by Martin Armstrong, Armstrong Economics:
I find it really interesting how Klaus Schwab champions the 4th Industrial Revolution and how Artificial Intelligence (AI) will change the world so we have to help shape it by destroying what we have to design the Great Reset. Only an academic would be that arrogant. The AI system I designed was from being a programmer and a trader – not an academic economist with book theories. I find it ironic that the economic theories that dominated the world during the 19th century, with the exception of Marx, had hands-on experience. Today, academics who lack any hands-on experience claim they have degrees. The world these people are trying to create is nothing more than a theory with no real-world experience.
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I was a trader and one of the first hedge fund managers, not an academic economist. They also do not have degrees in hedge fund management. And as far as economics is concerned, of course, the first economic course was at Cambridge in 1902. Therefore, that means all those who preceded 1902 were self-taught in economics from Adam Smith and David Ricardo to Karl Marx and John Maynard Keynes who also had no formal Economics Degree – John Maynard Keynes was educated at King’s College, Cambridge from 1902–1906.
And, BTW, when John Maynard Keynes put forth his ideas the academics said he was wrong, absurd, and nobody should listen. Only when the Great Depression unfolded did they turn to Keynes when the academics failed back then as well. But Keynes NEVER advocated deficit spending perpetually and also advocated lowering taxes as a tool to stimulate the economy. These solutions were ONLY during a recession. It was the academics and their socialist agenda that supported deficit spending year after year but always advocated raising taxes to achieve Marx’s social justice. Sadly, what many believe is Keynesian Economics is a socialistic distortion of what Keynes actually advocated.
It was always traders who advanced the study of economics – not academics. If you look at the first analyst to establish supply and demand, it was John Law who was a trader on the exchange in Amsterdam and observed it from market activity. Even Adam Smith used John Law’s examples in “Wealth of Nations” actually investigated Law’s work to come up with his invisible hand. There was David Ricardo, who also made a fortune as a trader. Those are the three greats and NONE of them had a formal economics degree.
Those of us who come from the real world of trading, do not have the luxury to create Utopian theories that sound nice. We had to come up with ideas that worked because your money was really on the line. Unless you have traded, you will never understand that the market is always right. If you do not listen to the market, you will lose everything.
I find it ironic that here we have Kaus Schwab telling the world how his Marxist ideas of social justice must be adopted. He just advocated the fake virus to justify using these lockdowns to crush the economy destroying small businesses that are the future and employ 70% of the people. All of this to achieve his New Green Communist World Order. He is an academic who has never had a real job and so callously disposes of the future of our society and has the audacity to think it would work better if he played God and reordered society to function as he decrees.
Unfortunately, for Klaus, our AI system which is the ONLY fully function system in the world is forecasting that he will fail. He will be lucky if the people do not storm his headquarters, drag him out with all his accomplices and burn them at the stake or behead them the old fashion way. He has no concept that he is destroying the financial stability of families and thinks he can just hand out Guaranteed Basic Income for all the countless millions he puts out of work.
Of course, I call this Communism 3.0 because what is different is that he is not planning on confiscating the assets of the elite. He will not surrender his status, medals, and honors. They are there to demonstrate that he is competent to sit in judgment over us. Klaus argues that “equality” stops at the superrich for we need these people to retain their wealth and BigTech platforms so they can control the world and keep us all in line – establishing the 21st aristocrats. It is people like Schwab who are anti-religious as was Marx because they do not believe in such things as a divine power because they know far better how to redesign society and since it is flawed in their mind, God cannot exist.