Read the transcript of this interview: https://therealnews.com/richard-wolff-the-feds-response-to-inflation-is-another-upward-transfer-of-wealth
The Federal Reserve has responded to runaway inflation by hiking up interest rates at the same time that Americans are drowning in historic levels of personal debt. With interest rates up, prices will only rise faster than wages, hitting the vast majority of people with stagnant or declining wages in real terms. The result is yet another upward transfer of wealth to the minority of capitalists responsible for the crisis in the first place. Economist Richard Wolff joins The Chris Hedges Report to discuss the origins of the inflation crisis, the Fed’s response, and what this all means for working people.
Richard D. Wolff is Professor of Economics Emeritus at the University of Massachusetts, Amherst and a Visiting Professor in the Graduate Program in International Affairs at the New School. He is the host of the weekly program Economic Update, and the author of several books, including his most recent title, The Sickness in the System: When Capitalism Fails To Save Us From Pandemics or Itself.
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** (Disclaimer: This video content is intended for educational and informational purposes only) **
Real shit news 😂
When you pay your employee's more money your cost goes up and the price of what you produce goes up. Is that simple enough? It's a circle.
Oh inflation is because of employers raising prices. But rising oil and gas prices is not? This guy is incoherent and has no idea what he's talking about. Sorry Prof. I have to call out your BS.
That makes absolutely no sense. Richard Wolfe has a fundamental misunderstanding of ECONOMICS.
Mr. Hedges, this man is grossly disappointing. He doesn't even understand that inflation is caused solely by an increase in the money supply, and that our debt-based fiat currency system is a Ponzi Scheme. Criminal central banksters are to blame.
this guy, richard wolff, is awesome! i'm sad that i'm just learning of him now. thank you chris hedges.
Folks the comments are not listening. It's all contrived and the people who don't have the power , the ones being pitted against each other over made up issues that manufacturing emotional triggers that still work very well in the good old USA. Lt. Gen. Smedley Butler! Who is he? Sing the National anthem, put your hand over your heart and sing the hokey pokey still your back bone slips, shake to the east, shake to the west shake to the one young think is best…by voting…ha ha tricked again.
Nonsense. Inflation is a demand v supply equation response.
And then there are factors like interest rates that when hiked by the feds increase cost of doing business, cost of energy that effect production cost etc.
It is the government lockdowns, feds increasing interest rates, unnecessary wars that is causing the inflation.
And now with the climate change policies, it is making the situation worse with attack on farmers, agriculture and raising energy prices.
All problems point to the government and the media acting as sheep herders for the voters to keep voting for these uniparty types.
The economy is grappling with uncertainties, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Well with the economy and stocks at where it is now, I'd be disappointed if people weren't making any error on their portfolio at this time, it was much easier to navigate during the bullrun, regardless I still see and read articles of people pulling over $225k by the weeks in trades, how come?
Wage/price freezes, rationing, and antitrust/pricegouging legislation, three superior ways to control inflation. It's even good for the finance vultures in shadow banking. The spike in interest rates caused the value of long-term government bonds to collapse at Silicon Valley Bank. Shorter paper became more valuable, leading to a bank run when investors realized how severely undercapitalized SVB actually was. Twitter took down a bank with more capital at risk than all of the bad guys from 2008 put together.
What we have in America is not capitalism. The government has been captured by globalist and corporations. Inflation only serves government cronies and banking institutions. Wolff is a well known communist, part of the hate America group.
Raising prices are due to the rising cost of oil for one, and that reason IS from government (Biden policies) not allowing oil from our own soil to be used causing us to buy dirty crude from other sources for more money. Its not some evil 1% , sounds like the typical socialist opinion .
Ryan flynn
Close to the end Professor Wolf answers a question I never could: Why did Hindenburg royalty from the German ruling class appoint Hitler chancellor because they knew Hitler would support them and eliminate the left. Goebbels bragged that he destroyed the Communists! Google Hitler’s first speech after becoming Chancellor it’s a masterpiece appeal to the common man of Germany. They loved him but five years later their share of Germany’s GDP. Had fallen by a third. You do not need to even guess where that third went.
26:25 Mister Wolfe, I am also Jewish but I take umbrage with what you just said. Are you equating Trump with Hitler? Did you just say that determined people embraced Hitler because "Hitler wanted to make Germany great again?" Are you saying that Marx was a "great thinker?" This is why I listen to the left, so I can remain firmly centered in reality. Thumbs down.
🤔EURÓPA si to zaprÃÄila sama.Vedela že nemá už bohatstvo Zeme spoliehala sa na USA😂😂😂 ale ani USA už na tom nie je OK😅A prichádzajú krÃzy😂
hard to take a "expert" seriously when they think price rises are inflation. prices might rise because of inflation but a business putting its prices up is not always inflation. lack of supply/competition, an increase in demand
Thanks for letting me know
Si pero ya usted empezó Mal,llamando a Él presidente Putin Dictador,Cuando usted q es Abogado Conoce d primera mano 🤚 q los Primeros Dictadores está sentado en Washington,y también Conoce q la OTAN es el negocio d la Guerra,esto s lo digo al candidato d raza negra q está corriendo por los demócratas.💪ðŸ¾ðŸ‡µðŸ‡·ðŸ‡²ðŸ‡½ðŸ‡»ðŸ‡ªðŸ‡¨ðŸ‡´ðŸ‡·ðŸ‡ºðŸ‡¨ðŸ‡ºðŸ‡¨ðŸ‡³ect ect dejen d sancionar para q esos paÃses puedan Vivir como vivimos aquà ðŸ™
I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
Excellent interview!
How did Trump give rise to white supremacy? It's the Democrats that set there leftist fascist loose on the US
We are already in the big crash, Inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated. If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.
Seriously…the good professor is not aware that Hitler was blond and blur eyed. Later in his life his hair turned dark as is common for that physiology. He wasn't short either close to 5'10.
Read Jospeh Goebbels diary read Henrich Hoffmand photos of the early Hitler . His eyes bare blue. I think the embarrassed Eugenics movement did everything possible to disassociate itself from Hitler after the Holocaust.
There is no way a " little black eyed, black haired Austrian could have been admired by the likes of Herman Goering , Goebbels , Hess and the millions of other racist Germans if he hadn't exemplified the " ideal".
Disappointed Professor that you don't put the same research into fields outside your specialty.
I am a photographer by trade, I once worked in school photography, Wolff is correct, we never decided any pricing…shoot unless we looked it up, we didn't even know the pricing, though we took and created all the photography 😉…pun on "shoot" intended 😀
But if the employers don't raise prices then there will be shortages.
Populis under economic distress!
😆
Today's inflation is a result of corporate avarice, not only problems with the supply chain. We know that the money obtained by the higher prices isn't being transmitted along the supply chain since businesses are reporting record profits. More pricing result in increased revenue for businesses, which stays with them and goes into their pockets. We can rule out supply-related inflation because of this. If your stocks are extremely weak, now is an excellent opportunity to take a battered 401k and convert it to a Roth. Then, your Roth will be tax-free, and you will just have to pay taxes on the substantially reduced current values.
Can you please look into Direct Energy Weapons on American Citizens!!
If greedy businessmen could raise prices whenever they want they would have raised them to infinity a long time ago. Wolf’s argument is preposterous on it’s face.
Great
I've seen Wolff on several podcasts and youtube channels and he never fails to disappoint. He's still a fuckng idiot. Employers don't create inflation. Increased money supply creates inflation. If you have 10 apartments available at $1000/mo and you have nine occupied, what should you do? You can't rent the last one because there's not enough demand. Should rents go down or up? The obvious answer is "down". Now, let's suppose a year down the road, the government has flooded the pocketbooks of the people with an extra $250 or more of printed money. Suddenly, you find that there are 20 people who want to rent your one vacant apartment. What would you do? You'd raise the rent until 19 of them go away. The same thing happens with food, cars, clothing, everything. GOVERNMENT MONEY PRINTING IS THE CAUSE OF INFLATION. The end.
Europe's self-inflicted wound, at the hands of NATO and th UN.
We are in Great Trouble, BUT Wolff is a radical socialist/communist! Communism/Socialism are not the answer. Wolff shrouds/disguises his socialism with different terms; therefore, he is a jackal.
Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.
Where has all the Economists Gone Except for Richard Woflff it seems they have become MUTED intentionally
Basically, the self serving decisions of the business owners raises up the prices of goods, thus inflation of goods.
Persistent inflation is much more the result of an increased money supply than the whims of employers
Thank God for bukele
You have an inflation due to money printing
Who is that idiot@.
Stop the car market how can you pay rent and go to work!
Inflation is 300% don't lie this is what it is publicize that
Why doesn't the government address the car market! Really a car payment is like rent! And they only last up to 8 years! Get real.
Face the facts. 1997 you could buy a house for 60 ,000. A car for 15,000. They are all greeding!!! I hate this bull!
I think inflation ion has been 300%