The total number of unemployed workers in G20 counties is now up to 93 million and that it is increasing each day (unemployment rate, wages)

[KRAMERCAT]

First of all, the giant corporations that now totally dominate the global economy have figured out that they can make a lot more money by replacing expensive workers that live in major industrialized nations with workers that live in nations where it is legal to pay slave labor wages.

So it isn't really a huge mystery why there is such a huge problem with unemployment in the western world.

If you were running a giant corporation, why would you want to hire workers that will cost you 10 to 20 times as much as other workers? A worker is a worker, and over the past decade we have seen a massive movement of jobs to countries where labor is cheaper.

In fact, the director general of the International Labor Organization is fully convinced that unemployment is going to continue to rise in G20 nations. Just check out what he told CNBC on Friday...

Unemployment will likely soar further in the group of 20 major economic powers without immediate action, Guy Ryder, the director general of the International Labor Organization told CNBC on Friday, comparing the jobs crisis to the 2008-2009 financial crisis and warning it needs to be tackled urgently.

"We have gone backwards. It is quite alarming to see...that unemployment has not gone down, in fact it's gone up," Ryder told CNBC at the G20 finance ministers' meeting in Moscow.

He said 93 million people were currently unemployed in the G20.

And when those living in G20 nations lose their jobs, they tend to stay out of work for a very long time. In fact, 30 percent of unemployed workers in G20 countries have been out of work for one year or longer.

Major industrialized nations all over the planet are no longer able to produce enough jobs for their people. In many "wealthy nations" the unemployment rate has already risen well up into double digits. Just consider the following numbers...

Worldwide Unemployment Crisis: There Are 93 Million Unemployed Workers In G20 Nations

[bUU]

... the fact that the United States was linking its monetary policies to labor market outcomes was encouraging and that the country was moving in the right direction ...

It's amazing how many people don't realize the importance of the Fed's approach. As much as it hurts us personally, as folks soon reaching retirement age, having hoped to latch onto a healthy income stream built on fixed-income investments, the Fed's approach is the only rational approach I've heard to mitigate the damage to those less affluent in our society from the effects of globalization.

[Oldhag1]

It isn't just the wages that has moved jobs to less developed countries, it is also the lack of safety and environmental regulations. Not to mention, bribes are usually cheaper than corporate taxes.

[Goinback2011]

Originally Posted by bUU

It's amazing how many people don't realize the importance of the Fed's approach. As much as it hurts us personally, as folks soon reaching retirement age, having hoped to latch onto a healthy income stream built on fixed-income investments, the Fed's approach is the only rational approach I've heard to mitigate the damage to those less affluent in our society from the effects of globalization.

Right....printing money always has such good long run outcomes.

sarcasm off.

[HappyTexan]

Originally Posted by bUU

It's amazing how many people don't realize the importance of the Fed's approach. As much as it hurts us personally, as folks soon reaching retirement age, having hoped to latch onto a healthy income stream built on fixed-income investments, the Fed's approach is the only rational approach I've heard to mitigate the damage to those less affluent in our society from the effects of globalization.

Not totally rational though. Even Bernanke doesn't understand the shift to part time work over full time.

Fed Ponders Part-Time Shift as Obamacare Role Questioned - Bloomberg
Part-time employment has been outpacing full-time job growth since 2008.
..
“One thing that we hear in the commentary that we get at the FOMC is that some employers are hiring part-time in order to avoid the mandate,” Bernanke said. He added that “the very high level of part-time employment has been around since the beginning of the recovery, and we don’t fully understand it.”