Daniel Priestley

And then they say, oh, you know, it's a 6% financial instrument backed by these huge companies.

But unfortunately, the mathematics of spending $600 billion a year on something that only has a three or four year lifespan is

Every single time in the last 180 years that we've spent more than 3% of our economy on an infrastructure build-out, we've ended up with either a massive recession or a depression.

Yeah, we're going from a fundamental industrial age economy to an AI age economy, right?

That is different.

We will have different economic models.

We also have a problem of ageing.

For all of human history, we've had a small number of old people at the top and a lot of young people at the bottom, and we now have 65% of all wealth in the economy is held by people over 65.

And then you've got the financialised economy and the government economy, which is inflationary, and that they pump money in as stimulus.

So while the entrepreneurs are making everything cheaper, even free, the governments are actually inflating the economy and the financial system is inflating the economy slightly faster than productivity gains, right?

So what's happening is the entrepreneurs bring down the cost of everything and the governments and the financial system top it up with new stimulus.

According to the rules that the government runs by...

As AI creates huge deflationary impacts, they can actually just inflate the economy, like, unbelievably.

They can pump huge amounts of stimulus into the economy.

So this whole idea of UBI, universal basic income, it actually stacks up from economic fundamentals, basics, principles...

where you can actually, provided you're getting the productivity gains where things are costing zero because of AI, you can actually just pump money into the economy and give money away for a period of time while we're going through that transition.

Hopefully that prevents massive craziness from unfolding.

And hopefully, as a result of having a huge amount of intelligence, we find really interesting, fun ways to structure society and do things...

We're not necessarily leaving utopia.

We shouldn't necessarily be grieving the loss of shitty jobs and grieving the loss of dehumanising low connectivity jobs.