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Richard Wolff on the Collapsing Banks

Richard Wolff is a professor of economics and host of the program economic update and you can find his work at

I can't stress this enough ----- "profits are privatized and losses are socialized"

Socialism is a dirty word in the US. It's purposely stigmatized in efforts to separate us from learning its benefits for society. What you see above in quotation marks resembles what I occasionally attempt to draw attention towards in the many aspects socialism is used against us. We're living in a growing authoritarian society that more resembles the communist structure of a state ran type of socialism that other country's are falsely accused of. Where the ruling class essentially dictate what our governments and medias do. Locally, state, and national. Not only US, but international ruling class also. We are under the thumbs of a world ruling elite.

Question this. Having reached the 20th anniversary of the Iraq war, Tony Blair purposely lead our country into a false manufactured war with falsified information. After the Saudis helped to fund terrorist to orchestrate 9/11, in which that information is hidden in 28 pages of congressional investigations that they will not release. On multiple occasions this information has been publicized in various forms by various people that our medias will not cover. Only if you follow the right sources and do the work yourselves can one find such information. RT is currently exposing the history of Iraq and exposing classified documents and information that have been leaked but never receives coverage in our medias. They have segment in their live news each day on this.

Wolff explains how these banks use our money to make billions, but being we're not in the club, we getting very little or none in many cases. I personally get nothing for the money I have in savings. I remember a day where we use to get a % on the money we kept in the bank. Companies buy back their own stock/shares and government bonds. Including banks. Tech industries began laying off. Interest rates went up. Interest rates hikes as I explained weeks ago were meant to create layoffs. Wolff explains the rest as I have. It's a snowball effect cascading down through a ponzi scheme market system. We're at the bottom to catch the snowball. It isn't over yet despite what the media and Biden tell us. And yes, at some point we're paying or will pay for it at some level.

Once again, who won? Well when you wake up on a Monday morning to hear about banks collapsing over the weekend where the main street businesses and common citizens are lining up to get their money that is no longer there, you just might now realize the big dogs spent the weekend secretly getting theirs.

Is Wolff describing a bailin in regards to the FDIC running out of money to cover bank deposits, forcing banks to tax us? As he goes into his wife, she's absolutely right. My point has always been that a vast majority of the US citizenship has been indoctrinated into denial. In every regards to our social, political, fake media, capitalism, and governments. Complicity via denialism. When you use truth as a betrayal.

William_Mary 8 Mar 18
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What astounding truth "profits are privatized and losses are socialized" states.
I am reminded of the religious sect that gathered together to communally share the end of the world. []
When it didn't happen their mutially shared denial (aka ego protection) that their belief was illusory was so necessary that instead of promptly shooting their soothsayer & abandoning their belief it actually become more entrenched.

Similarly we have the situation that because of their indoctrination & ego most Americans cannot accept that they are the cause of many problems in this world. Their denial of the benefit of the principle of only doing for the benefit of all rather than a few being one of them.


These are Cipolla's five fundamental laws of stupidity:

1. Always and inevitably everyone underestimates the number of stupid individuals in circulation.
2. The probability that a certain person (will) be stupid is independent of any other characteristic of that person.
3. A stupid person is a person who causes losses to another person or to a group of persons while himself deriving no gain and even possibly incurring losses.
4. Non-stupid people always underestimate the damaging power of stupid individuals. In particular non-stupid people constantly forget that at all times and places and under any circumstances to deal and/or associate with stupid people always turns out to be a costly mistake.
5. A stupid person is the most dangerous type of person.

Corollary: a stupid person is more dangerous than a pillager.

FrayedBear Level 9 Mar 18, 2023

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