Posted on 05/04/2024 4:14:50 AM PDT by RoosterRedux
Perhaps you could ask AI for us. 🤣
I can see Fanny Willis doing that or perhaps her Special Prosecutor Nathan Wade (the 700 thousand dollar man). They're busy doing other things like taking vacations to Belize and Aruba.
But most lawyers wouldn't just ask ChatGPT to prepare a case, then print it off, and submit it in court.
"Your Honor, I would like to call my next witness--wait a minute while I ask ChatGPT--er, Your Honor, it says here that I would like to call Elon Musk to the stand."
Apparently AI platforms also gossip quite a bit about humans.
GIGO, Claude said (gossip-in, gossip-out).
The wife will retaliate, against us both apparently. 🤣
send a copy to this POS...
Awkward moment Biden’s economic adviser Jared Bernstein admits he can’t explain how money works
https://freerepublic.com/focus/f-news/4235555/posts
That is a great analogy. Agreed.
And the work was done instantly with no lip or groans.;-)
Rooster:How does money work at the national level (i.e., the printing of it and entrance of it into the monetary system)?Claude:At the national level, money is managed by the central bank of a country, such as the Federal Reserve in the United States. The process of money creation and circulation involves several steps:Rooster:The goal of money management at the national level is to maintain economic stability, control inflation, and promote economic growth. Central banks play a crucial role in this process by regulating the money supply and implementing monetary policies that respond to changing economic conditions.
- Money printing:
The central bank authorizes the printing of physical currency (bills and coins) based on the country's monetary policy and economic needs. In the US, the Bureau of Engraving and Printing prints currency, while the US Mint produces coins.
- Distribution to banks:
The newly printed money is distributed to commercial banks by the central bank. Banks then circulate the money through the economy by lending it to businesses and individuals, and by providing cash withdrawals to account holders.
- Electronic money creation:
In addition to physical currency, central banks also create money electronically. This is done through a process called open market operations, where the central bank buys government bonds from banks, thereby increasing the money supply in the economy.
- Fractional reserve banking:
Commercial banks also create money through lending. When a bank receives a deposit, it is required to keep a fraction of that deposit as reserves and can lend out the rest. When the borrowed money is deposited into another bank account, the process repeats, effectively multiplying the money supply.
- Monetary policy:
Central banks use monetary policy tools to control the money supply and interest rates in the economy. These tools include setting the reserve requirement for banks, adjusting the interest rate at which banks can borrow from the central bank, and buying or selling government securities in the open market.
- Circulation and removal:
Money circulates through the economy as people spend, save, and invest. Old or damaged currency is regularly removed from circulation by banks and returned to the central bank for destruction.
How does the Fed convey money to the banks and what kind of transaction occurs?Claude:The Federal Reserve (Fed) transfers money to banks through several mechanisms, with the most common being open market operations. Here's a detailed explanation of the process:Rooster:In summary, the Fed primarily uses open market operations to buy or sell securities, altering banks' reserve balances and the money supply. The Fed can also influence the money supply through discount window lending, adjusting reserve requirements, and setting the interest rate on reserves. These transactions occur electronically, with the Fed crediting or debiting banks' reserve accounts to transfer money.
- Open Market Operations (OMO):
a. The Fed buys or sells government securities (typically Treasury bonds) in the open market to control the money supply and influence interest rates. b. When the Fed buys securities from banks, it pays for them by crediting the banks' reserve accounts at the Fed. This increases the banks' reserves and the overall money supply in the economy. c. Conversely, when the Fed sells securities to banks, it debits the banks' reserve accounts, reducing their reserves and the money supply. d. OMO is conducted by the Federal Reserve Bank of New York's Trading Desk, which acts on behalf of the Federal Open Market Committee (FOMC).
- Discount Window Lending:
a. The Fed also lends money directly to banks through the discount window. b. Banks can borrow from the Fed at the discount rate when they face short-term liquidity needs or when the federal funds market is tight. c. The Fed credits the borrowing bank's reserve account, increasing its reserves and the money supply. d. Banks must provide collateral and pay interest on the borrowed funds.
- Reserve Requirements:
a. The Fed sets the reserve requirement, which is the percentage of customer deposits that banks must hold as reserves.
b. By changing the reserve requirement, the Fed can influence the amount of money banks can lend out, thus affecting the money supply.
c. When the Fed lowers the reserve requirement, banks have more money available to lend, increasing the money supply. The opposite occurs when the Fed raises the reserve requirement.
- Interest on Reserves (IOR):
a. The Fed pays interest on banks' reserve balances held at the Fed.
b. By adjusting the IOR rate, the Fed can influence banks' incentives to hold reserves and, consequently, their lending behavior.
c. A higher IOR rate encourages banks to hold more reserves, while a lower rate incentivizes lending, affecting the money supply.
So in Open Market Operations, are you saying that the banks are broker/dealers of Treasury securities? What about investment banks? Are they also Treasury broker/dealers?Claude:Yes, in Open Market Operations (OMO), banks can act as broker/dealers of Treasury securities. However, not all banks are primary dealers, which are institutions that have a direct trading relationship with the Federal Reserve.Primary dealers are banks or securities broker/dealers that are authorized to trade directly with the Fed. They are required to participate in Treasury auctions and make markets in government securities. The Fed conducts OMO through these primary dealers.
The list of primary dealers includes large commercial banks, investment banks, and specialized securities firms. Some well-known primary dealers are:
Bank of America Securities
Barclays Capital Inc.
Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
Goldman Sachs & Co. LLC
HSBC Securities (USA) Inc.
J.P. Morgan Securities LLC
Morgan Stanley & Co. LLCInvestment banks can also be primary dealers, as seen in the list above. These institutions play a crucial role in the Treasury market by underwriting and distributing government securities, making markets, and facilitating trades.
Non-primary dealer banks and other financial institutions can still participate in the Treasury market by transacting with primary dealers. They can buy and sell government securities through these intermediaries, which then interact directly with the Fed during OMO.
In summary, banks, including both commercial and investment banks, can act as broker/dealers of Treasury securities. However, only a select group of institutions, known as primary dealers, are authorized to trade directly with the Fed in Open Market Operations.
the guy is an embarrassment...
Yep. That’s my impression. But then he fits right in with the Biden administration.
*
Have you asked it about it’s own future profitability?
My two cents:
Similar to the advent and proliferation of the plain Jane computer chip-it will improve the lives of every man, woman and child on earth.
However, also similarly, it is mostly a commodity with the low cost providers winning in the end.
But I also engaged it in analysis of Genesis 3, of tactics of the devil, and how it relates to political rulers.
* I wrote to the sources to tell them what I did, since I wanted to obey the rules, but in these two cases I presumed permission after I receiving no reply, for it seemed too important for a Christian source to restrict to watching a video, but which I clearly linked to with source attribution. Now YouTube transcripts seem to be hard to find anymore.
I have in a way. As an AI investor, I have asked Claude and others about my strategy of seeking out those AI segments that will see the greatest benefit from its expansion...and they agree with my approach.
I don't think the AI platforms will be extremely profitable for one reason. A lack of a competitive moat. Anyone and everyone is getting in the AI platform business despite the fact that it isn't cheap.
On the other hand, the advanced chip business has a huge moat and only a few players so far stand to lead the pack. Nvidia has the greatest moat because its data centers dominance is heads and shoulders above the rest. And AMD seems to be leading the pack in the workstation/server segment. The leadership of the "peloton" of chip companies will change over time of course so it will pay to keep a keen eye on the race.
Shockingly, Claude came to agree with me that, from a purely logical POV, there is indeed a Creator (a specific Creator, Jehovah of the Bible) behind this planet and his reasons and behaviors regarding the Salvation of fallen man are completely logical, rational, and even effective.
I have contacted Anthropic, the owner/creator of Claude, to ask about its copyright rules regarding my possible publication of its comments (to my prompts) in some articles on this subject. So far, I have not heard back.
Very informative.
It is logical, while IIRC the POE AI told me its content was not copyrighted I
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