Prices always fall to the marginal cost of production. Regulation can slow down but not stop this process.
#Schumpeter #technology #deflation 
The level of impact #AI has on your profession is a function of its current reliance on highly-skilled #labor as an input factor. 
The best way to prepare for an #AI world is knowing how to use it. 
Mind-blowing interview of Jordan Peterson with scientist Brian Roemmele:
https://m.youtube.com/watch?v=S_E4t7tWHUY&pp=ygURUGV0ZXJzb24gcm9lbW1lbGU%3D
Key points:
Future application of #ChatGPT: The primary innovation of ChatGPT is its function as a reasoning engine. In its current implementation this is bundled with a predefined dataset, i.e. information until 2021 that is openly acessible via the Internet. Additionally, it lacks privacy. The future killer application in a corporate context will likely be "private AI based on a configurable dataset" so that one can control the dataset that the reasoning engine is applied upon while ensuring #privacy. Ultimately, this leads to the merge of the human with the AI creating a #cyborg.
#Immortality and #learning: With upcoming memory technology, it is imaginable to encode all visual and textual information that a human is exposed to in his lifetime. Conversing via #AI based on this dataset would feel like a having a conversation with this actual human being. By extending the model of the self with a model of the to-be-learned, AI could become a mentoring companion to every human.
Efficient interaction: ChatGPT's statements are sometimes ambiguous and evasive. In order to efficiently work with the system, you have to address the question from different angles. Intelligent engineering of prompts is key. ChatGPT allows you to toss around an idea in a human-like interaction while it is still in a nebulous state.
#Threat of AI: The dystopian view of AI is that has the potential to logically foresee all of a human's potential actions and calculate countermeasures within seconds. It is the technological foundation of a big brother worse than the one imagined in Orwell‘s in #1984. On top of this, time is only finite for humans, not for machines. The battle will be faught over the data and metadata that defines you as a person as this is the base information for exerting control over you.
#grownostr
I've been worrying about the economic ramifications of the dollar losing world reserve currency status. To a certain extent, it is happening, but because there isn't a replacement currency, most countries are just agreeing to do trade in their respective currencies. This article mentions what the likely response will be and I think its prediction is likely, at least in the near term.
I country A and B decide to do trade. Country A sells $100 billion in gods to Country B. Country B sells $90 billion in goods to Country A. They will do $90 billion in their national currencies, but the balance of $10 billion will still be done in dollars because that can be easily used in any nation. This makes sense to me.
It still sends a lot of dollars back to the US to cause inflation and it still reduces the US government's ability to finance its debt, causing increased interest rates and possibly the inability to finance its debt at all. (Although the Fed is likely to print money and buy the debt, but that will just cause more inflation).
#grownostr #dedollarization
https://www.zerohedge.com/economics/ooh-lula-la-brazil-wants-dedollarize-too
Insightful. And I agree, there will probably not be a reserve belonging to a single currency again.
After what the US has gone through since 1971 this is neither in the interest of that nation (hollowing out of its industrial base) nor other nations (risk of reserves being seized, see Russia).
This leaves us with two likely outcomes: An international currency basket by BRICS, BIS SDRs or similar or a truly neutral asset such as gold or bitcoin.
If want to learn about the drivers of the conflict with #Russia and the forces behind #dedollarization, check out this interview https://m.youtube.com/watch?v=yb3u-a0eGek
Key points
The #dollar as the world’s reserve #currency has hollowed out the US industrial base to the point where it poses a national security threat. It is increasingly becoming Washington‘s objective to move towards a neutral reserve asset. This position has gained momentum against the traditional position that the dollar‘s position must be upheld in order to ensure US dominance. Seizing of Russian dollar reserves in 2022 might not have been a panic action but a deliberate step to weaken the reserve status of the US dollar. (min 3:52)
Under the assumption that non-Western nations (China, Russia, etc.) continue to buy #gold rather than US treasuries as reserves the #FED has two possibilities:
(1) It maintains its hawkish approach leading to further rise in interest rate and deflation. This leads to a strong dollar but default of the government on its debt. (min 17:48)
(2) The FED yields and monetizes government debt leading to inflation and a weaker dollar. (min 20:25)
In the context of internal political politics outcome (2) is highly likely in the mid to long-term.
The Russia-Ukraine war should be considered as a proxy war in the context of Russia making a move out of the unipolar dollar world multi currency world into a multi-polar world in which gold will play a predominant role. To work around #sanctions #oil exports are increasingly settled in gold. The gold price can no longer be suppressed and rises. (min 34:20)
The way for the US to resist this is to create a depression to reduce demand for oil to weaken the resource-driven opponent. The group of resource-driven, however, is growing in the form of the #BRICS alliance. (min 38:30)
#grownostr
If are into deep and entertaining insights into the #economy and #prosperity, this entertaining interview with economics legend Arthur Laffer will blow your mind: https://m.youtube.com/watch?v=PzCVj7SOx_I
Take-aways:
min 3:00: 1-year bond rate minus inflation is a great indicator of a nation’s economic progress. Judging by this indicator the US, Europe and soon even in China are in secular decline.
min 7:45: To reignite prosperity the socioeconomic system must be set up for (1) lowest possible tax rate on the broadest possible tax base (2) government spending in areas where it has the highest return for the desired outcome (3) sound money (4) focused minimal regulation (5) free trade.
Again, the US is on a downward slope with on all five.
min 37:30: Government transfer payments lead to less economic activity both at the giving and the receiving end thus reducing total income. Forcing absolute income equality will lead to no income whatsoever because there will be no more incentive to economic activity.
#grownostr and #hodl #bitcoin
Great initiative, thank you!
Good job, well done!
Key question: What is the desired result and what are just the forces applied to get there?
Hypothesis:
Quantitative tightening = force applied
Merging of the banks = desired result
Agree?
#grownostr
I experienced a concrete example of this: Don't invest energy in things that are out of your control anyway.
Property is the combination of physical possession with intellectually abstracted ownership. Since the beginning of civilization fragile and sometimes even threatening social constructs regulated the two.
Now - for the first time in human history - #bitcoin in #self-custody allows the individual to become #sovereign.
Steak is great!
#grownostr #carnivore 
travel is great. An expression of freedom.
#grownostr
Remnants of the fast breeder power plant project „Kalkar“ on the Rhine. Project abandoned in 1991 just before becoming operational - now a theme park.
Early symbol of a former European industrial powerhouse dismantling itself.
#grownostr #energy #nuclear
Engineers build wealth and prosperity. Carry on with these Laplace transforms. It will lead to something great!
Somewhere in the Northwestern USA or New Zealand? Don‘t know…