The head of PIMCO (Pacific Investment Management Company), William Gross, has just published a new 'Investment Outlook' piece criticising the American college bubble. I respect Mr. Gross and often see him with his attractive wife out and about in Newport Beach. His PIMCO partner, Mohamed El-Erian, and others, including some of the country's top property developers, are sometimes spotted smoking cigars and drinking rare whisky at The Ritz on Friday evenings. I know this, because I was there.
Too many Americans, according to Mr. Gross in his article, are going to college at a time when there are too few jobs. This makes sense. It is a position with which I fully agree. I have written about this before. In 1995, as a newly-hired analyst at a bank in New York City, fresh out of university, I was invited along with some colleagues to a meeting chaired by senior-level executives to solicit views on the university experience. My opinion then, as now, was that college is largely a waste of time and far too many people attend, when in fact most of them should be tending farm, managing shops, or working in factories. My remarks were greeted with silence. I was not invited back.
Mr. Gross claims subjects studied at college are not always relevant to the needs of the global economy, targeting in particular the liberal arts. He is barking up the wrong tree. According to a Georgetown University study, a mere 9.7% of university students in the US study liberal arts. It is hardly a problem worth writing about. Liberal arts graduates are essential. After all, the world will always need leaders, managers, visionaries, and creative geniuses. And we will always need educated individuals prepared to transmit the achievements of the West to future generations. If one is not studying the liberal arts (and maths and sciences), one does not belong at university. It is that simple. For the overwhelming majority of people, there are trade schools, apprenticeships, guilds, and technical-vocational colleges.
There is an enormous hole in Gross's analysis, and it is this: immigration. As he points out, only 1.8 million jobs have been created in the US over the last 10 years, while the labour pool has increased by over 15 million. How can this be? Like the housing bubble, I would argue, it is largely driven by mass uncontrolled third world immigration and its knock-on effects such as higher fertility of newcomers. The US faces a glut of foreign workers of dubious quality. Pushing them through college and vocational school will do little to remedy genetic and cultural deficiencies. When Gross laments the lack of jobs, unemployment rate, and poor skills of workers, however, while at the same time advocating skills-based education, government works programmes, and lower US labour prices to compete with the developing world, he is inadvertently excusing and promoting immigrationism. It is an extremist ideology to which liberal US elites have been addicted since the 1960s. Immigrationism has ravaged our communities, culture, and economy, planting the seeds of bloody conflicts to come. It is only going to get worse. Stay tuned.
It is time to face reality. Let us talk in plain terms. Gross warns of "long-term disconnects in employment." What he really means, I think, is that the US has become a third world country, inhabited by third world people, with a third world economy--and Americans had better get used to it. Indeed, the emerging picture of America portrays a declining high-IQ white majority steadily replaced by a hostile low-IQ non-white minority whose population growth shows no signs of slowing. In effect, says Gross and others like him, to compete with global sweatshops the US itself must become a third world sweatshop. This is the American future. Deal with it.
We have heard this line before and we can no longer tolerate it. Baby Boomers have spent decades emasculating and hollowing-out the US, and still they refuse to accept responsibility for their crimes. Would you pardon one if one were tempted to hit the motherfuckers hard in the face?
How do you solve a problem like Treason?