India, Oct. 25 -- Artificial intelligence has become the world's favourite doomsday machine. Some voices warn of human extinction within a decade. These claims make headlines, but they are dangerously misleading. They pull attention away from a far more plausible and immediate threat-one already unfolding across emerging economies from South Asia to Latin America: a slow, silent mudslide of national wealth into the US dollar, accelerated by AI-exposed vulnerabilities in domestic financial systems.

This is not science fiction. It is macroeconomics meeting machine intelligence.

AI is making it easier to find and exploit weaknesses in financial systems, and emerging-market banks are exposed to this growing threat. In fragile banking enviro...