Goldman Sachs President Warns of ‘Unprecedented’ Economic Shocks and Tougher Times Ahead

Goldman Sachs President Warns of 'Unprecedented' Economic Shocks and Tougher Times Ahead

Global investment bank Goldman Sachs’ president and chief operating officer has warned of unprecedented economic shocks and tougher times ahead. His statement echoes JPMorgan CEO Jamie Dimon’s warning that a “hurricane” is coming our way.

Goldman Sachs President’s Warning About the U.S. Economy

Goldman Sachs President and Chief Operating Officer John Waldron shared his outlook for the U.S. economy at a banking conference Thursday.

Commenting on current economic conditions, he said: “This is among — if not the most — complex, dynamic environment I’ve ever seen in my career.” The top Goldman Sachs executive elaborated:

We’ve obviously been through lots of cycles, but the confluence of the number of shocks to the system, to me, is unprecedented.

Waldron’s comments echoed a similar warning by JPMorgan Chase CEO Jamie Dimon, who said Wednesday that there is a “hurricane” coming our way. “You better brace yourself,” he advised.

Noting that he will refrain from “using any weather analogies,” the Goldman Sachs president shared his concerns that risks from inflation, changing monetary policy, and the Russia-Ukraine war could hurt the global economy.

Waldron continued:

We expect there’s going to be tougher economic times ahead. No question we are seeing a tougher capital-markets environment.

The Goldman executive also named several alarming factors hurting the economy, including a commodity shock and an unprecedented amount of monetary and fiscal stimulus.

A growing number of people have raised the alarm about the U.S. economy, predicting that a recession is imminent.

This week, Tesla CEO Elon Musk said he has a “super bad feeling” about the economy, prompting President Joe Biden to respond. Musk also said we are in a recession that could last 12 to 18 months.

Besides Musk, others who have warned about an upcoming recession include the Big Short investor Michael Burry and Soros Fund Management CEO Dawn Fitzpatrick. However, one of the most gloomy predictions came from Rich Dad Poor Dad author Robert Kiyosaki who said that markets are crashing and a depression and civil unrest are coming.

What do you think about the comments by Goldman Sachs’ top executive? Let us know in the comments section below.

Earning Passive Income With Crypto

Related Posts

400+ Crypto Advertisements Violate Guidelines in India — ‘Some Influencers Talk About Crypto Without Understanding It’

The Advertising Standards Council of India (ASCI) has reportedly revealed that more than 400 crypto ads violated its guidelines so far this year. The majority of complaints…

Investment: How To Calculate The Attractiveness of a Cryptocurrency

Investment: Asset manager, financier, and cryptocurrency teacher Alexander Alexandrovich Ryabinin says the investment attractiveness of digital assets can be determined by analyzing inflationary and deflationary processes. The…

Rich Dad Poor Dad’s Robert Kiyosaki Says He’s Waiting for Bitcoin to Test $1,100 to Buy More

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he’s waiting for the price of bitcoin to test $1,100. He added that…

This is the Future of the Liquid Staking, Based on the Past

Staking and the future: The liquid staking industry is at a turning point, says Simon Furlong, the Co-Founder of Geode Finance. The various opportunities across DeFi and cryptocurrency…

Book by Nigerian Author Reminds New Adopters Why Bitcoin Was Created

Nigerian author and crypto advocate Nathaniel Luz has said his recently published book represents his attempt to remind people of the initial reason why bitcoin was created….

Voyager Digital Issued Notice of 3AC’s Loan Default; Here’s What Might Be Next

Crypto hedge fund Three Arrows Capital (3AC) has defaulted on an estimated loan of $670 million, as per the market update by Voyager Digital. In a release dated June…