Warning: Technology’s star is dropping out of orbit, falling, burning. Glitches? No! The world is at a historic turning point, a paradigm shift, to a new world order. Why? Silicon Valley’s famed “disruptive technology” is backfiring.
Yes, Silicon Valley’s reboot of Joseph Schumpeter’s famous “Creative Destruction” economic theory from his 1942 classic “Capitalism, Socialism, and Democracy” is igniting new fears that today’s megaglitches in technology are not just economy-killers but warnings that our world is transitioning into a new order, painfully reinforcing economist Robert Gordon’s prediction that America’s economic growth will collapse to under 1% in this century.
Last week marked a turning point, the end of technology’s long run as capitalism’s designated “solution to all problems.” Check out the power in the current wave of explosive failures … stocks hit hard, a market “rout” said the Wall Street Journal … “tech stocks scrape bottom,” warned USA Today … “optimism ebbs … Alibaba, Qualcomm, Intel, AMD hit lowest prices in year.” … Worse, China’s once-hot IPO market lost a third of its value in a month even as its government tried to stop the hemorrhaging … now China “looks awfully like 1929, 2000.”
More tech backfires: Exchange trading imploded as the longest NYSE closure in history was set off by a technology malfunction … same day a technology glitch forced United Airlines to ground thousands of flights … and as if a dark conspiracy were afoot, the Journal’s technology overloaded, choked … recall the FBI’s recent report that millions of government employee background records had been hacked … and punctuating the scary drama, last month right after launch, we watched the spectacular explosion of technology guru Elon Musk’s SpaceX Rocket.
Plus it’s no secret that the economy is weak and the stock market is way overdue for a major correction, as in 2000, again in 2008. With tech stars dropping out of the sky. China’s IPO winners fading. United Air grounded. NYSE dead in the water. The bad news is just piling up for technology. Yes, something’s wrong, technology’s at a historic turning point. With more bad news ahead.
Get it? Technology is looking “awfully like 1929, 2000,” for everything, everywhere, the global economy, world stock exchanges, our portfolios.
So, yes, this drama goes far deeper than a random hodgepodge of unrelated tech glitches. They’re also not an attack of cyberwarriors from the future, Terminator robots returning to take over human civilization, the kind of drama AI futurist Ray Kurzweil predicted in “The Singularity.” Nor is all this drama just temporary collateral of competing Chinese neo-capitalists vs. Silicon Valley’s techno-capitalists, Jack Ma vs. Marc Andreessen.
Remember, today’s six-year bull market, long propped up by the Fed’s destructive cheap money policies, may be making a final push to the peak, before rolling back down, like Sysiphus’s gigantic boulder crashing into our economy.
You are in a classic sequel of the soap opera of 2000 … first a long exciting bull … big bubble … record peaks … then pop goes the weasels … a costly collapse … later repeating the great market drama preceding the historic 2008 presidential election … where technology won for Obama, defeated the McCain-Palin ticket, then a another sequel and defeat of the GOP’s Romney-Ryan ticket in 2012. And now technology’s ticking time bomb looks ready to do it again in 2016.
Silicon Valley geniuses will never stop America’s economic decline
What’s really happening is far more important than all the political bickering, even the pope’s sideshow. Silicon Valley is fighting a no-win battle against six fatal headwinds — cultural, political and ideological megatrends now hard-wired deep in America’s collective conscience.
These headwinds are making it virtually impossible even for our best and brightest technology and science geniuses to save America from becoming a second-rate superpower in the no-growth economy that we ourselves are creating with our rigid capitalist ideology.