Goldman Sachs President Warns of ‘Unprecedented’ Economic Shocks and Tougher Times Ahead – Economics Bitcoin News

Global investment bank Goldman Sachs’ president and chief operating officer has warned of unprecedented economic shocks and tougher times ahead. His statement echoes JPMorgan CEO Jamie Dimon’s warning that a “hurricane” is coming our way.

Goldman Sachs President’s Warning About the U.S. Economy

John Waldron, President of Goldman Sachs and Chief Operating Officer shared his views on the U.S. Economy at a Thursday banking conference.

Commenting on current economic conditions, he said: “This is among — if not the most — complex, dynamic environment I’ve ever seen in my career.” The top Goldman Sachs executive elaborated:

We’ve obviously been through lots of cycles, but the confluence of the number of shocks to the system, to me, is unprecedented.

Waldron’s comments echoed a similar warning by JPMorgan Chase CEO Jamie Dimon, who said Wednesday that there is a “hurricane” coming our way. “You better brace yourself,” he advised.

Noting that he will refrain from “using any weather analogies,” the Goldman Sachs president shared his concerns that risks from inflation, changing monetary policy, and the Russia-Ukraine war could hurt the global economy.

Waldron continued:

We expect there’s going to be tougher economic times ahead. There is no doubt that we’re seeing tougher capital markets.

Goldman executives also identified several factors that could be causing economic problems, including the commodity shock as well as unprecedented levels of fiscal and monetary stimulus.

People are becoming more concerned about the U.S. economic situation and predicting a possible recession.

This week, Tesla CEO Elon Musk said he has a “super bad feeling” about the economy, prompting President Joe Biden to respond. Musk said that we could be in recession for 12-18 months.

Other than Musk, Dawn Fitzpatrick, Soros Fund Management CEO and Big Short investor Michael Burry have also warned of a coming recession. Robert Kiyosaki, author of Rich Dad Poor Dad predicted that the markets would crash and that civil unrest and depression are on their way.

What do you think about the comments by Goldman Sachs’ top executive? Please leave your comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.