JP Morgan CEO Jamie Dimon has warned that the US dollar could lose its reserve currency status in 40 years. He explained that the ongoing situation is a wake-up call and failing to address the issue will threaten America’s supremacy. Speaking at the Reagan National Economic Forum last week, he stressed that the major threat to the US is not from foreign countries but from within.
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Dimon, who led JP Morgan for nearly two decades said that America’s mismanagement of the US dollar is “extraordinary”. He warned that the consequences will spill into everything including military dominance to economic credibility and the jobs sector. The CEO stressed that the White House has taken missteps at every level including pensions and budget failures.
JP Morgan CEO: After 40 Years, the US Dollar Might Not Be the Global Reserve Currency
Dimon emphasized that the US National Debt has added $10 trillion in just five years and the next five years could be worse. He touched on the reserve currency status and warned that in four decades, the USD might not hold global power. “I always get asked this question: ‘Are we going to be the reserve currency?’ And 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,” said JP Morgan’s Dimon on the US dollar.
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The CEO of the bank said that America needs to act fast to stop the decline and erosion of wealth. “This time is different. This time we have to get our act together and we have to do it very quickly,” he said. He also warned against “America alone” policies taken by the Trump administration that’s fast-tracking its decline. In conclusion, JP Morgan’s CEO says that if no steps are taken, in 40 years, the US dollar will no longer remain the reserve currency.