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Austerity creates fascism (permalink)
I'm worried about AI psychosis. Specifically, I'm worried about the psychosis that makes our "capital allocators" spend $1.4T on the money-losingest technology in the history of the human race, in pursuit of a bizarre fantasy that if we teach the word-guessing program enough words, it will take all the jobs. That's some next-level underpants-gnomery:
https://pluralistic.net/2026/03/12/normal-technology/#bubble-exceptionalism
The thing that worries me about billionaires' AI psychosis isn't concern for their financial solvency. No, what I worry about is what happens when the seven companies that comprise a third of the S&P 500 stop trading the same $100b IOU around while pretending it's in all of their bank accounts at once and implode, vaporizing a third of the US stock market.
My concern about a massive collapse in the capital markets isn't that workers will suffer directly. Despite all the Wonderful Life rhetoric about your money being in Joe's house and the Kennedy house and Mrs Macklin's house, the reality is that the median US worker has $955 saved for retirement. You could nuke the whole financial system and not take a dime out of most workers' pockets:
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