Search Episodes (The Capitalist Economic Crisis)

Richard Wolff on Greek Crisis: Harbinger of US Future?

Added 03/03/12
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Richard Wolff on Greek Crisis: Harbinger of US Future?

Added 03/03/12
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Richard Wolff: 'Capitalism Is Not Working'

Added 02/24/12
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Richard Wolff: 'Capitalism Is Not Working'

[LESS INFO] 100 VIEWS | ADDED 23:34:50 02/24/12
Economics professor Richard Wolff attributes the global economic crisis to the failure of the capitalist system. He argues that the root cause of the problem is over-borrowing, and that capitalism runs on an unsustainable cycle. Complete video at http://fora.tv/2012/02/14/Monthly_Update_with_Richard_D_Wolff_February_2012 Each month, Richard D. Wolff presents an an analysis of some particular economic topics and then opens the floor to questions, comments and a general discussion. This course takes place at the Brecht Forum in New York. Each month, we aim to develop participants’ understanding of and ability to explain to others the key economic developments of our time. The updates focus on the evolving global capitalist economic crisis and its consequences. Professor Wolff examines topics such as: the social costs effects of the historic long-term US unemployment; national debt crises and “austerity programs” in Greece, Ireland, Spain, and beyond; changes in today’s Chinese economy and their global effects; tax reform and the entire tax issue in the US today; continuing crisis in the US housing and credit markets; the economics of immigration. Richard D. Wolff is Professor of Economics Emeritus, University of Massachusetts, Amherst. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University in New York. Wolff has also taught economics at Yale University, City University of New York, University of Paris I (Sorbonne), and The Brecht Forum in New York City. In 2010, Wolff published Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It, also released as a DVD. He will release three new books in 2012: Occupy the Economy: Challenging Capitalism, with David Barsamian (San Francisco: City Lights Books), Contending Economic Theories: Neoclassical, Keynesian, and Marxian, with Stephen Resnick (Cambridge, MA, and London: MIT University Press), and Democracy at Work (Chicago: Haymarket Books).

Ron Paul's Texas Straight Talk 9/19/11: Government as a Ventur...

Added 09/19/11
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Ron Paul's Texas Straight Talk 9/19/11: Government as a Venture Capitalist

[LESS INFO] 0 VIEWS | ADDED 01:51:38 09/19/11
http://RonPaul2012.com http://paul.house.gov http://CampaignForLiberty.com http://DailyPaul.com http://RevolutionPAC.com In January 2009, the administration claimed that if Congress passed a rush stimulus bill, the United States would be saved from economic catastrophe that was threatening to send unemployment figures above 8 percent. Government stimulus was the answer and if we cared about our country, we would set aside our reservations and do what needed to be done to pass the bill. Congress passed the bill. Unemployment continued to go up and has been well over 8 percent ever since. (In fact, economist John Williams of ShadowStats finds unemployment to be closer to 23 percent using traditional methodology.) Yet some are claiming the first stimulus worked and all we need to bring back prosperity is more government stimulus. Stimulus might appear to work for some people for a short time. It worked for a short time for Solyndra. For a time, they could pretend to be engaging in productive activities that would help the economy. For a time, unemployment was 1,100 people less. But the recent bankruptcy of Solyndra shows that the government is a terrible venture capitalist. This charade cost the American people over half a billion dollars they could not afford, yet there is no mea culpa. The administration is not questioning its calculations, or how they could have been so wrong on their unemployment predictions in the wake of the last stimulus. Instead, they want more money. Once again we are hearing the cry that if we care about our country, we will approve more spending and more taxes and that will create more jobs. They promise. Yes, you could have gone to the Solyndra factory and you would have seen jobs. What you could not have seen were the productive jobs that were never created. Real venture capitalists make decisions based not on politics and photo opportunities, but on complex economic estimations of risk and reward. They don't simply throw piles of other people's money at a factory and expect magic to happen. The uncreated jobs you can't see might still be around. Instead, we have more government debt which will lead to more inflation and more taxes. These, in addition to an already hostile regulatory environment, only add to the burden and risk of job creation in the private economy. It has been said that when all you have is a hammer, everything is a nail. Our government is full of people who sincerely believe big government and more spending is the answer to every problem. They automatically look to government for every solution. Government is their hammer, and all they know to do is to keep hammering. When government "solutions" still don't solve the problems, they are unfazed. They keep calling for more government, more laws, and more programs. Americans are tired of being treated like nails. This government-centric mindset is the root of the problem. People who think this way are naturally drawn to politics and government. To them, the Constitution is an annoying road block, something to get around, or ignore. We must become interested in real, lasting, productive jobs - careers that allow families to build up a solid foundation of prosperity and economic security - not pretend make-work government jobs that waste resources and vanish overnight. We have to choose one or the other.