In fifty years as a City writer, I’ve never felt so worried a terrible financial crash is coming. The warning signs are EVERYWHERE, writes ALEX BRUMMER

Last week, something extraordinary happened at the New York Stock Exchange. Brera Holdings, who has a share in football clubs, announced its intention to purchase crypto currency coins.

The movement attracted attention and the company’s shares increased its rocket by about 600 percent in a single day before returning to 225 percent.

However, what is really remarkable is that this company does not have the shares of legendary football teams such as Liverpool or Real Madrid, but Brera Ilch, which ended in the Mongol League, as well as other cadres from Northern Macedonia and Mozambique.

The influential economist JK Galbraith, who chronic the major accident in 1929, created a term for such hyperactive speculation: ‘Brazle’.

The ice bee occurs when the markets are so warmed that even serious and respected individuals – Brera Emirati investors and Wall Street technology are supported by Sage Wood – convinced themselves that they are over.

I wish Brera good wishes, but the truth is that there is assembly and deeply uncomfortable evidence that the financial world has entered the dangerous area.

Probably we go to a historical accident, all kinds of impoverishment, ruined career, retirement expectations, social unrest and worse.

This week, Nvidia, the smart chip manufacturer, the world’s largest company, is just an unimaginable symbol of Ultra Frothy times.

This gigantic total is more than the entire value of Unilever, which still makes large sales in everything from Dove soap to marmite or oil giant BP. He even holds $ 72 billion he has invested in Openai for his ten -year history.

Yes, Openai’s AI models like chatgpt can change the world one day – and maybe it is already doing it. However, they also require tremendous amounts of electricity – the capacity of ten new nuclear reactors, globally speaking. This can take ten years or more to realize.

The NVIDIA-Openei process can herald a bold new world for technological abundance and increasing hyper productivity, but it is only a great deal of possible agreement at the markets of markets.

And it seems beyond suspicion. From Dow Jones, Nasdaq and S&P 500 in New York to Nikkei in Japan, and even British’s FTSE 100 and FTSE 250, almost all world stock market indices are at the tops of all time or close.

This week, the price of gold reached a new record level of $ 3791 per ounce, and this year increased only 44 percent.

Even the crypto currency Bitcoin, which has no internal value, stands just below the $ 124,000 per year ‘mine’ mines’.

While Bitcoin’s critics insisted that this was a speculative mani totem, Warren Buffett, the world’s largest living investor, called it a disgraceful ‘rats poison frame’.

A feature of all bubbles – or former US Federal Reserve President Greenspan, to take the phrase ‘irrational enthusiasm’ – is that people ignore the warning signs. And I lose the number of them.

Here and without a new header warning about the increasing price of the state debt around the world, it barely passes. This month, long -term returns to the UK government bonds (the return of investors to acquire state debt) have increased to the highest level since 1998.

Rachel Reeves’ last October

Markets cannot be deceived forever and are deeply concerned about our country’s long -term expectations and the ability of the workers’ government to meet their expenditures.

The British government debt is now close to 100 percent of GDP, the highest level so far in peace time.

But we are far from being a contrary. At the beginning of this year, 114 percent of the situation was even worse in France. And even in the strong United States, Donald Trump’s ‘Big Beautiful bill’ with government debt, tax cuts and modest expenditure discounts is moving towards 140 percent of GDP.

Last week, Vitor Gaspar, a senior international monetary fund official, warned that global debt levels now hit 235 percent of world production, borrowing the main driver of the public.

And the special debt markets that companies collect money seem almost better. Only this week, the American Car Lender Tricolor Holdings and the first Brands Group, the supplier of car parties, asked for an emergency financing to avoid bankruptcy.

Increased unemployment is a classic sign of an approaching stagnation, where the numbers are equal gloomy. British payroll numbers-that is, the people at work-rachel Reeves have fallen 178,000 since the budget of £ 40 billion, which destroys the growth and growth.

Throughout the Atlantic, the federal reserve used a typically cautious language when he cut ‘downward risks for employment’ interest rates.

Donald Trump’s tariff turmoil costs are also increasing. Tariffs are as taxable to consumers because most importers transfer the cost to their customers. Trump’s tariffs saw more than twice the expected amount of $ 350 billion from importers.

However, this exceeds the benefit of the President’s tax deductions to corporate Americans.

I must say that tariff wars were an important reason for the Great Depression in the 1930s.

Later, GDP collapsed by 30 percent worldwide, ten or perhaps hundreds of millions of people were unemployed worldwide, and fascist and communist movements were encouraged and led to the horror of World War II. Contemporary danger must be open.

As a financial writer for more than twenty years, I have never felt so worried about the welfare of our nation and the world.

He saw a financial accident in almost every ten years in my professional life, and earlier this year ” tariff anger vigil ‘(they had a sharp decrease and corrected soon) or the 2020 Covid accident (again healed again), we have not seen a real recession since 2008-2009. Another is delayed.

Now the marathon bull run can end soon. And here, the price of gold is a useful bell. Historically, private investors, central banks and asset executives return to gold when they are scary and seek dividends or interest when they seek a safe port for their assets.

No one knows exactly what to trigger the financial explosion. The 1987 ‘Black Monday’ accident was triggered by a complex and technical dispute on interest rates between the United States and Germany.

Modern money crises are equivalent to flash floods. Financial markets are now guided by computer algorithms that are ironicly reinforced by AI, which is now enlarging panic sales.

When this disgusting process begins, no intervention of money officials cannot stop the tide.

Computer -guided trade can lead to an unstoppable tsunami when combined with millions or billions of ordinary investors instincts. The world economy and markets are dealing with a gap. However, few politicians recognize risks because they are authorized and financial players.

When he finally wakes up, they can all be too late.

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