Economic Update: Which Way For US Economy

Economic Update: Which Way For US Economy

Welcome friends to another edition of
Economic Update, a weekly program devoted to the economic dimensions of our lives,
jobs, incomes, debts, our own, those of our children, those in the largest society we
live in. I’m your host Richard Wolff, I’ve been a
professor of economics all my adult life and I hope that that has prepared me
well to present these weekly updates, to get an idea of what’s going on in the
economy around us. I begin one more time with the uber corporation I talk about
them because it’s important to understand that the so called gig
economy or the so-called startup economy has another side to it which their
publicity hides but which it’s important to understand first the stark facts that
were recently released a year ago 2016 hackers broke in to the uber system and
thereby got all kinds of information credit card numbers addresses all of
that of get this 57 million uber customers and drivers a year ago we
learned about it over a year later it was hidden by the uber company they knew
all about it for a year but the news gets worse a ransom was demanded by the
hackers in order not to use and go public with what they had achieved and
the uber corporation paid them $100,000 good deal for the hackers to hide all of
this but as these things will it came to light what does this mean well it means
that uber lied to us by not telling us 57 million of us that our information
had been compromised for a year lord knows how many people’s lives were
messed up in terms of their and a whole lot of other things like
that over that period of time a ransom was paid that’s how the corporation
handled it well let’s see what that means here’s what it probably means
without having the books of the uber company available you can’t be sure but
it probably means that companies like uber which accumulate all kinds of very
valuable information or to spend a lot of money making sure these private bits
of information are secure clearly uber didn’t do that and maybe
uber calculates like no doubt other ones of these companies do that it’s cheaper
to pay off the hackers $100,000 then to make sure that our information given
freely to uber is secure and this leads to the general conclusion about
companies like uber basically uber provides taxi rides that’s right they do
the same thing that a taxi company does you get involved with them you call them
you hail them and they take you where you want to go that’s what uber does
only this is a difference years ago when taxi rides began and people discovered
that the taxi might not be safe might not be maintained correctly might not
have the adequate insurance it needs we discovered that the private taxi company
would shave the corners to make more money and so to protect the public we
instituted commissions and the Commission’s made the taxi companies
take the necessary precautions and that of course is expensive so what the
Commission’s did was set the taxi rides at a price that would pay the driver and
pay the company enough money to meet the demands of the commissions for our
safety all that uber is is a way around the
safety and thereby they can compete with taxis because they don’t have to
maintain the same 50 they don’t have to maintain the
vetting of the driver they don’t have to maintain the insurances that a regular
taxi company has so they could make more profits which they did and we pay the
price you know how the drivers aren’t as good
the insurance isn’t as good the maintenance isn’t as good and now we
discover that the security of our information isn’t very good taxi
companies didn’t accumulate that information we didn’t have to be
protected now we discover like with taxis we need a commission to oversee
this company because in its drive for profits it sacrifices the public and
that’s a problem with a capitalist system where profit is the bottom line
not serving the customer that’s only the means to get the bottom line up there
and we can see what that means my next update has to do with sugar sugar is a
crucial item in the diet of the United States and over many other countries
sugar produces that is the capitalist companies that raise process package and
all the rest sugar have an association like all industry groups it’s called the
sugar Research Foundation it turns out in an article published in the academic
or scientific journal PLoS Biology November 21st of this year they reported
on research of three professors at the University of California in San
Francisco that back in the 1960s the sugar Research Foundation sponsored some
scientific research to look into the question what is the relationship
between sugar consumption on the one hand heart disease and bladder cancer on
the other and when that research began to suggest to scientists that there was
a connection that would be important to let everybody know about the sugar
Research Foundation abruptly stopped the research stopped the funding of the
research and so in the intervening half a century we
have been kept in the dark about that potentially crucial research obviously
because it was not in the interest of the sugar businesses to rescue us from
what they were doing and making profits it’s another sign of the danger of
putting the food production of our society in the hands of companies whose
first objective is profits not the safety or nutritional value of what they
produce my third update today has to do this will come as a big surprise with
President Donald Trump I know you perhaps have already heard enough for
more than enough about what he’s doing but this is something you may not have
heard about you know in the past politicians knew it was appropriate to
keep a certain distance between themselves as political office holders
and business interests about making money with mr. Trump the notion of
keeping a distance has disappeared and in a way that’s very helpful because you
can see what was kind of hidden before nice and clearly presented to you so I’m
gonna go through five recent business activities that mr. Trump has been
involved in because I think it’s an important part of understanding what the
leadership of this country now involves number one in New York City there is a
Trump Soho Hotel in lower Manhattan it is having a hard time it turns out that
New Yorkers and people visiting New York seem not to like to see the Trump name
on the hotel and so they haven’t been going there occupancy rates are poor
money is not being made and so a divorce has been arranged between the Trump
Organization and that hotel so that it won’t be the Trump Hotel anymore because
that’s the strategy of how to make this hotel pay score one again
mr. Trump’s financial interest here’s another part of that story that hotel is
partly a hotel and partly a set of condominium apartments the condominium
owners have together sued the Trump Organization because they claim in order
to buy those co-op apartments they were given figures by the Trump Organization
which inflated the amount of money being spent and the number of these apartments
that were being sold to create the impression that there was a groundswell
of demand for these choice pieces of real estate turns out that those numbers
weren’t accurate at least that’s the claim of the condo owners living in the
same building but now it gets juicier let’s turn to the following statistic
which I have to admit when I first encountered it was so overwhelmingly I
did a double and triple check just to make sure the numbers are right mr.
Trump has been president for roughly 400 days as we produce this program listen
to this on 100 days out of the 400 he’s been president he visited one or more of
his own properties let me explain what this means on a trip to some foreign
country he makes stops along the way not because he has business to do in
terms of being the president it’s because he’s got with him an army of
press people who will take good pictures of him at this hotel that golf course
this hotel and golf course this is publicity that would cost millions if it
were paid for but it’s on your dime and my dime because he’s traveling in the
presidential jet if he did it once in a blue moon you’d think it was kind of
tasteless he did it 100 days out of the 400 he’s been a
president this is a systematic self-promotion of his business interests
in the month of November 2017 we have a new business on the Internet
it’s called Trump it sells hats polos and other golf gear
with the Trump name on it I want to let that sink in and now the
last one Republican Party groups have decided it’s a good idea to locate their
events at the properties owned by the president so the last one I heard of and
so I decided to bring it to your attention
in early November of this year at mar-a-lago in Florida the Republican
attorneys general Association of the United States had a dinner with their
most important corporate donors it cost one hundred and twenty five thousand
dollars per person to attend this event and it was for a weekend at mar-a-lago
so all that money had to be paid to mr. Trump who owns the facility this is a
level of mixing politics and business that goes beyond what we’ve had in the
past I’ll leave you to draw your own conclusions. Before going on to the
remaining updates, I want to remind you we maintain two websites that I want to
urge you to visit, and make use of. rdwolff with two F’s dot com and that’s all one word There’s a
great deal of material that we load up to these websites every day, it’s there
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program if you would like to see the televised version of the program please
visit us at that’s patr yo n slash economic update
for the television version of the program returning to our economic
updates I want to talk about what is for me a personal tragedy because I live in
New York City the tragedy I’m talking about is the subway system
this is a fundamental public service millions of people rely upon this
institution to get to and from work to get to and from business jobs friends
associates family members you name it it’s the way you move around a big city
scattered across five big boroughs but the subway system in this the largest
city in America the city most visited by folks from other parts of the world let
me tell you about the conditions that it’s in first daily ridership 5.7
million people use the subways every day that is double the number of people who
used it 20 years ago in other words we have an enormous increase in the need
for the reliance on the social importance of this mass transportation
system the percentage of weekday trains that
reach their destinations on time 65% that is the worst performance of any
major transit system anywhere in the world including other cities in the
United States there are many transportation subway systems around the
world that have records in the high 90% of on-time performance there is no
excuse no necessity for this dereliction of service to the public the amount of
money that the MTA that’s the authority that funds the subways gave to the
subways this year is 250 million dollars in 1990 that’s 27
years ago it gave the authority in today’s dollars 1 billion dollars let me
make it clear to you we’ve doubled the number of people that use the subway and
we’ve reduced by 75% the amount of actual purchasing power dollars we’ve
given them so there’s no mystery about why the subways are late there’s no
mystery for those of you that are not familiar with the New York subway system
no mystery about the fact that there are rats that it is dirty beyond all words
that it is noisy that their bathrooms are not you cannot even think about
going in there they’re locked anyway because nobody does on and on and on
what a travesty and it makes a mockery of efficiency that word used to describe
American capitalism there’s no efficiency here millions of
hours of work time are lost by people who are stuck on slow trains or don’t
get to work at all where’s that accounted for nowhere and here’s the
reason politicians don’t spend the money to maintain this subway and why not
because if they maintain the subway they’d have to get the money by raising
taxes they dare not do it to the court operations and the rich because they
threaten to support politicians against the ones who might do this politicians
who won’t do it so the politicians in office are afraid to tax corporations
and the rich and likewise they are afraid to tax the mass of people who
already spend too much money on the subway ride who are already taxed beyond
what they can care for and tolerate and they are afraid of losing their votes so
the way the politicians work in this crazy system is by not taxing the money
and therefore saving by not maintaining the quality and the efficiency of the
subway system they hope they can get through four years on the Commission go
on to a higher political office and let the declining subway become the next
politicians headache that’s not a problem of these individuals that’s a
problem of a system that works this way this is a crazy way to function it isn’t
efficient it isn’t appropriate it isn’t fair because obviously the people who
are not paying the taxes are very different from the people who have to
rely on an unstable unsafe unsanitary subway system every day of their working
lives I turn next to Britain not because I’m only interested in speaking to
British people about their situation but I’m doing it because Britain’s reaction
to the crisis of 2008 is rather close to that of the United States imposing an
austerity on the mass of people getting a recovery in quotation marks mainly for
the corporations and the rich and letting it bypass the mass of people but
focusing in the newspapers owned by corporations and the rich on the
recovery they are enjoying with the little clever maneuver of suggesting
everybody is enjoying it when it’s not the case the latest statistics from the
Institute of Fiscal Studies which is the Office of Budget Responsibility the
leading official of the British government indicates that household
disposable incomes will fall for an unprecedented 19 straight quarters
between 2015 and 2020 in other words we are now in the middle of the longest
sustained decline in the household income of the British working class in
the history of the country that’s what’s called a recovery that only benefits a
few at the expense of the many this makes it the worst decade in the
performance of the British economy according to the Bloomberg News Service
on the 23rd of November it makes it the worst performance decade in the British
economy since 1812 when Napoleon invaded Russia there’s no way that you can do
anything other than shake your head about such a performance the last item I
want to talk about is in a way profound it has to do with Norway a very little
country under 6 million actually 5.3 million people in other words the
country of Norway is a much smaller population than say the city of New York
all by itself but the country of Norway was lucky in a particular way and luck
has an awful lot to do with the economic story I’m about to tell you a couple of
weeks ago Norway shook up the world market in gas and oil why well to
understand this you have to understand that some decades ago oil was discovered
in Norway and the ocean around Norway good luck for Norway a lot of oil
what Norway did understandably was become rich wealthy grow with the
revenue from all the oil but the revenue was so enormous that the Norwegians
understood like other countries in this situation that eventually the oil would
run out and if they made their entire economic well-being dependent on oil
when the oil went out so would their economic well-being so here’s what they
did they established something called a sovereign wealth fund what that is is
money set aside in this case by the country of Norway part of the revenue
they got from the oil and gas they were lucky enough to be sitting on wouldn’t
be spent for the ongoing functions of government wouldn’t be given to private
enterprises would be run by the government as a fund to be invested in
companies around the world and to generate their by a growing stream of
income from a growing pot of wealth that would sustain the people of Norway long
after the oil and gas they had was used up and that is now in excess of a
trillion dollars worth of Norway’s fund so what shook up the world the decision
of Norway to sell all of the stocks in oil and gas companies that their
sovereign wealth had invested in why because they think the era of oil and
gas is coming to an end they said so they don’t want to be invested in the
shares of oil and gas company as the world’s use of oil and gas fades out and
we shift to solar energy to wind energy to all of the other forms of generating
energy that are either going to be cheaper or safer or both and the
Norwegians even though their economy still depends on oil we’re smart enough
and careful enough to know if you pardon the pun which way the wind
is blowing in terms of their investments something that other investors in oil
and gas everywhere in the world should be thinking about something that half
the states in the United States whose incomes are dependent on oil and gas
maybe ought to be thinking about that’s why it shook everybody up but here’s
what I want to talk to you about the absurdity of this and this is not a
critique of Norway they’re doing what this system makes reasonable to do and I
hope you’ve understood that from my description 5.3 million people are
deciding through their government what to do with trillions of dollars of
wealth is that democratic they are a tiny point one percent of the world but
they owned over almost 2% of the world’s stocks of corporations because they
happen to be located where there happens to be oil this is a very strange way of
using the resources of this planet it’s like a game of lottery you happen to get
the oil under your country you can shape how the world works for a hundred years
and if you happen not to you lose no wonder then the world is riven with
conflict and tension and envy and bitterness this is no way to use the
resources of a planet it ought to have been done in a democratic way with a
sharing of resources across populations so we’re all in this together and not at
each other with a kind of slavish subordination to private property and
the happenstance of geology and geography what a way to organize a world
economy everybody on your own everybody preserving their little piece of the
action their little profit no matter how chaotic so a decision by 5.3 million
people in Norway we’ll change the prices of oil and gas
the energy we all rely on for 7 billion people who are the dog and Norway is the
tail who’s wagging who here that is an irrational way for capitalism to develop
the world economy and that’s the most important part of this remarkable story
from Norway we’ve come to the end of the first half of economic update I hope you
have found that these economic updates shed some light on what is going on shed
some light on where we’re headed and they represent an important kind of
economic news unfortunately not reported on in any way that could and should be
the case for an informed public stay with us we will be right back you

97 thoughts on “Economic Update: Which Way For US Economy

  1. Great interviews on Jimmy Dore this week. Hope you make it back there and give them more radical analysis and promotion of different ways of organization of production. The comments on his show and reddit and Facebook shares of the vid are overwhelmingly positive. Well done. We love you, Dr. Wolff.

  2. I'm trying to direct my co-workers in this direction.. hope you guys are having better luck. Its difficult competing with the bread and circus.

  3. 11:00 and? Whats your point…? But Obamas family can fly around the fucking world and go on jungle safaris.

    Democrats are too busy pandering to every ethnic group but whites and wants open boarders to have more voters. Dream act Acorn etc etc.

    Republicans are pretty bad also but the less of the 2 evil.

  4. It was awesome to see you on the Jimmy dore show! It's so exciting that you are giving interviews with as many people as you can to spread your invaluable insight!

  5. QUESTIONS FOR STEPHANIE: If we have a central bank why do we need a Social Security Trust Fund? Why arent taxes way lower? Why does Norway need a Sovereign Wealth Fund? Why dont we have more grants and less debt?

  6. Actually Norway has used 4% of the funds value to fund their budget deficits. Its called the budgetary rule. Norway citizens DO NOT receive any dividends from the fund unlike Alaska's wealth fund where Alaskian citizens do receive a small dividend. Notice that Norway only divested from other oil and gas companies but they still are exporting their oil to keep the revenue flowing into the fund. Not really much of a news story actually

  7. Sorry Dr. Wolff, sugar is not the problem, it's animal products. Eating animal products leads to heart disease, diabetes, cancer, osteoporosis and a whole host of medical problems. Please watch "What the Health", "Forks over Knives", and "Plant Pure Nation" and learn about the real immorality here. (By the way, diabetes is not caused by sugar, it's animal products.) I feel that you continually misinform your viewers when it comes to the health crisis and corporate corruption that makes people sick. This is unethical. Are you funded by the animal agriculture and pharmaceutical industry?

  8. The economics of the future is somewhat different. You see, money doesn’t exist in the 24th century. The acquisition of wealth is no longer the driving force in our lives. We work to better ourselves and the rest of humanity
    — Captain Jean-Luc Picard

  9. It was great to see Dr. Wolff on the Jimmy Dore show. Hopefully, this will become something semi-regular??…If there is a next time (and hopefully soon) could Dr. Wolff explain Labour Theory of Value to the Dore audience???

  10. which way for us economy? up n up n UP as soon as they add the 10 to 30Trillion of rare earth n other precious N Korean Metals n the cheap N Korean hard working labour how can the usa go anywhere else but up? all wars are fought for money all empires have been doing this throughout history now is the american empire next it be someone else we blame th americans now like people blame the ottomans B4 the romans n so on the name of the empire changes the policies stay the same

  11. Two days after the tax bill and THIS is important?
    The Uber leak was nothing compared to the allegedly regulated Equifax breach.
    If you think taxis are safe, you haven't ridden in a taxi for decades. For the consumer, Uber is still the better choice. They introduced innovations that large taxi companies had the money to implement and did not because competition did not FORCE them to use. They were still working exactly as they had since the 1950's with virtually no change.
    This sounded rather largely like a pure DNC Establishment take on every issue covered.

  12. Trump is making a lot of money being president. Selling his Donald Trump hats, shirts, cigars, mugs, etc. Using tax payers money to pay for his overpriced hotels and resorts.

  13. Trump has not been in office for 400 days. He's been in office since January 21, and that is less than a year ago. A year is 365 to 366 days long.

  14. The volume mixing is all over the place in this video. At first I thought it was me, that I couldn't get my volume right…

  15. The FDA had to know that the opioid so called "pain killers" were highly addictive yet they were approved for public use.  Who cashed in on that deal?

  16. What is interesting to see is what the Norwegians invested in-it wasnt infrastructure or social benefits)….
    Because with that much cash,you can built empires(or destroy them)..

    Something tells me they are immersed in the corrupt capitalism that reigns the "markets",the same markets that steal wealth from poorer countries and keep people enslaved/opressed/uneducated/religious so they can be easy pray for the rich greedy vultures.
    So looking after their own is of course OK,but lets say it like it is.
    Pensions of 3500 euros a month can only be afforded by Norway due to the unethical(aka "normal") investing strategies they too follow like every vulture that respects only money…..
    One way out of this mess ,kill greed like weed

  17. I think Wolff is a little uninformed about nutrition when he's bringing up the sugar industry and not highlighting all the health problems the meat and dairy industry have been keeping secret for decades such as heart disease, cancer, diabetes, osteoporosis to name a few. That's the industry where the real money is and with the pharmaceutical companies lobbying to keep this info in the dark so their products are the only things people think will help them, it's a huge capitalist scam to take our money and health. Honestly, everyone needs to look up the benefits of a whole food plant based diet before critiquing it. There is a ton of info on this site, and learning about this is so important.

  18. OMG! After what happened with UBER, I think we must ban UBER! What a horrible story and a terrible company it is!!! Never use UBER again!!!

  19. the selfish conservative mentality of americans makes our public transportation all across the country a laughingstock compared to the rest of the world.  'if i don't use it i shouldn't have to pay for it'

  20. I don't know all that much about the details of the so-called gig economy (Uber, Airbnb, etc) but I do know that, at least for where I live in Costa Rica, and in contrast to Prof. Wolff's indictment of the quality and safety of Uber cars and Uber drivers, the Uber service and affordability is so much superior to the taxi service that it's laughable. My issue with the gig economy is not the quality of the products but the erosion of the historical employee safety net (pensions, vacation, health care, etc) that used to prevail in the U.S. but is now under attack by both political parties even outside the gig economy.

  21. I am one of those that have come to agree with Dr Wolff over the last few years. However, the argument that the capitalist say is that a so called free market – one in which ALL information is known – can, and in this case [Norway] seems to be making the right decision, to get out of the petro economy. I agree that this is not democratic. Even a blind horse can find water sometimes.

  22. I noticed a trend or method used by agents provocateurs who are invading discourses in comments on Wolf's Economic Update and the Jimmy Dore show. What these invaders have in common in each case is methods identifiable as logical fallacies viz.: Red Herring Ignoratio elenchi (also known as: beside the point, misdirection [form of] by changing the subject, advancing of false emphasis, irrelevant conclusion, irrelevant thesis, clouding the issue, ignorance of refutation)

    Description: Attempting to redirect the argument to another issue to which the person doing the redirecting can better respond. While it is similar to the avoiding the issue fallacy, the red herring is a deliberate diversion of attention with the intention of trying to abandon the original argument.

    Logical Form:

    Argument A is presented by person 1.
    Person 2 introduces argument B.
    Argument A is abandoned.

    Example #1:

    Mike: It is morally wrong to cheat on your spouse, why on earth would you have done that?
    Ken: But what is morality exactly?
    Mike: It’s a code of conduct shared by cultures.
    Ken: But who creates this code?…
    Explanation: Ken has successfully derailed this conversation off of his sexual digressions to the deep, existential, discussion on morality.

    Example #2:
    Billy: How could the universe be 6000 years old when we know the speed of light, the distance of astronomical objects (13+ billion light
    years away), and the fact that the light has reached us?

    Marty: 6000 years is not a firm number. The universe can be as old as about 10,000 years.

    Billy: How do you figure that?…

    Explanation: Marty has succeeded in avoiding the devastating question by introducing a new topic for debate… shifting the young-earth creation timeline where it does not necessarily coincide with the Bible.

    Exception: Using a red herring to divert attention away from your opponent's red herring, might work, but do two wrongs make a right?
    Tip: Impress your friends by telling them that there is no such fish species as a "red herring;" rather it refers to a particularly pungent fish—typically a herring but not always—that has been strongly cured in brine and/or heavily smoked.


    Hurley, P. J. (2011). A Concise Introduction to Logic. Cengage Learning.


    You misrepresented someone's argument to make it easier to attack.

    By exaggerating, misrepresenting, or just completely fabricating someone's argument, it's much easier to present your own position as being reasonable, but this kind of dishonesty serves to undermine honest rational debate.

    Example: After Will said that we should put more money into health and education, Warren responded by saying that he was surprised that Will hates our country so much that he wants to leave it defenceless by cutting military spending.

    Ad Hominem (Abusive)
    argumentum ad hominem (also known as: personal abuse, personal attacks, abusive fallacy, damning the source, name calling, refutation by caricature, against the person, against the man)

    Description: Attacking the person making the argument, rather than the argument itself, when the attack on the person is completely irrelevant to the argument the person is making.

    Logical Form:
    Person 1 is claiming Y.
    Person 1 is a moron.
    Therefore, Y is not true.

    Example #1:
    My opponent suggests that lowering taxes will be a good idea — this is coming from a woman who eats a pint of Ben and Jerry’s each night!

    Explanation: The fact that the woman loves her ice cream, has nothing to do with the lowering of taxes, and therefore, is irrelevant to the argument. Ad hominem attacks are usually made out of desperation when one cannot find a decent counter argument.

    Example #2:
    Tony wants us to believe that the origin of life was an “accident”. Tony is a godless SOB who has spent more time in jail than in church, so the only information we should consider from him is the best way to make license plates.

    Explanation: Tony may be a godless SOB. Perhaps he did spend more time in the joint than in church, but all this is irrelevant to his argument or truth of his claim as to the origin of life.

    Exception: When the attack on the person is relevant to the argument, it is not a fallacy. In our first example, if the issue being debated was the elimination of taxes only on Ben and Jerry’s ice cream, then pointing out her eating habits would be strong evidence of a conflict of interest.

    Tip: When others verbally attack you, take it as a compliment to the quality of your argument. It is usually a sign of desperation on their part.

  23. It seems to me that Uber was engaged in anti-worker policies. If that is the case being a complete shit in other areas of their corporate life is a likely scenario.

  24. When the Cuba embargo went into effect sugar doubled in price. Local farmers were urged to grow sugar beets, Pepsico (I think it was) actually built a refinery and in few years everyone involved with the sugar beets when bust and back to what they were doing before raising corn and potatoes. They were smarting, not sure if they got any smarter.

  25. Not sure he is looking at Norway and how they are handling their oil investments correctly. 1st of all it should not have that great of an impact on the long term price of oil, in the end these companies will just get new ownership, thats all. To me it is a good news story that the people of Norway have control of the profits of their oil industry enough to do this in the 1st place instead of all the profits just going to the corporate fat cats. Wolff almost sounds like American egotism is effecting his thinking…how can little Norway effect things in America…thats not right…boo hoo.

  26. With that information being compromised from Uber and now the dismantling of the CFPB, there are going to be a lot of frauds that won't go settled and if you were one of those who's info was stolen, it will remain stolen.

  27. Capitalism is horrible and Socialism is worse! Since human nature is uber flawed, a utopian socioeconomic system will never be found. I'll stick with the lesser of the 2 evils.

  28. Just a minor correction to the closed caption: at around 3:01 dr. Wolff says "… ought to spend …" but the caption reads "… or to spend …"

  29. Sen. Chuck Grassley, when he made an insensitive remark, he also made an argument for giving people more money in their paycheck.

    He basically made the case that if given more money, like in the way of tax cuts, people who have a lot of money already will squirrel it away. If the people, I assume he was talking about the middle and lower so-called class, had more money they would spend it.

    When people spend money, it creates jobs. When people squirrel away money, it does not create jobs. I rest my case.

  30. 1812? Didn't something else a bit closer to the shared history of US and England happen in 1812 besides Napoleon invading Russia? I love you man, but what the hell?

  31. Whole foods plant based diets, prevent and reverse chronic diseases. This is the biggest threat to food industries.

  32. Oh my god!!!!! DR. Wolff, you can put 2 trillion dollars into the New York subways and it will still smell like a god damn urinal. The problem is that the scum that infest the subways have no common decency and respect for the public infrastructure!!!!!!!!!!! Because they don't work and pay their "fare share". Fuck you man!!!!!!!!!

  33. Did n't know my namesake country sold out of it's soverign fund holdings in oil and gas. Knew part of my danish state pension fund is managed by Goldman Sachs. Per Hækkerup (25 December 1915 – 13 March 1979) , The then danish representative responsible for drawing-up the north sea international borders which gave Norway such lucrative oil fields,,, Well surfice it to say. The scandinavian word for ' oil ' and 'beer' are pritty close and it was said at the time , he was drunk.

    Hækkerup is most widely known for the agreement he reached with the Norwegian Minister Jens Evensen that gave Norway the oil-rich Ekofisk oil field in the North Sea. According to an urban legend, Hækkerup was drunk when he signed the agreement, but Danish historians today agree that the agreement was most fair and that Hækkerup was not drunk

  34. I live in Canada and we are over taxed. In fact, it's the main reason I don't vote socialist. It's not that I don't like social programs, I just can't afford to give the government any more. The government says they can't print the money because it will cause inflation. I believe in a situation like this (too few dollars chasing many goods and debt) we could be printing without causing inflation.

  35. Can someone tell me if it’s right to say, The electoral college was originally set up to keep slaves, slaves? Because I think it’s still in effect in the way of under the radar, class warfare.

  36. Anyone who wonders "how can we get the apolitical masses to get involved in politics?" should start with the workplace. The majority of people can relate to how much they hate their job, they just dont know why, and learning about capitalism&worker coops can unite EVERYONE to a common cause.

  37. While further reports on trumps bad behavior of breaking every rule and having zero decency at all are amusing and saddening–it does nothing to actually change things. Americans throw it on the pile of disgust that they revisit from time to time too claim they're informed but they do zero as citizens too actually change things. Americans are still hoping, maybe praying and sometimes voting for savior Neo-Liberal Dems that will or won't take office in the Mid Terms–then what? Let us bypass the hope and go right to the action as nobody in office or courts will really stop the chugging fascist train that is gaining steam. OCCUPY DC and initiate a General Strike—Fucking South Korea Ousted their president over far lesser crimes. DO IT!

  38. why doesn't prof wolf mention money creation as a way to pay for things (at least 21% of WWII was from creation of money):


    p 571)

    “In terms of federal government expenditures during the period of war-time deficits, 48 per cent was financed by explicit taxes; 7 per cent by direct government money creation; 14 per cent by private money issue, which can be regarded as the indirect effect of government money creation but had as its nominal counterpart interest-bearing rather than non-interest-bearing government debt; and 31 per cent by interest-bearing government securities not matched by money creation. ”

    also note the 13–14 tn created for the 2008 bailout

  39. Some companies say they are employee owned , we have all seen it in some form or another . Now I'm not passing judgement I'm learning . Is that what the professor is talking about as a form of socialism?

  40. We either change the system to a WORKER OWNED ECONOMY or we die – being eaten alive by a parasitic predatory capitalist vampire oligarchy.

  41. lets make big companies understand PLS .,instead of Giving GIFTS this Christmas ..GIVE money to ur Family members .dont buy merchandise . if businesses dont make a profit this Christmas .. THEY WILL FREAK OUT ..LOL #moneyforchristmas

  42. Many companies, including hospitals pay out ransoms to extortionists all the time. Virtually all computerized data systems can br hacked. Just ask the CIA and Pentagon, they do it for a living.

  43. Prof, you could have contrasted what Norway did with their North Sea oil and gas with what Britain under Thatcher and her successors did with theirs. No 'Sovereign Wealth Fund' here…

  44. What ever the reason is to control human and natural resources, by the most insignificant amount of people ,is the main core of the dreadful capitalist system ; either we, the majority population of this planet , will change the system ,or humanity will disappear !

  45. At 21:29 Wolff makes a statement of absolutism I take issue with. He resigns himself and other to having no option but to shake ones head at the terrible economic decline of England. England is a common law country. They understand equity in ways that have been mis-educated and mis-represented in the US. The Republicans alluded to it many years ago when The Speaker, Newt Gingrich, held up a poster declaring "Contract With America" as though it were something new.

    There has always been a contract between governments and its citizens. One of the aspects of this is called: "The implied covenant of Quiet Enjoyment." There is also something called the Bill of Rights and the equitable interpretations that should be sued for within those laws. For example the inequitable treatment of lay persons versus corporations when the tax code is enacted; it violates the Deprivation of property without due process clause when the corporations are heard by congress above the lay people.

  46. wow he should start out by saying hello fellow comrades. this guy is a full fledged communist. its laughable to listen to him say that we need a commission to over see a taxi service, that the drivers wont be as good LMAO like taxi companies are hiring professional nascar drivers or something. the maintenance wont be as good LOL uber cars must be lining the streets broken down i guess. this guy wants a group of lazy fucks over-seeing and dictating over a company so they can get paid for being lazy fucks.

  47. its funny he says the system's profit is the bottom line and serving the customer. dumbass communist, how is the customer not getting a service it needs and wants at a much lower cost all because they are getting rid of the Bullshit thats not needed ? theirs no reason for a "commission" to over see a taxi company.

  48. Your getting alot of trolls on your video's these day's professor ,i can only assume they see you as a threat ,keep up the good work your deadication is greatly appreciated.

  49. The reasons we make the food "choices" we make is complex. Even when the knowledge about the dangers of consuming foods with sugar or corn syrup many people continue to consume huge quantities and even feed this type of food to their young children. Obesity and otherwise poor health is for millions of people the result. So, why do so many people make such poor choices? Knowledge or the lack thereof is one reason. For the urban poor the reason is often a lack of choice of where to purchase food. On the positive side, retail food providers (and even restaurants) have clearly got the message from more health-conscious consumers. They provide choices and are expanding the choices of organically grown foods. Despite whatever promoters of good health behaviors can do, there will always be people who continue to make poor choices — about food and about other important life choices. The societal issue is to what extent government should be brought to bear to protect people from themselves. This is a complex societal issue. For a long list of behaviors, choice disappears into addiction. We pay a heavy price for widespread addictions. Prevention is certainly preferred over remediation and treatment. What is the right balance? I wish there was a good answer.

  50. A further comment regarding the British economy and the concentration of income and wealth. There is now strong interest in Henry George's proposal to tax the rent of land. Greens have championed this reform for some time. Now, some Labour and even some Tories have embraced the reform. Most recently, Tony Blair has voiced his support. We shall see whether Britain's historically-powerful landed aristocracy will be able to block the taxation of land values as they were able to do the last time this measure was almost adopted. That was back when David Lloyd George was Prime Minister.

  51. What about if we learn from ETs, they might know some better systems. See if you wish,

  52. I didn't even know that about Uber!! idk I must be living under a rock I'm glad I got a hankering to hear about our economy and type in "US economy" into YouTube lol I'm subscribing thank you!

  53. As for sugar – they know sugar is addictive – 8 times more addictive than cocaine. And what about the sudden rise in diabetes? Which coincides with the invention of high fructose corn syrup (HFCS) as a sweetener in all foods. HFCS replaced sugar as it is cheaper and makes more money for the food producers.

  54. THANK YOU! I would like to know how much destruction would it cause our nation's economy if our enemies succeed in blowing up our main railways stations nationwide? Thank you!!!

  55. Ever notice none of these socialist social justice warriors will ever leave America ??? Ever wonder why ?

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