"Iran, North Korea, and Russia I think you can legitimately call an evil axis. They're working every day on how to make it worse for the Western world and for America," Jamie Dimon of JPMorgan.
JPMorgan CEO Jamie Dimon is known for focusing on long-term, global issues, which is why he's dismissive of individual Federal Reserve rate cuts and unconvinced by a soft landing scenario. Instead, he's focused on the major factors shaping the economy over the next century.
Dimon has consistently warned that geopolitical tensions are the top threat to the U.S. economy, and his views remain unchanged. In fact, these tensions have become so significant that they now "dwarf" all other concerns.
Speaking at the 2024 Financial Markets Quality (FMQ) Conference in Washington, Dimon said, “The most important thing that dwarfs all other things, far more important today than it’s been probably since 1945, is this war in Ukraine, what’s going on in Israel, in the Middle East, and America’s relations with China.”
He described these crises as fundamental challenges to the post-World War II global order, emphasizing the human toll of conflicts like the war in Ukraine. Since Russia's invasion in February 2022, it's estimated that one million people have been killed or injured. Ukrainian authorities also report that over 19,000 children have been forcibly displaced to Russia, with fewer than 400 returned to their families.
Dimon also pointed to Iran, North Korea, and Russia, calling them a modern-day "axis of evil." The term, originally used by President George W. Bush in 2002, referred to nations threatening global peace. Dimon believes this current axis is "working every day on how to make it worse for the Western world and for America."
On the issue of China, Dimon reiterated that while the U.S. and China must continue to work together, he believes China is currently on the "wrong side" of rising tensions. His comments align with NATO chief Jens Stoltenberg, who recently criticized China for supporting Russia’s war in Ukraine while continuing trade relations with Europe, a situation Stoltenberg said "cannot go on."
Dimon warned that these global tensions could impact the "free and democratic world for the next hundred years." He argued that too much focus is placed on short-term concerns like a soft or hard landing, noting that geopolitical issues, particularly those affecting oil, food supply, and migration, are the real threats.
"It's ratcheting up, folks," Dimon said, adding that strong American and Western leadership is needed to address these challenges. “That’s my number one concern, and it dwarfs any other one I’ve had since I’ve been working.”
