Why The Elites Want UBI?! Fourth Industrial Revolution Explained!
Published: 2024-09-01
Status:
Available
|
Analyzed
Published: 2024-09-01
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
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The Fourth Industrial Revolution has the potential to completely remove humans from the labor equation.
"the fourth Industrial Revolution could cut humans completely out of the equation"
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The Fourth Industrial Revolution is inevitable and will manifest in some form.
"the fact of the matter is that it is coming in some capacity"
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Andrew Yang proposed to implement Universal Basic Income if he won the 2020 US presidential election.
"Andrew Yang promised to introduce Ubi if elected in 2020"
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Andrew Yang's 'Freedom Dividend' proposal aimed to provide $11,000 per month to every adult American.
"this so-called Freedom dividend would give $11,000 to every American adult every month"
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The cost of Andrew Yang's proposed Freedom Dividend was estimated at over $260 billion per month, totaling over $3.1 trillion annually.
"this would cost over $260 billion per month totaling over $3.1 trillion per year"
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Andrew Yang's UBI proposal drew inspiration from the Alaska Permanent Fund, established in the 1970s.
"Andrew's Ubi proposal was partially based based on an existing Ubi program that's been available in Alaska since the 1970s"
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The speaker posits that big tech companies are analogous to oil companies of the past, with data being the new equivalent of oil, suggesting a funding model for UBI.
"big tech companies are the new Big oil companies and that data is the new oil"
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At the end of the previous year, twelve major tech companies collectively possessed over $1 trillion in cash reserves.
"a dozen tech companies collectively held over a trillion dollars of cash on their balance sheets"
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The $1 trillion cash held by tech companies would only be sufficient to fund Andrew Yang's Freedom Dividend for a limited period.
"this trillion dollar cash pile would only be enough to sustain Andrew's Freedom dividend program for a few months"
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A select, small group of individuals are profiting disproportionately from technological advancements.
"a very small group of people are reaping most of the profits of Technology"
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Sam Altman has consistently expressed support for UBI as a potential solution to wealth concentration driven by technology.
"Sam ultman has been saying for years and it's why he's been supportive of Ubi as one possible solution"
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Sam Altman's concept for funding UBI involves an AI generating profits through activities like trading, with those profits then distributed to the public.
"he believes it could be paid for by creating an AI which can generate profits be it by trading or otherwise and then sharing these profits with everyone"
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The speaker predicts that the entity developing a profit-generating AI would likely retain the profits for themselves.
"whoever develops this AI would probably keep those profits for themselves"
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The idea of community or state-owned AI generating profits for distribution is compared to existing sovereign wealth funds, such as Norway's.
"this actually isn't far off from The Sovereign wealth funds found in countries like Norway"
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Some governments have amassed trillions of dollars in reserves through sovereign wealth funds, available to financially support their citizens.
"these governments have trillions of dollars of reserves to support their citizens financially if need be"
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The implementation of UBI could potentially exacerbate current wealth disparities.
"Ubi could actually make the existing wealth Trends much worse"
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UBI might lead to wealth becoming even more concentrated among a smaller number of individuals.
"Ubi could result in an even greater concentration of wealth in even fewer hands"
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If UBI funds are primarily spent on consumer electronics and gadgets, it would further enrich big tech companies.
"if most of it is being spent on things like mobile phones and other gadgets then it would just make big Tech even bigger than it is now"
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A significant portion of UBI funds being used to pay down debt could paradoxically lead to deflation.
"if most of the Ubi money was used to pay down debts then it could paradoxically result in deflation"
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Debt repayment destroys money, reducing supply and increasing the purchasing power of remaining currency, leading to lower prices.
"when debt is paid down money is destroyed and when the supply of money decreases then the purchasing power of the money that remains increases meaning things get cheaper"
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Deflation would increase the real cost of debt, potentially causing widespread defaults among those with significant liabilities.
"this deflation would make debts more expensive in turn this would cause all the powerful individuals and and institutions who took on trillions of dollars of debt to default"
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Funding UBI through money printing and subsequent spending on corporate goods and services would effectively transfer wealth from lower and middle classes to the rich.
"if Ubi is paid for by money printing instead and spent on products and services provided by Mega corporations well it becomes yet another method of funneling money from the poor and the middle class to the rich"
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The speaker suggests that billionaires' support for UBI stems from the understanding that they would benefit from it financially, likely through indirect wealth transfer.
"this is presumably why so many billionaires are fans of Ubi"
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UBI may have an impact on overall economic productivity.
"UBI could have on productivity"
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Two three-year UBI pilot programs, one funded by Sam Altman's research firm and another by the National Bureau of Economic Research, released their findings in July.
"two 3-year Ubi Pilots publish their results in July one was conducted by by a research firm backed by Sam ultman himself the other was done by the National Bureau of economic research"
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Studies indicate that individuals in lower income brackets tend to reduce their working hours when provided with unconditional extra income.
"when poorer people are given extra unconditional income they use that added cash to work less"
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Recipients of UBI utilize the additional funds to purchase leisure time, meaning they work less.
"they use that extra money to buy time"
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While beneficial for UBI recipients, the reduction in work hours could negatively impact overall economic productivity.
"this is good news for the recipients of Ubi but bad news for overall economic productivity"
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A decrease in economic productivity due to UBI could make it more challenging for governments to collect sufficient taxes to fund the program.
"if economic productivity declines due to people receiving Ubi then the government will have a harder time getting the taxes it needs to pay for Ubi from both employers and employees"
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Over 50% of middle-class individuals utilized their pandemic stimulus checks to reduce existing debts.
"more than half of the middle class use their stemies to pay down debts"
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The remaining portion of pandemic stimulus funds was spent on goods and services, as evidenced by the surge in retail sales during that period.
"the remainder spending it on goods and services look no further than the pandemic retail sales Boom for evidence of that"
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Wealthy individuals primarily invested their pandemic stimulus funds into various assets.
"the wealthy seem to have used most of this money to invest in assets"
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While approximately $58 million in stimulus money flowed into the crypto market, it had a negligible impact on prices but contributed to a compelling narrative.
"around 58 million to be exact it goes without saying this didn't really affect prices much but boy did it make for a good narrative anyway"
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The pandemic's de facto UBI, funded by money printing and spent on corporate goods and services, led to unprecedented inflation and further exacerbated wealth concentration.
"because all this de facto Ubi during the pandemic was paid for using printed money and because most of it was spent on goods and services provided by big Brands it resulted in record levels of inflation and even more extreme wealth concentration"
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For UBI to be successful, it should be targeted towards individuals in need and implemented in a manner that avoids negatively impacting economic productivity.
"if Ubi was ever to be introduced it would need to be targeted at those who need it and done in a way that doesn't cause economic productivity to decline"
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The Fourth Industrial Revolution is expected to incorporate AI, robotics, and gene editing in ways that are not yet fully comprehended.
"the fourth Industrial Revolution will just add add AI Robotics and Gene editing to the mix in ways that we don't fully understand yet"
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A significant portion of the population may face joblessness in the future due to technological advancements.
"a large percentage of the population could still be left jobless"
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Individuals with IQs below 85 are predicted to struggle with supervisory roles involving advanced technology like androids.
"people with an IQ of lower than 85 will have a hard time supervising Androids"
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A declining population will result in reduced overall production and consumption.
"fewer people means less production and consumption"
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A shrinking population will lead to a decrease in the number of intelligent individuals, thus reducing the pool of workers capable of filling future complex jobs.
"fewer people also means fewer smart people overall this means fewer people who can work the next generation of jobs"
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The Fourth Industrial Revolution could lead to a scenario where millions lose their jobs, while simultaneously, millions of positions remain unfilled due to a lack of qualified individuals.
"the fourth Industrial Revolution May simultaneously result in millions of people losing their jobs and there being millions of open positions that few people have the cognitive capacity to fill"
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Progress in gene editing technology may offer the potential to enhance human intelligence.
"advancements in gene editing could make it possible to increase intelligence"
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The advancement of gene editing for intelligence enhancement would also open the complex and potentially problematic field of genetic engineering.
"this would simultaneously open the Pandora's box of genetic engineering"
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It is plausible that advanced genetic editing is already being conducted in clandestine laboratories globally.
"similar levels of genetic editing are already taking place in secret labs around the world"
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There is a possibility that the driving force behind the Fourth Industrial Revolution could be genetics rather than AI and robotics.
"the fourth Industrial Revolution ended up being driven by genetics instead of AI and robots"
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Genetically modifying humans is predicted to be significantly more cost-effective and simpler than developing an army of advanced AI robots from the ground up.
"it would probably be exponentially cheaper and easier to genetically modify current and future humans then create an army of advanced AI robots from scratch"
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If genetic modification enhances everyone's capabilities, UBI may become unnecessary as all individuals would be capable of performing any job.
"there would also be no need for Ubi because everyone would be able to work any job"
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The long-term repercussions of widespread genetic engineering remain entirely unpredictable.
"the long-term consequences of this genetic engineering are completely unknown"
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There is a concern that genetic engineering could be exploited by elites to establish complete genetic control over the population.
"it could be used by the elites to ensure total control of the population at the genetic level"
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A significant portion of the population is likely to readily adopt gene splicing technology once it becomes accessible.
"many of us would rush to get our genes spliced the moment the technology became available"
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Individuals who decline genetic modification may experience economic and social disadvantages compared to those who embrace it.
"those of us who refus could find ourselves falling further behind economically and socially"
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The reluctance of societal elites to share the benefits of advancements might prevent the realization of a dystopian Fourth Industrial Revolution.
"this unwillingness could ensure the dystopian fourth Industrial Revolution they dream of never occurs"
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