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A lot of "bullshit" jobs also exist because of low interest rates. As unemployment due to automation increases, the central banks lower interest rates (lower
by justonepost 11y ago
A lot of "bullshit" jobs also exist because of low interest rates. As unemployment due to automation increases, the central banks lower interest rates (lower rates are used to increase employment). So when all this free money floats around it allows companies to invent jobs that really don't need to exist.
As soon as rates are allowed to increase, as has happened a couple times over the last 15 years, unemployment will sky rocket harsh and we will see the results of automation.
For now, however, the tide is in and the naked are hidden.
- justonepost 11y agoCheck this out: Watch what happens whenever they try to raise interest rates: https://www.stlouisfed.org/Publications/Regional-Economist/April-2013/Low-Interest-Rates-Have-Yet-To-Spur-Job-Growth https://www.stlouisfed.org/Publications/Regional-Economist/A...
- tmrgn 11y agoShouldn't we rather expect a lot of "bullshit investment" and automation first in a situation of "free money"?
- justonepost 11y agoLot of that happening as well!