Markets can’t save us from retail-less economy

last week we provided special coverage on what appears to be a worrisome trend malls are closing all over the country and it seems to be accelerating by the way stores in general or either shutting down or turning into glamorized billboards for their products the fact is retail as we know it is going away and so are millions and millions and millions of jobs so what's going to replace this what's the future going to look like what will the economy of the future look like what are we headed for dr. Jack rust is a professor of political economy at Saint Mary's College and he's the author of central bankers at the end of the ropes monetary policy and the coming depression what do you make of what seems like a ginormous trend coming our way that I just explained more okay well you know for the last 2025 years there's been a restructuring of the US economy we've moved from full-time permanent jobs to more part-time temp gig jobs and so forth that don't play a really a living wage so a lot of people work in second and third jobs a lot of Millennials are struggling to to to get established you know to start life to a home family house and everything 5060 million people are either unemployed or underemployed are working in low paid jobs all because of the restructuring going on which enables US businesses to have even greater profits the best full-time jobs most of them have moved offshore and those were the living jobs and what we got left are the service jobs contingent jobs now that's about to get worse significantly worse as we move into the next decade we've got the new technologies artificial intelligence you know 5g wireless you mentioned and so forth these new technologies according to the McKinsey consultants are going to negatively impact 30% of the labor force 30% of 162 million people lose their jobs or they're going to have their hours even more grossly reduced how are these people Generation Z and a lot millennial generation are going to survive how is the economy going to all the nation consumption let me give you two options Elon Musk says we're just gonna have to get to a point where we have to pay people even if they don't work others on the other side of the argument the pro market guys say no no no no the market will figure all this out and it'll eventually make it work somehow right the Adam Smith's of the world what's your take on this what's the right answer yeah well the markets did such a great job in 2008/9 didn't they everyone thought they were efficient and they would never do wrong and look what happened and look what's happening ever since then the financial markets more and more money is flowing into financial markets globally at the expense of real investment that creates real jobs the financialization of the global economy is getting worse you can see its reflection in the massive amount of debt that it's building up so you know the markets aren't going to do it as far as a guaranteed national income is concerned do you really think the Republicans and right-wingers running economic policy in this country are really going to allow people they won't even give them a job that pays decently now you're going to prove them a guaranteed income I mean probably probably dreaming probably not going to happen yeah well some people call me a dreamer I'm not the only one thank you sir appreciate your time understand Chazz you found us on YouTube and that's awesome but you know what I'm also live every night at 7 and 8 p.m. Eastern on DirecTV and Dish and cable and satellite the RT app oh and Pluto TV I'll see you there

  1. Clearly Rick and Prof. Rasmus have never heard of Globalist Minion Geroge Soros Helicopter money scheme.

  2. The USA the greatest 3rd world banana republic! They will sing a song; where have all the jobs gone. Gone to China and Mexico everyone!

  3. The (((ruling))) classes are at war against the poor. They believe that if people don't make enough money, they should die. They worship (((economics))) and promote the "survival of the richest" agenda.

  4. the real underlying reason for the wealth gap is real estate price fixing and calling it a market. If people refused to overpay for housing, a basic right and need, inflation would slow down!!!

  5. But wouldn't a decrease in cheaply made useless stuff that ends up in the landfill mean that people wouldn't need to work as much because they wouldn't have to worry about buying a bunch of crap they don't need?

  6. Universal basic income… Forget it, anything geared towards helping the damn blacks will never be supported in racist amerikkka, always see the world through the lense of paranoia like there's survival is at stake. So let the chickens come home to roost really, let the depression begin, they always good at exercises of futility when it comes to some people anyways.

  7. Call it what it is, our economy has been taken over by special interests whose only concern is profit and not the best interest of working people. Fine if business wants to off shore then they should pay a big tariff to import their product!! What's with this free ride for zionist businessmen but the people should pay the price for their greedy ambitions!!!!

  8. The biggest problem isn’t online retailers it’s unnaturally inflated costs for less than big box size ie traditional retailers operating costs. High commercial real estate prices leftover from the credit swap mortgage run up til 2008, associated taxes, permits etc., along with exceptionally higher utility costs. Increased traffic flows that weren’t planned well enough by civil engineers and inadequate parking can also choke off businesses. No doubt there are plenty of consumers with cash (or credit) ready to spend but the logistics of bringing buyer and seller together in traditional storefront locations have become more complicated over the last few decades. Something might be said about an increase in crime or even just a less than pleasant overall publicly interactive experience in some places that have much added cultural diversity, or divergent incomes, intelligence or even hygiene. Wallstreet and Washington did everything to disparage any semblance of reasonable growth allowing polite cosmopolitan society to continue, rather they did everything to destroy it.

  9. How can we confront the corrupt ruling class when they are pretending to be a race and calling people racists for exposing their corruption?

  10. The whole thrust of this little interview seemed to be that Americans are taking a beating and they will simply let it get worse and worse. Many a futurist has predicted the onset of robots and artificial intelligence and concluded that the profits from all that productivity will have to become the guaranteed income. Especially young Americans can already see this whole scheme is nuts and terminal. We are not as patriotic as the French are, but I think we can do at least as much disruption as the Yellow Vests have. The English are very, very angry, and we can do that, too.

  11. When the workers being pay soo low while the richs pay almost no taxes and stash it over sea this happen!

  12. Malls used to have a lot more than just stores to shop at and restaurants to eat in. There's you problem with retail right there.

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