Technology And Money: How Deflation Is Disrupting Everything
We live in the technological age. Things are advancing at an massive rate.
In this video I discuss how we are seeing technology starting to produce systemic deflation. This is going to cause issues long term. We see this through the fears created by the prospect of AI disrupting jobs. This reflects the inherent nature of technology.
▶️ 3Speak
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This is so educational. Aside Technology bringing deflation it also devalues human potential. The number of obese people have increased the number of lonely people have increased despite increased in population.
Is it technology that caused people to be lonely?
People tend to be more concentrated on their phone. They have more of online friends and seek more validation online. Mobile phones and gadget have stolen family time and bonding.
Just my view
Cheers 🍻
Summary:
In this video, Task discusses the relationship between technology, deflation, and money, particularly in the context of cryptocurrency. He emphasizes how technological advancements have historically led to deflation by lowering the cost of goods and services. Task explains how deflation can have negative impacts on employment and ultimately on economic stability. He delves into the challenges policymakers face in combating deflation and highlights the limitations of traditional monetary interventions. Task advocates for the expansion of the monetary supply through cryptocurrency as a potential solution to address the deflationary effects of advancing technology and automation.
Detailed Article:
Task begins by highlighting the impact of technology on the cost of goods and services, using examples like television, video rentals, and online shopping to illustrate how technological advancements have led to deflation by lowering prices. He emphasizes the deflationary nature of technology over the past century, where new innovations consistently reduce the cost of living. Task explains how this deflationary effect extends to various sectors like entertainment, music, and shopping, ultimately leading to decreased prices and increased accessibility for consumers.
Task then transitions to discussing the relationship between technology, deflation, and money, particularly in the context of cryptocurrency. He argues that as technology advances and leads to increased automation, jobs are at risk of being eliminated, which can further exacerbate deflation and economic instability. Task criticizes policymakers' limited ability to combat deflation using traditional monetary tools like interest rates, citing their inability to effectively stimulate the economy in the face of advancing technology.
Advocating for the expansion of the monetary supply through cryptocurrency, Task proposes a significant increase in the supply of cryptocurrency to counter the deflationary effects of technological advancements. He suggests exponential growth in the cryptocurrency supply, citing figures like 100-150 trillion over the next decade as necessary to keep pace with advancing technology and automation. Task argues that without such expansion, the economy may face challenges stemming from job losses, reduced spending, and overall economic contraction.
In conclusion, Task emphasizes the integral relationship between technology, deflation, and the monetary supply in addressing the challenges posed by advancing automation and technological progress. He underscores the importance of understanding how technology drives deflation and the need for innovative solutions, like expanding the cryptocurrency supply, to maintain economic stability and address the potential impact of automation on jobs and consumer spending.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.