Shouldn't simply be AI, but 3D printing and perhaps, the arrival of Drexler's
nanofabricators? If it's just AI, it'll will be harnessed for the super rich
alone, and the difference between the rich and the rest of humanity will vastly
expand. An Elysium Eath.
On Monday, October 2, 2023 at 07:47:06 AM EDT, John Clark
<johnkcl...@gmail.com> wrote:
Events of the last year have not turned out as economists thought they would,
they thought the US was heading for a recession but that hasn't happened, and
they all thought inflation would remain stubbornly high but for the last 3
months it is only been at 2.2 %, and the Federal Reserve considers 2% to be the
perfect amount of inflation. But there's something that has surprised
economists even more, they expected interest rates to remain low but instead
they are higher than they've been in over 20 years, even higher than they were
during the 2008 global financial meltdown. What's really unprecedented is that
by analyzing the spread between the price of ordinary bonds and bonds indexed
to changes in the Consumer Price Index the market is telling us that for the
last six months investors believed inflation is under control; in the past this
has always led to long term interest rates going down, but that is not
happening. So what is different this time?
I think the difference is AI. I think the market, that is to say the collective
wisdom of investors, is telling us that in 10 years it will take far fewer
dollars to remain alive or even to achieve a middle-class lifestyle than it
takes today to do the same thing, and perhaps it won't take any dollars at all.
So a dollar today will be far more valuable to you than it will be 10 years
from now. So if I'm gonna loan you a dollar today I will demand a very high
interest rate to make it worth my while, and if you're not willing to pay it
I'll just spend that dollar on myself today.
John K Clark See what's on my new list at Extropolisicp
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