4 June 2010 - Peak Poverty

Have we already arrived at Peak Poverty? As long as sufficient poor people remain in the world, factory owners can exploit them as cheap labor. But paying them inexorably wears away their poverty, eventually destroying it altogether. As poverty supplies dwindle, automation will be the only answer, and no feasible level of policy bungling will stave off the final robot apocalypse. The lesson is clear—this financial crisis did not go nearly far enough!