Dear Jamie Dimon: Predict the Crash that Takes Down Your Produces-Nothing, Parasitic Bank and We’ll Listen to your Bitcoin “Prediction”

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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  • Jack Murray

    The truths you have spoken need to be understood by many more people. It is past time to teach true economics/financials to the public and starting with 1st grade. How much power does the executive have to assign government payments direct from Treasury. Things such as defense, infrastructure, social programs to a degree, government employees. Then, turn the relationship with the Fed around. Have them come to the Treasury to obtain money for commercial lending. The Fed will pay interest on that money and let the people benefit by obtaining low interest loans, and, in many cases, pay them off with debt free money. It will become tantamount to the Fed and its member banks to make things profitable. which will benefit all. The ‘National Debt’ will be paid eventually, or could be paid in one large coin, stamped with $20Trillion Dollars. The Fiat Scam needs to be stopped.

  • GoldBugXXX

    Wouldn’t the terms “Mob Boss” and “Continuing Criminal Enterprise” be more accurate than “CEO” and “bank?”

    Just through 2014 JPM has paid over $35 billion in fines and settlements…

    The Five Families from Lucky Lucianao to John Gotti had nothing on Jamie Dimon and the Wall Street Banks.

    Instead of talking about Don Dimon as the next Fed Chair, or making a political run for office; why isn’t the media talking about his prosecution under the RICO act, and the return of Glass Stegall ?!?!

    Neither the deep state or the shadow government are deeply hidden, or operating in the shadows
    any longer… it’s all out in the open in broad daylight and in your face.

    RIP America

  • Jed Grover

    Shameless on Wall Street.

  • jadan

    I like you better when you’re mad, Smith, and everything you say about Jamie Dimon and his filthy bank is spot on. However, he’s the voice of our privatized monetary system. He’s legal. Bitcoin is not money, it’s some kind of asset, like a tulip bulb. What Dimon is saying is that the insiders, who own and operate the Fed, are going to crack down on bitcoin, like China is doing. You free market yokels out there demanding a level playing field and financial justice shake your fist at government and think you can replace the money power of government with an algorithm created by a mysterious Buddha-like Japanese coder. Money power is government power. You want economic justice? Fight for democracy. Take back the government for the people. That’s the only way you can dethrone creeps like Jamie Dimon and his ilk.