Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "Is The Collapsing Relevance of a College Degree... A Good Thing?" video.

  1. But the efforts to reduce labour costs is driven by financialisation. And who gets wealthy from that? Shareholders and the banks. And who owns most of the stock market? Already wealthy asset owners. And who owns most of the debt? Banks and wealthy asset owners? Financialisation came about to finance globalisation. And look how that's worked out. Banks no longer want to finance industry and innovation. They prefer selling mortgages and speculating. That leaves the real economy starved of investment, thus powering a downwards spiral in industry and manufacturing in America. This is forcing firms to reduce costs to stay alive, and AI is supposedly the magic bullet. Less humans to employ, right? But nobody is talking about what are we going to do with these spare humans? How are we going to keep up our margins, when the market is actually shrinking. As very few of those jobs potentially lost to AI, will be replaced with jobs paying the same or more. Most people won't be getting pay increases for a long time, because of how much government debt needs to be serviced. And inflation is here to stay possibly for the next decade, because of spending to allieviate climate change is already creeping up. Right now the corporate sector is fitting on piles of cash, courtesy of the covid bailouts, and they know nobody is really prepared for AI. It's like we're blundering into a future, still believing markets know anything about keeping a society together, and working effectively. They obviously don't. Things will have to change, and when Warren Buffett and his son, start talking about "Degrowth" and tempering profit expectations, guess who will have to pay for that? Anybody but them. Do, unless you can persuade the financial whales to stop killing the golden goose, expect little help from them.
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