Photo: Alamy
Former advisor to President Trump, Steve Bannon, surprised last weekend’s CPAC attendees with a speech that ultimately called for the abolishment of the U.S. Federal Reserve.
“0.5 percent of the citizens of this country own more assets than the bottom 90 percent – that’s all happened over the last ten years, since 2008,” he said. “You know, we took a monetary base of what – back in the 80s, of what, 800 billion dollars?”
He pointed out that U.S. debt today was “$30 trillion” and that America had “$150 trillion” of “contingent liabilities.”
“All of that rests on the shoulders of our children and our grandchildren,” he continued. “…We’ve just cranked everything up.”
He ripped the Federal Reserve for being willing to “print the money” for the “insane” bills being pushed by Democrats today that include trillions and trillions of dollars.
“The Federal Reserve, by the way, that’s owned not by the America people,” he went on. “[It’s] a central bank owned by 25 prime brokers being J.P. Morgan and Goldman Sachs and Morgan Stanley. How does that work?”
According to the U.S. Treasury Department, the U.S. total public debt outstanding is $30,656,481,655,127.17 as of Aug. 10.
Bannon continued, sharing that Richard Fisher, the former president and CEO of the Federal Reserve Bank of Texas, “told you what was gonna happen by going to negative interest rates – [he] told you what was gonna happen, like printing all this money and having 4, 5, $6 trillion, $7 trillion, $8 trillion, now $9 trillion in the balance sheet of the Federal Reserve.”
“We don’t need to audit the Fed,” he stated, “we need to end the Federal Reserve.”
In July, Bannon was convicted of contempt charges for defying a congressional subpoena to spear before the partisan Jan. 6 Committee panel in their unending question to discover the motive behind the media-labeled “insurrection” that took place at the U.S. Capitol in 2021.
