Podcast Summary: Economic Update with Richard D. Wolff

Episode: Progressive Social Media Surges in Canada
Date: October 15, 2020
Guest: Lance (The Serfs)
Host: Richard D. Wolff

Episode Overview

This episode of Economic Update explores major economic developments amidst the COVID-19 pandemic, such as housing insecurity and unemployment, with a particular focus on the failures of profit-driven systems to address crises. The second half features an in-depth interview with Lance, co-host of the Canadian leftist media channel The Serfs, discussing the surge of progressive voices on social media, the differences in pandemic response between the U.S. and Canada, and the evolving political consciousness online.

Key Discussion Points & Insights

1. The Global Housing and Eviction Crisis

• Eviction as a Pandemic Threat:
  • Up to 150 million people globally, including millions in the U.S., are facing imminent eviction ([00:10]).
  • "Eviction amounts to a death sentence for people... you need a place to live" ([00:36], Wolff).
• Capitalism and Housing Instability:
  • Evictions are profit-driven: landlords remove tenants who cannot pay to seek new paying tenants ([01:10]).
  • Critique of the profit motive in essential needs like housing ([01:53]).
• Solutions: Short-Term & Long-Term:
  • Short term: Government pays rents to stabilize both landlords and tenants ([02:15]).
  • Long term: Public housing ownership, so profit doesn’t dictate eviction ([02:45]).
  • Public ownership could also mean employing the unemployed in housing maintenance ([03:15]).

2. Unemployment Realities in the United States

• Definitions and Numbers:
  • Over 25 million Americans are receiving unemployment benefits; peak during pandemic at 30 million ([04:00]).
  • The experience is one of deep uncertainty and insecurity ([04:23]).
• Systemic Critique:
  • Unemployment is fundamentally a byproduct of capitalist profit motives: workers lose jobs when it is most profitable for employers to fire them ([05:09]).
  • The burden of unemployment is shifted from private employers to public taxpayers ([05:40]).
• Alternative Public Response:
  • Wolff advocates for direct public hiring (à la the New Deal in the 1930s) over mere unemployment assistance ([06:25]):
    • "They would rather be working and earning an income. And that would be better for all of us because then the money we pay these unemployed people is offset by what they produce..." ([06:36], Wolff).
  • Private sector lobby keeps government from hiring, fearing public sector competition ([07:00]).
  • Notable quote:

    "The arrogance and the inefficiency of this mind blowing." ([07:40], Wolff)

3. International Dynamics: The Nord Stream 2 Pipeline

• Geopolitical Realignment:
  • Denmark approved the Russian-German Nord Stream 2 pipeline despite U.S. pressure ([07:50]).
  • Europe is asserting its independence from U.S. influence, deepening ties with Russia and China ([09:00]).
  • Quote:

    "Dependency is a two way street... in that kind of mutual dependency is greater security than the option offered to us by the United States." ([09:40], Wolff)

4. China’s COVID Response and Economic Recovery

• Comparison with U.S. Response:
  • China resumed domestic travel and holiday celebrations (500 million traveling) due to successful pandemic control ([10:45]).
  • Chinese COVID-19 death toll at 5,000 compared to 215,000 in U.S., despite China’s much larger population ([11:25]).
  • Chinese economy is growing (~2%), U.S. economy is shrinking ([12:10]).
  • Quote:

    "That's why China went from one of the poorest countries in the world to the global economic superpower it is today..." ([12:40], Wolff)

• Socialism Stereotypes:
  • Wolff counters the negative U.S. narrative equating socialism solely with Venezuela, urging consideration of China’s model ([13:00]).

Featured Interview: Lance (The Serfs)

Segment Start: [16:08]

Background of The Serfs

• Origins & Growth:

  • The Serfs started as a university project; survived a yearlong YouTube ban before regaining access following pressure from supporters ([16:08]).
  • "I have the official apology letter... They said we terminated your channel in mistake." ([16:08], Lance)

• Focus and Mission:

  • Described as “systemically critical of modern capitalism” ([16:53]).
  • The show analyzes right-wing reactionary figures and rhetoric, seeking to understand and counter their popularity ([17:01]).

BreadTube, Algorithm, and the Rise of the Online Left

• Platform Reach:

  • Two YouTube channels: One for longform, BreadTube-type content (~50,000 subscribers), and one for daily deep dives and reactionary takedowns ([17:52]).
  • Largest Canadian political stream on Twitch ([18:33]).
  • Growth attributed to networked solidarity within the online left (e.g., Majority Report, HBomberguy) and the "Streisand effect" of censorship ([18:38]).
  • Memorable moment:

    "We’re humbled by that. I definitely don't think that it's by virtue of... a meritocratic system... it's been by virtue in large part of a lot of people helping us along the way." ([18:33], Lance)

• Shift in YouTube Dynamics:

  • The right-wing previously dominated due to YouTube algorithms rewarding long, high-engagement content about culture wars ([19:51]).
  • Notable rise in leftist channels like ContraPoints and Philosophy Tube.
  • The Bernie Sanders movement played a major role in awakening a new political consciousness online ([22:15]).
  • Quote:

    "There's now a very decided rise of the left on a lot of these social media platforms." ([22:20], Lance)

Canadian vs. U.S. COVID Response

• Program Differences:

  • Canada provided CERB—a federal $2,000/month emergency benefit—with additional provincial top-ups in some cases ([23:08]).
  • Example: In British Columbia, eligible recipients could receive an extra $1,000 in one month ([24:32]).
  • Rent freezes were more common in Canada, versus U.S. policies that only deferred rent as added debt ([24:58]).
  • "It's very hard for me to posture in my show and talk about, well, things are a bit bad in Canada when I have to reflect every day upon American news..." ([25:04], Lance)

• Audience Awareness & Attitudes:

  • Canadians are acutely aware of the harsher capitalist policies and lack of support in the U.S. ([25:04-25:36]).
  • Quote:

    "[In the U.S.] there was a $1,000 check, wasn't there a $1,200 check one time and that was it, is my understanding." ([25:25], Lance)

  • Wolff notes U.S. “rent suspension” policies increased tenant debt ([25:36]).

Canadian Views on U.S. Politics

• Trump’s Unpopularity:
  • "Recent polls were showing somewhere upwards of 83% of Canadians disapprove or dislike Donald Trump... Even Alberta was ranking at 63% disapproval." ([26:44], Lance)
  • Canada, like the rest of the world, deeply invested in U.S. elections due to American global hegemony ([26:44]).
• Elections and Voting Systems:
  • Comparison of Canadian and U.S. voting processes: Canadian elections are quick, mail-in voting is universal, lines are short ([27:40]).
  • Memorable moment:

    "In America you have to spend an entire day, like, what is it, nine hours sometimes, in order to vote." ([27:51], Lance)

Notable Quotes & Memorable Moments

• On Housing Security:

  "Eviction amounts to a death sentence for people. This is not a time to do evictions... The virus doesn’t kill as many as the capitalist system does when it is plagued by a virus." ([00:36], Wolff)

• On Government & Unemployment:

  "The public that pays unemployed people...could do something that those workers would much prefer. Hire them, pay them, have them do something useful." ([06:25], Wolff)

• On Social Media and The Left:

  “There's now a very decided rise of the left on a lot of these social media platforms.” ([22:20], Lance)

• On Canadian vs. U.S. COVID Policy:

  "It's very hard for me to posture in my show and talk about, well, things are a bit bad in Canada when I have to reflect every day upon American news..." ([25:04], Lance)

• On U.S. Election Process:

  "The other unusual thing for me is to see that in America you have to spend an entire day, like, what is it, nine hours sometimes, in order to vote." ([27:51], Lance)

Important Segment Timestamps

• [00:10] Opening – Introduction and eviction crisis
• [03:00] Public vs. private solutions for housing and unemployment
• [07:50] Denmark, Nord Stream 2, and shifting U.S./Europe relations
• [10:45] China’s pandemic response; economic comparisons
• [16:08] Interview with Lance (The Serfs) begins
• [19:51] The algorithm and right-wing YouTube dominance
• [23:08] Socialism in Canada; COVID relief differences
• [25:04] U.S. vs. Canadian pandemic response
• [26:44] Canadian views on Trump and U.S. elections
• [27:40] Elections and democracy: U.S. vs. Canada

Conclusion

This episode delivers incisive economic critique and contrasts profit-driven and public approaches to pressing social issues, especially apparent in the pandemic. The conversation with Lance highlights the rise of progressive online movements in Canada and the clear differences in government response compared to the U.S. The cross-border dialogue amplifies both hope for new grassroots media and the need for systemic change.