Economic Update: Class Struggles in the US Today

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On this week's show, Prof. Wolff talks about teacher burnout economics, inflation as an employer-employee fight, the "labor shortage" isn't, "Build Back Better" does not begin to approach what Europe already has, the basic political economy of last November's elections, the critique of obscene wealth.

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“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”

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Showing 7 comments

  • pasqual digesu
    commented 2021-12-15 10:12:39 -0500
    An incredible lecture and presentation. Regarding all subject matters, A great display of deeper understanding and intuition reflecting subdued truths and reality. As I believe, an uncontrolled system of capitalism has radically abused its powers in setting prices and manipulating profit for themselves and the distribution of profits, unchecked. As for inflation, yes their actions are a great part of the cause but, the incremental inflationary step increases of the past 6 decades can also be attributed to changes in the backing of our papyrus notes. Going from gold and silver (JFK) to commodities and other market concoctions etc. and these changes diluting the value of our currency. I believe the only way you can also increase currency production and circulation levels is by diverting to another devaluated currency base used to back the currency. In the 3rd century the roman empire’s diminishing abundance of precious metals began its infiltration of silver coins with less precious metals until the silver content was greatly reduced reducing the values of the coinage or currency. This now required 100 coins for a bushel of wheat for what cost decades earlier only 2 coins or drachma?
  • Benjamin Schroeder
    commented 2021-12-12 11:58:19 -0500
    Reference: The Vision (A terrifying prophecy of Doomsday that is starting to happen now!) by David Wilkerson, A Spire Book, 1974.
    Subject: What is in store for the future of the world?
    Dr. Richard Wolff,
    I was looking in my library for something to read and this book (see reference above) nearly fell into my hands. This was 2 o’clock in the morning and I was not in a sleep mode.
    Even though this book was published in 1974, the book describes what the world is in for today, and the future of society that will not get back as we once were. As you point out in your essays and video presentations, society is breaking down, the social fabric is deteriorating around the globe, and our own presidential election has become a farce from Washington. The United States will never be the same again, and for the world society too.
    Capitalism is almost dead for the rich 1%, and not functioning for the other 99% who will work at anything or for anybody at a wage/hours/benefits that the employer chooses. The money supply is for the rich who keeps it and plays the stock market like a game of chance.
    If you have the opportunity, I suggest you read each chapter about the flood of Filth, economic confusion, the drastic weather changes, earthquakes, etc. To read this old book you immediately think the author is describing 2020 and our future, the sin of our young people.
    What is in store for the future of the world? No one knows for sure, but your commentaries and this book help us see the future and it is not bright.
    When will end? You and others have been analyzing our present economic system for a long time (many years) with many short videos and many panelist/speakers. I have listened to you for I think over five years now. Is the final failure of our economic system going to happen before the end of this year? I think so!
    Our two presidential candidates leave me with the feeling of gloom and doom for the USA. The economic mess created over the last 30 years (since 1970’s) is coming to a complete failure for us (USA) and the rest of the world. All you and other and like you can explain is how the world is collapsing and nothing can be done to fix it. Our present leaders cannot see or care as long as they make money, which may become inflated or worthless.
    The French Revolution did not achieve it’s intended results. You sometime mentioned the French Revolution. Are we (USA) headed for the same fate? You need to talk more about the coming collapse and how to get ready for life during the collapse and after!
  • Susan Mercurio
    commented 2021-12-08 15:14:14 -0500
    Thorstein Veblen, in The Theory of the Leisure Class, explained why we worship the wealthy in 1898.
  • Susan Mercurio
    commented 2021-12-08 15:02:12 -0500
    Hey, the decline began 40 years ago … when Ronald Reagan, a REPUBLICAN, started the neoliberal change.
  • Susan Mercurio
    commented 2021-12-08 14:56:05 -0500
    If the Left hadn’t been crushed by Joe McCarthy and the corporations still irked by the New Deal, the working class would have some choice when the Democratic Party failed them. Now the only alternative they have is the right wing.
  • Susan Mercurio
    commented 2021-12-08 14:53:21 -0500
    The more money that is pumped into the economy doesn’t mean that “people” have more money in their pockets, not if your definition of “people” is “ordinary people.” It goes to their donors.
    Prof Wolff, you would know this if you followed Modern Monetary Theory (MMT).
  • Steve Greenberg
    commented 2021-12-06 10:29:24 -0500
    Competition keeps prices in check unless we have allowed pricing power of corporations to go unchecked. That is the choice we made.
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