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Richard D. Wolff: Capitalism hits the fan: a socialist solution

Richard Wolff is professor of economics at UMass Amherst. He talks about the underlying cause of the current capitalist crisis (NOT ``financial'' crisis) and capitalism in general. Socialism and workers' democracy is presented as the alternative. The talk was presented by the Association for Economic and Social Analysis and the journal Rethinking Marxism in early October 2008.


economic recovery

There might be a relatively simple solution to our economic dilemma. This solution should result in fixing Medicaid, Medicare, Social Security and Obamacare. And that is, require ALL US CITIZENS to participate in ONLY these programs and void all the special programs for local, state and federal employees, including the military. If all the funds supporting all these programs were used for the benefit of EVERYBODY, NO EXCEPTIONS, the lawmakers would fix them PRONTO!!! This could free up billions, no trillions over several decades, of dollars that are now being 'invested' in 401K and other questionable pension programs, to be used for people to live on now instead of later. This money would stimulate the economy ACROSS THE BOARD, Everybody would have a livable pension and health care.
Of course, those who are now on the 'gravy train' would object to such an idea because it would take away their present special benefits that are deprived of the 'working class'.

The dollar.

How much longer can the U.S. dollar continue to decline at the rate it has from 1914 (as full one dollar value) to the present day value of 2 cents before the federal reserve must print and issue a new currency? Then what will the new currency be valued at 10; 100; 500; 1000; to the current dollar?
Thank you; Vaughn

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