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Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic dimensions of our lives, debts, incomes, jobs, and those facing our children coming down the road. I'm your host, Rich Richard Wolff. I want to jump in today with a story that I imagine some of you came across, but it certainly stopped me in my tracks. It turns out that a few days ago, a police officer patrolling in the subway of Los Angeles came upon a homeless woman. And this homeless woman, seeing the police officer, began to sing. Let me introduce you to her. She's 52 years old, has been homeless for three years, and she has a name, Emily Zamurka. What she began to sing was so entrancing. It was namely, an aria from Puccini's opera, which, since I'm a bit of an opera fan myself, I can tell you was sung in the manner of a professionally trained opera singer. The police officer was also touched. He whipped out his camera, took a picture, made a video, and the police department in Los Angeles circulated it. And it has gone around the world more times than I can mention to you. Here's what the story meant to me. Everybody in this world has something to contribute. Many people have a lot to contribute, but they are affected by the way this society works. So that rather than being in a position to share the talents, the passions, the things they've learned with others, enriching all of our lives, they are instead forced in this society to live as Emily Zamorca has, pulling along a cart with her belongings in a subway tunnel, waiting for a kind policeman to make her known. She has since gotten offers to help. Here's what it means. We have a problem of homelessness. Millions. Let me underscore that millions of Americans during any given year find themselves home homeless, without a place to live, with all of the support, to security, to safety that goes with it. And we either tend to ignore it, that is, it becomes routine, so we literally don't see those folks hiding in the doorways or in the subway tunnels, or we come up with detailed excuses or maybe even detailed plans to adjust this law or that regulation. And I want to call a stop to that, because this is not a complex problem. Every society that has ever existed has had to take care of one of the most fundamental problems any society faces, namely housing for the people who live in it. Any economy can be and should be judged by how well it solves that problem. You know, it's like the problem of feeding your people or clothing them, housing them. So in a society in which markets are the dominant institution. Let's take a look at how we're doing. The way to solve the problem of housing in a market society is to create, on the one hand, enough purchasing power in the hands of the people who need housing and a price system for the houses that get built so that we put these two together in a proper way. We get the houses built so that the people can then live in them, either paying rent or buying the home. We have failed as an economic system, or to be more precise, capitalism isn't doing the job. It doesn't give the mass of people enough money to afford the houses at the prices that capitalists who build houses pay charge for them. Hence the disconnect, meaning that millions of people live without a home. Millions of others, many more. Millions live spending much more on their monthly housing expense than the 20 to 30% that is deemed to be appropriate and livable. That's what the story of Emily Zamurka teaches us. And we all lose out, not only because our fellow citizens have no place to live, but because of all that they could give us and make our lives better is lost to us because of what homelessness or paying more for your home than you ought to does to us. My second story has to do with Gretagretta Thunberg, I believe is how you pronounce her name. The young woman who came to the United States to talk about climate change having become something of a celebrated person over in Europe. I'm not going to repeat the stories of her. Most of you have seen those and know that she demands attention to climate change in the name of her generation that's going to have to live with the climate we leave to them. I just wanted to comment on the reactions of Mr. Trump on the one hand and Mr. Putin on the other. Mr. Trump was concerned that a young woman of her tender age, 16, should be traveling the ocean all by herself. The Mr. Trump who puts immigrant children in cages was really concerned about the safety and well being of that young woman. Sure. He also referred to her as an actress. Mr. Trump, being very good at that particular profession, noticed it in Ms. Thunberg. Mr. Putin went even further. He said he found her to be unrealistic. I thought that was charming. Mr. Putin is the heir of a revolution in 1917 that found Russia at the time to be unrealistic and made a lot of demands which were called unrealistic until the government was overthrown. And those unrealistic people made the Russia that Mr. Putin now leads. It's always true that the people fighting for basic change are denounced as unrealistic, just as Mr. Putin did, who told us that the problems of the climate are very complicated, very helpful. Mr. Putin. We thought they were simple. And now you're going to use that as an excuse to continue doing as little about them as the people in charge around the world have in fact been. Next item on my list has to do with Mr. Trump's trade war with China. And here are a couple of aspects of it that you may not have picked up on. The Europeans have been advising the Chinese and the Americans to work out their differences rather than to have a trade war. But their comments to that effect are vague and weak. And I want you to understand why. And the answer is the Europeans benefit from it. That's right. They benefit when China cannot sell its goods in the United States because Mr. Trump puts a tariff on them, they move and sell them to Europe. When Europe finds that the dealing with the United States is becoming difficult, which I'm going to get to in a moment, they will shift to China. Many of the costs that are being borne by the American people who have to pay those tariffs and lose those opportunities to sell in China because of China's tariffs, are suffering the Americans. But the Europeans are picking up that business and they're making sure that they won't lose it when the trade war is over. And you can see the difference when just recently the World Trade Organization found that Europe had unfairly subsidized the Airbus. The Airbus is Europe's competitor to the Boeing company here in the United States. And the World Trade Organization found that the European governments had unfairly subsidized a competitor of Boeing, namely Airbus. So Mr. Trump immediately imposed tariffs on on the Europeans as a punishment for their behavior, something, by the way, not required by the World Trade organization law, something Mr. Trump used as an excuse. So now airplanes from Europe coming here, Airbus airplanes, will have to pay a tariff, making them more expensive. And that will increase your cost to ride on an airplane in the United States. As everybody in the business takes advantage of of this situation, it likewise means the Europeans will retaliate. And so the French and Italian wines you may have been interested in or the cheeses you may have been interested in and so on will also cost you more money as the importer has to pay those tariffs. The Europeans are very upset by all of this and threaten to impose retaliatory tariffs. And they will likely have the chance because in the spring of this coming year, the World Trade Organization will rule on the European claim that the American government has unfairly subsidized Boeing. Just watch. We live in a strange society where the big capitalists in the airplane business lobby, their friends, the politicians lying and case studies and lawyers figuring out how to work out their arrangements, and our job is to watch, shut up and pay. That's a system you and I live in. My next update has to do with the Sackler family, the people who own and operate Purdue Pharmaceuticals and who are on the hook these days for having funded and produced the opioids that have killed so many people, hundreds of thousands in the United States. Turns out, with new research being done and lawsuits being filed, that the Sackler family, to cover what they were doing, gave a good bit of money to lots of museums and universities, in particular Imperial College in London, Sussex University in uk, Yale University here in the United States, and the Rockefeller University in New York City. Some of these recipients got caught and have returned some of the money. Most haven't done so. And it leads one to the question, not only was the money given to clean the reputation, that's fairly clear. But was the money effective in delaying the exposures, leaving so many more to die? That would be the question that ought to be asked, but that hasn't been. My last update for today is about Sports Illustrated magazine. It used to be part of the Time magazine empire, and many of you who are familiar with that journal know that it became a major journal for people interested in sports for many years. Time magazine, having financial difficulties, then began to shop it around two or three other organizations bought it and then sold it. And in the first week of October, a new buyer came in, bought it and immediately fired most of the journalists, or at least many of them, rearranging the magazine. And I wanted just to comment on it. Here is a magazine important to millions of Americans. Here is a magazine that provides income and jobs to a bevy of some of the finest sports journalists in the business. And here comes a capitalist with money. And guess who decides whether the magazine lives or falls? Who decides what's in it? Who decides who keeps the job? The capitalist who buys the business for the rest of us. We live with whatever they the customer, the worker, excluded from what happens to something that is important in their lives as consumers and even more important except in their lives as an employer, not the way a system that calls itself democratic could ever work. And the problem isn't the particulars in Sports Illustrated. It's just a wonderful example of who calls the shots in a capitalist system and who lives with the results without having any options at all. Well, we've come to the end of the first half of the of today's Economic Update. We'd like to thank, as we do, our Patreon community for the extraordinary support they provide. We ask you also to check our website and also to follow us on social media and in particular Facebook, Twitter and Instagram. But before signing off, I also want to remind many of you we have produced here at Democracy at Work, the producer of this program, our first book. We hope it will be one of a series to come out. It's called Understanding Marxism and was written by myself in order to respond to the many questions that come to us about Marxism, what it is and what its relevance might be to the issues and problems facing the world today. And Lord knows with the capitalist system that works the way we describe. Is time overdue for this kind of a book to be written? If you haven't had a chance to get a copy, please, you'll see the information. Lulu.com is the publisher. Understanding Marxism is the title. I'm the author. It's something we think you will benefit from checking out. Stay with us. We will be right back. Welcome back, friends, to the second half of today's ECONOMIC update. Before we get into a remarkable interview for today, I wanted to let you know that Economic Update is supported by the New School in New York City, where I myself am a visiting professor of international affairs. The New School offers master's degree programs in international affairs that are rooted in progressive, interdisciplinary scholarship. They prepare engaged global citizens to build a more just and sustainable world. The New School students focus on challenges such as the rise of authoritarian regimes, refugee crisis, jobless youth and climate change. Students have unique learning opportunities at the United nations and at field locations around the world. My guest today is Ben Burgess. He's the author of a relatively new book called Give Them an Logic for the Left. He's a regular weekly contributor to Jacobin Magazine and he does a weekly segment called the Debunk on the Michael Brooks Show. He teaches logic and other philosophy classes at Georgia State University in Atlanta at its Perimeter College. So welcome, Ben. Thank you for coming and joining us.