That’s the most unforgivable part of this. How this is starving and destroying the rest of the economy
the capacity built for AI will remain even if AI gets written down, which means cheaper energy and datacenter stuff in that case for "the rest"
if AI makes as much money as these valuations assume then it means productivity increased and growth did happen
Money-printing does destroy the economy on a lag, specifically when the production has such catastrophic shortfall that it shows itself to be ponzi without tangible value or benefit. Value being based entirely in human action.
When that happens, its basically slave labor silently extracted from the population through inflation. Such things historically always trigger other cascading failures.
All the parasites ended up dying in that book when all the intelligent people decided to just step back and let natural human tendency and the momentum they created do what it was always going to do. All those people were deluded into thinking they could just make a law without paying respect to the mechanics that made things work. Ayn Rand though is also quite deluded in that her ideas don't work without eliminating inheritance and money-printing.
Slavery is intolerable in any form.
Indeed, the scale matters a lot. With that said, a ponzi always has beneficiaries.
> Such things historically always trigger other cascading failures.
With the help of war or without, it's up to the beneficiaries.