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Labor force participation in US economy from 1999 to 2024
Economics and finance
WTF!! Chevron Just Confirmed Our Worst Fears About the Economy
Jeff Snider is an unusual personality but his macro-economic analysis makes the most sense out of any i've encountered in the past 25 years.
This video isn't about his main point which concerns the eurodollar system (https://en.wikipedia.org/wiki/Eurodollar) and the lack of a globalized medium of exchange, which in turn distorts all world trade and most particularly the US economy since the US dollar is serving as a globalized currency even though it's structured as a national currency. The result is a marked lack of liquidity, worldwide.
This frankenstein financial system hit an inflection point with the 2008 crisis, and in the graph displayed above you can see the evolution of both job creation and labor force participation since 1999.
The moniker 'jobless recovery' has been used to describe this situation because while job creation has been see-sawing, the long term trend in labor force participation is decidedly negative.
Part of this is because of productivity gains from technology, but the greater reason is that developed economies have simply *stopped* growing in real terms since 2008. Snider believes that the lack of liquidity resulting from the eurodollar system is the main reason for this breakdown of modern economy theory.
From lack of real growth you get all sorts of pernicious and even catastrophic consequences. For example, the political turn towards authoritarian and fascist regimes has a strong cause in the vast majority of the US population, and the world population by association, getting poorer every day in real terms, no matter how much we work or the quality of our work.
This video isn't about his main point which concerns the eurodollar system (https://en.wikipedia.org/wiki/Eurodollar) and the lack of a globalized medium of exchange, which in turn distorts all world trade and most particularly the US economy since the US dollar is serving as a globalized currency even though it's structured as a national currency. The result is a marked lack of liquidity, worldwide.
This frankenstein financial system hit an inflection point with the 2008 crisis, and in the graph displayed above you can see the evolution of both job creation and labor force participation since 1999.
The moniker 'jobless recovery' has been used to describe this situation because while job creation has been see-sawing, the long term trend in labor force participation is decidedly negative.
Part of this is because of productivity gains from technology, but the greater reason is that developed economies have simply *stopped* growing in real terms since 2008. Snider believes that the lack of liquidity resulting from the eurodollar system is the main reason for this breakdown of modern economy theory.
From lack of real growth you get all sorts of pernicious and even catastrophic consequences. For example, the political turn towards authoritarian and fascist regimes has a strong cause in the vast majority of the US population, and the world population by association, getting poorer every day in real terms, no matter how much we work or the quality of our work.
United States of America
2025-02-13
Eurodollar University - Jeff Snider
https://www.youtube.com/watch?v=YaDh-hSp3FA ~~ screenshot at 16:59
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