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.

2/

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*.

3/

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 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:

https://finance.yahoo.com/news/955-saved-for-retirement-millions-are-in-that-boat-150003868.html

4/

No, the thing that has me *terrified* about AI is that when it craters and takes the economy with it, that we will respond the same way we have during every financial crisis of the 21st century: with austerity, and austerity breeds *fascism*.

There's a direct line from every K-shaped recovery to every strong-man who's currently sending masked gunmen into the streets.

5/

The Hungarian dictator Viktor Orban rose to power after people who'd been suckered into denominating their mortgages in Swiss francs lost their houses when the currency markets moved suddenly, because the swindlers who'd sold them those mortgages took the position that wanting to live somewhere automatically made you an expert in forex risk, so caveat fuckin' emptor, baby.

6/