A great rebalancing between governments and central banks is under way.
For months there has been turmoil in financial markets and growing evidence of stress in the world economy. You might think that these are just the normal signs of a bear market and a coming recession. But, as our special report this week lays out, they also mark the painful emergence of a new regime in the world economy—a shift that may be as consequential as the rise of Keynesianism after the second world war, and the pivot to free markets and globalisation in the 1990s.
The World Economic Forum ‘Stories of the Week include:
0:18 Pakistan’s Flooding – Due to flash floods triggered by a ‘monster monsoon’, more than 1,100 people have died in Pakistan 01:30 First smartphone made in the Ivory Coast – The Open G smartphone went on sale in July 2022 in the Ivory Coast and has sold several thousand units 02:41 Brazil is building the world’s biggest urban garden – The garden is a collaboration between the City of Rio de Janeiro and the favelas – or informal settlements – that surround it 04:09 Drinking Black Tea could help you live longer – People who drink 2 or more cups of black tea a day are 9-13% less likely to die from any cause, according to a study by the US National Institutes of Health.
Two states, two very different states of mind. On August 25th California banned the sale of petrol-powered cars from 2035, a move that will reshape the car industry, reduce carbon emissions and strain the state’s electricity grid. On the same day in Texas a “trigger” law banned abortion from the moment of conception, without exceptions for rape or incest. Those who perform abortions face up to 99 years in prison.
Ukraine won the short war. Now comes the long war, and so far, Russia is winning. But it does not have to be fought on Vladimir Putin’s terms
Ukraine won the short war. Mobile and resourceful, its troops inflicted terrible losses and confounded Russian plans to take Kyiv. Now comes the long war. It will drain weapons, lives and money until one side loses the will to fight on. So far, this is a war that Russia is winning.
In recent days its forces have taken the eastern city of Severodonetsk. They are advancing on Lysychansk and may soon control all of Luhansk province. They also threaten Slovyansk, in the north of next-door Donetsk. Ukrainian leaders say they are outgunned and lack ammunition. Their government reckons as many as 200 of its troops are dying each day.
The promise and perils of a breakthrough in machine intelligence
Jun 9th 2022ShareGive
Picture a computer that could finish your sentences, using a better turn of phrase; or use a snatch of melody to compose music that sounds as if you wrote it (though you never would have); or solve a problem by creating hundreds of lines of computer code—leaving you to focus on something even harder. In a sense, that computer is merely the descendant of the power looms and steam engines that hastened the Industrial Revolution. But it also belongs to a new class of machine, because it grasps the symbols in language, music and programming and uses them in ways that seem creative. A bit like a human.
The “foundation models” that can do these things represent a breakthrough in artificial intelligence, or ai. They, too, promise a revolution, but this one will affect the high-status brainwork that the Industrial Revolution never touched. There are no guarantees about what lies ahead—after all, ai has stumbled in the past. But it is time to look at the promise and perils of the next big thing in machine intelligence.
This week The World Economic Forum are highlighting 4 top stories – workers paid to relocate to rural areas, an innovative aircraft design, a lifesaving slime robot, and a wind and solar energy milestone.
Timeline: 00:15 Workers paid to relocate 01:40 New aircraft design takes flight 03:11 Lifesaving slime robot 04:22 Wind and solar energy milestone
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