The most powerful banker in the world has slammed socialism as producing “stagnation, corruption and often worse,” The Guardian reports.
Chairman and CEO of JP Morgan Jamie Dimon targeted the economic system opposed to capitalism in his yearly letter to shareholders. He warned that implementing socialism would cause "a disaster for our country”. Dimon earned $31 million last year as the leader of the largest bank in the U.S. and is worth about $1.3 billion, according to Forbes.
His letter addressed the increasing popularity of left-wing politics sweeping a new generation of supporters and politicians, including New York congresswoman Alexandria Ocasio-Cortez and longtime socialist and now presidential candidate for the second time Bernie Sanders. His attack responds to increasing outcries against big businesses among Democrats including Sanders and senator Elizabeth Warren, who has called for greater restrictions for banks in particular.
“When governments control companies, economic assets (companies, lenders and so on) over time are used to further political interests—leading to inefficient companies and markets, enormous favoritism and corruption,” Dimon wrote in his letter.
He continued: “Socialism inevitably produces stagnation, corruption and often worse – such as authoritarian government officials who often have an increasing ability to interfere with both the economy and individual lives—which they frequently do to maintain power. This would be as much a disaster for our country as it has been in the other places it’s been tried.”
Experts predict that socialism will be one of the biggest talking points in the upcoming 2020 election cycle. President Trump has already begun his campaign against socialism, declaring in his State of the Union address that “America will never be a socialist country.”