Ask Prof Wolff: IRAs & Risky Investments

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A Patron of Democracy at Work asks: "Can this financial system ever get away from the stock market (Wall St. casino)? I'm watching my IRA go further and further down the drain. Is there a better system we can use?"

This is Professor Richard Wolff's video response.

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“Marxism always was the critical shadow of capitalism. Their interactions changed them both. Now Marxism is once again stepping into the light as capitalism shakes from its own excesses and confronts decline.”

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[antimattv]

Thanks for the good advice Prof Wolff.

[whiskeykilmer]

I think a good investment today would be in ammo.

[thebourgeoispunk]

I would also highly suggest joining a credit union, as they often provide lower interest rates on credit and higher interest rates on savings accounts.

[lesslycarthan]

from 1996-2008 I had a IRA and 401k then the real estate bubble happened but fore it was 2006 I worked taco bell salmonella was found and sales dropped my roommate was a janitor his hours got cut I got funds from my ra to cover his rent our 3rd roommate was let go to save the house more withdraw from my IRA came out as they both left.i lost the house anyway and sold the furniture to the landlord to break the lease agreement.i moved into a hotel then 2008 my franchise closed 8 store's there went my 401k and I've been living in hotels ever since.will I ever get another home or 401k nope how about a another Ra account nope

[noheroespublishing]

Enslaving the elderly Proletariat to the precarious nature of the market is as malicious as doing the same thing as privatizing the schools of the young upcoming Proletariat to the debt of banks; destroying both the past and future of the Working Class.

[petestanton]

Install a democracy that would "nationalize" all privatized retirement accounts & move them all into the SSA after establishing M4A.

[cev]

do companies force employees into IRAs without choice?

[coolmodelguy]

The math does not hold up. Seventy years ago, just after WW2 ended, financial assets started out at over 2.5 times the size of the economy and over time have grown faster than the economy. The only way that is possible is to pull wealth from every available source, from us (society at large), from the government and from the future through borrowing. Now financial assets are over five times the size of our economy, in 2021 alone the growth of financial assets was greater than 66% of our GDP. Since all wealth generation is supposed to be tied to the real economy in order to make any sense at all, wealth growth as it exists today is a scheme, not something based on any sustainable system.

[lesslycarthan]

2008-2022 paycheck to paycheck 14yrs no recovery in sight I was gonna move out of the united States in 2017 until trump re closed trading with Cuba where I have family we were selling classic cars and teaching repair so it is up to us to change political policy's yo regain stability

[sheknows]

Thank You Pro. Wolff! Please, explain how the stock market works, Capitalists say how It's so great to invest a little sum of money, then why don't more middle o lower class afford to invest in such a low risk scheme ??? Thank You!🌻

[YourCapyFrenBigly_DPipes]

Sensible UBI, guaranteed basic housing, food, healthcare, transportation assistance, and social worker support if necessary. There- problem solved. We have the means to ensure everyone's basic needs are met but all our politicians are absolute corrupt sociopathic scum. Federal allotment can pay for everything, and if considered necessary, a linearly-increasing tax on businesses above 300 persons and the top 5% of personal incomes can be assessed to supplement federal funds.

[emiebex]

My Local Credit Union tells my mom IRA's are a pretty safe investment, especially since she's been a customer for over 30 Years.

[clarestucki]

Bottom line, as always, is "!support me financially so I'll be 'socially secure'!

[drakekoefoed]

i would switch to a gold account or something. iras are bull

[bluewater]

This is a great illustration for why you should not be listening to professors of economics for advice on how to plan for retirement.

[kevinschmidt]

The long term movement of blockchain cryptocurrencies is up! Up! UP!!!

[rickyspanish-]

The only safe currency is a decentralized currency. #Bitcoin

[jgalt]

Amazing...the display of ignorance here is truly unbelievable and the result is that
no answer to the question asked was given. ( but he still managed to work in
all the other B.S. while doing it. )

[danquarterman]

Wolff... He's so hot right now... Wolff...

[weirdo]

Here in australia we have superannuation when we retire and its good.