Jamie Dimon worries ‘World War III has already begun’

Jamie Dimon typically pays close attention to the workings of financial markets and the Federal Reserve, but today his most important concern is geopolitics.

The economic outlook “is teeny compared to the geopolitical situation we face,” he told an audience Thursday 24 Oct at the Institute of International Finance’s annual meeting in Washington, D.C.

He lamented the wars in Ukraine and the Middle East, and the growing cooperation between U.S. adversaries including Russia, China, North Korea and Iran.

“They are clearly talking about dismantling the system” set in place by the U.S. and its allies after World War II, which Dimon credits as spawning an era of unprecedented global economic growth.

“The risk is extraordinary,” he said. “World War III has already begun. You already have battles on the ground being coordinated in multiple countries.”

He said that risk-management teams at his bank have “run scenarios that will shock you,” in terms of the possible economic implications of a global conflict that spirals out of control.  That’s one reason why the JPMorgan Chase & Co. chief executive said Thursday that nuclear proliferation is “the biggest risk mankind faces,” even ahead of climate change.

The leader of the world’s largest bank is a registered Democrat, but has long had fans in both parties — ones who respect his business-friendly politics and reputation for competence.

Dimon has been floated as a potential candidate for treasury secretary for both parties, as speculation has grown that the Wall Street veteran will soon be ready for his next challenge after running JPMorgan Chase for nearly two decades.

Despite his Democratic ties, next year’s likely Republican Senate Banking Committee Chairman Mike Rounds of South Dakota told Politico earlier this week that Dimon would “be a good choice” to run the Treasury under a Trump administration.

The report cited unnamed sources who said that Dimon would consider taking a role in a potential Harris administration, including Treasury Secretary.