In the latest episode of WarRoom Battleground, EP 255, the Total Meltdown of Our Banking System, host Steve Bannon and his team tackle the topic of financial instability and the potential collapse of the global banking system.
The episode begins with a sobering fact: the world’s top 20 banks now hold more than $44 trillion in assets, representing over half of the world’s GDP. Bannon argues that this concentration of wealth and power in the hands of a few individuals and institutions is a cause for concern, especially when these same banks have a history of making risky and reckless decisions that can destabilize entire economies.
One of the guests on the show, financial analyst and author Charles Ortel, goes into detail about some of the warning signs that are currently flashing in the banking sector. He points to the fact that many of the world’s largest banks have been fined billions of dollars over the past decade for a variety of illegal activities, including money laundering, rate-rigging, and fraud. Instead of reforming their behavior, however, these banks have continued with business as usual, often engaging in riskier and more dubious activities in order to maintain their profits.
Ortel suggests that the current pandemic and resulting economic turmoil may be the final straw that leads to a complete breakdown of the banking system. He cites examples of banks that have already failed, such as the UK-based Wirecard, and warns that more could follow in the near future.
Another guest on the show, economist and businessman Richard Vague, reinforces Ortel’s argument. He points out that the current crisis is different from previous economic downturns, as it is not caused by a traditional financial bubble or market collapse. Instead, it is a systemic shock that has exposed long-standing weaknesses in the global economy, including the concentration of wealth and power in the banking sector.
Vague argues that in order to prevent a complete meltdown of the financial system, drastic action must be taken. He suggests breaking up the largest banks and replacing them with a network of smaller, regional institutions that can better serve the needs of their customers and communities. He also calls for increased regulation of the banking sector, including stricter anti-money laundering laws and more aggressive enforcement of existing regulations.
The episode concludes with a call to action: it is up to ordinary citizens to demand change and hold their elected officials accountable. With the future of the global economy at stake, Bannon and his team argue that there is no time to waste. The Total Meltdown of Our Banking System is a sobering reminder of the fragility of our financial institutions and the need for immediate and decisive action to prevent a catastrophic collapse.