e-commentary

. . .

K          “What happens when AI takes control of CBDCs?”

J          “We lose our humanity and cease being human.”

. . .

J          “The government’s inevitable descent and devolution into a Central Bank Digital Currency (CBDC) means the end of freedom, privacy, dignity, sovereignty and humanity.  Period.”

K          “The government’s inevitable descent and devolution into a Central Bank Digital Currency (CBDC) means the end of humanity, sovereignty, dignity, privacy and freedom.  Full stop.”

. . .

J          “Not good.”

K          “Real bad.”

. . .

K          “Someone said that a cashless society cannot be implemented unless a digital identification system is in place first.  The digital identification system is the line in the sand that cannot be crossed.”

J          “We are way over the line in the sand.  And most folks have buried their heads in the sand.”

. . .

K          “So few folks get it.”

J          “Soon many folks will get it.”

. . .

K          “What happens when AI takes control of CBDCs?”

. . .

[See “Presidential candidate Robert F. Kennedy Jr. expresses strong disapproval of CBDCs and Digital IDs” by Brendan Taylor in “Insider Paper” dated April 7, 2023.  (“The central bank will have the power to enforce dollar limits on our transactions restricting where you can send money, where you can spend it, and when money expires.”)]

[See the e-commentary at The Promise Of AI (Artificial Intelligence) (August 20, 2018), “Monitoring The Masses:  The Card And The Chip (January 12, 2015)” Seven Years Later (January 10, 2022), “Monitoring The Masses:  The Card And The Chip (January 12, 2015)” Revisited:  The “Fondle Slab” Enslaves Us All (January 28, 2019) and Monitoring The Masses:  The Card And The Chip (January 12, 2015) and many other e-commentaries.]

Bumper stickers of the week:

What happens when AI takes control of CDBCs?

Question to ChatGPT-4:  What happens when AI takes control of CBDCs?

“When Artificial Intelligence (AI) takes over the management of Central Bank Digital Currencies (CBDCs), several potential consequences and benefits may arise. It is essential to note that the extent and nature of these outcomes will depend on the degree of AI integration, the specific AI system used, and how it is designed and implemented. Some possible effects include:

1. Improved efficiency: AI can help automate various processes related to CBDC management, leading to faster and more efficient transactions, reduced operational costs, and minimized human errors.
2. Enhanced monetary policy implementation: AI can analyze vast amounts of economic data in real-time, enabling central banks to implement monetary policies more effectively. By identifying trends and patterns, AI can help central banks make better-informed decisions to maintain economic stability.
3. Fraud and crime prevention: AI systems can identify suspicious transactions or patterns indicative of money laundering, terrorist financing, or other illicit activities, improving the overall security of the financial system.
4. Financial inclusion: AI-driven CBDC management can potentially help extend financial services to underbanked or unbanked populations by lowering transaction costs and making banking more accessible.
5. Tailored economic policies: AI can help central banks design and implement more targeted monetary policies by analyzing individual and regional economic data, leading to more effective and adaptive policy measures.
6. Risks and challenges: AI-driven CBDC management also comes with potential risks, such as privacy concerns, increased centralization, reliance on AI systems, and potential job displacement in the financial sector. Ensuring that AI systems are transparent, accountable, and secure will be crucial for addressing these concerns.
7. Ethical considerations: As AI takes over CBDC management, ethical concerns about algorithmic bias, transparency, and fairness must be considered and addressed to ensure that the system is fair and equitable for all users.

In summary, the integration of AI in the management of Central Bank Digital Currencies has the potential to bring numerous benefits to the financial system, including improved efficiency, enhanced monetary policy implementation, and increased financial inclusion. However, it is essential to address the potential risks and ethical considerations associated with AI-driven CBDC management to ensure a fair, transparent, and secure financial system.”  ChatGPT-4

Make cash great again

“Meanwhile there is still some freedom left in the world.  Many young people, it is true, do not seem to value freedom.  But some of us still believe that, without freedom, human beings cannot become fully human and that freedom is therefore supremely valuable.  Perhaps the forces that now menace freedom are too strong to be resisted for very long.  It is still our duty to do whatever we can to resist them.”  Aldous Huxley

“If there is a solution to a problem, there is no need to worry.
And if there is no solution, there is no need to worry.”  Dalai Lama

Don’t worry.  Be happy.