JP Morgan CEO acknowledges “something has gone terribly wrong” in America

Guest Post by Simon Black

Last week I wrote to you about billionaire hedge fund manager Ray Dalio’s most recent advice for people to diversify their investments OUT of the US dollar.

Dalio didn’t pull any punches when he laid out his analysis for America’s economic future.

He warned readers of the very real risk of stagflation (starting “late this year”) and tax increases that could be even “more shocking than expected”.

He also advised people to anticipate the possibility of capital controls and prohibitions against assets like gold and cyptocurrency.

All of this, he wrote, means that “the United States could be perceived as a place that is inhospitable to capitalism and capitalists,” and he advised readers to think about “currency diversification, country diversification, and asset class diversification.”

That specific concept of diversification has been one of the dominant themes here at Sovereign Man over the past decade. And the fact that someone as prominent as Dalio is echoing the same sentiment suggests that we may be much closer to a reckoning that most people realize.

Yesterday, another prominent leader in the financial sector published his own thoughts on the matter.

Jamie Dimon, CEO of banking giant JP Morgan, published his annual shareholder letter, and it contained an incredibly candid appraisal of the numerous challenges facing the United States, including China:

China’s leaders believe America is in decline. . . The Chinese see an America that is losing ground in technology, infrastructure and education – a nation torn and crippled . . . and a country unable to coordinate government policies (fiscal, monetary, industrial, regulatory) in any coherent way to accomplish national goals.”

“Unfortunately,” Dimon writes, “there is a lot of truth to this.

He then lists goes on to provide a wide-ranging laundry list of problems that have been building for years in the United States– “I’ll give some examples, but if I tried to address them all this letter would become a book.”

Dimon cites “a litigation and regulatory system that is costly, crippling small businesses with red tape and bureaucracy”.

terrible infrastructure planning and investment”

“huge waste and inefficiency at both the federal and state levels”

a lack of “effective immigration policies”

“we fail to properly fund pension obligations

income equality has gotten worse”

“social safety nets [are] poorly designed”

30% of Americans don’t have enough savings to deal with unexpected expenses that total as little as $400”

“Veterans [hospitals] . . . are broken”

“Almost all institutions – governments, schools, media and businesses – have lost credibility in the eyes of the public. And perhaps for good reason: Many of our problems have been around for a long time and are not aging well.”

“Politics is increasingly divisive, and government is increasingly dysfunctional

He also rails against the education and healthcare systems, saying:

“Our education and health issues come together in this alarming statistic: Seventy percent of today’s youth (ages 17-24) are not eligible for military service, essentially due to a lack of proper education (basic reading and writing skills) or health issues (commonly obesity or diabetes).”

Dimon goes on to explain that all of these problems “may explain why, over the last 10 years, the U.S. economy has grown cumulatively only about 18%.

“Some think that this sounds satisfactory, but it must be put into context: In prior sharp downturns (1974, 1982 and 1990), economic growth was 40% over the ensuing 10 years.”

So US economic performance over the past decade has been less than HALF as strong as in the decade following previous downturns.

Dimon acknowledges that “something has gone terribly wrong. . . and people are right to feel angry and let down.”

He puts on a brave face and tells readers that the problems are fixable. And certainly, in theory, some of them should be.

For example, in theory it should be easy to eliminate corruption and incompetence in government: stop electing corrupt and incompetent people.

Yet year after year, corrupt and incompetent politicians are re-elected to powerful offices.

Dimon also suggests that the US “would do well to study the successes of the rest of the world.” To learn how to build top-quality infrastructure again, for example, learn from Hong Kong. Or he suggests the US can learn from Singapore how to build an effective healthcare system.

Yet instead the US seems to be learning from bad examples, places like Argentina and Venezuela– “all countries with tremendous natural resources that allowed, in the name of their people, their economies to be destroyed.”

Dimon writes correctly that the US has faced tough times before— “the Civil War, World War I, the U.S. stock market crash of 1929 and the Great Depression that followed, and World War II, among others. . . . But in each case, America’s might and resiliency strengthened our position in the world, particularly in relation to our major international competitors.”

Yet even Dimon acknowledges– “This time may be differenti.e. perhaps this time the US doesn’t emerge stronger.

This certainly echoes what Ray Dalio published last week.

Now, Jamie Dimon may be right. Perhaps elected leaders in the United States, and across the West, suddenly grow brains, consciences, and backbones. Perhaps people on social media set aside their differences and find common ground. Perhaps the media starts presenting unbiased truth.

And perhaps, altogether, these problems are solved once and for all, ushering in an era of peace and prosperity never before seen.

That’s certainly a nice thought.

But just in case it doesn’t pan out that way, you might want to think about having a Plan B.

-----------------------------------------------------
It is my sincere desire to provide readers of this site with the best unbiased information available, and a forum where it can be discussed openly, as our Founders intended. But it is not easy nor inexpensive to do so, especially when those who wish to prevent us from making the truth known, attack us without mercy on all fronts on a daily basis. So each time you visit the site, I would ask that you consider the value that you receive and have received from The Burning Platform and the community of which you are a vital part. I can't do it all alone, and I need your help and support to keep it alive. Please consider contributing an amount commensurate to the value that you receive from this site and community, or even by becoming a sustaining supporter through periodic contributions. [Burning Platform LLC - PO Box 1520 Kulpsville, PA 19443] or Paypal

-----------------------------------------------------
To donate via Stripe, click here.
-----------------------------------------------------
Use promo code ILMF2, and save up to 66% on all MyPillow purchases. (The Burning Platform benefits when you use this promo code.)
Click to visit the TBP Store for Great TBP Merchandise

20
Leave a Reply

avatar
  Subscribe  
Notify of
rhs jr
rhs jr

Liberals, Democrats, Communist always turn everything to shit; you can take it to the bank.

Anonymous
Anonymous

Say what you want about the democrats but it is the spineless, sell us out at every turn worthless republican traitors who are just as much to blame for the shape we are in as anybody. They have never stood up for us and have rolled over without a fight at all. All they have done is enriched themselves at our expense and to hell with us.

Fish
Fish

It’s both parties.
They won’t do anything to help the country, there are maybe 5 of all of them, that aren’t completely worthless and I can only name 2( number 5 was for the sake of having some of optimism).
I kind of predict, from the data and patterns I see that 2022 will result in a single party rule, as the Republicans beautifully outplayed themselves in ousting Trump and lost the voting base alongside.
We are ruled by midwits(Check the urban dictionary for this word if you for some reason don’t know it) and it will be a midwit-tier authoritarian regime and a short (relatively speaking) one.
So hopefully after that we can chose actual patriots and not vote for people that we cannot stand. Voting no longer matter because the system is completely broken.

very old white guy
very old white guy

They are all socialists just under a different name. Tell me something in America today that does not have the thumb print of government on it.

brian
brian

The ‘conservative’ parties like being the opposition. There is less to do, you don’t have the responsibility of leading and you get to complain and blame as much as you want. Then run to your constituents begging for money to ‘fight’ those nasty demoncraps. Its all theatre to begin with.

Joey Joe Joe Shabadoo
Joey Joe Joe Shabadoo

My first reaction when I saw the headline and picture was: “D’uh and one of the primary reasons is f*cking scumbags like you, Jamie.”

After further reflection … stick it up your as* Jamie!!

If you truly gave even two sh*ts about doing anything but lining your OWN pockets … in your position of power (CEO of JPM Chase since 2004), you might have at least DEMONSTRATIVELY TRIED TO DO SOMETHING about it MUCH sooner, instead of waiting until the wolves were at the gate. Don’t come pontificating now, you f*ck.

Looks like you are just trying to save your as* for when a bunch of angry citizens MIGHT consider coming after the cabal (which it appears that you are part of) that was ‘part and parcel’ in plunging this country into the abyss.

F*ck off, Jamie …. with a “S*ck it,” to boot!!

Thersites
Thersites

Jamie has done worse than nothing, he is a big Dem contributor, particularly to Xiden’s 2019 campaign.

Ken31
Ken31

When he says the US is “hostile to capitalism and capitalists”, he means HE is hostile to capitalism and capitalists. Competition is not encouraged.

Crawfisher
Crawfisher

JP Morgan has paid billons in fines for doing illegal stuff but not admitting guilt. Jamie is part of the problem, not the solution. JPM is corrupt and part of the swamp.

KaD
Anonymous
Anonymous

Well, when the foreskin bandits have videos of every last judge fucking kids, it’s bound to affect their decisions.

very old white guy
very old white guy

The article makes it sound like America has become the the typical socialist country on the verge of failing. The article is truthful.

ReluctantWarrior
ReluctantWarrior

Gee Jamie it took you a while to get the picture.

Anonymous
Anonymous

Jump You Fuckers ! Electing corruptible politicians ? The ones the CIRCLE JERK REVOLVING DOOR of Wall Street to K-Street to Capitol Street bought with CHI COM cash as our steel mills and shipyards and auto and other industries were left to die abandoned by the investor class .
Meanwhile the local economies died as did investment in local infrastructure due to the tax base from those high paid industry jobs !
Now quote the BULL SHIT those union workers were paid to much and their benefits were to expensive ! If that is true than every School teacher , police , fire and every other government worker is to expensive too .
For over 40 years the transfer of wealth from the many to the few investor class as been unbelievable and criminal . Good thing you guys bought those politicians because those assholes ran debt up and printed cash to keep your balls in the air and their balls off the chopping block . Time to get woke your all about to get castrated and hung with your balls in your mouths !
FORGET ME NOT

Joey Joe Joe Shabadoo
Joey Joe Joe Shabadoo

Could not have said it any better!!

Ed
Ed

That asshole’s earphone rig looks like a giant fucking mole on his face.

Jimbo
Jimbo

Fuck you Jewboy. You and your “tribe” brought all of this on us.

Auntie Kriest
Auntie Kriest

File this shitbag under B3rg* tool.

Walter Johnson
Walter Johnson

We won WWII with a population possessing an average eight years formal education. We’re up around fourteen now and our overall disintegration is obvious to all. What happened?

Anonymous
Anonymous

Jews.

Discover more from The Burning Platform

Subscribe now to keep reading and get access to the full archive.

Continue reading