Jamie Dimon warns US dollar status depends on economic and military strength

JPMorgan Chase CEO Jamie Dimon has warned that the United States risks losing the dollar’s status as the world’s primary reserve currency if the nation fails to maintain its economic and military dominance.

Speaking on PBS, Dimon stated that if the U.S. is no longer the strongest economy and military force within the next 25 years, the world will become fragmented and dangerous. He emphasized that maintaining this advantage requires reducing dependence on potential adversaries for strategic goods. Dimon specifically noted that the U.S. made an error by relying on China for essential materials such as rare earths, aluminum, and certain types of steel.

Furthermore, Dimon highlighted vulnerabilities in America's productive capacity to sustain prolonged conflicts, citing recent tensions as evidence. While the dollar currently accounts for approximately 57% of global foreign exchange reserves, experts note that military strength serves as a signal to foreign investors that their dollar-denominated assets remain secure.