[BrianC]

Dimon Warns of 'Most Dangerous Time in Decades' (nytimes.com) 58
Posted by msmash on Friday October 13, 2023 @12:20PM from the closer-look dept.
JPMorgan Chase's chief executive, Jamie Dimon, is as close as Wall Street has to a statesman, and on Friday he sounded a major alarm about the global effects of the conflict in Israel and Gaza. From a report:
"This may be the most dangerous time the world has seen in decades," he said in a statement accompanying the bank's quarterly earnings. He warned of "far-reaching impacts on energy and food markets, global trade and geopolitical relationships."

For Mr. Dimon, weighing in on geopolitics isn't new: He consistently warns of dangers from the war in Ukraine and elsewhere. On Friday, he said he was preparing the nation's largest bank for a range of scary outcomes, with other risks including high inflation and rising interest rates. But on a call with reporters, he described the Gaza conflict as "the highest and most important thing for the Western world." Otherwise, JPMorgan and other big banks appear to be operating smoothly. JPMorgan's profit rose to $13.2 billion in the third quarter, a 35 percent rise from the same period last year. Executives at the bank said the tumult of the regional banking crisis of the spring, which resulted in JPMorgan taking over First Republic, was steadily fading. "U.S. consumers and businesses generally remain healthy," Mr. Dimon said, "although, consumers are spending down their excess cash buffers."

https://www.nytimes.com/2023/10/13/busi ... ofits.html

[theluckycountry]

Dimon Warns of 'Most Dangerous Time in Decades'

Every year some experts comes out with a dire warning. The "experts" I listened to were proclamation imminent doom back in 2004, thing is, I believed them, and they were right! Was I 20 years early to prepare for the doom? Hell no. It's never too early to stop buying cars and houses that you can't afford, with money you don't have, to impress people you don't like. It was never too early to buy Gold instead of shares, to stop all that other lavish consumption.

My old friends from back then are now up to their eyeballs in debt and struggling to pay their mortgages because of higher interest rates, struggling to pay their power bills because of a 50% increase in said, struggling to put food on the table because of all of the above. One is even talking of retiring early because they can't afford the cost of driving to work with the high gasoline prices. Then they will be reliant on the private pension, which they hope won't collapse as they all did in the GFC of 2008. Hope, trust, prayer, but not in God, in a corrupt system

I took the warning very seriously and made the proper investments, It wasn't easy but no one seemed to mind that my cars were old. I moved to the country, houses were cheap here pre-covid, not now. Everyone wants out of the city it seems, at least the older people who have a few brain cells. I reduced my regular overheads drastically. Now after 20 years I am in a position of security that is mostly independent of market and even government actions. Let the markets crash, let the pensions fail, let the northern hemisphere devolve into all out war, I have planned for all that anyway.

Anyone starting out now had better get a leg on though, time is running out and you're starting from a position of weakness, not strength like back in 2004. But who will do that? Who will go through the hard changes, hardly anyone of course because they are fully programed to believe in the system. I have the oldest phone in the street. A samsung G5, but it works, just like the new ones, only not as cool.

[mousepad]

I am in a position of security that is mostly independent of market and even government actions. Let the markets crash, let the pensions fail, let the northern hemisphere devolve into all out war, I have planned for all that anyway.

You don't seem to understand how dependent on bau ANYBODY with any kind of reasonable standard of living is.
The prepper fantasy of singlehandedly maintaining ones life while the world burns around them only to emerge into a bright beautiful future once all is done, is simply nonsense.

[AgentR11]

Reasonable standard of living is relative though. If you have enough water to stay alive for a few weeks while you're neighbors have a couple six packs in the fridge; that's a pretty high standard of living, and may attract hostiles if it were to become known. Being in hurricane country, I always keep a sizeable amount of water on hand and just FIFO my way through them to maintain freshness. I don't think my neighbors do any such thing.

OTOH, we're kinda on the old side, so planning for multiple years without life and comfort sustaining meds doesn't seem all that rational anyway.

So I think Dimon is likely on the money as it were, we're treading into pretty risky territory as a collective body.

[theluckycountry]

You don't seem to understand how dependent on bau ANYBODY with any kind of reasonable standard of living is.
The prepper fantasy of singlehandedly maintaining ones life while the world burns around them only to emerge into a bright beautiful future once all is done, is simply nonsense.

HaHaHa, spoken like a true fearful city dweller. I have spent 20 years hardening my life against bau. I don't conduct bau, preppers might, but I'm more of the survivalist type. Preppers buy cartons of water, survivalists put in water tanks. Preppers have a spare CC, survivalists keep thousands in cash on hand. Preppers have spares in their vehicle, survivalists have multiple vehicles, some electric. Preppers have a bugout plan, survivalists move to where they would bug out to.

But I'll tell you this, I don't believe in Mad Max, not down here in rural Australia, even though that's where the movie was made lol. Never trust Hollywood, Rule #1. Nor in a bright beautiful future. I believe in a future where I can keep my lights and air conditioners on, one where I have enough food to stay well fed, and of one where I have a reasonable measure of personal security. And that's a far cry from what many indebted city dwellers have today! Or what many will have if the economy collapses. Maybe it won't collapse in our lifetimes? That would be fine too, then I can really enjoy my peaceful little town and the vast mountainous playground behind it.

I'll share a secret with you. All those preps, the stored food, the water tanks and vehicles and Gold and tools, they have all proved their worth in the bau world. Even the 200L of gasoline I keep on hand. When fuel is cheap I fill them and then cycle the fuel when the price goes up. I must have saved thousand over the years by doing just that. It's the way our forefathers lived before the modern TV supermarket JIT world came along. It's nothing special. It's just old wisdom recycled.

[mousepad]

But I'll tell you this, I don't believe in Mad Max,

Just the a post above you say this:

Let the markets crash, let the pensions fail, let the northern hemisphere devolve into all out war, I have planned for all that anyway.

If devolve into all out war ain't mad max then I don't know what is.

I believe in a future where I can keep my lights and air conditioners on, one where I have enough food to stay well fed, and of one where I have a reasonable measure of personal security.

That's a future which requires bau.

I have spent 20 years hardening my life against bau.

And after all those years you still haven't realized how dependent you are on bau?
I live a rugged country life with enough fields and woods to feed a small village. I own tons of equipment and tools to master almost anything that comes my way. Yet I realize that I'm only 1 missing spare part away from it all falling apart. Yes, I wouldn't starve within 3 weeks like many other, but I will most certainly be gone within 2 or 3 years once bau stops.

When fuel is cheap I fill them and then cycle the fuel when the price goes up. I must have saved thousand over the years by doing just that.

Probably not. If we assume you use 1000 litres/year you probably haven't saved more than $500 over 10 years. And even that is a VERY generous estimate.

[theluckycountry]

Just the a post above you say this:

Let the markets crash, let the pensions fail, let the northern hemisphere devolve into all out war, I have planned for all that anyway.

If devolve into all out war ain't mad max then I don't know what is.

That's where you live, the north may have mad max but the fallout down here won't be so bad.

I believe in a future where I can keep my lights and air conditioners on, one where I have enough food to stay well fed, and of one where I have a reasonable measure of personal security.

That's a future which requires bau.

No. That's a future that requires redundant offgrid electricity, a region full of cattle and farms and a cohesive all white community. Something that is non-existent in northern hemisphere nations.

And after all those years you still haven't realized how dependent you are on bau?
I live a rugged country life with enough fields and woods to feed a small village. I own tons of equipment and tools to master almost anything that comes my way. Yet I realize that I'm only 1 missing spare part away from it all falling apart. Yes, I wouldn't starve within 3 weeks like many other, but I will most certainly be gone within 2 or 3 years once bau stops.

One missing spare part away from it all falling apart? There is a difference between being a backwoods rube with a shed full of old junk and being a dedicated survivalist.

You have definitely watched too many movies, Government or no government food is always grown, always! You just require the means to secure it, and surplus food is always, ALWAYS, sold or traded. Growing your own food is a dead end, too much can go wrong. Much better living in a region that produces vast quantities and having the means to buy or trade for it.

Probably not. If we assume you use 1000 litres/year you probably haven't saved more than $500 over 10 years. And even that is a VERY generous estimate.

A generous estimate? you assume? Based on what? Do you live in Australia? Do you know about the price cycles up here? I hardly use any fuel these days, most trips are pleasure rides on motorcycles or a 5 minute trip into town. But up until a few years ago I ran a business, out of a truck. What does that tell you Sherlock?

If I only saved 20 cents a liter on my fuel (a typical price fluctuation in Queensland), and I used about 100L a week, that's $20 a week, around $1000 a year. Of course it was never this perfect, not even that close, but that would be a saving of $25,000 over a 25 year career.

You are just making this shit up as you go, probably because of sour grapes. I don't agree with a lot of what Kublikhan says but at least he uses his brain! Does research and posts links, too many here just regurgitate the drivel they saw on TV or at the movies. This conversation is over!

Petrol buying tips and charts
You can use petrol price cycles to help you decide when to buy petrol in Sydney, Melbourne, Brisbane, Adelaide and Perth. We provide buying tips for each major city.
https://www.accc.gov.au/consumers/petro ... jor-cities

[mousepad]

No. That's a future that requires redundant offgrid electricity,

You understand that electronics are practically non-fixable, without a bau supply chain, right?

and surplus food is always, ALWAYS, sold or traded.

what if there's no surplus?

Growing your own food is a dead end, too much can go wrong.

2nd world war in Switzerland. Switzerland cut off from all imports. The city slicks practically sold off their shirt to buy food on the black market from farmers. Seems growing your food is good business in mad max.

If I only saved 20 cents a liter on my fuel and I used about 100L a week

You did not save 20 cents/liter. If you used 100L/week you most of the time just paid pump price.

Of course it was never this perfect, not even that close,

Exactly my words.

You are just making this shit up as you go,

I disagree. It seem to me, you're the one making shit up. Saved $25k in 25 years with a 200L tank. Give me shit break.

I don't agree with a lot of what Kublikhan says but at least he uses his brain!

I agree with a lot of what he says. He's biased towards optimism and I'm biased towards pessimism. That's about the only difference we have. But his love affair with them stupid studies drive me nuts. Especially when he claims libtard univeristy studies are unbiased. Get it? Libtard studies from libtard universities in libtard states. Unbiased? fuck me!!

This conversation is over!

You are very sensitive. You should be zen peace with the world in your prepped bug out place.

My personal life prediction for you:
You will grow old and weak, end up in an old-folks-home and die there. All while bau still reigns supreme.