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Jamie Dimon, the CEO of JPMorgan Chase, informed the audience that warfare and the spread of nuclear weapons pose larger existential risks compared to climate change.
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“World War III has already begun. You already have battles on the ground being coordinated in multiple countries,” Dimon said at the annual event in Washington, DC, in October.
Dimon named potential conflict between Western countries and China, Russia, Iran, or North Korea as far more concerning to him than any potential instability in the global financial markets.
JPMorgan Chase has “run scenarios that will shock you” in preparation for potential global conflict, Dimon told the audience.
Curious timing
Dimon’s alarming comments came on the same day as the conclusion of the BRICS Summit, where Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates met to discuss deepening their integration.
Nevertheless, Dimon might have had different motivations closer to his personal life for discussing geopolitical issues with a financial audience.
As reported by The New York Times, Dimon quietly backed Kamala Harris’s presidential campaign but chose not to endorse her openly due to concerns about potential backlash from Donald Trump. A registered Democrat, Dimon allegedly had aspirations for serving as the Treasury Secretary in Harris’s cabinet should she become president.
When these expectations fall through, almost anything could occur during President Trump’s next term. Therefore, it makes sense to begin readying yourself for various economic outcomes with guidance from a certified financial advisor. Fortunately, Advisor.com can assist you in finding the perfect match for your needs.
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What to possess during crises?
Regardless of whether you take heed of Dimon’s concerns or not, they could prompt you to begin contemplating how you would address possible worldwide upheaval.
Given the ongoing conflicts around the world and other uncertainties looming in the distance, it might be tempting to hide out in cash.
But many market veterans, including Warren Buffett, don’t exactly believe in stashing your savings under the mattress.
“The one thing you can be quite sure of is if we went into some very major war, the value of money would go down,” he told CNBC in 2014. “That’s happened in virtually every war that I’m aware of. So the last thing you’d want to do is hold money during a war.”
Over the last several years, consumers have experienced the dangers of keeping their wealth in cash due to high inflation rates. So, what alternatives do investors have? Buffet has consistently advocated for investing in productive assets, maintaining this stance particularly during periods of economic turmoil.
“You could be interested in owning a farm, an apartment building, or perhaps some securities,” he stated.
Commercial real estate might provide an additional safeguard amidst uncertain times.
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If you’re more interested in the long term earning potential of short-term stays, you can get into this market for a mere $100 minimum. Real estate platform Arrived offers you access to shares of
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.