combined with the coronavirus is so great that we've told her it's a medieval isn't. this. hello and welcome to redacted and i knew we caravan and guest host and purveyor of new. it's basically a different world we live in since last week the pope recommended universal basic income joe biden is a you tuber burning man will be streaming online this year and i think i might be a person who's into windchimes we put together a great show for you tonight on tonight's episode lee camp sits down with the qana missed richard wolffe professor emeritus of economics at university of

massachusetts amherst and formerly a professor of economics at yale and the new school among others he's also the founder of democracy at work and host of economic update on you tube and they have a very interesting conversation about workers' strikes then i go into aggressive policing and rejected correspondent enters lee does some fact checking on voting but 1st let's go to that discussion between camp and richard will professor wofl you so much for joining me. my pleasure me glad to be here i don't know anyone better than you to diagnose the problems right now or looking at an economic crisis possibly 30 percent unemployed people thought for an across the country and around the world if only someone had told us that such a crisis might happen if only there had been some kind of warning signs but instead no one could see that capitalism would have such a problem is that right. well is

a fuel cost but basically you're right the consensus was that we were doing really pretty well the president's absurd claim that the economy was great or even greatest in the world. was one thing that people winked at each other about but not enough to really make a counter argument or a counter assessment that it was as weak as it has now shown itself to be if i could just make the point in a different way this is the 3rd crash of capitalism in this new young century. in 2000 in the spring we had what came to be called the dot com crash into a sour 8 we had retained to be called the sub prime mortgage crash and now in 2020 we have their 3rd one their so-called coronavirus crash again and here

is giving a name to each crash as if the cause and the explanation is entirely on what the trigger was but now it's a mistake that is a economics mistake you give a kind of risk that we can see miners are making that was in his or her freshman year used the point. we never had the problems that existed in 200-2008 now many times it is in 2000 it was the extensive prices of dot com stocks in 2008 it was a sizeable number of people being unable to pay their mortgages they had taken out of their all and this time we have an ira and then we had had over priced x. many times we had had our neighbor cover mortgages many times and we have had dozens of high ropes and then fixed over the last century the trigger isn't the

problem it's a problem of a system which when triggered collapses and that's because it has all kinds of internal problems that people were pretending either weren't there or didn't matter yeah like that give it a name to throw people off the scent of the actual cause not there's been a lot of talk about how america hasn't had enough protective gear for medical workers we haven't added a ventilators but in the past during a crisis like world war 2 we forced corporations to make war planes they started doing it over night why can't we get enough ventilators why are we able to produce what we need in this country. i think it's basically to make it blunt a kind of abject fundamentalism in economics which says anything that the private sector done anything done by capitalists that make profit is the right way to go

about doing it so capitalists shouldn't be told what to do by the government if anything it should run the other way because that capitalists who pursue profits are the geniuses at this table or is who do everything right the truth is could be close to the opposite it wasn't profitable for companies to make masks or tests or ventilators or beds or eyes spittles or gowns for the people or who work in hospitals it wasn't profitable or make them and it wasn't profitable to stockpile them around the country so they'd be ready now so what's why private sector to do it and the government literally forming in front of the private sector didn't come in to compensate for what the private sector so we were unprepared but let me say as an economist we have already lost 50 times more wealth i think really to take their own repair or preparation then it would have cost us good

produce all that stuff and stockpile it after the lizard's concision in view of this pandemic were stupefyingly in an issue. in a column that that i honestly am not quite smart enough to understand ellen brown said that the door has been opened for nationalizing the federal reserve because she said and this is a lose quote basically federer the federal government is nationalizing large swaths of the financial markets the fed is providing the money to do it black rock will be doing the trades this scheme essentially merges the fed and the treasury into $1.00 organization what are your thoughts about that is that a door opening to the nationalizing the fatter. what does that mean. i think i understand what ellen was trying to get out and she's quite right what we're seeing here is basically the private credit system freezing up and it's clear for everybody to understand why over the last 20 years in response to the crowd the

question 2000 and again or what in 2008 the federal reserve came in pumped they asked amounts of money into the economy unlike anything we've seen before in history and dropped interest rates literally to 0 what that meant for the last 20 years was that every corporation big ones little ones ones in-between whatever problem they wrote they had investment and choice of technology right with your workers produce something that nobody wants what ever the problem the easiest and cheapest way for a business that's all that was to go get some of that money and pay next to no interest to get it that's why they all did it that's why we now have record amounts of corporate debt which is why this crisis is so bad because where you can't make profit because your workers can't come to work to save their lives from a row not you can't earn your money without which you can't pay back your decks since everybody's in up up to their eyeballs in debt it meant corporate america

crashed couldn't cover its debts insteps the government and basically says it doesn't matter we're the government we print the money and we will cover virtually every bank's obligations every corporations obligations this is and that was right this is the in the act the nationalization of our credit system our banking system birgitta of our entire economy only idiology of the right wing that dominates us makes it impossible to say that makes it necessary to invent every conceivable words quantitative easing weird constructions that get rewarded by the. year because you have to keep what's going on where i may disagree with that is i think all of this is in order to fix the system one more time actions up with when the rubber band and send it out once again even though i think of it in 2 trials and

having done it in 2008 we see that the solution to each of d. is set up the next crash to happen it is a crazy system that works this way but i don't see what they're doing as a step in the direction she hopes for war i see it as a makeshift solution in that desperate hope you can see it in this drama that will get right back to normal in the next weeks or months which is a way of not a regain that's the norm that you're trying to get back to is what got you into this mess in the 1st place right normal is the problem. during this crisis the shutdown we've seen an interesting side effect the rejuvenation of nature clear skies clear waters animals who are coming back shutting down a large percentage of our economy and our consumerism has had some certain beneficial of facts and on tomorrow's show i'm going to talk about how in order to

deal with climate change and environmental collapse we need to add to capitalism because it requires infinite growth on a finite planet meaning it it must ultimately end up with the destruction of our environment if not now then sometime down the line is that how you see it. absolutely and the way i would put it is as follows we have allowed the tween the work we do to produce and the consumption we have to go through to survive this as human beings and as communities we've inserted a wintered intermediate institution called capitalism what capitalism does is organize every enterprise achree office door to make a traffic and then we tell ourselves a fable that making a profit the thing that everybody in production ngs that will somehow magically produce what we all need and want it never has and isn't doing it now that's why i

told the story about private profit dictating not to produce the ventilators the masks the test and all the stuff we need they did those corporations what was profitable that wasn't what was good for public health and the same it's true in terms of the climate and everything else but you can't go at it piecemeal deal with this absurd issue if we want clean air that's what we have to put the priority on not to put the priority on profit and then wonder why clean those than happened or why we don't have the adequate way to deal with the iris and because the fundamentalist notion of profit as somehow or holy our real religion is worse in the united states than anywhere else that's one of the reasons why our response to corona was worse than everywhere else you've talked before about how capitalism grew up on the outskirts of feudalism and eventually became the dominant economic

system now we see transactions during this crisis that seem to be kind of outside of capitalism for example mutual aid organizations are getting a lot done they're basically just volunteers delivering groceries an assassin he's to those who desperately need them in our neighborhoods and communities. thout profit motive being involved what does it mean that that that so many people are falling through the gaps of our system and do you see a little hope there that there is kind of bubbling up a way of behaving that is outside of the market economy. absolutely i mean i think people even again if they can't quite say it yet because the words stick in your throat in america i think people are understanding just as you be genesis conversation we have the capacity to produce ventilators and masks and gloves and all of the region know how to do that we have the people with the still we have the tool equipment the raw materials and lord knows we have

a need to preserve our elk we live in a system that chain and brain needs obvious components of her success over economy together just like we can have clean air just like we can have everybody with enough we'd know we have those by group it being given a dramatic sign of the failure of the system to get it done i even noticed locally as you put it even ryan year locally people are realizing you can't rely on the supermarket and the whole center and the food processor you might be a lot better off cultivating the farmers in the immediate environment at least for as much of your diet as they can provide knowing then having a relationship with them at the regional and local markets people are in fact i think as you state discovering they don't depend on capitalism as much as the

capitalist want us to believe and they have alternatives that capitalism likewise the capitalists didn't want us to explore and i think one of the outcomes one of the good things coming out of all the suffering and fear that we live with is a recognition and that's why it's so ironic that capital is i'm desperate about its own future has taken steps over the last 2 months that make its future even or negative than when they went into this and. professor wolf thank you so much as much as we could squeeze in here stay safe and hope so you soon ok really leisure drop in where you are. have to go to a quick break but stay right there i mean where he going to go and we'll be right back with more show.

people are really remarking that 2020 is a mirror image of 2008 is the exact same problem banks over leverage blew themselves up and are now demanding a bailout at the point of a gun from the fed and other central banks and except this time the dislocation in the economy combined with the coronavirus is so great that we've tripped over into medieval ism that's how messed up this is. when it seemed. i was on the floor some things in my basket you know trying praying.

this time west since i was having children fever i didn't have any sense of c. source now. most young women. would you. recently she you know sometimes you just used to say. that one time in the song. didn't. push myself to do for me in the paper i'm going to. welcome back i'm still naomi caravan me your virgil to this. show we descend

the n.y.p.d. the biggest gang in the biggest petri dishes and forcing coburn $1000.00 social distancing laws aggressively with a vengeance like their everyone is hanging out without them those city officials claim that people ignoring the lockdown should receive no more than a fine the n.y.p.d. has been making arrests for handing out yes social distancing is important but the police arrested one brooklyn woman allegedly at a party then brought her to central booking where she shared a cell with 24 other women for the next 36 hours many think that police increasing their activity in arresting people and throwing them in crowded jail cells for low level crimes will only help to spread the virus and while the police might be immune they're not immune to the virus the police department has an infection rate of at least 3.8 percent far higher than the city's overall 0.5 percent and 15

percent of police are calling out sick that's because the police are 1st responders which is an important job but they could also be patient zero's obviously cities should be reducing police contact with the civilian population the police need to be practicing social distancing in broken windows policing not arresting people and putting them in crowded jail cells then they hear you're supposed to be 6 feet apart and have you ever seen the police arrest someone. really close like so close they could kiss the person they're arresting. but they never do i always wait and watch i think maybe this could be the beginning of something beautiful. no never on top of that the police are not properly protected the largest police union filed a complaint with the state over alleged and wimpy failure to hew protective gear to cops during the corona virus outbreak now getting stoned by the police is already

a punishment because they could be infected now the new york city policy of stop frisk and call on anyone who's out maybe that will convince people to stay inside the woman who was arrested and thrown in a crowded jail cell said she wasn't even part of the gathering that the arresting officers were dispersing but in a parking lot nearby she said a large group of officers wearing no masks approached her and her boyfriend and told them it was time to leave the interaction quickly escalated officers pepper sprayed 2 people as a crowd gathered to watch what was happening they actually brought the crowd inside that parking lot once they started bothering me she said sometimes the police do have masks but that doesn't stop them from creating a spectacle in the subway and why do so many cops come for one arrest look we're all lonely but you don't need to go out every time your friend and going to arrest a turnstile jumping guy there are things that they could be doing that are helpful

like this. some kids are going to be really upset when they were immense not an ice cream truck not even a child. in that car. but that's the way the police should be keeping people inside socially social distancing themselves and scaring joggers with a loudspeaker the problem is isolating is not easy for every new yorkers some do in a comfortable home they can stay in some are children some people just need help but the only people out on the street are cops shows more trujillo a community organizer in east harlem said if i just look down my window the only semblance of government that i would see would be the n.y.p.d. you don't see health department officials out here you don't see people sanitizing

public spaces like they did in china it's a good host town except for the police overall arrests are down because you have to go outside and touch people to commit crimes so the cops might be bored and looking for something to do and they're probably excited about their new powers to arrest people however this is not the time to increase broken windows policing except you're with a bunch of friends too close to a window and wipe each informant can see you through it and yes they are using informants for tips on your throwback thursday soiree eighty's costumes won't save you and they're ugly now let's take a look at how the virus is being politicized according to the discourse in the news you can only be one of 2 kinds of people one who believes in a shutdown for eternity and health or one who wants to open the economy and kill your grandpa there's no in between because that's the way the parties have laid it

out for us as scientists lowered projections for deaths from covert 19 in large part scientists said because social distancing is working influential conservatives began casting the data as evidence the virus was never really that bad but now it looks like those projections which drove the experts to recommend an aggressive economic shutdown of america were wildly off base ok so you can blame the economic downturn on trump or any politician but you can. blame it on numbers it's a war on men but sorry laura you're late i've been a foot soldier in the war on math ever since i got my s.a.t. scores back verbal was fine they were predicts chins the experts are not soothsayers there were others warning that if the virus was not that bad in the end then people will say that we went too far what is bad for the conservatives if there isn't a man outside my door pushing

a cart of corpses yelling bring out shithead then why is everything still shut down look this shutdown hurts a lot of people not only economically there are millions of children who have their educations put on pause and that's going to hurt mostly poor people even more and now scientists are getting labeled as democratic operatives trying to sabotage trump bid for president in 2020 this is all the wrong way to see it and the democrats are spending way too much time trying to figure out what they can blame trump for when we really just need to listen to the sound of the wind. i'm kidding listen to the scientists and finally we go to redacted correspondent to some serious fact checking on the role of voting in american democracy. even as poll workers in florida illinois are coming down with cold it after their state's primaries president trump remains dedicated to in person voting for the

november elections for him the risk of the corona virus spreading in crowded polling locations pales in comparison to the dangers of alien voting thousands and thousands of people sitting in somebodies living room signing ballots all over the place no i think that mail in voting is a terrible thing now despite his long record of sober analysis it is perfectly healthy to be skeptical of the president's claims i know the one percent is insulated because they really not understand that most other people don't have living rooms that can fit thousands of people imagine the catering and what incentive anyway does the criminal underworld have to commit massive voter fraud does he think gangs of bandits are whole the way to living room somewhere counterfeiting money stripping stolen catalytic converters from precious metals and filling out scores of ballots for joe biden show now while election fraud in the form of rigged diebold machines or the shady shadow app used in the iowa caucus is

rampant there's very little evidence that the phone or from the active individual voters casting multiple ballots as different people is a large problem or even any problem at all but according to republicans it's an even bigger threat to society than the coronavirus after hillary clinton's popular vote win in 2016 trump convened a panel to investigate the caravans of undocumented immigrants he assured us were voting illegally because you know undocumented workers trying desperately to not get caught or arrested really want to risk their freedom in order to cast a vote for hillary but the panel found no real evidence of voter fraud before he disbanded it in 2018 he then disbanded the u.s. pandemic response team because they also. couldn't find any evidence of voter fraud now despite trump's claims and mail in ballots make voter fraud more common in 5 states 'd including the republican bastion of utah now conduct all elections almost

entirely by mail a report there a little voter fraud the specter of voter fraud is clearly an excuse for republicans to make voting more difficult for people they don't want showing up to the polls but they aren't the only ones this week pushing misinformation about voting for partisan ends. in response to the widespread dissatisfaction with presumptive democratic nominee joe biden many liberals are invoking the underprivileged to shame former stander supporters who plan on either abstaining from the election or shock of all shocks daring to vote for a minor party candidate who actually shares their beliefs the assumption is that nonvoters are rich and white and must largely immune from the harmful consequences of a trump presidency which largely fall on the backs of poor and nonwhite americans while it's true that the americans harm the most by terms policies are poor and nonwhite the claim that they are the ones voting in large numbers belongs in

a fact checkers dungeon of the nokia's. the issue of election turnout has been studied at length and it is overwhelmingly clear that low income and non white americans are much less likely to vote than their comfortable caucasian counterparts democrats often attribute this to voter disenfranchisement laws passed by their favorite foyle the republican party ignoring their own suppression of the latino vote in places like texas and california during this year's democratic primary while regressive republican laws are a factor surveys show the overwhelming reason people stay home is due to cynicism toward or dissatisfaction with the political process and the choices they were presented. imagine that so while both major parties blame the other for defrauding you disenfranchised in the political system it turns out that most americans feel like the political system is defrauding disenfranchising them for fact checkers i mean anders lee with redacted that's all we have for you tonight but you can get

more on youtube dot com slash redacted tonight and download the portable t.v. up to get redacted and more news you can also get my new podcast fail university on i tunes or wherever you get your prog casts tune in tomorrow night for a new episode of redacted tonight stay safe stay sane stay inside and stay fighting good bye for now. i mean any friend of his size is that once you got infected then you'd get a nice one for any response and so that could go softly protects you against me infection or not was fine with this new crown of ours is sad it's a very cold case to trading in many patients who get mild disease any and audi's.

pain has changed many american lives but pharmaceutical companies have a miraculous solution. based drugs it's not the people who are chronic pain and believe that their prescription is working for them in the remedy be certain to. price at the. grocery dependency and addiction to opiates to long term use that really isn't scientifically justified and i'll study actually suggested that the long term effects might not just be absence of benefit but actually that they might be causing long term. seemed wrong all roles just don't call. me to the world yet to shape out these days to come to advocate and engagement equals betrayal.

when so many find themselves worlds apart when she's to look for common ground. this is boom bust the one business show you can't afford to miss their mom to stay over in washington coming up jobless claims continue to surge reaching about 26000000 since the pandemic began and now europe is bracing for some similar problems and congress looks to replenish the supply of money available to small businesses but once again the funds may have already dried up we have the use of a little less so and i've read it.