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U.S. Government Bails Out Failing Big Tech Companies for $BILLIONS

The U.S. Government just won't let the Big Tech bubble burst, as it bailed out the EV Truck company Rivian today for $6.6 billion, and it bailed out computer chip manufacturer Intel for $7.9 billion also today. If I, as an independent business owner with no other investors or debts, cannot run a profitable business because not enough customers buy my products, I go out of business. But not if you are in Big Tech. The government will just keep giving you money even though very few customers want to buy your over-priced and over-hyped products. And if you are in Big Tech and also a defense contractor, you get even more government handouts without having to make a profit. 

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There’s Just One Problem: AI Isn’t Intelligent, and That’s a Systemic Risk

The mythology of Technology has a special altar for AI, artificial intelligence, which is reverently worshiped as the source of astonishing cost reductions (as human labor is replaced by AI) and the limitless expansion of consumption and profits. AI is the blissful perfection of technology's natural advance to ever greater powers. The consensus holds that the advance of AI will lead to a utopia of essentially limitless control of Nature and a cornucopia of leisure and abundance. If we pull aside the mythology's curtain, we find that AI mimics human intelligence, and this mimicry is so enthralling that we take it as evidence of actual intelligence. But mimicry of intelligence isn't intelligence, and so while AI mimicry is a powerful tool, it isn't intelligent. If we boil off the mythology and hyperbole, we're left with another neofeudal structure: the wealthy will be served by humans, and the rest of us will be stuck with low-quality, error-prone AI service with no recourse. The promoters claim the mass culling of jobs will magically be offset by entire new industries created by AI, echoing the transition from farm labor to factory jobs. But the AI dragon will eat its own tail, for it creates few jobs or profits that can be taxed to pay people for not working (Universal Basic Income). Perhaps the most consequential limit to AI is that it will do nothing to reverse humanity's most pressing problems. It can't clean up the Great Pacific Trash Gyre, or limit the 450 million tons of mostly unrecycled plastic spewed every year, or reverse climate change, or clean low-Earth orbits of the thousands of high-velocity bits of dangerous detritus, or remake the highly profitable waste is growth Landfill Economy into a sustainable global system, or eliminate all the sources of what I term Anti-Progress. It will simply add new sources of systemic risk, waste and neofeudal exploitation.

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American Big Tech Companies Identified as Complicit with War Crimes of Israeli Zionist Extremists as Their Stock Market Value Continues to Crumble

More bad news for America's Big Tech industry, at the worst time possible, as the AI bubble continues to burst. While most of us living in the U.S. are fully aware that America's Big Tech companies, such as Google, Amazon, and Microsoft have become the new industry leaders in obtaining military contracts to support America's many wars, people in the Middle East have just recently learned this fact this week with a recent report showing how the Israeli military depends upon these American companies to bomb and kill Palestinians in Gaza, and they were probably involved in the recent high-level assassinations in Iran and Lebanon as well. While this recent news that American Big Tech companies are providing military assistance to Israel may seem insignificant to those of us living in the West, I can assure you that this is very significant news in the Middle East, and for the future of American Big Tech companies. As I write this on Wednesday, August 7th, 2024, an emergency meeting of the Organization of Islamic Cooperation (OIC) just ended a couple of hours ago in Saudi Arabia, to discuss how to deal with Israel, whom they claim has now become a rogue terrorist nation. As this war in the Middle East proceeds, there will be a lot of pressure for Middle Eastern countries to divest their investments into companies who support Israel, which has already been happening in the U.S. at American colleges and universities since earlier this year. This spells trouble for the rich Muslim Gulf States who are heavily invested in Big Tech and Silicon Valley, especially Saudi Arabia, who owns significant stock in Musk's X, and has a Venture Capital firm that invests $billions in American Big Tech. Saudi Arabia has been increasing their investments in American Big Tech companies for the past several years in their desire to diversify their national assets beyond just petroleum and petroleum products. How much longer will they keep those investments in place, as it becomes more and more obvious that they are overpriced due to this AI bubble that is crashing, and that now the entire Muslim world associates these Big Tech companies with Zionist Israel and the genocide currently happening there? Oh yes, this is a VERY BIG deal, and the safe bet here is that the wealthy Arab states, beginning with Saudi Arabia, will be compelled to divest their interests in American Big Tech.

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The U.S. Financial System Built upon a Foundation of Lies is Crashing – Beware of the Coming Bank Bail-Ins

The Big Tech crash that I have been warning about since the last quarter of 2022, has now arrived, and it is crashing our entire economy. It started in 2022 with the blowup of the Cryptocurrency Ponzi scheme called FTX, whose CEO now sits in prison serving a 25-year sentence for fraud and conspiracy. This started massive Big Tech layoffs that have continued through this year, and in March of 2023, some of the largest Big Tech Silicon Valley banks failed. But a total collapse of the U.S. financial system was averted by a new Ponzi scheme, the AI bubble that I have been warning about for over a year and a half. Now everyone is admitting that it has been a bubble all along as investors look to dump their technology stocks as quickly as possible, as the "Magnificent 7" companies (Apple, Google, Facebook, Amazon, NVIDIA, Microsoft, and Tesla) have now lost a combined $1.28 TRILLION in market cap over three sessions. Anyway, the purpose of this article is not to gloat and say "I told you so" for warning about this for almost 2 years while we are seeing it happen today in real time as Big Tech crashes, but to warn you what is inevitably going to happen next, so you can be prepared before it happens: Bank Bail-ins!

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Elon Musk Shows up for Netanyahu’s Speech to Congress on the Same Day Tesla Loses $90 Billion in Big Tech Market Bloodbath

In a Wall Street bloodbath today that saw significant losses in the DOW, S&P 500, and Nasdaq, the Big Tech "Magnificent 7" companies (Apple, Google, Facebook, Amazon, NVIDIA, Microsoft, and Tesla) lost $1.7 TRILLION in market share, in just one day. Shares of Tesla stock were down the most, losing 12.3%, close to a $90 billion loss. Tesla's quarterly report on earnings yesterday was not as positive as shareholders had expected, and some seem to be waking up to the fact that Musk may not be as smart as everyone thinks, as he continues to sell the future and his AI hype, while sales of his Tesla vehicles are declining, as are other EV sales. Ford also posted another $1 billion loss on electric vehicles last quarter. The fools who still believe in Musk think Teslas are different from other EVs, and insist that their investment in Tesla is not really an investment in an automobile manufacturer, but in an AI company that is going to build robots and self-driving cars. The Big Tech crash is coming. Today might have been the start of the ultimate crash as reflected in the stock markets, but it will probably take some more time for people to realize that their faith in the technology is not real, and that one cannot just wait for the future forever. Meanwhile, as Kamala Harris and JD Vance, along with many others were no-shows at the Benjamin Netanyahu show in Congress today, one person that few expected to see showed up: Elon Musk.

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Lack of IT-Skilled Human Workers is Leading to a Cyber Pandemic – 500,000 Cybersecurity Jobs Unfilled in the U.S.

As the full effects of the Microsoft glitch that took down so many businesses and government agencies this past Friday are still being evaluated, the vulnerability of a software system run by a cybersecurity firm is presenting new information to hackers and exposing just how unprepared the U.S. Government is to protect our country against cyber attacks that are a real threat to national security. After the CrowdStrike failed software update that infected 8.1 million devices with cascading effects spreading to millions, if not billions, of other devices and computer systems, the threat of a Cyber Pandemic is now very real. And the main reason that the U.S. Government is powerless to stop something like a Cyber Pandemic is not because of a lack of technology or computer resources, since the U.S. is home to the largest technology companies in the world, but it is due to a lack of human resources: Cybersecurity professionals. In 2021 CNN published an article with the title: "Wanted: Millions of cybersecurity pros. Salary: Whatever you want". The article highlighted the increasing cyber attacks in the U.S. and the lack of cybersecurity experts to prevent these attacks, with over 300,000 cybersecurity job openings going unfilled. Fast forward to today in 2024, and the situation has only become worse. A few weeks ago (June, 2024), members of Congress raised concerns over the shortage of cybersecurity professionals, which has now grown to a half million open jobs that cannot be filled.

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Elon Musk: World’s Biggest Con Man, or Just a Fool? Big Tech in Panic Mode!

While Elon Musk is taking advantage of the current political climate after the Trump shooting incident and claiming to support free speech and be against online censorship, his X platform has been busy the past couple of days deleting posts of the Trump shooting that do not fit the current narrative from the Republican platform, clearly betraying what he claims about being against "online censorship". And as he espouses views that appease those on the Right and on the conservative side of the political spectrum by attacking Gov. Newsom as he pledges to move his companies from California to Texas, the reality is that his empire that has made him the richest man in the world appears to crumbling, and in danger of completely crashing. So let's take a peek behind the scenes and ignore Elon Musk's rhetoric, and let's see what is happening in the real world with the companies he owns, and where that evidence, as opposed to rhetoric, leads us, because Big Tech is in full panic mode right now.

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The World’s Rush to Reduce Dependency on U.S. Dollar Accelerates as the Great AI Bubble Burst Apocalypse Draws Closer

While I have been reporting on the Big Tech crash that started accelerating in 2022 for over a year now, others in the financial sector are finally beginning to see where the current AI hype is leading the U.S., and using such words as "apocalypse" in terms of what is going to happen when this AI bubble (which almost ALL economists now admit is a real thing) bursts. ZeroHedge News reported this week that Goldman's head of research has apparently "seen the light" when it comes to the AI bubble, and "is downright apocalyptic on what the current AI bubble will lead to; think dot com bubble on steroids" and that it "will be the biggest bubble in history." While AI has sucked up all the capital in the U.S. economy for the past year and a half to create this economic apocalypse that now awaits us, the true extent of the crash of Big Tech goes far beyond just chat bots and LLM AI. Indeed, when the history books are written in the future about the collapse of the Great American Empire, chief among its causes will be our over-reliance on technology and the false Darwinian belief system that whatever humans can do, machines and technology can do better as they evolve. This reliance on technology started in the 1800s when America abandoned using natural plants, herbs, and things in creation for healing, and when traditional methods of healing, such as homeopathy, were banned in favor of laboratory-produced pharmaceutical poisons, starting with vaccines, in the false belief that man's technology could eliminate human disease. Today, the field of "biotech" still earns $trillions while Americans get sicker and sicker, creating a highly medicated society addicted to their products, which are now the #1 cause of death in the U.S Another great failure in American "biotech" technology is the destruction of the family farm in favor of mega food companies and the proliferation of genetically modified foods, along with all the chemicals needed in pesticides and herbicides to even grow crops in highly industrialized mono-cropping systems. Meanwhile, the non-Western countries of the world are finally teaming up together to form a new economic system that does not allow the warmongering United States to impose economic sanctions against them if they don't accept American "freedom" and become a "democracy" like us. It was announced this week that the two most sanctioned countries in the world by the U.S. today, Russia and Iran, have partnered together to form their own credit card payment system. Also being reported this week is the announcement that the BRICS nations are launching their own financial system.

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Pushback Against AI Hype is Increasing as AI Failures Continue to Increase

As Silicon Valley investors continue investing in the AI hype that started at the end of 2022 with Microsoft's release of ChatGPT, many now are beginning to wake up to the fact that AI's promises are still all hype at this point, and may never develop into the techno-prophecies that continue to make the news each day. LLM AI's failures after its introduction over a year and a half ago now, are starting to wake up investors and others who look beyond the hype. A couple of weeks ago Jeffrey Funk and Gary Smith published an article on Market Watch, an investor go-to source owned by the Dow Jones company that includes Barron's and the Wall Street Journal, titled: "Big Tech’s ‘fake-it-till-you-make-it’ hype is now infecting AI". This is still the minority view on Big Tech and AI, to be sure, but that is only because there are still too many Silicon Valley Billionaires and Venture Capital firms with way too much money to spend, and are willing to take a chance on investing in science fiction with the hope and belief that it will some day all come true in the future. Once the money dries up, which may happen a lot sooner than Silicon Valley enthusiasts realize, all this hype will come to an end. Some, however, are not waiting for that crash to come, and are already abandoning AI, realizing that a year and a half has been sufficient time to actually produce something of value in the real world, because what is currently being seen in the real world where AI is being implemented, is not positive, but negative. For these business leaders in the REAL WORLD, there are calls to stand against AI, and be "pro-human." Consumers still have the most power to stop AI and Big Tech, by refusing to use their products. Forget about voting in national elections, and start voting with your dollars instead! This is what the tyrants cannot control, and where the REAL voting power exists. One sector where we are currently seeing pushback against technology is in the grocery self-checkout market, where major grocery retailers like Walmart and Kroger are actually abandoning this technology due to customers not wanting to use it. The tyrants cannot rule over the masses without the consent of the masses. This has ALWAYS been true, because we vastly outnumber them.

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The Banking Crisis is Accelerating in Big Tech Banks: 10 Million Americans Cannot Withdraw their Funds on One FinTech App!

The technology that America's infrastructure is now hopelessly dependent upon continues to fail, as it was reported this week that one of the most popular FinTech (Financial Technology) apps, which are supposed to "reinvent" banking by getting rid of such pesky nuisances such as over-draft charges, having to wait until your paycheck clears before having access to funds, and many other wonderful Big Tech promises that have convinced tens of millions of people to open accounts on these FinTech apps, has left millions of customers today without access to their funds on deposit. These funds on deposit with these FinTech apps are NOT FDIC insured. And a judge just ruled that if you lost your money on this app, too bad. As I have been warning for over a year and a half, if you trust in the technology, you risk losing everything as a reward for your faith in Big Tech, as the Big Tech Crash that started in 2022 just after the demise of FTX, with its billionaire founder now sitting in prison, is now accelerating.

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