Detroit Built by Capitalism & Destroyed by Marxism ~ Richard Wolff

Here's what's in your Prime Interest today:
It's official! Bitcoins under intense scrutiny in Thailand. The central bank of the former Kingdom of Siam said Bitcoins are not a currency -- and the nation's legal infrastructure, which includes capital controls, simply does *not* have a place for Bitcoins. So, it's illegal for Thai residents to buy, sell or trade the crypto *non*-currency. In addition, Thai authorities said Bitcoins cannot be moved into or out of the country -- quote "rendering any current stockpiles worthless." Just contemplate that for a moment. Apparently, Alaskan Senator Ted Steven's internet *tubes* simply don't exist in Thailand -- which you would think renders the entire argument moot. Of course it doesn't. Up next, the Senate outlaws gravity.

But here in the US, the Bitcoin community is getting proactive about getting ahead of such legal threats. There's now a Committee for the Establishment of the Digital Asset Transfer Authority -- or DATA -- that is working with regulators and authorities. In fact, there's another Bitcoin conference going on today, and we'll be covering the issues in depth later this week. In the meantime, Perianne breaks down another legal issue -- the Volcker Rule.

And Bob talks to Richard Wolff about dysfunctional Detroit. Speaking of dysfunction, our capital markets might have a shining knight. We'll have to see, but there's a new exchange in town: the IEX. And, it's expressly designed for large investors who don't want to be gamed by high frequency trading. Instead of allowing client computers to sit right next to the exchange's own servers, they'll be in a separate building. So, instead of a delay of ten millionths of a second -- the current industry standard -- the delay will be 350 millionths of a second. Seriously, folks. This is what trading has come to.

Richard Wolff : This Is an Abomination How U.S. Bailed Out Car Makers, But Abandoned Detroit

"This Is an Abomination": Richard Wolff on How U.S. Bailed Out Car Makers, But Abandoned Detroit


At the height of the financial crisis, the U.S. government bailed out two major Detroit auto makers, General Motors and Chrysler. But it never bailed out Detroit, economist Richard Wolff notes. In fact, since part of the deal for the bailout involved gutting the wages of new workers, the bailout ensured that "if the car companies could come back, Detroit couldn't, because the return of workers to the automobile industries would be workers paid $14 or $15 an hour, and that puts you below the poverty wage in the United States," Wolff says. "This is an abomination in which the top, the industry, the big corporations are bailed out, and the very cities that depend on them are told to fend for themselves."

Capitalism Hits the Fan Film Screening and Q&A with Professor Richard Wolff | The New School

Join Economics Professor Richard Wolff, University of Massachusetts, for a screening of his film, Capitalism Hits the Fan, and a Q&A. Professor Wolff breaks down the root causes of today's economic crisis and traces its source to the 1970s, when wages began to stagnate and American workers were forced into a spiral of borrowing and debt. By placing the crisis in this framework, Wolff argues that proposals for government "bailouts," offers of stimulus packages, and calls for increased market regulation will not address the real causes of the crisis. He suggests that far more fundamental change is necessary to avoid future catastrophes. Richly illustrated with motion graphics, Capitalism Hits the Fan is a superb introduction to the unraveling economic crisis for ordinary citizens.

Capitalism Hits the Fan - Richard Wolff

Economist, author, Professor emeritus UMass, Amherst, Richard Wolff, speaks about the current economic crises, its' roots and what we can do about it.
Filmed by Paul Hubbard at Brown University, Providence RI .Capitalism is at it's core a fundamentally selfish system that encourages the exploitation of people and resources for profits. The globalization of the economy and capitalism has spread the disease throughout the world and outsourced our jobs to countries with cheap labor so that profits can raise even higher for the capitalists.




Professor Wolff breaks down the root causes of today's economic crisis and traces its source to the 1970s, when wages began to stagnate and American workers were forced into a spiral of borrowing and debt. By placing the crisis in this framework, Wolff argues that proposals for government "bailouts," offers of stimulus packages, and calls for increased market regulation will not address the real causes of the crisis. He suggests that far more fundamental change is necessary to avoid future catastrophes. Richly illustrated with motion graphics, Capitalism Hits the Fan is a superb introduction to the unraveling economic crisis for ordinary citizens.

US next Greece if debt is not dealt with : Richard Wolff

Richard Wolff Professor Emeritus at the University of Massachusetts, and author of 'Democracy at Work: A Cure for Capitalism', about the recent school closures in Chicago, and how it reflects a systemic problem within the current capitalist model.Economist, Richard Wolff is a Professor, Author and "Democracy at Work" Advocate

Professor Wolff breaks down the root causes of today's economic crisis and traces its source to the 1970s, when wages began to stagnate and American workers were forced into a spiral of borrowing and debt. By placing the crisis in this framework, Wolff argues that proposals for government "bailouts," offers of stimulus packages, and calls for increased market regulation will not address the real causes of the crisis. He suggests that far more fundamental change is necessary to avoid future catastrophes. Richly illustrated with motion graphics, Capitalism Hits the Fan is a superb introduction to the unraveling economic crisis for ordinary citizens.