I did this podcast last week. I don't have a transcript. This is one to watch.
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Thanks. It popped up on my feed a couple of days ago, and I sent the link to a friend. Conversation format works well for longer pieces.
And this, Richard. https://new-normal.com/chemical-companies/ineos-bond-price-slide-confirms-chemicals-are-in-crisis/?utm_source=mailpoet&utm_medium=email&utm_source_platform=mailpoet&utm_campaign=hi-subscriber-firstname-or-subscriber-lastname-or-default-subscriber-here-s-the-latest-post-on-the-new-normal-blog_1
Wow….that’s a real trend.
A wide ranging and challenging podcast but with a serious message on the incoherence of our politics and its outcomes – like answering the question Richard Murphy asks – what new products has Ai delivered? None and yet it has so far taken in the region of £21b of investment!!!
I don’t understand the argument here, the key part of the argument being that a collapse in the valuations of AI companies, OpenAI for example, will have effects on the rest of the economy which will lead to the rest of the economy suffering a collapse of some size. Logically the liquidation of OpenAI in my example because it failed should only lead to the economy going back to where it was before OpenAI arrived on the scene. At worst.
Contrast that to the insistence, from yourself I believe, that AI could be successful in displacing millions of jobs world wide without adding any net value and a lot of unemployed people to the labour pool. And that this could lead to a degree of economic collapse.
I wonder if you simply hate new technologies being set free to achieve where the customer takes them. I do too as an old man who liked things in the old days, but I’m not going to argue for both teams in the same Camp Nou.
Billions will be lost.
Much of the investment in shares is with borrowed money.
AI companies owe billions to banks.
And they will not fail individually but collectively.
And the stock market will crash to.
So there is banking contagion. And then a collapse in confidence. 2008 could look like a garden fete compared to this.