Comment by kelseyfrog
19 hours ago
Commercialization is not enough. The US is built on financialization.
Cultivating an ecosysyem of strong capital protections, wealth creation through extraction, and tax advantages for AI finance is what we should be looking for. Commercialzation may be a step towards that, but isn't the destination. We have to create a system where those with money can multiply it, not simple add to it.
Just spitballing here but I think the financial system’s already set up for this.
Whatever derivative structures and equity and options need to exist will be easily created.
I don’t think we need any additional motivation or incentives to cultivate this for AI. We need to keep some in the tank to handle the fallout.
As a more personal aside: the US would do well to put up some sensible barriers to outrageous financialization and reduce moral contagion risk. Otherwise all these folks trying to multiply their money end up leaving the bag with the folks that don’t have it in the first place - and then the folks with money end up, uh… well, it won’t end well.
Betting your entire country's future on usury seems like a terrible idea to me, but what do I know.
You're really not going to like what happened in 1971.
https://wtfhappenedin1971.com/
Don't look now, but if you've got a 401k then your pension is already dependent on perverse financialization.
“A system where those with money can multiply is” sure sounds dystopian to me.
It's (beautifully) dry humor making fun of OP, whose post is rather dystopian already.
Oop you’re totally right! Bit close to home. :)