Jamie Dimon steered JPMorgan through a difficult last year, with the largest American bank involved in a string of lawsuits regarding its long-standing commercial relationship with the late convicted sex offender, alleged pedophile and sex trafficker Jeffrey Epstein.
But JPMorgan settled with the plaintiff victims, with the US Virgin Islands government, and Dimon led the financial institution to be most profitable in 2023, even acquiring troubled First National bank.
At the other side of the PR shitstorm, CEO Dimon has again taken to the forefront of economic policy discussions – and he hasn’t shied away from discussing the vital energy sector.
Read: JPMorgan CEO and Dem Donor Jamie Dimon Slams Biden Again – Now It’s ‘Bidenomics’
Dimon now says that US delays of liquefied natural gas projects were done ‘for political reasons’.
According to him, Biden means to cater to those who believe oil and gas projects should be stopped altogether — a position that he calls ‘wrong’ and ‘enormously naïve’.
Bloomberg reported:
“The head of JPMorgan Chase & Co. made the comments Monday in his annual shareholder letter, in which he touted replacing coal with natural gas as one of the best ways to reduce carbon dioxide emissions for the next few decades. Dimon also called LNG exports a ‘great economic boon’ for the US as well as a ‘realpolitik goal’.
‘Our allied nations that need secure and affordable energy resources, including critical nations like Japan, Korea and most of our European allies, would like to be able to depend on the United States for energy’, the chairman and chief executive officer said in his letter.”
Dimon’s manifestation of support for US LNG exports is in direct contrast with Joe Biden’s freeze of all permits that was imposed in January.
The freeze prevents new approvals for LNG projects pending further study of the impact of further natural gas exploration, both economic and environmental.
“The strength of the US’ domestic energy production is a ‘power advantage’ for the nation, creating cheaper and more reliable energy for economic and geopolitical advantages, Dimon said.”
In his shareholder letter, Dimon discusses many other aspects of the American and Global economy, such as his view regarding a chilly scenario with interest rates climbing as high as 8%, as the effects of the unprecedented monetary policy taken to combat inflation take hold.
Forbes reported:
“The odds of a goldilocks soft landing outcome for the economy are ‘a lot lower’ than the consensus of a 70% to 80% likelihood.
[…] Coupled with Dimon’s concerns about the potential for ‘stagflation’, a recession characterized by lingering high inflation, he warned interest rates could soar to ‘8% or even more’, a far cry from the already 22-year high rates of over 5% and going against conventional wisdom of a looming decline in rates.”
Persistent inflationary pressures would include global military conflicts and the effects of the crazy money-printing from central banks worldwide coming out of COVID-19 lockdowns.
“The billionaire Dimon also warned about the potential for carnage for both equity and debt investors should a higher-rate scenario play out, noting stock valuations are already at their ‘high end’ and credit conditions are ‘extremely tight’.”
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The post JPMorgan’s Jamie Dimon: To Stop Oil and Gas Projects Is ‘Wrong’ and ‘Enormously Naïve’ – CEO Warns of Danger of ‘Stagflation’ in Letter to Shareholders appeared first on The Gateway Pundit.
