Chris Hedges and Richard D. Wolff: American Economic Illusions

Communist Vegans - Covid-19 Exposes Capitalism

Image by Eli Christman via Flickr

Dandelion Salad

with Chris Hedges

RT America on Apr 10, 2021

On the show this week, Chris Hedges discusses the nearly $5 trillion being allocated by the Biden Administration for COVID-19 relief and infrastructure project with economist Richard Wolff.


From the archives:

How the Pandemic Laid Bare the Cruelty of Capitalism, by Kenn Orphan

Begging For A Vaccine, by Sharon Black + Cuba and COVID 19 Public Health, Science and Solidarity

The Final Dance: A Conversation with Cheryl Deines on Death and Dying, the Pandemic, and Living Our Best Lives, by Kenn Orphan

The Scale of Loss: 400,000 Dead, by Rivera Sun

Chris Hedges and Margaret Flowers: Our For Profit-Driven Health Care System Is Not Designed To Handle A Pandemic

Capitalism is the Real Disease, by Finian Cunningham + Richard Wolff: COVID-19 and the End of Capitalism

Chris Hedges and Richard D. Wolff: The Sickness is the System—When Capitalism Fails to Save Us from Pandemics or Itself

5 thoughts on “Chris Hedges and Richard D. Wolff: American Economic Illusions

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  5. And now, for the umpteenth time, the corrupt clique of economic courtiers who determine what we the the 99% of non-bazillionaire oligarchs must accept as “the only possible solution” to the regnant depression in which we are forced to live, are about to make the same colossal mistake they have been making again and again for the last 20 years.

    Rather than recognizing the obvious fact that the only sensible way to stimulate a moribund economy is by increasing aggregate demand, which in turn is best facilitated by getting hundreds of billions of dollars of government “stimulus” payments into the hands of those most likely to spend it back into the economy most quickly, i.e. the most impoverished of our compatriots who will, out of dire necessity, immediately spend anything they receive on those consumer items, including non-elastic basics like food, clothing, gasoline, utilities, housing payments etc., that they have been attempting, usually with little success, to do without, …. rather than recognizing this obstinate fact, those who have long since captured all federal monetary policy, those who are long since completely out of touch with the most basic needs of the vast majority of the American people, are now determined to do yet again what they always do these days, namely enact massive giveaways of capital to the 1% who, having no long neglected and hence now urgent needs to satisfy, will simply accept the free money and squirrel it away in opaque “asset products” of all kinds located all around the globe.

    And by doing this, by feeding only the very richest of the rich, via endless preposterous “quantitative easing” prestidigitation and the like, one can be certain a priori that once again only a tiny fraction of the billions of tax dollars doled out so magnanimously will ever make their way out of financial schemes on Wall Street, the City of London, Panama, the Cayman Islands etc. and back into the mainstreet US economy, the only thing which, after all, is what needs to be stimulated..

    Now since any junior high school student should be able to understand such facile matters, we are clearly dealing here with an egregious case of “learned stupidity.” It is, as the saying goes, “very difficult to get any [Whitehouse economist or Wall Street bankster thief] to understand such basic truths because his/her job depends upon NOT understanding them,” i.e. they are working for the filthy rich whose narrow special interests they must prioritize over the common good at risk of losing their employment.

    And the more general falsehood upon which such less than useless economic imaginings are ultimately based is the the same old logic of “trickle down economics” which seems never quite to die but only to be rearticulated in ever more obscure and opaque ways since the class whose interests such retooled ideologies ultimately serve has little else in its propagandistic book of trick to deploy upon the ever credulous, if occasionally skeptical masses.

    But the basic reality remains intact; trying to stimulate any economy upon the thin basis of “wealth effect” spending and endless new tax cuts for billionaires has never worked, and can never work, no matter how euphemistically it is redenominated!

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