Economic Update: Crosscurrents of US Politics
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- čas přidán 30. 06. 2024
- [S12 E24] Crosscurrents of US Politics
In this week's show, Prof. Wolff talks about the effect of Ukraine sanctions on inflation, Musk as economic dictator, Idaho progressives’ impressive gains, and offers a practical response to shootings. In the second half of the show, Wolff interviews media host Krystal Ball on US politics.
**Economic Update with Richard D. Wolff is@democracyatwrk production. We make it a point to provide the show free of ads. Please consider supporting our work. Become an EU patron on Patreon: / economicupdate and help us spread Prof. Wolff's message to a larger audience. Every donation counts!
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About our Guest: Krystal Ball is co-host of Breaking Points with Krystal and Saagar and co-host of Krystal Kyle & Friends. She’s author of the best-selling book The Populist’s Guide to 2020 and a former host of The Cycle on MSNBC. In 2010 she was the democratic nominee for Congress in the 1st district of Virginia.
Links: Twitter: @krystalball
Podcast: @breakingpoints
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NEW 2021 Hardcover edition of “Understanding Marxism,” with a new, lengthy introduction by Richard Wolff is now available at: www.lulu.com/
“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”
Check out all of d@w’s books: "The Sickness is the System," "Understanding Socialism," by Richard D. Wolff, and “Stuck Nation” by Bob Hennelly www.lulu.com/spotlight/democra...
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SOURCES FOR SHOW SEGMENTS:
1. Sanctions in Ukraine: www.reuters.com/business/aero...
2. Elon Musk: a. electrek.co/2022/06/01/elon-m...
b. www.theguardian.com/technolog...
c. www.reuters.com/technology/ne...
3. Idaho progressives: www.dailykos.com/stories/2022...
Just watched Krystal slap Bill Maher around and now she's on with Richard Wolff... Nice.
Hahaha yes. Bill Maher has become a dinosaur. He was *once* relevant back in 2004, when he was making jokes about the Bush administration. But he has since lost absolutely all of his perspective. The fact that Bill Maher even deigns to *platform* toxic individuals like Ann Coulter etc should broadly disqualify his whole enterprise.
@@Shigawire Definitely trapped in his rich, center-right Dem bubble.
I think Krystal hit it at the end: the Democratic establishment is paid to throw the game. Somehow, voters need to ditch "the lesser of two evils" sham and grow a third party and back it all the way, against DC duopoly and corporate lobbies.
I agree. I have been contending for years that the truly primary function of the Democratic Party is to be an obstacle to any serious leftist/progressive political movement and policies.
@@edifying The evidence is undeniably clear: The Davos Dems my be angry with Trump & their Republican rivals; but they absolutely loathe Progressives & have nothing but contempt for struggling working-class Americans.
@@edifying The establishment receives its income from money markets and as public officials are paid salaries from the tax payer. They receive incomes from two sources that are distinct from each other, separated, in the tax code as having two sets of rules, private sources and public sources of income. Is this not a parasitic existence?
@@MrDXRamirez Don't disagree with anything you said. But I am a little slow so please explain the relevance to the point I was making? Regardless of their source of funding the function they perform is systemic in character, in that winning elections or serving their constituents is secondary, if even that, to their function of blocking any serious reform to the system.
@@edifying As you said the democratic party is an obstacle to any progressive reforms of the system. But in not saying the unchanging nature of the system makes a nation come short of its own ideals you are perpetuating the unchanging nature of the system, is sheer insanity.
Great idea to have this enormously popular broadcaster.
There is no war but class war. Indeed.
Two bright minds having a very cogent discussion together. Doesn't get better than this.
She had spot on answers to the questions. I think she has a great future and wish her all the luck.
Should google her net worth sometime lol. She's fine. (But yes she can be great and hopefully continues to be on the true left and speaking truth to power, unlike many of her grifty counterparts).
Krystal was spot on with all of her answers! Massively impressed!
Krystal is right about there is no such thing as the "American Dream" for all citizens. I wish the "younger people" wouldn't refer to us "older" people as one unified group because we are a variety. I'm 74 and very progressive in my views and voting.
Amen.
To be honest I think a lot of people your age are very progressive . I think it’s the gen x ers that are the most reactionary generation.
Great that you had Krystal on!
Loved watching her take down Maher last week-
She knows her stuff 🏆
Thank you Prof Wolff !!!!!
Great analysis by Krystal!! Thank you for thought interview professor Wolff
Solidarity with Starbucks workers! ✊
What an eye opener. You're the first to inform us on how our sanctions have turned around to bite us in the butt.
See The Duran guys
And watch Jackson Hinkle, Jimmy Dore and Max Bloomenthal, Ms. Godfrey.
Thanks Professor, great guest👍
That was excellent Krystal Ball. When you spoke of class war being the basis of our eroding democracy and growing inequality you couldn't have been more correct. You pointed out that behind all the other issues being debated, the most important issue, which is seldom discussed on mainstream media, is class war, the struggle between the haves and the have nots which has been the central struggle of man kind. Human greed has paved the way for the rise of unprecedented political power and unimaginable concentration of wealth among a few select oligarchs, whose self serving motives is iken to that of the mafia and organized crime. Louis D. Brandeis, former Supreme Court Justice during the FDR Administration declared: We.can have democracy in this country or we can have the great concentration if wealth in the hands of a few, but we can't have both."
Thank you sir for your observations and thought 💭
Great show as usual.
"The CEO is the modern reincarnation of the King" ...it's so true!
Obviously you have never been a ceo or owned a business and had to hire and fire people. I suggest you try it. Richard wolf lays out step by step how to start and run a democratized bread company. If you follow his teaching there is no way you can fail. 🤪
@@Twosheets Obviously you don't know what a CEO does. Being a CEO and being a business owner are two completely different jobs. CEO's, along with its board of directors, don't own businesses so they don't have a vested interest in "their" company per se. Their loyalty lies with the shareholders who appointed them and their job is to maximize surplus for them and make strategic decisons accordingly. If it is profitable to make a surplus while running the company into the ground, they will do do it. That's what hedge funds do: rob a company and sell the corpse. Hence all hose stories with failing businesses while CEO's still get their bonuses: illogical as it may seem, they achieved their assigned goal so they get paid. Needless to say, a business owner will never intentionally hurt his own business. Also a business owner is way more eager to invest profits in his/her company to make it grow and make it better. To the average CEO, investment is bad and only used as a last resort to remain competitive.
@@Twosheets The c minus students go into personnel. They hire and fire. Ceos are on the golf course. Give up your obsolete view of the world. It has'nt existed since 1945.
@@PropagandasaurusRex On the other hand, there is the view of corporate CEO billionaires at the macro level. Generally speaking, these are the big-money guys who manipulate elections and buy (influence, intimidate) members of congress. Some contend that a relatively small group of such people now effectively rule entire countries. Economist Sheldon Wolin called it "inverted totalitarianism". Others describe it in terms of a coming technocracy. In any case, when viewed at the macro level the richest of the CEOs do look a bit like a cabal of king-like creatures with ambitions of exercising total control over world events. Witness the World Economic Forum.
Elon literally changed his title to TechnoKing because “labels don’t matter”.
I am an immigrant from India.
I am concerned about the health care system in the US.
I had a by pass surgery and the bill was much over $100,000. If I had the same surgery in India or any other country the bill would have been only about $10,000.
Politicians are talking about how to get money to pay for insurance but no one speaks about reducing the costs just as how other sectors were done.
I know about the health care lobby - but who no one is talking about reducing the costs by out sourcing the health care?
The healthcare issue always seems to take a back burner to other issues. The lobbyist have convinced Americans there's no other way.
@@waitaminute2015 Yes, I agree. But why is it not being made an issue by anybody is what I cannot understand. No Presidential candidate or politician talks about this issue. I can see the American households and economy going down the drain because of this issue (along with other issues).
@@iggyignatius good question. I guess they think the watered down still for profit public option was them doing their job and case closed. Bernie Sanders is the only one still talking about it, but nobody gives him air time.
Spot on about Elon Musk. He cruelly exploits his factory workers. 12 hour days doing repetitive tasks leading to hand injuries.
Excellent interviewee, as a paying Breaking Points subscriber.
I think she should run for office again. I think she would appeal to slightly left or even centrist dems. she's intelligent and confident in her zone, and would be compelling to voters.
8:35 "Mr. Musk is an individual. I'm glad he is having feelings and telling us about them." - lol
lmao he got wolff roasted
Wow. She needs greater exposure.
You can bet that the Oligarchy will definitely be watching her closely.
Shes worth 40 million she’s married to the oligarchy lol
@@d3athhunter She's currently not married to anyone. Not sure what you're talking about here. She also consistently fights against the establishment and oligarchy.
GREAT TALKING POINTS PROFESSOR WOLFF AS USUAL SIR 💯👍🏾
This lady is great.
I love Prof. Wolff. Nice chat with Krystal. Thank you.
I want to hear a conversation about the economy between Richard Wolff and Peter Schiff
Russia built a multi billion buck business in Europe, over the last 50 years.
The completion of Nordstream 2 about the same time as the Conflict became a reaction to Victoria Nulands War that has been going on for over 8 years.
LNG sales from the US and some associated Nations like Qatar had accomplished about a 20% market share.
Nordstream seems to have enabled the Russians to provide around 70% of the European demand.
The Project for the New American Century is a program that was designed by Victoria Nuland's Spouse and another genius.....
Victoria was employed by 4 Administrations to work on State Department plans.
JD Rockefeller was known for eliminating Competing Companies that interfered with his ability to gain profits. The Standard Oil Company was supposedly split up and the parts were made into different companies, the Managers of each sector was hired by Mr Rockefeller...... The ability to eliminate a Nation like Russia that is selling Gas at a third of the cost of LNG, seems to demonstrate how Rockefeller became the Planets first Billionaire....
We seem to forget that the US State Department is a servant of the Oil Companies.....
@Pat M The IMF "Loan" was around $16 Billion, and Kolomosiskyi split for Swiss Banks with a Couple....
Biden is just a Yes Man to the Wall Street Goons who dictate Policy through Victoria Nuland and Her Spouse.
She Has been around for 4 Administrations.
Is the Bribery becoming any clearer?
She Even worked for Cheney......
The (US) United States call it "Liberation" instead of "Invasion". That was what US call it in Iraq, Afghanistan, Libya, Syria, Yemen, Somalia and the list goes on... Why the double standard? Confused... Please enlighten. Genuine question...
Instances of the United States "liberated" or overthrowing, or attempting to overthrow, a foreign government since the Second World War. (* indicates successful ouster of a government)
China 1949 to early 1960s
Albania 1949-53
East Germany 1950s
Iran 1953 *
Guatemala 1954 *
Costa Rica mid-1950s
Syria 1956-7
Egypt 1957
Indonesia 1957-8
British Guiana 1953-64 *
Iraq 1963 *
North Vietnam 1945-73
Cambodia 1955-70 *
Laos 1958 *, 1959 *, 1960 *
Ecuador 1960-63 *
Congo 1960 *
France 1965
Brazil 1962-64 *
Dominican Republic 1963 *
Cuba 1959 to present
Bolivia 1964 *
Indonesia 1965 *
Ghana 1966 *
Chile 1964-73 *
Greece 1967 *
Costa Rica 1970-71
Bolivia 1971 *
Australia 1973-75 *
Angola 1975, 1980s
Zaire 1975
Portugal 1974-76 *
Jamaica 1976-80 *
Seychelles 1979-81
Chad 1981-82 *
Grenada 1983 *
South Yemen 1982-84
Suriname 1982-84
Fiji 1987 *
Libya 1980s
Nicaragua 1981-90 *
Panama 1989 *
Bulgaria 1990 *
Albania 1991 *
Iraq 1991
Afghanistan 1980s *
Somalia 1993
Yugoslavia 1999-2000 *
Ecuador 2000 *
Afghanistan 2001 *
Venezuela 2002 *
Iraq 2003 *
Haiti 2004 *
Somalia 2007 to present
Honduras 2009 *
Libya 2011 *
Syria 2012
Ukraine 2014 *
Pakistan 2022 *
hmmm. chilling innit! (1973-5 remember it well, but don't entirely blame US Imperialism, it only moved into an opening, as they would, and to think they wouldn't needs vain arrogance and willful blindness of a high order. Not that its safe to suggest that to admirers of that old regime.)
Krystal, please run for president. I will WORK for you. The country needs a real rescue and I believe you have what it takes. ❤
Thank you, Professor. Crystal Ball is brilliant.
Most courageous woman in journalism today.
and Kim Iverson
😂
Professor Wolff, ad always an interesting analysis, thank you. Thre problem, no doubt is Capitalism. Regarding that, I'd like to hear your opinion about the historical election that just took place in Colombia, where for the first time the left is the winner. After a long trajectory of working for the people, Gustavo Petro, an economist, whom origins were in the M-19 movement, has patiently and consistently persevered and finally won the presidency at the third attempt, along with a great woman, symbol of our people "Los Nadies" and an environmental activist Francia Marquez. It is a great moment for Colombia and I would love to hear your opinion.
"Thre problem, no doubt is Capitalism." The reason you can now talk "bad" about capitalism is we're getting out of it. Varoufakis calls it thecno- feudalism and it's when the bakery and the butchery and even "the air you breath" are own by the same town's boss, ex: when you enter Amazon.
Hello Cristina how are you doing over there?
Great discussion. We need more of these.
Great interview! Thank you both. Keep up the good work.
As informative as always...Thank you Professor Wolff.
The answer to the inflationary process was best explained by a Krystal Ball's statement.... It is more class warfare than " then anything else. Yes. Sanctions are a reason, but not the only cause of the inflation which we should call austerity and economic warfare on the people. The necessity and dependence on war is the fundamental reason for the war involvement thousands of miles away from the domestic economy. The sanctions are a decision that came after deciding to get involved in it. To starters. The USA domestic economy is not fundamentally dependent on Russian oil to blame that war only for the inflation. The political strategy makes an impact but the injection of funds from the gargantuan military budget surpass in economic benefits , injecting those funds in the MIC corporations by reason of the chain reaction on the economy. Biden approving sanctions is not alone in that decision. Is the establishment approval and supporting it. And the establishment is also the wealthy class in charge . I wish thing we're easy to explain but is more complicated than most believe. But more simple for those who truly understand capitalism economy and class warfare.
KB says there's a 'growing critique of Democrats from the Left'. 'Wow.' says Prof. I second that. Wow.
Amazing take Wolff!
Awesome segment Richard.
We need to understand the limits to growth.
Due to monopolization it is apparent corporate growth has gone too far. Half of them are near bankruptcy thanks to their Wall Street masters. Smaller companies are more efficient.
Unfortunately, most people can't see past the day after tomorrow. And the basic truth is so simple. That which cannot continue forever ... won't.
You are going to understand them real well when the ice melts off the Arctic.
You need to learn and understand about economic planning and seizing the means of production for production for people and not profit
She hit the nail on the head. The neoliberals number one priority is maintain the status quo, all power and profit goes to their campaign contributors.
Based on the fact they have power to sell. When they can't win a dog catchers election the money will shift back to Repubs. Probably to the detriment of Trumpers. No one wants MTG or Trump running the economy.
I would say there is precious little difference between the parties in terms of favoring the donors over the electorate.
Both parties
she can nail my head 😎
Neoliberal is just another way of saying conservative. As Beau of the Fifth Column has pointed out, "once you are comfortable with the status quo, by default you are conserving." Being a progressive means you constantly are on the edge of pushing for better things. Once you stop progressing, and you're comfortable where you're at, you are a conservative. Whatever that may mean at that time.
Outstanding interview!!!
Very good job you two. We need a good third party that represents the working class.
My two favorite people.....ty for all you do.....never give up.. ever...Linda
Loved this episode!
Richard you are my idol ,and i writing from west Africa burkina faso ( we know better how the capitalism system works through the French imperialism,) that still continue to this day through the ownership our our currency the cfa.
. your most respected video that i liked was your debate on capitalism vs socialism with the late decesased federal reserve chairman Herman cain.
thanks Richard.
thanks you we are very very happy for your eye opening
Thank you.
Speaking overall she is a positive force for the good. Her views vary and deserve criticism. Ball is not a bad faith actoress.
Would professor Wolff bring on anyone from Revolutionary blackout? ✅👍🏼
Great idea.
Please!!! It’s needed!
Revolutionary blackout is so much more real and informative than krystal ball
Lacking these guests is a failure for the professor
Yea I agree..since iv discovered RBN and their likes I have not had any interest in watching the likes of Wolff even tho I was such a big fan of his few years ago I got my mother into professor Wolff haha
I think he’d have on someone like Chris Smalls or Kshama Sawant since he knows change will only come through movements. Krystal is good at pointing things out but it appears that she can’t see past electoralism as the solution
great interview with Krystal Ball
Always interesting and educational to hear from krysta Ball.👏👍
Krystal Ball is one of my big time heroes.
Excellent discussion.
Great show, prof Wolff! I Love Krystal, too!
Love Krystal! Such integrity
The main political parties in the United States are two wings of the same bird. They are the "left" and "right" of a right wing party that could be called the Capitalist Imperialist Party. One supposedly represents multiculturalism while the other supposedly represents the religious right. Both represent corporate power and empire.
She made sense. Have to hear her more before I get on board.
Take your time, no hurry. Fascism is coming down the road.
Hello Lynda how are you doing over there?
Dr. Wolff and Krystal both NAILING the message on the airways the last week. HECK YEEEEE
God Bless Wolfe Hudson
Oh shit the beat crossover ever, hot off of handing bill maher his conservative ass checks back. Never seen an American tear maher a new one like that. They were literally like whats a bailout
Wonderful update & chat. Everybody needs to understand this and thank you for keeping us informed.
I am glad Kristal Ball evolved the positive way and became a mature alternative in politics. We can see her accurate assessment on the way the American people and political parties are moving. The left needs people like her. There is hope for the intellectual leadership of the USA. Great contribution. We need class awareness Among the working class. Class identity is a condition for that awareness and for unity on common ground in a divided nation.
Elon Musk's 18-year-old daughter has filed to legally change her name, the reason being: “I no longer live with or wish to be related to my biological father in any way, shape, or form.”
Can't hardly blame her. He dad's nickname, Elongated Muskrat, is silly and could rub off. Besides, he's creepy AF.
You have to understand Musk's factory doesn't separate workers and managers like most businesses. Anyone on the factory floor can notice something wrong and bring it up and be listened to - even the floor sweeper. That's why remote work just won't work in such a cooperative atmosphere.
As always: "Whether it's reactionary Republicans of the far-Right, or Neoliberal Wall St. Democrats of the near-Right, they're both hading to the same destination.
All that's being debated are optics & velocity."
All Democrats in the Congress and the Senate voted for the 40 billion in military aid to Ukraine, while never supporting the Minsk accords.
Unbelievable
🤔 And where is that 40+ billion now and how exactly is it being used, for whose benefit? (Could have been used to restore all deteriorating bridges or solve the homeless crisis in America, for a couple of alternative ideas...).
Damn, Krystal is everywhere!!!
29:25: “...protecting their own power within the democratic party.” Is it in a nutshell.
And, this attitude of preserving their political base from the corrosive effects of progressivism in their party is reflected in the police who are trained to preserve and protect themselves, as shown in the Uvalde situation tragedy. From attitude to policy proving that attitude is the starting point from which all criticism of the democratic party can begin, a self-conscious attitude of the elite establishment in the democratic party are hyper-sensitive of their position in society,. Self preservation is more important than society for the moment. But in the moment society is wrecked! Wealth must continue to accumulate in one direction making everyone and everything a means to that end. The “Karens” that dominate American Womanhood is a social relation that comes into sharper view when seen in the context of the establishment’s social class sensitivity, where the men are “Karens” too. How many governing bodies are headed by women who make up this establishment roll more heads than the king, how many kings blame others for the crimes they commit? Pelosi and Hillary come to mind of this older generation who holds onto capitalism, Biden comes to mind of the crimes, born-again believers of the last and final social system for all mankind is a market system of money and commodities; they bury their heads in the sand from the exploitative and corrosive effects of capitalist social relations, then blames others for its evils. An excellent interview.
Thanks for this. It would be great to see a show on the definitions and development of "neoliberalism."
In the 50's we had that service every school
I was here to watch Krystal!
Love it Prof; great show this week--as with all weeks.
Finally, the topic of mass organization to pressure parties! If we want more parties to be viable lobby and vote for proportional representation and ranked choice voting.I think 2 choices would suffice, a fist pick and a backup. This means we can vote what we want and have a “safe” backup.
OK.
Yes! Krystal on with Richard Wolff! Two of my favorite people.
Hello Carlo how are you doing over there?
Always great to hear your point of view. Thanks for the great work.
Mrs Ball is looking great
I love Krystal but there are times I don't agree with her or get disappointed by sometimes dismissiveness towards outrageous right wing behavior. However, she has been very instrumental in putting the labor movement front and center. That is her niche right now and she's been a great advocate of unionization
You mean she won't be trapped in culture wars.
@@rogersmith7396 No she won't push back on crazy right wing talking points.
@@rogersmith7396 her entire career hinges on being an active participant in the culture war lol
You mean she is not overtly biased, refusing to look in the mirror at the shortcomings of the Democratic Party or the clear bias in mainstream media, including Fox, OAN, etc.? Ball's main points are that both sides are hypocrites who serve corporate interests, while spouting different rhetoric.
@@marywalters1181 There is no evidence of that. You must not watch her shows. You are blatantly lying because you believe that the ends justify the means and that the Dems shiite doesn't stink - just Republicans'. If you are going to lie, at least make it convincing.
capitalism is the mostest freeest because you get a zillion different dictatorial business owners shaping every aspect of your society
Generally insurance policies exclude war risk and governmental action.
Krystal Ball!!!!
Mr WoIff, if you ran for Prime Minister in Canada, I'd vote for you!
This man can be a leader in usa, people,workers should listen .
American capitalism, but don’t forgot its cardinal rule: Hurting people with less money than you are part of doing business, but ripping off other rich people is a line you do not cross.
That is absolutely correct
and then they get a great the poor people that got ripped off
I think if you are in business reputation is EVERYTHING.
They never talk about Gen X. “Older generations”, Krystal won’t say “Boomer” to Wolff, lol. Just ask GenX, we’ll be over here drinking and smoking by ourselves in the corner, laughing at the absurdity of it all.
Bee Enn: Preach on! Just goes to show how self absorbed the Baby boomers and Millennials really are. I think this is why Boomers and Millennials don't get along, they have too much in common. Anyway, I guess it's up to us Gen-Xers to be the adults in the room.
Revolution now!
Wow, 2 of my favorites!! Thank you!!!
This is one smart woman.
12:22 maybe the most important statement
I just learned that a grassroots movement in Britain called Peoples Health Alliance is starting. We can't depend on government to help us so we must help each other.
YAY, because the undermining always begins and gets worse. Then it's a cave in and walkover. Defend the position. Defence. US system, privatisation, heaven or someone help you.
Hello Amy how are you doing over there?
Great episode. I am 81, white. My brother is 84. He was a C level exec at a Fortune 20 corp. He and I, all our lives, without being from a Communist or Socialist family but from a relatively poor working family, seen the weaknesses and injustices and racism of US capitalism. That may be because we were well aware of US behavior in Latin America and the effectiveness of Social Democracy in Europe.
Thanks for having Krystal Ball on!!!
I think we both know that her argument with Bill Maher on real-time last Friday night is the reason why she's on here today
I’ve learnt more about economic in 2 years than I did in the previous 22 years big up @democracy@work
Love Krystal 💕
I respect both of these people but often wonder why Krystal has a show with Saagar and why Richard goes on Jimmy Dore?
Jimmy Dorte is a disillusioned lefty Democrat who now points out the bs and corruption of Democrats who cosplay as Left while being puppets of corporate campaign donors just like the Republicans. (See Citizens United) He now knows it is a class war and promotes populism of an allied 80%. He supports co-ops and unions like Richard.
[11:23 - 11:27] By the way, we haven't heard of France's Yellow Vests Movement lately. I wonder what became of it. 🤔. . .
Who is Krystal? I’ve never seen her before. She is brilliant!
Great to see KB on the show
Krystal Ball is all about how we're all in it together, until it comes to people who already have enough giving up anything.
Never seen any of that. You got some examples?
Krystal on Bill Maher, now here. Love it.
@jeezus
Backstabbing Jimmy Dore exposed who Krystal Ball is. And Kyle, too. They are opportunists.
@@jeremypeterson705 tell me more. I just innately know this but I can't stand to listen to Dimmy Jore.
@@totonow6955 he relies a lot on sexism, which so many small mind do
@jeezus So does Jummy. Consistently. Every day. Always.
@@jeremypeterson705 Sort of like every human being on the planet.