America must confront the Russia challenge with bold solutions and make this a permanent, long-lasting stand for democratic ideals and against all forms of evil
The war in Ukraine and the sanctions on Russia, at a minimum, will slow the global economy — and it could easily get worse, said Jamie Dimon, Chairman, and CEO of JP Morgan Chase, in his annual letter to investors. Along with the unpredictability of war itself and the uncertainty surrounding global commodity supply chains, this makes for a potentially explosive situation, he added.
The war will also affect geopolitics for decades. “Russian aggression is having another dramatic and important result: It is coalescing the democratic, Western world — across Europe and the North Atlantic Treaty Organization (NATO) countries to Australia, Japan, and Korea. The United States and the West realize there is no replacement for strong allies and strong militaries,” wrote Dimon.
The banking chief added that the US response should also involve a larger US military budget and deploying more troops to Nato’s borders “as appropriate”, adding that the US government should pledge billions of dollars to rebuild Ukraine and support migrants in Europe.
“America must be ready for the possibility of an extended war in Ukraine with unpredictable outcomes,” Dimon stressed. “We must look at this as a wake-up call. We need to pursue short-term and long-term strategies with the goal of not only solving the current crisis, but also maintaining the long-term unity of the newly strengthened democratic alliances. We need to make this a permanent, long-lasting stand for democratic ideals and against all forms of evil.”
