We see all the INSANE CRAP around us, and we just take it lying down, we just let the Fuckers (Politicians, Corporations, War-Profiteers, Courts, Cops, Bankers, Wall-Street, Israel, Zionists, Globalists, AIPAC, CFR, Bilderberg, Pentagon, Congress, Neocons, Federal Reserve, Rothschild, Corporate Media, CEOs, Greed, Fascists, Religious Extremists, Lobbyists, Liars, Manipulators, Bullies, Power-Mad Dictators, Tyrants, Greed-Infested Fucks, Deceivers), we just let them Rape Us 24/7, & we do NOTHING.
Remember this is of 2007, and the gap is growing with Bush's tax cuts for the megarich. By the way, Bush tax cut for the elite has been going on for ten years and how many private sector jobs were created?
@RaveAgainst You're forgetting the trickle down theory my friend.
Why haven't the corporations produced any employment with all that money they're hoarding yet? They're probably just planning something really, really special and exciting for all of us.
@sk8tafrnk Oh, my goodness. If only the blind and deaf were also mute.
Tax breaks do not create jobs because they don't create incentive. High taxation, and tax breaks for certain kinds of investment do. But, we keep handing out lower taxes to the mega rich like candy, without incentive.
They have no reason to create jobs. They just enjoy greater profits, better vacations, bigger homes, with bigger garages and more cars, and other toys. WAKE UP.
@frankleeseaux You must me an idiot to not catch my sarcasm.
Taxes need to be raised. For common people and definitely for the wealthiest portion of our country. Government jobs would put money into the hands of the common people and essentially would pump money back into social programs. Corporations obviously don't do that cuz they just found ways to keep the bailout money, try to make profits off of it, then kept it.
So fuck you you fucking idiot. "Trickle Down Theory" is a fucking joke.
@sk8tafrnk Tell that to some of the people i live around. Anyone should be able to quickly and easily figure out the fallacy of the trickle down argument, but I happen to live in a state full of people who defend that notion. So, forgive me if I can't recognize your sarcasm, so thinly veiled that it sounds just like these idiots here.
So, I may have been mistaken about the deaf and blind part, but apparently I wasn't mistaken about the attitude.
In terms of types of financial wealth, the top one percent of households have 38.3% of all privately held stock, 60.6% of financial securities, and 62.4% of business equity. The top 10% have 80% to 90% of stocks, bonds, trust funds, and business equity, and over 75% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.
So you guys like stats? As of 2007, the top 1% of households (the upper class) owned 34.6% of all privately held wealth, and the next 19% (the managerial, professional, and small business stratum) had 50.5%, which means that just 20% of the people owned a remarkable 85%, leaving only 15% of the wealth for the bottom 80% (wage and salary workers). In terms of financial wealth (total net worth minus the value of one's home), the top 1% of households had an even greater share: 42.7%.
@RaveAgainst Your numbers not only prove capitalism does work, (yes, it's true, the rich get richer) but also that the Pareto Principle is alive and well.
If you put as much effort into creating wealth for yourself AND others (become an employer) as you do in engaging in class warfare, you would improve not only yourself, but the lot of others as well.
Like any Marxist, he uses scant data and a lot of innuendo to push an idea of class warfare onto young people who don't know better. He seems to believe that this homogenous class of 'the workers' can't help but consume involuntarily. He made no mention of the huge change in monetary policy in the 70s. How could he possibly miss that? Right he's still clinging to "each according to his ability, to each according to his need" which leads to no one having any ability and everyone having more need.
Millionaires & billionaires pay 15% tax on stock market profits (virtually all their income) while the average secretary pays that rate or higher. Millionaires & billionaires pay the same $ amount in SS tax as I do. Huh? The higher the income the lower the rate. Regressive tax. 2/3 of the businesses in the US pay no tax. Their tax rate could be 99% but as long as they have enough loopholes to cover them, they are home free.
@RaveAgainst Yeah, you're right........the stats I provided after a quick Google search are totally bullshit and your mindless rhetoric is spot fucking on! Coupling your crap with the stats I provided is proof positive NOBODY pays taxes! No wonder the government doesn't have any money and they have to raise the debt limit - again.
@Hyena62 You seem to think that CEO's always come up the ideas so they should profit. Well most of the time the ideas are come with using taxpayers money in the military or university level. Then it's handed over to the rich guy to make profit after the risk and research we're first done with tax money. They wealthy don't pay anything in taxes yet get all the benefits and the money. Most of the fortune 500 companies have benefit in some way by the government helping them and many have been
@RaveAgainst I made no such claim...this is you putting words in my mouth.
Please point out one thing from my last post that is incorrect in my assessment of socialist points of view, and/or thoughts on the free market.
Your claim the wealthy don't pay taxes is rediculous. Do some research to realize where all the money comes from to pay the bills associated with The Leviathan that is now our government. Here in Wisconsin is a progressive tax system, the more you make, the more you pay.
@RaveAgainst The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes.
it seems like if the people at the top paid us working stiffs more money than we could afford the by the products that they are selling us. if too many Americans have to scale back their lives, that's a lot of products not selling and money not being made.
wow, thats a great fuckin lecture!!!! i like how this guys explains these thing for those of us wo are, how should i say "have a lower level of education"....... btw no sarcasm intended.
At 4:07 he complains of corportate pushing debt onto the American public, all while ignoring the debt placed on the public from "the Fed." YOU KNOW, the very same mega-government liberals embrace.......big brother knows how to run my life better than I do. One thing comes to mind in this is the current discussion of raising the debt ceiling. He complains of the employer lending money to the worker yet liberals are all agast at conservatives balking at raising the debt ceiling. Really?
@Hyena62 man the whole point of this is to point out that big business is screwing you over if you are a regular worker by freezing your pay at near 1970s level pay creating a situation where you will want to borrow money and have to pay them more of your money in the form of interest.Trying to play this tit for tat game you're on is literally not worth it.
@gamesmaster35 The problem with you socialists is your idea of sharing is equal to the income an owner takes off of the business. Never mind it was HIS idea for the business/product. Never mind it was HIS personal wealth invested for start-up. Never mind it was HIS credit on the line to build the business. Never mind the owner is taking on ALL risk in success or failure of the business. You want your SHARE....go start your own deal and put your own name on the door.
@Hyena62 That's a naive way of thinking. You really think any startups can compete with huge corporations like UPS? Wal-Mart? Verizon?
Few people think small-business owners should be stiffed, but you really think CEO's should get million dollar bonuses? Why? $300,000 can provide a good living for anyone. They should live in excess at the expense of the common man? Even so... many of them didn't start the companies.. they're just replaceable employees like the rest of the work force.
@FranceIsBacon At one point in time, UPS, Wal-Mart and Verizon were start-ups. Based on technologies available, there's never been a better time in modern history to become wealthy. Thank you for your graciousness in not wanting to stiff SBO's, how kind of you. Where's your indignation towards actors and athletes? Multi-million signing bonuses? Society thinks nothing of these people gain unimaginable wealth we mere mortals can only dream of, but quarter-back CEO's should take it in the ass? FAIL
@wotmot223 A Rod - $35 mil......Johnny Depp - $75 mil. Most CEO's income is partially from stock which may lose value. However, you miss the point. You socialists seem to believe you're the final arbiters of who should make how much, be it income or profit. You believe not one person should make $10/hr more than anyone else and profit is evil. WTF are you to decide such things? Socialism depends on one in power to decide such, in where the free market doesn't care. A FREE PEOPLE is the market!!
@gamesmaster35 Find and start watching video clips from Uncle Milt and get a real education.
Good Lord, I wish he were still alive today!! Bullshit personal attacks on him from the likes of Paul Krugman and/or Larry Summers after the man is dead and gone is crap! They know full well if he were alive today and had to debate him in public, he would make their arguments look ridiculous........including this idiot.
@gamesmaster35 Well...........as long as your not patronizing, but serious, please watch, Milton Friedman - Greed, in where Uncle Milt explains quite clearly to Phil Donahue about virtue. It's precious! Then you can go forward from there............
At 2:02........it tells me profitability improved due to technology......great!
On this very same page I see Michael Moore's ugly mug for another video. He goes overseas to tell Europe how stupid Americans are.
So, to put Prof Wolff's explanation into perspective, THE WORKER should be the one rewarded for being more stupid versus the the employer for being more efficient.
Sorry sport..........this is simply class warfare. Done!!
@Hyena62 doesn't it make sense that if I'm more productive and I gain you more money that you share with me the good fortune.After all you wouldn't have that money if you ran the business by yourself or just with your family.The way it SHOULD work is because I gained you more money you pay me more money in appreciation for my hard work and upping my productivity.Both parties should end up winning not onle winning at the detriment of the other.
@doodoodude234 As Wolff suggests,the problem of rising inequalities (and the seeds of the economic crash of 2008) can be connected with the neoliberal ideology of deregulation, privatization, and promoting the intrinsic values of small government; the reorganization of the welfare system; the reassertion of trickle-don notions to rationalize growing tax breaks for the rich; the increasing acceptance if not encouragement of corporate greed; and the massive decline in industrial unionism.
@doopydude234 In a democracy, government = the public. (And not the Tyranny that right-wing libertarians and Tea-baggers think they want). There is an enormous shortfall of demand for goods and services in the economy, a shortfall only the government can possibly fill. The best way to do this would be to engineer public employment projects. There are thousands of possibilities, from public housing and transit to sewage system repair to the national parks and monuments.
@wph00 Professor Wolff (Rick) is a wonderful scholar and teacher who had an influence on my decision to finish up my Master's degree at a time when i felt i was needed in full-time organising amongst workers. He's a rare breed in academia: a fine researcher and writer who has not turned his back on real issues and people's struggles. His publications have a vital part to plan in my own (PHD) work, and i'm happy to run into some of his friends and colleagues on the activist road.
@wph00 (oops - i think i mixed up my replies to you & dippydude234). Note how (inevitably white, middle class) Tea-baggers don't spare a thought for the millions of working people for whom government programs provide an essential lifeline. While Republicans and (U.S., i.e. right-wing) Libertarians are explicitly against equality and do not seek social or redistributive justice, the centre-left pretensions of the Democrats demands that they at least pay lip service to egalitarianism.
@EmmaYaBasta That's because Tea baggers are primarily middle to upper middle to wealthy right wing racists who care for their class and race interests over that of the common American even working class whites.
That's why they hate Obama so much-he is the epitome of everything they loathe.
From a class perspective, its basic protection of their economic interests.
That why they say such stupidly controdictory things as they believe in opportunity but not equality.
On another note: what has capitalism allowed to happen? Ultimately, the business elites now control almost all of the world's natural resources: oil (which controls travel and distribution of products) , gold, platinum...and the manufacturing plants that produce all essential and technological products. Obama is still spending, he's still borrowing, he's still financing a war...is the economy recovering? What if the dollar crashes? Then, who will control us?
The problem is that we have not been made aware of the source of the problem: capitalism. Or in other words: fascism in business. We all answer the board of directors. Instead, why can't be both the worker and the decision maker in business. A community. A democracy. But who has been manipulating media and education so that we do not become aware of this? Find out for yourself. It will blow your mind!
Capitalism is like the planned demolition of a high-rise building, The structure is imploded by collapsing the upper levels onto those below. it is interesting that economists are trained not to recognize structural failure even after the fact. There are already 5 million people homeless & this fact does not enter their calculus. Economic indicators are a witches brew. It is interesting who has endowed Economics as an academic discipline. It is probably the shakiest of the social sciences.
Jct: Banks cannot lend the funds they take in to their employees. "Every time a bank makes a loan, new bank credit is created, new money." Graham Towers. All loans are new chips, no matter how big a pile of old ones are in the reservoir. See the banking system blueprint at bankmath.htm
@iamgabrielf It's more of what he doesn't tell you he'll cover lots of accurate stuff and then say- Oh the Reps do it too or Bush was just as bad , without delving Into it he's lik a mike Moore of the right. He says- Don't worry bout the Bilderbugers and tries to say it all about "progressives" which is a real thing but is only the vomit world of the left- He don't get into 911 truth, He backs the Zionist, won't talk about the vast world empire that's killing us- Like what Ron Paul always says.
@lushfauna, the Michael Moore of the right lol. A thing that concerns me about GB is that he never dicusses the creation of money. He talks about deficits and borrowing money, but he never once mentions that the gov't doesn't need to borrow, it can print. Current law allows the treasury to issue gov't notes without borrowing. I'm also concerned that he's fostering racism by incessantly showing the black panther idiots. He also shot down Deborah Medina. Yet I still don't know if it's just error.
@iamgabrielf Not an error, Perry asked him to help him @ the time. Fox serves the Neo Con agenda so though GB seems like a true blue American he does so in the box of the establishment and leaves out much- He did screw over Medina I was soo pissed- He used to call RP a nut. I just hate how so many 40/50 year old types buy all his sh!t hook line and sinker. RudyMcCRomney will not change a thing.
forgot to mention...that its a multigenerational cycle of debt consumption. Since the workers will be passing debt down to its children, its children will continue this cycle: reason being is that you can only make profit to a point since population size will dictate how much possible you can rip off people (today). The only way you can make more money on top is to rip people off tommorrow by setting it up the pattern of consumption today. This is slavery
What I have noticed from commenting on many, many sites for the past ten years is that some people have almost no concept of basic economic principles, let alone advanced topics. I would recommend to "liberals" that don't want to learn but know, that you use libertarians as your guide to economics. We have a lot of the same fears about wars, jobs ,bailouts and business/government collusion and we know economics. It comes naturally to us.
I see this tool carefully fails to mention the Federal Reserve.
In a real market economy, competition allows workers to go to other companies to work at higher wages. Under central banking, however, a cartel of banks creates trillions of dollars of fiat money to buy control of all companies, creating a fascist state of monopoly capitalism where workers have no place to turn for relief.
I love the line, "Wall Street didn't create the situation." Ho ho ho, guess who signs his check?
Wow. Asking a liberal where prices come from is like asking a 6 year old where babies come from.
"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance." - Murray Rothbard
@roswellralph, When I hear someone refer to others as ignorant on the economy I often ask them this simple question: how does money enter the economy?
I begin with that question because the ramifications of its answer have the effect of dissolving ideologies.
@iamgabrielf Do you want to know 1) how something originates as money in an economy, 2) how the money supply is increased/decreased in the US economy today, or 3) how wealth is created in any economy. All three have very different answers, so I would ask for you to be specific in your definitions of 'money' and 'the economy'. These terms sometimes have different meanings to different people so I just want to get a definition of your terms.
@roswellralph, I know quite well how money originates. There are different vehicles, but there is only one meaning. Money is the medium of exchange, nothing more. So I will make another attempt at my question: how does the medium of exchange ENTER the economy?
@iamgabrielf No need to get defensive. I don't question your knowledge, I just wanted clarification of how you reference the terms to better frame a response. Under the current fiat system, we use a fiduciary media of IOUs backed by IOUs as money...only because people trust our economy will produce enough to support those IOUs. Here's my understanding in simple terms:
(and I'm interested to hear your assessment of the ramifications.)
@iamgabrielf In the US, the Fed creates money (literally out of thin air) to purchase assets from private dealers (usually Treasuries, but can be any asset) by writing the dealers a check drawn on the Fed itself. The dealer deposits the newly created money in the bank. Under the current fractional reserve system, banks have the ability to loan funds in excess of the reserve requirement – potentially increasing the money supply up to almost 10x the original deposit (with the current multiplier).
@roswellralph, I apologize for my aggressiveness. As for your comment... yup. IOUs chasing IOUs. Its ramifications are criminal. The crime is that private banks charge an interest on money they do not have. I believe and advocate, as did Benjamin Franklin, that only gov't should have the power to create credit. This is the system that eliminated all forms of taxation and the revocation of which sparked the American revolution.
This guy doesn't know a damn thing he's talking about. Define "Real wages." Is that average per worker? Per wage earner? Per citizen?
Define productivity. Per worker? Per company? An average per wage earner? Per citizen?
Why did productivity go up? Was it because people worked harder? Or maybe the means of production became more efficient so less work was required to produce more?
Any idiot can make numbers and graphs and make ridiculous claims that have nothing to do with the data.
.Sooner of later this whole Rube Goldberg contraption we think of as "our way of life"is will break down. Regardless of what else is the matter the fact that our conception of productivity is utterly dependent upon the availability of petroleum & wage labor marks this economic system for extinction in the very near future. Economists are trained to rationalize this way of life. They are the priests of a discipline which is mystical & that is its strength. All we see is about to disappear
People making less is really the problem. Too bad he doesn't take into account the relationship of inflation to the ever increasing minimum wage which is now at a record 7+ dollars an hour, nor is the issue of irresponsibility of the "worker" ever addressed. The ultimate reason for the collapse can be traced back to people borrowing money that they could simply not pay back. Now whose fault is that?
1) It takes 2 wage earners in a family to do what 1 wage earner was capable of up to the 70's
2) Wages have not kept up with productivity.
MOST American workers are Employee at Will and don't have the ability to negotiate cost of living increases, etc., they are the weaker of the 2 parties and have very few 'Rights'
But the one single FACT that it takes 2 wage earners per family to do what 1 wage earner was previously capable of speaks for itself. Worker bees are getting screwed.
This guy is worse than a moron, he doesn't even understand that labor is a commodity - just like anything else that is traded. Your pay is a direct reflection of what value you create for others- of course don't forget that for the last 30 years what's been growing? Government excess. Not corporate. Government waste and over regulation like cancer is gobling up the productivity we once enjoyed. Any fool that listens to this twit wouldunderstand that if he ever tried to hire someone.
@volscho This guy is hiding the 800 pound elephant in the Room (THE CRIMINALS) Trilateral Commission Council on Foreign Relations-CFR Bilderburgers U.N. All the above created by the Rockefeller's Corporate Media Mergers since 1995 G20 Climate-Gate World Carbon Tax SCAM I.E. Global Warming World Banks Laundering Drug Money & Wall Street!! NYSE is a Scam Casino OWNED by the Globalist Bankers! Watch "Fall of the Republic" for the Conclusion!!!
Globalism is a failed experiment. It only served to make the rich richer and bring the overall? standard of living across the globe down to that of a war-torn African nation. No more globalism.
"When the tyrant has disposed of foreign enemies by conquest or treaty, and there is nothing to fear from them, then he is always stirring up some war or other, in order that the people may require a leader."
@volscho Yeah, all the rich guys got stock in 1979??? Investors buy and sell stock faster than you can say the word Capitalism.
Capitalism =/= Stock market
Capitalism =/= Rich people
Capitalism =/= Taxation
Capitalism =/= Big corporations
Capitalism =/= Oil
Capitalism =/= FEDERAL RESERVE
Capitalism = A method of value for trade and barter. Anything else is people abusing the system. Capitalism is pure and beautiful. The rich are NOT capitalists, they are thieves.
Eh, how much you are payed is about how much power you got compared to how much the capitalist got. The capitalist want to pay you as little as possible for as much work as possible, you want the exact opposite. Factors such as level of organization, education, unemployment, competition etc. are all factors that determine the relative strenght on the labor market and thus also the price of labor.
i like the idea of a group of workers cooperating and communing to produce goods and that there is no boss, and there are no workers below the boss. everybody puts in their ideas and time and talent to produce goods. the earnings are shared evenly, not to one person's pocket. many groups are doing that now in the U.S., within a capitalist system... the workers are happy, satisfied, and productive... and make decent wages to live well...
In January 1963 I got my first job at a local San Francisco Bank after 3 years in the military. In about 4 months I was approached by my supervisor who said I was given a $50.00 a month raise? I was a clerk with a starting salary of $350.00 per month. So now I was making $400.00 per month. I was told it was a cost of living increase. WOW! I never saw one again. So 1963 was the last year of Corporate honesty in America! In 1972 Nixon removed gold & silver banking the dollar--INFLATION!
Watch the documentary Zeitgeist, amaaaazing docu. It takes a big step back and sees the whole picture and where things are screwed up from the root of the problem. And how we can deal with them, Zeitgesit is the best documentary i've ever seen. WATCH IT IF YOU HAVEN'T ALREADY!
you don't have capitalism, you have communist, collectivists, socialists, fascists ________ fill in the blank, on both sides trying to control you, bankrupt you, send you to war, tax away all your excess profits, move your job offshore via free trade and internal regulation, and then completely and totally destroy your currency, over 95% of its value GONE. All you people bashing capitalism, PLEASE show me a textbook that advocates ANYTHING close to what we have done to our country???
Out of all 1,200+ books i have on economics, (including all the classics) I can't find in anywhere in ANY of them that says they key to a free market capitalist economy is to 1) completely DESTROY the currency 2) divert a large portion of your resources to fighting a 100 year war 3) Build a GIANT Multi Trillion Dollar Welfare State and then open up your borders and let 40 million of the world's poorest people come in 4) Create free trade agreements and keep high taxes and regulations in place
I'd be willing to bet that most of the people commenting on this don't even own a SINGLE textbook on Capitalism or Communism or any other brand of economics. Excuse me, but i have now over 1,200 books on economics (i'm going back to school for my Econ Phd) and you people really ought to get off you tube and go read books and study for a few years. Most of the people commenting have absolutely no clue what you are talking about, particularly the "socialist" left leaning crowd.
The Media Education Foundation: Challenging media while embracing capitalism by selling videos at exorbitant prices, except of course this one challenging capitalism. There are a few others as well at reasonable prices but overall they prefer the almighty dollar over informing the public at large. Go in debt attending college and you too can have access to their videos.
I'm so grateful for their videos, I just wish they would favor education over economics.
billions of the worlds population are born into poverty and starvation.. meanwhile 1 % of the worlds population own 40 % of the worlds resources - The beautiful world of Capitalism where the God is called Profit. And still ppl are trying to defend it...
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these people don't know what communism is... they should go to a communist country and see if they would stay there for even one month. my folks were some of the survivors; once communism got a hold of their country, they kill, control, enslave, own and abuse... they have witch hunts and you watch neighbors rat you out for being against control...ignorance is bliss.. and i see ignorance is rampant. At least if i don't know, i ask those that lived it.. i don't shoot my mouth off like some..
@LBalaskas ---did u completely miss the point of the lecture? i dont know if you are familiar with wolff's work, but he clearly states that in most cases, governments who've attempted communism have actually resulted in capitalist dictatorships in which businesses are run by the government instead of the CEO's being in control. That is not communism. BIG GOV'T is not communism. If it was communism, neither the govt or the ceos would control business, THE PEOPLE control the business,
cont'd---its no different than america claiming to be a democracy. america is a capitalist imperialist oligarchy. wealth, power, privelege, lawlessness all rest in the hands of a small group of elite individuals
But that picture of "communism" is that realy what Karl Marx and Friedrich Engels introduced to this world? Have you read the Communistic Manifesto ? I agree with you,, Soviet and a lot of other tardcountries are horrible,... But why are we calling it "Communism"? :s
Todays Crony Corporatism is NOT Fee Market Capitalism.
When the Crony Corporatist's (Keynesian) Central Planning fails, Progressives blame the free market which is NOT free due to all their regulation and central planning.
Then the Crony Corporatists use their political influence to take MORE taxpayer money in the form of "Bailouts" & "loans".
This "Progressive" trend can lead us into Marxism!
BTW, Capitalists are YOU & ME who invest OUR SAVINGS in business to turn a profit.
Capitalism leads to "crony coporatism" like you say. The two are deeply linked.
You seem to imply that a "pure capitalism system" would work better. But I don't agree, if you have billions, even with no governement interference, you would use your money to influence and control others.
Also, most people are NOT capitalists in the sense that they do not OWN the means of production nor do they have a say in how to manage the place where they work...
Comparing Free Market Capitalism with Crony Corporatism because of the profit motive is like comparing Mammals with Lizzards because they both breath air.
I oppose any undemocratic system and I don't say that socialism is perfect either. I just say that capitalism have been saved with PUBLIC MONEY (bailout) and that there is a trend in that system to from monopolies (crony corporatism like you say). So you want to regulate capitalism, like Keynes?
Interest rates have dropped over the last 30 years, so the the claim that money was loaned at high interest rates is false. How many other "facts" in this video are false I wonder?
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this proves that you can use graphs and statistics to prove anything, 83% of people know that, just whatever you do don't blame the exploding debt burden on the nice caring liberals that forced financial institutions to lend money to poor people, in direct contradiction with common sense.
very much correct luke. Fannie and Freddie are gov't owned entities which did encourage and force them to make loans to financially disadvantage people. Its good in a sense is it helps poorer families have homes but, destructive and stupid in giving loan to a 30000 dollar home to someone making less than $ 50000 a year. If it was a true private company they would have not made a stupid loan like that because common sense says they can't afford to pay for it.
They didn't force them, the financial institutions wanted them to do it! This is all a manufactured crisis in which they purposely inflated the bubble, popped it, and then forced the government bail them out. This is the same thing that happened in the Great Depression.
The Federal Reserve is a private banking corporation and not actually part of the government. This is a calculated plan the Fed has been cooking up for the past 30 years ever since Nixon abandoned the gold standard.
You're denying that politics played any role at all in trying to put poor people in homes they couldn't afford? I'm assuming you've already seem that "democrats defending fannie/freddy video" denying that giving loans to poor folks could possibly be a bad idea...
I don't disagree that central banking is bad by the way.
and I don't necessarily disagree that it was a planned crisis, but if it was planned in advance, it was so that gay wads like the guy in this video would crap on about how evil capitalism is, and we'd all start yelling 'yay for communism'
Wages stay the same, production improves.... Ok why didn't he list the little missing data point of corporate taxes, that have been increasing? Is it possible that these companies aren't making exploding profits, but instead our government has grown to such a bloated level that it must draw from the productive {profitable} part of the private sector in order to feed it's obesity?
Who is this bozo. He's talking about businesses exploiting workers as if the workers had no alternatives. He's talking about banks lending money to consumers as if consumers were drugged and forced to take it. This video makes no sense. He's selling something and it aint the truth.
It's the truth why aren't wages matching productivity manufacturing moved overseas is that their fault, being punish because we live a higher standard then the third world, wake up!!!
Because that's capitalism my friend. You hire workers for a cheaper salary for the same production as the more expensive worker. As much as I like Capitalism it destroyed the manufacturing force that made the country at one time the largest creditor nation. America needs to return to its roots which is producing real goods like farming, car manufacturing and other jobs and get out of the service sector.
What I am saying is that quantity of those greenbacks should be freely adjustable, especially in times like these when there is over-enthusiastic desire for savings and general lack of demand.
Economy should be treated as it is - a giant game where everybody is trying to collect and stockpile greenbacks for no good apparent reason. In the end they die and leave stockpiles to their offsprings.
This is only a portion of the speech. His entire speech is pro-Marxist, which he claims is equal to starting a business in your garage. Unfortunately, the successful businesses all turn into giant corporations. Start up businesses never change the system. Wolff must mean that the system should become communistic. Well, we know how that turned out. Wolff may be in sheep's clothing. He may be a globalist. I liked his graphs, although untrue.
The GOP during this period has given HUGE tax breaks to large corporation so they can MOVE jobs to COMMUNIST RED CHINA where they practice SLAVE LABOR and FORCED ABORTION, pay NO US TAXES on the profits and hire NO Americans. What can you DO about it?
PAY DOWN DEBT.
BUY American or at least do NOT buy from countries that practice those evil ways.
CONSERVE, if you do you will have more money.
BUY products that LAST, stop buying into the use it and throw away society.
@CaptainAndrew1991 I agree. There are certain requirements necessary for various self-survival processes like owning fertile, ariable land, water and living in a climate that will promote agriculture. Also the knowledge about the processes and certain amount of intial capital. That might be difficult for someone living in the projects. However, at harvest time especially on a good tomato crop, there is an urgency to share. A supportive, sharing community is a blessing.
@exenrontexas You're absolutely right. Unfortunately, I can imagine a considerable number of Americans whose "self-survival" skills consist of tearing open a package and throwing it into a pot of boiling water.
@CaptainAndrew1991 This is true, but consider the possible ability of a neighbor being able to produce that technology to be shared or bartered. When I was a kid, I helped my mother make out own soap out of fat she saved for months. We canned our own tomatoes, pickles, jellies. As she got older and we grew up, this decreased as it was a burden, but we saved thousands of dollars over time.
@exenrontexas Hey, if it's a couple dollars for some groceries every week I'm sure you saved many thousands over the years. Now you have me thinking: could I benefit from that?
Ah yes, but the producer benefits from the investor as well. That $100 was used to purchase a loom or a printing press, allowing the manufacturer to increase his productivity and thus his profit. Where would one be without the other?
5) Shareholders live very comfortably off the sweat and production of there Mexican and Chinese workers. Free Market Capitalism is a Immoral Parasitic British Imperial System of Usury. We need to return to the American System of Economy and a FDR style Government with lots of Productive Honest small Businsee Entrepreneurs and well paid Workers making all kinds of desirable U.S. Products. That's real wealth and how one makes a Honest living. Google video: LPACTV
4) This is a moral issue. Is is right to make profit and get rich of someone who can Work and Produces something of value, without contributing anything yourself ? Is rolling out of bed, scratching you ass and calling your broker really contributing anything of real value ? Capitalism is a British System of usury. It's Economic slavery ? Kings and Queens live very comfortably off the sweat and production of "there peasants".
3) He loans you some money. You produce a desirable product or service someone else wants. Someone buys it and gives you money. You pay the Banker back + his interest. The Banker has made his money make more money off your production. A gambler makes his money make more money without having to producing anything himself. He invests $100. He spins the wheel and if he's lucky he makes $200. A criminal obtains money without producing or making anything also.
2) Now, the Capitalist has found another way to obtain money without having to producing or make anything himself. He has learned how to obtain money off the sweet and production of others. He calls his broker and says "broker", I have $100.00. Invest it for me and turn it into $200.00. But, Where did that money & profit he made come from ? It came from some manufacturer and worker that produced and "made something". A Banker (100% Capitalist) does the same thing.
1) I'm saying this. The honest and fair way to obtain money, is to produce something. Make something desirable people wand or need. You make a washing machine, a skate board, a hamburger, a music CD. Someone wants it and buys it from you and says "thank you", here is some Money. That's all money is. It has no other purpose or value or USE ! We make things and trade thing and use money as a medium to exchange things amongst each other.
Excellent overview of the disturbing nuances of capitalism. Technology is used to benefit those with the money to own it, and as it allows productivity to advance, fewer workers are needed, in turn less jobs, hence more job competition, in turn lower wages, until the top 1% owns everything and no consumers remain to buy the corporate goods, degrading capitalism into a system of slavery to power. Historically this means one thing eventually.revolution my friends.
jjrglobal: I think you would want to look into what marxist theories originally meant and what it has developed into. It is a bit trivial to just claim that the USSR endorsed marxist theories and that it sucked. Personally I have a hard time believing that people still draw a straight line between the plutocratic regime of USSR and Marx. If you look into it, they are not really compatible at all.
This comment has received too many negative votesshow
The USSR did not give up on the idiocy of Marxist Communism because everything was great, they gave up on it because things sucked. Why would anyone with a half a brain want to go down the same path as Russia did until 1989?
1 question; Who volunteers to do all the shit jobs in a communist society?
I've never heard socialists raise questions about the monetary system~for one where does all this money come from to begin with?
One analysis has it that our money supply is based on debt~this means with this system we can never get out of debt for to do so would ultimately extinguish the money supply.I find it strange socialists don't note this absurd characteristic of this economic system? This is a huge oversight in my opinion.What kind of monetary system does Richard Wolff advocate for?
Marx's "Capital" has very long and detailed commentary on what money is, how it works, where it comes from, etc. It's not an overlooked subject by any means.
Youtube user brendanmcooney has a two-part video called "What is money" if you're interested in knowing more. And another two-parter "What is credit".
@alancom1 So you think ,because i said"capitalism is done ",i am a communist?Lol what a...joke.Open your mind man,there is more than black and white,left and right etc.When money is created,its created through debt.Right?
on any debt there is an interest right?But the interest is never created.
Now we wonder why soo many coutries are deeply into debt?Even without the subprime crisis it had to collapse sooner or later anyway,becuase there is not enough money in circulation to pay the interests.
Wow, that's sure bending definitions past the breaking point! So North Korea is a centralized, command-based *capitalist* economy?? Yeah, I guess so, if you think of North Korea as one single gigantic corporate entity, with Kim Jong Il and his handful of cronies getting to play capitalists, and everyone else being labor.
Housing is a birth right? Since when? Tell that to the early settlers. In order for housing to be a birth right, someone must be forced to build your house and make all the materials for free. So you planning on going back to Africa and getting some slaves or what?
I've took this man's and his writing partner stephen resnick's class at umass amherst. I am no soicalist but these people are no crackpots, they are brilliant economists and criticize planned economies just as much as capitalism.
the reason wages rise is because of inflation due to the federal reserve manipulating interest rates and creating money out of thin air. the bailouts are NOT capitalism, they're socialist in nature. capitalism is not to blame for this economic downturn. washinton is to blame for increased regulation and not letting the markets adjust themselves. its quite simple but socialists don't seem to notice this very obvious FACT. this guy is a spreading lies.
you know nothing of the federal reserve. no one ever calls for increased regulation and oversight of the FED. studies show that when the government fucks around with the free market(as in the FED.) things fail to be efficient. get the government out of free trade and into the federal reserve. they are the real reason we're in this mess and they are the reason the dollar will crash. turn you're damn TV off. stop listening to CNN or the daily show or fox. because they're all run by the elite.
I don't watch CNN never watch Fox and don't even watch television except a few comedies that translate to approx. 6-8 hours a month.
As for your argument regarding Regulation vs. non-regulation or lack of enforcement.
Have you not been following the facts on the ground?
Due to regulation the banks, the loans the sub-primes the wall street ponzi schemes were all due to lack of regulation - Wake the Fuk up, stop listening to Rush, O'Reily, Hannity and the rest of the idiot talking heads.
you really don't know how free market capitalism works. i listen to the constitution and to people who follow the constitution. o'riely, hannity, and rush don't care about the constitution so their rhetoric is for those that still believe in the two-party system. big government proponents want to lose their personal freedoms so enjoy the coming police state.
dude, you know nothing about the regulation of banks.
There was lots of regulation of banks, but of the bad kind.
Banks were "encouraged" to loan money to minorities and others who didn't qualify, just to have privileged dealings with the govt. For a while it worked, until everybody did the same and things got out of whack and here we are.
Capitalism is great because losers disappear. Too bad the govt spends taxpayer's money to still keep losers around: AIG, Citigroup, GM etc
We see all the INSANE CRAP around us, and we just take it lying down, we just let the Fuckers (Politicians, Corporations, War-Profiteers, Courts, Cops, Bankers, Wall-Street, Israel, Zionists, Globalists, AIPAC, CFR, Bilderberg, Pentagon, Congress, Neocons, Federal Reserve, Rothschild, Corporate Media, CEOs, Greed, Fascists, Religious Extremists, Lobbyists, Liars, Manipulators, Bullies, Power-Mad Dictators, Tyrants, Greed-Infested Fucks, Deceivers), we just let them Rape Us 24/7, & we do NOTHING.
halcyon0830 2 months ago
awesome, the most terrifying thing is that a lot of free markets have started this trend as well, especially the European market.
we need to change this an other faults in our systems.
pay4cayray 3 months ago
They should blast this on clip in Times Square...
visuallyarrested79 3 months ago
Overall what is wrong with our system, is the system itself. Our socioeconomic system needs to change for the better.
benandreas369 4 months ago
Remember this is of 2007, and the gap is growing with Bush's tax cuts for the megarich. By the way, Bush tax cut for the elite has been going on for ten years and how many private sector jobs were created?
RaveAgainst 6 months ago
@RaveAgainst You're forgetting the trickle down theory my friend.
Why haven't the corporations produced any employment with all that money they're hoarding yet? They're probably just planning something really, really special and exciting for all of us.
sk8tafrnk 5 months ago
@sk8tafrnk Oh, my goodness. If only the blind and deaf were also mute.
Tax breaks do not create jobs because they don't create incentive. High taxation, and tax breaks for certain kinds of investment do. But, we keep handing out lower taxes to the mega rich like candy, without incentive.
They have no reason to create jobs. They just enjoy greater profits, better vacations, bigger homes, with bigger garages and more cars, and other toys. WAKE UP.
frankleeseaux 5 months ago
@frankleeseaux You must me an idiot to not catch my sarcasm.
Taxes need to be raised. For common people and definitely for the wealthiest portion of our country. Government jobs would put money into the hands of the common people and essentially would pump money back into social programs. Corporations obviously don't do that cuz they just found ways to keep the bailout money, try to make profits off of it, then kept it.
So fuck you you fucking idiot. "Trickle Down Theory" is a fucking joke.
sk8tafrnk 5 months ago
@sk8tafrnk Tell that to some of the people i live around. Anyone should be able to quickly and easily figure out the fallacy of the trickle down argument, but I happen to live in a state full of people who defend that notion. So, forgive me if I can't recognize your sarcasm, so thinly veiled that it sounds just like these idiots here.
So, I may have been mistaken about the deaf and blind part, but apparently I wasn't mistaken about the attitude.
frankleeseaux 5 months ago
@frankleeseaux I apologize for the attitude my friend. I normally debate in a cool and collected manner.
As for now, I am simply drunk. I get feisty when I'm drunk.
sk8tafrnk 5 months ago
@frankleeseaux You can thank the Corporate-Welfare state for that, not Capitalism.
benandreas369 4 months ago
In terms of types of financial wealth, the top one percent of households have 38.3% of all privately held stock, 60.6% of financial securities, and 62.4% of business equity. The top 10% have 80% to 90% of stocks, bonds, trust funds, and business equity, and over 75% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.
RaveAgainst 6 months ago
So you guys like stats? As of 2007, the top 1% of households (the upper class) owned 34.6% of all privately held wealth, and the next 19% (the managerial, professional, and small business stratum) had 50.5%, which means that just 20% of the people owned a remarkable 85%, leaving only 15% of the wealth for the bottom 80% (wage and salary workers). In terms of financial wealth (total net worth minus the value of one's home), the top 1% of households had an even greater share: 42.7%.
RaveAgainst 6 months ago
@RaveAgainst Your numbers not only prove capitalism does work, (yes, it's true, the rich get richer) but also that the Pareto Principle is alive and well.
If you put as much effort into creating wealth for yourself AND others (become an employer) as you do in engaging in class warfare, you would improve not only yourself, but the lot of others as well.
Hyena62 6 months ago
Like any Marxist, he uses scant data and a lot of innuendo to push an idea of class warfare onto young people who don't know better. He seems to believe that this homogenous class of 'the workers' can't help but consume involuntarily. He made no mention of the huge change in monetary policy in the 70s. How could he possibly miss that? Right he's still clinging to "each according to his ability, to each according to his need" which leads to no one having any ability and everyone having more need.
TigerbythetailFilms 6 months ago
Millionaires & billionaires pay 15% tax on stock market profits (virtually all their income) while the average secretary pays that rate or higher. Millionaires & billionaires pay the same $ amount in SS tax as I do. Huh? The higher the income the lower the rate. Regressive tax. 2/3 of the businesses in the US pay no tax. Their tax rate could be 99% but as long as they have enough loopholes to cover them, they are home free.
RaveAgainst 6 months ago
@RaveAgainst Yeah, you're right........the stats I provided after a quick Google search are totally bullshit and your mindless rhetoric is spot fucking on! Coupling your crap with the stats I provided is proof positive NOBODY pays taxes! No wonder the government doesn't have any money and they have to raise the debt limit - again.
Hyena62 6 months ago
@Hyena62 You seem to think that CEO's always come up the ideas so they should profit. Well most of the time the ideas are come with using taxpayers money in the military or university level. Then it's handed over to the rich guy to make profit after the risk and research we're first done with tax money. They wealthy don't pay anything in taxes yet get all the benefits and the money. Most of the fortune 500 companies have benefit in some way by the government helping them and many have been
RaveAgainst 7 months ago
@RaveAgainst I made no such claim...this is you putting words in my mouth.
Please point out one thing from my last post that is incorrect in my assessment of socialist points of view, and/or thoughts on the free market.
Your claim the wealthy don't pay taxes is rediculous. Do some research to realize where all the money comes from to pay the bills associated with The Leviathan that is now our government. Here in Wisconsin is a progressive tax system, the more you make, the more you pay.
Hyena62 6 months ago
@RaveAgainst The latest data show that a big portion of the federal income tax burden is shouldered by a small group of the very richest Americans. The wealthiest 1 percent of the population earn 19 percent of the income but pay 37 percent of the income tax. The top 10 percent pay 68 percent of the tab. Meanwhile, the bottom 50 percent—those below the median income level—now earn 13 percent of the income but pay just 3 percent of the taxes.
Hyena62 6 months ago
Not one mention of the Federal Reserve? Don't think I'll be listening to this guy
delta9999 8 months ago
it seems like if the people at the top paid us working stiffs more money than we could afford the by the products that they are selling us. if too many Americans have to scale back their lives, that's a lot of products not selling and money not being made.
mookie714 9 months ago
Everyone's chewing gum? :P
sinetwo 9 months ago
"It's about the money Lebowski"..
TheQwerty59 10 months ago
@kh12321 HERE........HERE!!
Hyena62 10 months ago
Capitalism is doomed! Buy the DVD now!
niriop 11 months ago
@niriop
LOL
GreatJeca 10 months ago
@GreatJeca Not that I like capitalism; I just enjoy the whole cosmic irony
niriop 10 months ago
This video is one great big fallacy. First, the difference between real wages and productivity is INFLATION, NOT PROFITS.
dumba55mobile 11 months ago
wow, thats a great fuckin lecture!!!! i like how this guys explains these thing for those of us wo are, how should i say "have a lower level of education"....... btw no sarcasm intended.
capt251978 1 year ago
Isn't it funny how an untrained schmuck such as myself can poke holes in this supposed, educated professor's theories so easily?!?!
Uncle Milt, RULES!!!
Hyena62 1 year ago
At 4:07 he complains of corportate pushing debt onto the American public, all while ignoring the debt placed on the public from "the Fed." YOU KNOW, the very same mega-government liberals embrace.......big brother knows how to run my life better than I do. One thing comes to mind in this is the current discussion of raising the debt ceiling. He complains of the employer lending money to the worker yet liberals are all agast at conservatives balking at raising the debt ceiling. Really?
Hyena62 1 year ago
@Hyena62 man the whole point of this is to point out that big business is screwing you over if you are a regular worker by freezing your pay at near 1970s level pay creating a situation where you will want to borrow money and have to pay them more of your money in the form of interest.Trying to play this tit for tat game you're on is literally not worth it.
gamesmaster35 10 months ago
@gamesmaster35 The problem with you socialists is your idea of sharing is equal to the income an owner takes off of the business. Never mind it was HIS idea for the business/product. Never mind it was HIS personal wealth invested for start-up. Never mind it was HIS credit on the line to build the business. Never mind the owner is taking on ALL risk in success or failure of the business. You want your SHARE....go start your own deal and put your own name on the door.
Hyena62 10 months ago
@Hyena62 That's a naive way of thinking. You really think any startups can compete with huge corporations like UPS? Wal-Mart? Verizon?
Few people think small-business owners should be stiffed, but you really think CEO's should get million dollar bonuses? Why? $300,000 can provide a good living for anyone. They should live in excess at the expense of the common man? Even so... many of them didn't start the companies.. they're just replaceable employees like the rest of the work force.
FranceIsBacon 9 months ago
@FranceIsBacon At one point in time, UPS, Wal-Mart and Verizon were start-ups. Based on technologies available, there's never been a better time in modern history to become wealthy. Thank you for your graciousness in not wanting to stiff SBO's, how kind of you. Where's your indignation towards actors and athletes? Multi-million signing bonuses? Society thinks nothing of these people gain unimaginable wealth we mere mortals can only dream of, but quarter-back CEO's should take it in the ass? FAIL
Hyena62 9 months ago 2
@Hyena62 highet athlete I know of makes 3 million a year. Your talking about some CEO's making 20 million plus a year.... .... do the math.
wotmot223 8 months ago
@wotmot223 A Rod - $35 mil......Johnny Depp - $75 mil. Most CEO's income is partially from stock which may lose value. However, you miss the point. You socialists seem to believe you're the final arbiters of who should make how much, be it income or profit. You believe not one person should make $10/hr more than anyone else and profit is evil. WTF are you to decide such things? Socialism depends on one in power to decide such, in where the free market doesn't care. A FREE PEOPLE is the market!!
Hyena62 8 months ago 2
@gamesmaster35 Find and start watching video clips from Uncle Milt and get a real education.
Good Lord, I wish he were still alive today!! Bullshit personal attacks on him from the likes of Paul Krugman and/or Larry Summers after the man is dead and gone is crap! They know full well if he were alive today and had to debate him in public, he would make their arguments look ridiculous........including this idiot.
Hyena62 10 months ago
@Hyena62 alright I can take a look... any video in particular you would like me to start from?
gamesmaster35 10 months ago
@gamesmaster35 Well...........as long as your not patronizing, but serious, please watch, Milton Friedman - Greed, in where Uncle Milt explains quite clearly to Phil Donahue about virtue. It's precious! Then you can go forward from there............
Hyena62 10 months ago
At 2:02........it tells me profitability improved due to technology......great!
On this very same page I see Michael Moore's ugly mug for another video. He goes overseas to tell Europe how stupid Americans are.
So, to put Prof Wolff's explanation into perspective, THE WORKER should be the one rewarded for being more stupid versus the the employer for being more efficient.
Sorry sport..........this is simply class warfare. Done!!
Hyena62 1 year ago
@Hyena62 doesn't it make sense that if I'm more productive and I gain you more money that you share with me the good fortune.After all you wouldn't have that money if you ran the business by yourself or just with your family.The way it SHOULD work is because I gained you more money you pay me more money in appreciation for my hard work and upping my productivity.Both parties should end up winning not onle winning at the detriment of the other.
gamesmaster35 10 months ago
@doodoodude234 As Wolff suggests,the problem of rising inequalities (and the seeds of the economic crash of 2008) can be connected with the neoliberal ideology of deregulation, privatization, and promoting the intrinsic values of small government; the reorganization of the welfare system; the reassertion of trickle-don notions to rationalize growing tax breaks for the rich; the increasing acceptance if not encouragement of corporate greed; and the massive decline in industrial unionism.
EmmaYaBasta 1 year ago
@doopydude234 In a democracy, government = the public. (And not the Tyranny that right-wing libertarians and Tea-baggers think they want). There is an enormous shortfall of demand for goods and services in the economy, a shortfall only the government can possibly fill. The best way to do this would be to engineer public employment projects. There are thousands of possibilities, from public housing and transit to sewage system repair to the national parks and monuments.
EmmaYaBasta 1 year ago
Our problem is government. Get government out of our lives and let each seek our potential. This crap is nothing more than communism.
wph00 1 year ago
@wph00 Professor Wolff (Rick) is a wonderful scholar and teacher who had an influence on my decision to finish up my Master's degree at a time when i felt i was needed in full-time organising amongst workers. He's a rare breed in academia: a fine researcher and writer who has not turned his back on real issues and people's struggles. His publications have a vital part to plan in my own (PHD) work, and i'm happy to run into some of his friends and colleagues on the activist road.
EmmaYaBasta 1 year ago
@wph00 (oops - i think i mixed up my replies to you & dippydude234). Note how (inevitably white, middle class) Tea-baggers don't spare a thought for the millions of working people for whom government programs provide an essential lifeline. While Republicans and (U.S., i.e. right-wing) Libertarians are explicitly against equality and do not seek social or redistributive justice, the centre-left pretensions of the Democrats demands that they at least pay lip service to egalitarianism.
EmmaYaBasta 1 year ago
@EmmaYaBasta That's because Tea baggers are primarily middle to upper middle to wealthy right wing racists who care for their class and race interests over that of the common American even working class whites.
That's why they hate Obama so much-he is the epitome of everything they loathe.
From a class perspective, its basic protection of their economic interests.
That why they say such stupidly controdictory things as they believe in opportunity but not equality.
Poor should stay poor.
MultiSmartass1 1 year ago
@wph00 That's the porblemwith you right-wing racist types. Everything is communism to you.
Get some therapy, Joe McCarthy.
MultiSmartass1 1 year ago
On another note: what has capitalism allowed to happen? Ultimately, the business elites now control almost all of the world's natural resources: oil (which controls travel and distribution of products) , gold, platinum...and the manufacturing plants that produce all essential and technological products. Obama is still spending, he's still borrowing, he's still financing a war...is the economy recovering? What if the dollar crashes? Then, who will control us?
mattyelle1 1 year ago
The problem is that we have not been made aware of the source of the problem: capitalism. Or in other words: fascism in business. We all answer the board of directors. Instead, why can't be both the worker and the decision maker in business. A community. A democracy. But who has been manipulating media and education so that we do not become aware of this? Find out for yourself. It will blow your mind!
mattyelle1 1 year ago
Too much competition in normal work. Great profits for the owner of scarce resources like capital.
miiiikku 1 year ago
Capitalism is like the planned demolition of a high-rise building, The structure is imploded by collapsing the upper levels onto those below. it is interesting that economists are trained not to recognize structural failure even after the fact. There are already 5 million people homeless & this fact does not enter their calculus. Economic indicators are a witches brew. It is interesting who has endowed Economics as an academic discipline. It is probably the shakiest of the social sciences.
jazzbo66zz 1 year ago
Now even Dick Cheney is against capitalism ??
TripleEvent 1 year ago
Thanks very good video, I will repost.
normaq77 1 year ago
Jct: Banks cannot lend the funds they take in to their employees. "Every time a bank makes a loan, new bank credit is created, new money." Graham Towers. All loans are new chips, no matter how big a pile of old ones are in the reservoir. See the banking system blueprint at bankmath.htm
kingofthepaupers 1 year ago
Everyone should get their house for free cause of this- It's spilled over and has wiped out most of the true middle class.
MEGA TO BIG TO FAIL IS ALL THAT WILL BE LEFT.
No FOX/CNN/MSNBC Backed Candidates 2012!
GLEN BECK IS MAKING UP A LOT OF STUFF DON'T BELIEVE IT ALL...
lushfauna 1 year ago
@lushfauna, sincere question. What stuff has Glenn Beck made up?
iamgabrielf 1 year ago
@iamgabrielf It's more of what he doesn't tell you he'll cover lots of accurate stuff and then say- Oh the Reps do it too or Bush was just as bad , without delving Into it he's lik a mike Moore of the right. He says- Don't worry bout the Bilderbugers and tries to say it all about "progressives" which is a real thing but is only the vomit world of the left- He don't get into 911 truth, He backs the Zionist, won't talk about the vast world empire that's killing us- Like what Ron Paul always says.
lushfauna 1 year ago
@lushfauna, the Michael Moore of the right lol. A thing that concerns me about GB is that he never dicusses the creation of money. He talks about deficits and borrowing money, but he never once mentions that the gov't doesn't need to borrow, it can print. Current law allows the treasury to issue gov't notes without borrowing. I'm also concerned that he's fostering racism by incessantly showing the black panther idiots. He also shot down Deborah Medina. Yet I still don't know if it's just error.
iamgabrielf 1 year ago
@iamgabrielf Not an error, Perry asked him to help him @ the time. Fox serves the Neo Con agenda so though GB seems like a true blue American he does so in the box of the establishment and leaves out much- He did screw over Medina I was soo pissed- He used to call RP a nut. I just hate how so many 40/50 year old types buy all his sh!t hook line and sinker. RudyMcCRomney will not change a thing.
lushfauna 1 year ago
forgot to mention...that its a multigenerational cycle of debt consumption. Since the workers will be passing debt down to its children, its children will continue this cycle: reason being is that you can only make profit to a point since population size will dictate how much possible you can rip off people (today). The only way you can make more money on top is to rip people off tommorrow by setting it up the pattern of consumption today. This is slavery
TheLoyalhuman 1 year ago
What I have noticed from commenting on many, many sites for the past ten years is that some people have almost no concept of basic economic principles, let alone advanced topics. I would recommend to "liberals" that don't want to learn but know, that you use libertarians as your guide to economics. We have a lot of the same fears about wars, jobs ,bailouts and business/government collusion and we know economics. It comes naturally to us.
J1Goro 1 year ago
I see this tool carefully fails to mention the Federal Reserve.
In a real market economy, competition allows workers to go to other companies to work at higher wages. Under central banking, however, a cartel of banks creates trillions of dollars of fiat money to buy control of all companies, creating a fascist state of monopoly capitalism where workers have no place to turn for relief.
I love the line, "Wall Street didn't create the situation." Ho ho ho, guess who signs his check?
implicaverse 1 year ago
Awesome!!
Inanna1960 1 year ago
Wow. Asking a liberal where prices come from is like asking a 6 year old where babies come from.
"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance." - Murray Rothbard
roswellralph 1 year ago
@roswellralph, When I hear someone refer to others as ignorant on the economy I often ask them this simple question: how does money enter the economy?
I begin with that question because the ramifications of its answer have the effect of dissolving ideologies.
iamgabrielf 1 year ago
@iamgabrielf Do you want to know 1) how something originates as money in an economy, 2) how the money supply is increased/decreased in the US economy today, or 3) how wealth is created in any economy. All three have very different answers, so I would ask for you to be specific in your definitions of 'money' and 'the economy'. These terms sometimes have different meanings to different people so I just want to get a definition of your terms.
roswellralph 1 year ago
@roswellralph, I know quite well how money originates. There are different vehicles, but there is only one meaning. Money is the medium of exchange, nothing more. So I will make another attempt at my question: how does the medium of exchange ENTER the economy?
iamgabrielf 1 year ago
@iamgabrielf No need to get defensive. I don't question your knowledge, I just wanted clarification of how you reference the terms to better frame a response. Under the current fiat system, we use a fiduciary media of IOUs backed by IOUs as money...only because people trust our economy will produce enough to support those IOUs. Here's my understanding in simple terms:
(and I'm interested to hear your assessment of the ramifications.)
roswellralph 1 year ago
@iamgabrielf In the US, the Fed creates money (literally out of thin air) to purchase assets from private dealers (usually Treasuries, but can be any asset) by writing the dealers a check drawn on the Fed itself. The dealer deposits the newly created money in the bank. Under the current fractional reserve system, banks have the ability to loan funds in excess of the reserve requirement – potentially increasing the money supply up to almost 10x the original deposit (with the current multiplier).
roswellralph 1 year ago
@roswellralph, I apologize for my aggressiveness. As for your comment... yup. IOUs chasing IOUs. Its ramifications are criminal. The crime is that private banks charge an interest on money they do not have. I believe and advocate, as did Benjamin Franklin, that only gov't should have the power to create credit. This is the system that eliminated all forms of taxation and the revocation of which sparked the American revolution.
iamgabrielf 1 year ago
Capitalism is funny. Free market is even more hilarious.
MasterAdam100 1 year ago
This guy doesn't know a damn thing he's talking about. Define "Real wages." Is that average per worker? Per wage earner? Per citizen?
Define productivity. Per worker? Per company? An average per wage earner? Per citizen?
Why did productivity go up? Was it because people worked harder? Or maybe the means of production became more efficient so less work was required to produce more?
Any idiot can make numbers and graphs and make ridiculous claims that have nothing to do with the data.
maxflame 1 year ago
@maxflame You've got to see the whole lecture.. It will answer many of your questions if not all..
SamarGr 1 year ago
.Sooner of later this whole Rube Goldberg contraption we think of as "our way of life"is will break down. Regardless of what else is the matter the fact that our conception of productivity is utterly dependent upon the availability of petroleum & wage labor marks this economic system for extinction in the very near future. Economists are trained to rationalize this way of life. They are the priests of a discipline which is mystical & that is its strength. All we see is about to disappear
jazzbo66zz 1 year ago
People making less is really the problem. Too bad he doesn't take into account the relationship of inflation to the ever increasing minimum wage which is now at a record 7+ dollars an hour, nor is the issue of irresponsibility of the "worker" ever addressed. The ultimate reason for the collapse can be traced back to people borrowing money that they could simply not pay back. Now whose fault is that?
yoshigg 1 year ago
Fact:
1) It takes 2 wage earners in a family to do what 1 wage earner was capable of up to the 70's
2) Wages have not kept up with productivity.
MOST American workers are Employee at Will and don't have the ability to negotiate cost of living increases, etc., they are the weaker of the 2 parties and have very few 'Rights'
But the one single FACT that it takes 2 wage earners per family to do what 1 wage earner was previously capable of speaks for itself. Worker bees are getting screwed.
dingleberry1989 2 years ago 8
This guy is worse than a moron, he doesn't even understand that labor is a commodity - just like anything else that is traded. Your pay is a direct reflection of what value you create for others- of course don't forget that for the last 30 years what's been growing? Government excess. Not corporate. Government waste and over regulation like cancer is gobling up the productivity we once enjoyed. Any fool that listens to this twit wouldunderstand that if he ever tried to hire someone.
kapcars 2 years ago
Gov't share of GDP in 1979 = 19.5%
Gov't share of GDP in 2009 = 20..5%
S&P 500 Composite Index in 1979=307.63
S&P 500 Composite Index in 2009=955.05
(and yes it is adjusted for inflation...data from Robert Shiller at Yale)
Even with Great Recession, 210% positive growth in stock market between 1979 and 2009.
income share of Top 0.5% in 1979 = 7.1%
Income share of Top 0.5% in 2007 = 19.31%
Rich have made a KILLING...a 171.5% increase!!!
volscho 2 years ago 27
rclark23 1 year ago
Globalism is a failed experiment. It only served to make the rich richer and bring the overall? standard of living across the globe down to that of a war-torn African nation. No more globalism.
"When the tyrant has disposed of foreign enemies by conquest or treaty, and there is nothing to fear from them, then he is always stirring up some war or other, in order that the people may require a leader."
Plato
rclark23 1 year ago
@rclark23 Globalism isn't an experiment but a fact of life.
Corporations think globally so they can make tons of loot.
Of course, your racism is showing with that "african nation" crack.
MultiSmartass1 1 year ago
@volscho Yeah, all the rich guys got stock in 1979??? Investors buy and sell stock faster than you can say the word Capitalism.
Capitalism =/= Stock market
Capitalism =/= Rich people
Capitalism =/= Taxation
Capitalism =/= Big corporations
Capitalism =/= Oil
Capitalism =/= FEDERAL RESERVE
Capitalism = A method of value for trade and barter. Anything else is people abusing the system. Capitalism is pure and beautiful. The rich are NOT capitalists, they are thieves.
DrScopeify 3 months ago
Eh, how much you are payed is about how much power you got compared to how much the capitalist got. The capitalist want to pay you as little as possible for as much work as possible, you want the exact opposite. Factors such as level of organization, education, unemployment, competition etc. are all factors that determine the relative strenght on the labor market and thus also the price of labor.
RV56 1 year ago
i like the idea of a group of workers cooperating and communing to produce goods and that there is no boss, and there are no workers below the boss. everybody puts in their ideas and time and talent to produce goods. the earnings are shared evenly, not to one person's pocket. many groups are doing that now in the U.S., within a capitalist system... the workers are happy, satisfied, and productive... and make decent wages to live well...
maalat 2 years ago
In January 1963 I got my first job at a local San Francisco Bank after 3 years in the military. In about 4 months I was approached by my supervisor who said I was given a $50.00 a month raise? I was a clerk with a starting salary of $350.00 per month. So now I was making $400.00 per month. I was told it was a cost of living increase. WOW! I never saw one again. So 1963 was the last year of Corporate honesty in America! In 1972 Nixon removed gold & silver banking the dollar--INFLATION!
xmenrus 2 years ago
Watch the documentary Zeitgeist, amaaaazing docu. It takes a big step back and sees the whole picture and where things are screwed up from the root of the problem. And how we can deal with them, Zeitgesit is the best documentary i've ever seen. WATCH IT IF YOU HAVEN'T ALREADY!
Drauski 2 years ago
you don't have capitalism, you have communist, collectivists, socialists, fascists ________ fill in the blank, on both sides trying to control you, bankrupt you, send you to war, tax away all your excess profits, move your job offshore via free trade and internal regulation, and then completely and totally destroy your currency, over 95% of its value GONE. All you people bashing capitalism, PLEASE show me a textbook that advocates ANYTHING close to what we have done to our country???
buzzadler 2 years ago
Out of all 1,200+ books i have on economics, (including all the classics) I can't find in anywhere in ANY of them that says they key to a free market capitalist economy is to 1) completely DESTROY the currency 2) divert a large portion of your resources to fighting a 100 year war 3) Build a GIANT Multi Trillion Dollar Welfare State and then open up your borders and let 40 million of the world's poorest people come in 4) Create free trade agreements and keep high taxes and regulations in place
buzzadler 2 years ago 4
I'd be willing to bet that most of the people commenting on this don't even own a SINGLE textbook on Capitalism or Communism or any other brand of economics. Excuse me, but i have now over 1,200 books on economics (i'm going back to school for my Econ Phd) and you people really ought to get off you tube and go read books and study for a few years. Most of the people commenting have absolutely no clue what you are talking about, particularly the "socialist" left leaning crowd.
buzzadler 2 years ago
The Media Education Foundation: Challenging media while embracing capitalism by selling videos at exorbitant prices, except of course this one challenging capitalism. There are a few others as well at reasonable prices but overall they prefer the almighty dollar over informing the public at large. Go in debt attending college and you too can have access to their videos.
I'm so grateful for their videos, I just wish they would favor education over economics.
Santarchy 2 years ago
billions of the worlds population are born into poverty and starvation.. meanwhile 1 % of the worlds population own 40 % of the worlds resources - The beautiful world of Capitalism where the God is called Profit. And still ppl are trying to defend it...
Grunkovorda 2 years ago
This comment has received too many negative votes show
these people don't know what communism is... they should go to a communist country and see if they would stay there for even one month. my folks were some of the survivors; once communism got a hold of their country, they kill, control, enslave, own and abuse... they have witch hunts and you watch neighbors rat you out for being against control...ignorance is bliss.. and i see ignorance is rampant. At least if i don't know, i ask those that lived it.. i don't shoot my mouth off like some..
LBalaskas 2 years ago
@LBalaskas ---did u completely miss the point of the lecture? i dont know if you are familiar with wolff's work, but he clearly states that in most cases, governments who've attempted communism have actually resulted in capitalist dictatorships in which businesses are run by the government instead of the CEO's being in control. That is not communism. BIG GOV'T is not communism. If it was communism, neither the govt or the ceos would control business, THE PEOPLE control the business,
JOEYGOLDCOMEDY 2 years ago
cont'd---its no different than america claiming to be a democracy. america is a capitalist imperialist oligarchy. wealth, power, privelege, lawlessness all rest in the hands of a small group of elite individuals
JOEYGOLDCOMEDY 2 years ago
But that picture of "communism" is that realy what Karl Marx and Friedrich Engels introduced to this world? Have you read the Communistic Manifesto ? I agree with you,, Soviet and a lot of other tardcountries are horrible,... But why are we calling it "Communism"? :s
Grunkovorda 2 years ago
For someone who has the mark of the beast as part of their youtube username... I have to agree with you.
FaithfulAndTrue1 2 years ago
LOL! You tell 'em brother. I am so with you.
PorterhouseMusic 2 years ago
Todays Crony Corporatism is NOT Fee Market Capitalism.
When the Crony Corporatist's (Keynesian) Central Planning fails, Progressives blame the free market which is NOT free due to all their regulation and central planning.
Then the Crony Corporatists use their political influence to take MORE taxpayer money in the form of "Bailouts" & "loans".
This "Progressive" trend can lead us into Marxism!
BTW, Capitalists are YOU & ME who invest OUR SAVINGS in business to turn a profit.
yakyakyak69 2 years ago
Capitalism leads to "crony coporatism" like you say. The two are deeply linked.
You seem to imply that a "pure capitalism system" would work better. But I don't agree, if you have billions, even with no governement interference, you would use your money to influence and control others.
Also, most people are NOT capitalists in the sense that they do not OWN the means of production nor do they have a say in how to manage the place where they work...
Stop that "true capitalist" fairy tale!
Trogundak 2 years ago 2
Comparing Free Market Capitalism with Crony Corporatism because of the profit motive is like comparing Mammals with Lizzards because they both breath air.
Socialism is the REAL fairy tale, FOOL!
yakyakyak69 2 years ago
@yakyakyak69
I oppose any undemocratic system and I don't say that socialism is perfect either. I just say that capitalism have been saved with PUBLIC MONEY (bailout) and that there is a trend in that system to from monopolies (crony corporatism like you say). So you want to regulate capitalism, like Keynes?
Trogundak 2 years ago
Interest rates have dropped over the last 30 years, so the the claim that money was loaned at high interest rates is false. How many other "facts" in this video are false I wonder?
williampinn 2 years ago
Teaser rates and ARM interest rates are low? What about adjustable credit card and consumer loans? Debt, debt, debt...
gizmo2084 2 years ago 15
soon we will die slowly. =)
pr0gm3r 2 years ago
I've always said we're lucky they let us live as well as they do.
fogggygyrl 2 years ago
This comment has received too many negative votes show
this proves that you can use graphs and statistics to prove anything, 83% of people know that, just whatever you do don't blame the exploding debt burden on the nice caring liberals that forced financial institutions to lend money to poor people, in direct contradiction with common sense.
luke666808g 2 years ago
very much correct luke. Fannie and Freddie are gov't owned entities which did encourage and force them to make loans to financially disadvantage people. Its good in a sense is it helps poorer families have homes but, destructive and stupid in giving loan to a 30000 dollar home to someone making less than $ 50000 a year. If it was a true private company they would have not made a stupid loan like that because common sense says they can't afford to pay for it.
NWAsMostWanted 2 years ago
that's less than 4% of the loans, home sauce.
predatory lending had a lot to do with it, too.
CajunCommie 2 years ago
They didn't force them, the financial institutions wanted them to do it! This is all a manufactured crisis in which they purposely inflated the bubble, popped it, and then forced the government bail them out. This is the same thing that happened in the Great Depression.
The Federal Reserve is a private banking corporation and not actually part of the government. This is a calculated plan the Fed has been cooking up for the past 30 years ever since Nixon abandoned the gold standard.
trehansen 2 years ago 3
You're denying that politics played any role at all in trying to put poor people in homes they couldn't afford? I'm assuming you've already seem that "democrats defending fannie/freddy video" denying that giving loans to poor folks could possibly be a bad idea...
I don't disagree that central banking is bad by the way.
luke666808g 2 years ago
and I don't necessarily disagree that it was a planned crisis, but if it was planned in advance, it was so that gay wads like the guy in this video would crap on about how evil capitalism is, and we'd all start yelling 'yay for communism'
luke666808g 2 years ago
Wages stay the same, production improves.... Ok why didn't he list the little missing data point of corporate taxes, that have been increasing? Is it possible that these companies aren't making exploding profits, but instead our government has grown to such a bloated level that it must draw from the productive {profitable} part of the private sector in order to feed it's obesity?
brewerscrew 2 years ago
Who is this bozo. He's talking about businesses exploiting workers as if the workers had no alternatives. He's talking about banks lending money to consumers as if consumers were drugged and forced to take it. This video makes no sense. He's selling something and it aint the truth.
coolerdoncooper 2 years ago
It's the truth why aren't wages matching productivity manufacturing moved overseas is that their fault, being punish because we live a higher standard then the third world, wake up!!!
hamshow 2 years ago
Because that's capitalism my friend. You hire workers for a cheaper salary for the same production as the more expensive worker. As much as I like Capitalism it destroyed the manufacturing force that made the country at one time the largest creditor nation. America needs to return to its roots which is producing real goods like farming, car manufacturing and other jobs and get out of the service sector.
NWAsMostWanted 2 years ago 5
What I am saying is that quantity of those greenbacks should be freely adjustable, especially in times like these when there is over-enthusiastic desire for savings and general lack of demand.
It would solve public debt problem too.
zefvor 2 years ago
Economy should be treated as it is - a giant game where everybody is trying to collect and stockpile greenbacks for no good apparent reason. In the end they die and leave stockpiles to their offsprings.
zefvor 2 years ago
This is only a portion of the speech. His entire speech is pro-Marxist, which he claims is equal to starting a business in your garage. Unfortunately, the successful businesses all turn into giant corporations. Start up businesses never change the system. Wolff must mean that the system should become communistic. Well, we know how that turned out. Wolff may be in sheep's clothing. He may be a globalist. I liked his graphs, although untrue.
neverbeenfree 2 years ago
The GOP during this period has given HUGE tax breaks to large corporation so they can MOVE jobs to COMMUNIST RED CHINA where they practice SLAVE LABOR and FORCED ABORTION, pay NO US TAXES on the profits and hire NO Americans. What can you DO about it?
PAY DOWN DEBT.
BUY American or at least do NOT buy from countries that practice those evil ways.
CONSERVE, if you do you will have more money.
BUY products that LAST, stop buying into the use it and throw away society.
Grow your own food.
exenrontexas 2 years ago 4
@exenrontexas You can sell most of your point to the American people but I have my doubts modern American families will grow their own food.
CaptainAndrew1991 1 year ago
@CaptainAndrew1991 I agree. There are certain requirements necessary for various self-survival processes like owning fertile, ariable land, water and living in a climate that will promote agriculture. Also the knowledge about the processes and certain amount of intial capital. That might be difficult for someone living in the projects. However, at harvest time especially on a good tomato crop, there is an urgency to share. A supportive, sharing community is a blessing.
exenrontexas 1 year ago
@exenrontexas You're absolutely right. Unfortunately, I can imagine a considerable number of Americans whose "self-survival" skills consist of tearing open a package and throwing it into a pot of boiling water.
CaptainAndrew1991 1 year ago
@CaptainAndrew1991 This is true, but consider the possible ability of a neighbor being able to produce that technology to be shared or bartered. When I was a kid, I helped my mother make out own soap out of fat she saved for months. We canned our own tomatoes, pickles, jellies. As she got older and we grew up, this decreased as it was a burden, but we saved thousands of dollars over time.
exenrontexas 1 year ago
@exenrontexas Hey, if it's a couple dollars for some groceries every week I'm sure you saved many thousands over the years. Now you have me thinking: could I benefit from that?
CaptainAndrew1991 1 year ago
The slow-down of wages coencides with mass illegal immigration.
Quanuck 2 years ago 2
The slow down of wages coencides with mass illegal immigration
Quanuck 2 years ago
Ah yes, but the producer benefits from the investor as well. That $100 was used to purchase a loom or a printing press, allowing the manufacturer to increase his productivity and thus his profit. Where would one be without the other?
kneedeep185 2 years ago
5) Shareholders live very comfortably off the sweat and production of there Mexican and Chinese workers. Free Market Capitalism is a Immoral Parasitic British Imperial System of Usury. We need to return to the American System of Economy and a FDR style Government with lots of Productive Honest small Businsee Entrepreneurs and well paid Workers making all kinds of desirable U.S. Products. That's real wealth and how one makes a Honest living. Google video: LPACTV
gkgreger 2 years ago 2
Ditto
Someone should use youtube to organize a new system
wingatei 2 years ago
4) This is a moral issue. Is is right to make profit and get rich of someone who can Work and Produces something of value, without contributing anything yourself ? Is rolling out of bed, scratching you ass and calling your broker really contributing anything of real value ? Capitalism is a British System of usury. It's Economic slavery ? Kings and Queens live very comfortably off the sweat and production of "there peasants".
gkgreger 2 years ago 3
3) He loans you some money. You produce a desirable product or service someone else wants. Someone buys it and gives you money. You pay the Banker back + his interest. The Banker has made his money make more money off your production. A gambler makes his money make more money without having to producing anything himself. He invests $100. He spins the wheel and if he's lucky he makes $200. A criminal obtains money without producing or making anything also.
gkgreger 2 years ago
2) Now, the Capitalist has found another way to obtain money without having to producing or make anything himself. He has learned how to obtain money off the sweet and production of others. He calls his broker and says "broker", I have $100.00. Invest it for me and turn it into $200.00. But, Where did that money & profit he made come from ? It came from some manufacturer and worker that produced and "made something". A Banker (100% Capitalist) does the same thing.
gkgreger 2 years ago
1) I'm saying this. The honest and fair way to obtain money, is to produce something. Make something desirable people wand or need. You make a washing machine, a skate board, a hamburger, a music CD. Someone wants it and buys it from you and says "thank you", here is some Money. That's all money is. It has no other purpose or value or USE ! We make things and trade thing and use money as a medium to exchange things amongst each other.
gkgreger 2 years ago
Excellent overview of the disturbing nuances of capitalism. Technology is used to benefit those with the money to own it, and as it allows productivity to advance, fewer workers are needed, in turn less jobs, hence more job competition, in turn lower wages, until the top 1% owns everything and no consumers remain to buy the corporate goods, degrading capitalism into a system of slavery to power. Historically this means one thing eventually.revolution my friends.
Metasoul911 2 years ago 3
This is a edited clip of a talk that is about 50 min. long. You get get the mp3 for 5 bucks from Alternativeradio and it is worth it.
RaveAgainst 2 years ago
jjrglobal: I think you would want to look into what marxist theories originally meant and what it has developed into. It is a bit trivial to just claim that the USSR endorsed marxist theories and that it sucked. Personally I have a hard time believing that people still draw a straight line between the plutocratic regime of USSR and Marx. If you look into it, they are not really compatible at all.
freddyvis99 2 years ago 3
he's is right and we all now
elpidiovaldez4ever 2 years ago
This comment has received too many negative votes show
The USSR did not give up on the idiocy of Marxist Communism because everything was great, they gave up on it because things sucked. Why would anyone with a half a brain want to go down the same path as Russia did until 1989?
1 question; Who volunteers to do all the shit jobs in a communist society?
jjrglobal 2 years ago
He's bloody right!
anthonycharlez 2 years ago
@anthony
No hes the exact opposite of right
jjrglobal 2 years ago
just saw this in class, good video.
Marx: "men make their own history, but they do ont make it as they please"
Purchia 2 years ago
@purchia
Why would you think this is a good quote?
It implies that men are not free to make their own history.
Why the fuck does everyone want to be a slave to the state? Did we learn nothing the last 100 years?
What is wrong with you people?
jjrglobal 2 years ago
I've never heard socialists raise questions about the monetary system~for one where does all this money come from to begin with?
One analysis has it that our money supply is based on debt~this means with this system we can never get out of debt for to do so would ultimately extinguish the money supply.I find it strange socialists don't note this absurd characteristic of this economic system? This is a huge oversight in my opinion.What kind of monetary system does Richard Wolff advocate for?
Otevra13 2 years ago
Marx's "Capital" has very long and detailed commentary on what money is, how it works, where it comes from, etc. It's not an overlooked subject by any means.
Youtube user brendanmcooney has a two-part video called "What is money" if you're interested in knowing more. And another two-parter "What is credit".
HebaruSan 2 years ago
@alancom1 So you think ,because i said"capitalism is done ",i am a communist?Lol what a...joke.Open your mind man,there is more than black and white,left and right etc.When money is created,its created through debt.Right?
on any debt there is an interest right?But the interest is never created.
Now we wonder why soo many coutries are deeply into debt?Even without the subprime crisis it had to collapse sooner or later anyway,becuase there is not enough money in circulation to pay the interests.
systemchange 2 years ago
This comment has received too many negative votes show
If capitalism hit the fan, why is he STILL in US?
I would expect him to preach from like N Korea or Cuba or the like.
AlanCom1 2 years ago
North Korea and Cuba are Capitalist.
They both have a state and a monetary system but is centralized by government.
kkklownknight6699 2 years ago
"North Korea and Cuba are Capitalist."
Wow, that's sure bending definitions past the breaking point! So North Korea is a centralized, command-based *capitalist* economy?? Yeah, I guess so, if you think of North Korea as one single gigantic corporate entity, with Kim Jong Il and his handful of cronies getting to play capitalists, and everyone else being labor.
TroyOi 2 years ago
Yes, thats exactly right.
Thats what state capitalism is. We advocate worker ownership of the land and production. Not of an overpowering state bourgeoisie
Marxshmallow 2 years ago
What event happened to change the decline in wages?
In 1971 we went off the gold standard which gave the Fed free reigns to create as much money as they wanted, leading to inflation out the ass.
jjrglobal 2 years ago
Then wages would have raised equally with profits, if that was the case
mac3805 2 years ago
Housing is a birth right? Since when? Tell that to the early settlers. In order for housing to be a birth right, someone must be forced to build your house and make all the materials for free. So you planning on going back to Africa and getting some slaves or what?
jjrglobal 2 years ago
Thx for this Vidoe.Absolutly right!!Last 30 years have been a joke.
Capitalism needs rules and limits.Then lets hope it will work as for myself i believe more its done.
systemchange 2 years ago
@systemchange:
blame capitalism for being a loser.
Last time I checked East Germany failed and was taken over the by the west, not viceversa.
You are don't seem to remember communism in the east.
Those who forget history are doomed to repeat it - Santayana
AlanCom1 2 years ago
read web of debt by Ellen brown
orthodoxnow16 2 years ago
I've took this man's and his writing partner stephen resnick's class at umass amherst. I am no soicalist but these people are no crackpots, they are brilliant economists and criticize planned economies just as much as capitalism.
mac3805 2 years ago 2
the reason wages rise is because of inflation due to the federal reserve manipulating interest rates and creating money out of thin air. the bailouts are NOT capitalism, they're socialist in nature. capitalism is not to blame for this economic downturn. washinton is to blame for increased regulation and not letting the markets adjust themselves. its quite simple but socialists don't seem to notice this very obvious FACT. this guy is a spreading lies.
strapt313 2 years ago
INCREASED REGULATION???????????
W.T.F. ARE YOU talking about?
Are you dellusional or just uninformed?
Deregulation is one of the main reason we are in this mess.
Jesus ifing christ, go read a book sometime and then make a half-way inteligent comment instead of the stupidity you are spouting.
MACKATTACK1970 2 years ago
you know nothing of the federal reserve. no one ever calls for increased regulation and oversight of the FED. studies show that when the government fucks around with the free market(as in the FED.) things fail to be efficient. get the government out of free trade and into the federal reserve. they are the real reason we're in this mess and they are the reason the dollar will crash. turn you're damn TV off. stop listening to CNN or the daily show or fox. because they're all run by the elite.
strapt313 2 years ago 2
I don't watch CNN never watch Fox and don't even watch television except a few comedies that translate to approx. 6-8 hours a month.
As for your argument regarding Regulation vs. non-regulation or lack of enforcement.
Have you not been following the facts on the ground?
Due to regulation the banks, the loans the sub-primes the wall street ponzi schemes were all due to lack of regulation - Wake the Fuk up, stop listening to Rush, O'Reily, Hannity and the rest of the idiot talking heads.
MACKATTACK1970 2 years ago 2
you really don't know how free market capitalism works. i listen to the constitution and to people who follow the constitution. o'riely, hannity, and rush don't care about the constitution so their rhetoric is for those that still believe in the two-party system. big government proponents want to lose their personal freedoms so enjoy the coming police state.
strapt313 2 years ago 2
THe founing fathers practiced phony capitalism
MrSuperpunch019 2 years ago
MACKATTACK1970:
dude, you know nothing about the regulation of banks.
There was lots of regulation of banks, but of the bad kind.
Banks were "encouraged" to loan money to minorities and others who didn't qualify, just to have privileged dealings with the govt. For a while it worked, until everybody did the same and things got out of whack and here we are.
Capitalism is great because losers disappear. Too bad the govt spends taxpayer's money to still keep losers around: AIG, Citigroup, GM etc
AlanCom1 2 years ago
So you want to be owned by private tyrannies?
MrSuperpunch019 2 years ago
well, no. the budget of regulations has increased by more than 60% under the Bush administration. +30% for the regulation of banking system.
it was the first time in history that so much money was stolen by the US gouvernment to regulate activities of american citizens.
and these so called regulations don't regulate anything, they just mess everything up.
jaar2001 2 years ago