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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: arun gera who wrote (10341)	8/8/2004 2:07:59 AM
From: mishedlo	Respond to of 116555

Why don't you count those before dismissing my analysis? Fair enough. There is no doubt that "productivity" that Greenspan keeps praising as miracle combine with a worldwide glut of labor have led to the decline of jobs. With the internet any jobs that can be performed globally will eventually be performed globally at the lowest cost. In light of that we simply are not going to be creating jobs period. Certainly not 3.5 times as may jobs as we lose! BTW, even CHINA has lost jobs in manufacturing. That's REAL productivity. At the same time jobs we lost to Mexico, Mexico is now losing to China. That is worldwide labor glut. There is no way in hell that accountants or programmers that lose their jobs to someone in India is going to produce 3.5 jobs of any kind back here in the US. Their economy expands, ours contracts. There is no 3.5 to one miracle here especially when profit margins are falling because everyone wants those jobs at any cost. Prices of TV, radios, computers, phones are falling like a rock. Cars will be next. OTOH medical costs and energy costs are skyrocketing. Bankruptcies are soaring. That simply is not the kind of environment that is going to create jobs. Mish