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.
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.
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
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".
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.? 🤦♀🤦♀👻👻
@@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!
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.
@@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
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.
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.
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!
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
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 😢
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.
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.
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.
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 very much Mr. Wolff for this honest opinion piece. I like the last minute of the video when he said something along the line that "...tariffs are just tactics used by politicians to get your votes". So apt. The smell of the election is getting very strong. I believe that it is only less than 6 moths away. Tariffs is not an economic tactic, it is but a political move for politicians to buy votes, and to kick the can of "uncompetitiveness" further down the road. Sadly for Americans, that is the one and only choice for them to keep their shrinking jobs. Internal combustion engine cars are going to be replaced by EV, especially for those who live in the urban areas. American auto makers are desperately trying to squeeze the last bit of juice out of the nearly dry car market, and Joe Biden is acutely aware of that. What Americans and westerners need to understand is that China's industry phenomenon is not a flash in the pants. China has a long history of industrialization tracing right back to ancient times when the Silk Road dominated a large part of the world. Making things and selling them is in China's DNA. What we are seeing is but a continuation of such a trait. So don't be bitter about it. Try to match it.
In Denmark before The globalization we had High wages, High taxes, High and many social benefits, lots of “free” public welfare - High educational level, high health standard, housing for all, good working conditions and wages regulated by agreements made by unions and companies (seldom interfered by government), lots of rules concerning immigrants, migrant workers, monopoly restrictions and so on. Now due to neoliberalism and globalization and The deregulation of everything we are more and more becoming a third World country and economy with High distribution of wealth and power from The ordinary people to fewer and fewer extremely wealthy and powerful people. Just like in The US. But The Rich and powerfull have kept and enlarged their share of power and money - just as it was always planned. If you today wonder why this development has taken place you are just one among billions of people that has been succesfully betrayed. Congratulations if you are among The people that more and more wake up to a new reality and Can see what is happening, Can Connect The dots
As the Prof points out, China has certainly achieved unprecedented economic growth in record time. Of course, their own "protectionist" trade policies were responsible for good part of that.
I bet they did it because domestic prices for housing and food are far cheaper for the Chinese worker than for the American worker. That would mean a Chinese worker can be enticed to work for far less because domestically it buys him just as much as (if not more than) the American worker. So domestic price differences plus robots (automation). ✌🏼
Throughout the 1940s into the 1980s, the Australian Government, on both sides of the political aisle, has set up tariffs on imported cars - to protect the local car industry. 40 years of protection which produced no worthwhile ability to compete against foreign automobile manufacturers from Japan and later on, South Korea - who were all producing cars that were cheaper, more fuel efficient and loaded with standard accessories. 40 years that ended up with the local industry shutting up shop with nothing to show for all those years of protection. Economic history of the world has shown many more examples when countries embark on a course of "tit-for-tat" protectionism and end up with stagnant economies and heightened tensions across borders. It is so obvious that "those who do not learn from the lessons of history are doomed to repeat them" and today, we are seeing some very unintelligent students who are so full of themselves repeating the same mistakes made and will have to go through the pains in having to learn from them. Unfortunately, most of the pain will have to be carried by their long-suffering citizens who have to endure the stupidity of their leaders.
It costs 3 cents to print one US $100 note. The cost of buying one BYD electric car is $20,000 if the tariff for the car is not 100%. So the cost of printing 200 $100 notes is only 600 cents or $60. You see how intelligent are the politicians who want to raise tariff to prevent the import of the Chinese cars.
Too bad American's can't buy 15k EVs. Think about how many jobs will be created as more people become drivers for Uber/Lyft if cars were only 15k, and maintenance/operation is only half of ICE. There's probably at least 500k jobs in there. The monthly payments + charging cost of a 15K EV is probably the same a Latte every day.
"You either die a hero or you live long enough to see yourself become the villain."The Dark Knight (2008)... Looks like the US is becoming more like a villain than a hero.
Time - perhaps - to ab-dicate for an other humanistic leadership paradigm . Prof, your enlightenment is critically needed....."Enlightened Leadership" is critical to any group's outcome.... Let's build together our common wholesome future prosperity.....
..it started with ‘opening China’ for the benefit of corporations. Industry fled the USA for cheaper labor [think higher corporate profits]. China got the ideas, and CAPITAL from the USA cuz we were more into cheap, then quality. [witness the foods] -although Walmart reportedly is the largest organic food seller in the US. [ due to the FDAs lowering standards] WALMART -in the past- motto was ‘made in America By Americans’. Now try to find a product NOT made in PRC. With the US infused capital [and cheap..maybe slave labor?] the governemnt invested in infrastructure!..i know novel idea..instead of increasing the size of the military complex..simple explanation.. its all about the flow of money.😊
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.
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.
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.
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.
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.
*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
@@Hystericall I watched a video about a sales lot full of trucks - they were up to $120k....!!! You can get a brand news S Class Mercedes or an EQ electric version of the S Class. You guys are getting so badly ripped off and the tariffs are there to allow the US automakers to KEEP ripping you off. Toyota make a $10k pickup truck for the far east, it would need some additions for the US market but say $15k.
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!
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!
@@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.
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 ?)
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.
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.
"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.
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? 🤣🤣🍺🍺
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.
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.
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.
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.
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 😢
