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Economist Richard Wolff: Sanctions Against Russia, Inflation

European countries, as well as the United States, continue to be imperiled by an economic crisis following the imposition of sanctions on Russia. The policy has backfired spectacularly and has had worse economic ramifications on those levying the sanctions, than those being sanctioned. In this week’s episode, Lowkey speaks to respected U.S. economist Dr. Richard Wolff, discussing the links between the war in Ukraine, inflation, and the class war at home.

Before exploring the people’s definition of inflation, Dr. Wolff contextualizes the economic crisis currently unfolding across the West.

In the conversation, Lowkey and Dr. Richard Wolff expose ways economic policy can be a code term for class war. They delve into the way the cost of enmity towards Russia is being placed on the shoulders of the working class in the West, which recently experienced one of the worst crashes of capitalism in its history, what Dr. Wolff called, “the 2020 – 2021 crash, one of the worst public health disasters in modern history, a terrible inflation on top of that…”

Lowkey then questions Dr. Wolff on the threat to the primacy of the dollar posed by pushing billions of people in Russia, China, and India into trading with each other in currencies other than the dollar.

He asked Dr. Wolff, why is it that the political leaders across Europe and the US might have carried out such an act of economic self-harm.

According to Dr. Richard Wolff:

Maybe we have desperate politicians who have linked their careers to this war in Ukraine…therefore they are willing to spend to the last dollar of their peoples taxes to hold onto a situation that is spinning badly out of control”.

They conclude that this war has hastened the inevitable rise of China as the world’s economic powerhouse.

Want to hear more about this issue? Join Lowkey and Dr. Richard Wolff today for a critically important discussion. Keep updated for many more interesting topics to be discussed by subscribing on YouTube or your favorite podcast platform.

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