“This is going to make 1932 look like a Church picnic”: Steve Bannon & Executive Ed Dowd Sound The Alarm, Warn Of Looming Economic Turmoil
Disclaimer: This article may contain the personal views and opinions of the author.
So, former Trump staffer and all around controversial personality Steve Bannon is back in the news again. The former media executive and political strategist is sounding the alarm on what he thinks will be a dire economic situation. Bannon was recently joined by equity investment executive Ed Dowd on his show, The War Room”. It was here that the two discussed, in serious tones, the very real possibility of an economic crisis in our midst.
It was recently reported by The First Light Report that:
Ed Dowd: The feds have been fighting deflation since the tech bubble burst and that’s what they’ve been doing. It’s a disaster. And they’ve gotten to the point where the tyranny of the bond math is such that they can’t raise interest rates without collapsing the whole system.
Steve Bannon: Let me say this a different way. We’ve propped up assets. This is what Obama did with the financial market crash. Right? So you have asset deflation at the same time you have runaway, maybe even getting to hyperinflation. At least, inflation out of control. On top of a China supply chain collapse that’s been brought about over policies over 40 years. And on top of it you have this radical green new deal thing that they’ve killed energy. Those four converging forces are what is making this unique… The scale of this problem has never been addressed anywhere. This is going to make 1932 look like a church picnic.
Ed Dowd: I think you’re going to see the long bonds start to come in yield-wise up in price. That will be the first indication that the economy is starting to really collapse. Then short term interest rates will follow after that. The Fed will jump in saying they’re fighting inflation and maybe raise rates one or two more times… They can’t raise rates. They’re trapped. And that’s why a new monetary system is coming.
Steve Bannon: …What they turned out to get wrong as they consolidated wealth was these policies and how these policies work against each other. We’re in a jam. So when you say a new monetary policy is going to collapse. Because ladies and gentlemen, in the collapse, unless we change the politics of this nation you in this audience and your children will be the collateral damage. This is why Trumpism, nationalism, and economic populism is the only solution for the nation. They’re is not another solution.
Ed Dowd: …I suspect all of this monkeypox nonsense and all of these variants we’re going to see in the fall election are going to be designed to provide cover for the economic collapse.
Steve Bannon has always been, and indeed still remains, a polarizing and fascinating figure.
In fact, it was reported back in 2018 by NPR that:
“Steve Bannon has nothing to do with me or my presidency,” Trump said in the blistering statement issued by the White House press office after Bannon was quoted, among other things, calling Donald Trump, Jr. “treasonous” in a new book. “Now that he is on his own, Steve is learning that winning isn’t as easy as I make it look.”
“I support President Trump and the platform upon which he was elected,” Rebekah Mercer told the Washington Post in a statement. “My family and I have not communicated with Steve Bannon in many months and have provided no financial support to his political agenda, nor do we support his recent actions and statements.”
NPR went on to report that:
On Sunday, Bannon offered an olive branch of sorts, issuing a statement expressing “regret” for the comments made in the book and reversing course to praise both the president and his son.
“Donald Trump, Jr. is both a patriot and a good man,” Bannon said in a statement, first reported by Axios.
Bannon said there was “inaccurate reporting” in the book regarding Trump Jr., and instead those comments were directed at Paul Manafort, Trump’s former campaign chairman.
As NPR reported, Bannon went on to praise his former boss saying: “My support is also unwavering for the president and his agenda.”
Still, it all caps — for now, at least — a wild year-and-a-half stretch that saw Bannon go from the head of nationalist firebrand news outlet Breitbart, to the chief executive of a long-shot presidential campaign, to a chief White House strategist given unprecedented equal billing with the White House chief of staff.
Bannon, for his part, was the one who recently dropped a bombshell as early as the beginning of this month. On The Charlie Kirk show, Bannon reported on a growing number of raids taking place against Trump supporters. Bannon stated, “You saw from the demonic speech that Biden gave in Philadelphia that this is a dying regime. That was a primal scream. And here what they’re trying to do, no matter who it is whether Donald Trump at Mar-a-Lago. There were 35 FBI raids last night. Right. And there’s another grand jury coming together on January 6th, the Washington Post reported it. THIRTY-FIVE Senior Members of MAGA! of Republicans, supporters of Donald Trump that the FBI rolled in on. When they didn’t need to do it. Right? All these people have lawyers. The jack-booted Gestapo has to show up at their door and make a big display of this.“