2 years ago
JPMorgan Chase CEO Jamie Dimon has urged against challenging the U.S. dollar’s reserve currency presumption amid the ongoing de-dollarization inclination globally. “The United States is the cardinal instauration of the planetary economy. The U.S. dollar is the cardinal reserve currency,” Dimon said, emphasizing: “We shouldn’t beryllium challenging that.”
JPMorgan CEO Jamie Dimon connected De-Dollarization and USD Hegemony
Jamie Dimon, CEO of JPMorgan Chase, shared his views connected the U.S. system and the U.S. dollar arsenic the world’s reserve currency with the property aft gathering with House Democrats connected Capitol Hill connected Wednesday.
Noting that the U.S. system is “still doing fine,” Dimon described: “Consumers are successful large shape, location prices person gone up for 10 years, plus prices person gone up, debt’s successful bully position.” However, helium noted:
We person issues down the road.
Dimon specifically mentioned excessive spending, the Federal Reserve’s quantitative tightening, the Russia-Ukraine war, and uncertainties surrounding oil, gas, and energy. “We person to woody with those. Hopefully, we’ll get done each of that,” helium opined.
The JPMorgan brag besides commented connected the indebtedness ceiling. Last week, Congress passed a measure to suspend the indebtedness ceiling bounds until January 2025, which President Joe Biden signed into instrumentality connected Saturday. Without this bill, the U.S. authorities would person defaulted connected its indebtedness obligations connected June 5, Treasury Secretary Janet Yellen had warned.
“I deliberation it’s fabulous we didn’t person a indebtedness ceiling crisis. I deliberation it’s great,” Dimon said, reiterating his penchant to get rid of the indebtedness ceiling altogether. “If I had my druthers, I’d get escaped of it 1 day,” the JPMorgan enforcement noted. He added:
The United States is the cardinal instauration of the planetary economy. The U.S. dollar is the cardinal reserve currency. People trust connected the consistency standards that we have, the regularisation of law, oregon capitalist protections. We shouldn’t beryllium challenging that.
Meanwhile, a increasing fig of countries are ramping up efforts to de-dollarize and usage nationalist currencies successful spot of the USD successful commercialized settlements, including the BRICS nations and ASEAN members. There is besides a connection for a communal BRICS currency that is expected to beryllium discussed astatine the economical bloc’s upcoming leaders’ summit.
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