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Economic Update: Another Gilded Age [S7 E19]
THIS WEEK’S TOPICS (w/timestamps):
02:30 – Updates on how Mitbestimmung helped Germany not destroy itself;
04:10 – waves of strikes by public school teachers;
06:31 – Theranos bankruptcy and workers’ risks;
12:05 – our second “gilded age;”
14:33 – announcements;
16:10 – mortgage lenders turning to rich borrowers;
17:33 – Trump on drug prices is nothing more than rhetoric;
22:12 – and the economic effects of breaking the Iran Deal.
28:32 – SPECIAL GUEST: Interview with Prof Miguel Robles-Duran on gentrification and crisis of cities.

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Economic Update: Another Gilded Age #buy #homes in the #USA #realestate

He who has a bountiful eye will be blessed, for he gives of his bread to the poor. – Proverbs 22:9

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Comments

  • Thankyou for actually saying it; we, Rest of the Human Race out here, do get dreadfully nervous & even despondent at the otherwise total lack of recognition publicly by any other Americans re POTUS wiping his arse with the MULTI-Party 'Iran Deal' (presumably cos he's had too much sugar or something…¿?), just on a whim… at, literally, the – THE – most critical moment for the world in the last half-century, when the United States REALLY needs to convince NK (& about another third of the the World besides, just BTW…) that the USA is finally an Adult Nation, performing its first Professional Title Rôle 'Hamlet' since graduation, to a PACKED-OUT Broadway House…
    ~
    Every dropped 'T' sounds like a porcelain hairpin cantankerously reverberating over the polished granite floor; to say nothing of the noises made by any actual pins that drop! …
    ~
    The Entire Earth holds its breath, willing Little Donnie T. to get this right: «Come on, Mr Trump, you can DO this; just keep smiling & deliver your lines, six billion of us helped you learn them!»
    … but then, suddenly,
    «O*, No, no, no, no, no, no, what is he doing…? ¿ ? please tell us he's not about to – **NOOO* – he's reading Othello's dénouement instead… And he's still in fucking Blackface!!! AAAAAA*A*A*A*A***AAAAHH!!! WHY? WHY? Why…???» …
    ~
    Kim Jung-Un's just stood up and gone and sat down at Iran's table now – actually getting to be a pretty big table now!
    Says Iran,
    «Well, not that anyone else is remotely surprised ~ look, even Boris Johnson is crying into his Rice Krispies over there in the corner… And I think Shinzō Abe's about to try & throw himself off the roof! … Mr Moon, Mr Kim, please join us… – *Putin! Hey, Germany saw Venezuela head for the bathroom, followed immediately by a couple of goons from the CIA & the damned IMF – & that must've been at least 15mins ago – you want to do a quick safety check??*… »
    „Nyet! Fifteen mins alone with those relentless bloody Clowns AND the world's most insistent Moneylenders?! … That those hypocrites can even still call themselves 'Christians' with a straight face anymore… Hope Maduro's still got some blood left in the inside….”
    ~
    « We wanted to warn you, Mr Kim – though we all knew you'd just have to see it for yourselves: the written agreement of the United States of America – even when it's signed by Her legal President, before all the peoples of the Earth to witness for themselves, is now only binding, it appears, for the period it takes the Ink to dry; only holds any meaning for the Attention-Deficit Americans until the single page it's on is turned…
    ~
    « But while the Faithful & the Penitent men & women, whose hearts know but the joy of submission to Almighty God, but the peace that there is no God but Allah, and Muhammad is His Prophet (Peace Be Upon Him), & but the Love found in reading the Holy Qur'an, and in doing God's good works each day … yet STILL all Muslims have had to watch as the salt from our eyes curdles with our children's blood, clotting into Hell's sands & baked by our relentless Sun into some foetid, gurgling curse, whose stench can never, never vacate your nostrils ever again, once its found its way up there a second – this horror-sludge now lines every side of every path, every street, every road, every town & city, every drain …. because the English & the French, & the Americans more than anyone now, label US as 'Terrorists', simply because a large portion of what these madmen somehow reason to be THEIR Oil, still runs stubbornly under OUR Lands… just where it always has!»
    ~
    «Anyway, Kim, these Americans have plainly gone MAD! So the rest of us feel more & more strongly, virtually with each newly passing day now, that they've obviously gotta just go through some mid-life crisis – as far away from every other nation as possible! (You're lucky, perching off the two great GIANTS, China & Russia – despite all of that embarrassingly Brobdingnagian braggadocio and blustering bellicosity – the world & his wife knows your position there – especially if, as one would expect, China gives Korea a Starring role as the East Asian Gateway to the New Silk Route!)
    ~
    «As for the rest of the world, America's current level of sickeningly (but, somehow) self-righteous conceit & hypoxic hypocrisy has reached such caustic nauseum, it's starting to drip back down onto them, no matter how taut that cantankerous, racist Valkyrie, Nikki Haley, was sure she'd pulled her Botulismo-toxic overused Scowling muscles! The Yankee Madness is reaching levels where, if they're not at least acutely aware they at least need some time off & a LOT of Therapy, we'll have to break out that 'awareness' scale to measure folks' comatose responsiveness!
    ~
    « Not even France & Britain, who are America's parents – there's no two ways about it – know how to handle their wilful, indolent lovechild now! Although why they can imagine those two odious, hateful, self-entitled & grossly spoiled, rich, racist brats, Saudi Arabia and "THAT'S ALL MINE!" – AKA "Israel" – could possibly be suitable companions to dear America (she is really still quite young & so impressionable…) Despite everything she's done to countries like ours, it's impossible not to have some sympathy for America – she's still so young: & she really did mean well! Unfortunately she just hasn't looked in a mirror since 1936; inspected a food (or medicine) container's ingredients list since 1960; learned an historical fact earlier than 1775 (even though the first European child born in the New World was born almost TWO CENTURIES earlier – in 1587 – at the mysterious lost First Colony, at Roanoke, VA)… Or looked at a map of the World EVER!!!
    ~
    « The child's name was Virginia Dare, & while this most tantalising puzzle is certainly Mundus Novo's very first Mystery, what's truly remarkable is that not only has virtually no-one ever even tried to work out what happened, more than 430 years later – I should wager fewer than 1/10,000 Americans – you know what, probably under 1/100k – have ever even heard her name before: all the more remarkable given she's basically the American Eve! »

  • So those are the ONLY two ways to that people who know about it think can lower drug prices? Jesus fucking christ you're ignorant. There's also removing the artificial government constraints on drug research, production and marketing including the moronic testing that does little to improve safety but a LOT to push up development costs. Development costs are relevant because it means that the drug companies can't produce a drug unless someone pays high prices SOMEWHERE. If there aren't prices that pay for the artifically high development costs then why develop them? So yeah you just proved you're less economically literate than DONALD TRUMP.

  • "…the greatest risk" nope, not getting money anymore is not a greater risk than losing money.

    "that's 800 families " Nope, not every employee supported a family.

    "depended in every way" again, nope, many families have alternative sources of income and others have savings.
    WHY DO YOU PRETEND TO BE AN ECONOMIST!

  • Given that yoiu're wrong about pretty much everything I don't think you should be criticizing the "super-rich" about making mistakes, particularly on the basis of one mistake. There is a difference between a data point and a trend but since you're incapable of mathematical or inductive reasoning I guess you missed that.

  • Yeah the most important thing in labor relations is the wave of strikes by people who are paid more than the average workers and works less than the average worker, and who is practically unfireable. The demand for funding is staggeringly stupid given that funding has no relation to the effectiveness of US schools. If anything giving the public funding has a NEGATIVE effect on education outcome.

  • Mr. Wolff's lectures should be mandatory for every moron that worships capitalism as if it is a religion.
    Capitalism cannot be critiqued by the rich and their lackey cheerleaders who wear the rose colored
    glasses of free markets and other such nonsense. Marx, the only philosopher/economist to scientifically
    dissect capitalism is also the only one that can apply an unbiased criticism and solution to the failings
    of our present system of wage slavery.

    The working class feels and carries the weight of the capitalistic chains, but they do not describe it
    as such. The historical view of slavery presents a picture of workers being whipped and treated with
    a certain amount of cruelty as was the AmeriKKKan Negro slave. There are other forms of slavery
    which can be defined as coercion (Coercive Capitalism) in which the illusion of a choice is perceived,
    but in reality, is severely limited.

    Even the classic slave had a place to live and was provided with food. All of that was exchanged
    for tossing off the physical chains for the "chains" of coercive capitalism where one has access to food
    and shelter, but must pay for it rather than it being provided by a master. The master has become the
    employer and the chains are the narrow choices of lifestyle from which to choose. But, make no
    mistake, the individual is tethered to the capitalistic system just as much as the classic slave was
    tethered to his system of slavery as a means of survival.

    The concept of modern slavery is difficult for people to grasp because of their image of classic slavery.
    Because there are no whips, the perception is that there is no slavery. The working poor understand
    this concept better than the working middle-class, but even that is rapidly changing as Marx's
    prediction of the wealth ending up in the pockets of a few (income inequality) is coming to pass.

  • That's al we need…another JEW providing us with "SOLUTIONS" to problems created by JEWS. NO THANKS!!!! NEVER TRUST A KIKE!!!

  • I would just like to remind everyone here that co-ops, or more generally, workers participating in the management of their workplace, is NOT socialism. So long as capitalism/the market is preserved, all of the problems which result from this will also be preserved. Worker-managed workplaces would still have to abide by the laws of the market. If there is a recession, or just competition, whether the decision to cut wages and fire workers is made "democratically" or not is totally irrelevant. If they don't do it, the company will go bankrupt, so they have to do it. Capital and capitalism is the problem, who manages it is irrelevant.

  • After reading the comments under any Wolf's video i have The impression that the US is the poorest country in the world. Maybe you guys are too much into Marx and not enough into work?

  • Americans live in neither a democracy nor a republic, we live in a class-war plutocracy. It has always been a class-war plutocracy and it is rapidly becoming a class-war kleptocracy. Money is power and power is money and those who control both wield an unspeakably evil influence over this country and the world.

  • Let's go straight to the head! My masters, the International Bankers instituted and operate every institution on Earth. Nothing will ever change if we do not go for the beast's head! I am tired of the sickness they have created on Earth. We are slaves every which way we turn!

    Let the revolution begin without hurting one another! Their your enemy!

  • Richard never seems to, " have time to play the national anthem" he could at least substitute the "pledge of allegiance" perhaps this version will work best for his points. …..
    I pledge allegiance to the flag of the Corporate states of America, and to the Republicans for which it stands, one nation under debt, easily divisible, with freedom and justice for Oil.

  • #cannabis prods.. And #hemp plastics.. Save the earth. And humans.

  • Reminds me of fb and philanthto'capitalism.. Fronts and direct links u.s. based corporate owners. Wage theft kings in fl. Usa. Gang stuff… W strip clubs etc. $ collectes by foreign players that own land in boca raton.. Super boring w dui's and violence on their darkweb.

  • A famous capitalist once said, “I can hire one half of the working class to eliminate the other half”. A mafia king pin said “We’ll keep the drugs in the black community. They are animals anyway and don’t have souls.” Ask the white opioid addicts in Ohio how that worked out. The statements of both these gangsters define how the top one percent feel about all the population below them. Capitalism breeds a hierarchical society that transcends race, religion, sex or whatever. Marxism, as has been explained to me, is just a critique of capitalism which if true makes so called “communist” countries a gigantic and tragic consumer fraud. Any economic system that does not address the atrocity of wealth concentrated in the hands of a few is bankrupt. Economic theory developed out of an elite class of such a system is inherently bankrupt. Education of the masses is only the beginning of what is necessary to really face this problem. A complete restructuring of the education system away from elitism is indispensable to any genuine effort to correct a worsening worldwide social condition.

  • So this is how the future reports of the communist committee to the people will look like? Wolff rocks!

  • Another gilded age is impossible becasue the factors that made it possible cannot be replicated.
    It would require a world in ruins where america is the only remaiing manifacturing and exporting power just like int he post ww2 era.
    Such an event would be an existential threat as this would require the collapse of nuclear powers that would retaliate.
    Therefore we should stop banking on replicating an unrepeatable past and instead invent a new system that can ensure luxury through our massively increased productive capability that was bolstered through our technology.

  • I reckon 'Guilded turd" captures it pretty well. But it doesn't really roll off tongue the same way. Though it is more explicit about what Twain was saying and what we are seeing.

  • Great point about employee risk – which no one ever talks about!

  • Theranos: Crime pays.
    Iran deal: Cause analysis not correct (as with all other media). Don't believe what White House is telling you. It's Israel and Saudi Arabia. Iran is supporting Shia militias in Lebanon, Syria and Jemen. They are being the biggest treat to those countries and part of the money Iran earns goes to support this militia. It's about running Iran into ruin and cut off the flow of this money.
    The White House could have been honest about it and work out different strategy. Instead they chose to lie and did the worst thing, by loosing trust with even they closest allies in Europe.
    Arrogant, bad judgment, plain stupid, coming from the same advisers, who worked for Bush. It will backfire on US badly, as you stated. Agree 100% with you on the consequences

  • With apologies for the over-long post – I could not up load
    this to democracyatwork.info

    The Gilded Age –

    Thank you for addressing the issue of "Gilded Age Two
    Dot Oh", &/or the question of whether or not our civilization is
    experiencing a "New Gilded Age" (like that which Clemens and Warner's
    novel "The Gilded Age; A Tale of Today" commented in 1873). This
    theme preoccupies my thoughts whenever I contemplate the news of the day, in
    general, and especially when I listen to what Prof. R. D. Wolff brings to the
    attention of his audience and provides his insights upon. The poetic imagery
    evoked by the title of Clemens and Warner's book is clear enough to most that
    it serves to illustrate / to cast in stark relief that which is base about our
    society's condition, and the fact that it is concealed beneath a thin veneer of
    opulence and civility — but only a thin layer for the unhappy truth of the
    matter gives us such woe that we choose infrequently to allow our thoughts to
    behold it. In 1873 however, the gilt was of gold, whereas today, a more base
    metal (aluminum is a favorite for this purpose) is usually electroplated over a
    substrate of paint. Today, even our gilding is fake. This being the most
    noticeable difference between 1873 and 2018, and 2018 being the 200th
    anniversary of the publication of Mary Shelly's "Frankenstein", I
    pause to consider if our age is more fraught with danger by an order of
    magnitude. Additionally, I am unsurprised by Prof. Wolff's conclusion that the
    so-called "recovery" is also fake.

    I will conclude my remarks here by calling your attention to
    another excerpt from a Clemens tome, "Life On The Mississippi". In
    this quote (below), the author makes reference to "the great
    inundation". Be assured that in this context (and w/o capitalization — of
    the letters), he is speaking to the flood of the mighty Mississippi, and not to
    the Great Inundation of Biblical fame. Nevertheless, the poetic image that such
    a phrase alludes to is no doubt appropriate. Were it not I should not find the
    great number of voices, which one may hear crying out from amongst evangelical
    Christians, that we are living in an age comparable to "the days of
    Noah". Clemens recounts that he awakens from a "fretted sleep".
    Indeed, the sleep of reason has breed amongst us many frightful monsters —
    chiefly poverty, racism, and militarism. He listens surreptitiously to a
    conversation between two — what we would call today, "Sales
    Representatives". It's worth the reader's time to read the full passage,
    for now however, I will point out that the author's opinion of these two
    gentlemen may be applied to the whole of our economy — or more precisely to
    its underlying philosophy: "the dollar their god, how to get it their
    religion". Like Victor Frankenstein, our society thinks only upon the
    material, without giving thought to the metaphysical — the spiritual. Which
    must be a discussion for another time, as it involves the novels of Dostoevsky.

     

    "Speaking of manufactures reminds me of a talk upon
    that topic which I heard—which I overheard—on board the Cincinnati boat. I
    awoke out of a fretted sleep, with a dull confusion of voices in my ears. I
    listened—two men were talking; subject, apparently, the great inundation. I
    looked out through the open transom. The two men were eating a late breakfast;
    sitting opposite each other; nobody else around. They closed up the inundation
    with a few words—having used it, evidently, as a mere ice-breaker and acquaintanceship-breeder—then
    they dropped into business. It soon transpired that they were drummers—one
    belonging in Cincinnati, the other in New Orleans. Brisk men, energetic of
    movement and speech; the dollar their god, how to get it their religion."

    — Life on the Mississippi by Samuel Clemens

     

    Thank You for all your good works.

    All the best to you and yours.

    bb

     Title: The Gilded Age
    Author: Mark Twain and Charles Dudley Warner http://www.gutenberg.org/files/3178/3178-h/3178-h.htm

  • wolff, get paywalls off your content. thats fucking greed, and nothing more.

  • iran leaving the petrodollar not mentioned

  • What this IDIOT fails to understand is that we don't live in a capitalist society.
    It's more social than ever in American history. Fucking loser.

  • Is it Mr. Wolff's position that working people should NOT engage with the Capitalist System, except to strive for  hourly, salary, or fee for services compensation??  Does he recommend NOT buying into the system of ownership known as the Securities Market (Stocks, Bonds, and related Mutual Funds)??  Is it best to just earn and consume Week to Week??

  • You left out an important detail:
    In germany when this vote happens and shareholders and employees come out 50 : 50, the president of the company gets a doublevote and practically he then decides in the end…
    also: This only happens in 694 (data from 2008) companies across germany. Which is rather a very low number.

  • it wasnt a failed effort, just no effort. corruption 👌

  • The formal view of the class struggle in society is straight forward. Labor is labor and capital is capital.
    But there are other ways to understand the class struggle. Just like there are two ways to understand labor and capital.
    The class struggle is a way of understanding historical development as the way societies advance themselves through social conflict. But!
    Labor is not only labor and capital is not only capital under capitalist relations. The real relation is in connection to the material development of productive labor over the ages. The formal view dismisses the productive forces as a product of labor.
    The real relation is, labor is capital and capital is labor. The creator of capital is the working class ( a special class) and the work of the capitalist is to extract more labor to possess the capital.
    The general law of capitalist accumulation is based on a), the increased demand for labor-power, and b.), denying the initial premise of an increased demand is a decrease demand for labor-power as a shrinking portion of living workers in connection to the product. In this framework the class struggle occurs in the workplace where workers producing use-values are producers of value and surplus-value and in connection to the product the number of workers falls as innovation rises in the accumulation process of capital. This creates the conditions for a relative surplus-population in society. But also in value terms the necessary labor-time produces more surplus-value. Greater material wealth and more free time to individuals is the benefit to society in a world with out the capitalist and the relations of capital not capital itself which is labor in its objective form. The capitalization of the surplus-value of the workers requires a social organization of capitalist relations to execute its realization and accumulation and this is when the production of surplus-value extends and the sphere of capital accumulation expands to open more centers of production to satisfy its increased need for labor-power, in the first premise, a)., is imperialism. This is a much more interesting view of the class struggle than the view that there will always be social classes fixed for all time. If this were the case why isn't Rome still an empire?

  • I panic subscribed. Thank You !!

  • If my country ever moves to the gilded age ( slavery ) I never work one day in my life again.

  • That head in the middle of the screen is scary… (anyone heard of law of thirds?)

  • To be clear, we didn't "break" the deal with Iran, we violated the agreement. We're in violation right now. I think it's called operating with impunity.

  • thank you D@W-Team for this programm! ill keep spreading the word, if you keep up bringing up the word! Greetings from se Germans

  • There is a third way of lowering drug prices: make it ourselves. By 'ourselves' I mean the US Government owning and operating the means of production of medical drugs and medical devices and distributing those products according to need. The Government Printing Office has for decades manufactured and sold their own published products. So there is precedent there and if anyone wants to they can go to their website and browse and maybe buy one of their books: https://bookstore.gpo.gov/

    If they can own the means of production for one type of product, books and other publications, why can't the US Government also own the means of production for other types of products; namely medicines and medical devices? I think they can and should start to manufacture drugs and medical devices — especially those products that have fallen outside of patent protection. And the two products that have gotten the most press recently for price spikes are outside of patent protection; insulin and epipen type devices.

    But even for those products that are under patent protection the government should intervene and manufacture those products if the patent owner refuses to lower the price to a much more reasonable level. The drug company may balk at the idea and complain that they wont be motivated to invest in research if they think the government might preempt any patent rights they might gain from a newly developed medicine — We can respond that if that is the result then the government can start doing all the research, but doing it for the right reasons; patient health rather than profitability and shareholder value. Because as it currently stands, the only reason drug companies develop any drug is if and only if they think it will be profitable — and meanwhile much of the rest of society keeps working under the unsafe assumption that what is best for Big Pharma is also going to be best for patients.

  • Suggestion Topic ; The economics and profiteers of war

  • An excellent point made on the risk of workers vs the risk of capitalists at 9 min. on

  • I normally vote down on Wolff's video but I voted up this time because I agree with Wolff's statements at the end about how the pharmaceutical companies own the US Congress.

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