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Richard Wolff – The Economic Crash America Can Avoid… but Won’t

Summary:
Richard Wolff explains the age old problem of capitalism: To make a profit the capitalists need to sell for more than the products cost to make, which means the wages of the staff won't be quite enough to buy all the products.To some degree they get around this in Europe and Japan, says Richard Wolff, by redistributing wealth through welfare programs and state funded healthcare, which helps people retain purchasing power and this keeps businesses going.Richard Wolff says the U.S. is intent on going the other way which will eventually lead to a crash. [embedded content] Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method.

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Richard Wolff explains the age old problem of capitalism: To make a profit the capitalists need to sell for more than the products cost to make, which means the wages of the staff won't be quite enough to buy all the products.

To some degree they get around this in Europe and Japan, says Richard Wolff, by redistributing wealth through welfare programs and state funded healthcare, which helps people retain purchasing power and this keeps businesses going.

Richard Wolff says the U.S. is intent on going the other way which will eventually lead to a crash.

Economic Crashes are part of the normal cycle of capitalism. Miraculously Japan and a few other countries have found a way to stop economic crashes using a very simple method.


Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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