Jamie Dimon Called Mark Carney’s ‘Middle Powers’ Plan a ‘Fantasy’—‘They Did That, It’s Called Europe’
Jamie Dimon, CEO of JPMorgan Chase (NYSE: JPM ), once voiced his disapproval of Canadian Prime Minister Mark Carney ‘s proposition for a coalition of “middle powers.” During the Council on Foreign Relations’ CEO Speaker Series in June, Dimon dismissed Carney’s idea as a “fantasy”. He pointed out that a similar approach in Europe has led to an economic downturn, with the continent’s GDP falling from 90% of America’s to 70%. “They did that; it’s called Europe," said Dimon, drawing laughter from the crowd. Dimon attributed the decline in Europe’s economic competitiveness to high taxes, burdensome regulation, and weak capital formation. He called Europe “anti-business” and warned that these factors could lead to further erosion of Europe’s economy and result in governments carrying debt loads nearing 100% of GDP. Dimon added that a lot of capital from Europe is moving to the U.S. Dimon also compared the size of U.S. capital markets, which is nearly $70 trillion, with that of Europe, specifically Britain’s FTSE 100, the German Deutsche Börse and France’s Paris Bourse. “That is serious stuff, and there’s not a deep recognition,” he said. The JPMorgan Chase CEO suggested that rather than
” During the Council on Foreign Relations’ CEO Speaker Series in June, Dimon dismissed Carney’s idea as a “fantasy”. He pointed out that a similar approach in Europe has led to an economic downturn, with the continent’s GDP falling from 90% of America’s to 70%. “They did that; it’s called Europe," said Dimon, drawing laughter from the crowd. Dimon attributed the decline in Europe’s economic competitiveness to high taxes, burdensome regulation, and weak capital formation.
He called Europe “anti-business” and warned that these factors could lead to further erosion of Europe’s economy and result in governments carrying debt loads nearing 100% of GDP. S. S. capital markets, which is nearly $70 trillion, with that of Europe, specifically Britain’s FTSE 100, the German Deutsche Börse and France’s Paris Bourse.
“That is serious stuff, and there’s not a deep recognition,” he said. The JPMorgan Chase CEO suggested that rather than creating new geopolitical blocs, Europe should focus on building a genuine common market and adopting policies that drive economic growth. He emphasized that America’s larger stock market reflects policies that have encouraged investment and economic expansion. S.
and Canada. Earlier this year, Canadian PM Mark Carney, in his speech at the World Economic Forum in Davos, criticized the weakening of the “rules-based international order" and urged middle powers to unite against economic coercion. His remarks followed a visit to China and a tariff deal with Xi Jinping. S.
and Canada have worsened. S. and Canada fell apart, and both nations have escalated the trade war. S.
for economic partnership. , reiterating the essence of his “middle powers” speech. Read Also: Trump Escalates Trade War With Canada: Alcohol, Dairy, Motorcycles in New Import Ban — Greer Calls It 'Natural Consequence' Image: USA TODAY Network Connect