In recent writings we have been focusing on the prospects of further global stimulus and it's connection to lower interest rates and the upcoming issue of higher unemployment around the world.

In fact Buzz Bernanke discussed at length why further stimulus would be forthcoming in response to this problem.

In an unusually aggressive step, the Fed also said it would buy more bonds, and consider other measures, if unemployment, currently at 8.1 percent, does not start falling more quickly:

"If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability," the Fed said.

Good luck.

Interest rates will continue to remain subdued across the globe and in this country they will fall, this is not a matter of maybe or if, but a matter of when, and by how much.

Higher unemployment means less purchasing power, this is also one of the reasons why inflation has remained low apart from the deflationary impact of technology, a regime of global pricing transparency and it's ensuing effects has meant ongoing downward pressure on margins as people shop online, anywhere, anytime.

And it has only just begun.

In the US you may very well see further "unconventional" stimulus similar to what we had in Australia where the Government bypassed the financial institutions and doled out money directly in an attempt to get the consumer moving again.

Our Colleges and Universities continually train people for jobs that in the future may not even exist.

In previous times the vast majority of job losses and layoffs were caused by economic downturns, the tide has turned and the job losses that we are now witnessing are also the direct results of automation and new technology. People create economies and if there is no people with work and money to spend there is no demand, which means low growth, slow growth or no growth.
2012 has been a year of transition, fear and worry. Machines and robots take far more jobs each day and the internet and technology continually eliminate many more.

As more jobs are lost and people lose their income they also lose their purchasing power and their ability to consume so economies shrink even as populations grow.

As we did back in the the Internet and technology boom at the turn of the decade we tend to overestimate the effect of a technology in the short term and underestimate it's effects in the long run.

The new industries and companies such as Google, Facebook, Instagram and Co have canibalised more jobs than they have created even though they have made a select number of individuals wealthy beyond comprehension.

It is not possible to predict the net loss in jobs as many will morph into other professions, we just don't know which yet.

We have been pushing the fact recently that many of the jobs that have been regained since the beginning of the downturn have been at pay rates far lower than the jobs that were lost.

The unprecedented changes that we are seeing will need to be met by unprecedented responses, some of which we are seeing now.

Fear of change rather than embracement may turn out to be our biggest enemy and hurdle to repair.

Futurist Thomas Frey writes about how technology will create new jobs and the power of one's own ability to grow a business, listed below are some of his "upsides" of being who you want to be and doing what you enjoy.

No-Alarm Clock Lifestyle – Your day starts and ends when you want it to.

Finding the Real You – You do what interests you, and what interests you defines who you really are.

Be Yourself, Genuine and Authentic – Most people spend their entire lives trying to be the person someone else wants them to be.

Living without Fear – You no longer have to do the work of others, or live in the fear of being fired.

Creating Your Own Value – Your personal worth is no longer defined by an employer. You get to keep as much as you earn.

Accountable for Your Own Risks - While it may be risky to set up a business venture and work for yourself, ultimately there is far greater security than working for a company or even government. You can’t be laid off, and while your income may vary, you can always make money.

Personal Freedom – You choose where you live rather than living where you happen to find the right job. You can sleep in, go to the beach during the day, work harder sometimes and slack off at others – all without having to ask for permission.

Control Your Own Destiny – In the end, wherever you end up, is entirely up to you.