From Futurism · Frank Landymore · · 50s
Credit Rating Firm Warns Economy Will Be Obliterated
Egan-Jones predicts AI will destroy the economy by eliminating jobs and professional services.
In brief
Egan-Jones predicts AI will destroy the economy by eliminating jobs and professional services. Credit rating firm Egan-Jones warns AI will obliterate the economy through job displacement and reduced venture capital returns. Originally reported by Futurism.
Egan-Jones Predicts Economic Collapse
Credit rating firm Egan-Jones warns AI will obliterate the economy through job displacement and reduced venture capital returns.
“It’s Over”
AI Disrupts Economic Systems
Egan-Jones states AI has advanced so far that economic collapse is certain, targeting professional services and venture capital returns.
“AI has advanced so far that the complete disruption of the economy is all but certain”
AI Job Displacement Threat
AI automation threatens to upend industries and destroy job categories, with firms using chatbots for advice.
“Advice can come from AI chatbots now, and not just guys in suits”
Venture Capital Impact
Egan-Jones predicts venture firms will lose leverage and see compressed returns as AI reduces capital needs.
“The result is a quiet deflation in the value of money: venture firms lose leverage, and their returns compress”
Professional Services at Risk
Consulting firms face AI-driven layoffs as chatbots replace human expertise in professional services.
“Some consultancies are already culling their ranks in AI-related layoffs”
The essence
Credit rating firm Egan-Jones warns AI will obliterate the economy through job displacement and reduced venture capital returns.
