Having money does not guarantee access to advanced technology. During the COVID-19 pandemic, countries competed to secure masks and vaccines. The same applies in the age of artificial intelligence (AI); simply having funds does not ensure the acquisition of cutting-edge technology. Access to GPUs and HBM, as well as the establishment of data centers and power grids, is essential.
In A Future Without Dollars (by Lee Ha-kyung, published by RH Korea), the author diagnoses that the global economy is transitioning from an 'era of credit' to an 'era of tangibles.' For decades, the world economy has operated under the belief that as long as there is trust in the value of money, one can purchase necessary goods anywhere. However, the author argues that this trust is beginning to fracture. If money cannot secure essential energy, key components, and advanced technology for survival, can it still be considered true wealth?
The author notes that the power of currency is transforming into a formula of 'material necessity × technological monopoly.' Gold, energy, key minerals, as well as power grids, manufacturing capabilities, semiconductors, and AI technology are becoming the new guarantees of this era. AI is a highly material industry; it cannot function without GPUs, HBM, data centers, substantial power, cooling facilities, and transmission networks. This is why large asset management firms and sovereign wealth funds are investing in infrastructure such as ports, railroads, gas pipelines, power grids, and data centers.
Countries are competing to secure this infrastructure and technology. The United States is bringing semiconductor and battery factories back to its shores. China is betting its national future on securing rare earth elements, power infrastructure, semiconductors, and AI technology to reduce its dependence on the U.S.-centric supply chain and technological system.
The comparison of 'sovereign AI' to monetary sovereignty is also intriguing. Just as a country with monetary sovereignty can adjust interest rates and money supply, the argument is made that in the AI era, nations must be able to independently determine computational power and GPU usage in at least their core sectors.
However, it remains questionable whether this change signifies a transition from an 'era of credit' to an 'era of tangibles.' The dominance of the dollar was originally built on promises that were not inherently tied to physical goods. Behind the trust in the dollar lies the economic power, productivity, military strength, and fluid financial markets and legal systems of the United States. Credit is not a separate force opposing the tangible; rather, it is a result of the aggregation of these elements. The dollar's status did not diminish even after the U.S. severed the link between gold and the dollar, as trust in the U.S. economy, financial system, and institutions supported it.
Moreover, the reason one cannot purchase cutting-edge GPUs even with money is not solely due to their scarcity. The U.S. can control the export of high-performance semiconductors, and companies like NVIDIA and American cloud firms dominate the core of the AI ecosystem.
In addition to the monetary and institutional trust that has sustained the dollar's value, the political and technological relationships that determine what can be purchased with that dollar are becoming increasingly important. Even with money, if one is excluded from the U.S.-centric technological and security order, access to key technologies can be severely restricted. This is also why China is so focused on achieving self-sufficiency in semiconductors and AI.
A Future Without Dollars is a paradoxical title. While the book discusses the fractures in the dollar-centric order, it simultaneously highlights that a significant portion of the key bottlenecks in the AI era is still controlled by the U.S., including NVIDIA's GPUs, CUDA, global cloud platforms, and the power to restrict access to high-performance semiconductors. Furthermore, many stablecoins, which are being highlighted as a pillar of a new monetary order, rely on the dollar. They could serve as a conduit for expanding the dollar's distribution network into the digital realm. The 'return of tangibles' mentioned in the book may become another foundation supporting U.S. hegemony in the AI era.
* This article has been translated by AI.
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