Money GPT. I mean, we've all heard about the incredible potential of AI, and I’ve shared my optimism about its future in many episodes. But today, we have Jim Rickards back on the show, and he’s here to offer a more skeptical perspective. You might remember our earlier discussion where Jim laid out a masterclass on the economy, its history, and what might unfold over the next few years. Now, he’s back with insights from his new book, Money GPT, diving into what we should watch out for when it comes to AI and its impact on the economy. Let’s get into this compelling discussion with Jim Rickards.
Episode Description:In this episode, James Altucher welcomes back bestselling author Jim Rickards to discuss his latest book, Money GPT. Jim delves into the transformative power of AI, highlighting both its immense benefits and the potential risks it poses, particularly to the global economy and financial markets. Drawing on his experience building AI models for the CIA, Jim explains how AI is reshaping industries and warns of its unintended consequences. The conversation spans the accelerating role of AI in finance, its vulnerabilities, and its parallels with nuclear decision-making processes. Whether you're optimistic or cautious about AI, this episode will challenge your perspective with fresh insights and historical context.
What You’ll Learn:- [00:01:30] Introduction: Revisiting AI and its role in the economy.
- [00:03:24] The dual nature of AI: Power and risk.
- [00:06:50] GPT breakthroughs and the future of language models.
- [00:11:34] Why AI excels in music but struggles with writing.
- [00:19:46] The rise of passive investing and its dangers.
- [00:23:14] Cybernetics: A strategy to stabilize financial markets.
- [00:39:15] The risks of removing humans from critical decision-making chains.
- [00:47:53] Will AI replace jobs faster than it creates new ones?
- Jim Rickards’ book, Money GPT.
- Related episode: The History and Future of the Economy with Jim Rickards.
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