Richard Wolff on the decline of the US empire and the denial of the US
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Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst, and a Visiting Professor in the Graduate Program in International Affairs of the New School University, NYC. He is the founder of Democracy at Work and host of their nationally syndicated show Economic Update. His latest book is The Sickness is the System: When Capitalism Fails to Save Us from Pandemics or Itself, which can be found along with his other books Understanding Socialism and Understanding Marxism at www.democracyatwork.info.
The Community Church of Boston: A Peace and Justice Congregation Since 1920
www.communitychurchofboston.org
It's good to hear an educated American telling us what the rest of the world has known about American attitudes for decades.
True. And now it’s the time of change.
BRICS has a lot of problems and despite the decline America's been going through for years the biggest problem that's going on between the other nations is that South Africa is getting along okay with communist China now and so is Russia but Russia and China have had a Frenemies attitude for Dickies and decades and actually going back a couple centuries ..most people in the US don't know it because the news never talks about it but India has had to send their military to the Border because China keeps coming over their border and they're always fighting and they got into a mini War back in 2020 but nobody talked about it .
My husband and I married 1969 with college degrees, and we entered the work force 1970, - just in time to notice the decline in salaries. Sadly, the Boomers in the 1970's and 1980's didn't have the internet to gain knowledge from, so we suffered in silence, thinking that we were to blame for small wage increases and layoffs. We couldn't understand why we were not achieving the growth our parents didThe internet has made people like you available and now it's easier to understand the bigger picture.
'Entered the work force' 😀That sounds so dramatic 😀
It is not only an economic decline, but in all segments of society. As the richest country in the world you have a very bad life. Go out into the world and learn from the best.
I said that a long time ago. "We need to get along with China." They have a billion of PEOPLE!
They are communist. Anti freedom. We cannot coexist, especially as they constantly bully every nation around them and threaten Taiwan.
I graduated from college in 1972, and I have realized that my generation got screwed in more ways than one: Vietnam, stagnant wages, loss of pensions, and a manipulated stock market. I really enjoy listening to your voice of reason and reality in a world that has gone down multiple rabbit holes.
THe prime interest rate was 16% though
you came off real money in 1971 and have known nothing but fake bills ever since.
and the generation that went through vietnam sent us to iraq and afghanistan. AMAZING how no one learns
I nearly died crying for my mum who had paid in the tax system for over 40 years, now every time she collects her pension, and paired with over 20 % tax on it, I ask why? you paid tax on your earning, you know pay tax on your pension, what is going on?. The system is broken or corrupted, it is obvious to everyone.
What country has a pension tax? Hasn't the tax already been paid on the salary?
The system is a rip off ! They take taxes away from people retirement $$ money that they set aside in their paychecks for later in life
@@struvrim7637 People on social security in countries other than the U.S. are commonly called "pensioners" even though pensions have largely vanished from the economy. In the U.S., at least, social security is indeed taxed as regular income. Even though, as you say, you have already been taxed on your income(and everything else they could get their hands on).
Meus Advogados estão a par das Leis e Sabe bem como conduzir tudo isso viu . quem foi o Afrontado em Calúnia e Difamação. Quem foi invadido em sua Privacidade na redes sociais que e Livre para Todos. E sabendo eles que eu sou Story único on sou eu e independente. Agora vai falar com os meus Advogados Internacionais. #
If she is paying 20% on taxable income, she must have a big pension. You need to get someone to explain income tax to you. Other countries have 15-20% sales taxes and income tax rates much higher than ours.Go live somewhere else to get a better appreciation of the US. If our country is so awful, why is everyone coming here?
It is refreshing to hear someone speak the truth about what i have thought was going on in the US, Russia and China. The greed in this county has risen to exponential heights with our country in serious decline.
sad but true. I think Russia and China will beat us. They will beat us bad.
The decline of malls is symbolic of the decline of the middle class, people dont have that kind of purchasing power any more..they rely on cheap stuff on amazon that is imported from china. Corporations love to hate on the 1950s and house wives but ironically families could afford to live off of one income back then, nowadays it is almost impossible without running up a ton of debt on credit cards. It just feels like everything is going down hill
Human "greed" is a constant; understandably, people want reward for risk. Greed is the wrong word, desire is more appropriate. Never bet against America. No country has, can or will surpass her. Capitalism works period. This is assisted by strong human capital from all over the world attracted because they will be rewarded for risking capital and effort better there than anywhere else on earth.
@@garyjohnstone6422 spoken like a true rich a hole. You are not black in a getto. Not even a ?
@@sew_gal734023red3f4 rdcsee
I lived through the '50s, '60s, '70s, and so on. Thank you Dr. Wolff for providing the best insight ever explaining the economic, social, and political strife engulfing our country and the rest of the world. We all need to get our heads in the right place to work through this.
I worked thru 1968 to 2022 (way past early retirement) and many people will not be able to retire.
@@alancooper9311 That is a sad state of affairs for people who won't have the benefit of the retirement plans that used to be...
It's grooming them
..of course, and without forgetting the real "Americans"... The "american" indians whose lands have been stolen...
It's not US, the everyday citizen, it's the actions of a corporate owned, ever more tyrannical government
This explains so much. And it makes me want to weep having lived through it at the age of 71. I worry about what is ahead for my children and society in general
I've listened to a lot of Dr. Wolff's talks. It is always uplifting to hear someone speak reality so directly and clearly. Now to hear him speak so forcefully and in my vernacular means he might get thru to people like me.
That doesn't say much for people like you, does it? 😀
@@jackkessler9876 Your comment certainly doesn't say much for you.
And me
@@NuisanceMancome on this guy Wolf is an idiot
Wow, that is clear explanation of the collapse of the family and society
Look up " What the West Does Not Get about China?? " on youtube. insightful and educational......
Christianity came to destroy the nations of the world. The Romans'Trojan horse. The devil's children have done a good job.
Babylon has always had families and society but wicked nonetheless.
@@ouknow1446 the ideology of worshipping work and the economy does my head in.. so F##@ work and the economy 😂
the 18 19 20 year olds he is talking about has gen x as their parents... i mean come on now.. the weak gen x could not guarantee them anything... millenials were already lost generation idiocrasy... it was all enhanced with the iphone trap... you just fell for it and now it is free fall
Thank you for the lesson in history which is very much true. I don't recall you reminding your listeners, that history usually repeats itself. Unfortunately, the greed of corporations are one of the largest contributors to the inequalities of this nation. If left unchecked the downfall of The USA is inevitable. Denial and the inability to act soon will undoubtedly seal our fate. Well done Sir.
Trickle down economics doesn't work.Build from the bottom up.
Did the British lose their little insignificant unimportant nest egg though? Did they experience a great surprise losing it? Isn't this a corporate entity owned by the crown? In some very specific capitalized arrangement of letters
Tudo isso professor foi necessário e Ultiu né .ou tudo virá uma Zona.um Puteiro só né.as Coisas tem que ter Limite. Regras 😊#
The hour spent listening to this podcast was one of the most valuable and important hours in my life. Thank you for your clarity and concise honesty Dr Wolff...words to walk with into the future, hopefully a future of solidarity and not disparity 🕶️
He is right on the money. I was 23 in 1970.
@@alancooper9311right off the money his Marxist inclinations fails to address economic flaws Wolff should point out Chinese debt to GDP is 350 percent.
@@genelarson6849 What About the USA external debt. $3600000000000000000000000000000000000000000000000000
I agree
I’m 58 years old, grew up in America, brainwashed in America regarding economics and how it is run in USA. I’m just now figuring it all out, because I was raised that they way things were run was the best in the world. Now my eyes are open and I’m so happy to hear Professor Wolff say all this because I kept questioning myself, but he just said exactly how I feel, and I don’t feel alone in my thinking.
Funny, but I can't help but to respect the honesty. Just wait until you study law + physics 🤣 I'd say those are the 3 major corruptions of the age: economics+fiat currency, theoretical physics, and law. Remember, capital is money used to make more money. It's a free market that uses funny money that buries a nation in usurious debt, and consolidates all the wealth into the hands of a few.
Read history and evolve Repeat history we all devolve Lies lies they all tell us the lies we all believe Woke the new history of lies
@@chadkline4268 It's not a free market's fault. It's people who corrupted the free market with their un-godly debt system. And it's the corruption by the stock market system. The stock market system has led to a corporate fascism , not a truly free market system.
Move to Canada or Europe
@@jasongreen6842 I live in Egypt now, there is no perfect place to live, but I live on a fixed income and can’t even afford to live in america anymore. Housing is insane, food, medical, and all the violence going on with the mass shootings. The people of Egypt remind me of the old days how I grew up. You get your bread from the bakery, meat from the butcher, fruit from the fruit vendor. Small family business all around, not Walmart or big Corporations every where. Families live off of their family business’s and that’s nice to see again.
Anyone who starts this video should know it might start off a little slow, but it picks after 10 minutes or so and ends with brilliance. So grateful to hear this and realize our denial.
Thank you for that information. I almost signed out. I'm glad I didn't.
Reality overtakes denial, gravity always wins.
Marxism is definitely better than Capitalism. Just ask these people... Victims of Democide by Marxist regimes in the 20th century. Russia: 20 million China: 60 million Vietnam: 1 million North Korea: 2 million Cambodia: 2 million Eastern Europe: 1 million Africa: 1.7 million Latin America: 150,000
The misplaced reference to private property was shcking, it is shcking... Some of these older guys have no diplomacy or respect of others.... And I am not wke, listen to the first few minutes about cvil war if you didn't hear it...
Thank you for giving us your time to lay the current status out so clearly. My deep respect to you.
I'm 78 and remember everything he is saying . In the late 60's to the 70's anyone with a decent full time job could buy a brand new well equipped car and pay it off in 3 years ( that was the normal payment time .) My parents bought a two bedroom house with full basement and space on second floor to add 2 more bedrooms for 11,000 in 1956 . That same house now list for 350,000.
11k in 56 is about 125k in today's money
@@Jeff-sp7bg Yes, I also ran those numbers through the US inflation Calculator. $124,473.49 was the inflation number. So, $ 350,000 is all wrong because wages since 1956 do not support that home or my home that went from $ 108,000. new in 1993 to $ 590,000. last week. Our house would be affordable today at a cost following inflation = 199,743.29 or about $ 1,250.00 a month with 10 % down.
Housing is a royal mess. It's a reflection of the disappearing middle class
Well in '78, I was making $2.65 per hour, now I make $53 per hour. So MY wages have more than kept up. But I have worked my ass off. Many years of 84 hour weeks. Missed holidays etc. If you go to work at McDonald's, and 2 years later you are still working there at minimum wage. And you aren't the manager. You are what is known as LOSER. a FAILURE.
History shows that when humanity isn't spending the majority of their time on survival aspects like food and shelter. Innovation is what happens. When humans weren't nomadic and became agrarian. They could further develop society because they had time to do so. Our society is forcing the majority of the population into a survival mode called the rat race. We are losing innovation in this regard because there will be less of the population becoming scholars. Most will be eating poorly to obtain the IQ to do well in studies and reach university. The pressure they face will increase the number of poor to engage in illegal activities, then they became formal slaves. China has low crime rate, no drug addiction. They have a society that rewards productivity, health, unity and positive mindsets. Their culture is very different from the US and Americans should learn why the Chinese are successful. The American mindset of zero sum game is inefficient and increases conflict with others. It serves only to make those who have all the money and power feel good about themselves. It rewards behavior of dominance. These are bad qualities to reward as it ensures no real peace can occur. A forever conflict. It's pretty obvious why those with power and money in the US behave heartless and selfish. The system has rewarded them this behavior the entire time. They believe they are God's and can manipulate others for their benefit.
Great talk. The Ukraine issue has sped up global multipolarity, with several non-western nations with natural reserves in abundance wanting to join BRICS.
Half a dozen nations including Saudi Arabia, Argentina and Chile have submitted formal applications to join the BRICKS group. People want to be part of an organization that will not admonish them for running their countries consistent with their national identities and not according to American LGBTQ democratic extremist values and principles. Which none of the world shares. We even had to force these values on the Europeans although they were more than willing to absorb this junk from us
@@AsadAli-jc5tg the UK is dead. It's fake king is nothing and the country is eternally broken. Scotland is going to declare independence and then it will be the divided kingdom. Charles has been arrested for his crimes against that girl on Epstein Island while he was there.. He attacked a 16-year-old girl. And this is your example of a man? What a pity!
@Asad Ali 🤣🤣🤣 his mother, was "the queen," while his daddy was a prince who was first cousins 🤣🤣🤣
@@AsadAli-jc5tg What do you mean our king? You realize Mr Asad Ali, that they don't consider you part of their group?
@Asad Ali 🤣🤣🤣🤣 Your time has come to an end. Meet your judgment colonizers🔥🔥🔥
I should also note that Professor Wolf's assessment of the Russian economy is unfortunately still rooted in Western concepts of "GDP", when in real economic terms the Russian Federation has an extraordinarily larger, more flexible and more important economy than Italy's. Italy could never weather the economic war the way Russia has. Russia's state capitalist economy is hugely important to world at the present moment, and it would be naive to play into the Western narrative that Russia is a "small economy" or a "gas station masquerading as a country" as it was so arrogantly put by warmonger John McCain.
i guess we need a notion of "real gdp" similar to "real wages". exchange rates can completely falsify the image of an economy (for example people in tribal economies can be described to " live on 20 dollars a month" when, maybe, they do control resources in land and nature equivalent to many millions. But this propaganda opens them to capitalist intervention and grabbing)
Wolfe apparently overestimates china. China is a continuation of the Qing empire. So the people's of this empire long for independence. China and India are bitter enemies apparently not understood by Wolfe.
@@disndat1000 US must settle it's debt ceiling issue. US must put a special tax on the rich to pay for the Ukraine war without raising the debt ceiling.
Correct. Gas station.
@@GlobalDrifter1000 it wasn't a problem when Stalin was managing the "gas station"... but OP is 100% correct in any case. They could never weather the economic warfare if they were as weak as the usual pack of liars would have us believe. Most of Europe certainly couldn't.
You're absolutely right, we're in a situation where currencies are losing purchasing power faster then we can earn them
Dear Mister Wolff, I am from Salzburg, Austria. Just now, in the morning, listening to you, I had to stop because the urgent need to express my gratitude to you. Thank you so much for doing this important work. I prefer to know some truth from being deluted most of the time. Your work gives me much needed hope in humanity.
I wonder if people that experienced the 2008 crash had it easier because this market conditions are driving me to insanity, my portfolio has lost over $27000 this month alone my profits are tanking and I'm don't see my retirement turning out well when I can't even grow my stagnant reserve
Even in this whirlwind, there are chances to be had, thus an increase in volatility is not always a bad thing. You have an opportunity to rebalance thanks to volatility. In order to help you diversify your portfolio, you must hire a financial counselor or broker.
I'll suggest you create a diversification strategy because building a good financial-portfolio has been more complex since covid. Recently my colleague advised me to hire an advisor, surprisingly I have accrued over $120K under the guidance of my coach during this crash. She figured out Defensive strategies to protect my portfolio and make profit from this roller coaster market.
credits to Colleen Rose Mccaffery, one of the best portfolio manager;s out there. she;s well known, you should look her up.
Lol “retirement”. That’s where you went wrong. Unbiblical. Doomed to fail from the beginning.
50000 people are starving each day
Best best best analysis I had ever heard. Really wonderful!!!! All university students and US citizens must listen to this speech. Because it involves their future generations.
Если аы, американцы, продолжите выпендриваться перед всем миром, то будущего у ваших детей не будет!
This is a very important and fascinating video lecture that everyone must hear. The U.S. Capitalist system is indeed on the the decline to more than likely make way for the next world empire. I’m 60 now, and remember how strong the US was for decades, everyone around the world wanted to move here. Everyone wanted to experience capitalism. Like Richard said, world empires rise, and then at some point, they fall. The US is no longer number one. I really believe that this is happening.
well what are you going to replace it with?
He is 100% correct!
Not only. the US!
like for climate change, it took them a long time to realize it was real, same with decline of usa.
@@ESAUSTROUBLESAmen. It’s coming. Chickens have come home to roost.
Thank you so much Professor Richard Wolff as always for telling the absolute truth. None so blind as those who will not see. Salvation will only be with respect for the masses and not the Greedy. God bless you Prof Chormsky Bernie Sanders Norman Finkelstein and others in your part of the world.
Those who don’t study history are doomed to repeat it. Yet those who do study history are doomed to stand by helplessly while everyone else repeats it.
This is what's needed on you tube today and now🎉
We are the ones who decide that we are helpless or not. The first help we need is that coming from ourselves. There's always something we can do, corresponding to our ability. In other words, there's always a level at which we can help.
Standing by is better than contributing to the insanity
@@_Wai_Wai_ To sin by silence when they should Protest makes Cowards of men. The only thing necessary for the triumph of evil is for good men to do nothing.
@@thespartan8476 okay, what are you protesting about? The Wars this gov't is instigating all around the world? They've already done that. The ones in ruling positions will not listen. All there is left to do, is find a different country, and not pay any more taxes into this beast.
Homelessness, drug addiction, poverty are manifestations of a society in decay.
Capitalism needs them all to survive
@@NoWonderDragon You would expect a country of such wealth and technology to do better. Look at me I am smart with my 95 IQ compared to the orangutan. derp derp derp
Don't leave out Godlesness.
damn.
I say that all the time in addition to the above reference and it's a result of the US government allowing it. it breaks my heart to see what this country looks like in so many areas now because I grew up in the 1970s and '80s and serving in the military I remember seeing areas in California that did not look like they do now in the 1980s and 1991 @@peaceful_warrior7627
This is brilliant, thank you.
I'm sharing this with all my friends and family. I think this is the way back to sanity. We've been living so long on our anger that it has blinded us.
I entered the work force in 1980. My entire adult life has been defined by this economic loss and the cascading consequences of that decline. I hear you.
1967. Minimum wage $1.65 per hour.
@@colmcillegardner2144 the price of silver was also $1.65. Silver today is $24 yet minimum wage is about $8.
Farin Shore - What would you expect from globalization, promoted by both political parties?! Moving the most costly, usually very sophisticated production overseas in order to pay pennies, but selling in the West for better profits - that was the desire of our corporations, fully supported by our political esteblishment. Did any party oppose it! Did our people, more immersed in soap operas than in politics, understand its essence? - Nope! De-industrialization of the US economy, disappearance of hi-tech, lower level of education, of science research and engineering is the logical result of such policies. Because where production goes, technological improvements go... Suffice to see on KZhead the statistical data regarding steal, cement, car, electricity production in the USA compared to China. 40 years ago, China produced barely 40 million tons of steal per year... Today: - almost 1 billion tons! Look at cement production, you will be amazed. No surprise so many homeless people today, low wages, and the desire of corporations to bring pour people from abroad to fill those low wages jobs... And the situation will be worsening due to the climate calamities and the change of dollar status as the international courrancy...
@@colmcillegardner2144 ignorant comment
@@colmcillegardner2144 dont lie.
Mr Putin is actually a very nice person and respected by the Russian people.. He is forced to defend his country against America hegemony and imperialism..
i pray his kindness will be returned tenfold to him and all the other wealthy, powerful and intelligent people alike: Zelensky, Trump, Biden... The joy they emanate and kindness they inflict should be shared.
Russia tried to end the war in Ukraine with negotiations but NATO is a protected Cabal of privileges and deals. Then Putin had to escalate the war with an attempted Regime change and occupation that failed when Ukraine's anti-Zelensky Factions failed. Now the war has gone from bad to worse. Ukraine is an Apartheid Government but I do feel sorry for those who wanted to just live in peace, especially Donetsk Oblast who have suffered since the Maidan Revolution. 🇺🇸/👁️\🇷🇺
The Americans waged most of the wars after 2nd world war creating flimsy reasons to attack those people who couldn't defend themselves, that is a historical fact.
@@craftpaint1644 knock it off
@This is Laflare Tv he's telling the truth.
This was absolutely riveting. No agenda, no emotions-just facts. Loved every minute of it
It's all collapsing around us but I'm only one person, what can I do...said 200 million people.
God help us. It is scary. I am 73 and have been observing this Empire falling. I tell people and they don't get it. Empires come and Empires go...
Empire ? America never been an Empire . Britain was . That’s the main problem . Americans deluded thinking they were somehow special but you were all just workers to be used and spat out when you can no longer contribute and put out to grass on opioids to keep you quiet just like rest of world where money is their god.
R. Wolfe is compelling here. I had negative feelings with the impersonal nature of corporate work. Is he sure he has a more human society to set up for us? This he could de elope for a more complete answer to the downside he's described.
WV. B. Y I on job Jovovich
He is completely wrong and misinformed and the students that resived this information no wonder hate the United States and so called capitalism, when in fact Liberty, Freedom, Free market enterprise, and the Vertue of the system makes it crystal clear that it pulled more people out of poverty and gave them more aportunity than ever before. Unfortunately with the government that is growing bigger and bigger and those Freedom and aportunies are getting smaller and smaller.
@@stevenhopper-hj5uh agree! corporations in big Tech Giants in America are the American oligarchy at the government level .I don't care how many times Joe Biden and Democrats will say they paid their fair share because they really don't ..there are ways around it .Donald Trump told that to Joe Biden during the debate in 2020 but most people don't understand . the people who get taxed the most are those making about $150 to 200,000 a year up to a couple million a year by the Democrats in office and then when a republican comes in they lower taxes for everybody . it's helpful but then when the Republican lowers taxes for too long it hurts and the Democrats blame it on the Republicans but it is the fault of both to an extent over the years with government spending but the Democrats never ever ever tax the people they should and those are the ones they say should pay the most and they're so called fair share . sure they pay a lot in taxes but they stashed 2/3 or more of their money away and some foreign Bank .the average American millionaire can't do that because they've got to pay bills .
Câu chuyện rất ý nghĩa❤❤❤. Tôi là người Việt Nam đã hiểu một phần nào câu chuyện, đã chứng kiến những mất mát trong cuộc chiến từ 1954 - 1975. Tôi là đứa bé 14 tuổi nhìn những chiếc máy bay trực thăng di tản, những người lính bị bỏ rơi…tôi đã mất tất cả bạn bè vì tôi là đứa học trò duy nhất còn lại sau ngày 30/4/1975. Gần đây tôi có may mắn qua Hoa Kỳ theo diện anh em và làm việc trong 6 năm, thắc mắc về Hoa Kỳ không ai giải thích và câu hỏi đã được rõ ràng qua câu chuyện của Ngài. Hiện nay tôi đã về lại Việt Nam. Một lần nữa chân thành cảm ơn NGÀI.
I tried to give you a thumbs up ( as have others, I expect) but the thumb appears not to be able to count. Best wishes from the UK anyway ('Glad Harold Wilson kept us out of that one).
I was a missionary kid and grew up in Vietnam. 1959 - 1969. I recently went back with my son for a two week visit. It is still a wonderful country. So inexpensive. If my health would allow I would move back. The people are sweet and The country is beautiful. I’m glad for you that you were able to go home.
It’s so refreshing to hear someone who is teaching students something worthwhile. Loved your presentation. And to see someone who does not take the usual US Approach of ‘if it doesn’t work just do more of it’ which continues to get the country into ‘deeper do dos’. Thank you again 🎉
Our sentiments exactly. Thank you. For all its worth have a good year for what its worth.
I almost cried listening to you. Great, straight, smart, true talk. While I knew what you are saying I feel justified to feel the same as you do. Thanks.
I am amazed how more people don't see this. I speak to people about it and they look at me like I am crazy
From the late 2019 forecast update from Deagel. Deagel, Guide to Military Equipment and Civil Aviation Another particularity of the Western system is that its individuals have been brainwashed to the point that the majority accept their moral high ground and technological edge as a given. This has given the rise of the supremacy of the emotional arguments over the rational ones which are ignored or deprecated. That mindset can play a key role in the upcoming catastrophic events.
People are unfortunately gullible in large numbers.
@@mahannaidu5228 And in small numbers, look at this "church" ;-)
@@mercster it’s not a church
@@psalm1197 ... it calls itself a church, The Community Church of Boston. It has a website calling itself a church. If you're not a church, why call yourself a church?
A great history lesson in the rise and fall of Empires, and a forecast of whats to come. 2nd time I'm listening to this. Thank you.
College professors have been doing quite well. Why do the students not ask why tuition is so high and why is the professors income so ginormous?
Actually it is an obscenely corrupt alliance between financial lenders and the unlimited (and unregulated) ability for academia to raise their tuition and fees at will. Why should T-H-E-Y, the Universities care? They know the more they ask for classes and fees, there's no one on the financial side stopping them! The financial lenders will make more money getting the middle class students stuck in more debts and the profits are passed along to the colleges and universities. Everyone profits--except for the students. Namely, the students who have NO guarantee of a successful career based upon their education. Instead the universities counter this by stating, well a 4-year degree isn't good enough; get back to school and get a better job and be more competitive by spending more money on a graduate degree--which also does NOT guarantee a better paying job. The whole mess is good for the banks, financial institutions and colleges/universities. But detrimental to the students as the number of jobs available to the restricted population of newly minted graduate studies students has been manipulated by the corporations, professional associations, and some unions.
My goodness! It couldn't have been better articulated. Surprisingly learned in less than 60 minutes what my whole adult learning lnstitution pathetically couldn't for quite a period of time. Thank you Prof, for this piece...
I agree.
Thank you.
And I 2nd your... err... comment...! 👋😁
@@uzerp9lite I concure
That's marxism for you, finally understanding reality by materialism, not imagination.
You explained my life to me. Even though I lived it, I never understood the times I lived through until I listened to this video. While I say thank you to you now I understand my life better, I am saddened. I do believe the US is headed towards a Weimar, Germany time period and there is nothing that can be done about it. I am doing my best to improve my situation, but I now know it is probably pointless. One thing though, I also now know my situation is not entirely my fault. I am glad I am not a youngster. Young people will have a harder life than mine.
You future is to become a naked beggar, you will be used to satisfy sexual need in exchange for your life.
Nope at least life more comfortable and we can eat
@@razikroos8854p
An advert for lingerie appeared in Berlin the other day, replete with man wearing stockings and full hairy legs. The ad was insisting their nylons were for “every woman”. This is well beyond Weimar and the cause is much the same, the solutions may end up being similar.
Hold on are you a boomer attempting to escape blame for your generations legacy? How very dare you
My very blue color father taught me this political analysis that this very correct man is proving, Father knew and taught me these facts in 1951. I did nothing about it except teach my college classes as much of this fact material as I could. Yes, my wife went back to work and yes we afforded two cars and a house. Yes by 1980 fathers analysis was very clear and coming to pass quickly. Watching my salary stagnate I moved out of America 20 years later and will not move back unless forced. When I check back for in those twenty years passing I see an angry student population, their age no they have been screwed deeply. Will they adopt an American French Revolution??? I don't know but this generation has played video games and know what it's like to lose.. I sure hope they will not take losing lying down.
What a speech, the best and most honest and valuable I ever heard. Professor Wolff and I are on the same page.
You got that right.
Great insight on the importance of the economic situation today. I am happy that I decided to listen to you Prof.Wolff and thankful for giving me a knowledge for understanding the world.
Thank you sir, it's been my pain and suffering that I couldn't speak of for years. Many years that wasted in the US and I got nowhere. I would do much better anywhere else in the world with all the efforts that I put in here.
Yep
Then, leave.
as a foreigner, no you wouldn't
You're fooling yourself.
@@downandout992 I am not. Maybe you are. You see most Americans don't even know how to talk. You could have used the word maybe like I did. You're in no one's shoes but yours.
I live in New Zealand and even as a country we can see in our country how our wages have been stripped by taxes and our pays are not keeping up with the costs of food, petrol etc. This has been a steady decline for yrs and just the other day was shocked how everything now on fruit and veg you can't buy for less than over 10.00 a kg - some has high as 12.00 a kg!!!
I love your work, and the passion used to express it. Thank you!
Oh my god, completely opened my mind. All makes sense, I even took notes so I wouldn't forget ha. Can't believe that I would watch a hour long history lesson and take notes about it after my high school days. People know about the inequality were built on but we really need to know all the story. Thank you very much for this, we have to do our best to spread the real message and open people's eyes.
Well stated !
Sophmoreish
Richard Wolf , thank you very very much for your free amazing and politically sound education. You taught me 'what living in DENIAL' is. This will helps me and my family to always see things in a realist way, and not leave in a BUBBLE and suffer silently like today's generation. Thank you so much. The world is facing a politically and economic titanic shift and no one can stop it.
We've lost our hegemony.
@@marccano5061 Bring out the Marines; it's time to go find a small country to bully and throw a few bombs at. These kids are getting out of line.. 😂
Не расстраивайтесь, ибо скоро сапоги русмких солдат будут победно громыхать по вашей земле!
@@tolyamochin4066. To funny! You might get a boot in our land but you will regret every step you take until you meet your maker. It’s the politicians and world leaders who pit us against one another. I don’t hate the common Russians. I hate war and the stupid politicians and leaders who push us to war.
Надо было в школе хорошо учиться, тогда не пришлось бы выслушивать всякую чепуху от шарлатана Ричарда Вольфа.
Thank you Dr. Wolff for a clear view on the what seems to be the moral decline. I especially agree with the view on the ever continguing tendency to go to war and the demonising of Putin, which undermines the so needed cease fire talks.
Thank you Dr Wolff. The American diaspora needs to awaken from the slumber before the social tapestry crumbles. The pursuit of happiness has essentially been hijacked
There was never any real happiness in the US.
Prof. Wolff is so masterful at making connections. When we listen to him, we then come to understand the WHY. This presentation was one of his best.
Hi Richard, I just wanted to add my two cents worth... the way you explain this economic scam we all get to not enjoy it is mind blowing. Every slave on this planet should listen to all your podcasts... maybe then we can stop supporting this system that only works ten percent of people while the rest of us get the crumbs. You are the Master of explaining how the scam works. Peace Love and respect 💯 🙏
What can we do?
It's called trickle down economics,the billionaires get most and the workers get peed on.
Hahahhaah never heard that
@mimiboucher1182, we all need to realize that it’s class struggle not left vs. right. If the bottom 90% comes together we can make the change that is needed.
Thank you Prof. for being clear & honest about the roots of a conflict that destroyed 3 generations of Syrians. I’m a Canadian Syrian who watched my homeland being fooled by the glamorous idea of toppling their not so popular president which led to 10 years of destruction, economic breakdown with unprecedented inflation, millions in refugee worldwide not to mention the millions that lost their lives.
Wow! Thank you for this awesome talk! I wish it could be broadcasted everywhere
I sat in Hewlett Packard, as they moved ALL of their manufacturing to low labor cost China, as the Hon Hai employees were jumping out of windows, in desperation of horrifying working conditions. Nets were put up to stop the embarrassment of all the suicides. Now we threaten China, who gave us all that cheap labor? All China wanted in the first place, was economic prosperity.
When Bill & Dave left HP, it was no longer HP. Also, economic prosperity leads to World Power, and the USA cannot allow that.
But now, better Fed, they want regional hegemony, a new Greater East Asian CoProsperity Sphere. A collection of fascists who dispossess the current institutions and replace them with their own. No longer just a move out of poverty, but ambition to replace the good with evil.
Yes, you did it to yourselves to spread democracy and Christianity. This was done purposefully to destroy the nations of the world. Now, you all crying prosecution. 🤡
Hewlitt moved THEIR manufacturing? I say no. They moved OUR manufacturing to China. First we built their base. Now, WE pay for Chinese growth because they make everything there while guys like HP pay themselves big time. I love the Professor, but it's no longer capitalism- it's techno-fascism.
Regardless, climate change coincides with development and prosperity. China will not be able to avoid the consequences like anyone else.
Thank you for your intellect and historical interpretation! I COULDN'T AGREE MORE WITH YOUR ANALYSIS OF THE EVOLUTION OF CAPITALISM!
I don't know how I got to this program but I am glad I did. Very enlightening. I knew things were bad but geez, turns out it's way worst than I imagined. Am very grateful for your clarity and straightforwardness on the subject. Thanks for sharing. ❤
Wow, thank you sir! You have done everyone a service for this speech. I was just having this conversation with a friend. His answer was they are going to do what they want. I answered him by saying don't be surprised if you can't afford the house you are RENTING in 6 months. I never studied economics, but the writing is on the wall. People are fleeing the UK and the US like cock roaches when the lights come on. The one's who don't want to talk about it or making plan for the inevitable are in DEEP DEEP denial. For what the government have done to my people I can not love this country and I will be fleeing like a cockroach after I buy some cheap land somewhere.
I love this guy! I love how he presents his views, observations and analysis... His mind, his wit, his sarcasm, his cynicism, his acid bytes and his precise and accurate analysis of things economic; I assure you, you simply can't ignore him once he gets your attention and you have to admire his wisdom, objectiveness and sharpness! 👋🤗😁
Another word, the American politicians are behaving like ostrich.
Why Ostrich though? Ostrich are awesome. Politicians are not.
THANK YOU Mister Wolff, you said it all, absolute truth I was waiting for someone to tell so clearly and powerfully...
Спасибо, профессор. Вы удивительно верно и главное справедливо оцениваете нынешнюю расстановку политических сил в мире. Жаль, что у обеих партий США нет реального понмания эволюции мира. Китай, Индия, Россия готовы конкурировать в развитии, но не прислуживать "гегемону". Мне представляется, что основной причиной нарастающего кризиса, является неприкрытая диктатура госпдствуещего в мире, паразитирующего финансового капитала.
Professor Wolff, Your description and discussion of how we, as Americans, have been used and abused by capitalism and by our so called government, could not be anything short of a resuscitation for a dying middle class of America. I am forever indebted to you for your insight and your frank discussion of what has befallen all of us.
Good lord in Heaven above. Clap really loud in front of your face. Splash water in your face. Open your eyes. The US has the richest poor in the world and is still the place where most people are trying to get to. Capitalism is the greatest thing that has ever happened to mankind. Parse it out. Think of one of your favorite products you like to buy. Now image the federal government takes it over. What would happen to the quality and price of the product. We have the US Postal Service. So....then why do UPS and Fedex exist? Because they get the product there faster and 50% cheaper than the post office. This man is a complete charlatan.
abused by capitalism? is that why millions try to get here and few american left the country.?
Very well said. So accurate and true. We’re being bamboozled by our leaders
Taken advantage by large corporations and their business.
The U.S, Politicians, and Institutions have been infiltrated and captured by the NWO, Nazis, and Communists.
Not accurate and not true. Just russian agent who get paid for lies.
Thanks for such a lecture. I thank God for the internet , KZhead , etc and the great Americans professionals that got balls to say the truth . I have confirmed my suspicions of how bad we are heading and taking steps to have a plan b away from US. Im was borned in Cuba and hell no I want to experience any kind of totalitarian socialism ( which I can see is already here and getting worst by the day) . Even the centro Americans are saying don’t come to America the dream is gone, but desperate young people got worst problems in their own countries. Time to get going and get lost .
Incredible. A whole new perspective in the reality that we currently live in. Tough to hear, but wise to listen and learn.
Professor Wolff is spot on. The pain ie being felt across the country. Amazon, Banks and other big corporations must pay their fair share.
They will have to pay with their blood too at this point.
Bezos bought the Washington Post and he was appointed to the Defense Board. he made all the right moves.
Under trump corp taxes were cut giving stock holders( top 10% own 85% of stocks)this caused the govt. Shortfall they print more to pay their bills
That because the corps don’t pay their fair share the gov is forced to print money to make up the shortfall is very short sided and wrong. No matter how high taxes are it would never come close to balancing the gov budget. Gov prints money regardless of if they have it because they can, because they turned the dollar into a fiat currency and have reserve status. There is no consequence (yet) to unlimited money printing, except for inflation and making life harder and harder for the taxpayer. Yes taxes are skewed to benefit the top and hurt the consumer, but that’s the fault of lawmakers, ie the gov. More gov, or socialism, is not going to make that better. Have you not all noticed how much you are taxed already? And the gov is still in $30 trillion of debt. No amount of taxing is going to fix that. Like trump or hate him, lowering taxes in simple terms is a positive because it attracts business to come to the country, or stay in it. Low taxes incentivize corps and businesses to create things of value. The higher the taxes the more they want to leave or find workarounds. What needs to be done is rework the tax code entirely. Why doesn’t that happen? Big business and big government work together and it’s not for your benefit. It’s not true capitalism, it’s crony capitalism at best.
Monopolies that also compound the evil by using Chinese slave labor are unlikely to want to pay their fair share. Expect blame placed on USA working class.
I left the US a while back. I have no regrets. Back then it was loopy in a few major areas, now it’s gone completely batshit crazy on all fronts.
Where did you go? Just curious.
Im curious as well
I envy you. I wish I could leave so bad.
EXTREMELY Well Spoken I learned so much from this lecture some things I knew but I was never able to put it in its proper perspective 😮 But thank you anyways I will continue to listen and share your videos Thank You Again 😊
Simply brilliant! If one has studied the rise and fall of Empires over time, one understands the veracity of Prof Wolff's assession.
Absolutely wonderful talk by Prof. Wolff and it brings back to mind the shock I experienced when I first went to live in China over 18 years ago. I was not prepared for the reality of China compared to what I had been told and led to believe growing up in the West. In the 15 years I lived there, I was never mugged, experienced a home invasion or experienced gun violence in a school or public place. My salary was one third of what I earned in the US but my standard of living was INCOMPARABLY HIGHER!! I was shocked by the scale of events there. For example, my US friends are invariably amazed to learn that at least 2 of the big banks in China (ICBC and BOC) have more than twice as many customers than the ENTIRE population of the US! or that more Chinese have some level of English than the entire US population. It's no wonder they are eating our lunch! They simply work harder and out hussle us, plain and simple. The US is on a fool's errand and living in a fool's paradise if it thinks it can contain China's rise. We need to learn to get along with the PRC as Prof. Wolff suggests, as they are not going away anytime soon.
China's rise should be no surprise to anyone, really. If you consider the population, which is now 1.4B, about 18% of global, with the right economic policies, you shouldnt be surprised if its GDP also grows to 18% of the world total GDP, which happened in 2022. In 2021, US gdp at around 23T, and world gdp at 97T, US gpd was about 24% of World's. Now in the US case, its gdp as part of the world's has long been wildly disproportionate. It was largely because US economic policies, one of which was the dollarization of the global economy. American capital not only exploited domestic working class and middle class, it also did that to those in other countries, i.e. moving manufacturing abroad to where labor costs were low. 24% of world's gdp with 4.3% of world's population, this kind of disproportion could only be sustained for limited period of time, the decline was eventual.
They only have options for those 2 banks because they are controlled. They cant even use facebook.
@@BR-ex9xp Have you ever lived in China? If so , I doubt you would have made that infantile statement.
@@uwanttono4012where are the protesters who protested the lockdowns?
@@BR-ex9xp Answer my original question: Have you ever lived in China (not just visited the place)? Also, no socio-political system is perfect and China definitely has its problems.
Thank you so much for great service you do, spending your time, money and energy to educate.
Of course it was interesting Prof Wolff, you always are. Thanks for the clarity!✊🏿✊🏻✊🏽
Richard, I live in Australia, our Governemnts and those who have the ability to influence it over the same time periods you have descibed are slowly trying to adopt the American Capatilistic models so that our Rich can get richer too. We still have good healthcare, education and industial labour awards that are almost fair. A few years back I visited the US and was absolutly flabagasted to see how poor your healthcare, public education and working conditions people in the US had, it was a real eye opener for me. Further to that, most Americans I meet actually thought they lived in the best country in the world and when I explained the difference I dont think I was believed! Your presentation is accurate, but I think the problems are caused by the top 1 % wealthy group who are hooked on power and money and they cause the empire cycle. Never going to change !! You said the US doesnt know what to do, the answer is easy. Invest in your people, their health and education and have a new plan that results in Ameriaca being a better international citzen and in time America can return to its former glory. But THAT WILL NOT HAPPEN BECAUSE THE RICH WILL NOT LET GO OF THEIR STUTUS, THEY WILL SEEK TO HIDE IT, MOVE IT AND OR PROTECT IT. THEY WONT CARE ABOUT THE IMPACT ON THE COUNTRY OR ITS PEOPLE! THE BEST THING ORDINARY PEOPLE CAN DO IS BE BETTER INFORMED BY NOT LISTNING TO MAINSTREAM MEDIA AND STUDY THE FACTS (ITS HARD TO LIE TO PEOPLE WHEN THEY ARE POLITICALLY MINDED AND FINANCIALY AWARE). The second thing people can do is JOIN A UNION - NOT FOR JUST BETTER WORKING CONDITIONS BUT BECAUSE THAT IS THE WEAK UNDERBELLY OF THE TOP 1% RICH PEOPLE - THEY NEED YOU TO WORK SO THEY CAN MAKE MORE MONEY! YOU CAN WITHHOLD LABOUR IF YOUR RIGHTS ATE NOT RESPECTED. - Great discussion Richard.
Why didn't you engage the caps lock for your whole post, it would've added emphasis and won over even more people to your point of view.
@@thadtuiol1717 he the caps lock police have arrived
Living in UK to a pensioner age I would fully agree with Prof Wolff that one of the root causes of the decline in the west is the taxation system. In UK the taxation system is so heavy that squeeze all the high street shops out of existence. The popping up of out of town retail centres is to take advantage of the tax system by putting the micro economic system at the bottom out of existence. Today in the high street of British towns and cities many shops are closed permanently, The new shops are charity status enterprises like second hand shops or charity agencies that could avoid the current taxation system. The rent , the staff and the value-added-tax all have to be paid before any real income is made. The west has a system so rigid and inflexible that everyone knows what is wrong but no one can do anything about it. In UK massive amount of people in various profession are out to strike because they can sustain such decline in living standard. If the dollar declines in near future it will happen to US too..
@@AsadAli-jc5tg You must be kidding. UK is now ruled by a Hindu!
@@AsadAli-jc5tg 😅
@@AsadAli-jc5tg But British monarchy exists only for being non-political. Historically it has been used as an excuse to do immoral deeds like running slavery is for the crown, invading foreign land, exterminating local indigenous population and taking over other countries were just serving the crown. The military men and women colonise and die for serving the Queen/King and not for the Parliament. When these colonies freed themselves they were placed into a group called Common Wealth with the British Monarchy as its head of state. It has always been the parliament using the monarchy as a front. You now think the puppet has a life of its own?
But you get everything so why do you resent paying for everybody to have the same thing??
@@AsadAli-jc5tg the guy is full illuminati...what was the the king doing hanging out with Jimmy Savile pedo extraordinaire?
I agree with Elizabeth this was one of the most valuable and important talks in my life, which was given with such passion and honesty . Much gratitude to Dr Wolff.
Your speech very interesting..moving and too the point. Thank you..I learned alot !!! Greeting from France where its just as bad now.
Thank you Dr. Wolf. You are an inspiration for those in "denial" and misguided by the propaganda.
Which propaganda? The Democrat pressure to nonstop war? Or their pushing people into poverty? Or their crony capitalism ? OR they’re corruption?
Eles And propaganda e teatro e isso em que eles vivem and e Perseguição. Em Louco Alvejados . Em Disfuncional 🤪. De Story. Pois ele e que são Alvejados por não ter Cérebro 🧠 pra contar Story destas. #
People won’t accept this truth because the truth itself hurts . Thank you for the honesty and sincerity
This was a beautiful oratory. Very insightful. Very informative. Straight to the point clear talk
In the late 1990's, during a period of economic growth, we had Clinton's tax increases and Newt's spending cuts. We almost balanced the budget. Next elections the voters voted those politicians who supported Clinton's tax increases and Newt's spending cuts out of office. The American voters voted in favor of tax cuts and increased spending. It's not Capitalism. It's not the politicians. It's the voters who only care about living high on deficit spending with no pain in their own lives. The Greatest Generation faced the Great Depression then World War II. Today's Americans, all ages, don't want any economic hardship for long term good whatsoever. Everybody lives for today and to Hades with the future. Just another thought. but the truth is voters do vote for more and more tax cuts and increased spending so to have more money to spend. The biggest complaint today from Americans is that inflation is hurting their ability to spend $300 to $400 a month on illegal drugs. People can't afford gas or food, they say. But they have no problem coming up with hundreds of billions for illegal drugs. Odd when you think on it. This guy does not know his economic history. Wages did not increase during the Great Depression. Not compared to the 1920's. That's just not true.
Thank you Professor Wolf for taking your precious time to educate us. God Bless❤️🙏
He is not educating, he is indoctrinating.
@@mikekensington1705 let me guess, you think trump is king and currently the president.
@@XD-te6vj When you have TDS Trump derangement syndrome everything is about Trump, the incarnation of EVIL.
Thank you for this. Very powerful. Everyone should hear this. In order to have a chance, we need a legislative branch in our federal government, to work. We need term limits on Congress. The people we have now, don't get it. They are only for getting re-elected and not for the interests of the country.
Listen to his talk, ‘A Cure For Capitalism’.
The ordinary people of China can easily argue that it is fruitless to become a superpower after looking what has become of the United States.
I’m very happy for what I heard most honest and profound speech I ever heard on economic thank you. Can you show
Just finding this channel in February 2023, you are dropping knowledge that's rarely available from individuals from your demographic, THANK YOU!
There's this very interesting British documentary that I watched back in 2016 on YT that is called hypernormalisation. It basically describes what is happening right now in the US to this day, which Its sad because I wish what was covered in the documentary wasn't coming to fruition but unfortunately, it is. People over here are seeing the collapse happening all around us and guess what people are doing? Just continuing to go to work and distract themselves with their daily routines like nothing major is happening at all. Its the fall of the Soviet union all over again, only now its our turn....
And whose fault is that? He’s attempting to explain the issue but not really.
Remember it was just the same during Abraham's times.... Babylone sinking down. It's time for relocation both or either physically and spirituality. Love, truth, and life are the exclusive ways out
Thank you for your time and lesionado.❤
Thank you, Richard Wolff, for the insights you have given to me (German living in Mexico since more than a year) from your perspective. It opened my horizon!
Mr. Wolf, thanks for keeping it real and speaking truth to power. We HONOR your commitment to truth.
Master history class. Thank you, professor.
This is a very informative session. I am glad I listen to it and learn a lot
Nothing Short of Brilliance!!👏🏼👏🏼! What an eye opening Experience that was! I think I've learnt more about the nature of the beast that's not inherent in us!😱! And that is whether we're in denial or not.He touched on so many things that consequences of being in denial wasn't' the single most important thing here ... There were so many points he touched on,so much so,that Inspite of it being all about the USA Economical decline,(heñce according to him you could that at the end of the day,say what you will,but obviously this has definitely nothing to do with Biden or Trump,or any other leaders that never thought out forth a policy where there's always a balancing Wages equaling that of the Productivity of one's employees!Wow,!you know I never ever looked at it that way. For me a working class person,my number 1 priority was to get a job & KEEP it! This was awesome I have learnt so much from the entire lecture! I also strangely enough,learnt alot about us,as Human beings & how our life is impacted by one or a few peoples choices, decisions, ideas,etc surprisingly it was quite psychological! mmmm!🤫🤔 Definitely food for Thought!Thankyou so much Mr R Wolfe..
These are real words from someone who really understands the economical situation and can explain it too. Hats off to you, Sir!
Aren’t all words “real”?
He said Trump is like hitler. What an idiot. biden is more like hitler, except worse.
@@sophiachavez3377Wolf is an inept fool who can't see the flaws of the authoritarian dictator run economies but he does display a contrast to the brighter minds out there
Great lessons learned about the Rise and Fall of empires.
Best wishes from Manchester Old England great show everybody keep up the good work ❤️ carpe diem ☺️
This is the Best of Best explanations of my Hero. I have watched most of his Shows where ever he is, but he always gives the next best !!
And it's current, not a prediction.
Do you not then agree with me that he has herein said what he has been trying to get across in the best way he has ever gotten to?
One of Prof. Wolff's best and most inspiring talks I've ever heard!
Yes man
Very superficial, in opinion.