Top Banker: We Are Entering an Economic ‘Hurricane’

It’s no secret our economy is in a very unstable position. Inflation is soaring and the war between Russia and Ukraine has the whole world’s food situation on edge.

At this time, 49 million individuals in poorer nations are at severe risk of famine if food supplies don’t normalize soon.

Here in America, the head of JPMorgan Chase is warning this country is on the edge of a cliff as well; he says a financial “hurricane” is on its way for our people.

What did he mean exactly?

Jamie Dimon Speaks

According to JPMorgan CEO Jamie Dimon, the US is headed for a “hurricane” that is rapidly approaching us and we need to “brace” for impact.

Dimon, who delivered these remarks at a get-together of top financial executives, said he isn’t confident the Federal Reserve can calm down the runaway inflation we’re experiencing.

In particular, Dimon said the war between Russia and Ukraine is already causing oil, gas, and food to go through the roof and it could get a lot worse. He also noted the Federal Reserve hiking up interest rates to face down inflation is a risky venture that may not work.

Dimon likewise stated the Biden administration needs to step up in trying to protect European countries that are at threat of having Russian energy cut off, due to the conflict.

Essentially, by increasing interest rates to try to get inflation down, the Fed is risking bringing on another major recession.

We’re caught between a rock and a hard place, economically. 

Digging Deeper

Dimon is far from a neutral party here. He’s the head of one of the biggest investment banks in America that netted $121 billion in revenue last year.

Dimon has been successful in getting major bailouts from the Fed. He has taken a huge amount from American taxpayers in order to fund his yachts and vacations for himself and his friends.

To conveniently turn around now and say Putin and the Federal Reserve’s strategy is the reason we’re headed for a “hurricane” is the height of hypocrisy.

People like this guy are a big reason we’re headed for a hurricane; they helped deindustrialize our nation and steal from taxpayers for decades.

The Bottom Line

Dimon says we don’t yet know how bad this storm will be. Perhaps he’s correct.

One thing we know is folks like him are not going to be the ones who correct it. He’s looking for a way out of any blame for what’s going on; that’s all.

If and when the crap hits the fan, Dimon will be sailing away on his yacht or tapping into his various bank accounts. He’s not in the same boat as the rest of us.