‘Wall Street bubbles; Always the same’. A Puck magazine caricature from 1901 shows John Pierpont Morgan as a bull blowing bubbles labelled ‘Inflated Values’. Credit: Chronicle. A fatal combination of AI exuberance, reckless private credit, and skyrocketing levels of sovereign debt is generating economic bubbles. When they burst, the ensuing global crisis may well transform the geopolitical landscape. By David Roche President Trump cannot be credited with the creation of economic bubbles, but he will certainly be debited with the fallout if they should burst on his watch. This needs qualification: Trump’s policies have achieved an extraordinary short-term economic equilibrium, but at … Continue reading A crash is coming