Things we are reading today - June 27th, 2023

India and China are viewed as rising global powers, and the stability of the region depends on their relationship with the US. The recent meeting between President Biden and Prime Minister Modi of India, attempted to address concerns linked to great power competition and economic growth between the two countries.

The essay also covers the different difficulties that both nations confront, including GDP, technical development, labour quality, and economic expansion.

With a large part of income coming from inheritance, France and Sweden are two of the developed nations with the highest billionaire wealth as a percentage of GDP. France is prone to populist uprisings against the wealthy, particularly since the wealth is seen as being too big, and unearned. Poland, on the other hand, has the least inflated billionaire class among the developed nations, with a low percentage of billionaires’ wealth. Rising billionaire wealth in developing nations like Russia and India is heavily concentrated among a select few people. Billionaire wealth in the US has risen to 18% of GDP, which is prompting President Joe Biden to push for new wealth taxes.

Japan, South Korea and Taiwan show no signs of billionaire bloat. Private philanthropy, where dozens of billionaires pledged to give at least 50% of their fortunes to charity, could be a way to address some of the concerns around excessive wealth accumulation.

By enabling massive language models to scrape enormous quantities of data from the web and produce content at an unheard-of scale and speed, AI is revolutionising how we interpret and use the internet. This is causing the web to change and make more and more use of AI-generated content. Since the majority of the information generated by AI language models and chatbots is frequently incorrect but convincingly good enough to be true, this raises questions about the ethical implications of this technology, including the potential for AI-generated content to spread misinformation for example product reviews, news, etc. and potentially degrading the quality of the web.

BlackRock is one of several corporations looking to profit from the growing interest in Bitcoin and other cryptocurrencies through ETFs and has just applied for a spot Bitcoin ETF in the hopes of success following 32 similar applications by other firms that were rejected by the SEC. The goal to make cryptocurrency trading more accessible to the average investor is what is driving the rush to launch Bitcoin ETFs, which is comparable to the historical gold rush.

Warren Buffett is among the most generous philanthropists in history, having donated more than $51 billion to charity since 2006. The contributions were made through his business, Berkshire Hathaway, mostly went to the Bill and Melinda Gates Foundation as well as other organizations, including those of his late wife and children, which focuses on public health, safety, and hunger relief. Buffett has a long history of charitable giving; in 2022 alone, he donated more than $41 billion.

According to the World Bank, India received record-breaking remittances of more than $100 billion in 2022. This represents an increase from the previous year and indicates the rising number of Indians who are sending money home to their families while living and working overseas. People from United States, Saudi Arabia, and the United Arab Emirates send the majority of these remittances. The article emphasizes the significance of remittances to the Indian economy and the part they play in supporting families and communities, but it does not go into detail on possible causes for this increase.