Jamie Dimon's annual letter to shareholders made quite a splash this year as he dove into politics and the bosom of the globalist wishlist - in short, his full support for inflation, global division and permanent war. So when analyzing his letter, note, he’s no friend of Trump, and he is a jet setting environmentalist – fuming across the skies, while cows are reprimanded for farting on the earth.
Nonetheless, despite pushing environmentalism, he does make some critical admissions that may help you understand how deep trouble we are actually in. Here’s the opening of his letter with highlights added and commentary in brackets:
Across the globe, 2023 was yet another year of significant challenges, from the terrible ongoing war and violence in the Middle East and Ukraine to mounting terrorist activity and growing geopolitical tensions, importantly with China. Almost all nations felt the effects last year of global economic uncertainty, including higher energy and food prices, inflation rates and volatile markets. While all these events and associated instability have serious ramifications on our company, colleagues, clients and countries where we do business, their consequences on the world at large— with the extreme suffering of the Ukrainian people, escalating tragedy in the Middle East and the potential restructuring of the global order — are far more important.
[Mr. Dimon appears to say is that the economic uncertainty and inflation are far less important than funding the globalist fights in Ukraine, Israel and “the restructuring of the global order"].
As these events unfold, America’s global leadership role is being challenged outside by other nations and inside by our polarized electorate. We need to find ways to put aside our differences and work in partnership with other Western nations in the name of democracy.
[He says we should put aside our differences to work with “Western nations”, which means MAGA shut up -- let’s all be happy globalists and fight Russia].
During this time of great crises, uniting to protect our essential freedoms, including free enterprise, is paramount. We should remember that America, “conceived in liberty and dedicated to the proposition that all men are created equal,” still remains a shining beacon of hope to citizens around the world. JPMorgan Chase, a company that historically has worked across borders and boundaries, will do its part to ensure that the global economy is safe and secure.
[It somehow offends to hear him speak of beacons of hope given his interest in needless wars].
In spite of the unsettling landscape, including last year’s regional bank turmoil, the U.S. economy continues to be resilient, with consumers still spending, and the markets currently expect a soft landing. It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus.
[Here is the serious admission – Jamie didn’t parse words – he said “the economy is being fueled by large amounts of government deficit spending and past stimulus.” There is no Biden magic – it's all debt, and more dollars chasing relatively fewer goods = inflation].
There is also a growing need for increased spending as we continue transitioning to a greener economy, restructuring global supply chains, boosting military expenditure and battling rising healthcare costs.
[Just after warning us of debt spending, spend more debt]
This may lead to stickier inflation and higher rates than markets expect. Furthermore, there are downside risks to watch. Quantitative tightening is draining more than $900 billion in liquidity from the system annually — and we have never truly experienced the full effect of quantitative tightening on this scale. Plus the ongoing wars in Ukraine and the Middle East continue to have the potential to disrupt energy and food markets, migration, and military and economic relationships, in addition to their dreadful human cost. These significant and somewhat unprecedented forces cause us to remain cautious.
In conclusion, Jamie Dimon is a globalist that wants us to accept debt, inflation and war as our future -- what a great guy. He may have trouble with getting past that eye of the needle thing. . .
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