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by heavyset_go
341 days ago
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The economy as we know it doesn't matter to technofeudalists, it's just the fastest way to get what they want for the time being. The last 50-80 years have been an aberration in terms of distribution of wealth, income and power. What AI owners want is a return to a world of lords and peasants, and with that comes with a shift of economy that serves the needs of consumers to an economy that suits the needs of those with incredible wealth. Institutional investors will leave the middle and lower classes behind in favor of making a ton of money serving the needs of the incredibly rich, their families and their friends, and that will be the new formal economy. Everyone else will be served by informal economies that don't see institutional investment. See also: Citigroup's plutonomy paper[1]. [1] https://delong.typepad.com/plutonomy-1.pdf |
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