В 2013-ом&

Jamie Dimon On The US Debt Endgame

Yes, its ironic to defer to Jamie Dimon, who lately has far more pressing concerns in justifying the non-criminal nature of his enterprise, on anything  especially which does not involve market manipulation  but for once, Jamie actually had it right when it comes to framing the parody of governance in the US and the real debt problem.

From Bloomberg:

Q. How worried are you that one morning the bond market has moved against the United States?

A. It’s virtually assured, the question is when and how. I dont know if it will be two years of five years but it will happen. It is a matter of time, the United States can’t borrow indefinitely. Over hundred years bankruptcies of country after country who thought they could get away with it because they had the reserve currency and the military power of the world. We are going to have fiscal discipline. It’s imposed upon us or we do the right thing and do it to ourselves the right way&. America knows the way, it doesnt have the will.

Of course it doesnt have the will because the Fed takes away any impetus to act when the monetary branch of government will merely push the S&P that much higher and everyone will forget just how broken the economy truly is. And speaking of monetizing, there will no turn before the Fed stops monetizing all of it (ref: see what happened when the Fed merely mentioned tapering), and in the process boosting JPMs excess deposits over loans also known as prop-trading dry powder to record all time highs.

Отсюда.