And he has been very careful with his projections, warning that the US economy is by no means out of the woods yet, and warning of a terrible prospect ahead that is worse than a recession.
Yahoo Finance reported:
“JPMorgan Chase CEO has laid out the ‘worst outcome’ for America’s economic future, beyond recession.
‘The worst outcome is stagflation’, said Dimon. ‘And by the way, I wouldn’t take it off the table’.”Dimon made his remarks earlier this week at the Council of Institutional Investors in New York. Dimon’s JPMorgan Chase is the largest bank in the United State, so his word carries a lot of weight.
Stagflation is a portmanteau word formed by the words ‘stagnation’ and ‘inflation’, and it refers to ‘a state where economic growth slows while inflation and unemployment rise’.
“The economic consequences of stagflation may cause retirement savings to go down as well as the stock market to crash; it was last seen in the U.S. during the 1970s, according to Investopedia.”
While inflation in August did grow less than expected at 2.5%, the outlook for the federal debt is bleak.
The amount is no less than $35 trillion as of September 12. […]
— Read More: www.thegatewaypundit.com
