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Economic Update: [S8 E12] Capitalism Invites Deepening Criticism
THIS WEEK'S TOPICS (w/timestamps):
00:46 - Updates on new approach to Labor Day;
02:54 - DNC accepts fossil fuel donations;
04:28 - Turkey's crisis as typical capitalist instability;
08:13 - collapse of Genoa toll bridge;
11:20 - exploding gap between CEO and average worker pay;
12:52 - Gallup Poll on capitalism vs socialism in US.
15:09 - SPECIAL GUEST: Professor Wolff interviews Dr. Harriet Fraad on why U.S. workers don't rebel more against systemic deprivations.
To watch the second half of the interview, please visit us at https://www.patreon.com/economicupdate
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Dr. Harriet Fraad is a Mental Health Counselor and hypnotherapist in private practice in New York City. Her work explores the intersections of American personal, economic and political life.
Her most recent articles appeared in Alternet, (2018) and the Book Knowledge Class and Economics: Marxism Without Guarantees (2018). She appears regularly on the radio/TV show Economic Update and also appears on such shows as Redacted Tonight with Lee Camp on RT TV. Her work can be found on her website harrietfraad.com.
The US is becoming like Mexico. The Mexican GDP is the 15th largest in the world, just under Australia. But most of their wealth goes to the top 10%. Corruption is so high, yet, the people do not revolt. Many simply cross the border and accept the lowest wages in the US. Nothing will change , until people strike like they do in many European countries. In fact, Mexico is a right-winger paradise. Low taxes, little regulation, low wages, no safety nets, and high poverty/income inequality.
I do not believe in the hype that America is getting better economically. I am hoping that I can finally figure out just how they are coming up with numbers that "prove" this awful lie. Yesterday, down the street, another young man in his 30s took his own life because he could not find work in our great nation.
None of those people/person's would know what marxist/marxian socialism and none of these people/person's would know what variation/version of marxist/marxian socialism is applicable to the modern era/here-and-now/day-and-age/time-and-place/space-and-time their either centre-left marxoid social democratic liberal's or centre-left to left-wing progressives/so-called socialistic's not left-wing marxist/marxian socialist's
Richard Wolff, will you ever tell about the 7C Constitution @ bit.ly/7C40PDF? Because it's all about everything you are saying and far more. We need the 7C system, Guild Socialism, Contributionism, etc.
I could never ever vote for any party that would give AMNESTY to 10's of millions of illegal aliens AGAIN!!! since we already tried Amnesty before in 1986 and it only encouraged millions more illegal aliens to come here illegally.
I have no idea when the democrats became the party of illegal alien workers and kicked us poorest Americans to the curb....... It's very very sad really
Like Dubai and Saudi Arabia who is building this skyscraper, and more malls for hopping.2020 and 2030 vision. I wonder in 2 years who is going to stay in this expensive hotel and housing. Who is coming to dinner?
انا آسف للتعبير هذه المرة باللغة العربية لأنها تعبر عن ما اريد ايضاحه اكثر من الانجليزية . طالما كنت استغرب ان بعض الأمريكان يحفظون عن ظهر قلب ماذا قال الممثل فلان في الفيلم فلان وكأنها اشياء عظيمة تستحق الحفظ . لا بد ان تأثير الإعلام قوي جدا في عقول المواطنين . واغلب الأفلام الأمريكية الحالية إما تدور عن غزو الفضاء او عن الشرطة وهي تلاحق المجرمين او الخيال الع
لمي والغير علمي ...الخ . هذا الجو الإعلامي من المؤكد له مقاصد محددة وإن كانت وقتية ...
Social conditioning or programing starts at a very early age, its clear that you are not allowed to question anything, you will do as I say. Its how leaders control people , religion, businesses, education establishments all use authority to program individuals in preparation for work. Oppression basically fear is used in a lot of societies both in the west and the east to keep you in line.
I love Dr. Wolff - he should be chairman of the US Communist Party, but unfortunately too many US people have been brainwashed out of any good sense regarding class interest and the common good of the people. The best we can expect is these wonderful videos and a few nervous US people practicing saying "Socialism" out loud without looking around in fear. That's fine - the US is only a couple hundred million out of billions of human beings. Eventually it will all become clear - that "full employment" is quite a different thing to "welfare handouts", and so much more...
To hell with neoliberal economics, we must regulate and tax the billionaires and use the money to create middle class jobs. For example, our infrastructure is in dire need of maintenance so we might start there.
I'm sorry to say but it must be said. This lady is emblematic of the problem with the Left. It's quite like what Isaiah Berlin was saying about the lengths to which dogmatic people will go to achieve their dogma. She can say whatever she wants but I wish she would keep black people out of her vocab. as for Proff Wolff I repeat that he is a fraud.... she just said that for all intents and purposes money makes the man. For his part instead of putting his finger on the edge of her nose and calling her out on Her specious conclusions based on saying correlations IS causation he instead said "let me polish your statement for you" and presented as valid.
Our "capitalist system" has never been free markets governed by the consumer so it has never been a capitalism. What we have is authoritarian socialism where the government props up the worst players that concentrate wealth and power into the hands of the fewest possible and crushes competition,usually with litigation and legislation, because these inefficient and ineffective monopolies could not sustain in a free market where anyone could compete with them. Could you please accurately define the economic system you are demonizing. You're as bad as the trumpites calling russia or china dictatorships communisms.
It seems as if, in the US prison system, we have the worst of both worlds...virtual slave labor reinstated (pace, Lincoln)...and the undermining, by corporations that exploit this system, of wages for decent jobs, and those employers who might pay these wages for similar goods; not to even get into the inherent racism by imprisoning such vast numbers of people, disproportionately from minorities. The modern plantation, it seems.
Richard Wolff is a total fraud Marxist socialist snake oil salesman.
Socialism had failed miserably everywhere it’s been practiced. And he’s been knowingly peddling this toxic ideology.
“Socialism works only in two place: in heaven where they don’t need it and in hell where they already have it.” says Ronald Reagan.
If you want to learn anything useful about economics, go listen to Milton Friedman.
“In February 1906, readers of Cosmopolitan magazine opened its pages to this statement: ‘Treason is a strong word, but not too strong to characterize the situation in which the Senate is the eager, resourceful, and indefatigable agent of interests as hostile to the American people as any invading army could be.’” https://www.senate.gov/artandhistory/history/minute/Treason_of_the_Senate.htm
Great ideas that you have. Great ideas that so many here on Youtube present as solution to the economic problems and while they're the most logical solutions, you're up against a criminal lot. This criminals have absolutely NO intention of letting the American people move forward with reforms. What I would like to hear from you, and from other like-minded on youtube, is an answer as to how we're going to deal with these people so that we CAN implement reforms in gvt. And please don't suggest "voting them out" since the current voting system is easily manipulated (rigged). Most often we're provided with a choice between Jack the Ripper and the Boston Strangler - criminals. Lets deal with that issue, first, then the rest will be more easily implemented.
Hi Everybody, Professor Wolff must be losing it. I don't think he understands what he's saying. His very first little topic was introduced with a quote from Abraham Lincoln about the inhumanity of keeping slaves. From THAT Professor Wolff states that no one should take a Job away from anybody, and that everybody owes Work and Service to the Community. Huh!? Lincoln freed the Slaves, and Professor Wolff wants to put us all in shackles and bond us to our stupid wage slave jobs just when the Artificial Intelligence Robots are coming on line and could liberate us from all that crap! We Don't Want To Work! Look at the increases in Productivity along with Wage Stagnation. Already the Economy is churning out a lot of stuff with very little input from Labor, and we should be encouraging it. But Professor Wolff wants to find us Jobs! We don't want Jobs. We want money! That Old Man if fighting the Labor Battles from 1920 or something. He's senile. Maybe some of his trusted colleagues should have a kind of intervention and show Professor Wolff a paper or two on Guaranteed Income. Heck, Dr. King was writing about that in 1967, and Wolff still hasn't heard about it.
Further on, minute 11:00, Professor Wolff with his Worker Coops again. This time we need the Worker Coops to oversee all the Transportation Infrastructure. He says that the Worker Coops would be great at pointing out the problems. Yeah, wonderful. But think about this... if the Workers Coop meets wages and salaries out of a given pot of money that also includes Maintenance Allocations, well, Workers can be just as greedy as Share Holders. Hasn't Wolff ever been to a Labor Union Meeting where different Job Descriptions were rioting and throwing chairs over who should get paid more? Besides, Professor Wolff has probably been in the rarefied airs of Higher Academia too long and has forgotten what boneheads Workers are (Drop Outs and C Average HS Grads). So, really, we need the Infrastructure Managed Publicly with the input of Trained Engineers and funded by taxes on the Rich so that nobody will worry where the money is coming from.
oh make no mistake there's passivity here in France, it's kind of incredible Macron still has his head wih what he has done and said. In fact i would like the picture Harriet Fraad makes of France to correspond to reality, but it's a little off...authoritarian education and relationships are still in place and have visible effects in the society.
Evangelical fundamentalist authoritarian child rearing came to America with the Puritans. Beating babies goes back to John and Charles Wesley's mother, Susanna, who advised that "children should fear the rod by age one". (her full letter to John is in her biography) Wesley's brought her parenting advice to America; they founded the Methodist movement in America which was the most popular Protestant religion in the 19th century. Her horrific techniques are exemplified by James Dobson and have been passed from generation to generation since 1732. (The idea that children are born evil is a misinterpretation of the bible and justifies abusing children to beat the evil out of them)
I think this stuff about authoritarian childrearing is a side-issue, and a by-product, not the main force. Firstly, liberal child-rearing has multiplied and increased since the 1950s, not decreased, ever since Spock's groundbreaking baby-care guide. So tying the recent (and it is quite recent, from the 1990s onwards) to victorian childrearing and religion is ahistorical, the reasons are far more about the effects of the neo-liberal counter-revolution against social democracy, increasing people's work stress, money worries, debts, damaging diet, impacting relationships and parenting through overwork and preaching competition and violence, and also to climate change which is incredibly depressing, because it literally is creating world-wide doom. The other thing which is much, much, much more of a factor in low self-esteem and depression is advertising, especially as it has become intensely ubiquitous and intrusive through social media, on top of how cunning and continual it already was on television. Advertising indoctrinates and inculcates false values in the process of boosting the percieved values of commodities in the minds of potential customers, and those false values, that heretical theology includes the ideas that you are nothing without these commodiites and the shiny lifestyles seen in the adverts and on the programmes between the adverts, that all happiness, reality, community, love, friendship and joy comes from accessing and consuming theses commodities, and that you are yourself incapable and worthless because you must have these commodities to have all those other things, by implication that haven't and can't create themselves for yourself or access them in any other way than making purchases. Whenever the glamorous actress says "because you're worth it" the opposite is implied, that if you don't buy this, or can't, you aren't worth anything. They must lower self-esteem, increase anxiety and fear and social isolation and make you feel you need these various commodities which untold generations of humans lived without quite successfully. And unlike Althusser's list of legacy cultural superstructures, advertising is part of the process of capital accumulation, integral to valorization of capital, a now indispensible stage in the process which begins with raw nature and ends with overfed, unhappy, indebted people in homes cluttered with near useless objects bought for artificially inflated prices. Authoritarian personalities crop up in every generation on a fairly consistent level by reason of the genetic lottery of sexual reproduction, and try to normalise their pathology in that direction by taking over education and policing and so on, and are resisted by people genetically (and religiously) graced with greater empathy and compassion and rationality the same way, mostly successfully, which is why the fundamentalist education mania has retreated into home-schooling, which is necessarily only an option for a relatively small minority who can afford that much time off work for the parents. That is a massive retreat, socio-culturally. So religious schools and authoritarian parents are not the real enemy, that leads to identity politics and picking fights with potential allies in the churches and synagogues and mosques entirely unhelpfully, and misses the real enemy, which is Capital and the advertising industry and big business, which we shouldn't need telling as Marxians.
My father has told me many a time that a common saying in the family and town that he was raised in was, "spare the rod spoil the child." This saying came comes from the Bible. In other words. "If you don't behave, you must be punished, God forbid that I allow you to be spoiled." The child then who doesn't behave will not only be punished but will come to see themselves as bad in the authority's eyes. Multiply this by the millions over the ages and what has this brought to society?
Authoritarian religions, The Watchtower Society ,Brooklyn N.Y Corrupt, dogmatic ,doomsday and high controlling , Keep it in the U.S we don't want this type of movement in our international community piggybacked on the U.S State Dept ...
'The employor has the right to lead and distribute work' An old timer said that to me, on one of the first days at work. Meaning , he was not happy with the situation, I could not think of anything to do about it. Ye got jobs were the guys try to get more of their peers onto the working crew. But really I don't have the patience or interest. I notice more what is wrong with the system than have the energy to try to change anything. I just hate work full stop.
Talk about bridges and tunnels, I forgot about that time, i was working for the city, we lowered a boat into the river and went to check the concrete in the tunnel for strengh, well a surveyor with a spring gun. Under main street we stopped for a beer, at the bend in the river, and one guy shouted up the rainwater drain, so an old lady nearly fell off the pavement, but she had the presence of mind to shout back down " who is that " The guy said "it is the devil " and went on to explain the river, which used to smell because it was used as a sewer, was now going to be opened up again, the treatment plant upstream was much better. Now it is all pavement cafes, from the harbour to the city park. I quit that job before i was made permanent staff
Hear about the sewers in Paris, they roll these nearly two meter wooden balls inside the pipes too maintain the system. It is said those jobs were passed on from father to son. Listening to a George Orwell rant about the paris plongeur. How they were slaves, so to speak. The falseness of the whole thing. People paying more for something in hotels, that would be lot less at home. I don't think for one minute people in france take to the streets because they have the same teacher from creshe to kindergarten to high school. And the arab kids in the baleniue never get work.
I've seen those appartment blocks in Istanbull, that was before Genzi Park. Visiting my daughter. block and empty blocks all the way to Sabiha Gokcen airport. My son-in-law, and one of his best friends was saying how he just his boss to transfer him from the debt accounts section to loans out. The both agreed then that selling off public utilities was stupid. I thought Turkey had such a great rating with IMF never expected thier currency to get attacked. Maybe they are not spending enough on USA military hardware.
As professor Patrick Peppe used to tell us: if this is the greatest country in the world what makes anyone think that it needs change! That is correct! It is reinforced by E.X.C.E.P.T.I.O.N.A.L.I.S.M! We lose at a stupied game? We look for a weapon and kill those that defeat us! It is umberable to lose, but we focus on the weapon and do not discuss what really matters! Is call Scapeism! As a therapist you also know about medicading anger, disatisfaction, anxiety and anything that might indicate to us that is time to change our oppressive social condiction! We are controling the future protesters, advocates, Activists with medications. For ODD, ADHD and Depression, Anxiety and Bipolar Disorder. When that does not work people kill themsekves. Those that have no medical coverage are not able to get "legal" medications to become a Zombie. Welcome to the our Nation!
This one is very thought provoking if you really stop and listen closely and think about the ramifications, this answers to a lot that has been a mystery to me seem to be cleared up. My parents were atheist borderline anti-theist and told me I recall you'll have to decide when you can reason yourself what you believe or don't and we had a room that was just basically a library.
Thinking about it and I'm sure they would agree on this they were more interested in conveying critical thinking than teaching us what to think, I do remember the insistence to read and read well. I've noticed people can tell you a lot of what they think, not so much on how they reached their conclusion and in that fact speaks volumes as to the validity of their thought processes. Most in America have no idea how to question critically what is input in their minds, they just accept it all with dogmatic fanaticism things that are patently ridiculous upon just cursory inspection.
This is how I easily predicted Trump to win when no one else was, people that have no idea how to critically access will tend to the charlatan and con-man predictably that is why our religions still exist. America is very religious overall cause it citizens are simple and have little to no questioning skills are entrenched in escapism and wishing. Which is a corollary to our national obesity and drug addiction levels, the sense of hopelessness this concoction bring is depression and a plummeting birthrate which will really be our nations undoing and downfall... These are just thoughts take them for what you will or not, how you feel isn't my concern mind you.
I wish this conversation had continued it was captivating and enlightening, well done!
I was also raised in a Non-religious household, but unlike yours the topic never came up. I have watched a lot of the Atheist Experience Videos and it amazes me how much damage organized religion does.
Critical Thinking seems to be a rarity. I started watching some Jimmy Dore videos and agree with much of what he covers, but not all. Yet, you read thru the comments and you will see he is now a cult figure. If Jimmy says clap your hands, they will clap their hands, etc. I get a little nervous when I find myself agreeing with everything someone has to say. His format reminds me of Faux News, in which they tell you how you should feel about a topic. This can come in the form of a look or a phrase, "These people want you to.... Can you believe that?"
"Someone is either 100% correct or 100% full of BS", appears to be the overwhelming sentiment here on the Internet. People only have their talking points to work with.
Conspiracy Theories are growing like weeds. One Q-Anon defender said, "There is no Non-evidence to prove... " With that thinking anything is possible. Nobody has show proof that Santa didn't run over the Easter Bunny, while he was getting it on with the Tooth Fairy.
What I don't understand is why it's greedy to want to keep your money but not greedy to want to take somebody's money? To accept that we have to accept the inherent coercion, manipulation aggression threats of violence and outright violence. Why? This destroys the human Spirit, it makes the human Spirit darker that already has because of the parasitic nature between the state and its people... why can't the people just enjoy the same Universal freedoms that birds and other animals in the wild do? They don't have any borders they don't have passports, why can't we compete fairly with the globalist food chain and open up a Fruit Stand? Because the monopolists are colluding with government to make sure we can't and if we try they send their goons over with guns to shut us down, lol it was a group of little girls who set up a lemonade stand on the street guess what happened the police came and shut them down LOL. But it really isn't funny at all it's quite sad and miserable to realize that without economic freedom and a sound monetary system that isn't subject to inflation we as a society will never ever develop sound mind, self-worth maturity and if we don't have those three principles we will never develop empathy, love and forgiveness in ways that can be measured for True Value they have engineered us to become narcissistic empty vessels walking around filling our lives with material things to make up for what we're missing in the human spirit. What's the Dear Professor fails to mention is that he has to initiate corrosion, manipulation threats of violence and outright violence and order for his system to work, a true free market free of monopolies remove all incentives of aggression and brings the out most cooperation amongst people as they benefit through their exchange of goods and services the way our ancestors did Once Upon a Time. The fact is that every cannot Act of every economic collapse was caused by government intervention in the markets going back 200 BC, don't don't you think it's time for a change?
Right...so then you go first....if "monkey" is a problem for you.....that would be "talking earthworm."
Of course, if that is your "argument" then maybe you would prefer "hominid"......or "primate".
But I like monkey for "effect" and I couldn't care less regarding your irrelevant taxonomic objection.
So what is it that you require, as evidence, for the "unevolved talking monkey, hominid, primate."
Jordan Peterson is a walking billboard of one. Or the fact that having stumbled upon "civilization"
after 187,000 years, the "unevolved talking monkey" has authored it's own "extinction" in a mere 8000
So it will be interesting to watch you claim that the evidence you will offer, of our evolution,
is also the means by which we have authored that "extinction". ( while failing to even come
close to understanding ourselves or altering our behavior in any manner that is significantly
different than that of our pre-civilization ancestors, with the exception of diminishing the
altruistic and co-operative characteristics of eusocial species, since the present reality,
does not produce sufficient rewards, for such behavior when groups exceed the tribal
limit numbers, that make such behavior, beneficial to that group. )
But then, that you understand, what evidence is or can actually make an "argument"
remains to be seen.
You gonna keep posting that nonsense? Might makes right is the history of civilization.
Is was the same before, but somewhat limited and constrained by "group size".
Power corrupts and free markets are a myth.
Sure it's time for a change...but the problem with the unevolved talking monkey,
is that he is an "unevolved talking monkey."
Pretending to fantasy is not a substitute for the evolution required.
Oh boy, your macroeconomics is ... not as good as your microeconomics. Turkey is a victim of carry trade and nothing else - the same thing that haunted many countries after 1971. True, it has to do with interest, but it has nothing to do with real investment or a profit realization problem, it is about a Ponzi scheme based on exchange rates that distorts foreign trade
Moreover, it could easily be solved within capitalism if we had a democratically controlled global central bank setting a global real interest rate, while the local central banks fix the real exchange rates. No magic tricks needed here
We would like to hear Professor Wolff's thoughts on paying women (mostly, or men) for their currently unpaid labor in raising children and running the household, which is an unpaid slave condition. Marx called this labor reproductive and therefore excluded this fundamental work from the economy and economic valuation. Today's economists still neglect this fundamental slave condition. Riane Eisler's The Real Wealth of Nations addresses this neglect of Marx. Why doesn't the professor ever discuss this work as if it does not contribute to society -- when in actuality it allows society to exist? Please address this.
I'm sorry dude but you are pushing this a little too far. You can't just pay people to sit around and have kids. You'll end up with runaway poverty and a generation of young women that only want to sit at home and crank out kids for government benefits (sound familiar?) If you make the choice to have children then that is on you to take care of. An even dumber idea is to pay people to do housework. If you need to get paid for that then take it from your husband.
My father started his own business. My mother became not just the secretary doing the billing and so forth but also kept the books (basically, she was a self taught accountant and was better than those who went to school for this). In addition to doing these functions for the business which she did about half the time, she also took care of myself and my older brother as well as cooking, cleaning. Though my brother and I cleaned, bought groceries, did laundry all to help out. My father insisted early on that we will learn to be self sufficient and not expect mother to do everything. I can still clearly hear him telling me, "your mother is not your maid." My mother would cook, my father did the dishes. The point is that my mother was working full time. Now, my father could have easily said whatever money the business earned just went into a "general house fund" for lack of a better term. Instead he paid her a full time salary every week for everything she did. This was her money to do with as she chose. He recognized that running a home doing the chores was a full time job, and he was forward thinking in wanting to financially compensate this work. My parents were excellent role models. We were not rich, but we were not wanting for the basics.
Go to places where white people are a minority or not around at all. The places are shitholes, literal desertification going on and pollution to the max. If anything whites are the only ones maintaining a decent environment.
Capitalism and the magic of the market isn't working for most people. It always results in market saturation, lower prices, and lower wages. If a libertarian tells you the magic of the market works, they are lying. If a libertarian says the government is the blame for everything, they are lying. If a libertarian says socialism is bad, they are lying. Don't believe these frauds.
Lol. Brad Christy only speaks for Brad Christy and no one else. The reason why that is ...? Well, no one here trusts Brad Christy. That's why. He's like the contrary crow from a children's fable that constantly harasses people to make them doubt themselves.
I agree. As far as I can tell Jimmy seems like a sincere guy. I've long admired his willingness to challenge the liberal status quo, his taking on the struggles of the poor working people, and calling out the whitewashing of MLK's legacy, among other things.
Are you familiar with a post titled 'The Mainstream and the Margins: Noam Chomsky vs. Michael Parenti'? It was posted in 2016, but I just recently read it for the first time. It contains a lot of information regarding both Chomsky and Parenti that I was unaware of. There are numerous sources linked throughout. It's broken into 6 parts and it's a relatively long read - but I think anyone who values Chomsky's contributions or Parenti's, or both, would find some fascinating stuff in there. If you haven't already checked it out of course!
The main issue with Chomsky is that he's a pacifist(afaik). If we tried to change dysfunctional and unjust systems through peaceful protest alone, the french revolution would never have happened and we'd still be paying taxes to the king or the local lord.
Yo Rick, you forgot to mention Long Term Capital Mgmt the "sign" of what was coming, a single company,
founded by one of the winners of the "faux Nobel" Prize for Economics ( Black-Scholes model ) which
crashed the "economy" all by itself, BEFORE the repeal of "Glass Steagall".
This supposedly "ground breaking" prize winning idea, involved the terminology of "fat tails" and that
a mathematical formula, applied to a market investment strategy, could eliminate the possibility of
"loss"........ ( using derivatives ).
Now I imagine that if one is inspired to acquire the "faux Nobel" this effort would require quite a bit
of convolution and pretense, but this particular "innovation", when stripped of these, seems to be
quite similar to the "gamblers fallacy" which occurs when one misinterprets the laws of probability,
and the fact that for "gamblers" there are "house limits".........so one might believe that, because a
low probability of an event is present, say tails occuring in 15 consecutive coin tosses, this can be
translated into a certainty.
In the real world, for gamblers ( and investors ) these two factors combine with a third factor, the
amount of the initial bet....followed by a progression of increases, that take place after a loss.....
so that, if one is facing a 50/50 probability and one doubles the bet after every loss, at some point,
the bet will win.... ( at which point the gamblers will collect a profit which will equal that of the
original bet. ) Enter the house limit....or for investors, the market limit........and a 50/50 probability
event, such a heads and tails....starting with a $1. bet and a $500 house limit. Doubling up after every
loss produces the exponential sequence of 1,2,4,8,16,32,64, 128, 256, and the limit 500. So starting
with a $1. you have 9 chances of winning $1. On the 10th toss you now can only bet 500 and you
have already bet a total of 511, so if you win, you will actually have lost $11, while if you lose, you
will be out, $1011. ( all for chasing a potential win of $1. ) BTW the chance of ten heads or tails in
a row is 1024 to 1......and if were not for the house limit, your final bet in this sequence is 512,
at which point you would win $1. ( also, for this particular game, using that strategy, after suffering
the max loss, the chances of re-couping your investment, would be even more difficult requiring
greater risk and shorter sequences. )
The particulars of the Long Term Capital Mgmt and this "lesson" can be found with a search, but even
more interesting is that these similar fallacies, also resemble that of "economics" itself, which when tied
to the "continual or infinite growth" model, produces the same exact "failure".......because in "reality"
it is impossible to avoid "limits"........so, one has to wonder why, the assumption of "infinite" probabilities,
is so prevalent, and why we keep repeating the same "mistake" regarding it. ( or in this case awarding it
with a "prize"....even though "fake or misrepresented. )
Why you do not disclose that Fraad is your wife?
This is extremely unethical and deceiving.
you are using your supporters money to support her (your) business.
She is charging upwards of 200 per hour for idiots who hooked by this "infomercial"
It is in the continuing and growing depreciation, the traumatizing systematic breaking of how children are treated and raised that the Living God finds most regret in having created human beings, if humans would do such things to their own flesh and blood or other helpless individuals; would they be this way to their own Living God were he to chose to live amongst them? Yes or much worse is surprisingly the answer. Oddly enough how many religions claim to pursue or revere God, yet would just as quickly destroy such a being if such a being we're in the flesh, than the clergy could blink! ⚒⛪️🛠🕍⚔🕌⚰🕯
Possibly More tragic as to how many Christians who do not follow the ways of Jesus Christ(Yeshua) and how many who are not Christian who also follow the ways of Jesus Christ(Yeshua) Son of the Most High Living God, and nearly equally as tragic that the churches held back or through the transition of time the apostle/gnostic teachings of each of the twelve apostles discipled by Christ did not survive into text or a medium that the many different masses would all have nourishing truth to digest and learn the way from, including the betrayers from Judas and not simply just from Mathew, Mark, Luke & John. 📕📗📘📙📚📖💡
Fascinating discussion as always professor Wolfe! Would it be possible for one of your next segments of discussion to be in regards to the what could be classified as an economic game of hide the wealth beneath the private islands/lands being played in Lichtenstein: Isle of Man: Belize: Turks Islands: Cayman Islands? Theoretically in practice that these so called self-proclaimed/inherited elite can declare not owning anything while simultaneously being the wealthiest individuals on earth? 🏝💸🌅
Whatever Imtold....No....that you didn't make a big effort, or any effort, explains
your failure to get, what you say you are not getting.
difficult to interpret or understand; mysterious.
"he took the money with an enigmatic smile"
synonyms: mysterious, inscrutable, puzzling, mystifying, baffling, perplexing, impenetrable, unfathomable, sphinxlike, Delphic, oracular
"I get the whole 'might makes right' argument is - for want of a better word, bullshit. I think everybody gets that now..."
Nope....the "might makes right" argument, is not an "argument" and it is not "bullshit"...it is the reality you are living in.
If you think otherwise, then you have bought into the ( some other form of ) "bullshit" in one way or another.
So, at the moment you haven't gotten anything or you have misstated that which you claim to have "gotten".
Which doesn't look promising, nor give me any way to explain, what at the moment you do not understand,
and do not seem interested in making the effort to understand.
J GALT - K, I still must be missing the point...
I admit I didn't make a big effort to read your reply to me or the one to Skeptic.
My thinking is, at this point, that we are past the 'need' to be artistic about it.
Don't think that being enigmatic is going to win you any points any more. We need to be real...and true...and plain...
I get the whole 'might makes right' argument is - for want of a better word, bullshit. I think everybody gets that now...
Is there anything else you need to say that I'm not getting...?
Skeptic 501......That is a very imaginative projection, unfortunately it has no
relevance to anything written here by me.
"The only rule that has ever applied is "might makes right"......all the legal stuff is "bullshit",
which is about FORCE!!!!! Does that help????"
If you think that it about prizes for last place, you are sadly mistaken. That is about
the rules of the game of life. If you do not understand the actual rules you are playing by,
you have zero chance of winning. If you do understand the "rules", it is to your advantage
if the other players do not.
At the moment, most people are not aware of, and are not playing by the actual rules....
and yet they are neither complicated nor difficult to understand. They have instead bought
the bullshit in one form or another, and then proceed to wonder why, things do not seem
to conform to their expectations. They may even attempt to alter this reality and affect change,
by playing by the bullshit rules and again, be puzzled by the continual failure of such efforts,
for even when they seem to have won, that victory is short lived and eventually becomes the
delusion, it always was.
So, sorry to disappoint, but this is about exposing the "rules of the game", because they are the same
as they have always been......
After all, if everyone understands the "real rules" and actually start playing by them....it may occur
to those such engaged, that maybe the odds and prospects of "winning", are not as promising as
as they were, when most people were "ignorant" of them.
Who knows, they may decide to change the rules of the game for real, rather than just pretending
+J GALT that is a bit dramatic
So Google or Facebook employees are the same as slaves ?
No wonder most of us laughing looking at the meltdown of soy induced
Snowflake losers who are the product of self esteem movement of their moronic parents.
Upset that no prize for last place?
You mean Glass-Stegall? or maybe you mean that regulation that keeps FOR PROFIT corporations from getting into medical care? Yea, those things WORKED, before they were knocked down by the neocon deregulators. I can't even count the number of OTHER examples of good regulations that were killed. How about citizens united vs FEC ???
Simple answer - most are never exposed to any information that would challenge the current system. I didn't learn anything about socialism, communism, or even the history of labor in the U.S. until I was 40. And I was fortunate enough to have some education. But the schools (primary and secondary) almost always only provide us with the same myths, lies, and misconceptions perpetrated by the oligarchs through the mainstream media since McCarthy (and before.) The oligarchs have been deceiving the citizens since the beginning. They knew that what socialists/communists were fighting for was in the best interest of the average person, but it directly threatened their power/wealth/rule. So priority number one was to keep the information out of the hands (and the minds) of the public at every opportunity. It was (and still is) the ultimate investment for these sociopaths who were (and are) willing to accept that the misery, starvation, and poverty of hundreds of millions of everyday people would be the 'inconvenient' side effect to their gluttony. In other words 'collateral damage.'
This is an excellent radio programme to which i am a regular listener every week and i reside in India. Unfortunately so much grammatical mistakes is seen on the typed words coming on the bottom of the screen that it sometimes looks horrendous.It is all the more laughable knowing that the programme is being aired from an English speaking country. I hope Prof Wolff will notice this point and ensure that the radio station will not continue to repeat these mistakes in it's futures episodes.
I am not clear what is the you tube captions that you are referring to. What i have stated is that When prof Wolff is giving the message, simultaneously it is shown in print at the bottom of the screen. That print messages is full of typographical errors. it's the print message that needs correction. That's all!
We need a "Peoples Manifesto" to counter the "Corporate Manifesto"
Corporate Manifesto... http://reclaimdemocracy.org/powell_memo_lewis
Who Stole the American Dream... https://www.youtube.com/watch?v=jlhYk1Y4ftk&t=1m38s
Conservatives have controlled the Supreme Court for nearly 50 years, ever since Nixon appointed 4 Conservative judges who immediately killed campaign finance reforms...
Conservative Supreme Court then proceeded to grant Corporate Oligarchs unconstitutional privileges, corrupt our government and destroy the working class...
Republican controlled senate changed rules to block Obama’s appointment to Supreme Court because they feared it would weaken the power they had granted Corporate Oligarchs over the working class...
No Supreme Court justice caters to Corporate Oligarchs more than Neil Gorsuch and it was Donald Trump who appointed him!..
"All Property, indeed, except the Savage's temporary Cabin, his Bow, his Matchcoat, and other little Acquisitions, absolutely necessary for his Subsistence, seems to me to be the Creature of public Convention. Hence the Public has the Right of Regulating Descents, and all other Conveyances of Property, and even of limiting the Quantity and the Uses of it. All the Property that is necessary to a Man, for the Conservation of the Individual and the Propagation of the Species, is his natural Right, which none can justly deprive him of: But all Property superfluous to such purposes is the Property of the Publick, who, by their Laws, have created it, and who may therefore by other Laws dispose of it, whenever the Welfare of the Publick shall demand such Disposition. He that does not like civil Society on these Terms, let him retire and live among Savages. He can have no right to the benefits of Society, who will not pay his Club towards the Support of it."
Founding Father & 6th President of Pennsylvania 1785-1788
Gramsci explained why and how the working class continued to be explored by the elites but he did not "really" explain what were the conditions that made the working class vulnerable to be lead to believe in a false narrative, similarly, Foucault explained how social institutions are agents of control but neither of two linked it to how these institutions commence in shaping the population beginning from childhood. The Marxist Philosopher's she is referring to is spelt "Althusser". Great video.
great conversation with dr. fraad, this "authoritarianism" is then practiced by the *employer.* in my estimation the single most effective tool in keeping people in their place, (after they've become adults) i've had many jobs over the years and every employer i've ever had was either conservative or staunch conservative, usually the later, the drive for money and authoritarianism seems to be symbiotic. the kind of fundamentalist disciplinarian dr. fraad talks about. *most employers are very political,* and connected politically, they are very active in pushing their capitalist narrative, and they watch their employees carefully. one of their most effective tools of control is keeping wages down and benefits nonexistent, over the years i have watched benefit after benefit disappear, and wages stagnate, many times getting worse.
this is a form of control, this is how the few control the many. after as dr fraad points out, we've been indoctrinated by an austere discipline, fascinating how the poor instill this "fear" into their own children. as a young parent who came from this type of household i began to immediately practice this "dominant authority" over my own children, i simply didn't have the knowledge or tools to know otherwise, i was completely indoctrinated by my own parents.
what this creates is a worker class that fights amongst itself, it fights over the crumbs, workers find themselves in dead end jobs with no possibilities, they turn on each other, it becomes a race to who can out-perform the next person, who works thru lunch, who stays late for no pay, and so on... because there's always the threat of being replaced at a moments notice, and to make matters worse, republican governments have been gutting our social safety net, unemployment benefits are cut, food stamps are cut, welfare is cut, the social safety net has become so pathetic it's a path to homelessness.
and workers know this all too well. when having to choose between self preservation and fighting a cause, survival wins out.
so workers can't unionize, workers can't even find solidarity amongst themselves against their employer, one plant manager in ohio, where workers start at a pathetic $9/hr, he said he could fire everyone on the floor on monday, a couple hundred people, and have them replaced by friday.
massive income inequality breeds servitude, it limits the ability for social and financial mobility, and when everyone is living paycheck to paycheck, or has to work multiple jobs to pay the bills, who has the time or money to become an activist? who can afford to be outspoken? and with the conservative capitalist establishment watching closely, and gutting any power of the worker, who is willing to risk what little they have trying to survive?
toimitstube, "i simply didn't have the knowledge or tools to know otherwise, i was completely indoctrinated by my own parents." The tools to know otherwise starts with knowledge and understanding of ourselves. Socialists are keen on blaming others for their problems. The primary source of most peoples problems is within themselves and yes, it's mostly handed down from generation to generation. We only have ourselves to blame for following verbatim, parents, religious leaders, educators, medical "experts" and politicians.
A major path to homelessness and despair is entering into sloppy relationships and having children that can't be afforded. Cap this off with the aforementioned lack of knowledge and understanding of ourselves along with lackluster marketable skill-sets all ending in despair and self loathing. A recipe for personal disaster and widespread social meltdown as it's repeated millions of times over
cranky kitty, wow... the irony of forcing employees to write essays on why their company is "the best place to work". sounds like something out of "1984", i know what you're going thru, the company i work for was just sold, and half of us were let go. my last day was last friday. after being bought we were all immediately forced to sign a document that allowed the new employer to look into our credit history, criminal history, medical history, and work history, and something else too i can't remember right now, and altho our current employer assured us we all still had a job i knew right away some of us were in trouble. they played themselves off as a "mom and pop" company, hilarious. good luck with everything.
s Ray Work is essential to survival. Even if you’re just gathering food and/or building some sort of shelter, you need to work to live. It’s just that working for somebody who multiplies your labor by orders of magnitude minimizes the amount of work you need to contribute to the society you enjoy the benefits of.
Quite the opposite. Not working is theft.
Yet what the Dear Professor won't tell you is that his system requires the initiation of force you know our ancestors practice true free markets free of monopolies and they all cooperated based on the principles of mutual benefit, it was the only way to bring peace in the world when people had a mutual exchange and reward at the end of the day that didn't require the inherent violence of government. Government Suburban responsible for every economic collapse going back to 200 BC as a result of intervention in the markets, they need to get out of the way so that the people once again can build sound mind self-worth and maturity and only then can they be able to deal with the massive amounts of narcissism in this world as they may be able to develop love empathy and forgiveness and ways that could be measured for True Value through the merits derived from their independence freedom to participate in a free open global Market, not to have to wait around and fear if the globalist corporatist trade Wars turn out good and if we're going to get some trickle-down wealth from their minimum wage jobs or whatever they choose to pay. Because at the end of the day if you try to force them to pay you what you want them to pay you they will give you a part time job cut your hours cut staff there's nothing preventing them from doing that, after all it's their Capital that they are risking but then again a lot of these corporations get government welfare and that's not true capitalism that's fascism the collusion between government and the private sector to ensure a monopoly on power over the people and the economy to such an extent that you can possibly compete with all the regulations licensing fees and prohibitive policies, and saw the professor conveniently leaves out the fact that we do not have a true free market the way our ancestors did
Check this out. I think this is extremely pertinent as to why we continue to go down the path of capitalist systems. I know this isn't up many people's street, but when I heard it this morning, it just fit in like a puzzle piece. https://www.youtube.com/watch?v=Ge1NentO648&feature=em-uploademail
Authoritarian family dynamics: most commonly found in hyper-religious families, strict Catholicism, Zionist Judaism, fundamentalist Protestant sects, radical Islam. Kid's would be far better off if these religious fanatics went away.
"the top 350 ceo's on average made 18.9 million dollars in 2017, a 17.6% increase in one year,
their workers in that same year saw a 0.3% increase in their wages.
*"CAPITALISM DOES NOT REWARD US EQUALLY... DOES IT?"*
Ace1000ks1975 Ace is a lazy, no good for anything to anybody, barely over the bar do nothing. You can’t ignore him because he’s so proud of this fact, he shouts it from the highest mountain, and thinks we should all be the same way. He also thinks society owes him a sustenance, simply for his sucking air. Sadly, he has no plan as to how to actually pay for this except to steal it from others who actually carry their own weight.
Bacchor And the beauty of objectivism? It doesn’t bug me in the least that you don’t get it. It only validates the ideology as a whole to allow you your freedom to believe what you want. Even if it’s wrong. See how that works?
Bacchor My terms don’t need my defining, as they don’t stray from the accepted definitions. You are the one conflating “wealthy” with “thriving”. I am certainly not what I’d call wealthy, but I AM thriving. Many people, including you, seem to think that if somebody hasn’t reached “Paris Hilton rich”, they’re poor and suffering. And it’s just bullshit.
I cited my circle of friends. Locally, the people I closely associate with on at least a semi-daily basis, I have ONE friend who makes in excess of $100K/yr, most of us under $60K; nowhere NEAR “wealthy”, but we all apply ourselves, “applying our intellect” at least 8hrs/day (assuming that’s what you meant), and accept anything we DON’T have as a result of our own shortcomings. I have one friend, probably my closest, that has had some of the worst luck, but even he acknowledges his perpendicular for shitty decisions. Remotely, those people I associate with from across the country, since most of them come from a hobby that is typically pursued by those with greater means than mine, most of them are far wealthier than I am. They are all workaholics. “Applying themselves” doesn’t even begin to describe them. One in particular has “retired” four times. He gets tired of the “rat race”, working 80hrs/wk, sells his business and walks away, only to get bored and starting something new. He’s about 60, maybe
To the contrary, when I encounter people who are NOT thriving, they are inevitably a “just clear the bar” type. They bitch about having to work, taking any excuse to avoid it, while simultaneously bitching that “life sucks” and “somebody has to do something.”
As I said. The pattern is very clear. Apply:Thrive. Period. And, just for the record, working three part time McBurger Jobs is NOT “applying”. That’s “just clearing the bar.”
As for “widening the wealth gap”..... Those who are applying themselves are getting wealthier, which is what capitalism does. Those who are not thriving, or “getting wealthier”, are lowering their own wealth level, relative to those around them who are, and are thus “widening the wealth gap”. They SHOULD be thriving, and WOULD be if they were applying themselves, so they are pulling themselves downward, rather than the ad nauseam “being pushed down”.
As for Rand.... Objectivism dictates being true to one’s self. My pursuits create opportunity for others. That they choose not to capitalize on them bears no influence on my thriving. Sorry.
The same thing happened in Calcutta. The under construction fly over near Posta Market, Calcutta just collapsed killing 40 people on the spot in 2012-13. The report had been: poking of "their" nose into the ambit of Government engineers.
Ut oh, though you're entitled to your opinion, I find your beliefs too insubstantial to have any real effect in the material world. Good luck with starving on religion/spiritualism, this useless dialogue is over.
Well, that statement is a bit non sequitur. Poverty is more than half of the United States population, for people who make $36,000/year have to pay outrageous medical insurance premiums and can't afford a $500 emergency because they have to live paycheck-to-paycheck, not being able to save anything in a capitalistic world.
ProSocial Future https://youtu.be/KCmJUobwKQk
This is why your vision will never succeed.
Have fun suffering, waiting for something you or anybody else will never see because of its crushing contradictions. Contradictions that you can’t bring yourself to see, but are painfully obvious to the rest of us.
My vision is post-capitalist. You know nothing about it and it necessitates the inevitable failure of the dogmatic capitalist market paradigm, which *will* inevitably be crushed under the weight of its own contradictions and inherent pitfalls. That, and a collective shift in consciousness that can no longer entertain rudimentary barely post-feudal 16th century systems of perverse incentives. (Capitalism)
Have fun while it lasts. ; )
ProSocial Future And I say again.....
We’re still WAITING for your vision to outperform the capitalist model, popcorn in hand. Enjoying watching you writhe in your self inflicted pain.
And we’ll always be waiting. Because it will never happen. The people don’t want it. They never have. They never will. And for good reason.
Capitalism is here to stay. Society funnels resources where they are most servant to society’s needs. Capitalism rules because it serves that function better than anything that has come along. Your model has been cast out, by society, more times than a spinner jig. And society will continue to do so for however long there are imbeciles attempting to raise it from the dead.
We’ve gone circles because you feel you can claim something and make it so. You can’t. You haven’t proven or debunked a fucking thing. You’re nothing. And I’m done embarrassing you.
I see you're back to the completely contentless posts. Check, and mate. *I said*
“Well, most don't (and can't) own their own homes.”
You responded with spam I already debunked:
> _Back to the virtue signaling, I suppose. Let’s all get our knuckles into our eye sockets and wiggle them around, forcing the tears....._
This is not an argument that I'm incorrect about the previous statement. Virtue signaling is not even a thing.
One's rights as a landlord are very different from another's rights as a tenant. I pointed that out to make a point that went over your head. It is not 'rightfully' so, it is only because of the threat of violence that a parasitic landlord can extract wealth from others in the form of rent.
Why should you be able to violently exclude others from that which you do not personally use or occupy?
> _We rightfully have property right laws that enforce this obviosity._
According to *what* - state law? Yes, that's all. 'Property' is purely a legal creation. Yet you pretend to oppose the "State" which for some idiotic reason you always write in capital letters.
When I said "the resident is the one who still must provide their own maintenance", you moron, I was referring to people who rent HOUSES, and I was making a distinction between that tendency and tenants who rent apartments where the labor is provided, NOT by an absentee owner or speculator, but by WORKERS who perform the physical maintenance. Remember, a person in the U.S. who owns an entire apartment complex will typically hire professional managerial staff and a maintenance staff as well, to run the day-to-day. That means others do all the actual work for them, making them non-essential to the actual physical labor. That has been my entire point, you cretin.
Actual workers build the homes. How can you say it is not so? Carpenters, electricians, designers, and those who build machines are workers. You professional liar. Paid shill. Dishonest shitbag. No one else could be this illiterate. Which one of these are you?
Rent extraction is clearly based on force. If you do not agree with the opinion that you must pay someone else to access a plot of land or housing, the capitalist state will enforce the landlord's property opinion through violence. That is hardly voluntary.
> _Nobody’s forced to pay rents. They can create their own means of wealth generation_
No, most can't. See above. You are a liar.
That's what we have!
Fascist governments were among the first to undertake large-scale privatizations in modern times.
There are many similarities between the fascist groups of the 1930's and today’s far-right groups. The intense hatred of minorities and unions, isolationism and the use of destructive division, nationalism and religion. The identity religion to so many of today's far-right groups evolved directly from fascist groups of the 30's. Those parallels are as striking as they are disturbing and should stand as a warning to the hidden agenda of the right-wing in this country.
Jose Pinera, who served under Chilean dictator Augusto Pinochet now works for CATO Institute and pushing failed fascist policy of privatization in U.S.
Libertarians are Fascist who govern through force against the will of the people...
Work out if you need to pay.
When you know your gain you need to work out if you need to report and pay Capital Gains Tax.
You may be able to work out how much tax to pay on your shares.
the same type, acquired in the same company on the same date sold at the same time.
sold other shares in the tax year sold other chargeable assets in the tax year, such as a property you let out claim any reliefs are a company, agent, trustee or personal representative.
Reporting a loss.
The rules are different if you need to report a loss.
Fifth most actively traded share.
Market capital of DKK 206 bn.
Shareholders by geography.
Rest of Europe etc.
Ratings from equity analysts covering the Danske Bank share and consensus earnings estimates.
Selling in special circumstances.
shares you bought at different times and prices in one company shares through an investment club shares after a company merger or takeover employee share scheme shares.
Jointly owned shares and investments.
If you sell shares or investments that you own jointly with other people, work out the gain for the portion that you own, instead of the whole value. There are different rules for investment clubs.
What to do next.