Artificial intelligence (AI) could potentially cause a catastrophic financial crisis, according to historian Yuval Noah Harari.
Harari explains that the complexity of AI makes it difficult to predict and understand all the potential dangers and problems it could create.
He highlights the need for global cooperation to address the risks of AI and emphasizes the importance of safety testing and regulation.
Harari also raises concerns about AI's impact on the financial sector, suggesting that AI could create financial devices that are even more complex than those that caused the 2007-08 financial crisis.
He calls for the establishment of powerful regulatory institutions that can react quickly to the dangers of AI as they arise.
Harari suggests that the focus should be on hiring experts who understand AI's potential impact on the world of finance.
He mentions the recent establishment of AI safety institutes in the UK and the US as steps towards testing advanced AI models.
Harari believes that regulatory institutions should be able to identify and react to the dangers of AI without relying on lengthy and outdated regulations.
He emphasizes the role of financial regulators in overseeing AI and finance, as they understand the risks in their sectors.
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