Fear adds to Russia-Ukraine conflict risk and increases ‘probability of European and of US recession’
Jamie Dimon, chairman of JP Morgan, calls Israel’s war on Hamas and Russia’s invasion of Ukraine ‘scary and unpredictable’.Jamie Dimon, chairman of JP Morgan, calls Israel’s war on Hamas and Russia’s invasion of Ukraine ‘scary and unpredictable’.in the Middle East as the humanitarian crisis compounds the challenges facing an already precarious world economy, two of Wall Street’s biggest names warned this weekend.
In an interview with the Sunday Times, he said: “When the Russian invasion occurred in Ukraine, we said that the peace dividend is over. Geopolitical risk is a major component in shaping all our lives. We are having rising fear throughout the world, and less hope. Rising fear creates a withdrawal from consumption or spending more.
The comments come just three weeks after similar apocalyptic remarks from Dimon, who is one of the world’s best known financiers.that the world may be living through “the most dangerous time the world has seen in decades”, with the escalating conflict potentially having “far-reaching impacts” on energy prices, food costs, international trade and diplomatic ties.
At the bank’s most recent update to Wall Street last month, Dimon said: “The war in Ukraine compounded by attacks onmay have far-reaching impacts on energy and food markets, global trade and geopolitical relationships. This may be the most dangerous time the world has seen in decades”.
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