The Federal Reserve is buying junk bonds to keep business in business, causing a new global crisis. This is desperate action and building up a massive debt. This is the third economic crash this century. The corporate debt is so large, that they are zombie companies, which are technically bankrupt.
Social distancing is a necessary evil in Covid world. Watching “Mother” reminds me just how irreplaceable the joy of being in a band is.
~ Roger Waters
George Carlin (May 12, 1937 – June 22, 2008) was an American stand-up comedian, actor, author, and social critic. This quote is taken from his last stand up routine, “Life Is Worth Losing” (2005).
Today’s episode features an analysis (part 1) of how, why capitalism – especially in US – failed to prepare for or cope with a virus thereby enabling it to trigger another crash of capitalism (third this century: dot.com in 2000, sub-prime mortgage in 2008). In part 2, Prof. Wolff provides an analysis of how to respond to crash better than the US govt by emphasizing re-employment in millions of new jobs rather than unemployment, emphasizing worker-coops, etc.