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The Economy Has Spoken: Stuff That's AI-Generated Has Almost Zero Value (futurism.com)
submitted 6 days ago by to c/fuck_ai@lemmy.world
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[–] 12 points 6 days ago (1 child)

There's tons of value! Venture capitalists and tech firms sinking their last dimes into circular debt... The government changing finance rules so investment firms can sink your 401k retirement funds into unregulated private equity firms so they can sink YOUR last dime into AI... Investment banks tranching bad AI debt and reselling it just like they did back in '08 with mortgage-backed securities... There's tons of value. You just need an Enron mindset...

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  • [–] 4 points 5 days ago (1 child)

    I'd be more pissed if I had retirement savings. But joking aside, that was a truly heinous move to pull in those FOMO investment managers, which has surely boned over many people without their knowledge. I do know people who have retirement savings or pensions, and it might make me feel sad when I see them wandering the streets and digging through trash for food in their old age.

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  • [–] 2 points 5 days ago (1 child)

    I hear you on that one. Retirement savings? I don't really know what that is and in all honesty I think it's an urban legend...

    What really gets me is the debt tranching. Same game as '08 just with datacenter loans instead of mortgages and much bigger numbers. These guys have over $662 billion in debt OFF BOOK, which is 113% of their on-balance-sheet debt. That's according to Moody's. But other numbers are even more disgusting, Meta's hidden debt is around $420 billion -- three times its transparent debt. Who's going to get stuck with all this debt once it pops? The same people who got stuck with the MBS bill. You and me.

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  • [–] 0 points 5 days ago (1 child)

    It's why I'd buy Platinum or some other metal of value as a retirement plan.

    If I had any money.

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  • [–] 2 points 4 days ago

    We (the middle class) went from capturing 25% of GDP in the 60's and 70's to capturing 7% today. Wealth inequality is the highest it's been since 1929. The only metals getting purchased now are the ones going into datacenters, which will likely only get paid off by a further reduction of our GDP capture once these companies go belly-up.

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