CEO of Wall Street megabank JP Morgan Chase Jamie Dimon recently published that the federal government should seize private property in a bid to fight climate change, by taking these sequestered lands to install solar and wind farms.
Dimon made these ambitions known in a recently published annual shareholder letter called “Creating Possibility.” Under a chapter titled “Update on Specific Issues Facing Our Company,” Dimon calls for “eminent domain” – which means the government has the compulsory right to sequester any property they want, and covert for public use, provided that compensation is given to the property owners.
Under this chapter heading Dimon emphasizes the need for JP Morgan and the rest of the world to continue to make greater strides in fighting climate change.
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Dimon wrote the following in his newsletter:
The window for action to avert the costliest impacts of global climate change is closing. At the same time, the ongoing war in Ukraine is roiling trade relations across Europe and Asia and redefining the way countries and companies plan for energy security. The need to provide energy affordably and reliably for today, as well as make the necessary investments to decarbonize for tomorrow, underscores the inextricable links between economic growth, energy security and climate change. We need to do more, and we need to do so immediately.
To expedite progress, governments, businesses and non-governmental organizations need to align across a series of practical policy changes that comprehensively address fundamental issues that are holding us back. Massive global investment in clean energy technologies must be done and must continue to grow year-over-year.
At the same time, permitting reforms are desperately needed to allow investment to be done in any kind of timely way. We may even need to evoke eminent domain — we simply are not getting the adequate investments fast enough for grid, solar, wind and pipeline initiatives.
Policies like the Bipartisan Infrastructure Law, the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act, and the Inflation Reduction Act (IRA) — that hold the potential to unlock over $1 trillion in clean technology development — need to be implemented effectively.
The upside is undeniable: Widespread investing across the private sector will aid domestic manufacturing, invigorate research and development in green innovation, help create resilient supply chains, lift up local economies and build the U.S. clean energy workforce by up to 9 million jobs over the next decade.
While major advances have been made in the last few years on technology to help this cause, we are hopeful that the great American innovation machine (most advancements will ultimately come from the huge capabilities and capital of America’s largest companies) will find the additional technologies that are desperately needed. There is a downside — massive, inefficient and malinvestment of capital. I talk more about this in the last section on public policy.
Polarization, paralysis and basic lack of analysis cannot keep us from addressing one of the most complex challenges of our time. Diverse stakeholders need to come together, seeking the best answers through engagement around our common interest. Bolstering growth must go hand in hand with both securing an energy future and meeting science-based climate targets for future generations.
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Dimon would go on to write that AI integration “will be critical to our company’s future success,” implementing things like ChatGPT.
Dimon also addressed the recent banking turmoil and urges regulators not to tighten the rulers for regulators.
It is extremely important that we avoid knee-jerk, whack-a-mole or politically motivated responses that often result in achieving the opposite of what people intended.
Now is the time to deeply think through and coordinate complex regulations to accomplish the goals we want, eliminating costly inefficiencies and contradictory policies.
Very often, rules are put in place in one part of the framework without appreciating their consequences in combination with other regulations.
He wrote
He also claims that he and JP Morgan “want to strengthen regional, midsized and community banks, which are essential to the American economic system.”
AUTHOR COMMENTARY
[6] For the vile person will speak villany, and his heart will work iniquity, to practise hypocrisy, and to utter error against the LORD, to make empty the soul of the hungry, and he will cause the drink of the thirsty to fail. [7] The instruments also of the churl are evil: he deviseth wicked devices to destroy the poor with lying words, even when the needy speaketh right. Isaiah 32:6-7
Dimon is so evil and corrupt, which isn’t saying anything new; but this guy and his bank are caught so often caught rigging the markets and manipulating asset class prices, and all he gets are slaps on the wrist. He pays-off so many people it’s ridiculous.
When the economies totally go bust the banks – who will get bailed-out by the Feds – will be ready to pounce on everyone else’s assets and land.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Fine Jamie, you have a BIIIIIIIIG house and property. good place to start the eminent domain. We can put a LOT of solar panels and windmills on your holdings. C’mon MAN…….set the example for the rest of us. Before you know it, people will be standing in line to hand their property titles over to the government for your project. and to think i bank at Chase? but where is there to go?? Someone give me a good bank to use and i am out of chase
I’ve heard that Chase, Wells Fargo, and Bank of America are the worst, so any other bank besides these are most likely the lesser of two evils.
Hey Jamie Dimon…I’m saving up to build a 400-800 watt solar panel system, so stop being so impatient and let us independent-minded folk with land save up and do it ourselves, okay?
Oh wait…this isn’t about cleaner power or being independent from the grid, is it? In reality it’s all about your personal power, isn’t it? May the Lord rebuke you sharply Mr: Dimon, you and all your wicked ilk confederate with you in this thievery!
So what’s Micron gonna do have all the homes in my area bulldozed after Eminent Domain to build solar farms and windmill farms in the Snowbelt here in NY State?