Jamie Dimon thinks that “there is truth” to China’s claim that the United States is “incompetent and lazy”
Jamie Dimon thinks that “there is truth” to China’s claim that the United States is “incompetent and lazy” — though he added it was a “mistake to say that America has the short end of the stick.”
Dimon, whose net worth is pegged by Forbes at $1.5 billion, warned of “storm clouds” on the horizon for the US economy and predicted that the odds favor either a “harder recession” or “maybe something worse.”
The billionaire banking executive who heads Wall Street investment giant JPMorgan Chase made the comments during a freewheeling client call last Tuesday. The contents of the call were first reported over the weekend by Yahoo! Finance.
The JPMorgan CEO touched on geopolitical issues, noting that “China has serious issues.”
Chinese authorities have struggled to get a handle on the COVID-19 pandemic as the government has imposed stringent lockdown measures, including factory shutdowns, that have exacerbated snarls in the supply chain.
According to Bloomberg, China’s economic slowdown intensified in July as the country’s industries failed to hit output and investment targets.
“Autocratic management can work in certain things, but doesn’t work in the long run,” Dimon said of China.
“They kind of look at America and say, ‘You have been incompetent and lazy.’ There is truth to that,” he said. “We have screwed up infrastructure. We have screwed up inner city schools.”
Dimon then added: “But I think it is a mistake to say that America has the short end of the stick.”
Last year, President Biden signed into law a $1.85 trillion bipartisan infrastructure measure aimed at upgrading outdated roads, bridges, and transit systems nationwide.
Dimon isn’t alone in his scathing analysis of the American work ethic compared to those in China.
Tesla CEO Elon Musk said earlier this year that Americans try “to avoid going to work at all” as opposed to Chinese workers, who “won’t just be burning the midnight oil” but “will be burning the 3 a.m. oil.”
The banking chief added that the US needs to mimic China in “taking a leadership position.”
“You see what China is doing in Africa and Asia. We need to do that, too,” Dimon said.
In recent years, China has been throwing its financial weight around the globe, particularly in developing countries in Africa.
Dimon also criticized climate activists for discouraging the production of more oil and natural gas.
“Why can’t we get it through our thick skulls, that if you want to solve climate [change], it is not against climate [change] for America to boost more oil and gas?” Dimon said.
The price of oil and natural gas has risen considerably in the past year, prompting critics to lambast the Biden administration for not authorizing enough drilling to offset the lack of supply which has been further limited by the Russian invasion of Ukraine.
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Dimon also said that remote work was hurting efforts to diversify companies since it encouraged people to stay within their racial and socioeconomic bubbles.
“You have to look at the flaws of the Zoom world,” Dimon said.
“It doesn’t work for an apprenticeship program. It doesn’t work for spontaneous stuff.”
Dimon added: “When you come [to work] it is a rainbow room. But if you live in certain parts of our country and go eat out there, it is all white.”
“You’re losing opportunities to meet other people. I think they are cumulative negatives.”
Dimon also defended what he called “woke capitalism” because “society is worse off if we won’t lift up everybody.”
Earlier this year, JPMorgan responded to pushback from employees who were upset about having to return to the office by allowing a more flexible, hybrid model for some 40% of the firm’s workers.
Dimon, a father of three daughters, also gave a glimpse into how he raised his children.
Dimon added: “I probably sat them down for the first super serious conversation eight years ago. I have had a couple near death experiences and I wanted to set everything up.”