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I have said for many years now that the thing I'm worried about with the models is a Black Monday type scenario, where many algorithms work with each other and get us into weird basins of actions.
A lot of founders I talk to are worried about what will happen with AI. So am I frankly. But they're actually better off than anyone else. If the world is going to get turned upside down, the safest place to be is in a small, fast-moving company that can easily change direction.
The other kind of danger is in the name of agency and and uh and motivation the tools are denied to our students because we're worried you cheat or worry you only got your answer from Chad GBT. That is very bad as well
My view is that an appreciation of China's REER is very much to be desired, but the real (haha) way to get there is through higher inflation domestically, and that means different macro policies.
And I think, you know, most people when they talk about aging, they're so worried about dementia and, you know, Alzheimer's disease as a specific form, but balance is even more important, I think. And most people aren't even aware of their balance.
Construction costs tend to rise at, or above, the level of overall inflation, and it rarely (if ever) gets cheaper to build houses, offices, or other buildings.
we have a very clear definition and expectation of what it is at the staff engineer level because we benchmark ourselves to all the great company out there Google, Facebook and all that
And not only that, but like humans were already a bit of a bottleneck in the review process. Now it can be worse because things that we fairly straightforward changes that some companies had automation around reviewing, they've removed that reviewing because if AI is involved and they're worried about the verifiability or the reliability of the code.
There were booms and busts, and cumulative price inflation was zero, and the United States went from a new-world emerging backwater in the late 1700s to being the world's largest economy by the late 1800s.
people either like love it and they love it so much that they won't question it or it's like they're worried that thinking about that associating with it is a little bit too science fiction for kind of where it might be optimal for them to be focused.
And for that reason, there's physical constraints to things like AGI, like recursive improvement to kill us all type stuff. For the physical reasons and for how humans have figured things out before, I'm not too worried about AI takeover.
The inflation crisis was caused by massive overspending and escalating energy prices, and that is why today I will also declare a national energy emergency.
And so my argument is, that has now opened the door to the presidency of Donald Trump, which is potentially a deeply transformative moment that will change the size and shape of government, that may change our foreign policy profoundly, that may change our immigration policy, that may change the demographics of our country, all of that, and my thesis is that that's all been made possible by inflation.
And so the great mistake of the past years was to forget how fundamental inflation was to the rise of the last political order and to profoundly underestimate how much inflation would change the current political order.
Since inflation is not primarily driven by private-sector lending in the current environment, making borrowing more expensive will not significantly cool the economy.
Structural fiscal deficits have surpassed private sector lending and monetary policy as the primary drivers of economic activity and inflation, marking a fundamental shift in the economy's liquidity dynamics.
And I believe that there is a good chance you would've had World War II in the absence of Hitler. I believe that Germany was very powerful, it was deeply worried about the balance of power in Europe, and it had strong incentives to behave aggressively in the late 1930s, early 1940s.
It is fair to say that, while economists expected the short end of the yield curve to reflect the higher rates needed to win the fight against inflation, the sharply steeper long end of the yield curve in the last few months has come as a surprise. I shall freely admit that I did not predict it.
But I’ve become increasingly worried that science’s replication crises might pale in comparison to what happens all the time in history, which is not just a replication crisis but a reproducibility crisis.
Japanese macroeconomic policy is often characterized as a failure, with the central bank unable to achieve its inflation target, a low growth rate, and debt ratios steadily rising to reach more than 170% for net debt and 250% for gross debt. I think it should be seen instead as a qualified success, with the use of aggressive fiscal and monetary policies to compensate for very weak private demand: Output has remained close to potential.
Governments have not been bailed out by their central banks. As I discussed earlier, central bank intervention does not reduce the overall liabilities of the consolidated government, just their composition. And it does not automatically lead to more inflation: It increases the size of the balance sheet of the central bank, but it does not increase the size of the non-interest-paying money stock.
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