10 early Soviet films are being aired monthly at the L.A. worker's center. Radio spot was short and the best online resource for further information is: www.hollywoodprogressive.com With the 100 anniversary of the russian revolution these classic films are a inspiration and opportunity to meet other likeminded people.
How would a minimum wage of $15 impact New York's economy? Would this deliver a fatal blow to mom & pop shops that are already struggling to keep pace with corporate America? Are there better ways of minimizing economic inequality?
Hi Professor Wolff, I apologize in advance if you've previously covered this topic, but I have found it immensely interesting for quite some time, and yet I feel like nobody talks about the banking system in its true form. I'd love to get your take on it as your explanatory skills are second to none. The 2014 report released by the Bank of England (link below) outlines how banks no longer use deposits made by customers as a basis to then loan out to others. Instead, when a bank makes a loan, it simply creates the credit out of thin air, and with the newly created credit it also makes a matching debt. The conclusion is therefore that banks are responsible for the total money supply of a given economy - the more people borrow from banks, the greater the money supply. As people pay off their debts, then the money supply shrinks. To my mind, this unrestrained method of money creation is directly responsible for the incredible volatility of the market and the severity of the last financial crisis (economic bubbles and bursts are much easier to fuel and come down with more force when money creation has no limit). There is also the interrelationship between commercial banks and the central bank - the issuing of central bank reserves etc, which I find a little more confusing. Could you please elaborate on this topic in your monthly updates/weekly podcasts, and on any other negative consequences of such a system of money creation? Is the alternative to this unaccountable banking system an interest free, nationalized banking system (like the one in Syria) that works as a general service rather than a profit seeking institution? Without taking much more of your time, I would also like to link this topic of money creation with the financing of government debts (link that may be helpful included below). You've previously mentioned that the wealthy, and the investment institutions of the world are now seeking safer investments in government bonds, instead of investments in productive capital that would (in a perfect world) create jobs and growth for the middle and lower classes. The governments on the other hand, are desperately seeking these loans since they are struggling for revenue that would normally come via taxes and fees. But since capitalism undermines itself by cutting wages, by creating unemployment, and because our politicians are bought and will not tax the wealthy, our governments are forced to borrow to fund services. But by borrowing from the most powerful cliques in our society, the governments now face a strict obligation to compensate their debts - which means austerity around the globe. My question is, why can't governments fund their expenses the same way that private institutions or private persons would - by "creating" credit and an equal debt via the central bank? Would this not give governments breathing space to at least lessen some of the devastating effects of austerity - and not rely directly on wealthy investors/institutions? Thanks! FINANCING GOV DEBTS http://positivemoney.org/how-money-works/advanced/what-about-the-national-debt/ OFFICIAL BANK OF ENGLAND REPORT ON MONEY CREATION http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q102.pdf NEWS REPORT ON BANKING SYSTEM EXPOSE https://www.theguardian.com/commentisfree/2014/mar/18/truth-money-iou-bank-of-england-austerity
i was wondering if you could go more in depth into universal income, shorter work week, and guaranteed jobs. for the guaranteed jobs you could look at china where they had state owned enterprises that aimed to employ every one and they were unproductive, where you had 3 people doing the job of one person. when china opened up and private companies joined, the state owned enterprises found themselves unable to compete.how can full employment be realized in a practical way. as for shorter work weeks, i believe it was you that went over how a few cities in denmark shortened the work week to 30 hours but kept the same pay and still managed to be competitive, if you could go into detail on that it would be extremely helpful. and also the number, science, whatever you wanna call it, how is it achieved. and what are the pros and cons of it
Hello again Professor Wolff. I think you'll find this segment from tonight's 60 Minutes interesting: http://www.cbsnews.com/news/are-u-s-jobs-vulnerable-to-workers-with-h-1b-visas/?ftag=CNM-00-10aab7d&linkId=35629150
Here is a great article from Bruce Alexander, the psychologist who did the Rat Park experiments: http://www.brucekalexander.com/articles-speeches/283-addiction,-environmental-crisis,-and-global-capitalism Could provide several shows' worth of insight! :)
Professor Wolff, Thank you for keeping listeners apprised of the economic realities of adjunct professors. As an adjunct, I appreciate the facts as well as the public discourse on the issue. Recently, I presented the below paper at a conference to frame adjuncting in a larger historical and economic context. I would appreciate feedback on this perspective: https://www.academia.edu/31616200/Adjuncting_The_Epicenter_of_an_American_Culture_War I'm grateful for all that you do-- thank you!
I would be interested in Professor Wolff's opinion on the establishment of a single global currency. Get rid of the US dollar, British pound, Japanese Yen sort of like they did in the European Union with the Euro but on a global scale. So a dollar in New York is the same as a dollar in Beijing or London. Thanks
My meager savings draw no interest at the bank. My 401K is long gone with the small stock portfolio I held. My collectable pssessions; 1st editions, firearms ( wish I had kept one at times listening to you and Ralph Nader) etc are too along with the curation headaches and equally volatile market. IF I were to invest any funds what ETHICAL options are there? Do Co Ops seek 'Start Up' strategems? Should I just invest in freeze dried Lima beans for the next collapse?
I am tickled pink that you opened this channel for communication. Before I would just reply to your infrequent status emails and would rarely get a reply. That said, and this may be too big a topic for this forum but perhaps deserve a few words on the radio show as well, could you speak a bit about alternative currencies? Discovering Bitcoin also led to the discovery of a whole history of community currencies in the US and elsewhere. I think perhaps your audience, and myself for certain, would enjoy hearing a bit more about these alternatives to our current monetary system. For example many people know the Fed is bad news but arent aware that other alternatives exist, have existed, and have been successful throughout our history. Also of potential interest is the particulars of how they are eventually forced out of circulation, often times becoming too successful to succeed. A word or two about their killers and the killers motivations wouldnt hurt either. Thank you for this opportunity to communicate with you directly. I am trying not to hog the service but have had a growing list of questions for you for years now. Keep up the great work!
Dear Prof. Wolff and team: Thanks for your great work. You spend a great deal of time discussing WSDE as alternatives for industrial capital. But Marx also talks about finance capital, and if we are to "do better than capitalism" we must clearly also propose alternatives to the current financial system. I wonder if you might be able to suggest some reforms on that front either here on this webpage or on Economic update. I recently read this article by Prof. J. W. Mason on the topic which I found extremely interesting (https://www.jacobinmag.com/2016/11/finance-banks-capitalism-markets-socialism-planning/). I would certainly be very interested to hear your views on these proposed reforms and I would like to hear Prof. Mason as a guest on Economic Update if that be possible. Thanking you again for your excellent work which has taught me so much. Ali
Oxfam, mostly known from the inequality reports like "Eight men own the same wealth as the poorest half of the world", have published this paper with analysis of the causes of inequality. Very similar to your analysis. Also covering "The false assumptions driving the economy of the 1%" and "A human economy designed for the 99%". Unusual clear analysis pointing to the richest people/corporations and their anti-social ideology and use of power to maximizing their profits at the expense of the welfare for everybody else. Full text and summary available as pdf here: https://www.oxfam.org/en/research/economy-99 Perhaps you could also contact the author of the paper, Deputy Head of Research, Deborah Hardoon?
I suggested that if it were poured by a socialist model business than there are more people who could suggest a change of product, and in a capitalist model only those with owner authority can do so, and if it was their policy to begin with, then it is to the detriment of everyone if they choose not to change it. What is your take on this meme?