From Macquarie’s new Prince of Doom, Viktor Shvets, at the Epoch Times:
“The private sector will never recover, it will never multiply money again,” he told Epoch Times in an interview. His main theme is the “declining return on humans,” which means that in today’s digital world, normal humans don’t grow productivity fast enough to justify more jobs and higher wages as the machines are taking over.
“There is no productivity on a global basis. Secular stagnation, technological shifts, monetary policy, all are suppressing productivity growth rates,” he says. But what about technology making humans more productive? Shvets says this was true in the first and second industrial revolution where displaced jobs such as horse-cart drivers eventually morphed into higher tech and higher productivity ones like the taxi driver.
