Future of Money and AI Impact

Money won't matter in 2036.

I'm not sure that the people who bought

your shares think that money won't matter in 2036.

What do you want money for?

You want money for goods and services,

right? You want money for obviously food, housing, transport, entertainment.

Well, if that is so abundant that the robots and AI

are providing more goods and services than any human could possibly consume,

what do you need money for in that case?

Let's agree that that could be where we end up.

I'm concerned about the road.

And we live in democracies and people are very worried about this.

So I guess two questions. Firstly,

do you have to have massive redistribution from people like you

to the people who are losing their jobs?

Do you need to pay more tax?

Do you have much higher taxes on capital so that you fund some kind of universal income?

Otherwise, what do people live off?

I think that the treasury should just simply issue people checks.

But where's the revenue coming from?

I mean, I'm enough of an economist.

If you just issue checks, you're going to have inflation.

A lot of what we're trying to think about is

these things were relevant in the past. They will not be relevant in the future.

So inflation is simply the ratio of money to goods and services.

So if the goods and services output increases dramatically, if it increases a thousand percent,

you can literally print, or in this case, change the database and never print money.

You create money in the database,

provided the creation of that money is less than the rate at which goods and services increase.

you actually have deflation.

So I'll make a prediction, which is that deflation will be the issue, not

inflation. Because as the output of goods and services increases,

if the output of goods and services increases faster than money supply, you will have deflation.

I'm actually, I'm perfectly willing to believe that.

You may well be right. It's just a statement of fact,

I mean. Absolutely, you may well be right.

But I'm really hung up on how we get from the current polarized,

angry, fearful

policy we have now to this nirvana.

And I think you could, you can paint a picture where people are so scared by this,

you know, they essentially try to stop it.

Maybe they can't, but you get nationalized. There's a kind of, you know, far left government.

There's exorbitant tax increases. The kind of economy crumbles because people are so worried

about a future, which does sound quite scary as you describe it.

So how do you, how do you handle the politics now?

It's exhilarating and terrifying.

But if you were in the, yeah, exactly, exactly.

Honestly, if you ask me on any given day,

in fact, even intraday, I've gone from exhilaration to terror regarding AI.