JPMorgan CEO Dimon Says Europe Has a 'Real Problem'

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00:00There's a lot of talk of partners and allies, Jamie, and you referenced that, you know,

00:05this is why Europe got itself into its problems, but also then you're highlighting the strengths

00:09they have in their education system.

00:11Some of the strengths, yes.

00:13Some. Germany, Switzerland, two you called out.

00:16What do you think they will have made of the strategic announcement that we just had?

00:22The idea that, I think, civilization erasure was something that was named in the National

00:27Security Strategy published this week.

00:28Do you think Europe, from your perspective, wants to work with America right now?

00:34I think Europe has a real problem.

00:36You know, it's very hard to look at the world and, you know, to have, we have moving tectonic

00:40plates.

00:40You've seen, you've heard us spoken about, it's AI, you know, the enemies in the satellite

00:44up above and in your computer systems right now, you know, and the world changed.

00:50The other tectonic plate is the rise of China, huge global deficits, social network programs

00:56that probably can't be maintained over a long period of time.

00:59So, Europe has a problem.

01:02I think they accomplished an unbelievable thing with, when the Euro got together, the EC, and

01:08they said, you know, let's live in peace and not war.

01:10You know, they had World War I and World War II, but they had the Franco-Prussian Wars, the

01:14Napoleonic Wars, the Hundred Years' War, the War of the Roses.

01:16You know, and so living in peace is a good thing, but it got bogged down.

01:20They never finished the common market.

01:22It takes 27 nations, you know, to make a decision.

01:27They let their military drop dramatically.

01:30It's very bureaucratic.

01:31It's why, part of the reason that, you know, they lost Britain to the EU, which I think

01:35makes it bad for both of them, by the way.

01:37And so, you've got to be honest about this.

01:39So, and those tectonic plates may move over 20 years.

01:42But if we ever write a book about how the West was lost, it will be because of the following.

01:48It will be because of, we didn't get our act together here, and we go through all the

01:52policies here, that we didn't have the strongest military in the world, and that we allowed

01:56Europe to fall apart.

01:58And so, I have a slightly different point of view about Europe.

02:01They have some wonderful things, but they've gone from 90% of the GDP of America to 65.

02:07That's not because America did anything bad to them.

02:09It's their own bureaucracy, their own cost, their own, they do some wonderful things

02:13on their safety nets.

02:15But they've driven business out.

02:17They've driven investment out.

02:18They've driven innovation out.

02:20It's kind of coming back.

02:21I think the leadership, MERS, Macron, Maloney, Starmer, I think they know.

02:25I just think politics is really, really hard.

02:28Therefore, the fragmentation of Europe, if they fragment, that's exactly what some of our

02:34adversaries want.

02:35They want to go back to a world like that.

02:37And then you kind of have a world that was like it was before World War I, everybody

02:40out for themselves.

02:41Everyone's got different national security interests, whether it's food or energy or water.

02:46And China is a huge country who wants to do bilateral negotiations with every country.

02:52If they fragment, then you can say that America first will not be around anymore.

02:59It will hurt us more than anybody else because they are a major ally in every single way, including

03:05common values, which are really important.

03:08So therefore, I think we should be using our American capability, strength, coercion, democracy,

03:15trade, investment to urge them to do what's in their own self-interest, which is military

03:20and economic, and the economic is equally important.

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