Jamie Dimon has a plan to revive the West: A 'big, beautiful' deal with Europe
"Many of the current disputes between Europe and the U.S. are minor compared with this agreement's size and benefits," the JPMorgan boss wrote this week.
TL;DR
- Jamie Dimon proposes a major U.S.-Europe economic and free-trade agreement.
- The agreement requires Europe to undertake significant economic and military reforms.
- The pact could include other friendly democracies like Canada, Mexico, Japan, South Korea, Australia, and the Philippines.
- Seamless trade ties would allow allies to "set the global rules on trade" and unite against "autocratic pressure."
- Dimon highlights the need for Europe to complete its Capital Markets Union and Banking Union, fulfill Draghi report recommendations, and ensure defense, manufacturing, and energy independence.
- A stronger Europe is seen as a more capable security and economic partner, a counterweight to Beijing's power.
- Dimon also stresses the U.S. must maintain its pre-eminent military and economic position and "reinvigorate the American dream."
- A combination of U.S. reforms and European reforms would ensure the Western world's strength for the next 250 years.