The total public debt outstanding of the U.S. government has grown by $7.4 trillion since the end of 2020. That’s causing a lot of concern for the CEOs of foreign financial institutions, who don’t see it as a risk-free investment.

But what about the chief executive officers of major U.S. financial institutions? These leaders of banks and investment firms routinely acquire billions of U.S. treasury bills and notes every year. How do they perceive the risk posed by the increase in the U.S. national debt?

JPMorgan Chase CEO Jamie Dimon, who runs the largest bank in the U.S., is worried that “hockey stick” growth in national debt may trigger a debt rebellion in global markets. Fortune’s Eleanor Pringle reports on his January 2024 comments to the Bipartisan Policy Center:

He drew on the comparison of the 1980s for context explaining in 1982 unemployment was sat at around 10% while the stock market had sat stagnant for 15 to 20 years. Even with the Vietnam War, America’s debt-to-GDP ratio was around 35%, Dimon said, whereas today it sits at 100%.

“Back then the deficit during a recession—you do spend money in a recession—was 4% or 5%, today it’s 6.5% in a boom time,” Dimon continued.

He added: “If you look at that 100% debt to GDP by [2035] I think it’s going to be 130% and it’s a hockey stick. That hockey........

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