from Zerohedge:
JPMorgan Chase CEO Jamie Dimon argued at the inaugural Reagan National Economic Forum in California that the U.S. should should stockpile guns, ammunition and drones rather than Bitcoin.
“We should stockpiling guns, bullets, tanks, planes, drones, you know, rare earths. We know we need to do it. It’s not a mystery,” Dimon said, referencing President Donald Trump’s executive order in March that established a Bitcoin reserve.
Dimon is by now well known for his dislike/disapproval of cryptocurrencies (even though his own bank now allows clients to trade them); which should come as no surprise since the concept of sovereignty and democratizing finance is the nemesis of the established ‘trust us with your cash’ regime of banking rent-seekers.
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“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.”
The sweeping discussion covered everything from the domestic US economy to how the world’s “tectonic plates are shifting” in geopolitics in the form of wars, proxy terrorists and the potential proliferation of nuclear weapons.
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. losing its status as the world’s leader.
“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?”
Dimon warned that a crack in the bond market is “going to happen” after the US government and Fed “massively overdid” spending and quantitative easing.
“I just don’t know if it’s going to be a crisis in six months or six years, and I’m hoping that we change both the trajectory of the debt and the ability of market makers to make markets,” the JPM CEO said Friday at the Reagan National Economic Forum.
“Unfortunately, it may be that we need that to wake us up.”
With Swap Spreads starting to blow out again, Dimon maybe right sooner than expected.
“I tell this to my regulators,” Dimon said Friday.
“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 and then some of my friends will tell me that we like crises because it’s good for JPMorgan Chase – not really.”
