Reposted by David Woodruff
NYT clanker Keynes is fun to watch but unconvincing. Keynes thought he had two great insights:(1)declining marginal propensity to consume implies a demand shortfall w/o investment;(2)can't count on investment b/c it's based on vibes and vibes about vibes. This is where he'd have started with AI.
nytimes.com
Opinion | What Would John Maynard Keynes Say About A.I.? The Keynes Bot Told Us. (Gift Article)
Nearly a century ago, Keynes predicted that technology would liberate us from work. To imagine what he would think of artificial intelligence today, a Princeton economist used A.I.
![Quote from BoE statement on plan to retain some gilts as 'backing' for banknotes: To maintain public confidence in the currency, we must ensure we can fund the ‘promise to pay’ that banknotes represent. To do so, we hold assets that match the value of banknotes on our balance sheet (referred to as ‘backing assets’).footnote [6] This is a requirement under UK legislation.footnote [7] The Bank’s balance sheet therefore plays an important role in providing the trust and certainty that underpins cash in the economy.](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:ud6twkkuyfpfasmaliyizqsy/bafkreiec7qxsq6tnge77buvv7zx2sv5ip2lvb6rktr54j2c2pyyk3jjhwu)
