“America has the best hand ever dealt of any country on this planet today ever, okay. And Americans don’t fully appreciate what I’m about to say. We have peaceful, wonderful neighbors in Canada and Mexico. We’ve got the biggest military barriers ever built, called the Atlantic and the Pacific. We have all the food, water and energy we will ever need, okay. We have the best military on the planet, and we will for as long as we have the best economy. And if you’re a liberal, listen closely to me on that one, okay, because the Chinese would love to have our economy.”
Jamie Dimon
Jamie Dimon is CEO of JP Morgan Chase, the largest bank on earth. Under his leadership, the company has done so well that it has twice the market cap of any other bank on earth.
At a speech at The Economic Club of Washington, D.C., Dimon raves about America’s competitive position.
America: Back on Top
The US has incredible geography and natural resources. But perhaps our greatest assets are cultural, according to Dimon:
“We have a magnificent work ethic. We have innovation from the core of our bones.”
Indeed, the US dwarfs the rest of the world in company creation and venture capital funding.
Innumerable nations have tried to recreate Silicon Valley. All have failed.
“Get on an Airplane…and Tell Me What You Think”
So often, we don’t appreciate everything we have in this country. And if you don’t believe that, do what Dimon suggests:
“Yes, we have problems. Get in an airplane, travel around the world, go to all these other countries, and tell me what you think.”
One evening in Japan, I walked down a quiet residential street and saw something curious: a line of small children in front of a coffee shop.
Little kids don’t drink coffee. So why were they there?
“It’s kodomo shokudou,” my Japanese friend said.
“What’s that?”
“It means children’s diner. Children go there to get a cheap meal, like 100 yen.”
It was heartbreaking. These little children were tiny — all were thin.
And they were lining up not even for a free meal, but for one at reduced cost!
It’s a Nice Place to Visit, But I Wouldn’t Want to Live There
I’ve never seen this in America. I’m guessing you haven’t either.
This is the situation in one of the world’s most highly developed and wealthy countries. I can’t even imagine what life is like in a place like Somalia or Yemen.
This was no isolated incident. Walk the back streets of Tokyo and you’ll see corrugated metal shacks and electrical wires running every which way.
You might expect to see this in a developing nation. But Japan is the third largest economy in the world.
Foreign countries are great to visit — pretty, atmospheric. But if you live there, it’s a hard life.
Yes — We Still Have Problems
For all its virtues, Dimon is also clear-eyed about America’s failures:
“Inner city school education is a disgrace.”
If we want more opportunity for those less fortunate, the number 1 thing we can do for them is give them a good education. Education is why I’m not poor, and it will work for them too.
Wrap-Up
Dimon’s speech is from 2016, but I had never heard of it until a couple of months ago. The same is probably true for many of you.
As the economy booms and the US leads in AI, we seem to finally be feeling a bit better about ourselves. As Packy McCormick of Not Boring notes:
That people received a patriotically optimistic rant from a Big Bank CEO enthusiastically was telling on its own, but the fact that the video floated around the internet ether for seven years until people were ready for it is fascinating. In 2016, Americans wanted to Make America Great Again; in 2023, they celebrated the fact that, despite its issues, it’s already pretty great.
As we head into another election cycle sure to focus on all America’s faults, it’s wonderful to reflect on everything that’s right with our country. Now let’s go make it even better!
What did you think of Dimon’s speech? Leave a comment and let us know!
More from the blog:
I Worked for Epic — Bill Gurley Is 100% Right
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