Bannon’s War Room Steve Cortes, “If the Dollar loses its status, Americans will be punished in terrible ways.” March 03, 2022
The Economy: Guest Steve Cortes March 3, 2022
Transcripts from War Room on Rumble: Steve Cortes, "If the Dollar loses its status, Americans will be punished in terrible ways."
Steve Bannon:
Cortes. Here's the here's the point, has Joe Biden, he had a chance the other night, has he explained to the American people exactly what we're doing in Ukraine? What are the stakes? What's the legality? What are our commitments? What do we intend to do? Because right now, ladies and gentlemen, what you're seeing on TV is like war. That's the 20th century war, and don't get me wrong, they are horrible and brutal and tragic in the lead of people getting killed. But you have cyber war, which is a whole new level of warfare. You have information and propaganda war, you have economic war, which is going to affect, it's going to affect the entire globe and then you have kinetic war. And that's what you're seeing in the streets of Kiev right now. Cortes frame this, where are we right now?
Steve Cortes:
Sure. Now, listen, Joe Biden doesn't have the decency or the respect for the American people to make his case. For example, George W Bush as much as I think he was wrong, he at least went to the American people to make the case for why we had to invade Iraq. And he sent Colonel Powell to the UN again to make the case in an orderly way. I think they were dead wrong, but they had the decency and the respect to try to convince the American people that the sacrifices were worth it. We see none of that from Joe Biden.
As a matter of fact, he's not even willing to admit that we are already engaged. You know, I keep hearing from the war hawks out there, oh we want to do is everything except for boots on the ground, right? Well, hold on a second. This is 2022, okay. It's not 100 years ago with the Great War where the only thing that matters are boots on the ground and trenches, Okay? By the way, I think we will end up there because of what we're doing, but my point is in 2022, economic and cyber war are probably more significant anyway, and we are now fully engaged in a currency war, fully engaged in a currency war, literally trying to collapse right now and so far, succeeding in collapsing, the currency of a major power that is itself a nuclear and cyber warfare power.
And on that latter point as you often say, Steve, perhaps more potent even than the United States and the Fed Chair, I think this is important, the Fed Chair, Jerome Powell, he had the gall to go to Capitol Hill yesterday, Steve, literally while you and I were discussing the risk to the dollar of engaging in this currency war. He went to Capitol Hill, and he said, “oh, don't worry guys, there can be more than one reserve currency”. Well, that has complete BS. He is totally, totally wrong and the fact that a Fed Chair would be willing to acquiesce, would be willing to surrender on dollars in such a blunt manner shows us again what disregard these leaders so-called leaders of ours from the FED all the way to the White House have of the American people and for the American dollar.
Steve Bannon:
This is my point about experimenting, maybe his theory in the case may be correct, but it's never been, there's no historical precedent for it. It's never been done before with a global, never been tried by the globalized economy. Is this, another experience, these people are so reckless. They are reckless.
Steve Cortes:
The risks here are so asymmetric, meaning the upside, okay, if he's right, the upside is okay, you get to destroy the Russian ruble. You get to punish the Russian people because you're hoping for regime change. I think that's an incredibly dangerous game that the US has been playing for far too long. But let's say you succeed, you know, based on your terms. Okay, fine, limited upside. The downside is monumental, the downside is an end a century of dollar hegemony which is a critical component of the American economy and this matters to regular Americans. Even if you've never exchange of currency in your life, even if you never watch financial markets, you benefit, all Americans benefit from the strength of the United States dollar, particularly as it pertained to restraining inflation before Biden. If the dollar loses its status Americans will punished in terrible ways.
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(Note to reader: I am not affiliated with Bannon’s War Room. I am merely transcribing so that people could copy and share)