[ExI] You ain't seen nothing yet
johnkclark at gmail.com
Wed Mar 29 23:56:35 UTC 2017
Blackrock is the world's biggest money manager with stock funds are worth
over $275 billion, yesterday they announced they would fire over 40
employees including some portfolio managers with astronomical paychecks.
The reason is they decided to let computers running AI software pick stocks
and manage 11% of their funds. 89% of Blackston's fund managers still have
a job, but if I was one of them I might decide I don't need to buy a new
Rolls Royce every month and it would be wise for me to start saving my
money for a rainy day.
Uneducated people with low paying jobs will not be the only ones to face
unemployment from the AI revolution, and that is the reason pure
unmodified libertarian philosophy is not consistent with the continuation
of human civilization.
John K Clark
-------------- next part --------------
An HTML attachment was scrubbed...
More information about the extropy-chat