Samuel Colman, The Destruction of the Temple, 1830-40, oil on canvas
Richard Wolff delivers a brilliantly compressed and lucid economic lecture explaining why we’re all on a collision course with reality.
Here’s a fun fact from the lecture. At the time of the onset of the Great Depression (1929) the average level of debt of an individual American family was roughly 1/3 of its annual income, meaning it owned assets roughly 1/3 of its annual income. In 2007 the average debt of an American family was 130 percent of it’s annual income and as Richard Wolff says, “We have no idea what that means.”
And for all British readers, the figure on your debt: 170 percent of annual income….Get ready to join Greece…. According to Prof. Wolff, Great Britain’s condition is actually worse than Greece’s …..