Samo Burja

We're not talking just about the infrastructure bill.

There has been the COVID stimulus.

There have been many, many cases where the U.S.

that, of course, has been spending with a massive deficit, has a massive debt burden, has injected trillions of dollars of cash into the economy, mainly to make sure that the stock market doesn't go down.

You know, at this point, I feel

Basically, anyone that holds a 401k, anyone that owns stock, you're basically the beneficiary of the high printing system, right?

It's not money that retains its value, it's stocks.

And politically, it's far too costly for the sitting president, no matter his party affiliation, to allow the stock market to go down for too long.

And, you know, I think this political incentive is massive.

I don't think it's going away.

And I think because of that, we will be printing trillion dollar bills.

And then the question is, well, who gets them?

And I sort of feel it's actually better the AI companies get them.

If I told you that the US government is investing a trillion dollars into data centers, that would seem good industrial policy.

If I tell you it prints a trillion dollars and buys a trillion dollars of stock at like basically the value, the market value of, say, OpenAI or possibly Anthropic, you know, I'm pretty sure they're going to use it for employee compensation and for data centers.

So not that bad, actually.

So I'm taking a pessimistic view on sort of fiscal sanity of the U.S.

and an optimistic view of the institutional health of the frontier AI labs.

I mean, I think it obviously is going to be much longer term as a positive consequence.

You know, the best asset for a welfare state, if you want it to be sustainable, is a booming economy.