The Tel Aviv stock exchange was not what I expected. I imagined a large room, people yelling everywhere, the epicenter of Jewish chutzpah. Instead it was empty and quiet. No one seemed to work there. This was bizarre.
Guest Blogger: Ryan will be a senior at the University of Southern California and is studying Economics.
I later found out all the orders are now automated. Humans had been taken out of the loop in this regard by their own technology. On one hand, it’s great for both buyers and sellers. They no longer need to pay as much of a fee to brokers given the new technology. However, the eerie silence that filled a once lively room frightened me.
Computers, algorithms, the latest program, gadget, etc. are all making our lives better in one aspect, only the thought of people no longer being needed really made me think.
Accountants are finding themselves out of jobs due to programs like Turbo Tax. Translators/ interpreters should enjoy their jobs while they can because Google Translate and others are soon going to make them expendable. Computers can recognize faces, drive cars, and now, we are trusting them to handle billions of dollars in investments.
Knowing the trend of hi tech, the train never stops. Innovation doesn’t go backwards, only forward. So I’m not sure if I am now looking forward to watching technology continue to advance or scared to death. The costs now seem existential yet the benefits are just too tempting. I just know that after the Tel Aviv Stock Exchange I felt like I was in a science fiction movie that captured my imagination, only the morale of the movie was be careful what you wish for.