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- VIDEO: Economics Professor Rick Wolff – Analysis Of Capitalist Crisis
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- The Financial Crisis of U.S. Capitalism
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(Encore Interview) Economics Professor Rick Wolff: The Capitalist Crisis
In this interview Professor Rick Wolff focuses on the larger issues beyond finance such as banking, money lending and credit, he says it was a problem in the making for the last 30 years. He describes historic underlying causes such as the end of the wage increase back in 1970. From 1820-1970 the American economy delivered a rising standard of living, wages went up every decade in that time and they used that money to buy more things.
In the last 30 years the wages in the United States did not go up. In order to keep buying things, people worked more hours and borrowed money, exhausting themselves in additional work and taking on more debt. From the workers point of view, there is increased anxiety and exhaustion, their lives are strained, pressurized. Meanwhile financial markets and banks compete with each other to profit from the workersâ€™ massive debt.
Bail outs and extreme right anti-immigration moves will not solve underlying problem. A fundamental reorganization of the American economic system will not be done by the people who run the corporations, yet the change has to begin at the Board of Directors, the small groups of people heading corporations who have been making decisions in a classical way for 150 years.
Rick Wolff – Possible Solutions:
- Reorganize the way business works so that the people become there own board of directors.
- Corporations reorganized so that workers collectively become there own boss.
- Mon-Thurs – You come to work and do your job as you always did, less hours, wage increase.
- Friday – Attend meetings all day to assess the impact of the product on the community, what products to make, what to do with profits. Cultivating the community.
â€œThis, instead of a handful of people, â€œthe bossesâ€ set against the employees in a conflicted situation that periodically makes each group behave in antagonistic ways in turn destroying the community – which is where we are now.â€
Guest – Rick Wolff, Professor of Economics at University of Massachusetts at Amherst Rick teaches at the Brecht Forum and the New School in New York City. (Read Rickâ€™s article, Economic Blues in the Monthly Review)
Luis Posada Carriles: A Tribunal
We hear a speech from Historian, Jane Franklin, she was among three speakers. Jane is a contributing editor to the Cuba Update, the journal of th eCenter Cuban Studies in New York City, since 1979. She is the author of two books: Cuban Foreign Relations 1959-1982 and Cuba and the United States: A Chronological History (Ocean Press, Melbourne, Australia) Jane has published numerous articles, poems and film reviews and has lectured extensively about Cuba, Vietnam, Nicaragua El Slavador and Panama.
We will be hearing from speakers Wayne Smith, Senior Fellow, Center for International Policy and Brian Becker, Director, A.N.S.W.E.R. Coalition in the weeks to come.
From the New York Daily News: “It took years, but he is finally going to be charged in the U.S. for his crimes – even if only symbolically. It will occur here, in New York, when a tribunal composed of scholars and human rights activists take up the case of international terrorist Luis Posada Carriles, a man who is responsible for a long list of murderous attacks.
Posada, though, is a very lucky man. Despite his dark history, Posada remains free to roam Miami’s sunny streets and happily lives at home with his family. His rap sheet is long and deadly. A convicted terrorist in two countries – he escaped Venezuela and was pardoned in Panama – Posada is considered the mastermind behind the 1976 bombing of Cubana Airlines Fight 455, which killed the 73 passengers on board, including the Cuban national fencing team. He is believed responsible for a string of hotel bombings in Cuba, resulting in the death of Italian tourist Fabio diCelmo. But these are only two examples of his treachery. Posada later boasted about the diCelmo killing in a New York Times interview, which should give everybody a clear idea of what kind of person this man is. Inexplicably, the Justice Department has refused to classify the former CIA operative as a terrorist. The reason may have to be found in Posada’s long and extensive ties with the CIA and several other nation’s intelligence agencies.”