It's TRUE !! He predicted an economy that has been CREATED by political actions (Mostly by Democrats... i.e. Obama and now Joe Biden (my words))... is beginning to UNRAVEL and IMPLODE... and HE doesn't know WHAT will happen... WHY? Because it SHOULDN'T have happened in the first place... and has NEVER happened before !! He essentially said:
1) The OVER valued stock market and economy was cause by the GOVERNMENT, thru Quantitative Easing (QE, essentially the PRINTING of money that we DID and DO NOT HAVE)... is beginning to implode. QE began in 2008, and has continues until NOW... But NOW, INFLATION is out of control, and Quantitative Tightening (QT) is NECESSARY to stop it ! He has NO IDEA what it will lead to... It has NEVER happened before... and it SHOULD NOT have happened this time... BUT IT DID !!
2) Quantitative Tightening (QT), is the RAISING of interest rates... it will end the economic BOOM, and it is NECESSARY that it happen... but he has NO IDEA what that will lead to... said, he sees storm clouds on the horizon... but saying "Storm Clouds" is not adequate... he sees a HURRICANE coming... and all we can do is TRY to prepare !
3) The Ukrainian War could make everything even worse !
What does it mean? It means that over the last 15 years, the American economy has printed and spent TRILLIONS of dollars that it did not have... NOW, the BOOM has run it's course, and Inflation/stagflation would be the WORST possible case going forward... the Fed MUST raise interest rates NOW (QT), and that will cause an economic correction that we have NEVER seen before... and Jamie Diamond has no idea what that will cause.
My Take?... we are NOW going to PAY for 15 years of Democrat Party excesses (and to be truthful, Republicans were involved also)... The SPENDING of money that we did not have... we have NO idea what will happen as a result, and may GOD have mercy on our souls !!
https://www.forbes.com/sites/jackkelly/ ... 4b85203591
Last edited by ConservativeWave
on 09 Jun 2022, 8:35 am, edited 3 times in total.
“There have been more abridgements of personal freedoms… by the gradual and silent encroachments of those in power, than by the violent and sudden usurpation by external enemies.” — James Madison (Speaking about Modern Day DEMOCRATS... even though he DID NOT realize it at the time )