Will the Overinflated U.S. Finance Bubble Burst?
The Socialist Program with Brian Becker
The Socialist Program
4.7 • 587 Ratings
🗓️ 4 December 2024
⏱️ 30 minutes
🧾️ Download transcript
Summary
On today's episode Nicole Roussell and Prof. Richard Wolff discuss the overinflated U.S. financial sector and stock market, what will happen when that bubble bursts, and Trump's threats to hit BRICS countries with 100% tariffs if they support using non-U.S. dollar currency.
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 | As Trump threatens BRICS countries with tariffs, some analysts proposed that the U.S. |
| 0:06.0 | is in yet another bubble like the horrendous predatory housing bubble in the early 2000s. |
| 0:11.0 | We'll talk about both topics. |
| 0:13.0 | We need a new system. |
| 0:15.1 | We need a new society. |
| 0:16.9 | We need to demand that which may have sounded impossible even a few weeks ago, but is not only realizable, and the crimes of big |
| 0:57.7 | business. |
| 0:58.7 | I'm Nicole Roussel, sitting in for your host, Brian Becker. |
| 1:02.1 | The Socialist Program brings you content several days a week thanks to the support of our |
| 1:05.5 | patrons at patreon.com slash the Socialist Program. |
| 1:09.1 | We appreciate all of your support and encourage you to become a patron today if you enjoy listening to the show. |
| 1:15.0 | Richard Wolfe is the co-founder of the organization Democracy at Work and the author of many books, including Understanding Capitalism, which is now available at Democracy at Work.Info. |
| 1:24.7 | Welcome back to the show, Richard. |
| 1:26.1 | Thank you very much, Nicole. Glad to be here. |
| 1:29.5 | So I wanted to start by reading from this opinion piece in the Financial Times called The Mother of |
| 1:36.0 | All Bubbles. This piece really stood out. So I'm going to read from it, and I want your thoughts about |
| 1:40.6 | whether this is true or not. So it goes, united by faith in the strength of |
| 1:44.9 | U.S. financial markets and their capacity to keep outperforming all other economies, global investors |
| 1:50.4 | are committing more capital to a single country than ever before in modern history. The U.S. |
| 1:55.9 | accounts for nearly 70-70% of the leading global stock index up from 30% in the 80s. America's share of global stock |
| 2:04.7 | markets is far greater than its 27% share of the global economy. Thoroughly dominating the |
| 2:11.3 | mind space of global investors, America is over-owned, overvalued, and over-hyped to a degree |
... |
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