SEC Chairman Gensler expects that the US will most likely end up with two or three foundational #AI models, making a #FinancialCrash more likely because when one model or data set becomes central, it increases “herding” behavior, meaning that everyone will rely on the same information and respond similarly.

“This technology will be the center of future crises, future financial crises,” Gensler said. “It has to do with this powerful set of economics around scale and networks.”

Shapella Upgrade Hits, Economist Predicts Biggest Crash ‘in Your Lifetime,’ US Bank Lending Plummets — Week in Review - In crypto news this week, the Ethereum network’s long awaited Shapella upgrade too... - https://news.bitcoin.com/shapella-upgrade-hits-economist-predicts-biggest-crash-in-your-lifetime-us-bank-lending-plummets-week-in-review/ #banklendingplummets #shapellaupgrade #financialcrash #banklending #larrylepard #theweekly #harrydent #elonmusk #themerge #usdvalue

There is nothing more cute than #AI Fanboys using #GPT4 API to plan household chores or hobbyist programming and touting their “business case”.

#FinancialCrash #AlgoTrading #unplugai

Denmark - "Things are tough but we'll look after you."
Italy - "We're all in this together."
Germany - "The rising tide lifts all boats."
UK - "We just let your boss steal your wages."

#UKPolitics #Budget #FinancialCrash

‘Greed is Good’ The Government is Quietly Rolling Out Dozens of Changes that could ‘Unleash the Next Financial Crash’

The Conservatives are gearing up for a ‘Big Bang 2’ deregulation of the City. At what cost?

#Crash #Tory #FinancialCrash #Bylines #Greed
Via @BylineTimes
https://bylinetimes.com/2023/01/19/greed-is-good-the-government-is-quietly-rolling-out-dozens-of-changes-that-could-unleash-the-next-financial-crash/

I don’t know much about Sir Laurie Magnus. He may be a very honest & upright gentleman. But does anyone else find it a bit strange that Rishi Sunak a former banker, should appoint a former banker as an Ethics Advisor? Bankers tend to know a lot more about making money than ethics.

And he’s already hampered because he’s banned from investigating wrongdoing by Govt Ministers. So what’s the point?

#Ethics #FinancialCrash #Banker #Politics #Sinecure

RT @10DaysThatShook@twitter.com

Pound plummets as UK Tory government and #Labour fight over how to protect profits - World Socialist Web Site
#PoundSterling #FinancialCrisis #CostOfLivingCrisis #FinancialCrash https://www.wsws.org/en/articles/2022/09/26/xsme-s26.html