JPMorgan Chase CEO Jamie Dimon has sounded the alarm about the ‘enemy within’ America, which he warned is a bigger threat than China.
Dimon claims that the United States is suffering from a worrying government ‘mismanagement’ issue which has the potential to ‘kill us’.
‘China is a potential adversary. They’re doing a lot of things well, they have a lot of problems,’ he said at the Reagan National Economic Forum on Friday.
‘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, the boss of America’s biggest bank, cautioned that the ‘mismanagement’ that occurs at all levels of government could be the biggest catalyst for the nation’s economic demise.
‘The amount of mismanagement is extraordinary – by state, by city, for pensions, and that stuff is going to kill us,’ the billionaire banker told the forum.
Dimon sounded the alarm on a ‘crack’ appearing in the bond market as a result of the wildly soaring national debt – which Trump is set to compound with the $3 trillion Big Beautiful Bill awaiting Senate approval.
A ‘crack’ in the bond market occurs when investors lose confidence in the government’s ability to service its debt. Bonds are sold, yields go higher and the cost of borrowing increases for all Americans, including the government itself.
‘You are going to see a crack in the bond market. It is going to happen,’ Dimon told the economic forum, predicting it could appear in six months to six years.
‘I’m telling you it’s going to happen, and you’re going to panic. I’m not going to panic. We’ll be fine. We’ll probably make more money.’