JPMorgan Chase CEO Jamie Dimon says the US must do more to ease Europe’s energy crisis, adding he is not convinced the Federal Reserve can engineer a soft landing.
JPMorgan Chase chief executive Jamie Dimon says the United States must do more to ease Europe’s energy crisis ahead of the northern hemisphere winter, warning the Western alliance against Russia could be “torn apart” by surging energy and food prices.during a flying visit to Sydney, Mr Dimon also warned the impact of quantitative tightening on financial markets was extremely unpredictable, and called for the West to become less confrontational in the way it deals with China’s power.
“The world got woken up to the fact that national security will always be issue number one. Even when we were lulled into a false sense of security because things went so well for so long, Ukraine kind of changed that. And I hope it changes for the rest of our lives.” But Mr Dimon said the energy crisis unleashed by the war would require further American leadership. He is worried that gas and oil shortages during the northern hemisphere winter could lead to Europe’s united front against Russia to crack if individual nations to keep their citizens warm and fed.“The US could do more to help Europe in the short run with oil and gas. That is an immediate problem that Europe is going to face this winter, and I’m not sure we’ve done enough,” Mr Dimon said.
“Climate change is a real issue and a real concern. But I don’t think what the countries have been doing is dealing with it properly,” he said. “I believe there’s a huge mistake thinking that just reducing oil and gas production would be a good thing. If oil prices go to $US150 a barrel ... some people think that’s good because there would be less consumption and CO2 will go down. But CO2 will go up because every poor nation that can’t afford oil and gas will simply turn back towards coal.
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