you can see why as of tonight inflation persists the commercial real estate sector seems to be teetering the US.
dollar continues to lose its value ,so key economic indicators or as they say in the market shows worrisome but on a more fundamental level ,there are also danger signs when young people are told by their leaders that work is a scam and that stealing things from other people is a human right ,how do you think your economy is going to look in 10 years? how about your civilization ?
Elon Musk ; the answer depends in part on just how much idleness and theft you put up with any society that cannot declare unequivocally and with confidence that stealing is wrong has no future when you let the mob loot you are doomed this is why we used to shoot looters not ,because we hated them it wasn't personal but in order to defend the foundation of all that we have which is private property secured by law without that we would be living in savagery and Chaos in Chicago they already are this is what America's second largest city looked like this weekend there's no point to that nobody's benefiting what you're seeing instead is civilization unraveling unrestrained violence and destruction
effectively unchallenged by government authorities the Mindless breaking of things The Rage of stupid children if you let that continue there will be nothing left standing most people don't need to be told that it's so obvious it's intuitive would you let your kids Set Fire to the living room probably not but the new mayor of Chicago who is an ideologue and a racist understands that these stupid children are his militia when they destroy what others built he becomes more powerful their Destruction
has a political use and so he refuses to criticize them they're stealing because they're hungry he told us like these were the widows of Richmond during the bread riots watch his explanation the answer can eat the real answer is how do we make sure the question is how do we make sure that people can eat look no one is going to condone um you know behavior that that quite frankly speaks to a level of desperation so you're not you're not condoning looting, I'm saying that people are acting out of desperation we don't want a society that is economic desperation but you have to pay attention to the cries that people have but you're not condoning looting there's no way to to to embrace that what I'm saying is, you can't condone the Looting that corporations continue to do every single day when they take tax dollars from black brown white folks all over the city of Chicago so that they can turn to profit, yes they're trying to eat because starvation is a pressing problem in Chicago but it's not obesity is a pressing problem in Chicago about a quarter of Chicago high school students are overweight they join the overwhelming majority of their parents obesity is the problem the shortage isn't of food and as if to prove the point the same mob the mayor just defended reportedly tried to break into the Art Institute of Chicago there was no bread in that museum only chagalls and decoonings so these are not people who are trying to feed themselves these are people who are trying to destroy civilization destroy a museum a symbol of our evolution,
we shouldn't lie about this it's very obvious and if you let it continue you're done but Chicago's leaders are lying about it for political reasons this makes them more powerful destroying things that other people built that previous generations created makes this new generation of vandals who add nothing more powerful that's the whole point a state senator from Illinois called Robert Peters called the riots quote a mass protest against poverty and segregation right Chicago's outgoing mayor the Destroyer,
, Lori Lightfoot agreed watch ing downtown came downtown because it was a great weather and an opportunity to enjoy the city that's absolutely entirely important there are a few that came with different intentions and they they have and they will be dealt with you but I'm not gonna use your language which I think is I'm wrong to say his name right so you can bet that none of these destroyers will be hunted down like animals like the protesters on January 6th have been for over three years their lives won't be destroyed their families
,won't be hounded they won't be banned from Airbnb and yet of course what they did is far more destructive to our society than anything you saw in Washington in January of 2021 their behavior is encouraged so what happens if we you encourage this kind of behavior if you cheer the mob rather than restraining the mob well ugly and totally inevitable things will happen productive people will flee innocence will die and ultimately you will get from this mob racial attacks all of that is happening in Chicago, right now , all of it watch this woman surrounded and beaten this weekend because of her skin color so that footage was shared widely on social media we didn't have to hunt it down it came with the caption you may have seen it yea we get active so this was racist mob violence and we should not be surprised by that this is what mobs do the hive mind takes over the lowest instincts take over and people who are different get hurt often killed this is widely known and has been for a long time just last year in fact Joe Biden ,signed the Emmett Till anti-lynching act that made what you just saw specifically a felony and he signed that too much fanfare and yet and this is the key no one at his Department of Justice is investigating that video or anything that happened in Chicago over the weekend because they support it Democrats approve of racial violence they are stoking it everywhere no it's not your imagination they want race hate and violence today Joe Biden released a statement about a young man called Ralph yarl a teenager,
a black teenager who was shot after showing up to an elderly man's house in Kansas City ,we don't know the details of this there is much we don't know and of course we feel for anyone who was shot including this teenager but the White House didn't pause for a moment before drawing conclusions from this sad encounter and using those conclusions to further divide the country on the basis of race, the president said in recording no parents you have to worry that their kid will be shot after ringing the wrong doorbell.
well that's demonstrably true but of course the president is saying this in order to further divide the country along racial lines and to tell a story that is in fact not supported by the facts which is that black teenagers are murdered by elderly white people just for showing up on their doorsteps, Ralph Laurel think Heaven did not die from his injuries he was just released from the hospital but these kinds of mistakes do happen and they're always sad assuming this was a mistake again we don't , know all the details this same weekend a 20 year old woman called Caitlin Gillis was shot and killed after her friend turned into the wrong driveway in Upstate New York a man shot her dead in the passenger seat but there was no statement from Joe Biden and Kamala Harris about this of course because Kailyn Gillis was white and therefore her death could not be used to further incite racial conflict that benefits the Democratic Party now if you think that we're not giving our leaders enough credit if you're wondering could they really be that cynical and destructive unfortunately they not only could be but they are and the effects of course are destructive always and everywhere over the weekend in Compton California needless to say a Democratic party stronghold it's not hard to imagine a future in which there are no more gas stations because in California mobs apparently can just walk into a store including a gas station and destroy the place smash the windows and take what they want we know that because it happened on Sunday in Compton now this mob was not starving no,
they didn't steal food ,they stole beer condoms and cigarettes oh it looks third world you hear people say ,but that's not accurate very few third world countries would put up with that for a minute El Salvador is far safer than Los Angeles in Los Angeles criminals control the stores and the streets because there aren't enough police to respond and of course they know that perfectly well and that's why the people who looted that store then did burnouts in the street while the store was being looted watch this that's a public Street that's not a parking lot in a rural area that's Los Angeles, you can't live in a country like that no normal person can live in a chaotic dangerous country like that and so the normal productive people will leave they absolutely will leave and not just Los Angeles not just Chicago all over the country in the cities controlled by the Democratic party in New York a man with 11 prior arrests just bludgeoned a female police officer with a bottle in the middle of the day or seeing the attack on your screen right now but tonight because of what we did on this day in this election at this listening moment change has come to America change has come to America Barack Obama was more prophetic than we knew that was just 15 years ago but today we're seeing the change that Barack Obama brought to America this is what it looks like this is the author of when race Trump's Merit how the pursuit of equity sacrifices Excellence destroys Beauty and threatens live s that book is out today Heather McDonald congratulations.
on that book and bless you for pointing out that it destroys Beauty which some people still care about thank heaven so it does seem like these outbreaks of lawlessness and MOB rule are the easiest kinds of crimes to stop well that would depend on being believing in the police Authority and the elites have done everything they can possibly do to discredit legitimate police Authority by calling it racist we are seeing civilization break down in front of our eyes it's a willed and voluntary breakdown and it will continue. and worsen until we stand up against the phony charge of racism whether directed at the police at medicine or the Arts and start defending America's civilizational inheritance I, I love this idea that what we're seeing is the product of starvation or deprivation or poverty these mobs are all organized on social media the participants all have smartphones that's not my idea of starvation or deprivation what I you wonder though I mean if you're the opposite the so-called opposition party which of course most the time colludes with the Democratic party but if you're an ambitious Republican like running on making the country safe and clean and getting the junkies out of the parks and the marauding teenagers at a 7-Eleven like that's not hard why does nobody do that is everybody's so intimidated that no one will just say that obvious truth yes they're absolutely intimidated because the left will say they're playing the race card it's very odd because the left says there's no racial disparities in crime and yet if somebody talks about crime they'll be accused Soto voce of being racist, so the left actually knows something that it's not letting on the fact is is that law enforcement is not racist for having a disparate impact on black criminals it has a disparate impact on black criminals when it's enforced in a colorblind manner because the black crime rate is so high who suffers from that black crime overwhelmingly black victims and yet we're not allowed to talk about those black victims because doing so means talking about black crime,
and America turns its eyes away from the pathological inner city culture that gives us these mobs that gives us these barbaric drive-by shootings and that will tear down everything unless we stop capitulating to the racial hustle Tucker you see a video like that and you really feel like wow it's not just coming it's here and we do need to stand up against it if you care about you know civilization um Heather McDonald sure appreciate your coming on thank you for writing this book I'm going to read it I hope so well big questions about artificial intelligences will we be able to stop it? will it become autonomous and start bossing us around in the meantime ,?how do you have a functioning democracy with a technology that's smarter than every human being we spoke to Elon Musk about those questions remainder of our fascinating interview with him is next , the only Advantage human beings have or have ever had is they're the smartest beings on the planet but soon that will not be true in fact like next week .
when AI becomes stronger than we are, what do you do exactly ?and what does it mean for democracy ?we asked Elon Musk about contingency plans for dealing with Advanced general intelligence here's part of that conversation you've heard people say we should just blow up the server Farms because there's no way that once if this gets rolling there's no way to slow it down what do you think of that well the the really heavy duty intelligence is not going to be distributed all over the place it'll be in a limited number of server centers if you say like very like very sort of deep AI heavy duty AI it's not um it's not going to be in your laptop or your phone it's it's going to be in you know a situation where there's like a hundred thousand uh really powerful computers working together in a service center so it's not it's not it's not like subtle and they're they're a limited number of places where that can happen in fact you could if you could just you can just look at the heat
signature from space yeah and it'll be very obvious I'm not suggesting we go and blow up to service centers right now but there may be some it may be wise to have some sort of contingency plan where the government's got an ability to shut down shut down power to these uh server centers like uh you don't have to blow it up you can just cut the power um and what would triple cut connectivity as well that's another way right yeah but what would trip that switch do you think in your mind what would be the threshold that you'd have to pass to warrant the government cutting off your power or cutting off your signal well I mean I guess if we lost control of some super AI um like for some reason like the things that would normally work to do a passive shutdown like the administrator passwords if they somehow stop working um where we can't uh slow down or or get out I'm not sure I don't have a precise answer but if there's something that we're concerned about um and and the and are unable to stop it with with the software commands then uh we'll probably want to have some kind of Hardware both switch yes I think you know can't hurt have you talked since you know Larry Page and you obviously you know the open air guys because you started definitely have one have you talk to the the people who run these two the biggest AI companies about this recently I haven't talked to Larry Page in a few years because he got very upset with me about openai uh so when when opening AI was created uh it it did shift things into it from unipolar world where Google Google do you mind controlled uh you know like I said three quarters of all AI Talent two where there's Now sort of uh bipolar world or open Ai and Google deepmind and their and now we're at least it seems opening eyes maybe a head um ,so uh so, I have had conversations with um the open AI team the time Altman I haven't talked to Larry Page because he doesn't want to talk to me anymore for a few years can I ask you just about since you've been around a lot of this the thinking?
so why would anyone not be a speciesist be human-centered in his thinking about technology like what's the thinking there I think what he's trying to say is that um if I were to guess uh that he that all Consciousness should be treated equally and whether that is digital or biological hmm and you disagree I disagree yeah especially if the digital uh Consciousness or whatever you want to call digital intelligence decides to curtail the biological intelligence right so you're just building your own slave master and why would you do that doesn't sound great [Laughter] yeah I mean we should we we should at least no need to rush you know like what's the hurry where's the fire how well what I mean tell us about the hurry so this for I know you've been talking about this for years and on the sort of the periphery of our attention we've heard Elon Musk talking about AI but for most people it's been like three months since they've had any interaction with this at all um so what's the timeline here at what point does it start to really change our society do you think I think it's supposed to have a probably an impact this year a gpd4 now it's like writing poetry um and pretty decent poetry actually pretty decent yeah Skillet rhyming is incredible yes yes and it's coherent yes it is uh it's you've got a narrative like yeah that's right yeah so you could say it's hard to do like most humans can't do that that's true so it's already past the point of what most humans can do most humans cannot write as well as uh chat gbt
and they said and no human can write that well that fast as the best of my knowledge so uh maybe Shakespeare how can you have a democracy with technology like that if democracy is you know government by the people each person's vote is equal to every other person's vote I mean and people are choosing their votes freely can you have a democracy with this well that's why I raise the concern of um AI being a significant influence in elections um and even if you say that AI doesn't have agency well it's very likely that.
people will use the AIA um as a tool uh in elections um and then you know if AI is smart enough are they using the tool or is the tool using them so I think things are getting weird and they're getting weird fast things are getting weird and they're getting weird fast and not just in technology but in banking is someone who runs through the world's most successful companies Elon Musk knows a lot about Banks we couldn't resist asking him about what seems like a global banking crisis his answers are next in addition to having a lot of wise and prescient thoughts about artificial intelligence Elon Musk is also one of the world's most successful businessmen he runs Tesla and SpaceX and now Twitter and we thought wait a second there's there seems to be an international banking crisis underway and a lot of inflation let's ask Elon Musk what he thinks of that so we did and here's what he said ,so you've seen a couple Regional Bank collapses yeah and we've been told that's not a big deal that these are
isolated and each one collapsed for Unique reasons they're not it's not systemic in any sense what's your sense your sense of the stability of the American banking system well it's actually at this point a global banking system problems um so the uh okay you know we have a situation here where it's not really it's not that the canary in the coal mine has died but the miners are starting to die too the universe so and you know Silicon Valley Bank uh collapsing uh overnight um is one hell of a big Canary you know
smoke a turkey I mean it's not just it's not like some small fry thing I think that there is a serious danger with the uh global banking system there's there's a strong argument that the uh if you were to actually uh mocked mock at the portfolios of the banks the loans and whatnot uh that the entire banking industry would have negative equity it feels that way yes so if you like to say uh commercial real estate like offices and whatnot the whole work from home thing has substantially reduced office usage in
cities around the world um and um you know I think I think San Francisco is a 40 off San Francisco is like an extreme example but it's like I think it's on 40 vacancy um uh even even New York has uh almost all cities at this point have have record vacancies in commercial real estate so um now the commercial real estate used to be something that was a grade A asset that if a bank had commercial real estate holdings those would be considered the highest uh security the same some of the safest?
you know uh assets you could have now that is not the case anymore uh you one company after another is canceling their leases or not renewing their leases or if they go bankrupt you the the there's nothing for the the bank who owns that real estate to go after because they were you know previously strong company now dead what do you where do what do you go after at that point um so we really haven't seen the commercial real estate shoe drop that's more like a Anvil not a shoe um so the stuff we've seen thus far actually hasn't even it it is it's only slightly uh um real estate portfolio degradation but that will become a very serious thing later this year in my in my view um I think if we see what you're likely to see a drop in house prices because the interest rates are too high and for most people when buying a house they look at the monthly payment of course if you're a third year mortgages the vast majority of his interest so if the Fed rate is high you have a a high base interest rate effectively the price you
can pay for the house drops because you now have to pay more interest which means that if you've got a fixed monthly payment you can now afford to buy a house for less less money it effectively drops the the prices of houses yes this is the kind of thing that tends to accelerate uh so that so then you can get negative equity in the Home Market as well and so so if if banks end up having loan license in both their commercial and they're definitely going to have loan losses in their commercial portfolio but also in their mortgage portfolio this is um a dire situation um the the there is there is a solution to mitigate the magnitude of the damage here which is for the FED to lower the rate but they raised the rate again um now uh if I recall correctly I'm sorry you know important caveat I think the last time the FED raised rates going into a recession was 1929.
what happened next yeah the Great Depression the the CERN I'm gonna tell you nothing you don't know but the concern is If the Fed drops rates again then inflation will accelerate and you can't do that in an election year so inflation is going to happen no matter what huh if you increase the money supply you get inflation right so there's no there's not some magical cure for getting rid of inflation um except to increase the productivity the output output of goods and services so you say like like what is money,
um you've got you've got you've got these sort of um it's basically numbers in a database that's that that sum up to some kind of some total then you've got the output of goods and services of the economy and the as long as the ratio of money to ratio of a goods and services stays if that stays constant you have no no inflation if if you add more money if you add money to the system faster than you increase goods and services then you have inflation so all of these covert sort of stimulus bills uh were not paid for they were they're just generated more uh currency more you know uh what more money was was created because the the federal government uh the checks never that's just the checks always pass you know until unless you had a debt limit which there's probably going to be some debt limit crisis later this year but uh provided you haven't hit the dead limit the the federal government unlike state governments or city governments or individuals can simply issue more money and that's what they did?
I mean as old saying goes there's no there's no free lunch, so if you could just issue massive amounts of money without negative consequences, why don't we just take that to the Limit make everyone a trillionaire well I mean they tried that in Venezuela how'd that work out well they had to eat zoo animals right it's not good you know there's no free lunch there's not some ability to issue money and not have inflation many of those kind of now you can see why they vilify them it'd be nice to have leaders have that.
Post a Comment