Latest news with #Dimon
Yahoo
20 hours ago
- Business
- Yahoo
Jamie Dimon says China isn't America's biggest threat. It's ‘the enemy within'
JPMorgan Chase CEO Jamie Dimon sounded a warning Friday on the fractious US relationship with China — and on 'the enemy within.' 'China is a potential adversary — they're doing a lot of things well, they have a lot of problems,' Dimon said at the Reagan National Economic Forum in Simi Valley, California. 'But what I really worry about is us. Can we get our own act together — our own values, our own capability, our own management.' Dimon's comments come as President Donald Trump's tarrifs have sharply cut into trade between the United States and China, the world's two biggest economies. Trump's trade policy has whipsawed through different tariff levels and has also been caught up in court decisions, adding more uncertainty to what has become a testy relationship affecting economies around the world. Dimon also warned that the standoff with China — which escalated Friday after Trump claimed Beijing 'totally violated' its latest trade agreement — will not back down. 'They're not scared, folks. This notion they're gonna come bow to America, I wouldn't count on that,' Dimon said. Dimon said he agreed with Berkshire Hathaway CEO Warren Buffet that America is 'normalcy resilient' but that this time is different. 'We have to get our act together,' Dimon said. 'We have to do it very quickly.' He added that the United States has a 'mismanagement' issue. He called on fixing permitting, regulations, immigration, taxation, inner city school and the health care system. If those things are fixed, Dimon said, the country could grow 3% a year. 'What you heard today on stage was the amount of mismanagement is extraordinary. By state, by city, for pensions … and that stuff is going to kill us,' Dimon said, referencing comments made by earlier panelists at the forum. The United States government deficit stood at about $2 trillion in 2024, or roughly 7% of gross domestic product, according to a June 2024 report by the Congressional Budget Office. If the country enters a recession, 'that 7% will be 10%,' he added. This story has been updated with additional content.
New York Post
20 hours ago
- Business
- New York Post
JPMorgan's Jamie Dimon calls on US to stockpile bullets, rare earth instead of bitcoin
The United States should stockpile guns, ammunition and drones instead of bitcoin, JPMorgan Chase CEO Jamie Dimon said Friday at the inaugural Reagan National Economic Forum in California. 'We shouldn't be stockpiling bitcoins,' Dimon said when asked about how industrial policy is entwined with national security policies during a panel. 'We should stockpiling guns, bullets, tanks, planes, drones, you know, rare earths. We know we need to do it. It's not a mystery.' Bitcoin is a decentralized digital currency that operates outside of banking or government authority. President Donald Trump signed an executive order in March establishing a Bitcoin reserve, which he described as 'a virtual Fort Knox for digital gold.' 'We should be stockpiling bullets,' he continued. 'Like, you know, the military guys tell you that, you know, if there's a war in the South China Sea, we have missiles for seven days. Okay, come on. I mean, we can't say that with a straight face and think that's okay. So we know what to do. We just got to now go about doing it. Get the people together, roll up our sleeves, you know, have the debates.' Dimon joined a fireside chat during the Reagan National Economic Forum in Simi Valley, California, at the Reagan Presidential Library Friday for a sweeping discussion on the economy and how the world's 'tectonic plates are shifting' in geopolitics in the form of wars, proxy terrorists and the potential proliferation of nuclear weapons. 3 At the inaugural Reagan National Economic Forum in California, JPMorgan Chase CEO Jamie Dimon said the United States should stockpile guns, ammunition, and drones instead of bitcoin. POOL/AFP via Getty Images Dimon underscored during his address that he does not view China as America's top adversary, and instead pointed his attention to the 'enemy within' that could lead to the U.S.' status as the world's leader crater. 'I'm not as worried about China,' Dimon said. 'China is a potential adversary. They're doing a lot of things well, they have a lot of problems. But what I really worry about is us. Can we get our own act together, our own values, our own capability, our own management?' 3 Dimon specifically said, 'We should stockpiling guns, bullets, tanks, planes, drones, you know, rare earths. We know we need to do it. It's not a mystery.' Milan – 'I always get asked this question: Are we going to be the reserve currency?' he said. 'No. You know, 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.' He referred to the U.S. government as a 'Leviathan' that is too weak to carry out policies, while simultaneously imposing 'things on the American public that they're getting sick of.' 3 Bitcoin operates outside of the current banking and government authority in the U.S. and is seen as a is a decentralized digital currency, though President Trump signed an executive order in March establishing a Bitcoin reserve. ARTFULLY-79 – Dimon argued that instead, the U.S. needs to celebrate its long-held values. 'Celebrate our virtues: freedom of speech, freedom of religion, freedom of enterprise, equal opportunity, family, God, country,' he said. 'You know, and you can acknowledge the flaws that we have, which are extraordinary — what we did the Black population for years. Don't denigrate the great things of this country, because those are two different things.' 'We don't talk that much to each other — deal with our policies — this is the enemy within,' he continued. 'We've got to fix our permitting our regulations our immigration our taxation, which I, I think they're on their way. We have to fix our inner city schools, our health care system.' The Reagan National Economic forum kicked off Friday, and includes panels featuring Secretary of Energy Chris Wright, lawmakers such as Sens. Mike Rounds and Bill Cassidy, and leaders from the private sector, such as the CEO of Booz Allen Hamilton, Horacio Rozanski. The bipartisan event works to promote 'President Reagan's enduring belief in the power of the free market and individual opportunity to drive national prosperity,' according to forum organizers.
The Hill
a day ago
- Business
- The Hill
Jamie Dimon says US needs to ‘get our own act together'
JPMorgan Chase CEO Jamie Dimon said Friday that the U.S. needs to get its own act together before worrying about China. 'I'm not as worried about China. China is a potential adversary. They're doing a lot of things well, they have a lot of problems. What I really worry about is us,' Dimon said during the Reagan National Economic Forum in California. 'Can we get our own act together, our own values, our own capability, our own management?' he asked. His comments come after President Trump's worldwide tariffs have faced scrutiny from the courts, foreign leaders and bipartisan lawmakers. On Wednesday, a federal court blocked the bulk of Trump's sweeping tariffs, delivering a blow to the administration. But Trump was delivered a small win Thursday, when an appeals court lifted a block on some of his sweeping tariff agenda. Tech billionaire and outgoing senior Trump adviser Elon Musk even agreed with Dimon's perspective. 'Jamie Dimon is right,' Musk wrote in a Friday post on the social media platform X. The finance titan, on Friday, said the country has the ability to remain 'enormously resilient' but must tighten up loose ends to pull through. 'I think this time is different. This time we're, you know, we have to get our act together. We have to do it very quickly,' Dimon told audience members at the event in Simi Valley, Calif. Since the onset of tariffs this spring, countries across the globe have projected billions of dollars in losses. The Trump administration is still working to hammer out trade agreements with international partners, including China. The president remains locked in negotiations with his counterparts in Beijing. Trump and Chinese leader Xi Jinping are expected to hold a call in the future to stabilize the trade relationship between the world's two largest economies, NewsNation reported. At the event, Dimon also argued economic growth cannot be the government's only concern. He noted that developments in defense and other areas will help sustain U.S. global leadership. 'Are we gonna be the reserve currency? No, you know, if we are not the preeminent military and the preeminent economy in 40 years, we will not be the reserve currency,' Dimon said. 'That's a fact, he added. 'Just read history.'
Yahoo
a day ago
- Business
- Yahoo
Jamie Dimon says China isn't America's biggest threat. It's ‘the enemy within'
JPMorgan Chase CEO Jamie Dimon sounded a warning Friday on the fractious US relationship with China — and on 'the enemy within.' 'China is a potential adversary — they're doing a lot of things well, they have a lot of problems,' Dimon said at the Reagan National Economic Forum in Simi Valley, California. 'But what I really worry about is us. Can we get our own act together — our own values, our own capability, our own management.' Dimon's comments come as President Donald Trump's tarrifs have sharply cut into trade between the United States and China, the world's two biggest economies. Trump's trade policy has whipsawed through different tariff levels and has also been caught up in court decisions, adding more uncertainty to what has become a testy relationship affecting economies around the world. Dimon also warned that the standoff with China — which escalated Friday after Trump claimed Beijing 'totally violated' its latest trade agreement — will not back down. 'They're not scared, folks. This notion they're gonna come bow to America, I wouldn't count on that,' Dimon said. Dimon said he agreed with Berkshire Hathaway CEO Warren Buffet that America is 'normalcy resilient' but that this time is different. 'We have to get our act together,' Dimon said. 'We have to do it very quickly.' He added that the United States has a 'mismanagement' issue. He called on fixing permitting, regulations, immigration, taxation, inner city school and the health care system. If those things are fixed, Dimon said, the country could grow 3% a year. 'What you heard today on stage was the amount of mismanagement is extraordinary. By state, by city, for pensions … and that stuff is going to kill us,' Dimon said, referencing comments made by earlier panelists at the forum. The United States government deficit stood at about $2 trillion in 2024, or roughly 7% of gross domestic product, according to a June 2024 report by the Congressional Budget Office. If the country enters a recession, 'that 7% will be 10%,' he added. This story has been updated with additional content.
Yahoo
a day ago
- Business
- Yahoo
Jamie Dimon Warns Crack in Bond Market Is 'Going to Happen'
JPMorgan CEO Jamie Dimon expects that a crack in the bond market is "going to happen" after the US government and Federal Reserve "massively overdid" spending and quantitative easing. Dimon also said, "yeah," when asked if bond vigilantes are back during comments Friday at the Reagan National Economic Forum. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
