Interesting perspective
Johann Rupert, the South African who has made billions peddling Cartier jewelry and Chloe fashion, said tension between the rich and poor is set to escalate as robots and artificial intelligence fuel mass unemployment.
“We cannot have 0.1 percent of 0.1 percent taking all the spoils,” said Rupert, who has a fortune worth $7.5 billion, according to data compiled by Bloomberg. “It’s unfair and it is not sustainable.”
The founder and chairman of Richemont, whose 20 brands also include Vacheron Constantin and Montblanc, said he expects advances in technology to lead to job losses after having read books on the subject recently. Conflicts between social classes will make selling luxury goods more tricky as the rich will want to conceal their wealth, Rupert said in a speech Monday at the Financial Times Business of Luxury Summit in Monaco.
“How is society going to cope with structural unemployment and the envy, hatred and the social warfare?” he said. “We are destroying the middle classes at this stage and it will affect us. It’s unfair. So that’s what keeps me awake at night.”
Rupert, a university dropout whose father made a fortune setting up Rembrandt Tobacco Corp. and selling it off, has in the past made other social critiques. Nicknamed ‘Rupert the Bear’ for his pessimistic views on the economy, the 65-year-old refers to himself as a “reformed prostitute,” having spent a decade as an investment banker. He said in 2008 that the collateral damage from the financial crisis was yet to come.
“We’re in for a huge change in society,” he said Monday. “Get used to it. And be prepared.”
It begins
Driverless Trucks to Hit Alberta’s Oilsands Region Replacing $200,000/yr Operators; Big Layoffs Coming
Above: Komatsu heavy earthmoving truck at the Tom Price iron ore mine, operated by Rio Tinto Group, near Perth, Australia.
Drivers of these behemoths cost as much as $200,000 a year. With that incentive, the push to driverless is on.
first accident with injuries, I wonder if they downloaded the avoidance software from volvo
Google Inc. revealed Thursday that one of its self-driving car prototypes was involved in an injury accident for the first time.
In the collision, a Lexus SUV that the tech giant outfitted with sensors and cameras was rear-ended in Google's home city of Mountain View, where more than 20 prototypes have been self-maneuvering through traffic.
The three Google employees on board complained of minor whiplash, were checked out at a hospital and cleared to go back to work following the July 1 collision, Google said. The driver of the other car also complained of neck and back pain.
In California, a person must be behind the wheel of a self-driving car being tested on public roads to take control in an emergency. Google typically sends another employee in the front passenger seat to record details of the ride on a laptop. In this case, there was also a back seat passenger.
Google has invested heavily as a pioneer of self-driving cars, technology it believes will be safer and more efficient than human drivers.
This was the 14th accident in six years and about 1.9 million miles of testing, according to the company. Google has said that its cars have not caused any of the collisions — though in 2011 an employee who took a car to run an errand rear-ended another vehicle while the Google car was out of self-driving mode.
In 11 of the 14, Google said its car was rear-ended.
In a blog posted Thursday, the head of Google's self-driving car program, Chris Urmson, wrote that his SUVs "are being hit surprisingly often" by distracted drivers, perhaps people looking at their phones.
"The clear theme is human error and inattention," Urmson wrote. "We'll take all this as a signal that we're starting to compare favorably with human drivers."
In a telephone interview, Urmson said his team was exploring whether its cars could do something to alert distracted drivers before a collision. Honking would be one possibility, but Urmson said he worried that could start to annoy residents of Mountain View.
According to an accident report that Google filed with the California Department of Motor Vehicles about the July 1 crash:
Google's SUV was going about 15 mph in self-driving mode behind two other cars as the group approached an intersection with a green light.
The first car slowed to a stop so as not to block the intersection — traffic on the far side was not moving. The Google car and the other car in front of it also stopped.
Within about a second, a fourth vehicle rear-ended the Google car at about 17 mph. On-board sensors showed the other car did not brake.
The driver of that car reported "minor neck and back pain." The SUV's rear bumper was slightly damaged, while the vehicle that struck it lost its front bumper.
Mountain View police responded, but did not file an accident report.
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