Economic Update with Richard D. Wolff

Episode: "Follow the Money" (November 8, 2018)

Main Theme & Purpose

This episode of Economic Update explores the recurring tension between scientific evidence, public interest, and profit—particularly within capitalism—and examines how "following the money" can expose the roots of social and economic problems. Host Richard D. Wolff opens with economic news and analysis, then interviews socialist activist and editor Reeva Enteen about her new book of interviews from the program "Flashpoints." Together, they discuss the importance of scrutinizing financial interests behind societal issues and advocate for systemic change.

Key Discussion Points & Insights

1. The Struggle Between Science, Health, and Profit ([00:10–04:40])

• Roundup and Health Risks

  • Wolff highlights the scientific controversy and evidence against Monsanto’s weed killer, Roundup, suggesting it is likely carcinogenic.
  • Despite widespread global use, there is no urgent international effort to fully research its safety, primarily due to corporate profit motives.
  • Quote:

    "When caught between science and health on the one hand and profit on the other, [governments] seem to be a little bit like those famous deer caught in the headlights, frozen. The risk is ours." (03:28)

• Profit Drives Inaction

  • Governments, under the influence of powerful corporations, especially under the Trump administration, avoid regulating or investigating potentially harmful products.
  • Wolff criticizes "letting capitalism and the profit motive into our food system" as a "dangerous, misguided decision we ought to revisit with urgency." (04:33)

2. Voter Alienation and Economic Discontent ([04:44–08:17])

• Economic Stagnation Post-2016

  • NBC polls reveal that most Americans’ financial situations have not improved since Trump’s election; over 27% feel they have worsened.
  • More notably, most Americans don’t blame either political party for their woes and have low expectations that either will bring change.

• Loss of Faith in Politics

  • Quote:

    "Americans have given up on their political system. It isn’t a vehicle for change... it doesn’t solve the problems, which explains why voters are so alienated from this political process." (06:32)

  • Voting feels increasingly futile for many, rooted in the failure of the political elite to deliver substantive economic improvements.

3. Corporal Punishment and Its Economic Toll ([08:18–11:52])

• WHO Study on Banning Corporal Punishment

  • Led by Prof. Frank Elgar: Countries banning corporal punishment see dramatic drops in adolescent physical violence.
  • Economic implications: Violence among youth leads to medical, legal, and educational system costs—showing social policy interventions can have practical economic benefits.

• The U.S. Context

  • The U.S. is not among the 54 countries that have banned all corporal punishment, resulting in unnecessary economic and social costs.

4. Looming Economic Crisis & Corporate Debt ([11:52–15:33])

• Janet Yellen’s Warnings

  • Wolff discusses former Fed Chair Janet Yellen’s concern: the next downturn may be worse than 2008 due to unprecedented corporate debt accumulation.
  • Low interest rates post-2008 enabled excessive borrowing and risky investments—setting the stage for further crisis.
  • Quote:

    "Janet Yellen [is] really worried that a vast amount of borrowing has fueled very questionable investments by corporate leaders... and then the catastrophe would come after they'd well taken care of themselves." (14:20)

• Systemic Critique

  • The cycle of crisis and government interventions highlights need for alternatives:

    "This is a system that goes from crisis to crisis. And that's why this system is in deep trouble. It's long overdue for us to ask and answer the question, can't we do better than capitalism that works this way?" (15:10)

5. Interview with Reeva Enteen – "Follow the Money" ([15:35–28:02])

Background & Motivation ([15:35–17:23])

• About Reeva Enteen & the Book
  • Socialist; longtime activist; editor of a book compiling interviews by Dennis Bernstein from "Flashpoints."
  • The project was a "labor of love" intended "to be of use."
  • Quote (Reeva):

    "My life is really to be of use. We need to be of use." (15:56)

The Interview Genre & Book Structure ([16:50–17:44])

• Bernstein's interview style is praised for candor, depth, and its leftist perspective in an era of diminished radical discourse.

• Book spans nine subject areas:

  • Surveillance, class, race, gender, imperialism, immigration, Palestine, and "the planet." All Source interviews occurred under Obama, providing a “reality check” and “writing on the wall for how we got here.” (18:24)

Selected Interview Excerpts ([17:45–21:50])

• Civil Liberties & State Power

  • Mara Verheyden Hilliard: While the Tea Party carried weapons at rallies, the FBI targeted the peaceful Occupy movement.
  • Shahid Butar: Obama administration was "our nation's far and away most aggressive anti-press administration." (19:40)

• Violence in Honduras

  • Adrian Pine: Links violence and exodus from Honduras to a U.S.-backed 2009 coup, quoting:

    "Every Honduran I know has been violently assaulted at one point or another with a gun..." (19:56)

• Historical & Systemic Issues in the U.S.

  • Vernelia Randall on the Dylann Roof church shooting:

    "...He picked the church that was celebrating its 193rd year anniversary... One of the co-founders... was hung, murdered by this system for supposedly organizing a slave revolt." (21:44)

• Journalism & Capitalism

  • Laura Flanders' family:

    "Claude [Flanders] loved to tell the story of interviewing Al Capone for the London Times, only to have the story never appear in print because the gangster’s views on American capitalism were so indistinguishable from Wall Street and the paper's editorial page." (20:32)

Purpose and Hope ([21:51–23:13])

• Enteen wants the book to be "of use" in confronting economic injustices:

  "If you follow the money, you find the root of the rot." (22:05)

• She shares how connections made through the book are fostering activism—e.g., fighting to preserve an African cemetery.

"Follow the Money" as Analytic Lens ([24:27–25:43])

• Across all topics (gender, class, Palestine, race, empire), financial analysis uncovers causes and consequences of injustice.
• Quote:

  "Follow the money is a bit of a mantra for me. It really explains a lot. You just keep following it and you find out what's really going on." (25:35)

Socialism, Activism, and Hope ([25:43–27:56])

• Enteen’s socialist beliefs have deepened; she points to Cuba as a model of socialist possibility.
• Younger generations now identify more with socialism—even if definitions are unclear—due to discontent with capitalism.
• Quote:

  "Of course, everybody is entitled to food, clothing and shelter. We're a civilized society." (27:13)

Notable Quotes & Memorable Moments

• On Capitalism and Crisis:

  "This is a system that goes from crisis to crisis... It's long overdue for us to ask and answer the question, can't we do better than capitalism that works this way?"
  (Wolff, 15:10)

• On Socialist Perspective and Resilience:

  "We have to believe that we can be useful. Wasn’t it Gramsci? Pessimism of the intellect, optimism of the will, we have to believe we can do it."
  (Enteen, 23:53)

• On the Power of Financial Analysis:

  "If you follow the money, you find the root of the rot."
  (Enteen, 22:05)

Timestamps for Important Segments

| Timestamp | Segment | |----------------|---------------------------------------------------------------------| | 00:10–04:40 | Roundup, science vs. profit, and corporate influence | | 04:44–08:17 | American voter alienation and economic dissatisfaction | | 08:18–11:52 | Corporal punishment bans and societal economic impact | | 11:52–15:33 | Corporate debt and Janet Yellen’s warnings about the next downturn | | 15:35–24:26 | Interview with Reeva Enteen: background, book content, activism | | 24:27–28:02 | "Follow the Money" as theory and practice, socialism today |

Tone & Style

The episode maintains Wolff's direct, candid, and critical tone, blending economic analysis with clarity and urgency. The interview with Enteen is probing yet collegial, suffused with activist optimism and a call to "be of use." Together, they blend critique, personal reflection, and a persistent demand for structural change anchored in historical insight and hope for social progress.

Summary for New Listeners

This episode of Economic Update dissects the dangers of prioritizing profit over well-being in capitalism, highlights evidence of public disenchantment with politics, and demonstrates how "following the money" reveals deep systemic causes of injustice. The show culminates in an interview with Reeva Enteen, whose new book compiles progressive interviews from the Obama era. Through dialogue and example, Wolff and Enteen urge listeners to adopt financial analysis as a critical tool for activism and to join the growing movement looking beyond capitalism for solutions.