Why Capital Always Beats Labor Protection

But the macro is capital is replacing labor. And in every major, you think about the Industrial Revolution, I mean, it's happened in every century where capital investments have basically replace labor through some level of automation, machines, whatever you want to call it. And John, history has shown capital wins every time. If you're trying to take Europe, oftentimes trying to protect the past from the future and lifetime employment and that mindset, it loses every time. to capital. Why? Because the initial capital investment ends up creating superior economics in the long run. And it's just, you can't compete with that with labor that is far, far more expensive and doesn't scale.