Jamie Dimon: "The Euro Zone May Not Survive"

Tyler Durden's picture

According to some, it all started with Mario Draghi, who back in 2012 said that the ECB would prevent the collapse of the Eurozone "whatever it takes." By saying that, he effectively took the impetus away from Europe's politicians to engage in any real structural reform and promote difficult policy changes, and well, here we are five years later with a "populist" wave sweeping across Europe which is now ex the UK.

And while few are willing to discuss the topic of Europe's viability in the current regime, JPM's Jamie Dimon broke the tranquil setting of Davis where all remains well, to wanr that Europe needs to address disagreements spurring the rise of nationalist leaders or the region’s strong economic ties will break, warning that politicians must get to grips with the discontent that’s spurring support for populist leaders across the continent.

Dimon said he hoped European Union leaders would examine what caused the U.K. to vote to leave and then make changes. That hasn’t happened, and if nationalist politicians including France’s Marine Le Pen rise to power in elections across the region “the euro zone may not survive,” Dimon, 60, said in a Bloomberg Television interview with John Micklethwait.

Not mincing his words, Dimon warned that "what went wrong is going wrong for everybody, not just going wrong for Britain, but in some ways it looks like they’re kind of doubling down,” the JPM CEO said in the interview in Davos. He continued that unless leaders address underlying concerns, “you’re going to have the same political things about immigration, the laws of the country, how much power goes to Brussels.”

This reminds us of what Jeff Gundlach said during this weekend's Barron's roundtable: when asked "what will we be talking about this time next year" his answer was simple: "Trouble in the euro zone."

As Bloomberg notes, "Dimon’s remarks on Europe were unusually pessimistic, coming in a wide-ranging interview in which he also criticized regulations that he said stunt economic growth. But he reiterated optimism for President-elect Donald Trump. Minutes later, Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein also expressed concern about Europe, telling CNBC that leaders are facing a backlash in the midst of a long, complicated process to create an economic bloc."

“That’s complicated, that’s very hard to do,” said Blankfein, 62. “It’s not done, and it’s not accomplished. We’re finding the pain of that.”

The bottom line is the region must become more competitive, Dimon said, which in simple economic terms means accept even lower wages. It also means major political overhauls: “I say this out of respect for the European people, but they’re going to have to change,” he said. “They may be forced by politics, they may be forced by new leadership.”

It is unclear how Europeans will adopt these major "changes" without anger at the establishment growing even more.

Yet while he was clearly concerned about Europe, Dimon said he isn’t as concerned about the future of the U.S. under Trump, whose own rise drew on a populist movement. The reason for that: Trump's decision to surround himself with a "who's who" list of former Wal Streeeters. 

The real estate mogul and reality TV star is enlisting “very serious people” for his administration, such as former Goldman Sachs alumni Steven Mnuchin and Gary Cohn, who’ve been tapped to lead the Treasury Department and help oversee White House economic policy.


“The side that people are worried about a little bit, and I think is may be blown out of proportion, is trade,” Dimon said. “They’re listening to tweets and one-liners and statements” from Trump. But in his book, “The Art of the Deal,” the president-elect “will tell you he does that” as a tactic, Dimon said.

Asked about a concerns Trump may start a trade war with China, Dimon said he’s not worried. “I think these very rational people will be very thoughtful when they go about the actual policy,” he said.

Translated: Trump's ex-Goldman advisers will never let him do anything that could hurt Goldman's interests in the US or around the globe.

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GGuy's picture
GGuy (not verified) Jan 18, 2017 1:42 PM

Well no fucking shit, Hymie*

OfAllElaboratePlans's picture
OfAllElaboratePlans (not verified) GGuy Jan 18, 2017 1:43 PM

Neither will you Hymie... So just DYmie

GGuy's picture

He's mexican, right, so silent J?

GGuy's picture
GGuy (not verified) GGuy Jan 18, 2017 1:49 PM

Jaime*"I'm not a jew Dimon, But My wife and Kids all are"

hedgeless_horseman's picture


Dimon warned that "what went wrong is going wrong for everybody, not just going wrong for Britain

Wrong as in self rule by elected-local representatives, instead of rule by un-elected foreign bureaucrats?

Or a different kind of wrong?

Joe Davola's picture

England hasn't extricated itself from the Eurozone yet.

OfAllElaboratePlans's picture
OfAllElaboratePlans (not verified) Joe Davola Jan 18, 2017 2:17 PM

"Jaime*"I'm not a jew Dimon, But My wife and Kids all are"


Well, not to be Judas Raincloud or anything, but you could 'almost' say the same about Trump (until he & Kushner prove themselves otherwise).


If Israel refrains from carpet bombing Iran & Syria for the next 4 years I'll call it a success... I GUESS (which will probably last about 5 seconds until I figure out how many of my tax dollars went to killing Palestinians)

Chris Dakota's picture
Chris Dakota (not verified) xythras Jan 18, 2017 3:46 PM

Pluto: Jamie Demon certainly won't survive.

When I enter a room they feel me, but can't see me. A cold wind, panic, they try to run but fall.


xythras's picture
xythras (not verified) janus Jan 18, 2017 5:56 PM

MORE BAD NEWS for EU: If this thingamajigs find they're way to EU population who knows what the serfs might do.



GGuy's picture


booboo's picture

If Israel wants anything bombed they have a direct line to Toby the Golfing Monkey.

TuPhat's picture

If jews keep shooting Palestinians, why do Palestinians keep throwing rocks at jews? 

jm's picture

Because they are stupid as fuck.

lucitanian's picture

It is enough that this shyster pontificating about Europe cannot even get Merkel's first name right (it's Angela, with a hard g), And your absolutely right "England", (or do you mean Great Britain or UK, because the difference is part of the Brexit problem for UK) "hasn't extracted itself from the Eurozone" and never will, because it is not in the Eurozone.

Paper Mache's picture

But we will, and it can't come soon enough for us Brit's.   We won't be the last either. 

Vageling's picture

The United Kingdom isn't even in the EURO-zone. This is about the fools who went along with the EURO to replace their domestic currency. Pay attention! 

detached.amusement's picture

Buddy of mine had an ol acquaintance that sold mattresses, and one of his best customers was JD himself....bought mattresses very regularly...


"I never seen someone buy so many frickin mattresses, it was bizarre, but I wasnt complaining"

Paul Kersey's picture

"The Euro Zone May Not Survive"

If only he said, "JP Morgan May Not Survive".

Vageling's picture

Banksters said Greece would do fine with the EURO... They totally had what it takes... Is that bitch jailed yet for cooking books? Nah... Big banksters... Still fleecing her pockets somewhere. Right, Antigone Loudiadis? 

Hohum's picture

Is he  trading currencies now?

Badsamm's picture

No shit Sherlock.

yrad's picture

The Eurozone may not survive if Dimon gets a hold of it, I mean, more than he already has! See Greece...

Vageling's picture

Antigone Loudiadis beat him to it. She's the GS trash who is responsible for Greece in the Euro. Also a JPM whore. A real Greek patriot as she claims she's Greek. Meanwhile she's now in London fleecing even MOAR! 

HoserF16's picture

Thanx Jamie. That's wonderful news.

trumpala's picture

It is certain Mr. top bankster. We don't need your help for this. 

LawsofPhysics's picture

LOL!!! Jamie knows that as long as people still accept the Federal Reserve Promissory Note in exchange for their work/labor, everything is fine...

Son of Captain Nemo's picture

"The Euro Zone May Not Survive"...

And there's a good chance Jamie given your demolition activities within the banking sector these last two decades NEITHER WILL YOU!

LawsofPhysics's picture

Good to see another optimist,...

although that isn't quite how 2008/2009 worked out is it?

Son of Captain Nemo's picture

"although that isn't quite how 2008/2009 worked out is it?"


Much shorter "rope" this time!

My understanding is just like the American auto industry they don't build underground bunkers the way they use to!!!

yogibear's picture

Lol, brilliant! We figured that out months ago Jamie here on Zerohedge.

GGuy's picture
GGuy (not verified) yogibear Jan 18, 2017 1:50 PM

YEARS for some of us.

Dien Bien Poo's picture

what a cock sucker. 

Yen Cross's picture

 Go smoke another cigar.  JPM earnings?   Morgan Stanley earnings were a JOKE  !

 The BIG five slides. XLF~ and the bailout queen beats. I can't stop laughing.

     Where's my anal probe?

Sid Davis's picture

Give it time.  It is being conquered by the Muslims through immigration and rapid breeding, and eventually will be one big Muslim stronghold, with all the non-believers either killed or enslaved.

The idea that opposed cultures can coexist is a delusion, long proven to be so by the many ethnic cleansings in history.  This is a lesson that freedom loving Americans, decendents of European settlers, should pay attention to, or we will be on the losing end of cultural conflict. 

GGuy's picture
GGuy (not verified) Sid Davis Jan 18, 2017 2:37 PM

Think of Europe and America like ROACH HOTELS...ROACHES CHECK IN, BUT THEY DON'T CHECK OUT i.e #4



1) Steal the acquired wealth of all White Run countires. Destroy the middle class, destroy all white culture, demonize whites, Christians, heterosexuals

2) Flood all white countries with muslims, wetbax and all the scum Israel would never take.

3) Instigate a nuclear war with Russia, the last FREE WHITE RUN COUNTRY...because they won't commit suicide by INVADER!

4) ALL White countires Nuke each other, white problem solved, GREATER ISRAEL AND THE JOO WORLD ORDER CAN NOW FLOURISH!

markitect's picture

"I say this out of respect for the European people, but they’re going to have to change"  Fuck you Jamie, the Europeans have been here before, you know what happens next.  Into the fucking ovens you go.

small axe's picture

dibs on his presidential cufflinks

Ace006's picture

How bout we start with taking away their reserved parking?

chosen's picture

Duh, no shit, Jamie (are you a homo?).  The Eurozone is already dead.  Somebody needs to bury its stinking corpse.

Herdee's picture

Brussels is secretly run by Germany, that's obvious. It goes back to the time after the second world war. The Nazi/CIA plan was to control Europe economically.

caesium's picture

Germany was gutted after WWII - this was all part of the plan?

Ace006's picture

I thought the plan was to keep the Germans down, the Russians out, and the US in.

Sudden Debt's picture



amadeus39's picture

Whom. I'm an incurable pedant.


onwisconsinbadger's picture

Dimon : I was here before Euro and I will be here long after Euro. In the meantime I became a billionaire.