Hey guys, and welcome to section two. This is the first part of the actual course content. And in this part we'll be covering the effects that automation, robotics and just a I in general has had on the workforce so far. So to get right into it, I will say that unfortunate, I'm gonna have to be a little bit negative in this. I don't usually like to be negative, not very productive. But in this case, unfortunately, we do have to go over a bit of history and it is a bit negative.

So to begin with, automation and robotics has, unfortunately had quite a huge effect on the workforce and to flat out ignore it and to stick your head in the sand. It's not a very good idea. It comes out with a very bad scenario. Everyone remembers kardec I hurt our fantastically huge film company. They made The old style 35 mil film rolls. They actually invented the digital camera what I'm using to record this on right now, they invented that technology, I believe they might have also had a patent on it as well.

But they didn't see that step going, you know that step from 35 film 35 mil film to the digital camera, they completely ignored it, they stuck their head in the sand, they didn't want to know about it. And what happened to them, they got absolutely destroyed. And this is what happens to companies and people that just ignore that new technology and you cannot do it for this reason, because you end up Far, far worse than what you would have. And just coincidentally, it was actually quite hilarious. Speaking about the 35 mil film, I recently went into a camera store the other day and find them on the shelf they had rows and rows and rows of that 35 mil film and I was like what the hell you know who is buying This film, it's 2030 years out of date who's buying this. And apparently, according to them was actually it's actually still very popular at weddings, people like to have them on the table and take photos in this 35 mil film.

Who knew? I thought that was a bit bizarre. So as I said, one of the very first things we want to cover is the this effect that AI robotics automation is having on the workforce. And the reason I wanted to cover this is because a lot of people when you ask them about robotics, when you ask them about automation, they're concerned about it. As I said before, they are nervous about this technology. They think that in the future, you know, they're gonna come they're gonna take the job, it's gonna be very bad.

We have to watch out for they're all in agreement about that, but they miss a very critical point. And that's that they think it's happening in the future, and by all means, it certainly will be happening in the future. But what they don't often know is that it's been happening for decades. It's been happening already. And this can be saved a number of different things. If you have a look here, you can see a graph of the s&p 500, which I'll just use as a roundabout way for showing recessions and recoveries in the general economy.

As you can see, there's been a number of recessions and a number of recoveries. And what usually happened, what used to happen in the far past is that you would have one of these recessions, you know, things would go down times would be bad. Everyone would, not everyone, but a lot of people would get fired, they would lose their job to this, you know, huge drain on the economy. And that was obviously a very negative thing. But what would happen as the economy started recovering from that huge crisis or recession is that those people that got laid off prior would start getting rehired again, and, you know, you can measure this in terms of the time it took for 100% of the workforce. To be fired, and to say 60%, and then whatever it might have been, and then for them to be slowly hired up again to that same 100% point, and that, you know, space would obviously take, maybe months, maybe years, however long it took.

And what they're seeing now with the advent of automation and robotics is that that same trend happens, you know, it doesn't stop gfcis or anything like that, like they had in the two in 2008. things go bad, everything goes south, lots of people lose their jobs, fortunately. But as the time goes on, that rate at which the people get rehired again, as you can see here, extends and extends with each recession that goes by so whereas it might have taken two years or one year before to get back to that same hundred percent point. Now it's taking upwards of six years with the previous GFC. That happened back in 2008. So this is because when those companies fire those people And they have to still, you know, serve their clients and all that sort of stuff. They start using automation and robotics to try and be more efficient and get better while still saving money.

And as a result, those people don't get used to do that job, don't get hired when they come back, or at the very least, they get hired at a much lower and slower rate. And if this trend continues, it's projected that when the next GFC, 2.0 comes around, and there's another crisis, which, you know, we're almost sort of ready for it. Now. It's been a good 10 plus years since 2008. So the cycle is getting close again. When that recession or that big, you know, crisis hits again, it's going to take upwards of 10 years to get back to that same result that it took six years back in 2008.

So this is a major concern and this is something that is, as I said, already been happening, it's not something in the future that you need to you know, not really worry about back. So it's only affecting you in the future. This is already happening. And that's something that a lot of people don't realize. Now, as I said, I don't like to be negative, usually it's not very productive. But in this case, it is very important because if we ignore that passed away, ignore what's actually happening.

Now, in reality, it's not a particularly good base to go off and plan for the future. You can't just ignore reality as kardec very helpfully showed us, because you will get absolutely trashed. So, in the next section, I'll be covering about the current state of automation and robotics. I think there'll be quite a few surprises in there for you as well. So I'll have a chat with you then.