Global Capitalism: US and China – 1 Global Economy, 2 Giants [March 2019]


Democracy At Work has the video and audio of Global Capitalism: US and China – 1 Global Economy, 2 Giants [March 2019].

The description below is not completely accurate.

These programs begin with 30 minutes of short updates on important economic events of the last month, then Prof. Wolff analyzes several major economic issues. For March 2019, these issues will include:

1. The record US gov’t budget deficit in 2018: causes and effects
2. The record US trade deficit in 2018: causes and effects
3. Unions reviving? Strikes, organizing and the looming strategic decision they face about socialism in the US


Interesting, entertaining, and educational. Richard Wolff is not a student of MMT, so what he says about debts and deficits is not MMT, but it has a certain truth to it if you know how to interpret it.

The way I interpret it is that what he describes as borrowing money to finance the deficits is true, but only because this is the way the USA laws have been written to require this scheme. As a country that is sovereign in our own currency and only borrows our own currency, we could finance the deficits without borrowing. For various reasons, good and bad, we choose not to do so.

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