Economics Professor: "The Capitalist System is Falling Apart."

[Red Terror]

What does this have to do with literature??? We, who are literate, should write literary work(s) about this fall of capitalism. We need to "create in the smithy of our souls the uncreated conscience of our race" as James Joyce said his novel Portrait of the Artist. I look at your posts and many of you are very talented. Get up and going, myself included!

Approximately 22:10 minutes into the following video Professor Richard Wolff, Ph.D. (Yale) claims the capitalist system is falling apart.



https://www.youtube.com/watch?v=by5pJFjppmc

[Red Terror]

Another one:



https://www.youtube.com/watch?v=EPcryvhSOco

[ennison]

Well it isn't. My mother had no shoes. My children have. **** these profs.

[Ecurb]

I rarely watch the videos that LitNet members post. I rarely watch TV news. I'd prefer to read the newspaper or the arguments. The advantage of reading is that the reader can quickly decide whether he wants to continue.

[YesNo]

I am bearish and so I suspect there will be a coming market crash after this final fifth Elliott wave completes, but that doesn't mean that old style communism, the kind that motivated the Soviet Union, or Maoism or the Khmer Rouge will come back to power. The ideas of "communism" and "capitalism" may not be ideas that resonate with anyone when we hit bottom and stay there.

It is possible that communists could be lumped with capitalists as causes of the problem. That is, they could both be labeled the "bad guys". But who knows? We aren't at the bottom yet. We don't know how this will play out. In the US many markets made new all-time highs last week. We are still bubbly.

[Eiseabhal]

Since many Americans consider a national health service an example of communism I can never take seriously any of their comments on this issue. Capitalism has its ups and downs. Regulations are as necessary as reins on a big horse. No reins,no control: no control,no ploughing.

[Ecurb]

Since many Americans consider a national health service an example of communism I can never take seriously any of their comments on this issue. Capitalism has its ups and downs. Regulations are as necessary as reins on a big horse. No reins,no control: no control,no ploughing.

Capitalism is utterly dependent on regulations. Although some Libertarians seem to think property rights derive from "natural law", they don't. Without property laws (and their enforcement by the government) capitalism would not exist.

Those who support capitalism and despise government interference and inefficiency don't seem to understand this. (By the way, this obvious truism in no way either opposes or supports capitalism.)

[Danik 2016]

I am bearish and so I suspect there will be a coming market crash after this final fifth Elliott wave completes, but that doesn't mean that old style communism, the kind that motivated the Soviet Union, or Maoism or the Khmer Rouge will come back to power. The ideas of "communism" and "capitalism" may not be ideas that resonate with anyone when we hit bottom and stay there.

It is possible that communists could be lumped with capitalists as causes of the problem. That is, they could both be labeled the "bad guys". But who knows? We aren't at the bottom yet. We don't know how this will play out. In the US many markets made new all-time highs last week. We are still bubbly.
I had a look at this Elliot fifth wave theory, but, not having studied economy and the markets, didn´t get any wiser. One ought to know how and specially when the economic crash is liable to occur.
As for the conceptions of "communism" and "capitalism" they must have changed greatly.
I don´t know if in our postpostmodern times there still exists an ideology to save world economics. Only the disheartening feeling that we are on the wrong track. And we will go on on the wrong track as long as the lives of the people have to be adjusted to serve economics and not the economics to better their lives.

[YesNo]

I had a look at this Elliot fifth wave theory, but, not having studied economy and the markets, didn´t get any wiser. One ought to know how and specially when the economic crash is liable to occur.


I look at Elliott waves in a similar way to Tarot cards. In one the reader uses market diagrams. In the other the reader uses painted cards. Given a good reader they can both be surprisingly accurate, that is, accurate enough to freak me out.

However, I've heard the fifth wave would end anytime between now and perhaps five years from now which doesn't make it all that useful. If it hasn't ended within the next year I'll assume there is something wrong with the theory and go back to Tarot cards.

[kev67]

How strange that a channel like Russia Today should air articles on capitalism falling apart. Personally I suspect Russia is falling apart. It has an extractive leadership, corrupt officials and weak rule of law, in particular contract law. This kills off entrepreneurial spirit and leads to economic stagnation. If it weren't for oil and gas, they would be sunk, and oil prices have been pretty low for a while now.

[Danik 2016]

However, I've heard the fifth wave would end anytime between now and perhaps five years from now which doesn't make it all that useful. If it hasn't ended within the next year I'll assume there is something wrong with the theory and go back to Tarot cards.
It seems we don´t have much time anyway. I suppose that North American economics will also depend on the next president.
Anyway I personally will stick to Tarot cards. For me they are easier to interpret.