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Jimmy Damon, CEO of JPMorgan Chase, warned that China is not the biggest threat to the United States, it is “the enemy at home.”
Damon appeared in the National Economic Forum, Reagan in the Simi Valley, California, on Friday, on the pretext that “tectonic panels turn”.
“These tectonic paintings are political geography that contains these terrible wars, terrorist activity, the terrible agent around the world, North Korea, and the potential spread of nuclear weapons over time, which is the biggest threat to humanity,” said Damon, a senior banker in America.
He said that the other tectonic shift is the global economy, before he apparently criticized aggressive commercial policies and the clear separation of traditional Western alliances by President Donald Trump.
He said: “The other tectonic transformation is … the global economy. Therefore, the global military umbrella of America, then the global economy, which is part of it, is part of it. “The other parts are, do people want to partner with you? Do you have your alliances? You have investment agreements and all these different things. They are changing.”
“Then our debts … We added $ 10 trillion in five years,” he pointed about the national debt, which reaches more than 36 trillion dollars. “You have had [former President Ronald] Reagan there talks about the deficit. The debt was 35 percent to GDP, and the deficit was three and a half percent. Today, 100 percent debt to GDP … and a deficit of about seven percent. “
He said: “We go to the recession, that seven percent will be 10 percent, so we have problems, and we have to deal with them. After that, both are both, this is the enemy inside.”
“China is a possible opponent – they are doing a lot of things well, they have a lot of problems.” “But what I really feel is we. Can we collect our work together – our own values, our own ability, our management?”
The CEO made comments amid a sharp decrease in trade between China and the United States after implementing the extensive definitions of Trump. The commercial policy of the president was in a state of flow in the midst of new agreements and the court rulings. The definitions have pushed more uncertainty in a commercial relationship that greatly affects the rest of the world.
The conflict with China escalated on Friday, when Trump claimed that the Chinese “completely violated” the latest trade agreement.
“They are not afraid, O people. This idea will come to America, I will not count on that,” Damon said.
He added that he agreed with Warren Buffett, CEO of the outgoing Berkshire Hathaway, that although the United States is usually “flexible”, this time it may be different.
Damon said: “We have to collect our work together.” “We have to do it very quickly.”
The CEO has argued that the United States is suffering from the problem of “mismanagement” and that reconciliation must be done, including reforming regulations, allowing, immigration, taxes, city interior schools, as well as a health care system. Damon said that the United States could grow three percent a year if these things are taken care of.
In reference to the former speakers at the conference, Damon said: “What I heard today on the stage was the amount of mismanagement is unusual. By the state, for pensions … and that these things will kill us.”