“JAMIE DIMON SHOULD BE ON A CHAIN GANG.”
That’s what investor and bestselling author Jim Rickards has to say about the CEO of JPMorgan.
In the video excerpt above, taken from a broader interview with Hedgeye CEO Keith McCullough, Rickards lays out a dire scenario in which investors are “being herded into this digital pen” at America’s largest banks.
“We’re going to be slaughtered with negative interest rates, ice nine lockdowns and various forms of asset confiscation,” says Rickards. Regulators have already erected the policy toolkit necessary to prevent people from pulling their money out of the financial system in the coming financial panic, he adds.
“Maybe that’s why Jamie Dimon is so bullish,” McCullough interjected. “He’s herding us into the pen.”
Rickards unloaded. “Jamie Dimon should be on a chain gang,” he says, discussing everything from the London Whale scandal to Dimon’s basic misunderstanding of normally-distributed risk.
Rickards also recalls a discussion he had with Fox Business host Maria Bartiromo who was defending Dimon and the bank’s profitability. Rickards responded, “Maria, if you gave me zero cost of funds, underpriced deposit insurance, an unlimited derivatives balance sheet and too-big-to-fail, I could make $20 billion. A monkey could make $20 billion.”
This is a must-see interview, if only to hear Rickards at his most unplugged.
Click here to watch the Rickards interview in its entirety.