AskProfWolff: Great Depression & The New Deal
A patron asks: "A question for Prof Wolff: how did America get out of the Great Depression? What roles did the New Deal vs the World war have ?"
We are at the same point as 1929 today. Capitalism has ran its course again and reached a depth of seemingly no return other than to reverse the inequality. They aren't going to change on their own. We are past the time to support a party who will fight for us. [socialequality.com] Don't wait for them to manufacture a war this time!
China the other day has began to sell its share of our national debt of more than a trillion dollars, as the FED opted not to drop interest rates below 0.
China dumps US debt, fears dollar plunge
3
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5 comments
Feel free to reply to any comment by clicking the "Reply" button.I hope Wolff can support employee ownership of the companies they work for. The employee-owners would remain capitalists and a regulated profit motive would guide their decisions.
Government ownership would require many millions of bureaucrats, and empire building would guide their decisions. Another name for bureaucracy is authoritarianism.
yvilletom
Level 8
June 14, 2020
1
None of that makes any sense, other than attempting to force those capitalist aspects into the systems he's talking about. There are many employee owned and friendly companies that work within the capitalist system that don't require the measures you espousing that successfully benefit both the company and employees.
Why would you attempt to distract from the narrative by taking what he's revealing out of context? When a lot what he's talking about is the exiting of empire building which is the problematic issue at the time that benefits most of our current larger corporations. As the current bureaucracy is collaborate within the same agenda. Like the current authoritarianism we are already under?
He's not suggesting another Venezuela where the capitalist have been allowed to keep enough power to control the positive sides of a socialist nature hampering its advancement.
@William_Mary I browsed your comments. When your words start flowing, clarity takes flight.
@yvilletom exactly.
We learned some lessons then and tried to make rules to prevent it from happening again. Then, as time went on the lessons needed were totally forgotten and along came a fatheaded, total ignoramus and power hog to erase what little safeguards we had. It is time to relearn what we forgot and it won't be pretty.
JackPedigo
Level 9
June 12, 2020
2
I read China is unloading our debt. It was Clinton who repealed the Glass-Steagall Act and that really put me off Clinton. That's when I knew for sure there really was no two parties. While the Act may not have prevented the credit default swap mess it would have made it easier to hold big banking accountable - IMHO.
@silverotter11 I agree Clinton did a lot of bad things. But he also had the Republicans controlling both parties at one point.
Been preaching this is where we've been headed for years. The bail outs under Bush only put off the depression and made things worse. The pandemic pushed us over the edge.
silverotter11
Level 9
June 12, 2020
2
The USA is not worth investing in, too risky for China.
OldGoat43
Level 9
June 12, 2020
2
Did 42 Old Goats precede you? If so, how did you dispose of them?
It’s important. People ask me how I’m doing and I reply, “I’m doing well for an old goat.”
@yvilletom . Born on July 3, 1943 in Brooklyn NY. Lived on my organic vegetable farm and raised Boer goats and Maremma livestock guardian dogs in upstate New York until the state and county raised my taxes to the point of not being affordable to support them and moved to Pennsylvania in 2015.
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