In light of the ongoing global trend toward de-dollarization, Jamie Dimon, CEO of JPMorgan Chase, has urged against challenging the U.S. dollar's status as a reserve currency. The US is the key foundation of the worldwide economy. Dimon emphasized, "The fundamental reserve currency is the U.S. dollar." We ought not be testing that."
After meeting with House Democrats on Capitol Hill on Wednesday, JPMorgan CEO Jamie Dimon discussed de-dollarization and USD hegemony with the press. Dimon is the CEO of JPMorgan Chase. On Wednesday, he met with House Democrats.
Dimon described the U.S. economy as "still doing fine," noting that consumers are in excellent condition, home prices have increased for ten years, asset prices have increased, and debt is in good standing. He did, however, note:
"We have issues down the road."
Dimon specifically mentioned excessive spending, the war between Russia and Ukraine, the Federal Reserve's quantitative tightening, and uncertainties regarding oil, gas, and energy. We need to manage those. He opined, "Hopefully, we’ll get through all of that."
The debt ceiling was also mentioned by the boss of JPMorgan. Last week, Congress passed a bill to suspend the obligation roof limit until January 2025, which President Joe Biden endorsed into regulation on Saturday. On June 5, Treasury Secretary Janet Yellen warned that the United States government would have defaulted on its debt obligations without this bill.
In my opinion, it's fantastic that there wasn't a debt ceiling crisis. Dimon stated, reiterating his preference to eliminate the debt ceiling entirely, "I think it's great." Assuming that I had my druthers, I'd dispose of it one day," the JPMorgan chief noted. Added he:
"The United States is the fundamental foundation of the global economy. The U.S. dollar is the fundamental reserve currency. People rely on the consistency standards that we have, the rule of law, or investor protections. We shouldn’t be challenging that."
In the meantime, a growing number of nations, including members of the BRICS group and ASEAN, are intensifying efforts to dedollarize and substitute national currencies for the USD in trade settlements. At the upcoming summit of the economic bloc's leaders, there will also be a proposal for a common BRICS currency.
(Kevin Helms, Bitcoin News, 2023)