Speaker 1: And we find that it's happening a lot today. We're
stopping people from going through the airport in the street
in the UK, we're identifying people before they commit the crime.
And while it might be an interesting debate about personal privacy,
is the debate really one that we want to be
having when we're in an airplane and we're wondering is
there someone who's going to do something bad on that plane?
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Speaker 3: And welcome you are listening to and watching the Financial
Survival Network. I'm your host, Kerrie Let's Well. AI is
all the buzz? Is it all it's cranked up to be?
Can you actually profit from it now? Or do you
have to wait for this golden era of AI technology
to permeate everything? How big a deal is it? AI
Expert is on with us now, Terrence Mills, Terence, Hey,
you're the guy, CEO and innovator of AI solutions. So
let's talk some solutions here. A is a real threat
to the workforce of humanity. Here we're all going to
be sitting around getting our guaranteed basic income and assuming
the answer is no that, how can I use it
now in my existing business to better improve my productivity
and my work product Yeah. AI is not going to
take over the world. Robots are not going to step
in and take our jobs. This is not what AI
is about. AI today also can't understand very much other
than what we teach it. So based on what we know,
AI will know and in business today, we really build
AI for the purposes of solutions solving problems that are
real business problems that maybe humans don't do very well.
So Carrie, you and I can have these types of conversations,
really well intimate discussions.
Speaker 1: Machines can't. On the other hand, us as humans don't
have the ability to go ahead and pull stuff out
of a database at random, We don't have the ability
to term things that can just happen in a split second.
Machines can make those decisions, and they can do those
things better than humans. So if we're solving a business problem.
The answer is, yes, we have a lot of work
yet to do. But makes sense.
Speaker 3: Okay, so it's an aid, But if you listen to
Elon Musk, it really sounds like this thing is going
to basically take over Maybe not so much like, but
I don't know. I'm sure you saw that demo of
the robot handing the guy an apple, putting the dishes,
the dirty dishes in the sink, and all that stuff.
It seemed pretty real.
Speaker 1: Oh, it's real, all right. But as I said before,
the robot can only do what we teach it to do.
And do we think that it's going to take over
the world. I don't think so. At this time. We
have a lot of work to do before AI can
think on its own, before robot can think to put
the dishes away, or to clean the dishes or hand
me apple if I don't tell it to do that. AI, though,
on the other hand, does have some threats that are valid.
So in the UK we're very concerned about AI taking
pictures of general public, both when they enter the airport
also when they're walking down the street, and there's a
lot of debate about that as well. So based on
the current state of AI and where we have to go.
We have a lot of work to do. But ethical AI,
which is what I think that everyone's talking about now,
is really very important to us.
Speaker 3: Okay, so where do you think AI holds the most promise?
Speaker 1: I think AI holds the most promise in solving business
problems that humans can't solve. Today. We do it a
lot in healthcare. As an example, we're bringing doctors and
patients closer together by using AI to pull out the
risks that are in health insurance claims so that we
can pay person providers so that they can focus on patients.
And that is solving a really big business problem.
Speaker 3: Okay, what about the concept of like having one pilot
cockpits because AI is going to handle all the other stuff.
It doesn't sound like a real good thing to me,
but in Europe they're actually going ahead to experiment with it.
Speaker 1: Well, we have the same thing in self driving cars
and in that debate, and in that debate we wound
up to find that if cars can drive better than humans,
is it a bad plan? I agree with what you're saying.
Do you want to be in the sky? Well, this
is something that we think about, but it's very possible
that AI can fly a plane better than a human.
I think the question mark is, though, what happens when
something goes wrong, either in a car or in a plane.
These are stark contrasts to humans and their ability to react.
We remember when Sully landed the plane on the Hudson,
and the big thing there was, Yeah, well, you can't
debate what I did because I'm a human. I'm not
a machine, and as a human we react to certain situations.
As a machine, it doesn't react, it does what it's
told to do. And this is the stark contrast. That's interesting.
Speaker 3: Yeah, well, if only all my employees did what they
were told to do, the world would be a wonderful place, right.
Speaker 1: I think that's right.
Speaker 3: So, but things like when you're dealing with you mentioned
airport security. All right, so the AI you can basically
go through every passenger's information, everything that's ever been done
about them, and figure out whether they're a threat or not.
Maybe we could do away with these ridiculous security theater
and all these airports. I think that that's right. I
think it's on its way there.
Speaker 1: I mean today when I walk into La Guardia Airport
and I have to go to a gate. It's taking
my photograph. I have to stand in front of a camera.
I have to have a retinal scan, and here I
am yes on Terence Mills. Right, you can go through.
We're definitely moving in the right direction and we can
get a lot of bad actors out of the playing field,
so to speak. If we're using this technology for good.
I think the difference in the argument is can we
use it for good all good? Or is there places
where bad actors can come into play and use it
for bad things as well. That's still a current debate
that we're having. All right, So what about pre crime?
Speaker 3: All right, we have enough data on criminals and crimes
that basically, you know, it's getting to the Tom Cruise
movie Minority Report, but with a difference that it can
accurately in many cases most of them predict who's at
risk of committing crimes.
Speaker 1: It'll be solving crimes. So too well, it ends absolutely
without a doubt, and we find that it's happening a
lot today. We're stopping people from going through the airport
in the street in the UK, we're identifying people before
they commit the crime. And while it might be an
interesting debate about personal privacy. Is the debate really one
that we want to be having when we're in an
airplane and we're wondering, is there someone who's going to
do something bad on that plane? If we can stop
these things, that's the other side of the argument, and
it's a good argument to be having. It's an interesting
place to be right now.
Speaker 3: Yeah. I mean really, even before AI came into focus,
they were working on this in Chicago and a few
other cities where feeding they were like solving serial killer
cases with big data. I mean, AI is just big
data on steroids pretty much. Right.
Speaker 1: It is big data, but there are other tools of
that data that need to be put into motion in
order to work. We have these big terms like machine
learning and natural language processing. I fear that no one
really yet understands all of this stuff, and the common
person walking the street has no idea what I just said.
I think it's important to recognize that tools of AI
need to come together to build a solution in an
interesting way, to solve a problem. When you're talking about
solving crimes, you're solving a problem. When we're talking about healthcare,
we're identifying business problems that maybe a one trillion dollar spend.
These are big, big items. Whether it's on the personal
side or whether it's on the healthcare side or any
other business that may be regulatory in nature, this is
a big deal.
Speaker 3: So I tried to get to chat EPT to analyze
the twenty twenty five US budget and cut out twenty
five percent, and they just wouldn't do it. I mean,
maybe I'm not right in the right query, but it
gives me some nonsense here, a gobbledegook that you know,
it never really did the analysis on its own, you know,
tells me is we need to raise taxes from twenty
one to twenty eight percent for the corporate alternative minimum
income tax. We need to tax the rich more with
a twenty five percent minimum tax on wealth for individuals.
And that this isn't this is like raising the this
is this is not lowering the water. This is raising
the bridge here and then additional taxes, medicare taxes, and
net investment income. And then it found that it could
save nine hundred and twenty one billion by reducing discretionary
spending growth. This thing is talking here like terrence, like
a politician.
Speaker 1: Yes, well, JATGBT while is a really innovative tool and
leap forward. It has also gotten a lot of recognition
from the common person walking down the street, hasn't it?
And we understand that it has some capabilities, that those
capabilities are more technical in nature, and its ability to
learn data and to understand it, which is interesting. It's
equal abilities to do what we call hallucinate. Another big
word that people don't really understand is to say things
that aren't true but yet presented as fact. That's what
you just read to me, and that kids, my tasn't
always doing. It's very similar to that. That's right.
Speaker 3: Yeah, So I'm gonna I guess I didn't do a
good enough query. So I'm telling it now to eliminate
all tax increases, focus on spending cuts only, and especially
corporate welfare. Let's see what it comes up with now.
But you know, like you say, it's garbage in, garbage out.
Speaker 1: It can only it's always read to be that it.
Speaker 3: Can only find a trillion dollars here, man, I could
do better than this, and it's only we could say
two to three hundred billion on healthcare. I mean it's
nonsense here, right, It's really nonsense. So yes, it really
solve the generational problems that we're facing. We still need
human put for that, right absolutely, And that's what I
was meaning.
Speaker 1: We can have these discussions a lot easier than others
than a machine can, and so we should keep having
these discussions. Hey, what's the best use you've found for
AI so far? Hey, for us, it has been healthcare.
Healthcare is sixteen to eighteen percent of GDP, whose ever
numbers you believe on a Monday, And based on that,
we have an understanding that there are a lot of
problems in our healthcare system and the ability to solve
those problems. Machines can do it extraordinarily well, but it
is not at the risk of weeding out people's jobs
in healthcare. We need more doctors, we need more nurses.
It is not going to overtake this industry. But it's very,
very important to understand that it can solve some problems,
to live interesting data and help replake decisions. And that's
what we seek to do while driving down costs, which
is a big part. At the chat. GPT may not
be able to tell you where that is.
Speaker 3: Well, it gave me some programs to cut here now
that I said specific instances, it wants to cut out
the F thirty five Joint Strike Fighter program. That'll take
two hundred billion overseas military bases procurement reform, so we
save five hundred to six hundred billion right there. I mean, man,
if we could just get rid of the politicians and
let the AI go to work, we could actually accomplish something.
Speaker 1: They may be concerned about that, and that might be
part of the problem.
Speaker 3: I mean, that's what we got to do here. We
got to get rid of our ruling class and just
get AI in there. Because there is zero intelligence in Washington, DC.
It's actually negative I think. I mean Corfrid welfare. They're
talking four hundred billion agricultural subsidies XM bank. I mean,
it's it's insane here, and we barely scratch the surface.
Speaker 1: Man.
Speaker 3: I think with a few more queries I could get
us into surplus territory here. And it reminds me of
that movie Dave where he sat down and did basic
math on a pad and man did managed to come
up with one point five trillion, and stats like chat
GPT can do it a little bit quicker. Remember the
Grace Commission, Oh sure, they were only back then the
deficit was nothing and they were looking at two hundred
and fifty billion a year, which none of it ever
got implemented because that's not the way Washington, DC works.
But now the genie is out of the bottle. Me
sitting at my desktop and do a better job managing
the economy than the people who are, like, you know,
responsible for it.
Speaker 2: Right.
Speaker 1: Yeah, I think CHATCHPT doesn't collect a paycheck and CHATCHPT
doesn't have other interests, and so there you go.
Speaker 3: Yeah, well, you know, I think the what was it
they said, Samuel Colt made all men equal? Lenny created
the revolver, right, the forty five calibery revolver, the forty
five And maybe chat GPT will make everybody's IQ the
same now, either for the better or for the worse.
Speaker 1: Here, Terrence, that one may be for the worst, but
we'll see what happens.
Speaker 3: Hey. Three things that everybody who is listening to or
watching this show can do with AI right now to
make their lives better.
Speaker 1: Yeah, that's an important one. If we want to use
AI in order to lower our own expenditures in the household,
we can do that. We may have to give interesting
queries to chat GPT as an example, but we can
lower the amount of expanse on food items. We can
lower the amount of events on fuel just by going
and trending, which it's capable of doing, of where the
lowest costs are. Now, I'm not too sure that humans
will drive an extra fifteen miles to get a lower
gas rate. However, chat GBT, unfortunately that's the case. So
I think that what's really happening, though, is chat GBT
is always around us. Not just that, but AI is
around us in general doing things that we didn't know
it was doing. So when we're using our phone today,
Siri or any version of Siri is out there queerying
the data of the world in order to give us
an answer to a common question. And sometimes the questions
can be complex and the answer is more complex, but
it's still giving us information today that we never thought
we could put our hands on, and so for that,
we use it daily and it's always around us all
the time. So in a lot of cases we like that.
In some cases we don't want advertisements right away for
goods that we looked at online, but that's the world
that we now live in, and we hope that it's
all for good instead of it being or turning bad
in some way with a bad actor.
Speaker 3: Hey, good news here I found additional savings for us. Here.
We're making a progress. Just while I'm talking to you.
We've solved most of the federal budget. Postal Service reform
cut losses by reforming USPS operations one hundred billion federal
property sales. I think we can it says fifty billion.
I'll bet we can find half a trillion there. It
is asinal grants reform, endowment taxes. All right, that I
like a lot, because why should Harvard have eighty five billion?
You know, I save two trillion dollars in literally five minutes.
I mean, right, you're doing pretty good, Jared, Now, okay,
So that's cutting costs. And we can use chat GPT
feeding your budget somehow. I guess you would do a
list of everything, but it would have to know what
you bought too. But what about making more money? How
do we use it to make more money?
Speaker 1: Well, I think that the big firms on Wall Street
figured that out a long time ago, and they're taking
the common person out of the trading game, and that's
how they're making more money. I think that there are
a number of business examples like that where it's working
in that vein. But you know, like I said, the
common person walking the street experiences it more than it does.
Put it to use as an example.
Speaker 3: Okay, well I'm buying it. So give us the important
and stuff. How we connect with you on the web, websites,
all that stuff which you will find in the show
notes of course on Financial Survival Network dot com. That is,
if the AI note taker does what it's supposed to do,
which it doesn't always do, tell us how we connect
with you.
Speaker 1: Yeah, I can be reached at view duu dot com
and then can also be reached via LinkedIn and my
LinkedIn profile which is Terrence spelled with one R and
a mills m I L L.
Speaker 3: S excellent And like I said, it's in the show
notes this interview on Financial Survival Network dot com. Make
sure while you're there you sign up for your free
newsletter also our sister site, Inflation dot Cafe to find
out the latest ways the government is diminishing your purchasing power,
which is an ongoing process just like AI. And if
you've got a question comment for Terrence or myself, shoot
me an email k L at Carrie LUTs dot com.
Terrence absolute pleasure. We are good. Definitely, you're our go
to guy for AI. We will have you back on
the show.
Speaker 2: Thanks very much, Thanks for listening to Carrie Letz's Financial
Survival Network, your solution to today's trying times. For the latest,
go to Financial Survivalnetwork dot com. Financial Survival Network now
more than ever,