To disarm the big tech bomb, including “AI”, the public needs to be on high alert — as AI firms start to visibly wobble, we need clear demands and firm commitments from our leaders that if it all comes crashing down, the public won’t be the one left holding the bag.
There is a difference from socializing losses and just minimizing collateral damage to the people. We shouldn’t repeat the 20s/30s.
The way to change the cycle of boom and bust, where the wealthy enjoy the boom and the rest of us pay for and suffer the bust, is to make it unprofitable by not bailing out failed institutions.
That’s a recipe for economic death. Institutions are what defines nations economic lifeblood. There was a nobel price for econ for that last year or so. Let the companies die and capital redistribute. Let PE suffer. Don’t go down with the ship like a mariner when you can be saved at no net cost, but benefit to society. (History fun: apparently this was an issue in the past)
Myself and my kin benefit from a global economic crash with no bail out. I lose nothing as I have never invested, I’ve pivoted out of tech and have no interest in going back to a role that a chatbot can replace (easily). Best case scenario, I get communism, worst case scenario I get to watch tech billionaires publicly executed.
Own less, want less, need less.
Worst case scenario is much worse than you describe. If this is a big one it may cause collateral damage. Any economic crises mean hundreds or thousands of people dying. Wide reaching crises have knock on effects. Mitigating some damage is good.
AI is more than just a chat bot.
I agree its more than just a chat bot. Part of the reason I’m praying for rain. I hope the proletariat can come through this with some measure of success though I think we’re past that.
Healthy institutions, not irresponsible and/or speculative ones.