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It appears many of us forgot the lesson about not investing in, and building the economy around, things we don’t wholly understand.
Every financial collapse reads as farce in retrospect. It was true of the 1630s tulip mania and the 1720s South Sea Bubble. True, too, of the fast-moving Web3 and Web 2.0 collapses, with an added bonus: they can be recognised as farce in real-time.
Strutting emperors from the domain of cryptocurrencies and social media platforms have been stripped of their imperial grandeur to reveal vaudeville villains who, it seems, were hiding in plain sight all along. This is a good thing — and it’s through these towering personalities that journalists are starting to report what’s happening. It’s how we’ll come to understand it.
It’s important to remember, too, that as the collapses leach into the “real” economy — you know, the one where most of us live and work — there’ll be plenty of room for the individual tragedies of lost jobs and diminished savings.
Read more about the burst of the big tech bubble…
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About the Author
Media Correspondent
Christopher Warren is an Australian journalist and writer. He was federal secretary of the Media, Entertainment & Arts Alliance until April 2015, and is a past president of the International Federation of Journalists.
