Bitcoin News and Finance
Goldman Sachs President Warns of ‘Unprecedented’ Economic Shocks and Tougher Times Ahead Skip to main content

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory