098: The Impact of AI on Your Money and the Global Economy with Jim Rickards

Whether we like it or not, AI and ChatGPT are here, and they’re not going away. Most of us forget that AI has actually been around for years. While there’s plenty of potential and room for progress with AI, there are many concerns about what AI means for our finances, and that’s what we’ll be covering today.

We’re honored to have Jim Rickards on the podcast today. Jim is an economist, Wall Street veteran, former DOD advisor, and bestselling author of The New Great Depression and Currency Wars. We discussed Jim’s newest book, MoneyGPT, the future of AI in financial markets, and its ripple effects on your portfolio.

We explore the pros and cons of AI in the financial world. From hedge funds outsourcing decisions to AI to potential market meltdowns driven by algorithms, Jim lays out what’s at stake—and how you can protect yourself. We also dive into how AI intertwines with national security and why decision-making matters more than ever.

If you’ve ever wondered whether your 401(k) or investment portfolio is ready for the AI-driven future, this episode is for you.

In this podcast interview, you’ll learn: 

• The impact AI and ChatGPT could have on saving for retirement.
• Why Jim believes that a new world of AI isn’t all doom and gloom.
• How hedge funds use AI to pick stocks.
• Why the lack of human empathy from AI is a valid concern with critical decisions.
• Jim’s advice for the new administration on how to protect investors against a run on banks and financial markets.

How Fit Is Your Retirement Plan? 

We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com