I'm wondering if you could speak to the viability of Jill Stein's plan for the cancellation of student debt and comment on the accuracy of her statements regarding this plan (https://www.youtube.com/watch?v=lelEx10_PMQ). In particular: To what extent is her claim that Wall Street debt was canceled through the use of quantitative easing a valid statement? How likely is it that, if she were elected president, she'd be able to make Federal Reserve appointments in such a way as to ensure her plan gets put into practice, and what kind of time frame would this involve? Would each individual's forgiven debt inevitably be taxed as income? Any insight you could offer into these questions would be welcome. Thanks.
Dr. Wolff, I recently spent an afternoon helping my college-student son fill out applications for student loans with Sallie Mae. Coincidentally, that evening I received an email from Sallie Mae asking if I wanted to 'receive a better interest rate for my savings.' I'm already contributing $80k from my own pocket to my son's college education, and the fact that he must borrow a further $40k is galling. But the email highlighted a troubling situation: people with money can expect a guaranteed return while my son, whether he's able to or not, must repay the money he's borrowed plus interest. I suppose theoretically the lender's interest rate has a direct relationship to the aggregate ability of borrowers to pay, but this is a future ability to pay and impossible to predict. Is there some way (co-op banks?) that a lender's eventual return could be directly linked to the borrower's eventual ability to repay?
Hi Professor Wolff, Thank-you very much for your excellent and insightful GCM's and weekly economic updates and for taking the time to read my question. I am a 35 year old, caucasian male with a communication degree and an information systems degree - a sucker for learning. I agree with a lot of your world views. I have an interest in creating and/or participating in worker cooperatives but I have limited capital, resources and influence. I also agree with Noam Chomsky's perspectives, and, perhaps more surprising or interestingly, Nassim Taleb's views on risk. Ideally, I'd love to work/cooperate with people with a reasonable understanding of these views to create a genuine, cooperative consultancy. What general steps could I take to create or join this type of national or international coop? I should mention I am not a U.S. citizen. Cheers.
Greetings to the whole team. I can not remember if you have talked about Cooperation Jackson on your programs. It is an organization in Jackson MS focused on the development of economic democracy by building a solidarity economy anchored by a network of cooperatives and other types of worker owned and democratically self-managed enterprises. While they run many important programs, I would like to draw your attention to the Community Production Initiative. This project is working on building a Fabrication Laboratory (Fab Lab), a center for computer coding and 3D printing. What I love about this idea is their singular focus on the creation of economic democracy while wrestling commodity production away from the capitalist mode of production, and not just 'job training' or creative development. I urge you to talk about this important development for the African American Community on your show, they are currently fundraising for the Fab Lab and they need a total of $600K before the middle of January. My hope is that likeminded listeners may visit their website and help build this important development in one of the poorest states in the nation.
Could you please offer your opinions and/or commentary on MMT (modern monetary theory), Hyman Minsky, Warren Mosler, Stephanie Kelton, Randall Wray, Bill Mitchell, etc. and how this explanation of monetary systems might relate to economic democracy and socialism.
Jill Stein, the presidential nominee of the Green Party, proposes using quantitative easing to erase student debt in a similar fashion to what was done during the bail out for banks in 2008/2009. She also proposes a Green New Deal that will create millions of jobs while addressing the issue of climate change. http://www.jill2016.com/platform I'm very curious to hear Richard Wolff's insights into the feasibility of these ideas and their potential outcomes.
Hello Professor Woff, Just recently discovered Economic Update and have found it immensely informative. Thank you for your work. As Obama is exiting office I am seeing metrics along the lines of the Dow Jones industrial average has increased by approximately 10k points and is getting close to this perceived “magical” milestone of 20k. I am curious as I have been for some time how this metric affects or doesn’t really affect the average American. It seems to be some sort of barometer as to the economic health of the nation but it seems that whether it rises or falls by 1,000s of points it doesn’t seem to impact for instance my standard of living or really anyone else I know who seems to exist in the middle to lower classes. Is this something you could speak about or if you already have could you point me in the direction of a previous episode or possible a good book on the subject of the correlation between the Dow Jones and for lack of a better term the “average” American worker?
I keep thinking of a "Gig Economy" as a way to undermine Worker Co-operatives. You are now an independent worker-owner contractor not an employee.
I would really like to hear your opinion on my ideas on how to build better and more stable socio-economic system:
I am also writing a book on this subject, so your opinion would be very helpful.
Suggest this author or book for review.
Hello Prof. Wolff. I was wondering how you felt about steady state economics and whether it was worth pursuing as an alternative to the impossible growth dreams of capitalism ( http://dalynews.org/learn/blog/ ). I am particularly interested in how this topic pertains to sustainability and the climate. I also wondered if you could do a radio show/segment about it. I searched the Democracy At Work website for various related terms and it didn't seem to have been covered before. Thank you!
So what event will cause the govt to raise rates to at a minimum 1 percent from .5 and while they are at it why not set it at 0. Who cares? What is this mickey mouse monopoly money created and lent and consumer borrowing and spending joke economy and society we got here in north am....
Hello Prof. Wolff. Just want to start by thanking all the work you and your team do. Spreading the concept of Co-Ops and the even thought it may not be a panacea, it will solve a lot of the ailment afflicting the failure of capitalism. Not sure if you have in your many updates address the specifics of the sham of the debt-to-GDP ratio. Being that we're not under a "War Economy" experts keep talking about the need to lower the deficit. Below I have added the article from "Business Insider- America Is Not Drowning In Debt: These 5 Charts Destroy The Biggest Myth About The US Economy" that provide a very good explanation in my opinion that the assets to liabilities ratio of us companies outweigh the worry that "our national deficit" cannot be repaid in a prudent manner, a combination of higher taxes and higher capital investment (cascading into decent productivity growth) under a Co-op socialist system could fix in a few years. If could please address this manner when possible, I would gladly appreciated. link, http://www.businessinsider.com/america-is-not-drowning-in-debt-2013-4 Thank You. PS. Hoping to get a group of people inspired to listen to the podcast so we can have you over in Denver, Colorado.
Please review the attached documentary. Is it true that the only way to create money is through debt. Did the producer have an agenda? I feel like this is not the whole story. https://youtu.be/jqvKjsIxT_8