Economy Lowkey Richard Wolff

Richard Wolff: Sanctions Against Russia, Inflation and Class War

Economist Dr. Richard Wolff joins Lowkey where he exposes ways economic policy can be a code term used by the political establishment for class war. Wolff explains how the cost of enmity with Russia is being placed on the shoulders of the working class in the West, whom recently experienced one of the worst crashes of capitalism in its history.
Graphic by MintPress News.

By Lowkey / MintPress News

The MintPress podcast, “The Watchdog,” hosted by British-Iraqi hip hop artist Lowkey, closely examines organizations about which it is in the public interest to know – including intelligence, lobby and special interest groups influencing policies that infringe on free speech and target dissent. The Watchdog goes against the grain by casting a light on stories largely ignored by the mainstream, corporate media.

European countries, as well as the United States, continue to be imperiled by an economic crisis following the imposition of sanctions on Russia. The policy has backfired spectacularly and has had worse economic ramifications on those levying the sanctions, than those being sanctioned. In this week’s episode, Lowkey speaks to respected U.S. economist Dr. Richard Wolff, discussing the links between the war in Ukraine, inflation, and the class war at home.

Before exploring the people’s definition of inflation, Dr. Wolff contextualizes the economic crisis currently unfolding across the West.

In the conversation, Lowkey and Dr. Richard Wolff expose ways economic policy can be a code term for class war. They delve into the way the cost of enmity towards Russia is being placed on the shoulders of the working class in the West, which recently experienced one of the worst crashes of capitalism in its history, what Dr. Wolff called, “the 2020 – 2021 crash, one of the worst public health disasters in modern history, a terrible inflation on top of that…”

Lowkey then questions Dr. Wolff on the threat to the primacy of the dollar posed by pushing billions of people in Russia, China, and India into trading with each other in currencies other than the dollar.

He asked Dr. Wolff, why is it that the political leaders across Europe and the US might have carried out such an act of economic self-harm.

According to Dr. Richard Wolff:

Maybe we have desperate politicians who have linked their careers to this war in Ukraine…therefore they are willing to spend to the last dollar of their peoples taxes to hold onto a situation that is spinning badly out of control”.

They conclude that this war has hastened the inevitable rise of China as the world’s economic powerhouse.

Want to hear more about this issue? Join Lowkey and Dr. Richard Wolff today for a critically important discussion. Keep updated for many more interesting topics to be discussed by subscribing on YouTube or your favorite podcast platform.

Lowkey
Lowkey

Lowkey is a British-Iraqi hip-hop artist, academic and political campaigner. As a musician, he has collaborated with the Arctic Monkeys, Wretch 32, Immortal Technique and Akala. He is a patron of Stop The War Coalition, Palestine Solidarity Campaign, the Racial Justice Network and The Peace and Justice Project, founded by Jeremy Corbyn. He has spoken and performed on platforms from the Oxford Union to the Royal Albert Hall and Glastonbury. His latest album, Soundtrack To The Struggle 2, featured Noam Chomsky and Frankie Boyle and has been streamed millions of times.

9 comments

  1. One of the most deceptive outrages of this era is in the fact that the US (liberals included) simply exclude the millions left jobless, in poverty, from their discussions about US poverty. As exceptional as Americans think they are, the stubborn reality is that not everyone can work, and viable jobs are not available for all. US job losses had long surpassed job gains. While we have no way to get an accurate number, an estimated 10 million have been left jobless, and for those who forget, Democrats ended actual welfare aid 26 years ago.

    1. The number of unemployed and underemployed as from.Government s GG statistics is a big lie.I think.the number is over 25 or 30 million.There is a crash coming.that will.make.people.realize they.have been snookered What happens with.theresulting rage will determine the future

      1. unemployment in USA if calculated by methods employed in 1960 would measure at 35-38%; currently only recipients of benefits are counted

  2. Appreciate both folks here, as well, the post.

    Really a good state of the system primer, that possibly many have been made aware of through independent truth to power sources that are featured on this site.
    The content on Naked Capitalism is another legacy moral conscience that, along with a value added commentariat, helps sort out the made-to-be for mass media muddle.

  3. As an 82-year-old Marxian I would love to read this discussion as text, but I cannot watch it as a video due to increasing deafness and the fact that — contrary to the tsunami of worthless “change-we-can-believe-in” promises spewed by Biden the Beguiler — Medicare will never, ever pay for hearing aids.

      1. Marxism’s error — as far as is I am concerned its (only) truly crippling error — is to buy into the Christian Big Lie of “progress” – which is actually the core Big Lie of all patriarchy.

        Thus, despite absolute proof to the contrary, Marxism foolishly continues to believe itself “historically inevitable,” when in fact the (only) historically-proven inevitability under patriarchy is its relentless march toward the ever-intensifying racism, misogyny and ecogenocidal death-camp slavery that define and unite the many localized forms of nazism.

        Thus while history does indeed present a “moral arc,” contrary to the boasts of the always-lying Christians it most assuredly does not “bend toward justice.”

        What history does “bend toward” – the one goal toward which it has consistently bent since the imposition of patriarchy approximately 6,000 years ago — is ever-more-sophisticated Ruling Class tyranny: the tyranny now rendered inescapable by our Masters’ achievement of an absolute (and therefore permanent) technological omnipotence.

        Yes, this omnipotence — and the radiation-proof bunkers that accompany it — is irrefutably proven by the repugnant glee with which these tyrants have resurrected doomsday terrorism and methodically escalated it to its most crippling intensity ever.

        Such is the (real) “end of history.” Its consequence is a thermonuclear-and-biochemically enforced, electronically policed global Auschwitz from which there can be no liberation until modern society is no more, brought down by some combination of war, resource exhaustion and what our species’ science-based Gaia-Hypothesis paganism ever-more-openly regards as the anti-patriarchal vengeance of our “alive, conscious and self-regulating” Mother Earth.

        Oh, but won’t the Communist Chinese finally save us from ourselves?

        First reflect on the fact competition with proto-nazi capitalism has inescapably locked the Peoples Republic into the patriarchal death-spiral, its capture proven by the fact its atmospheric poisoning now exceeds that of our species’ all-time, forever top-seeded ecogenocidal champ, ever identified by its Zieg-Heil equivalent chant: “USA! USA! USA!”

        Next factor in the enduring emotional legacy of the infinitely hateful centuries of white-supremacist ecogenocide against all peoples of color.

        Lastly contemplate how the Red Army (properly) responded to the specifically German, anti-Slavic variant of that same race-war hatefulness — then answer the question for yourself.

        Meanwhile the world-wide propagation of the self-obsessed, morally imbecilic Ayn Rand variety of existential nazism in synergistic combination with identity politics is the primary gateway to ideological nazism.

        (Indeed I cannot but wonder what role the USian Empire’s illegally metastasized Randite propaganda played in the destruction of the Soviet Union.)_

        In any case it is gravely doubtful our species can survive its ongoing collapse into unprecedentedly bottomless apocalyptic despair. Why? Because preservation of our longevity beyond today’s mass-murder-defined utter hopelessness requires us to somehow miraculously re-evolve the now-effectively outlawed ethos of empathy and cooperation that enabled our survival during the approximately 194,000 years of motherhood-centered proto-communism that preceded the patriarchal death cult.

        (And is it not a bit eerie how the consequences of patriarchy prove it the global equivalent of the smallpox-poisoned blankets by which our Masters exterminated so many First Nations peoples?)

  4. There is no crisis. these policies reflect the racism and Russophobia that is ubiquitous in the angloshere and prevalent in Western Europe….verified by numerous studies. Recent protests only reflect small numbers and regard the direct harm created by the vengeful sanctions and the unexpected consequences—especially energy costs

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