The column argues that today’s twin manias—AI and cryptocurrencies—may be more dangerous if they don’t burst. Trillions have flowed into AI infrastructure and software, powering most recent U.S. market gains and lifting top AI firms to roughly $35 trillion in value, while some 20,000 cryptocurrencies now total about $5.8 trillion. If those bets prove sound, the payoff could accelerate a productivity boom that displaces workers—possibly lifting permanent unemployment into double digits—without triggering the usual policy responses, echoing the “Engels Pause.” At the same time, crypto’s design invites fraud and laundering, evidenced by surging ATM-facilitated scams. With “40 trillion reasons” sunk into AI and crypto, simply switching them off isn’t realistic; the greater risk, the piece contends, may be a successful boom that amplifies inequality and social strain.
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