Global recession and financial crisis could hit if the Israel-Hamas war pulls in the US and Iran, Wall Street veteran says

• The Israel-Hamas conflict may trigger a global recession and financial crisis, Jim Rickards says.
• The US economy is already slowing as people's savings dwindle and credit-card bills grow, he says.
• The Wall Street veteran flagged the risks of rising oil prices, weaker demand, and de-dollarization.

If the Israel-Hamas conflict spreads, it could spark a worldwide downturn and financial catastrophe, one Wall Street veteran has warned.