JPMorgan and the Prophecy of the Next Financial Crisis
JPM championed two financial innovations that led to global financial crises. Will there be a third with crypto and JPM Coin?
Among Chinese gamblers in casinos there is a saying, one way to gamble is to find someone who is down on his luck and always losing. Just bet the opposite of what he does. He is the ‘lamp’ who will light your way to winnings.
Well, there is one investment bank which tends to support new financial innovations right before it fuels a crisis. That bank is JPMorgan (JPM).
The last two times it happened was in 1998 and 2008. By JPM’s own reckoning the next financial crisis could be in 2020. This has been predicted and publicized by their own elite strategists using economics modelling.
They are not entirely sure what could cause it, but looking at the firm’s history I am going to stick my neck out and say it could be due to cryptocurrencies.
Why?
Let’s go through the history lessons quickly first…
Calling yourself ‘long-term’ doesn’t mean you’ll last…
In August 1998, the Russian government announced it was devaluing their currency and…
