Comments by "" (@jmitterii2) on "Marxist Economic Theory Easily Explained w/Richard Wolff" video.

  1. What's funny is the very exploited folks who are culturally brainwashed into our idiot version of capitalism are the very brunt of the misery capitalism can cause. What the problem is in particular with the US is the idea that anything other than capitalism means completely state run and owned production which its not. In fact, Marx never intended for nations to own production, that's already existed most of the world's economic system throughout history under feudalism and mercantilism (the nobility class essentially owned most means of production). Co-op allows for private ownership between groups to democratically administer their business, and owners also mean their workers. There's lesser chance of people exploiting one another. People scream during catastrophes and often have government ensure it doesn't happen to put price limits on gasoline and food, to stop what we call price gouging. We already have an understanding of what exploitation means. Current system puts most proceeds into the hands of a few at a complete exploitation of the ones producing it. It's absurd. The problem becomes, where does investment or capital formation come from? Answer... same way our private banks get it... from the Federal Reserve Bank. And you can get more capital with deposit money backed by the government. And they can evaluate your business plan for legality and viability to determine if making a discounted loan would be productive to the economy. You could even have different co-op branches doing this very service on behalf of a Federal Reserve Co-Op Bank. And just like all Reserve Banks, they get their money by lending into existence... they print it. Put it on a ledger and say you owe us this principle and this amount in interest.
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