This is a link post. People worried about a “permanent underclass” often assume that owning capital will protect them from disempowerment, or at least that they will be disempowered last, after the jobless masses dependent on UBI. I think something else is more likely: owning large amounts of capital will get you disempowered sooner than average, just by a different path, namely going crazy.
How? The basic mechanism is actually easy to understand on a human level. One of the things difficult about being a billionaire is staying true to your values and keeping good epistemics. Why? Because a growing number of people are optimizing against your mind. Not “against” in an adversarial sense, but in the sense that your specific mind believing or doing something is part of their optimization objective. People see you as a source of resources and try to befriend you so you’ll fund them, invest in their startups, donate to their causes, or have sex with you. Nearby egregores extend their tentacles to convert you.
Staying sane gets harder. You often see countermeasures, like billionaires setting up family offices or small organizations that also act as filters, shielding them from part of the pressure (“I [...]
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