Why didn’t the invisible hand of the free market save us from the Corona virus pandemic? Why wasn’t a cure invented that saved everyone from the illness and made a large profit? Because capitalism doesn’t work like that, Richard Wolff explains how the real sickness is the system!
Professor Richard D. Wolff explains how Capitalism is on life support… “I want to show you how dependent the economy today is on the government… what a total and complete mockery it makes of Libertarian, Right Wing, Pro-Capitalist notions, that the private sector is what makes the economy successful and the government is an inefficient, inappropriate, unwanted intervener.”
Are prisoners being used as slave labor? Do police act as guards to private property? Richard Wolff joins Thom Hartmann exposing Capitalism’s dirty little secret….
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.
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.
As Bernie Sanders’s runaway win in Nevada cements his position as the front-runner for the Democratic nomination, the Democratic Party establishment and much of the mainstream media are openly expressing concern about a self-described democratic socialist leading the presidential ticket. His opponents have also attacked his ambitious agenda. Last week during the primary debate in Las Vegas, Bernie Sanders addressed misconceptions about socialism. Invoking the words of Dr. Martin Luther King Jr., Sanders decried what he called “socialism for the very rich, rugged individualism for the poor.”