Author Topic: Is America on Edge of Recession? (w/ Richard Wolff)  (Read 263 times)

Is America on Edge of Recession? (w/ Richard Wolff)
« on: March 11, 2020, 02:46:35 PM »
I think Professor Wolff knows what he's talking about. I hope he's wrong about this, but I fear he isn't:







Quote
Between the Corona Virus, the price of oil and an already unstable economy, America might be on the edge of the next great Republican recession.


I don't know what's meant by "Republican recession." Seems like it wouldn't much matter who's in charge.
« Last Edit: March 11, 2020, 02:48:16 PM by Unbeliever »
God Not Found
"There is a sucker born-again every minute." - C. Spellman

Offline Baruch

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #1 on: March 11, 2020, 04:24:28 PM »
This guy?  If so, I can't bother with your video ...

"Richard David Wolff (born April 1, 1942) is an American Marxian economist, known for his work on economic methodology and class analysis. ... Wolff has also taught economics at Yale University, City University of New York, University of Utah, University of Paris I (Sorbonne), and The Brecht Forum in New York City."

I have watched this guy before (as recommended to me by a Marxist law professor website).  Same as Buttigieg's father who taught Marxism at Notre Dame.  I would take Putin's opinion over this guy.

So now is the time to have mutiny on the battleship Potemkin?
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #2 on: March 11, 2020, 04:34:39 PM »
Watch and listen, or don't watch and listen, what do I care?
God Not Found
"There is a sucker born-again every minute." - C. Spellman

Offline Baruch

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #3 on: March 11, 2020, 04:37:04 PM »
Watch and listen, or don't watch and listen, what do I care?

We know you don't care.  And anybody awake since Jan 1 knows that the "world" is going into recession.

Look, look ... the Sun came up this morning!  Not news, requires no analysis.

At this point, I do kind of wish all the Dems would get sick.
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Offline SGOS

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #4 on: March 12, 2020, 09:56:14 AM »
That guy nails it regardless of any Ad Hominem we hang on him, I think.  My assumption is that our economy has always been a delicate matter, and we always are on the edge of recession. Debt, corruption, spending, deregulation, anything that pushes growth in the stock market is pushed to the limit.  Keynesian economics is applied only to make the economy heat up.  It is never used to slow it down when those bubbles begin to appear, and we have no reserves left when we need them, so we borrow and go into debt.  When the economy races, we borrow and go further into debt. 

When a crisis, imagined or real, comes along, there is no reason to be surprised when the economy goes into recession.  The virus and the oil crisis (if there is an oil crisis), and the money grabs by banks in 2008 are just some bumps that can collapse a poorly supported roller coaster.  My only question is why this is called a Republican recession. Although, I don't remember this guy actually saying anything to that effect.  I don't see this as a Republican thing.  I don't see it as a Democratic thing either.  It's just the way our political system becomes corrupted over time by politicians looking to further their own personal power.

Offline Baruch

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #5 on: March 12, 2020, 10:08:22 AM »
So when are you folks joining the Komsomol?  (sarc, most of us are too old).  Shall we eat all the millionaires yet?  FEMA camp the Republicans?

What system do you propose to replace the US political-economy ... the one in China?

What are the banks planning?  One world electronic currency (debit card) controlled by the Chinese, with liquidity controlled by your "social media score".  VISA/MC is so powerful, the political class has to nationalize it.  With negative interest rates for anyone stupid enough to keep money in the bank (and you will have to because all other currency will be outlawed).  IRS will know every single purchase you make.

If that were for real, I would rather see the world political-economy fall back to the Stone Age (pre-2000).  I don't need commissars crawling up my arse.
« Last Edit: March 12, 2020, 10:12:59 AM by Baruch »
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #6 on: March 12, 2020, 01:53:36 PM »
The problem is that when you're walking the razor's edge any little gust of wind could blow you off. And if there's a really big blow you can't possibly maintain a stable footing, and you'll surely fall.
God Not Found
"There is a sucker born-again every minute." - C. Spellman

Offline Baruch

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #7 on: March 12, 2020, 01:56:39 PM »
The problem is that when you're walking the razor's edge any little gust of wind could blow you off. And if there's a really big blow you can't possibly maintain a stable footing, and you'll surely fall.

Economy is always metastable, even if you have a pre-modern economy, with just farmers (drought, fungus, infections).  No such thing as stable.  And the "instability finance betting" requires "controlled" volatility.  Really, Das Capital is about 150 years obsolete.  Wealth of Nations is 250 years obsolete.  What people consider "policy" is dueling obsolete policies.

US dollar has been based on price of crude oil since mid-70s.  The coronavirus isn't all of the problem, the counter-coup and break up of OPEC this past week is key.  How can communism cope with dependence on ME oil/gas?
« Last Edit: March 12, 2020, 01:58:15 PM by Baruch »
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Online Sal1981

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #8 on: March 12, 2020, 03:00:30 PM »
All successful economies are dynamically stable.
"The first principle is that you must not fool yourself - and you are the easiest person to fool" --- Richard P. Feynman

Offline Baruch

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #9 on: March 12, 2020, 03:04:49 PM »
All successful economies are dynamically stable.

And that contradiction is why economists are mad ;-)

So what do you think of the US going off the (international) gold standard in 1971, and on the Petro-dollar since then?  Got solar and wind power yet in your area?  Some places do.  These sources are less stable than hydroelectric and nuclear, but at least aren't ME supplied.
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Online Sal1981

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #10 on: March 12, 2020, 03:08:05 PM »
And that contradiction is why economists are mad ;-)

So what do you think of the US going off the (international) gold standard in 1971, and on the Petro-dollar since then?  Got solar and wind power yet in your area?  Some places do.  These sources are less stable than hydroelectric and nuclear, but at least aren't ME supplied.
We have hydro and wind power here, but since it's unreliable we also have an oil-powered power plant for when there's little rain or no wind.

Dynamically stable just means that expenses and profits are somewhat equal.
"The first principle is that you must not fool yourself - and you are the easiest person to fool" --- Richard P. Feynman

Offline Baruch

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #11 on: March 12, 2020, 03:48:26 PM »
We have hydro and wind power here, but since it's unreliable we also have an oil-powered power plant for when there's little rain or no wind.

Dynamically stable just means that expenses and profits are somewhat equal.

Yes, unfortunately wind/solar isn't stable enough, unless you can tolerate brownouts every day, like a Third world country.  Hydro and nuclear even this out.  But the anti-nuke people are stopping that everywhere.  Per Earth First! people, everyone in W America should cluster around Hoover Dam on the Colorado River and multiple hydroelectric dams on the Columbia River.  You can use other energy sources to produce synthetic oil/gas is you don't have that and don't want to use coal.  But synthetic oil/gas is very expensive (see Nazi energy supply).

In the case of fracking, the whole thing was done on credit ... so when not based on current cash flow, that is very unstable (depends on Wall Street).  Meanwhile Saudi Arabia, Iran, Russia are hurting from the drop in demand (thanks to coronavirus, business cycle, alternative energy) so have been forced (or did they want this) to bankrupt the frackers in N Dakota and Texas.  They want all hydrocarbons to come from enemies of the US.
« Last Edit: March 12, 2020, 03:50:37 PM by Baruch »
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Offline Baruch

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #12 on: March 20, 2020, 08:45:16 PM »
"The Crash Of 2020 Is Now Worse Than The Great Depression" ... but not as bad as the market crash of 1987.  One led to a depression (1929) and the other did not.  This is because how the government responded each time was different.  Hopefully we haven't forgotten the lessons of 1987.
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Offline aitm

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #13 on: March 20, 2020, 09:02:48 PM »
We’re preaching to people to wash their hands. Do you think they have a clue what happened30 years ago?
A humans desire to live is exceeded only by their willingness to die for another. Even god cannot equal this magnificent sacrifice. No god has the right to judge them.-first tenant of the Panotheust

Offline Baruch

Re: Is America on Edge of Recession? (w/ Richard Wolff)
« Reply #14 on: March 20, 2020, 09:16:32 PM »
Yes, I think the regulars here are above average.  We are all from Lake Wobegone, are we not? ;-)
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.