AI Won't Destroy The World, Just Like It Won't Save It
Because finance stuff still rules the world.
Artificial Intelligence (AI), the latest boogie man to come on the global scene, will not bring about the end of the world, so plan accordingly. The primary reason why AI will not lead to an apocalypse is that AI offers the opportunity to create a vast amount of wealth for many people, just as the internet did, and personal computers before that. Both of those things were heralded as potential world-ending technologies that would give bad people the means to do really bad things.
I’m sure I don’t have to tell you how those stories ended.
The arguments weren’t baseless: Computers have indeed created terrifyingly lethal weapons delivery systems, while the majority of the internet is a swamp of illegal trading, services, fake news, and pornography.
But we are all still here. So why didn’t computers and the internet destroy civilization?
Simply put, people don’t like to die, not even bad people.
For this reason, everyone comes together to find a way to make these new techs work them. Sure, maybe not always consciously, but they do.
In other words, people (good and bad alike) always figure out how to use the new tech to make money rather than destroy themselves.
That may not seem ground-breaking, but underneath this is the very concept of what money is.
Money is debt
Money, yes cash money, regardless of the currency, is debt. Money as we know it is always a banknote, meaning it is a promissory message that guarantees the holder a reconciliation of a debt, as long as the debtor still exists to guarantee that debt.
In other words, a $100 bill (USD) is a note that states the U.S. Central Bank owes you the value of that note, payable on demand.
The reason we use those notes as "money” is because they are guaranteed to be of value, and what we can exchange them for is of greater value than turning them in. This creates an economy where people exchange their bank notes with each other, rather than demand payment from the original issuer, since it is always better to exchange with each other.
So who does turn in their bank notes? Well… Banks! Banks will at times turn in their cash to the Central Banks, essentially removing that money from the economy. In return, they receive a different type of note, which we don’t need to get into.
Bottom line, there are many types of notes, for many different reasons, and all of them represent some form of debt that is guaranteed to be paid in the future. There are bank notes, bond notes, payables notes, receivables notes, conditional notes, and more.
In short, notes make the world go round. The world runs on notes.
Money exists in the collective mind
You may be asking yourself, what is the foundation of all this? What is behind all these different types of notes? What is the bottom line mother (or father) of all notes?
Well…
Keep reading with a 7-day free trial
Subscribe to Utter Rubbish to keep reading this post and get 7 days of free access to the full post archives.