UK Jobs Bloodbath!

[Mega]

Went to see an old friend (fellow engineer)........we sat & talked for 3 hours today.......he had the radio on in the back ground, every news update bought more news of massive job losses....its like 1979-1983 all over again..

Mike

[Mega]

Re: UK Jobs Bloodbath!

A tidal wave:-
https://www.liverpoolecho.co.uk/news...s-job-18569019

[Mega]

Re: UK Jobs Bloodbath!

https://www.dailymail.co.uk/news/art...K-outlets.html

[GRG55]

Re: UK Jobs Bloodbath!

Well, Mike. You'll probably recall when the virus first erupted onto the scene that PM Boris talked about how the UK would not shut the economy down. And the press just crucified him over that. "How could he put the economy ahead of saving lives, blah, blah...". So...an immediate about face. And there you have it.

Canada made the same choice, but even faster than the UK. End result? The Federal govt budget deficit went from $19 Billion last year to a projected (by the govt!) $343 Billion this year. No typo. We have 1/10 the population and 1/10 the size of economy of the USA, but our Federal deficit will be about 1/3 of the USA. And that does not take into account the massive amounts of deficit funding the individual Provinces are injecting.

In the meantime the economy here is completely in the toilet. I expect it will take a full generation or more to recover to a pre-COVID state. None of this 2 or 3 years to recover BS. It will not happen. Not in Canada.

[Mega]

Re: UK Jobs Bloodbath!

This IS going to worse than 1979-83

[Techdread]

Re: UK Jobs Bloodbath!

Well, Mike. You'll probably recall when the virus first erupted onto the scene that PM Boris talked about how the UK would not shut the economy down. And the press just crucified him over that. "How could he put the economy ahead of saving lives, blah, blah...". So...an immediate about face. And there you have it.

Canada made the same choice, but even faster than the UK. End result? The Federal govt budget deficit went from $19 Billion last year to a projected (by the govt!) $343 Billion this year. No typo. We have 1/10 the population and 1/10 the size of economy of the USA, but our Federal deficit will be about 1/3 of the USA. And that does not take into account the massive amounts of deficit funding the individual Provinces are injecting.

In the meantime the economy here is completely in the toilet. I expect it will take a full generation or more to recover to a pre-COVID state. None of this 2 or 3 years to recover BS. It will not happen. Not in Canada.

How long is a full generation?, because you do know its over now, we have hit phase change.

I was speaking to a college friend, and he said why are politicians still talking about manufacturing jobs when the first country/company that gets General Artificial Intelligence wins?

[jk]

Re: UK Jobs Bloodbath!

Well, Mike. You'll probably recall when the virus first erupted onto the scene that PM Boris talked about how the UK would not shut the economy down. And the press just crucified him over that. "How could he put the economy ahead of saving lives, blah, blah...". So...an immediate about face. And there you have it.

Canada made the same choice, but even faster than the UK. End result? The Federal govt budget deficit went from $19 Billion last year to a projected (by the govt!) $343 Billion this year. No typo. We have 1/10 the population and 1/10 the size of economy of the USA, but our Federal deficit will be about 1/3 of the USA. And that does not take into account the massive amounts of deficit funding the individual Provinces are injecting.

In the meantime the economy here is completely in the toilet. I expect it will take a full generation or more to recover to a pre-COVID state. None of this 2 or 3 years to recover BS. It will not happen. Not in Canada.

i don't know enough about what antics the bank of canada may be up to, but i don't think things like the fed buying mbs, corporate paper, or even earlier issues of treasuries shows up in the u.s. deficit figure. so there's much more being pumped into the u.s. economy than the deficit will measure.

[jpatter666]

Re: UK Jobs Bloodbath!

How long is a full generation?, because you do know its over now, we have hit phase change.

I was speaking to a college friend, and he said why are politicians still talking about manufacturing jobs when the first country/company that gets General Artificial Intelligence wins?

Started watching this until it got to the Windfall Clause when the purpose of the video became apparent. Please sign this clause stating that if you create a true AI you agree to share the profits with everyone else who had nothing to do with it. Not sharing the technology which I thought could get into some interesting discussions -- no, please do all the work and write us a check.

BTW, as someone who works in AI, don't hold your breath waiting for the check to arrive.....

[jk]

Re: UK Jobs Bloodbath!

How long is a full generation?, because you do know its over now, we have hit phase change.

I was speaking to a college friend, and he said why are politicians still talking about manufacturing jobs when the first country/company that gets General Artificial Intelligence wins?

at this point in your post my thought was "wins what? the ability to render unemployed the more skilled and more intelligent members of the population, along with the rest?"

so then i watched the video which, unfortunately i found unconvincing,

[GRG55]

Re: UK Jobs Bloodbath!

How long is a full generation?, because you do know its over now, we have hit phase change.

To your question, ask your mother.
To your observation, we haven't even started the phase change. That will come when the Govt and Central Bank liquidity efforts are overwhelmed by the approaching solvency crisis. The pre-Covid tent cities and homeless rates in our urban areas might have been a precursor to what lies ahead. I sure hope I am wrong...

[jk]

Re: UK Jobs Bloodbath!

To your question, ask your mother.
To your observation, we haven't even started the phase change. That will come when the Govt and Central Bank liquidity efforts are overwhelmed by the approaching solvency crisis. The pre-Covid tent cities and homeless rates in our urban areas might have been a precursor to what lies ahead. I sure hope I am wrong...

one interesting development at the municipal level is cities renting hotels to provide quarantine for homeless covid sufferers. maybe someone will figure out there's an idea there for homeless non-covid suffers. especially since hotel utilization is way down with the contraction in both tourist and business travel.

[GRG55]

Re: UK Jobs Bloodbath!

one interesting development at the municipal level is cities renting hotels to provide quarantine for homeless covid sufferers. maybe someone will figure out there's an idea there for homeless non-covid suffers. especially since hotel utilization is way down with the contraction in both tourist and business travel.

Already happening in B.C.

https://globalnews.ca/news/7172285/v...eless-shelter/

[Techdread]

Re: UK Jobs Bloodbath!

Started watching this until it got to the Windfall Clause when the purpose of the video became apparent. Please sign this clause stating that if you create a true AI you agree to share the profits with everyone else who had nothing to do with it. Not sharing the technology which I thought could get into some interesting discussions -- no, please do all the work and write us a check.

BTW, as someone who works in AI, don't hold your breath waiting for the check to arrive.....

Everyone has something to do with it, the bread and butter of AI is Compute and Data, humans produce a lot of data and is one of the reasons services are supposedly given away free.

[Techdread]

Re: UK Jobs Bloodbath!

The current consensus is these will render the most skilled unemployed first, Manual workers & caring professions last.

That companies will sign on, or that these technologies will reach fruition?

[Techdread]

Re: UK Jobs Bloodbath!

To your question, ask your mother.
To your observation, we haven't even started the phase change. That will come when the Govt and Central Bank liquidity efforts are overwhelmed by the approaching solvency crisis. The pre-Covid tent cities and homeless rates in our urban areas might have been a precursor to what lies ahead. I sure hope I am wrong...

Not going to happen, western governments will just default and bond holders will have no choice but to receive cents on the dollar.
And they will carry on funding western governments because that's their function, where are they going to put their money Asia?