* Economic crises (recessions, depressions) would continue, and becone worse over time (example: subprime crisis of 2008)

* profitability rates would go down over time

* wealth would concentrate more over time

* middle class would be slowly shrunk - say, doctor's losing their own offices and made to see people in 15 minute appointment blocks

* real hourly wages would fall

* proletariat will revolt and displace the bourgeoisie, in the manner the bourgeoisie overthrew the feudal order

These predictions are all falsifiable

> The number of people in the general population who will know enough about the history and philosophy of economics to give you a clear account of why Marxism and the labor theory of value is incorrect,

He's correct most people don't know about labor theory of value. Which is why it's easy for him to categorize those who believe it as "radicalized" and "Marxist" versus the minority of calm, rational, objective people who can discount it.

Marx did follow the labor theory of value - as did virtually every major economist (or as they put it probably better back then, student of political economy) before Marx, who also believed it. Marx credits another revolutionary for discovering the labor theory of value - Benjamin Franklin. There were a few proto-papers on subjective theory of value, but an alternative theory of value did not even really exist before Capital was published.

Labor theory of value was the theory of Benjamin Franklin, John Locke, Adam Smith, David Ricardo, and all the major economists before Marx. And Marx accepted what they accepted.

Alternative theories of value were not really fleshed out until after Marx published Capital.

So consider all of this when he categorizes the idea of the labor theory of value as extremist, radical, Marxist etc.

According to this article, believing that a carpenter banging wood and nails into a table creates value is an extremist belief. Even though pretty much every major economist before Marx believed the same thing.

Ps. This was told to you by myself - from one the 1% of people who know this stuff

Pps. If you didn't read the article, you would not know I am referring to myself as part of an elite 1% of knowledge sarcastically

https://thehill.com/homenews/house/3522907-gop-lawmaker-byro...

Well here is one of those federal policy-makers you say doesn't exist, a Republican congressman, advocating four years ago for trickle down economics and advocating for "...letting the free market - and yes, trickle down economics, which does work - actually flourish in the United States"

Workers now work more hours pee year to try to catch up to what they made back then, so working conditions are worse now as well.

$859 billion to DoD

$339 billion Veterans benefits

Then when we look at the $952 billion in interest, a good chunk of that is due to past military spending.

Plus even more - tens of billions of the military nuclear budget is done via the DoE, not the DoD in the budget line.

There's always a hand waving that previous debts accumulated like veteran's benefits and military related debt interest are not military spending, but they obviously are.

Then in the 1970s the CIA provided SAVAK with the names of secular left opposition to arrest and execute.

So spare me talk about foreigners supporting religious fanatics, the western establishment did so for decades.

I for one don't want my tax dollars used to bomb schools in Iran.

How should the people of Gaza thank Google for Google's Project Nimbus etc. targeting them for blockade starvation and bombings?

As Anatole France said - they have to work before the laws' majestic equality, which forbids rich and poor alike to sleep under bridges, beg in the streets and steal loaves of bread.

Despite that, half of Democratic Congressional representatives, including Nancy Pelosi, just voted to cut aid to Israel.

Aside from countless other ways before and after this, the US government handed over tens of billions of dollars in cash to GM and Chrysler in 2008 and 2009.

How many babies inherit money? The earliest heirs usually get access to their inheritance is when they choose to at eighteen.

Capital costs are not real in LTV?

A carpenter takes wood, nails and hammer and creates value making tables.

Hammers are a capital cost and are made the same way - workers are a factory xreate value by assembling steel and other components making a hammer.

Steel workers un a steel mill create value by turning iron into steel.

Iron miners create wealth by mining iron.

And so on.

Capital costs are accounted for. Not turtles all the way down, but labor - newly created value comes from labor. The value in a hammer comes from the labor to make it a year ago when you bought it.

You mean like when the Zionists openly stopped food from getting into Gaza, while the western governments were backing the Zuonists? Those people concerned with civilian casualties?

An enemy unconcerned with civilian casualties, give me a break.

Incidentally Iraq's parliament told the US military to leave in 2020 and the US has refused. So this is going on under the continued US military occupation of this country.

Pensions fund PE because PE can do a short term cooking of the books in order to smooth out the growth curve. So the return is usually positive each year, not raising problems.

Also what does significant mean? Pensions are the main mechanism non-wealthy people are investing in PE. Being that millions are involved, you would expect pensions would have a sizable portion of the market, but family offices and high net worth offices dominate. If it offers above average returns, why would they not invest? PE is like every other asset class other than housing, the top 1% own a large chunk, the top 20% own the majority, and the bottom 50% own very little. Decisions are not driven by sone fireman, they are driven by the wealthy like everything else. And the origin and continuation of pushing for retirement to come from capital investment comes from the wealthy as well.

Yes, China claims Taiwan and China are the same country. Not mentioned is that US policy also says that Taiwan and China are the same country. In fact Taiwan policy is that China and Taiwan are the same country. You would think reading this that Taiwan had declared independence from China as a separate country.

Also on the topic of "simply an island" - Taiwan is not just the island of Taiwan, they are on Kinmen island in the harbor of Xiamen on the mainland PRC. This would be like Manhattan receiving imperial proclamations about its "sovereignty" from China.

The fact is Taiwan was Chinese long before the United States even existed, just like the Russian Navy has been in Crimea since before the US existed. The US funded and armed separatist forces - but in 1900 the US was raising its flag in Beijing's imperial city. The historical development is these imperial intrusions have been pushed back by China. Taiwan is important to China and the US is too occupied blockading Cuba, slaughtering Venezuelan and Iranian leadership, aiding the genocide of Gaza and the invasions of Syria and Lebanon etc., while its health secretary fights against vaccines.

https://m.youtube.com/shorts/q5nZRNjgGv8

If this is what they are boasting about doing to Europeans in countries who have been aiding his government, imagine what they are doing in private - and to Palestinians.