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IPFS News Link • Economy - Economics USA

JPMorgan Chase CEO: Economic Crisis Inevitable

• Prison Planet

Another economic crisis like the Great Recession is inevitable, according to JPMorgan Chase CEO Jamie Dimon, who heads the bank that recently imposed capital controls and limits on cash withdrawals.

"Some things never change – there will be another crisis, and its impact will be felt by the financial markets," he wrote in his annual letter to shareholders. "The trigger to the next crisis will not be the same as the trigger to the last one, but there will be another crisis."

Dimon's admission is particularly concerning considering that JPMorgan Chase, the largest bank in the U.S., has already enacted a $50,000 monthly limit on cash withdrawals and has also banned American customers from sending money outside the U.S.

Such restrictions would be enacted amid an economic crisis, financial analyst Gerald Celente predicted in 2011.

"With banks closed and economic martial law in place, restrictions will be set on the amounts, times and frequency of withdrawals," he wrote in the Summer 2011 Trends Journal. "As we have cautioned before, it will be essential to have a stash of cash on hand."


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