JPMorgan CEO Issues Grim Economic Warning: ‘Most Dangerous Time the World Has Seen in Decades’

JPMorgan Chase CEO Jamie Dimon has issued a disturbing warning about the global economy.

Dimon, who heads America’s largest bank, has warned about the “far-reaching impacts” on food supplies, energy, and the economy.

He kicked off bank earnings season on Friday with a stark warning about the perils facing the world today.

The banker cited the war in Ukraine and the unprecedented attacks in Israel by the terrorist group Hamas as major causes for concern.

In a statement accompanying the bank’s third-quarter earnings release, Dimon said the increasing state of war will have “far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.”

“This may be the most dangerous time the world has seen in decades,” Dimon asserted.

In addition to the military conflicts, Dimon expressed concern about the persistently tight labor market and extremely high government debt levels.

He noted the “largest peacetime fiscal deficits ever,” which he warned are increasing the risks of both inflation and interest rates remaining high.

The longtime chief executive, who last year warned of an “economic hurricane” under Democrat President Joe Biden’s policies, also cited concerns over the Federal Reserve’s quantitative tightening campaign.

He said the long-term effects of which he said are still unclear.

Fed policymakers have raised interest rates sharply over the past year, approving 11 rate hikes in hopes of crushing stubbornly high inflation.

In the span of just one year, interest rates surged from near zero to above 5%, the fastest pace of tightening since the 1980s.

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Officials have signaled that another rate increase is on the table this year until there is more substantial evidence that high inflation has retreated for good.

They have also stressed that interest rates are likely to remain at peak levels for some time.

The Fed next meets on October 31 and November 1 and is widely expected to hold rates steady at the current 22-year high.

Despite Dimon’s concerns over the economic outlook, JPMorgan reported that its third-quarter profit rose 35% to $13.15 billion, thanks to rising interest rates.

Revenue jumped to $39.87 billion, up from $32.7 billion a year ago.

On a per-share basis, profit rose to $4.33 a share, beating analysts’ expectations.

“Currently, U.S. consumers and businesses generally remain healthy, although, consumers are spending down their excess cash buffers,” Dimon said.

“While we hope for the best, we prepare the [bank] for a broad range of outcomes so we can consistently deliver for clients no matter the environment.”

READ MORE: JPMorgan: Government Must Seize Private Land from Citizens to Fight ‘Climate Change’

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