The head of JP Morgan, Jamie Dimon, suggested that the third world war has already begun.
Although he usually pays close attention to the workings of the financial markets and the decisions of the Fed, geopolitics seems to be his most important concern in recent times.
Speaking at the annual meeting of the Institute of International Finance in Washington, Dimon said that the economic outlook “is dwarfed by the geopolitical situation we face.”
In an unusually dramatic way, the CEO of JP Morgan explained that the recent warfare in Ukraine and the Middle East, as well as increasing cooperation between the enemies of the United States such as Russia, China, North Korea and Iran, is a terrible global threat. “The economic future is insignificant before the geopolitical situation before us,” he said.
According to Dimon, these forces are trying to overturn the world system built by the US and its allies after World War II, and he warned, according to Market Watch, that “World War III already started.”
“Recent events show that the conditions are insidious and worsening. (…) There is significant human suffering, and the outcome of these situations could have far-reaching consequences for short-term and more significant economic outcomes throughout history,” he said, adding: The international order that was The place since the end of World War II has been evolving, with conflicts in the Middle East and Ukraine, increasing tensions in relations between the US and China and the risk that Iran, North Korea and Russia will ” nuclear blackmail”.
In this context, Dimon considers the proliferation of nuclear weapons to be “the greatest danger facing humanity” – even more so than climate change.
JP Morgan has already begun studying cases of the potential economic consequences of an escalating conflict, and the indicators are worrying. “The cases we run will shock you,” Dimon said.
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