JPMorgan's Jamie Dimon calls on US to stockpile bullets, rare earth instead of bitcoin

"We should be stockpiling bullets," he continued. "Like, you know, the military guys tell you that, you know, if there's a war in the South China Sea, we have missiles for seven days. Okay, come on. I mean, we can't say that with a straight face and think that's okay. So we know what to do. We just got to now go about doing it. Get the people together, roll up our sleeves, you know, have the debates." 

Dimon joined a fireside chat during the Reagan National Economic Forum in Simi Valley, California, at the Reagan Presidential Library Friday for a sweeping discussion on the economy and how the world's "tectonic plates are shifting" in geopolitics in the form of wars, proxy terrorists and the potential proliferation of nuclear weapons. 

Dimon underscored during his address that he does not view China as America's top adversary, and instead pointed his attention to the "enemy within" that could lead to the U.S.' status as the world's leader crater. 

"I'm not as worried about China," Dimon said. "China is a potential adversary. They're doing a lot of things well, they have a lot of problems. But what I really worry about is us. Can we get our own act together, our own values, our own capability, our own management?"

"I always get asked this question: Are we going to be the reserve currency?" he said. "No. You know, if we are not the preeminent military and the preeminent economy in 40 years, we will not be the reserve currency. That's a fact. Just read history." 

He referred to the U.S. government as a "Leviathan" that is too weak to carry out policies, while simultaneously imposing "things on the American public that they're getting sick of." 

Dimon argued that instead, the U.S. needs to celebrate its long-held values.

"Celebrate our virtues: freedom of speech, freedom of religion, freedom of enterprise, equal opportunity, family, God, country," he said. "You know, and you can acknowledge the flaws that we have, which are extraordinary - what we did the Black population for years. Don't denigrate the great things of this country, because those are two different things."

"We don't talk that much to each other - deal with our policies - this is the enemy within," he continued. "We've got to fix our permitting our regulations our immigration our taxation, which I, I think they're on their way. We have to fix our inner city schools, our health care system."