General Motors SHUTTING DOWN Plants! - Cutting Workforce By 15%!
In this video, I talk with author and economic analyst John Sneisen about the recent news regarding General Motors (GM) shutting down car manufacturing at 3 factories.
As GM announces the cut of 15% of its salaried workforce, people are panicking in places like Oshawa Ontario, Detroit Michigan and Warren Ohio. GM's reason? Electric cars and automation. They want to prepare themselves in a so-called "strong" economy for the weak economy to come. It makes sense, however there's more to the story.
Firstly, automation creates more jobs than it destroys which of course is no consolation to those who end up losing their jobs, but it is the truth.
Secondly, it's more about debt than anything. What isn't these days? With auto backed securities flooding the market with fake derivatives, tranches of loans rated triple A by the top small percent, this is very similar to what we are seeing in the housing market in many places. The big question is, how long can it sustain itself?
Will we see another massive bailout? Are trade tensions related to this current desperation move? How manipulated can the markets possibly get? What will happen to the people who've lost everything working at these plants?
Well the answer always comes down to the individual. Self sustainability, financial responsibility, independence, decentralization, freedom. As these massive corporations propped up via the hand of government regulations and taxation are preparing themselves, individuals should probably do the same. The fact is, it makes sense that automation would replace jobs that are less efficient by the hand of man, but historically it leads to greater, wider arrays of job openings long term. With that said, people in these lines of work are often not prepared for the coming inevitabilities and it's important that individuals research how to insure their wealth for potential mass layoffs of this proportion. This is yet another example of why it's important everyone learns financial independence.
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in addition to these trade wars,there is also the entry of the artificial intelligence(robotics)to do the jobs of a regular worker which is much cheaper and with no union to deal with.
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