- Last month Jamie Dimon said “We should get rid of this debt ceiling.” Why would he say such a thing?
First off, let’s talk about who Jamie Dimon is. Currently he is the head of JPMorgan Chase & Co.
JP Morgan merged with Chase Manhattan Bank. Then JPMorgan Chase & Co bought Bank One. Then they bought Bear Stearns. Then they bought Washington Mutual Bank. Making JPMorgan Chase & Co one of the largest banking and investment firms in the world.
And Jamie Dimon is a personal advisor to Joe Biden. He is also a multi-billionaire. He is also a former Federal Reserve board member.
And FYI…his grandfather, a Greek immigrant to America, changed the family name from Papademetriou to Dimon when he got to America.
He majored in psychology at Tufts University. Tufts, was founded by the Universalist Church and is a liberal arts college that stresses internationalism. After graduating Harvard Business School he went to work for the infamous Goldman Sachs which has had close ties with the US government and international bankers. Dimon later worked for Citigroup, then president of Bank One. He then became the head of JPMorgan Chase when Bank One was bought by JPMorgan Chase.
Dimon is a hardcore Democrat with the exception of some minor business regulation issues. Barack Obama and Dimon were close during Obama’s presidency. Dimon was especially close to and advised Obama’s Chief of Staff Rahm Emanuel.
So back to your question…why would Jamie Dimon say, “We should get rid of this debt ceiling.”?
Now that you know a little more about Jamie Dimon, go back to the primary foundational question in these matters…Who benefits from such a move in terms of “money and power”?
The answer is:
- The US Federal Government
- US Federal politicians and bureaucrats
- US and international banks
So the direct answer to your question…To make sure banks stay stable and make even more money.
And remember how banks make money…banks transfer wealth from the lower classes to the upper classes…and eventually to the very upper class.
While the country was locked down and dealing with the plague in 2020…
Now for some humor and thoughts…
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