FECK MORGAN STANLEY ...Off-shoring death march ...

[NVMojo]

wonder if this is one of the companies that funded Bush and wants his private accounts??? Off-shore Bush!!!


snip...

Around the world, a quiet revolution is taking place. It wasn't planned, it isn't political. But it is steadily marching, some might say leaping along, and-even if we wanted to-it can't be stopped. The revolution's name is offshoring, and while the concept is not new-manufacturing jobs have been moved to countries such as China and Mexico for years-what is different of late is the huge number of white-collar jobs that are being relocated abroad, and at a tempo and scale never witnessed before.


And it's just starting. Over the next decade, offshoring will knock millions of white-collar Americans and Europeans out of work, blowing a hole in the middle class from Los Angeles to London, from Boston to Berlin, from Toledo to Tokyo, from Austin to Amsterdam.

"I don't think most people appreciate the magnitude of the change in the world's workforce," says Intel's chief executive, Craig Barrett. "Over the next 10 years you are going to see major, major dislocation," he warns. He should know. Intel is hiring thousands of new workers overseas.

Big and small companies alike in industry after industry have done the math and are rushing to move even their most specialized jobs to Asia to cut wages by between half and four-fifths. "We're now outsourcing investment banking to Mumbai," says Stephen Roach, chief economist at Morgan Stanley. "I don't know why we would ever hire another software programmer in New York again."

more...

http://www.feer.com/articles1/2005/0503/free/p019.html

[necso]

1. Too bad that

there isn't a "Cutting Our Own Throats" (our good old American throats to be more precise) entry on the corporate balance sheet (perhaps right after that "Negative Goodwill" entry -- which itself seems to have such an amazing affinity for zero). If offshoring had a negative effect on stock prices (because it negatively affected the balance sheet), then there might be some hope that the corporations would stop it on their own.

Of course, there isn't. Offshoring looks good on the balance sheet... And the corporations and their fellow-travelers plan on making an awful lot of money off of it, consequences beyond the immediate be damned.

[NVMojo]

2. Soon we will all need degrees in toilet scrubing and bussing tables

as we fight to support the tourism industry ...the remnants of commerce.

[necso]

3. Well,

paranoid, fascist theocracies usually aren't the most popular destinations for international tourism... but we can always hope.

[natrat]

5. no silly -those jobs are for the "illegals" because we wont take them

[RedEarth]

4. Scary article.......this is a trend that doesn't seem to be slowing down..

Last week I read several other articles on off-shoring and posted some of them at the link below.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x15398