''the problem being lack of regulation of financial 'instruments'.''
certainly was the problem in the leadup to the GFC
still is I guess - but, to me, the damage was done. And now, IMO - it's just a totally different world and IMO - a world that we can't control. We might think we can in our dreams - but, if we look at things like colossal debts and the volume of some of these instruments ------- I don't think that it's controllable at all
well, if it goes pear shaped - then, there's not going to be anyway of getting it back on the rails.
I suspect that we've already passed the useby date where human labour was the thing that was paid for to make stuff and it was the going around of money that created economy
already we are in an era where machines make the money - we still have a person sitting in the seat driving often - but, in reality - it's the engine and bits it drives that create the wealth
and there are going to be less bums on seats as we go on.
ATM - the system is busy and there's a lot of paid employment - but, that's because that there are a whole lot of new technologies being born - and need bums on driving seats to make it happen- but, I believe that's a transition period -
when the brains and fingers become mechanical or machine - almost totally, the transition will be over ------- and I don't know how that will go timing wise - it could be gradual, but it might be a dramatic change - driven to a crescendo by hitting a tipping point.
I was looking at self drive taxis - I think it was San Francisco (apologies if wrong) -
well they exist - right now. And they are working. They will only improve from here.
That means that assuming the tech keeps working and working well - taxi drivers - humans - are kaput.
Now, they will have to do something else - but, when all of it is done by machines - there won't be 'something else' - so where to then?
And atm - you can see it everywhere - human labour in almost all areas - disappearing ----------- yes, being reabsorbed in other areas - but, IMO - the reabsorption will stop and when it stops - the whole game changes.
A small example.
Take a chef who cooks steaks. Ok, in the past. A chef would buy in the steaks, put them in the fridge. Get them out of the fridge - when there is an order come into the kitchen, grab a steak, plonk it onto a plate or grill for 10 or so minutes and serve.
Now - they can predict the numbers to a better degree. They buy in the steak.
In the morning early way before opening. They put the steak which may well already be vacuum bagged - if not, they vacuum bag the steaks themselves - plonk them in the Sous vide bath -
and that's it - labour is finished until that order comes into the kitchen.
When it comes in - a steak - which is already cooked and waiting, is taken from the bath - a second, bag split - another second, and the steak put onto the plate or grill - 45 seconds a side - done --------- to perfection.
The machines have done the labour.
Now, that frees up time for the chef to do cheffy things - pretty presentation or similar - they don't have to do the sauce - a smart machine has done that.
but, eventually - machines will do it all -- including the pretty presentation on the plate before it goes out for serving to the table.
And there - who or what will serve? --------- an attractive human waiter? or an attractive robot? - who never makes a mistake?
Clearly - the restaurant is heading rapidly towards full automation - so, as well as society having to reabsorb it's taxi drivers - it also has to reabsorb it's hospitality people -
I suggest that there's a point - where reabsorption will stop being possible.
When that happens - where are we? ------------ I've no idea. Brave new world.
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