Richard Wolff on the Implications of China Owning 800 Billion in US Debt

Robinson's Podcast #230 - Richard Wolff: The Final Case Against Donald J. Trump

Richard Wolff is Professor Emeritus of Economics at the University of Massachusetts Amherst and a visiting professor at The New School, where he works on economics in the Marxist tradition. This is Richard’s fifth appearance on Robinson’s Podcast. In episode #127, he and Robinson discussed some of the most profound criticisms of capitalism; in #154, they focused on the myths surrounding Marxism and Marx himself; in #190 they covered the Israel-Palestine conflict from a Marxist perspective; and in #222 they assess the end of the American Empire. In this episode, Richard and Robinson talk about the 2024 election. More particularly, they discuss the irrelevance of Donald Trump, both candidates’ economic policies, the Biden administration’s track record, Ukraine and Russia, Israel and Palestine, China, the promise of Kamala Harris, immigration, and the future of the United States. Richard’s latest book is Understanding Capitalism (Democracy at Work, 2024).

Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University. Join him in conversations with philosophers, scientists, and everyone in-between.

[staissitrading]

Afghanistan invasion alone costs US taxpayers 2 TRILLIONS DOLLARS.

[robertluis]

Yes, but no one told them to borrow money to be able to have today, which you could only have years later. The greed of the United States of America is what will bring about its own ruin.

[seththomas]

In 1980 the National Debt was around 4 Trillion for 204 years of our existance. 44 years later it's now 32 Trillion. Let that sink in. And remember we have to service that debt every year.

[LibertyAidAcademy]

What? How can a government owe money? Absurd.

[ike]

It's the reality of global economics as it is practiced, globally.

[briananderson]

Didn’t the Chinese buy the bonds in the first place, thus putting $ into the US military?

[homayounshirazi]

Professor Wolff,
I wish I had taken a couple of your courses while I was an undergraduate at U. of MA. But at least better now than never. Thank you, for being there.

[faiwong]

If you don't borrow
You don't need to pay interest
Common sense

[sayurisai]

Now I understand how certain laws were passed without pushback.

[sauronthegreat]

USA has an obligation to pay the interest on its debt. What China does with the money is China’s prerogative. USA has no say in it.

[Shadowmoses-ci]

No taxation without representation. I stopped paying my taxes 10 years ago

[Marek-bvlf]

The US government, I suspect, simply prints dollars and pays interest 😂

[farrahirrgauss]

The more l listen to Dr. Wolff :the more my respect builds up for him;as much as the clouds build up in Scandinavia skies💯

[CASLUCASTON]

Love to listen to the wisdom of Mr. Wolff.

[TheSpecialJ]

The same thing happens with the wealthy of this country. Huge corporations and billionaires own treasury bonds: e.g., we pay taxes to the government who then pays interest to them.

[williamwinn]

She is a breath of beautiful fresh air.

[Roberto-sh]

Bravissimo 👏👏 . Questa è la realtà economica.

[meffox]

Thank you Dr Wolff. I hear you. I understand you. Powerful...

[turbomunch]

Last time they had unpayable debt they blew up their finance centre and called it a terrorism attack

[ariplatt]

What???? The 800 billion borrowed pays for much of what the government does. Paying interest is no fun, but raising taxes also is no fun. The issue is how much is it reasonable to borrow or raise taxes.