JPMorgan Chase CEO Jamie Dimon just issued a major warning on the state of the US economy.
At an event organized by the Ronald Reagan Presidential Foundation, Dimon told regulators that the full effect of all the money printed since 2020 remains to be seen.
“You are going to see a crack in the bond market. It is going to happen. And I tell this to my regulators, some of you who are in this room, I’m telling you it’s going to happen and you’re going to panic.
I’m not gonna panic. We’ll be fine. We’ll probably make more money, and then some of my friends will tell me, ‘We like crises because it’s good for JPMorgan Chase.’ Not really.'”
Dimon says bond vigilantes are back, selling bonds to protest unsustainable fiscal policies and America’s ballooning debt.
In the long run, Dimon says he’s not too worried about China as a potential adversary, and instead believes the US needs to self improve and erase the “enemy within.”
“If we are not the preeminent military and the preeminent economy in 40 years, we will not be the reserve currency. That’s a fact. Just read history…
We we have to get our act together and we have to do it very quickly.”
Dimon says a concerted effort to streamline regulations, immigration, taxation, healthcare and schools is needed.
He also reiterated his dissatisfaction with Bitcoin’s emergence as a strategic reserve asset.
“We shouldn’t be stockpiling Bitcoin. We should be stockpiling guns, bullets, tanks, planes, drones, rare earths. We know what we need to do.”
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