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we've heard from a lot of people out there that they say the sky is falling but one person who I have not yet referenced is Jamie Diamond Jamie Diamond is the CEO of JP Morgan Chase and someone I consider with EH quite a bit of power in the United States now he was a fan favorite to run for president in many circles but he's way too smart to throw himself into that mess or is it only time will tell Diamond recently urged investors and consumers to prepare for the worst it's coming you guys we talk about it all the time so let's unpack that in today's video and get back to Jamie Diamond later as we continue to cover what is exactly going on in today's economy for starters let's look at the UK and their stance they took on inflation what was that stance it was to give people pay raises to keep up with inflation now if you're wondering why giving everyone a raise helps curtail inflation you thought the exact same thing that I did that was my first question and the answer is it doesn't it actually could put us in a position to make things worse according to YouTuber Steven vanmeer who also broke down the economy in a recent update on his channel we are living in a world right now where people don't know how to eliminate inflation rather they are making it worse so as Jamie Diamond said prepare yourself with this UK pay rate jobs will have to eventually be cut and prices of goods at the companies that are employing these people will only go higher that is scary that's just a totally horrible take on how to deal with this failed policy leads us to unemployment which is a direct path to financial crisis and ruins and a recession so be prepared this is the exact reason why I'm purchasing gold do you remember 2008 people who bought gold ahead of this meltdown made upwards of 2,000% on their investment I wasn't one of those people I held very little back then but I learned from it as I lost almost everything and I'm a staunch advocate of investing in gold and even silver there's a link below for vetted companies if you're looking to do the same no pressure there on top of bad policy we have reports from China that global trade is actually down now we had hoped and pray that the back to school Commerce coupled with the huge gargantuan holiday season would bring in a fuzzy feeling to get our economy getting a little bit better but it didn't and I'm sorry to be the Grinch it did not there was a report out there that said Black Friday had a record just a few weeks ago but we actually didn't the numbers were just so bad last year from the lingering effects of the pandemic that it's all smok and mirrors once again by the media they're going to tell you one thing but the real numbers are there you just have to dig in and find them and that's exactly why we do this on this channel we are truth people now look at this clip right here it shows that the exports to the United States and European Union are down 10% year-over-year down given we were supposed to be out of the pandemic this is a huge concern to me steel is down chips are down two things we need to drive the economy vehicles and building right these are huge indicators but what exactly happened the truth TR is if you can handle it the stimulus money simply dried up we are not flush in fact we are more like a ticking Time Bomb so let's get back to Jamie Diamond who said to prepare for the worst and he said and I quote I'm cautious about the economy the labor market in the US has been resilient but inflation is hurting people stimulus money handed out by the government during covid shutdowns and quantitative easing by the Federal Reserve Federal Reserve reduced rates last year I remember many times actually injected drugs directly into our system that's a quote by Jamie Diamond and caused an economic sugar high I had to chuckle when I saw that I've had sugar highs in my life he ended his advisory saying and I quote I think quantitative easing and tightening these geopolitical issues can bite end quote look inflation's bad I don't need to go on a rant here everyone knows what it's about and it sucks I see it every time I order chicken wings or anything we need from our store every time I go to the grocery store it just sucks but we also have two Wars going on and an upcoming election coupled with a lot of layoffs happening and a pandemic money that's drying up as I see and Jamie Diamond sees and it's drying up faster than my ShamWow can pick up a spilled beer honestly we essentially Juiced up the economy with stimulus money and by lowering interest rates everyone could buy a new home but now what what happened after that nobody's really moving everyone's stuck in their home real estate market is largely flat and people are now losing their jobs how are they going be able to afford their new home they just bought and now rates are going up they did get cut recently but they are going up overall they're much higher than they were a couple years ago the worst part of this all is we have no idea where the bottom is and for this reason gold has pushed to an all-time high and we have forecasts out there from 3,000 15,000 even $75,000 an ounce which would be incredible today it's less than $2,100 an ounce and gold thrives during bad times so examine the potential returns and see if that's a fit for you by taking that quiz below again we Ved these companies I worked with one you might match up with the same one you never know when you take all this information I gave you today is it really hard to argue with Jamie Diamond's tape a very powerful man that we're entering a recession no to me it's not the facts are all laid out you can do your homework you can research you can view other videos on our Channel we cover the economy with straight facts from independent journals independent research and a lot of things we Greg and I subscribed to thousands of dollars of products and Financial newsletters that you just aren't going to see on Fox news or CNN we avoid the media like the plag we get our information from real people that break it down and don't have an agenda so prepare yourself
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