During a portion of an interview that aired on Monday’s broadcast of Fox Business Network’s “Mornings with Maria,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said an emphasis should be on national security and resilient chains versus cryptocurrency.
According to Dimon, tanks and missiles should take precedence over bitcoin.
“You said something that struck me earlier,” host Maria Bartiromo said. “We should be stockpiling. What did you say?”
“I said not Bitcoins, but bullets, tanks, missiles,” Dimon replied. “You point out national security is a critical thing. So, the most important thing to be in trade is going to be protecting our own national security, and that’s around resilient supply chains for medical ingredients, for anything that goes into our F-35 rare earths and related. Think of two nanocentimeter AI chips, things like that. We say, yeah, this is important for American national security. We need resilient supply chains, and then we have to do things to help the military, which is, we don’t keep productive capability empty. So, all of us do that in our businesses. But, their missile capability, they have — we have a plant building missiles, but you have to double, triple production.”
“We don’t have plants in the ready-to-go,” he continued. ‘And we need that, and that should have been part of our planning. We don’t allow enough flexibility for military. The world has changed, and you see what’s happening with these drones. What you need is very different this month and even two months ago. So, they need more flexibility to buy this, not buy that. We need to spend more money. We need to do budgeting — do multi-year budgeting for them. And so, we’re going to lay this out. We have a thing called a Defense Action Forum. We spent a lot of time with some of the generals and some of the new tech companies in equipment, and then obviously the big prime contractors. What do we need to do to have the best military, which changed? We’ve got to do it now. We don’t really have the luxury to wait.”
(h/t Grabien)
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