The Fed Wants You to Lose Your Job, AI Taking Jobs and Chris is a Visionary
On Sunday, the Federal Reserve announced that it would hold a previously unscheduled meeting where some of the matters to be discussed will include, according to the Fed's website, “review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.” It's being called an 'emergency' meeting, bu in reality, closed-door Fed meetings like this happen all the time. There have been about 15 meetings over the last year.
In today's episode of The Higher Standard, Chris and Saied take a look at what this meeting may or may not be signalling, as well as some hard truths about Fed Chair Jerome Powell's attempts to fight inflation.
They discuss why, when Powell tells you he wants to reduce inflation, he’s actually telling you the central bank needs investors to lose money.
Chris and Saied discuss a story about Nala Robotics, an AI company that has launched a fast food robot that, it claims, can fry chicken wings, french fries and other foods, season them and do it all autonomously. It's called the WingMan. Is this the response to the increase of minimum wages?
They also discuss how the tightening of the economy is affecting businesses. Bankruptcies and hiring freezes are happening across the country, and larger businesses like Meta are saying that they need more efficiency out of employees.
Join Chris and Saied for this fascinating conversation.
Enjoy!
What You’ll Learn in this Show:
- What the Fed's 'emergency' meeting really means for the market.
- Why Jerome Powell needs investors to lose money, in the hopes that those losses will seep into the rest of the economy when capital investments and consumption decline, slowing growth, demand and ultimately inflation.
- The possibility of AI and robotics replacing workers as a response to minimum wage increases.
- The effects of the Fed's aggressive tightening of economic policy, and the effect it's having on businesses.
- And so much more...
Resources:
https://www.federalreserve.gov/aboutthefed/boardmeetings/20221003closed.htm
https://www.cnbc.com/2022/09/30/elon-musk-shows-off-humanoid-robot-prototype-at-tesla-ai-day.html
