Jamie Dimon on Europe's decline
Jamie Dimon offered some sobering statistics about Europe's economic trajectory. The continent's GDP has fallen from 90% of America's to just 70%, and Dimon believes the decline will continue. Meanwhile, US stock markets are valued at $60-70 trillion. For comparison, Deutsche Börse is at 3 trillion, London at 4 trillion, and Paris at 3 trillion.
Transcript (en)
High and effective in a lot of countries. They have 100% debt to GDP also, but growing slow is much worse with 100% debt to GDP than growing fast. They're kind of anti-business, poor tax structures that stop investment. Capital formation generally drives growth. A lot of that capital is moving here. Here's some big numbers for you. Our stock exchange is worth, I think, 60, maybe 70 trillion today. Deutsche Bars, three. The FTSE at the UK, four. The French one, three. And that is serious stuff. And there's not a deep recognition. So Mario Draghi wrote this great report. That is what they need to do. Have a real European Union, open trade services to everyone in there, have a big common market, have a growth strategy and policies that can drive growth.
