China Dumps US Debt, Fearing a Capitalist Armageddon|Richard Wolff
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- čas přidán 27. 08. 2024
- #usa #dollar #china #chinausrelations #economy
Why does the US run deficits in the trillions of US dollars every year? What does China's continuous reduction of US Treasury holdings signify? Professor Richard Wolff tells us that the center of global capitalism has shifted, which will affect the development of global affairs.
The only American who won't acknowledge this Administration's failed economic policies is Joe Biden. "Shrink-flation' is the least of our worries compared to rising rents and stagnant wages, but it is an undeniable indicator of how bad our inflation has gotten. I have $100k that i like to invest in a non-retirement account, any advice on that?
I would avoid index funds, mutual funds, and specific stocks for the time being. Right now, the best option is a fixed income of five percent. Put money aside for the times when the market really starts to bounce back.
45% of Americans do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… Going from $50k to $600k in my portfolio is surreal all thanks to insights from my financial advisor.
Your adviser must be really good, I hope it's okay to inquire if you're still collaborating with the same adviser and how I can get in touch with them?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Corporations (and their bought politicians) are great at privatizing profits and socializing losses. Thank you, Prof Wolff, for consistently being honest about the economic situation in America.
You know how that's called right...
Corporate socialism, you should study economy before listening to this communist bull s**t talker
History repeats itself just look at Milei and Argentina
Politicians should wear shirts with their sponsors like socker players. All would wear Pfizer on the back, black rock on the front pocket, Bayer on the arm, and raytheon on their sweatband
China is the same lol.
To be fair, governments are great at socializing profits and privatizing loses. The government will happily tax you and charge all kinds of fees. But when you go out of business do they give it back? Hell no.
If we were honest about it the situation is US is not reducing the debt but increasing it year after year and president after president. There is absolutely no evidence the US has any incentive or intention to pay off the debt. But the evidence is each administration borrows more and let the next administration to sort it out. Thus every president does not see it as his/her problem but something for someone the future.
The fact the US national debt got discussed at all may have something to do with the govt. finds it hard to service the debt within its economy.
It seems as US is setting fire on its own ass and the world is now watching. Japan and China are the two punters who bought seats at the front row.
Like Spoiled Children who appear scorned as they attempt to express their Authority,
it seems the Naughty Children do need a "Time Out" ?
@@gunsumwong3948 you have Ronald Reagan to thank for that
Spot on!
You are correct on every point! We follow the same system, vote in the best liars (empty promises). I have been stating the same here in Australia! Once they take over office the 1st year should be spent on studying their portfolio, and what was done, what can be improve, before making a single decision! Look at countries like China, Russia, the whole countries children have the same opportunity/access to the highest academic level of studies as the richest! They elect the highest achievers/ hardest workers to get to run the country and because they are in office longer they have the time to correct errors, plus they are patriotic and care for their descendants/ citizen's!
@@rozaliamajores4798 you are completely delusional
China has been dumping US Treasuries for some time now, and buying gold: by the ton. Literally.
Russian gold. Caviar anyone?
@@davidmcnamara8024 Tibetan Gold.
@@danielhutchinson6604 Have they foisted the Deli Lama on his petard?
@@davidmcnamara8024 I did not say I approved of Beijing policy.
I simply attempted to provide insight on the discussion of mineral sources.
My point of view is not so capitalist.
Forgive my Comment?
The spiritual exploration of Tibetan Philosophy has a long and colorful history.
There is certain power in the Chosen Sources of that spiritual dimensions.
I assume Tibetan Beliefs will overpower the Economic forces.
But we appear to be discussing Economic issues................Right?
The US has more gold than the rest of the world combined
We are in a Late Stage Empire era.
Currently reading ray dalios changing world Order. Its amazing
It is fascinating that all late Empires governed by really old seniors
Trump is America's Michael Gorbachöv
For the 1st 4 Score and 7 years it was an experiment doomed to fail. What makes America great is it's fearless ability to meet all challenges and adapt. Authoritarian leaders like Putin, Xi, and Tiny Dancer can't adapt. That's why Putin continues to lose 1000 personal everyday in Ukraine. He still uses Stalin's playbook from 1939. Can not understand why Pedophile Trump thinks that's a good role model?
I think the same way. But I've got a question, and I'll like your take on it. Let's say US eventually falls, by this I mean real players no longer wanna do good business with them, will there be a blowout among the citizens or it would just be like every other day but this time way more expensive consumables to deal with?
The US maintains control on its debt by threats of war and national destruction.
For example: Gaddafi when he was leader in Libya nationalised oil companies. He provided to the Libyan citizens: free health, free education, interest free business loans to genuine applicants. He even provided maternity payments to mothers. His "mistake" was to decide to stop accepting $US in payment for oil. He wanted to establish a pan African gold backed currency, and this attracted the fury of the western countries and especially the US.
Libya discovered huge deposits of underground water in the country, so he organized further exploration for water reserves and built a system to distribute this water to the cities and to build a prosperous agricultural industry.
When the US military attacked Libya, it bombed the water wells and water pump stations, bombed the pipelines and bombed the factories which made the water pipes. Very rapidly many citizens died of thirst.
The resulting social upheaval was reported in the west as a revolt against Gaddafi.
Remember: the more than 2 million Vietnam citizens in the "American war" in Vietnam, the landscapes destroyed by poisons, the use of napalm on villages, the thousands of Laos citizens maimed because the US dropped anti-personnel mines in farming areas in Laos. Even today farmers are still being killed and maimed by these. It is not even mentioned in the western news.
Remember: The "weapons of mass destruction" that Colin Powell in an address to the UN, claimed he had categoric proof of existing in Iraq. Many years later even he admitted that there were no such weapons, and he did not speak the truth.
You didn't mention the thousands of bombs and cluster munitions dropped on Cambodia ...unexploded ordinance still killing and maiming people today 😮
Totally agree with your point of view.
I think there is another key factor to consider - State owned enterprises.
Neo liberal countries hates State owned companies and sold off most of them in the 80s. This meant neo liberal governments can only get money through taxation or debt.
By comparison, socialist countries like China have a huge state owned sector, and profits from these SOE goes back into government's coffer, thus giving the government a substantial third source of income.
How substantial you may ask, for reference, the annual profits China Tobacco Corporation makes from cigarette sales is roughly the size of China's annual defence budget 😅.
That is a really good point I had never thought of.
你们是资本主义嘛，首先要考虑的就是资本家的利润，我们中国不这么玩。
@@davidwong325how would you frame it, if not as profits? Would it be revenue to you?
@@Aya-v4t5e When people invest in something, the normal logic is: 1. How much money do you need to invest? 2. What is the breakeven point? 3. What is the annual return rate? However, in socialist countries, there are basic livelihood construction can not only consider the direct quantifiable return on investment; Example: China's high-speed rail, 80% of the lines are loss-making; However, because of the existence of high-speed rail, it promotes the flow of people and trade exchanges between regions, improves the efficiency of work, and generates additional value invisibly, which may come from the completion of business or other sources. I think the difference between socialism and capitalism is that the former puts people first and the latter puts profit first;
@@user-vu9if7ec7h thank you. That altered my perspective. I would like to learn more, could you recommend sources on how China has applied socialism?
Thanks for teaching instead of brainwashing the masses, and pointing out denial about the state of the economy as well as politics’ role.
Or how US is fucked by its own politicians. George Carlin was 1000% correct about the US.
Nobody explains it better than prof. Wolff each time you learned something new on the same repeated topic 👍🤔
I'll have to listen to the end, but it sounds like he's proposing socialism as economically superior to free-market capitalism. The failures of the U.S. system are not due to free-market capitalism. They're due to crony capitalism, which is just another way of saying fascist economics.
Lol he's a moron, and he's making a lot of disproven claims. China has already apexes, and their economy is shrinking, but he's saying China is going to be the next dominant power? He's clueless, and an ideologue, it shows when it comes to China.
@@harrymills2770you are not wrong. It takes strong govt to make their system work. The debt pile up in US is created by irresponsible spending by the corrupt abusive government. Meanwhile in China which is practicing a modified socialistic program that intensely cramped down on corruption and spends its money wisely in building the country from ground up in short period of time (40yrs).
China made socialistic idea works. USA has a good idea of making capitalism work but does not stay the course to make the mechanism of capitalism to sustain . They make it fails actually.
“Pure” communism , capitalism, socialism is not for China. They created a system that is working decently. 90% of the People are happy with what their govt does.
Seems like your premature disapproval of socialism is learned from bad history of a failed state whichever it is/was.
@@kko-punch7059 China is rife with corruption. The only thing that makes China even a little bit competitive with the USA is the USA's departure from free markets and limited government.
BRICS GDP already overtaken G7's.
@@jacintochua6885 you are clearly a stooge saying such stupid things.
Only in funny money (PPP)
@@ua697😂😂 u will soon wake up my friend...u will soon wake up😂😂😂😂
@@harunamusacloud4843 How much does an iPad Pro 13" 1TB cost in PPP 😂
@@ua697 At least it's real money and not printed on toilet paper
Dr. Wolf, thank you for this truly wise, comprehensive, and wholesome lecture.
It's quite concerning to see the various challenges our economy is facing right now, from uncertainties to housing issues, bad weather conditions, foreclosures, global fluctuations, and the aftermath of the pandemic, all contributing to instability. The rising inflation, slow growth, and trade disruptions definitely require immediate attention from all sectors to bring back stability and promote growth. How do you think these issues can be effectively addressed?
It's a bit unsettling to see the US dollar losing value due to inflation while other currencies are gaining momentum, creating a sense of uncertainty. Despite this, there's still a level of trust in the perceived safety of the dollar. I understand your concern about your $420,000 retirement savings potentially losing value. Exploring alternative options for securing your money sounds like a wise move. Have you considered any specific alternatives or strategies to safeguard your retirement savings?
With my demanding job, I lack time for investment analysis. For seven years, a fiduciary has managed my portfolio, adapting to market conditions, enabling successful navigation and informed decisions. Consider a similar approach.
This is definitely considerable! Do you think you could suggest any professionals or advisors I can get on the phone with? I'm in dire need of proper portfolio allocation.
Just research the name Desiree Ruth Hoffman. You’d find necessary details to work with a correspondence to set up an appointment.
I'm grateful for your help. After looking up her name online and checking out her credentials, I must say, I'm really impressed. I reached out to her because I could really use all the help I can get. We've set up a call for further discussion.
We Are in Unchartered Financial Waters! every day we encounter challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
At present, my main concern is finding ways to boost revenue while facing periods of quantitative easing, as I cannot afford to watch my savings diminish.
true, A lot of folks downplay the role of a professional until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Sharon Marissa Wolfe” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look her up and send her a message. You've truly motivated me. Thanks.
A really great explanation on how countries, politics and economics work. Thank you.
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming.
Asking for advice or assistance from a consultant or investment coach is the best line of action if you lack market understanding. Even though it sounds cliche or apparent, talking to a consultant has helped me stay afloat in the market and increase my portfolio to roughly 65% since January 2023. That, in my opinion, is now the most successful strategy for entering the market.
Would you mind recommending a specialist with a variety of investment options? This is extremely rare, and I eagerly await your response.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
For all practical purposes,,corporations already own the government ?
The US gov is a corporation
10000%! Fools still thinks it's a "dêmókrazy"
@@peanut0brainyup Trump is corporate owned now being backed by silicone valley billionaires and the democrats not doing a democratic primary and just choosing who their corporate overloards want to run.
but you forgot who owned these corporations....welcome to zionism
I have never understood why a country borrows money when it can print it's own??
That's because you're a mere mortal.
Federal Reserve is a private company
A country can print money as long as the inflation under control. When there is too much currency, the price increases counter the number of bills, thus diminishing its purpose. What is different for US is that US dollar is a world reserve currency and there are mass amount of US dollar outside US. Therefore, the newly printed money is diluted by the amount of existing dollars (percentage wise). But, its effect is still there, except smaller.
It's the behaviour they save their own money and spend others money. If you don't have debt you can't get a loan from the bank in the or credit its so sad but true uk is the worst for this behaviour bad practice
It works up to a point.
Indeed with QE that is effectively what happened, as some of the debt was moved onto the balance sheet of the Fed. The US has the "exorbitant" privilege of being able to do this, as the USD is used as the international reserve currency, and so there is always a demand for it.
Zimbabwe is at the other end of the scale.
Even more problematic is the tax rate already high … people not paying low rate, it is the corporate & rich evading tax😢
But wait theres more. Trump has already said he will lower the corporate tax rate. 😂😂😂 With the ever growing unpayable debt the billionaires are just trying to squeeze the US for the last drop of blood.
Proff Wolf hits the nail on the head as usual!
WOLFF!
You noticed he NEVER talks about that worthless. Welfare state of apartheid israHell. Because he is an AIPAC member.. IsraHell is a major liability to America.
The US political system has gone kaput.
@@callistussamuelmajalang2898 “ kaput” is that Yiddish?
@@GlobalDrifter1000 oui
@@GlobalDrifter1000 Latin -> Old French -> German -> English. Yiddish just borrowed it from the same Latin origin
President Biden has listened and answered that question.
@@davidmcnamara8024 And President Biden has since stepped down - will the next Administration (whichever Party that turns out to be) follow suit ?
Professor Wolfe you are a REAL teacher and political analyst ❤❤❤❤❤❤❤❤❤❤
Simply Brilliant & truth has been told!
Thaaannnk Yooouuu BRICS ❤️ 💚 💜
Haha! Please explain how BRICs will ever challenge the dollar. It’s a collection of misfit countries with zero cultural or ideological connections, wildly divergent national interests, all competing against each other for a dollar work around. The real, the ruble, the rupee, & the yuan - all seriously unique currencies that have no meaningful relation to each other. Each currency, bar India, has short-term and medium term existential crises going on. Who is investing in whom? India will soon be eating China’s lunch, India & China have serious territorial disputes that could chill relations overnight, Russia & China are already bickering over pipelines and territory, Brazil sells tons or raw materials and ag-products to China but is a western nation at heart and will always lean toward the U.S. system, and now they want to add S. Africa, Iran and a few others? Get serious.
🤣🤣🤣🤣Learn some fact loo loo🤐
GDP in 2024 so far... US - $28.8t, China - $18.5t, G7 - $48.6t, BRICS $27.1t... In what universe has the BRICS surpassed the G7??? Or the US alone???????😂😂😂😂😂😂😂😂😂😂😂😂😂
@@RRSDollar
The Universe is Not a Hierarchical Pyramid of Mathematic Quantities
The Universe is a Holarchic Sphere of Spheres of Consciousness Qualities
@@ribeirojorge5064Ohh I see, it is all about "feelings"😂... Someone just wish and think that the Brics or China are leading the world and that is enough to become reality. Hummm😂😂😂 Like a man can be a tree or a tree can be a woman, right? Just by wish and a very strong thinking!😂😂😂
My god I love you Professor Wolff! You are an absolute godsend of information for me. I have followed you for at least 7 years and you have not only changed my outlook on how the world works, but you have me bashing my head against a brick wall trying to explain to everyone around me, mainly my employers how blind they are to their own hubris
I am a manager working for the 4th largest "capitalist company" in my country and the management are soooo... blind to their own hubris. They treat the word of the company as unquestionable gospel, and DENY and reprimand any worker that questions their way of doing things. They treat me like I'm the one that doesn't get it, instead of themselves as the ones that don't get it.They defend their capitalist ideology like it's a religion! No information that puts their methodology into question gets passed UP the line to the people in charge, and therefore the people UP the line have absolutely no idea that their ideas AREN'T working
We have a system whereby the company is large enough that the people at the top, who make the rules, have absolutely no concept of how things work on the factory floor, and... no store manager dares to inform them that their ideas DON'T WORK! So the people at the top think that everything is fine and dandy on the floor because no manager dares tell them otherwise! My managers are so busy "sucking dick" that they create their own downfall and, therefore, the downfall of the workers and ultimately the downfall of the company itself
Mostly because of you, I have spent the last eight and a half years TRYING to tell them that their policies and movement DOES NOT WORK and they NEED TO PASS THIS INFORMATION UP THE LINE... and they tell me to shut up at their own detriment and mine. It is exasperating! I had to take 5 months off work just due to the stress of this!
The company I work for is constantly cutting hours (ie. wage hours) for the same amount of work... i.e. a job that takes 12 hours, they now supply 8 hours of labour for; and crack the whip if the job isn't done.
My company believes in cutting wages for higher production and automation. YOU know what I mean!
I run a team, and I am constantly sarcastic when I tell them that "this is NOT a democracy! You will do as you are told! If you want a democracy; change your vote to socialism". That's what I tell them!
I thank you from my heart for all your work Professor. Bless you Sir 😊
Also, I know you're not a politician, but I can't help but wonder what your thoughts are about President Putin?!
Good day to you Sir 😊
The people at the top are first of all concerned with enjoying power and luxury. What they did before is what got them these things for which they lust. They are not going to change things even if it is catastrophic for others and the future. This is because they are using everything to benefit themselves and have no genuine concern for others.
Ukraine war has been draining US UK NATO money, resources, man power, weapon , ammo stocks and aggravates economic,debt crisis.
While the war makes weapon producers in us and eu richer.
You can thank PooTon for that. If he wasn't the malignant narcissist who wants to be the guy who brought back all the countries that were once part of the Soviet Union that wouldn't be happening.
@@9fj1 No fool, you should thank your corrupt and greedy leaders and your political elite.
Anytime you spend money fighting a dictator is money well spent, that's why we are spending millions in the U.S to keep dictator Don Trump out of the White House. Let us Not surrender our two hundred and fifty years of being a Democratic Republic where Liberty and freedom has been the rule. Long live the U.S Constitution.
Other nations purchasing massive amounts of debt is the reason for why the US has been able to wildly spend without thinking about the consequences. However, they've now reached a point where it's literally impossible for them to repay it. If nations start dumping US debt en masse it's gonna be big trouble since they have to repay these treasury bonds with interest. 30% of all US national debt is held by foreign nations and investors.
A truely a great thinker....i live in the Uk..we rely on over 80% for our economy for on spending in the shops
I saw an Oxford Union talk a few years ago and the fellow said that 43%-47% of the British GDP is government spending. That does not counter your point but it does suggest that private corporations take a great deal of "their" profits from you and, I via government spending our money on them.
Since I saw that talk I've looked into it a bit and 40% or there abouts seems to be average for the contribution to GDP that our tax dollars make.
Of course it shows up in the GDP as primarily corporate profits.
Big thanks dear professor for this great, educational lecture!❤
*When someone becomes rich, a lot of things change. Lifestyle upgrades, new social circles, and different financial responsibilities are just the beginning.*
You mean like getting a private jet instead of flying commercial?
more opportunities for investment and philanthropy increase as well
Yes.... we have built in biological priorities: 1st ourselves, 2nd our immediate family, then our community, then our country, then our world.
Socialism forgets these innate hierarchies with delusion I will put the same inputs into my family vs a stranger.
Lets be real socialists... You and I will take care of yourselves and family and then your clan vs. some stranger who wants a piece of your fruits of YOUR creativity, intelligence, labour, and profit resulting from risk and extraordinary effort.
@@good2goskee Working hard to make money, as commendable as it is (for those who are able), is not the whole story though is it!
You are deflecting from the central point of the video, namely that corporations, the wealthy and politicians are colluding to unfairly enrich themselves at the expense of the ordinary people by means of an inequitable tax regime.
I should add that this regime is increasingly being propped up by the growing erosion of workers rights and restrictions on the rights to protest.
@PeterKitching
Workers' rights are often legislated where I come from.
Wrt demonizing 'corperations', this is Wolfe's go-to. 4 years ago, I was a one person corporation. Now I am a 15-person incorporation....am I an evil corporation in Wolfe's eyes? Where is his cut-off? What are his criteria for being an evil corporation?
Small companies/corporations drive this economy. Wolfe throws the title corporation around using and deonizing with broad vague strokes.
The reality is.... if I can start a business and initiate it with my skills and my creativity and put more profit in my family's pocket, or be able to provide more money to support things important to me, then why shouldn't I? This might mean me starting a project with automation and AI where I decide to have NO employees. Wolfe thinks employees and employers are on equal footing, which is flawed thinking. If I am not creative or do not want to rake risks, there is no employee because there is no job.
❤U guys show great topic ❤Palestinian. Proud African
Proud to be in america
Malaysian economy is having the same problem. Must hear this til to the end to know how all this is going on. Failure in a capitalist country.
LOL it's not failure dear, it is by design.
China owns 981 billion dollars in US debt.
@ptaeiy no
what about what is now taiwan? didn't the americans borrow from the exiled, old chinese government after ww1 in order to be able to finance the new deal?
18 April 2024 China downsizes holdings of US treasury bonds to $775 billion: data
@@renemartin5729
The US needs to borrow three times that this year!
Hard to make a point using old numbers dude.
Well - and what shall we do now? I'd suggest 1) saving 2) good education 3) research (not so much on gender plurality) but on stuff we produce, to stay competitive 4) less tax on work, more tax on interests and 5) honor working and avoid a social over-strech!
And we do: the opposite in the whole West!!
Apparently even our best universities admit according to their views on genders.
THANKYOU PROFESSOR.
SO EASY TO UNDERSTAND!
BIG CHANGES ARE HAPPENING......
USA $35 trillion national debt
Why was this not an issue when Trump increased it by $2 Trillion every year? Now it's an issue? Yeah sounds like politics.
Wait until Trump lowers the corporate tax rate as he has said during campaigning. Debt will never be paid back.
@@tzardelasuerte Trump is not electable. Even Trumpets don't actually like him and Vance less.
@@tzardelasuerte Correct. Politicians will never do this but A multi-prong solution is needed such as 1. passing a law which prohibits deficit spending. 2. increasing taxes. 3. Another law prohibiting new U.S bonds from being issued for the next 50 years. 4. Start paying back the national debt with any surplus.
...and 1T dollars in debt every quarterly!!!!!
Richard Wolff....Most clear minded thinker in world today ! All respect !
Gary Stevens of Gary's Economics says tax the fixed assets of the rich.
"Follow the money."
We don’t have a Free Market.
You really don’t want one
Never had and never will. It's a fairy tale told by the ones manipulating and controlling the market.
Clearly explained thank you Mr. Wolfe
Thanks!
The Federal Reserve with its Fiat Currency is a Debt based system. When you borrow, earn wages, pay your living expenses and taxes, you’re paying with debt. How can the National Deficit be paid off with Debt?
I'm so glad the YT algorithm suggested your channel. I'm 100% in agreement with your perspective on this issue.
I've liked, subscribed, commented and shared your video.
Thanks Sir, capitalism and rent seekers came into East, Bangladesh.
It's going to hurt... but raising taxes isn't enough. There will have to be massive spending cuts, and entitlement cuts, and that means it's nigh impossible to get out of this mess.
Thanks for this in-depth analysis.
Professor Wolff is my favourite economist, love listening to him explains how it is
Funny is how when Americans said loudly " We are proud of America ( or democracy ) ".What a mockery when they didn't realise they ONLY had 2 choices , choose the worse among the worst.LOL
Money flows to countries that make things. 'Making money' by shuffling numbers around on computer servers will only get you so far.
Solution, corporations start paying there fair share of taxes,slave labor is drying up
The Gap between the Solution and the Problem is growing Wider!
The fact that Professor Wolff isn't being chased by some political organizationnto be a chief economic advisor and analyst is astounding.
The problem is not corporations, it is federal deficit spending.
Make the corporations that reaped the profits from that debt repay it.
Democracy is like a joke which has no punch to laugh but still joker thoughts people must laugh with...what a joke
Here in the southeast I'm seeing more people driving without the AC and windows down (besides me) so something is changing. AC costs more gas except on highways. The suburbs and cars were all built for cheap energy. Suburb houses need refurbishing models. My little post war bungalow was built in 1950 and livable without AC. Times are changing and people want to eat.
I understand everything you're saying, but nobody listens to me. They all want their free stuff, and think this sort of nonsense can go on forever.
The G7 today was once the Alliance of 8 Nations United Against China in the late 1800s, early 1900s…
Professor, don't corporations pay corporate taxes? Or, are you saying that after deductions they effectively don't pay taxes?
Yap !! West ... will die
Amazon reported $35 billion in U.S. pretax income for fiscal 2021, but is taxed at a federal income-tax rate of 6%. How much percentage are you paying, I bet it's a lot bigger than 6%.
Truly, "Denial ain't just a river in Egypt!"
🤣
😅😂😂😂 That's right you're good at geography.... It goes through other African countries too. 😂😂😂
Yep. Finally someone that says the truth.
At 0:48 it says everything you need to know
Thanks Richard ✌️
The government doesn't borrow from the corporations and the rich.
Brilliant as always
20 years ago I have make the biggest mistake in my life.
From suisse me and family moved to Canada.
After 20 years working as a otr , 70 hours the week, I receive 250 cad retirement pay. When I'm smart enough, If I would move to Russia, I can even take with me my swiss transport company.
Very sophisticated of you leaving the Unions out of the equation.
Well spoken
Thankyou..so much. Its clearer to me on what is going on in world finance
Thank you for such an insightful and interesting lecture Mr. Wolff 🙏😊
the problem reducing US debt is when one party/ president reduces debt, it creates an opportunity for the next party/ president to increase debt and boost the economy.
Thank You for giving this information !
When China bought all of those debt bonds at the time I wondered what if the Chinese wanted to sell them.
If China didn't want US Dollars then it would simply stop selling things to America as that is how it receives US Dollars in the first place. The US Government has to spend its currency first before it can tax anybody or issue treasuries.
What is AIPAC? What do they control? Thanks for the video.
what is the problem ? for every seller is a buyer, who sells for less takes the loss.
We've already reached the point of no return.
China doesn't have that much money now. Selling foreign reserve to maintain the exchange rate.
I am in my 80’s and have listened to this false narrative about American debt my entire life. It is B S as the government has the power to print & tax.
excellent explanation about a country's finances
Why would you purchase debt of somebody that can't even pay the interest on their debt
Brilliant man. I have studied your lectures online.sachs,wolf and Peterson..it has expanded my world knowledge. Thank you all. Amazing bunch of brilliant man..😂🎉
Eyes full of anger , greediness and jealousy 😢
Very Good!
Mapping the movement of heavy industry across America in the 20th century makes Mr Wolff's point glaringly clear.
Most heavy industry started around the New York area and moved with the railways into zones of cheaper wages. Notably the industries that tried to stay behind statistically did less well. By the time it had moved from New York to Milwaukee and from there to Ohio sea links were becoming cheaper to move offshore.
This was the critical point. The US government could have demanded this industry stay in the USA as a repayment for the cost of government infrastructure that had made these industries viable but it did nothing. This was understood in the *1990s*
The American government is the most indebted government in the history of human civilization the past 3000 years…
This is nothing but good news. Now the USA needs to double down with tariffs, sanctions, and quotas!
Since corporations are considered individuals for legal reasons they should be treated as individuals when tax season roles around. How many BILLIONS of dollars would microsoft or Gm or Exxon pay in taxes if they were individuals and how much could they donate to corrupt politicians if they were held to the donation amounts allowed individuals
Well, we know now. Thanks for the info.
If I had a dollar for every time Richard Wolff told a Whopper I would be an extraordinarily rich man!!
Actually the Federal Reserve and Social Security Administration are the largest holders of U.S. Treasury Bonds. Japan and PRC are largest foreign holders but the SSA has more than both combined amd Fed holds double the amount held by SSA.
Richard Wolff for president
The British people still today think that they are something...
This video is an eye opener. Excellent. Thank you Professor.
Thanks for this important information!
Toujours intéressant et instructif!
Modern Capitalism did not start in England. It started in The Netherlands.
In the 1990’s people were saying the 21st century would be the ‘Asian Century’. They were correct. As a regular traveler to Asia and being in touch with working people it’s clear to me that even in the humble villages of Indonesia people are aspiring to a standard of living that was unimaginable 30 years ago. They’re improving their lot in two ways. First, education which is bringing the poorest into the middle class as the brightest get government scholarships. Second, they put in massive hours to be able to educate their children. It’s commonplace to see a day time professional selling clothes at a night market.
The West squandered its wealth and opportunities exploiting Second and Third World countries. Don’t expect them to be sympathetic towards the declining influence of former colonial and economic/military powers. China and Japan certainly won’t be while others improve educational and vocational possibilities for their people. I know one family of mum, dad and five daughters. 25 years ago they lived in a remote village and couldn’t afford rice. They experienced hunger. Now 4 of the 5 have university degrees and their parents own the farm.
As an Australian I don’t expect Westerners to understand the forces at work and the drive of people to improve their conditions but one thing is certain, while Neoliberalism continues to squeeze the Western middle class out of existence the ‘East’ (Australia’s North) is getting wealthier largely because of Western debt and jobs that have been moved away from the US, UK and Europe to Asia and the sub continent.
The emergence of BRICS in a number of these countries and the move to the Yuan is a great indicator of a number of nations new found confidence. It also indicates a lack of confidence in the future of the debt laden US.
As a CUBAN immigrant I know firsthand that Communism that has more problems than Capitalism.
The recent stock market collapse in China is causing a lot of panic and economic turmoil. it's crazy! I read that the government had to intervene with a massive 2 trillion yuan bailout facility to stabilize the situation.
Did you fail math? Their stock market is down 0.5% ytd is that a collapse in your funny eyes
How about “Even after 2008, China does exactly what the big bad West does with Real Estate.?”