This Is Absolutely Terrifying
With stocks surging along with gold and silver and the dollar falling, this is the terrifying read of the day.
A portion of today’s note from Art Cashin: Algorithms And Jobs – A friend at a prominent Midwest law firm sent me an article on the growing influence of artificial intelligence in the legal services area.
Things like document and contract scanning (and even interpretation) are now being done by computers usually in hours, when it used to take teams days and even weeks to review.
At one point, my friend offered this rather downbeat assessment:
There is no more need for elevator operators and there will shortly be no need for taxi drivers or automobile assemblers. All of today’s “jobs” will eventually disappear and only those who perceive that change and fashion their lives to accommodate it will “have a job.” The “law of the jungle” will never change, any more than the rule that “capital follows cheap labor” will change. Perhaps the today’s auto assemblers will be robot assemblers of the future. If no one needs oil any longer, perhaps we can find a new use for Mideast sand. After all, most U.S. glass makers have disappeared, because plastic is cheaper.
I don’t know about the grains of sand option but robotic disruption of the labor force is an important concern. One that even the Fed should be thinking about.