ChatGPT – OpenAI: In Geocentric and Heliocentric terms do risk to bank system revolve around what’s perceived risky or what’s perceived safe?

I’ve been arguing for decades against bank regulations based on that what’s perceived as risky is more dangerous to our bank systems.

For instance, 2012, Financial Time’s chief economics commentator Martin Wolf gave a testimony to that  effect. 

The illusion of validity, outcome bias and the availability heuristic, also known as availability bias, affects human intelligence.

In 2019, responding to a request for commentaries I sent a letter to the Financial Stability Board that opened with "I feel like a heliocentric Galileo writing to a geocentric Inquisition". My letter was received, but never answered.

I asked ChatGPT:

"Two options:

A: The most dangerous risks to banking system revolve around what’s perceived as risky

B: The most dangerous risks to banking system revolve around what’s perceived as safe

To which option respectively do the terms geocentric and heliocentric best apply?"

ChatGPT answered:

Option A: "The most dangerous risks to banking system revolve around what’s perceived as risky" can be compared to the geocentric model of the universe. In the geocentric model, the Earth was believed to be the center of the universe, and all other celestial bodies revolved around it. This model was widely accepted for centuries, despite evidence to the contrary, because it aligned with people's perceptions and beliefs. Similarly, in the banking system, if risk is perceived in a certain way, it may be accepted and even encouraged despite evidence to the contrary.

Option B: "The most dangerous risks to banking system revolve around what’s perceived as safe" can be compared to the heliocentric model of the universe. In the heliocentric model, the Sun was believed to be the center of the solar system, and all planets, including Earth, revolved around it. This model challenged the geocentric model and required a significant shift in thinking and understanding. Similarly, in the banking system, if risk is perceived as safe, it may lead to complacency and a failure to recognize potential risks, leading to dangerous consequences."

Note: The answers are copied exactly from those given to me by ChatGPT

Comment: You tell me. Don't I have an ally now? Will OpenAI also be silenced by the Neo-Inquisition?

Here my many other questions to ChatGPT – OpenAI on bank regulations