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LIAM Payne allegedly flew into a drink and drug-fuelled fit of rage in his tragic final hours, according to sex workers who spent the day with the One Direction star.

The troubled singer died after falling 46ft from his third-floor hotel room balcony in Buenos Aires, Argentina, on October 16, 2024.

Sworn statements from call girls Aldana Serrano and Lucila Goitea were taken hours after the tragic fall.

Now the documents, obtained by the Mail on Sunday, detail harrowing accounts suggesting the singer was on a path to destruction that day.

The pair say they were called to the CasaSur Palermo Hotel by Liam, 31, on the morning before he died and had consensual sex with him.

But they claim that the singer, who was worth £21m, became frustrated when it became difficult to pay for an agreed $5,000 (£3,700) fee as he had no cash.

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He allegedly smashed his £30,000 gold Rolex telling them he could “get ten of those,” before punching the hotel room TV three times.

After calming down, he is said to have fallen to his knees and asked the women to stay, claiming that “money didn’t make him happy”.

They say that Liam drunkenly serenaded them with his own songs before asking them for cocaine.

A toxicology report taken after his death revealed that the star had cocaine, alcohol and the powerful sedative Klonopin in his system at the time of the fatal fall.

Hotel worker Ezequiel Pereyra, 22, and waiter Braian Paiz, 26, have been charged with supplying the drugs and are awaiting trial.

They spent months in jail but were later released on bail. They deny the charges.

The singer, who had a history of addiction, arrived in the Argentine capital 16 days earlier to wait for his US visa renewal.

He spent the first two weeks of the trip with girlfriend Kate Cassidy and Argentinian businessman Rogelio ‘Roger’ Nores, 38, and was said to be sober for the entire fortnight.

After Kate returned to Miami on October 14 and Roger also left, Liam is believed to have fallen off the wagon.

He was told to leave the plush five-star Park Hyatt after trashing his room and launching into an alleged drink-fuelled tirade at the staff.

Liam then checked into the more modest, four-star CasaSur Palermo, where he reportedly called the two sex workers.

The women, who investigators treated as key witnesses, alleged Liam contacted one of them via WhatsApp after finding her profile online.

According to their statements, he sent photos of himself in bed at the hotel and a video to prove his identity after one of the women struggled to believe she was speaking to the One Direction star.

They say they arrived at the hotel around 11.30am where they showed their IDs to the front desk before being sent up to Liam’s room.

They said there was a communication barrier as the star only spoke English and they only spoke Spanish, so they relied on a translation app.

They claimed he initially tried to pay by international bank transfer, but they were unable to receive the money.

One woman said: “During our time there, we had sex with him, which was consensual sex, only once, and he wore protection.”

After spending around two hours in the room, the pair said they again asked to be paid the agreed $5,000 (£3,700).

Liam instead offered them his £30,000 gold Rolex, according to the statements.

One woman said: “We told him we only wanted money so he took it and smashed it. He told us he didn’t care about the money.

“And then he broke the TV, he punched it. He made us understand that he could smash everything because he knew he could pay for it.”

The women claimed they decided to leave, but Liam followed them downstairs into the hotel lobby, where they told staff he had smashed the television and refused to pay them.

While waiting in the lobby, they claimed Liam repeatedly paced around the hotel before returning to his room and then coming back downstairs.

The pair later returned briefly to collect belongings they had accidentally left behind.

One recalled: “He apologised for giving us a bad time.”

The women claimed they left shortly before 4pm and where Liam continued to act erratically.

Liam fell to his death at 5.07pm.

Aldana and Lucila only learned of Liam’s death after returning home and scrolling on social media, before police arrived later that evening to take their sworn statements.

It is unclear if they ever received the money.

The US military says it has struck 90 targets across Iran, hitting ports and infrastructure along the Strait of Hormuz. Iran says at least 14 people have been killed in two nights of attacks, and that it has responded with drone strikes on US-linked sites in the Gulf region.

In its Annual Economic Report, published on Sunday, the Bank for International Settlements (BIS), known as the central bank for central banks, warned that the enormous spending on AI is accumulating financial vulnerabilities that could amplify any future shock and spread from markets into the wider economy.

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Presenting the findings, BIS general manager Pablo Hernández de Cos said the message was one of “urgency”, with policymakers urged to act before any reversal makes the eventual adjustment more painful.

At the core of the warning is the scale of the spending, despite massive investment having supported global growth over the past year.

The five largest “hyperscalers”, the technology giants racing to build AI infrastructure, are on track to commit more than $1 trillion (€878bn) to AI-related investment across 2025 and 2026, a pace that is outstripping their earnings and free cash flow and pushing some to borrow heavily to keep up.

The BIS suggests this race is fuelled by a belief that only a handful of dominant players will ultimately prevail, encouraging firms to pour money into projects whose returns remain deeply uncertain.

Echoes of past manias

The report sets today’s AI boom against a long historical lineage, from the canal mania of the 1830s and Britain’s railway mania of the 1840s to the electrification of the 1920s and the dotcom bubble.

Each began with a genuine technological breakthrough that attracted more capital than commercial returns could justify, the BIS notes, with each episode ending “with an eventual reversal in investment, inducing economy-wide recessions”.

Compounding the danger are stretched share prices and opaque financing.

The BIS highlights the spread of “circular financing”, in which chipmakers and cloud giants take equity stakes in AI labs that then commit to buying their chips and computing power, effectively recycling money back to the original investors as revenue.

Much of the funding now flows through hedge funds and private credit vehicles that face lighter scrutiny than banks.

According to Zhang Tao, the BIS chief representative for Asia and the Pacific, that reliance on non-bank channels means an AI downturn could unwind into a sharper, faster crash than a traditional banking crisis.

The hidden costs of data centres

Beyond financial markets, critics argue the true cost of the AI build-out is being obscured in plain sight.

A central concern, examined by the Wall Street Journal, is how the technology giants account for their data centres.

By assuming the expensive equipment inside them will stay useful for longer, firms can spread its cost over more years, lowering the depreciation charged against profits in any given period and making earnings look healthier than the underlying cash burn implies.

However, the specialist chips at the heart of these facilities may become obsolete far faster than those extended schedules assume, leaving a gap between reported profits and economic reality, as well as a balance sheet more exposed than it appears should demand disappoint or a sizable need to replace hardware arise.

The physical scale is staggering.

Columbia University economist Stijn Van Nieuwerburgh estimates the build-out could cost in the region of $8 trillion (€7tn) over the next six years, financed in part through the kind of off-balance-sheet arrangements the BIS flagged.

The costs are also no longer confined to corporate accounts.

Some economists now warn of a so-called “third wave” of inflation, after the pandemic and tariffs, driven this time by the AI build-out. As chip manufacturers prioritise high-margin parts for AI servers, the resulting squeeze on memory and storage has rippled out to consumer electronics.

For example, Apple raised prices on its MacBooks, iPads and other devices last week, citing an “extraordinary surge in demand for memory and storage” and saying it had “never seen a component price increase this much, this quickly”.

The company’s shares fell around 6%, their worst day in over a year, as Microsoft, Nintendo and Sony have also made similar moves.

Beyond hidden costs and inflationary pressures, where the strain may spread furthest is raw power.

Goldman Sachs expects data centres to account for nearly half of the growth in US electricity demand by 2030, with consumer power prices forecast to rise around 6% a year through 2026 and 2027.

The BIS itself notes that the build-out’s hunger for electricity is already pressuring prices and input costs, with potential spillovers to inflation, though it stresses, as do many economists, that AI could yet prove disinflationary if its promised productivity gains eventually arrive.

The next global food crisis is unfolding in a narrow stretch of water.

The United Nations warns that if fertilisers cannot pass through the Strait of Hormuz within just a few weeks, the world could face mass starvation.

It says the consequences could be severe if shipping disruptions linked to the Iran conflict drag on.

Food prices are already at a three-year high, while fertiliser costs critical for agriculture have rocketed.

Aid agencies fear a prolonged disruption could push tens of millions more people into hunger.

For vulnerable economies already struggling with debt and high import costs, the risks are growing fast.