The US empire is in irreversible decline says Richard Wolff.

[MarkD]

I hate thinking about the economy but this is important. China has surpassed us economically while our production and influence are winding down. This is the opposite side of the rise we all lived through in the 20th century. We did pretty well almost regardless of our choices and our kids and grandkids will do much worse almost in spite of how good the choices may be that they make. Sad. But that is the reality. Now what matters is how we manage that decline. If we do nothing corporations and the ultra wealthy will continue to concentrate our nation wealth into just their own pockets, starving out your average worker.

Caution: there is discussion of our last presidential election but I won't and we shouldn't discuss it. But we should all open our eyes to what is going on.

 

[gruntlabor]

I tried to listen to the old fart, but he wasn't saying anything!

 

[Irishdude]

China hasn't surpassed us economically. We have a larger total GDP despite having a much smaller population. And our per capita GDP is about $86,000 versus about $13,000 for China. (That's below that of countries like Romania btw). We are freer, more creative, more innovative, and less polluted than China, which is still putting at least one coal plant into operation each week. China also faces huge problems in the overbuilt real estate sector. A stagnating economy has led to massive stimulus (sound familiar?)

Richard Wolff, incidentally, is a "Marxian" economist and critic of capitalism, so that's where he's coming from.

 

[Murrmurr]

Looking at the stock market index, I see way more *US flags in the top 40 list than any other.

*the little icons they use

There's trouble ahead for China's economy because almost every business, factory, and industry is state-owned, including banks and lenders. This is not a good plan.

 

[dilettante]

Richard Wolff!

Yeah, the guy is a Marxism hustler who lives in a gilded cage.

 

[MarkD]

I don't have the background to say anything more about it or to help anyone else understand it. But I'm convinced he is right about our problem with denial. If anyone else makes it all the way through and has an insight to offer, I'm all ears. But for those who don't make it all the way through, I have no interest in swapping naive, uninformed opinions. Good luck to us all.

 

[dilettante]

I have listened to that privileged, blowhard, sack o' suds for years. If there's a grain of truth in what he says it's that the elites know that their racket may be ending.

 

[CallMeKate]

Yeah, the guy is a Marxism hustler who lives in a gilded cage.

Faaaaaaar left Marxist to boot.

 

[dilettante]

What he's really admitting to his Bubble is that globalism is over.

 

[gruntlabor]

I don't have the background to say anything more about it or to help anyone else understand it. But I'm convinced he is right about our problem with denial. If anyone else makes it all the way through and has an insight to offer, I'm all ears. But for those who don't make it all the way through, I have no interest in swapping naive, uninformed opinions. Good luck to us all.

In that case, I wish you had specified that only those qualified to reply should post to this thread, and I would not have embarrassed myself.

 

[Irishdude]

I got through half of it. Will pick it up tomorrow. Glad I never had this guy for a professor as he is a bore and a bloviator!

 

[MarkD]

In that case, I wish you had specified that only those qualified to reply should post to this thread, and I would not have embarrassed myself.

That was never my intent. Only saying I'm not interested in addressing points not raised from the video itself.

 

[Aunt Bea]

I might buy the notion that the world is in decline.

Never bet against The United States it’s still the best bet in almost every category you can name.

I believe that we will be in for a bumpy ride as people try to ‘fiddle’ with the market and the economy.

Our local television station did an interesting segment on stock markets declines by President. They found that each administration suffered through a market decline of between 19%-46% and always bounced back.

Some of us will have a rough time but overall I’m optimistic about our future as a nation.

What other option do we have?

 

[Aneeda72]

I might buy the notion that the world is in decline.

Never bet against The United States it’s still the best bet in almost every category you can name.

I believe that we will be in for a bumpy ride as people try to ‘fiddle’ with the market and the economy.

Our local television station did an interesting segment on stock markets declines by President. They found that each administration suffered through a market decline of between 19% and 46% and always bounced back.

Some of us will have a rough time but overall I’m optimistic about our future as a nation.

What other option do we have?

Well, we are definitely behind in education, way behind.

 

[Rindee]

The US government has done nothing but waste zillions of dollars on illegal wars, foreign aid, military, ...while its own country is sinking in debt and crumbling. If it would mind its own business and stop trying to dictate how other countries live, wasting our tax dollars in the process, then, things would be different.

 

[Paco Dennis]

The only way I can personally discern decline is in my economy. It is going down a little bit each month now ...over the past 6 months. That is what I watch, and am aware of extra expenditures too.

 

[horseless carriage]

We Brits have been there.
Great Britain's geopolitical role has undergone many changes over the last four centuries.
Once a maritime superpower and ruler of half the world, Britain now occupies an isolated
position as an economically fragile island often at odds with her European neighbours.

 

[Aneeda72]

The US government has done nothing but waste zillions of dollars on illegal wars, foreign aid, military, ...while its own country is sinking in debt and crumbling. If it would mind its own business and stop trying to dictate how other countries live, wasting our tax dollars in the process, then, things would be different.

What is your definition of an illegal war as opposed to a legal war?

”Waste zillions of dollars on foreign aid”, hmm. How many zillions? What type of foreign aid? @Rindee might have a point. If we stopped feeding the starving children of the world, and they all died, then there would be less wars, both illegal and legal, because we would have already killed, via starvation, the people who might have participated in such wars.

”Mind our own business and stop trying to dictate how other countries live”. Absolutely! I mean I’ve heard that burqas are not really very hot despite being black and black is a good basic color; female castration is great when done without anesthetic on a blanket in a tent so the blood can leak into the ground; and leaving unwanted male or female babies in the woods is a good way to keep the wolves fed.

Yup, if we followed your advice, things would certainly be different.

 

[Aunt Bea]

I agree that we should do a better job of minding our own business and do a better job at managing our investments in foreign aid and wars but that investment has paid huge dividends in keeping war out of North America and allowed us to enjoy an incredible standard of living.

If we turn our backs on the world it won’t be long before we are the target and our way of life is in jeopardy..

 

[HoneyNut]

I believe that we will be in for a bumpy ride as people try to ‘fiddle’ with the market and the economy.
...
Some of us will have a rough time but overall I’m optimistic about our future as a nation.

What other option do we have?

I agree. I'm quite anxious about the fiddling risks, I only have the one nest egg and the one retirement and I'm not an experienced financial person, and have lost confidence in the abilities of the advisors of the investment companies.

 

[CallMeKate]

If we turn our backs on the world it won’t be long before we are the target and our way of life is in jeopardy..

Yes, it's so easy to whine and complain with a bleeding heart about military and foreign aid spending without giving a single thought to what that would result in if it would be stopped suddenly. The term sitting duck comes to mind.

 

[Trade]

I watched the whole thing. He is both an annoying and boring presenter which is unfortunate as most of what he is saying is true.

 

[gruntlabor]

The US government has done nothing but waste zillions of dollars on illegal wars, foreign aid, military, ...while its own country is sinking in debt and crumbling. If it would mind its own business and stop trying to dictate how other countries live, wasting our tax dollars in the process, then, things would be different.

We have intervened in other nations to prevent the spread of communism since 1947.

 

[Rakaia]

Richard Wolff!

Yeah, the guy is a Marxism hustler who lives in a gilded cage.

Label and denounce, is that the best you can do?
Oh he's a Marxist, thanks he couldn't possibly be right.
Pun intended...

Faaaaaaar left Marxist to boot.

Improve the denouncing label.

What he's really admitting to his Bubble is that globalism is over.

Globalism is a separate issue to the possible decline of a powerful country.

That was never my intent. Only saying I'm not interested in addressing points not raised from the video itself.

No way am I clicking on a link like that. The decline of the USA is either happening or it isn't. Opinions are going to change that decline. It's either happening or not.

 

[MarkD]

I might buy the notion that the world is in decline.

Never bet against The United States it’s still the best bet in almost every category you can name.

I believe that we will be in for a bumpy ride as people try to ‘fiddle’ with the market and the economy.

Our local television station did an interesting segment on stock markets declines by President. They found that each administration suffered through a market decline of between 19%-46% and always bounced back.

Some of us will have a rough time but overall I’m optimistic about our future as a nation.

What other option do we have?

I haven't given up hope for our country. But I think the best way forward is with eyes wide open to where we stand and what we're up against.