Latest / Financial Survival Network / The Crime-Fighting Sidekick: How AI is Strengthening the Justice System - Terence Mills #6132
Transcript
- 0:00Speaker 1: And we find that it's happening a lot today. We're
- 0:03Speaker 1: stopping people from going through the airport in the street
- 0:07Speaker 1: in the UK, we're identifying people before they commit the crime.
- 0:13Speaker 1: And while it might be an interesting debate about personal privacy,
- 0:19Speaker 1: is the debate really one that we want to be
- 0:21Speaker 1: having when we're in an airplane and we're wondering is
- 0:25Speaker 1: there someone who's going to do something bad on that plane?
- 0:29Speaker 2: You're listening to Carrie Let'sa's Financial Survival Network where you
- 0:32Speaker 2: get valuable information you just can't find anywhere else to
- 0:37Speaker 2: thrive in today's trying times. You need the Financial Survival
- 0:41Speaker 2: Network now more than ever. Go to Financial Survivalnetwork dot
- 0:45Speaker 2: com and get your free newsletter and gift. Financial Survival
- 0:50Speaker 2: Network now more than ever.
- 0:56Speaker 3: And welcome you are listening to and watching the Financial
- 1:00Speaker 3: Survival Network. I'm your host, Kerrie Let's Well. AI is
- 1:04Speaker 3: all the buzz? Is it all it's cranked up to be?
- 1:07Speaker 3: Can you actually profit from it now? Or do you
- 1:10Speaker 3: have to wait for this golden era of AI technology
- 1:14Speaker 3: to permeate everything? How big a deal is it? AI
- 1:18Speaker 3: Expert is on with us now, Terrence Mills, Terence, Hey,
- 1:23Speaker 3: you're the guy, CEO and innovator of AI solutions. So
- 1:28Speaker 3: let's talk some solutions here. A is a real threat
- 1:34Speaker 3: to the workforce of humanity. Here we're all going to
- 1:38Speaker 3: be sitting around getting our guaranteed basic income and assuming
- 1:43Speaker 3: the answer is no that, how can I use it
- 1:46Speaker 3: now in my existing business to better improve my productivity
- 1:51Speaker 3: and my work product Yeah. AI is not going to
- 1:54Speaker 3: take over the world. Robots are not going to step
- 1:57Speaker 3: in and take our jobs. This is not what AI
- 2:02Speaker 3: is about. AI today also can't understand very much other
- 2:07Speaker 3: than what we teach it. So based on what we know,
- 2:13Speaker 3: AI will know and in business today, we really build
- 2:17Speaker 3: AI for the purposes of solutions solving problems that are
- 2:23Speaker 3: real business problems that maybe humans don't do very well.
- 2:27Speaker 3: So Carrie, you and I can have these types of conversations,
- 2:30Speaker 3: really well intimate discussions.
- 2:32Speaker 1: Machines can't. On the other hand, us as humans don't
- 2:37Speaker 1: have the ability to go ahead and pull stuff out
- 2:40Speaker 1: of a database at random, We don't have the ability
- 2:45Speaker 1: to term things that can just happen in a split second.
- 2:50Speaker 1: Machines can make those decisions, and they can do those
- 2:54Speaker 1: things better than humans. So if we're solving a business problem.
- 2:58Speaker 1: The answer is, yes, we have a lot of work
- 3:01Speaker 1: yet to do. But makes sense.
- 3:03Speaker 3: Okay, so it's an aid, But if you listen to
- 3:08Speaker 3: Elon Musk, it really sounds like this thing is going
- 3:14Speaker 3: to basically take over Maybe not so much like, but
- 3:20Speaker 3: I don't know. I'm sure you saw that demo of
- 3:25Speaker 3: the robot handing the guy an apple, putting the dishes,
- 3:30Speaker 3: the dirty dishes in the sink, and all that stuff.
- 3:34Speaker 3: It seemed pretty real.
- 3:36Speaker 1: Oh, it's real, all right. But as I said before,
- 3:40Speaker 1: the robot can only do what we teach it to do.
- 3:43Speaker 1: And do we think that it's going to take over
- 3:45Speaker 1: the world. I don't think so. At this time. We
- 3:48Speaker 1: have a lot of work to do before AI can
- 3:52Speaker 1: think on its own, before robot can think to put
- 3:56Speaker 1: the dishes away, or to clean the dishes or hand
- 3:59Speaker 1: me apple if I don't tell it to do that. AI, though,
- 4:03Speaker 1: on the other hand, does have some threats that are valid.
- 4:08Speaker 1: So in the UK we're very concerned about AI taking
- 4:12Speaker 1: pictures of general public, both when they enter the airport
- 4:17Speaker 1: also when they're walking down the street, and there's a
- 4:20Speaker 1: lot of debate about that as well. So based on
- 4:24Speaker 1: the current state of AI and where we have to go.
- 4:28Speaker 1: We have a lot of work to do. But ethical AI,
- 4:31Speaker 1: which is what I think that everyone's talking about now,
- 4:35Speaker 1: is really very important to us.
- 4:38Speaker 3: Okay, so where do you think AI holds the most promise?
- 4:42Speaker 1: I think AI holds the most promise in solving business
- 4:46Speaker 1: problems that humans can't solve. Today. We do it a
- 4:49Speaker 1: lot in healthcare. As an example, we're bringing doctors and
- 4:54Speaker 1: patients closer together by using AI to pull out the
- 4:59Speaker 1: risks that are in health insurance claims so that we
- 5:03Speaker 1: can pay person providers so that they can focus on patients.
- 5:09Speaker 1: And that is solving a really big business problem.
- 5:13Speaker 3: Okay, what about the concept of like having one pilot
- 5:18Speaker 3: cockpits because AI is going to handle all the other stuff.
- 5:21Speaker 3: It doesn't sound like a real good thing to me,
- 5:24Speaker 3: but in Europe they're actually going ahead to experiment with it.
- 5:28Speaker 1: Well, we have the same thing in self driving cars
- 5:31Speaker 1: and in that debate, and in that debate we wound
- 5:34Speaker 1: up to find that if cars can drive better than humans,
- 5:39Speaker 1: is it a bad plan? I agree with what you're saying.
- 5:43Speaker 1: Do you want to be in the sky? Well, this
- 5:47Speaker 1: is something that we think about, but it's very possible
- 5:51Speaker 1: that AI can fly a plane better than a human.
- 5:54Speaker 1: I think the question mark is, though, what happens when
- 5:58Speaker 1: something goes wrong, either in a car or in a plane.
- 6:02Speaker 1: These are stark contrasts to humans and their ability to react.
- 6:07Speaker 1: We remember when Sully landed the plane on the Hudson,
- 6:12Speaker 1: and the big thing there was, Yeah, well, you can't
- 6:17Speaker 1: debate what I did because I'm a human. I'm not
- 6:20Speaker 1: a machine, and as a human we react to certain situations.
- 6:25Speaker 1: As a machine, it doesn't react, it does what it's
- 6:29Speaker 1: told to do. And this is the stark contrast. That's interesting.
- 6:33Speaker 3: Yeah, well, if only all my employees did what they
- 6:36Speaker 3: were told to do, the world would be a wonderful place, right.
- 6:40Speaker 1: I think that's right.
- 6:42Speaker 3: So, but things like when you're dealing with you mentioned
- 6:47Speaker 3: airport security. All right, so the AI you can basically
- 6:52Speaker 3: go through every passenger's information, everything that's ever been done
- 6:57Speaker 3: about them, and figure out whether they're a threat or not.
- 7:00Speaker 3: Maybe we could do away with these ridiculous security theater
- 7:04Speaker 3: and all these airports. I think that that's right. I
- 7:06Speaker 3: think it's on its way there.
- 7:08Speaker 1: I mean today when I walk into La Guardia Airport
- 7:12Speaker 1: and I have to go to a gate. It's taking
- 7:14Speaker 1: my photograph. I have to stand in front of a camera.
- 7:17Speaker 1: I have to have a retinal scan, and here I
- 7:20Speaker 1: am yes on Terence Mills. Right, you can go through.
- 7:24Speaker 1: We're definitely moving in the right direction and we can
- 7:27Speaker 1: get a lot of bad actors out of the playing field,
- 7:30Speaker 1: so to speak. If we're using this technology for good.
- 7:34Speaker 1: I think the difference in the argument is can we
- 7:37Speaker 1: use it for good all good? Or is there places
- 7:41Speaker 1: where bad actors can come into play and use it
- 7:44Speaker 1: for bad things as well. That's still a current debate
- 7:47Speaker 1: that we're having. All right, So what about pre crime?
- 7:50Speaker 3: All right, we have enough data on criminals and crimes
- 7:55Speaker 3: that basically, you know, it's getting to the Tom Cruise
- 8:00Speaker 3: movie Minority Report, but with a difference that it can
- 8:04Speaker 3: accurately in many cases most of them predict who's at
- 8:08Speaker 3: risk of committing crimes.
- 8:09Speaker 1: It'll be solving crimes. So too well, it ends absolutely
- 8:14Speaker 1: without a doubt, and we find that it's happening a
- 8:18Speaker 1: lot today. We're stopping people from going through the airport
- 8:22Speaker 1: in the street in the UK, we're identifying people before
- 8:26Speaker 1: they commit the crime. And while it might be an
- 8:30Speaker 1: interesting debate about personal privacy. Is the debate really one
- 8:36Speaker 1: that we want to be having when we're in an
- 8:38Speaker 1: airplane and we're wondering, is there someone who's going to
- 8:42Speaker 1: do something bad on that plane? If we can stop
- 8:45Speaker 1: these things, that's the other side of the argument, and
- 8:48Speaker 1: it's a good argument to be having. It's an interesting
- 8:52Speaker 1: place to be right now.
- 8:54Speaker 3: Yeah. I mean really, even before AI came into focus,
- 9:00Speaker 3: they were working on this in Chicago and a few
- 9:02Speaker 3: other cities where feeding they were like solving serial killer
- 9:08Speaker 3: cases with big data. I mean, AI is just big
- 9:12Speaker 3: data on steroids pretty much. Right.
- 9:15Speaker 1: It is big data, but there are other tools of
- 9:17Speaker 1: that data that need to be put into motion in
- 9:21Speaker 1: order to work. We have these big terms like machine
- 9:26Speaker 1: learning and natural language processing. I fear that no one
- 9:31Speaker 1: really yet understands all of this stuff, and the common
- 9:34Speaker 1: person walking the street has no idea what I just said.
- 9:38Speaker 1: I think it's important to recognize that tools of AI
- 9:44Speaker 1: need to come together to build a solution in an
- 9:48Speaker 1: interesting way, to solve a problem. When you're talking about
- 9:52Speaker 1: solving crimes, you're solving a problem. When we're talking about healthcare,
- 9:57Speaker 1: we're identifying business problems that maybe a one trillion dollar spend.
- 10:02Speaker 1: These are big, big items. Whether it's on the personal
- 10:06Speaker 1: side or whether it's on the healthcare side or any
- 10:09Speaker 1: other business that may be regulatory in nature, this is
- 10:13Speaker 1: a big deal.
- 10:15Speaker 3: So I tried to get to chat EPT to analyze
- 10:19Speaker 3: the twenty twenty five US budget and cut out twenty
- 10:24Speaker 3: five percent, and they just wouldn't do it. I mean,
- 10:28Speaker 3: maybe I'm not right in the right query, but it
- 10:30Speaker 3: gives me some nonsense here, a gobbledegook that you know,
- 10:35Speaker 3: it never really did the analysis on its own, you know,
- 10:39Speaker 3: tells me is we need to raise taxes from twenty
- 10:43Speaker 3: one to twenty eight percent for the corporate alternative minimum
- 10:48Speaker 3: income tax. We need to tax the rich more with
- 10:52Speaker 3: a twenty five percent minimum tax on wealth for individuals.
- 10:57Speaker 3: And that this isn't this is like raising the this
- 11:03Speaker 3: is this is not lowering the water. This is raising
- 11:07Speaker 3: the bridge here and then additional taxes, medicare taxes, and
- 11:11Speaker 3: net investment income. And then it found that it could
- 11:16Speaker 3: save nine hundred and twenty one billion by reducing discretionary
- 11:22Speaker 3: spending growth. This thing is talking here like terrence, like
- 11:25Speaker 3: a politician.
- 11:27Speaker 1: Yes, well, JATGBT while is a really innovative tool and
- 11:33Speaker 1: leap forward. It has also gotten a lot of recognition
- 11:38Speaker 1: from the common person walking down the street, hasn't it?
- 11:42Speaker 1: And we understand that it has some capabilities, that those
- 11:48Speaker 1: capabilities are more technical in nature, and its ability to
- 11:51Speaker 1: learn data and to understand it, which is interesting. It's
- 11:56Speaker 1: equal abilities to do what we call hallucinate. Another big
- 12:00Speaker 1: word that people don't really understand is to say things
- 12:05Speaker 1: that aren't true but yet presented as fact. That's what
- 12:09Speaker 1: you just read to me, and that kids, my tasn't
- 12:12Speaker 1: always doing. It's very similar to that. That's right.
- 12:18Speaker 3: Yeah, So I'm gonna I guess I didn't do a
- 12:20Speaker 3: good enough query. So I'm telling it now to eliminate
- 12:23Speaker 3: all tax increases, focus on spending cuts only, and especially
- 12:29Speaker 3: corporate welfare. Let's see what it comes up with now.
- 12:34Speaker 3: But you know, like you say, it's garbage in, garbage out.
- 12:37Speaker 1: It can only it's always read to be that it.
- 12:39Speaker 3: Can only find a trillion dollars here, man, I could
- 12:41Speaker 3: do better than this, and it's only we could say
- 12:45Speaker 3: two to three hundred billion on healthcare. I mean it's
- 12:50Speaker 3: nonsense here, right, It's really nonsense. So yes, it really
- 12:55Speaker 3: solve the generational problems that we're facing. We still need
- 12:59Speaker 3: human put for that, right absolutely, And that's what I
- 13:03Speaker 3: was meaning.
- 13:04Speaker 1: We can have these discussions a lot easier than others
- 13:09Speaker 1: than a machine can, and so we should keep having
- 13:13Speaker 1: these discussions. Hey, what's the best use you've found for
- 13:17Speaker 1: AI so far? Hey, for us, it has been healthcare.
- 13:21Speaker 1: Healthcare is sixteen to eighteen percent of GDP, whose ever
- 13:26Speaker 1: numbers you believe on a Monday, And based on that,
- 13:30Speaker 1: we have an understanding that there are a lot of
- 13:32Speaker 1: problems in our healthcare system and the ability to solve
- 13:36Speaker 1: those problems. Machines can do it extraordinarily well, but it
- 13:40Speaker 1: is not at the risk of weeding out people's jobs
- 13:46Speaker 1: in healthcare. We need more doctors, we need more nurses.
- 13:50Speaker 1: It is not going to overtake this industry. But it's very,
- 13:54Speaker 1: very important to understand that it can solve some problems,
- 13:59Speaker 1: to live interesting data and help replake decisions. And that's
- 14:04Speaker 1: what we seek to do while driving down costs, which
- 14:08Speaker 1: is a big part. At the chat. GPT may not
- 14:10Speaker 1: be able to tell you where that is.
- 14:12Speaker 3: Well, it gave me some programs to cut here now
- 14:15Speaker 3: that I said specific instances, it wants to cut out
- 14:19Speaker 3: the F thirty five Joint Strike Fighter program. That'll take
- 14:23Speaker 3: two hundred billion overseas military bases procurement reform, so we
- 14:29Speaker 3: save five hundred to six hundred billion right there. I mean, man,
- 14:33Speaker 3: if we could just get rid of the politicians and
- 14:36Speaker 3: let the AI go to work, we could actually accomplish something.
- 14:40Speaker 1: They may be concerned about that, and that might be
- 14:42Speaker 1: part of the problem.
- 14:44Speaker 3: I mean, that's what we got to do here. We
- 14:45Speaker 3: got to get rid of our ruling class and just
- 14:49Speaker 3: get AI in there. Because there is zero intelligence in Washington, DC.
- 14:54Speaker 3: It's actually negative I think. I mean Corfrid welfare. They're
- 14:57Speaker 3: talking four hundred billion agricultural subsidies XM bank. I mean,
- 15:04Speaker 3: it's it's insane here, and we barely scratch the surface.
- 15:08Speaker 1: Man.
- 15:08Speaker 3: I think with a few more queries I could get
- 15:11Speaker 3: us into surplus territory here. And it reminds me of
- 15:14Speaker 3: that movie Dave where he sat down and did basic
- 15:18Speaker 3: math on a pad and man did managed to come
- 15:21Speaker 3: up with one point five trillion, and stats like chat
- 15:24Speaker 3: GPT can do it a little bit quicker. Remember the
- 15:27Speaker 3: Grace Commission, Oh sure, they were only back then the
- 15:31Speaker 3: deficit was nothing and they were looking at two hundred
- 15:33Speaker 3: and fifty billion a year, which none of it ever
- 15:36Speaker 3: got implemented because that's not the way Washington, DC works.
- 15:40Speaker 3: But now the genie is out of the bottle. Me
- 15:43Speaker 3: sitting at my desktop and do a better job managing
- 15:46Speaker 3: the economy than the people who are, like, you know,
- 15:50Speaker 3: responsible for it.
- 15:51Speaker 2: Right.
- 15:52Speaker 1: Yeah, I think CHATCHPT doesn't collect a paycheck and CHATCHPT
- 15:57Speaker 1: doesn't have other interests, and so there you go.
- 16:01Speaker 3: Yeah, well, you know, I think the what was it
- 16:06Speaker 3: they said, Samuel Colt made all men equal? Lenny created
- 16:11Speaker 3: the revolver, right, the forty five calibery revolver, the forty
- 16:15Speaker 3: five And maybe chat GPT will make everybody's IQ the
- 16:21Speaker 3: same now, either for the better or for the worse.
- 16:24Speaker 1: Here, Terrence, that one may be for the worst, but
- 16:28Speaker 1: we'll see what happens.
- 16:29Speaker 3: Hey. Three things that everybody who is listening to or
- 16:34Speaker 3: watching this show can do with AI right now to
- 16:37Speaker 3: make their lives better.
- 16:39Speaker 1: Yeah, that's an important one. If we want to use
- 16:43Speaker 1: AI in order to lower our own expenditures in the household,
- 16:48Speaker 1: we can do that. We may have to give interesting
- 16:51Speaker 1: queries to chat GPT as an example, but we can
- 16:55Speaker 1: lower the amount of expanse on food items. We can
- 16:58Speaker 1: lower the amount of events on fuel just by going
- 17:02Speaker 1: and trending, which it's capable of doing, of where the
- 17:05Speaker 1: lowest costs are. Now, I'm not too sure that humans
- 17:09Speaker 1: will drive an extra fifteen miles to get a lower
- 17:12Speaker 1: gas rate. However, chat GBT, unfortunately that's the case. So
- 17:20Speaker 1: I think that what's really happening, though, is chat GBT
- 17:24Speaker 1: is always around us. Not just that, but AI is
- 17:29Speaker 1: around us in general doing things that we didn't know
- 17:33Speaker 1: it was doing. So when we're using our phone today,
- 17:37Speaker 1: Siri or any version of Siri is out there queerying
- 17:43Speaker 1: the data of the world in order to give us
- 17:46Speaker 1: an answer to a common question. And sometimes the questions
- 17:51Speaker 1: can be complex and the answer is more complex, but
- 17:55Speaker 1: it's still giving us information today that we never thought
- 17:58Speaker 1: we could put our hands on, and so for that,
- 18:02Speaker 1: we use it daily and it's always around us all
- 18:06Speaker 1: the time. So in a lot of cases we like that.
- 18:10Speaker 1: In some cases we don't want advertisements right away for
- 18:14Speaker 1: goods that we looked at online, but that's the world
- 18:18Speaker 1: that we now live in, and we hope that it's
- 18:20Speaker 1: all for good instead of it being or turning bad
- 18:23Speaker 1: in some way with a bad actor.
- 18:26Speaker 3: Hey, good news here I found additional savings for us. Here.
- 18:29Speaker 3: We're making a progress. Just while I'm talking to you.
- 18:33Speaker 3: We've solved most of the federal budget. Postal Service reform
- 18:38Speaker 3: cut losses by reforming USPS operations one hundred billion federal
- 18:43Speaker 3: property sales. I think we can it says fifty billion.
- 18:47Speaker 3: I'll bet we can find half a trillion there. It
- 18:50Speaker 3: is asinal grants reform, endowment taxes. All right, that I
- 18:55Speaker 3: like a lot, because why should Harvard have eighty five billion?
- 18:59Speaker 3: You know, I save two trillion dollars in literally five minutes.
- 19:04Speaker 3: I mean, right, you're doing pretty good, Jared, Now, okay,
- 19:08Speaker 3: So that's cutting costs. And we can use chat GPT
- 19:11Speaker 3: feeding your budget somehow. I guess you would do a
- 19:15Speaker 3: list of everything, but it would have to know what
- 19:17Speaker 3: you bought too. But what about making more money? How
- 19:21Speaker 3: do we use it to make more money?
- 19:22Speaker 1: Well, I think that the big firms on Wall Street
- 19:26Speaker 1: figured that out a long time ago, and they're taking
- 19:31Speaker 1: the common person out of the trading game, and that's
- 19:35Speaker 1: how they're making more money. I think that there are
- 19:39Speaker 1: a number of business examples like that where it's working
- 19:44Speaker 1: in that vein. But you know, like I said, the
- 19:48Speaker 1: common person walking the street experiences it more than it does.
- 19:54Speaker 1: Put it to use as an example.
- 19:56Speaker 3: Okay, well I'm buying it. So give us the important
- 20:00Speaker 3: and stuff. How we connect with you on the web, websites,
- 20:03Speaker 3: all that stuff which you will find in the show
- 20:06Speaker 3: notes of course on Financial Survival Network dot com. That is,
- 20:10Speaker 3: if the AI note taker does what it's supposed to do,
- 20:13Speaker 3: which it doesn't always do, tell us how we connect
- 20:17Speaker 3: with you.
- 20:18Speaker 1: Yeah, I can be reached at view duu dot com
- 20:24Speaker 1: and then can also be reached via LinkedIn and my
- 20:28Speaker 1: LinkedIn profile which is Terrence spelled with one R and
- 20:33Speaker 1: a mills m I L L.
- 20:34Speaker 3: S excellent And like I said, it's in the show
- 20:37Speaker 3: notes this interview on Financial Survival Network dot com. Make
- 20:41Speaker 3: sure while you're there you sign up for your free
- 20:44Speaker 3: newsletter also our sister site, Inflation dot Cafe to find
- 20:49Speaker 3: out the latest ways the government is diminishing your purchasing power,
- 20:55Speaker 3: which is an ongoing process just like AI. And if
- 20:59Speaker 3: you've got a question comment for Terrence or myself, shoot
- 21:02Speaker 3: me an email k L at Carrie LUTs dot com.
- 21:05Speaker 3: Terrence absolute pleasure. We are good. Definitely, you're our go
- 21:08Speaker 3: to guy for AI. We will have you back on
- 21:11Speaker 3: the show.
- 21:11Speaker 2: Thanks very much, Thanks for listening to Carrie Letz's Financial
- 21:15Speaker 2: Survival Network, your solution to today's trying times. For the latest,
- 21:20Speaker 2: go to Financial Survivalnetwork dot com. Financial Survival Network now
- 21:26Speaker 2: more than ever,