Jacobin Radio w/ Suzi Weissman: Robert Brenner on the Economy

Jacobin Radio

Jacobin

Socialism, History, News, Left, Jacobin, Alternative, Socialist, Politics

4.7 • 1.5K Ratings

🗓️ 21 February 2018

⏱️ 50 minutes

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Summary

On this “podcast-versary” of the premiere of Jacobin Radio – one year since her first podcast, Suzi Weissman invites Robert Brenner back for another extended conversation on the state of the economy, especially given the dramatic plunges of the stock market, the wage and inflation reports, Trump tax cuts, and the proposed infrastructure plan. Robert Brenner is Professor of History at UCLA, co-editor of Catalyst, Director of the Center for Social Theory and Contemporary History (CSTCH) and author of many books including The Economics of Global Turbulence.

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Transcript

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0:00.0	Welcome to another edition of Jacobin Radio. I'm Susie Weisman. Today I've invited Robert Brenner back for
0:15.8	another extended conversation on the state of the economy, especially given the dramatic
0:20.7	plunges of the stock market, the proposed infrastructure plan, the
0:24.9	inflation report, the budget, and all the rest. Robert Brenner is a professor
0:30.7	emeritus of history at UCLA. He's also the director for the Center for Social Theory and Comparative History or Sistich and the author of many books including the Economics of global turbulence the boom and the bubble the
0:45.0	Brenner debate and merchants and revolution and he is also co-editor of
0:50.0	catalyst a new journal of theory and strategy now just finishing its first year.
0:56.0	Well, U.S. inflation rose faster than expected in January.
1:01.0	Stoking fears that interest rates will accelerate this year and that
1:05.9	consumer price index measure of inflation grew by 0.5% against economists
1:11.4	forecasts of a 0.3 percent rise. It sounds kind of small,
1:15.2	but this is the kind of thing that triggers all sorts of turmoil. Earlier this
1:20.9	month a report showed that accelerating U.S. wage growth raised concerns that the U.S. Federal Reserve will have to raise interest rates earlier than previously thought.
1:30.0	And the report on wages triggered days of turmoil on the financial markets with two gigantic plunges and continued drops and rises.
1:37.5	The U.S. Bureau of Labor Statistics said there had been inflation across a number of areas including gasoline clothing
1:44.6	medical care and food so some investors are worried that this could
1:47.7	pour fuel on the fire of last week's market sell-off so when we back, we'll take each of these in turn,
1:54.2	beginning with the stock market plunges. Welcome back to
2:06.8	to Jackovin Radio. I'm Susie Wiseman with Robert Brenner.
2:09.8	Well, starting on the 2nd of February, the S&P 500 suddenly plunged from its all-time high of 2873,
2:17.4	which was registered on the 26th of January, to 2619 at the close of Friday the 9th of February. This is what they call a formal
2:26.8	correction when stocks fall by 10% or more. The ostensible reason for the
	...

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