Dr. Eswar Prasad

And AI will certainly provide very powerful tools for the average investor to make decisions where one can think about their level of risk you're willing to tolerate, how many years you want to work, what sort of standard of living.

you may want when you retire, what safety cushion one might want.

These are things that are relatively easy for an AI to develop a portfolio that manages it.

Of course, one has to be a little careful about AI leading one a little astray because the AI systems that we have are certainly not perfect at this stage.

But a lot of basic financial principles can be very easily

um you know built into an ai and you can get pretty good advice from that it's when you go into much more sophisticated investments and you want to think about much more bespoke financial products and services that an ai has the potential to lead one somewhat more astray

So this will lead to a shakeout in terms of investment planners, in terms of financial planning.

And I think it will give each of us as retail investors tools that allow us to make sure that all of our interests are being adequately reflected.

in the portfolios that we maintain.

Now, having said all that, I think there is still some use for human intervention to make sure that one is properly using the AI to get out the results one wants.

Because the dangerous thing about AI,

is that, you know, if you approach it with a limited amount of knowledge, if you don't ask it exactly the right questions, it can lead you pretty far astray.

So knowing what questions you want to ask the AI is something that one might still need advice on.

But certainly one is moving to a world where we're going to get a stratification.

in terms of investment service providers, in terms of financial planners and so on.

But ultimately, I think this can have a lot of benefits for customers, especially low income, low net worth individuals who may find it difficult to get investment advice from investment planners who just don't want to deal with them.

By all logic, Dan, and you have pointed out some elements of that logic, the dollar should be facing significant threats to its dominance in international finance.

That's worth thinking about what roles the dollar plays in international finance.

You know, it is

the dominant invoicing currency for international transactions it is the largest payment currency you know more than half of all worldwide transactions are still settled in dollars and it is the world's largest reserve currency about 56 57 percent of central banks global foreign exchange reserves are held in dollars now