Every single “vibe coding is the future,” “the power of AI,” and “AI job loss” story written perpetuates a myth that will only lead to more regular people getting hurt when the bubble bursts. Every article written about OpenAI or NVIDIA or Oracle that doesn’t explicitly state that the money doesn’t exist, that the revenues are impossible, that one of the companies involved burns billions of dollars and has no path to profitability, is an act of irresponsible make believe and mythos.
↫ Edward Zitron
The numbers are clear. People aren’t paying for “AI”, and those that do, are using up way more resources than they’re actually paying for. The profits required to make all of this work just aren’t realistic in any way, shape, or form. The money being pumped around doesn’t even exist. It’s a scam of such utterly massive proportions, it’s easier for many of us to just assume it can’t possibly be one. Too big to fail? Too many promises to be a scam.
It’s going to be a bloodbath, but as usual when the finance and tech bros scam entire sectors, it’s us normal folk who will be left to foot the bill. Let’s blame immigrants some more while we implement harsh austerity measures to bail out the billionaire class. Again.
Important clarification: No reasonable person is blaming “immigrants”, most people simply want the already-existing immigration laws to be enforced.
I have heard several good reasons why a country needs legal immigration, but I haven’t heard a single good reason why illegal immigrants who arrived in a country by jumping the border without showing any kind of ID (and nobody knows who they really are) should stay, much less stay and undercut the labor prices for citizens and legal immigrants by working under the table. What’s the benefit for legal immigrants and citizens, aka the people the President or Prime Minister has a legal duty (per the constitution) to take care of their interests?
(also, in the Rupert Murdoch comic you posted, Murdoch’s cookies are in a giant vault called “offshore Panama account” and are untouchable, making any kind of “redistribution” impossible)
> No reasonable person is blaming “immigrants”,
Oh sweet Summer child.
Let me make it even more clear for you:
No reasonable person is blaming “immigrants”, but some unreasonable people do (some unreasonable people exist in all societies). Most people simply want the already-existing immigration laws to be enforced.
It amazes me people can rant about the bilionaire class while supporting immigration policies that exclusively benefit them. Programs like TFW program in Canada were sold to us under the guise of labour shortages, when it’s a complete farce. There are no labour shortages here in Canada (and most other Western countries where similar programs exist). What there are a shortage of workers willing to work terrible hours for terrible pay. Worse they’ve have conned the “left” into supporting a lot of these programs under the guise of social justice when not that long ago most labour orientated parties opposed these policies for what they were: A deliberate attempt to lower the value and bargaining power of labour.
About the actual news, nearly all the investment in “AI” (LLMs) is private capital and VC capital, so they won’t be able to hold your bank deposits hostage and demand bailouts like they did when the subprime crisis happened, they’ll have to eat the losses like they had to do with the dot-com bust happened.
That’s assuming Asset Backed Securities aren’t swimming around the pond in there somewhere.
This will be a bloodbath: the crazy valuations have contaminated even useful firms, you think your pension fund won’t get wiped out?