"I'm rich...why would I care?" .......... Was the reply from a poster on Yahoo! after I had noted (from on Twitter), that in regards to the AA+ downgrade, a 'Tweet' had opined: "Looks like we're all gonna end up "S&P" soon - Standard and Po'!" :)
Re: "SELL everything Immediately, Quickly"....
The above header was a quote from "Roger" (who describes himself as being 'a Financial consultant' - in this clip from Australian TV) and, had made the classic statement..World Collapse Explained in 3 Minutes.
My concern is that we are now in a world where (I'm suggesting), that gap in 'the great divide' is getting so much wider - Where the United States "middle-class" poor - quickly become, even poorer.
In a society that is emerging fast now - where the new "markets" that are being developed, will get to be 'killed off' by the very same greed that's associated with today's thinking..That is, by the very same (but) "I'm rich" - 'I'm ok' mentality, like that poster on Yahoo Finance.
The following video clearly describes or, 'sets the scene' for it all to happen. How Technology is Recreating the 21st-century Economy - PARC, a Xerox company
Brian Arthur (an economic 'thinker') makes a strong point that:
....."Digital technology runs deeper than merely providing computation, internet commerce, & social media. It is silently creating a 2nd, unseen economy that is deeply interconnected, invisible, self-configuring, and intelligent" -- and this, he argues, is changing the ways business & the economy are structured.
"There is no upper bounds to the digitalisation of the economy" ..."very likely, the second economy - - will be as large as the (current) physical economy, by 2030 or, sooner"
If history keeps repeating itself, it all reminds me (very much) about a famous Australian Dynasty - - the ruthless Clunies-Ross Family who once, unashamedly controlled the Cocos Islands.
As late as 1972 when a leaked government report described conditions on Cocos as "slavery" (and only) then, forced the arm of the Australian Govt. to act, on what was occuring.
"Before his demise Clunies-Ross was the anachronistic colonial master, paying workers with plastic tokens redeemable only at the company store." - tinyurl.com/44krnlz
The current (out of control) "macro-scaled" manipulation of the Global financial markets (and, so not dissimilar to the Clunies-Ross mentality in their 'time', I feel), may well assist getting over the the AA+ downgrade 'hurdle', in the US, on Monday. (That will 'work' in the short -term).
But with an ingrained greed in today's society - as can be clearly shown to be associated with advances in technology (combined with the soon to be 'second economy' - - - as is being predicted by Brian Arthur in his video), I can't help but think that a 'return' to the Cocos' way of life with many such "fiefdoms" - - is soon to be the way of the future for the rich, the "middle-class" poor (management) and the poor. Time will tell of course!
ps; From AdExchanger today
The Jobless Future
Jeff Jarvis sees no joy in the most recent U.S. jobs report and writes on his Buzz Machine blog, "When at least a tenth of Americans are out of work, for Wall Street to get momentarily giddy at the creation of 117k jobs is cognitive dissonance at its best. No one can make jobs out of thin air. Jobs will not come back. A few new jobs reappearing won’t fix anything. Our new economy is shrinking because technology leads to efficiency over growth." Is there any hope other than the online ad ecosystem which can't fill it's listings? Read more.