J.P. Morgan Chase CEO Jamie Dimon has warned Americans to “brace” for an “economic hurricane” that is coming due to Democrat President Joe Biden’s policies.
Dimon overruled the president’s rosy economic outlook and warned that Biden is about to unleash an even deeper economic crisis on an unsuspecting public.
“I said there were storm clouds, big storm clouds,” Dimon said.
“It’s a hurricane. Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it.
“That hurricane is right out there down the road coming our way.
“We don’t know if it’s a minor one or Superstorm Sandy.
“You better brace yourself,” he warned
“JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”
“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 the coming quantitative tightening (QT).
The QT is scheduled to begin this month and result in $95 billion a month in reduced bond holdings.
However, Biden’s administration appears to only now be recognizing the problem..
“I think I was wrong then about the path that inflation would take,” US Treasury Secretary Janet Yellen said.
“As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time — didn’t fully understand, but we recognize that now.”