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burden of poverty weighing them down . When they are trapped in the cycle of poverty , their potential is stifled , their dreams are deferred and society suffers . Financial services can be a force for change here — by allocating resources to initiatives that directly benefit children in need , by engaging in mentorship programs , by advocating for policies that address child poverty , or by forging partnerships with organizations dedicated to this cause . This is not just an investment in the future of poor children but also in society .
The kids we fostered are now reunited with their mother and doing well . We still keep in close touch and see them regularly . They are happy to be back with their mom and brother . We were a small blip on their life journeys , and although I believe we made a positive impact , shifting the trajectory of the life they were born into takes far more — it requires societal changes and major changes from policymakers . The systemic challenges in our society are a complex thing to wrap your arms around , and effecting lasting change is clearly very difficult . But what this taught us is that we , as adults , are the role models to the youth with whom we interact , whether it ’ s our own children or those we have relationships with through coaching , teaching , volunteering or something else . To stop the cycle of poverty requires more than just funding programs to support these youth ; it requires supporting their caregivers and the role models who shape their aspirations and belief systems . I certainly don ’ t have any answers , just more questions . But I hope we can work toward making a difference in improving the lives of those like these two boys .
SUSAN THEDER is the Chief Marketing and Experience Officer at FMG Suite and a current board member of the Sifma Foundation , a nonprofit organization committed to fostering upward economic mobility for underserved youth through mentorship and financial education .
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many eurozone member states would soon face sovereign debt problems , I was verbally browbeaten by Italy ’ s finance minister . In 2016 , when everyone asked me if the Chinese stock-market crash augured a hard landing that would cause a repeat of the global financial crisis , I argued — correctly — that China would have a bumpy but managed landing . Between
2019 and 2021 , the faddish topic at Davos was the crypto bubble that went bust starting in 2022 . Then the focus shifted to clean and green hydrogen , another fad that is already fading .
When it comes to AI , there is a very good chance that the technology will indeed change the world in the coming decades . But the WEF ’ s focus on GenAI already seems misplaced , considering that the AI technologies and industries of the future will go far beyond these models . Consider , for example , the ongoing revolution in robotics and automation , which will soon lead to the development of robots with human-like features that can learn and multitask the way we do . Or consider what AI will do for biotech , medicine , and ultimately human health and life spans . No less intriguing are the developments in quantum computing , which will eventually merge with AI to produce advanced cryptography and cybersecurity applications .
The same long-term perspective also should be applied to climate debates . It
The WEF ’ s focus on GenAI already seems misplaced , considering that the AI technologies and industries of the future will go far beyond these models . is becoming increasingly likely that the problem will not be resolved with renewable energy — which is growing too slowly to make significant difference — or expensive technologies like carbon capture and sequestration and green hydrogen . Instead , we may see a fusion energy revolution , provided that a commercial reactor can be built in the next 15 years . This abundant source of cheap , clean energy , combined with inexpensive desalination and agro-tech , would allow us to feed the 10 billion people who will be living on the planet by the end of this century .
Similarly , the revolution in financial services will not be centered around decentralized blockchains or cryptocurrencies . Rather , it will feature the kind of AI-enabled centralized fintech that is already improving payment systems , lending and credit allocation , insurance underwriting and asset management . Materials science will lead to a revolution in new components , 3D-printing manufacturing , nanotechnologies and synthetic biology . Space exploration and exploitation will help us save the planet and find ways to create extra-planetary modes of living .
These and many other technologies could change the world for the better , but only if we can manage their negative side effects , and only if they are used to resolve all the megathreats we face . One hopes that artificial intelligence someday will overcome human stupidity . But it will never get the chance if we destroy ourselves first .
NOURIEL ROUBINI , professor emeritus of economics at New York University ’ s Stern School of Business , is chief economist at Atlas Capital Team , CEO of Roubini Macro Associates , co-founder of TheBoomBust . com and author of Megathreats : Ten Dangerous Trends That Imperil Our Future , and How to Survive Them ( Little , Brown and Company , 2022 ). He is a former senior economist for international affairs in the White House ’ s Council of Economic Advisers during the Clinton administration and has worked for the International Monetary Fund , the U . S . Federal Reserve , and the World Bank . His website is NourielRoubini . com , and he is the host of NourielToday . com .
© Project Syndicate
58 | FINANCIAL ADVISOR MAGAZINE | MARCH 2024 WWW . FA-MAG . COM