Mish's Global Economic Trend Analysis |
Driverless Car Attitudes: Who Wants Em? Societal Disruption Coming Over Robots? Posted: 24 Jun 2015 10:40 AM PDT In response to First Self-Driving Truck Hits the Road Already, Nevada License AU010 I received an email from reader Stephen who welcomes the day driverless cars take over. Stephen writes ... Hello MishChanging Attitudes I too, liked to drive, and still do. But most if not all of my 60ish friends would just assume not drive. Some won't drive at night because of night-vision problems. Others are nerve-wracked over traffic. Some others would rather read or relax. The little association I have with millennials suggests they would rather text or watch a movie than drive. Heck, some I know will text someone in the next seat up in the bus rather than strike up a conversation, whereas I have sent less than 20 text messages in my entire life. Anecdotes are not data, but it also appears to me that most aging boomers and millennials would in general be at least as happy not having to drive than to have to drive. Last Mile In regards to deliveries, I have written about the issue many times. It's the long-haul truck jobs that will vanish first. Local deliveries, especially those that involve heavy lifting will require a person. Eventually the driver will go away, even if the "lifter" stays. Local delivery jobs will go to the young and the strong, not the skilled driver. What Can Be Automated, Will Be Steven is correct. What can be automated, will be automated. I have discussed this as well. It is one of the big problems the Fed faces. All of this technology is very deflationary. Yet the Fed wants to force prices up. It's a very losing battle, as higher prices increase the desire of businesses to automate sooner rather than later. The cheap borrowing cost of money is an added incentive. Not All Doom and Gloom In spite of the above, it's not all doom and gloom on the jobs front. I am sure there will be another technology or energy breakthrough that will create jobs. Throughout history, that has always been the case. Horses gave way to cars, hand picking cotton to the cotton gin, candles to electricity, passenger trains to planes, etc. The internet created tens of millions of jobs. My fear is not that all jobs will vanish, but rather there is a major war over energy, jobs, or protectionist meddling before we get to that point. Fuel for Societal Disruption Central banks and their inane war on CPI deflation, untenable student debt, massive pension issues as boomers head to retirement, and rising income inequality (for which the Fed is also to blame), and increasing use of robots (before the next job wave begins) provide fuel for societal disruption. Warmongers in Congress itching for a military showdown with Russia and protectionists seeking a trade war with China could indeed provide the match. On the warmongering front, also consider Warmongering Jackass Proposes Forced Servitude by Millennial to Fight Isis. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Germany Rejects Greek Offer; Syriza Mutiny Over Concessions Posted: 24 Jun 2015 07:20 AM PDT Déjà Vu All Over Again With a hat tip to Yogi Berra, the setup in Greece today is a case of déjà vu all over again.
Syriza Mutiny Over Concessions The Financial Times reports Greece Under Pressure to Build Support. Greece's parliament will have only a few days to pass all the economic reforms pledged by Athens to unlock desperately needed bailout aid, putting intense pressure on Prime Minister Alexis Tsipras to build domestic political support for the concessions.Breakthrough Far Off as Deal Terms Rejected Bloomberg reports Germany Says Greece Breakthrough Far Off as Deal Terms Rejected. Germany downplayed the chances of an imminent deal with Greece as Prime Minister Alexis Tsipras's government rejected the latest terms set by creditors to unlock bailout aid.It's time for the adults in the room (are there any?) to simply admit the obvious: even if there is another deal, it cannot possibly hold. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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