The Economics of a Dying Empire (w/ Richard Wolff) | The Chris Hedges Report

“These are levels of craziness that are part of the decline I suspect of all empires when they consume themselves,” Professor Richard Wolff says of America’s current situation in the outset of Donald Trump’s second term. He joins host Chris Hedges on this episode of The Chris Hedges Report to discuss the history and rationale behind the decisions made by Trump and how it relates to the decline of the US empire.

From tariffs to deregulation, Wolff says it is all erratic, uncoordinated and unpredictable, which are tangible signs of America’s decay. “You cannot tell people what a tariff will do. The reason is a tariff sets off a whole series of reactions. You can't know them in advance. [People and governments] will all respond, but how they do it, it's like knowing in advance the chess move: you have some probabilities, maybe, but you never know,” Wolff tells Hedges.

 

Wolff explains how historic economic suffering has led to the protections and regulations Trump is now dismantling.

China and the expanding BRICS bloc also represent a growing challenge to U.S. global hegemony—a strategic shift that has significantly influenced the Trump administration’s policies and reflects today’s unique geopolitical tensions. Wolff says, “The United States is different now from what it has been for a century, because we really have an economic competitor.”