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713 - NO MORE BULLSHIT! (Economy Edition) feat. Richard Wolff (3/9/23) (Patreon)

Published:
2023-03-10 03:12:00
Edited:
2023-03-17 15:11:08
Imported:
2026-06

Downloads

Content

Professor Richard Wolff returns to the show for an economic update on inflation, employment, student debt, China, and the U.S.’s future role in the world.

For more from Prof Wolff, subscribe to Democracy at Work on YouTube: youtube.com/democracyatwrk

And find all the info on Economic Update here: https://www.democracyatwork.info/economicupdate

Files

Comments

Eddie

Cool

Zane

I’m so fucking gay

Basil

So am I and my dick is small

Joe

Fuck yeah Richard Wolff!

Jordan

Wow two upbeat episodes in a row?

J. A.

You know its veggie time when the lollipop guild is in town

saintbeau

my second favorite Dick Wolf 🏌‍♂️

Woke Batou

Extremely here for this

Ian H

Fuck yes

Zach H.

It’s the stupid economy, stupid

MC Prescott

Same but I’m also retarded

SCB

Chapotraphouse.

Kyle Petty

All right there's one guy that always seems to comment on my posts so here it goes again. 20 bucks says this app doesn't get nearly the same amount of love as pop culture episodes And that says that people really don't want to engage with the actual inner workings of the machine but just want cope or entertainment. This is because Chapo is notoriously a far left sample size and if even within that group of ppl they don't want to look at things like economics then what hope do we have for the rest of the population to want to engage with it

Poppy Chulo

You're in good company then because the comment threads have been full of them lately.

William

Dude everything is cope til you die

Kyle Petty

But unfortunately you aren't the guy that usually comments on ny posts 😮‍💨

J.P. McD.

It's not me is it? I WOULD reply to this mad, but I don't think it's me

Kyle Petty

I also dig that, especially The Milk part but unfortunately, neither are you the man I'm looking for 🤣

Kyle Petty

No John Pierpoint McDonald it is not you unfortunately but I appreciate the input 🤣 Feel free to be mad at it anyway

Kyle Petty

I assume you specialize in Hamburger investments so your input is appreciated

Will

Let’s fucking go

J.P. McD.

The mistake you're making is to believe that "listening to a podcast" can be a meaningful political action, or that metrics on a political comedy podcast are indicative of anything at all. "If people would just listen to the good podcasts about important leftist topics, we'd be getting somewhere". This is not correct, and I could make a case for the opposite being true if anything. All of this should be seen as entertainment and nothing more, because it is. If you want meaningful political change, grilling with your neighbors this weekend would be a better bet than wringing your hands about leftist podcasts.

justdave

*as the wind blows on a dark and dreary moonlit night, a caped figure emerges from the mist* -I have come for your revenge wanderer. But do you have the strength to take it? *pulls katana from sheath that somehow shines like the break of day for a mere moment*

pulsatingdread

Aaay executive professor Dick Wolff lets goooo

Kyle Petty

I agree with you and William to an extent, that all this is cope and entertainment at it's core but there's still some value in developing ideas over the airwaves. There've been examples of physical political movements that started from the Internet. At the very least hearing other people critique that this shit is fucked up and hearing another answer besides the Dem/Repub/IDW/etc has some critique. I'm a sentimental sap but essentially the "at least I know I'm not alone or crazy for thinking that this thing can and should be changed." Especially in a radical way that is generally discouraged in mainstream society. But hey I don't think Chapo is going to start a true movement, I agree with you there, but I won't go as far as saying that there's the same value in exchanging left socioeconomic ideas or true historical analysis compared to an Oscar discussion episode (although I do enjoy all the slop nonetheless)

J.P. McD.

I am shocked at the amount of content we're getting, I can't keep up. Gonna have to start grinding a full season of NBA 2K1 on the Dreamcast to get podcast time in. (I need to do that anyway because in NBA 2K my Knicks beat the Lakers in 7, BUT I had flagrantly foul injured Shaq, so the victory has had an asterisk next to it for 22 years in my head)

Kyle Petty

I wish I knew this reference because that is a badass way to die. "Oh truth isn't my mortal enemy, JustDave." Unfortunately, " Just Dave" You are not just and not the droid I'm looking for

JDR 2209

This guy rules

Kyle Petty

OMG! It is! How integrated are you in this comment section?! I post once every couple months when I'm depressed or frustrated but he gets me everytime I do

justdave

KILL ME COWARD!

Brendan Kneeland

This made me feel the way Lewis Black used to make me feel in ‘04 💜

Kyle Petty

Now I'm just picturing justDave as the Black Knight from Monty Python. Me: "No man really I'm not trying to duel you, I'm looking for another guy." JD: " Yes! Yes I am now fight me you pansy! "

J.P. McD.

I quit Twitter for Lent this year and last year, I have nowhere else to go

Kyle Petty

Oh come on John Pierpoint, you're a smart guy, quitting Twitter but then diving into comment sections isn't really quitting Twitter 🤣

Crash Test Orphan

He's so comforting to listen to, I also enjoy how he just assumes you have zero base knowledge - it's accessible af

J.P. McD.

Comments are a lot less bad because they’re chronological, not algorithmically shown to you to farm outrage, and they don’t go on forever. But yes, I did not quit social media entirely, just the one app

Jessica Rios

Are you guys losing Felix? I’m cool with it.

Kyle Petty

I'm just busting your balls but it's literally firing the same neurons in your brain commenting on here or Twitter 🤣 But good for you in being a nice Catholic boy

Golander

we need guys saying "bullshit" like that. we need prof wolf and lewis black

J.P. McD.

No he’ll be back better than ever

Jessica Rios

That would be great. I just don’t like having to listen to his downfall. It makes me sad.

T

A+

Mike Bishop

What do you mean by this?

Henz

Wolff is Goated

Gage

Wolfe is the perfect combination of condescending and thorough that you'd want in a teacher.

Dennis

Don’t say that we love Felix

Jessica Rios

You don’t notice how incoherent he’s been? It’s awkward and if he’s got a problem, I prefer not to bear witness to it. I had a problem like that once and the LAST thing I would have needed to get better was to be in the public eye.

Dennis

So true

Will

Guy sounds like a trump impersonator

Dennis

Literally same

J. A.

Its the economy you stupid fucking bitch. You dumb broad. You nitwit bimbo

Dennis

First movie mindset with will & hesse, then she’s on a new seeking derangements, now this masterful Wolff ep… Amazing content gush 😭🙏

Dennis

He’s simply ah ma zing

Ian H

I think it's just from being a New Yorker of a certain age. Although the way he pronounces the word "ration" is wild.

Travis Gabe

Professor Wolff just went beast mode. Top 10 ep

Ian H

That movie mindset ep kicked so much ass, very excited for Hesse appearances on a regular basis.

justdave

And I picture you atop your litter, an army of young orphans carrying you, mouthing breathless gasps of desperate longing as you gorge yourself on succulents and candies from across your spawling fief. But I am not your slave, nor of your mercenary retinue, and I HAVE COME FOR YOU

Salt M. Bank

Also if anyone reads these tweets I hope you consider making this episode public

Luke F

Jesus, this goofball is hard to listen to

Professor Jokes

Break bulk steel didn't move from antwerp for 6 months in 2020...

etienne

nascar driver ass name

Migz

“Unless you’re SLOW” go off prof

Nicholas Moore

This is much better than that fucking moron that laughs like an idiotic 14 year old Brandon Wardell, you make me want to cancel my Patreon when you let him speak

David Browm

Make Dick Wolf a permanent chapo

David Browm

About 10 minutes in...yeah this needs to be an unlocked episode

寿帝武

Great timing given the implosion of SVB and other fallout happening right now.

parker

Bruh he's been like this for two episodes.

Jessica S

Richard Wolff is so awesome, he always sounds like half his points should end with “you DUMBASS!” Lol

justdave

Don't be petty

justdave

And I always love what you write

Shimosanz (Brian Sanchez)

Between this and movie mindset you guys really brought the heat today sheesh 🔥

Archie MacLellan

Fantastic episode can this one be unlocked. I want to play it in the van on the way into work with the lads to get em thinking

Meme King

The professor sounds like George Carlin rose from the grave and got a doctorate in economics. I love it.

Dan

Liked the episode. My formal understanding of Economics is limited, but doesn't a larger amount of currency in circulation devalue it? It stands to reason that Pandemic spending would devalue the currency

Meme King

Agreed wholeheartedly

Meme King

Do you know which episode that is?

Ty Baron

Questions for the professor should become a regular segment

Steeeeve

U can download it bro

THEKILLERWHALE

2-5% of the population on the street in France (trust the 5%). A true, god damn general strike. Allez!

K H

He's just over stimulated.

K H

Ma'am?

Dukaten Donald

Dear Mr. Chapo i think to understand economics is very important for the Left. Can you invite someone to talk about "Modern Monetary Theory" soon?

Luis Zamarripa

I always loved when professor wolff would guest on the michael brooks show. Such sober and insightful analysis, a true teacher in every way.

Epicfetus

Felix aka King Slime Lean for Wolff? I'll take it

Corey Reynolds

High praise from the professor. Nice. I thought he just went on any and all shows/podcasts. But he does seem like an actual fan of the boys. Primo Chapo here

William

Depends on how much currency ends up in the hands of people who spend it. Billions were created post 2008 but went to wealthy people who parked it in stocks - as a result inflation remained under 2% for over a decade after. Of the billions given to families for vivid relief, it’s estimated that only 40% of the 800 billion went towards actual consumption, not paying debts or bills

Thomas Carroll

Say what you want about ol Dick, the guy can profess

William

In short: Keynes was right, and Milton was a bitch

Adam H.

People are lost without Cumtown.

Shauna Seroquel

Even if JMK were wrong, Friedman was still a bitch.

John Harwood

The key is *tax*. If the money isn’t also pulled out of private circulation to fund public goods, then inflation will occur.

etienne

oh shit it's the Socialism is when the government does stuff and the more stuff the government does the more socialist it is guy, nice

Adam H.

Ray-shon.

Adam H.

No but seriously, great guest.

absoluteboi

i can do it in one sentence: we own the money printer, we can make it go brrr

Jaime Christley

This would be a great episode to unlock!

James Blackmon

Great serious episode. If you need me I'll be in hiding.

Isaac Jones

I was just thinking I wanted basic economic concepts explained to me like I'm in middle school!

Ozzie

Sounds like Professor Wolff’s wife came home from the supermarket with no salt chips

Steve D

Love him and also on a pure energetic guest level, he’s like goddamn prime Jerry Rice - he was as strong, or maybe even stronger in the second half.

Ryan

Dick Wolf? Of Law and Order SVU?

NewTooshFatoosh

Wake up. Jump in my car. Hear Richard Wolfe. Know that I’m going to be angry at the world for the rest of my day.

Sean

Hell yes Prof Wolff the GOAT

Patrick Gray

Great episode, is there a live feed of Matt’s face when professor Wolff described the war of 1812?

Middleton

Always love Richard Wolf. Economic Update is a must watch for everyone against capitalism!

Elijah Olson

Can this be made public on Spotify? I neeeed to send this to my mid 20 year old peers who will never have true financial stability from the system and are still RAGING capitalists….🙄

C. Ries

He literally says “employees” need to democratically own and control the workplace at the expense of “employers” wdym. Are you mad that he doesn’t say proletariat and bourgeoisie comrade?

C. Ries

Absolute mensch

Ross Baehr

This is an amazing episode, would love for it to be public to share it

Pedro Lippe

Amazing episode. Love this guy.

Starry Pr1nce

Bro this was great i felt like i was in a 200 level class again getting there 1 min before class so i could sit next to the girl with the biggest tits and then do the same thing 2 hours later lmao

Alex

IRS SVU Prof Dick Wolf

Dylan Wintersteen

Love wolf but his tone kinda wears on me after awhile.

Rick Slot

This is really fantastic, should make it publicly available to share

Peter Fishbeast

I agree with other comments - make this one free so it can be widely shared, very informative stuff

Ennis

this episode is much appreciated, taking an Econ class currently and my prof constantly talking abt the need to up unemployment, etc. Refreshing to hear some humanity

Peter Fishbeast

Did anyone else notice he pronounced rationing as ray-shunning?

etienne

its a funny meme

Quinn

I like how "nobody wants to work anymore" is matt's "cake boss!"

Gavin Farrell

Yes, you are correct. New money entering circulation does cause inflation. An enormous amount has been created, and a lot of it has entered the economy. Via cashing out stocks, real estate development, printed money bailouts to pharma, and military keynsian payments to defense contractors, suppliers, and workers. Companies would not be able to raise their prices unless there was all the added money in circulation. Mostly all created by the Federal Reserve, along with unfunded Federal debt spending.

ESP

Professor Wolff was great. Have him on as much as he is willing!!

FMsayying

This guy fuckin rules lmao, I had a prof just like this (except it was geology not econ). What number is the other episode he was on ?

Boxcar Neil

Can I just transfer my Chapo subscription to Wolff?

Derwood

Was listening to the original Wolff episode the other day and he’s so fun to listen to. His anger and cadence is fun and capturing and he puts things in a way a moron like me can comprehend. What a guy

Dean

He’s a great guest, but saying China wasn’t involved in the Vietnam War is ridiculous. He may as well have said they weren’t involved in Korea

Post Void

A great episode, very refreshing to hear an accurate take on the War In Ukraine and our reaction to BRICS nations from a left thinking scholar. One thing I do have to correct (and correct me if misguided here), near the end he seemed to gloss over The War of 1812. From my understanding it was more of a tie, and left the US in a war debt and a destroyed Washington DC. From my understanding, it was the French who saved us then. I mean he probably was trying to spare us the explanation, but The War of 1812 is a very galvanizing point for US international relations where we "owed" support after we were saved from the British doing something like "Sherman's March" on the Eastern Seaboard. Interesting how after the French Revolution some years prior had many of the French Aristocracy flee to the South US and bought up plantations. The French had slave interests in the US when it was becoming illegal over there. Sounds like Africa/French relations today.

Damen Irving

If he thinks unemployment should be upped, maybe it should start with him

Ennis

her actually #feminism

Joshua Mason

5K for health insurance? Monthly?

Kyle Petty

You like what I write? Thanks Just Dave! I appreciate that and will write more often because it makes me feel good And in the end of the day that's the only recourse we have on the left, to cope and at least get through the day

Kyle Petty

Omg! 😱 Here he is, My foe, My love. I'll admit I was expecting more than the cookie cutter NASCAR reference I've heard my whole life. Went to school and Washington State University and people would go ape shit, "Are you related to Richard Petty?!" No I'm not related to Richard Petty, If I was I probably wouldn't be at a public university in Eastern Washington 🤣

Kyle Petty

I also wanted to say that after re-listing to the episode Richard Wolfe makes a comment that alludes to my original argument. It's at the 59 minute mark but he talks about how we can't get any honest discussion about the economy in mainstream media or from the government but instead have to rely on obscure leftist podcast like Chapo trap House or his YouTube videos. That's more what I'm talking about, It's just unsettling that any real discussion is found more on the fringes of informational society

Red Scare Spice

Wolff must be every Leftie podcast host’s favorite guest cuz they hardly have to do anything! 😆

etienne

actually i was wondering if you were related to Kyle Busch

Dennis

Prof can speak however he likes 🙏😌

Paul

One of the best episodes and guests you have ever had

Thomas Sorensen

Love me some Richard Wolff, seen him speak in person, he helped me make the leap from liberal to Marxist

Justin Slepicka

This was incredible stuff. Really eye opening.

Jimmy McMillan

America would be a much better country if we only cared about money. On top of being greedy our leaders do needlessly cruel things that make no financial sense. Why send refugees back to there doom when companys could exploit their labor here?

jack flowers

i lasted about 5 minutes. does he start saying anything interesting?

Sman

Oof this was a tough listen. No control of the guests diatribe. These are the times when you realize the Chapo guys don’t understand economics. Also where is Felix? Is he detoxing from Kratom?

Terrance McDonald

What a fun guest. There’s only a handful of people who can explain these ideas in a way that reaches so many different people. It reminds me of when Bill Burr talks about capitalism or Socialism - his humor and speaking style. Make these leftist ideas super digestible. I’m very hard to argue against. Richard Wolff just has this charisma That makes it easier to understand. It’s really hard to explain these ideas in a way that makes sense to everybody. Bernie Sanders is another one.

Joel Austin

Wolff is the shit. Make this one free

Hassan

Dick Wolff comes onto Chapo same day SVB goes down, LEGEND

Awcool

My favorite episode of Chapo Traphouse.

Mazetrol

Michael Hudson could help with that.

J.P. McD.

Not necessarily; believing that it’s a 1:1 ratio between “printing money” and inflation is a right wing economics argument that is simple and seems logically correct on the surface, but falls flat in reality. MMT’ers would say something about “as long as there is untapped productive capacity it won’t cause inflation”. Imagine for example that the government used $1 trillion of printed money domestically to create $1 trillion of capital materials. Nothing has changed on balance from an inflationary standpoint. In reality of course it’s very complicated, and “tax” is also over simplified/wrong. (Note that I don’t understand it myself, just enough to know it’s complex)

Jordan

What is is that they don't understand about economics, specifically?

J.P. McD.

Yea that’s a statement of reality, but to want or expect people to get super excited about hearing leftist economic arguments, or for those to be more prominent on mass media is kinda asking the tail to wag the dog. The mass leftist movement has to come first and be built from the ground up, not the other way around. We got about as far as social media and podcasts are going to take us at this point.

Stolzie

Not only is higher education FREE in Germany, they PAY German students a monthly salary.

Marcus

🐺🐺🐺

K H

No, the value is determined by the ratio of currency to goods and services. The pandemic had the effect of reducing the value of a dollar because goods and services were reduced and also because companies realized they could just charge more and no one was really going to stop them and people will pay it. I'm sure at some point the material cost necessitated a markup but prices have yet to readjust as materials get easier to acquire. Price elasticity always seem to stretch in only one direction.

K H

Yea dude. I'm taking all my Fed Reserve money and buying hella eggs. Fr bro. So smart.

K H

Are they on they grind?

John LaConte

Fuckin great ep thanks chaps

Vic Perry

Sman is really David Brooks.

Gavin Farrell

I worked as an architect for 17 years. A lot of our projects were financed by bond purchases, which came from large banks. I'm pretty sure it was QE money. Banker and developer fees, along with all the design professionals, contractors, subs, and suppliers were therefore buying their eggs (and houses, cars, groceries, etc) with inflationary new dollars. A lot of that QE money helped pump up the housing bubble, and a significant amount enters the actual consumer circulation.

Will

Facts I want to share this to all my dumbass friends

Will

Tell us more how you’re a moron

foxy

Listened to a lot of Wolff when I was self learning economics since conservatives never had good explanations for what was happening the past few years. Glad to know I learned something, love him

Sam Schick

Hats off to trying to tame Richard Wolff, true test of hosting mettle. I had to stop listening to Economic Update because he is a rhetorical one trick pony. He’s certainly paints in broad strokes so I appreciate you trying to get him to be more specific and focus on the minutiae, he always just fucking going off with the “trust me I’m right” bombast that he forgets to name names or dig deeper. He’s not wrong, he’s just an asshole and we should be so lucky to feel his spittle on our unwashed brow. It’s the one time I wish I could’ve seen the video feed, there was a point where I wondered if you guys were still there or messing with zoom filters.

Jacob Jones

I'm with Vic here, definitely David Brooks. Thanks for supporting our socialist revolution Mr. Brooks. 😂

Jacob Jones

I'd argue that Wolff's lack of initial depth is by far a greater advantage than disadvantage. Sometimes the left gets too cerebral for our own good. We need to be able to engage folks that aren't looking to dig as deep and just want answers. Even if they aren't deep answers as presented, it provides a point to start digging and actually find real, academically debated and structured answers rather than looking up conservative talking points masquerading as answers and entering a crackpot pipeline to full blown crazy town.

Pelican Grief

Need to get this guy on with Brandon Wardell sp Brandon can say shit like "damn...yo, money is bananas"

etienne

that's most of Breaking Bad tbh

HarshMalarkey

Big fan of Law and Order, thank you sir

Telos_277

Is Wolff even a Marxist? He seems to support Chinese capitalism. I guess Russia's invasion of Ukraine not such a big deal? Hmm ok! it must just all be about economics...and not a new type of fascism. I never knew it was that simple. He talks to everyone like they are babies. It sounds very stupid and I don't like him. He didn't support Bernie he supported Warren. Just think about that

Gordon Schmidt

The way Professor Wolff says the word "bullshit" is simply wonderful

Telos_277

No no he doesn't think. His analysis ends at how simplistic it is. It doesn't go beyond that which is why he seems to support or praise this non-aligned thing. Which if it succeeds will just be a more horrifying authoritarian capitalism.

Sam Schick

Well i guess a limited hangout is better than no hang out at all

Sam

Hey guys! I found the dumbest fucking nerd in the chapo thread! Ding ding ding!

Sam

I think you’re just insecure bro.

Kiva

Not super relevant but why is your pic the Kodiak Power Cakes bear? They are great I’m jw.

Sam Schick

We’re all insecure and alienated, I love you bro. Very much mi hermano

amit singh

I Wonder what Matt made of the professor’s assessment of the revolutionary war?

Michael S. Judge

That one around 2:30 was a top 5 all-time "bullshit"

Michael S. Judge

I think the point here is that we're so far gone on the economic end that even a fairly orthodox liberal economist is unthinkably far left of our "left" party. Dwight Eisenhower and Richard Nixon are too economically "left." And the people who run this, as Wolff would say, boolshit, they're all for "classical liberal economics" until it comes to even the slightest balancing mechanism that would infinitesimally impact their profit margins, at which point they become libertarians and start building bunkers in Wyoming. As fucking stupid as "classical liberalism" is, even THAT is outré by American standards, which is insane.

Michael S. Judge

No sane human being wants to read THE WEALTH OF NATIONS in his/her free time. It's dull enough to be classified as a toxin. But even goddamn Adam Smith would look at this economy and say "Whoa, whoa, what in the fuck are you doing?"

Hilary is Pant-suited Syphilis

I love this quote from Marx: “ Economists have a singular method of procedure. There are only two kinds of institutions for them, artificial and natural. The institutions of feudalism are artificial institutions, those of the bourgeoisie are natural institutions. In this, they resemble the theologians, who likewise establish two kinds of religion. Every religion which is not theirs is an invention of men, while their own is an emanation from God. When the economists say that present-day relations — the relations of bourgeois production — are natural, they imply that these are the relations in which wealth is created and productive forces developed in conformity with the laws of nature. These relations therefore are themselves natural laws independent of the influence of time. They are eternal laws which must always govern society. Thus, there has been history, but there is no longer any. ”

Dick Van Sexel

"I say bullshit now. Ive been trying it out in the backyard, and its pretty awesome guys"

Jason Yungbluth

Guys! I know it’s Wolff, but you could you interrupt his droning once in a while??

danny

fucking love this guy

danny

shut up loser

danny

no it isnt

etienne

I used my The Wealth of Nations as shimming for a sofa for years

Bill Crotts

Fuck everyone complaining about the professor talking too much

Major bit me

Bull shit 🤮 Wolff shit 💪🫡😤

justdave

🍆🍆🍆

Hugo

Not sure this guy is a very good Marxist or economist. He doesn’t seem to understand the class character of the state. And use nominal GDP numbers which severely misrepresent the real size and importance or both Russia’s and China’s economies

Doug Cartel

Hate it when the guy being interviewed decides to talk

foxy

In the USA we exclusively save our socialism for our veterans, which is highly ironic if you think about it.

snapplepeachtea

How dare China support the north Vietnamese and north Koreans in defending their homelands from invasion lmao?

Dean

Never said they shouldn’t have, I’m saying it’s wrong to say they didn’t get involved

Daffy

Fuckin Rachel Maddow over here... New type of fascism? Why? Because Joe Manchin ratfucked your infastructure bill?

justdave

“Unfortunately there is one thing standing between me and that property - the rightful owners.” - Hedy Lamarr

KatrinaJadeHelm

Checked to see if anybody else got thrown by this. Loving the ep regardless

justdave

Yes you heard it here folks, NEW FASCISM™️ - now with the cleansing truth of science! (and the subtle taste of chlorine™️). Leave that old fascism behind and look to NEW FASCISM™️

I am become reply guy

This guy’s classes are probably awesome, he reminds me of some of my best teachers

Thom

the twitter person Juniper had a great idea to edit Wolff videos alongside the subway runner game and like someone getting a haircut (forgot what the third screen was). The young people seemed to dig it

Luis Eneas Guarita

He has became much more of a communicator as of late

andrew rogers

I like Wolff but as someone who works in a purchasing department I can say his contention that there essentially is no "supply chain disruption," and a purchasing department doing its job gets the product no matter what and any argument of supply chain disruptions increasing prices is simply an excuse—that's all wrong. there are literally and factually shortages of base raw materials that are inputs in all kinds of products. mills for metals can't get ore, silicone rubber plants can't get the raw materials to make foam sheets, companies like one he mentioned GE and many others can't get the base chemicals and materials for adhesives and sealants. and all of those have had workforces shrunken by covid deaths and because that labor is extremely undervalued and they won't adequately increase wages for it. they don't have to because nobody else can purchase this stuff either, so they'd rather the supply chain disruption last longer and they get paid the same amount (or more) for less frequently-delivered material that takes longer to extrude/mill/cut. So, there's some merit to the point: in a "perfect market economy" the demand for this material would lead to the workers responsible for milling etc. getting paid more and in larger numbers and the supply would catch up to the demand and prices would stabilize. but the idea that any disruption of the supply of base raw materials is a *lie* is misplaced. it's not a lie, it's a real problem that nobody is incentivized to solve.

Sam

He was definitely all over the place here. He also said that the disruptions that he claimed weren't real wouldn't have happened if the US had domestic production capcity - which is true. But they are definitely real.

T

I think I legit just overheard a barber talking about this episode. When they're talking about you at the barbershop, you know it's real like ya girl Liz Warren, bro!

Alal Alal

This guy's an amazing guest. I do wish they had him on a year or two ago to discuss why workplace vaccine mandates were a bad idea.

Alal Alal

a day in the marxist life

Mark Schneider

It's called "the dismal science" (sic on the final word) for a reason-- by & for lying Crapitalist swine in order to feather their own nests . . . back in the day I somehow got into the University of Chicago, the home nest of the Friedmanite NeoGlib cult . . . my little white ass dropped out after 2 years and went on to smaller and better things, didn't want to be associated with predators and Rentier economy shills. My parents lied to me, I didn't end up poor & destitute, & if I believed in metaphysics I'd say I'm still happy to have a soul . . .

Dan

Mystery Team?

Theodore Nathan

If anyone’s interested in more about China’s rising influence, check out The China in Africa podcast. It’s not funny or satirical, just two older dudes talking China foreign policies and how other countries are responding. I found out about Belt & Road from these guys way back in 2014.

Hugo

China invaded Vietnam bro

Caleb

The Wolff Man was cookin goddamn

William Beamish

Supply chain disruptions are legit; the companies that made it through COVID had enough contacts and money and stock to survive the pandemic. Richard said this tho; they are grateful for competent purchasing managers. There's still often nothing that can be done when eveyrone is sold out and the factories have 12 months of backorders

Billiam

I love the professor. I use his analogy of the chair maker to explain how bosses extract profit from your wages.

David

love wolff

Telos_277

responding to a Patreon comment lmao. "hey guys!" lmao

Telos_277

no danny boy go fuck yourself piece of shit

Telos_277

You're Rachel Maddow loser

Telos_277

bitch boy there's your 1930s bitch boy

Jason

No

Dean

Yup. And they sent a ton of troops to help logistics in North Vietnam during the Vietnam War

andrew rogers

I just looked this up and lmao his argument for why mandates are bad is so braindead hahah. His 3 points why are literally 1) pharma companies are typically untrustworthy 2) workers should never allow employers to mandate anything 3) the science shows the vaccinated can still transmit, so any argument of risk mitigation or protection of the public health is invalid. I would respond in turn: 1) an argument that organizations that are typically untrustworthy/don't sincerely have interest in the worker or public's good should never be cooperated with, that's an argument for like becoming a sovereign citizen or some shit lol. that means one should never ever ever cooperated with the government or any major corporation, and so should not have a credit card or a driver's license haha. dumb. 2) ok and this would be an argument against like, OHSA regulations? maybe absolutism to theoreticals divorced from reality aren't great think about it rich. 3) this point is just wrong because the science shows that while the vaccinated *can* still transmit, they're a) far less likely to get infected in the first place b) carry a lower viral load and are far less likely to transmit to others after infection. to use his stop light analogy, that is akin to arguing that because car crashes can still happen when two drivers obey stop lights, the science shows that stop lights are not sufficiently beneficial for the government to be justified in mandating them. Wolff is a fun guy to listen to and makes many great points and does a fantastic job boiling down core economic principles to where anybody can understand them. but he also makes all kinds of stupid grievance arguments like this. mixed bag!

Louis

can't believe you used a Heidecker thumbnail on this instead of the Oscars episode, a true shame

Damen Irving

Ah, yes, I think I’ve read about this “GDP” thing before

Damen Irving

I understand the point Wolff was making, but that is absolutely not how the war of independence and the war of 1812 went down.

Eric Adams

💪 yes I think Chapo needs to host BASED jimmy doore as well. He really STICKS it to the capitalist system! #MAGACOMMUNISM

Gabe

There are certainly fair critiques of Wolff as some in here have raised but it's incredibly unfounded to even try to compare him to jimmy dore

Gabe

well said

justdave

I wanna hear this because I've never really understood it- what is wrong with Jimmy dore? - he seems harmless

Eric Adams

He’s a magnet for Ron Paul and Libertarian leaning people who pretend they are anything but a wing for the right wing. Doore does have some views that are out of vogue for the right but those are few and far between

justdave

Everyone in America is a nazi

Eric Adams

And frankly, even I’m starting to have an issue with it

Tom

Let's admit he's a bit of a tankie

Joe

Can't get through another RW episode. His style of speaking is just too annoying.

Joe

No, bitch.

Kevin Boyle

Will says that Ukraine Separtist Group bombed the Nordstream pipeline, not quite correct. Nytimes said “pro-ukrainian group”…. The CIA is a pro-ukrainian group. So no ones lying about who did it.

RecklesslyPessimistic

This interview is too good to remain patreon exclusive, you guys should unlock it.

Logan

Shut up you're annoying us

Eric Adams

I just want to have fun :(

Minaisen

There is also the fact that much of the supply chain constraint was also being artificially exacerbated by logistics providers that intentionally squeezed supply as COVID started and have been deliberately dragging their heels on easing it while bringing home record profits. Most companies dependent on global logistics can't just turn it off overnight, and there is little you can do if the cost of a shipping container rises 400% over the course of a few weeks. That situation is certainly easing now, but was a big part of why most ompanies experiencing price increases didn't really have corresponding profit increases to go with them.

saysthemachine

yeah, this was a bit cringe to listen to. Everyone was dealing with it, and in a lot of cases is still dealing with shortages and long delivery times, and as companies fight for what is left over, the prices of getting limited stock fast go up exponentially. it’s personalities like this that make a caricature of the lefts economic positions, with over simplified, out of touch opinions.

A RQ

These Great Guest/No Felix eps have been superb, keep ‘em up

Logan

🤤 👶 🧠

Evan

Kodiak pancakes? That stuff is made out of horse glue. Very VERY dangerous

Gubriel

Wolff's reveal that he went to school with Janet Yellen was awesome

etienne

the more I read the comments the happier I am that I turned it off after 5 minutes

AIMEE

Honestly such an important episode- hope it gets unlocked so I can force everyone in my life to listen.

dingbat44

All I can think about when I hear Richard Wolfes voice is how hard he got owned by Destiny in their debate.

colin

Fuckin' banger of an ep.

Dan

People say they don’t agree with John Mearscheimer but they don’t say where, I’m curious where he and wolff depart.

Eamonn Curley

Destiny is a fucking dipshit. He acted like a child as usual in that debate

Frank

Can it be slop time chris?

Jay

Any chance this episode could be unlocked? I want to share it with friends and family

Kaleigh Allen

unlock this, its an important episode for people to hear

Greg Burns

Big one, everyone needs this, unlock plz

Alal Alal

I know the odds of this being read are low (and this platform is no good for polemics), but I want to say that this is an appeal rather than to "prove you wrong" "ok and this would be an argument against like, OHSA regulations?" Yes, the OSHA workplace mandate for vaccination. The more recent media representation of the vaccine's efficacy has indicated as disappointing even in MSM takes, and that its risks were completely underplayed, even in MSM takes. The absolutism around the vaccine itself proved to be faulty: we saw the president and the likes of pundits like Rachel Maddow on TV telling people that the vaccine would completely prevent covid, but that obviously didn't last. And when I bring this up now, people deny the messaging ever changed and say, "find me a *scientist* at that time who said it would prevent covid"! Similar to how people were told they're crazy or extreme for believing the virus came from a lab, this sort line-in-the-sand redrawing is why people on the right feel they're being gaslighted, and in this case they are right, because people identifying with the left pretend these messages were absolutes without acknowledging that the terms ever changed. "that means one should never ever ever cooperated with the government or any major corporation" So what is your *current* level of cooperation with the government other than driver's license, having gone through the childhood vaccination schedule, not breaking laws and paying your taxes? Your social contracts with the government and corporations are ones that you generally don't choose, so when a new one that interrupts every aspect of modern life arrives, I believe you have a right to scrutinize it. Pfizer's trials weren't even complete because the control group was vaccinated. The media advertized these products as safe for groups that they had never been clinically tested on at the time, like children or pregnant woman. I have to wonder how anyone can deny that the deployment of these vaccines is at one with the regulatory capture of our government and media, when the government gave Pfizer untold amounts of our money to make / dispense this thing, and in turn is contractually obligated to fight any lawsuits that Pfizer may ever receive over adverse effects on their behalf. The pharmaceutical industry sees the vaccine as a product, so it's quite a forfeiting of one's own incredulity to say that there are circumstances where you cannot consider it a product like they do, or consider the cost benefit analysis of taking it. It's especially absurd when you compare this to the 90s direct to consumer advertizing, where they tell you directly to bully your doctor into giving you meds because you know enough to make the informed decision to pay us, dear consumer. But now the expected contract with them is that your doctor, your government, your employer get to bully you into taking their medicine because you *don't* necessarily know enough. "they're far less likely to get infected in the first place" With omicron, the existing vaccines are now seeing negative efficacy, but even for the original strain, Israel had more success than any "first world" country in quickly vaccinating everyone (the Jewish population at least) and was hit especially hard by covid, far worse than say most Africa where vaccine deployment was minimal What bothers me is how people pushing for vaccine mandates (who thankfully lost in that effort) did so bearing illusions about society, that they could play and win this utopian world-building game that cuts out all the shitty people. The designated response to covid prepared for the left by media and government catered to some of the worst things sitting around unrefined in the liberal's shadow such as, any authoritarian tendencies, the judgmental aspect trained on needing to read between the lines to see if people are bigoted or classist, and a tendency to under-represent their opinions to likeminded peers where social capital is at risk. And it really makes no sense to cut those people from society, because despite whatever fantasy about people being fundamentally unacceptable for whatever reason, the Venn diagram of a person's efficacy or their use to society vs the correctness of their political beliefs or ideology is two separate circles. The crux of Wolff's arguments about the mandate back then, other than whether the vaccine is effective, centered around a person's rights against their employer. IMO the vaccine mandates were a form of class warfare no different than denial of access to abortion is class warfare, since the wealthy (and especially elites) were generally not subject to the same stringent requirements. The campaign to remove unvaccinated people from their livelihoods allowed corporations to have an excuse to reduce their staff, and those shortages in the transit / travel industry are still biting us to this day. I think it isn't understood by the left how invidious it seemed for the right that they tried to remove access for the unvaccinated to medicine, to travel, to education, to public events, to sports, and even in the case of many custody battles, access to their children on the whims of a vindictive judge. and then it's extra insulting to them to hear that those telling them they shouldn't be able to have a job consider themselves the conscientious and compassionate ones. And just like we're seeing a controlled demolition in crypto-related banks now, the prepared media reaction around getting vaccinated was IMO a controlled demolition of the left's public image in this country. Like someone else said, we went from protesting against cops to giving them more to do, even though the horrific aspects of that enforcement occurred mostly elsewhere in the world where these policies were enforced (Israel, Austria, Australia). Now on top of losing credibility by anchoring itself to that absolutism broadcast by pharmaceuticals, cable / network news, the CDC and the president, the left has been misrepresented so that it is seen as unreasonable and unwilling to talk. and as a leftist it makes me sad to reflect on how many times I've been called a right winger for having this one contrary opinion, including here among other chapo fans a year or two ago. From the beginning chapo was all about digesting the viewpoint of the right in a humorous but compassionate way, and after covid that consideration went away.

AKorgar

OP kinda deserves to have this post tattooed on them. Jesus

AKorgar

Good point

AKorgar

The CIA works through proxies all the time though right.

Alex

I appreciated Wolff defining inflation and deflation as simply the price movements they are. Our media has a tendency to make simple concepts complicated in order to distract and fill space.

Tanya Finder

I really think this one should be unlocked

Jay

Free the Wolffe!!! Bunch of champagne socialists.

Totally Tanked

I'd just like to add I think there would be some real value in unlocking this one so people can share it.

Cayman

Next time can you bring on someone who is competent? like veb or pearkes or someone who cares about getting basic facts right about history or economics

Justin Mills Webb

Damn, I bet you look like the comic book guy typing this.

Cayman

If you’re impressed by Wolff I can guarantee you’re a college sophomore at most

Cayman

You’re paying for chapo too you fucking moron you’re the exact same

Riverbank Frank

Totally. Wolff has a knack for cutting through the bullshit, and they covered a lot of ground that I'd love to share with some bullshit vulnerable peers.

Darbi Simmons

I love this man. I want him saying bullshit to be my ringtone for work calls

Rees Magandy

Could you elaborate on what facts/history Wolff is wrong about?

Gis

Why is this behind the paywall? It should be free.

Khemith

Links for the people you mentioned we should listen to?

Cayman

Sure thing - my biggest issues are with his understanding of inflation and that he shares the foreign policy takes of John mearsheimer. On inflation, Wolff characterizes it purely as businesses gouging customers for no real reason - i think he made a joke about the egg market being tight. The thing is that literally happened - avian flu killed a ton of chickens and fucked the supply of eggs. Wolff completely ignores the impact of exogenous shocks on inflation, saying something about purchasing managers getting fired if they can’t keep prices down - but there’s not much a purchasing manager can do to prevent gas prices from skyrocketing due to Russia invading Ukraine, not much they can do when a shortage of garage doors makes it impossible to complete new housing. There are definitely cases where firms are using inflation as an excuse to gouge people, but it’s not everything. Wolff is correct to point out that raising rates is a cruel attempt to fix inflation by feeding poor people into the meat grinder, but price controls won’t fix underlying supply chain bottlenecks. The answer probably lies in more state investment in critical industries. As for the foreign policy takes - something’s gone wrong when you end up on the side of psycho Cold War realists like maersheimer. The realists try to balance the interests of “great powers,” which amounts to staying out of conflicts that are outside of a power’s sphere of influence. Back when Kissinger advocated for this worldview, actual marxists criticized it for being a dressed up justification for regional powers to do imperialism, which is exactly what we’re seeing now. Realism is great if you’re considered a great power, but if you’re a smaller power you can end up in a spot where the world sits around and watches while an invading power levels cities and slaughters civilians unhindered. Insane that a lot of tankies are aligning with the hard right out of a reflexive “US bad” sentiment

Fitz Weiss

The 70s saw a lot of inflation. Nixon didn't "stop it" in 1971. Not even close.

Jaime Christley

I’ve listened to this 3 times just because of the way this guy says “BULLSHIT”

etienne

still not listening to this episode because I think it's way funnier to read the comments without context. I hope he actually did say that, that would be an incredibly funny thing to think

Jaime Christley

Is there just a substantial share of Chapo listeners who are simply never fucking happy with anything? Good grief you don’t have to suck this guy off but maybe entertain the thought that Wolff offers a valuable alternative to the brainless noise that makes up the majority of media/political discourse on economic. Plus he’s funny. What do you want for your 35 cents, live forever?

G Goldhar

the children yearn for the posting mines of fyad

Gordon Cole

I think that you both might be oversimplifying the egg scenario, him maybe out of laziness, and you to win an argument. Maybe eggs was a poor example, as we all know that the avian flu has disrupted the supply chain, but what I took from his example was what I took from the entire "bullshit" yelling piece, and that was to question why these things are happening in the first place. Was the 52 million birds lost in this outbreak enough to justify the price of eggs rising by 137 percent? Were there egg producers that had flocks unaffected by the avian flu? Did they raise their prices? Do we accept that a system of 'supply and demand' is enough to justify these price increases, or do we start to entertain the idea that someone, somewhere is raising prices to profit? I guess I interpreted it as a way of saying "we look at this system from the viewpoint that these are unchangeable laws, like the laws of physics, when we should be looking at it from the viewpoint of a system governed by laws written by those that profit from those laws."

ac1dP1nk

Strictly baller behaviour

ac1dP1nk

If you listened 18 mins in he talks about that. It serves everyone if they listen to an hour and 20 min discussion on a complex subject rather than commenting immediately after they come across something that wrinkles their nose.

Steven Medge

This take looking real good now that statistics from Europe are coming out showing that roughly 50% of their inflation is from corporate profits 😅. Typical neoliberal economics brained people inadvertently propagating the ideology of the system they supposedly don't like because they think it makes them seem smart

Cayman

Ah you got me I’m a moron, maybe a smart guy like you could explain why inflation isnt as bad in america vs Europe, corporations less greedy here?

ploob

Youth is wasted on the young