Luis Garicano 🇪🇺🇺🇦 @lugaricano@respublicae.eu

Stunning performance on the most advanced exams. Better than 90% of aspiring lawyers on the Bar, better than 99% of aspiring graduate students on verbal intelligence!
RT @gdb: We’re releasing GPT-4 — a large multimodal model (image & text in, text out) which is a significant advance in both capability and alignment.

Still limited in many ways, but passes many qualification benchmarks like the bar exam & AP Calculus: https://openai.com/research/gpt-4

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635691250274963457

Here it is.
GPT-4, which passes the Bar and College Calculus
RT @gdb: We’re releasing GPT-4 — a large multimodal model (image & text in, text out) which is a significant advance in both capability and alignment.

Still limited in many ways, but passes many qualification benchmarks like the bar exam & AP Calculus: https://openai.com/research/gpt-4

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635688309262536705

RT @jeuasommenulle: this is an important bit in Credit Suisse's annual report

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635687982572376071

GPT4 is happening??!!
RT @sama: excited 4 today

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635685556981211136

Increíble. Cualquiera que trabaje en industrias creativas debe ver este hilo- anuncios hechos en 30 minutos, animaciones enteras en 2 días...
RT @jenny____ai: Today I met with the Global Media team to discuss Generative AI. The excitement was insane! Never seen a topic like this at work before.

Here are the 14 examples of AI in Media I shared with them & why: 🧵

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635670691327647744

Few volatile factors left in there.
RT @M_McDonough: US CPI YoY% Change w/Contributions:

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635625937126715394

The most stupid decision by the US Govt ever?
- To do gain of function research is dumb.
- To do it jointly with the Chinese, in China, is dumber
- To do it in a lab known to be leaky, leading to Covid, is dumbest.
- Now, to pay twice for it... I have no words.
RT @CBSNews: The U.S. government may have made duplicate payments for projects at labs in Wuhan, China, through the National Institutes of Health and U.S. Agency for International Development, according to …

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635494719773102080

@LHSummers Oops...@LHSummers I don't think you wanted to write this tweet: maturity transformation is a (if not the) key function of banking- taking funds from agents with short term surplus and transferring to agents with long term needs (e.g. turning deposits into mortgages).

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635447777366016000

@vladivalz @StanfordGSB @HooverInst Sure. Filmed as I said by myself on the main branch of SVB at 2400 Hannover, Palo Alto

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635425642820026368

RT @sbuhai: @lugaricano And here's evidence beyond SVB—i.e., simulated scenarios for the full US banking sector—to justify the overhaul: "uninsured leverage (i.e., Uninsured Debt/Assets) is key to[...] whether these losses would lead to some banks in the U.S. becoming insolvent".

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635425139935547394

I read in the plane "2034" the novel by Ackerman and @stavridisj about a war between China and USA (and many more). Very illuminating about decision making and the mechanics of escalation. Recommended.
H/t @TarunKhannaHBS

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635424874511622145

Complete agreement. Good explanation.
RT @ProfStefanNagel: I am baffled by the Federal Reserve's new Bank Term Funding Program. The Fed is lending against par value. This means the Fed is getting into the business of (partly) unsecured lending. Is there a precedent for this? (1/n)

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635422000733888513

@Duarteosrm Maybe you are confused?
See the terms of the bailout.
?t=hrpWJttk9V49xVyJ8xAcIg&s=19
RT @ProfStefanNagel: I am baffled by the Federal Reserve's new Bank Term Funding Program. The Fed is lending against par value. This means the Fed is getting into the business of (partly) unsecured lending. Is there a precedent for this? (1/n)

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635421916554203138

@StoryfulNews Sure. No exclusivity, though.
LG

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635330065813884929

But this has huge implications: Banks become a utility. They are making bets with the house money. This model is untenable.
I believe there is a better way to do this, around the Chicago plan. I will write soon about this.
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https://www.elibrary.imf.org/view/journals/001/2012/202/001.2012.issue-202-en.xml#:~:text=At%20the%20height%20of%20the,100%25%20reserve%20backing%20for%20deposits.

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635329388584792066

I think the 250K limit on deposit insurance died today. Germany took the same decision in the crisis and precipitated trouble in all other Euro Countries.

But, once more, the political decision is taken: deposit insurance is unlimited. https://www.reuters.com/article/financial-germany-deposits/update-1-german-govt-to-guarantee-deposit-accounts-ministry-idUSL514023820081005

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635329387292946433

Now, the question is: if we do not think an extremely smart entrepreneur in charge of tens or hundreds of millions of dollars is able to monitor the bank, why the shop keeper or restaurant owner?

If the shop keeper or restaurant owner is not able, why anyone else?

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635329386269523968

I asked him what he meant. He did not see at all, in his mind this was not the image, his role as ensuring the deposits were safe there. This had to be the case, by definition.

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635329384855814144

The customers were very happy. One told me "man, it is all about payroll, if you do not make payroll you face jail". One very thoughtful entrepreneur said: "look, banks should not play with other people's money, banks should just be banks".

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635329380439449601

The branch was taken over by FDIC staff. SOme bank staff as well. An FDIC staffer telling customers they do not need to close their accounts and transfer because "this is probably the safest bank in the world today,since insurance is unlimited and everywhere elsy it will be 250k"

🐦🔗: https://n.respublicae.eu/lugaricano/status/1635329378065473537