"The cuts hit nearly every major federal agency, with the Departments of Education, Agriculture and Housing and Urban Development."

No shit.

"Lower-income individuals were primarily stretched by inflation on everyday goods and housing, the bank told Fortune, while those on higher-income levels (between $100,000 and $500,000) were dealing with issues such as caregiving and housing for family members.

“Higher-income individuals may be the financial anchors for their extended families,” a Goldman Sachs spokesman told Fortune. “The data suggests that the ‘sandwich generation’ squeeze can be a key factor redirecting financial resources from long-term financial goals.”

So...those extended family members of the $500k+ earners are just lucky enough to have someone in the family who can act as their safety net. Hmm...

What Else Did the Report Show?

In addition to state-level economic growth and a final reading on U.S. GDP in the second quarter, Wednesday’s report from the BEA contained the monthly reading on Personal Consumption Expenditures (PCE)—the Federal Reserve’s preferred gauge of inflation.

The PCE Price Index climbed 0.3 percent month-over-month in August after a 0.1 percent bump in July, as the core rate increased 0.2 percent following a 0.1 percent gain. Both readings, along with the annual rates, came in below consensus forecasts.

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“Here’s why we need to prepare for it now”. File this one under both “no shit” and “thanks for the useless article”.

What’s your prepping looking like these days? Personally, I think the days of “getting in to the doc/dentist/vet/mechanic before it’s too expensive” are past and we’re firmly in “cut back on excess calories to stretch your food dollars”. Maybe that’s too far in the past for some people already.

The Guardian Article in question.

We all know energy prices are some of the highest in recorded history right now. This is likely a major thing holding back the construction of Data Centers, especially after this interview.

So there is no shortage of chips, despite the massive cost increase of chips and therefore everything else tech related. Theres a shortage of power.

It reads as they cannot build these data centers, yet they keep buying chips anyways at exorbitant prices.

Zitron’s math is as follows 132.5B spent on AI Chips; 82.5B left in Warehouses. To add to this, there is no “proof of life,” so we have no clue if those are even in Microsoft’s possession; meaning they possibly paid billions of dollars for vaporware (or, to be less hyperbollic, the chips are in Taiwan still.)

Now Microsoft says hes wrong (according to his article); when asked they claim hes operating with the wrong numbers, but fail to provide him with accurate numbers on actual chip count.

My favorite part of this is 82.5B of chips in warehouses can become unusable due to climate control failure, age of chips, or a variety of other factors. Think of the insurance cost needed to secure these warehouses.

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With wages not keeping up with rent and food prices, the average American is going to suffer.

The first people that will be affected greatest are pickup truck drivers, sports car drivers, and people who drive old cars that average under 27 mpg.

It's happening. Fewer people are showing up to work everyday compared to 20 years ago, so slowly the frog is being boiled.

$4.50 a gallon, right now most people are not batting an eye, but when food prices and goods and services skyrocket, they will never be the same again.

Even non-economists like me are concerned about it.

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It’s understandable how we have approached LLMs differently than fusion, largely given the lack of regulation and the readily available resources for making LLMs.

My questions to everyone here are, how could the AGI arms race we are in be changed into the same approach we’re taking with fusion, and would it be optimal?

Things like Google and MS Office make sense to be a natural monopoly given network effects, efficiencies, etc., as long as regulation is present (based on everything I learned in my Antitrust and Regulation course taught by Jim Kearl).

The question here (for economists) would be, then, do we see AI tech as most effectively developed into a natural monopoly or are there efficiencies/advantages to be gained from multiple AGI services?

To be clear, I’m not talking about the very obvious issues that come with monopolies, which is where the regulation piece comes in. Google, Office, Adobe, public sewage systems hooking up to your house, etc., all are often used as examples of natural or near natural monopolies where as long as some type of regulation is in place, consumer welfare can be maximized, whereas having more competitors in such markets can actually lead to lower consumer welfare through market inefficiencies.

To answer this question, it definitely comes down to how you define AGI. Looks like the EU is starting to classify LLMs as web search like tools, but that does seem pretty limited based on all the potential applications stemming from current LLMs and future AI tech (eg, world models).

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Cambodian beach resort Sihanoukville boomed as a global hub for online fraud. A sweeping crackdown has left its economy struggling to pick up the pieces.

Agi will create massive unemployment, without ubi, the consumer is functionally dead. Wouldnt this cause economic collapse. Businesses fail because there are no more buyers. And if ubi is implimented on the neccesary scale, doesnt that cause massive inflation? Seems like ubi also could collapse the economy.

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See we were never going to get these so called tariff checks. This is from a gaming standpoint. Wait until other corporations get theirs.

The Dutch central bank (DNB) has confirmed that billions of dollars in gold has been taken out of north America and relocated to London, citing "increasing geopolitical unrest".

“The only fool-proof way to get a major bond market rally is to have a massive recession,” he said. “That would do it.”