Richard Wolff on How U.S. Debt Funds China

#richardwolff #uschinarelations #usdebt #china #usdebtcrisis

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.

[mik_id]

I love hearing Richard Wolff he explains World Economics so well ✨👍

[Ravenrise-di]

I don’t understand how someone would not understand it seems to be common sense

[trespasserswilliam]

Why should we borrow when we print our own money?

[PalyamBabu]

Wait a minute. The Chinese gave given you 800 billion.
Return the money and you don't have to pay the interest.

[sowilah]

While Trump is publicly mocking China 😅

[PaulBlalock-vdpj]

Thanks to the Democratic Party for spending our money like a drunk sailor on liberty.

[trespasserswilliam]

Gottfried Feder, "Manifesto for the Abolition of Interest Slavery "

[billsolomon]

And ultimately, if they decide to call for some to be paid back immediately: we will be in DEEP MISERY! And out taxes would have to be raised significantly to pay the demand. It’s like being in debt to a big loan shark. Think of it that way. It’s not good.

[marlenedawnsandford]

I thought we barrow from the Federal Reserve which is owned not the 12 riches bank in a little country called London City?

[wul]

stupidity to a whole new level😂when you borrow money from them, you are THE ONE gets funded

[timturrill]

This guy is no Sowell or Friedman.
That's for ding-dang sure.

[emptycloud]

How can a professor as great as Richard Wolff, not understand how modern currency works...

[ivyho]

I would said print more money 💰, print more to pay back, if unable to print due to malfunction money printer, then going as bankrupt. Nothing to lose and nothing to win either.

[TacticalMayo]

5 years have passed and the US went from 22 trillion to almost 30 trillion GDP per capita. China in the past 5 years has gone from 19 trillion GDP per capita to still being at 19 trillion GDP per capita 🤣

[Achrononmaster]

Wolff is a ⩕☉ℾ☉ℼ. He does not understand monetary systems. China hold the TSy securities because they sold US customers real goods., That is a benefit to the USA and a real loss for China. There is no tax payer paying the interest. The FED marks -up the Tysy security bank accounts with a computer. It is also not a borrowing operation, it is an interest rate maintenance operation (which is actually needless with the US$ on a float).
The regressive aspect is that all Tsy bonds are simply _basic income but *only for people who already have money* and in proportion to how much money they already have. Does not matter who it goes to, they had to earn US$ first by selling goods to US citizens or government. So the Tsy securities are accounting records of the USA winning in trade, not losing. Also, if Congress wanted to default they could, by just instructing the FED to put "0.00" in those Chinese accounts. The account are on a computer at the FED. Chinese have no control over them except international norms. The Chinese carry all t he risk, The US tax payer none.