i'm pleased to welcome back professor richard wolfe who is the founder of democracy at work and the host of the nationally syndicated show economic update his latest book is the sick this is the system he joins me now to talk about how the 2021 economy is fairing now that we're nearly halfway through the year amazing halfway through the year now a new jobs report indicates that the economy isn't coming back as quickly as some experts have projected richard why do you think that is well i think we have been indulging a failure of failure to face how serious of the last 1618 months have been let me remind everyone that as we hold that the cold it is behind us as we all know that the economy comes back that we don't engage in wishful thinking of the most dangerous short is a couple of things to keep in mind. over the last 16 months 82000000 americans had to go and file for unemployment insurance let me explain what that means some of the folks were only unemployed a few weeks others were unemployed the entire time and everything in-between. what does $82000000.00 mean well the total labor f

i'm pleased to welcome back professor richard wolfe who is the founder of dumb ocracy at work and the host of the nationally syndicated show economic update his latest book is the sick this is the system he joins me now to talk about how the 2021 economy is fairing now that we're nearly halfway through the year amazing halfway through the year now a new jobs report indicates that the economy isn't coming back as quickly as some experts have projected richard why do you think that is well i think we have the business indulging a failure of failure to face how serious of the last 1618 months have been let me remind everyone that as we hold that the cold it is behind us as we all know that the economy comes back that we don't engage in wishful thinking of the most dangerous short here's a couple of things to keep in mind. over the last 16 months 82000000 americans had to go and file for unemployment insurance let me explain what that means some of the folks were only unemployed a few weeks others were unemployed the entire time and everything in-between. what is $82000000.00 mead well th

it's time for a quick break when we return the governor sits down with professor richard wolfe to talk about the state of the u.s. economy during the pandemic we'll be right back. the world looking at you she assured. you guys i made a professional is powerpoint to show you how artsy america fits into the greater media landscape is not all laughter all right but we are a solid alternative to the. liberal or conservative and as you can see his bar graph we don't skew the facts either talking you have left these talking head righties oh there you go above it all so look out world r.t. america is in the spotlight now every lead must have no idea how to classify as when it actually took me way more time than i care to admit. listen subletting online algorithms dictate what you get to watch go to portable dot tv slash download to get killer television it's completely free i'm talking award winning comedy awesome sports coverage inside so fresh still tastes like raspberries on a spring day take so hot don't burn your face off down in the videos more added by the hour did i mention 3 it's it'

and for more on this let's bring in professor richard wolfe he is the host of economic update and the author of the sickness is the system when capitalism fails to save us from pandemics or itself again and professor wolf i know we say this often when you're on to talk about these topics it seems like your book is perfect for this type of discussion so i want to i want to start with what is the takeaway from this inflation data and what does it mean for the short term for the u.s. economy. well you know when inflation is a major blow i mean this cannot be exaggerated to say that over the last year april 2020 to april this year consumer prices went up 4.2 percent means that the american consumer has to pay those higher prices and can therefore with whatever money he or she has buy fewer goods it's easy to show what this means because you can multiply 4.2 percent by the median household income in this country $60.00 to $70000.00 and you could measure and then say this is going to cost americans about $3000.00 worth of goods and services they tend to afford this year that they could have

and for more on this let's bring in professor richard wolf he's the host of economic update and the author of the sickness is the system when capitalism fails to save us from pandemics or itself again a professor wolf i know we say this often when you're on to talk about these topics it seems like your book is perfect for this type of discussion so i want to i want to start with what is the takeaway from this inflation data and what does it mean for the short term for the u.s. economy. well you know when inflation is a major blow i mean this cannot be exaggerated to say that over the last year april 2020 to april this year consumer prices went up 4.2 percent means that the american consumer has to pay those higher prices and can therefore with whatever money he or she has buy fewer goods it's easier to show what this means because you can multiply 4.2 percent by the median household income in this country $60.00 to $70000.00 and you can measure then and say this is going to cost americans about $3000.00 worth of goods and services they tend to afford this year that they could have afforded

joining me now to discuss is professor richard wolfe host of economic update and author of the sickness is the system professor let's start with pfizer here clearly they have profited heavily off of a successful vaccine but that wouldn't be possible without a partnership with bio on tag which included $445000000.00 in funding from the german government should pfizer have any say on whether a waiver is issued for its vaccine. well it seems to me the most elemental notion of more allergy or ethics and i've never heard of would have to answer that question yes i mean basically here we have a choice the profit of a corporation pfizer or the health and literally the life and death question for the 7000000000 people on this planet the new york times yesterday made crystal clear that in rich countries something like one out of 4 people have been vaccinated but in poor countries where the overwhelming majority of our planet lives it's one in 500 that have been vaccinated that there is no excuse and when fines or says it's going to make it accessible they said that their c.e.o. said that last ye

going to exacerbate the shortage of something where we're seeing once again right now professor richard wolfe and peter schiff way we could do this the entire show and maybe one day would do will they use it so much for joining us. thank you. and it looks like a major win for chinese smartphone maker show me as the u.s. defense department has agreed to remove it from a blacklist bearing u.s. investment in the tech giant now in january of this year the truck administration added shalmi to the blacklist alleging ties between the company and the chinese military so what exactly happened and what does this mean as the tech war between the world's 2 largest economies continues well to discover bring in the best show host christiane christine let's start with what happened here why is the u.s. backtracking at this point. while the u.s. it's very adamant about the dangers i shall me supposedly posed to the u.s. says it was allegedly one of the several communist chinese military companies now all that has been proven to be just propaganda of the trump era in order to further his agenda of stirring up

joining me now to discuss is professor richard wolfe host of economic update and author of the sickness is the system her for us or let's start with pfizer here clearly they have profited heavily off of a successful vaccine but that wouldn't be possible without a partnership with bio on tag which included $445000000.00 in funding from the german government should have any say on whether a waiver is issued for its vaccine. well it seems to me the most elemental notion of more ollivier ethics than i've ever heard of we'll have to answer that question yes i mean basically here we have a choice the profit of a corporation pfizer or the health and literally the life and death question for the 7000000000 people on this planet the new york times yesterday made crystal clear that in rich countries something like one out of 4 people have been vaccinated but in poor countries where the overwhelming majority of our planet lives it's one in 500 that have been vaccinated that there is no excuse and when fines or says it's going to make it accessible they said that their c.e.o. said that last year to

joining me now to discuss is professor richard wolfe host of economic update and author of the sickness is the system her for us or let's start with pfizer here clearly they have profited heavily off of a successful vaccine but that wouldn't be possible without a partnership with bio on tag which included $445000000.00 and funding from the german government should have any say on whether a waiver is issued for its vaccine. well it seems to me the most elemental notion of more allergy or ethics than i've ever heard of would have to answer that question yes i mean basically here we have the choice the profit of a corporation pfizer or the health and literally the life and death question for the 7000000000 people on this planet the new york times yesterday made crystal clear that in rich countries something like one out of 4 people have been vaccinated but in poor countries where the overwhelming majority of our planet lives it's one in 500 that have been vaccinated that there is no excuse and when fines or says it's going to make it accessible they said that their c.e.o. said that lanced

. >> this is professor richard wolf, a marxian economist.ce this is how school is done these days, i signed up for a private lesson in american economics. >> so capitalism is a very bizarre arrangement, and it has a scary parallel with slavery, you know, a few masters, lots of slaves, or futilism, a few lords, lots of serfs. so we have a few capitalist employers, 5%, 4%, no more. and then the vast rest of russ employees. that's capitalism. >> capitalism exists all around the world. but one thing that the united states does especially well, which i mean horribly is using capitalism to punish the poor. other countries think it is absolutely insane that in america, the land of opportunity, you have the opportunity to go broke from hospital bills and getting educated. all while others have bank accounts that could buy small countries. there may be no better place for me to look at wealth and equality and how the pandemic has made it worse than a return to south carolina, a state that is one of the poorest in the country overall, but has ocean fr

richard wolf is the professor of economics emeritus at the university of massachusetts amherst. he's currently a visiting professor at the graduate program on international affairs at the new school university in new york city. the recent publications include economic theories, the keynesian and mark seah and the sickness is the system when capitalism fails to save us from pandemics or itself. that is the most recent 2020. professor wolf has also taught economics at yale university, city college of university of new york and paris. professor wolf's weekly show economic update is a syndicated for radio stations nationwide and is available for broadcast free speech tiki among other networks and for full disclosure professor wolf harvard college class of 1963. professor wolf will go first and will speak for about 15 to 20 minutes and professor, it's all yours. first of all, thank you to all who worked on producing this event and then inviting me to be a part of it. i am flattered and pleased that you are open to this kind of conversation because we are all aware that for most of th

wolf. >> richard hawes, what do you think the biden administration needs to do right now?bviously there's a secretary of state, secretary of defense, the president, the vice president, but should there be a high level middle east negotiator go in there and see if they can revive some serious peace talks? >> it might surprise you, but i would argue not. again, i don't see any partners on the palestinian side or on the israeli side. i think the real goal for the foreseeable future, besides trying to keep the cease fire holding once it's established, is to keep open possibilities down the road. think about it, wolf. what's behind some of this? you have fundamental questions about who gets to live where in jerusalem. you have fundamental questions about settlement. i would think an ambitious foreign policy for the middle east right now for the israeli/palestinian issue is to preserve opportunities down the road so if and when you have a palestinian leadership and an israeli leadership that is serious about negotiating peace, there is something left to compromise over. anything

wolf but of course professor brooks can jump in. there's a response ability to generate revenue and profit that jobs were created. have a socialism is going to create those jobs. richard: profit is just a number, it is a number in which you subtract a set of costs, but by no means all of the costs but a subset of the cost you subtract them from the revenues and you are left with a result. it is called the profit. it is not necessarily connected to anything. seriously now, no one should imagine having profit is a requirement for producing anything. most of the history of the human race, there was no profit, it was not conceptualized. it wasn't calculated. it is a big issue of dispute. but in fact what it is since people don't agree on what subset of costs that you shouldn't subtract from revenues it to get hit. it is a mythology of american economics. to give this some central places if it had the universe of what it meant and what it was for. human beings can. rapidly sit down and decide how much of her time do we want to spend working and how do we want that work to be divided in one of the goods and services with the work should produce for us collectively to consum