayerone4128 3 месяца назад

Professor Richard Wolfe you Rock!

@frizellruckerjr3968 3 месяца назад

Dr. Wolff, YOU give the plain truth. Acudos to You, respectfully to You, Sir.

@ansa336 3 месяца назад

Thank you gentlemen!!!

@TheLeaderr 3 месяца назад

I could listen to you two talking for hours without getting bored :D....

@fidomusic 3 месяца назад

"Cape of Good Horn"😃. Richard means the Cape of Good Hope, at the tip of South Africa. Cape Horn is at the tip of South America.

@patriceesela5000 3 месяца назад

He's human afterall

@ratnabahadurgurung9850 3 месяца назад

Nice conversations, thanks both professors,appreciate.

@Itharl 3 месяца назад

Professor Hudson is phenomenal; he explains these concepts very clearly and succinctly, thank you for bringing his perspective to us.

@geraldmantel4955 3 месяца назад

This channel offers Straight Talk without the usual political long-windedness.

@NoreenHoltzen 3 месяца назад

Dream team to have Michael and Richard together!

@dcikaruga 3 месяца назад

'We study the economy, and then we pretend, like our collegues, that we really understand what's going on.' - That was awesome!!!!!! 😁

@kristiblack4789 3 месяца назад

They know exactly what's going on, and not going on in "our" Debt Based Economy. But must pretend like they're super, duper Clueless! Meanwhile they laugh their arses off back at the Lodges!

@Mj_Billz 3 месяца назад

Just your interview on Palistine much respect man, new subscriber happy to have found your channel. From London. Peace and love.

@Elizabeth-bz2mi 2 месяца назад

Do you have a link to that?

@d.csiona171 3 месяца назад

Great show and, conversation between two of the best minds in economics.

@egbutler114 3 месяца назад

The market economic system is the problem, and no one is addressing it.

@kylezo 3 месяца назад

the PSL is addressing it with de la Cruz's presidential campaign but it is not addressed by corporate media. "no one" is horrifically dismissive of those of us that are doing everything we can to uplift these ideas

@vooyas.mp4 3 месяца назад

As always an insightful and though provoking conversation between two great minds!

@alimay1011 3 месяца назад

Great to hear these speakers. Thanks CN

@lady-bug939 3 месяца назад

Thank you for bringing Michael Hudson on your show. Very informative talk.

@JMoroccoMisterBoy 3 месяца назад

Richard : Tks. much.

@markstuckey6225 3 месяца назад

It would be interesting for Dr. Wollf to do an analysis of effective inflation according to income. Since housing costs are a larger proportion of income for the poor, they must face higher inflation; it would be interesting to see this quantified.

@thomasduggan8755 3 месяца назад

Best wishes from Manchester Old England great show everybody keep up the great work ❤️☺️ Amen

@miahsaint-georges 3 месяца назад

Wolf + Hudson = Legendary

@terryhollands2794 3 месяца назад

Similar to Canada, there are 2 classes of people, those within the system and those excluded from the system.

@stoneneils 3 месяца назад

oh boy you have no idea to say that.

@terryhollands2794 3 месяца назад

@@stoneneils what? Do you think opportunity is distributed equally in North America ? I know exactly what I am talking about. I lived in both the USA and Canada. I have personally experienced both inclusion and exclusion.

@stoneneils 3 месяца назад

@@terryhollands2794Most workers out ther are immigrants..high and low paying. Maybe Alberta is racist but jesus christ man its 2024 in Canada..if you're qualified and not a whining gen-z demanding 75k at your first job than you're hired like anyone else. Most of my bosses have evern been immigrants. NOT the same in the USA.

@stoneneils 3 месяца назад

@@terryhollands2794 Are you qualiflieid, because you don't mention your career. You're just whining like a typical victim mentalitythat life isn't fair without any details to back it up. I promise you there are MILLIONS of new young immigrants across the usa and canada who surpassed me in IT salary already and i have 30 years experience. Should I blame the color of my skin!? Or might it just be they are BETTER coders.

@hlmuench4212 3 месяца назад

@@stoneneilsI live in the US. You’re full of crap.

@reginaerekson9139 3 месяца назад

8:31 teachers are the actual product that’s being sold at universities and based on student recognition that makes the brand of a university. I didn’t pay $13 a unit at SMC for UCLA teachers by accident. Thank you!

@adwilkin7975 3 месяца назад

Get these two their own podcast! Awesome stuff!

@Fatfingertunes 3 месяца назад

Thank you Prof Wolff, and Thank you for Michael Hudson - I've read (a few of) his books!

@joecool3332 3 месяца назад

Great show

@charleskesner1302 3 месяца назад

Thanks Professor Wolff you and Michael Hudon are my favorite economist. You explain our economic system quite well. As they say if is complicated it crooked.

@stevenmedge3479 3 месяца назад

Gotta love wolff and hudsons analysis

@andrzejkopalnia 3 месяца назад

Brilliant as ever, both of them ❤️

@breft3416 3 месяца назад

As usual, the truth and the reality. Thaks, Professor!

@cheri238 3 месяца назад

Thank you, Professor Richard Wolff, for all your years of educating those who can hear truth, with without hating and the same for Professor Michael Hudson. Superb critical analysis of economics.

@MegaPapa8888 3 месяца назад

very interesting from another point of view solving our economic problems. Thanks.

@Baobabaloo 3 месяца назад

Thank you for all your hard work, both of you. Your voices are so important right now.

@cev12 3 месяца назад

I like that Michael Hudson has few and actionable solutions. That sounds doable.

@SaintFluffySnow 3 месяца назад

I can remember in the 1990's reading in AutomotiveNews (Auto Industry Paper/CrainPublications), where Automobile Dealers and Banks would brag having always charged Black consumers sky high interest rates for car loan financing (10%+), but much less for white consumers this admission was a ghastly unfair practice making car ownership out of reach for most blacks in USA plus, at the time, black business men were still getting rejected in owning and operating a new car dealership (franchiseeship) for any of the USA "Big 3" Automakers

@VeleroMedia4952 3 месяца назад

Welcome my friend

@EmHotep4520 3 месяца назад

Richard Wolff and Michael Hudson. It doesn't get much better. Can't forget Radhika Desai. Would very much like to witness a discussion between Desai and Wolff.

@caseycarrier4412 3 месяца назад

Nice work! You are appreciated

@bertbaker7067 3 месяца назад

Thinking back about Obama still kinda feels like i was cheated on or something. He was the first politician that I really thought was going to help people. I know he had huge forces arrayed against him, and we had to keep supporting him. I didn't realize it until years later, but when he let the bankers off the hook after bailing them out, and that "beer summit" with the racist cop that arrested Henry Gates in his own house. I didn't say anything at the time, had to keep the faith, but looking back, that was when I started to realize he might be the same as all the rest of the politicians.

@marysavage970 3 месяца назад

It’s always awesome to listen to you, Prof. Wolff, and Mr Hudson in conversation…maybe I should contact Charlie and suggest that more of the same ie: you and Michael discoursing…👍👌👍

@edfurti5046 3 месяца назад

With this thumb I don't need even watch the video to give a like!

@adrianmorris5546 3 месяца назад

Richard Wolff andMichael Hudson two great professors giving no nonsense and brilliant explanations of the whole world situation thank you

@gD-cp3cg 3 месяца назад

Thank you for your videos guys !! It is always subtle to see that policy in France follow the same system as your policy have made in US. Toujours intéressant de voir pourquoi il faut standardiser le monde. Always interseting to see why it does standardize the whorld.🙃

@johnschreiner8550 3 месяца назад

It doesn't get much better than Richard and Michael chatting :)

@geraldmantel4955 3 месяца назад

The level of Apathy in the US is staggering, most of the 'pundits' will say (regarding the collapse of the empire) "Ah, nothing to be concerned about, it's just politics ...."

@longcours 3 месяца назад

Very interesting, professors, thank you ! The US are showing the way to us Europeans (unfortunately), everyone speaks about oligarchies being in power in each of our countries, I wonder why the word "plutocracy" is so little used to describe the current political regimes in so-called Western countries ?

@reginaerekson9139 3 месяца назад

20:38 by the time I got a house, I was sabotaged at work and I wanted to just die and 2008 mortgage being what they were. I sold my new car and liquidated everything to be homeless in nyc and by the time I was rehoused 2 years, I was informed the foreclosure on my house was finalized just the month prior. Isn’t it ironic- don’t you think?