JPMorgan CEO Jamie Dimon Sees Nuclear Proliferation as ‘Most Serious Thing Facing Mankind’

JPMorgan Chase CEO Jamie Dimon has recognized nuclear proliferation as “the most serious thing facing mankind.” According to the United Nations, “the risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” Dimon additionally identified that “central banks 18 months ago were 100% dead wrong.”

Jamie Dimon Discusses Greatest Threats to Global Economy

The chairman and CEO of JPMorgan Chase, Jamie Dimon, mentioned the best threats to the worldwide economic system and the state of the U.S. economic system on Tuesday throughout a panel dialogue on the Future Investment Initiative (FII) summit in Riyadh, Saudi Arabia. He underscored the seriousness of the proliferation of nuclear weapons, rating it above local weather change and different generally cited threats.

The panel additionally featured H.E. Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund and chairman of Aramco’s board of administrators; Bridgewater Associates founder Ray Dalio; Blackrock CEO Larry Fink; Citigroup CEO Jane Fraser; African Rainbow Minerals founder Patrice Motsepe; HSBC CEO Noel Quinn; Carlyle Group co-founder David Rubenstein; Blackstone Group CEO Stephen Schwarzman; Sequoia China’s managing associate Neil Shen; Goldman Sachs CEO David Solomon; and Macquarie Group CEO Shemara Wikramanayake.

Dimon was requested whether or not he’s optimistic in regards to the economic system going ahead and whether or not he shares the widespread obsession within the monetary world relating to potential Federal Reserve rate of interest hikes or cuts, in addition to the impression of Fed selections on the economic system. While claiming that he’s “generally an optimist,” the JPMorgan boss confused: “You’d be foolish not to look at some of these things taking place today in Ukraine, Middle East … It’s affecting oil, food prices, gas prices, migration, potential starvation. It’s probably the most serious thing we’ve faced.” The JPMorgan govt added, “I hear people talking about ESG [Environmental, social, and corporate governance] all the time,” emphasizing:

The most critical factor dealing with mankind is nuclear proliferation. If we’re not sitting right here 100 years from now, it will likely be nuclear proliferation. It’s not our local weather.

Dimon defined that the present geopolitical scenario is extra advanced than it has ever been. Moreover, he mentioned: “I look at the financial situation, the fiscal spending, which is more than is ever. I’m talking about the United States but almost true around the world. It’s more than it’s ever been in peacetime by a long shot with the highest debt levels we ever had by government and there’s just kind of omnipotent feeling that central banks and government can manage through all this stuff. I’m cautious.”

The United Nations wrote in a press release in March: “The risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” The UN added that the Russia-Ukraine struggle represents “the most acute example of that risk,” noting that “the absence of dialogue and the erosion of the disarmament and arms control architecture, combined with dangerous rhetoric and veiled threats, are key drivers of this potentially existential risk.”

The JPMorgan chief continued: “I don’t think it makes a piece of difference whether the rate goes up 25 basis points or more … Whether the whole curve goes up 100 basis points, I would be prepared for it. I don’t know if it’s going to happen.”

Furthermore, he mentioned:

When you take a look at economics … I need to level out that central banks 18 months in the past had been 100% useless fallacious … I might be fairly cautious about what may occur subsequent.

Earlier this month, Dimon said the struggle in Ukraine, compounded by the assaults on Israel, “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.” He emphasised on the time: “This may be the most dangerous time the world has seen in decades.” He additionally foresees two “extraordinary” storm clouds hitting the U.S. economic system with potential dangerous outcomes. Last month, he cautioned that the Fed may raise interest rates to 7% and the U.S. economic system may expertise stagflation.

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