Fortune: Jamie Dimon Says Washington Faces a Global market 'Rebellion' Over Record U.S. Debt: 'It is a Cliff, We're Going 60 Mph Towards it'
Article by Eleanor Pringle in Fortune
The global economy is approaching the point of no return courtesy of mounting government debt, believes JPMorgan Chase CEO Jamie Dimon, and it will lead to a massive falling out of markets and federal institutions.
Currently the American national debt stands at $34.14 trillion—about $100,000 for every person in the U.S.—with the debt ceiling currently suspended until 2025 courtesy of a deal passed in the summer of 2023.
And although some of the shorter-term economic signals are flashing green—inflation is coming down, the Fed may by eyeing rate cuts and employment is staying stable—the boss of America's biggest bank isn't convinced there isn't a major red flag up ahead.
Speaking on a panel alongside former Speaker of the House, Paul Ryan, at the Bipartisan Policy Center last week, Dimon said the American government is facing a "hockey stick" effect when it .....