Things we are reading today - April 19th, 2023

The Importance of Thinking for Yourself

Ignatieff believes developing the ability to think for oneself is critical for individuals in order to make informed judgements and manage the complex issues of modern society. The author explores the negative effects of mindlessly accepting authority and emphasises the benefits of independent thought using examples from history, psychology, and philosophy. The post also offers practical strategies for developing critical thinking skills and encourages readers to question their own views and assumptions. Thinking for oneself is necessary for personal growth and development and for establishing a more just and equal world.

State Street and Schwab Experience $38 Billion Drop in Deposits

Both State Street Corporation and Charles Schwab Corporation reported a large reduction in deposits for the first quarter of 2023. Deposits fell by $28.9 billion at State Street, and by $9.1 billion at Schwab. Deposits are declining due to a variety of circumstances, including decreased interest rates and more competition from other financial institutions. Despite the decline in deposits, both corporations reported significant earnings and growth in other areas.

Schwab Faces New Risks in the Zero-Fee Landscape it Shaped

Charles Schwab, the company that pioneered the no-fee trading model in the financial industry, is now facing fresh risks as competitors have followed suit and intensified the zero-fee landscape. With fewer revenue streams to rely on, Schwab may face increased pressure to maintain profitability and sustain its business model. Additionally, regulatory scrutiny may increase, potentially leading to changes in industry regulations and further disruption. As the financial industry continues to evolve, Schwab must navigate these challenges to remain competitive and successful.

Apple partners with Goldman Sachs to launch new savings account feature

Apple has collaborated with Goldman Sachs to launch a new tool called “Daily Cash Grow” that allows customers to earn interest on their Apple Cash balance. This service, which will be powered by Goldman Sachs’ Marcus platform, will be available to users in the United States later this year. Apple’s Daily Cash Grow programme seeks to give users a simple and secure method to save money while earning a competitive interest rate.

Worthless Degrees: The Unemployment Crisis in India

This article analyses how India’s rapid growth in higher education has resulted in an abundance of graduates with degrees that have little market value. According to the report, India’s education system has lagged behind the country’s economic progress, resulting in a mismatch between the skills required by companies and the qualifications held by job seekers. As a result, despite having invested substantial time and resources in seeking higher education, many young people are finding themselves unemployed. The article also emphasizes the need for immediate reforms to solve this issue and produce a workforce that is more prepared to handle the demands of today’s labor market.

Global Money Transfers: Nexus VS Icebreaker

The global money transfer sector is intensely competitive, with established competitors like Nexus vying for market share alongside start up companies like Icebreaker. Nexus has been the industry’s leading player for years, but Icebreaker’s new technologies and lower fees have upended the status quo. This article examines both firms’ tactics and strengths, as well as their impact on the worldwide money transfer scene.

The Future of Work: Will AI Reduce Our Workload?

This article looks into the potential impact of Artificial Intelligence (AI) on the future of work. While some believe that AI will result in more leisure time and less work, others fear that technology will worsen existing economic inequalities and result in job losses. The study addresses the ethical implications of these advancements and discusses both the optimistic and pessimistic perspectives on the role of AI in the labour market. The impact of artificial intelligence on the future of labour is unpredictable and will be determined by how society decides to govern and use this technology.

Global Economic Recovery: From Strength to Strength

The global economy is recovering quickly from the COVID-19 pandemic, thanks to enormous government stimulus measures, effective vaccines, and the determination of businesses and consumers. This article explores the global economy’s current situation, the drivers driving growth, and the potential dangers and difficulties that lie ahead. Despite certain persisting concerns, such as inflation, supply chain disruptions, and debt levels, the article claims that the global recovery is set to continue and even accelerate in the next months and years.

Inside the Black Box: Understanding Algorithmic Decision-Making

This article dives into the inner workings of algorithmic decision-making, emphasising the opacity and complexity of the black box that is frequently used in such systems. The author looks at various solutions for boosting transparency and accountability in algorithmic decision-making and discusses the consequences of such systems for society. A better understanding of the black box is required in the future to construct ethical and just algorithmic systems.

The Failure of Plastic Recycling Under Capitalism

This article discusses the shortcomings of plastic recycling programs under the current capitalist system. Despite the good intentions of individuals and companies to recycle, the article argues that the economic incentives for producing and consuming plastic ultimately undermine the effectiveness of recycling efforts. The article also explores alternative solutions, such as reducing plastic production and shifting to a circular economy model.