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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… - Richard D. Wolff
" "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.
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About Richard D. Wolff
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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Richard David Wolff
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Richard Wolff
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Economic Update
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democracyatwork.info
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Democracy at Work
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rdwolff.com
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Additional quotes by Richard D. Wolff
Let me give you an example: simply the People's Republic of China. They're having a bad year, they're only growing...ready? 6.5%. Which is lower than what they've been able to do for most of the last 15 or 20 years. The Chinese economy has become the second most important in the world because they systematically grow, you got it, faster than the United States. The real wages of Chinese workers, the average amount of money they get adjusted for inflation, has quadrupled in the last 12, 15 years. What happened to the average wage in America, adjusted for inflation? It hardly budged. It went up single digits, not 3-4 times. The experience of the economies in these two countries could not be more different. Excluding that from the conversation - prancing around as if the economy here is the envy of the world - that's not just nonsense. That's straight out lying; and it is meant to position himself as the special person.
The second economic reality I would want to talk about, is the fact that he spent more time in this State of the Union message demonizing immigrants than on any other topic. Stories of immigrants being bad, stories of invasions coming, wild exaggerations that have no basis in fact. Let me give you the simplest economics with which to understand that: the United States is an economy of three hundred and twenty five million people; the number of undocumented immigrants in the United States is estimated between 10 and 12 million. Okay you don't need rocket science to understand that nothing that you can do to those poor 10 to 12 million of the lowest paid people in our economy is gonna change the economic conditions for 325 million Americans. Focusing on immigrants is pure scapegoating; it's focusing people on something that doesn't matter because you don't want them to focus on what does matter.
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The second reason I focus on capitalism is that the responses to today's economic collapse by Trump, the GOP and most Democrats carefully avoid any criticism of capitalism. They all debate the virus, China, foreigners, other politicians, but never the system they all serve. When Trump and others press people to return to churches and jobs—despite risking their and others' lives—they place reviving a collapsed capitalism ahead of public health.
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