JPMorgan chair and chief executive Jamie Dimon and BlackRock boss Larry Fink both have one decade in mind — the 1970s.

Both were speaking at the Future Investment Initiative in Saudi Arabia, or the so-called Davos in the Desert. In the US, Dimon noted the highest levels of debt during peacetime. “There’s kind of this omnipotent feeling that central banks and governments can manage through all this stuff,” he said. “I’m cautious.”