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Although other emerging markets will indeed grow more slowly in 2014, they are not heading for a broad collapse.
Unsustainable agricultural policies meant that the drought led to the broad collapse of farming in northeastern Syria.
Dimon has lived through every such crisis of the past decade — from Russia's debt default in 1998 to the broad collapse in 2008.
For nearly eight years, he led the Catholic Church in the broad collapse of its moral authority, from the crisis of criminal priests to the further alienation of women to the blatant dysfunction of the Church's own bureaucracy.
A Truth Commission could address the broad collapse of accountability that opened the way for an imperial presidency and the use of cruel and inhuman treatment, while avoiding a facile search for scapegoats that would allow too many to disregard their own small measure of responsibility.
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It also illustrates the broader collapse of trust that is threatening the world of global banking and fiat money.
To be sure, WorldCom's downfall is part of a broader collapse of the telecommunications industry, which proved inept at predicting demand for its services.
And airlines are notoriously cyclical, so too much leverage would be a problem.Back in 1989, the failure of a leveraged buy-out of UAL sent its stock skidding and was widely viewed as the trigger for the broader collapse of a market that had been kept aloft on the promise of endless deals.
He added: "These actions truly were extraordinary -- well outside the scope of our normal operations, but our judgment was that not taking those actions would have risked a broader collapse of the financial system and a significantly deeper and more protracted recession".
Mr. Dudley also urged Congress and regulators to address the problem of financial institutions growing so large -- and taking on so much risk -- that they force the government to step in with a bailout or else risk a broader collapse of markets.
Does that mean that any one of the remaining five big banks -- Citigroup, Bank of America, Goldman Sachs, Morgan Stanley and JP Morgan -- is about to implode a la Lehman Brothers, sparking a broader collapse and a re-do of the government bailouts?
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com