AI’s End Game: Financial Implications Beyond The Hype

So, what is the end game with AI (Artificial Intelligence)? Here’s my latest episode of “Morning Coffee.” You can listen to it as a podcast or watch the full video below, or via my YouTube channel. Here’s a summary of what I discussed regarding AI.

Listen to this podcast.

My latest post on Bankruptcy. blog tackles the financial issue of AI. I’m skeptical, to say the least. I attended Nova Law School, where technology was deeply integrated into the curriculum. Back then, they were consistently ranked #1 by Wired Magazine because of their technology-based approach. So, because of that, I’ve always been tech-conscious and have experienced the benefits of technology in my profession. I even work for a law-related tech company.

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However, I question the end game with AI. I’m the first to admit that it seemed scary, but now there are more questions than answers. For example, I’ve heard predictions from those like Bill Gates of working 2 to 10 hours per week. I recently read an article that CEOs are terrified, as up to 50% of CEOs could lose their job. But that’s what my issue is.

If AI is taking over everything, and I’m seeing articles pushing back on that belief because of AI hallucinations, then what are the economic implications of AI?

I haven’t come across any clear answers other than from “tech bros” who promise an improved life with less work but fail to address how people will earn a living. How much are you going to pay me if I work 2 to 10 hours a week? Am I going to get paid the same? And who is paying me? Or will I be filing for bankruptcy in six weeks? Because I can’t live on 10 hours of salary. How does that work out? And nobody seems to have an answer for that.

If AI eliminates jobs from CEOs down to lower-level employees, and AI makes everything, we are buying it with what money? Well, who better to ask than AI? In this case, I chatted away with Google’s Gemini and Microsoft’s Copilot.

Eventually, after some manipulation, we get to the issue of Universal Basic Income. Umm… isn’t that a form of socialism? Doesn’t socialism open the door to communism? I don’t believe that, I’m just poking fun at those on the right. But how is Universal Basic Income even practical or fair?

How are our salaries determined? Is it what I make now? What if I believe I will earn more in the future? What about those who wanted to go to college, which wouldn’t make any sense since there are no jobs, or will going to college increase our UBI?

The fact is, AI had no answers either. I would love to work 2 hours a week, but you have to answer the question: How am I paying for stuff? I liken the current approach to AI development to jumping out of a plane without a parachute, while others are thinking, jump, and the net will appear. There’s no endgame, and I’ve always believed most things don’t live up to the hype.

“Enjoy that cup of coffee before AI makes it.”

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