Richard D. Wolff

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US big business/GOP network pursues neo-colonialist policy ripping off indigenous people in Canada. How capitalism works: past, present and what future it has left. #WeCanDoBetterThanCapitalism
Class struggle chickens come home to roost. UK gov't tells workers to NOT fight for wage hikes despite inflation rate over 9%. Union leader Sharon Graham punches back, warns of massive wave of summer strikes. And in the US?
Sri Lanka crisis: crony capitalists use gov to borrow $billions abroad, grab most for selves but make nation debtor. China has 10% of Sri Lanka's debt. West (& Japan) lenders (corp + gov) hold most rest in $USD. Often repeated neocolonialism. Break needed
Is Sweden Really Socialist? - #EconomicUpdate Eleanor Goldfield @profwolff to explain why Sweden is not socialist, what socialism means and the ways Sweden has turned towards a privatization model like the United States.
Retweeted by Richard D. Wolff
Even Tony Blair now sees that western dominance of global economy is over. As Prime Minister he acted as if Britain's Empire had not died long ago. He imagines US' empire might not follow Britain's down & of course intones old, tired warnings about China
When corporate capitalists get politicians to subsidize them with tax money they achieve two goals: (1) they siphon public money into their private profits, and (2) they set up the gov't to get blamed when people finally grasp the corporate scam.
$ billions gov't bailout just rewards megacorps like Intel for their bad decisions. Competition with other capitalist chip-makers led them to offshore production etc. & thus US' poor chip position today. Either change system or pay corps' bailouts forever.
War, Sanctions, Deepening Splits: Economic, Political & Cultural- New #GlobalCapitalism Lecture @profwolff explains when we can’t face capitalism as a problem, we instead turn to other conflicts. He analyzes the most telling divisions of the world today…
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#EconomicUpdate: Swedish Socialism Undone @profwolff presents updates on SCOTUS decisions, the resurging French left & collapses in cryptocurrency markets. He interviews Eleanor Goldfield, Swedish-US media activist, on why & how Sweden is not socialist.…
Retweeted by Richard D. Wolff
Gee, what a coincidence. The interest rate increases that threaten us with recession provide rich profit gains from lending for huge US banks. Source:
Macron blames nature for France's heat, fires. Not capitalism's ecological damage, not his gov't's complicity with that, not his gov't's failure adequately to plan for, control fires. No, its all mother nature's fault. How very convenient for Mr President
UK issues its first extreme heat warning for the nation. An ecologically woke Puck repeats: "what fools these mortals be." Shakespeare nods appreciatively.
DC debates which is worse, inflation or recession? Wrong! The right question is why support a system whose instability offers us such awful choices (repeatedly across its history), a system that repeatedly failed to end that instability.
When "leaders" are big business servants. Macron spends big on Ukraine's war, joins sanctions on Russia, slavishly follows US. Hides costs for France by declaring a false emergency, pretending to lead all France through lights-out darkness.
Inflation whacks the working class: over last year, wages rose LESS than prices. Thus the real wage (what your wage affords) FELL almost 3 %. In the first half of 2022 real wages fell even faster. Capitalism: a burden the working class does not need.
US gov't $$ for workers in Covid crash did not "cause inflation." When workers had more $$, employers had choice: sell more products or raise prices. Inflation = employers raising prices. Blaming gov't for inflation is ignorance & crude effort to protect employers from criticism
#GlobalCapitalism: War, Sanctions, Deepening Splits: Economic, Political & Cultural Watch @profwolff's new lecture on what's dividing up our world- economic rivalries, frightening inequality & battles for rights to abortion, to justice & freedom.…
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Desperate Macron, outed in France, insists he would again serve firms like Uber. Boorish Johnson says he leaves office with "head held high." Best fake fronts that sellouts can offer? Maybe, but also signs of the contempt + elitism they always embodied.
In capitalism, capitalists accumulate the wealth they use to buy access to and influence over political power. Uber's activities in France and UK, now exposed, merely latest of many, many examples. The system is the problem. #HowCapitalismWorks
Long before Covid, US workers were shafted by the employer class. Their real wages (what their pay could afford) in 2019 were no greater than what they were in 1973. Profits rose for the 1%. Inflation worsens an already bad capitalist trip. #WeCanDoBetterThanCapitalism
July 14 was Bastille Day in France: the 1789 end of its oppressive feudal economic system and a reminder always that society can do better than whatever oppressive system it has.
US women way behind men in economic standing/opportunity. US gender gap also far worse than many other nations. SCOTUS abortion decision will worsen these data as forced births take women from jobs and impose huge costs on families.
Caught serving Uber, French Pres. Macron doubles down, says he was "creating jobs." Lamely repeating such nonsense exposes his contempt for France's people and their intelligence. Watch the loser losing.
Declining UK capitalism makes self-destructive gestures like Brexit, elects absurd "leaders" like Boris Johnson, and leaks its darker sides: British soldiers shot unarmed detainees in Afghanistan, repeatedly.
#StuckNation - Live w @stucknation July 15, from 1-2pm ET / 10-11am PT Join us for a live conversation w/ Bob connects major themes of his book to recent events & takes questions from the audience. RSVP below to receive the event link in your email.…
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Economist @profwolff explains why American jobs are being taken away by capitalism's drive for profit & how conspiracy theories distract us from the real culprits right in front of us: employers and a system that fights to keep wages low and profits high.
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Desperate Biden in Saudi Arabia? BRICS (Brazil, Russia, India, China, So Africa) alliance growth plan may now add Iran, Argentina, Egypt, Saudi Arabia, Turkey. Ukraine war accelerates very different world economy emerging. Sources:
TOMORROW - Join this live event July 15 at 1pm ET - Journalist Bob Hennelly will discuss his book @stucknation: Can the US Change the Course of Its History of Choosing Profits Over People? Live discussion and Q&A here:
Incompetent capitalism Texas style. First you deny climate change, risks of heat waves. Then you underinvest in electricity needed to cope with excess heat. Blame "heat emergency" on nature instead of incompetent capitalists in charge of energy.
US capitalism profits from failing to prepare for/manage Covid: (1) gov't jobs NOT "recovered" so (2) gov't services deteriorated, (3) private sector profits more as (4) former gov't workers desperate for jobs. Worsening Covid's effects on working class.
Landlords' revenge, renters' and homeless' pain. A capitalism that sets us against one another, not one that build community. And US politics shows it. Source:
Over 1800 unionized food +service workers at Los Angeles Dodger stadium vote 99% to strike. Major League Baseball Players Association stands 100% in solidarity with them. Rising labor militancy is changing the country.
US airlines got big gov't bailouts in Covid. Then as airfares upped for profit, we get worst service. Their bailout (our taxes); their profit (we pay). Capitalist air travel fails.
OPINION | As we reflect on our just-completed July 4 celebrations, Amazon’s Prime Day approaches. Amazon needs — and we need — to think about and act on what connects the Fourth of July and the e-commerce and tech behemoth, writes @profwolff.
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Capitalism's true efficiency shows up in today's "labor shortages" just after after US expelled immigrants, many from those jobs. We have inflation now before fully recovering from 2020 crash. Efficiency talk just masks the system's losses and wastes .
This Wednesday, @profwolff premieres a new #GlobalCapitalism lecture live on political and economic divisions around the world. Watch War, Sanctions, Deepening Splits: Economic, Political, and Cultural July 13th at 7:30pm ET.…
Retweeted by Richard D. Wolff
What You Need to Understand About Automation & Job Loss - #EconomicUpdate @profwolff explains why automation is not to blame for job loss- it's the system of business owners and employers that decide to fire people when it's more profitable for them.
Retweeted by Richard D. Wolff
Turns out charging Nazism in Ukraine gov't has merit. Ambassador to Germany Melnyk in 2nd highest Ukrainian foreign post after Ambassador to US. His Nazi smell reached Polish and Israeli govts: they protested. He was recalled, not fired.
Capitalism's logic, past and present, corrupts politics. So Uber bought Europe's top political "leaders" whose contempt for democracy disregarded anything but their own careers and wealth. Behold the capitalist system!
Highest monthly car payments in US history. A declining capitalism keeps offloading its costs from the rich and CEOs onto the rest of us. #WeCanDoBetterThanCapitalism
See my new article in @NYDailyNews: "As we reflect on our just-completed July 4 celebrations, Amazon’s Prime Day approaches... Amazon needs — and we need — to think about and act on what connects the Fourth of July and the e-commerce and tech behemoth."
#EconomicUpdate: The Great Replacement Theory @profwolff analyzes why US capitalists deprived so many of their jobs, how that was largely silenced by Cold War taboos & how a US left-labor alliance can offer a critical-of-capitalism alternative.…
Retweeted by Richard D. Wolff
Harvard prof says neo-liberal, globalist order over, offers "productivism" instead (a kind of Trumpism). Economic splits add to political, cultural splits shaking US.
When the corrupt super-rich finally fall, the people take over the palaces and swim in their swimming pools. Sri Lanka July 2022. Where next?
Tune in live July 13th at 7:30pm ET for my new #GlobalCapitalism lecture on a fracturing political and economic world: economically, politically and culturally.
"Labor shortages" say employers who fear the reality: workers refusing too low wages. Part of rising (unionizing, striking) working class. Finally!
Tune in live July 13th at 7:30pm ET for @profwolff's new #GlobalCapitalism lecture on a fracturing political and economic world: economically, politically and culturally.…
Retweeted by Richard D. Wolff
#AskProfWolff: What the NYTimes Gets Wrong about Inflation A Patron of #EconomicUpdate asks @profwolff to respond to Christopher Leonard, author of "The Lords of Easy Money" & a piece in the 6/11/22 NYT that addressed the issue of inflation's cause(s).…
Retweeted by Richard D. Wolff
How convenient. Just as ecological movement gets US, EU to abandon fossil fuels, the Ukraine war lets Biden et al resume supporting investments in gas and oil.
Employers like to act as if having a job or not is all that matters. But US workers now care more about what they do, how, and how well they are treated. That's why so many quit, unionize, strike, and increasingly vote socialist. Long overdue!
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