Mr Jamie Dimon, chairman of JP Morgan, told investors at the Wall Street bank's annual meeting that "there could be contagion" if a state the size of California, the biggest of the United States, had problems making debt repayments. "Greece itself would not be an issue for this company, nor would any other country," said Mr Dimon. "We don't really foresee the European Union coming apart."
The global financial crisis, many argue, has given the shift in economic power from America and western Europe to Asia a big boost. Yet, a closer look at the figures suggests that the shift in economic power from West to East can be exaggerated. Thanks partly to falling currencies, Asia’s total share of world GDP (in nominal terms at market exchange rates) has actually slipped, from 29% in 1995 to 27% last year.
While financial analysts read all sorts of indexes to form a picture of the economy, feng shui experts in Hong Kong are applying their art to a similar end. Peter So, a popular local feng shui master, is trying to convince undecided investors not to purchase property in Hong Kong until 2015.