This may be the most dangerous time the world has ever seen, says Jamie Dimon
Washington, USA17 Oct. 2023, 01:20 10065 read 2 comments
The CEO of the largest American bank, JPMorgan Chase, issued a serious warning to the world.
This may be the most dangerous time the world has seen in decades, Jamie Dimon told CNN.
According to him, the war in Ukraine and the one between Israel and Hamas could have profound consequences for the energy and food markets, for world trade and geopolitical relations.
He also stated that 100 bank stress tests are being conducted a week because of the risks posed by the wars.
While we hope for the best, we are preparing the company for a wide range of scenarios, Dimon added. According to him, American banks are now “climbing a wall of anxiety” (stock markets overcoming a temporary problem situation).
However, JPMorgan analysts are not predicting a recession in the US, but rather a soft landing – a slowdown in the economy without a severe economic downturn and high unemployment.
Ray Dalio, the founder of the world’s largest hedge fund Bridgewater, who has been called the “Steve Jobs of investing”, warned that the war between Israel and Hamas threatens to lead to new conflicts.
“The odds of moving from containment conflicts to a more uncontrollable hot world war involving major powers have increased from 35 percent to about 50 percent over the past two years,” he said.
Dalio called the conflict between Israel and Hamas another step toward a “much more terrible hot world war.”
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