๐ Someone kindly requested a thread be made of one of my recent Tweets on #UBI. ๐คฉ๐๐พ. Iโll take that. (Sources: many bits and bobs from various #UBI supporters, first two points based on stuff by Scott Santens) Thread by @JaxRyan on Thread Reader App https://t.co/8fueLd4FC7
โIf Iโm right, capitalism is simply incompatible with these technologiesโ
@yanisvaroufakis and @EuroBriefing debunk the mainstream economic orthodoxies surrounding the rise of AI and Big Tech, warning that it is not the future of market capitalism - but rather, its death knell.
The world today is characterized by large-scale inequalities. And a climate crisis is looming over us.
We urgently need a new vision for global progress in the 21st Century. One that grounds human development and equality in planetary habitability.
What would it take to achieve high prosperity and equality while remaining within planetary boundaries?
The World Inequality Lab is very excited to launch the #GlobalJusticeReport.
[1/7]
@BBCr4today 1/AI is a child of public (govs and academic institutions) investment in tech. AI is trained on public (shared) learning of all humanity. AI must therefore be owned by and benefit all humanity. Govs should legislate that AI is a public service used to create a perfect world.
@BullTheoryio 1/AI is a child of public (govs and academic institutions) investment in tech. AI is trained on public (shared) learning of all humanity. AI must therefore be owned by and benefit all humanity. Govs should legislate that AI is a public service used to create a perfect world.
1/AI is a child of public (govs and academic institutions) investment in tech. AI is trained on public (shared) learning of all humanity. AI must therefore be owned by and benefit all humanity. Govs should legislate that AI is a public service used to create a perfect world.
@ControlAI 1/AI is a child of public (govs and academic institutions) investment in tech. AI is trained on public (shared) learning of all humanity. AI must therefore be owned by and benefit all humanity. Govs should legislate that AI is a public service used to create a perfect world.
@ForHumanityPod@ControlAI 1/AI is a child of public (govs and academic institutions) investment in tech. AI is trained on public (shared) learning of all humanity. AI must therefore be owned by and benefit all humanity. Govs should legislate that AI is a public service used to create a perfect world.
@HumaneTech_ AI is a child of public (govs and academic institutions) investment in tech. AI is trained on public (shared) learning of all humanity. AI must therefore be owned by and benefit all humanity. Govs should legislate that AI is a public service used to create a perfect world.
Weโre in final stage of capitalism where global capital canโt expand or sustain past profits. Itโs now consuming public institutions and key systems, sacrificing democracy, welfare, infrastructure, education, healthcare, and ecosystems for short-term gain.
@BBCr4today FYI. Europe is legislatively pushing to reduce dependence on U.S. cloud and AI providers via a proposal to create procurement preferences favoring European providers in specific public-sector contracts. This excellent article explains why and how.
https://t.co/jgz3J29BYT
Today the EU made American AI illegal in 27 countries.
The reason is ONE sentence Microsoft's own lawyer said under oath:
This morning in Brussels, EU Tech Chief Henna Virkkunen unveiled the Cloud and AI Development Act. It's the most aggressive anti-American tech move from Europe since GDPR.
The law forces EU public sector procurement in banking, healthcare, defense, and energy to apply mandatory non-price factors favoring software and hardware built inside the EU. Microsoft Azure can be cheaper, AWS can be faster, Google Cloud can have the better model, and EU governments MUST legally prefer European alternatives.
AWS, Microsoft, and Google currently control roughly 70% of the European cloud market. Brussels is now openly targeting greater independence from US providers in cloud, AI, and semiconductors.
The largest regulatory market-share transfer in tech history is being written into law right now.
But the real story is how this happened...
On June 10, 2025, a man almost no one outside Brussels had heard of walked into the French Senate. His name is Anton Carniaux, Director of Public and Legal Affairs at Microsoft France.
Senator Dany Wattebled asked him under oath whether he could guarantee that data belonging to French citizens, stored on Microsoft European servers, would never be transmitted to US authorities without explicit consent from the French government.
Carniaux answered honestly. He admitted he could not guarantee it, because Microsoft must comply with the US CLOUD Act regardless of where European data physically sits. One sentence of sworn testimony from Microsoft's own counsel killed every sovereign cloud defense Big Tech had spent five years building.
It became the legal foundation for the law unveiled today.
Then Trump accelerated the divorce.
January 2025 brought executive orders expanding US surveillance authorities. Vance went to Munich and attacked European democracies on stage.
The tariffs followed and so did the Pentagon's $200 million AI contract war that ended with OpenAI replacing Anthropic after Hegseth labeled it a supply chain risk. So did OpenAI's Stargate and yesterday's Trump AI Executive Order, whose Section 3 lets the White House pick which AI companies get 30-day early access to frontier models. American AI was officially declared a US government strategic asset.
Europe heard every word of it.
On May 12, Mistral CEO Arthur Mensch told the French National Assembly that Europe had 24 months to build sovereign AI infrastructure or become a permanent US VASSAL state.
And the response came fast:
April 24: Cohere acquired Germany's Aleph Alpha for $20 billion with both Germany's and Canada's digital ministers in the room at the Berlin announcement. May 30: SoftBank committed up to $87 BILLION for French nuclear-powered data centers, the largest AI infrastructure project in European history.
Yesterday: EU Parliament announced it's dropping Google for French search engine Qwant tomorrow. France ordered every government workstation off Windows and onto Linux.
Today the Cloud and AI Development Act made all of it law.
- Mistral is building a 1.4 gigawatt AI campus near Paris by 2028 with Nvidia, MGX, and Bpifrance
- SAP's EU AI Cloud, launched last November, runs on Cohere, Mistral, and SAP's own sovereign infrastructure
- McKinsey forecasts $600 billion in sovereign AI needs by 2030
None of that money is going to Silicon Valley.
The America First AI policy built a wall around the world's most regulated economy, and American companies are on the wrong side of it.
Microsoft's lawyer told the truth in a Senate hearing nobody watched. Trump turned that admission into a national security narrative while the EU turned that narrative into procurement law.
And one entire continent walked away from the American tech stack...
BREAKING: Ray Dalio just said the AI market is a bubble and it will burst.
"All great technology changes produce bubbles," Dalio told Bloomberg. "The pricking is the converting of wealth into money" right now, every major tech company is pouring hundreds of billions into AI infrastructure and booking it as investment.
The moment investors demand actual returns, companies will have to show that the money spent is generating real profits from real customers. If the revenue is not there, valuations collapse and right now, the revenue is not there.
AI companies are spending $800 billion in capital expenditure this year alone. OpenAI spends $60 billion annually on cloud infrastructure against $25 billion in actual revenue.
Less than 1% of executives globally report meaningful ROI from their AI investments. 95% of enterprise AI pilots have failed to deliver measurable returns according to MIT.
The entire $2 trillion cloud backlog held by Microsoft, Oracle, Google, and Amazon is anchored by two unprofitable companies: OpenAI and Anthropic.
By 2030, the industry needs $2 trillion in annual revenue to justify what is being built today. Bain estimates it will fall $800 billion short.
Dalio is not saying the technology is fake. He is saying the economics do not work yet and every bubble in history has ended the same way when that moment of reckoning arrived.
There is constant noise claiming UK pensions are too high and unaffordable. They are all lies. The UK has very low pensions compared to all other industrial countries. Our problem is billionaire tax exile newspaper owners and political parties committed to the rich. (Vote Green)