"Dear Jamie Dimon..."

Tyler Durden's picture

Authored by Charles Hugh Smith via OfTwoMinds blog,

This is the begging-for-the-overthrow-of-a-corrupt-status-quo economy we have thanks to the Federal Reserve giving the J.P. Morgans and Jamie Dimons of the world the means to skim and scam the bottom 95%.

Dear Jamie Dimon: quick quiz: which words/phrases are associated with you and your employer, J.P. Morgan? Looting, pillage, rapacious, exploitive, only saved from collapse by massive intervention by the Federal Reserve, the source of rising wealth inequality, crony capitalism, privatized profits-socialized losses, low interest rates = gift from savers to banks, bloviating overpaid C.E.O., propaganda favoring the financial elite, tool of the top .01%, destroyer of democracy, financial fraud goes unpunished, free money for financiers, debt-serfdom, produces nothing of value to society or the bottom 99.5%.

Jamie, if you answered "all of them," you're correct. The only reason you have a soapbox from which you can bloviate is the central bank (Federal Reserve) saved you and your neofeudal looting machine (bank) from well-deserved oblivion in 2008-09, and the unprecedented, co-ordinated campaign by global central banks to buy trillions of dollars of bonds and stocks.

Central Banks Have Purchased $2 Trillion In Assets In 2017

This 8-year long central bank intervention has:

1) transferred billions in what were once interest payments earned by savers and pension funds to banks such as J.P. Morgan

2) boosted your sales by flooding the financial system with low-cost credit

3) lifted your stock far above its value in an unmanipulated market and thus

4) awarded you immense stock-option and bonus-based wealth for doing nothing but letting the central banks enrich J.P. Morgan and its peers.

In other words, your claim of "financial genius" is based solely on central bank intervention. J.P Morgan would have done very well in the past eight years if they'd replaced you with a crash-test dummy. In fact, the shareholders would have done much, much better if the crash-test dummy had a Post-It note on its chest reading "buy bitcoin."

Compare the return for an investor who believed your shuck-and-jive claim to "financial genius" and "bought the dip" in J.P. Morgan stock (JPM) at $57 in early February 2016 and the investor who bought bitcoin (BTC) at $376 at the same time.

The buyer of JPM has certainly done well, earning a return of around 77% over the 19 months (JPM has risen from $57 to $91, a gain of $44, not counting dividends), but the buyer of bitcoin has earned a more than 10-fold increase, gaining $3,525 per bitcoin at the current price around $3,900. (A few weeks ago, the owner of BTC could have skimmed an additional $1,000 per coin.)

The buyer of 1,000 shares of JPM for $57,000 gained $44,000 plus dividends, yielding a total of around $93,000, while the buyer of $57,000 worth of bitcoin at $376 (roughly 150 BTC) gained $528,000 and has a total of $585,000.

The buyer of JPM could sell his shares, pay the capital gains tax and buy a modest mid-sized car with the gains. The buyer of bitcoin could sell his bitcoins, pay the capital gains tax and buy a very nice house or flat in all but the most over-valued markets with his gain, and buy a brand-new vehicle with whatever cash is left.

This is the begging-for-the-overthrow-of-a-corrupt-status-quo economy we have thanks to the Federal Reserve giving the J.P. Morgans and Jamie Dimons of the world the means to skim and scam the bottom 95%: an economy undermined by a vast and widening gulf between the Jamie Dimons (crony-capitalist toadies) and everyone else.

Dear Jamie: if you want us to listen to your incoherent ranting about bitcoin as "financial genius," first predict the timing of the crash that takes down your parasitic bank. If you pull that off with amazing accuracy, then maybe we'll pay attention to your "prediction" about bitcoin.

*  *  *

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So Close's picture

The irony is strong in this one.  (JD)

Rapunzal's picture

He is a criminal and in a country with a working legal system he would be in jail.

CH1's picture

Financialization is Parasitism.

CH1's picture

The irony is strong in this one.  (JD)

True, but I think the deeper issues are:

  1. Complete contempt for the non-elite class.
  2. Confidence that his hypocricy will never make the authorized air waves.
Yellow_Snow's picture

Damn Right.  Well said Charles...

lester1's picture

Audit the fucking Fed already !!

CH1's picture

No... bypass the Fed!

Crypto-economy for the win!

(At least for those who want to win.)

tion's picture

Can't happen until there is something to fill the vacuum.  Gee if only they minted lawful money like they are supposed to... We only really needed these tards to keep the records and mint the coin but they can't even get that right, it's only a matter of time until the host detaches the parasites.

CH1's picture

Can't happen until there is something to fill the vacuum.

You mean, like... cryptocurrencies?

(Gold and silver too, if anyone ever took 'em off a shelf and used them.)

east of eden's picture

If any of the criminal elite in America deserves the rope, it is Dimon, followed closely by Blankfiend.

CH1's picture

Put your energy into making them irrelevant... let their gardeners string 'em up.

Rubicon727's picture

"If any of the criminal elite in America deserves the rope, it is Dimon, followed closely by Blankfiend."

I'd estimate there are over 100,000 criminals as bad as Dimon.

If the world were rid of them, we'd have a chance to recover some elements of power.

Squid Viscous's picture

Hymie Dimon.

quelle surprise!

lester1's picture

A Fed insider told me they have been buying FANG stocks for years and that's why Yellen is terrified of an audit by Congress!

CH1's picture

That's the least of their sins.

buzzsaw99's picture

fuck that.  BONUS TIME!!

youngman's picture

What about his daughter..its all about the kids you know

Squid Viscous's picture

she's not a kid anymore

full grown JAP whore.

prymythirdeye's picture

It places the lotion in the basket, Laura!

GunnerySgtHartman's picture

This could apply equally well to Lloyd Blankfein.

Rebelrebel7's picture

Wow! Absolutely perfect  Charles Hugh-Smith! Tell that self entitled elite psychopath off! He's worried that we want to eat his free lunch!

I don't own bitcoin but I love the way that it has turned the the leeches on their heads! Now their only remaining options will be raping, pillaging, and robbing each other after the 2008 central bank fest!

Now it's time for the festofus! 

 

DrData02's picture

Dimon's in prison isn't he? Why do they let him do press releases from prison?

Not if_ But When's picture

Hey, Jamie Fuckface billionaire.  One of the presidential candidates stated repeatedly that "the TBTF's business model is fraud".  That is 100% correct.  And this candidate was sabotaged by the crooked DNC.

sheketebaka's picture

That was funny when Lehman "stopped hiring" in 2006 after I told them that the difference between a Treasury and an MBS was that "one is backed by the full faith and credit of the United States and one is not" and was joking about the price of a gallon of milk crashing and State Street called after I made that "dirty custodian" joke on a naval base.

I always got the dumbest interview questions at that time, like "how should society punish hate crimes?" and "what is more important, money or human life?"

devo's picture

At least he was right about Bitcoin.

CH1's picture

Is it nice to know you and Jamie are on the same side?

TheytookERjobs's picture

Jamie you fuking cunt you should kill yourself 

Stanley Lord's picture

Hand to God, I closed my JP Morgan Chase account and cancelled credit cards and switched to another bank.

 

The artile left out the PJM knew all about Madoff for twenty years and said nothing.

 

 

 

shimmy's picture

What a crazy world we live in where people are trying to say something as volatile as bitcoin is a great investment. The amusing thing is the very people who say that are the same people who go on about the stock market being in a bubble. 

I can only guess the reason for this is that they got in cheap and want people to keep buying so their bitcoin investment goes up even more. I think this is probably the same reason why these people push this as being a currency replacement as they want it to get that so their investment will go up bigly and they will then be the new "0.1%" that they now rail on about.

Basically, the same people railing on the current system/status quo want to move to bitcoin so a new system/status quo is formed and they can be at the top of it.

Let's have bitcoin drop 70-90% of its current value and see if these same people are saying the same stuff then. I am guessing they won't and they'll start to tell the truth about it.

 

 

apike3137's picture

but lets go ahead and give THOSE guys tax cuts..

 

 

hangemhigh77's picture

Hey Jamie you cocksucking midget, just because i don't defraud people and lie cheat steal and murder people and I'm not a billionaire doesn't mean I'm stupid and don't know who you are and what your dirty game is. Don't even TRY to tell me you're the "smartest guy in the room" because you have money. You're just the biggest crook in the room. ANYONE can win when they rig the game that doesn't make you smart it just makes you a proficient piece of shit lying thieving crook.