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Season 10
Season 10 began in January 2020, and ran through December 2020.
Growing Independent, Progressive Media
Guest: David Pakman
December 2020 (Season 10 - Episode 50)
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This week's show features updates on the continuing lessons from 2020 at the year's end: the economics of US policing and the 'defund' campaign, building a Cold War against China, and lessons from the 2020 election about political monopoly. In the second half, Professor Wolff interviews David Pakman about growing independent progressive media.
Lessons From A Crisis Year 2020
No Guest
December 2020 (Season 10 - Episode 49)
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This week's show features a survey of the major economic events of 2020 that were poorly covered by mainstream media: the twin crises of viral pandemic/capitalist crash; protesting right-wing regimes (France, US, India, Poland); how the US Census Survey reveals the extent of US suffering; how Federal Reserve policies, intended to combat Covid-19 and economic crash, worsened income/wealth inequality; and the correction of poor unemployment data during a massive jobless crisis.
Guest: Sara Nelson
December 2020 (Season 10 - Episode 48)
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On this week's show, Prof. Wolff discusses Biden's 'new economic team,' big US banks falling short in key stress tests, India's 250-million-strong general strike, and lastly, huge chunk of US relief funds aimed at small and medium businesses grabbed instead by big business. The second half of the show features an interview with Flight Attendants Union President Sara Nelson.
Guest: Niki Okuk
December 2020 (Season 10 - Episode 47)
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On this week's show, Prof. Wolff discusses the immense social waste of US unemployment now, Trump ban on investing in Chinese companies, new global organization for worker co-ops, higher education cuts in UK and US. The second half of the show features an interview with Niki Okuk, South Central LA activist fighting for community control of downtown Crenshaw Mall.
What Capitalism's Decline Mean
No Guest
November 2020 (Season 10 - Episode 46)
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This week's show is dedicated to a discussion of the signs of US capitalism's decline. Wolff explores the passage of US capitalism from its birth, through its state-supported growth and expansion, to its global peaking from 1945 to 2000. He presents the causes of its ongoing decline this 21st century, and then offers a conclusion on the right, center and left political responses to decline.
U.S. Labor Battles COVID-19 and Politics
Guest: Bob Hennelly
November 2020 (Season 10 - Episode 45)
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On the first half of this week's show, Prof. Wolff discusses labor's gains and losses, and the refutation of the claim that China's spectacular economic growth is a product of capitalism, not socialism. The second half of the show features an interview with investigative reporter Bob Hennelly on labor in the U.S. today, with a particular focus on public employees.
No Guest
November 2020 (Season 10 - Episode 44)
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On this week’s show, Prof. Wolff presents the following short updates: Inspire Brands buys Dunkin Donuts, as big firms grow while medium and small firms die; private US capitalism is now on "life-support" financial dependence on US gov't; and pre-Covid US eviction tsunami is now getting worse fast. No matter who wins, the capitalist system gets continued support, continued failure to end instability, continued erosion of New Deal, and continued denial of real political choice in the US.
No Guest
November 2020 (Season 10 - Episode 43)
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On this week's show, Prof Wolff explores what major social changes will flow from today's combination of major economic crash and the viral pandemic (capitalism's worst nightmare). To answer, we consider how European feudalism changed after its 14th century combination of economic decline and the bubonic plague. The two big changes then were (1) switching from a decentralized to a strong state, monarchical feudalism and (2) transition from feudalism to capitalism. The two big parallel changes now are also (1) switching to a strong state capitalism and (2) transition from capitalism to a worker-coop based economy.
Cuban Commitment to Worker Co-ops
Guest: Prof. Camila Piñeiro-Harnecker
October 2020 (Season 10 - Episode 42)
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On the first half of this week's show, Prof. Wolff presents updates on the different metrics used for US unemployment, IMF on uneven recovery, money and US elections, Indigenous People's Day, and lastly China's commitment to digital currency, while big banks hold back other countries. The second half of the show features an interview with Havana professor Camila Piñeiro-Harnecker.
Progressive Social Media Surges in Canada
Guest: Lance of The Serfs
October 2020 (Season 10 - Episode 41)
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On the first half of this week's episode, Prof. Wolff presents a critique of pandemic eviction and updates on: the real US unemployment costs, Denmark sides with Germany against US pressure, China's successes, and lastly, why there has been no economic recovery in the US. On the second half of the show, Wolff interviews Lance of The Serfs, host of a major Canadian left-wing podcast.
Guest: John Samuelsen
October 2020 (Season 10 - Episode 40)
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On this week's show, Prof. Wolff talks about the Geneva, Switzerland vote that's raising the minimum wage to $25.16/hour or over $50k/year; GOP block federal aid to cities and states; economics of police brutality; 20th vs 21st century depressions; and lastly, how profit motivates capitalists to market fake, toxic hand sanitizers. On the second half of the program, Wolff interviews John Samuelsen, International President of Transport Workers Union (TWU) in the US.
Capitalism's Anxiety About the State
No Guest
October 2020 (Season 10 - Episode 39)
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On this week's show, Prof. Wolff presents updates on how capitalism gets in the way of fighting Covid-19, systemic racism and Covid-19, why Europe did not allow the mass unemployment imposed on the US, and Wells Fargo CEO's fake excuse for lack of diversity among bankers. In the second half of the show, Wolff explores why capitalism fears the modern state and how it controls that state.
Guest: Mexie
September 2020 (Season 10 - Episode 38)
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On the first half of this week's episode, Prof. Wolff discusses the following: graduate student strike at University of Michigan, Johnson & Johnson charged in opioid deaths, the richest Americans gain $845 billion from March-September 2020, New Jersey raises taxes on millionaires, and real unemployment is at 18%. On the second half of the show, Wolff talks with rising podcaster Mexie on how she brings the left together.
No Guest
September 2020 (Season 10 - Episode 37)
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On this week's show, Prof. Wolff presents updates on the 'Social Progress Index" and US capitalism's decline; how most young Americans, 18-29, now live with their parents; Argentina's debts are cut in half; and lastly, why most of the US economy is now on welfare. The second half of the show features a major discussion of a social transition beyond capitalism.
Professional Athletes Lead The Way
Guest: Dave Zirin
September 2020 (Season 10 - Episode 36)
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On this week's show, Prof. Wolff presents updates on why the FED monetary policy dominates the US; fatal flaws of eviction moratorium; luxury, fashion centers shift to China despite US anti-China policies; and the unnecessary crisis of US restaurants. On the second half of the show, Wolff interviews sports journalist Dave Zirin on historic strikes of US professional athletes.
Guest: Bob Hennelly
September 2020 (Season 10 - Episode 35)
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On this week's all new Economic Update, Prof. Wolff discusses the Federal Reserve's pro-inflation policy's causes and effects, professional athletes and "dual power," more state-monopoly capitalism in the US, and Denmark vs US on Covid-19 battle. On the second half of the show, Prof. Wolff interviews journalist Bob Hennelly on the US labor crisis.
The Declining Empire with Chris Hedges
Guest: Chris Hedges
August 2020 (Season 10 - Episode 34)
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On this week's Economic Update, Prof. Wolff discusses the following: Denmark's new taxes on banks and rich people to help workers doing dangerous jobs; West Virginia AG sues Walmart and CVS for complicity in opioid scandal; and US State Department urges universities to sell shares in Chinese corporations. On the second half of the show, Prof. Wolff interviews author and journalist Chris Hedges on signs of the declining US empire.
China: Capitalist, Socialist, or What?
No Guest
August 2020 (Season 10 - Episode 33)
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On this week's episode, Prof. Wolff talks about the Chinese economy. China is run by a Communist Party but describes itself as socialist, while the employer/employee structure of its enterprises is capitalist. We examine what this means for (a) its place in the world economy, (b) its place in the transition from capitalism to socialism/communism, and (c) its conflict with the US.
Capitalism's Definition is not Innocent
No Guest
August 2020 (Season 10 - Episode 32)
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On this week's all new EU, Prof. Wolff contends that defenders of capitalism chose a poor definition because that made it much easier to defend capitalism. A much better, clearer definition was and is available. But, he explains, it exposes capitalism to profound criticisms.
The FED's Rigged Money Management
Guest: Nomi Prins
August 2020 (Season 10 - Episode 31)
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On this week's show, Prof. Wolff discusses the following: the US is a poor place to raise kids according to a recent Forbes' magazine article, the collapsing restaurant industry, eviction policy (France vs US), Bugatti cars for very rich kids, and Pfizer CEO wants big profits from Covid-19 vaccine. On the second half of the show, Prof. Wolff talks with former Goldman Sachs banker Nomi Prins on how the Fed rigs US money supply in disastrous ways.
Pandemic Capitalism: a View From Asia
Guest: Jomo Kwame Sundaram
August 2020 (Season 10 - Episode 30)
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On this week's show, Prof. Wolff discusses corruption of public workers' pensions, capitalist contracts displaced by legal fights, Canada's COVID-19 record vs US, retail apocalypse deepens, and Bezos vs 50 homeless people in Pittsfield. On the second half of the show, Prof. Wolff interviews economist and former UN Assistant Secretary General, Jomo Kwame Sundaram.
Today's Pandemic as a Crisis of Capitalism
Guest: Rob Wallace
July 2020 (Season 10 - Episode 29)
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On this week's episode, Prof. Wolff presents updates on company cutting candy bar size but keeping the same price, Barcelona punishes landlords with empty apartments, Macy's closing stores while giving $millions bonuses to top executives, IMF anti-Covid-19 funds used instead to pay off private loans, health insurer profits because people cannot afford and fear doctor and hospital visits, Amazon profits from pandemic. On the second half of the show, Prof. Wolff interviews epidemiologist Rob Wallace on capitalist agriculture and viral pandemics.
The "Great Debate" that Wasn't
No guest
July 2020 (Season 10 - Episode 28)
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Throughout capitalism's history, the big topic in economics was how far government should intervene in the economy. Conservatives wanted minimum intervention while liberals and socialists wanted much more. In fact, government intervention mostly aimed at saving, protecting, supporting capitalism. The genuinely "great debate" could and should have been about the strengths and weaknesses of capitalism versus those of a real alternative system, socialism.
Guest: Dave Zirin
July 2020 (Season 10 - Episode 27)
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On this week's show, Prof. Wolff presents updates on false "trade-off" between illness and economy, going from normal to extraordinary injustice, hypocritical scapegoating of foreigners instead of facing domestic public health and economic failures, and lastly, the tragic neglect of education during the pandemic and economic crash. On the second half of the show, Prof. Wolff is joined by Nation magazine sports editor Dave Zirin.
Europe's New Internationalist Left
Guest: Yanis Varoufakis
July 2020 (Season 10 - Episode 26)
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On this week's show, Prof. Wolff presents updates on "zombie" companies and their rapid growth in the US, The Federal Reserve "stress tests" expose risks, and weaknesses of major US banks. On the second half of the show, Prof. Wolff is joined by Greek economist, academic, philosopher and politician, Yanis Varoufakis on DiEM25, Europe's new internationalist left.
The Pandemic's Lesson About Capitalism
No guest
June 2020 (Season 10 - Episode 25)
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On this week's show, Prof. Wolff argues that preparing and coping with the Corona pandemic was inadequate: medical supplies were seriously deficient. It simply was not profitable for firms to produce or stockpile the supplies. Neo-liberal governments were complicit with private profit capitalists rather than compensating for their inadequacies. The lesson: many basic social needs are needed, like public health. We cannot, need not, and should not rely on capitalists to meet them. Alternatives are available.
Guest Eleanor Goldfield, activist and journalist
June 2020 (Season 10 - Episode 24)
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On this week's show, Prof. Wolff presents updates on why the US record on COVID-19 so much worse than most others'; corporation buys Trump; US billionaires got much richer during pandemic while 42 million workers lost their jobs; sharp rise to 66,433 homeless in LA. The second part of the show features an interview with creative activist and journalist, Eleanor Goldfield on her new film "Hard Road of Hope" on working class radicalism.
Dark Times, Hard Truths
Guest Jimmy Dore, comedian and podcast host
June 2020 (Season 10 - Episode 23)
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On this week's show, Prof. Wolff presents updates on mismanaging COVID-19 and US system's crash; reactions to economic decline; sharing gains of firms profiting from the virus; the mistake of "dominating;" mass joblessness = class war. The second half of the show features an interview with comedian and podcast host Jimmy Dore on today's crises and roles of GOP and Democrats.
Socialism vs. COVID-19: A Very Different Story
No Guest
June 2020 (Season 10 - Episode 22)
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On this week's show, Prof. Wolff explores what a socialist response to COVID-19 would have looked like. The US has 5% of the world's population but 30% of the world's COVID-19 deaths. US capitalism did poorly against the virus. Today's program explores how socialism could and would prepare for and respond to COVID-19 differently. We include both the logic of socialism's different policies and examples of socialist-influenced policies in other countries.
Cornel West on Pandemic Capitalism
Guest Cornel West
May 2020 (Season 10 - Episode 21 )
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On this week's show, Prof. Wolff presents updates on how pandemic and capitalism are combining to worsen social divides in the US. Special guest Cornel West joins the show to talk about (1) how pandemic + economic crash are affecting US society and (2) the prospects for social change.
2020 May Day Protests and Demands
Guest Kali Akuno, leader of Cooperation Jackson
May 2020 (Season 10 - Episode 20)
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A special program: interview with Kali Akuno, leader of Cooperation Jackson in Mississippi. As a leader of national May Day actions, he discusses their size, diversity, motivations and goals (including planned monthly national actions). He analyzes organizational challenges and prospects. Finally, he explains why he believes this May Day was a major strengthening of the US left.
Unemployment: Cruel, Wasteful, Unnecessary
No guest.
May 2020 (Season 10 - Episode 19)
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On this week's show, Prof. Wolff criticizes unemployment - as a specifically capitalist irrationality - and advocates "re-employment" as a far better policy. Gov't jobs and worker-coop development are key means for re-employment. Very socially necessary jobs are detailed that further encourage re-employment, instead of unemployment.
Honoring May Day, 1886 and 2020
No guest.
May 2020 (Season 10 - Episode 18)
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From May Day 1886 to 2020, workers wage long, hard struggles to reform capitalism. From the fight for an 8-hour workday to the fight for a safe, Corona-free workplace now. Employers block and delay reforms, and try to undo them once won. They use what capitalism gives them: dominant power, incentive (profit), and means (profits). If we change the system from capitalist to worker-coop, workers alone democratically make and secure reforms. Employers, the constant enemy of reform, vanish as a separate group dominating society.
Capitalism's Unemployment Problem
No guest.
April 2020 (Season 10 - Episode 17)
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Capitalism's recurring unemployment problem was never solved and makes the system fundamentally unstable. Today's high levels of unemployment are hugely costly in both human and financial terms. We analyze why capitalism prepares so poorly for and then endures its recurring unemployment. We also examine several alternatives to unemployment that would serve society better but threaten capitalism."
Virus Triggers Capitalist Crash
No guest.
April 2020 (Season 10 - Episode 16)
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Today’s episode features an analysis (part 1) of how, why capitalism - especially in US - failed to prepare for or cope with a virus thereby enabling it to trigger another crash of capitalism (third this century: dot.com in 2000, sub-prime mortgage in 2008). In part 2, Prof. Wolff provides an analysis of how to respond to crash better than the US government by emphasizing re-employment in millions of new jobs rather than unemployment, emphasizing worker-co-ops, etc.
The Psychological Aspects of Today's Crises
Guest Tess Fraad-Wolff, psychotherapist
April 2020 (Season 10 - Episode 15)
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Today’s episode features an analysis of the social divisions working to undermine the solidarity needed to fight both the coronavirus and the potentially resulting economic crash as well as how the inconsistent, out-of-touch and non-empathetic U.S. leadership is leaving millions of Americans with nowhere to turn as they increasingly feel society falling apart around them. Prof. Wolff discusses the psychological factors worsening this existing crisis, such as widespread loneliness and a sense of powerlessness, with Tess Fraad-Wolff, a psychotherapist practicing privately in New York City for the last decade, in an effort to better understand and more appropriately respond to the psychological aspects in today's crises we all face.
Corona and Our Mental Health
Guest Harriet Fraad, psychotherapist
April 2020 (Season 10 - Episode 14)
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The coronavirus's threat to physical health is clear. Far less well known are the virus's serious impacts on mental health (loneliness, depression, feelings of isolation, anxiety) worsened by the total failure of private and government leaders to anticipate, prepare for, or cope with the pandemic. With Dr. Harriet Fraad we explore the psychological costs of the pandemic and some ways we can better cope with them.
#MeToo and Corona: System is Key
No guest.
March 2020 (Season 10 - Episode 13)
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This program focuses on how the capitalist economic system plays crucial roles in the #MeToo examples of Weinstein and Cosby and also in the failed response to the Corona virus crisis. The organization of capitalist enterprises - power and wealth concentrated at the top in a tiny minority - invites and enables sexual harassment and abuse by people positioned like Weinstein and Cosby. A profit-driven medical-industrial complex did not invest in preparing for the virus and a profit-subservient gov't failed to mobilize private and public resources to test for, contain, and overcome the disease.
Comedy and Tragedy of Capitalism
Guest Lee Camp, host of Redacted Tonight
March 2020 (Season 10 - Episode 12)
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Updates on capitalism's failures exposed by the Coronavirus; Sanders and the re-entry of socialism into US politics; US social mobility goes down; and Macron evades democracy to try to force pension cuts (alias "reform") onto French people. Interview Lee Camp on his comedy and his critique of capitalism.
Capitalism, Jobs, Depressed People
Guest Tess Fraad-Wolff, psychotherapist
March 2020 (Season 10 - Episode 11)
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On this week's episode of EU, Prof. Wolff presents updates on Vancouver, BC, taxing its richest; JP Morgan Chase recognizes climate change threat and market's failure to cope; ways money shapes US politics today; why US women's soccer gender discrimination lawsuit helps all soccer players vs profit-driven soccer federation. The second half of the show features an interview with psychotherapist Tess Fraad-Wolff on why our jobs get us depressed and what to do about it.
Using Unemployment Against Workers
Guest Professor Gertrude Goldberg
March 2020 (Season 10 - Episode 10)
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Updates on high US maternal death rate, wealth inequality and the Pope, #MeToo hits the banks, Macron and Black Rock plot French pension "reform," dying Newsweek caught in corruption scandal using bible college. Interview Prof. Gertrude Goldberg on US unemployment, its social costs, and struggle for a universal job guarantee.
When Stale Debates Distract
No guest.
March 2020 (Season 10 - Episode 09)
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Updates on how Airbnb reflects workers' falling living standards, price-gouging anti-virus masks, purpose of Trump's record deficit, end of Brexit distraction makes UK face its real problem: capitalism, and cause of San Diego's pension crisis. Major discussion of the economics' centuries-old, #1 debate - more vs less government economic intervention. That debate mostly distracts from the feared debate over capitalism vs really alternative systems.
Larger Social Changes to Support Worker Co-ops
No guest.
February 2020 (Season 10 - Episode 08)
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This week on Economic Update, Professor Wolff responds to a criticism aimed at how d@w focuses too much on the transition from capitalist firms to worker co-op firms with too little attention paid to the larger social changes needed to move towards a worker-owned economy and thusly, beyond capitalism. Professor Wolf answers this criticism by discussing the broader social changes necessary to sustain a worker co-op based economy including the economic tools our government could use to sustain an economy-wide sharing of profits and resources as deemed necessary by the people participating in, working and creating in, the industries they as employees could and would control.
Socialism and Left Unity in the US
Guests Karen Ranucci (Center for Critical Thought) and Rob Robinson (Left Forum)
February 2020 (Season 10 - Episode 07)
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Updates on Trump's 2019 $1 trillion plus deficit, burden of poor countries' debt, Amsterdam forgives young peoples' debts, "strong man" governments' fund-raising strategy, and gross failures of Trump/GOP's 2017 tax cut. Interview Karen Ranucci (Center for Critical Thought) and Rob Robinson (Left Forum) on their programs and their collaboration to serve the rising US interests in socialism and building a movement for transition.
Capitalism's Uneven Development
No guest
February 2020 (Season 10 - Episode 06)
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This week’s episode of Economic Update features an introductory discussion by Professor Wolff on capitalism's systematically uneven economic development. From Marx's original criticism of capitalism for producing and reproducing unevenness to the many historical examples, Prof. Wolff argues that there are indeed heavy social costs which flow from capitalism's uneven development. Those costs then become bases for arguing the need to move beyond capitalism.
Exposing Economic Myths
No guest
February 2020 (Season 10 - Episode 05)
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This week on Economic Update, Professor Wolff discusses how the "unemployment rate" is an inadequate measure of the U.S. economy’s well-being along with the decline of the “real” value of the minimum wage in the U.S., the multiple failures and flaws of markets and how corporations as less economically efficient than worker co-ops.
Military Spending and Debt
Guest Bob Hennelly, investigative reporter
January 2020 (Season 10 - Episode 04)
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This week on Economic Update, Professor Wolff delivers updates on France's successful mass uprisings (Yellow Vests in 2019; mass union strikes in 2020) that forced the French government to back down on changes workers opposed, how endless wars impose huge debts, and how the Catholic Church uses U.S. bankruptcy law to prevent the church's assets from being used to compensate victims of sexual assault.
Independent Media
Guest Laura Flanders, journalist
January 2020 (Season 10 - Episode 03)
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Updates on sale of coop craft brewery, US medical costs highest in world, and the "overcoming poverty" defense of capitalism's inequality and instability. Interview Laura Flanders on independent media.
Answering our Critics
No guest
January 2020 (Season 10 - Episode 02)
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Three major criticisms of Economic Update are considered: (1) that we don't praise capitalism for reducing world poverty, (2) that we don't admit that "socialism has never worked anywhere," and (3) that no inventor of a new product or technique who starts a business will ever accept that employees in such a business are equal partners with the inventor, originator of the business. Today's program answers these criticisms, refuting their arguments systematically.
Capitalism & the Family: Myth Vs. Reality
Guest Harriet Fraad, psychotherapist
January 2020 (Season 10 - Episode 01)
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Updates on Job Quality Index and its US decline, the French activism against President Macron's effort to cut pensions, Gartman Letter urges investors to sell stocks in face of Trump's policies deteriorating the economy, Obamas purchase $11.5 million Martha's Vineyard mansion, and Kansas City cuts public transport fares to zero. Interview with Dr Harriet Fraad on myth vs reality of US capitalism and the family.
Other Seasons of Economic Update
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