The Chris Hedges Report: Inflation, Europe's energy crisis, and the Fed with Richard Wolff

Prof Wolff joins the Chris Hedges Report on the Real News Network to discuss the origins of the inflation crisis, the Fed's response, and what this all means for working people.

Watch the interview here. 

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  • P DiGesu
    commented 2022-12-07 09:47:14 -0500
    Reading a Lyndon La Rouche independent party newspaper called “The
    New Federalist”, I came across an article on “Wall Street’s war on the
    people”. It described hyperinflation and its grip on gasoline, precious
    metals and food, all now commodities traded in the stock market. It
    went on to state that, “Speculators are trying to cover trillions in bets that
    are going bad. It is speculation in the commodities contracts which now fuels
    the price inflation or hyperinflation. This uncontrolled government and failing
    system of economics is being maintained by the same forces or “Wall Street
    bankers and City of London Globalists” who have complete control of prices.
    The article continues to say that – Executive powers should freeze the price
    of petroleum products and gasoline. To support this there should be a halt to
    all commodities futures trading except by end users. Shut down all trading in
    commodities-based derivatives and shut down the speculators. We must then
    expect a counter-attack from Wall Street involving speculation against the U.S.
    dollar, so we need to shut down the currency markets and work with strong
    economic nations in returning to “fixed exchange rates”. The Glass-Steagall Act
    must be reinstated to separate deposit banking from speculation and begin the
    process of weeding out worthless speculative assets from the financial system”.

    “The regulations and controls set forth by FDR through the New Deal and the Glass Steagall Act were the reestablishment of the credit system designed by Alexander Hamilton for the United States, and not by capitalism. An economic design that has been systematically dismantled and has now introduced a new credit system based on “speculative junk”

    In regards to inflation and price control we can recall when Hugo Chavez
    forcefully expelled U.S. oil companies (Exxon and Conoco-Philips) from
    Venezuela in 2007, removing their control and reducing the cost of gasoline
    to 13 cents per gallon for his people. Chavez nationalized the industry,
    considering it a matter of national security and secured and maintained his
    economic control over Venezuela’s natural resource while he was in power, (etc.) – “Reflection”, by J. Guzziferno
  • Nick Stefanidis
    commented 2022-12-05 06:59:40 -0500
    Thank you very much for sharing your opinion on the matters.
  • Jim Thomas
    commented 2022-12-04 19:29:33 -0500
    Professor,
    Thank you for another great discussion. I admire the clear and concise manner in which you make economic and political issues understandable to those of us who are not economists. In this program you mention that the assault on workers has been ongoing for thirty years (or perhaps you said thirty plus years). My understanding is that the assault began in earnest on the day that Ronald Reagan took his seat in the White House. He proceeded to destroy the progressive income tax system, deregulate banks and other businesses, dismantled protection for unions and a host of other anti-worker policies. The attack has, as you stress, certainly continued under every administration since then. In any event, I would say that the “war on workers” and the lowering of the standard of living for the 99% has been underway for forty plus years, not thirty plus years. I write this not to be argumentative but because you always have a sound reason for making your comments and I am anxious to learn why you say thirty plus rather than forty plus.

    Jim Thomas
  • Jim Thomas
    followed this page 2022-12-04 19:21:15 -0500
  • Richard Wolff
    published this page in Blog 2022-12-02 14:13:58 -0500

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