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ChatGPT may be coming for our jobs.

Business Insider

Here are the 10 roles that AI is most likely to replace.
Jacob Zinkula and Aaron Mok Sep 4, 2023, 9:24 AM CDT
coders, coding, computer
Insider compiled a list of the 10 jobs that could be disrupted by AI tools like ChatGPT, according to experts.
Jens Schlueter/Getty Images
Experts say ChatGPT and related AI could threaten some jobs, particularly white-collar ones.
It could do so by automating mid-career, mid-ability work.
Business Insider compiled a list of 10 jobs this technology could replace, according to experts.
Since its release in November 2022, OpenAI's ChatGPT has been used to write cover letters, create a children's book, and even help students cheat on their essays.

The chatbot may be more powerful than we ever imagined. Google found that, in theory, the search engine would hire the bot as an entry-level coder if it interviewed at the company.

Amazon employees who tested ChatGPT said it does a "very good job" of answering customer support questions, is "great" at making training documents, and is "very strong" at answering queries around corporate strategy.

Companies are taking notice. Both IBM and British telecommunications giant BT Group cited AI when announcing job cuts earlier this year — and said that many wouldn't come back.

A recent Goldman Sachs study found that generative AI tools could, in fact, impact 300 million full-time jobs worldwide, which could lead to a "significant disruption" in the job market.

By 2030, nearly 12 million Americans in occupations with shrinking demand may need to switch jobs, a McKinsey analysis published in July found. AI was deemed a key reason — McKinsey estimated that 30% of hours worked in the US could be automated by 2030.

Human judgment needs to be applied to these technologies to avoid error and bias, Anu Madgavkar, a partner at the McKinsey Global Institute, told Business Insider. Users of ChatGPT have found that the bot can generate misinformation, incorrectly answer coding problems, and produce errors in basic math.

"We have to think about these things as productivity enhancing tools, as opposed to complete replacements," Madgavkar said.

Business Insider talked to experts and conducted research to compile a list of jobs that are at highest-risk for replacement by AI.

Tech jobs (Coders, computer programmers, software engineers, data analysts)
coders, coding, computer
Coders, software developers, and data analysts could be displaced by AI, an expert says. Jens Schlueter/Getty Images
Coding and computer programming are in-demand skills, but it's possible that ChatGPT and similar AI tools may fill in some of the gaps in the near future.

Tech jobs such as software developers, web developers, computer programmers, coders, and data scientists are "pretty amenable" to AI technologies "displacing more of their work," Madgavkar said.

That's because AI like ChatGPT is good at crunching numbers with relative accuracy.

In fact, advanced technologies like ChatGPT could produce code faster than humans, which means that work can be completed with fewer employees, Mark Muro, a senior fellow at the Brookings Institute who has researched AI's impact on the American workforce, told Business Insider.

"What took a team of software developers might only take some of them," he added.

Tech companies like ChatGPT maker's OpenAI have already considered replacing software engineers with AI.

Still, Oded Netzer, a Columbia Business School professor, thinks that AI will help coders rather than replace them.

"In terms of jobs, I think it's primarily an enhancer than full replacement of jobs," Netzer told CBS MoneyWatch. "Coding and programming is a good example of that. It actually can write code quite well."

Media jobs (advertising, content creation, technical writing, journalism)
blogger worker
Experts say AI like ChatGPT is good at producing written content and can do so "more efficiently than humans." Westend61/Getty Images
Media jobs across the board — including those in advertising, technical writing, journalism, and any role that involves content creation — may be affected by ChatGPT and similar forms of AI, Madgavkar said. That's because AI is able to read, write, and understand text-based data well, she added.

"Analyzing and interpreting vast amounts of language based data and information is a skill that you'd expect generative AI technologies to ramp up on," Madgavkar said.

Economist Paul Krugman said in a New York Times op-ed published in December 2022 that ChatGPT may be able to do tasks like reporting and writing "more efficiently than humans."

The media industry is already beginning to experiment with AI-generated content. Tech news site CNET used an AI tool similar to ChatGPT to write dozens of articles — though the publisher has had to issue a number of corrections — and BuzzFeed has used tech from the ChatGPT maker to generate new forms of content like quizzes and travel guides.

But Madgavkar said that the majority of work done by content creators is not automatable.

"There's a ton of human judgment that goes into each of these occupations," she said.
Legal industry jobs (paralegals, legal assistants)
paralegal writing document
AI can replicate some of the work that paralegals and legal assistants do, though they aren't entirely replaceable, experts say. Worawee Meepian/Shutterstock
Generative AI could impact legal workers in the US, a March Goldman Sachs report found.

That's because legal services jobs had already been highly exposed to AI automation before the advent of new AI tools, Manav Raj, an author of the Goldman study, told Business Insider.

Like media roles, jobs in the legal industry such as paralegals and legal assistants are responsible for consuming large amounts of information, synthesizing what they learned, then making it digestible through a legal brief or opinion.

Language-oriented roles like these are susceptible to automation, Madgavkar said.

"The data is actually quite structured, very language-oriented, and therefore quite amenable to generative AI," she added.

But again, AI won't fully be able to automate these jobs since it requires a degree of human judgement to understand what a client or employer wants.

"It's almost like a bit of a productivity boost that some of these occupations might get, because you can use tools that actually do this better," Madgavkar said.
Market research analysts
Research analyst
Market research analysts are susceptible to AI-driven change, says an expert. Laurence Dutton/Getty Images
AI is good at analyzing data and predicting outcomes, Muro said. That is why market research analysts may be susceptible to AI-driven change.

Market research analysts are responsible for collecting data, identifying trends within that data, and then using what they found to design an effective marketing campaign or decide where to place advertising.

"Those are things that we're now seeing that AI could handle," Muro said.

Teacher and Schoolgirl Exchanging High-Five in Classroom
Even teachers are susceptible to job disruptions from AI. Getty Images
Teachers across the country are worried about students using ChatGPT to cheat on their homework, but according to Pengcheng Shi, an associate dean in the department of computing and information sciences at Rochester Institute of Technology, they should also be thinking about their job security.

ChatGPT "can easily teach classes already," Shi told the New York Post.

"Although it has bugs and inaccuracies in terms of knowledge, this can be easily improved," he said. "Basically, you just need to train the ChatGPT."

But Shannon Ahern, a high school math and science teacher who said she used ChatGPT to do things like lesson planning, told Business Insider in March that she's not worried she'll be replaced by the tech.

"There will always be a need for us and the human connection that comes with in-person instruction," she said.

Finance jobs (Financial analysts, personal financial advisors)
Couple talking to financial advisor.
Workers in the finance industry could be at risk for AI replacement, expert says. Getty Images
Like market research analysts, financial analysts, personal financial advisors, and other jobs in personal finance that require manipulating significant amounts of numerical data can be affected by AI, Muro, the researcher at The Brookings Institute, said.

"AI can identify trends in the market, highlight what investments in a portfolio are doing better and worse, communicate all that, and then use various other forms of data by, say, a financial company to forecast a better investment mix," Muro said.

These analysts make a lot of money, he said, but parts of their jobs are automatable.

Traders work on the New York Stock Exchange floor.
Traders work on the New York Stock Exchange floor in New York City. AP Photo/Ted Shaffrey
Experts say ChatGPT could upend jobs across a range of Wall Street industries, from trading to investment banking.

"It's going to automate select tasks that knowledge workers are engaged in today so that they can focus on higher-value tasks," Dylan Roberts, a partner at KPMG, told Insider.

Pengcheng Shi, a dean at the Rochester Institute of Technology's computer science department, agrees that certain Wall Street roles could be in jeopardy.

"At an investment bank, people are hired out of college, and spend two, three years to work like robots and do Excel modeling — you can get AI to do that," Shi told the New York Post.

Graphic designers
Alyssa Nguyen, founder and graphic designer
AI has many graphic design abilities. courtesy of Nguyen
In a Harvard Business Review post published in December 2022, three professors pointed to DALL-E, an AI tool that can generate images in seconds, as a potential disruptor of the graphic design industry.

"Upskilling millions of people in their ability to create and manipulate images will have a profound impact on the economy," they wrote, adding that "these recent advances in AI will surely usher in a period of hardship and economic pain for some whose jobs are directly impacted and who find it hard to adapt."

But Dr. Carl Benedikt Frey, an economist at Oxford University, told Business Insider that AI-tools like ChatGPT may actually help workers in "creative" industries like art and graphic design produce higher quality work. Frey said he is more concerned about how the tech will impact wages.

"In my view, it's less about automation," he said. "It's more about democratization and competition, potentially leading to lower wages for people in some of these professions."
An accountant reviews tax paperwork over a laptop with a client.
Accountants may see their jobs at risk because of ChatGPT, experts say. seb_ra/Getty Images
Accounting is generally viewed as a stable profession, but even employees in this industry could be at risk.

"Technology hasn't put everybody out of a job yet, but it does put some people out of a job," Brett Caraway, associate professor with the Institute of Communication, Culture, Information and Technology at the University of Toronto, said on Global News Radio 640 Toronto in January 2023.

Caraway added that "intellectual labor" in particular could be threatened.

"This could be lawyers, accountants," he said. "It is something new, and it will be interesting to see just how disruptive and painful it is to employment and politics."

Customer service agents
Customer support specialist.
Customer support specialists may lose their jobs to AI, experts say. Tom Werner/Getty Images
You've probably already experienced calling or chatting with a company's customer service department and having a robot answer. ChatGPT and related technologies could continue this trend.

A 2022 study from the tech research company Gartner predicted that chatbots will be the main customer service channel for roughly 25% of companies by 2027.


Casino Capitalism and the Derivatives Market: Time for Another ‘Lehman Moment’?

by Tech Daily on Unsplash

By Ellen Brown / Original to ScheerPost

Reading the tea leaves for the 2024 economy is challenging. On January 5th, Treasury Secretary Janet Yellen said we have achieved a “soft landing,” with wages rising faster than prices in 2023. But critics are questioning the official figures, and prices are still high. Surveys show that consumers remain apprehensive.

There are other concerns. On Dec. 24, 2023, Catherine Herridge, a senior investigative correspondent for CBS News covering national security and intelligence, said on “Face the Nation,” “I just feel a lot of concern that 2024 may be the year of a black swan event. This is a national security event with high impact that’s very hard to predict.”

What sort of event she didn’t say, but speculations have included a major cyberattack; a banking crisis due to a wave of defaults from high interest rates, particularly in commercial real estate; an oil embargo due to war. Any major black swan could prick the massive derivatives bubble, which the Bank for International Settlements put at over one quadrillion (1,000 trillion) dollars as far back as 2008. With global GDP at only $100 trillion, there is not enough money in the world to satisfy all these derivative claims. A derivative crisis helped trigger the 2008 banking collapse, and that could happen again.

The dangers of derivatives have been known for decades. Warren Buffett wrote in 2002 that they were “financial weapons of mass destruction.” James Rickards wrote in U.S. News & World Report in 2012 that they should be banned. Yet Congress has not acted. This article looks at the current derivative threat, and at what might motivate our politicians to defuse it.

What Regulation Hath Wrought

Derivatives are basically just bets, which are sold as “insurance” — protection against changes in interest rates or exchange rates, defaults on loans and the like. When one of the parties to the wager has a real economic interest to be protected – e.g. a farmer ensuring the value of his autumn crops against loss — the wager is considered socially valuable “hedging.” But most derivative bets today are designed simply to make money from other traders, degenerating into what has been called “casino capitalism.”

In 2008, derivative trading brought down investment bank Bear Stearns and international insurer A.I.G. Both institutions could not be allowed to fail, because the trillions of dollars in credit default swaps on their books would have been wiped out, forcing their counterparty banks and financial institutions to write down the value of their own risky and now “unhedged” loans. Bear and A.I.G. were bailed out by the taxpayers; but the Treasury drew the line at Lehman Brothers, and the market crashed.

Under the rubric of “no more bailouts,” the Dodd Frank Act of 2010 purported to fix the problem by giving derivatives special privileges. Most creditors are “stayed” from enforcing their rights while a firm is in bankruptcy, but many derivative contracts are exempt from these stays. Counterparties owed collateral can grab it immediately without judicial review, before bankruptcy proceedings even begin. Depositors become “unsecured creditors” who can recover their funds only after derivative, repo and other secured claims, assuming there is anything left to recover, which in the event of a major derivative crisis would be unlikely. We saw this “bail-in” policy play out in Cyprus in 2013.

That’s true for deposits, but what of stocks, bonds and money market funds? Under the Uniform Commercial Code (UCC) and the Bankruptcy Act of 2005, derivative securities also enjoy special protections. “Safe harbor” is provided to privileged entities described in court documents as “the protected class.” Derivatives enjoy “netting” and “close-out” privileges on the theory that they are a major source of systemic risk, and that allowing claimants to jump ahead of other investors in order to net and close out their bets reduces that risk. However, critical analysis has shown that derivative “super-priority” in bankruptcy can actually increase risk and propel otherwise viable financial entities into insolvency.

It is also highly inequitable. The collateral grabbed to close out derivative claims may be your stocks and bonds. In a 2016 American Banker article called “You Don’t Really Own Your Securities; Can Blockchains Fix That?”, journalist Brian Eha explained:

In the United States, publicly traded stock does not exist in private hands.

It is not owned by the ostensible owners, who, by virtue of having purchased shares in this or that company, are led to believe they actually own the shares. Technically, all they own are IOUs. The true ownership lies elsewhere.

While private-company stock is still directly owned by shareholders, nearly all publicly traded equities and a majority of bonds are owned by a little-known partnership, Cede & Co., which is the nominee of the Depository Trust Co., a depository that holds securities for some 600 broker-dealers and banks. For each security, Cede & Co. owns a master certificate known as the “global security,” which never leaves its vault. Transactions are recorded as debits and credits to DTC members’ securities accounts, but the registered owner of the securities — Cede & Co. — remains the same.

What shareholders have rather than direct ownership, then, “is a [contractual] right against their broker…. The broker then has a right against the depository institution where they have membership. Then the depository institution is beholden to the issuer. It’s [at least] a three-​step process before you get any rights to your stock.”This attenuation of property rights has made it impossible to keep perfect track of who owns what.

Fifty Years of “Dematerialization”

In a 2023 book called The Great Taking (available for free online), Wall Street veteran David Rogers Webb traces the legislative history of these developments. The rules go back 50 years, to when trading stocks and bonds was done by physical delivery – shuffling paper certificates bearing titles in the names of the purchasers from office to office. In the 1970s, this trading became so popular that the exchanges could not keep up, prompting them to turn to “dematerialization” or digitalization of the assets. The Depository Trust Company (DTC) was formed in 1973 to alleviate the rising volumes of paperwork. The DTCC was established in 1999 as a holding company to combine the DTC and the National Securities Clearing Corporation (NSCC).

The DTCC is a central clearing counterparty (CCP) sitting at the top of a pyramid of banks, brokers and exchanges. All have agreed to hold their customers’ assets in “street name,” collect those assets in a fungible pool, and forward that pool to the DTCC, which then trades pooled blocks of stock and bonds between brokers and banks in the name of its nominee Cede & Co. The DTCC, a private corporation, owns them all. This is not a mere technicality. Courts have upheld its legal ownership, even in a dispute with client purchasers. According to the DTCC website, it provides settlement services for virtually all equity, corporate and municipal debt trades and money market instruments in the U.S., and central safekeeping and asset servicing for securities issues from 131 countries and territories, valued at $37.2 trillion. In 2022 alone, the DTCC processed 2.5 quadrillion dollars in securities.

The governing regulations are set out in Uniform Commercial Code (UCC) sections 8 and 9, covering investment securities and secured transactions. The UCC is a set of rules produced by private organizations without an act of Congress. It is not itself the law but is only a recommendation of the laws that states should adopt; but the UCC has now been adopted by all 50 U.S. states and has been “harmonized” with the rules for trading securities in Europe and most other countries.

The Wikipedia summary of the relevant UCC provisions concludes:

The rights created through these links [up the collateral chain] are purely contractual claims ….  This decomposition of the rights organized by Article 8 of the UCC results in preventing the investor to revindicate [demand or take back] the security in case of bankruptcy of the account provider [the broker or bank], that is to say the possibility to claim the security as its own asset, without being obliged to share it at its prorate value with the other creditors of the account provider.

You, the investor, have only a contractual claim against your broker, who no longer holds title to your stock either, since title has been transferred up the chain to the DTCC. Your contractual claim is only to a pro rata share of a pool of the stock designated in street name, title to which is held by Cede & Co.

Rehypothecation: The Problem of Multiple Owners

The Wikipedia entry adds:

This re-characterization of the proprietary right into a simple contractual right may enable the account provider [the “intermediary” broker or bank] to “re-use” the security without having to ask for the authorization of the investor. This is especially possible within the framework of temporary operations such as security lendingoption to repurchasebuy to sell back or repurchase agreement.

“Security lending” by your broker or other intermediary may include lending your stock to short sellers bent on bringing down the value of the stock against your own financial interests. Illegal naked short selling is also facilitated by the impenetrable shield of the DTCC, and so is lending to “shadow banks” for the re-use of collateral. As Caitlin Long, another Wall Street veteran, explains:

 [T]he shadow banking system’s lifeblood is collateral, and the issue is that market players re-use that same collateral over, and over, and over again, multiple times a day, to create credit. The process is called “rehypothecation.” Multiple parties’ financial statements therefore report that they own the very same asset at the same time. They have IOUs from each other to pay back that asset—hence, a chain of counterparty exposure that’s hard to track. Although improving, there’s still little visibility into how long these “collateral chains” are.

It is this reuse of the collateral to back multiple speculative bets that has facilitated the explosion of the derivatives bubble to ten times the GDP of the world. It should be the collateral of the actual purchaser, but you, the purchaser, are at the bottom of the collateral chain. Derivative claims have super priority in bankruptcy, ostensibly because the derivative edifice is so risky that their bets need to be cleared.

What About the “Customer Protection Rule”?

Broker-dealers argue that their customers’ assets are protected under the “Customer Protection Rule” of the Securities Investor Protection Corporation (SIPC). The SIPC provides insurance for stocks similar to FDIC insurance for bank deposits, maintaining a pool that can be tapped in the event of a member bankruptcy. But a 2008 memorandum on The Customer Protection Rule from the law firm Willkie Farr & Gallagher asserts:

With respect to cash and securities not registered in the name of the customer, but held by the broker- dealer for the customer’s benefit, the customer would receive a pro rata portion of the aggregate amount of the cash and securities actually held by the broker- dealer. If there is a remaining shortfall, SIPC would cover a maximum of $ 500,000, only $ 100,000 of which may be a recovery for cash held at the broker- dealer.

… [M]ost securities are held by broker-dealers in street name and would be available to satisfy other customers’ claims in the event of a broker- dealer’s insolvency.

If the member has a large derivatives book (JPMorgan holds $54.4 trillion in derivatives and a mere $3.4 trillion in assets), derivative customers with priority could wipe out the pool and the SIPC fund as well.

What Webb worries about, however, is the bankruptcy of the DTCC itself, which could wipe out the entire collateral chain. He says the DTCC is clearly under-capitalized, and that the startup of a new Central Clearing Counterparty is already planned and pre-funded. If the DTCC fails, certain protected creditors can take all the collateral, upon which they will have perfected legal control.

Defensive Measures

In the event of a cyberattack that destroys the records of banks and brokers, there could be no way for purchasers to prove title to their assets; and in the event of a second Great Depression, with a wave of 1930s-style bank bankruptcies, derivative claimants with super-priority can take the banks’ assets without going through bankruptcy proceedings. In today’s fragile economy, these are not remote hypotheticals but are real possibilities, which can wipe out not just the savings of middle class families but the fortunes of billionaires.

And there, argues Webb, is our opportunity. The system by which Cede & Co. holds title to all “dematerialized” securities is clearly vulnerable to being exploited by “the protected class,” and Congress could mitigate those concerns by legislation. If our representatives realized that they are not the owners of record of their assets but are merely creditors of their brokers and banks, they might be inspired to hold some hearings and take action.

The first step is to shine a light on the obscure hidden workings of the system and the threat they pose to our personal holdings. Popular pressure moves politicians, and the people are waking up to many issues globally, with protests on the rise everywhere — economic, political and social. Possible action that could be taken by Congress includes reversing the “special privileges” granted to the derivatives casino in the form of “super priority” in bankruptcy. A 0.1% Tobin tax or financial transaction tax is another possibility. For protecting title to assets, blockchain is a promising tool, as discussed by Brian Eha in the American Banker article quoted above. These and other federal possibilities, along with potential solutions at the local level, will be the subject of a followup article.




The relationship between inflation and the U.S. dollar is complex and influenced by various factors. Here are key considerations when examining the correlation between inflation and the U.S. dollar:

Interest Rates: Central banks, such as the U.S. Federal Reserve, use interest rates as a tool to control inflation. Higher interest rates can attract foreign capital seeking better returns, potentially strengthening the U.S. dollar. Conversely, lower interest rates may weaken the dollar but can contribute to higher inflation.

Purchasing Power: Inflation erodes the purchasing power of a currency over time. When the general price level of goods and services rises, each unit of currency buys less. This reduction in purchasing power can lead to a decline in the value of the U.S. dollar.

Inflation Expectations: Expectations about future inflation can influence current economic behavior. If individuals and businesses expect higher inflation, they may adjust their spending and investment decisions. Central banks often communicate their inflation targets to manage expectations and stabilize the currency.

Trade Balance: The U.S. dollar's value is influenced by trade balances. If the U.S. experiences a trade deficit (importing more than it exports), it can contribute to a weaker dollar. This imbalance may impact inflation by affecting the cost of imported goods.

Commodity Prices: Some commodities, such as oil and gold, are priced in U.S. dollars. Changes in commodity prices can influence inflation and impact the value of the dollar. For example, a rise in oil prices can contribute to higher inflation and potentially weaken the dollar.

Global Economic Conditions: The global economic environment can affect the U.S. dollar and inflation. Economic uncertainty or crises in other parts of the world may lead to a flight to safety, strengthening the dollar. Conversely, robust global economic growth can contribute to a weaker dollar.

Government Debt and Fiscal Policy: The fiscal policy of the U.S. government, including levels of government debt and deficit spending, can impact inflation and the value of the U.S. dollar. Excessive government debt may raise concerns about inflation, potentially affecting the currency.

Monetary Policy Actions: The actions taken by the Federal Reserve and other central banks play a crucial role. When central banks implement policies to stimulate economic activity, such as quantitative easing, it can impact inflation expectations and the value of the U.S. dollar.

It's important to note that these factors interact in a dynamic and interconnected way, and their impact on the U.S. dollar and inflation can vary over time. Additionally, currency markets are influenced by a wide range of geopolitical and economic events, making it challenging to isolate the impact of any single factor.