The Coming Collapse of the Job Market and Capitalism

We've written about the loss of jobs to robots before. Now, Aaron Saenz writes Martin Ford Asks: Will Automation Lead to Economic Collapse? and critiques Ford with no success as his arguments simply fall like water through a sieve. Ford suggests taxing industry as a mechanism to redistribute money to consumers by government, which is a total non-starter. First of all, industry controls politics and will never allow government to take profits to benefit consumers—even if doing so is ultimately to the benefit of the producer. Ultimately, we are headed for a collapse of capitalism as all of its myriad fault lines become social earthquakes. We will see capitalists fighting tooth-and-nail to prevent the collapse, but collapse is inevitable in order to reach a more perfect society. Capitalism has been amazing in the kind of progress it has engendered, but as Ford and others (including us) are pointing out, the end is near.

Posted in: Wall Street Trading