Jamie Dimon: America Should Be Stockpiling Bullets

No, Jamie Dimon isn’t predicting an invasion of or civil war in the United States, but during his wide-ranging discussion at the Reagan National Economic Forum, he did issue some dire warnings about how American policymakers have made some very poor decisions in recent years that threaten economic turmoil in the near term and our long-term dominance in the medium term. 

Dimon, as you likely know, is CEO of JP Morgan Chase and the most powerful banker in the world, making him one of the powerful people in the world. While Dimon is not a magician, it would be stupid to ignore his observations and warnings. 

👀 “We shouldn’t be stockpiling #Bitcoin , we should be stockpiling guns, bullets, tanks …” JPMorgan CEO Jamie Dimon pic.twitter.com/6GzT95VKSR

— AbaKoran (@AbaKoran) May 30, 2025

You could almost hear Pete Hegseth whispering in his ear about “lethality,” a concept with which the Biden administration was unfamiliar. The US military is not a vehicle for providing sex change operations, celebrating diversity, or spreading the DEI gospel around the world. It exists to deter our enemies and, when necessary, kill people and break things. And it seems to have taken its eye off the ball at a particularly dangerous point in history. 

President Donald Trump signed an executive order in March establishing a Bitcoin reserve, which he described as “a virtual Fort Knox for digital gold.” 

“We should be stockpiling bullets,” he continued.

“Like, you know, the military guys tell you that, you know, if there’s a war in the South China Sea, we have missiles for seven days. Okay, come on. I mean, we can’t say that with a straight face and think that’s okay. So we know what to do. We just got to now go about doing it. Get the people together, roll up our sleeves, you know, have the debates.” 

Dimon joined a fireside chat during the Reagan National Economic Forum in Simi Valley, California, at the Reagan Presidential Library Friday for a sweeping discussion on the economy and how the world’s “tectonic plates are shifting” in geopolitics in the form of wars, proxy terrorists and the potential proliferation of nuclear weapons.

It’s easy to underestimate the importance of military dominance to our economic dominance, and particularly to our status as the world’s reserve currency. And in turn, it is only our status as the world’s reserve currency that has allowed us to spend ourselves to the brink of insolvency. Loss of that dominance would lead to an economic crisis–one that we are already rushing toward unless we get our act together. 

Tomorrow on @MorningsMaria on @FoxBusiness 6a-9a eastern, @MariaBartiromo has an exclusive interview with JPMorgan Chase Chairman and CEO Jamie Dimon @jpmorgan.

Today on @SundayFutures on @FoxNews, Dimon explained why he’s predicting a crack in the bond market. Here’s a preview… pic.twitter.com/zbsgHQByvw

— SundayMorningFutures (@SundayFutures) June 1, 2025

Dimon has been an establishment Democrat, but during recent months has been highly critical of Democrats and often sympathetic to MAGA. As I wrote as far back as January 2024, he chastised Democrats for failing to listen to the concerns of MAGA. 

“I don’t like how Trump said things, but he wasn’t wrong about those critical issues. That’s why they’re voting for him. People should be more respectful of our fellow citizens,” says @JPMorgan CEO Jamie Dimon. “I think this negative talk about MAGA will hurt Biden’s campaign.” pic.twitter.com/WKnDjBvefO

— Squawk Box (@SquawkCNBC) January 17, 2024

“I always get asked this question: Are we going to be the reserve currency?” he said.

“No. You know, if we are not the preeminent military and the preeminent economy in 40 years, we will not be the reserve currency. That’s a fact. Just read history.” 

He referred to the U.S. government as a “Leviathan” that is too weak to carry out policies, while simultaneously imposing “things on the American public that they’re getting sick of.” 

Dimon argued that instead, the U.S. needs to celebrate its long-held values.

“Celebrate our virtues: freedom of speech, freedom of religion, freedom of enterprise, equal opportunity, family, God, country,” he said.

Dimon didn’t endorse Trump’s policies–obviously, he thinks the Bitcoin thing is kinda bizarre, as do I–but he reserved his biggest criticism for Democrats’ policies. Immigration under Biden was an unmitigated disaster, and unlike the Chamber of Commerce types who are just looking for cheap labor right here and right now to goose next quarter’s numbers, Dimon acknowledged that Biden’s policies were insane. 

Jamie Dimon: “Immigration – What the hell are we doing? The bottom 20% of our population, their wages didn’t go up for 20 years. They’re dying 7 years younger. Their schools don’t work. Americans should be getting sick of it.”pic.twitter.com/FGInUTE0Dx

— Thomas Sowell Quotes (@ThomasSowell) May 31, 2025

And then there is the problem of government getting in the way of innovation and economic growth, which is much more than an annoyance–it undermines the foundation of America’s economic dominance, which is the strength of our economy. The more the government meddles in the economy, the less efficient and dynamic it will be. 

Jamie Dimon Warns of Imminent Bond Market Crack and Stagflation Threats

Bond Market Instability: JPMorgan Chase CEO Jamie Dimon cautioned that a “crack in the bond market” is imminent, predicting investor panic while expressing confidence in JPMorgan’s ability to navigate and… pic.twitter.com/hpPJjCsLCG

— NOVA REAL INVEST (@novarealinvest) May 30, 2025

And it had better be as dynamic as humanly possible. Most people don’t seem to understand how precarious America’s finances are, and likely won’t unless and until there is a massive crisis in the bond market (Dimon seems to be predicting one). As we argue about tweaks here and there to government spending and whether the US government should require able-bodied young men to get off their asses and work 20 hours a week in order to get government benefits, the debt clock ticks up in increments of trillions–not billions–of dollars a year. 

When the national debt bomb goes off voters will blame Washington, or the “robber barons” of Wall Street, or maybe China and the media. The reality is that there’s virtually no popular will to do anything about the problem.https://t.co/AC9eNsOFPz

— David Harsanyi (@davidharsanyi) May 30, 2025

If the well runs dry–that well is the willingness of foreigners to hand their savings over to us for modest interest payments in the world’s reserve currency–it’s not just those young men who will be losing benefits. We won’t be having arguments about how many sex change operations the government should pay for–it will be whether we can afford bypass surgeries, hip replacements, and organ transplants for people to whom the government has promised Medicare. 

The US government will never officially go bankrupt–they can just print money indefinitely–but the value of our currency and the purchasing power of citizens and the government can be slashed. Just as Great Britain didn’t collapse as it lost power and the government socialized everything–it just got poorer and poorer, grayer and grayer–the US will remain if we let our preeminence decline because we failed to prevent it. 

But even America can decline if we allow it–and then who will lead the world and to where?