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Pittsburg, Kansas | I was just about to post that article in a thread down below, but since you have here will not. Thought provoking.
Something I take issue with what he says (I agree with nearly all of it). Technology should be able to create what we need using less and less labor. It has all during the industrial revolution and likely will continue to advance. Problem is, most of that increase in wealth ends up in the hands of the already wealthy. Socialism has been proven repeatedly to not be the answer. But somehow the already wealthy get their industries protected from competition so that they capture markets. Instead of having the natural effect of deflation where people would benefit from the advances of technology to cause things to be cheaper (more affordable) we are told we need prices to rise each year by about 2%, all the while wages remain stagnant. The health industry gets to charge hundred dollars a pill for a drug bought in India for a few dollars. Patents protect things in such a way that the tiniest of tweaks and wallah! a new patent and the old stuff is no longer available (at a new improved higher price of course). Or if someone tries to produce it millions of dollars of litigation against them forces the competition out of business.
Where is out anti-trust laws???? Where are the "trust busters" from previous generations???? I believe there is plenty of productivity in the US to provide for everyone, young and old alike. But our leaders are bought and paid for by established industry and the Oligarchs own and control everything. And our monetary system is at the base of it all. Free or almost free money for the well connected and already wealthy, but credit card rates and more indebtedness for the masses. A monetary system made for the wealthy to work against the common person.
John
Edit: this is the Zero Hedge reproduction of it.
http://www.zerohedge.com/news/2016-01-07/bill-gross-warns-demograph...
Edited by John Burns 1/7/2016 09:14
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Bill Gross on current investment climate.
