713 - NO MORE BULLSHIT! (Economy Edition) feat. Richard Wolff (3/9/23)
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
Comments (223)
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?
the children yearn for the posting mines of fyad
I’ve listened to this 3 times just because of the way this guy says “BULLSHIT”
The 70s saw a lot of inflation. Nixon didn't "stop it" in 1971. Not even close.
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
Why is this behind the paywall? It should be free.
I love this man. I want him saying bullshit to be my ringtone for work calls
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
Damn, I bet you look like the comic book guy typing this.
I'd just like to add I think there would be some real value in unlocking this one so people can share it.
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.
please unlock!!!!
Free the Wolffe!!! Bunch of champagne socialists.
I really think this one should be unlocked
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.
Unlock this episode!
Big one, everyone needs this, unlock plz
unlock this, its an important episode for people to hear
Any chance this episode could be unlocked? I want to share it with friends and family
Can it be slop time chris?
People say they don’t agree with John Mearscheimer but they don’t say where, I’m curious where he and wolff depart.
Fuckin' banger of an ep.
All I can think about when I hear Richard Wolfes voice is how hard he got owned by Destiny in their debate.
Destiny is a fucking dipshit. He acted like a child as usual in that debate
All time guest
Honestly such an important episode- hope it gets unlocked so I can force everyone in my life to listen.
Wolff's reveal that he went to school with Janet Yellen was awesome
These Great Guest/No Felix eps have been superb, keep ‘em up
This interview is too good to remain patreon exclusive, you guys should unlock it.
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.
Good point
Can't get through another RW episode. His style of speaking is just too annoying.
Shut up, bitch.
Let's admit he's a bit of a tankie
💪 yes I think Chapo needs to host BASED jimmy doore as well. He really STICKS it to the capitalist system! #MAGACOMMUNISM
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
I understand the point Wolff was making, but that is absolutely not how the war of independence and the war of 1812 went down.
Ah, yes, I think I’ve read about this “GDP” thing before
can't believe you used a Heidecker thumbnail on this instead of the Oscars episode, a true shame
love wolff
I love the professor. I use his analogy of the chair maker to explain how bosses extract profit from your wages.
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
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.
The Wolff Man was cookin goddamn
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.
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 . . .
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.
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!
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!
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.
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.
Yeah but Aaron Mate tho
This guy’s classes are probably awesome, he reminds me of some of my best teachers
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
He has became much more of a communicator as of late
Bull shit 🤮 Wolff shit 💪🫡😤
Fuck everyone complaining about the professor talking too much
Hate it when the guy being interviewed decides to talk
fucking love this guy
Guys! I know it’s Wolff, but you could you interrupt his droning once in a while??
No
"I say bullshit now. Ive been trying it out in the backyard, and its pretty awesome guys"
Mystery Team?
we need the felix!
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. ”
“Unfortunately there is one thing standing between me and that property - the rightful owners.” - Hedy Lamarr
I Wonder what Matt made of the professor’s assessment of the revolutionary war?
The way Professor Wolff says the word "bullshit" is simply wonderful
That one around 2:30 was a top 5 all-time "bullshit"
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
Hey guys! I found the dumbest fucking nerd in the chapo thread! Ding ding ding!
Big fan of Law and Order, thank you sir
Need to get this guy on with Brandon Wardell sp Brandon can say shit like "damn...yo, money is bananas"
that's most of Breaking Bad tbh
Love that Wolff
Do more shows like this
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.
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.
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
This guy rules
Fuckin great ep thanks chaps
holy shit. listened twice.
🐺🐺🐺
🍆🍆🍆
Not only is higher education FREE in Germany, they PAY German students a monthly salary.
In the USA we exclusively save our socialism for our veterans, which is highly ironic if you think about it.
I adore this man.
My favorite episode of Chapo Traphouse.
Dick Wolff comes onto Chapo same day SVB goes down, LEGEND
Wolff is the shit. Make this one free
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.
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?
What is is that they don't understand about economics, specifically?
Release this one
Big Dick Wolff is always on point
Richie rox! & he luvs u guys too this 1 is great
Release this one for public consumption
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?
This was incredible stuff. Really eye opening.
Love me some Richard Wolff, seen him speak in person, he helped me make the leap from liberal to Marxist
One of the best episodes and guests you have ever had
Wolff must be every Leftie podcast host’s favorite guest cuz they hardly have to do anything! 😆
5K for health insurance? Monthly?
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.
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
He must be punished for this transgression
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
Can I just transfer my Chapo subscription to Wolff?
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 ?
186
Professor Wolff was great. Have him on as much as he is willing!!
I like how "nobody wants to work anymore" is matt's "cake boss!"
Did anyone else notice he pronounced rationing as ray-shunning?
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
If he thinks unemployment should be upped, maybe it should start with him
I agree with other comments - make this one free so it can be widely shared, very informative stuff
This is really fantastic, should make it publicly available to share
Richard Wolff: legend
We must protect this man at all costs.
Love wolf but his tone kinda wears on me after awhile.
i lasted about 5 minutes. does he start saying anything interesting?
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
Amazing episode. Love this guy.
This is an amazing episode, would love for it to be public to share it
Absolute mensch
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….🙄
Are they on they grind?
Always love Richard Wolf. Economic Update is a must watch for everyone against capitalism!
Great episode, is there a live feed of Matt’s face when professor Wolff described the war of 1812?
Hell yes Prof Wolff the GOAT
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.
a day in the marxist life
I like the way Prof. Wolf says "bullshit".
Dick Wolf? Of Law and Order SVU?
IRS SVU Prof Dick Wolf
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.
Wow, this guy really loves Europe.
Sounds like Professor Wolff’s wife came home from the supermarket with no salt chips
I was just thinking I wanted basic economic concepts explained to me like I'm in middle school!
Felix
Great serious episode. If you need me I'll be in hiding.
This would be a great episode to unlock!
Ray-shon.
No but seriously, great guest.
dick wolfgang
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
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?
In short: Keynes was right, and Milton was a bitch
Even if JMK were wrong, Friedman was still a bitch.
Say what you want about ol Dick, the guy can profess
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
Felix aka King Slime Lean for Wolff? I'll take it
I always loved when professor wolff would guest on the michael brooks show. Such sober and insightful analysis, a true teacher in every way.
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?
i can do it in one sentence: we own the money printer, we can make it go brrr
Buh bye, Felix.
He's just over stimulated.
2-5% of the population on the street in France (trust the 5%). A true, god damn general strike. Allez!
Questions for the professor should become a regular segment
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
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
The professor sounds like George Carlin rose from the grave and got a doctorate in economics. I love it.
The original interview is an all-timer
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
U can download it bro
Between this and movie mindset you guys really brought the heat today sheesh 🔥
Richard Wolff is so awesome, he always sounds like half his points should end with “you DUMBASS!” Lol
Great timing given the implosion of SVB and other fallout happening right now.
About 10 minutes in...yeah this needs to be an unlocked episode
Agreed wholeheartedly
Make Dick Wolf a permanent chapo
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
“Unless you’re SLOW” go off prof
Break bulk steel didn't move from antwerp for 6 months in 2020...
Jesus, this goofball is hard to listen to
Professor Wolff just went beast mode. Top 10 ep
Rip Big Scarr 🤲
First movie mindset with will & hesse, then she’s on a new seeking derangements, now this masterful Wolff ep… Amazing content gush 😭🙏
That movie mindset ep kicked so much ass, very excited for Hesse appearances on a regular basis.
Guy sounds like a trump impersonator
I think it's just from being a New Yorker of a certain age. Although the way he pronounces the word "ration" is wild.
Wolfe is the perfect combination of condescending and thorough that you'd want in a teacher.
He’s simply ah ma zing
Wolff is Goated
A+
Hell yeah
Also if anyone reads these tweets I hope you consider making this episode public
this was so awesome
we need guys saying "bullshit" like that. we need prof wolf and lewis black
Are you guys losing Felix? I’m cool with it.
No he’ll be back better than ever
He's so comforting to listen to, I also enjoy how he just assumes you have zero base knowledge - it's accessible af
OH FUCK YES
This made me feel the way Lewis Black used to make me feel in ‘04 💜
Big Dick Wolff
This guy rules
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)
Aaay executive professor Dick Wolff lets goooo
Wolfie my Dick ...
Let’s fucking go
Can I have some money
My slop runneth over.
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
Dude everything is cope til you die
Chapotraphouse.
Finally the good slop.
El lobo returns
Professor Dick Wolff! Hell yeah
It’s the stupid economy, stupid
Its the economy you stupid fucking bitch. You dumb broad. You nitwit bimbo
Fuck yes
Yassss Dick Wolff!
Extremely here for this
my second favorite Dick Wolf 🏌♂️
Who’s your first?
You know its veggie time when the lollipop guild is in town
So true
Wow two upbeat episodes in a row?
Fuck yeah Richard Wolff!
LFG
I’m so fucking gay
So am I and my dick is small
Cool