FTX saga is just an old-style failure of a new asset
The product at the heart of the collapse may be high-tech, but the details of how we got here mirror many aspects of the 2008 financial crisis, and other periods of financial speculation.
If the bankruptcy of FTX and the subsequent meltdown of all things crypto have shown us anything, it is that this time still isn’t different when it comes to the financial sector and risk.
The product at the heart of the current market collapse may be high-tech, but the details of how we got here mirror many aspects of the 2008 financial crisis, and other periods of financial speculation such as the dotcom bubble, or even the run-up to the 1929 market collapse.
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Financial Times
Rana Foroohar is a global business columnist and an associate editor at the Financial Times, based in New York. She is also CNN’s global economic analyst.
