AI hype, leveraged finance, and shadow banking have created the biggest financial bubble since 2008

"We could have a crash that could wipe £1 trillion off the value of UK stocks and shares, and of course, bigger sums expressed in dollars, admittedly, but nonetheless, overall much bigger sums in the USA as well.

"This time  the bubble is bigger and the system is even more connected than it was in 2008.  

"Big tech has meant bigger vulnerability because everything is more connected. 

"And at the same time, big tech has meant the rise of the shadow banking system so that half of all loans are through things which aren't banks, but which behave like banks, like hedge funds, and private equity and so on. 

"And their interconnectedness with the banking system is so great that another full-scale financial crisis is almost inevitable once we begin to see a stock market slide."



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