We need to kick the banks out of all nations and allow each nation to create it's own debt free money with zero interest. At the end of the day money is only to be used as a medium of exchange to assist in the transfer of goods from one person to another, it just makes life easier than barter.
The people writing in all caps that this man is a "communist" do not understand the essential idea of communism, or they are lying hoping other people don't understand it. There is an argument for a democratic socialism here in this lecture, but nothing that is specifically communist. Some of us know what these words mean.
LOL if you think the system we're living in is Capitalism, you need to read up. This is Corporatism. True Capitalism would not have allowed Bailouts. Just think about this for a second guys. If we raise taxes, who are they going to? The government. And who runs the government? Corporations. They're gonna get their money back no matter what. What we need is True Capitalism in which our money is our property and a sound currency. No hidden INFLATION TAX! END THE FED!
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
@DeterministicOne though they can revalue the legal tender inscription, this does not mean they can revalue the Gold & Silver it is made of. For example, an American Silver Eagle is legal tender for $1. The ounce of Silver it is made of is about $33 today. Tell me, what is the value of the paper and ink that Federal Reserve notes are made of (apart from the Legal Tender)?
@Skad8erateher Not sure you have answered my question. It seems to me that using the American Silver Eagle as legal tender would be foolish. Is the American Silver Eagle an example of sound currency?
THIS GUY IS A COMMUNIST, GROW UP, THIS IS A DECEPTION.....WE SHOULD NOT HAVE BAILED OUT THE BANK OR FAMMY MAE, WE A IN THIS SHAPE BECAUSE GOVERNMENT IS TOO LARGE AND SPENDS TO MUCH .....BREAD AND CIRCUS FOR THE MASSES........
@sterlingmattress Okay your first point Richard Wolff being a communist he is not. Your second point the banks, under his model banks would not have got out of hand also if the banks were not bailed the GFC would have been a galactic FC smaller than a local cluster of galaxy FC but bigger than a local cluster of stars FC. Third point government to large, this is also untrue. Fourth point spending congratulations that's one of four, the military and the wealthy gain too much from the government.
@sterlingmattress Oh yeah, the US is one of the most privatized countries in the world (from schools, medical care, transport to energy), and then the government is too big...what logic.
I'm aware that it is the holy creed of the right, but it's still nonsense. The crisis did not at all come because of the size of the government.
We need to kick the banks out of all nations and allow each nation to create it's own debt free money with zero interest. At the end of the day money is only to be used as a medium of exchange to assist in the transfer of goods from one person to another, it just makes life easier than barter.
eyeswideopennimrod 2 months ago
The people writing in all caps that this man is a "communist" do not understand the essential idea of communism, or they are lying hoping other people don't understand it. There is an argument for a democratic socialism here in this lecture, but nothing that is specifically communist. Some of us know what these words mean.
Algernon3 3 months ago
True capitalism, indeed would have let the corporations fail.
stvnhrv1 4 months ago
LOL if you think the system we're living in is Capitalism, you need to read up. This is Corporatism. True Capitalism would not have allowed Bailouts. Just think about this for a second guys. If we raise taxes, who are they going to? The government. And who runs the government? Corporations. They're gonna get their money back no matter what. What we need is True Capitalism in which our money is our property and a sound currency. No hidden INFLATION TAX! END THE FED!
Skad8erateher 5 months ago
@Skad8erateher Define sound currency.
DeterministicOne 6 days ago
@DeterministicOne Article 1 Section 10 U.S. Constitution
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
Skad8erateher 6 days ago
@Skad8erateher Section 8 - To coin Money, regulate the Value thereof, and of foreign Coin,
If it can be regulated, what exactly is special about coins that make them sound currency?
DeterministicOne 6 days ago
@DeterministicOne though they can revalue the legal tender inscription, this does not mean they can revalue the Gold & Silver it is made of. For example, an American Silver Eagle is legal tender for $1. The ounce of Silver it is made of is about $33 today. Tell me, what is the value of the paper and ink that Federal Reserve notes are made of (apart from the Legal Tender)?
Skad8erateher 5 days ago
@Skad8erateher Not sure you have answered my question. It seems to me that using the American Silver Eagle as legal tender would be foolish. Is the American Silver Eagle an example of sound currency?
DeterministicOne 5 days ago
Oh, I love this guy! he is so very right on!
And when the conserva-trolls like sterlingmattress start shrieking in all-caps about him being a "communist", you know he's on the right track :)
R3dp055um 7 months ago 5
THIS GUY IS A COMMUNIST, GROW UP, THIS IS A DECEPTION.....WE SHOULD NOT HAVE BAILED OUT THE BANK OR FAMMY MAE, WE A IN THIS SHAPE BECAUSE GOVERNMENT IS TOO LARGE AND SPENDS TO MUCH .....BREAD AND CIRCUS FOR THE MASSES........
sterlingmattress 7 months ago
@sterlingmattress Okay your first point Richard Wolff being a communist he is not. Your second point the banks, under his model banks would not have got out of hand also if the banks were not bailed the GFC would have been a galactic FC smaller than a local cluster of galaxy FC but bigger than a local cluster of stars FC. Third point government to large, this is also untrue. Fourth point spending congratulations that's one of four, the military and the wealthy gain too much from the government.
h4ming 7 months ago
@sterlingmattress Oh yeah, the US is one of the most privatized countries in the world (from schools, medical care, transport to energy), and then the government is too big...what logic.
I'm aware that it is the holy creed of the right, but it's still nonsense. The crisis did not at all come because of the size of the government.
InterZlatan8 6 months ago
@sterlingmattress YEAH FUCK FAMMY MAE! GOVERNMENT IS TOO BIG! GROW UP! DERPA A DERP.
He teaches marxian economics, I'm not sure why you think he's deceiving everyone.
johnmickle 5 months ago
Again, I'd give anything to see Professor Wolff run against Obama---or anybody else!
37Dionysos 8 months ago
BRAVO!!!!!!! Thank you!!!!! I'm spreading your word across my Twitter & Facebook.
VictoriaofSommerset 11 months ago
Thank You Richard
liamdlo 11 months ago
if you liked this, there's lots more at rdwolff.com. articles, video, audio etc
donkiddick08 1 year ago