A Universal Basic Income (UBI) has long been proposed as a way to cushion the blow of jobs lost to automation. Under that model, everyone receives a modest monthly payment – enough to cover basic needs and prevent extreme poverty.
But Elon Musk has gone further. On April 16, he posted on X:
“Universal HIGH INCOME via checks issued by the Federal government is the best way to
deal with unemployment caused by AI.“AI/robotics will produce goods & services far in excess of the increase in the money
supply, so there will not be inflation.”
Rather than a subsistence stipend, Universal High Income (UHI) would be a level of income allowing ordinary people to live well in a world where machines do most of the work. Musk has also said that AI and robotics are the only things that can solve the massive U.S. debt crisis.
That sounds promising, but where will the government get the money to pay the UHI? Critics say any government that tried it would go bankrupt. There are also other concerns, which will be addressed in Part 2 of this article. Here we will look at the financial underpinnings: why UHI is even thinkable, why AI forces a reexamination of how money enters the economy, why the current system cannot scale to meet what is coming, and the implicit transition needed to meet that challenge.
Continue reading here.
All the intelligence in the universe will not change the fact that the mediums used to support trade are either debt based and/or debt-free so what kind of medium(s) is/are going to bridge those trades???
God knows we have enough debt already ! Its drowning us !
AI == Actually Incompetent
Plus, they can't build the data centers.
"We Can't Move Forward": Brookfield-Backed Compass Abandons Virginia Data Center Project
https://www.zerohedge.com/ai/we-cant-move-forward-brookfield-backed-compass-abandons-virginia-data-center-project
...
"As time goes on, people with power are likely to keep installing their own biases in the system, and the quality of the AI results is likely to become less and less reliable and satisfying.
Some have termed the process of our society’s drift into less and less user-friendly online or business interfaces, and less and less satisfying products (especially food) as 'enshittification.'"
How do you feel about AI governing all aspects of life? The United Nations has been quietly building the justifications and foundation for it.
https://merylnass.substack.com/p/how-do-you-feel-about-ai-governing
Enshittification === Usury
"Usury centralizes money wealth where the means of production are dispersed. It does not alter the mode of production, but attaches itself firmly to it like a parasite and makes it wretched. It sucks out its blood, enervates it and compels reproduction to proceed under ever more pitiable conditions. Hence the popular hatred against usurers, which was most pronounced in the ancient world where ownership of means of production by the producer himself was at the same time the basis for political status, the independence of the citizen." --Karl Marx, Capital, vol 3, chapter 36
"Usury is a great huge monster, like a werewolf, who lays waste all, ... And yet decks himself out, and would be thought pious, so that people may not see where the oxen have gone, that he drags backwards into his den." --Martin Luther