I am Indian and no matter what India media show us , I always believed China a tremendously developed .

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

It amazes me how many foreigners are saying: 'Free HK', while in the colonial period the people of HK have never had the chance to choose a native governer, they were always chosen by the British crown. The Brits never brought real democracy to HK, only in the years when they were transitioning to the handover to Beijing.

i like it when Wolff does his whiney capitalist voice 😂

Success is dependent on the actions or steps you take to achieve it. Show me a man who doesn't have an investment, and i will tell you how soon he will go broke. Investment is building a safe heaven for the future. With the right choice of Investment that has at least 1% minimum risk and with an expert guidance, profit and Intrest is 100% guaranteed.

As a foreigner who lived through the entire duration of zero covid for the past 3 years in China, this is by far the most objective commentary I’ve seen on KZfaq to date. Economists and business leaders are voicing concerns at the start of 2023 that the year could be a difficult one. JPMorgan Chase & Co. Chief Executive Jamie Dimon said Tuesday that the Federal Reserve may need to raise interest rates to 6% to fight inflation, higher than the peak level between 5% and 5.5% in 2023 that most Fed officials penciled in after their December meeting. Although I read an article of people that grossed profits up to $500k during this crash, what are the best stocks to buy now or put on a watchlist

I consider myself a part of the Wolff Pack.

most USA people forget their colonialism with Puerto Rico and pointing out other countries crimes but dont mind their own business

It just makes too much sense. The way he describes our current economic situation is so simplified and concise that anyone can see and grasp this concept of inverted totalitarianism. I look up to Wolff not only because of his knowledge, but because of his ability to communicate his points concisely, persuasively, with the reinforcement of commanding narratives that rival most other political performances.

I'm lucky and just got a raise of 3.3%. Good to know I'm still making less. This madness under capitalism needs to stop. Prices go up and up, wages go down and down. Rich get richer, everyone else gets poorer.

Comparing Puerto Rico and Hong Kong is brilliant and correct 👍

Very direct, I like it. China has a saying: for big countries, internal affairs are more important than diplomacy. China has been reducing poverty in the past few years. Now it is limiting the expansion of capital and promoting social equity. I hope the United States will pay more attention to its own domestic affairs!

My Aunt and Uncle are being bankrupted by the medical system. They worked their whole life, bought a house and saved money. She has a pension and gets social security. He has MS and has been disabled since his 40s, but now his MS is getting progressively worse. Yet they cannot afford the care he needs even though they have additional insurance. Yes you still have to buy private insurance after you retire.

For most of the human history, China had the highest GDP. Even during the Qing dynasty, China's GDP was higher than that of the British empire when British empire invaded China. The Brits had better technology after the industrial revolution. China became poor after the Western powers and Japan invaded and looted China during the Qing dynasty, which resulted in the demise of the emperoral system of China.

Do you know which company is 100% owned by employees? Huawei. You have to be an employee or retiree to own Huawei stocks. Ever wondered why our government tried this hard to kill off Huawei, instead of targeting actual Chinese government owned enterprises? Because these share the same structures as private sector corporations, except the board is appointed by the government that's the sole share holder. Huawei is a co-op, owned by the employees, for the employees.

As a Chinese, I have to say Mr. Wolff understands China very well. I'm also happy as the "competitor" of the US because he hasn't been elected(just kidding, love & peace). Let's go Brandon btw!

It's so hard to find someone talking about China without bias and with a good understanding at the same time. It's even harder to say such thing under current political atmosphere. Well done and thank you.

One of the most honest and objective analyse of China and China’s relationships with USA,mainly and allies of USA. I am comforted by knowing that the rare still sensible people in the cowboy country

Excellent and timely program. Dr. Wolff is my economic hero.

Regarding the Uyghurs, anybody who bothers to visit Xinjiang will see that the Uyghurs are happy, that their culture is thriving. Before the pandemic, millions of foreign tourists visited Xinjiang every year. Think about that. How can you hide genocide and concentration camps with millions of tourists wandering around all over the autonomous region? Does anyone think that all of Xinjiang is just one great big Potemkin village? Where are the streams of refugee migration as desperate Uyghurs flee for their lives? In every other country that has had genocide, we've seen mass migration.

A well prepared and well done presentation, thank you.

I'm addicted to Mr. Wolff's shows - they are just so illuminating.

Remarkable, such a combination of wit, honesty, clarity, insightfulness, verbosity, courage. Praise to Prof. Wolff.

This is beyond words that I just want to say thank you and please bring more of these spectacular analysis for us.

I really love your way of teaching and explaining how economic works! I can listen to you all day long without getting bored and this is what all schoolchildren should learn in school!!

I paid $22 for a bug zapper a few year ago on amazon, it worked great, I wanted to get the second one this summer, thanks to the tariffs on China's products, price now is $44. Other similar products is also at least 50% higher. we, the consumers, are paying for this stupid tarriffs.

Wow. This is brilliant. This is clear explanation and I learned something very important. The cause and effect on inflation via a capitalist society.

The success of China is proving that Socialism is the best system.

prof Wolff :always the best !! Truth. No distortion or bias or BS. He's 👏 brilliant

I cling to the hope that we will have more of Prof. Wolff for many years in the future. We all need of him so much.

What a great way to define inflation: Profit Driven Price Increase.

Great video Dr. Wolff. Thank you for telling the truth.

Since I started teaching in 1997 my pay has increased a tenth of a percent per year. Yes, adjusted for inflation I make less than when I started.

Brilliant, brave, and honest analysis.

I'd recommend people to read Zhang Weiwei's 'China Wave: The Rise of a Civilizational State', John Ross' 'China's Great Road', Roland Boer's 'Socialism With Chinese Characteristics: a Guide to Foreigners', Jenny Clegg's 'China's Global Strategy: Towards a Multipolar World', Domenico Losurdo's article 'Has China Turned to Capitalism?' and Samir Amin's article 'China 2013'

Chinese speaking here. First thank u for not demonizing “Communist China” (We prefer to recognize ourselves as Socialism China with Chinese characteristics). Secondly, although Profits Driven Prices Upgoing Leads to Inflation is an interesting opinion. BUT, I don’t agree with portraying employers as having evil motives to take the initiative to create all this. When Private Ownership is a consensus, the pursuit of protfis is the natural right of any person or organization, and this is what they should do. In my opinion, the key point to cause/control an inflation here is whether A country (ANY country) has good governance or not. After all, guarantee the survival of the people and make their lives better is why a country or a government should exist in the first place, at least is one of the meanings.

Such a unique take on the labor shortage, and it makes so much sense...

Soviets modernized pretty damn fast. I think the real difference is the extent of the turnaround: China started out poorer than the Russians and became more prosperous than the Soviets. Plus they have several times the population.

The growth of heavy industries was rapid in China between c. 1950-c. 1978, except during the few short years of the Great Leap 1958-1961. Certainly capitalism was not the cause for such rapid industrialization. Literacy rate had also increased rapidly during that period.

As always, Richard Wolff is telling the truth.

Why dont people like him run for president? Cause hes honest!

Thank you so much for speaking out the truth about China. They haven't been treated fairly for a long time!!!

We, seniors are getting a 5.9% increase in our social security, when the real inflation is upwards of 15%. when you add to it the higher increase in Medicare contributions, it is a net loss.. who comes up with these brilliant. ideas..

Thank you for your honest podcast. This is where everyone should get their unbiased news.

Professor Wolff is one of the best educators I have ever come across in explaining politics and economics. He is extremely knowledgeable and clear and concise. Thank you. I learn a lot listening to you.

Even though it's debated, Huawei calls itself "employee owned". Employees get dividends based on the performance of the overall company. Not exactly a worker co-op, but much closer to it than the typical American company.

Thank you Prof Wolff, very revealing information. Prof Wolf is my main source in Economics. I like to hear the truth, not sugar coated propaganda.

Businesses don’t make (more) money. Workers create all wealth by their labour.

Richard Wolff? Wow. I just stumbled onto you. I am absolutely flabbergasted how you've summed up clearly, accurately and comprehensively in what is happening in Countries. I did not believe that people like you existed. Well done mate. You're now my new guru! A global philosopher. I just wish everybody could hear you're summation of the global realities and truths. A Coopers to you mate!

Prof Wolf is the only one in the western media who speaks the truth. Thank you Prof!!

Chinese political (CPC) and governmental leaders are required to learn from U.S. and the whole developed world since the beginning of its reform in the 1980s, and the Chinese are used to be always learning from the west. However, the US politicians have becoming more and more ignorant (to their internal issues) and arrogant (to Chinese achievements) that they always belittle China. There are always so many to learn from outside of your own country, and respect the others' progresses, developments and achievements. BUT, THANKS to Prof. Wolff's lecture!!!

What about the simple idea … decrease the supply more willing to pay more for goods they need . Take for example tractor tires. If a farmer needs the replacement tire in order to pull down the crop they will pay more for it . In turn they charge more for the crop because of the increase costs associated with production . That is then passed along down the chain to the consumer . So it’s not just an employer perogative to raise price . It’s because their prices have gone up . The higher crop prices turns into higher fees costs for livestock that turns into charging more for the meat . But wait ! The covid protocols in meat processing results in less meat processed them in the past where productivity goes down due yo protocols. So now in addition to higher fees costs raising meat prices , the processing cost has been affected as well. And now the burger prices rise . Not because of price setting , but because of supply decrease .

Masterful explanation for those of us who do not know about economics and what is more amazing is the simple way in which you explain it and the way in which you connect the historical factors 👏🏼

some straight talk. good show 👍

Thanks, for explaining so well that the inflation problem is a result of a "for-profit" focused economy. I've tried to explain this to other people but they think the "free market" controls it. I've also told people the immigrants took the jobs that Americans were too proud to take and weren't taking jobs from Americans before. I will show people this when explaining either thing now.

I think Richard wolf should run for president. This man is brilliant!!!!

I listen to get educated by the best.Professor Wolff ,Thanks

Well said, mr. Prof. Wolff

You are alone in a sea of economists that all say expansion of the money supply creates inflation. More access to cheap money has made the housing market take off. Sure there is greed in sellers taking advantage of increased prices but the demand has skyrocketed because of money supply.

Employers, in general, especially big ones, have been doing exactly what the Federal and Local governments tell them to do. They pass on the inflation in the commodities etc into the goods prices.

This is one of the most insightful explanation about China coming from a western scholar. I just hope that being honesty won't make you the target.

Great points about China and inflation. Thank you!

south China sea, haha, the name tells clearly.

Absolutely excellent discussion of inflation. I'm so sick of hearing "more money --> less value per dollar" assertions without considering whether the money is circulating. If we 'printed' $100T tomorrow and gave it all to Bezos, would the price of bread increase? Of course not. But would the price of certain risk assets like real estate or stocks go up? Of course it would.

Thank you, Professor Wolff, when I was a student, I got suspended due to one of your lecture points. I used and would not retract in spite of suspension: Immigration drives down the wages and living standards of the domestic population. My evidence that proves, during the late 18th to early 20th-century American capitalists, with their money which was of course repaid, immigrated Eastern Europeans and Mediterraneans to drive down domestic wages and crush worker movements. It backfired remarkably because these good immigrants were socialists, communists, and anarchies. These good immigrants were the driving force behind the Great Deal, not the domestic workers, who had been successfully broken and indoctrinated by the capitalist system.

Long supply chains can be illustrated with the Silk Road connecting Europe to the Middle and Far East. In the Middle Ages, spices such as cloves, cardomon, and cinnamon were more valueable than gold, ounce per ounce. This is because of the long supply chain. Merchants wouldn't personally bring goods from India or China. They would take them for a stage - 50, 100, 200 miles, and then sell them on to another merchant. So an ounce of cloves might be sold on 30 or 40 times, each resale adding a little for the middle merchant. Modern supply chains are exactly like that, and the longer the chain, the more expensive the goods. So, moving manufacturing abroad not only denies Americans' employment, it imposes higher prices on consumers. Not exactly a win-win for us, but for business it's a literal gold mine. And the profits? Hidden in tax havens or coverd by numerous loop holes bought from Congress - in fact, we end up paying them with tax credits or direct bail outs. And the public love it, being protected from "socialism" and all that.

11:50 Scandinavia countries are social democracies not socialist. There's a distinction.

Great analysis! Profits are all that matters. There's the reason for all the problems we have

Mr Wolff is one of the last few Godly Americans who speaketh the Truth, the whole Truth nothing but the Truth. You earned my respect Sir. 🙏

I don't know if you're just really busy today but you seemed to have increased the pace at which you speak and I personally think it's better. Not that I didn't like it before I've watched a few of your lectures online and I love the way you drive your point home but the increase in pace works well for EU. Keep up the good work comrade.

Saying the south china sea belongs to china because "china" is in the name is like saying "Americans are entitled to south America because the name is in it". Either way since 2019 the independent china tribunal had already concluded that china is a criminal state based on many accounts of organ harvesting (and also more recently thanks to the Uighur tribunal). The USA ALSO needs an independent tribunal considering how many countries they destroyed for whatever reason. Be it Iraq or afghanistan because of greed wars, or the marshall islands during the cold war where nuclear bomb tests were held and radioactive fallout contaminated flora and people alike, or when they used chemical warfare in Vietnam which still has repercussions to this day. US history is plagued with examples like this. But ofc we can still go further, for example by remembering how the UK stole overall 45 trillion dollars from India when it was a colony by using the trains they built and operated which weren't even given to the indians for free and was still sold to them after ransacking their country and leaving it in misery. Most powerful countries (and mostly the people in power) are all corrupt and selfish.

Your forgetting the price of materials is going through the roof! So prices have to rise to cover this cost! Its the increase in the money supply by the fed that causes inflation not sellers its a common mistake!

My favourite professor of my KZfaq university of political and economy science free class. Thank you !

i worry about china allowing billionaires because they are counter productive and have the power to endanger the state. one or two million is probably all right, but a billion is way too much

Everyone needs to listen to Prof. Wolff

May God Bless Professor Richard Wolff For Speaking The Truth. The World needs more & more Good & Honest Human Beings Like him. Thank You.

My 17-year old niece said that Hardy's/Carl's Junior told her to tell customers that they had to raise prices because of higher wages. I literally laughed in her face, then felt depressed that companies still abuse younger workers.

Makes me wanna really stick it to conservatives about their anti-Communist hysteria. Say to them "look at how successful the economy guided by the Chinese Communist party is".

Dr. Wolff makes too much sense for the masses to understand. I stand corrected; the masses are kept from receiving the real truth that Dr. Wolff so simply and eloquently places at our feet.

And the Chinese People Place a Very High Value on EDUCATION!

DOUBLE INFLATION WHAMMY, PRICE GOES UP -VOLOUME OF PACKAGE GOODS REDUCED, CONSUMER SCREWED AGAIN.

Why the professor keeps ignoring the most important sector of the economy: the agriculture in China? The organization of agriculture is very democratic in China. Farmers were the backbone of the revolution led by Mao who was the son of a farmer himself.

The fact that you feel you need to explain yourself for not condemning China is evidence of a Cold War.

The problem with US capitalism is the trade unions. They have been demanding a lot but give very little. They are hindering the progress of even capitalism if not communism. The workers by way of the trade unions just never ending demanding for more but refuse to dedicate to the improvement of their job quality. That's what failed the US economy.

i love how wolffy boy has the most gangster intro music

Richard wolf is the man. I learn so much just from one short vid.

22.10 onwards. You said (with emphasis): "Employers set the price." I'm an employer of over 60 people. I've been at the helm of the business for over 10 years in a very competitive industry. I have never had the feeling that I'm setting the price. I don't understand what you mean by employers setting the price. I'm trying to beat my competitors and survive and grow,, as I'm sure they are doing likewise. In our efforts to out-maneuver each other, we seem to have no choice but to provide the best value to our customers. My idea is this, private enterprises aim to be monopolies; but the irony is that in the process of all enterprises striving to be monopolies, perfect competition is created. And in a perfect competition, no enterprise has the power to set price. This is my SME experience. I think my fellow colleagues running a SME, be they in Singapore, America, Europe, Japan, Korea, Australia, and I'd hazard a guess that anywhere in the world... I think they'd agree with me...

Prof. Wolff, thanks for your sharing. Here is a point I'd like to add. Most people seems to have little understanding of the implication of GDP growth and take that as merely an economic indicator. In the last 30+ years, China achieved around 10% annual growth rate, which means that for every 7 years, the GDP doubts, so does people's living standard, and social concesus, and moral standard, and even everything, human rights included. I'm quite certain that most of the info. you heard about Xinjiang Uyghur human rights violation is LIE. Actually, if anything like focred labor happened there, given the background of hostility of U.S. gov. toward China and tools like spy satellites of U.S., why can't we find any concrete EVIDENCE until today? Actually, the so-called evidence provided by BBC, or CNN has been proven totally false and people in China are laughing at these lie-making machines - mainstream western media. Yet lies and rumors are still relayed by these media for the demonization purpose as if the lie could become truth if it could be repeated one thousand times. It's shocking to see these media's show and arrogence. I guess it is because they are living in the illusion that they could represent international community without being held accountable. China has 56 ethnic groups, Han is the dominating one; but we treat all other 55 groups as brothers and sisters, from fiscal transfer to support their local economy to lower score requirment for the access of the best education in China, etc., people are living well with each other, and you won't be surprised to find that the minority groups in China are the groups most appreciative and supportive of Chinese gov.. We 've been taught since primary school to treat all Chinese well and believe me, if any gov. dare to commit genocide, you know what 1.4 billion poeple will respond. BTW, if there is any sign of geneside, you won't expect to see the real population growth of Uyghur in Xinjing. For the reeducation school to help people better prepare to fight terrorism, I know it could be controversial, but could any one provide a better solution? China is a developing country, and I don't expect it to spy and I.D. the terrorists as effectively as U.S. or some western countries could. Also, when facing the news in the mainstream media, think about the issue with Common Sense. We are all clear about the worst part of demonization: making China looks bad by whatever means? Fine, Chinese people and gov. are actually don't care, they smile and shrug it off. So it doesn't work. It's the U.S. people who eventually will suffer from the situation: never see a real China. I found it interesting to see that many of the issues about China outside China just cannot be in sync, or even contradict with, what actually is happening in China. The fact-cognition lag usually last for at least 10 years. So I don't expect many vital right decisions could be made in U.S., and all human being might suffer.

Of course it was very informative... Thank you!! It's refreshing to hear reasonable discourse on China... Thank you. Wish the rest of the world would wake up and smell the coffee

Thank you prof Wolf! Much needed analysis, more please. I strongly urge everyone to make time to understand RANKED CHOICE VOTING and work for it in your area. It is the most effective way to break the two party stranglehold that we suffer from now! RANKED CHOICE VOTING NOW!🗳🗳🗳

Dr. Wolf, from one economist to another........ I have to ask: Price of food from the farmer to the market/consumer has NOT moved up in 35 years. (domestic deflation) i am an economist, (and now 12 years a goat farmer) At first hand, i am living and seeing the ploys of "inflation "....... or as you have stated in this video...... excuses for extracting more profit.......(implying greedy business owners who don't want to pay higher wages? (another discussion) So here is my question: when is it okay for a business to raise prices? farmer? or employee to command higher wages? who sets the bar to what kind of lifestyle is deserved? ( i have practically lived on all aspects of the spectrum, equally) 1/3 working for an income, 1/3 as an entrepreneur, 1/3 as a farmer....... As an entrepreneur who wants to pay high wages? To retain staff.... absolutely so! Yet, who dedicates to a career or to a higher paying wage today?..... Which wage earner wants more toys/luxuries in life, are their many employees who want more (unnecessary) things (or want to increase their standard of living) As a farmer,: who wants a newer tractor or piece of equipment Dairy processing on farm that makes my day easier, so that i can continue to grow food for the other 98%...... i would like to do so with a smile. (invite to the farm or quick response here would be appreciated) To clarify, if i am a farmer or an entrepreneur. What incentive do i have to be a farmer? or entrepreneur if all of my customers agree with what you just said about inflation is caused by business owners and are not willing to pay higher wages? Do you really believe that higher wages would solve the "labor shortage" or maybe asking me.... what wage am i willing to pay..... for the list of things that need to be done in my business or farm for say $50/hour?

Right on time with this video Mr. Wolff

Do we really have more money to spend (or just enough to pay a bill or 2 on time. Maybe our electric won’t get cut this month. Wow, Manchin is right, don’t spoil us & let us pay bills on time without late fees)

It's good to listen to your analysis of situations. The American citizens and the world needs more of this. I look forward to listening to you.

A big reason why people buy from China is because the CEOs of American companies have priced their companies out of competition with their hi gh CEO salaries People say they want to go back to the way it was in the 50s and 60s but when you remind them that the corporate tax was 49% and the individuals making over $250,000 paid 92% in person income tax they change their mind

I agree with your take on USA needing the immigrants, but don’t forget baby boomers retiring and almost 1 million deaths due to COVID also reduced our labor force. Gen X is finally getting a seat at the table!

I get what you're saying about the choices made by employers and companies. The question is, would they make the same choices if the money supply wasn't increased? Would companies behave the same if the Fed wasn't buying their bonds? Would the gov behave the same way if the Fed wasn't buying its bonds? The answer is no, so the source remains the money printing.

Thanks for sharing this Proff Wolff

You sir, are at the cusp of victory of workers' rights...If people know, right now, they can walk out. No desperation. No fear. They can leave, and change the market entirely.

Mr. Wolff, you are true American wise, honest, loving your country!