Is economic revolt possible?

Dear Professor Wolff, I enjoy your lectures immensely, and applaud your efforts on behalf of the working people. Recalling the 1983 film Trading Places, I ask whether it is possible to beat the speculators at their own game. Also, could a debtors' strike substantially diminish hedge fund value? It seems debt is the most heavily-traded commodity in our economy and I wonder how much longer mathematical trickery can continue to keep this bubble from bursting.

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Basically, if they are organized, working people can accomplish almost everything. Their combined wealth, their indispensability to production, their power as consumers......if organized for the social change they need, its hard not to see them doing nearly everything to make a much better world for all. Refusing to pay debts would be one of many strategies that could be pursued successfully if and to the extent that debtors were organized to act in concert, help each other during struggles, etc.

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  • Richard Wolff
    responded with submitted 2016-11-14 20:44:07 -0500
  • Sean Lawler
    published this page in Ask Prof. Wolff 2016-11-14 05:41:02 -0500