When bankers address the issue of a potential banking crisis, it is not academic; it means that they know it is coming. This week, Jamie Dimon, CEO of the largest global bank, JPMorgan Chase, and the number two at the Fed Supervision, blew the whistle.
Dimon wrote in the company report: “Now may be the most dangerous time the world has seen in decades.” Of course, he did not address the cause of the crisis, namely the bankers’ own recklessness, but only the contingent triggers. The wars in Ukraine, Israel and Gaza “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.”
