Liaquat Ahamed

speaker

238 appearances 1 recordings 1 series first heard Jul 2026 last heard 27 Jul

Liaquat Ahamed’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Merryn Talks Money · Are We Repeating the Biggest Mistake of 1873? · 27 Jul 2026 podcast

Exactly.

Right.

And I think that's what everyone has latched on to.

I mean, they've latched on to the boom portion rather than what comes when the boom ends.

Now, what caused the boom to end?

I think two things.

One is that everyone trying to build railroads at the same time

they started competing against each other and the profitability of the railroad started declining.

So the equivalent today, if all of the hyperscalers start trying to build AI infrastructure,

And the price of tokens starts collapsing, which, by the way, is already started.

Yeah.

It changes sort of the economics of their investment.

So that started happening at the same time because of the disruptions in Europe because of the war.

The price of a capital starts rising.

And there's some signs that that's happening now.

Until recently, we reassured ourselves that we could finance this boom from the profits of the giant technology companies.

But that has even proved to be inadequate, and they're now going out and borrowing.

So the combination of declining profitability and rising cost of capital

at some point causes a crunch.

In the US case, when Jay Cooke announced that he couldn't complete his railroad, that would be the equivalent of, let's say, OpenAI declaring, actually, I think we've miscalculated.

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