Yes, it's ironic to defer to Jamie Dimon, who lately has far more pressing concerns in justifying the non-criminal nature of his enterprise, on anything - especially which does not involve market manipulation - but for once, Jamie actually had it right when it comes to framing the parody of governance in the US and the real debt problem.
Q. How worried are you that one morning the bond market has moved against the United States?
A. It’s virtually assured, the question is when and how. I don't know if it will be two years of five years but it will happen. It is a matter of time, the United States can’t borrow indefinitely. Over hundred years bankruptcies of country after country who thought they could get away with it because they had the reserve currency and the military power of the world. We are going to have fiscal discipline. It’s imposed upon us or we do the right thing and do it to ourselves the right way.... America knows the way, it doesn't have the will.
Of course it doesn't have the will because the Fed takes away any impetus to act when the "monetary" branch of government will merely push the S&P that much higher and everyone will forget just how broken the economy truly is. And speaking of monetizing, there will no "turn" before the Fed stops monetizing all of it (ref: see what happened when the Fed merely mentioned tapering), and in the process boosting JPM's excess deposits over loans also known as prop-trading "dry powder" to record all time highs.