Add up the recent bank failures, geopolitical shocks and uncertainty about central bank policy and you get the potential for a "Minsky moment" in markets, according to JPMorgan Chase. Marko Kolanovic, the firm's chief market strategist and co-head of global research, warned that the current conditions of unsustainable speculation and easy policy are ripe for a market collapse. "The possibility of a Minsky moment in markets and geopolitics has increased," he wrote in a client note Monday. "Even if central bankers successfully contain contagion, credit conditions look set to tighten more rapidly because of pressure from both markets and regulators." "Cracks are beginning to emerge in US credit fundamentals, and Euro credit spreads will likely continue to widen unless we see meaningful policy intervention," Kolanovic wrote.

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