Paul Volcker had a historic role in shaping the US economy over several decades, but increasingly he has been warning about an out of control financial sector that is dominating US society. Former financial regulator Bill Black discusses Volcker’s views
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It already is a plutocracy fool!
What a hypocrite🖕
Word on the streets is Jeff bezos logged in to multiple accounts to dislike the video.
shits been going on since 1600s u idiots revolution only hang n reditrubute to all
Volcker is Another Zionist Kabal.!!
Unfortunately the Trump Administration and the GOP controlled Congress we are having a bitter taste of Plutocracy unleashing itself through our governmental institutions
like a cancer metastasizing..
Lol, warning that we are becoming a Plutocracy but we've always been one and even worse, we've turned into the evil Spartans Oligarchy! What an idiot!
it is here along with a worsening third world wealth divide
Mankind first started to produce a surplus with early agriculture.
It wasn’t long before the elites learnt how to read the skies, the sun and the stars, to predict the coming seasons to the amazed
masses and collect tribute.
They soon made the most of the opportunity and removed themselves from any hard work to concentrate on “spiritual matters”, i.e. any hocus-pocus they could come up with to elevate them from the masses, e.g. rituals, fertility rights, offering to the gods …. etc and to turn the initially small tributes, into extracting all the surplus created by the hard work of the rest.
The elites became the representatives of the gods and they were responsible for the bounty of the earth and the harvests.
As long as all the surplus was handed over, all would be well. It’s been the same ever since, the extraction methods have just got more sophisticated over time.
The US definitely needs more "socialism". We in Europe practically live in a "socialist paradise" compared to the US (and I am well aware of our huge problems). The "American Dream" is a farce, latest since the 1970s. Now, it just holds back real progress, because there are still to many poor people buying in to the delusion that "one day" they too could become rich, if only by winning the lottery.
Too much "religious thinking", too much propaganda about "the American Dream", "free market" ideology (well financed for decades by shadowy libertarian "donors" like the Koch brothers), with the demand for a "small government" makes it hard for many US citizens to embrace more "socialism". Even if it would be good and necessary.
Propaganda, manipulation and lies work. People are shy to admit it, but even their own action shows that it is true. (The right demonises, lies and distorts about topics it is not approving of, e.g. different economic systems,the welfare state. The left usually suppresses topics it does not like by not allowing any debate)
The left has the disadvantage here, they are far behind in "voter manipulation", because of ethical considerations, less donor money and no outlets like e.g. FOX "News". (Do not get me wrong: I am no fan of "voter manipulation", but it is a fact. Maybe more education would help. An education that stresses independent and critical thinking skills.)
America has to get out of its religious and quasi religious delusions. Money has to get out of politics (overturning of the Citizens United court decision). Good reporting and ethical standards regarding the truth have to be reintroduced into the US media. Propaganda that praises libertarian ideas have to be countered: The people in the US have to get away from the premise that they just have to "look out for number one".
Americans have to relearn the meaning of "society", the need for solidarity and what it means to be a citizen in a democracy.
very tall. decent tipper. fishes with plutocrats…just saying. George Carlin: ya' all ain't in the club….. but we all have from now and until 12 years to fix this mess on every darn front. (climate change, global inequality, war mongering…tick tock)
Some of us have a news flash from Volcker; it’s been a plutocracy for a long time. The only way to end the plutocracy is to tear the entire system down and start all over with a true socialist programme that will serve the needs of the workers. Capitalism sucks!
Excellent presentation. America's fragile Democracy seems doomed on many fonts, AI being one and rising Plutocracy, Technocracy and Kleptocracy are some among others.
The 99% are screwed by the 1 % Same as it ever was. Don't play the banksters game get a safe and keep your money there and buy some guns and gold.
"Developing into a plutocracy"? LOL! When has the US ever NOT been a plutocracy? Heck, even shortly after the American Revolution, you couldn't vote unless you owned land. And as time went on, they only let the rest of us vote because they knew voting didn't matter anymore, because they could fix the election so only wealthy people could win.
Hey Professor Black – When can we start calling them "The Criminal Class." They would hate that.
The guy who taught Reagan how to break the working class issues a *mea culpa*. We've seen this all before, eh?
Haha "becoming" LOL.
It has been for years, J's print and own…destroy, control america
Remember France !!
Gee, thanks Paul. That really means a lot to us now. You bastard.
Too late.
Not a fan of establishment power, and former Chair of the Federal Reserve is about as establishment as it gets, but Paul Volcker's interview in the NY times was really interesting. While true, many could argue (easily argue) that we are already a plutocracy, it is still exciting that someone so high up in financial power is actually starting to vocalize what many on the bottom of the economic pyramid have been arguing for decades. Definitely going to buy the book when it comes out.
way too late, and I'm sure he did his share to make it hapen
Volcker is too modest. "Becoming" plutocracy?
The fact is "the US regime has been a classic case of plutocracy on top of being kleptocracy for more than two centuries.
By my count , we became a full fledged plutocracy right around 1980.
A little late on the warning.
Warning about plutocracy? A little late don't you think.
US now is not just a plutocracy but it is a kleptocracy.
HE's one to talk about plutocracy.
too little too late. The revolution will not come from the plutocrats who have suddenly realized the errors of their ways
The people have no voice. Only the rich can be heard. That's worse than a shame. It's criminal.
Total Plutocracy now, thanks for extremely late warning. These people think they can suck up all the money , knowing this will collapse the economy. Just repeal Obamacare and see that real unemployment number rise dramatically!