In 2023, the talk of the town is Artificial Intelligence. After rationalizing our recent purchase of Chat GPT-4 of $20/month to experiment and imagine the implementation of AI as mass adoption seems to be occurring at a record pace.
For those who do not know what Open AI Chat-GPT is:
OpenAI is an artificial intelligence research organization that focuses on developing advanced AI models and promoting safe AI practices. It was founded in December 2015 by Elon Musk, Sam Altman, Greg Brockman, Ilya Sutskever, John Schulman, and Wojciech Zaremba. OpenAI’s mission is to ensure that artificial general intelligence (AGI), defined as highly autonomous systems capable of outperforming humans in economically valuable work, benefits all of humanity.
In July 2019, OpenAI and Microsoft announced a partnership, with Microsoft investing $1 billion in OpenAI. Yeah and there was more where that came from. Now part of our experiment was we, The Animal House, finally got our hands on Chat-GPT4, the newest released model.
“This advanced model, available to Plus subscribers. GPT-4 excels at tasks that require advanced reasoning, complex instruction understanding, and more creativity.” Consider these factors we simply asked
“How Do We Save The US Financial System?” The results were in depth and honestly a pretty wholistic approach.
Saving the US financial system requires a multi-faceted approach that addresses the underlying causes of instability and promotes sustainable growth. While there is no one-size-fits-all solution, here are some key steps that can be taken to help stabilize the financial system:
Strengthening Regulations:
Implementing and enforcing stricter regulations on financial institutions can prevent excessive risk-taking and protect consumers. This includes higher capital requirements, improved liquidity standards, and more stringent reporting requirements for banks.
Improving transparency:
Enhancing transparency in financial markets can help to reduce information asymmetry and promote trust among market participants. This can be achieved through better disclosure requirements, standardized reporting, and increased oversight of financial institutions.
Addressing systemic risk:
Identifying and addressing potential sources of systemic risk, such as “too big to fail” institutions, can help prevent the spread of financial crises. This may involve breaking up large banks, implementing macroprudential policies, and creating resolution plans for failing institutions.
Promoting financial stability:
Strengthening the role of central banks in maintaining financial stability can help to prevent and mitigate financial crises. This may involve providing liquidity support to markets, acting as a lender of last resort, and conducting stress tests on financial institutions.
Enhancing consumer protection:
Protecting consumers from predatory lending practices and financial fraud is essential for a stable financial system. Implementing stronger consumer protection laws and creating agencies to oversee and enforce these laws can help safeguard consumers’ interests.
Reforming the housing market:
Addressing issues in the housing market, such as high levels of household debt and speculative bubbles, can help to prevent future financial crises. This may involve implementing policies that promote affordable housing, regulating the mortgage industry, and addressing the root causes of housing bubbles.
Fostering financial innovation:
Encouraging financial innovation can help to create a more resilient financial system by promoting the development of new products, services, and technologies. This can be achieved through regulatory sandboxes, innovation hubs, and public-private partnerships.
Promoting financial literacy and education:
Ensuring that consumers have the knowledge and skills necessary to make informed financial decisions can help to prevent financial crises and promote stability. This may involve integrating financial education into school curriculums, offering community-based financial literacy programs, and promoting public awareness campaigns.
Coordinating international efforts:
Working with other countries and international organizations to address global financial challenges can help to promote a more stable financial system. This may involve participating in forums such as the G20 and Financial Stability Board, as well as cooperating on international regulatory standards and initiatives.
Addressing income inequality and promoting inclusive growth: Tackling income inequality and fostering broad-based economic growth can help to create a more stable financial system. This can be achieved through progressive taxation, investments in education and infrastructure, and policies that promote equal opportunities for all.
What is striking about this whole experiment is that the AI model appears to have all of the information to rationalize and understand our country’s financial flaws better than we do.
Next, we asked the model if Bitcoin fixes this? Crypto bros don’t get a wedgie yet, you will like some of the answer and you will dislike the other. The choice is if you want to hear the limitations or not. Which in the end, could lead to another path of financial innovation.
Regardless, after witnessing just the tip of the ice berg, we are excited to see the shift and implementation of these type of tools in the workplace and our everyday lives.
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