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Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic dimensions of our lives and those of our children. I'm your host, Richard Wolff. Today's program starts with a discussion of three enormous strikes. Nurses and teachers from the east coast to the west coast and in the middle. And then it goes on to talk about the Munich Security Conference that happened in the middle of February in that part of Germany. Very important lessons from both of those phenomena. And in the second half, we'll be interviewing a psychotherapist in New York City about the Epstein case and what she calls the Epstein class of people and the issues raised, in her judgment, about our country and our culture by what we are witnessing and experiencing, at least at one remove. Before we jump into this important set of topics, I want to remind you that we are in the Left Education Forum, the Left Education Project. We have a spring lineup of courses and classes that we're offering, and they begin on Monday, March 2nd, and this week. You can find a variety of special registration promotions and discounted tuition offers when you go to www. Leftforum.org LepForLeft education project. And if you click on special promotions there, that will be what you can choose among. Here's an opportunity to learn directly from seasoned professionals, mostly university professors. You will see that one of the courses I am a teacher in and I will be meeting together with my colleague from the university, Bucknell University, Shahram Azer. But there are other courses as well on class analysis, on all kinds of issues. We are building up this education project and we think it'll be a unique opportunity to interact with professors around these topics that are explained there@LeftForum.org F Excuse me, Lep of course. If you'd like to support us, please visit our substack community, our Patreon Community. Democracy at work is the universal way to get at those places. There's all kinds of special material there. And of course, please click on the like button and subscribe to our list. It's a way for partnering between you and us to extend our reach as a program and as a body of material. Okay, let me begin with the big strikes on the East Coast. The New York City nurses at major hospitals in New York city. How many? 15,000 nurses striking three major hospitals, Montefiore, the Mount Sinai and the New York Presbyterian. Two of those strikes have now ended with tentative agreements supported by the nurses. One has not. The nurses rejected the tentative agreement and demanding more from the Presbyterian Hospital. Then there is the San Francisco teachers strike that has 50,000 students affected by walkouts at 120 schools. And finally, also in California, Kaiser Permanente, which is a hospital, a chain, and insurance, very comprehensive there in California. And they have a strike that has involved 31,000 of their employees. Okay, what's going on? You put all this together, you're talking 50,000 or more people on strike. And these are not the only strikes in the United States, but they're big ones and they have something in common. I, I want to make sure everybody understands we are in for a crunch time. Inflation has eroded the purchasing power. That's why everybody is talking about affordability these days. Even the president of this country who tried to make it all go away as yet another one of those hoaxes that he Isthe word he uses when he has an inconvenient truth to confront. Well, we have a problem. And it's not just about nursing or just about teaching or any of the other striking professions and striking workplaces. It's because there's a decline going on. The American empire is in decline. American capitalism is in decline. We can't control the world the way we imagined we once could. We can't even do it the way we actually did for many of the last 75 years. And we have a serious economic competitor for the first time in a century. That's right, China and the brics alliance that China has built. And so the American economy is being squeezed. The capitalists who built the empire have lost it. The capitalists who built up American prosperity have also frittered it away as it is being eaten up by competitors who can produce what we want. Either better quality or a cheaper price or an increasing number of cases, both. But you know, when an empire loses, when it shrinks, as every empire has, it peaks and then it declines, pulling down the economic well being of the people who cashed in on the empire when it was strong. When that downturn happens, the people who are rich and powerful want to hold on, as we all do, to the wealth and power we may have accumulated in our lives. But the people at the top are in a good position to do it. Whereas those of us in the middle and the bottom, we're not as well positioned. We don't have the big cushion of the stock portfolio or the land or the, you know the story. And so the people at the top, facing a decline, whether they admit it or not, offload the costs of decline onto the middle and lower classes below them. So suddenly the rich people who sit on the board of the hospital don't want to pay the nurses to have their own decent health care. A major issue in the nurses strike both east and West. And the people who sit on the school board, the rich of the community, typically, they don't want to pay the teachers either. The people at the top are becoming hard nosed and bitter and they want everyone else to suffer, just not them. And that's why unions are fighting back. That's why teachers and nurses and everybody else are beginning to push and press because they understand, even if they don't get the reasons for it, that they're being squeezed. The price of coffee, the price of beef, the price of eggs, the rent you pay, you're being squeezed. And don't think it's casual or particular to this industry or that company. This is a social problem. And I remind you of what my father taught me. You don't solve social problems with individual actions. To solve a social problem, you need a social movement. Let me turn next to the Munich Security Conference. Well, every year since 1963, that's a long time, there's been an annual conference around this time in the southern German city of Munich. This is the 62nd, if I have my numbers right, could be the 63rd annual conference. And it brings together the leaders of Europe and North America and some others to talk about security. And most of the time it's been a celebration of the long solid alliance between Europe and the United States, at least Western Europe and the United States, mutual assurance of security. America protects Europe, Europe protects America, and thereby each of them protects both of them. But not this time, and that's why I'm talking to you. This time we had almost the exact opposite. Even the name of the conference, the title used the word the Deconstruction of Mutual Security. Not the construction, not the building up, not the strengthening, not the endorsement, no, no, the opposite. We had Americans this time, Mr. Rubio, but in previous years, Mr. Vance, or presidents have also done it. But now we had Mr. Rubio explaining why the United States doesn't need or doesn't want security from Europe. It wants them to go on their own, to pay for their own security rather than relying on the United States to give them protection. You know, at the end of World War II, with NATO and all of that, the United States cut a deal with Europe. And here was the the United States, which came out of World War II, the most powerful country in the world, the most powerful economically, politically, militarily, you name it, we dropped the atomic bomb on Japan. No one else did anything like that. We were the Kings. So we said to the Europeans, we need to have protection. You're in trouble. First of all, you're right near the Soviet Union, and who knows what they might do? But more important, although not discussed quite the same way, European countries were afraid of the socialist, communist and labor unions in their own countries. For those of you whose history isn't so strong, in the first government after the war was over by the great president of France, General Charles de Gaulle, several members of his cabinet had to be members and leaders of. Of the French Communist Party. That's how strong Communist parties were. And not just in France, all over Europe, particularly in places like Italy and Spain and Greece. And I could go on. And the United States was very worried because they were allied with the Soviet Union and the European Union. Capitalists were terrified. They had the Russia next door, and they had their own Communist parties, stronger than those parties had ever been in European history. So the United States said, we'll send in our CIA, we'll send in our military. We'll put military bases in your countries so that we can help you keep down the communists and the socialists. It worked pretty well. And Europe was so grateful that the capitalists there could build up after World War II, a war blamed on them and could save their politics and their society and their position from their own socialists and communists that they gave the United States lots of benefits. Your currency, the dollar, can rule the world, not ours. You can be the great dictator. We will rely on you. We will be loyal supporters of yours because you've really helped us. Well, not in this conference. The Europeans got up and they did an interesting number. They blame Mr. Trump. You're blowing up the alliance. You're betraying us. We got the terrible Russia. Well, Russia isn't communist anymore, isn't the threat it ever was, and there are no powerful communist parties in your country. The situation's completely different. Mr. Rubio is quite right. But the thieves have fallen out. The United States and Europe are now headed in different directions. Their alliance is over, and much is going to change in the months and years ahead because of it. We've come to the end of the first half of today's show. Stay with us. The interview about the Epstein class is coming right up. Before we jump into the second half of today's show, I wanted to thank you for your very generous response to our fundraising efforts this year and in particular in the last couple of months. And in part responding to that, we are extending the availability of our limited edition linen covered hardcover version of Understanding Capitalism. The book I wrote and that we have been making available now for quite a while. If you are interested, I will be signing copies of that hardcover and they will be available to you as they have been over the last few weeks. Just simply send an email to us@infodemocracyatwork.info and put in the subject line limited edition. We will send you all the information you need to order and receive your copy, signed copy of Understanding Capitalism in its hardback. And thank you again for your kind attention to the fundraising dimension of what we do. Welcome back, friends, to the second half of today's economic update. I am very glad to bring back to our microphones and our cameras, Tess Fraad Wolf. She's a New York City psychotherapist in private practice. She's been working with individuals and couples for the last 15 years. And yes, she also happens to be my daughter. And I am a very proud father. So let's begin. I want to ask you right off the bat what, and I know you've been thinking about it and we've been talking about it. What for you is the kind of key significance for our time of the whole Epstein scandal that has been unfolding for years now, but is obviously at a kind of crescendo as we're talking.
