Richard Wolff on Who Profits from the US-China Trade War

"We live in a strange society where the big capitalists in the airplane business lobby their friends, the politicians, lying, and case studies, and lawyers, figuring out how to work out their arrangements. And our job is to watch, shut up, and pay. That's a system you and I live in."

Watch the entire episode here:

Want to help us translate and transcribe our videos?

Follow us ONLINE:

Prof. Wolff's latest book "Understanding Marxism"

[chrisbacos]

Right to the point. Donald Trump knows nothing about macroeconomics.

[Francisco-je]

US vs China.
Europe: *grabs pop corn*

[monwarhossain]

When Mr. Richard Wolff open his mouth I learn something. Thanks.

[kefsound]

What about the huge subsidies to Boeing from the US gov't?

[zabdas]

The Wolf tells it like it is - Shut the hell up, and pay more!

[belka]

We live in a strange society
-prof Wolff

[francoisehembert]

Cargo trains from China soon will arrive in Belgium and Alibaba is setting up a Warehouse to support its sales in Europe. After all, China and Europe are on the same land mass.

[carloscontreras]

I liked that the jazz song didn’t start at the beginning of the video. I usually change it when I hear the jazz song.

[CetLot]

Mr Wolff please make a video about Chile. Why is this happening over there? Thank you, love from Greece

[AcmePotatoPackingPocatello]

In 1971 I walked out of high school into a union job. In 1980 Reagan was elected. Reagan being a fan of Milton Friedman lowered tariffs, by 1987, 3 manufacturers in my county moved to Japan and Taiwan. Taking 1200 middle class union jobs out of our rural county.
But hey, I digress, I was in a different union the IWA, I, along with 120, 000 other workers in 5 northwest states, did not understand what was happening, as mill after mill changed hands breaking the unions. Because of Reagan I lost $ 9 dollars an hour from 1985 on, adjusted for inflation.
●The average AMERICAN WORKER has lost $9 dollars an hour.●
Before REAGAN a list of protected AMERICAN UNION JOBS !
The golden age union workers had these factories and/or jobs.
Refrigerator
Electric Stove
Washer
Dryer
Microwave
Television
Toilet
Faucets
Electric wiring
Nails
Hinges, clasp, doorknobs, screws
Light fixtures
Carpet
Clothing
Shoes
All Warehouse & shipping hubs
All Grocery warehouse hubs
Trucking & transport
Dairy Farms ...subsidized and controlled for family farms.
Tractors
Rototillers
Garden tools
Carpenter tools
Carpenter
All grocery stores
Reaganism killed the middle class when he killed Unionism!!! I lived it, worked it, I saw it first hand.
1 in 3 union in 1979
1 in 11 union in 2019

[junglecat_rant]

I don't share your opinion. As an European I'm very worried about the irratic tariff wars that are going on.
Since we live in a globolised world, that I don't necessarily support as wages for workers decrease because of lack of regulations, I also see that production circles are dependent on goods from all around the world due to decentralized production. Alas everybody looses at the end of the equation.

[roelofh]

Do'n make me laugh! Who wants to fly with a Boeing which just drops out of the sky! Boeing helped Airbus with their own technical blunders...

[herschaft]

Humanity needs to wean itself off of money. A Resource Based Economy is a feasible alternative to the current and unsustainable monetary system which is based on exponential growth. If you haven't heard of a RBE, I urge you to research it.

[Gunni]

My take on it? If it goes to a court, somebody is per default lying. Once you hurt the consumer with Tariffs and they stop consuming, it starts to hurt vendors, transporters, lenders, loaners, insurers and credit sharks. so pretty much everybody up to the CEOs, who get, whatever they wish, (for a promise). And if they don't keep it, (even if they get fired without a boatload of golden chutes), they have valuable knowledge for the competitor, just a clause away. I heard Apple will be sold in china, I heard Teslas megafactory in Shanghai is running, Look at their stocks today. China has the economic power, to "make America great again". BUT, probably not as big, as it dreams to be. Had the US-Government a better Corpocracy-control, this would never have happened.

[joostmagtweten]

Europe will profit from extra business from China because they are not in a trade war with China. Airbus will suffer as Americain airlines will just buy Boeings instead. Trade wars hurt everyone depending on exports and US doesn't really export that much except for dollars and weapons which are allways in demand.
Also US products become relatively cheaper so it supports your own manufacturing base.

[Boogan-D]

The human experience, has been, and always will be, a struggle over over Power, Sex, Resources, Influence, Manipulation, and Control. Failure to master Talents, Skills and Abilities to fight ruthlessly in this struggle can put you, for example, shitting on the streets of San Francisco, or shoe-less, in Butcher's Hollow, Tennessee. "Eat or get eaten." Remember: "TRUST NO ONE."
.

[pepelemoko]

Watch shut up and in the case of the Boeing 's 737 max pray.