we've been here before: the crashes, the greed and the wonderful life lesson

Remember the dot-com crash?

Remember the financial crisis of 2008?

Remember the technology promises, the investment frenzies, the overnight fortunes and the people left picking up the pieces?

Now we're watching another enormous rush of money into artificial intelligence. And when markets start wobbling, investors suddenly remember that perhaps not every shiny new thing is worth a fortune.

But this isn't our first rodeo.

Let's go back.

1907: The Panic of 1907

A speculative investment scheme collapsed, confidence evaporated, people rushed to withdraw their money, and financial institutions came under enormous pressure.

It was a worldwide financial crisis. It was also one of the events that helped lead to the creation of the US Federal Reserve in 1913.

1929: The Wall Street Crash

The roaring twenties. Speculation. Borrowing. Easy money. Everybody wanted a piece of the boom.

Then came October 1929.

The stock market crashed and the world entered the Great Depression. Businesses failed, banks collapsed, people lost their savings and millions lost their jobs.

1987: Black Monday

October 19. Stock markets around the world plunged. The Dow Jones dropped more than 22% in a single day.

2000–2002: The dot-com bubble

The internet was going to change everything. And it did.

But investors confused the potential of the internet with the value of every company claiming to be part of the revolution.

Many companies disappeared. Fortunes evaporated.

2008: The global financial crisis

Another boom built on risky lending, excessive borrowing and financial products that many people didn't fully understand.

The consequences reached ordinary families around the world.

And now?

The AI gold rush.

Billions are being invested in chips, data centres, infrastructure and companies promising to change everything.

AI may well become an important and useful technology. But that doesn't mean every investment will succeed, every company will survive or every promise will be delivered.

Technology isn't the problem.

Blind faith in endless growth, speculation and greed is.

And that's where I want to bring in one of my favourite Christmas movies.

It's a Wonderful Life.