‘The Enemy Within’: Jamie Dimon Flips the Script on Trump, Warns Mismanagement Could Bring Down the U.S.
Jamie Dimon, the renowned CEO of JPMorgan Chase, offered an ominous warning on Friday about the state of the country and “the enemy within” being a bigger threat to U.S. dominance than adversaries like China.
Dimon spoke at the Reagan National Economic Forum in Simi Valley, California and used President Donald Trump’s own rhetoric against him – as the president regularly accused the “enemy within” of trying to bring down the country during the 2024 campaign. Dimon never mentioned Trump by name, however, while sounding the alarm on the state of the country.
Dimon was asked about the U.S.’s global rivals, and he replied, “The biggest one, underlining both that, is the enemy within.”
“I’m not as worried about China. China is a potential adversary. They’re doing a lot of things well. They have a lot problems. What I really worry about is us,” he said, adding:
Can we get our own act together, our own values, our own capability, our management? What you heard today on stage was the amount of mismanagement is extraordinary. By state, by city, for pensions, for, and that stuff is gonna kill us. And you know, I always get asked this question, are we gonna be the reserve currency You know, if we are not the preeminent military and the pre-eminent economy in 40 years, we will not be the reserve currency.
That’s a fact. Just read history. Now, I think we will be. You know Warren Buffett here would tell you we’re enormously resilient. I agree with that. I think this time is different. This time we’re, you know, we have to get our act together and we have do it very quickly.
In recent weeks, Dimon has warned of a recession in the U.S. due to Trump’s sweeping tariffs as well as possible stagflation. “There’s a chance that (we’ll) have stagflation (in the US),” he told Bloomberg last week, adding, “Global fiscal deficits are inflationary. I think the remilitarization of the world is inflationary. The restructuring of trade is inflationary.”
Dimon also warned Friday that as the trade war between the U.S. and China heats up again, China is unlikely to back down. “They’re not scared, folks. This notion they’re gonna come bow to America, I wouldn’t count on that,” Dimon insisted.
Watch the clip above.
