Economic Update with Richard D. Wolff

Episode: Native Americans and American Socialists

Date: September 30, 2021

Episode Overview

This episode of Economic Update explores the intersections of Native American stewardship, socialist traditions, and contemporary efforts to restructure the economy at a local level. Host Richard D. Wolff discusses pressing economic topics—from supply chains to inflation—before welcoming guests Michelle Vassell, tribal administrator of the Wiyot tribe, and David Cobb, co-coordinator of the US Solidarity Economy Network and Executive Director of Cooperation Humboldt. The conversation centers on the unique collaboration between Native communities and local socialists to build community-based alternatives rooted in cooperation, ecological stewardship, and indigenous knowledge.

Key Discussion Points & Insights

Global Supply Chains & Just-In-Time Production

[00:10–03:14]

• Global Supply Chains: Professor Wolff explains the shift from local to global sourcing, driven solely by corporate profit maximization. This dependence on distant suppliers leaves companies vulnerable to unforeseen disruptions (e.g., pandemics, extreme weather).
• Just-In-Time Production: The move to minimize inventory for cost savings reduces flexibility, making systems fragile to unexpected shocks.
  • "Profit driven capitalism makes loads and loads of misjudgments and mistakes." (Wolff, [03:00])
• Example: The Suez Canal blockage is offered as a result of underinvestment in infrastructure due to profit-seeking motives.

International Comparison—Student Debt

[03:14–09:31]

• Global Contrast: Many countries (Norway, Germany, France, Finland, etc.) offer free or nearly free higher education, justified as a public good—contrasted with the heavy indebtedness faced by students in the US and UK.
  • "One in four adults has student debt." (Wolff, [08:09])
• Average US Student Debt (2016): $37,000 per borrower; $400/month average repayment.
  • "You're making college impossible." (Wolff, [08:56])
• Wolff criticizes the ideology of privatized education and points to the societal costs of this system.

Inflation and Monetary Policy

[09:31–13:29]

• Price Increases: Food (3%), clothing (4%), and rent (7.5%) increased over the past year, outpacing wage gains—resulting in a net loss for most workers.
• Federal Reserve Policies: The Fed’s monetary easing benefited the wealthiest, driving up asset prices and increasing inequality.
  • "This policy of boosting the stock market helps the top 10%. In a word, it makes inequality greater than it was before." (Wolff, [11:26])
• The inflation rate threatens gains from movements like the $15 minimum wage campaign.

US Crime Trends & Media Narratives

[13:29–16:39]

• Violent Crime: Has dropped roughly 50% from 1992 to 2014—even as gun sales increased due to fearmongering.
  • "No, you needed guns for defense less year by year as [violent crime] fell by 50%." (Wolff, [15:28])
• Wolff questions police violence in light of these trends.

Main Interview: Native Americans and American Socialists

Introducing the Guests

[16:39–17:44]

• Michelle Vassell: Tribal administrator and “CEO” of the Wiyot tribe, involved in land restoration and sacred site protection.
• David Cobb: Co-coordinator, US Solidarity Economy Network and Executive Director, Cooperation Humboldt; former Green Party presidential candidate.

Origins & Nature of the Wiyot–Cooperation Humboldt Collaboration

[16:39–19:21]

• Food Sovereignty: Initial partnership focused on ensuring food justice and access in the community.
• Tuluat Island Restoration: Cooperation Humboldt supported the Wiyot's struggle to recover Tuluat (Indian) Island, a sacred site, from local authorities.
• Honor Tax: Voluntary contributions from locals to the tribe, facilitated by advocacy and awareness campaigns.
• COVID-19 Mutual Aid: Joint efforts addressing crucial community needs—including making hand sanitizer together during shortages—deepened trust and mutual support.
  • "We were just pulling whatever resources we had and doing what we could to try to work safely in our community." (Vassell, [18:58])

Inspiration from Cooperation Jackson

[19:21–22:07]

• Roots of the Movement: Cobb credits Kali Akuno and the Jackson Kush Plan for informing a practical, place-based approach: assess local material conditions, community needs, and engage both workplace and political democracy.
  • "Meet people's material needs where they live, work, play and pray and meet those needs in a cooperative fashion." (Cobb, [21:01])
• Engagement with Indigenous Leadership: Acknowledges Wiyot knowledge of stewardship as foundational.

Community Response & Social Change

[22:07–24:46]

• Local Relationships: Michelle Vassell outlines decades of bridge-building, notably annual vigils that fostered solidarity between Native and non-Native residents.
  • "It took 150 years, basically... Those were held every year on Woodley island... It was there when we really built a real relationship in this community." (Vassell, [23:21])
• Collaboration Deepens: Environmental restoration on Tuluat further strengthened these ties.

Vision for Economic Transformation

[24:46–27:23]

• Restorative Economics: David Cobb articulates a future rooted in “regenerative economics”—public banking, worker co-ops, participatory budgeting, universal basic income.
  • "We're going to prove that it's possible to meet everybody's needs without exploiting or oppressing anyone. It can be done in an ecologically sustainable way. And that means it has to be done cooperatively and collectively, which, by the way, is how indigenous people have done it since time immemorial." (Cobb, [26:41])
• Rejecting Extractive Paradigms: Highlights how historic exploitation (timber, fishing) disrupted natural balance; restoring indigenous stewardship is key.

Wolff’s Reflections and Closing Thoughts

[27:23–28:50]

• True Conservatism: Wolff notes the irony that indigenous-socialist collaboration embodies true conservatism—conserving what capitalism disrupted.
  • "You are the true conservatives ... you want to conserve something that capitalism interrupted, that capitalism undid. And you're not afraid to say that." (Wolff, [27:29])
• Inspiration: Expresses hope that these efforts can inspire broader movements for change across the country.

Notable Quotes & Memorable Moments

• On Supply Chains:
  "The profit drive of capitalism is not the efficiency mechanism its defenders want you to believe—it is inefficient." — Richard D. Wolff [03:00]
• On Global Education Models:
  "These are countries that range from quite wealthy to quite poor. They provide free education right through undergraduate and graduate education." — Richard D. Wolff [04:51]
• On Economic Collaboration:
  "Our relationship is based on a genuine understanding of true mutual support and need. We're only going to survive if we work together." — David Cobb [21:55]
• On Community-Building:
  "Those were held every year on Woodley island... It was there when we really built a real relationship in this community." — Michelle Vassell [23:21]
• On Economic Vision:
  "Regenerative economics... It is public banking. It is worker owned cooperatives, it is participatory budgeting. It is universal basic income... It can be done in an ecologically sustainable way." — David Cobb [26:26]
• On Conserving Indigenous Practices:
  "You are the true conservatives ... you want to conserve something that capitalism interrupted, that capitalism undid." — Richard D. Wolff [27:29]

Important Timestamps

• Global Supply Chains and Capitalism’s Flaws: 00:10–03:14
• Student Debt International Comparison: 03:14–09:31
• Inflation, Monetary Policy, and Inequality: 09:31–13:29
• Crime Data vs. Public Narrative: 13:29–16:39
• Introduction of Michelle Vassell & David Cobb: 16:39–17:44
• Wiyot–Cooperation Humboldt Partnership Origins & Actions: 17:44–19:21
• Strategic Inspiration from Cooperation Jackson: 19:21–22:07
• Community Response and Deepening Ties: 22:07–24:46
• Vision: Regenerative Economics & Indigenous Traditions: 24:46–27:23
• Wolff’s Reflections & Takeaways: 27:23–28:50

Tone

Professor Wolff’s tone throughout is urgent, critical, and hopeful, blending sharp critiques of capitalist inefficiencies and injustices with admiration and optimism about radical, local, and indigenous-led collaborations. Guests speak with grounded sincerity, pride, and compassionate resolve, emphasizing the slow, relational work of building solidarity and a future based on justice and sustainability.