As Jim Rickards stated, JPMorgan is essentially "a criminal enterprise." The bank has paid billions of dollars to "settle" many investigations of fraud that it committed over the past decade or more. (Including a single settlement in which JP Morgue paid $13 billion.)

It's best to give Jamie Demon and his fraudsters a wide berth, and not base any of your investment decisions on anything they say. But as Jeff points out, most of the nonsense they spout is good for a laugh.