 to get to the second clip here where he goes on and then on top of it you're caught up in a system in which the employer has every incentive and every interest to squeeze the part that's paid to you thereby increasing what's left over for him in what you produce get more out of you give less to you it's endless isn't it get you to do a little task extra get you to go quicker to the bathroom yeah so god forbid we increase we increase productivity god forbid we increase productivity god forbid we do things faster god forbid we yeah that's how you get paid more because the fact is that as you become more productive you get paid a higher wage because that do it faster makes you more productive and if you learn how to do it faster there's more competition there's more there's more people who are higher right so he resents the fact and imagine now if the workers this were democratized you got to choose all these things then what is the incentive to make it faster what is the incentive to make it better what is the incentive to work a little harder are we going to vote on that who's going to vote on that really is it going to be voted on no it's not going to be voted on nobody's going to vote majority wise to work harder to work faster or as he says in a minute let's see oops make sure you come on time and come on time don't leave the picture always always and if there's a machine that can make you more productive or make you unnecessary oh boy well then let's not have machines let's not have machines now imagine if that were the attitude at the beginning of the industrial revolution then there is no industrial revolution let's not have machines that make us more productive because then some of us might lose jobs and you know we'll have to work with a machine i don't like machines i don't want to work with a machine no innovation no forward progress we're all back to be subsistence farming marxism is the economic ideology that drives us to all be subsistence farmers it goes backwards it undoes capitalism and works us backwards towards a world in which we have nothing nothing that's the goal that's you know that's their purpose their purpose is destruction all right um let's see keep going age quickly impact on you who cares use what's the impact on you if you don't use them machine and your productivity goes down the only reason wages have gone up over the last 200 years is because productivity has gone up the only reason we have a middle class we have all these people who are so wealthy that we have such a high standard of living is because of increases in productivity and then he is laughing at it mocking it i mean the hatred spewing from this guy is truly that the best days and the best hours of your adult life in an institution that tells you in a thousand ways don't give a shit about you in capitalism of course you are as marx love to say free and here's what the freedom means you can leave the employer and go find another one or you can go start your own business or you can go back to the farm and grow your own food you can do a lot of different things what freedom actually means is the lack of coercion nobody's cursing you you can go back to your ancestral farm you can go and start a business you can starve or you can choose your job but they again assume stuff is just there resources is just there and we all have equal rights to them because they're not created by anybody and then we should just get our fair share and we should just be allowed to all be roaming around the world naked you know and just access resources wherever we need them i mean it's just such garbage such nonsense freedom from want freedom from everything but of course but of course the majority the one freedom but you don't have is freedom from coercion because freedom from coercion what if the majority decides to curse you to tax you to lower your wages to fire you what if the majority decides to take your stuff to steal your innovation then it's fine then it's okay then there's no problem hoping against hope that the other one won't treat you as nastily as the one now no left did employers along are all nasty they treat you with nastiness is that your experience is the mic level off the charts for real am i really really loud all right we can adjust that is that hopefully that's better all right tell let me know if that's better really is that your experience with work i mean if it is your experience with work then you should you should you don't find a different job i mean this is why i always recommend people go listen to steve jobs's commencement address to students at stanford because you know he says they follow your passion love what you do go do something you really really really love if you hate your job find another job if you really treated like garbage by your employer you shouldn't be working there and i know it's hard to leave a job i know it's risky but really so he's louder than i am let me let me just uh let me let me get the volume right here this doesn't work that well all right i mean remember at the end of the day mox's utopia is is truly of that naked savage mox's utopia is everything is just available it we can all do whatever we want to do whatever we feel like do whatever we have a passion to do and everything that we need is just there it's just available and we we don't need to be we don't need money because the stuff is just there you don't need to buy it it's just available and we all produce because we love producing and we don't work for one another because we can all produce the stuff ourselves we've reached such a level of ability it's such a science fiction detached from reality unhuman system that he project and he never explains never explains it is books how we get there how do you go from where we are today to there there's a workers revolution there's by the way a workers dictatorship there's the dictatorship of the parliamentarian and then somehow through this dictatorship of the parliamentarian we evolve into this utopia but the fact is that the dictatorships of the parliamentarian so far experienced in the history of the world have resulted in over 100 million people dead that's what it's resulted in so don't give me this nonsense this pretense that there is some utopian system capitalism is an amazing system and if you're not happy with your job if you're not happy with the work that you do if you're not happy doing what you're doing do something else take more responsibility over your life be brave have courage have a backbone take some risk god and a very constricted notion of what freedom means yeah watch this wolf lays it out now i want to go a little bit into the the profit motive aspect of all this because profits that these companies make these these massive companies they don't benefit the employees of these companies i mean you think if your labor is producing the company they don't benefit the employees they make the jobs of the employees possible there are no jobs without profit profit makes the jobs possible there are no jobs without an entrepreneur without capitalists without profit right somebody says i'm telling you to learn to code no i'm telling you to go and enjoy the work that you do lots and lots of money lots and lots of profit shouldn't that benefit you doesn't that mean that your labor helps you you spend the best days and the best hours of your adult life in an institution going well today i don't know why it's so um the employees of these companies i mean you think if your labor is producing the company lots and lots of money lots and lots of profit shouldn't that benefit you doesn't that mean that your labor helped to create that it helps to create it and it does benefit you you get a job you get a salary maybe you have a profit sharing plan maybe you own some stock maybe you have a pension that opens the stock but yeah it benefits you directly but that's not what happens all you have to do is read the headlines every week i mean you had gm close five plants laid off 14 000 people so oh i guess that means gm was doing terrible right no gm made 2.5 billion dollars in profit the previous quarter 2.5 billion dollars in profit in the previous quarter the next quarter they close five plants lay off 14 000 people where the benefit's going to the top obviously they spent 295 times more than the average gm worker makes on ceo pay alone 22 million dollars the ceo makes 22 million dollars 295 times more than the average gm but the reason is that the ceo produces 295 times more it's almost impossible to find a ceo who can manage a business like that and if he manages it badly if he's not a good if he's not a good ceo what happens to all those workers they all lose their jobs they all lose their jobs so you better get a good ceo because without a good ceo you guys don't have jobs you really don't ceos i mean there's no appreciation for the ceo does the extent of the skill needed the extent of the responsibility i mean all those jobs are up to him doing a good job when the ceo of gm doesn't do a good job which he often doesn't people lose their jobs people are fired and that's not good for anybody all right let's see what else he has to say that's where the money goes they spent 14 billion dollars on stock buybacks to artificially inflate their own stock no received 3.29 billion dollars in taxpayer funded bailout money in 2008 this is a company living off of taxpayers all right this thing won't mute and where does all their money all right so bailouts you know i'm against bailiffs of course they shouldn't have gotten bailout but but stock buybacks stock buybacks don't artificially inflate stock prices they do not artificially inflate stock prices when you buy back a stock in a sense you're returning capital to your stockholders for them to invest somewhere else which creates more jobs elsewhere it's a net benefit to the economy and basically what you're saying when you do a stock buyback as a company is just saying this money is better in your hands you have better investment opportunities than i do because if i invest it i'm not going to get a good rate of return they're just no opportunities for me and my business to invest this money so i'm giving to you my investors to go and invest it is something that can return a higher rate of return and by doing so they will be allocating money to businesses that have the potential to hire more people to grow to innovate and to produce a higher standard of living all right i'm gonna i mean the whole these people really i mean and i'm not saying this they just have no no understanding of economics of finance of business of how a company runs of how a company is managed of what a stock market is and what a stock is and how a stock is priced and what happens when you buy back your stock they have no idea of finance theory economic theory any of it basic stuff basic finance basic economics they are completely and utterly ignorant of all of it so david says but wait a minute you're on there must push stock prices up when you buy back the stock well let's think this through so i have a billion dollars of cash right and they use that billion to buy the stock now you would say the stock goes up because there's increased demand for the stock but how long does it stay up because when i owned the stock before the buyback i had i owned in a sense let's say i own 10 percent of the stock of a company to make it simple i own 10 percent of the stock of a company i own all its assets all its future cash flows and a billion dollars now they take the billion dollars and they buy back the stock and maybe it causes the stock to go up a little bit but then when i'm sitting there as a stock holder i still own 10 percent afterwards right maybe i own only because they bought back some of the stock maybe i own they bought 10 that's a bought 10 percent of the stocks i own only 9.9 percent of the stock now but i also have a billion dollars less so my stock represents the company smaller so why would the stock price go up and it doesn't stock buybacks by themselves do not raise the price of stocks and i'll do a show and stock buybacks i'll try to i'll try to illustrate with some numbers and try to illustrate with more details all right i'm gonna call it a night i hope you enjoyed this it seems like i take these short little clips and i talk for an hour about them i did take a break there but i talked for an hour about them which is which is longer than i expect i'm not going to talk about jordan peterson tonight i'll do it on wednesday um i'll talk about it then so uh again i what i'm trying to illustrate illustrate is the sheer ignorance of people on the left of economics and i could do unfortunately i could do the same thing less so the people on the right tend to have a better understanding of economics still ignorant but better what we need today what i called the new intellectual would be any man or woman who is willing to think meaning any man or woman who knows that man's life must be guided by reason by the intellect not by feelings wishes women's or mystic revelations any man or woman who values his life and who does not want to give in to today's cult of despair cynicism and impotence and does not intend to give up the world to the dark ages and to the role of the collectivist broads