Transcripts. Bannon’s War Room. Dave Brat Drops Bombshell & the Debt Is One Way to Takedown the Judeo-Christian West. May 4, 2024.
Topic. Debt. Guest, Dave Brat. May 4, 2024.
Transcripts of Bannon’s War Room on Rumble: Dave Brat Drops Bombshell & the Debt is One Way to Takedown the Judeo-Christian West
May 4, 2024
Steve Bannon
Dave Brat, observations on what you just heard from our guys before we pivot to capital markets and economics.
Dave Brat
Yeah, well, they're both outstanding. I grew up in Holland, MI, bunch of Dutch guys with the Eric Prince. So, I've been following him and his work around the globe. And every time he comes on your show, you know, I mean he boots on the ground for real, understands the kinetic part and the geopolitics and Colonel Harvey's an American hero. So, my hat tip to both of them and to you for picking the top talent, the honest guys that are going to turn it around. And I saw Harvey nodding while Eric was talking about shifting money, shipping the resources. If one agency is not getting it done the money is there. There's lighter lifting. You could just ship money from the corrupt pockets of funding over to the guys who get it done. And so, I love that point.
Steve Bannon
Give me give me Rogoff. Kenneth Rogoff is kind of the Dean of this area about debt and about national debt has come out and just the article is brutal. He says, it’s got to be The End of Magical Debt.
Thinking, he says, been enough nonsense. And I'm so proud for the show of the last four or five years, we've hammered this topic probably more than only the invasion of our country and the Chinese Communist Party, probably more.
He's finally come out and said if this doesn't stop, this is going to be Republic ending even more than that, it's going to be world ending because here's why. You have a $300 trillion of world debt. It's increasing at an increasing rate and you're going to have the world's biggest margin call and that is going to bring that is going to bring a wipe out that will blow out of 2008 was. We'll be back to the late 20s, early 1930s depression level. Your thoughts stay, Brat.
Dave Brat
Yeah, well, your whole show today is summarizing the issue well because number one, people don't think of it this way, but the economics is an internal fight of the CCP against the United States as well, right? They're embedded in our corporations. They're embedded in our big tech. They're embedded in our military technology. They're embedded in our universities. They're going to be found to be behind these riots, along with the Soros and the other funding. And so, the debt is one way to take down the Judeo-Christian West. If we have Leftist inside our government and we're wasting a military funding. If we're spending $20,000 per kid and we're poisoning their young minds with Marxist doctrine and ESG and how to hate each other instead of how to be great.
I got some charts coming up on the billionaires, but the billionaires on the left, none of them are out there shouting about the merits of capitalism. They all want to use cheap labor, which tears down the Judeo-Christian West. They all want to use the government. They have monopolies that put them in a good position. They're all doing business with the CCP. And so, as Colonel Harvey said, I'm more worried also about the internal conflicts we have going on within the United States. We have all the way up to the White House embeddedness in China and millions of dollars going back and forth in corruption.
Mike Benz on Tucker and your show Benz Explains How the CIA and Deep State Are Actively Trying to Keep Trump from the White House lays it all out there for all eyes to see. And the and the good news is the young kids on TikTok, ironically, I've been following the social the young kids are picking up on all this stuff. Right, they're starting to view this as a game. It's not a game, but they're viewing it like, “Can you believe this? they're trying to pull this over on us.” And so, the debt is the culmination of all of that together. We're wasting trillions. The interest on the debt now is over a trillion a year. By the end of the budget cycle, just the interest on the debt is $2.5 trillion. And that's a huge chunk, right?
That's roughly 10% of our GDP on just interest on the debt going nowhere, which socks the next generation and saps economic growth and crowds out of business. And the billionaires, not a word about this because they're not interested in support supporting the Judeo-Christian West much less, you know, just straight out of American business.
Steve Bannon
Rogoff, by the way. Let's hold the charts. We're going to try to cram some time in here in the in next, I know you got to bounce, but I want to get to the charts and get through that because it's very important to kind of tee up what's going to happen next so we can talk about the motion to vacate. And really the great unmasking because there is a great unmasking going on here. You've got to see who's on your side.
Steve Bannon
And we got to stop kidding ourselves. Dave Brat just said it as politely as possible. He goes, hey, this thing this week, which will be more explicit. It just unveils the implicit you've had for the last 30 years. This is why both the Murdoch news network and the and the neoliberal Neocon Republican Party have been controlled opposition. They've been the Washington generals to the Democrats’ Harlem Globetrotters just there. It's just performative. They haven't really stopped anything.
Dave Brat walked me through. You. Got some charts, I want to make sure our audience got it. Got something to chew on right, because you teach like a postgraduate. I'll tell you, the economics and capital markets here is like postgraduate level. So, if you have a high school degree and you’re a thing of the show and you follow along, you're getting what they you're getting what they teach in, like the second year at Harvard Business School. Dave Brat.
Dave Brat
Yeah, I don't toot my own horn. This is due to you, the Oxford Don, but you're getting better than what they teach you at Harvard. We don't just do highly mathematical models, right? We give you the history, the ethics, the morality, how it fits into the Judeo-Christian West. And I got a few charts that fit into the broader story. I'm a free market guy, right? So ordinarily, I don't like taxes, but I'm going around talking to my free-market guys and whatever. And they're into these pristine elegant mathematical models when the world is a kinetic war. Sorry, you know it the models never worked in the past, and so the charts I'm about ready to give you shed a new wrinkle on what the super-rich have been up to over the last decades.
If Denver wants to put up the first chart.
It shows the 400 richest Americans paid more than half of their income in taxes back in the 60s, right? So, the super-rich paid over half of their incomes. And this is back when we didn't have problems and economics did work somewhat right, because even the robber barons and the Gilded Age, they were investing in capital equipment. You know, I think Henry Ford's plowing money back into capital, putting capital in the hands of the American worker. When you put capital in the hands of the American worker, magical things happen because the American people are great. When you reduce the American people to nothingness, what we're currently doing now, when you ship all the manufacturing abroad to China, when you sell out your country, when you use cheap illegal labor and displace Americans to enhance your own profits, we got a problem on our hand, Houston, you have broken the social contract. So, I'm still a capitalist. I'm still a free market guy, but you got to be crazy to think everything's the same.
Next chart, Denver.
Here's the massive. Change you will see over the last few decades the amount the Super rich paid goes from over half down to just 23% on this chart. And when you put it together right, the next chart, Denver shows the convergence.
The top line is the decline in the amount the super-rich pay. And now based on their wealth, the 26 top billionaires paid an average income tax rate of just 4.8% / 6 over the recent six years. Let me say that again, based on their wealth grow and this is all let the next chart. I'll show you where to find it. 26 top billionaires paid an average income tax rate of just 4.8%, right? So not even the 23%. This gets very complex with realized versus unrealized and wealth taxes. And I don't want to hit the Great American manufacturers. There's some great heroes out there in the private sector. Tat that's not what we're talking about here.
But the next chart, Denver.
This is where you can find a tax fairness up at the top line, you'll see Jeff Bezos with the effective tax rate on reported income of 23% in the next yellow box effective tax rate on wealth growth at just 1%, right 1%and you'll see some big numbers there under wealth growth, $105 billion in wealth growth for one person. So that's fine, unless you're getting your money with China deals, and unless you're a monopoly, unless you have federal, state, and local government contracts, which basically make you a monopolist. If any of those are the case, then sorry, your cheap low tax rates have to come to an end, and you need to pay your fair share and we need to rebuild the American workers and bring the capital back to the states.
And then finally, I did some China research.
We haven't been covering that as much, but China is having some issues, but they're fighting back. In the next chart, Denver, if you want to show it, they're probably going aggressive right now and devaluing that Yuan, they're currency. And the reason they're doing that is they were trying to head toward a consumer economy like we have, right, 70% of our economy is the consumer. They've just had an investment economy. They’ve coerced through force. The government owns a monopoly on the use of force. This is a famous definition that goes back to fascism. So, they can coerce their people to save 40%, which turns into capital investment, and they shove that around. But there's only so many ghost cities and bullet trains and infrastructure projects you can do. So they're taking their money back from the rest of the world. The belt and road is collapsing.
They're naval gazing right now, right? They're looking inward. Xi’s last speech said we're going full on Marxist Leninist. There's going to be no more economic reforms, right? That means working with the global economy. And we're on a war footing. No more China language in China, right? No more Confucian stuff, no more Buddhist peace and harmony stuff. And so, this this devaluation they're doing is an attack. They're trying to sell more of their products to us and it's up to us to respond. Yeah.
Steve Bannon
You can also see this is what Yellen's yammering about. Oh, they're excess manufacturing and their excess capacity. These are the problems we identified with Trump. This is about the decoupling. You can tell there's something going on, folks, because they're hoarding gold and oil and natural resources. I think they're getting ready potentially for a huge devaluation, so currency. Could be upon us, Dave. We're going to have you back on next week. Amazing analysis. Where do people go? You put your charts up and GETTR all the. Where do people go to get them?
Dave Brat
Yeah, I'll put them all up today. Brat Economics. And what you just said, there's extended articles I'll post. What you just said is right. They're hoarding commodities, it. And none of it is designed to help us. It's all designed to hurt us as the whole show focused on today. So, Brat Economics on get her and I got an e-mail there, get me, I'm going around the country giving talks and get me if you want me to come to a city near you. Thank you all. God bless.
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