Treasury Head Yellen’s New China Complaint
The Socialist Program with Brian Becker
The Socialist Program
4.7 • 587 Ratings
🗓️ 10 April 2024
⏱️ 32 minutes
🧾️ Download transcript
Summary
On today's episode Walter Smolarek and Prof. Richard Wolff discuss the favorite new complaint against China voiced most recently by U.S. Treasury Secretary Janet Yellen. She argues that China is producing too much. What does this mean and what does it say about the U.S. economy?
Professor Richard Wolff is an author & co-founder of the organization Democracy at Work. You can find his work at rdwolff.com.
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Transcript
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| 0:00.0 | Treasury Secretary Janet Yellen is wrapping up a trip to China today that focused on the |
| 0:06.0 | Biden administration's favorite new grievance, so-called overcapacity. |
| 0:11.0 | The U.S. argues that China is producing too much in certain key areas of the economy, but what |
| 0:16.7 | does this new complaint really mean? |
| 0:20.2 | We need a new system. We need a new system. |
| 0:21.7 | We need a new society. |
| 0:23.6 | We need to demand that which Wolfe join us for a regular weekly segment |
| 0:59.5 | where we discuss the biggest stories relating to the economy, the state of the working class, |
| 1:03.7 | and the crimes of big business. |
| 1:05.5 | I'm Walter Smolerick, filling in for Brian Becker. |
| 1:08.0 | The Socialist Program brings new content several days a week thanks to the support of our patrons |
| 1:12.1 | at patreon.com slash the Socialist Program. |
| 1:15.6 | We appreciate all of your support and encourage you to become a patron today if you enjoy listening |
| 1:20.0 | to the show. |
| 1:21.3 | Richard Wolfe is the co-founder of the Organization Democracy at Work and the author of many books, |
| 1:25.7 | the latest being The Sickness is the System, |
| 1:28.5 | when capitalism fails to save us from pandemics or itself. Check out all of his work at |
| 1:34.0 | R.D.Wolf.com. So Professor Wolf, Janet Yellen, was in China. You can tell that the PR people |
| 1:42.9 | at the Biden administration were heavily involved in her trip |
| 1:46.5 | because there is a key phrase that they kept hammering over and over again, over capacity or |
| 1:52.9 | excess capacity. What does this mean in the context of U.S. trade with China? What is it supposed to |
| 2:00.0 | mean to the public? And what does it really mean behind the scenes? |
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