World renown author and forecaster Marc Faber's [Tomorrow's Gold: Asia's age of discovery, Riding the Millennial Storm: Marc Faber's Path to Profit in the Financial Markets,The Great Money Illusion; The Confusion Of The Confusions] latest take on the situation:
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. – -in The Gold Report
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.