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AI boom risks global financial crash, warn central bankers

telegraph.co.uk

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Re: AI boom risks global financial crash, warn central bankers

#71

Post by anonymousiam »

overgard wrote: post #58

I'm not usually for arguments of "this money could have been better spent elsewhere", but here's a thought experiment. Lets say instead of injecting $2 trillion and counting into a few AI companies, we instead injected $2 trillion dollars into things like infrastructure (real infrastructure, not GPU warehouses), education, helping out communities ravaged by globalization (I doubt most people on Hacker News venture ou…

It all sounds great, but unfortunately human nature is that money attracts corruption, so how could a $2T injection be managed in a way that ensures everything is square, without adding significant overhead to the spending?

Governments are often just as bad at this as private entities are.

Re: AI boom risks global financial crash, warn central bankers

#72

Post by qsera »

overgard wrote: post #58

I'm not usually for arguments of "this money could have been better spent elsewhere", but here's a thought experiment. Lets say instead of injecting $2 trillion and counting into a few AI companies, we instead injected $2 trillion dollars into things like infrastructure (real infrastructure, not GPU warehouses), education, helping out communities ravaged by globalization (I doubt most people on Hacker News venture ou…

I don't think we don't really know how to do many of these things you list even if we have infinite funds. There is a real chance that we will mess things even more if we have infinite funds...

Re: AI boom risks global financial crash, warn central bankers

#73

Post by ReflectedImage »

Well assuming it's successful, there will be a large number of companies who's value will be reassessed as the token cost to replicate and run the business.

Multi-million dollar companies will be reduced into multi thousand dollar companies.

The CEOs will be replaced with teenagers in garages with their parent's credit cards.

If it stalls, then China will undercut the whole AI market with cheap electricity and crash the US stock market.

So what exactly is the win scenario here?

Re: AI boom risks global financial crash, warn central bankers

#74

Post by vlian2088 »

overgard wrote: post #58

I'm not usually for arguments of "this money could have been better spent elsewhere", but here's a thought experiment. Lets say instead of injecting $2 trillion and counting into a few AI companies, we instead injected $2 trillion dollars into things like infrastructure (real infrastructure, not GPU warehouses), education, helping out communities ravaged by globalization (I doubt most people on Hacker News venture ou…

because that's not how this world works, and neither it should. most people figure that out in their early teens.

and fyi, that 2t is not tax money, it's someone's money.

Re: AI boom risks global financial crash, warn central bankers

#76

Post by christiangenco »

overgard wrote: post #58

I'm not usually for arguments of "this money could have been better spent elsewhere", but here's a thought experiment. Lets say instead of injecting $2 trillion and counting into a few AI companies, we instead injected $2 trillion dollars into things like infrastructure (real infrastructure, not GPU warehouses), education, helping out communities ravaged by globalization (I doubt most people on Hacker News venture ou…

My understanding of injecting money in education is that it's proven to be extremely ineffective at improving outcomes.

Schools just hire more administrators and build nicer gyms.

Re: AI boom risks global financial crash, warn central bankers

#77

Post by [deleted] »

christiangenco wrote: post #76
overgard wrote: post #58

I'm not usually for arguments of "this money could have been better spent elsewhere", but here's a thought experiment. Lets say instead of injecting $2 trillion and counting into a few AI companies, we instead injected $2 trillion dollars into things like infrastructure (real infrastructure, not GPU warehouses), education, helping out communities ravaged by globalization (I doubt most people on Hacker News venture ou…

My understanding of injecting money in education is that it's proven to be extremely ineffective at improving outcomes. Schools just hire more administrators and build nicer gyms.

[deleted]

Re: AI boom risks global financial crash, warn central bankers

#78

Post by kevin_thibedeau »

christiangenco wrote: post #76
overgard wrote: post #58

I'm not usually for arguments of "this money could have been better spent elsewhere", but here's a thought experiment. Lets say instead of injecting $2 trillion and counting into a few AI companies, we instead injected $2 trillion dollars into things like infrastructure (real infrastructure, not GPU warehouses), education, helping out communities ravaged by globalization (I doubt most people on Hacker News venture ou…

My understanding of injecting money in education is that it's proven to be extremely ineffective at improving outcomes. Schools just hire more administrators and build nicer gyms.

You have to wait 20 years for the returns to society. Public education was enormously successful when it was introduced in the 19th century. There's just no profit in waiting for second order effects to kick in.

Re: AI boom risks global financial crash, warn central bankers

#79

Post by Johnny_Bonk »

vlian2088 wrote: post #74
overgard wrote: post #58

I'm not usually for arguments of "this money could have been better spent elsewhere", but here's a thought experiment. Lets say instead of injecting $2 trillion and counting into a few AI companies, we instead injected $2 trillion dollars into things like infrastructure (real infrastructure, not GPU warehouses), education, helping out communities ravaged by globalization (I doubt most people on Hacker News venture ou…

because that's not how this world works, and neither it should. most people figure that out in their early teens. and fyi, that 2t is not tax money, it's someone's money.

And why’s that?
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