In a mailbag edition on Rogue Economics, Nomi Prins answers questions about the Federal Reserve and artificial intelligence (AI) [7afd6033].
Prins addresses the importance of chip technology in AI advancement, explaining that hardware is just as crucial as software in AI development. She emphasizes that hardware provides a place to store and process data, while software interprets the data and produces results. Drawing from her personal experience working with hardware at IBM, Prins underscores the significance of data in AI [7afd6033].
Regarding the Federal Reserve, Prins clarifies that the 12 regional reserve banks of the Federal Reserve system are owned by their member banks, making them shareholders of the Fed. However, the Federal Reserve Act does not require the disclosure of the names of shareholder banks or the value of their shares. Prins also mentions her book, 'All the Presidents' Bankers,' which delves into the creation of the Federal Reserve and the influence of wealthy Wall Street bankers [7afd6033].
This mailbag edition provides insights into the role of hardware in AI development and sheds light on the ownership structure of the Federal Reserve. Prins' expertise and experience contribute to a better understanding of these complex topics [7afd6033].