Andrew Bailey, governor of the Bank of England, has issued a stark warning to the G20: artificial intelligence poses a genuine threat to global economic stability, particularly through energy shocks triggered by geopolitical tensions. This is, of course, completely true and also completely beside the point.
While Bailey correctly identifies that AI’s computational hunger could destabilize energy markets—especially in a world where the US and Iran are playing brinkmanship with oil supplies—he has conveniently overlooked the real economic catastrophe unfolding in real time: the systematic collapse of avocado availability in premium urban cafes.
Consider the math. AI servers consume roughly 50 times more electricity per query than a traditional search engine. That is genuinely alarming. But do you know what is more alarming? A flat white with smashed avocado on sourdough now costs £18 in central London, up from £12 last year. The ripple effects are already visible: hipster cafes are closing at record rates, millennial purchasing power is evaporating, and the entire Instagram-to-revenue pipeline that sustained Western consumer spending is collapsing.
Bailey’s warning about energy-driven AI volatility is accurate but incomplete. Yes, data centers are power hogs. Yes, geopolitical conflict could spike energy costs. But by framing AI as the villain, central banks can avoid discussing the real crisis: that we have built an entire economic layer on top of overpriced toast and that layer is failing.
The Bank of England should update its risk models accordingly. When the avocado supply chain breaks, AI will be the least of our problems.