Steve Bannon

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.

Talk about that for a second, because at first you saw the strengthening, because as soon as the balloon goes up, as soon as they start shooting, particularly on a broader scale and particularly some places as sensitive as the Middle East to the flow of oil, people naturally, money managers, governments naturally pile into the dollar, at least for a short term, for safety.

It's considered a safe haven.

And that's one of the reasons I think you didn't see the pop in gold.

Also, the fact that I do believe some of the central banks, maybe the Saudis and whatever, might have been monetizing some of their holdings to just pay bills and understand they might not be able to monetize oil for a while.

But I want just to go back.

It's not a shift to long term because you're not seeing them pile into longer term government debt, correct?

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