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" "The underlying reality of most people, which is reflected in our politics, is one of bitterness and anger and resentment that they are not participating in this so-called recovery. And now the rich are also facing the falling apart of this house of cards as the market tumbles down. And poor Mr. Trump, having staked his reputation on a rising market, is now confronted with a declining one and is looking for a scapegoat, which Mr. Powell, his own appointee, is providing to him.
Richard David Wolff (born April 1, 1942) is an American , known for his work on and . He is Professor Emeritus of Economics at the , and currently a Visiting Professor in the Graduate Program in International Affairs of the in New York. Wolff has also taught economics at Yale University, , , University of Paris I (Sorbonne), and The Brecht Forum in New York City. Not be confused with Richard Wolffe
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The problem of policies aimed to return the economy to what it was before the virus hit is this: Global capitalism, by 2019, was itself a major cause of the collapse in 2020. Capitalism's scars from the crashes of 2000 and 2008-2009 had not healed. Years of low interest rates had enabled corporations and governments to "solve" all their problems by borrowing limitlessly at almost zero interest rate cost. All the new money pumped into economies by s had indeed caused the feared inflation, but chiefly in stock markets whose prices consequently spiraled dangerously far away from underlying economic values and realities. Inequalities of and wealth reached historic highs. In short, capitalism had built up vulnerabilities to another crash that any number of possible triggers could unleash. The trigger this time was not the dot.com meltdown of 2000 or the sub-prime meltdown of 2008/9; it was a virus. And of course, mainstream ideology requires focusing on the trigger, not the vulnerability. Thus mainstream policies aim to reestablish pre-virus capitalism. Even if they succeed, that will return us to a capitalist system whose accumulated vulnerabilities will soon again collapse from yet another trigger.
And then the final twist: he spent a few minutes prancing at the stage saying we will not have socialism, socialism has been recurring or coming back. Mr. Trump, the biggest single cause of Americans interest in socialism is because the economy, the capitalist economy you represent, hasn't worked real well for the majority of people. The inequality you inherited, and made worse, has increased the interest in socialism. You don't like socialism! You're the biggest booster of it in this country. You're the one! You're blind as to what is going on. Your fakery in order to promote yourself politically, is in a way the most dangerous misunderstanding and misleadership that this society cannot now afford, given what is happening to it.
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