Bannon’s War Room Steve Cortes: The Ides of March 2022 Marked the Day King Dollar Was Dethroned. March 18, 2022
The Economy: Guest, Steve Cortes. March 18, 2022.
Transcripts from Bannon’s War Room on Rumble: Steve Cortes: The Ides of March 2022 Marked the Day King Dollar Was Dethroned.
Published March 18, 2022.
Steve Bannon:
Steve Cortes
Steve Cortes:
And Steve in that regard, this whole saga over Ukraine has been a clarifying moment to inform the citizens of the United States in particular the adherence to America First, the deplorables out there that we simply cannot count on supposed Republican leaders or supposed conservative leaders to resist this temptation of pure emotional sentimentality. No, they have been seduced. They have been seduced by the showmanship of Zelensky of the American media. They are gladly and willingly complicit in a march to war. We are already in an economic war, a potential march to kinetic war that is unbelievably dangerous for the United States.
And Steve, I'm glad you played that opening montage and you're right, it's hard to stomach. But stomach it we must as American citizens and here's why. It's important for us to realize just what garbage the ruling class of America are. And I'm talking about the mavens of media, big business CEOs and then the administrative state in the permanent political class of both parties. The ruling class right now in this country, which is unfortunately descending evermore into oligarchy.
The ruling class is composed of garbage who are only interested in their own self-aggrandizement to the detriment of the American people and let me be specific on policy in this regard. Let me put a policy to my criticisms. This week, I believe will ultimately be remembered in economic infamy because on the Ides of March of this week. That is the day when the Saudi said something that would have been unthinkable a year ago, 10 years ago, 20 years ago. The Saudi said we are going to accept Chinese Yuan as payment for our oil.
Now, to a lot of Americans, they might say, does that really matter? Yes, here's why it matters to your life because King Dollar, which has been the reserve currency of the world for a solid century has been a key proponent of American prosperity. It has been a key depressant until now upon prices, has been one of the key reasons that we've had for the most part, 40 years until Biden, stable tame acceptable levels of inflation in this country because the world demanded dollars from banks, all over the world from central banks to businesses to oil companies to arms dealers.
Every significant transaction of the world occurred in dollars creating a demand for dollars. I believe in King dollar’s being dethroned right now and that the Ides of March marks to me a demarcation line because of Joe Biden. He has only 14 months in office, destroyed a century of economic credibility that came before him. So that is just one of the massive real-world consequences of a garbage ruling class that is willing to roll the dice by engaging in an economic war against the Russian people and is willing to jeopardize the dollar’s status.
Steve Bannon:
Steve Cortez. I just want to make sure how the American people going to get continue to get buried alive here, give me the housing number.
Steve Cortes:
Awful, housing news. Just hitting the wires right now, Steve, this is, by the way, this is how we don't major in the minors. Let's stop worrying about a border that is 5,000 miles away. Let's worry about the inflation explosion right here in this country and what it means to the prosperity of regular Americans. We just got out home sales and it was a massive miss versus expectations on a yearly basis. It was 6.02 million expectations were 6.1, so almost 100,000 homes fewer than expected. Last month to put this in context for comparison it was six point five million annual rate.
So we are, we are decelerating in a massive way in the housing market and the main reason is that mortgage rates are rising very significantly. This week for the first time in three years for the first time since 2019, the average 30-year mortgage rate 30-year fixed mortgage rate is above 4% because of Biden’s inflation explosion. One other part of this housing number that I find fascinating Steve with it it's a bigger topic for another time, but I think it's worth mentioning right here.
Twenty percent of all home sales in the United States right now are from investors not people who are going to live in them. They are from hedge funds, BlackRock, Black Stone, etc. So regular people aspirational Americans, young people, first-time homebuyers are being priced out of the housing market. The numbers are showing us this increasingly and it again is because a policy choices. It's the inflation explosion in this country. Now, these are the kind of kitchen table issues that really matter to Americans while all the Washington war machine wants to obsess over a conflict in which America has no national interest. Let's worry about housing in this country, about rental rates about home prices, about affordability.
Steve Bannon:
Here's why. Let's take an income statement and a balance sheet. Let's see, we're going to address you as your little business, you’re the CEO of yourself, right? You have a couple things you have income, right? Just like a business and you have assets just like a business, right? And we say, you get digital and intellectual property that you they try to steal from you every day. But you have assets, you have income. We know because CNBC and all the analysis 64 percent of the American people live paycheck to paycheck. Okay, 80% can't miss a paycheck in 30 days. Okay, 80%, right. I think it's 90% for 90 days and that includes many of the people, in the quote-unquote, in the middle class right here, right?
We now know with inflation burning up like the young, like the woman in Phoenix the other day, with the ceramic shop, all those jobs are going to be gone. All these kind of jobs that are doing economic uplift, little service jobs, because people can delay the ceramic shops purchase for a year or two, when they can't afford fuel, and they can't afford food, right? And their rents are sky-high. But let's take the asset side.
Remember, I think it's 90% of the net worth of individual person when he looks at ninety percent of the net worth is your equity in your home. That housing drop, as these interest rates start to explode to try to choke down the inflation, brought to you by Biden, note to self you're the equity in your home, I wouldn't take that to the bank. A lot of banks are not going to be lending you a second on that. Okay, you know who? Because it's going to be in play. We're not going to really know what that equity is worth. Is that correct? Steve Cortes, they're hitting you, my point is, the economic carnage is hitting you as your little CEO of your own self the CEO of your own self.
My income is, I got income and I got assets. You're getting hammered right now on the income side and about to be destroyed oh guess what? Your assets because at the interest rate they’re got to date you can't accumulate capital, but they're about to hit you with the double whammy, to destroy. Those of you lucky enough to own don't be taking out a second on the home equity right now, please don't. Don't, don't do it, Steve Cortes.
Steve Cortes:
That's exactly right, Steve. And again, you said there if you're lucky enough, if you're fortunate enough to be in the situation where you do own and if you own, where you have significant equity unfortunate, that's an increasingly small group of Americans. This is what Joe Biden, by the way, though has always done. His first time in the White House, meaning his eight years as vice president of the United States.
This is a very damning but true statistic that comes from fed data, from my data, from Federal Reserve data, the top 10% of earners saw, their net worth increase over the period of those eight years. The other 90% of America, the preponderance, the vast preponderance of Americans saw their network decrease over a period of eight years. And the reason I say over, both terms. I'm not penalizing them for what they inherited, which was a terrible economy admittedly in 2009. But over 8 years, 90% of the American people went backwards in net worth when Obama and Biden were in charge.
Supposedly the most progressive administration ever, if not in decades, at least ever in the United States. So, these are the inevitable results of their policies of their global policies that reward the credential class and punish the vast majority of citizens in this country particularly working-class people. They're at it again, only this time on steroids. They're doing it faster and they're doing it in a more fierce fashion right now.
And the data, this housing data today is one additional data point to show us that this is accelerating. Right now, we have the worst of all worlds in this economy. We have rising prices, rising interest rates, with a decelerating economy. We are already in a place of the night 70s economically. And I fear that if we don't deescalate this war or at least our involvement in this war, we're going to go to a place of the 1930s. Forget about the 70s were going to right past it and end up in a place early, 1930s.
Steve Bannon:
Thirties. We're going into the 1930s. There’s going to be a depression. Okay?
END
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