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OpenAI Is A Bad Business
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this post was submitted on 10 Oct 2024
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People said this in 2020 during COVID and 2008 with the housing bust.
The US can outpace the collapse because it controls an international currency that commands trade markets. That's why we can just keep buying more widgets forever, for the next widget milling project to make fake economic activity.
The real thing that will kill the American economy is a collapse in the price of fossil fuels. But I wouldn't hold my breath on that one.
I have a more rigorous analysis than this but it probably needs to be its own effort post.
Obviously this alone won't bring things down. But it is the last gasp of capitalism in its attempt to expand accumulation. Without "innovation" (ie. New openings for exploitation) the iron laws of the falling rate of profit begin to really bite