Ponzi schemes and financial bubbles: lessons from history

Europe Edition - Today's top story: Ponzi schemes and financial bubbles: lessons from history View in browser   Europe Edition | 18 December 2025 The enthusiasm surrounding artificial intelligence is reviving fears of a new financial bubble. When euphoria becomes contagious, bubbles inflate… and Ponzi schemes lurk. To identify possible warning signs, Paul Griffiths compares two emblematic cases: the 'railway king' George Hudson in the 19th century and the financier Bernie Madoff at the turn of the 2000s. The two fraudsters shared the same modus operandi: opacity, concentration of power, minimal communication with investors and overreliance on their extensive network and reputation. Beneath every technological miracle may lie a financial mirage. AI could well be hiding another one. Europe's lag in technological innovation is widely recognised. Faced with this 'innovation gap', the European Commission is proposing the '28th regime', a single optional status for companies, aimed at simplifying the creation and development of start-ups across the continent. While the initiative aims to ease cross-border expansion and attract investors and talent, it also raises serious concerns about labour rights, including the potential for social dumping. Inside our homes, how should we take care of our favorite pets as they are getting older? Researchers have looked into this question and offer some easy-to-follow advice. All the best. Julia Dorner Editor-in-chief, Paris Ponzi schemes and financial bubbles: lessons from history Paul David Richard Griffiths, EM Normandie Technology bubbles have often concealed major frauds. From the railway boom to the Madoff affair, are there warning signs at the heart of the current AI frenzy? One 'single and simple' set of EU-wide business laws: everything you need to know about Europe's 28th regime Antonio Aloisi, IE University; Sara Kabiri, IE University; King's College London The optional new rules aim to make things easier for 'innovative' startups and SMEs, but they could also erode workers' rights. Is your dog or cat getting old? These simple gestures could help them live longer and happier lives Sara Hoummady, UniLaSalle How can we support dogs and cats as they age? Practical advice from veterinary science specialists (nutrition, living arrangements, behaviours to watch out for, etc.). America's anti-European attitudes are centred on perceptions of military weakness and the decline of native populations Roman Birke, Dublin City University The new US national security strategy says Europe faces 'civilizational erasure' due to high levels of immigration. How we unlocked the secrets of Denmark's oldest plank boat – with the help of an ancient fingerprint Mikael Fauvelle, Lund University A major mystery has surrounded the Hjortspring boat ever since its discovery: where did these invading warriors from the 4th century BC come from? 'Extreme melting' episodes are accelerating ice loss in the Arctic Josep Bonsoms, Universitat de Barcelona Snow loss is making the Arctic darker, reducing its ability to reflect solar radiation. Why does lettuce go bad so quickly? Our new study has the answer Victoria Fernández, Universidad Politécnica de Madrid (UPM); Ana Cros Stötter, Universitat de València; Jaime Colchero, Universidad de Murcia A nanoscopic view of lettuce reveals why it wilts and spoils faster than other vegetables. Think you know Hans Christian Andersen? Four experts pick his weirdest fairy tales to read this Christmas Ane Grum-Schwensen, University of Southern Denmark; Holger Berg, University of Southern Denmark; Jacob Bøggild, University of Southern Denmark; Sarah Bienko Eriksen, University of Southern Denmark The Andersen tales to read this Christmas, according to the Danish experts who know him best.         You're receiving this newsletter from The Conversation The Conversation France (assoc. 1901) 14, rue Sainte-Cécile 75009 Paris Forward to a friend  •  Unsubscribe