If you thought the Mayan calendar’s prediction of Earth ending in a fiery flame in 2012 was scary, you haven’t listened to America’s preeminent Marxist economist, Richard Wolff.
As detailed in Adam Davidson’s great article in the New York Times, It Is Safe to Resume Ignoring the Prophets of Doom … Right?, Wolff, a former economics professor at the University of Massachusetts, Amherst, accurately predicted the housing bubble and the larger economic meltdown it created.
Now Wolff is questioning the integrity of the entire capitalistic system.
Says Davidson: “For nearly a decade, it turns out, the most accurate forecasts have come from the fringe. So it’s upsetting to learn that many of those same Cassandras now believe, for different reasons, that we are on the brink of another catastrophe that may be far worse. Wolff, the Marxist, fears that China may be entering a significant slowdown, which, combined with Europe’s all-but-inevitable recession, could send the world into an economic tailspin.”
On FORA.tv, Wolff talks about the latest chapter in his economic tragedy: Greece.