In an astonishing speech delivered yesterday, the Bank of England Governor, Mark Carney, has warned that people will turn their backs on free and open markets unless something is done to help those left behind by the financial crisis.
The usually dour Canadian technocrat went on the war path against the injustices of globalization during a ferociously outspoken intervention, saying most people felt it had just allowed the rich to get even richer.
[Photo Source]
In a surprise statement he also warned that Britain is experiencing its first “lost decade” of economic growth for 150 years, and said that it was “incredible” that real incomes had not risen in the past 10 years – a decade which included the financial crisis and a faltering recovery ever since.
I quote below some points from the speech he made
We need to move towards more inclusive growth where everyone has a stake in globalization
Rather than a new golden era, globalization is associated with low wages, insecure employment, stateless corporations and striking inequalities
In fact, the success of populist, anti-establishment movements, such as Brexit, the rise of the French Front National and the recent Italian referendum, has been linked to dissatisfaction with globalization across Europe. Middle-class incomes in Western economies have suffered with the growth of emerging-market manufacturing, like China, India and other countries, and also the widespread automation, where robots are replacing humans almost everywhere.
- http://www.express.co.uk/finance/city/740106/Globalisation-Bank-of-England-Mark-Carney-inequality-populism-Brexit-Trump
- http://www.itv.com/news/2016-12-05/sharper-disparities-in-inequality-despite-benefits-of-globalisation-bank-of-england-governor-says/
- http://www.bbc.com/news/business-38214729
- http://www.telegraph.co.uk/business/2016/12/05/mark-carney-warns-first-lost-decade-150-years-brands-eurozone/
- http://www.bbc.com/news/business-38210169
- http://www.mirror.co.uk/news/uk-news/robots-steal-15-million-british-9399518
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Water will probably replace debt
No doubt! They want profits by any means and what will be better than profiteering from water? :)
poor boy is uneducated.
there are two reasons for the 'crisis'
too many rules is number one, business regulations discourage business
but that's minor compared to robots.
automation is displacing jobs and will continue to do so until it takes over completely leaving ONLY those jobs for humans that require original thought.
Perhaps he should consider that ?
Serious question- what are some jobs that require original human thought?
edit - look at this post and tell me there are going to someday be jobs "only a human can do". https://steemit.com/technology/@sauravrungta/how-robots-are-becoming-more-like-humans
Software design, architect, writer, poet, artist, photographer, singer, songwriter... creative work, to name a few. I believe we are in the right place for the future for this type of thing.
I would suggest that ALL JOBS require original human thought, even factory assemblyman, as even someone with a job description of only "do this, then that" can still make suggestions profitably to management about how that job or the management or supply line or organization around him can be done better.
You um, apparently haven't worked where I have in the past: I put the part in the box... then I put the part in the box... infinite 12 hour loop and management has lost the key to the suggestion box, lol. (This type of work is a bit harder to come by as far as I can tell)
To me the point is more about how artificial intelligence and advanced robotics seem ready to take over most jobs that do not require much original human thought. True that everything does to some degree require some original thought or at least enough thought to find your way to and around the workplace. ;)
To me original human thought is worth far more than being used on mindless jobs better suited to automata. We just need to do some thinking about how to usher in the golden age of abundance and divide the work up more fairly imho.
https://steemit.com/technology/@sauravrungta/how-robots-are-becoming-more-like-humans
Counter-party risk, risk management generally, creative (ads, pr, below the line, customer relations), software development, policing, security at large, government (all levels), construction, hospitality, enough already!
https://steemit.com/technology/@sauravrungta/how-robots-are-becoming-more-like-humans
anything type of research or creative design.
repeated from embedded comment -- as I wish to emphasize:
ALL JOBS require original human thought, even factory assemblyman, as even someone with a job description of only "do this, then that" can still make suggestions profitably to management about how that job or the management or supply line or organization around him can be done better.
True, I too believe automation will be the biggest crisis we will face in the future, and we can already see its effect now.
pretty much every election around the world in the past 2 years has retained its incumbent government or moved to the 'right', though the lines between left and right are getting muddled somewhat. Europe is getting seriously worried about cryptocurrencies. Africa, Asia, the EBRD and central Euro Banks will lose a lot of leverage over people via debt
Looks like what happened in Britain with Brexit, and recently with the referendum in Italy, will be repeated all over Europe now. The governments have messed up and in a corner now,
Hey norbu :-) -- exactly the case, look at all the elections and key issues in Europe now; the entire globalist agenda is crumbling. The backlash by the centralized powers will be to cite 'hatred' and 'xenophobic nationalism', racism, etc et al. Same as easily done and too-often easily believed by the collectivists tools in the media and the naive 'nice' citizens.
Of course, the other factor is that a strong US dollar in all these scenarios screws up Trump and his jobs vision. I still believe that gold is low with production costs as they are.
A really good British drama worth looking at about automation is 'Humans ' it brings ethical questions i had not considered before regarding if synthetic humans did all the jobs and were integrated with society to a level. Worth exploring for that at least. Good post.