Larry Kudlow: Biden’s turning off the taps has hurt our economy and our national security

I know a lot of people are talking about Joe Biden’s brief interview yesterday with questions about recession, inflation, his son Hunter, Armageddon, Saudi Arabia, OPEC and other issues he refused to answer. He can’t do these things in 15 minutes, but of course, President Biden didn’t want to do them in the first place.

But there was another interview on Monday that was more clear and important in my view, and that was JPMorgan’s CEO Jamie Dimon in London about the Biden administration’s blunders and its failure to produce more. oil and gas.

Mr. Dimon mainly criticized Biden on energy and quote: “America should have pumped more oil and gas. We should have been right starting in March at the beginning of the Russian invasion of Ukraine.”

Dimon said the Biden administration dropped the ball by not increasing production significantly. “Obviously America needs to play a real leadership role — America is the swing producer, not Saudi Arabia,” he said, then capped Biden’s outburst with this, quoting: “I would put it in the critical category. It should be treated almost as a matter of war in This stage, and nothing less.”

Jamie Dimon: Oil crisis should be treated ‘almost as a matter of war at this point’

Compare Russian invasion of Ukraine Regarding the Japanese attack on Pearl Harbor in 1941 and the Soviet invasion of Czechoslovakia in 1968, quote: “It’s Pearl Harbor, it’s Czechoslovakia, and it’s really an attack on the Western world.”

If you’ve already read these passages from Mr. Damon’s interview, this is good for you, but I think it’s worth repeating. He is America’s leading banker. He is one of the most famous businessmen in the entire world. The bank he runs is an amazing venture, you may remember when you turned down the bailout money in the 2008 financial crash.

I’ve known Jimmy for many years and have always respected his opinions. I’m not talking about politics here. I am only talking about the wise advice of our leading banker. In this period of corporate wokemanship, it is very refreshing to hear some common sense.

I will say that outside of the extreme global warming crowd, the vast majority of the men and women who go to work every day in this country agree with Jamie Dimon. This does not mean that the vast majority or Mr. Dimon himself oppose renewable fuels or deny that there are long-term climate issues that must be addressed, for example, through technology and innovation.

But to sit there and watch Vladimir Putin use the weapon of oil in his paranoid unhistoric invasion of Ukraine, or watch the Saudis hold us over a barrel as Biden turn off the drilling spigots here and allow them to once again become the world’s swing producers, is something sane Americans are pissed off.

It’s not about Republicans or Democrats, it’s about common sense, which is what the banker Damon is after, which is why I think what he said is very important. We know that Biden’s energy policy has failed from the start whether it is canceling the Keystone pipeline, terminating permits, leases, the pipeline in general, LNG stations, gasoline refineries, etc. – turning off the taps, probably 3 million barrels per day. today. Not only did he raise inflationary prices, he did it ruined our economy and national security.

Moreover, for vote-buying reasons, Biden has depleted our Strategic Petroleum Reserve by 50%, which, you remember, was put in place 50 years ago to protect against another Arab oil embargo that could endanger America’s security.

Biden’s political price-fixing in order to bring the price of gasoline down by a dollar or so is deeply corrupt, with no world caring about our defense.

Yes, of course, Jimmy Dimon was right that at the beginning of the Russian invasion of Ukraine, Biden had to change his policies and start producing oil and gas. Of course, I would say, Biden should never have turned the taps off.

Ex-President Trump left him with a powerful, dominant position in America First, which Biden got rid of because of his obsession with the Green New Deal. Regarding Jimmy Damon’s war rule, I don’t think anyone should argue against this metaphor. He may be too humble to say it, but I would call him an American Patriot.


Biden in front of the American flag

HAgerstown, MD – OCTOBER 7: US President Joe Biden delivers his remarks after a tour of the Volvo Motor Group on October 7, 2022 in Hagerstown, Maryland. Biden’s comments on the economy highlighted his administration’s efforts to “build… (Chip somophila/Getty Images/Getty Images)

Biden’s audience doesn’t like businessmen and they don’t like bankers. They do Such as central planning and price control. So, I would say, we’re not just at war in terms of global energy security, we’re at war domestically to stop the drift toward socialism.

Which leads me to Jimmy Dimon’s final quote in his interview, the quote: “This is the opportunity to unite our work and consolidate Western, free, democratic and capitalist peoples, freedom, free movements, free speech, and free religion for the next century.” Fabulous.

This article is adapted from Larry Kudlow’s opening comment on October 12, 2022, the release of “Kudlow .”

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