From the Archive: Ousted White House strategist Steve Bannon was a perplexing mix of populist, operative and opportunist, but his political theories crossed into the apocalyptic and bizarre, as Alastair Crooke described last March.
By Alastair Crooke (First published on March 9, 2017)
Steve Bannon is accustomed to start many of his talks to activists and Tea Party gatherings in the following way: “At 11 o’clock on 18 September 2008, Hank Paulson and Ben Bernanke told the U.S. President that they had already stove-piped $500 billions of liquidity into the financial system during the previous 24 hours – but needed a further one Trillion dollars, that same day.
“The pair said that if they did not get it immediately, the U.S. financial system would implode within 72 hours; the world’s financial system, within three weeks; and that social unrest and political chaos could ensue within the month.” (In the end, Bannon notes, it was more like $5 trillion that was required, though no one really knows how much, as there has been no accounting for all these trillions).
“We (the U.S.) have”, he continues, “in the wake of the bailouts that ensued, liabilities of $200 trillions, but net assets – including everything – of some $50-60 trillion.” (Recall that Bannon is himself a former Goldman Sachs banker).
“We are upside down; the industrial democracies today have a problem we have never had before; we are over-leveraged (we have to go through a massive de-leveraging); and we have built a welfare state which is completely and totally unsupportable.
“And why this is a crisis … the problem … is that the numbers have become so esoteric that even the guys on Wall Street, at Goldman Sachs, the guys I work with, and the Treasury guys … It’s so tough to get this together … Trillion dollar deficits … etcetera.”
But, Bannon says — in spite of all these esoteric, unimaginable numbers wafting about — the Tea Party women (and it is mainly led by women, he points out) get it. They know a different reality: they know what groceries now cost, they…