Torsten Slok

Because ultimately what it means is that the conviction that we have that AI will be generally a positive and that it won't cause unemployment to go way, way up, that that probability is perhaps a little bit lower.

And so I guess my question for you is, what is your level of conviction?

in the belief and the notion that this won't cause mass, mass instability in the labor market and in the employment market?

And does that level of conviction change the way you see the world at this point?

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We're back with Prof G Markets.

So some of the conversations we've had here, some of the points that we've discussed

make me think of this divergence between the stock market and the stock market economy and the real market economy um you know for example we talked about what the price of oil would mean for the us and the fact that that would actually be a good thing for energy companies because we're net exporters at this point that would be a good thing for shareholders of energy companies but of course it would be a very bad thing for regular americans who are going to have to pay more at the pump

You have written a lot about this widening gap in the economy, and I love a lot of the charts that you've put out on this subject.

So I would love to get your thoughts on how wealth inequality has affected the U.S., how bad or not bad it has gotten over the past few years, and how it changes your approach to thinking about markets and the economy.

I'd be curious to hear how that dynamic has changed the way you think and also speak about markets.

Because, you know, from my perspective, when we say something like this will be a tailwind for the U.S.

economy or this will be a tailwind for stocks.

that is inherently kind of saying this will be a tailwind for rich people more and more.

And so I increasingly find myself stumbling over saying that this will be a generally positive tailwind, because I remember at the same time we've got this other dynamic, which is this might not do anything for the rest of America.

In fact, it could...

come back to bite them, whatever the situation is.

So I guess my question is, how has that dynamic changed the way you think about markets?

When we talk about tailwinds, how do you reckon with the fact that most of the time a tailwind is ultimately a tailwind for rich people?