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All well and good if you are employed, well off and rich. But if AI starts eliminating jobs, even being rich may not help you in the coming crash. Why a crash
by jmclnx 8mo ago
All well and good if you are employed, well off and rich. But if AI starts eliminating jobs, even being rich may not help you in the coming crash. Why a crash ? Most people will not be able to buy anything other than a bit of food and pay their rent, if they are lucky.
I doubt we will see most of these impacts for 10 to 20 years. I wonder if this is a reason Trump wants low interest rates ? With low rates the rich can borrow at a low fixed rate and purchase items like Gold and Land. Then when rates have to raise, more $ for them.
- oytis 8mo agoThat's if AI goes full singularity. Barring this scenario, it might be the end of while collar dream and social mobility in general, but not nessarily the catastrophic "nobody buys anything" change
- dd8601fn 8mo agoI don’t see 70 million Americans transitioning from white collar “knowledge worker” to plumbers and electricians in the 18 months the hype men are quoting. Many don’t even have the physical capabilities for it.
- oytis 8mo agoI'm not seeing that either. I rather thought of white collar work being devalued rather than disappearing. By "end of white collar dream" I meant that you won't be making good money with it, because it would be commoditized with all workers being pretty much the same as far as employers concerned - but there will not necessarily be less work to do. And you will probably be able to afford food, clothes and shelter.
- maxerickson 8mo agoIt doesn't make sense. If there is a collapse in demand, prices will follow. It's also reasonable to expect prices to go down if there is a productivity boom.
- munificent 8mo agoThat expectation only holds together if you think of consumers as a single monolithic cohort. But prices can stay high and price out most consumers as long as there is a minority of rich ones still able to afford it: https://www.oxfordeconomics.com/resource/bifurcated-how-the-us-economy-is-splitting/ https://www.oxfordeconomics.com/resource/bifurcated-how-the-...
- maxerickson 8mo agoLike they are gonna buy all the flour and tshirts at high prices? The op didn't say that scarce goods would become something only the rich could afford, they said no one would buy anything.
- deleted 8mo ago[deleted]
- RealityVoid 8mo agoHow many bags of rice do rich people buy on average, would you say?
- flir 8mo agoSuppose it depends how many serfs they've got. /cynical
- stock_toaster 8mo agoIf they can resell them abroad at a higher price than locals can pay? Then, all of it.
- RealityVoid 8mo agoSell them abroad... to... _other_ poor people? Or, aaah, it makes sense as your sibling comment was saying to trade between them in order to feed their serfs.
- 8mo ago
- lazystar 8mo ago> I doubt we will see most of these impacts for 10 to 20 years Have you been to Seattle lately?
- monero-xmr 8mo agoI truly believe the goal is to bring blue cities back to the 70s through 90s. Dangerous, gritty, dilapidated, horrible schools, corrupt government. But it will be cheap to rent and artsy 20 year olds / older homosexuals without children will enjoy it
- usrnm 8mo agoI was in Seattle around 8 years ago. If I go tomorrow, will I notice any real difference?
- saulpw 8mo agoThe number of unsheltered homeless people has doubled in that time.