Rise of the machines
Terminator was science fiction... wasn't it?
Photo credit: Unsplash
Hello Financial Healers,
Jaws made us afraid of the water. Halloween gave us masked serial killers. And Terminator warned us about the possibilities of AI.
Well… science fiction is taking one more step in dystopia’s direction.
Just last year, OpenAI introduced us to Chat GPT, an AI model that has dazzled millions by analyzing text and creating human-like writing.
This new tech has shown us the possibilities of AI… and inspires us… how exactly will this impact humanity’s future?
To answer this question, OpenAI drafted a report on the future of the US economy.
(Keep in mind, this is a report on one AI. According to an engineer, Google’s LaMDA already has “consciousness and a soul.” Ugh. Creepy, right?)
You can view a summary of OpenAI’s findings here.👇
Source: Visual Capitalist
According to this image, GPT is forecasted to hit jobs like: accountants and auditors, survey researchers, mathematicians, and writers and authors. Does this mean all human accountants will become obsolete? Probably not. But it does massively impact who will be pursuing what careers in the future.
Even Hollywood feels the pain!
One of the biggest gripes from the Writers Guild of America, which is currently on strike, is the movie studios’s desire to use AI technology. Strikers fear AI will replace them.
My son, who has played with Chat GPT, says he’s amazed at what it can already accomplish. Imagine where it’ll be in 5 years!
Alright, alright, enough about robots…
What else can we talk about?
Banks!
Americans are really worried about their money. 😳
Just last week, it was reported another “California-based bank… PacWest Bancorp., was weighing a range of strategic options, including a sale.”
This came just moments after the chair of the Federal Reserve, Jerome Powell, stated “the US banking system is “sound and resilient...”
Sound and resilient?!
At this point, it’s clear our leaders are treading water.
The good news is…
God is still in control
He’s bigger than any poor economic decision. The world is facing a crisis, but the Lord will deliver us.
My advice? Hunker down. Pay off debts. Build your savings.
If possible, make your family the bank. Get out from under the claws of institutions that don’t care if you succeed or fail.
Recession is forecasted to hit sometime in July-September. Take control of your finances now, so that when the storm arrives, you’re prepared.
And one last thing…
Watch out for evil robots! 🤖
God bless your Prosperous Soul,
Stephen K. De Silva