STOCK MARKET WATCH - Monday, 6 February 2012

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22. The dark hole of modern capitalism

http://www.japantimes.co.jp/text/eo20120206a3.html

HONG KONG — The International Labor Organization last month put out a stark warning about increasingly wretched employment prospects almost everywhere in the world. It wrote: "The world must rise to the urgent challenge of creating 600 million productive jobs over the next decade".

The report was all but ignored except by the very serious press and the BBC. Perhaps it is not surprising. How did the ILO calculate such a figure? Did they count the unemployed? How can anyone count up to 600 million, especially over 10 years into the future? Is it a case of thinking of the highest number that may scare you?

The ILO rather spoiled its case by adding that, even today, 1.1 billion people worldwide are unemployed or living in poverty. As for its suggestion that "the world" must create new jobs, and "productive" ones at that, what is this "world" and who runs it?

It is right to be critical of sloppy thinking, especially when there isn't one world. But the ILO is on surer ground when it gets away from United Nations-speak and warns of clear and present dangers.