Podcast in review. Big banker’s semaphore - America’s least hated banker – Jaime Dimon: What does he think about fundamentals? Fundamentals of foreign policy we’re used to were steadier. There are risks that can’t be anticipated with Brexit and China. There is less investment in China because people are waiting to see what happens with trade before investing in China. We think it will be resolved, but all the expected details are hard to view in advance. China in 5 years will have bumps. But investment slowdown there today relates to trade war. Brexit will have unattended consequences. London’s status as financial center will decline in any case. Re: recession, today there is more wiggle room because there are not as many bad debts he said. Minimum wages are not living wages anymore in America.
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