"In this quarter, companies are relying on financial engineering, labor arbitrage, smoke and mirrors, snake charming, and voodoo to achieve the illusion of profit growth, in lieu of the middle class that they previously outsourced..."
Joe Kernen: "This is what makes us exceptional"
In an EXTREMELY efficient economy, the 1% would own everything and the rest of humanity would systematically become their slaves UNTIL, there was no one left to buy their "products", at which point their "investments" would go bankrupt. Oh wait...
In a pre-industrialized world where markets were local, technologies were complex and expensive and economies of scale drove cost, then efficiency created the middle class. Now, efficiency, mass production, labour arbitrage and automation has destroyed the middle class. In order to restore the middle class, the economy needs to be disaggregated and localized. And once it's unburdened by EconoDunces, Ponzi Schemers, Money Printers, Mega-Corporations, and *Free* Trade deals, the economy WILL BE disaggregated, and localized once again.
Then, all of the "products" made elsewhere and imported by Marketing shells will be made locally by businesses that keep their profits in the local community and not in the Caymans.
In other words, without Globalization, the Mega Corporations can't survive, because arbitraging slave labour is their source of competitive advantage. And their source of efficent self-bankruptcy.
This is Joe Kernen's world of smoke and mirrors, we can only get in the way.
"By the end it was all financial engineering and mass layoffs, so no one saw it coming..."
This is Joe Kernen's world of smoke and mirrors, we can only get in the way.
"By the end it was all financial engineering and mass layoffs, so no one saw it coming..."
