Benjamin Rodriguez

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.

Official response from submitted

The Business Insider type article works with assets and liabilities as if the social effects of debt were captured by comparing them alone, but that is a mistake. Rising debts have consequences independent of assets just like creditors react to rising debts of debtors and dont simply accept debts when assets are larger in value. Whether and how valuations are made matters. Whether and how assets can be converted into cash to settle debts matters. And so do many other aspects of debt and its social effects. This kind of sensationalist article implies that all who study debt and debt-related social problems across the centuries are all wrong; they should have measured assets in relation to debts and GDP.

I am currently planning a trip in 2017 to Denver and Boulder, Colorado. Keep watching our events page on our websites to find out exact times and places for the Denver area visit.


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  • Richard Wolff
    responded with submitted 2016-12-04 16:20:04 -0500
  • Benjamin Rodriguez Azcuy
    tagged this with good 2016-11-30 23:57:33 -0500
  • Benjamin Rodriguez Azcuy
    published this page in Ask Prof. Wolff 2016-11-30 23:56:47 -0500

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