Pluralistic: The AI hype bubble is the new crypto hype bubble (09 Mar 2023)


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Bankruptcy protects fake people, brutalizes real ones

Debts that can’t be paid, won’t be paid.

A robotic hand wielding a gavel; the gavel is smashing the face of a terrified person.
Victor Bezrukov, CC BY 2.0 (modified) and Vitalik Radko/Deposit Photos, free license (modified)

Debts that can’t be paid, won’t be paid.” There, in eight simple words, we have Michael Hudson’s key insight into the role debt and debt cancellation plays in the rise and fall of human civilizations.

Debts are inescapable.

In order to provide a society with its necessities — food, shelter, energy — producers need the inputs (seed, fertilizer, materials, tools) before they have the means to buy them.

In order to produce, producers must borrow.

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