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Dodo Bird 2009-07-30

Too much interesting debate for me to touch on right now, but I have to criticize 1 simple point: Wall Street, and everyone else in the financial industry SAW THIS COMING. They simply CHOSE NOT TO ACT for profit's sake, knowing full well that the resulting scenario would be that either the government bails the system out, making the financial elite richer to save everyone else, or they don't, the same elite run away with their robbery, and buy everything up at bottomed out prices after years of global suffering, and still come out absolutely (more) rich.

h.lim 2009-07-30

Thankyou RNNN. Prof Wolff is a brilliant & honest advocate for an alternative view. RNNN should be doing a deal with Prof Wolff to give out his books for RNNN donations! This system is in SEVERE trauma, labor is in disarray but Capitalists are doing better than ever... Prof. Wolff helps to wake up the slumbering masses.

wehl3318 2009-07-29

Economic globalization means global interdependence, and that means global cooperation. Many policy makers see globalization as a survival tactic against the possible catastrophies of nuclear war and global warming. Of course there are the corporate and political opportunists as well.

dialecticism.blogspot.com 2009-07-29

I am not exaggerating is a necessary topic for a long term vision of the world economy. Everyone at the latest informal conference on the limits to growth, organised by ASPO and theoildrum.com, agreed that this issue is integral to understanding both how the crisis got triggered (energy expenditure by the median American rose to 24% from 10 in mid-2008), how it will play out in the future, and how to avoid triggering a new one. I implore you to take up this topic!

dialecticism.blogspot.com 2009-07-29

Keep up all the good work, TRN! But I wonder how long it will take until you will get some experts like Nate Hagens (who invited Wolff to write on theoildrum.com), Richard Heinberg, Michael Ruppert, Colin Campbell, or others on the show to link this current depression to the reality and prospect of peak oil, resource shortage, or the limits to growth in general.

BillyDKy 2009-07-29

We don't need more bail outs. We need to let things take their course without interfering. It's a lot like raising a garden; less is more but not none. There are only two human problems: ego & pleasure. The bail out problem stems from ego. We need to know our role & learn to let God play his role. Again, just like raising a garden.

brian 2009-07-28

No mention has been made of the "other" expenses that have driven these companies to seek wage & benefit concessions...like utilities, gasoline for shipping & receiving, communication costs...all those expenses that have increased over 300% since 1990, Those same industries that were "de-regulated". Those government regulations were put there by our Congress to protect us from the greed of these industrialists who are now seeking bail out money because they are too enept to "make it" in the global economy. Basically, our government has allowed Wall Street to make a killing while driving up basic costs which have resulted in the US manufacturing base's demise...and with it goes the American worker. Not only is foreign labor cheap, but so is electricity in these third world countries. There will be no recovery while the government borrows money from the FED to bailout businesses which have not TOTALLY replaced the top management personnel who are responsible for there demise.

brian 2009-07-28

It doesn't take a rocket scientist to understand that if Globalization ever works it will reduce the American middle-class down to the third-world level. Unions would be a minority on BOD's and would accomplish nothing, besides the labor laws prohibit it. The unions need to begin to represent the workers in the marketplace. Take aim on certain corporations and totally boycott their sales here in the USA. If the market organizes against a corporation and drives it out of business, believe me, Wall Street will get the message....gas too high? If everyone in the country stops buying Shell you just watch what will happen!

xshifterx 2009-07-28

As an added note I would have enjoyed watching this economist debate other economists that have a total different take on how capitalism works.I don't believe this economist understands future projected estimates of economies. His solutions to the unions are to have separate union divisions to be represented by the people!! Seriously this is a global problem and requires REAL POLITICAL BALLS to say no to globalism.You realize our country has been denied the right to add tariffs to products coming in to have them compete with our manufacturing? Union means to come together well companies have created their own union and are bulling your governments in to doing their bidding because OUR GOVERNMENT OWES MONEY.Thats right were in debt and we just keep going farther in to debt. Google "CANADIAN BANKING CRIMES" and watch what you get.I would like the RNN to do an expose on this topic and see the pink elephant in the room. Thanks for your time.

xshifterx 2009-07-28

One must only understand who wants global agendas to continue. There are reasons why companies are going global and that is [because they can]. Governments are not taking steps to protect you.Why is the question. The answer will not come from them.You have to find out the answer.This economist is either a great liar or a total imbecile. You need to understand that when our families are forced to take in less income it will affect local business and it will affect large corporation as well,the only difference is that large corporations have the ability to abandon our country. I say find leave but your products are not to enter our country for sales.If only you knew how world banks large corps work with IMF to kill and exploit countries.Well we soon will know I'm afraid to say. With weak minded economists such as this guy were in alot of trouble.

markmason 2009-07-28

Again, thanks to TRNN for a rivettingly provocative report.

Swansen 2009-07-28

A global workforce would enslave us all, NOT make the problem better. The reason that it will hurt us and not help us is because of where society is. Those at the top want only to control, have power and money, thats it. The interests of the people are the last thing on their minds. There is another issue, that is the cost of doing business in that manner. With out reliance on fossil fuels it is simply impossible, our system is already strained having to ship massive amounts of stuff across such distances, especially so during peak oil. This issue will only continue to worsen as oil grow scarce with increasing population. That said, the only system that will work right now is to centralize. Areas need to become MUCH more self reliant and MUCH less reliant on corporations, considering they helped a GREAT deal to get us into this situation. Of the places that i know that are still opened are the non corporate, small business, or on non national businesses.

LiberalChiroDoc 2009-07-28

Excellent piece, especially how Mr. Wolff states how this how this whole issue is about how to best manage capitalism. Conservatives want the highest profits possible with no concern for worker welfare while Liberals focus on worker security along with profits. Remarkably informative and more confirmation that my monthly donation is very worthwhile. Thank you, TRNN.

dart 2009-07-28

Well done TRNN.Wolff tells it like it is in readily understandable terms.(see also N. Roubini,N. Ferguson & other in CNN interview).Perhaps political detention as Jim Puplava hinted is to be the role for FEMA camps now being discussed secretly by congress or are they to be vaccination/quarantine centers?All options on the table for the democracies that represent non-people factions.

sshenfield 2009-07-28

To control the decisions workers need to get not token but majority representation on boards of directors and the only way they can get that is to buy out the company. And where are they going to get the funds to do that? Otherwise the logic of global capital stays in force. A global force will always win out against dispersed resistance that remains at the local or national level. Labor must globalize! Start by forming links with people working for the same company in other countries. Learn their languages, send emissaries, make cross-border contacts.