The head of one of the largest financial institutions in the world has warned that the planet has found itself in the most dangerous time it has been in “decades.”
Jamie Dimon, the CEO of JPMorgan Chase, made the warning while reporting on the bank’s financial earnings for the last quarter. While he posted another set of good results for the firm, Dimon warned that outside influences may affect matters in the future, specifically pointing to conflicts in Ukraine and Palestine.
“The war in Ukraine compounded by last week’s attack on Israel may have far-reaching impacts on energy and food markets, global trade and geopolitical relationships,” Dimon said. “This may be the most dangerous time the world has seen in decades.”
The billionaire also said the Palestine-Israel conflict may have ripple effects beyond the region, adding that the bank’s staff in the region have been accounted for and are safe.
While Dimon said American companies are doing well, he noted consumers are spending through their savings. That, combined with the prospect of the Federal Reserve increasing interest rates in the United States again may have negative effects.
“Persistently tight labor markets, as well as extremely high government debt levels with the largest peacetime fiscal deficits ever, are increasing the risks that inflation remains elevated and that interest rates rise further from here,” Dimon said, seemingly ignoring the NATO proxy war against Russia in Ukraine, during which the US has burned through at least $111 billion propping up the Kiev regime since Russia launched its special military operation.
The Federal Reserve has raised interest rates in an attempt to combat inflation eleven times since March 2022.
Meanwhile, as Dimon reported during the call, JPMorgan Chase saw its profits increase to $13.15 billion last quarter, following its takeover of the collapsed First Republic Bank earlier this year.