Higher oil prices triggered by the Ukraine war, and likely to stay elevated in a sloppy transition from fossil fuels, will contribute to a coming hurricane in the economy, Jamie Dimon, the long-time Chief Executive of JPMorgan Chase & Co. said on June 1.
Dimon said he does not know if the storm will be minor or severe, but that it is on its way as the Federal Reserve and the government withdraw economic support provided during the pandemic and as the consequences of the Ukraine war continue.
"That hurricane is right out there down the road, coming our way," Dimon said in an animated and unscripted conversation at an investor conference.
Wars, Dimon said, have unintended consequences and the Ukraine war "happens to be roiling the commodity markets of the world, wheat, oil, gas." High oil prices could continue for the next five years because "proper actions" are not being taken, he added.
Dimon, 66, said the United States is failing in its handling of the challenges of climate change and the transition from fossil fuels.
"The chance of getting this right is virtually nil. I don't think we remotely understand the complexity."
He added, "It is uncoordinated, we're confused between hugging trees and yelling ... We need real leadership."
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