Democracy is an illusion! It’s become a political system fostered by the élite, for the élite, in order to fool the people that they have a stake in the system. In actual fact, they have virtually none. The whole political system in the modern era, despite having noble beginnings, is now used to benefit the few at the expense of the many. – Mark Alexander, June 29, 2018
Wednesday 26 December 2018
Richard Wolff: We Need a More Humane Economic System—Not One That Only Benefits the Rich
The partial shutdown of the U.S. federal government is entering its fifth day after a political impasse over President Donald Trump’s contentious demand for border wall funding. Funding for about a quarter of all federal programs expired at midnight on Friday, including the departments of Justice, Agriculture and Homeland Security. On Christmas Day, Trump said the shutdown will last until Democrats agree to fund his $5 billion U.S.-Mexico border wall, despite previously repeatedly claiming Mexico would pay for the wall. The shutdown is occurring as concern grows over the U.S. economy. U.S. stock markets are on pace to suffer their worst December since 1931 during the Great Depression. In response, Treasury Secretary Steven Mnuchin held an emergency meeting with top financial regulators and also convened a separate call with top executives of six major banks. We speak to economist and professor Richard Wolff.
