The chief executive of financial services titan JPMorgan Chase is issuing a warning about the US dollar, saying that it may fail as a reserve currency under certain conditions.
In a new interview with CNBC at the Reagan National Economic Forum, JPMorgan CEO Jamie Dimon says the US government is having internal problems with the management of its finances.
Dimon says that unless the government gets its act together, the country risks losing its status as a military and economic superpower.
“The amount of mismanagement is extraordinary. By state, by city, for pensions – that stuff is going to kill us. I always get asked this question: ‘Are we going to be the reserve currency?’
No. 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.”
Dimon calls on the US government to act with a sense of urgency and fix its internal issues if the country is to remain the largest economy in the world.
“Now, I think we will be [on top]. Warren Buffett will tell you that we’re normally resilient, and I agree with that, [but] I think this time is different. This time, we have to get our act together; we have to do it very quickly.”
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