Topic: Economic Devastation - page 138. (Read 504811 times)

You are wrong, 3rd world has no internet or is highly filtered.

Smart phone is actually very popular in 3rd world country. And they do have high speed internet service.

You are wrong, 3rd world has no internet or is highly filtered.

Free knowledge mostly benefit 3rd world. But that is causing havoc back in the 1st world country as most resources went into research and development, and now being given away for free.

I agree with the 'can't buy knowledge' part. Internet has made the cost of most knowledge almost free or next to nothing, something that people in the pre-internet era couldn't dream of. Hopefully these large amounts of knowledge available can bring some quality changes.

I agree with the 'can't buy knowledge' part. Internet has made the cost of most knowledge almost free or next to nothing, something that people in the pre-internet era couldn't dream of. Hopefully these large amounts of knowledge available can bring some quality changes.

What happened to the rest of my rant?

The risk of normalising too late and too gradually should not be underestimated… The trade-off is now between the risk of bringing forward the downward leg of the cycle and that of suffering a bigger bust later on .
Few are ready to curb financial booms that make everyone feel illusively richer. Or to hold back on quick fixes for output slowdowns, even if such measures threaten to add fuel to unsustainable financial booms,” …
“The road ahead may be a long one. All the more reason, then, to start the journey sooner rather than later.”

When you eliminate workers entirely the productivity of your workforce becomes infinite, so you out compete everyone else.

Western Rome fell into a 600 year Dark Age and the population of Rome plummeted from 1+ million to 30,000. I call that Devastation. The peripheral markets boomed such as Byzantine, where there wasn't this inertia preventing adjustment.

This is misunderstanding of basic economy.  People do investments to increase productivity. But that capital has a cost, so they would not waste it.

Just what IS it with all these robots? They're putting people out of work--if a robot is doing a job, a person isn't. Also, they're used militarily to KILL people. But the real stupidity of it all is, why are we building these machines to our detriment?

If there is a gain from the technology then some will see unemployment but society is gaining all that time of change so in net total it is a positive not a disaster.      There is no good reason why USA would have to fail dramatically, that only occurs if events are totally unyielding.    As failure occurs, adjustment will happen.    As above, as some find their jobs are not useful or redundant they will transition elsewhere and it is reasonable to consider that some who lose jobs to new technology are richer in their new work.
    If this gov screws up the debt (further) and refuses to give way, it could end up in war but that is an absolute extreme.  It might also be that gov debt fails, they default or haircut the value and then we move on.   Some loss occurs, some are worse off but overall it is possible to benefit from failure and this is irony that is missed but perfectly possible.   When gov or failure occurs it could be the negatives from their current behaviour is no longer there and society benefits; this is the base line to capitalism .
  Ironically this struggle, and loss, win to business and constant competition is still a positive for all involved overall and that includes those who lose business, or lose money or in the case of an entire country losing their reserve currency.  It results in mutual benefit to discontinue inefficient practise

Devastation is a myth

Inflation and the Fall of the Roman Empire
http://mises.org/daily/3663

So AnonyMint, you don't think that Bitcoin has what it takes to succeed because it's not anonymous and is too centralized through large mining pools? Are there any alt currencies that you think have to potential to succeed?

Government just do not get it. They are in serious trouble and the top 10% (free thinkers not richest) are moving be it stamps, coins, cars, art, real estate, whatever.

Minimum wage... it is forbidden to pay less...some jobs are forbidden.

It is there, practically in the words used. Minimum wage is a regulation to remove a part of the job supply.

A big problem is labour being over valued by governments enforcing minimum wage - creating conflicts of interest as public unions do. Not to mention warping markets and increasing demand for cheaper automation exacerbating the employment issue.

Minimum wage is mainly required due to the arbitrary boom and bust manufactured by central banking though.

Try and explain that to someone scraping by and not sound like an asshole though!

Technology could create such great progress, it's baffling to imagine how much further society could be along without the retardation of collectivism, could be that employment wouldn't be such an issue.