United States

As discussed earlier, Jamie Dimon's annual letter this year was a departure from his usual optimistic sermons about the state of nation, dedicating an entire section in the 45 page letter to  describe that "something is wrong" with the US. And of all the items mentions, the following aspect of the US economy is what was most troubling to the JPM CEO. Not surprisingly, it deals with two of the biggest threats facing the US currently: demographics and labor, and shows the at least in one key economic metric, the US is now the worst among the entire universe of developed countries.

Authored by Michael Snyder via The Economic Collapse blog,

In 2008, subprime mortgages almost single-handedly took down the entire financial system, and now a new subprime crisis is here. 

While Jamie Dimon tried to maintain his traditionally optimistic outlook in his annual letter to shareholders, there was a distinct undertone of pessimism in the latest 45 page letter released earlier today, in which he writes that while the U.S. is "truly an exceptional country," probably stronger than ever before, he cautions that "something is wrong - and it's holding us back."

Here are the highlights from the gloomy passage reposted below in its entirety.

Update: Sec. of State Rex Tillerson has issued the following statement:

“North Korea launched yet another intermediate range ballistic missile. The United States has spoken enough about North Korea. We have no further comment.”

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Authored by Valentin Schmid via The Epoch Times,

Macquarie strategist Viktor Shvets explains overcapacity, debt, and government intervention

Despite the temporary injection of confidence in the American economy brought about by the election of President Donald Trump, major structural problems continue to lurk beneath the surface. These trends, decades in the making, are so entrenched and intractable that even Trump’s boldest plans may not be able to resolve them.