There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing. Jamie Dimon More Quotes by Jamie Dimon More Quotes From Jamie Dimon You would expect to see that first in high-yield [debt], but it was in the most liquid thing in the world. So that, I think - it's a little bit of a warning that we've got to be prepared and just be careful. Jamie Dimon debt yield thinking We've seen the volatility at dollar-yen, U.S. Treasurys, JGBs (Japanese government bonds), German bunds. Jamie Dimon volatility dollars government There are parts [in Dodd-Frank] that I don't agree with. But, in total, it is what it is. Jamie Dimon dodd-frank frank agree I completely agree with the concept that American citizens shouldn't expect that a failure of a bank would cost them money, or that it would hurt the economy. Jamie Dimon cost citizens hurt Dodd-Frank and independent actions of banks go a long way in terms of progress on capital, liquidity, transparency, "living wills" (plans for winding down a bank in the event of a collapse) and resolutions. Jamie Dimon progress independent long We, Americans, have the best country on the planet. We have schools, universities, food, water, energy, peaceful neighbors, low corruption, you name it, deepest and widest capital markets. That doesn't mean we shouldn't identify problems. We don't have a divine right to success. Jamie Dimon mean country school Part of the reason some Japanese companies have underperformed financially was corporate governance and board structures. Jamie Dimon structure boards reason The "third arrow" (of structural reform) is critically important. Japan has some of the best companies in the world, and if you look at their technology, their capability, it's extraordinary. Jamie Dimon arrows japan technology Abenomics, quantitative easing, fiscal policy - we know all the issues. Jamie Dimon fiscal-policy policy issues Any good job is a good job. This whole concept of a dead-end job? It's not true. I've heard it my whole life. Jobs lead to dignity. If you're good at the first, then you can get the second. Jobs lead to household formation. Jobs are a better solution for society. Jamie Dimon good-job whole-life dignity If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses. Jamie Dimon recovery forget people The economic union - creating a big common market, like the United States, so that you can compete across borders. There are common rules, regulations, and simplification, and that is still a good reason, too. When they put their monetary union together, that created a rigidity that made it hard for currency fluctuations. They don't really have a solution to that. Jamie Dimon creating united-states together I believe it's a good thing that people say, "Can we find a way to live together in peace?" And they did, for the most part. Jamie Dimon together believe people Now the Japanese companies are more focused on that. To have two independent directors - I think it's good to have outside people look at you and think of what you could be doing better. Those are voluntary, but most of the companies told me they're going to do it. And I think it's good for them to say our returns on equity, for example, should be higher. Also, I think some could be more ambitious. Jamie Dimon independent two thinking We had a lot of gridlock on a lot of issues. But, the American system is pretty resilient. Jamie Dimon gridlock resilient issues You have your own culture and your own ways of doing things. I hope Japan continues on this path. Jamie Dimon japan culture way I think immigration has been one of the vital things about the growth of America. I'm the product of grandparents who all immigrated from Greece. I hope eventually we have proper immigration. Jamie Dimon grandparent growth thinking We're not fair weather friends. We've been in places for a long, long time. Jamie Dimon fairs weather long It's an advantage for both parties to have the other. It also creates good stability of earnings. Our business mix means we have a diversified earnings stream, which is one of the things why we got through the tough times so successfully. Jamie Dimon tough-times party mean We take smaller companies and middle-sized companies, all around the world, and we do currency exchange for them; we raise bonds and equities for them; and we do inventory finance, trade finance, and custody of assets. Jamie Dimon custody inventory world
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