JPMorgan CEO Jamie Dimon has predicted a major U.S. financial crisis as the economy's public debt exceeds $34 trillion. Specifically, Dimon noted that the country is facing a “rebellion” in global markets amid rising debt levels.
Plus, he's not alone. Bank of America CEO Brian Moynihan said there was an undeniable problem that needed to be brought under control. As the BRICS economic union expands, US debt continues to rise worryingly.
Indeed, the group has continually professed a desire to reduce the international spread of the dollar and utilize other currencies for global trade. According to the warnings issued by Dimon and others, the United States may be facing that very real risk.
Also read: BRICS: US dollar ranks 10th out of 180 currencies in the world
JP Morgan CEO predicts impending financial crisis amid rising US debt
On both sides of the political spectrum, U.S. government spending is spiraling out of control. Last year, the debt ceiling reached $33 trillion and the country faced a government shutdown. With 2024 just around the corner, and the amount already rising to more than $1 trillion, many financial experts are starting to sound the alarm.
Among them is JPMorgan CEO Jamie Dimon, who is already predicting a major financial crisis in the United States. Specifically, Dimon said in an interview with Fortune magazine that the United States is facing a “rebellion” in global markets. He also said that the U.S. debt record is “a cliff…we're heading towards it at 60 miles an hour.”
This concern is not unique to Mr. Dimon, as many others have expressed concerns about how the U.S. debt has become a very real problem. Similarly, Bank of America CEO Brian Moynihan said the issue needs to be addressed. “You can celebrate a problem or you can do something about it,” he says.
Also read: BRICS: US dollar payments drop by 67% in Russia
Federal Reserve Chairman Jerome Powell also spoke about the trajectory of the U.S. economy. Chairman Powell said in an interview on 60 Minutes that total U.S. spending is on an “unsustainable fiscal path.” He went on to point out that governments continue to “borrow from future generations”, adding to the growing concern about future crises that will unfold.
All this is happening amidst the growth of the BRICS economic union. Its expansion marked one of the most important geopolitical developments of the past decade. Additionally, we have consistently supported efforts to reduce the prevalence of the U.S. dollar globally.
As Dimon said, the BRICS alliance is the beginning of a revolt in the global market. They are calling for people to stay away from dollar bills for their future self-preservation. As the months grow and debts become unpayable, the decision looks increasingly wise for central banks around the world.