JP Morgan Acknowledges Economic Warfare on Russia Hasn’t Worked
May 14, 2022 (EIRNS)—The financial house of ancient Anglophile, John Pierpont Morgan, has admitted that the City of London and Wall Street financial warfare on their old geopolitical enemy of Russia has not worked. A little over a century ago, Thomas Lamont of JP Morgan had helped organize a consortium of banks, including Hongkong and Shanghai Bank (today the London-based HSBC), to finance Japan for their military adventures to crush the emerging rail networks of the eastern part of Eurasia, which included Sun Yat Sen’s railroads of China, that they were desperately trying to stop from linking with the Trans-Siberian Railroad in Russia. Stopping that advance of American System economics in Asia and Europe then led to the world wars of the last century. Today, Russia and China are collaborating to link China’s Belt and Road Initiative with the Russia-led Eurasian Economic Union (EAEU)—and London has launched war, starting with economic warfare by using Ukraine as the pretext. But it isn’t going according to plan, and JP Morgan has just acknowledged that.
Business Insider has covered JP Morgan analysts who say that business sentiment surveys from Russia “are signaling a not very deep recession in Russia, and therefore imply upside risks to our growth forecasts.” Business Insider goes on to say that the analysts’ report shows “the data at hand therefore do not point to an abrupt plunge in activity, at least for now,” concerning the Russian economy. The report also notes increased electricity consumption and financial flows that indicate the strength of Russia’s real economy.
JP Morgan had earlier predicted a 35% collapse in Russia’s GDP for the second quarter, and 7% for the entirety of 2022, but are now saying that those figures will not be so dire. In terms of accepted monetarist terms, they do say that “the impact of sanctions will continue building in coming quarters, we expect. The GDP profile, therefore, looks increasingly likely to be consistent with a drawn-out, but not very sharp recession.”
However, given the paradigm shift underway in the Eurasian nations, led by China and Russia, towards the development of the real economy and away from the terms of financialization dictated by the City of London and Wall Street, the present metrics of GDP will not mean much. Russia is dealing with reorienting their supply chains and the development of new industries to replace what they no longer have access to, so their real economy will take a momentary hit. However, in the long run, Russia’s development in these terms will make their economy stronger—especially in light of the new emerging paradigm around the Belt and Road Initiative. Hopefully the geniuses of the City of London and Wall Street are soon forced into the bankruptcy they deserve, and the nations oppressed by their insanity will be free to join the emerging new system.