When the world’s greatest minds are all saying the same thing, we should listen with an open mind. This doesn’t mean we must hang on to everything they say as truth, but we should at least listen.

No one becomes a CEO of a billion-dollar company by being an idiot. They normally understand that even though they can’t see and figure out everything that occurs, they still have the power to see more.

That’s what creates wealth;  people who act on an idea, sometimes even on an impulse of what they think is right. This is the only way to innovate, and move things forward.

More than a couple of Billionaires have come up with the conclusion that in the years to come Artificial Intelligence is going to surpass humans.

Last week Softbank CEO Massayoshi Son became the newest billionaire to make the AI claim.


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Son created Softbank’s Vision Fund to deal with future technology. He said last week that “Artificial intelligence” is going be one of the main things this $65 billion dollar fund is going to focus on.

Mr. Son also described his vision on why he thinks this technology will be more advanced than humans 30 years from now. “One of the chips in our shoes will be smarter than our brain, We will be less than our shoes, and we will be stepping on them.”

He has a point. And the fact that he’s not fighting it and is accepting it is different from other billionaires who have taken slightly different approaches to it.

Elon Musk is fearful about AI technology surpassing us and becoming violent, even proclaiming we must turn into Cyborgs just to survive against them. Musk is so worried about the potential threat this he even donated $10 million to the Future of Life Institute.

Both Musk and Son describe in detail the facts that AI will have the ability to think and communicate its actions at speeds that a human can never do. This is important to know, because they both have the same facts backing up their logical opinions, but their conclusions are different. One looks to profit, and help technology advance, and the other is fearful of what Artificial intelligence will turn into.

And then there’s Bill Gates…

Gates believes that AI technology may eventually become violent, but his first and largest fear of Artificial Intelligence is that it will steal jobs. Mark Cuban has the same fear, and there are several other billionaires who see jobs being lost from Robots and continued automation of current jobs.

Taxing Robots:

Last month in an interview with Quartz Gates said that he thinks robots should be taxed just like humans.

“Right now, if a human worker does you know, $50,000 worth of work in a factory, that income is taxed,” He said. “If a robot comes in to do the same thing, you’d think we would tax the robot at a similar level.”

His reasoning makes sense, if you believe businesses should get penalized for automating peoples jobs. Unfortunately, this would ultimately raise the prices on products, because businesses are going to have to retrieve their lost profits from somewhere.

And when a business gets taxed the consumer is normally the loser.

Also imagine if you will another 5,000 pages added to the already 75,000 page tax code detailing how the IRS is supposed to tax certain robots… No Thank You!

Universal Basic Income:

Elon Musk’s solution is a little different from Gate’s solution, but he is not the only person who believes the Universal basic income is the future.

A universal basic income is a form of a social security system where all citizens are guaranteed a basic amount of money to live. The sum they receive is based on how much it takes to live in that society.

This is an idea that has become popular among mostly people on the left. Yes, the universal income would be helpful if there were no jobs left due to automation, and if we lived in total Star Trek utopia. But that’s not the case…

In the past 150 years new industries have been created due to technological advancement. Automation might destroy some jobs, but the benefits of losing those jobs can outweigh the negatives.

To put this into perspective in 1850 64% of the U.S population was in farming; today 2% of the population is in farming. Where did these jobs go? Well, as technology advanced farmers found ways to produce more with less people. These people were able to go into different fields, and use their talents elsewhere, and as we advanced that became possible.

In 1850 there were no Taxi drives, because there were no cars. There were no computer programmers, because there were no computers. As society moves forward and we innovate some jobs/industries die, but new jobs/industries that never existed now exist.

So, until we have no more jobs available, a Universal Basic Income won’t be needed. It would create massive inflation, because we would need to print more money so people who didn’t have the money could have it – printing money leads to inflation. Which would increase prices around the country, which means the UBI would not be able to compete with prices, which would lead to an endless cycle of printing and the poor staying poor. It doesn’t end poverty, it just adjusts the poverty line.

Yes, Artificial Intelligence is the future, there is no doubt about it; it doesn’t take a billionaire to see it.

The point is the facts are there, yet the opinions on what to do now varies from person to person. I believe we must wait and see. In the 1800’s a few of the world’s ‘greatest’ minds believed that automation would kill jobs, and instead new industries were created out of technology.

There is one truth to all this, no one truly knows what AI technology will do to change the world. I guess we must wait and see…

What do you think the next step forward is with an AI future?

 

 

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