Jamie Dimon on Biden's suspension of permitting for new LNG projects

[Tiny]

Dimon, a Democrat and CEO of JP Morgan, is the most highly regarded banking executive in the country. This is from the CEO's letter in the JP Morgan annual report that came out today:

Trade is realpolitik, and the recent cancellation of future liquified natural gas (LNG) projects is a good example of this fact. The projects were delayed mainly for political reasons — to pacify those who believe that gas is bad and that oil and gas projects should simply be stopped. This is not only wrong but also enormously naïve. One of the best ways to reduce CO2 for the next few decades is to use gas to replace coal. When oil and gas prices skyrocketed last winter, nations around the world — wealthy and very climate-conscious nations like France, Germany and the Netherlands, as well as lower-income nations like Indonesia, the Philippines and Vietnam that could not afford the higher cost — started to turn back to their coal plants. This highlights the importance of safe, secure and affordable energy. Second, the export of LNG is a great economic boon for the United States. But most important is the realpolitik goal: Our allied nations that need secure and affordable energy resources, including critical nations like Japan, Korea and most of our European allies, would like to be able to depend on the United States for energy. This now puts them in a difficult position — they may have to look elsewhere for such supplies, tuning to Iran, Qatar, the United Arab Emirates or maybe even Russia. We need to minimize anything that can tear at our economic bonds with our allies.

The strength of our domestic production of energy gives us a “power advantage” — cheaper and more reliable energy, which creates economic and geopolitical advantages.

https://reports.jpmorganchase.com/in...eo-letters.htm

[Daneskold1]

You failed to mention that he is basically acting as a fossil fuel Fluffer boy sock puppet here. Bidens environmental policies are an insulting joke. Producing more oil than Trump. Tokens of renewables, with an increase in both oil, and natural gas.

Not switching to renewable is literally the most ridiculous argument I’ve ever heard in my life. Even if you don’t believe the life on the planet killing consequences of the dynamic, energy independence and security is always a good thing. Not just as a sovereign but as individuals and a community. Why would you rely on a corporation or the government for one of your most basic needs? The GOP narrative on the subject is schizophrenic. The democratic parties is disingenuous BS.

[Tiny]

Originally Posted by Daneskold1

Why would you rely on a corporation or the government for one of your most basic needs?

There are some Mennonite communities a couple of hundred miles east of you where they have no electricity or gasoline vehicles. You could move there and go native.

Welcome aboard, and thanks for replying. It's been a long wait in this thread, 2 days.

[Why_Yes_I_Do]

I see where Jamie is also making waves in the broader sense of bad policies overall.

Jamie Dimon Warns World Faces "Risks That Eclipse Anything Since World War II"
by Tyler Durden
Tuesday, Apr 09, 2024 - 10:35 AM

Perhaps the world's most influential banker - JPMorgan Chase CEO Jamie Dimon - warned the world in his annual letter to shareholders that while he expects US economic resilience (and higher inflation and interest rates), and is optimistic about transformational opportunities from AI, he worries geopolitical events including the war in Ukraine and the Israel-Hamas war, as well as U.S. political polarization, might be creating an environment that “may very well be creating risks that could eclipse anything since World War II.”...

Maybe he has been burned by the greenie-weenie demagogs' ridiculous BS for too long?!?

Apologies to the Original Poster, as the above could have just as easily fit into another thread regarding How are we going to pay for this shit ?-)

[Tiny]

Originally Posted by Why_Yes_I_Do

I see where Jamie is also making waves in the broader sense of bad policies overall.Maybe he has been burned by the greenie-weenie demagogs' ridiculous BS for too long?!?

Apologies to the Original Poster, as the above could have just as easily fit into another thread regarding How are we going to pay for this shit ?-)

Correct me if I'm wrong WYID, but don't you agree with just about everything Dimon said in your quote? I'd figure you're also wary that higher inflation and interest rates will persist. And you'd believe the Biden administration should work harder to end the senseless conflicts in Ukraine and Gaza that could escalate into nuclear war, instead of throwing gasoline on the fire by mindlessly sending the combatants lawyers, guns and money. (I'd say arms and aid, but lawyers, guns and money sounds better. And it would be great to send lots of our lawyers to Gaza and Ukraine. Except Blackman of course.)

https://www.youtube.com/watch?v=F2HH7J-Sx80

[Why_Yes_I_Do]

Originally Posted by Tiny

Correct me if I'm wrong WYID, but don't you agree with just about everything Dimon said in your quote?...

I now know that I agree with me that this should probably have been posted in the How are we going to pay for all this shit? thread. It's a great thread except for all those annoying pop-up ads for The Church of Tiny, grovelling for $$.

But to loosely answer, I need to summon up The Ben Bernake <hocus pocus>, from an interview he did on May 17, 2022

...Ryssdal: You mentioned that you’re relieved not to have the responsibility and I asked chair Powell this the other day, something about whether he was frustrated that he can’t finetune this economy, that the fed’s instruments are blunt tools. In retrospect, right, looking back at your time during the financial crisis, what was your frustration level?

Bernanke: Well, it was very frustrating that we were unable to get the recovery from the Great Recession to be more rapid than it was. It took, I think, in retrospect, a very long time and I think there were a number of reasons for that, putting aside, you know, mistakes that the Fed made. One was the zero bound on interest rates. The fact that once interest rates were at zero — and we cut them to zero in 2008, and they stayed there for four years — that our tools were much more uncertain and limited. The other thing was the tremendous difference between the way the Congress has responded to this crisis and the way they responded to the financial crisis. In dollar terms, if you put together the Trump programs and the Biden programs, fiscal spending to respond to the pandemic has been something like five or six times bigger than the whole fiscal response that Barack Obama signed in, I think February of 2009. So as we were looking at the recovery, the government, the federal government was choosing austerity — raising taxes, cutting spending. It was a bad moment and I said so at the time. So that was frustrating as well...

In short, the Federal Reserve seems hell bent on running around, holding a limited arsenal of dull knives, whereas Dimon is a money manager, of some repute, who is focused on making money, no matter how stupid the world economics are. I see him as a bird watcher, noticing a flock of Black Swans migrating overhead, full well knowing that one or two are likely to land in his swimming pool.