Mass job losses and global instability loom as JPMorgan chief warns of "chaos" ahead for America.
The United States is facing its greatest accumulation of risks in 80 years, even before artificial intelligence begins to displace workers on a massive scale. This nightmare scenario was outlined by JPMorgan Chase chief Jamie Dimon in an interview with Axios’s "The Axios Show," where he called on business leaders to take a more active role in guiding the country through a period of intense turbulence and heightened risk. As he admitted, the business world was late to engage: "We in business were wrong for not getting involved sooner. I don’t believe society’s problems will be solved by politicians alone."
The most dangerous era since World War II
Dimon announced that his annual letter to shareholders will focus heavily on geopolitical threats, noting that "there is greater geopolitical risk than at any time since World War II." Central to his concerns is artificial intelligence, which he views as a dual threat: it will displace a significant number of workers in the medium term, while dramatically increasing the risk of cyberattacks. "AI makes cyber much worse," he noted, revealing that he has been briefed on Anthropic’s unreleased "Mythos" model, which estimates suggest could spectacularly enhance the ability of hackers or state adversaries to launch catastrophic attacks.
Multiplying threats
Beyond artificial intelligence, Dimon enumerated a broad spectrum of threats composing a particularly volatile environment: the rise of China, cyber-threats, the potential escalation of the war with Iran, Russian aggression, the risks of uncontrolled AI, a potential crisis in private credit, unsustainable US public debt, a dysfunctional political system, economic uncertainty, and nuclear weapons. Responding to why many business heads avoid speaking out, Dimon downplayed fear of Donald Trump as a primary reason, though his own caution when referring to the president reflects the prevailing tension. Despite the warnings, he maintains a guarded optimism regarding the US’s ability to manage these challenges. "We remain the most prosperous country that has ever existed and we possess the strongest military. We are in a good position—but we have problems. You can't solve them if you don't recognize them," he emphasized. Referring to the Jeffrey Epstein case, Dimon estimated that the economic and social elite continued to accept him even after his 2008 non-prosecution agreement, either because they lacked a full picture of his crimes or because they were indifferent. "Some people do anything to belong to a closed circle," he commented, adding that authorities knew more than they acted upon for years. It is recalled that JPMorgan paid hundreds of millions of dollars in out-of-court settlements in 2023 for cases related to its banking relationship with Epstein.
The war with Iran "had to happen"
The head of JPMorgan also openly defended the war in Iran, essentially characterizing it as an "overdue" development, despite the short-term economic risks it creates. Dimon argued that the Iranian regime has been a "malevolent actor" since its inception. "The fact that these people have control over the Strait of Hormuz and fund all these proxy wars—why the Western world tolerated this for 45 years is beyond my understanding," he stated. These remarks carry particular weight coming from the head of the largest US bank, making him one of the most powerful business figures to publicly support a war that appears politically controversial and economically burdensome.
The worst hasn't happened yet
Dimon also responded to critics who argue there was "no immediate threat" from Iran, saying they are essentially just noting that "the bad thing hasn't happened yet." "They’ve been killing people around the world for over 45 years. They’ve killed many Americans. They’ve funded Hamas, Hezbollah, the Houthis... they have terror networks here," he stated, speaking from the bank's new headquarters in New York. Meanwhile, he noted that Iran "never abandoned its nuclear program" and possesses ballistic missiles with a range of nearly 3,000 miles. "They were bad," he said of the Iranian regime, which remains in power despite the assassination of its supreme leader and senior officials.
Negative consequences
However, he acknowledged the negative consequences of the conflict. "Does it create uncertainty? Absolutely. Does it create short-term risk for oil prices? Absolutely. I hope it ends well," he said. He expressed hope for a permanent peace in the Middle East, saying, "I honestly hope it evolves positively and we somehow manage to have permanent peace in the region." In summary, Dimon estimated that if the conflict results in neutralizing the threat from Tehran, the benefits will outweigh the current market turmoil—though he admitted such an outcome is far from certain.
What lies ahead
Looking forward, Dimon leaves open the possibility of a need for an independent political candidate who could help resolve these issues, while clarifying that he, at age 70, does not intend to seek office. "I am asked often, but I’m not sure I’m the right fit," he says, adding meaningfully: "We are far too hard on our politicians—we 'exterminate' them, and that is a mistake."
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