Nyt article · Rebel Economist (Free)

Nyt article

https://www.nytimes.com/2026/10/23/business/economy-2008-financial-crisis.html?smid=nytcore-ios-share

Not sure everyone will be able to access the link. Including for those who can.

This New York Times article talks about the possibility that the AI investment cycle is going to turn down (implode) and it could cause global financial problems. It sounds an awful lot like Steve’s point that private credit/debt is part of the money supply and removing a lot of money from the economy can cause a recession or a crisis.

Of course, the article doesn’t talk about the mechanism. It talks in terms of probabilities, looking at past events. But still, it’s refreshing to see mainstream media with some notion of bubbles and recession tied to bursting of bubbles. In this case, a private debt bubble.

If in fact the AI bubble does burst catastrophically, it seems like it could be a good example for Steve to use in making his case. Especially good if the crisis could be predicted based on his analysis.

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Nyt article