The CEO of the world’s largest commercial bank, Jamie Dimon, whose net worth according to Forbes is $2.2 Billion, is a prominent figure in the American financial elite.
He became world-famous when J.P. Morgan was “too big to fail” after he drove the company to the wall and had to be rescued by the government. “Through reckless behavior, big banks helped bring the global economy to its knees in 2008, and yet those in charge have suffered no reprisals, financial or otherwise, for their sins…” wrote the Daily Beast at the time. It stated: “The bank (Ed.: J.P. Morgan, led by Jamie Dimon) played a central role in the subprime disaster that caused so much misery for so many.” – “For his troubles, Dimon, chairman and CEO of JPMorgan Chase, paid himself $42 million in 2006 and $34 million in 2007. Last year (2008), Dimon received $21 million in compensation—or 900 times more than the $23,000 a year the average Chase teller makes.”
A Risk-laden New World Order
Jamie Dimon’s 61-page letter to shareholders this year gives a clear insight into his views and those of his colleagues on a range of issues, including geopolitics, the US economy and Basel III banking regulation.
On geopolitics, Dimon agrees that the conflicts in the Middle East and Ukraine, as well as the power struggle between the US and China, have brought dangers not seen since World War II. Nevertheless, he is prepared to take these risks.
The Uniparty of the US Elite Stands for “Freedom” and “Democracy”
Although he is not mentioned at all in Dimon’s report, his political views are generally in line with former US President Trump’s goals. At the 2019 WEF in Davos, Dimon said that while his heart is Democratic, his mind is more Republican.
In his view, the differences between the Trump Republicans and the Biden Democrats within the Uniparty are insignificant. Given that many European politicians continue to view Brussels and Berlin as strategically important global hubs, it is telling that he only mentions Europe very briefly in his remarks on international politics.
To safeguard the notions of “freedom and democracy” and “make the world safer again,” as perceived by the American elite, Dimon suggests four steps:
1. Securing American leadership, including military supremacy.
2. Achieving economic success with all allies.
3. Strengthening internal cohesion.
4. Focusing on the most urgent challenges.
Preserving the Global Dominance of the USA At All Costs
True to former President Ronald Reagan’s maxim of “peace through strength”, Dimon is so convinced of US leadership that he cannot imagine that anything could replace the undeniable military dominance of the US. In particular, he calls for Ukraine to receive support for as long as it needs it – possibly for years. Additionally, he calls for a comprehensive “symphony of power,” encompassing all facets of power from diplomacy to intelligence and communications to economic policy, to be necessary for American leadership in addition to military power.
Dimon advocates for compliance with laws that are recognized both nationally and internationally, including those related to sanctions, international trade, anti-money laundering and anti-corruption. Nonetheless, Dimon advocates for far-reaching changes, such as a new Bretton Woods agreement, to strengthen the US-led international system.
The US Elite’s Enemy No. 1: China
He made it clear that the West as a whole is reassessing its alliances, military plans, arms deficits and combat readiness. The United States of America should re-evaluate its relations and policies as well as its future foreign economic strategy. The West has still not realized how “dangerous” China is, he says. While the West has been asleep, the Chinese leadership has paid full attention to the economy from the very beginning. This regression must be tackled, he emphasizes.
Decoupling from China, a Top Priority
The first step would be to reduce the excessive dependence on China as the only supplier in some cases. The USA should not be dependent on essential materials for national security from a country that is considered a potential enemy. This refers to rare earths, 5G and semiconductors, penicillin and other active ingredients for medicines, etc. For the same reason, the USA should not share cutting-edge technologies that would improve the military armament of its competitors. It is obvious that China’s new leadership has embarked on a new course, with much greater emphasis on national security, cutting-edge military technologies and domestic development. This is China’s right, he concedes, but the USA must align itself accordingly.
Fight Against “Unfair Competition” – when it’s Chinese
The third issue that the US must address is “unfair competition,” particularly from China, which includes subsidies for AI, renewable energy, and electric vehicle technology. Additionally, there are various government support initiatives like advantageous financing to draw in foreign businesses, etc. Globally, 92% of consumers reside outside of the United States. For the benefit of the local farmers and labor force, market access must be obtained. The Trans-Pacific Partnership Agreement (TPP), which has already been drafted, should be resumed as soon as possible, he demands (Ed.: The TTP was a component of the US’s “pivot to Asia,” which aimed to challenge China by putting out a free trade deal between the US and 12 other Pacific Rim nations).
For the USA to oppose China, Dimon claims that this would be a smart geopolitical and economic move that would tie eleven other major nations, including Australia, Chile, Japan, Malaysia, Mexico, Singapore, and Vietnam. If state capitalism—dominated by Chinese state-owned enterprises—expands into vital industries and becomes unjust, then stricter regulations will be required. Conversely, Dimon is equally adamantly against the USA enacting a national industrial policy, believing that it will only result in inefficiencies.
Capitalism for the Poor – Socialism for the Elites
Jamie Dimon spoke out against state-funded infrastructure projects, which contradicts a free market economy and only “evil” China does. This is understandable, as such infrastructure projects would benefit average Americans more than himself. But instead of accepting bankruptcy with the same consistency, he welcomed a huge government bailout with billions of taxpayers’ money (which he even tried to keep secret) and profited from it after leading J.P. Morgan to financial ruin.
▪ ▪ ▪
Related Article: