Jamie Dimon, CEO of JPMorgan Chase, warned in August 2026 about the conditions necessary to maintain the US dollar as the international reserve currency, as the American currency now represents 57% of global foreign exchange reserves compared to 70% at the beginning of the 2000s. The banking executive highlighted the strategic dependence of the United States on China for rare earths, aluminum and certain steels, as well as the shortcomings of the American industrial base exposed by the Middle East conflict. In response to these vulnerabilities, JPMorgan Chase launched a 1.5 trillion dollar initiative over ten years targeting critical minerals, defense and advanced technologies. The deterioration of the budget balance and the accumulation of public debt are also weakening the monetary position of the United States, increasing the risk of global economic fragmentation.
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