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American2Day

News and opinion for Michigan, Eaton County, and the Mulliken area

American2Day

News and opinion for Michigan, Eaton County, and the Mulliken area

Money

Dimon warns U.S. power underpins dollar’s reserve status

A2D News Desk

JPMorgan Chase CEO Jamie Dimon said the U.S. risks losing the dollar’s role as the world’s reserve currency if it no longer has the world’s strongest military and economy in the future.

Daniel McDowell of Syracuse University’s Moynihan Institute of Global Affairs said military strength can support confidence in dollar-denominated assets by signaling security to foreign investors and allies.

Eswar Prasad of the Brookings Institution said institutions and economic dynamism are more important to a reserve currency’s status than economic size or military power, but said weakening U.S. economic and military power would hurt the dollar’s dominance.

Read the full story at fortune.com.

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