Quote from Ghost of Cutten:
100 years ago people like you were bemoaning the loss of jobs caused by factory automation. Strangely, despite a century of relentless technological progress and the destruction of obsolete jobs that are now done more efficiently by machines, the long-term unemployment rate did not soar as the luddites predicted. Doesn't that give you pause for thought?
I'm interested, have you read much about the economics of trade? Comments like yours are pretty much the financial equivalent of going to a doctors' conference, telling them that antibiotics don't work, and advocating a return to the days of using blood-letting and leeches.
Why not educate yourself on the subject? It would take a bit of effort but you'd have a much better understanding and could then see the obvious fallacies and oversights you're guilty of.
100 years ago the world population was a lot less than it is now, and technology barely replaced manual labor. 90% of the world 100 years ago was living the same way people lived 300 years ago. True de-industrialization in the US accelerated in the late 1960s and early 70s.
So... global trade kool-aid drinker are you?
You think it was wise introducing 4 Billion people into the global marketplace from Asia that are willing slaves? That will work for one dollar a day and take shit from their government? That will put up with their kids getting cancer at ten years old because the factory in town doesn't have to comply with the environmental laws the Western countries have? You want our middle-lower classes competing with that?
Oh wait... we can outsource all those jobs because we're "smart." We'll replace those lost jobs by creating an asset based debt driven economy and tap on computer keys all day. Instead of factory lines, we'll have our people working in seas of cubicles. We'll have lawyers, paralegals, secretaries, insurance salespeople, mortgage lenders, loan processors, title companies, real estate agents, data entry, typists, stock brokers, credit card customer service reps, etc...
But here's the problem. When the debt based monetary system expands beyond incomes... what happens to asset values? And if asset values collapse because of debt defaults, what happens to many of those jobs I listed above?
You're one of those pie-in-the-sky believers in the "new" economy aren't you? Open your eyes.... it's collapsing and now we're importing the poverty of India and China.
We have lost many of the "fluff" jobs created by the dotcom "new economy" and the jobs of the debt based asset value economy - the Finance Insurance Real Estate (FIRE) economy. NOW WE HAVE NEITHER THOSE JOBS OR THE OLD MANUFACTURING JOBS. WE PISSED IT ALL AWAY.
By sending those older manufacturing jobs abroad, we basically exported labor and imported poverty from India and China and Vietnam, etc...
How's that kool aid taste? Take another chug. Looks to me like you don't like to deal with reality.
