Aside from concerns that certain elites have been planning to eliminate up to 95% of the human population or even more, there are two likely paths that a future where robots dominate the manufacturing process would lead humanity.
The pessimist scenario, where the current systems of control remain in place and are strengthened, continues to pop into mainstream consciousness in the form of a "guaranteed income." Specifically, the Swiss people recently rejected a referendum that would have guaranteed every Swiss person a minimum annual income, regardless of work. This will continue to undermine the structure of civilization, as women would be enabled to birth children without the rigor of a father-figure. Children that are instead raised by daddy-state, who will raise them without intellectual curiosity in areas that would undermine the elite's power. Also, men would be deprived of the stimulus of hard-work and the wimp culture of constant video-game playing and weed smoking would come to dominate all of society.
The optimist alternative is that the current working classes, will be enabled with large tax cuts and an elimination of the federal reserve inflation scheme, to accumulate their own capital. Instead of their paycheck going entirely to life-sustenance, a truly moral capitalist system, would allow workers to gradually save and become owners of the very automated manufacturing systems that will eventually replace them. This is a very different outcome than in the previous scenario, because while a grant from the government requires no effort, managing a portfolio of investments requires certain continual application of skill. And there will continue to be a disincentive to be lazy.
This accumulation of capital is theoretically possible even under our current Federal Reserve system, but it is rendered inaccessible for most of the working class because the boom-bust cycle leads to repeated rounds of mass bankruptcies. Those with connections that allow them to obtain cheap Federal Reserve money can just declare bankruptcy, receive the new money and move on. Those who have built a portfolio with sweat-equity are wiped out, with no ability to regain what they lost unless they rebuild it through hard-work. Also, even in good times, the best investments are bought up from those with sweat-equity, who tend to be smaller percentage owners, who are forced to sell to those with access to cheap Federal Reserve financing, even though we would rather retain ownership of a very productive asset.
This happened to me recently with my ownership in a Canadian ATM company, DirectCash Payments, which trades in the US under the symbol DCTFF. This is a cash-flow heavy company that paid out a steady and relatively reliable 9% dividend payable, with which it would have been possible for me to retire. But no, along comes ATM giant Cardtronics, with their ability to borrow at artificially low rates, buying up my investment from me at what for them is an attractively low price given their ability to finance it. While for me, it is necessary to hang on to such investments so I can become financially independent.
Yes, as long as there is an unjust Federal Reserve system, the working class will have to fear automation because their means of financial independence are not guaranteed by our laws. Under real capitalism, we having nothing to fear from automation and everything to gain.
Bank Chief Warns ‘Robots Could Replace Half of British Workforce’
Machine age could 'mercilessly hollow out' working classRobots could put 15 million Britons out of work, the Bank of England Governor declared last night.
In an alarming vision for workers, Mark Carney warned many jobs would be ‘hollowed out’ as huge technological advances meant roles could be automated instead.
The Bank has said the march of the machines in the workplace puts administrative, clerical and production staff most under threat.
Mr Carney claimed that ‘up to 15 million of the current jobs in Britain’ – almost half of the 31.8million workforce – could be replaced by robots over the coming years as livelihoods were ‘mercilessly destroyed’ by the technological revolution.