Jefferson: AI and the Economy | Crypto Craft

  • Jefferson: AI and the Economy

    From federalreserve.gov

    Thank you, President Nagel and the Bundesbank, for the opportunity to meet with you today.1 I am excited to be here. I cherish opportunities to talk with groups of young people such as this. I spent most of my career as a professor and university administrator. I am glad to return to those roots a bit today. I will make sure I leave plenty of time for questions. But I would like to start by speaking with you about a topic that's been on my mind, and I bet it has been on many of yours: artificial intelligence (AI). Often, when I gather with students, consumers, or businesspeople, the conversation quickly turns to AI. ... (full story)

Added at 6:09am

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devonoved
Nov 7, 2025 6:41am
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Another suit's myopic view of the implications of AI. Jefferson is so embedded in the paradigms of capitalism that he is blissfully unaware of how short-sighted this talk is. It's all relatively accurate, for some relatively short term. Roll the dice and guess 5-10 yrs of this 'enhanced productivity and new job creation'.

Increasing the availability of intelligence isn't an efficiency tweak. The single most scarce resource for ANY kind of production is rapidly becoming abundant, and cheap, and daily more capable. There hasn't been a tech leap this transformative since the domestication of fire.

It's just a matter of time until humans can't compete with AI in the labor market at all. That's not a bad thing if we plan and design for it. I want my doctor to possess all medical knowledge instantly available along with my history, and never get tired or cranky or egotistical. We're all better off with doctors like that, but it does mean that human doctors are on track to become obsolete. And if the docs don't have job security in the long term, then almost nobody does.

Jefferson and the Fed are far behind the curve, we should not be guided by them on this topic. The changes we need to make to adapt to AI in the long run need to be discussed approximately yesterday.
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Trader#AA78
Nov 7, 2025 8:54am
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Quoting devonoved
Another suit's myopic view of the implications of AI. Jefferson is so embedded in the paradigms of capitalism that he is blissfully unaware of how short-sighted this talk is. It's all relatively accurate, for some relatively short term. Roll the dice and guess 5-10 yrs of this 'enhanced productivity and new job creation'. Increasing the availability of intelligence isn't an efficiency tweak. The single most scarce resource for ANY kind of production is rapidly becoming abundant, and cheap, and daily more capable. There hasn't been a tech leap this...
Looks at the "dancing robots" on stage with Elon and his 1 trillion dollars...

https://acmi-website-media-prod.s3.a...m.original.png

They ain't taking over shit................. bwahahahahahahahahahahahahahahaha
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