For Banks, There Is No Escape From Geopolitical Risk

We live in an increasingly volatile world. Think of it as a return to the norm. After the devastation of two world wars, the U.S. led the creation of a new, rules-based geopolitical order that held sway for several decades. While there was certainly conflict—and a Cold War that constantly threatened catastrophe—we also managed to avoid outright global warfare while raising living standards for millions.

But now, we appear to be returning to the bad old days. Historian Odde Arne We…