Amid its economy’s public debt surpassing the $34 trillion mark, JP Morgan CEO Jamie Dimon has predicted a major US Financial crisis. Specifically, Dimon noted that the country is facing a global market “rebellion” amid its growing debt numbers.
Moreover, he is not alone. Bank of America CEO Brian Moynihan has noted the need to take control of what is an undeniable problem. The unsettling growth in US debt has continued amid the growing BRICS economic alliance.
Indeed, the collective has continually professed its desire to lessen the international prevalence of the greenback and utilize other currencies for global trade. According to the warning put forth by Dimon and others, the US could be facing the real risk of that reality.
JP Morgan CEO Predicts Impending Financial Crisis Amid Mounting US Debt
Across both sides of the political aisle, the United States government spending has gotten out of control. Last year, it faced a government shutdown after reaching a $33 trillion debt ceiling. With 2024 firmly upon us, that number has already grown more than $1 trillion, and many financial experts are starting to sound the alarms.
Among them is JP Morgan CEO Jamie Dimon, who has already predicted a major US financial crisis. Specifically, Dimon has said that the US is facing a global market “rebellion” when speaking to Fortune. Moreover, he said the US debt record is “a cliff… we’re going 60 MPH towards it.”
This concern is not native to Dimon alone, as many others have expressed worry regarding the very real issue that US Debt has become. Similarly, Brian Moynihan, the CEO of Bank of America says that the issue must be addressed. “You can either admire the problem or do something about it,” he said.
Federal Reserve Chair Jerome Powell also discussed the trajectory of the US economy. Speaking to 60 Minutes, Powell said the US was on an “unsustainable fiscal path,” with its overall spending. Subsequently, noting that the government continued to “borrow from future generations,” which provides greater worry for future crises set to unfold.
All of this is taking place amid the growing BRICS economic alliance. Its expansion marked one of the most important geopolitical developments of the last decade. Moreover, it has consistently championed initiatives that lessened the US dollar’s prevalence on a global scale.
As Dimon said, the BRICS alliance is the beginning of the global market rebellion. They have incited a call to move away from the greenback for future self-preservation. With every growing month, and the insurmountable debt, that decision appears increasingly wise for Central Banks throughout the globe.