Howard Marks Says AI Terrifying for Jobs, Queries Debt Cost

Artificial intelligence has created a “terrifying” outlook for employment, Oaktree Capital Management LP co-founder Howard Marks cautioned, and an assumed productivity boom fails to consider how many people will be able to afford the additional goods produced.

“I’m concerned that a small number of highly educated multi billionaires living on the coasts will be viewed as having created technology that puts millions out of work,” Marks wrote in a blog on Tuesday. “This promises even more social and political division than we have now, making the world ripe for populist demagoguery.”