Best Reading of the Day
The article frames the discussion as a lack of preparedness by politicians for the coming AI revolution, that some refer to as the third industrial revolution.
The U.S. is a democracy with a system of laws for governing. Free market people will say it is as it should be. Keep politicos and their regulations out.
What will come of it?
Here is the complete article:
https://www.cnn.com/2024/05/13/investing/premarket-stocks-trading/index.html
Here are a few snippets from the piece, that is a lengthy interview with economist Glenn Hubbard.
Glenn Hubbard is worried the United States isn’t ready to accept the disruptions that come along with [the coming AI revolution]
...
Over the past three or four decades, technological change and some globalization has caused a slow-mo disruption of the job market and communities around the country. Now look at AI, we’re going to have that same disruption except it’s going to be much faster. We’re talking about five years, not 30.
...
Social support for our system is unraveling and it’s been unraveling for a while. There are many communities and many groups of individuals who don’t really feel like contemporary capitalism is serving them well. And the longer we let that go, we’re really running the risk of killing the golden goose.
That last part really struck me.
We have literally seen the populace of the U.S. rise up with pitchforks and torches to overthrow our current system (January 6 Capital Riots). Income inequality and wealth disparity, inherent in capitalism, have been growing rapidly for decades and is well-known to be a source to destabilize a society.
When will the people of the U.S. wake up? The younger generation is already moving rapidly anti-capitalist and pro-socialism because of where we are. A sea-change is coming. I see tumultuous times ahead.
Happy Reading,
J.W. Gant
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