6 mths
Jamie Dimon

The interesting part of this report isn’t the reported comment (by JP Morgan boss Jamie Dimon) itself, or the expected response from China (Hu Xijin, editor of the state-backed Global Times newspaper, saying on Twitter: “Think long-term! And I bet the CPC [Chinese Communist Party] will outlast the USA.”), rather it is the observation; “Dimon’s apology shows the degree of deference foreign businesses have to show to the Chinese government in order to remain in its good graces and maintain access to the country’s markets.”

In the West, big corporations (including banks) are often portrayed as having too much political leverage, i.e. we live in this pseudo-democracy when in fact (it is argued), we live in an oligarchy – big business actually run the country, with democratically-elected officials providing the appearance of democratic control by the plebians. It would appear that western big corps have the tables turned on them when they move east – into CCP territory – where banks know their place and that isn’t ‘running the country’.

For full report see – BBC – https://www.bbc.co.uk/news/business-59409508

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