Howard Marks Says AI Terrifying for Jobs, Queries Debt Cost (1)

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.”

Some firms are having to take on “aggressive” amounts ...