Three days after Jamie Dimon sparked a marketwide selloff that sent stocks to fresh 2022 lows after he predicted a US recession in “6 to 9” months citing drivers including rising interest rates, persistent inflation, and Russia’s invasion of Ukraine, and warned stocks could drop another 20%, the JPMorgan CEO who is expected to report earnings tomorrow (and hopefully clarify why his bank refuses to move its deposit rate above 0.01% in the process keeping $2.2 trillion in liquidity locked inside the overnight funding facility), doubled down today saying the Fed can’t cool the red-hot economy without bringing on a recession. [bold, links added]
…snip… In separate – and far more provocative -comments made earlier in the day during a JPMorgan investor seminar where he led a fireside chat moderated by JPMorgan’s Gergana Thiel, Dimon made some extremely outspoken comments that you won’t hear on the mainstream media, telling a small group of listeners that was closed to the press that the “President of the United States needs to stand up and say we may not meet our 2050 climate objectives because this is a fucking war.”
He also said, “time to stop going hat in hand to Venezuela and Saudi and start pumping more oil & gas in the USA.”
Echoing what he has said before, Jamie said this is the way the USA maintains its standing, as the future of the world is by pumping more oil and gas and using energy security to ensure Western unity.
And he did say when it comes to ESG that “investors don’t give a shit” warning not to “cede governance to do-gooder kids on a committee.”
Finally, he stressed the need for strong American leadership that is not being provided by either party. His conclusion: the world needs American diplomacy and neither Trump nor Biden can lead the USA.
h/t Rúnar O.
Read rest at ZeroHedge
We wouldn’t have to pay higher prices to gas up our cars and lawnmowers if Biden the Bumbler Had’d canceled the Keystone Pipeline and the ANWR to appease the Eco-Freaks and the Russians/OPEC
Jamie Dimon speaks the truth and the Democrats don’t like that. Lower energy costs would lower inflation, but that would require new refineries and some backing from Washington that gives the explorers and drillers confidence. ESG is a money loser. Avoid any entity that promotes it.
Fundamentally, Mr. Dimon is right. Fossil fuels provide 80% of our domestic primary energy with an ongoing evolution that has taken about 120 years to build our modern, reliable & affordable domestic energy system. The “energy transition” will not be accelerated by government mandate or fiat. It will be dictated by the laws of physics and the energy imperatives of cost, energy/power density, scale & sustainability. So, Joe Biden can madate we will “openly defy gravity by 2050.” That does not mean we can IMPLEMENT it! We’d better get a fully informed, rational and civilzed debate on energy & attendant environmental policy started soon. Otherwise, the average Americans standard of living will continue to head south. Just ask anyone in the EU how the “Green Dream” is working out. With the current policy course, the U.S is only 2-3 years behind the same DISASTOROUS result…