JPMorgan Chase CEO Jamie Dimon said Monday that mounting U.S. national debt is going to create a “tough time” for the bond market and may even cause spreads to widen.

Dimon’s remarks on Fox Business Network echoed comments he made Friday at the Reagan National Economic Forum in Simi Valley, Calif., when he confirmed — in response to a question about “bond vigilantes” who sell U.S. Treasuries on worries about the growing federal debt — that they had returned and that he was concerned about the stability of the bond market.

Dimon pointed out the trillions of dollars in U.S. borrowing and spending since the COVID-19 pandemic, MSN reports. “We don’t really know the full effect of (the) huge sums of money,” Dimon said.

“You’re going to see a crack in the bond market,” Dimon warned. “It’s going to happen. I tell this to my regulators, some of who are in this room — I’m telling you it’s going to happen, and you’re going to panic. I’m not gonna panic. We’ll be fine. We’ll probably make more money.”

The United States should be stockpiling military equipment, not Bitcoin, Dimon continued. The nation should also be maintaining military alliances and ensuring that the U.S. has the strongest military in the world.

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“We should be stockpiling guns, bullets, tanks, planes, drones, you know, rare earths,” said Dimon , who served on the board of directors of the Federal Reserve Bank of New York from 2007 through 2012.

“If we are not the preeminent military and the preeminent economy in 40 years, we will not be the reserve currency,” Dimon said. “That’s a fact. Just read history.”

It is imperative that the United States “get our act together” and fight the “enemy within” to fix permitting, regulations, immigration, taxation, schools and healthcare.

The country needs to come to agreement on these and the military issue “very quickly,” Dimon stressed.

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