This discussion keeps coming up and I thought I’d copy a comment I posted on a facebook thread here.
The first ATM machine went operational 50+ years ago in 1966 and bank tellers are still around today. The technology didn’t simply eliminate all jobs, it created efficiency that allowed banks to focus efforts elsewhere.
The days of a business dedicating large portions of their time to banking are gradually disappearing as advances like ATMs, internet banking and other inventions take hold. As a result, the cost of banking has reduced and allowed smaller businesses who would otherwise not have been able to survive to flourish.
We’ve been developing tools that replace labor in mass for centuries. From the printing press, to farming tools, to large machinery on to automated factories.
In each case it has never been a revolution that eliminates humans completely from the equation and instead is an evolution where we find an equilibrium. There is always a balance to be found of the cost of automation vs. the abilities of humans to do the work.
We won’t see as much of a rise in artificial intelligence in the form that replaces humans as we will in augmented intelligence that assists humans in becoming more productive. We need to figure out how to prepare for this and leverage the opportunities it will provide for people to be significantly more productive.
Our focus needs to be on supporting greater entrepreneurship to take advantage of new efficiencies and supporting the ability for workers to retrain to take advantage of new labour demands. A basic income is one of the greatest means to enable this.
The Royal Gazette has an article up downplaying the potential for America’s Cup to return to Bermuda. Those who have followed its progress would know that this has always been a possibility.
My understanding is that the decision of where to host comes down to 3 core considerations.
- The team who wins ultimately decides where they want to defend.
- The defenders need to find a venue willing to host who sees enough benefit in it (eg. San Francisco had the option and turned it down because it didn’t make financial sense for them)
- Most of the teams are trying to convert the America’s Cup into a profitable business and build viewership. New Zealand is the only country that is presently fanatical about the America’s Cup and likely doesn’t need this as badly. The winner still ultimately has a considerable amount of say in the direction and future of the event.
This leads me to a few thoughts on the business side of things. It is widely known that many factions in the America’s Cup are trying to convert it to being a more profitable venture similar to Formula One. In order to do so they are heavily reliant on building solid TV coverage.
The few reports on coverage so far is that it has not been ideal. This suggests they need interest through encouraging more teams and more events spread out over time. Hence the world series events and the reduction in boat sizes to encourage more teams. The more competition, the more potential interest and viewership.
Thus we’re seeing an aim to shorten the competition from a 4 year cycle to a 2 year one. Likely more focus on the world series and enough focus on the finale to sustain a big climax. I believe that ideally they’d aim for a host of the finale on the East Coast of the US or alternatively Bermuda as the timezone sites well enough for coverage of the US during the day and EU in the evening which has the best potential for building viewership. Chicago or anywhere else on the east cost still stand out as potentials.
Once the viewership is large enough then it can really be hosted anywhere but for now, the America’s Cup is a fringe sport. Google Trends shows it pretty clearly when you compare
America’s Cup to Formula One over the last 5 years. They clearly want to convert the blue line to be more like the red one and the tiny spike of the last event in San Francisco pales in comparison to the regular interest in Formula One.
One other thing. People having animosity towards hosting the America’s Cup and making it political certainly doesn’t help as I’m sure they’d rather see focus on the event itself, not articles about local politics
Will they host the finale in Bermuda again? Only the winner knows.
Back in February I speculated that an election would be called for mid to late July. This was primarily based upon the momentum the OBA was building and the likely euphoria that would build up over the America’s Cup.
Since then, we’ve seen the opposition push for a vote of no confidence in the middle of the America’s Cup and the opposition leader suggest he thinks the election will be late July. The timing of the vote of no confidence, the push for an election and the animosity that comes from it is less than ideal for the island. The opposition has seemingly pushed fully into election mode, rolling out candidates and putting out daily press releases. They’ve seemingly ramped up fully for a late July election. Now today Shawn Crockwell has signaled that he’d vote against the government.
Even if the no confidence motion is successful, by my estimates the Premier would still have a 3 month window to call it. As a result, I suspect the Premier may either opt to call an election before the vote of no confidence takes place or take his chances and call one if he loses it. Given the strength in the recent polls and the OBA’s momentum, I suspect he’d be leaning towards calling an election anyway.
I suspect the Premier will now aim for an election in late August, just before students return to school. As far as I’m aware, the OBA has yet to deliver on their promised changes to absentee voting, thus the reason for late August vs. early September. This would allow the OBA could both publicly decry the PLP for disrupting the America’s Cup with an election as well as push their own electioneering until after the America’s Cup is over. Since the PLP has already entered heavy campaign mode, there is also the potential that the public would readily tire after nearly 4 months of heavy campaigning. It is also likely that the after effects of the America’s Cup would still be present in the form of euphoria of having money in ones pocket and the event potentially having been bigger than originally forecast. Beyond that, it’s allow for statistics and reports covering the outcome of the event to be published as well as many positive stories of who benefited.
On the PLP front I’m still a bit baffled as to why they opted to push for a vote of no confidence for June. Pitting an election right after America’s Cup seems like a bad time when the alternative could be waiting out upwards of a year for more negative fallout or controversy to capitalize on. The unions are always good for some sort of fallout and disruption every few months. Also if the vote of no confidence is successful, it will invalidate their pushed legislation which could come back to haunt them if people realize pre-election that marijuana wasn’t actually decriminalized and that the statutory interest rates weren’t changed. Ultimately the upside of forcing it now seems limited and either implies they suspect the next few months won’t be in their favor or I’m missing something.
So… a late August election? We’ll see.