JPMorgan Chase CEO Jamie Dimon has warned Americans to prepare for a return to the 1970s – an era marked by rampant inflation, high unemployment and a series of energy crises in the US.

Dimon said rising prices, stagnant growth and huge government spending were among the factors linking the 2020s to the 1970s as he echoed comments made by other economists.

The outspoken executive – who is often seen as a cautionary voice on Wall Street – also said expected interest rate cuts this year were not guaranteed and that a recession could still occur.

[Why would we expect anything else? The fundamental problems of supply and demand have not yet been resolved, and Biden’s choice to overregulate will stifle real growth. The Obama economic policies produced the same thing, only this time the Fed can’t cover it up with cheap money, thanks to inflation that won’t get under full control. This is even more notable because of Dimon’s alignment with Democrats. — Ed]