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Old 08-28-2018, 02:42 AM
Danny B Danny B is offline
Platinum Member
Join Date: Oct 2012
Location: L.A. Ca.
Posts: 4,325
automation,,, ECB & Italy,,, saving the rich

"Today, more than 35% of Tunisian young people are unemployed, and many don’t see a future in their own country.
“The state isn’t giving us anything,” a 24-year-old mechanic in Al Ataya said, "
Sorry but, the State can't give you anything. Only the market can give you a job.

"She warns that the business environment of the 2020s will be more volatile as automation may eliminate as many as 20 percent to 25 percent of current jobs—equivalent to 40 million displaced workers—and depress wage growth for many more workers."
"The robot consists of 20 computers, 350 sensors and 50 actuators that form a robotic assembly line. After the customer places an order with a human, the machine slices buns, tomatoes and onions, grills and grinds meat, adds condiments, sears buns and produces a gourmet hamburger in less than five minutes without any human intervention. "
There is NO CURE for automation. When the credit collapse hits sovereign bonds, the government will collapse. The paper-pushers will not be in demand in the labor market.

The ECB is the only entity buying Italian bonds. They plan to stop this about the end of the year. The Italians want the ECB charter changed so that the ECB can buy bonds in perpetuity. This goes completely against German where they mistakenly believe the Quantity of Money theory. Armstrong has shown the theory to be BS. He has also shown that the theory of fixing everything with austerity is pure BS also. Will the Germans relent? Who knows?

Venezuela is following in the Zimbabwe model.
The world crash in 2008 was caused to a great degree by the slide down to a global mean wage. All the debt held by the working class had to be bailed out. The bailout consisted of pumping liquidity into the upper loop after the lower loop had crashed. Wages never recovered. The lower loop soldiered on by borrowing LOTS more money. Nothing was actually fixed for the lower loop.

OZ gets special mention for burning through a list of Prime Ministers very quickly.
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