Economic Update: Debris From A Declining Empire
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- čas přidán 10. 03. 2024
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[EU S14 E10] Debris From A Declining Empire
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This week's episode of Economic Update we discuss we discuss United Kingdom politician George Galloway by-election victory, and the raised minimum wage in UK. We will comment on Elon Musk's lawsuit against the NLRB, as Trader Joe, Starbucks, and Amazon also join to ask right-wing Supreme Court to gut regulation of business. We then look at US protectionism as the Biden administration raises tariffs on Chinese electric vehicles, in an attempt to keep Chinese EV's from US markets. Then in labor news we discuss Starbucks’ negotiations with unions and how Michigan’s legislature killed "right-to-work" law after 58 years.
Finally, we have an Interview Richard RJ Eskow on the current decline of the “US Empire”.
Richard Eskow is a journalist and host of The Zero Hour. a syndicated radio and
television program. A lead writer, speechwriter, and editor for Bernie Sanders’ 2016
campaign, he was also a featured columnist at The Huffington Post. He worked for
years in the corporate world, with governments and with multinational organizations as
the World Bank, specializing in healthcare financing, policy, and information technology.
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"If voting really mattered, they wouldn't let us do it." - Mark Twain.
man this word must come from a wise man, Is that the dark truth behind democracy?
Well quoted. West supports democracy in other countries because it is easiest formula for corruption
@@kensyjolicoeur Wise enough to Keep My Shut, if ya know what I mean.
American Indian activist John Trudell : "Not a good time to be living in this earth."
Obviously, referring to the destruction of the environment & subsequent extinction of humans.
However, Trudell did add that we get to, concurrently, witness the demise of imperialism, fascism, and capitalism.
How true!
We are living in a fascist state.
Mussolini said, "'Fascism' would more approximately be called 'Corporatism' because it's the merger of State and corporate interests."
Yep, it fits.
We aren’t free and I’m tired of pretending that we are
One would have to be a drunken slave to obey the will of a thug like Putin.
Fascism IS a form of socialism. Lol
@@kateoneal4215 OK, then we're living in a fascist corporatism state.
Remember that when professor Wolff compared the British and the American minimum wage, he didn't mention that the British minimum wage in the rest of Northern Europa is regarded as a joke. Nobody in Denmark would take a job to 14 USD per hour - the equivalent to the minimum hourly wage here in Denmark is around 19 USD, rising to 20 USD later this year. Cheers from Denmark!
Cheers back to you! I would love to visit your nation one day. Denmark is sane. The US and its economic elites are insane.
Good for the Northern Europeans. We’re trying but the Capitalists are still controling things!!
Trump is the one who put tariffs on everything. Can't believe some want him back in
US isn't a very good place to live Way too much government and corruption.
You're not wrong, but we do live in the belly of the beast, with the most experienced and skilful ruling class with the most extensive and intelligent propaganda system in the world. Our public discourse is moronic and deceitful. Reality and good sense rarely get a look in.
Depends what you buy with it too.
Thank you for updating your listeners on the Rochdale news where George Galloway MP was successful in thrashing the mainstay political parties. Massive respect from Gloucestershire. UK
You are sooooooo right. the struggle between workers and Cappitalists never stops!!,
George Galloway is the man!! He's the real deal, appearing on all the right media channels.
Fake deal
@@aspie2901 Is that all you have to say? Not a single argument you could bore us with?
@@mostly_harmless1 funny how that applies to me but not him.
Unfortunately he has some, uh, peculiar identity politics positions. I'd rather if he was the class reductionist I thought he was and avoided talk that alienates a big chunk of leftists.
@@aspie2901 neo liberal westoids cope hard.
Meanwhile, the planet is on fire.
Capitalism can be characterized by one word: exploitation.
Capitalism isn’t exploiting anyone. Read Bohm Bawerk
@@ExPwner If employees were paid the full worth of their labor, there would be no surplus for the employer to gain from hiring them. In capitalism, the employer is supposed to get a part of the product of their employees labor, which is how accumulation of capital is possible. This means capitalism is a parasitic system, where parasitic capitalists feed off the surplus they get from exploiting their employees. Read Marx.
the same works for socialism: fantasy.
Exploitation thru markets.
all economic methods can be exploitive
Back in the 1980s, there were tariffs placed on Japanese automobiles. Those cars were great in that they were reliable and inexpensive, but the automobile lobby in the US pushed to ban and limit Japanese automobiles.
The semiconductor lobby did the same thing to Japanese semiconductors to limit imports from Japan. The same thing is happening to Chinese companies in the US. The US knows that they can't compete, so they are just banning Chinese products, like they did with Huawei smartphones back in 2018, Huawei telecommunication equipment, etc.
The US can ban Chinese products from entering the US, but they cannot ban those imports to other countries. As a result, US companies are going to start losing in the export markets.
@@golanheights9000 That is true, because Japan really wasn't a independent after WW2.
Also, the U.S. felt, of course, that the Japanese economy was on too good of a roll and Japanese firms were using up distressed gold key office buildings in major cities (like L.A., California. where I was in the mid to late 80's) and they made a bunch of moves that crashed the yen and toppled the Japanese economy which has never fully recovered to date. I remember a friend's dad had a '72 Datsun pickup, I believe that was the year, that he used on his farm and it had tons of miles on it and dents everywhere, but we would drive it out in some of the fields to go shoot pheasants, or clay pigeons, though not a racetrack, it always ran good and never smoked. My best friend had a '76 which was one of the best looking ones I think. The U.S. thought they could bury Russia and they think China will be another Japan, but for some reason my country never seems to learn it's lesson. If I could get a byd for what the Chinese buy them for or even a little more, I would buy an electric vehicle, but the ones for sale around start around $50K+ for the low end model from Scandinavia. And even used Teslas start around thar same price, but have so many hours on them you'll have to buy new battery packs at around $25K in a short while. Too much money for my family.
@@luvanime1986 China today, and Japan in the 1980s aren't anything alike. China is a sovereign nation that has its own economic policies. They had been diversifying their trade with the BRI(belt and roads initiative). They also been diversifying their sources for food, and fuel over the years.
In the next 10 years, you are going to see more growth in the developing world. China still need to urbanize 300 million people, and they will be consumers. India will be adding hundreds of millions of consumers, Pakistan, Indonesia, countries in Africa, and countries in South America as well. As this happens, the trade with the US will become less and less significant.
If the US thinks they are the center of the world, they are going to understand that they aren't in the future. You will have billions of people from developing countries that also become consumers. China is helping a lot of those countries develop. Zimbabwe asked China to build them a Lithium processing plant, and China did that. Indonesia asked China to help build them a nickel processing plant, and China did that too. As those developing countries become more industrialized, they will have more people with more disposable income. They will buy Chinese goods, like Chinese EVs, Chinese TVs, Chinese com equipment, etc.
@Ace1000ks19751982 don't recall ever buying American as a youngsters earning big bucks in the ME _ Gulf. All the big ticket items were from the East and food and shoes from the West. Now we can't even enjoy our smart phones _ taken over by hackers from the West!
0o@@luvanime1986
Richard is Sooooo right Our country has not been a democracy for a while!!!! The people are going to have wake up BIG TIME!!!
How can they wake up eating all those wings, burgers and tacos, drinking Bud Light and watching Football, Basketball and Baseball every passing moment? Life is Good
I'm not sure it ever has.
@@scottdavis3571 From the beginning, our country was ruled over by an oligarcy. First it was educated, wealthy, land owning white men. Today it is billionaires and multinational corporate people. Still mostly educated, wealthy, land owning white men though.
Democracy withered out with IKE......to JFK. After that, it's all Corporate Lard!
And then what?!?! The thugs at the top have no intention of going anywhere.
What I absolutely love about Galloway is that I think he is a totally honest guy that will NEVER feed you with any lies, bullshit or doubletalk. Even if it's something I wouldn't agree with I could be sure on where he stands and what he thinks. His honest character is totally refreshing in a world of lies and deceit.
First time I heard this guy I was like who the hell is this communist get him out of here, then 2020 happened. Here we are in 2024, and we live under communism. At least this guy wants to do it the right way… 😂
Hi dearest Charlie. I'm impressed by your determination to be always out there educating the uncultured about the ongoings of the imperialist-capitalist economics and their heading towards ultimate bankruptcy. In the USA, there are seemingly only a handful have this brave insight. Therefore, all these factors make you a distinguished intellectual. You deserve the credit you're getting from your followers. To me, your of the calss of Noam Chomsky and the great George Galloaway...
Congrats to George!
superb analysis-Scandanavian Social Democracy would be a vast improvement over our politics here in the USA-Even the skinheads in Sweeden -and they have 'em-Understand meaningful access to health care is a basic human right,not a commodity to be bought and sold.
I love this guy. Speaks the truth.
Thank you once again for a very informative discussion . I feel a sense of sanity returning every time I listen . I am so grateful 🥹 to Professor Wolff for his sense of humanity that he brings to every show . There is no end to all the confusion in our country and our world as we are living through today .
As i see, in the u.s. we only have a uni-party controlled by the oligarchs who have funded the politicians.
Unfortunately, many countries have « 2” parties that are now
(or always were) only 2 factions
of the same 1 dominant party.
Bingo. No one has an answer for that.
@@samaval9920 Or, as George Galloway would say, “Two cheeks of the same backside”.
If you can’t see the difference between MAGA republicans and the dems well you’re not looking
@edc1569 oh, there's a difference. The democrats use lube.
Corporations can hire and fire you for anything and everything and We have no rights. It’s happened to me before and all it takes is one or two people in management to write fictitious reports on you and you are gone. And they can fire you and say you threatened someone or you were a bad employee and you have no way to defend yourself. Even when I made a report about their abuses, the department of regulatory oversight told me I needed employees to collaborate my side of the story.! I contacted 6 different current and ex employees and they were all afraid of being sued or losing their jobs and they all refused to cooperate and provide me with any statements. But even though I felt terrible for the way I was treated , I heard stories about people who have worked for decades and get fired over something minor. It’s insanely frustrating..!
Yes it is. Institutionalized bullying.
In US in recent years, some courts have ruled in favor of workers civil
& political rights. This is potentially a great breakthrough
but is just beginning.
Trade unionists in many countries complain that when 1 goes to work, 1 leaves 1’s countries constitution outside the employers doors.freedom of speech, assembly, etc.?
This is true. They can also force you to quit by making your life very difficult.
Yeah, and was arguing wit( some guys who downsized out and factories shut down, and they were defending the Corps, the wealthy, and Trump, and they would not listen when I gave them cold hard facts and figures. They prefer to listen to the lies of Trump!!!
Another fantastic report. Truly appreciate your journalistic integrity throughout the years.
An end of a Empire, history repeats itself. Apparently there has been 38 Empires that have collapsed over the centuries. We the Western Empire will be no different.
The minimum wage in Australia is $23.23 per hour.
THAT AUSTRALIAN DOLLAR
HOW MUCH US 14-15.
@@moemimouni679
Yes obviously! DUH!
@@moemimouni679So twice the minimum wage in some states?
$23.23 AUS dollars = $15.36 US dollars.
Those are today's exchange rates.
Indeed. Thanks for sharing. What's interesting is purchasing power. What can that 23 AUD get you in Australia v/s minimum wage in the different cities of America. I'm guessing I'd still be looking to rather be in Oz.
"The United States debt is now rising by about $1 trillion dollars every 100 days. No wonder that the interest payments on national debt has already surpassed US Defense spending and soon will exceed every single government program." ~Lena Petrova, 2024
Go George G!
Second, but with something to say: The professor is spot-on with his economic social analysis.
Good it’s about time the Unions start winning!!!!
We should win. We should win democracy, so we all have a say.
This when Elon was trying to get a 56B one time payout. It's sick.
Keep up the good work Richard and team! I look forward to your episodes every week or whenever they are released 👍
How many musical instruments does any one person really need?😂😂😂😂
RJ is such a good man, someone to trust is working in the interests of the regular person in the US, but not excluding anyone in society. Thanks RK and Richard much appreciated
Really good program today. Got a couple new insights. Long time fan!😘
same here. Thank you.
Elon Musk has always opposed unions. Guess who supports US tariffs on Chinese ev's?
Of course! We need to democratize our workplaces, so we all have a say.
And lithium coups in Bolivia while ranting about 'illegals'...
10 years ago he was ridiculing Chinese EVs. Not so anymore, it seems.
It is time to vote for peace.
All the cans have come home to roost ....
Thanks so much for your knowledge Richard, for all free thinkers, yourself and George Galloway are Giants ❤❤.
Very informative, thank you!
I truly enjoy Richard's ability to share complex situations and in a clear manner.
I sways look forward to his programs.
Ruth Alcorn
Thank you for making this ad free.
AMLO said: USA 🇺🇸 Should send us the Statue of Liberty 🗽. Because, there’s no more democracy in USA 🇺🇸. Why don’t they Free Julian Assange? ❤❤❤😂😂😂
Part of AMLO's legacy:
AMLO rolled out a list of 20 constitutional and legal reforms for Congress to consider, including:
reaffirming the right of all Mexicans 65 or older to a pension with annual increases;
providing pensions that pay 100 percent of the last salary of retirees who are enrolled in the federal government’s IMSS and ISSTE systems;
assuring economic support for disabled persons and scholarships for low-income students;
guaranteeing that the increase in the minimum wage is never below the annual rate of inflation;
and providing free health care to all Mexicans.
In addition to giving constitutional protection to an array of existing social programs launched during the López Obrador years, the reform package proposes trimming the number of Congressional representatives and senators, instituting guaranteed prices for farmers, prohibiting GMO corn for human consumption, banning fracking, slashing Supreme Court terms from 15 to 12 years, selecting judges by popular vote, and outlawing animal abuse, among other measures.
And what do we have in the U.S? *Nothing!*
American Indian activist was asked (about 20 years ago) if Amerikans were "still evolving "
He replied, "Sure, they're still evolving ... right into their own extinction."
Which was just his way of saying "the bigger they are, the harder they fall ..."
Tuesday speech in Parliament 👍
INTERESTING STUDY .... GREAT TALKING POINTS PROFESSOR WOLFF ... SALUTE 🫡
Imagine someone in the US with George Galloway's sword of truth and oratory ability running for president in the US.
In his way, and for a time, Bernie Sanders was that person. Was.
Ralph Nader. Older now, but still sharp.
RFK
@@kiwitrainguy Despite his good environmental record, his unconditional approval of the ongoing Gaza ethnic cleansing leaves me cold.
OK, in that case Trump is guaranteed of victory.
He is probably on the Israeli payroll like Biden.@@StephenGoodfellow
Props to Dr Wolf for going on Blk Power Media. Really enjoyed your insights on socialism, the role of wrkr owned coops, and the necessity of political movements and change. 👍🏾
If you were to get me a third-party candidate that I felt had George Galloway's caliber, I'd definitely vote for him.
"to get me a third-party candidate that"...why are you waiting, YOU run for office!!!
I'm 67 years old for one, next question.
@@jamesjones9250 "67 years old for one, next question."...another excuse for NOT doing anything...Trump and Biden are much older, they're running!!!
Voter for RFK.
I live in Northern Ireland, and even though he claims to be socialist I consider him an acquired taste that I have never really settled on. That said, this is the 4th different Parliamentary seat George Galloway has won and is only matched historically by Winston Churchill so he has certainly overachieved on that basis !!
Hello to the north of Ireland.
The slave-forming minimum rates of pay of the US tell us that slavery is not totally eradicated in the US. Some people need to do 2-3 jobs concurrently in order to survive. Workers still cannot form a union freely in this country.
Thank you for very helpful information for the affected future of American society and their success.
RJ looks closer to reaching his final vampire form every time I see him 😅 Love both these dudes.
Great video Professor Richard Wolff
The homeless need homes and food. We need socialism. We need people who will limit the rich and force them to share their wealth with the poor.
Im afraid it will take fighting in the streets. 😢
@@theboyisnotright6312 A fight worth seeing though to the end.
They used to pay taxes on wealth and get tax breaks for investment in needed production.
Democratize the work place that way the profits are use for the entire company not just a few individuals.
No way will the “ elites “ parasite class will never elect a socialist, look at what happened to Bernie ( who now is a sellout). Also the US overthrows or regime change countries who are socialist
The news section of economic update was terrific. It gives one some much needed hope
I live in a town near Rochdale. With respect, the byelection isn't quite how Richard describes it. There was a story in the national news that made the Labour withdraw it's candidate for his "antisemetic comments". The Conservatives aren't popular in this region, traditionally, and there's a large Muslim minority in Rochdale (30%), which is especially pro-Palestinian. So Galloway came through a gap.
National news. Did you say? So George Galloway not campaign on local issues? He talked about reopening the maternity wing so that folks can be born in Rochdale again. He talked about investing and reviving the local FC and routing out grooming gangs, among other pressing issues.
Perhaps you have to read less of national news and listen more to Mr Galloway....
Hello Prof. Wolff, I have received my BA from the New School University! You make me proud.
Thank you for reporting the many wins for the people ❤
I love this guy's reference to Frank Zappa!!! "POLOTICS IS THE ENTERTAINMENT ARM OF THE MILITARY INDUSTRIAL COMPLEX" No truer words ever spoken from Mr. Zappa.
Great show! Feed people and house them…security there by God
Can't wait for prof Wolff to be George's financial advisor or Chancellor 👍😁
Such great news for Britain 💙💙💙
'We covered the whole world in 60 minutes. I was very impressed by his knowledge, by his sharpness, by his flexible mind. I was very, very impressed. … Syria is lucky to have Bashar al-Assad as her President.'- George Galloway; 'our Excellency, Mr. President (Saddham Hussein), I greet you in the name of the many thousands of people in Britain… I salute your courage, your strength, your indefatigability.'- George Galloway; 'So I don't believe that Bucha was a war crime I believe it belongs in the long line of false flag operations used to trigger war.'-George Galloway...if that's socialism professor, you can have it.
George is the man. He is the change.
Bravo, prof.
I wish General Strike would report for civil disobedience duty.
They made it illegal because it was too effective.
i live in Leicester not far from Rochdale and i m not surprised he s been elected. People in Leicester feel the same , they anti conservative vote has never been stronger.
A great vid professor keep them coming.
Thanks
Inspiring (inspiring in one word). Thanks.
Great comments. Ariel Durant sees the debate between freedom and equality. Fascism is freedom for the few...
Hi Professor, i have seen you videos and the shows where you appeared in years passed. I think of mark twain describing his father being a , well he held him in very low regard, after a few years he said he was amaised how much the old fool learned in such a shorr time.
I smile at my self as i was also amised at how much you learned in such such a short time. Bty i am 80 years old.
Thank you for all your shows that you rook part in and all of your own videos. 😊😅❤❤❤
thanks!
Capitalism looses steam from spreading ‘freedom’ and ‘democracy’ 😂
The shift is occurring that workers continue since 1776
Richard and Richard 💜💜
A declining empire is at its most dangerous n will lash out aimlessly in all directions trying to drag the world down with them
Thanks for union and Department of Labor updates.
Didn't CZcams music just fire workers for organizing.
I read the comments of various economists who point out that when China goes toe-to-toe with the USA in America's own game of capitalism ...and manages to out-compete them, it's Sour Grapes we get from Washington.
The USA wants to be top dog.
Starbucks workers solidarity forever ✊
effrayant !
That intro music always makes me imagine that the Professor is about to bust out some sick rhymes.
Thanks doc
love and respect to Dr Wolff. Where is America's George Galloway? We thought it might be Bernie, but he is not in the same league. UK has the same duopoly situation we have here, but it exists in a context where there is a legitimate lefty tradition Labour was true to its name for a period ending with Blair, and then had a brief resuscitation with Jeremy whose hopeful leadership was crippled by a zionist, US coup. Sadly across the pond we are adrift, long cut off from our lefty tradition of 100 years ago. Share Dr Wolff's work, organize and support each other. The left needs to rise as there is a storm brewing to our right.
@albwilso9 wrote "Our country has not been a democracy for a while!!!!" -------------
My question: When was the U.S. a Democracy?
Before black men could vote (1868)? Before women could vote (1920)? Before true Americans (Indians) could vote (1924)? Exactly when were we a Democracy?
I subscribed to your show , ty prof
When is Richard gonna show us his dance to the intro music? You know he has one. He has to. The man's got soul.
Correct Bernie shows us how to give up be a quieter
My deep congratulations to Socialist George Gallaway for his win in Britain. I command him for his stand on Gaza.
Sadly, socialists in Britain long ago abandoned the effort to rid Britain of landed privilege. The same can be said of Labour leaders. The closest Britain came to solving the land problem was way back in 1909 while Lloyd George was Prime Minister. The Lords managed to put off a valuation of Britain's land long enough until the eruption of the First World War put almost all domestic reform ideas on the back-burner. After the war was won, the momentum to deal with landed privilege faltered, not wholly disappearing, but never able to regain the level of support that had come from M.P.s during the early decade of the 20th century. The logic and history of the effort to solve the land problem in Britain is contained in the writings of Fred Harrison, Director of the London-based Land Research Trust.
Almost any endeavor in the United States you can name such as education, health care, religion etc. has at its main priority to redistribute money to the wealthy aristocracy.
The great thing of following your heart is that like attracts like. Eskow is a great friend of prof. Wolff. A remarkable man.
Prof i spoke with people from tbr "cosa nostra" who told me that the bosses used to have paid gunmen to threaten the workers, way back when, and the Cosa Nostra offered ther gun to threaten the bosses back. That was how the Organisation got into labor unions. But what do i know. The men i spoke to many years ago were, well i cant tell you, but they were prowed of the achievements 😊😊😊❤❤❤❤
From my readings, what is being done presently by the US government in Ukraine and Plaestine is a 400 year proclivity from the beginning of the European mindset of slavery and extermination of any sovereign act of self-rule. Submission or elimination through financial and violent means has been the American motif for a long time and that favored approach is on a global display
JFK : Manmade problems are for mankind to solve.
I didn't hear anything about consulting with Pat Robertson or even Reverend Willie.
My wage is equivalent of 15.36 USD per hour (£12). I live in Scotland and clean for a living. The American minimal wage is laughable.
I think that may be a Welsh harp in the background behind Richard Escow. Lovely
77 % tariffs will hurt the consumers . Simple as that. Do people understand thus simple logic?
A 77% increase in anything is a great way to collapse something or everything. That's just insane
We seem to be moving in the direction of the authoritarian parts of a socialist society without gaining the egalitarian or humanitarian parts.
What is freedom? FREEDOM is to do right for others. "Freedom" for oneself is selfishness.
I got written up for my brother posting about working conditions of the company i work for 😂i did not know that he had posted on a public forum, and they said i gave out Proprietary information😂
@~24:00, in 2016, Bernie's loss to Hilary showed us just how little our votes matter. We were all excited about Bernie, nobody wanted Hilary, but we're not billionaires. So, it's Hilary we got. Now we know that we can't wait for the billionaire class to give us anything, we need to take it.
Empires rose n fell thru real conquests. None had this way of slippery sliding