This is quite a good explanation of our current economic situation that Professor Wolfe gave a few years ago at MIT. Going along with his appearance on Bill Moyers just this last week.
I know that there were a few people that were not entirely happy with his appearance on the Moyers program and thought that he had at leas pull some punches in his answers and explanations. One has to bare in mind the audience he was trying to reach, however. Just as here.
All of whom have been indoctrinated from the very first on the superiority of the American capitalistic system. And all of whom would have turned a deaf ear at the very least or chased him off the stage if he had not chosen his words carefully. Much the same as if one were to try to convince a group of Islamists or communist party members in the old Soviet Union of the faults of their system of beliefs.
He gives a very good history of how we got here.
Of how up until the 1970s we had a history of increasing worker income in terms of real buying power.
The failure of Hoover and Roosevelt both to stem the depression of the 1930s and that WWII was how we got out of it.
That with the rest of the world in shambles after WWII, business here had it made. But Europe and Japan got rebuilt, American business threw in the towel since they could no compete.
How computers diminished the need for workers and increased immigration and women and minorities in the work force helped for stagnate wages.
How this stagnation in wages couple with increase worker productivity increased profits and how these profits were used to lend money to workers to offset the real wages lost.
This leading to bubbles and collapses and workers become more stressed and household debt has gone through the roof.
And that this current situation will not end of get any better and that re-regulation will not work. As there will always be a motivation to remove it
And that a fundamental change in the system is necessary, not just here but in the world wide economy and that it’s happening now. Though most are unaware.
The whole presentation is quite good and worth the 60 min it takes to watch.