Editor’s note: The following is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Two of America’s biggest banks just warned of incoming disaster.
Even poker-face Federal Reserve Chairman Jerome Powell is starting to crack, sprinkling his usual sweet nothings with warnings that the Fed’s close to being forced to restart the money printers despite galloping inflation.
The warnings come from JP Morgan, whose CEO Jamie Dimon warns that inflation will stay higher for longer than markets think, driven by massive federal deficits.
He warns this higher inflation would also keep interest rates high, which could crash smaller companies who are running out of cash. It would also keep mortgages and credit cards at rates slightly higher than the mafia charges.
Incidentally, Dimon is the front-runner for Treasury secretary in a…
