1 year ago
JPMorgan Chase CEO Jamie Dimon has identified atomic proliferation arsenic “the astir superior happening facing mankind.” According to the United Nations, “the hazard of a atomic limb being utilized is presently higher than astatine immoderate clip since the depths of the Cold War.” Dimon besides pointed retired that “central banks 18 months agone were 100% dormant wrong.”
Jamie Dimon Discusses Greatest Threats to Global Economy
The president and CEO of JPMorgan Chase, Jamie Dimon, discussed the top threats to the planetary system and the authorities of the U.S. system connected Tuesday during a sheet treatment astatine the Future Investment Initiative (FII) acme successful Riyadh, Saudi Arabia. He underscored the seriousness of the proliferation of atomic weapons, ranking it supra clime alteration and different commonly cited threats.
The sheet besides featured H.E. Yasir Al-Rumayyan, the politician of Saudi Arabia’s Public Investment Fund and president of Aramco’s committee of directors; Bridgewater Associates laminitis Ray Dalio; Blackrock CEO Larry Fink; Citigroup CEO Jane Fraser; African Rainbow Minerals laminitis Patrice Motsepe; HSBC CEO Noel Quinn; Carlyle Group co-founder David Rubenstein; Blackstone Group CEO Stephen Schwarzman; Sequoia China’s managing spouse Neil Shen; Goldman Sachs CEO David Solomon; and Macquarie Group CEO Shemara Wikramanayake.
Dimon was asked whether helium is optimistic astir the system going guardant and whether helium shares the wide obsession successful the fiscal satellite regarding imaginable Federal Reserve involvement complaint hikes oregon cuts, arsenic good arsenic the interaction of Fed decisions connected the economy. While claiming that helium is “generally an optimist,” the JPMorgan brag stressed: “You’d beryllium foolish not to look astatine immoderate of these things taking spot contiguous successful Ukraine, Middle East … It’s affecting oil, nutrient prices, state prices, migration, imaginable starvation. It’s astir apt the astir superior happening we’ve faced.” The JPMorgan enforcement added, “I perceive radical talking astir ESG [Environmental, social, and firm governance] each the time,” emphasizing:
The astir superior happening facing mankind is atomic proliferation. If we’re not sitting present 100 years from now, it volition beryllium atomic proliferation. It’s not our climate.
Dimon explained that the existent geopolitical concern is much analyzable than it has ever been. Moreover, helium said: “I look astatine the fiscal situation, the fiscal spending, which is much than is ever. I’m talking astir the United States but astir existent astir the world. It’s much than it’s ever been successful peacetime by a agelong changeable with the highest indebtedness levels we ever had by authorities and there’s conscionable benignant of omnipotent feeling that cardinal banks and authorities tin negociate done each this stuff. I’m cautious.”
The United Nations wrote successful a connection successful March: “The hazard of a atomic limb being utilized is presently higher than astatine immoderate clip since the depths of the Cold War.” The UN added that the Russia-Ukraine warfare represents “the astir acute illustration of that risk,” noting that “the lack of dialog and the erosion of the disarmament and arms power architecture, combined with unsafe rhetoric and veiled threats, are cardinal drivers of this perchance existential risk.”
The JPMorgan main continued: “I don’t deliberation it makes a portion of quality whether the complaint goes up 25 ground points oregon much … Whether the full curve goes up 100 ground points, I would beryllium prepared for it. I don’t cognize if it’s going to happen.”
Furthermore, helium said:
When you look astatine economics … I privation to constituent retired that cardinal banks 18 months agone were 100% dormant incorrect … I would beryllium rather cautious astir what mightiness hap next.
Earlier this month, Dimon said the warfare successful Ukraine, compounded by the attacks connected Israel, “may person far-reaching impacts connected vigor and nutrient markets, planetary trade, and geopolitical relationships.” He emphasized astatine the time: “This whitethorn beryllium the astir unsafe clip the satellite has seen successful decades.” He besides foresees 2 “extraordinary” storm clouds hitting the U.S. system with imaginable atrocious outcomes. Last month, helium cautioned that the Fed could raise involvement rates to 7% and the U.S. system could acquisition stagflation.
What bash you deliberation astir the statements by JPMorgan Chase CEO Jamie Dimon astir atomic proliferation and the U.S. economy? Let america cognize successful the comments conception below.
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