JP Morgan CEO Jamie Dimon issues a dire warning about a recession and leaving China if necessary. He also issued a warning, stating that the world is currently confronted with a “dangerous cocktail” of dangers that may have an “explosive” effect on the international economy.
Even if the largest economy in the world is leading the way in innovation, Mr. Dimon said that “we’re now spending a lot of money.”
At the 2023 New York Times DealBook Summit Dimon said, “A lot of things out there are dangerous and inflationary. Be prepared,” “Interest rates may go up and that might lead to recession.” He also said, “I’m cautious about the economy.” The labor market in the United States has been resilient, but “inflation is hurting people.” He also said, “If the American government makes me leave China, I’m leaving China,” Dimon said at the DealBook Summit during a discussion about a potential future conflict over Taiwan. “If there’s a war in Taiwan, you would take all bets off.”
Jamie Dimon cautioned that when the economy reverted to a world without cheap money, businesses would experience significant declines in profits.
The head of the biggest bank in the world has suggested that the US economy is dependent on debt, drawing a comparison between the $9 trillion in cash that was released during the COVID-19 pandemic crisis.
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