So, wages are proportional to the productivity of labour (3:30), but technological devices which increase the productivity of labour decrease wages, all other things being equal (05:20).
Still, that's only one major contradiction in ten minutes, which is quite good for an economist. I can hardly wait to see what innovative threats of violence the man prescribes in the next part.
Finally, an economist out of the ivory tower. Especially the globalization: America is learning the nature of a world economy is to attain a common level - bad news for the American standard of living.l
I think he makes good points about the 1970's being significant...
BUT
he should of also talked about Ronald.R. and the conservative privatization of the economy...
he must lean to the right because that was pretty signifcant to our economy as well. And this trend has maintained itself over the past 30 years because politicans, policy, the SENATE, Presidents (Clinton,Bush,Bush,) idiots with power and dumb ideas that control the economy like treasurer's, etc etc. A lot of this is intentional
This "REAL NEWS" thing has gone on long enough for me. I can't take their bullshit anymore and don't want to be associated with them. They are NWO shills. If they were REAL they would be talking about a citizens commision dealing with the TRUTH about 911, not LIES having to do with the zionists Obama manager and the PLANNED collapse of the "economy".
Basically, when you print money the first ones who gets that money gets a higher value out of it. Once it gets to the ecomony. Inflation of the dollar depreciates buying value. Wages being locked meant you had to work longer to get enough money to buy things that used to be purchased with fewer dollars. The federal reserve is the root cause of this. Non regulated company controling our nations and world money instead of congress.
Right you are, however, Congress is coupled with these voracious conglomerates through private negotiations that bring about legislation that favor corporations alllowing these politicians very competitive prices on stock as "in-house" recipients.
What we are witnessing is your typical capitalist crisis such as described by Karl Marx 150 years ago.
The reason why stagnant wages lead to an economic downturn:
Capital exists in a dog-eat-dog world. In order to succeed, it reduces its costs vis-a-vis the competition (downward pressure on wages, exporting jobs, mechanisation) while increasing its revenue (i.e., it needs to grow).
The problem is, the more it solves its problems on the cost cutting front (depressed wages, bigger labour pool dues to mechanisation), the more problem it has expanding (consumer demand can't match growth needed).
Easy credit can "solve" this conundrum, but only for so long. What Wolff is basically saying is that, after 30 years of stagnant wages and credit-fuelled growth, the chicken is coming home to roost.
Thank you, when I asked my dad about it last evening he said something along the lines of capitalists that expands their business on credit once the buying power of the customers are at a stop, when there can be no more credit the crisis comes and it wont be over until the production is at the same level as the buying power. I can see how your arguments fit into that.
If you dont talk about the FED you are missing the whole point. Central banks suck, jefferson and jackson and every other great president we have had knew it. We don't have a free-market system, the buying power (savings) of the average consumer is constantly being reduced. The "easy credit" only serves as capital for those who spend it first, the undisclosed receipients of the FED and Treasury.
"Free market" and "system" are incompatible concepts.
Once a 'system' is put in place within which the markets function, said markets are no longer free. And this is why there has NEVER been a free-market system/society/what have you, and NEVER will be. Give up, paulers.
And btw, national currencies cannot survive without a financial authority, i.e., central banks. So unless you want to go back to bartering and trading in (adulterated) metal, get used to them.
so you're saying work for Walmart and don't bother starting your own companies or doing business with small companies or shop locally instead of big businesses becuase there's no such thing as a free market system?
You make many claims of what will NEVER be, but are not saying what IS here.
btw, America is one of very few countries who's central bank has never been audited, and does not have to permit any government to look at its books. The Fed is a private corp, and has no oversight.
As In, aside from quoting mr. marx and saying I told you so, what is your point?
"there are few things quite as irritating as people putting words in your mouth." <- how about assholes who take your question the wrong way and writ stuff like that? yup, pretty irritating.
I can sit back and ponder your point, but you're not MAKING a point, you're just textual diarrhea. good day.
Capitalism or any other economic system will always have problems. There will always be government and government will always play a role in the economy, sometimes fostering growth, other times stymying it.
Yeah but our constitution limits the government and that is how it should be. The only role it has governing economys is taxing imports and outports. but not to run business.
Since Obama has taken office the dow has dropped 2800 points. Not to say that it would have been any better with McCain or Bush, but I think we can put to rest the idea that any politician can "save the economy".
It takes time to undo a disaster created by the previous administration. It's not like Obama can walk into his new office as the new President and with a single stroke of a pen, undo all of the damage from the Bush crime family.
Only problem with the new administration is that it is still the majority of the 2 previous administrations. A stroke of the pen could put Bush and his cronies in prison. and after that punishment maybe people will get the message.
milo - We've replaced the Bush crime family with the Obama crime family. (Or is it the Obamessiah?)
Obama's not your typical lying, corrupt lowlife Chicago politician. He's so slick, he's in a class all his own, and so many dummies fell for it. Even Chris Matthews, who still has a "furrowing running up his leg."
Use the money for jobs involving National Defense and not offense. In other words no nation building, no invasions just defense. Work with allies in order to pursue those who would seek harm on innocent people world wide (not just the USA). What needs to be cut is military spending on weapons programs that are useless.
Exactly. Nation building in Iraq does not build our local economy. We need to be thinking America First for a while. We need to get our people out of poverty. We need to educate our children. We need to take care of our country's health. We need to get ourselves back on our feet. We need to quit occupying 130 countries, 702 overseas bases. All of this spending keeps our country from thriving.
The problem is that Military jobs have a very low multiplier. It's around 0.5-0.6 This means that one military job creates around 1/2 to 2/3 of an additional jobs. Job creation through infrastructure has a much higher multiplier. It's around 1.4-1.8. One construction job creates many more additional jobs than military spending.
Military spending stunts private sector job growth.
MONEY TO THE PEOPLE...... screw giving the bail out money to ANY Wall Street Co - Give the people the money, as they spend it it will fix economy, stop forclosures, get america out of debt, etc.
PLEASE join my protest to the Bail out and answer 1 question on camera: "How would you spend $297,000 dollars?" - That is the amount of BAIL OUT money given to the people....C'MON AMERICA, JOIN US IN TELLING THE GOV HOW WE COULD FIX THIS ECONOMY!....... The Fight Isnt Over YET!!
If you taxed every person in the USA at 100 percent if they made over 75,000 dollars a year, you'd still only collect 4 trillion dollars. Which would barely pay the estimated budget of 2012. The middle class is a very important part of the tax strategy. Having that tax base erode is a very bad thing.
TAX, TAX, TAX and TAX the Rich and Ultra-Rich Classes of society. Make them pay their far share of taxes, and TAX all FACTORIES that left the US to EXPLOIT people in SWEATSHOP LABOR and left to EXPLOIT the ENVIRONMENTAL LAWS in other COUNTRIES. They leave the US to DESTROY Ecosystems and enslave the Poor Class.
Provide Americans with Cost-of-Living factory jobs and STOP outsourcing OUR jobs. You CANNOT run a country on a 70% Service Economy. We NEED manufacturing back in the US or the US will have a CIVIL WAR very, very Shortly. The U-6 unemployment rate is 13.9%. Once that hits 20+% SHIT is going to hit the fan. We will see Chinese forces on our soil protecting their properties if the US defaults on the Bills, Bonds, and Notes sold to them.
Why is AIG robbing the American taxpayer out of Billions of dollars just because they cannot make good sound business decisions. All these corporate banks should just go bankrupt and allow newer and smaller banks to take over where they failed. The ULTRA-RICH who OWN and CONTROL these BAILOUT Institutions SHOULD be ROBED of the WEALTH and given back to the Treasury.
"The capitalist pays taxes with a fraction of the surplus he extracted from labour."
No, he pays taxes out of his profits, which are earned through voluntary transactions with consumers. Profit comes from the synergy of the combination of labor, materials and organization that could not exist without the mind of the entrepreneur.
You marxists don't actually believe the tripe you spew do you?
"that could not exist without the mind of the entrepreneur."
Labour is the only essential ingredient for generating wealth. The only one.
I can think of several instances where labour creates wealth without private entrepreneurship (state workers, the self-employed, liberal professions) but can you give me one example of a private entrepreneur creating wealth without labor (including his own)?
You mean the idea that we have had a free market in the U.S.? Yep, that's a huge misconception. We went from a fascist/socialist economy with Bush to a sociealist/fascist economy with Obama. Lose/lose either way for the people.
He forgot that the USA closed the gold window in the 70's as well. That's arguably the most important factor that caused the issues of today that everyone seems to keep ignoring. The trade imbalance didn't start until the USA went off of the gold standard and started selling out it's industrial infrastructure in return for imported goods. The solution is to bring back capitalism and abolish the communist planks that have been rotting this country for the last 80 years or more.
It's amazing how so many 'economists' are completely ignorant of the nature of specie and credit. Money is the least understood institution on the planet and everyone is suffering for it. If you have the time, check out a book called 'Gold: The Once and Future Money', it clears up so many things. If I had to recommend three books that everyone must read, it would be one of them.
So, you are saying you are better "Economist" than them? According to whose opinion? Yours?
Here's the reality, you can be rated only by someone else. Rating on yourself is the least credible judgement. If you are smart enough, you should know this already. On that account, you already failed my test.
I will then take the liberty of rating 17Spartacus76's statement about money. I do believe he is correct that most economists ignore this aspect, however it may not even be their own fault. Keynesian theory has become the mainstream since brenton woods and is taught in most universities. I myself can vouch for this as I have taken many economic courses at my university and they are all based upon a flawed Keynesian theory of using a fiat currency which leads to business cycles and recession.
This comment has received too many negative votesshow
FrankHadded:
There's a reason why they teach Keynesian theory in the college. It's the main stream and supported by the majority of economists.
If you have opinion against that, youtube is the wrong place to voice your opinion. Go to a economics convention and speak out.
Obama's stimulus plan is nothing compare to $6 trillion spent by Japanese government in 1990's. US is the only country that is still debating stimulus is good or not. Pretty embarrassing.
They teach ebonics too. Does it make it right. No it programs people to believe what they have been taught. It takes one fact to destroy a theory and the theory no longer holds. Some people say Obama is going to spend over 9 trillion before his term ends.
I'm curious, if you say you were economics student, did you talk to the professor? Did you tell him that you think Keynesian theory is stupid? Didn't it ever come to you that the professor knew something you didn't know?
I am currently a finance student who has taken and is still taking many economics courses (a majority of my degree is economics) and yes I voice my opinion about Keynesian economics (I don't call it stupid, I think that is just immature) I debate certain aspects such as the idea that we should inflate the currency to get house prices high again, when clearly the market is telling us they were over priced to begin with (caused by artificially low interest rates).
"So, you are saying you are better "Economist" than them?"
Better than most. This person's explanations are, for the most part, correct. But he ignores the importance of the substance of money. Do you dispute this? If so, make your point, otherwise you're simply talking of nothings and wasting everyone's time.
"Its the people running the system who didnt follow free market. "
Correct, but a free market always chooses gold as it's currency. All of human history supports that. The fact that the USA transformed from the biggest creditor nation to the world's largest debtor only after they de-linked their currency to gold should tell you something.
You assume that it's necessary to grow the money supply in order to grow an economy. You only need to learn about the industrial revolution and other periods of tremendous economic growth in China, Japan, Rome etc. that occurred under gold standards to know that this assumption is completely unfounded.
Gold isn't a panacea, and I'm not saying that it is. I'm saying it's the best thing we've got. When something better comes along, the market will pick that as the next currency.
At no point in history has fiat money ever 'worked great'. Great for the issuers maybe, but only at the expense of everyone else. When you dilute the value of money, everyone loses, by definition.
The size of the money supply is irrelevant, as long as it stays relatively constant, the price system will properly adjust. The economy would not have to shrink in the least to establish a gold standard.
Nobody can properly manage a system whose sole function is to steal in secret.
The system fails because it's designed to transfer wealth every time new money is injected. That's just how it works. It doesn't matter who runs the system, the only way it could continue to work is simply to abstain from using it.
You could run the entire economy on a single brick of gold. Transactions would simply be denominated in micrograms. The pricing system works and adjusts to ANY size of money supply. It just doesn't matter, as long as that supply stays stable.
How do you propose to 'stabilize' a currency by rapidly increasing or decreasing it's supply relative to everything else? That's the complete opposite of what it means to be stable.
"How would denominated in micrograms not mean the economy has to shrink?"
Why do you think that it would? The economy functioned fine when the dollar was pegged at $35/oz of gold, or $20/oz. In order for your argument to work, you have to deny supply and demand.
And no, the depression had nothing to do with the gold standard and everything to do with the Fed's reckless monetary policy in the 20's, coupled with massive government interventions in the marketplace by Hoover and FDR. Read Rothbard's 'America's Great Depression' if you want to learn more about that time period.
"I understand the advantages of the gold standard but i dont think it is better than a fiat currency."
Why? At what point in history has fiat money ever been adopted by any economy except when it was imposed on it by a government? If fiat was so great, then don't you think that markets would adopt it all on their own? Given the choice, gold always becomes money above all other choices. That alone should tell you something if you really understand markets.
The problem with a fiat currency is that the government will almost always abuse it, absolute power corrupts and one can argue that the control of money supply is absolute power. However just look at our national debt, this would have never happened under a commodity backed currency because it would have limited the amount of spending government could take on, I just want to know if they ever plan on paying off the debt?
Credit will enable growth until it peaks out and you have to pay it back with interest. Makes you debt to banks or a slave. Inflation devalues your money. Therefore devalues your work. So there is a imbalance of trading power. But the banks just print the money. No work and you are alway in debt or controled by the banks. They have power over you. And you will work for them forever.
The reason we go into recessions in the first place is because we have periods of loose monetary policy with easy credit and low interest rates followed by a tightened monetary policy with less available credit and higher interest rates. This is the business cycle and occurs as a direct result of the fluctuation of interest rates, businesses make longer term decisions based upon a volatile rate of interest, this does not occur under a gold standard because interest rates are more constant.
So your fine with banks printing money who dont earn it. Who create wealth out of thin air and make themselves kings by printing wealth. You might as well barter with hasbro monopoly money. At least you get a hat, small dog , and a wheelbarrow of some value.
It's interesting that he didn't mention the part gov policy played in allowing cheap imports to compete against gods produced here, while at the same time manufacturing and industrial jobs were leaving the country. Perhaps he will include an explanation about this in another segment.
We will either try to save capitalism from total discredit by pumping tax money into the markets (which is what Obama is trying to do), or realise the capitalist model is rotten to the core and look for a better economic model.
Pumping savings into a failing market is throwing money away. Thats giving capital to banks. Who now, own the capital that they stole previously by gambling on failing markets. Who themselves are a failing market. Let people keep thier taxes(capital)
I am so glad I used my IRA and 401K on college, and i will never invest in paper ever again. I will invest only in travel, gold, silver, guns, and property far away from civilization. Five hour from the nearest expressway.
Keynesian economics is a degenerative theory FORCED upon society by government
We produce nothing ... Obama backs NAFTA which is government managed trade that allows those who can (the rich) to exploit third world countries. Average American entrepreneurs cannot compete with 3rd world countries who impose little if any taxes and regulations on the production of goods and services
Obama is an epic fail and is on track to surpass America's greatest socialist George W Bush.
He forgot to mention that for those 130 years, wages went up because workers fought for them to go up, even in the face of being arrested, harmed, or even killed.
these Keynesian idiots never give up. Free markets and capitalism will be the only thing to help the economy. We are in the minority bro everyone in this country and in Europe is a fucking jackass.
Liberal markets -which gave employers the opportunity to export jobs, reduce wages, etc.- are the root of the problem to begin with. The solution is not to be found in surrendering more economic control over to the private sector. The government needs to stop colluding with businesses and essentially nationalize all critical areas of the economy. If not that, it must regulate critical business through unambiguous legislation. By that I mean tariffs, substantive laws, etc.
Wrong dickhead. The govt regulated too much and parasitic labor unions made the US unproductive, thats why the jobs were shipped abroad. Funny how unions and politicians claim to protect the middle class yet the policies they enact do everything to undermine it. Hong Kong has a very free market and their middle class is growing by leaps. I agree that govt needs to stop colluding with business but nationalization does not work and besides they have no constitutional authority to do so.
Free market unions that can survive are not the real issue. The real issue is NAFTA (government managed trade) at the expense of our own American entrepreneurs
Look at how many American entrepreneurs lost out to Chinese entrepreneurs as they have now taken our jobs.... no look at how wealthy China has become.. it is staggering! We are now told to produce nothing and everyone is to get a "service job" -- stimulate -- don't save --
I agree. NAFTA is managed trade it isn't really free trade. American entrepreneurs are losing to Chinese ones because of our govt. and they are better capitalists. They deserve to take our jobs they are way more productive than our whinny self-entitled union workers.
Owning a business and Working in America with those you choose is one of life's greatest rewards.
Please do not advocate for others to take my business to china or force me to setup shop there so I can compete -- Free market Unions are there for a reason even if you are not a fan of them -- You need to blame the problem! Which is our government giving others our jobs rather then speaking about free market unions that are making it here with no government assistance.
Managed as the since with contracts with specific entities only. there fore saying everyone else does not get this privilage. We havent "Freely traded with embargoed countries Because our government overextends its control over free markets that could profit in those endeavors.
Thank you very much Prof. Richard Wolf... I have definitely learnt something important related to the cause of this economic crisis. I have two questions for you if you don't mind.. Is it cautious enough to "blame" factories for using more machines than human beings? What are some alternatives? Thanks.
The problem is systematic however it has much to do with the end of the Bretton woods system by 1971, the feds manipulation of the interest rate/money supply. and the unsustainable system of fractional reserve banking.
i hope it works, but i really dont think it will, all were doing is trying to stop the bleeding, and its not gonna stop.We might witness the fall of Capitalism here.
The fall of capitalism? Hahaha, America has not has capitalism since 1900. I suggest you read up on how the government made banks (that didn't want to do it) give out loans to people that couldn't pay.
Further more, government entities like Fannie Mae og Freddy Mac brought this crisis.
Man, you just don't know what has happened. Please read up on the real resons for this crisis. It is everything BUT capitalism who are to blame.
MatteNoob @ "Trust me, I live in a socialized country. "
Your homepage says you are from Norway. If true, your government type is (1) constitutional monarchy; and the (2) Socialist Left Party "currently holds 15 out of 169 seats in the Norwegian Parliament".
They are all socialist here. Parties are: AP (Arbeiderpartiet) - ap(dot)no SV (Sosialistisk Venstreparti) - sv(dot)no RV (Rød Valgallianse) V (Venstre) - venstre(dot)no The other parties promote national healthcare, government regulation etc too. Tax on capital gain: 25% Tax on income (progressive): 20-52% VAT (Salestax all products and services): 25% VAT (food only): 14% And tons of other taxes. Please don't tell me what kind of country I've lived in for 27 years.
If that was meant as sarcasm, well, then you don't understand what you are talking about.
Even though I say it's free, it isn't people are paying for it through taxes.
We have huge lines and people are dying waiting for healthcare.
We have no choice in what kind of services we use. House prices are huge, meaning all people are slaves to debt. Prices on consumer goods are gigantic etc.
I would invite you to experience the "liberty" of the non-"socialist" world - and it's a big, wild world out there... - so that you may better appreciate the "pains" of Nordic social-democracy that you currently take for granted.
It seems like you think of social-democracy as an ideal to live up to.
Taxation is teft. It is immoral to take the money from the productive people and giving it to the unproductive.
Remember that production is what makes wealth, not money. If there are incentives not to work, many will use it, giving us less wealth. The only reason the welfare state is currently working here in Norway, is because we export oil.
But you will see your socialist world before it falls apart.
I couldn't give a flying f*ck about your capitalist morality, nor does anyone except the minority who stand to gain from it and the odd fool who defends it out of conviction.
Here's a better morality for you: there is nothing more obscene than capital accumulation through exploitation of labour.
Your mantras on what taxation is are irrelevant - taxation always was and always will be - and so is your little "intellectual" movement.
Whereas Socialism in its diverse forms will continue to come back and renew itself as long as Mankind aspires to live in a superior, fairer society.
The fall back alternatives are the same as always: corporatism (real capitalism), conservative totalitarianism and feudalism.
So, as capitalism's inadequacies are exposed (yet again), prepare for another try at something better - or worse, should we go down the fascist route. Either way, it's another few decades of whining for your ilk.
So, wages are proportional to the productivity of labour (3:30), but technological devices which increase the productivity of labour decrease wages, all other things being equal (05:20).
Still, that's only one major contradiction in ten minutes, which is quite good for an economist. I can hardly wait to see what innovative threats of violence the man prescribes in the next part.
PanzerDivisionBOM 1 year ago
Finally, an economist out of the ivory tower. Especially the globalization: America is learning the nature of a world economy is to attain a common level - bad news for the American standard of living.l
DAVESIV 1 year ago
obama is gonna fix it what the fuck ever
bignick01dakota 3 years ago
I think he makes good points about the 1970's being significant...
BUT
he should of also talked about Ronald.R. and the conservative privatization of the economy...
he must lean to the right because that was pretty signifcant to our economy as well. And this trend has maintained itself over the past 30 years because politicans, policy, the SENATE, Presidents (Clinton,Bush,Bush,) idiots with power and dumb ideas that control the economy like treasurer's, etc etc. A lot of this is intentional
alabmawhitman 3 years ago
this man makes a lot of sense people u better wake up!!
love7277 3 years ago
This "REAL NEWS" thing has gone on long enough for me. I can't take their bullshit anymore and don't want to be associated with them. They are NWO shills. If they were REAL they would be talking about a citizens commision dealing with the TRUTH about 911, not LIES having to do with the zionists Obama manager and the PLANNED collapse of the "economy".
t4705mb6 3 years ago
If you can't take their "bullshit", don't come and don't comment.
MarquisdeBarrabas 3 years ago
So, who died and made YOU hall monitor? Typical.
t4705mb6 3 years ago
The stimulus had in it tax credits available for an amount of $13 per week per person, $8 for others. How is a job supposed to be created from that?
fulbert4605 3 years ago
The stimulus bill is Liberal government spending...nothing more.
revolutionist313 3 years ago
"The stimulus bill is Liberal government spending"
As opposed to deficit-building under W. and Reagan/Bush, which had nothing to do with conservatism.
MarquisdeBarrabas 3 years ago
It took W. 8 years to build a one trillion dollar deficit-it only took O. one month to triple that figure.
revolutionist313 3 years ago
I wonder what happened under 8 years of "W." for "O." to have to resort to such spending.
MarquisdeBarrabas 3 years ago
You can't blame past administrations for the desicions being made by the current administration.
Besides, wasteful spending to clear up debt made by wasteful spending makes about as much sense as using taxes to ease taxpayer burndens.
revolutionist313 3 years ago
Sure, sure.
MarquisdeBarrabas 3 years ago
Did anyone understand how Wolff meant that stagnant wages led to the economic downturn?
Ghouma 3 years ago
Basically, when you print money the first ones who gets that money gets a higher value out of it. Once it gets to the ecomony. Inflation of the dollar depreciates buying value. Wages being locked meant you had to work longer to get enough money to buy things that used to be purchased with fewer dollars. The federal reserve is the root cause of this. Non regulated company controling our nations and world money instead of congress.
Squirelbutt 3 years ago
Right you are, however, Congress is coupled with these voracious conglomerates through private negotiations that bring about legislation that favor corporations alllowing these politicians very competitive prices on stock as "in-house" recipients.
revolutionist313 3 years ago
What we are witnessing is your typical capitalist crisis such as described by Karl Marx 150 years ago.
The reason why stagnant wages lead to an economic downturn:
Capital exists in a dog-eat-dog world. In order to succeed, it reduces its costs vis-a-vis the competition (downward pressure on wages, exporting jobs, mechanisation) while increasing its revenue (i.e., it needs to grow).
...
MarquisdeBarrabas 3 years ago
The problem is, the more it solves its problems on the cost cutting front (depressed wages, bigger labour pool dues to mechanisation), the more problem it has expanding (consumer demand can't match growth needed).
Easy credit can "solve" this conundrum, but only for so long. What Wolff is basically saying is that, after 30 years of stagnant wages and credit-fuelled growth, the chicken is coming home to roost.
MarquisdeBarrabas 3 years ago
Thank you, when I asked my dad about it last evening he said something along the lines of capitalists that expands their business on credit once the buying power of the customers are at a stop, when there can be no more credit the crisis comes and it wont be over until the production is at the same level as the buying power. I can see how your arguments fit into that.
Ghouma 3 years ago
Your father is a smart man.
Of course there are other factors at play; no two crises are exactly the same...
MarquisdeBarrabas 3 years ago
If you dont talk about the FED you are missing the whole point. Central banks suck, jefferson and jackson and every other great president we have had knew it. We don't have a free-market system, the buying power (savings) of the average consumer is constantly being reduced. The "easy credit" only serves as capital for those who spend it first, the undisclosed receipients of the FED and Treasury.
alexn159 3 years ago
"Free market" and "system" are incompatible concepts.
Once a 'system' is put in place within which the markets function, said markets are no longer free. And this is why there has NEVER been a free-market system/society/what have you, and NEVER will be. Give up, paulers.
And btw, national currencies cannot survive without a financial authority, i.e., central banks. So unless you want to go back to bartering and trading in (adulterated) metal, get used to them.
MarquisdeBarrabas 3 years ago
so you're saying work for Walmart and don't bother starting your own companies or doing business with small companies or shop locally instead of big businesses becuase there's no such thing as a free market system?
You make many claims of what will NEVER be, but are not saying what IS here.
btw, America is one of very few countries who's central bank has never been audited, and does not have to permit any government to look at its books. The Fed is a private corp, and has no oversight.
tillo2008 3 years ago
"so you're saying"
What I'm saying is what I'm saying and nothing more. Geez, there are few things quite as irritating as people putting words in your mouth.
You can start your own business, or work for Walmart or do whatever you want, just give some THOUGHT to what I said above.
MarquisdeBarrabas 3 years ago
actually, it was "so you're saying...?"
it was a question.
As In, aside from quoting mr. marx and saying I told you so, what is your point?
"there are few things quite as irritating as people putting words in your mouth." <- how about assholes who take your question the wrong way and writ stuff like that? yup, pretty irritating.
I can sit back and ponder your point, but you're not MAKING a point, you're just textual diarrhea. good day.
tillo2008 3 years ago
Any sentence, question or otherwise, that starts with "So what you're saying is..." is putting words into somebody else's mouth, period.
It's the weapon of choice of those who wish to misrepresent their adversary's position.
Now go wash your mouth.
MarquisdeBarrabas 3 years ago
you're just proving my point, and again have none of your own
tillo2008 3 years ago
My "points" are abundant on my first, second and forth post in this thread; learn to read, Mr. Diarrhoea.
(though you're probably just a kid, and I'm wasting my time and making a fool of myself arguing with a kid on YouTube. oh well.)
MarquisdeBarrabas 3 years ago
Capitalism or any other economic system will always have problems. There will always be government and government will always play a role in the economy, sometimes fostering growth, other times stymying it.
Dear paultards, welcome to Planet Earth.
MarquisdeBarrabas 3 years ago
Yeah but our constitution limits the government and that is how it should be. The only role it has governing economys is taxing imports and outports. but not to run business.
Squirelbutt 3 years ago
nope it wont work, your country is fucked :)
i read somewhere that 7 trillion dollars stacked could like reach the moon or something, lol.
fatezor 3 years ago
You shouldnt be so happy.
If our country is fucked.
That means your country is fucked 5 ways from sunday.
MeLikeGoFast 3 years ago
Since Obama has taken office the dow has dropped 2800 points. Not to say that it would have been any better with McCain or Bush, but I think we can put to rest the idea that any politician can "save the economy".
escapethecollapse 3 years ago
Politicians have been dooming and saving economies and everything in between since the beginning of civilization.
Get it through your skulls: economy has NEVER existed and will NEVER exist apart from political power.
It wouldn't harm you paultards to open up a real history book once in a while.
MarquisdeBarrabas 3 years ago
History books always depict the French as assholes and counter productive in the world. Why dont you put on some preperation H and shut it.
Squirelbutt 3 years ago
It takes time to undo a disaster created by the previous administration. It's not like Obama can walk into his new office as the new President and with a single stroke of a pen, undo all of the damage from the Bush crime family.
milofonbil 3 years ago
Only problem with the new administration is that it is still the majority of the 2 previous administrations. A stroke of the pen could put Bush and his cronies in prison. and after that punishment maybe people will get the message.
Squirelbutt 3 years ago
It is a huge problem of credibility. The criminals need to get indicted and tried.
milofonbil 3 years ago
agreed.. :)
Squirelbutt 3 years ago
milo - We've replaced the Bush crime family with the Obama crime family. (Or is it the Obamessiah?)
Obama's not your typical lying, corrupt lowlife Chicago politician. He's so slick, he's in a class all his own, and so many dummies fell for it. Even Chris Matthews, who still has a "furrowing running up his leg."
Stay tuned for the rest of his agenda.
logansGT 3 years ago
We need to stop conducting wars now. The US spends as much as the rest of the world combined on the military.
milofonbil 3 years ago
but how many jobs depends on the military in the US? Directly and indirectly
SuperLazyLearner 3 years ago
Use the money for jobs involving National Defense and not offense. In other words no nation building, no invasions just defense. Work with allies in order to pursue those who would seek harm on innocent people world wide (not just the USA). What needs to be cut is military spending on weapons programs that are useless.
PierreElliottTrudeau 3 years ago
Military spending stunts the rest of the economy from growing because the spending multiplier is so low.
milofonbil 3 years ago
But look at all the wasted inflated money being spent on foreign lands. Thats not staying in our economy
Squirelbutt 3 years ago
Exactly. Nation building in Iraq does not build our local economy. We need to be thinking America First for a while. We need to get our people out of poverty. We need to educate our children. We need to take care of our country's health. We need to get ourselves back on our feet. We need to quit occupying 130 countries, 702 overseas bases. All of this spending keeps our country from thriving.
milofonbil 3 years ago 2
The problem is that Military jobs have a very low multiplier. It's around 0.5-0.6 This means that one military job creates around 1/2 to 2/3 of an additional jobs. Job creation through infrastructure has a much higher multiplier. It's around 1.4-1.8. One construction job creates many more additional jobs than military spending.
Military spending stunts private sector job growth.
milofonbil 3 years ago 2
check out "economyincrisis" and find out more about this topic
charr05 3 years ago
MONEY TO THE PEOPLE...... screw giving the bail out money to ANY Wall Street Co - Give the people the money, as they spend it it will fix economy, stop forclosures, get america out of debt, etc.
PLEASE join my protest to the Bail out and answer 1 question on camera: "How would you spend $297,000 dollars?" - That is the amount of BAIL OUT money given to the people....C'MON AMERICA, JOIN US IN TELLING THE GOV HOW WE COULD FIX THIS ECONOMY!....... The Fight Isnt Over YET!!
BAILOUTMONEY 3 years ago
If you taxed every person in the USA at 100 percent if they made over 75,000 dollars a year, you'd still only collect 4 trillion dollars. Which would barely pay the estimated budget of 2012. The middle class is a very important part of the tax strategy. Having that tax base erode is a very bad thing.
worldindistressdotcom
chakra74 3 years ago
typical obama speech " FUTURE" *clapping* "USA" *clapping* "Change" *clapping* "HOPE" *Clapping*
Planb2276 3 years ago
jiggakilla666:
Yes, it did.
watch?v=1N9-nt3xgls
Now show me where it says it didn't work. I searched and I couldn't find one.
allgoo19 3 years ago
TAX, TAX, TAX and TAX the Rich and Ultra-Rich Classes of society. Make them pay their far share of taxes, and TAX all FACTORIES that left the US to EXPLOIT people in SWEATSHOP LABOR and left to EXPLOIT the ENVIRONMENTAL LAWS in other COUNTRIES. They leave the US to DESTROY Ecosystems and enslave the Poor Class.
M3minusGrowth 3 years ago
The richest 1% of the country already pays 40% of all taxes collected by the government. I say tax the politicians who pass these deficits.
17Spartacus76 3 years ago
40% wow thats not enough. They should be paying at least 50 to 60% since they hold 80 to 90% of all the wealth in the US.
M3minusGrowth 3 years ago
Whats the point of being successful if everything you make is taken away and given to people who dont work and live off the system.
Squirelbutt 3 years ago
Provide Americans with Cost-of-Living factory jobs and STOP outsourcing OUR jobs. You CANNOT run a country on a 70% Service Economy. We NEED manufacturing back in the US or the US will have a CIVIL WAR very, very Shortly. The U-6 unemployment rate is 13.9%. Once that hits 20+% SHIT is going to hit the fan. We will see Chinese forces on our soil protecting their properties if the US defaults on the Bills, Bonds, and Notes sold to them.
M3minusGrowth 3 years ago
Definately agree to that. Without savings there is no capital. Without production there is no capital.
Squirelbutt 3 years ago
The reason jobs are outsourced is becuase we have the highest tax rate on business in the world SECOND to japan.
In a global world where you can communicate in fractions of a second, why would anyone keep their workers here and pay sky high taxes?
MeLikeGoFast 3 years ago
I see, so you're just greedy and want to rob other people in order to pay for what you think you're entitled to.
17Spartacus76 3 years ago
Why is AIG robbing the American taxpayer out of Billions of dollars just because they cannot make good sound business decisions. All these corporate banks should just go bankrupt and allow newer and smaller banks to take over where they failed. The ULTRA-RICH who OWN and CONTROL these BAILOUT Institutions SHOULD be ROBED of the WEALTH and given back to the Treasury.
M3minusGrowth 3 years ago 2
totally agree with ya
grungefuck 3 years ago
The capitalist pays taxes with a fraction of the surplus he extracted from labour.
The rich pay their taxes with the sweat of the poor.
If the poor can get part of that surplus back via public works funded through taxes on the rich, so much for the better.
MarquisdeBarrabas 3 years ago
"The capitalist pays taxes with a fraction of the surplus he extracted from labour."
No, he pays taxes out of his profits, which are earned through voluntary transactions with consumers. Profit comes from the synergy of the combination of labor, materials and organization that could not exist without the mind of the entrepreneur.
You marxists don't actually believe the tripe you spew do you?
17Spartacus76 3 years ago
"that could not exist without the mind of the entrepreneur."
Labour is the only essential ingredient for generating wealth. The only one.
I can think of several instances where labour creates wealth without private entrepreneurship (state workers, the self-employed, liberal professions) but can you give me one example of a private entrepreneur creating wealth without labor (including his own)?
I didn't think so.
MarquisdeBarrabas 3 years ago
Bullshit, otherwise I could have a chimp build me a computer from scratch.
You are a fool. Labor is nothing without a mind to direct it. Your complaints are grounded in what is essentially your own racist tendencies.
17Spartacus76 3 years ago
You're gratuitous insults and accusation of racism speak for themselves.
MarquisdeBarrabas 3 years ago
Three cheers for hypocrisy.
I can smell your desperation from here.
17Spartacus76 3 years ago
The brilliance of your arguments continues to amaze me, pauler.
MarquisdeBarrabas 3 years ago
Obama is yet another NWO puppet
cityzenkane108 3 years ago
No, it will not solve the crisis.
It is nothing more than a powergrab, as Senator Byrd suggested.
MeLikeGoFast 3 years ago
yes
swifteagle43 3 years ago
Google "Austrian Economics" to find out the truth and forget about all these hacks trying to keep the Keynsian fantasy alive.
escapethecollapse 3 years ago
Johnny, the only fantasy going down is that of the "Free" markets, and it's going down pretty fast.
MarquisdeBarrabas 3 years ago
You mean the idea that we have had a free market in the U.S.? Yep, that's a huge misconception. We went from a fascist/socialist economy with Bush to a sociealist/fascist economy with Obama. Lose/lose either way for the people.
escapethecollapse 3 years ago
As long as there is a government - and there will always be a government - you fuckers have your scapegoat for all evils.
Sweet dreams.
MarquisdeBarrabas 3 years ago
As long as there is government intervention. We will have these problems.
Squirelbutt 3 years ago
He forgot that the USA closed the gold window in the 70's as well. That's arguably the most important factor that caused the issues of today that everyone seems to keep ignoring. The trade imbalance didn't start until the USA went off of the gold standard and started selling out it's industrial infrastructure in return for imported goods. The solution is to bring back capitalism and abolish the communist planks that have been rotting this country for the last 80 years or more.
17Spartacus76 3 years ago 3
Exactly 17Spartacus, I was waiting for him to mention that but he never did.
FrankHaddad 3 years ago
It's amazing how so many 'economists' are completely ignorant of the nature of specie and credit. Money is the least understood institution on the planet and everyone is suffering for it. If you have the time, check out a book called 'Gold: The Once and Future Money', it clears up so many things. If I had to recommend three books that everyone must read, it would be one of them.
17Spartacus76 3 years ago
17Spartacus76:
So, you are saying you are better "Economist" than them? According to whose opinion? Yours?
Here's the reality, you can be rated only by someone else. Rating on yourself is the least credible judgement. If you are smart enough, you should know this already. On that account, you already failed my test.
allgoo19 3 years ago
I will then take the liberty of rating 17Spartacus76's statement about money. I do believe he is correct that most economists ignore this aspect, however it may not even be their own fault. Keynesian theory has become the mainstream since brenton woods and is taught in most universities. I myself can vouch for this as I have taken many economic courses at my university and they are all based upon a flawed Keynesian theory of using a fiat currency which leads to business cycles and recession.
FrankHaddad 3 years ago
This comment has received too many negative votes show
FrankHadded:
There's a reason why they teach Keynesian theory in the college. It's the main stream and supported by the majority of economists.
If you have opinion against that, youtube is the wrong place to voice your opinion. Go to a economics convention and speak out.
Obama's stimulus plan is nothing compare to $6 trillion spent by Japanese government in 1990's. US is the only country that is still debating stimulus is good or not. Pretty embarrassing.
allgoo19 3 years ago
They teach ebonics too. Does it make it right. No it programs people to believe what they have been taught. It takes one fact to destroy a theory and the theory no longer holds. Some people say Obama is going to spend over 9 trillion before his term ends.
Squirelbutt 3 years ago
FrankHaddad:
I'm curious, if you say you were economics student, did you talk to the professor? Did you tell him that you think Keynesian theory is stupid? Didn't it ever come to you that the professor knew something you didn't know?
allgoo19 3 years ago
allgoo:
I am currently a finance student who has taken and is still taking many economics courses (a majority of my degree is economics) and yes I voice my opinion about Keynesian economics (I don't call it stupid, I think that is just immature) I debate certain aspects such as the idea that we should inflate the currency to get house prices high again, when clearly the market is telling us they were over priced to begin with (caused by artificially low interest rates).
FrankHaddad 3 years ago 2
"So, you are saying you are better "Economist" than them?"
Better than most. This person's explanations are, for the most part, correct. But he ignores the importance of the substance of money. Do you dispute this? If so, make your point, otherwise you're simply talking of nothings and wasting everyone's time.
17Spartacus76 3 years ago
This comment has received too many negative votes show
Gold standard had nothing to do with this crisis.
The system is not broken. Its the people running the system who didnt follow free market.
MeLikeGoFast 3 years ago
"Its the people running the system who didnt follow free market. "
Correct, but a free market always chooses gold as it's currency. All of human history supports that. The fact that the USA transformed from the biggest creditor nation to the world's largest debtor only after they de-linked their currency to gold should tell you something.
17Spartacus76 3 years ago
The gold standard is not the be all end off of economies.
Fiat currency is the BEST way to grow an economy.
And when done correctly, there is no other way that is as productive.
Gold backed currency has its limitiations.
There is only so much the economy can grow.
It doesnt prevent recessions it actually makes it harder for us to get out of them.
And gold producers and miners have a great ability to manipulate markets.
MeLikeGoFast 3 years ago
You assume that it's necessary to grow the money supply in order to grow an economy. You only need to learn about the industrial revolution and other periods of tremendous economic growth in China, Japan, Rome etc. that occurred under gold standards to know that this assumption is completely unfounded.
Gold isn't a panacea, and I'm not saying that it is. I'm saying it's the best thing we've got. When something better comes along, the market will pick that as the next currency.
17Spartacus76 3 years ago
I think youre wrong in blaming the system.
The system is not flawed. The system works great when properly followed.
It wasnt properlly followed which is why were in this mess.
The times of great growth were in periods where the gold supply VASTLY outweighed the size of the markets.
That time has passed.
For example, we would have to shrink our economy down to under 4 trillion to go back to gold standard.
That is WAY smaller than it is now AFTER this latest contraction.
MeLikeGoFast 3 years ago
At no point in history has fiat money ever 'worked great'. Great for the issuers maybe, but only at the expense of everyone else. When you dilute the value of money, everyone loses, by definition.
The size of the money supply is irrelevant, as long as it stays relatively constant, the price system will properly adjust. The economy would not have to shrink in the least to establish a gold standard.
Nobody can properly manage a system whose sole function is to steal in secret.
17Spartacus76 3 years ago
Historically fiat money fails NOT BECAUSE OF THE SYSTEM but because of the underlying government.
Again i feel you are mixing the system with the people who run the system.
I feel that the fed reserve is the perfect blend of checks and balances to prevent this fiat currency from failing.
Im sorry but their sole functin is not to steal in secret.
That sounds like a conspiracy theory to me.
The economy would have to shrink to go back to the gold system.
There simply isnt enough gold.
MeLikeGoFast 3 years ago
The system fails because it's designed to transfer wealth every time new money is injected. That's just how it works. It doesn't matter who runs the system, the only way it could continue to work is simply to abstain from using it.
You could run the entire economy on a single brick of gold. Transactions would simply be denominated in micrograms. The pricing system works and adjusts to ANY size of money supply. It just doesn't matter, as long as that supply stays stable.
17Spartacus76 3 years ago 2
Its not to transfer wealth, its to stabalize the currency.
How would denominated in micrograms not mean the economy has to shrink?
MeLikeGoFast 3 years ago
How do you propose to 'stabilize' a currency by rapidly increasing or decreasing it's supply relative to everything else? That's the complete opposite of what it means to be stable.
"How would denominated in micrograms not mean the economy has to shrink?"
Why do you think that it would? The economy functioned fine when the dollar was pegged at $35/oz of gold, or $20/oz. In order for your argument to work, you have to deny supply and demand.
17Spartacus76 3 years ago
This stagnant price for gold is the reason we went into the depressin in the first place.
Gold standards make recessions longer and harder to get out of.
You are also denying that there is a supply and demand for money.
That is the downside of the gold standard.
MeLikeGoFast 3 years ago
Remember, being on the gold standard is part of the reason we went into a great depression in the first place.
MeLikeGoFast 3 years ago
Now you're changing the subject.
And no, the depression had nothing to do with the gold standard and everything to do with the Fed's reckless monetary policy in the 20's, coupled with massive government interventions in the marketplace by Hoover and FDR. Read Rothbard's 'America's Great Depression' if you want to learn more about that time period.
17Spartacus76 3 years ago
Im sorry. Didnt mean to drift off topic.
I understand the advantages of the gold standard but i dont think it is better than a fiat currency.
The system of a fiat currency is not flawed.
The governments abuse of it is the problem.
I respect your opinion and appreciate your civility.
MeLikeGoFast 3 years ago
"I understand the advantages of the gold standard but i dont think it is better than a fiat currency."
Why? At what point in history has fiat money ever been adopted by any economy except when it was imposed on it by a government? If fiat was so great, then don't you think that markets would adopt it all on their own? Given the choice, gold always becomes money above all other choices. That alone should tell you something if you really understand markets.
17Spartacus76 3 years ago
Melikegofast:
The problem with a fiat currency is that the government will almost always abuse it, absolute power corrupts and one can argue that the control of money supply is absolute power. However just look at our national debt, this would have never happened under a commodity backed currency because it would have limited the amount of spending government could take on, I just want to know if they ever plan on paying off the debt?
FrankHaddad 3 years ago
I understand the abuse aspect.
I believe that a properly run fiat currency enable the largest growth potential to more of the citizens of in the respective country.
MeLikeGoFast 3 years ago
Credit will enable growth until it peaks out and you have to pay it back with interest. Makes you debt to banks or a slave. Inflation devalues your money. Therefore devalues your work. So there is a imbalance of trading power. But the banks just print the money. No work and you are alway in debt or controled by the banks. They have power over you. And you will work for them forever.
Squirelbutt 3 years ago
The reason we go into recessions in the first place is because we have periods of loose monetary policy with easy credit and low interest rates followed by a tightened monetary policy with less available credit and higher interest rates. This is the business cycle and occurs as a direct result of the fluctuation of interest rates, businesses make longer term decisions based upon a volatile rate of interest, this does not occur under a gold standard because interest rates are more constant.
FrankHaddad 3 years ago
If that was the case we wouldnt have stayed on the gold standard all the way up to the 70's
Squirelbutt 3 years ago
So your fine with banks printing money who dont earn it. Who create wealth out of thin air and make themselves kings by printing wealth. You might as well barter with hasbro monopoly money. At least you get a hat, small dog , and a wheelbarrow of some value.
Squirelbutt 3 years ago
Printing money to stay in business is hardly making themselves king.
But no, I dont believe in the bailouts.
Not under bush, and definately not under Obama.
These corp. should fail. Their assest should be shifted to corp. who can better manage them.
Plain and simple.
Capitalism is not the problem.
MeLikeGoFast 3 years ago
If you believe money is wealth then they create the wealth through debt. and a printing press. They cannot create gold.
Squirelbutt 3 years ago
Yes.
I understand.
Its called a fiat currency.
Gold backed currency has its limitations as well.
The grass is greener.......
MeLikeGoFast 3 years ago
YEah but which one holds value?
Squirelbutt 3 years ago
The US has been rotting "for the last 80 years" Hahahaha! From "communism"! Hahahahaha!
Brilliant! Go Paulers!
MarquisdeBarrabas 3 years ago
Do you even know what the 10 planks of communism are?
17Spartacus76 3 years ago
They're up there with the Protocols of Zion and Santa's Autobiography in my list of favourite readings.
Do you know what the House Un-American Activities Committee was? Educate yourself.
MarquisdeBarrabas 3 years ago
My conclusion is that this is manufactured.
MankindCartoons 3 years ago
Of course it is.
kokobaboko 3 years ago
Why the government is issuing every year 50.000 green cards, while hundred of thousands of US citizens are kicked from their jobs?
the culprit is the industry itself, why? because they want cheap labor inside America and save the expenses from moving to third world countries.
liquidus2172 3 years ago
It's interesting that he didn't mention the part gov policy played in allowing cheap imports to compete against gods produced here, while at the same time manufacturing and industrial jobs were leaving the country. Perhaps he will include an explanation about this in another segment.
bbburton 3 years ago
I doubt it. unless someone forces that interview point upon him.
Squirelbutt 3 years ago
The neo-liberal binge is coming to an end...
We will either try to save capitalism from total discredit by pumping tax money into the markets (which is what Obama is trying to do), or realise the capitalist model is rotten to the core and look for a better economic model.
MarquisdeBarrabas 3 years ago
there is a third option : wage major war(s)
truthspeaker969 3 years ago
So they become nuclear and cause major destruction that you will have to spend money to rebuild. Smart choice.
therealbangaio 3 years ago
"there is a third option : wage major war(s)"
Indeed, and unfortunately that is one of the most likely scenarios.
MarquisdeBarrabas 3 years ago
Pumping savings into a failing market is throwing money away. Thats giving capital to banks. Who now, own the capital that they stole previously by gambling on failing markets. Who themselves are a failing market. Let people keep thier taxes(capital)
Squirelbutt 3 years ago
that may not be false. every empire has an ending.
ahassan5 3 years ago 2
i think this whole economy crises is due to that motherfucker named bush.
he took so much away from americans. shame on them - they were the ones who elected him and cheered him on.
i hope this shit becomes much more worse. i wanna see ww3!!!
ahassan5 3 years ago
It started with clintons nafta. and bush added to it.. :(
Squirelbutt 3 years ago
I am so glad I used my IRA and 401K on college, and i will never invest in paper ever again. I will invest only in travel, gold, silver, guns, and property far away from civilization. Five hour from the nearest expressway.
ManufacturedThoughts 3 years ago
absolutely not, capitol is where the basis of the economy is due, not credit, which creates an atmosphere of perpetual debt
11supaman11 3 years ago
Keynesian economics is a degenerative theory FORCED upon society by government
We produce nothing ... Obama backs NAFTA which is government managed trade that allows those who can (the rich) to exploit third world countries. Average American entrepreneurs cannot compete with 3rd world countries who impose little if any taxes and regulations on the production of goods and services
Obama is an epic fail and is on track to surpass America's greatest socialist George W Bush.
Patriot4Liberty1776 3 years ago
5 stars
foolmetwicethemovie 3 years ago
This is the best interview I've seen in months.
FaaarLeft 3 years ago
Dear Real News,
What happened with the Obama's CHANGES?
Haaretz 16.Feb. 09 "U.S. fends off Israeli pressure, decides to help plan 'Durban 2' "
Haaretz 28.Feb. 09 "U.S. to boycott Durban 2 conference on racism"
Back to Condi Rice Times ???
marcosdiarios 3 years ago
as long as these dumbasses dont address the fed all of their analysis will be irrelevant
ferrozm 3 years ago
He forgot to mention that for those 130 years, wages went up because workers fought for them to go up, even in the face of being arrested, harmed, or even killed.
brokendave 3 years ago
You get what you fight for, and sometimes a little less.
Workers of the world need to wake the f**k up.
MarquisdeBarrabas 3 years ago
great guest, 5 stars
AbtinX 3 years ago
How about the following reasons:
1. Nixon went off the Gold Standard
2. Credit expansion
TTBurner 3 years ago
these Keynesian idiots never give up. Free markets and capitalism will be the only thing to help the economy. We are in the minority bro everyone in this country and in Europe is a fucking jackass.
ferrozm 3 years ago
Forget about Keynes.
We got a nice little goulag for you and your ilk. Coming soon. ;-)
MarquisdeBarrabas 3 years ago
Liberal markets -which gave employers the opportunity to export jobs, reduce wages, etc.- are the root of the problem to begin with. The solution is not to be found in surrendering more economic control over to the private sector. The government needs to stop colluding with businesses and essentially nationalize all critical areas of the economy. If not that, it must regulate critical business through unambiguous legislation. By that I mean tariffs, substantive laws, etc.
OfficialDarkKnight 3 years ago
What government run program can you site that has worked?
Stop writing up this BS that we had free markets -- we have never had Free markets only less regulation
All Government is force and they have nothing without it
Patriot4Liberty1776 3 years ago
Wrong dickhead. The govt regulated too much and parasitic labor unions made the US unproductive, thats why the jobs were shipped abroad. Funny how unions and politicians claim to protect the middle class yet the policies they enact do everything to undermine it. Hong Kong has a very free market and their middle class is growing by leaps. I agree that govt needs to stop colluding with business but nationalization does not work and besides they have no constitutional authority to do so.
ferrozm 3 years ago
Free market unions that can survive are not the real issue. The real issue is NAFTA (government managed trade) at the expense of our own American entrepreneurs
Look at how many American entrepreneurs lost out to Chinese entrepreneurs as they have now taken our jobs.... no look at how wealthy China has become.. it is staggering! We are now told to produce nothing and everyone is to get a "service job" -- stimulate -- don't save --
Patriot4Liberty1776 3 years ago
I agree. NAFTA is managed trade it isn't really free trade. American entrepreneurs are losing to Chinese ones because of our govt. and they are better capitalists. They deserve to take our jobs they are way more productive than our whinny self-entitled union workers.
ferrozm 3 years ago
Owning a business and Working in America with those you choose is one of life's greatest rewards.
Please do not advocate for others to take my business to china or force me to setup shop there so I can compete -- Free market Unions are there for a reason even if you are not a fan of them -- You need to blame the problem! Which is our government giving others our jobs rather then speaking about free market unions that are making it here with no government assistance.
Patriot4Liberty1776 3 years ago
"NAFTA is managed trade it isn't really free trade."
All trade in the world is managed trade - unless you're bartering.
How much more moronic can your Paultards get?
MarquisdeBarrabas 3 years ago
Managed as the since with contracts with specific entities only. there fore saying everyone else does not get this privilage. We havent "Freely traded with embargoed countries Because our government overextends its control over free markets that could profit in those endeavors.
Squirelbutt 3 years ago
Thank you very much Prof. Richard Wolf... I have definitely learnt something important related to the cause of this economic crisis. I have two questions for you if you don't mind.. Is it cautious enough to "blame" factories for using more machines than human beings? What are some alternatives? Thanks.
kkablan 3 years ago
Very interesting interview *****
luciodelgado 3 years ago
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voteforpeace08 3 years ago
The problem is systematic however it has much to do with the end of the Bretton woods system by 1971, the feds manipulation of the interest rate/money supply. and the unsustainable system of fractional reserve banking.
SushiSyogun 3 years ago 5
i hope it works, but i really dont think it will, all were doing is trying to stop the bleeding, and its not gonna stop.We might witness the fall of Capitalism here.
borntobelegend 3 years ago 2
The fall of capitalism? Hahaha, America has not has capitalism since 1900. I suggest you read up on how the government made banks (that didn't want to do it) give out loans to people that couldn't pay.
Further more, government entities like Fannie Mae og Freddy Mac brought this crisis.
Man, you just don't know what has happened. Please read up on the real resons for this crisis. It is everything BUT capitalism who are to blame.
MatteNoob 3 years ago
In fact, capitalism is the answer to the crisis. But government won't let it. They will bring you into socialism, which is not productive at all.
Trust me, I live in a socialized country.
MatteNoob 3 years ago
MatteNoob @ "Trust me, I live in a socialized country. "
Your homepage says you are from Norway. If true, your government type is (1) constitutional monarchy; and the (2) Socialist Left Party "currently holds 15 out of 169 seats in the Norwegian Parliament".
Again "a socialized country. "?
(1) CIA website
(2) wikipedia: Socialist_Left_Party_(Norway)
zzRider 3 years ago
MatteNoob 3 years ago
Yeah, and I forgot to tell you that the government owns most big businesses.
They also have monopoly on gambling (norsk tipping) - norsktipping(dot)no
They also have monopoly on selling alcohol stronger than 4,5% - vinmonopolet(dot)no
They subsidize a lot of things, like farming.
We have wealfare where a person can go through life never having to work a day.
We have free healthcare. Free schools, even universities.
Please man, when I say we are socialist, I mean it.
MatteNoob 3 years ago
And what a horrible country you've got.
MarquisdeBarrabas 3 years ago
If that was meant as sarcasm, well, then you don't understand what you are talking about.
Even though I say it's free, it isn't people are paying for it through taxes.
We have huge lines and people are dying waiting for healthcare.
We have no choice in what kind of services we use. House prices are huge, meaning all people are slaves to debt. Prices on consumer goods are gigantic etc.
You don't understand what liberty is.
MatteNoob 3 years ago
I would invite you to experience the "liberty" of the non-"socialist" world - and it's a big, wild world out there... - so that you may better appreciate the "pains" of Nordic social-democracy that you currently take for granted.
MarquisdeBarrabas 3 years ago
It seems like you think of social-democracy as an ideal to live up to.
Taxation is teft. It is immoral to take the money from the productive people and giving it to the unproductive.
Remember that production is what makes wealth, not money. If there are incentives not to work, many will use it, giving us less wealth. The only reason the welfare state is currently working here in Norway, is because we export oil.
But you will see your socialist world before it falls apart.
MatteNoob 3 years ago
My dear little maggot,
I couldn't give a flying f*ck about your capitalist morality, nor does anyone except the minority who stand to gain from it and the odd fool who defends it out of conviction.
Here's a better morality for you: there is nothing more obscene than capital accumulation through exploitation of labour.
Your mantras on what taxation is are irrelevant - taxation always was and always will be - and so is your little "intellectual" movement.
MarquisdeBarrabas 3 years ago
Whereas Socialism in its diverse forms will continue to come back and renew itself as long as Mankind aspires to live in a superior, fairer society.
The fall back alternatives are the same as always: corporatism (real capitalism), conservative totalitarianism and feudalism.
So, as capitalism's inadequacies are exposed (yet again), prepare for another try at something better - or worse, should we go down the fascist route. Either way, it's another few decades of whining for your ilk.
MarquisdeBarrabas 3 years ago