Chief Executive Officer of JPMorgan Chase Jamie Dimon cautioned investors on Friday that geopolitical tensions in Ukraine and the Middle East could signal “the most dangerous time the world has seen in decades.”

The message was released alongside JPMorgan’s third-quarter earnings report and had some frank comments from the president of the largest bank in the United States.

“The war in Ukraine, compounded by last week’s attacks on Israel, may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships,” Dimon added. According to others, “this may be the most dangerous time the world has seen in decades.”

The bank made $13.15 billion from July through September. However, Dimon warned of upcoming instability.

He cited “extremely high government debt levels with the largest peacetime fiscal deficits ever” as another factor that could keep inflation high and interest rates high for a while.

Quantitative tightening, the Federal Reserve’s efforts to shrink its bond holdings, could also spook investors, he warned.

Quantitative tightening, which limits system liquidity at a time when market-making powers are more curtailed by regulations, “still has undetermined longer-term consequences,” Dimon warned.