Terminal Economy: “Private Sector Will NEVER Recover…This Time, Replacing Humans Altogether”
Mac Slavo
August 25th, 2016
SHTFplan.com
People are already taking the expected financial recession pretty badly.
There are literally millions of people in the United States who’ve become deeply entrenched in a struggle to find or hold a good job, while keeping expenses covered on the income they do make.
But most people assume they will shielded from the worst of it, that at some point things will pick up.
Sadly, the forecast is much darker, and the next financial collapse much deeper than almost anyone has prepared for. The outlook from this global strategist at the Macquarie Group is beyond doom and gloom – it is a literal existential crisis.
via the Epoch Times:
Do you feel something is wrong with the United States and the global economy? Despite a respectable recovery and low unemployment, many people aren’t happy with their current economic situation or their outlook for the future. From rising prices for basic necessities or schooling, to harsh competition and low pay for lower income jobs to negative interest rates—the poor and the middle class all have their problems to deal with.
Experts in the government or central banks are trying to manage a suboptimal situation but cannot isolate the problem, let alone offer solutions. Or maybe they know what’s wrong but don’t want to talk about it because the truth is too shocking.
Enter Viktor Shvets, the global strategist of the investment bank Macquarie Group…
“The private sector will never recover, it will never multiply money again,” he told Epoch Times in an interview. His main theme is the “declining return on humans,” which means that in today’s digital world, normal humans don’t grow productivity fast enough to justify more jobs and higher wages as the machines are taking over.
“There is no productivity on a global basis. Secular stagnation, technological shifts, monetary policy, all are suppressing productivity growth rates,” he says. But what about technology making humans more productive? Shvets says this was true in the first and second industrial revolution where displaced jobs such as horse-cart drivers eventually morphed into higher tech and higher productivity ones like the taxi driver.
However, in this, the third industrial revolution, machines are not augmenting humans, they are replacing them. The self-driving car will completely eliminate the driver.
[…]
“We are now on the sharp end of the technology S curve. It started in the late 1970s, it’s picked up in the last 5-10 years, productivity growth rates go down not up. It takes time to line up machines, and this time we are replacing humans altogether,” he said.
The Rest…HERE
