{"id":20683,"date":"2016-05-16T12:39:31","date_gmt":"2016-05-16T17:39:31","guid":{"rendered":"http:\/\/olduvai.ca\/?p=20683"},"modified":"2016-05-16T12:39:31","modified_gmt":"2016-05-16T17:39:31","slug":"bill-gross-may-investment-letter-the-scariest-thing-ive-read-in-years","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=20683","title":{"rendered":"Bill Gross\u2019 May Investment Letter: The Scariest Thing I\u2019ve Read In Years"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"http:\/\/www.firstrebuttal.com\/bill-gross-may-investment-letter-the-scariest-thing-ive-read-in-years\/\">Bill Gross\u2019 May Investment Letter: The Scariest Thing I\u2019ve Read In Years<\/a><\/h3>\n<div class=\"entry-meta\">A friend recently sent me Bill Gross\u2019 May investment letter and I haven\u2019t been able to stop thinking about for days.\u00a0 Now one cannot deny that Bill is a highly intelligent man which is clear when reading his letters.\u00a0 He thinks differently than most and that comes out between the lines.\u00a0 But this latest letter has me more on edge than I normally find myself and for two reasons.\u00a0 First is that I cannot decipher if Bill is actually championing what he is discussing or simply suggesting it is a stark reality that we must accept.\u00a0 Second is that it reveals that even the likes of Bill Gross does not understand free market capitalism.<\/div>\n<\/header>\n<div class=\"entry-content\">\n<p>The gist of the letter was discussing the fact that technology is accelerating the replacement of human capital with software and machines.\u00a0 It is a fact.\u00a0 Bill rightly suggests that if this continues on course (which he believes it will) we will find ourselves in a jobless society.\u00a0 He describes a future where jobs are no longer part of societal life.\u00a0 Bill includes an excerpt from Andy Stern\u2019s\u00a0Raising the Floor,<\/p>\n<p><em>\u201ca policymaker \u2013 a future President or Prime Minister \u2013 must recognize that existing government policies have \u201cbuilt a whole social infrastructure based on the concept of a job, and that concept does not work anymore.\u201d In other words, if income goes to technological robots whatever the form, instead of human beings, our culture will change and if so policies must adapt to those changes.\u201d<\/em><\/p>\n<p>To this proposition\u00a0Bill then proposes a solution,<\/p>\n<blockquote><p><em>\u201cWhat should the policy response be?\u00a0 Retraining and education sound practical and are at the head of every politician\u2019s promised ticket for the yellow brick road, but to be honest folks, I doubt that much of it will be worth the expense.\u00a0<\/em><\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bill Gross\u2019 May Investment Letter: The Scariest Thing I\u2019ve Read In Years A friend recently sent me Bill Gross\u2019 May investment letter and I haven\u2019t been able to stop thinking about for days.\u00a0 Now one cannot deny that Bill is a highly intelligent man which is clear when reading his letters.\u00a0 He thinks differently than [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1870,6454,2803,13867,5878],"class_list":["post-20683","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bill-gross","tag-first-rebuttal","tag-free-market-capitalism","tag-human-capital","tag-policymakers"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20683"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20683\/revisions"}],"predecessor-version":[{"id":20684,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/20683\/revisions\/20684"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}