An economic and financial hurricane is coming

An economic and financial hurricane is coming
Written by madishthestylebar

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Jean Luc Baslé, former director of City Group New York comments on an announcement by Jamie Dimon, president of JP Morgan on the economic hurricane which is announced.

This kind of announcement or warning tends to multiply lately, the NATO-Russia war in Ukraine only accelerating the process. Dominique Delawarde


by Jean-Luc Baslé.

This is what Jamie Dimon has just announced – the highly publicized president of JPMorgan Chase, the first American bank whose reputation has been severely tarnished not only by the performance of its title on the stock market but also by its numerous legal convictions. Jamie makes this revelation, rather disturbing for the good people, in a casual way, as if it were an ordinary unforeseen event. This is neither an ordinary nor unforeseen event. He and his friends on Wall Street have known for a long time that the situation they have created with the complicity of the Federal Reserve and Congress, which, let us recall, oversees the central bank, know that an economic and financial tsunami is in training.

American economic policy has no longer made sense since the Reagan Revolution, that is to say since its conversion to neoliberalism, the undeclared goal of which is the submission of the state to the dictates of the market. The subprime crisis was an opportunity for the Federal Reserve to adopt a resolutely monetarist policy which saved the big banks from bankruptcy, but left destitute the good people who had let themselves be persuaded by their sales pitches to buy real estate. which they could not afford. The Obama administration did almost nothing to save them from misery! The irresponsibility of the American authorities and their accomplices on Wall Street appears clearly in the light of graphs which illustrate three fundamental economic data since 1940: an out of control federal budget whose deficit in 2021 amounts to 3.132 billion dollars, or 15 % of gross domestic product, a higher public debt than in 1945 (as a percentage of gross domestic product), and a Federal Reserve policy that is both incomprehensible and reprehensible as shown by the evolution of its balance sheet, the total of which has multiplied by 9 since the subprime crisis (2008). Even more amazing, 62% of this increase has occurred in the last two years. This is an extraordinary injection of liquidity, for no apparent reason, leading to inflation. Jamie Dimon knows it. He has known this for a long time, which makes his announcement hypocritical.

With the negative effects of the “pandemic” and the war in Ukraine, this irresponsible and criminal policy can only result in a major global economic and financial crisis that will send the Great Depression of 1929 into the dustbin of history. .

#economic #financial #hurricane #coming

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