This guy is hilarious, but not in a good way. The purpose of capital is to reduce labour utilisation not expand it. In almost every product or service labour costs dominate and because of that almost every recession recovery focuses on automation. Almost every technological activity I have ever been involved in has focused on labour content reduction. The birthrate in most of the world, but not in developed countries, guarantees raw labour. The trick of trapping the young into paying for their training - which should be covered by the beneficiary - corporations - further ensures cheap skilled labour at no cost to corporations. you might notice a pattern here. The development of AI guarantees synthetic labour, that is why capital invests in it, can you not see the difference that occurs between corporation investment in AI but not in skilled youth training and education, it is for a reason, ownership, that and the reproduction is zero cost. If capital was bothered about the embedded oversupply of raw labour in the emerging economies there would be relentless demands it was addressed but the matter is mute. Instead we have either nothing or platitudes that all will be okay, provided of course capital is granted the boon it wants, which is more debt in the system. Because in a FIAT system that debt is a gift to capital. The situation in the West is very very clear, very muted growth and demographic problems, coupled with - for most citizens - wealth reduction. In the East the big two China and India. Well China is about to do a debt Harvey Wallbanger by even their own Central Bank assessment, and India cannot sustain construction which is where most of the dispossessed of the land have migrated and therefore unemployment is due to rise promptly. I see the EU is mentioned. There seems to be some idea that reforms are impeded by a lack of risk sharing by Germany. Nope, reforms are impeded by the local national(s) ballot box. Furthermore apart from anything else, whilst Germany may be a beneficiary of the euro madhaus, it simply does not have the cash to underwrite 18 odd other countries even if it wanted to. This article is a joke. I thank God I never had to attend any of this guy's lectures because I would be asking for my money back. 'China, the eurozone, Japan, and the United States – implement structural reforms' and save the World. China has only industrialised 20% of its population and has reached industrial over capacity and cannot grow via its domestic market, it also has a demographic problem brewing due to the 1 child policy.. Incidentally it is due to be hit very hard by AI in it's industrial belt. The EZ cannot reform, it is a structural problem, it also has an incipient demographic problem. Japan likewise has a major demographic problem and a flat line economy and is the Western future. In fact the demographic problem of Japan is so severe it is possible to predict when the last Japanese person will live on current trends. The US is on a major debt expansion and wealth reduction programme, and guess what, it has a demographic issue pending. Meanwhile corporations aka capital will not invest but instead indulge in platform engineering (called labour reduction, and certainly is not creative in anything other than accounting practice) but meanwhile corporations petition for debt paid for by others to 'stimulate the economy'. But hey, lets not let facts get in the way of a good story, eh. Let me know how your debt fountain and 'reform' will address oversupply of labour - synthetic or otherwise - and Western demographics, then I might take what is being said more seriously...