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In conversation with Yuval Noah Harari: AI and the evolution of financial systems

BISness

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Trust is the Currency of Finance

Understanding finance is crucial, yet currently, only about 1% of the population comprehends the financial system's workings. If this understanding decreases to zero, society may face unprecedented political and social crises as power shifts from humans to algorithms. The financial system's primary role is to create trust, facilitating interactions among individuals who may be strangers—essentially allowing for shared resources and collaboration towards common objectives through instruments like money, bonds, and shares.

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