Capitalism Hits the Fan (Video of Richard Wolff, Ph.D.)

Dr. Wolff  discusses the problems of the present global  political economy in a very straight forward manner.
These are not contrived or manipulated statistics, nor are the basic assumptions, which other economists, such as Reich, and Krugman agree. What is different is Wolffs proposal for the future which is basically the formation of worker-owned enterprises overtaking the present economic system. This is happening 'under the radar' with the diversion of money from corporate banks into credit unions, the increased proliferation of energy co-opts, the formation of state banks, and the slow increase in worker or employee owned small enterprises. This is the beginning of the New Economy, slowly eroding the control of the One Percent and pointing toward a new and better future for all citizens.


Capitalism, as we know it, is 'gasping for breath.' announcing the demise of a plutocracy dominated by  the One Percent.  Why do you think that the multinationals and the economic elite are pouring millions of dollars into the campaigns of 'their owned party"--the Republican Party?  (Be also aware that their multinationals are loyal only to the U.S. as it serves their needs for increased profits, have no social concussions, and will without hesitation abandon any nation not serving their needs.) Why do you think they are using their media to convince the masses that the status quo is the best for them and spewing out some of the most egregious propaganda about the left, including the Occupy and Progressive Movement and stooping to mud-sling  moderate Republicans and Democrats.   They know that the end is near for their domination of politics and the economy.  They have no solutions.  Do you think that magically that by cutting the budget, eliminating departments, reducing regulations, keeping lower taxes for the wealthy and continual unrealistic defense funding that the economy will  suddenly  recover? Absolutely not.  You wonder who can believe in the Republicans' 'half-baked' economic proposals, which only serve the One Percent.  The systematic problems with the American political economy (and also the global economy) as outlined by Dr. Wolff in the video, are  deeply structural and beyond minor adjustments.  Unfortunately, the Middle Class followers of the Republicans have realized this yet. When they do, they will leave the Republican Party in mass and join the present Occupy and Progressive Movement.  The Republican Party will go the way of the Whigs and be an anachronism--which they are now. but the majority in their party have not realized this yet. The electorate of France and the Netherlands have already determined that austerity is not the solution. However, neither is going back to a stagnant economies burdened with crippling social programs. structures.

We are 'on the cusp' of a new political economy that will prosperity to all the citizens of the world,  and environmental and energy sustainability.  The solutions revolve around significant changes in democracy, the economic structure, global cooperation,  and adopting measures that will ensure sustainability, both for Europe, the U.S. and for developing nations.  These changes will not be without turmoil, conflict or further strain to national political and economic  The demise of the control of the One Percent is inevitable. But, in this struggle, the new reality and paradigm will slowly emerge.