Comments by "XSportSeeker" (@XSpImmaLion) on "Why are European Wages So Low?" video.

  1. I'll explain a bit to those who still didn't get the problem. You have more than a few major sectors that got trapped by US or global monopolies/oligopolies and "sharing economy" traps, which are both anti-competitive, and takes money out of the regular local economy flow and puts it directly into the speculative market - stock exchange and investment. With more and more people, particularly during and after the pandemic, buying everything online - what you actually have is a move of a portion of the money everyone spends on a daily basis going to these huge monopolies that are not local - heck, for the EU they are mostly not even national. So, "ridesharing" companies, food delivery companies, short stay companies, all these app based companies. No matter what you think of them, and how you hated the alternative or whatever, when you kill stuff like hotels, taxi cab service, restaurants having their own hired delivery employees, and stuff like that, what you are really doing is taking away portions of the money from the local economy, and sending it off to these international companies. And then you add that to social media, which has gobbled up the entire sector of advertisement, retail both with Amazon and Chinese giants like Alibaba and the "trash for you to buy for cheap" such as Temu, Wish and whatnot, plus a myriad of other companies like those - and what you get is weak local consumption, several companies closing down because they cannot compete with those, in a spiral of death. This is why you are watching this video not being in the EU, and still feeling like this is also happening in your country. It's not so much that people are spending less, it's that people are spending less locally. All of this creates a pressure towards local businesses to downsize more and more overtime, because they cannot compete with late-stage capitalism monopolies that not only dominate by unfair competition, most of them are also engaged with active anti-trust measures to stamp out all competition, including local. And it's these very same companies who are investing massively and at the forefront of using AI and robots to also kill jobs and kill whatever chance of competition smaller businesses had against them, so this trend will only get worse overtime. Because of the line goes up late stage capitalism mentality, they'll keep going at it until they destroy entire economies. Profit is the objective above all else after all, sometimes even above sustainability - their own sustainability. With the direction politics is going, there are also no chances of this getting any better. Too many nations electing fake populist leaders with a pro status quo, often neoliberal economics ideals, let the market regulate itself minimal state interference discourse, which will all inevitably give even more power exactly to these trends that are already killing local economies.
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