Comments by "Kim O\x27Brien" (@kimobrien.) on "How Milton Friedman Broke The American Economy | The Class Room Ft. @FDSignifire" video.

@FreddieVee The Soviet Union was the second attempt at a workers state after the Paris Commune. It had a record of both success and failure. Lenin, the Bolsheviks and Russian working class more than any other social force outside of the colonial people themselves like Fidel Castro are responsible for the national independence of the world's peoples.
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@nw42 The system can't avoid creating economic crisis and marching towards world war. Last time it was in this big of a world crisis only world war and massive destruction was able get to restart primitive accumulation with American Imperialism leading the pack of capitalist exploiters. The global order imposed by the victors of World war two is shattering with the decline of American Imperialism and the rise of Capitalism with Chinese Characteristics. Much like the pre World War One Era. Where the British Empire faced the rise of Germany with its Capitalist Social Democracy.
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@jonlittle5032 The long term problem for capitalist industry is the declining rate of profits. As capital replaces labor capital value rises but since labor is the source of profits as prices tend towards the cost of production so too must the rate of profit by which all capital judges success the rate of profit must also fall.
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@jonlittle5032 No I get that from right wing ideologue who insist that making mud pies invalidates the labor theory of value and that the profit comes from thinking. The mistake most people make in looking at capitalism is to see only what they want to describe as good attributable to private capital and everything bad a "socialism" or government doing stuff. All modern capitalist economist end up arguing profits are non materialist since how else can you justify the derivative as anything but a continuous drain on the economy as a whole. The problems the capitalist have can be seen in their own accounting books which is why they must keep them secret. The problem for the capitalist is actually the second law of thermodynamics. He can't create a perpetual motion machine. .
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@smeff099 Freedman like his Democratic liberal colleagues advocated for capitalism. Both were committed to saving the system above all else.
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@jonlittle5032 Profits increase only because you are able to initially charge the same price in the market but the actual labor in the product has gone down since the products trade at the value of labor in the product than the new value will assert itself as in a lower price and since the profit is created by labor the overall rate of profit goes down. Of course to see a lower price you would need a currency value over time not one that continually expands as governments print more money. You can see the labor theory of value assert itself in the ability to make profits in public transit. Originally by cutting the time to get from place to place public transit was a profitable business. Now it needs government subsidies to keep going. Same with many other mature industries. Government had to step in and issue regulations to guarantee profits for incumbents. Then to remain profitable companies had to cut labor costs and bring back the old conditions of labor exploitation. Today the capitalist have lots of unused capacity because they can't produce profits with the capital equipment they have now. Government has to invest and raise capital with a combination of debt which the ruling class buys and taxes which must pay the interests on debt and the rest of the capital investment.
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@jonlittle5032 Whatever I write the guardians of the Kings English, proper grammar and spelling will never accept. Your problem is capitalism creates its own gravediggers. Sure that's a quote from Karl Marx. As the son of a railroad electrician and shop steward. I wasn't suppose to go far in school. I was suppose to enter trade school in 8th grade. The problem at the time was the cold war and the need for scientist and engineers so they felt someone with a natural talent for math couldn't be wasted. So I end up at MIT even though I score 400+ in English comp. I guess they thought I was an immigrant for whom English was a second language. LMAO.
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@jonlittle5032 Nope I don't have a degree and I've written two term papers never for a Professor with your name. I done more writing in the Youtube comments section than anywhere else since leaving High School. More likely I waited on you in the dept store, installed your cable tv, or drove you in a taxi cab. .
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@jonlittle5032 I never claimed to be an author . I am listed as an MIT alum but you'd have to know one to get access to the directory. You may be a published author but you don't publish anything without modern industry. The size of the press run needed to make a profit makes publishing anything written by an American University professor possible even if he has to pay for the total pres run.
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@jonlittle5032 I don't argue with children who play games. If you don't think the source of profits is labor than you can explain how they are made. Money doesn't grow on trees nor does it grow in a bank vault either. Second big companies have much bigger labor costs and make much more profit than your dads garage sweatshop.
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@jonlittle5032 The last time world capitalism found itself in this big a crisis was after the 1929 stock market crisis. At the end of the day Thomas Sowell credits the World War with ending the great depression. Today you have the economic elements of capitalist market competition breeding war again. Russia wants Ukraine. The US is trying to halt the rise of China starting with Trump's trade war which Biden continues although some elements want greater efforts made. In a certain way we are back to the pre World War one era. On the one hand the defenders of capitalism say war is unthinkable (even more so with nuclear weapons) on the other hand ruling classes are once again fighting over the world markets. There is no solution to the problems of the world market within the borders of any one capitalist state.
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@jonlittle5032 I don't have a scripted narrative for you or anyone else. Freedman died before he could see his neoliberal project go down the drain with the crisis of 2008. No doubt like his follower Thomas Soewll he'd blame the whole thing on government intervention. As if capitalist profit rates and incumbents could be protected without periodic government intervention. .
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