I’ll begin this post with an admission—if you want to call it that—that I’m a business guy. I believe in many aspects of the capitalist system. I believe in moderation. I’m also an optimist (a pathological optimist, according to my wife).
My strength is not economics, so I’m not going to attempt a technical analysis here. But I do recognize that the world is out of balance. I’m speaking mainly about the AI “boom,” and the sense that we are, once again, perilously close to the cliff-edge. Sovereign-scale balance sheets. Opaque private-credit structures. Securitized data-centre “special purpose vehicles” (remember the CDO?). Enormous externalities—grid strain (has your power bill jumped lately?), copper shortages, land and water pressures, and the psychological impact of another “revolution” nobody asked for.
Layer on top of that the outsized narratives: the supposed $35 trillion total addressable market of human labour, or the idea that national competitiveness depends on being first at any cost. We are facing industrial-scale problems that must be solved at a human scale. And problem-solving at a human scale is, unfortunately, antithetical to the interests of “the money.”
As I wrote in my previous post, I genuinely believe AI is a revolutionary tool. A tool with the potential to support human flourishing on a vast scale. The problem is the set of self-serving interests driving this boom and money is the only currency that seems to matter. The collateral damage is borne by the rest of us. Not the collateral damage of “you are being replaced,” and not certainly not Skynet. The real danger is the fallout from the collapse of the AI bubble. The vested interests will dismiss this idea, but the numbers simply don’t add up to the future being advertised.
We’re living through the third wave of this in 30 years, and each time the outcome has not served society. Each time, those at the top have been rewarded for behaviour that is, at best, unethical and, at worst, immoral. Each time, public attitudes harden into deeper cynicism. And each time, the actions of the powerful grow more self-serving, more indifferent to the common good. Step back and you can watch it happening in real time.
The “system” is straining in ways we’ve not seen in the post-war era. Not just the economic system—the system of everything. Psychological warfare. A cavalier disregard for anyone in the bottom half of the socio-economic pecking order. The money-driven “I’ve got mine” mentality. It is all pushing toward a breaking point, and that breaking will be tragic.
It feels, in some sense, unavoidable. Large numbers of people—in affluent societies especially—seem willing to believe in what I call tooth-fairy fantasies: simple answers to complex questions, questions that even our smartest people struggle to resolve. When things go sideways this time, as they will, many will find themselves living in a wasteland—psychologically and physically. Stranded assets. Hollowed-out communities. Ruined lives.
This shows up more starkly in countries with no proper social safety net, and no history of caring for people in a whole-of-government way. In the case of AI, the potential for destructive outcomes is severe because we are faced with a whole-of-society mess: governmental dependence, financial engineering, infrastructure run amok, and tech bros (you know the ones) telling stories designed entirely for their own benefit.
I don’t have a set of prescriptions to close with. The point of this post is simply that we must stop accepting the human toll of these cycles. This is a political question, not a technological one, and it starts with a simple question: Is your elected representative competent enough to protect the interests of your community? I fear too many are not. And this isn’t about cultural skirmishes or whichever group is using which bathroom. It’s about something far more basic: economic wellbeing—and what is required to safeguard it.































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