‘Serious Stuff’: JPMorgan Chief Jamie Dimon Warns Inflation, QE, Could Bring Down Economy

by


Jamie Dimon, CEO of JPMorgan Chase, warned that the U.S. economic system is headed towards severe hassle within the coming months.

The Wall Avenue titan made his feedback on the JPM Techstars convention in London on Monday.

Whereas he believes shoppers will probably be on higher footing than they had been through the 2008 world monetary disaster, Dimon nonetheless thinks elements are ripe for a recession and needs to be of concern.

“However you possibly can’t discuss concerning the economic system with out speaking about stuff sooner or later — and that is severe stuff,” he instructed CNBC’s Julianna Tatelbaum on the convention.

Dimon famous inflation, quantitative easing, and the Russian struggle with Ukraine as causes for alarm.

“These are very, very severe issues which I feel are prone to push the U.S. and the world — I imply, Europe is already in recession — they usually’re prone to put the U.S. in some sort of recession six to 9 months from now,” he warned.

RELATED: (WATCH): Clueless Dem Rashida Tlaib Will get Completely Smoked By JP Morgan CEO Jamie Dimon After Demanding Divestment From Fossil Fuels

Jamie Dimon: Recession Probably within the US

In fact, Jamie Dimon’s prediction appears unusual contemplating america has already met the technical definition of a recession.

The U.S. economic system has now shrunk for 2 consecutive quarters, assembly the definition of a recession that Democrats and President Biden’s personal financial advisors have beforehand touted.

So is a recession coming or already right here?

Jamie Dimon’s prediction of a recession follows a September jobs report which reveals slowing job ‘creation’ and signifies the Federal Reserve is making little progress in its battle in opposition to hovering inflation.

Inflation stays at a 40-year excessive, with People paying increased costs for nearly every little thing, whereas nominal wage development is slowing.

RELATED: JPMorgan Chief Jamie Dimon Warns People: Brace Your self For An Financial ‘Hurricane’

Dimon Delivering Reality

Jamie Dimon has been warning about an financial catastrophe brewing in America for a while. This previous summer season he warned of a looming financial “hurricane” heading our means.

“I mentioned there have been storm clouds. However I’m going to vary it. It’s a hurricane,” Dimon warned analysts and buyers throughout a monetary convention hosted by AllianceBernstein Holdings.

“You’d higher brace your self,” he added. “JPMorgan is bracing ourselves and we’re going to be very conservative with our stability sheet.”

In his newest feedback, Dimon additionally blasted the Biden administration’s strategy to coping with the vitality disaster.

“Clearly, America must play an actual management function — America is the swing producer, not Saudi Arabia,” he instructed CNBC.

Dimon’s feedback are a reference to OPEC and Saudi Arabia very publicly embarrassing the President final week by slashing oil manufacturing by about 2 million barrels per day, regardless of Biden reportedly urging them not to take action.

The JP Morgan CEO mentioned the administration ought to have been ready to counter the results of the Russia-Ukraine struggle by boosting oil manufacturing domestically.

“We should always have gotten that proper beginning in March,” mentioned Dimon. “In my opinion, America ought to have been pumping extra oil and fuel and it ought to have been supported.”

Dimon made waves final month when he publicly crushed the goals of far-left ‘Squad’ member Rashida Tlaib throughout a Home listening to through which she demanded a public pledge from high financial institution executives to divest from fossil fuels.

“Please reply with a easy sure or no, does your financial institution have a coverage in opposition to funding new oil and fuel merchandise, Mr. Dimon?” Tlaib requested.

The JP Morgan CEO gave a swift and blistering response of the sort hardly ever seen in congressional hearings: “Completely not,” Dimon fired again, “and that might be the street to hell for America.”

Now’s the time to help and share the sources you belief.
The Political Insider ranks #3 on Feedspot’s “100 Finest Political Blogs and Web sites.”