During an episode of his radio show, "The Glenn Beck Program," he quoted JPMorgan Chase & Co. CEO Jamie Dimon and how the Wall Street executive believes America is about to witness an "economic hurricane" of unprecedented proportions.
Beck noted that the more he looks into this coming economic disaster, the more it makes sense. He noted several factors happening in America today that do not make sense and will only lead to disaster if left unchecked, including the inflation crisis affecting the price of practically everything.
"You cannot have this country paying $6, $7 a gallon for gasoline," he noted. "You cannot have a transportation sector that runs on diesel fuel that is paying $6, $7, $8, $10 a gallon for diesel. It doesn't hold."
As of press time, the average price of gas is currently at $4.865. Ten states and the District of Columbia already have average gas prices above $5, and California's average price is above $6. Nine more states are expected to breach the $5 mark in the next few days.
Beck added that the price of food has gotten so much worse these past few months. He cited a report from the U.S. Department of Agriculture that showed inflation will raise the price of food to double what it was two years ago by September or October.
"Gosh, that sounds like a crisis, doesn't it?" remarked Beck. "Sounds like an energy crisis, sounds like a food crisis… a money crisis, as your dollar is just devalued more and more. There'll be a housing crisis, people won't be able to live in their houses … [a] homelessness crisis."
Other crises America is and will be facing, according to Beck, include a crisis in the state of public infrastructure and crises relating to crime and mass shootings.
Fed, fallout from Ukraine war to make economic crisis worse
As Beck noted, Dimon believes this crisis will be worsened by the Federal Reserve and the West's response to Russia's invasion of Ukraine. (Related: First JPMorgan's Dimon, now Goldman Sachs' Waldron: The world is about to get hit with an economic "hurricane.")
"That [economic] hurricane is right out there down the road coming our way," said Dimon at a conference sponsored by AllianceBernstein Holdings. "We don't know if it's a minor one or [like] Superstorm Sandy. You better brace yourself."
The Federal Reserve has signaled it will reverse its emergency bond-buying programs and shrink its balance sheet. The so-called quantitative tightening, or QT, is scheduled to begin this month and will ramp up to $95 billion a month in reduced bond holdings.
"We've never had QT like this, so you’re looking at something you could be writing history books on for 50 years," warned Dimon, believing there are many ways the QT programs could backfire.
The other factor worrying Dimon is the ongoing war in Ukraine and its impact on the supply and price of commodities like food and fuel.
"Wars go bad, [they] go south in unintended consequences," said Dimon. "We're not taking the proper actions to protect Europe from what's going to happen to oil in the short run."
Dimon is not the only Wall Street executive warning Americans to be ready for an economic crisis.
Goldman Sachs President and COO John Waldron followed up Dimon's statement during a banking conference by pointing out that the current economic environment is "among if not the most complex dynamic environments I've ever seen in my career."
While shying away from the weather analogy that Dimon himself used, Waldron still stressed that there are a series of unprecedented factors hurting the American economy.
"We've obviously been through lots of cycles, but the confluence of the number of shocks to the system, to me, is unprecedented," he said. "We expect there's going to be tougher economic times ahead. No question we are seeing a tougher capital-markets environment."
Learn more about the state of the American economy at Bubble.news.
Watch this clip from an episode of Glenn Beck's radio show, "The Glenn Beck Program," as he talks about why Americans should not ignore the coming economic hurricane.
This video is from the GalacticStorm channel on Brighteon.com.
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