Jamie Dimon, in an interview with Bloomberg at the 14th JPMorgan Tech Stars conference in London, referred to the next commentary topic as "Good policies are free." He stated that if the U.S. and Europe implement the right policies, they could boost growth by 1 percentage point without spending any money.

He used this statement to oppose large-scale fiscal expansion for output. In the same session, he warned that governments cannot borrow and spend indefinitely. He noted that the U.S. government debt-to-GDP ratio has risen from 50% to 100%. At some point, the market will demand higher compensation, leading to increased corporate credit spreads and crowding out of the private market.

He also described artificial intelligence as both a source of growth and a source of risk. He reiterated his judgment from the chairman's letter that cyberattacks are the biggest risk. After the release of Anthropic's Mythos, he stated that the risk of cyberattacks faced by banks has increased tenfold. He did not frame this as existential panic, but rather as a call to action to address the issue.

The vehicle for this action is the Critical Infrastructure Alliance, an organization initiated by JPMorgan, with founding members including Mastercard, Berkshire Hathaway Energy, AIG, and AT&T. By the end of September, the public list had expanded to nearly 50 companies across about six industries, covering technology, finance, water, and transportation. Leaders from Google, Microsoft, Amazon, Apple, Nvidia, and the heads of the eight largest banks in the U.S. are on the list. The alliance aims to identify common vulnerabilities, promote the secure adoption of large models, strengthen open-source code, and formulate policy recommendations for infrastructure resilience.

On the same day, he also discussed the UK's windfall tax on domestic banks. He called this tax unfair and lacking in principles, stating it would raise the cost of capital and have consequences. The official conference account shared a post linking policies, AI growth, and alliance leadership together.

This is not new lending. The speaker is a bank CEO, and the audience consists of tech companies and government officials. The event is driven by the increased cyber risks following the rise in model capabilities and the doubling of debt ratios affecting financing costs. The beneficiaries are large banks and tech companies that can write security investments into industry standards. The pressures are on fiscal authorities that continue to rely on deficits for growth and the mentioned UK bank tax. He defines good policy as growth without increasing the budget.

Source: Public Information