Let’s say unemployment is 20%. Just imagine how much money they would print and how many fake jobs they would create.
AI is a marginal improvement, but we’ve been making huge global productivity gains for 50 years. We could’ve had massive deflation that entire time if it wasn’t for taxation, government spending, and monetary manipulation.
The economy will continue to be completely fake until hyperbitcoinization. Atlas Shrugged is essentially non-fiction.
Agreed that fake jobs can definitely mask unemployment but ai impact isn’t marginal imo in the same way past productivity gains were. Over the last 50 yrs or even more gains were often offset by labor shifting into new industries or by regulatory drag. Now ai threatens all industries at once manufacturing, logistics, finance, law, healthcare, software, you name it. removing both skilled and unskilled simultaneously. Fascinating to witnesses all of these.
To be clear, you think that because of AI, things like the consumer price index and real estate will fall 80% against the US dollar?
This is what I’m questioning, yes. Some reputable minds predict this outcome, though the numbers could change. But as i said, given the money printing, current rates, and national debt, i almost find this prediction an insulting joke.
I predict that they are going to print so much money your face is going to melt off and we will enter a soft mandibles-like situation.
And a chatbot which makes pictures and indexes things fast won’t affect that outcome.
Agreed on the money printing part. But i think you’re underestimating just how fundamental the changes from ai are going to be. it’s not just another tech upgrade or a chatbot. we’re about to witness a complete rewrite of how the economy, labor and even value creation itself work.
AI replaces the jobs which were the most useless and least labor intensive. Which is to say, it will replace very little because you can’t keep your big government budgets if you get a chatbot to work for you.
But let’s see how it plays out! My money is where my mouth is.
I enjoyed this back and forth
