Top financial leaders at the World Economic Forum in Davos have issued warnings about the potential for a 1930s-style economic crisis, driven by a combination of technological advancements, trade protectionism, and geopolitical fragmentation. European Central Bank President Christine Lagarde and historian Adam Tooze highlighted parallels between the current era and the 1920s, noting the risks of political failure and overreliance on technology and finance. Ken Griffin, founder of Citadel Securities, criticized government overspending, particularly in the U.S., as a major threat to financial markets. He emphasized that unlike the private sector's excessive leverage in 1929, today's core risk lies in unchecked government spending. Meanwhile, BlackRock CEO Larry Fink argued that AI is not a bubble but will lead to a "winner-takes-all" scenario, with large enterprises dominating due to their scale and data advantages. Lagarde also warned that rising tariffs and geopolitical divisions could hinder AI's expansion by restricting data flows and energy access, essential for AI development. She stressed the importance of central bank independence in maintaining economic stability amid these challenges.