Elon Musk said in a brand new interview that he thinks robotics powered by artificial intelligence driving productivity gains and output are the one solution to address the greater than $38 trillion national debt.
Musk said in a podcast interview on “A Different Conversation with Nikhil Kamath” released Sunday that the widespread deployment of AI and robotics are the one ways to handle the massive and growing national debt.
“I feel that’s just about the one thing that’s going to resolve for the US debt crisis, because currently the US debt is insanely high,” Musk said. “The interest payments on the debt exceed all the military budget of america – just the interest payments, and that’s not less than within the short-term going to proceed to extend.”
“So I feel actually the one thing that may solve for the debt situation is AI and robotics,” he added. “It probably would cause significant deflation because deflation or inflation is basically the ratio of products and services produced to the change in the cash supply.”
Musk said that because AI and robotics may lead to a big increase in output, it might likely result in deflation – which is the opposite of inflation and leads to a decrease in the worth level.
“If you could have AI and robotics, and a dramatic increase within the output of products and services, probably you’ll have deflation. That seems likely. Since you simply won’t have the option to extend the cash supply as fast as you may increase the output of products and services,” he said.
The Tesla CEO was asked concerning the current level of inflation, which stays elevated relative to the Federal Reserve’s 2% goal, and said that AI hasn’t boosted productivity enough yet to cause deflation.
“AI has not yet made enough of an impact on productivity to extend the products and services faster than the cash supply. The US is increasing the cash supply quite substantially with deficits which might be on the order of $2 trillion, so you could have to have goods and services output greater than that to be able to not have inflation,” he said.
“We’re not there yet, but in the event you say ‘how long would it not take us to get there,’ I feel it’s three years. Probably three years – in three years or less, my guess is goods and services growth will exceed money supply growth in about three years,” Musk added.
The tech billionaire also said he thinks the proliferation of AI and robotics will remake the economy and the monetary system overall.
“I feel at a certain point you decouple from the type of conventional economy if you could have AI and robots producing chips and solar panels and mining resources to be able to make chips and robots… You type of complete that cycle, once that cycle is complete, I feel that’s the purpose at which you decouple from the monetary system,” Musk said.
Musk was asked if that’s the way in which forward for the US addressing its national debt, and the Tesla CEO noted, “On this future that I’m talking about, the notion of nations becomes type of anachronistic.”
“These are only what I feel will occur based on what I see, versus these are fundamentally good things, and I’m attempting to make them occur,” he said. “I feel this may occur without me, whether I prefer it or not. So long as civilization keeps advancing, we can have AI and robotics at very large scale.”
Elon Musk said in a brand new interview that he thinks robotics powered by artificial intelligence driving productivity gains and output are the one solution to address the greater than $38 trillion national debt.
Musk said in a podcast interview on “A Different Conversation with Nikhil Kamath” released Sunday that the widespread deployment of AI and robotics are the one ways to handle the massive and growing national debt.
“I feel that’s just about the one thing that’s going to resolve for the US debt crisis, because currently the US debt is insanely high,” Musk said. “The interest payments on the debt exceed all the military budget of america – just the interest payments, and that’s not less than within the short-term going to proceed to extend.”
“So I feel actually the one thing that may solve for the debt situation is AI and robotics,” he added. “It probably would cause significant deflation because deflation or inflation is basically the ratio of products and services produced to the change in the cash supply.”
Musk said that because AI and robotics may lead to a big increase in output, it might likely result in deflation – which is the opposite of inflation and leads to a decrease in the worth level.
“If you could have AI and robotics, and a dramatic increase within the output of products and services, probably you’ll have deflation. That seems likely. Since you simply won’t have the option to extend the cash supply as fast as you may increase the output of products and services,” he said.
The Tesla CEO was asked concerning the current level of inflation, which stays elevated relative to the Federal Reserve’s 2% goal, and said that AI hasn’t boosted productivity enough yet to cause deflation.
“AI has not yet made enough of an impact on productivity to extend the products and services faster than the cash supply. The US is increasing the cash supply quite substantially with deficits which might be on the order of $2 trillion, so you could have to have goods and services output greater than that to be able to not have inflation,” he said.
“We’re not there yet, but in the event you say ‘how long would it not take us to get there,’ I feel it’s three years. Probably three years – in three years or less, my guess is goods and services growth will exceed money supply growth in about three years,” Musk added.
The tech billionaire also said he thinks the proliferation of AI and robotics will remake the economy and the monetary system overall.
“I feel at a certain point you decouple from the type of conventional economy if you could have AI and robots producing chips and solar panels and mining resources to be able to make chips and robots… You type of complete that cycle, once that cycle is complete, I feel that’s the purpose at which you decouple from the monetary system,” Musk said.
Musk was asked if that’s the way in which forward for the US addressing its national debt, and the Tesla CEO noted, “On this future that I’m talking about, the notion of nations becomes type of anachronistic.”
“These are only what I feel will occur based on what I see, versus these are fundamentally good things, and I’m attempting to make them occur,” he said. “I feel this may occur without me, whether I prefer it or not. So long as civilization keeps advancing, we can have AI and robotics at very large scale.”
