Understanding the China / US Economic Relationship - Richard Wolff

[Coastlinewalks]

This guy oozes nastiness and hypocrisy ... dislike him intensely ..

[noprofitmaximierung]

@TheRacistsMustDie Lol! Here we meet again.

[TheRacistsMustDie]

That is also one of the reasons why the US was for the natural liberation of many colonies of European states, so Europe had to buy products from the US for their recovery instead of getting it from their colonies. That's what they did for example with the Netherlands & Indonesia & they almost got an extra communist state in return.

[louielamson2000]

WHAT HAPPENS NEXT FOR $450 BILLIONS, JOBS PACKAGE? PRESIDENT BARACK OBAMA ANNOUNCES TODAY, FOR JOBS CREATION IN AMERICA? Or another Stimulus Package like $ 825 billions from 2009?

This second Stimulus Package $ 450 billions called :JOBS PLAN WILL CREATION JOBS IN AMERICA?

80 PERCENT AMERICAN STORES SALE PRODUCED, MADE IN CHINA..

80 PERCENT AMERICANS PEOPLE BUYING PRODUCED MADE IN CHINA CHEAP LABORS… SO, HOW AND WHAT THE PLAN FOR JOBS CREATIONS IN THE U.S, THE NEXT 10-20 YEARS..?

[Poseidon99Jeus]

Richard wolff, I think ur a jewish, isn't it ? U r fucked up, jewish people r getting hassle all the dollars are in the chinese hands, Chinese is controlling the dollars. Richard is a typical jewish guy, thinking of interest, money.

[sk8tafrnk]

@powerofthroughts The U.S. corporations have Chinese workers make a pair of shoes for $3.00, then the corporations sell the shoe for 60 to 150 dollars in the U.S. They are able to do this because the Chinese workers don't have worker's rights, have to work long hours for little pay (.20 to .40 cents an hour) in terrible conditions.

If you think that U.S. corporations are going out of their way to help Chinese workers then you need to get your fucking head out of your ass.

[sk8tafrnk]

@powerofthroughts Chinese good are a great thing if workers rights and morality are of no value to you.

Oh yeah, also if you enjoy exploiting people for your own personal gain. They Chinese goods are a great thing.

[sk8tafrnk]

@mistermassive1 I've heard lots of economists admit that economics is really as easy as 1, 2, 3.

The problem is, the mass media overcomplicated it so no one bothers to learn it.

[Da40cal]

So the capitalism seems to end...what's next? A entire new system or a more "government-controlled market" system? US lasted for about 110 years and was so powerful. Now in 30-50 years the Chinese will be at the richest country on this planet. I repeat..richest. I believe US will remain the most powerful.

[sk8tafrnk]

@Da40cal A socialist system is probably the best bet.

[mkschreder]

Ahahaha.. perfectly done.. just like the us did to Africa.. XD

[VictoriaofSommerset]

What happened to the original video that was uploaded to this link?????? This one is not very good, the other one was excellent, please put it back. Why on earth did you switch them out?

[MillyVanillification]

I wonder why the good americans buy from the evil "communist" human rights trampling chinese. Oops. No, I do not wonder. I know why. Because it's cheap. As long as it's cheap its provides profits. In order to gain profits you would not hesitate to collaborate with the madest, weirdest government on the planet. If north korea would allow it, you would even outsource to this folks.

[LCTesla]

3:58 -- 1.5 trillion on a 14 trillion economy..? that's peanuts.

[VictoriaofSommerset]

You are awesome Richard. Thank you for your bravery and truthfulness. Have you considered joining The RSA?

[stealthpakfa]

@AAAUUUUGGGHHH i got a fucking degree in finance and economics. doing my masters now. i study the chinese economy and asian economies as a whole, we have research on it. u dont know shit about economics dude.

[VictoriaofSommerset]

Richard, can you please run for president? :-)

[rickuzielvane]

My children here in America struggle to find jobs. I preffer to pay more for products made in USA. The nation needs to stop allowing Chinese products in every store. The ones benefiting are the big corporations, and the rich.

[stealthpakfa]

@AAAUUUUGGGHHH china DOES depend on consumer spending. 2010, 92% of growth came from private consumption. many citites in china are very rich. its nothing to do with per capita income, its purchasing power, and china is gaining purchasing power.

learn economics before talking economics

[stealthpakfa]

completey dependent on exports?

this guy is clueless.

china is the 2nd largest consumer market on the planet. what a moron. another american feeding its bruised egos.

no wonder the world hates america more than radical muslims.

[anastasiosg21]

@stealthpakfa

u are clueless!~!! not this professor!!! he knows what hes talking about!!! u r not!

maybe chine is the 2nd largest CM but where are they taking their stuff from? 1st of all the most of it they produce themselves and secon lets say america buys 100 shitbacks from china, in return china only buys 10 of ur shitbacks so the balance isnt very good u see!!

[theH0UNDSofD00M]

@stealthpakfa The Chinese are obviously dependent on exports, because if they don't export, they don't eat, get it? If the US and Europe didn't buy their rubbish, they would go back to be, mainly, an agricultural society, like they were 'till the fuckers in Wall St allied themselves with some of the worst Human Rights offenders on the planet, namely Mao ideologically twisted descendent.

I advise you to watch Prof Richard D. Wolff youtube channel, if you still have doubts

[wilde1]

The war effort in the 40s showed us that our own earthly affairs are tiny and under our control and that anything we want or need is within our grasp if we simply empower ourselves to take it. The GI bill allowed men to go to school and become educated for fighting the Germans, they did. The Chinese believe they can undercut us, they will. It's mind over matter and that's why nay-sayers are only right when they're right, which is rarely...the money system is out of control and should be ?????

[bryanreed1]

Wow Americans are so stupid. How can you borrow so much from a country that is a potential strategic threat.

[p000000f]

The BIG missing point... The Dollars that Chinese lend to USA shouldn't have existed. Being a blocked currency, the equal amount of RMB was printed and circulated to China's domestic market - thats the only reason they could build up so fast.

The USA buyer pay for the stuff they bought, and when the Chinese "re-invested" their frivolous Dollars to USA, essentially making the USA people pay for the Goods TWICE! Once for the normal business transaction, and again when we pay the US Bond.

[ledis13]

why is he angry? a rich capitalist country is getting weaker, a poor communist country is getting stronger, he should be happy. He's a communist right?

[theH0UNDSofD00M]

@ledis13 Wrong in two accounts, first I doubt Professor Wolff's what you call a communist, second the Chinese government is only communist in name, and he knows better than you or me.

[sakis523]

Hi,i m from greece.. can i find somewhere this video translated in greek ? thank u.. !!!

[misterMagoo4]

MORE LUCID THAN HIS FT COLUMNIST NAMESAKE...MARTIN. V. INTERESTING.

[arzoyan]

A moneyless,classless,stateless communities of humanity expressing our freedom in creative harmonious cooperation for a world that is so POTENTIALLY AND ACTUALLY nourishing. Capitalism in any form, Statist or Corporatist is the denial of our common humanity in a politically manipulated,tyrannical armed MARKET SYSYTEM of artificial scarcity that is designed to perpetuate the enslavement of immense humanity for material interest of the criminal ruling elite.

[woodensurfer]

Well

China is less dependent on export than Wolff said.

China holds US debt more than other countries, but only a small fraction of total US debts, which are hold mostly by Americans,

[amytran7703]

we can't compete with China because their salary so cheap compare to US. they don't have health insurance or financial aid for low income such as US piss all the money away. american are big spender like no tomorrow. big house big tax.

[interest009]

"problem." "is a problem" "p."

what have we got in 2010? America has the best military and good standard of living. China is lookin fine but when the people want equality theyre gonna be in shit.

wide eyes tho, like macauly culkin

[inick11]

@interest009 The military might be the best, but nowhere near the manpower of other countries or alliances. But war is not an issue anyway, the living standard, is very very mediocre. Nothing to be happy about.

[zhousx18]

BullShit!

[shawn20062009]

fucking idiot, that borrow from china is the decision from usa, or from idiot like you no matter what

[shawn20062009]

that why americans hate china and chinese, bias, totally, idiot

[fachy1981]

Everything is made in China. My PSP, IPOD, and many things. Believe me Made in China is like buying junk.It is not worth buying anything made in China. Even everything in Walmart is made in China. Someone needs to do something about this

[louielamson2000]

How much money@profit, China got from Stimulus Funding [Package] of United States in 2009.

10 per cent /% ? 8 per cent /%? 6 per cent /%?…

Each year the United States much pay Communist of China $ 100 billions for debt or more? How long the United States pay off China debt?

Vinh city Vietnam August 02, 2010

[lagrangewei]

he is largely correct except the myth that the Chinese economy is export dependent, it is actually based on infrastructure development . China has actually imported more goods then in export in the first half of the year.

the sad thing is they are importing from France, Germany and Japan. the Chinese are interested in green technology and high speed rail which US has been lagging behind.

[dulihu2007]

marshall plans helped europe to grow

[aya181112]

@dulihu2007 but i don't think it help US overcome this crisis

[rivas832]

so, basically what he's saying is:

Phase 1: Collect cheap goods from China

Phase 2: ?

Phase 3: Profit

right?

[afewminutesforyou]

modernize the red army? is he an idipt? as if they'd use all the interest on military.

[log140]

the game is called: you go to war and they (the military industrial complex and the elite) get rich!!!

the more wars, the more money they make... so in the end china-regime and the american elite have a common interest here...

[marniespeaks]

don't pay them back - and break up the US

[overseachininadoll]

Had not for China, US would be hit by high inflation. And expect higher inflation in the near future because commodities are getting expensive and Chinese cheap labor is not cheap anymore because China is facing labor shortage. They have to increase labor pay by 20%. And plus prices of materials are increasing. So which direction do you prices will head?

[overseachininadoll]

Why so sad? Americans can say "Sorry, we are bankrupt. Can't pay you back." Or like Argentina did to pay back half of the amount.

[Zubinen]

Well put-together speech, but definitely nothing new. I just hope America is still in good shape by the time I get out of grad school.

[tommyneumann]

profit over peoples. the us just ignores chinas human rights record especially in tibet. congrats for google for pulling out of china over censorship. we need more integration between the people of both these countries and less business dealings.

[k166a]

We're fucked

[Redfingers]

Just wanna make a note....

There was a country that industrialized faster than China...

In fact, it's the nation that served as the economic blueprint for the PRoC. This isn't incidental....the Comintern had been advising the Chinese Communist party for decades before the establishment of their state. The Soviets managed to take a ridiculous, backward, third rate European power and make it into a superpower within 30 years.

Meanwhile, the Chinese suffered under the Great Leap Forward...

[Th3Wab3]

@Redfingers i was going to make the same point... it's funny how that isn't mentioned... The Germans also industrialized ridiculously fast post WWI.. both were socialist states...

[Redfingers]

@Th3Wab3

Germany was NOT a socialist state. Germany had a free market economy under Hitler's regime.

Germany also did NOT industrialize post WWI. They were industrialized before the German wars of unification under Bismarck in the 19th century. This is what made them such a significant military presence post-unification and what led to further German aggression in World War 1.

[Th3Wab3]

@Redfingers u are mistaken... The National Socialist German Workers' Party (German: Nationalsozialistische Deutsche Arbeiterpartei, NSDAP), aka Nazi Party, was a political party in Germany between 1919 and 1945. It was known as the German Workers' Party (DAP) prior to a change of name in 1920.

The party's last leader, Adolf Hitler, was appointed Chancellor of Germany by president Paul von Hindenburg in 1933. Hitler rapidly established a totalitarian regimeknown as the Third Reich...

[Redfingers]

@Th3Wab3

You are a fucking idiot if you think the National Socialist Party was socialist in any way beyond name alone.

In fact, as I recall, Germany was the only major power in the war NOT to convert to a wartime economy, and that includes the United States AND Britain, both ostensibly capitalist, democratic nations.

[Th3Wab3]

@Redfingers this is a pointless discussion. "In fact, as I recall" really? apparently your views on socialist ideology, practice, governing, war time measures etc come with absolute knowledge.. after all their is only one form of socialism right? socialism has variations: Marxism, Leninism, Stalinist, Maoism, Castroism, Nazism, so on so forth... if u took a History course in Socialism you would know this Nazis adopted a state strong enough to prevent "class struggle" u r mistaken.

cheers

[Redfingers]

@Th3Wab3

The United States is cruxed on the prevention of class struggle....it has always been a political issue. The state used to suppress strikes.

I'm not going to say that that isn't a measure that strengthens state control of the economy...

but, if by your definition Nazi Germany was "socialist," then the United States, Great Britain, and every other nation in the world is socialist.

[Th3Wab3]

@Redfingers sadly enough most people have never taken the time to look at socialist Marxist or even capitalist doctrine the only anti socialist doctrine that Nazis poignantly diverted from was the abolition of private property in terms of socialist things like free education, income tax, centralization of the means of transport etc and income or salary caps.. continued..

[Th3Wab3]

@Th3Wab3 and it is not my definition if it embodies the defined tenants than it is.. despite what the US public knows they are in a socialist capitalist hybrid form of government the old aforementioned distinctions that historians to this day, continue to debate about are not separate entities but rather ideologies that share principles but tend to deny such for the sake of us vs them rhetoric that satiates public decrees and inclinations towards their relative nationalistic doctrine.

[broeman]

The war didn't bring the US out of the depression, it even continued for a while after the war. Low taxes and a freer economy brought the US into one of its best economical booms (late 1800's was the biggest so far).

[DNATS]

This youtube clip was interesting until all watch the full version on foratv. I disagree with nothing the man said. He's right on most topics. But his tone is just completely annoying and begin to dislike the man. All I have to say is that, where was this guy before the financial crisis? He's probably like the rest 99% professor out there clueless until the whole thing collapsed. Now he's just lecturing in retrospect. He is nothing in the beholder of Austrian economists.

[lianghaochen]

this guy should be on fox!!!

[Mrmoc7]

So we'll invade China and we won't have to pay anything back...oh wait, they have more people than us, and now a modern army...crap!! World war 4?

shit!! shit!! shit!!

[lianghaochen]

hey, don't hate the playa, hate your government who can't run your country for shit

[Visfen]

What nonsense. Like the Chinese are dependent upon exports? To what, to get their money back? They can buy their own goods if the government just let the Yen appreciate.

[marsCubed]

Britain only finished repaying Marshall plan debt in 2006.

During that time the UK had a period of almost unbroken growth.

During Japan's '10 year slow-down' unemployment didn't rise. She increased pensions and enhanced her health and education system.

Debt in itself is not evil.. provided one invests sensibly for growth and stability.

Much better than laying people off and losing the skills base etc.

The problem is conservative free-market ranters syphoning money off for yachts in Dubai.

[terpis]

Imagining Rick Wolff in the bobblehead chair on 'This Week' some sunday.

Never happen. No good reason why not.

[stormtr00per526]

All of you people commenting, saying that this man is wrong are incorrect. Not one thing he said was false. Take a class on economics, I get the impression you all think you know what you're talking about when it comes to the economy. Well, you don't.

[LokiClock]

@stormtr00per526 To all of you who think you are right, you are wrong. You obviously think you know stuff, but I have a newsflash for you, Walter Cronkite. You aren't.

[Shalek]

Profit increased while wages froze. FUUUUU

[TheSnotrag2009]

economics is bullshit. ask the bankers . war is a business. this man is spewing propaganda shit. the billions the usa lost was down to the banks going tits up caused by the bankers and the richest families in the world. usa , al queda are in business together. work out how much each soldier is worth in profit. as for china, i wont be surprised usa is plotting to invade them too like iraq.

[Phelan666]

@TheSnotrag2009 You're obviously a complete moron, so I'm not even going to try and debate you rationally as I did with imre1000.

Invade China!? Really, what variety of meth are you on?

[imre1000]

So many inaccuracies in 1 video.

Europe needed re-building after WW2, Amercians needed a job. What's wrong with lending them a hand, and getting back payment later with interest?

That " Chinese junk" helped China get 400 million people out of poverty, and the US got a higher standard of living due to lower costs.

Just about all the problems were seeing now are due to Chinese & US central banks(Governmet) manipulating the currency and priting too much money.

This is not Capitalism.

[Phelan666]

@imre1000 So many inaccuracies in 1 comment.

That "Chinese junk" forced 620 million or 47% of Chinese live on less than $2 a day. China has the second highest rate of poor v wealthy in Asia. And, while the US currently has it's largest GDP in history, the average standards of living were actually better in the 50's than they are today.

[imre1000]

@Phelan666, consumer good are better and cheaper today than in the 50s, relative to income. I'm pretty sure most people have more TVs and computers today than back then.

No one 'forced' the Chinese to work for $2 a day. They did so because they were poor and had no better option.

This short video explains it better than me: /watch?v=0VaHmgoB10E

What do you think about it?

[TheSnotrag2009]

@Phelan666 do u realy think usa would be in debt to china? nah, the federal reserve print money . money is nothing, its worthless. how long has usa tried to infiltrate and corrupt the chinese government? google didnt work. sadam hussein was right before bush illegally invaded his country and hung him "the USA is the devil"

[ddnguyen278]

@TheSnotrag2009

Money is something because it's also holds a perception of value. If the US just said to hell with China and printed up a trillion dollars, the US currency would be dropped by all major countries in the world because they know the US isn't worth its word and will can can devalue its debt by printing fake money. That's fine if the US doesn't intent to trade with other countries ever again.

[TheSnotrag2009]

@ddnguyen278 no, money has no value. it is a brain washing tool. there is a bigger picture to all of this. if u look at all the places the usa has placed its troops and missiles and where they are pointing. this crap the guy is spewing is nothing compared to the money lost in the USA economic depression recently. where did all the money go to? look at all the things that have happened. 9/11, iraq, afghanistan, google in china, ...and the news networks.

[Visfen]

@TheSnotrag2009 Sure money has a value, it is medium of exchange. Money has the value in that I can sell my labor, or my products, then I can buy other products.

Without money, without the medium of exchange I would run into quite a problem because if I wanted a TV, I would have to work for a TV-manufacturer, then if I wanted apples, I had to work at a farm and so on.

Sure the US wastes a lot of money. On social programs as well.

[TheSnotrag2009]

@Visfen u dont need a tv, its the way of life we are brain washed into having. from the day we are born we are taught to rely on money. in school we tend to choose subjects that will get us high paid jobs wen we graduate. very few study art as it is considered to be unimportant and funding is diminishing too. art feed the creativity that reminds us that we are human and the meaning of humanity. money corrupts our hearts and minds and blacken the our views on life.

[Visfen]

@TheSnotrag2009 Sure I need a TV, I like TV, it makes me feel good watching it and playing xbox on it.

Arts is unimportant to most people, as it should be, it doesn't really do much to increase your standard of living, neither does it do any benefit to our everyday lives. It might be fun or pleasant, but that's about it.

No offense, but engineers and doctors are more important to most people, so that's what people do.

Money is just a medium of exchange, how is trade corrupting?

[TheSnotrag2009]

@Visfen there, you see, thats your downfall - xbox. u shud have got a wii. trade isnt just manufacturing toys and exchanging cash for goods. its political. as is the olympics and the football world cup. billions of dolars are to be made there and the country hosting will be wanting to bend backwards to get those billions. trade in weapons is never a god business whichever way u look at it. doctors shudnt be paid to save a persons life. its immoral.

[Visfen]

@TheSnotrag2009 That's exactly what trade is. Trade is apolitical, it is the market, it has nothing to do with politics whatsoever.

Sure doctors should be paid, they need compensation to pay for their expensive education, they need to eat too you know.

[TheSnotrag2009]

@Visfen that is my point - money holds people hostage in

living a free life. The earth produces everything man needs

to survive but man decided to hoarde everything and not share.

You can grow your own foods it's what the earth allows us to do.

You cud be right it isn't political cuz politics isn't run by people you

voted for but by rich business men so they can gain more power.

Politicians are muppets with their strings pulled by

the richest people in the world

[Visfen]

@TheSnotrag2009 The earth produces nothing at all, it takes time, hard work and expertize to be able to survive.

So rich business men vote, yeah, okay. Really?

Politicians are always muppets, that's true, abolish the state and let the free market rule. I think the problem for that in your case is that you will have to change your beliefs, because now their stupidity will end up hurting you and not everyone else who votes.

[TheSnotrag2009]

@Visfen business men dont vote they own the politicians. no, one shud never change their beliefs that way you will lose touch of who you are. the stupidity is that people vote. why vote when the government will go back on their word. obama said he will pull troops out of afghanistan. it didnt happen.

[LeadPaintSandwich]

@TheSnotrag2009 damn right. its all about relationships with people. instead of watching reality shows, we should live reality with people.

kids used to make up games too... instead of getting their parents to buy machines to make games for them. the internet could be the greatest learning tool of all time, but is instead the biggest distributor of lust and desire.

instead of producing and striving to better our understanding and also our lives, we are content with what we are given.

[DiwataMan]

I thought China and other countries sold us stuff to get our dollars so they could buy oil.

[ogrish84]

Stay in front of the fucken mic

[Efferts]

Our best defense is international adoption. Raising the Chinese youth with Western deficiencies. Keep adopting Chinese children! Lower those IQs!

[caonimazibai]

@Efferts

IQ is inherited.

Han Chinese IQ will always be 105 no matter what environment/food influence.