Steve Bannon

I don't think we're going to get to

Scott Besson, a former contributor here, his target of going from 6% to GDP to 3%.

I think these deficits are going to be quite large.

And I believe the Congressional Budget Office is actually projecting the 10-year increase in deficits is going to be the tune of $16 to $20 trillion.

So that the fiscal cliff we've been talking about seems like we're going, it appears from the math that we're going with the pedal to the metal.

Put it in perspective, what does that mean for when people think of precious metals, they think of alternatives to more traditional investments they've got, and particularly investments that are directly tied to the dollar?

Where do you think that puts us?

financial distress globally to force a change domestically here in the united states they know the goal and it's a tough enemy to fight when you have a debt level like we do you bring up admiral mullins uh the chief of naval operations at at the time in the in the chairman i believe the chairman of the joint chiefs of staff um he had uh you know a lot of prominence as being an out now you got criticism etc for being one of obama's chiefs but

he was a uh he's a pretty broad and deep thinker you may not agree with everything the guy is to say but i want to just go back and put it in a time frame when he warned uh and they were doing the national security strategy memo and the pentagon by law uh is uh is required by statute to come out and put a strategy together

They kind of shocked people that year in saying, hey, look, we have these threats around the world.

Things are happening.

Back then, it was almost more of still the global war on terror was there.

But he said the biggest ticking time bomb we have that's going to cripple the United States and limit our ability to actually provide security to our people is the national debt.

When he said that, you said that was $30 trillion.

What was the national debt when he said that?

But this is the point, is that we have a system now that structurally it's so tough.

to make changes and you don't have the political will to do it in the republic side more importantly folks the democrats literally don't care i mean they want to just spend with no restraints at all what does that mean for what does that mean for the dollar because then i'm going to get to the specifics now of there is a flight to quality the dollar is seeing some strengthening because people are panicked throughout the world but just overall

On the arc that you see of this spending, which it looks like in the congressional budget, we've had enough commissions of people warning us about.

The world's financial system continues to buy.

The central banks continue to buy gold to try to get away from dollar-denominated securities.