“GLOBAL STOCKS HIT POST-CRISIS HIGH” (April 2, 2014)
Thus the Financial Times today. “US manufacturing pick-up feeds optimism about economy,” elaborates the newspaper. So, the global financial crisis that started in October 2008 is over by April 2014. And everything is hunky-dory. We should all celebrate this momentous day together with investors around the globe. Or should we not? Zillions of unemployed in both America and Europe are nobody’s business any longer. By post-crisis standards, they are structurally unemployed. In short, technological progress has made them useless to the economy. They must learn new skills, but nobody knows exactly which ones. One way or another, they will be swept under the rug by both investors and politicians. For how long, though? Until they realize that the only way out of the conundrum is revolt. But will they ever realize that it is up to them to change their own lives? Chances are that they will not. At about seven percent of the labor force, structural unemployment will persist both in America and Europe. And immigration will be banned across the board. Congratulations all around!