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For the last 50 years of the 75 years he speaks of the U.S. was aided by the informal Petrodollar Agreement established during the Nixon Administration between the U.S. and Saudi Arabia, which provided the U.S. with an enormous advantage as it required other nations to obtain U.S. dollars to purchase the oil needed to keep their economies running. This allowed the U.S. to not only dictate trade terms, but ensured the flow of good (imports and exports), the increased strength of the U.S. economy and military, and provided the U.S. with the ability to impose crippling sanctions on other nations, using the dollar as a weapon. That agreement ended this month, and Saudi Arabia announced it would now price and sell oil in other currencies. The need to obtain dollars to acquire oil no longer exists, and there is little incentive to acquire a currency backed by nothing but a printing press.

Reich is a phoney. Now he is on social media going on about Trump but Reich worked for Clinton who gave us more deregulation, NAFTA, no minimum wage increase and all the other pro corporation policy.

Correct. The US seems ready to go to war with China rather than allow it to gain the upper hand economically

You’re getting my vote! I used to get caught up in the if you vote 3rd party you’re giving your vote to the republicans. No more!

When I listened to his critique on the failures and fixes of capitalism, I thought it was quite telling how he completely avoided the role of politics in outling his somewhat stilted explain of economic shocks and inequality in America. How a worker co-op with one-vote decision-making power without equal ownership would work is beyond me. Is somebody going to tell Jeff Bezos he's just been devalued? Is Prof Wolff going to cancel your stock? Will investors have to guess at the brainpower of a group of workers? Will FASB have to draft new accounting rules? Sounds like a really out there explanation of why poor people exist to me!

Europe and US had for too long thought that they were the rulers of the world. They still that they still arm twist the rest of the world to comply their dictated terms. Those Daye are surely coming to an end.

Helping Israel to destroy Gaza and Palestinian USA lost his respect all over the world

Free the land!!

China is pro-Chinese, as should every country on the Planet. If all countries were involved in the peaceful betterment of their people, the world would be a much, much better place for all!

USA is a total mess and now they are starting world war 3 in Europe. F off and sort yourselves out first.

A good topic for sure. This is how I define them. Historical materialism is Marx's theory of history. It explains how economic and political changes have occurred over time in human groups. It posits that a society's economic system i.e. it's relations of production can become dysfunctional over time and fetter it's productive forces i.e. it labor, tools and raw materials used to produce goods and services. This causes a decline of material well being of the population, political revolt, and a new and better economic system replacing the dysfunctional old one. History is progressive. Human societies get more productive and powerful over time. Ancient slave societies become feudal ones. Feudal ones become capitalist ones. Capitalist ones become socialist ones. Socialist ones become communist ones. Dialectical materialism is basically a theory of cause and effect and change in the world in general. All causes are also effects and react off of and re-enforce one another. Every effect is produced by multiple causes and every cause is produced by multiple effects. It is basically just a more complicated version of the simple and linear one cause leads to one effect presentation of things that we usually get as an explanation of what we see in the world around us. Now I am going to watch the video and see how close my explanation is to Richard's. I will delete this post if I failed utterly in comparison to my commie elder.

Adam Smith predicted it when he said that capitalism without a really good judicial system will eventually commit suicide.

The argument that R. R. Is wrong because capitalism is moving in the wrong direction is rather thin since he, too, would agree with that much. The argument that any fix to capitalism can be undone is more persuasive. The problem is, a complete break from capitalism is not really a viable possibility, not if we're talking about the U.S. Hell, in the current climate, I don't really see the path to even reforming capitalism. Those who Adam Smith would have referred to as the Masters of Mankind are too firmly entrenched, pulling all the strings of power, and they seem intent on moving us even further down the road towards autocracy.

Thank you American insurance companies who have moved your headquarters to Germany. You made medical care so inept and expensive that we quit having babies and now your funding anti-abortion laws because we don't have enough people to man the Navy !!

Every time huge banks get in trouble the government rescues them. That’s the largest problem.

Well done Prof Wolf. Good analysis. 👏🌹💯🇺🇸

Very useful, getting more of the family story, understanding the role Wolff's father had played pre-WWII in his community, and how he strived to assure his son's education was as complete as possible. How TUTORING and real dialogue, the socratic method shapes an intellect -- and then, how teaching (in this case, an undergrad to high school students) helps solidify one's grasp. Then more tutoring as a graduate student, if short-lived. I would wish this level of involvement in education for just everyone. Nothing better than drawing out ideas from someone simply by using questions. It's really heartening work, and watching how inspired the learner becomes is SO satisfying. I appreciate how Wolff continually empahsizes Marx's role in economics is to connect the dots: connect human suffering -- AND human striving -- to behaviors, and then aggregate/social behaviors. Totally lacking in near all criticisms of Marx, as I suppose detractors don't grasp how much the non-charts-and-graphs actually matter. Wolff's weekly updates regularly pointing to how market movements CHANGE BEHAVIORS of individuals are important contributions to the continued unrest at how our current societies aren't working -- and how to create solutions that will drive societies forward, not backward -- or continuing to hover in a no-mans-land.

Two of my most reliable media stars!

I am in New York State Senator Gonzales’ district and looking forward to this conversation.

Thankyou professor Wlf ❤

THE DOLLAR DECLINES THAT MAKES OUR EXPORTS CHEAPER!

THE US EXPORTS THE MILITARY INDUSTRIAL COMPLEX PERIOD.😂😂😂

One WORD: Birthrate <<< Thank DOG at some point Is-Ra-Els social cheque runs out.

Excellent excellent presentation

to give somthing a certain name does not neccessarily mean it is that. communism, does not exist in reality, only in books. scialism, not existent. these two "systems" are more an illusion or an "ideal" for some. both of these systems do not combine with human nature and therefore cannot be executed. what is 100% in line with human nature is fascism. and when looking at the facts on the ground, the result, then all three have the exact same outcome. a few powerful and rich people, a small middle class, and the mass of people is rather poor without any power. this also goes for what they call "democracy". this is also just a show,, because the outcome is the same. it doesn`t matter which way to rome you take, because all ways lead to rome, and at the end you will be in rome. humans are not that different from each other, no matter where they are, what ethnicity, race, religion etc. greed, resentment, jealousy, stinginess, meanness and so on. that is human`s nature. very strong feelings. feelings are what drives humanity. socialism, communism...just thoughts, not worth talking about...

All empires follow a script, they rise, they prosper, they over extend , they over spend, they morally rot, they fall over and break into pieces. The fall comes quickly at the end. Always happens, the US empire is very rotten

looking forward to you.

When you are.. continents apart from the place of conflicts between.. Neighbours.. What is the necessary for you to involve Militarily.. when you are in great..DEBT.. 35 TRILLIONS $ ...Why don't you mind your business and help your people..in Homeless people.. students loan..Free health care..Free education... subsidised.. Food.. subsidised Gas... subsidised power.. Free housing... Why don't you concentrate in internal affairs.. uplift the AMERICAN POOR... Why you are running across continents and Create trouble among neighbours... PEACE.. SALAAM...

Yay ❤

What they’re not telling you is that you can track the decline of the USA to the decline of the Traditional Family.

I been trying to explains this to my people's in Vietnam, but they don't get it.

Did he just say we can appeal to the democrat’s moral values? The same democrats who are funding genocide right now? C’mon…

The Walton Family's $500 BILLION to China for cheap Chinese goods to distribute at their Chinese Distribution Centers across America hasn't helped much. Every single Republican CEO has worked their hardest to shut down jobs in America and ship them to China first, perhaps Canada & Mexico second - the only thing that seems to matter is the destruction of America jobs.

In 1990, 40% of the world's population lived on less than $2 a day and were constantly on the verge of starving. Today it's less than 8%. Do you want to go back to 40%? The rest of the world starves so the U.S. can have economic primacy? BTW, the U.S. is twice as rich as it was in 1990. You may not have noticed because 40% of the growth in U.S. wealth went to the top 1%, those worth over $10 million.

CORNEL WEST 2024 USA PRESIDENT

It's the destruction of private property.

This is probably just some idiot academic who does not know what events are like on the ground. If you read even just the last century of Chinese history, it has been pretty bad. Great leap forward. Great famine. Cultural revolution. So, you might also ask the question how is it that somebody who lays claim to 5,000 years of civilization has not come up with anything better than the events of the last century?

It's a short term terminal finite process that leaves us with poisoned soil, poisoned water, and poisoned reservoirs of underwater carcinogens that will surface long after humans have gone extinct. What's not to love..

I'm favoured financially, Thank you Jesus. $32,000 weekly profit regardless of how bad it gets on the economy.

I need more to this explanation

Gentlemen, in time the military primacy will also decline for it depends on the economic primacy!

USA needs a IIIrd Regime! Enough of DEMS n GOPS!

Thievary by politicians and their backers is the reason for the Worst economic Crash in history is at the door!

If I didn’t know any better I might get the impression that the professor actually celebrates the decline of his own country. The left has always despised this country and the principles it was founded upon. It has never really been shy about saying so. Meanwhile, the good professor praises anti democratic, authoritarian regimes like China every chance he gets.

Why would a company hire someone just to lose money?

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USA Never decline or losses, because can empower his Allies with Gega Atom Bons just liked/ Poland and Albanischen Etc....

Europe also miscalculated the end point if in event of Russia sinking it will Also sank Europe with the support of their milliltery power..it least elder brother/ uncle Sam should have told them

Zoinism is a threat to peace in the world

By definition China is NOT communist as most businesses are "privately" owned.