Elite Banker Spills Beans on Economy

by | Aug 26, 2022 | Commentaries

Some comments between Jamie Dimon (the CEO of JPMorgan Chase) and his high-net-worth clients were leaked this week. Dimon’s comments regarding the current economic situation were less than hopeful.

Jamie Dimon is certainly not a popular figure amongst those who see the need for a dramatic overhaul of the current financial system, but as Bitcoin Magazine reported, he’s a heavyweight in the world of banking and finance and so we should at least examine what he had to say.

About the coming recession, Dimon gauged the outcomes to be 10% soft landing, 20-30% mild recession, 20-30% harder recession and 20-30% something worse. That means he thinks there is a roughly 50% chance of a hard recession or something worse.

Dimon’s comments portray a high level of uncertainty, even at the top of banking and finance. However, if he thinks there’s a 50% chance of a hard recession or “something worse”, it’s a sign that we need to be prepared.

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