Saturday, May 3, 2014

Marc Faber worried about The Future of Global Labor Market


My friend Walter Molano argues that, “A rash of new forces is causing serious dislocations to the global labor market, which have dire implications for future political and social stability.” Molano points out, there will be a growing part of the population who will become marginalized because of their lack of specialized skills.

I am not suggesting that the lack of specialized skills is the only reason for the decline in the US Labor Share of National Income because lower wages and less regulation overseas, massive layoffs in order to boost corporate profits, easy monetary policies, etc. also played their part.

Fortunately, as Molano opines, there will “always be the technicians and engineers needed to design the machines” as well as the professionals such as doctors, dentists, lawyers, architects, workers, etc. with distinctive abilities who will be able to capitalize on the transformation process.

However, the question is how to acquire these “special skills” in order to compete successfully in an environment of serious global labor market dislocations. So far, the response of people has been “university education.”

But in my opinion, not every higher education will prepare young people sufficiently in order to compete successfully in the current challenging labor market environment.

My father’s view was that I would have to work all my life and that to spend a few years at University - provided I qualified - would “inflame” my intellect and provide me with the opportunity to decide in what field I would spend the rest of my life.  - in www.gloomboomdoom.com






Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.

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Dr. Marc Faber author of the Gloom, Boom and Doom report is a world class Investor, Doctor Faber 's typically controversial and contrarian views have earned him the label of Dr. Doom. Doctor Doom also trades currencies and commodity futures like Gold Natural Gas and Crude Oil.Even his harshest critics must admit that he's been unerringly correct in his market forecasts over the past three decades . Marc Faber is a Swiss investor.He was born in Zurich, Switzerland. He went to school in Geneva and Zurich and finished high school with the Matura. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude. Between 1970 and 1978, Dr Faber worked for White Weld & Company Limited in New York, Zurich and Hong Kong. Since 1973, he has lived in Hong Kong. From 1978 to February 1990, he was the Managing Director of Drexel Burnham Lambert (HK) Ltd. In June 1990, he set up his own business, which acts as an investment advisor and fund manager. Faber is publisher of the Gloom Boom & Doom Report newsletter and is the director of Marc Faber Ltd which acts as an investment advisor and fund manager.