What are the implications for finance and investing in an era of generative AI, and how can you better understand these developments to protect and grow your wealth? In November 2022, OpenAI released GPT-4 in a chatbot form to the public. In just two months, it claimed 100 million users, the fastest app to ever reach this benchmark. Since then, AI has become an all-consuming topic – but as AI becomes more ubiquitous and grows at an ever-increasing pace, what does it mean for the financial markets, and how should investors prepare? In MoneyGPT, James Rickards shares his signature predictions of the danger AI poses to the global financial order, and the insidious ways in which AI will threaten national security. Rickards shows how, while AI is touted to increase efficiency and lower costs, its global implementation in the financial world will actually cause chaos, as selling begets selling and bank runs happen at lightning speed. AI further benefits malicious actors, Rickards argues, because without human empathy or instinct to intervene, threats like total nuclear war that once felt extreme are now within reach. And throughout all this, we must remain vigilant on the question of whose values will be promoted in the age of AI. As Rickards predicts, these systems will fail just when they are needed the most. MoneyGPT shows that the danger is not that AI will malfunction, but that it will function exactly as intended. The peril is not in the algorithms, but in ourselves. And it’s up to us to intervene with old-fashioned human logic before it’s too late. Rickards’ take is essential reading for anyone looking to navigate this tumultuous new AI climate.
