Former McDonalds CEO Crushes The Minimum Wage Lie: "It's Cheaper To Buy A Robot Than Hire At $15/Hour"

"I was at the National Restaurant Show yesterday and if you look at the robotic devices that are coming into the restaurant industry - it’s cheaper to buy a $35,000 robotic arm than it is to hire an employee who’s inefficient making $15 an hour bagging French fries - it’s nonsense and it’s very destructive and it’s inflationary and it’s going to cause a job loss across this country like you’re not going to believe."

New KFC Restaurant Is Run Entirely By Robots

Colonel Sanders is raising a robot army to serve fried chicken at a restaurant near you. KFC’s first automated restaurant, called Original+, went live in Shanghai on April 25th, complete with an artificially intelligent robot manager named “Du Mi” who works at the front counter.

Former McDonalds CEO Warns Minimum Wage "Will Wipe Out 1000s Of Jobs"

While this should be no surprise to any rational non-establishment-teet-suckling economist, former McDonalds' CEO Ed Rensi exclaims, in a recent Forbes Op-Ed, that "a $15 minimum wage won’t spell the end of [fast-food brands]. However it will mean wiping out thousands of entry-level opportunities for people without many other options." The $15 minimum wage demand, which translates to $30,000 a year for a full-time employee, is built upon a fundamental misunderstanding of a restaurant business (and we add simple supply and demand fundamentals) - just "do the math" Rensi rants...

Futures Wipe Out Most Overnight Losses Following Dramatic Rebound In Crude

Following yesterday's OPEC "production freeze" meeting in Doha which ended in total failure, where in a seemingly last minute change of heart Saudi Arabia and specifically its deputy crown prince bin Salman revised the terms of the agreement demanding Iran participate in the freeze after all knowing well it won't, oil crashed and with it so did the strategy of jawboning for the past 2 months had been exposed for what it was: a desperate attempt to keep oil prices stable and "crush shorts" while global demand slowly picked up.  And whether it is central banks, or chronic BTFDers, just 12 hours after oil opened for trading with a loud crash, the commodity has nearly wiped out all losses, and both brent and WTI were down barely 2%, leading to both European stocks and US equity futures virtually unchanged on the session. 

Which Are The Highest Paying Trading Jobs

As many traders are terrified that the next round of layoffs will cost them their job, it's not all doom and gloom especially when one recalls that, on average, most traders are paid far better than 99% of all other jobs. And some are certainly more equal than others. Below we present a breakdown of the highest paying trading jobs, based on an analysis from Emolument, which has examined London traders' salary and bonus data at Director level to provide a glimpse into their remuneration profiles

Minimum Wage Jobs Are Safe: Robot Waiters Fired For Spilling Food And Drinks, Malfunctioning

Customers flocked to the Heweilai Restaurant chain in the southern Chinese city when it introduced robots last year, but the chain has stopped using the machines. A staff member said the robots couldn't effectively handle soup dishes, often malfunctioned, and had to follow a fixed route that sometimes resulted in clashes."The robots weren't able to carry soup or other food steady and they would frequently break down."

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Hiding from Opportunity

Whether it’s a question of saving our lives from a dreaded disease, or saving our wealth and freedom, the outcome will likely be better if we behave as Homo sapiens, rather than Homo Struthio.

Panic Below The Surface: "Banks Are Selling Energy Loans At Cents On The Dollar To Ensure Their Own Survival"

"It is estimated that ~250,000 people have lost their jobs in the industry in the last 18 months. People who had been saying that this is the worst downturn since the 1980’s are now thinking that this is a return to the 1980’s. There are reports of banks selling loans at cents on the dollar to try and ensure their own survival and bankruptcy courts and workout specialists are seeing their best market in decades."