China Dumps US Debt, Fearing a Capitalist Armageddon|Richard Wolff

If we were honest about it the situation is US is not reducing the debt but increasing it year after year and president after president. There is absolutely no evidence the US has any incentive or intention to pay off the debt. But the evidence is each administration borrows more and let the next administration to sort it out. Thus every president does not see it as his/her problem but something for someone the future. The fact the US national debt got discussed at all may have something to do with the govt. finds it hard to service the debt within its economy. It seems as US is setting fire on its own ass and the world is now watching. Japan and China are the two punters who bought seats at the front row.

We are in a Late Stage Empire era.

One of the best explanations of economic debt I have heard in quite a while.

BRICS GDP already overtaken G7's.

Thaaannnk Yooouuu BRICS ❤️ 💚 💜

Corporations (and their bought politicians) are great at privatizing profits and socializing losses. Thank you, Prof Wolff, for consistently being honest about the economic situation in America.

I think there is another key factor to consider - State owned enterprises. Neo liberal countries hates State owned companies and sold off most of them in the 80s. This meant neo liberal governments can only get money through taxation or debt. By comparison, socialist countries like China have a huge state owned sector, and profits from these SOE goes back into government's coffer, thus giving the government a substantial third source of income. How substantial you may ask, for reference, the annual profits China Tobacco Corporation makes from cigarette sales is roughly the size of China's annual defence budget 😅.

Truly, "Denial ain't just a river in Egypt!"

A truely a great thinker....i live in the Uk..we rely on over 80% for our economy for on spending in the shops

investing into the US debt was a business that failed and now everyone is trying to get whatever money they can get back before losing even more?

Gary Stevens of Gary's Economics says tax the fixed assets of the rich.

For all practical purposes,,corporations already own the government ?

Nobody explains it better than prof. Wolff each time you learned something new on the same repeated topic 👍🤔

The US political system has gone kaput.

Well - and what shall we do now? I'd suggest 1) saving 2) good education 3) research (not so much on gender plurality) but on stuff we produce, to stay competitive 4) less tax on work, more tax on interests and 5) honor working and avoid a social over-strech! And we do: the opposite in the whole West!!

I have never understood why a country borrows money when it can print it's own??

"Follow the money."

China owns 981 billion dollars in US debt.

Great explanations!

Professor, don't corporations pay corporate taxes? Or, are you saying that after deductions they effectively don't pay taxes?