Laden...
The Longshoremen Strike Will End Up On Wrong Side Of History
Today’s letter is brought to you by REX Shares!Whether you're bullish 🐂 or bearish 🐻 on MicroStrategy, T-REX ETFs are your gateway to dynamic market plays. Get exclusive access to leveraged exposures with the first ETFs designed specifically for MicroStrategy stock. To investors, The International Longshoremen’s Association went on strike yesterday in an attempt to pressure the United States Maritime Alliance into caving to their demands. Sounds like a story as old as time, right? Kind of. There is some nuance that is important to understand. The union is looking for a variety of things, but the two headline requests are a 70%+ increase in pay and a ban on automation technology in the ports. I am not here to pass judgement on how much the men and women at our ports get paid. Frankly, I am not informed enough to understand whether they should get paid 25%, 50%, or 75% more. Someone smarter than me can figure that out. But I do have enough knowledge to comment on the proposed ban of automation technologies — this is insane and dumb. The United States of America was built on technological progress, free markets, and competition. Our country and economy suffers when we stray from that original path. This is nothing new though. Candle makers tried to fight electricity. Horse owners tried to fight cars. Newspapers tried to fight the internet. None of them succeeded. History has proven that fighting technological progress puts you on the wrong side of the record books. The ILA is going to be no different. We have to take this analysis one step further though. I believe the Longshoremen are acting against the best interest of the United States by opposing technology. It is obvious that automation technology will increase efficiency, decrease expenses, and create more resilience in our ports. These are ports that not only have an economic impact on society, but likely have a national security component to them as well. Whenever you hear the Longshoremen saying “we don’t want automation,” you have to translate it to mean “we don’t want efficiency, speed, and lower costs.” That is insane. It is possible to understand why the ILA is taking this position (they don’t want to lose their jobs!), while still arguing the action is wrong. I wrote in my new book we need more people with the mantra “compete, don’t complain.” That lesson applies in this situation. There is an even bigger takeaway though which has been ignored by the Longshoremen too — automation will create more jobs, not less. Use self-driving cars as an example. Google’s AI summarizes it well: “Some truck drivers and unions are concerned that self-driving trucks will eliminate jobs. However, a 2021 Transportation Department study suggests that autonomous trucking could create new jobs for maintenance technicians, dispatchers, and fuelers.” The same thing will happen in the ports. Remember, the invention of ATMs (automated bank tellers!) led to more bank tellers being employed today than ever before. We don’t have time for history lessons though. It is estimated that every day of the strike will cost the US economy approximately $3 billion. If the strike continues for a week, some economists believe we could see a decrease in annualized GDP by as much as 0.3%. Stop the madness. Get the workers back to work. Negotiate whatever pay increase the two-sides can agree to. And stop with the ill-informed demands about banning technology. Hope you all have a great day. I’ll talk to everyone tomorrow. -Anthony Pompliano Founder & CEO, Professional Capital Management 🚨 Set Up A Call With Anthony Pompliano 🚨I want to set up a 1-on-1 Zoom call for 30 minutes to meet you. In order to get the call scheduled, you have to purchase 25 books or more of my new book, How To Live An Extraordinary Life. Here is how this will work: You purchase 25 books or more. You reply to this email with the receipt or screenshot. I will send you potential days/times for the call. We will get on the call and discuss whatever you want for 30 minutes. I have already done a few calls with people from Twitter and really enjoyed them, so I look forward to meeting many of you as well. Polina Pompliano, Author of ‘Hidden Genius’ and Founder of The Profile, and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Professional Capital Management, discuss why Jerome Powell can’t stop cutting interest rates, all-time high number of US citizens dependent on government aid, using bitcoin to pay your taxes, and what will happen when cheap capital floods the market. Listen on iTunes: Click here Listen on Spotify: Click here The Fed Is Easing & Asset Prices Are Starting To IncreasePodcast SponsorsBetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit. Domain Money makes financial planning straightforward and accessible.They tailor plans to your personal priorities and goals, whether it’s buying a house, funding college, or taking that dream vacation. Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. Xapo - Xapo Bank is the only way to bank with Bitcoin. CrossFi isthe Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted. ResiClub - Your data-driven gateway to the US housing market. Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here. You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. You're currently a free subscriber to The Pomp Letter. For the full experience, upgrade your subscription.
© 2024 |
Laden...
Laden...
