AI's insurmountable limit

Machines do not essentially think. They don't know anything. There are systems of gates, of dumb components. They lack creativity and aren’t capable of what only human minds and imaginations can generate. Most neuroscientists believe that consciousness is just a byproduct of chemistry. Too many scientists imagine that if logical processing is accelerated to a high enough rate that somehow consciousness will emerge. I believe that this is a fundamental misunderstanding of the mind. And that (misunderstanding) undermines much of the prevailing neuroscience and almost all of computer science that purports to be imitating minds (i.e., artificial intelligence). The smartest people in the world believe in this materialistic superstition. They believe that the universe is explainable entirely in terms of chemistry and physics. That assumption, I believe, is manifestly false. But it is a religious conviction underlying almost all neuroscience and computer science.

-- George Gilder (The Daily Reckoning) June 22, 2019

Central Bank Experimentation

The grand central bank experiment of the last 10 years has ended in utter and complete failure. The games of cheap money and constant intervention that have brought record global debt to the tune of $250 trillion and record wealth inequality are about to embark on a new round.  All under the banner to “extend the business cycle” at all costs. Never asking whether they should nor considering the consequences.  This is not capitalism, nor does this ongoing farce constitute free market price discovery. It’s politburo based central planning, desperately trying to keep the balls in the air.  

The pretense is gone, it’s all about keeping the illusion alive that the Fed knows what it’s doing, that it’s always there to save markets from any trouble.  But since they are not elected by the people and face zero consequences for failure, they don’t have to consider the collateral damage they inflict.  Everything every central banker has uttered last year was completely wrong. Every projection they made over the last 10 years has been wrong.  Why place confidence in people who are staring at the ruins of the policies they unleashed on the world and are about to unleash again?  We’re all staring at a colossal policy failure with no accountability.  Brace yourselves as no one, absolutely no one, can know how this will turn out.

-- Sven Henrich (Northman Trader) June 7, 2019 (edited)

Move Over

Things look bad from over here
Too much confusion and no solution
Everyone here knows your fear
You're out of touch and you try too much

The country needs a father
Not an uncle or big brother
Someone to keep the peace at home

If we can't get together
Look out for stormy weather
Don't make me pay for your mistakes
I have to pay my own

If we can not wake you
Then we'll have to shake you
Though some say you'll only understand a gun
Got to prove them wrong or you will lose the battle
Don't you know we'll start a war which will be won by none

Yesterday's glory won't help us today
You want to retire?  Get out of the way

-- John Kay / Gabriel Mekler (Steppenwolf) 1969