I guess we're getting a little off topic but what the heck... it's very difficult to forecast how new technology will affect the workforce. In the past, it's been proven that technology creates jobs rather than replacing jobs and operations become more efficient. The world will still need truck drivers and concrete layers but the process will become more efficient. Undoubtedly, many people will have to be retrained and many others will fall through the cracks but generally speaking, advances in technology lead to advances in economies. The part that I find concerning about technological developments is what governments can do when they get their hands on them but I suppose that creates jobs as well. And I bet you 10 bucks there were Nanobots in each dose of that damn swine flu
Another view on this is John Williams from Shadowstats. He believes we are currently in deflation (the Austrian definition of inflation anyway) but that central banks will trigger hyperinflation in their desperate attempts to reflate, and in the aftermath of a double-dip recession. Personally, all I think I can say for sure is that we aren't out of the woods yet, and that we're due for a double-dip. What exactly happens afterwards (Japanese deflation, deflationary depression, hyperinflation, etc) seems to depend on what Ben Bernanke does more than anything else. Gotta love "government risk"....
Am I the ONLY person on here who actually thinks so far, Bernanke has done a pretty good job of walking, what is no doubt a very thin line between deflation and inflation? I know that isn't a popular position on this forum, but I have to give the guy credit. Now with that said, he and his predecessor played a significant role in creating the mess.
I won't take the bet, cause I never got the shot. . But lets say sears, walmart, starbucks, mcdonalds, etc.. decide to replace all their cashiers with those automatic checkouts. What would happen to those in-efficient jobs that could feed a family (even if its barely scraping by). All these 100's of thousands of jobs would be replaced by a 1000 or so smart engineer tech supports servicing these machines. Generally speaking, Governments don't have your best interest in mind; however at the same time they're not out to get ya.
I think B.B is doing a good job. Remember what Volcker did back then was a unpopular decision also at that point in time. What happens in the future is anybody's guess. It's easy for tv characters to say what the fed is doing is right, wrong, yay, nay, blah blah blah. But they are not in his shoes. Although I am a fan of Schiff, Rogers, and Faber. They all say the same thing, close the Fed bank. And the market would correct all the problems. What if the magical market can't correct the problem? Then what? Well we are suppose to live low for a year or two and everything would be fine according to what they say, but what if it is still shitty for the next 5-6 years, then what? Then we go to war... okay so we go to war and kill off every single combatant, then what happens after the war is over and the economy is still shitty? Then we form the NWO, but what if that still don't work? Go to war again?
This is similar to my view. If the free markets were left alone to sort out the current problem of too much debt, then we'd be talking about S&P 500 way below 666 and the US Dollar much stronger against most other fiat currencies. However based on past experience it's reasonable to expect that as the stockmarket declines further that governments (particularly the US Govt, who doesn't have to worry as much as the European govts about a scared bond market) will go for more fiscal and monetary stimulus. If extreme measures are adopted, then high inflation / hyperinflation is a possibility.
Marc Faber is the next Hitler. He always talks about wars. The world just needs another Hitler to start World War 3.
I think you've forgotten that Greenscam was considered a genius in the 90s. For years it looked like his actions "worked, " too. Bernanke was really bad during the height of the crisis. His instincts are horrid. What was that--a 75-point basis cut after the French trader accidentally caused a market ruckus one weekend? Also, he looked visibly shaken when he was speaking back then. He looked like an academic who had no clue why his theories weren't instantly working in the real world.... Don't give him any credit yet. This will take years to play out.