Earlier quoted context omitted.
The problem is if large banks fail they take everyone else with them. We should have dealt with this in 2009, but for some reason it didn't happen. But money talks, I guess.
Iceland let it's banks default, and is now doing rather well. In fact, bank failure and then having the government only guarantee ~$50k of funds per person is a good way to hand wealth to the people and take it from corporations and the super wealthy.
Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
141–150 of 288 posts
Re: Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
#142It's hard not to be fatalistic about all of this now: In my mind, it's crystal clear that the investments will never be paid back. The revenue streams from all the companies involved don't add up. It must fail at this point. That means losses. Big losses for some. I assume that these off-the-books companies can quite literally be pinched off and the debt becomes the banks' problem, so the primary company, i.e. Meta,…
For anyone old enough to remember attending bankruptcy/liquidation auctions of "dotcom 1.0" companies in 2000, 2001 or so and buying an Aeron chair, or similar, I really wonder what it will look like this time around. There was one point in time where only very slightly used datacenter cooling systems and diesel backup generators were selling for pennies on the dollar.
They'll be knackered though, unlike a good Herman Miller chair. :-)
We might even be able to afford RAM again!
Re: Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
#143Earlier quoted context omitted.
The guillotine requires being in control of the situation. It can only be used by those with the power to act with impunity. It's not fighting against tyrants, it's a declaration of an intention to be the next tyrants.
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I can't really judge how I might personally benefit from the current direction because I am uncertain what that direction is, and indeed if it will be sustained.
If you are trying to allege that I have some personal affiliation to an organisation where I might benefit more than any average member of the public, then I must disappoint you. I work on my own projects, I sometimes make money from games that I make.
I do not wish for a hypercapitalist dystopia where a company could train a model on work for hire content and then forever churn out content that they assert ownership of. I don't want the suppression of ideas caused by others asserting that because they had an idea, they own it and can dictate who gets to use it.
I also do not wish for another reign of terror.
I don't think violence will make the world better, and I don't think disaffected chique will either. I advocate identifying problems, suggesting solutions to the problems and working with people to reach consensus to apply those solutions. I assume that humans are fundamentally good and in the absence of religion can generally be reasoned with. Even those who do things you disagree with probably are doing what they think is best.
I may be wrong about the goodness of humanity, but it does not matter, If it exists it's worth working with. If it does not exist, it is not worth saving. I choose to assume that it exists on the chance that it might.
Re: Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
#144Earlier quoted context omitted.
Iceland let it's banks default, and is now doing rather well. In fact, bank failure and then having the government only guarantee ~$50k of funds per person is a good way to hand wealth to the people and take it from corporations and the super wealthy.
The issue is that major US banks are systematically important to the US and also everyone else. Practically nobody cares about Icelandic banks - not even their depositors if their deposits were protected by the state (which they were). If a bank like JP Morgan were to fail, the event would be without exaggeration cataclysmic to everyone, even small local banks and credit unions. Even if ultimately the clients of JPM…
Re: Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
#145Earlier quoted context omitted.
Iceland let it's banks default, and is now doing rather well. In fact, bank failure and then having the government only guarantee ~$50k of funds per person is a good way to hand wealth to the people and take it from corporations and the super wealthy.
Iceland's banks were full of money from people in the UK. It's a lot easier to default when there only a small political and economic price.
Re: Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
#146Re: Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
#147Earlier quoted context omitted.
They think they’re immune. Even after Luigi, they still think they’re immune
As far-fetched as it sounds, I'd prefer elected officials and the justice system hold people accountable rather than psychotic murderers.
Re: Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
#148Re: Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
#149Earlier quoted context omitted.
The guillotine requires being in control of the situation. It can only be used by those with the power to act with impunity. It's not fighting against tyrants, it's a declaration of an intention to be the next tyrants.
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Re: Five US tech giants' hidden debts soar to $1.65T on opaque AI funding
#150Well technically they don’t own the debt, the SPVs that own the data centers do. The giants just have long term commitments, but if shit hits the fan, it’s not the tech giants but the banks that lent the money to the SPVs that are at risk. This usually means all of us are on the hook.
>Well technically they don’t own the debt Channelling the 1980s for off-balance sheet financing 101. From an economic perspective there is zero difference between borrowing to buy an asset and entering into a non-cancellable long term (equivalent to its economic life) lease for the asset. The first option causes an asset and a liability on the balance sheet, affecting debt ratios that appear in financing contracts an…