JP Morgan CEO Says “Brace Yourself” For “Hurricane” About To Strike Economy

JP Morgan Chase CEO Jamie Dimon spoke out about the "hurricane" about to hit the economy.
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At a speaking engagement to investors and analysts, JPMorgan CEO Jamie Dimon had some stark words about the “hurricane” about to hit the economy.

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 Courtesy of NextNewsNetwork via Youtube.com

Referring to his previous statement on the economy, “you know, I said there’s storm clouds but I’m going to change it … it’s a hurricane,” Dimon declared. He then continued with the hurricane metaphor saying it’s hard to know if it is a “minor” one or a “Superstorm Sandy.”

“You’d better brace yourself,” Dimon told to the crowd. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet. Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this. That hurricane is right out there, down the road, coming our way.”

Dimon pointed to two of his main worries. First, he is worried about the quantitative tightening that begins in June. It “will ramp up to $95 billion a month in reduced bond holdings,” wrote CNBC. Second, he is worried about the Ukraine war and how it’s going to affect commodities worldwide – mostly oil and food.

Stocks fell lower on Wednesday as Jamie Dimon’s statement hit the press.

The federal reserve will start shrinking its balance sheet this month. Dimon said the FED’s policy on quantitative easing was a “huge mistake” and is leading to more problems.

“We’ve never had QT like this, so you’re looking at something you could be writing history books on for 50 years,” Dimon said about it.

Central banks “don’t have a choice because there’s too much liquidity in the system,” Dimon continued about the FED. “They have to remove some of the liquidity to stop the speculation, reduce home prices and stuff like that.”

Dimon said three weeks ago to Bloomberg there is a “very strong U.S. economy” and called the FED’s response a “little late.” He further discusses what the Fed is doing with quantitative easing at the 01:50-second mark.

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Dimon also thinks that the Ukraine war will drastically increase the price of food and gas commodities. He said that oil “almost has to go up in price” because of the Ukraine conflict. Dimon speculated that the price of a barrel could even reach as high as $175.

“Wars go bad, [they] go south in unintended consequences,” Dimon said. “We’re not taking the proper actions to protect Europe from what’s going to happen to oil in the short run.”

Dimon also came out against the woke mob saying, “I am a red-blooded, free market capitalist and I’m not woke.”

Dimon finished his tirade with some cursing: “All we’re saying is when we wake up in the morning, we give a s— about serving customers, earning their respect, earning their repeat business.”

What are you doing to prepare for the upcoming “hurricane” about to hit the economy?

JP Morgan CEO Says “Brace Yourself” For “Hurricane” About To Strike Economy

Joel Bailey

Joel Bailey is a social commentator and writer at the Next News Network. He graduated from Fisher College in Boston, Massachusetts and was adopted from Africa. He is proof of the American dream and learned conservative values at a young age.
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