Hi, my name is Fedha and this is Robots will steal your job. There has been a lot of talk and buzz lately on unemployment, robots taking jobs and the risks of automation. Blogs and newspapers seem particularly concerned with taxi drivers, which the server treatise of their own and they will be the subject of my next video. Here I want to focus on a particular aspect that is often overlooked but that is just as important. What is fair and how our perception of what's fair in society will change the way we live, in particular the relationship between the rich and the poor and how social shame will seriously affect the economy of the rich. Now you might be thinking surely this must be coming from a social activist or some sort of self-righteous liberal with socialist-leaning ideas. Well, not exactly. Here is Johann Rupert, delivering a keynote speech at the Financial Times Business of Luxury Summit 2015 just a few days ago. Our threat to all of us is how are we going to organise society when the abundance hits us because of the officially intelligence combined with robots will create abundance. But we cannot have 0.1% of 0.1% taking all the spoils. But it's unfair and it is not sustainable. So I don't know what new social pact will have, but we'd better find one. Otherwise our clients will be targets, they'll be hated. Dispised because the next wave of unemployment is going to be even bigger than the current one. And these people will be unemployable. You don't believe me? I give you two books to read. Humans need not apply. And robots can steal your job and don't worry. It's going to be cool. But I would urge you to look at this. Aside from the endorsement to my book, that was nice. And to the video by Maman, C.G.P. Gray, what's striking is that it displays a thoughtful understanding of some of the implications that a more unfair society will bring. And it comes from someone who is the chairman of a $15 billion company and has an estimated net worth of almost $8 billion. Couple of points here. Why does it care about this? It might be because it's a good guy and doesn't want to feel ashamed for being filthy rich while most everyone else around him loses their job and becomes poorer and poorer. Or it might be because that social stigma will prevent rich people from buying luxury goods thanks to which he became a gazillionaire in the first place. If wealthy individuals don't feel pride in buying and showing off their luxury possessions, he doesn't have a business anymore. His stocks will go down, shareholders will be unhappy, he and his family will feel more and more alienated and hated by society. And things will get bad for everyone. So which is it? Well, I don't know him personally, but I think it's probably both. Really what keeps me awake at night that I'm telling you now. How is society going to cope with structural unemployment? And the envy I treat an social warfare. Because the people with money will not wish to show it. If your child's best friends, parents go unemployed. You don't want to buy a new car or anything showy. And folks, we are destroying the middle class at this stage and it will affect us. And it's unfair. Smart people recognize the value of having a stable and thriving society, in particular a strong middle class, which generates most of the wealth, creates social stability, pays most of the taxes and supports the whole economy. Destroying the middle class will not bring anything good. And more and more people are realizing this, including some of the richest people on the planet. I've been saying this for years now. In my writings and in the lectures I've been giving, but it's nice to finally see a growing conscience and realizations spreading across the border. We need to redefine the social pact and it can't work if that 0.001% gets the long end of the day. It gets the long end of the straw while everyone else fights for the scraps. Or, in Rupert's words, But it's unfair and it is not sustainable. Couldn't have said it better myself. If you'd like to see the full talk by Rupert, check out the link below. Also, I'm turning this video series into an actual course. This means I'll be posting more and more videos exploring this topic in fine details and you'll be able to follow a learning path and track your progress. If you like these videos and want to see more, you can give a tip and this will help finance the creation of future videos. And if you feel like giving more, you'll get some nice rewards. Thank you for watching!