Richard Wolff: Western Capitalism Is Killing Itself.

Richard Mellor

An excellent interview with Richard Wolff here. He discusses the situation here in the US and the rise of Trump and the contradictions that are driving inequality in the US to unbelievable levels.  He gives the example of how the Starbucks boss now earns more than 6000 times more than a median Starbucks employee makes.

The reaction of the US capitalist class is delved in to as they, and their system, is not yet threatened to the point where they fear collapse but definitely concerned about where it will lead as Trump's policies are so disruptive and unpredictable creating an unhealthy environment for profit. 

He raises the recent purchasing of 15% of the tech company Intel by the US government as unprecedented. The US capitalist class did this to a much greater degree as a response to the 2008 crash in order to save the system from collapse. In response, the state took complete ownership of some industries but refer to it as conservatorship rather than the feared N word, and always as a temporary measure. We must remind ourselves it was to save capitalism from itself and to do that it turned to the working class as taxpayer.

He covers the BRICS as an economic rival but also as an option to an unstable and bullying US as a reliable ally.  

Wolff describes the visit to the Oval Office by the European leaders as a theatre, with the stage set for Trump lecturing to his subordinates, treating them like children with them, "Begging not to be treated as disposable subordinates as he's treating them like disposable le subordinates".

There are many interesting parts to this interview including where Wolff, referring to the attack on Chinese tech like the ban on Huawai as a threat to the western world and nation's national security points out that the US was able to listen in on Merkel's and other European politicians phone calls because they were using technology from Silicon Valley.

He describes the declining living standards of the white working class in the US due to capitalism's global quest for profits through offshoring as well as technology and the bringing in of cheaper immigrant workers by companies. This happened in meatpacking after the defeat of the Hormel strike in the 1980's.

Wolff is Marxist economist who is very good at popularising Marx's views on the economy and capitalism in particular. However this discussion is mostly an analysis of the present state of affairs in the US and the rest of the world's response to it and Trumpism I'm particular. It's an excellent history lesson and I think it is invaluable for working people trying to understand the world around us and find a way forward that can provide a future for our children and grandchildren.