The Future Of Money

11/30/23 • 38 min

In this episode of The Future Of, Randal Quarles, Executive Chairman at The Cynosure Group, joins host Jeff Dance to discuss the future of money. They unveil the role of the Federal Reserve, the impact of cryptocurrency on the market, and the importance of FinTech in making the financial system more efficient.They Cover:

00:00 - The Future Of Podcast Intro
04:44 - Money serves as a fundamental economic tool, fulfilling three key roles: a unit of account for measuring value, a store of value to retain worth over time, and a medium of exchange for facilitating transactions. While clearly focused on institutions, financial and banking regulations are designed to support these aspects of money. They ensure that banks maintain fair capital and liquidity, preserving money's integrity and reliability in the economy.
07:26 - The Federal Reserve (Fed), initially established to stabilize the banking system, has evolved into a powerful entity influencing both U.S. and global economies. The Fed's emergency powers, which have been increasingly employed since the 2008 crisis and during the COVID-19 pandemic, allow it to create and lend unlimited funds in crises. As the Fed's powers and impact grow, its future role and governance become subjects of debate, reflecting broader uncertainties in the financial and political domains.
13:37 - Regarding cryptocurrency, three key types stand out: traditional cryptocurrencies like Bitcoin (crypto 1.0), known for their volatility; stablecoins, which tie their value to traditional assets and offer better stability; and central bank digital currencies (CBDCs), issued by national banks. While crypto 1.0 is mainly speculative, stablecoins show promise for efficient, cost-effective financial transactions. However, CBDCs' impact is yet to be fully acknowledged.
19:27 - Managing digital currencies requires a balanced approach to addressing the challenges of speed, cost, and structural integrity. Clear regulatory frameworks are key to ensuring stability and fostering innovation within the digital currency space.
22:19 - The next two decades will increase interest rates, leading to more expensive borrowing and refinancing challenges. Despite the rapid digitization of finance, the demand for physical cash is expected to remain strong globally. The financial landscape will be further shaped by FinTech, enhancing system efficiency without replacing traditional banking structures.

If you're interested in the future of money, tune into this episode of "The Future Of", a Podcast by Fresh Consulting.Subscribe here:

Instructions on how to rate and review The Future Of can be found hereEpisode resources:

Randal Quarles: https://www.linkedin.com/in/randal-quarles-4b09788
The Cynosure Group: https://cynosuregroup.com
Federal Reserve System: https://www.federalreserve.gov

Previous guests include: Gurdeep Pall of Microsoft, Carolyn Belle of Astroscale, Kane Simms of VUX World, Rogger Kibbe of Samsung Research America, Rob Tiffany of Sustainable Logix, Katrina Stevens of Tech Interactive, Check out our 3 most downloaded episodes:
The Future of the Metaverse
The Future of Construction
The Future of Generative AI

00:00 - The Future Of Podcast Intro
04:44 - Money serves as a fundamental economic tool, fulfilling three key roles: a unit of account for measuring value, a store of value to retain worth over time, and a medium of exchange for facilitating transactions. While clearly focused on institutions, financial and banking regulations are designed to support these aspects of money. They ensure that banks maintain fair capital and liquidity, preserving money's integrity and reliability in the economy.
07:26 - The Federal Reserve (Fed), initially established to stabilize the banking system, has evolved into a powerful entity influencing both U.S. and global economies. The Fed's emergency powers, which have been increasingly employed since the 2008 crisis and during the COVID-19 pandemic, allow it to create and lend unlimited funds in crises. As the Fed's powers and impact grow, its future role and governance become subjects of debate, reflecting broader uncertainties in the financial and political domains.
13:37 - Regarding cryptocurrency, three key types stand out: traditional cryptocurrencies like Bitcoin (crypto 1.0), known for their volatility; stablecoins, which tie their value to traditional assets and offer better stability; and central bank digital currencies (CBDCs), issued by national banks. While crypto 1.0 is mainly speculative, stablecoins show promise for efficient, cost-effective financial transactions. However, CBDCs' impact is yet to be fully acknowledged.
19:27 - Managing digital currencies requires a balanced approach to addressing the challenges of speed, cost, and structural integrity. Clear regulatory frameworks are key to ensuring stability and fostering innovation within the digital currency space.
22:19 - The next two decades will increase interest rates, leading to more expensive borrowing and refinancing challenges. Despite the rapid digitization of finance, the demand for physical cash is expected to remain strong globally. The financial landscape will be further shaped by FinTech, enhancing system efficiency without replacing traditional banking structures.

If you're interested in the future of money, tune into this episode of "The Future Of", a Podcast by Fresh Consulting.Subscribe here:

Instructions on how to rate and review The Future Of can be found hereEpisode resources:

Randal Quarles: https://www.linkedin.com/in/randal-quarles-4b09788
The Cynosure Group: https://cynosuregroup.com
Federal Reserve System: https://www.federalreserve.gov

Previous Episode

The Future Of Generative AI in Robotics

In this episode of The Future Of, Daniel Rosenstein, Group Product Manager of Advanced Autonomy and Applied Robotics at Microsoft, joins host Jeff Dance to discuss the future of generative AI in robotics. They share the importance of generative AI in robotics, particularly the integration of visual libraries and video analysis, how generative AI enhances human-robot collaboration, and the role robotics will play in our everyday lives in the near future.They Cover:

[15:00] - Generative AI serves as a universal translator for robotics. It's more than just predicting text; it's about the possibility to understand complex semantics of computer codes, data formats, and languages. This allows generative AI to bridge communication gaps, like translating between various codes and facilitating machine-to-human interactions.
[17:51] - When combined with visual libraries, generative AI improves robotics by simulating human-like perception. This enables robots to accurately sense and interpret their surroundings. Furthermore, Large Language Models (LLMs) can merge diverse data, widening their context awareness and capabilities, such as generating images of iconic landmarks based on country criteria.
[25:42] - Enhanced by generative AI, robots can now understand and act on advanced commands, allowing better support for the aging baby boomer population, such as interpreting requests like "find my pills." This technology also improves consumer experiences, allowing voice assistants in robots to handle complex tasks. Moreover, in organizations like oil rigs and power plants, robots benefit from this AI by running more efficient inspections, interpreting diverse sensory data, and adapting to dynamic environments.
[29:32] - Major companies like Google, Meta, and Amazon are prioritizing the fusion of visual perception with robotic logic. For example, Microsoft's Azure OpenAI offers a distinctive model of OpenAI functionalities, which focuses on data privacy, ensuring users retain ownership of their data. Microsoft is also developing product interconnectivity across its major products.
[46:36] - Generative AI will revolutionize robotics by allowing them to adapt to unexpected circumstances, such as wildland fires. While robots excel in repetitive or dangerous tasks, they often lack the nuance of human touch. Generative AI is bridging this divide, paving the way for a more collaborative effort between humans and robots, where each complements the other's strengths and abilities.

If you're interested in the future of drone delivery, tune into this episode of "The Future Of", a Podcast by Fresh Consulting.
Subscribe here:

Apple: https://apple.co/3t0hujs
Spotify: https://spoti.fi/3BLB3ja
bCast: https://bit.ly/38yNx3l
RSS: https://bit.ly/3uaCPIB
Instructions on how to rate and review The Future Of can be found here

Episode resources:

Daniel Rosenstein: https://www.linkedin.com/in/daniel-rosenstein-8a87803
Microsoft: https://www.linkedin.com/company/microsoft
Ashish Kapoor: https://www.linkedin.com/in/ashish-kapoor-a2971b6/
Scaled Foundations: https://scaledfoundations.ai/
Jason Kelly: https://www.linkedin.com/in/jasonlkelly/
Freemont Robotics: https://www.fremont.ai/

Next Episode

The Future Of Port Innovation

In this episode of The Future Of, host Jeff Dance explores the future of ports with three industry leaders: Paul Matthews, CEO of the Port of South Louisiana; Kristin Decas, Port Director and CEO of the Port of Hueneme; and Shaun Kjar, Director of the Inland Port in Utah. Together, they discuss the challenges and opportunities in the port industry, including sustainability, innovation, and coordination. They Cover:

[00:02 - 16:05] - Port Innovation and Efficiency - Implementing solar panels and transitioning towards energy-efficient facilities is an initiative that can attract customers and reduce costs. The conversation highlighted deepening the river channel, expanding rail access, and improving road infrastructure to enhance port efficiency. Cybersecurity measures are also essential to safeguard assets and information, particularly in an industry representing 25% of the US economy.
[12:16 - 14:05] - Coordination and Collaboration - Stress was placed on the significance of relationships and coordination among terminal operators, trucking companies, railroads, shippers, and other stakeholders to ensure efficient port operations. The Port Authority acts as a facilitator, fostering economic development and bringing various stakeholders together for mutual benefits and efficient operations.
[14:15 - 19:03] - Innovation and Sustainability - Engage with local government authorities help to create infrastructure beneficial for both the port and the local community. Sustainable growth can not happen without community involvement in decision-making processes.
[23:53 - 25:35] - Partnerships and Global Interconnectedness - International partnerships and collaboration between ports are necessary, explicitly referencing the memorandum of understanding with the Ukraine Seaports Authority. This highlights the interconnectedness of ports globally and how collaborations can benefit all parties involved. Ports can come together and share knowledge and strategies to overcome navigational challenges and improve efficiency in port operations.
[25:54 - 27:32] - Workforce Evolution and Challenges - There is a generational shift in the workforce, a "silver tsunami", where experienced individuals retire. To retain the knowledge of the experienced work class while integrating younger generations, the evolving demands and focuses of different ages in the workforce must be considered.
[56:43 - 01:00:59] - Decarbonization and Green Initiatives - The Port of Oxnard is ambitious to become the nation's first decarbonized port. Plans were outlined to achieve a zero-emission footprint by integrating technologies like shore-side power systems and green hydrogen fuel cells. Growth initiatives need to align with environmental sustainability to secure substantial funding and grants.
[01:10:49 - 01:11:30] - Impact on Communities and Education - Kristen and Sean emphasized the rewarding aspects of their work beyond technological advancements. Ports can do more by creating programs to uplift youth, providing educational opportunities, and creating career paths within the port industry. Sean highlighted their involvement with high school students through programs like robotics competitions and global trade and logistics classes, aiming to inspire and prepare the next generation for careers in this field. They also highlighted the positive impact of their work on local communities by creating jobs and contributing to economic development.

If you're interested in the future of port innovation, tune into this episode of "The Future Of", a Podcast by Fresh Consulting.
Subscribe here: