2min chapter

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779: Max Wright: The Bitcoin Bungee Theory

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CHAPTER

The Importance of AI in the Economy

AI replacing 80% of jobs. Right now in this economy and that's not even factored in so you got all these things going on. You can now have a chat GPT right your, you know, vice our article for you with all the talking points that you want to get in you don't need a human anymore. It's interesting to see that it's already like filtering. I mean it's already, I don't think people fully grasp it yet but all these people getting laid off yes, there's not a lot of eyeballs on them anymore nobody trusts them.

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Speaker 1
So basically take a knock out 80% of jobs. Right now in this economy and that's not even factored in so you got all these things going on. You got AI replacing I mean that's why if you look at the layoffs it started at the tech companies right. The big tech companies and it's now seeming to make its way through it. And it's not surprising. There's a lot of theories behind it. It's not surprising that media companies are now laying off either going under or they're laying off so many people, because you can now have a chat GPT right your, you know, vice our article for you with all the talking points that you want to get in you don't need a human anymore. It's interesting to see that it's already like filtering. I mean it's already, I don't think people fully grasp it yet but all these people getting laid off yes, there's not a lot of eyeballs on them anymore nobody trusts them, but it's also you got to look at from the AI angle right. So this is a really this is the only counterweight I can see too we could go through like a dozen like calamities that are absolutely on the surface about to cause a crash which will cause money printing which will do all that. There's one thing and one saving grace on it because, historically inflation is the thing that unwinds this like that you know like, you know, like, you know, to run like 400 years of you know poor financial management before eventually it collapsed to inflation. Right inflation is the is the final death nail in the coffin. But AI, and a huge, the huge leap forward, sorry, a huge productive leap forward is the only thing that could possibly kick the can down the road at this point once the inflation hits which were in the middle of it for sure. Then the only thing that kind of reverses it is a massive increase in productivity. And for the people to understand that when people think about that inflation number. I mean really good way to think of it is it's just a ratio, total amount of money in the world, total amount of goods and services that that money is chasing. Lots more money they've been up the price of goods and services, reduce that money, you know they can't get up the price you get deflation. Right, it's actually a ratio between goods and services and money. If there is a massive skyrocketing productivity, so that human beings are creating double the amount of goods, it's actually extremely deflationary. Well, but now that will never happen I want to be crystal clear on that. They will always print the money to absorb all of that.

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