JPMorgan Chase CEO Jamie Dimon says the tensions between the U.S. and China and the Russia-Ukraine war are “far more concerning than whether there’s a mild or slightly severe recession.” He stressed: “I would worry much more about the geopolitics in the world today.”
JPMorgan Boss Jamie Dimon Warns of Something ‘Far More Concerning’ Than Recession
The CEO of JPMorgan Chase, Jamie Dimon, talked about something worse than an economic recession Tuesday at Saudi Arabia’s Future Investment Initiative conference in Riyadh, an annual event sometimes dubbed “Davos in the Desert.” Approximately 400 American executives are attending the conference along with European and Asian business leaders.
Dimon stated that geopolitical uncertainty is more dangerous than a recession and that it was one of the greatest threats to the world’s economy at the moment. JPMorgan Executive:
Geopolitics in relation to Russia and Ukraine, Americas and China are the most crucial. That to me would be far more concerning than whether there’s a mild or slightly severe recession.
According to JPMorgan’s chief, a recession does not matter. “We’ll manage right through that,” he emphasized. “I would worry much more about the geopolitics in the world today.”
Nonetheless, he cautioned: “There’s a lot of stuff on the horizon which is bad and could — not necessarily — but could put the U.S. in recession.” Dimon previously warned of an economic hurricane and something worse than a recession. Recently, Dimon stated that the U.S. might be facing a recession in just six months.
Relationships between the Biden administration leadership and Saudi leaders are in a low place. Saudis orchestrated a cut in oil production with OPEC+ earlier this month. This group is composed of the Organization of the Petroleum Exporting Countries, (OPEC), and its allies Russia. President Joe Biden pledged that “there will be consequences” for U.S. relations with Saudi Arabia after OPEC+ said it would cut its oil production target by 2 million barrels per day. Biden was mocked Monday by Mohammed bin Salman, the Crown Prince.
JPMorgan CEO John Paulson believes the U.S., Saudi Arabia and other countries will come together to resolve their current tensions. However, he warned against America’s “everything our way” policy Tuesday, elaborating:
The American policy doesn’t have to be: ‘Everything our way’ … I can’t imagine any allies agreeing on everything. They will work it through and I’m comfortable folks on both sides are working through and these countries will remain allies going forward.
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