Marc Faber: Unemployment is high in both Europe and the U.S.,
particularly for young people. One reason for the high unemployment rate
is that it is very difficult to find highly specialized workers for
industry. Perhaps that's due to more university students studying
non-user-friendly subjects, such as philosophy. The Western world is
lacking in well-trained workers who can handle industrial machines that
cost $10-20 million ($10-20M).
But if I need a clerical assistant for financial services, I can find hundreds and hundreds of applicants.
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