Jamie Dimon Catches Up to Trends Journal, Says Americans Should Prepare for Economic Hurricane

Dimon says the hurricane is right out there, down the road, coming our way.

Note to readers: Gerald Celente, the world-renowned trends forecaster and publisher of The Trends Journal has been warning his subscribers that the U.S. economy is not threatened by stagflation, but rather ‘dragflation,’ and they should be prepared.

Celente pointed out that the same Federal Reserve officials and business media reporters who got inflation wrong a year ago, saying it was “temporary” and “transitory,” are wrong again.

“It’s dragflation. The economies won't be stagnant, they will drag down as inflation rises,” Celente said. “We’ve been writing about it for a year. Are they too ill-informed to see the facts, or are they lying to hide the truth of how bad it will be?”

Jamie Dimon, the head of JPMorgan Chase, told a financial conference in New York on Wednesday that there are storm clouds on the horizon for the U.S. economy, and his bank is preparing for an economic hurricane.

Dimon said he came to his conclusion after the U.S. Federal Reserve announced that it will end its emergency bond-buying program, or quantitative tightening, in order to shrink its balance sheet. He also said the War in Ukraine looms large for the global economy, according to CNBC. He said oil prices could potentially hit $150 or $175 a barrel.

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“Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” said Dimon. “That hurricane is right out there, down the road, coming our way.”

Charlie Scharf, the Wells Fargo CEO, also told the conference that Fed Head Jerome Powell will find it “extremely difficult” to manage a soft landing while the central bank moves to continue to increase interest rates.

“Corporations are still spending, where they can they're increasing inventories ... we do expect the consumer and ultimately businesses to weaken, which is part of what the Fed is trying to engineer but hopefully in a constructive way,” he said, according to Reuters.

TREND FORECAST:  Despite the obvious insider’s games of market rigging, the higher interest rates rise, the deeper economies will fall. And according to a Financial Times survey, over the past three months, there have been 60 increases of interest rates... which is the most aggressive round of rate hikes since 2000,  The Year of the Dot-com Bust.    As we continue to note, while the average person feels the economic pain as inflation rises and it costs them more to buy less, the true levels of economic devastation will not be realized by the general population until Wall Street crashes. Therefore, the Bankster Bandits and The Wall Street White Shoe Boys will do all they can behind the scenes to delay the market crash. 

ICYMI