Dimon Slams Carney's Middle Powers Proposal as 'Fantasy'

At a recent Council on Foreign Relations' CEO Speaker Series in June, Jamie Dimon, CEO of JPMorgan Chase (NYSE:JPM), expressed his disapproval of Mark Carney's proposal for a coalition of 'middle powers.'

Dimon dismissed the idea as a 'fantasy,' pointing out that Europe has tried something similar and suffered from it. He said, 'They did that; it's called Europe.' The continent's GDP fell from 90% of America's to 70%, largely due to high taxes, burdensome regulation, and weak capital formation.

'Europe is anti-business,' Dimon stated, warning that these factors could lead to further erosion of the economy. He noted that governments in Europe are carrying debt loads nearing 100% of GDP.

Dimon also highlighted the significant difference in capital markets between the US and Europe. The US has a nearly $70 trillion market, compared to Britain's FTSE 100, Germany's Deutsche Börse, and France's Paris Bourse. 'That is serious stuff,' he said, emphasizing that there's not enough recognition of these disparities.