Topic: Jamie Dimon CEO of Chase Bank on Banking Crisis (Read 249 times)

Thanks for the heads up on this news, my dude! It's always good to stay in the loop on what's going on. Jamie's report seems to have caused quite a commotion in the market. The impact of the banking crisis on the economy is worrisome, and we can only hope for the best. On the bright side, the silver and gold market is looking pretty promising, and BTC's steady at 28k, so that's a good sign.

Given the current situation, it might be a solid move to diversify our investment portfolio, ya know what I'm saying? Setting aside some cash for gold, silver, and BTC could potentially help us cover our bases against any financial uncertainty that may come our way.

Having said that, it's important to keep in mind that nobody can really tell the future for sure. So, let's not freak out and make any rash decisions based on fear, we gotta stay chill and focus on our long-term goals and investment plans. Hey, who knows, maybe this crisis could actually lead us to build a better and more fair financial system in the future!

Some members of the forum obviously have a great need to "feed" on what so-called "influential people" say, and the OP is just one of them. JPM's chatterbox has already proven himself countless times as someone who says one thing today and makes a complete U-turn tomorrow, so even though he may be right about the banks and the crisis, he hasn't said anything that isn't already known.

The problem was (and still is) for some banks the rapid rise in interest rates.
They are holding bonds and such that are paying very little. So they are actually worth less then they paid.
The bonds are guaranteed to be paid, so that it not a worry but when you have a billion dollars of them generating 1% you can't sell them for a billion since you can go anywhere now and get 4x+ on that same money so they had to sell a lot of them at a loss to generate cashflow.

The dollar is actually stronger then it was this time last year since a lot of larger institutions now have more confidence that the government can and will step in and bail out these fuck ups.

It really comes down to too many rapid changes.

If you are worried about the banks then you really are not paying attention to what is going on out there, wait a few more months and watch mortgage crisis 2.0 happen.

Finally people who should never have bought homes, and who never have should been bailed out the 1st time get kicked out on their asses and learn that yes you are too stupid to buy a house and should have been renting.

-Dave

The USA. has a biggest economy globally and the rest of world look at the USA. for any change in their policies from economy to politics and other things. They want to comply with or at least adjust their strategies and policies to adapt to changes from the USA.

Because it is a biggest economy, if it collapses or has a recession, it will have big impacts globally. How big it is, I don't know but very sure that it won't be small impact locally only.

Is it coincidence when the bank crisis started in the USA. with some banks there then it shifted towards the Europe weeks later?

I don't see it is coincidence but impacts from the USA. power and its strong connection with economies in many nations and continents globally.

But a crash in the US would also entail a crash worldwide, wouldn't it? Taking into account how interconnected the world is these days and how much foreign investment there is, I think that markets around the world would be significantly affected by a US crisis. I am not sure but I think the reason alone that the US is the strongest economy in the world implies significant spill over effects almost automatically.

And when it comes to banks they often have so many lending operations going on that if one bank out of a sudden collapses or drifts into a liquidity crisis and can't repay interbank loans, the whole thing would get going in the banking sector and then spill over with some delay to the rest of the economy.

That the situation could become worse than 2008 makes a lot of sense as the money supply hasn't even been as balloon-like as it is today. Even if wealth will get destroyed and that could mean that people have less to escape with into Bitcoin, I still think that another crisis would more or less force people to look for alternatives. Gold could also benefit from it.

Things do not look good for the dollar and dollar dependent economies which obviously start from US itself. All the US markets are in crisis mode even if some of them don't show it yet. Apart from dedollarisation the banking system in US is facing crisis partly because of the interest rates that FED has increased and has kept up this long. The defaults are growing and with it banks will eventually go down.

It doesn't stop there either, the stock market and the real estate markets are also in crisis mode in US. Morgan Stanley recently issued a warning about an upcoming 40% crash commercial property prices and a situation worse than the 2008 financial crisis.

As we are aware of the current global inflation, it's highly likely that banks are experiencing financial difficulties, resulting in a decrease in money circulation within the economy. This situation doesn't bode well, and it's not great news for Bitcoin either. As we've seen in the past, when Silicon Valley went bankrupt, it had a negative impact on Bitcoin. This could be due to the fact that Bitcoin is a relatively new asset class, and its value is often tied to market sentiment and investor confidence. Therefore, any negative news about the economy or financial institutions can have a ripple effect on Bitcoin as well.

That is true, it doesn't mean bitcoin will dominate over fiat.
But the adoption may grow. Much better if you will also invest in tangible assets like real-estate or precious metals.
Like gold, if you can't afford to buy blocks of gold, why not start buying some gold jewelries, small or big ones?
You don't need to go big if you don't have the funds, you can get some assets little by little.
Just don't go all in in one asset. Should always diversify as much as possible.

Wow would you look at that, Robert Kiyosaki, the guy that people laugh at on Twitter for urging people to buy Silver and Gold since he's foreseeing the economic collapse brought about by Biden's senile brain is somehow right???

Lmao but for real though, This economic Mexican Standoff we have with ourselves right now is a ticking time bomb about to go off at any minute. A little economic issue could easily cascade to this economic collapse and bring about huge problems for the world for years to come, and the saddest thing about it is that there's really no viable way to reverse it, what we're doing right now is basically nailing planks on the door till the killer comes in and slaughters the residents of the house. Us cryptocurrency guys will be good since we're not really pegged to the outside market but when I think about the death and starvation that this crisis will bring about globally, it just shakes me.

Jamie Dimon is a strategic genius. This does not include the fact that he gave a shit about Bitcoin. He has many reasons to regret the many negative statements he made and the decision to refrain from it for too long. But as a banker he knows his thing. JP Morgen Chase did very well during the 2007 financial crisis and they are once again well positioned with their general risk exposure to cope with the currently existing liquidity problems. If I was him I would also publish such a paper stating that many players are at risk when you know that your own bank is not.

Their wealth management division is making business with cryptoassets as wealthy clients pushed for getting access to it. I don't know if JP Morgan Chase themselves hold any? It should probably be public I guess, but I haven't looked it up now. He has also talked positively about it such that it has a lot of upside potential. It is not that long ago. But I think his stance still is that he himself wouldn't touch it. But to be honest we wouldn't find out anyway ever and he isn't important enough to make an impact anymore with such a disclosure.

I think most of us don't expect something like that to happen anyway. I mean, who would be able to trade if you need to carry gold or oil in these modern days? What is clear is that they always fall back on those assets when the fiat crisis happens, and I don't think it will change since the system is not changing either. There is a reason why people buy gold and so on. Fiat values can evaporate overnight if the government decides to do so.
What do you mean by the salvation of things here? Your statement can mean many ways and I'm not sure how to interpret it. If you're talking about how Bitcoin is not the first choice for payment, I don't think that is not that bad. But things slowly change, even my family who doesn't follow tech updates knows about Bitcoin and how it is useful if you want to pay for something over the internet.

Banks getting in trouble or we getting into doomed economy does not mean bitcoin is going to take over the world. This is completely insane thought which every crypto investor is carrying with them over the time. It does not work that way. In fact our traditional economy does not work that way. We had economic crisis many times and it doesn’t mean we accepted copper or oil or gold during that period. We became powerful again by doing proper salvation of things that helped grow it back. In similar ways, bitcoin is just bitcoin and it will remain as it is for years to come.

That's good news for BTC Dominance but not for the economic situation as you mentioned. But I think, this would be a temporary impact on the dominance as people are left with no option to store their assets, These bankruptcies of banks have scared them to put their money in banks, This is good for BTC but for the time being, until this recession of banks will eliminate.

Your concerns about buying gold seem not good like the item which is already in hype due to the market and economic situation, we should not invest in that while we have a better option in our hands that will give better returns not in the long run but in the short run too.

I don't think so these banks are small, it has a great market capital of $375.90 billion and great traffic. In fact, this bank showed no support to the crypto industry as far as I know. No doubt indirectly we can buy BTC but not directly. Overall, the bankruptcy of these small banks will increase the BTC demand and the supply is less as 1,40000 BTC are acquired by MicroStrategy till now Like i do not think they will leave anything behind. The increasing demand for BTC will boost it up like a nitro at the last second of race wins the cars. So these signals plus jp morgan's words in favor of crypto take it to next hypes. (proved in history).

gold bubbled to $2k due to the mining cost due to diesel in 2022

diesel is now correcting down again to near normal costs and so will gold mining costs which mean the gold markets will correct

those hoarding gold are not going to always hoard. much like other banks didnt hoard the covid bonds (reference SVB)

never buy a asset on its high, because they will sell.
the gold bubble will correct below $2k again

the institutions have already bought low and pumped. now they want the idiots buying from the institutions whilst the institutions are selling.. dont buy their exits

I don't know about the banking crisis and the credibility of Jamie Dimon's words, but I do believe that if we see a series of collapses of banks and the global economy suffers, there's a good chance that the panic will spread to Bitcoin, even though it has nothing to do with it. We've seen similar things happen before. For example, as the pandemic was announced in March 2020, Bitcoin quickly lost a huge portion of its value, even though the pandemic didn't disrupt online operations at all. Bitcoin recovered fairly quickly (over several months), but still. Another case was more recent with the panic regarding high inflation rates of EURO, the GBP, and the USD at the end of last year, and it took months, once again, for Bitcoin to get to its previous level. So if there's a banking crisis, it can easily trigger a significant fall of the price that can last for 2-5 months.

Nothing is certain about this yet, like what hatshepsut93 said, I don't think the bank collapse is good for bitcoin. Bitcoin is unlikely to benefit if the world economy continues to deteriorate, let's not forget what happened in 2022. Bitcoin has not yet been able to fulfill its role as a hedge against inflation when it is also heavily affected by inflation as well as the Fed's interest rate hikes. Another thing is that the Fed has no intention of stopping rate hikes, and interest rates are still high, so bitcoin is unlikely to benefit in all situations.

I'd like to buy some gold and silver as part of diversification but just as what we do in buying bitcoin, buying at the top might be a wrong move and will just generate some serious regrets. And as far as everyone is concern, we have heard a lot from Jamie.

Whether he is telling the truth that he knows or not, the guy has always been the type of person that likes to spread rumors and FUD. It has been told that we were already in a crisis and it is not yet solved.

For someone who's scared of the crisis should have already known that staying on and having bitcoin is the best counter to the current and more worse situations.

When I saw snippets of the letter the first question I asked myself was this is going to spread FUD or is it going to make people genuinely concerned? My conclusion is that whatever it is, the crisis isn't over yet.


Well the OP has a very solid point, to be on a safe side folks should look towards diversifying their investment portfolio into sectors that is not heavily dependent on the government. They include, Gold, Silver, and Bitcoin.

Those things won't disappear in global economy. I use the word disappear to emphasize that it will exist in global economy forever. Stop, halt are kind of temporary not forever. Money printing and Quantitative Easing (QEs) are how global economy boosted by inflation created by governments and central banks.

You can earn interest with traditional low interest rate but when the rate is overheated, it leads to Inverted Yield Curve which is a main cause of bank collapse. SvB, Signature and other banks' collapses recently are latest examples for impacts from Inverted Yield Curve.

I believe those CEOs, CFOs do know about Inverted Yield Curve and its impacts but they were fooled by FED months ago as in many press conferences, they stated that interest rate won't be increased.

Fed holds interest rates steady near zero, says economy is still well below pre-pandemic levels (Nov 2020).

Well, I have a little bit of physical gold, but I wouldn't recommend anyone to have a large percentage. Basically I believe, like many, that Bitcoin is an enhanced digital gold, meaning that as a store of value it is going to eat gold in a few years. The only reason I believe that it will maintain some value and will not be defeated 100% by Bitcoin is because it is used for jewelry, as well as in industry and electronics.

Let's look at the performance of Bitcoin and gold since 2009 and we will see that as a store of value Bitcoin has been much better. Going forward I don't think the difference will be so exaggerated but it is clear to me that Bitcoin will continue to win.

Quantitative easing and dollar printing should stop at once. If banks have access to the money stash at a very low interest rate, the banking crisis will never stop. It may also have the power to de-throne USD from the world's leading money to junk money. I don't care what Jemie says but the current banking failures seem like a classic banking 101 fail which is usually taught in B schools. You get money at a certain interest rate, and you lend that money to the businesses and commoners like us and earn the spread. So when you cost of raising funds increases, banks must not invest that money into low-ticket treasury bonds. You don't earn spreads. The situation worsens because FEB kept on increasing interest rates without thinking about the consequences.

Now when these CEOs are crying foul and saying that the crisis is not over yet, ask US to Step in and provide support to the banks so that they can revive. They have trillions of dollars in their treasuries which can be put to good use.

Can't wait for that next ATH m8! I spoke to some 70 yr old guy over the phone today and all he does is longing gold equities ETFs such as GLB, GDX, and Gold Miners, he mentined ETH and BTC too!! He said that he just follows the big guys right now and has been doing great. He also mentioned that crypto is verrrrry interesting right now, and a lot of what is going on w/ gold right now reminds him of the beginning of Sep 2010 when gold spiked 100+%. Also noteworthy, he told me his secret from evading the IRS tax code to the fullest is to follow code 429 or just search Trader Tax Status or TTS to pay the absolute least to the IRS if you're a US Citizen. Definitely going to check that out, I am interested now...

^^ Regardless of what Jamie Dimon says though, it's pretty obvious that the world is suffering from economic woes and every smart individuals are looking for some asset to hedge their wealth.

It could be gold, or stocks, but for us, it will still be BTC. I mean it has proven itself already during the pandemic, when it become a store of value. And for those who trusted it, then everyone is rewarded in the last bull run when the price goes to a new all time high. And it will definitely repeat itself next year for another massive bull run.

Why do we have to mind about opinion of Jamie Dimon. He belongs to bank system and talked many shits about Bitcoin.

Dimon's many takes on Bitcoin
Jamie Dimon: Bitcoin is a fraud in 2017.
JPMorgan to give all wealth clients access to crypto funds in 2021.

I am not feel strange if in future, Jamie Dimon tell us in interview that he actually loaded Bitcoin a long time ago.

Every decision we make today in dealing with bitcoin and other crypto currencies might have decisions in our lifes later.
We shouldn't jump into gold and silver just because they they've good market values, first you study, ask questions, before making approach.

buying gold on it high?? not so good advice
never buy assets when they are peaking a high.

buy low sell high

what you are finding is the institutions are pressuring(pumping) gold to a high to sell so they can be liquid with cash.
they are doing a pump dump

gold is not an asset that 2x every few years. it just bounces like a game of tennis. do not expect a 3k-6k gold price. just expect it to pump and dump

if you have gold sell it while you are in profit (due to being at a high) and put that profit into an asset thats at a lower bench mark of its historic prices
gold: 2000-now
     450                 V   2.6k
||||||||||||||||||||||||||

btc 2021-now
     15    V                 75k
||||||||||||||||||||||||||

gold is a sell btc is a buy

I wouldn't be so sure. People were saying the same about inflation, and how did that play out? It seems like a negative investment climate in traditional markets also affects Bitcoin, This can be explained by Bitcoin being a high risk asset, and during hard times investors try to minimize risks and hold safe assets like cash and gold.

Also, in one year there will be the next halvening, and that can be far more important than collapse of a few small banks.

Source link would have really been helpful. I love reading the full gist in other to be on the right track

Hey guys,


Yesterday Jamie released a 43 page report to shareholders on current events. One of his key talking points was that the banking crisis is not yet over, and that there will be serious repercussions on the markets for years and years to come. This is of course great news for BTC but not so great for the global economy. He basically stated that we're just getting started with the banking crisis here guys, so buckle your seat belts!!!


Just looking at the charts for gold and silver demand what we are seeing here is some serious movement. Gold is almost at a new ATH, silver has a lot more room to grow, and BTC is staying steady in the 28k range.

I would urge all of you to not only continue making your daily sat buys but if you can hack it try to throw some gold and silver into the mix as well. Future outlook is looking a bit dicey on banks, BTC to the MOON! HODL ladies and gentlemen. Have yourself a great day I have to get back to work, but please comment and share!

Cheers,

TREAD

Updated, I can't find the actual source I was reading but this backs it up: https://www.cnbc.com/2023/04/04/jpmorgans-jamie-dimon-says-banking-crisis-is-not-over-yet.html