JAMIE DIMON, boss of JP Morgan, the largest,bank in America, has issued a stark warning that the US is facing its worst crisis since World War II.
In his annual letter to the bank’s shareholders, Dimon made no attempt to disguise the fear stalking the US ruling class that the era of American world domination is collapsing under the impact of financial crisis, the destabilisation of US imperialist rule throughout the world, and the rising upsurge of the working class at home.
In his letter, Dimon cited the huge amounts of money being spent by the US government that has driven the nation’s debt over $33 trillion for the first time in history – and increasing by the hour.
Alongside this, Dimon points to the failure of the imperialist wars being financed and supported by the US in Ukraine and Palestine – wars that were intended to assert American imperialism’s domination over the world, but they have failed to crush either the Palestinian resistance to occupation by the US client Zionist state or weaken Russia to the extent that capitalism can regain the land denied it by the victory of the Russian revolution in 1917.
The confidence that US imperialism was all-powerful was shattered, Dimon stated, by the failure to defeat Russia, while the failure of Israel, despite all the support from the US, to smash Palestinian resistance has also ‘punctured many assumptions about the direction of future safety and security, bringing us to this pivotal time in history.’
In fact, what has been achieved, Dimon tells his shareholders, is to create an environment that ‘may well be creating risks that could eclipse anything since World War II’ and warning: ‘The ongoing wars in Ukraine and the Middle East could become far worse and spread in unpredictable ways.’
‘Most important, the spectre of nuclear weapons – probably the greatest threat to mankind – hovers as the ultimate decider, which should strike deep fear into all our hearts.’
But the greatest fear in the hearts of the US ruling class, Dimon states, is that ‘America’s global leadership role is being challenged outside by other nations and inside by our polarised electorate.’
In a call for its imperialists allies and the American working class to sink their differences and rally to the cause of keeping the US from collapsing as the ‘global leadership’ – and keeping the bankers and capitalist class in profit – Dimon wrote: ‘We need to find ways to put aside our differences and work in partnership with other Western nations in the name of democracy. During this time of great crisis, uniting to protect our essential freedoms, including free enterprise, is paramount.’
Dimon emphasised exactly what the US bankers need to ensure their continued dominance when he wrote: ‘The best protection starts with an unyielding resolve to do whatever we need to do to maintain the strongest military on the planet – a commitment that is well within our economic capability.’
So for the bankers, the only way to avoid nuclear war is to pump billions into the arms industry and military in preparation for a war against Russia, China and all those countries that refuse to accept domination by US imperialism.
This would be paid for by the working class who the bankers are demanding be forced to accept ‘sacrifices’ to their lives and living standards in order to save capitalism and the profits of the ruling class.
Dimon’s letter is a stark warning to the working class that capitalism in its final stage of imperialism will not leave the scene of history in any peaceful way.
On the contrary, in its massive crisis imperialism is prepared to risk nuclear war to maintain its survival regardless of the cost to workers and the masses of the world.
Capitalism will never go peacefully but must be overthrown.
The working class internationally has the strength and power to end this drive to capitalist barbarism by putting an end to capitalism by taking the power and advancing humanity to a socialist future.
Now is the time to build sections of the International Committee of the fourth International in every country to provide the revolutionary leadership necessary for the victory of the world socialist revolution.