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.

Well, what do you want money for?

Uh, you want, you want money for goods and services.

Yeah.

Right? You want money for

obviously food, housing, transport, entertainment.

Um, well, if that is so abundant

that, uh, th- there's more,

that the robots and AI are providing more goods

and services than y- 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 con- I'm concerned about the road, and we live, you know, 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 h- higher taxes on capital so

that you fund w-

some kind of universal income? Otherwise, what do people live off?

I, I think the, the treasury should just simply issue

people checks.

But, you know, since-

But where's the revenue coming from? I mean, I'm enough of an economist.

If you just issue checks-

Yeah

... you're gonna have inflation.

It, it, you know, this is, like, a, a lot of what we're trying to think about

is

th- these things were relevant in the past.

They will not be relevant in the future.

So like inflation is simply the ratio of money

to the r- to, to goods and services.

So if the goods and services output increases dramatically, if it

increases,

you know, 1000%, you can increase the...

You can literally

print, or these days change the database, no, never print money.

It's you create money in the, in the database.

Um, provided the creation of that money, uh,

is less than the rate at which goods and services increase, um,

you, you will actually have deflation.

So I'll make a prediction, which is that

deflation will be the issue, not inflation.

The, because-

Yeah. Yeah

... because as the output of goods and services increases, um, if, if the

output of goods and services increases faster than money supply, you will have

deflation.

I'm actually p- I'm perfectly willing to believe that.

It's, it's just-

You may well be right. Yeah

... a statement of fact. I mean-

No, yeah, absolutely. You may well be right.

But I, I'm, I'm really

hung up on how we get from the current

polarized, angry, fearful

policy we have now-

Yeah

... to this nirvana, and, 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-

Sure

... but you get nationalized. There's a kind of, you know, far left

government. Uh, 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-

Yes

... handle the politics now?

It's exhilarating and terrifying.

But if, if you were in the... Yeah, exactly. Exactly.

I agree. Honestly, and if you ask me on any given day, I, I, I in

fact, even intra day- ... I've gone from

exhilaration to terror regarding AI.