The electorate is in a foul mood. Not just in the U.S., but globally, where incumbent parties have faced unprecedented levels of reversal. In each of the 10 major countries tracked by the Financial Times’ ParlGov global research, incumbent leaders were either given the boot or a painful thrashing.
The summer of 2024 threatens to ignite transnational conflict with an unprecedented array of flashpoints never seen in the modern world.
Generative Artificial Intelligence (AI) models such as ChatGPT represent a transformative leap in the ability of machines to exhibit human-like behavior and to learn autonomously. AI can now surpass humans in a wide variety of cognitive tasks. Accordingly, a recent paper out of the University of Pennsylvania concluded that large language models could displace at least 10% of work tasks, affecting 80% of the US workforce.
In a report presented to Congress in 1790, Treasury Secretary Alexander Hamilton described the “punctual performance of contracts”—that is, meeting all financial commitments on time—as a matter of national honor. It was also critical, Hamilton argued, to build confidence in a financial system and a national currency that could underwrite his fledgling country’s industrial development and provide “security against foreign attack”.
The graveyard of once legendary business franchises has just added one more new member to its ignominious fraternity. The hastily arranged acquisition of Credit Suisse by its chief Swiss rival UBS in March 2023, ended the 166-year run of the global symbol of Swiss banking largesse. Credit Suisse was once the 15th largest bank in the world with offices in 50 countries and assets of over $1 trillion USD.
