Requiring way too much resources will inevitably be solved by better, more efficient chips. It's a non-issue in the long run. Each generation requires less power than the previous one, and we don't even need Moore's law to make this happen. I don't see why people continue to float this talking point. If anything, what likely will happen will be data center build outs motivating investments in long neglected improvements in energy infrastructure, that people will gradually see the benefits of as better chips result in reduced power requirements. This is contingent on AI demand plateauing, which it inevitably will, and if it doesn't that means that the economic motivation for such build outs is justified.

The risk to the global economic system is also oversold. AI enables the same work to be done for a lower cost, and more types of work to be done overall. No different than previous industrial automation. There are vast capabilities in medicine, energy, automated design, manufacturing, and science that are only now being unlocked. Does that sound like something that will crash the economy?

You will be right only if AI will be usable locally on commodity hardware, otherwise access to AI will become a weapon on various fronts - including your employer, your home country government, foreign countries, and international orgs.