In The Future...A Lot Less Banksters....Near Future According To Deutsche Bank’s CEO
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Jobs are going away!!!! This is something that people need to accept as the new reality.
For the past few weeks, I wrote a number of articles mentioning how technological unemployment is something that is quickly approaching. There were more than a couple people who took exception to that claiming, as is often done, that technology always created more jobs than it destroyed. They cling to the belief that this time is no different.
Sorry to burst that bubble but it is. The speed of automation and the pace of progress is so great (and getting faster) that skills are not going to transfer over to the new jobs that are created. Nevertheless, when you are look at a timeline of as little as 5 years, it is impossible for the world economy to generate that many jobs in such a short period of time.
Alas, why should you take my word for it? Instead, let us take a look at what at Deutsche Bank’s CEO views on this. In speaking last week, he expressed the idea that banking and finance are ideally suited for AI/automation. He basically said a "big number" of his people will lose their jobs. He further expanded his view:
“In our bank we have people doing work like robots. Tomorrow we will have robots behaving like people. It doesn’t matter if we as a bank will participate in these changes or not, it is going to happen.”
Blockchain, smart contracts, and AI are all teaming up to wage an assault on the financial/legal sector and the jobs that go with it. According to the linked article, the financial sector makes up 3.1% of the UK workforce and estimates are that 50% of these people could lose their jobs in as little as 5 years.
This is what is going on out there folks. When the head of one of the largest banks in the world says he expects his workforce to be decimated by automation/AI, perhaps we should heed his warning. Sadly, for the workers of the world, he is not the only one discussing this.
As always if you like, upvote, resteem and email it to your Aunt Sally.
Yep, it's too funny, people will allow themselves to be unemployed by machines, instead of realizing that we could all be freed instead!
Well the truth is most people arent going to have a choice when it comes to the machines/computers taking their jobs. In fact, they wont know it is happening until it is too late.
In the end, I believe that the job destruction will be so great that a universal basic income is the only solution. This will send the conservatives and libertarians overboard but that is really going to be needed if you start getting true unemployment rates in the 20%-30% range (it is over 10% in the US if people actually spoke honestly about it).
Yesss I totally gotchya, and what I'm saying is, people will be begging for a handout from the gov aka Universal Income, when logically, if everything is automated...why not just make everything cost less, or be free!
And with everyone fighting over the last 10 jobs...AHHAHAHAA...why fight over it, when we could just all share the remaining work, and work like 1 hour a week!!
Nope. Can't do that. Then people will be FREEEEEEE.
Well technology does move things in that direction. Whatever gets digitized ends up becoming free or pretty close to it. Remember when we spent like $6 to get 24 pictures developed let alone what the film cost? We use to spend $9-$13 a CD...not free with Spotify if you listen to commercials and you get $30M songs.
One of my other posts I wrote about technological deflation and how things will be less expensive in the future. People do not realize how many industries are starting to face the same thing that I just mentioned.
The old model is being disrupted before our eyes and so few realize it.
Before computers were invented and became mainstream there were absolutely NO jobs in that kind of technology. Now there are millions. All innovation needs to do is create a similar kind of revolution and the worry you have about the lack of jobs becomes groundless. But I do appreciate your concerns. The world has yet to see something as powerful as the home computer technological revolution... The same thing happened with the printing press... it created millions of new jobs in the future... when it started off as just a simple technology.
It took over 30 years from the invention of the computer and the development of the PCs. Hence it took 40 years before the millions of jobs were created.
We arent talking 40 years...we are talking 5-10...and this is just the banking sector...what about real estate....legal...accounting....all of which are under attack right now with job loss.
That is why I raise the concerns...the speed of automation is nothing we have ever seen.
You are correct. The speed of automation is unprecedented... But also consider the humble pin. Before a machine was invented that allowed mass manufacture of pins, clothing making was very expensive and needles especially were very dear. But after the pin machine was invented it completely revolutionized clothing manufacturing.... I'm just saying, it's entirely possible that an invention is already in the works that will revolutionize an industry like the pin did for clothing manufacturing, and the personal computer did. But I agree... it's a concern and something to keep one's eye on.
Absolutely the technologies coming down the road are making things a lot cheaper if not zero cost. We saw this in the music and film industries. However, look at the number of people employed at Netflix compared to those that were employed by Blockbuster etal. I believe it will be less costly to live down the road since many industries, if they havent already deflated in terms of their pricing, will. However, we already see the beginning stages of the corporation of tomorrow. Google is moving towards a trillion dollar market cap yet it employs about 1/5 the number of people that the traditional market cap leader ExxonMobil.
But it's not just that the pin made manufacuturing cheaper. It's that it made mass production possible whereas before clothing had to be hand made or with very crude looms. Within a few years the industrial revolution sprang up as a result of mass textiles being produced which created millions of jobs. Granted it took about 50 years for the full effect to be seen and felt. But the fact that people now had access to cheaper clothes and millions of factory jobs resulted was what created the greatest advent in the rise of the standard of living that the world has ever seen. All from the humble little pin manufacturer. We don't know but what invention or technology is already in the early stages of creating such a similar transformation. It would be glorious however to have the kind of time and money to make a comparison between say the Printing Press, the Pin/textiles and PC -- in how long it took for these inventions to create millions of jobs and lower the costs of products and raise the standard of living. Anyways... I have to head out now to my son's school for a "meet the teacher night" -- Thanks for the stimulating posts!
Upvoted by @toppeople , I would be grateful, if you would UPvote my post
I'm just gonna go ahead and say it. Who needs a job?!??! Fewer jobs and more time to spend with friends, family and neighbors sounds good to me. Maybe even shared jobs would be nice.
I mean we are rethinking all of these other things, maybe we ought to rethink not only how we are doing things but also WHY we are doing them!
Your posts are getting better and better, I thank you from the heart.
interesting post!
Hi @taskmaster4450. Just checking in over your @minnowmentoring. How is it going?
Plugging along...posting upvoting commenting and making friends.
I think I am doing rather well although I could always use some pointers.