I have a theory that America fights a major war every 20 years or so, because it takes about that long for people to forget just horrible war is. If they do remember, they dismiss the warning from Cleo, the Muse of History, as being irrelevant, because they are smarter than their fathers and they won't makes the same mistake.
The same applies to economics and recessions and depressions. The financial crisis of 2008 was caused, in large part, by people thinking that "this time will be different" and the "old rules don't apply."
Paul Krugman takes something similar to this train of thought with regards to AI and the current tech boom, in particular comparing it to the market bubble of 1999. Basically, the Digital Revolution of the '90s did have a noticeable effect on GDP growth and productivity, but it was transient, not permanent. People got over their skis and created a bubble, which burst in March of 2000.
If you are currently thinking that the Elon Musk/Peter Thiel Axis of Evil is acting humbly before the historical precedents, I think you might reconsider.
Whether it's crypto, AI or both, we are likely headed for another boom and bust. Real people will get hurt, because the people who lead and own this country never paid attention in history class.
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