Opinion – Paul Krugman: Despair, American style | The Kansas City Star – John Gelmini

English: US President Barack Obama and British...

English: US President Barack Obama and British Prime Minister David Cameron trade bottles of beer to settle a bet they made on the U.S. vs. England World Cup Soccer game (which ended in a tie), during a bilateral meeting at the G20 Summit in Toronto, Canada, Saturday, June 26, 2010. (Photo credit: Wikipedia)

The legacy of President Obama is going to be one of profound disappointment.

Dr Alf has hit the nail on the head in what he says but the American Dream is still in existence despite President Obama’s attempts to damage it with ill thought out environmental policies, free trade agreements which destroy American jobs, corporate taxation designed to drive tax avoiders offshore rather than remaining onshore and foreign policies which upset practically everyone.

This is because Obama is out of touch with economics, lacks the aggressive, laser-like focus that is needed to turn the country round, formulate wise foreign policy and compete with the major economies of the Far East.

Worse than that, Obama has no empathy for the ordinary man or woman in the street and does not care whether they have a job or not.
Originally he promised “hope and change” and used NLP to trick his way into office by delivering differently packaged messages to different audiences.

More recently we have had the advance of automation, robotics, nanotechnology, cybernetics and the expansion of Artificial Intelligence(AI) which according to Eric Schmidt of Google will destroy 50% of American jobs by 2033.

President Obama knew about the speech by Schmidt because it was made at a Bilderberg conference, at which Hillary Clinton and Dr Kissinger were both present, held in the Grove Hotel, near Watford, just 28 miles from my house.

Despite knowing that this would destroy lives and millions of jobs, Obama has never once articulated a meaningful policy to address these problems and because he is patrician and aloof does not concern himself with middle-class Americans, especially men.

Since these men have to compete with the offshoring of many of their jobs, younger and cheaper graduates and the rise of the machines, many of them lose hope as their jobs disappear and their savings are depleted.

Lost hope leads to drinking, depression and troubled behaviours which I suspect is a leading cause of these middle-class male suicides.

John Gelmini

Opinion – Bernanke says student debt no threat to U.S. financial system | Reuters – John Gelmini

Ben Bernanke, chairman of the Board of Governo...

Ben Bernanke, chairman of the Board of Governors, The Federal Reserve Board, USA. (Photo credit: Wikipedia)

I tend to agree with Dr Alf. According to Eric Schmidt of Google 50% of American jobs will have disappeared by 203,3 so many of today’s students will be out of work and unable to repay their student loans.

Bernanke in this article provided to us courtesy of Dr Alf is therefore propounding more of the nonsense we have come to know him for during and since the financial crisis.

Educational institutions, politicians and those in local authorities the world over, plus television commentators and economists are all in denial about AI, robotics, nanotechnology, automation and cybernetics. They still imagine that it will come right on the night and deliver “An age of leisure”, a concept I was first introduced to as a schoolboy by an English teacher called ‘Calthrop’ who wore a Harris tweed sports jacket with leather elbow patches.

The future is neither “Bright nor orange” but it will have to be faced squarely so that the fruits of production are shared more equitably and the concept of what work is for is redefined.

American parents and students are right to be worried about repaying student debt. This is a time-bomb.

John Gelmini