“A faltering economy explains much of the job shortage in America, but advancing technology has sharply magnified the effect, more so than is generally understood”
I am very very VERY surprised that this topic has not been covered by Max ( unless i missed it)..this for me is the most obvious reason.
We are now in a position where we can relax and let technology do all the work…but our social structure makes us work more and more.
Cant believe i work 5 days a week, with all this superfast technology. The same as my dad 20 years ago, and he never used a computer…
@doomandbloom … I agree with you … most on these pages tend to skip over the reality of our technological capabilities, on so many base points, and all on what appears to be an exponential, advancement curve.
It is very hard, if a “job for money” precept, has a strangle hold on the ability to understand the very near future. In fairness, when it is all you have ever known, it is difficult to shake old concepts. Did you notice how Max fast forwarded over the mention of the advancing technologies that Micheal wanted to ramp up in the recent ” Max Keiser interviews Michael Betancourt” a few days ago? I could be dead wrong but I view this as an opportunity, since we all mouth the words that “a job for money” is a form of enslavement under the monetary pig and yet our actions show a distinct intent for the same old same old to continue; as long as we hang a few bankers. LOL In spite of our insistence, that we must learn from the mistakes of the past, we in fact eulogize, by our very actions.
Who knows perhaps the plutocrats will have decree a robotic future and let the pieces, fall where they may.
@doomandbloom, I’ve reckoned on technology replacing people in full time jobs for a long time, people who work in the semi-conductor industry would argue that it creates jobs. We have huge amounts of easy (chemical) energy which we could use to make our lives a lot easier but it aint engineered that way. Put every1 in part time jobs,but its not that simple. We should be in a golden age (of idleness lol) considering the wasteful squandering peak production of natural resources.
I like Captain Turk’s green trace, fear index aside way I see it there aint much more gold going to come out of the ground (5000 ton per yr is it) would take 34 years to double inventory if not a lot more with declining ore quality and energy costs.hence it will need to be revalued to take account of inflation and supply shortage as has been said.
It’s not our “social structure makes us work more and more.” it’s our financial structure.
It’s a 1970’s science fiction myth that technology will allow us all to sit back and let robots do our laundry and clean our dishes and drive the kids to school.
We will always need to do work, and you will only make money when you work.
The proliferation of technology hasn’t done anything in the west except force “first world” workers to work HARDER, as managers leverage the technology in an attempt to get their existing workers to take on more work and be more productive in a wider array of tasks. At the same time, with the cheapening of said technology, workers in developing countries are now able to afford the same technology (tools) as those of us in the west have, in some cases their tools are even better!
So, look out, because what is really happening is the surge in the developing countries will soon eclipse the standard of living here in the west. Technology is leveling the playing field.
doomandbloom, just be glad you aren’t working 6 days a week, and your manager isn’t firing staff, and simultaneously forcing you to learn more and more software and loading more and more work on you… because if it isn’t happening now, it will soon. (So enjoy the break while you have it!)
The thing that amuses me most in competition amongst gold rampers is that they have to keep picking a different figure for their forecasts. I saw the $11,000 and was like, ooh! We’ve heard $2000, $5000 is old hat, and $20,000 no longer pushes any buttons. This new $11,000 is undeniably impressive. Don’t get me wrong, I’m long gold, but getting very bored of the ramping articles. Its all very 2008.
In the USA … Each year we have an approx. Total of 1,914,710 graduates world wide??? While the jury is out … perhaps cutting and pasting every job produced into [ 3 ] … 2 days a week , so that people with brand new college degrees can at least scrape by, whilst having enough free time to figure out and design new ways forward. I’m sure someone has a better idea…
If gold goes to 11,000 – and if property actually drops here.
Man, that would be good.
Fraccy, good point.
I guess we want to see action.
For more detail see:
Gold will go to $11,000 and higher because what we think of as money, Federal Reserve Notes, are in reality a debt to someone else. The USA, Japan, and Europe are in a ~$500 trillion debt bubble. This bubble will pop when there is a lack of confidence in Federal-Reserve-Note electronic numbers. The lack of confidence occurs when the average investor or institution realize they will not be paid back. The $400 billion Greece failure (based on ~$1 trillion debt) in October/November will start the process that leads to systemic French bank failures and subsequent ripple through Eurozone counter-parties. Germany has currency and coin in place so it can abandon the Euro and return to the Mark. Next on the hit-list are USA mega-banks as credit derivative counter-parties. Then there is your savings account that will be appropriated to “save” your bank.
Mega-banks agree with this train of thought…
Goldman and JPMorgan enter metal warehousing
By Javier Blas March 2 2010
J.P. Morgan reopens vault amid gold demand
Goldman’s Expansion in Metal Warehousing Paying Off
Goldman’s Secret Cash Cow: Detroit Warehouses Full of Metal
By JOHN HUDSON JUL 28, 2011