Good morning readers. Ever gazed out of a window and pondered if geniuses like Shakespeare or Emily Dickinson would perceive it differently? Well, modern science is on it, delving into the 'complexity' of consciousness. It's all about the electrical buzz in our brains, with researchers measuring this 'complexity' to gauge our experiential 'richness'. Think of it as the brain's data storage capacity. Studies show this richness varies, peaking during psychedelic trips (yes, even that mundane office parking lot view can turn profound). But, as with all good science, there's caution – more complexity isn't always better. Finding that sweet spot, that 'criticality' in our brain's activity, could be the key to a richer, more balanced mental state. So next time you're zoning out at a window, remember, your brain's complexity might just be painting a richer picture than you realize.

Let’s jump into today’s storylines.

In today’s digest:

• The rise of BNPL

• Headline Hustle: Journalists at NYT times form “independent caucus”, Mexico launches Maya Train in bid to boost tourism, secret Russian intelligence missing since end of Trump term

• AI in the workforce, a new era of work?

• The Week Ahead: What to Expect

• Pulse Points: What’s Trending

FINANCE

Swipe now, worry later? The BNPL boom and what it means for your wallet

In an era where the click of a button can delay payments for everything from daily groceries to high-end gadgets, "Buy Now, Pay Later" (BNPL) services are reshaping the consumer credit landscape. As households grapple with high interest rates and dwindling pandemic savings, BNPL's allure is undeniable. But as this trend gains momentum, it raises critical questions about the long-term financial implications for consumers.

BNPL on the rise

The appeal of BNPL is unmistakable, seeing a meteoric rise especially during shopping periods like Black Friday. What sets BNPL apart? Their services typically don't report to credit agencies, making them a seemingly attractive alternative that doesn't immediately impact credit scores. These plans differ significantly from traditional credit cards - they're not about the long game of revolving credit and accruing interest, but rather about short, snappy repayment terms, with loans as hefty as $25,000 and interest rates swinging from 0% to 36%.

From necessity to luxury. Consumers are diving in, using BNPL for both essentials and luxury goods, strategically playing the credit game to keep their card balances low while juggling fluctuating incomes. But it's not all rosy. Consumer advocacy groups are raising alarms, pointing out the lack of traditional credit protections and the potential for users to sink into deeper debt, unnoticed. The regulatory landscape is trying to catch up, albeit at a snail’s pace, with the Consumer Financial Protection Bureau (CFPB) looking to bring BNPL under similar scrutiny as credit cards. The challenge? Not all BNPL providers are playing ball with U.S. credit bureaus.

One thing is clear: this isn't just about buying stuff. The BNPL phenomenon is a significant shift in the financial behaviors and preferences of consumers. Although it revolutionizes the way we spend, it also highlights the evolving economic challenges and shifts in consumer trust.

Headline Hustle

📰 Journalists at the New York Times form an “independent caucus” amid concerns of Union’s actions. A group of notable journalists at the The New York Times have established an "independence caucus," signaling a growing unease with their union's tilt towards advocacy. This rift comes into sharp focus amid debates over a controversial statement on the Israel-Hamas conflict, raising questions about journalistic neutrality. The situation escalates as some staffers consider splitting from the NewsGuild, highlighting a broader struggle in journalism: balancing the time-honored principle of impartial reporting with the emerging trend of active advocacy.

🇲🇽 Mexico launches Maya train in bid to boost tourism. Mexico's President Andrés Manuel López Obrador has launched the first segment of the Maya Train, a major 950-mile railway connecting Campeche to Cancún. Aimed at boosting tourism by linking key historical sites, the project is mired in controversy. Environmentalists decry its ecological impact, including substantial deforestation and threats to limestone caverns. Financial critics highlight soaring costs, now $29 billion, up from an original estimate of $7.5 billion. Despite these challenges, the train, offering varied travel services, symbolizes Mexico's bold effort to revolutionize its tourism sector amidst environmental and economic debates.

📃 Secret Russian intelligence missing since end of Trump term. In a startling revelation, a top-secret binder integral to the U.S. analysis of Russia's alleged meddling in the 2016 election has gone missing since the final days of Donald Trump's presidency. This crucial document contained sensitive intelligence from U.S. and NATO sources, sparking fears of compromised espionage methods. The binder, also containing materials from the FBI's "Crossfire Hurricane" investigation, has stirred deep concerns, leading to a Senate Intelligence Committee briefing. Its disappearance adds a mysterious twist to the ongoing narrative of political intrigue and election interference.

ARTIFICIAL INTELLIGENCE

AI in the workforce: More R2-D2, less Terminator

Your next colleague might be a robot.

That's not science fiction anymore; it's the increasing reality of Artificial Intelligence (AI) in the workplace. Elon Musk’s vision of a future with no jobs needed thanks to AI might sound like a script from a sci-fi movie, but how close are we really to this automated utopia (or dystopia)?

AI’s growing footprint in employment. The stats speak volumes: a striking 37% of business leaders using AI reportedly replaced workers in 2023, and 44% foresee AI-driven layoffs in 2024. However, the narrative isn't as straightforward as robots stealing jobs. Many experts counter Musk’s view, arguing for a more nuanced impact of AI. It’s not just about job loss; AI is reshaping roles, pushing the workforce from mundane task execution to more complex, value-driven activities. Think of the transition from typists to word processors – it's evolution, not extinction. AI's real prowess lies in tackling "work about work" – those time-consuming ancillary tasks, paving the way for employees to focus on more meaningful, creative work.

The human-AI collab. The concept of human-centered AI is gaining traction, aiming to augment rather than replace human capabilities. With employees believing that nearly a third of their tasks could be AI-managed, the focus is shifting towards human-AI collaboration. But there's a catch: the global digital divide. A significant chunk of the world's population lacks internet access, which could skew AI's impact on global employment. Plus, the responsibility falls on both individuals and organizations to continuously upskill, ensuring relevance in an AI-dominated landscape.

Looking ahead…as we stand at this technological crossroads, it's essential to remember historical precedents: past technological revolutions haven't eliminated jobs but transformed them, creating new industries and opportunities. The future with AI seems poised to follow a similar path, if we’re careful.

WEEK AHEAD

What to expect

• Stock Market Triggers: Investors are focused on domestic macroeconomic indicators, primary market action, foreign capital inflow, crude oil prices, and global cues in the third week of December.

• Financial and Economic Updates: Economic focus includes the Bank of Japan's policy meeting, expected to maintain current rates, and updates on inflation from the UK and Canada. The US will release data on personal income, consumer confidence, and durable goods orders.

• What else is happening this week:

  • NFL Christmas Games: The NFL is featuring a packed schedule over the Christmas weekend. Key matchups include the Cincinnati Bengals vs Pittsburgh Steelers and the Buffalo Bills vs LA Chargers on December 23. Christmas Day will see the Las Vegas Raiders vs Kansas City Chiefs, New York Giants vs Philadelphia Eagles, and the Baltimore Ravens vs San Francisco 49ers.

SNIPPETS

Pulse Points

• Costco started selling gold bars and achieved over $100 million in gold sales during its fiscal first quarter, as reported by CFO Richard Galanti.

• 99% of Teamsters union members voted in favor of authorizing a strike at Anheuser-Busch's U.S. breweries.

• The U.S. SEC rejected Coinbase Global's request for new digital asset sector rules in a 3-2 vote, leading Coinbase to challenge the decision in court.

• Activision Blizzard agreed to pay over $50 million to settle a lawsuit by a California regulator, a move that influenced Microsoft's October takeover of the company.

• A jury ruled that Rudy Giuliani must pay $148 million for falsely accusing two Georgia election workers of rigging the 2020 presidential election.

• Fake TikTok accounts have spread disinformation about Russia's war in Ukraine to millions, according to new data from TikTok.

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