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Hey, everybody, Jason Burmes here, and we are about to watch the almost two hours of the exchange between Steve Bammon and, of course, Jeffrey Epstein.
I want to reiterate right now that I've been talking about these tapes for many, many years.
I believe I was aware of these either just before the Epstein arrest and quote unquote double suicide, because a lot of people weren't going to get into this in a while, keep forgetting there was the quote-unquote first suicide attempt, okay, which Epstein himself contested.
I am not sure if in the files, the emails between him and his lawyer are available in which he contested those.
But both his brother and his lawyer came out and said that he said he was attacked.
That was 18 days prior to the one that got it done.
And continually, as we'll get into, there are people that believe that Epstein is alive.
And I'm going to get into why I really do not believe that to be the case for a number of reasons.
But some of the most glaring reasons we'll go over briefly.
Now, daily, we are getting more and more insight into the transhumanist aspect of Epstein, the people in which he was obviously engaged in trafficking young girls and women with.
Okay.
And we're going to the first-hand documents there.
I talked about this a little bit yesterday, but we're going with the actual email exchanges between Epstein, his associates, and those within his orbit in the world of geopolitics, entertainment, philanthropy, okay, and so many other things.
Right.
Those are the ones that have the big time meat and potatoes.
Like when they're talking about cloning and essentially doing the island type stuff where you take your genetics and you basically have organs on tap.
That type of stuff.
Okay.
And I've talked a lot about the gestation process, the reality versus the science fiction aspects of this, but these people were actively trying to do it.
As I talk about, and I have talked about for many, many years, these people at the top on power trips with more money than you can ever imagine, more resources than the average person can even observe.
They have this complex, and it is throughout history.
It is not new, that they want to live forever.
Let me repeat that.
That they want to live forever.
They don't want to go gracefully into the sunset.
They don't have some kind of actual spiritual relationship with a being That they believe that they will be absorbed by in many instances, but then you go even further, and there are those that truly do believe that they can manipulate the system via some type of occultic knowledge.
Now, so far, in these emails, uh, as we reported on yesterday, and remember, let's get the thumbs up, subscribe, and share.
We're going to get into uh the Bannon interview.
This is going to be a long one, that's it's two hours long.
I'm going to interrupt as little as possible, uh, but I would imagine I'm going to be getting into a lot of this stuff, okay, and all of it is really important.
When we talk about the occult stuff, uh, Marina Mbromovic in the DNC dump, a lot of people uh went back to her spirit cooking uh art piece, if you will.
And remember, this is a woman who is part of a powerful family inside of an art world where a lot of powerful people launder money and influence.
Okay, so Mbromovic is actually in uh these emails as well, but as far as like you know, a private session or you know, talking in those manners, it doesn't seem like it's there, but it shows how the circles overlap, okay.
So, I just want to point out a couple of the other stories uh before we get started with the Bannon Epstein interview.
And to me, again, I want all well, we'll do all 13 hours if they're released.
We'll do all 13 hours because I think there was this misnomer that Epstein was some kind of bumbling idiot and a total stooge.
That wasn't the case, really.
Uh, especially after hearing him speak and looking at these interactions, he's much more of a behind the scenes, like not an upfront Brzezinski or a Kissinger, but certainly somebody in that realm that's expertise is in finance.
Okay, and I know a lot of people don't want to hear that, but that's the truth.
You know, that's why we showed you yesterday the relationship with Ahud Barak as a hood Barak is leaving office and trying to figure out where he can make money for doing nothing, sitting on boards, and who owes him stuff, and the talk of Palantir.
That I mean, that's the meat and potatoes of this stuff.
Yes, there's a lot of dark stuff with the babies and the cloning, and these people are sociopaths, psychopaths, professional liars, no doubt about it.
Uh, but what's really important is this is how the world works, and how many people knew about this guy, knew very well about this guy, and still wanted a relationship with him because they're social climbers, they're people that don't care about anything but themselves, kind of like sociopathic, right?
That gets into psychopathic.
But I digress, we're going to continue on, folks.
I can't do it without you.
Buckle up, this one is going to be a very, very interesting one.
Again, uh, we are going to go through the entire two-hour Epstein and Bannon interview.
10 People Shocked: Epstein Still Alive00:05:23
Literally, don't even have 10 people watching right now, by the way.
But literally, not 10 people.
We're eight minutes deep with 76,000 subscribers.
I'm a little worried, I'm going to be honest.
You know, as soon as we got remonetized, we have seen growth.
My last Epstein video got demonetized right away.
I got a community guidelines warning for daring to have Rick Hill on and have him talk about his experience with cancer and Too Young to Die and the story of B17.
Okay.
And now I can't get 10 people.
Think about that on a channel with 76,000 subscribers, 4,000 of which we've only gotten really in the last six months to a year.
Just want to say that.
So I really do need your support.
Want to thank Rebecca, Anna, Woodford for that support.
We also got some other links down below, including a PayPal that you can support the broadcast.
Want to thank everybody who's done that as well.
I believe Brandon also made a donation.
Thank you so much.
MarigoldResources.com, they support the broadcast.
They broker the sales and purchases of business.
If you're in that world, give them a look.
And then, of course, the River City Reader, RC Reader.com, truly independent media operation right here in the quad cities.
You know, deciding which Illinois Democrats, Senate candidates are the most probable is like betting on ballet dancers.
And get the flock out.
Love Misa McGreevy.
Go check them out.
All right.
If you want to see all the stories that we've been talking about, the vast majority of them are over on X, which is another controlled platform, which doesn't really give me a bunch of traction.
But I want to hit these several things just really quickly.
First and foremost, the Epstein is a live thing.
All right.
Let me just read it verbatim.
Thomas Massey.
I mean, this kind of surprised me.
It didn't surprise me that only 3% of the country thought Epstein killed himself.
It surprised me that the overwhelming results, 46%.
Okay.
And like some people didn't care, like they were in the just show the results, but 46%, almost half.
If that wasn't an option, just show the results.
Who knows what people would have said?
Thinks he's still alive instead of the he was executed.
I'm going to read verbatim what I said here.
And then warning, there's going to be a quick graphic picture before we get into the ban of the interview.
Here's the big problem with Epstein is the live stuff outside of the publicly available autopsy that shows the man was injected with something in his arm, injected with something in his arm.
The attempt on his life framed as a suicide attempt 18 days prior.
It doesn't make sense if they were cutting a deal with him, that they would have tried to murder him prior.
They would have swapped him out then instead.
Now, warning.
We're going to scroll down a little bit.
Okay, people keep talking about dead man switches.
Never seen one in practice.
It's pure internet fiction.
And by the way, in this post, you can see the autopsy photo of Epstein.
That's a real one.
It's graphic at the bottom.
60 Minutes has published it.
We've had people come out who have conducted the autopsy talking about it.
I truly do believe the man is dead.
And there's ample evidence for that.
Just want to point it out.
Okay.
And the framing that, again, there would be this weird suicide attempt that wasn't a suicide attempt the first time.
He's the only suicide at MCC in almost the past 20 years.
I mean, crazy.
The most high-profile guy they've ever had there, other than maybe El Chapo.
All right.
I don't think he's still alive.
Now, let's look at a couple other emails here.
Look, when we talk about the trafficking of young girls and women, we don't know who this is from.
This is 2014.
Remember, do you think Epstein stopped with the cohorts after the Palm Beach thing?
Thank you for a fun night.
Your littlest girl was a little naughty.
Why is that person being protected?
And then the emails now confirm that what we already knew, that Virginia Guffray Roberts story with Prince Andrew was 100% correct.
This is 100% real photo.
And Glaine Maxwell is a liar.
Shocked.
I'm shocked.
Okay.
Just totally, totally shocked.
All right.
Here we go.
Epstein Bannon.
Epstein Bannon, indeed.
First of all, I want to apologize.
All of that I didn't actually stream live.
Thought I was streaming it live.
Hence, I thought seven people were watching.
I was wondering what was going on.
Want to give a big shout out to Dovetail5223 for the super chat.
But as stated above, without further ado, here is Bannon and Epstein.
David's Global Politics Explanation00:09:32
Before we get into the deep stuff, let's just talk to give some basics or some things I want to do.
Inquiry from the others, walk me through the Santa Fe Institute.
What was it about the time at the math?
And this was in the late 90s.
So they're not going to hear me on this part, right?
We're going to go both ways.
It will not be on the video, but we do have you recorded.
Fine.
Remember, when you're answering on these questions, I'm not in the shot, and they're never going to hear my voice.
So a little bit, you got to repeat.
In your answer, you got to repeat what my question was.
Oh, okay.
Santa Fe Institute.
Why, when you're at the top of your game on Wall Street, do you decide to finance which was at the time or in Dell or become the donor sponsor, however you want to say it, for what was considered the most cutting-edge group of mathematicians in the world?
Action.
So Santa Fe Institute in the late 80s, early 90s.
I was interested, I was on the board of Rockefeller.
So that starts Rockefeller University formed by John D. Rockefeller to sort of give back to the community.
It's east side of Manhattan, except it was old.
It was sort of old-fashioned.
They were talking about medicine and medicine by itself was again subject to the ideas of science.
They were trying to use science to find cures for disease.
And I said, no, we need to do something different.
We need to start interdisciplinary work.
In most cases, how did a schmuck like you get on the board of Rockefeller?
What year was that?
I don't remember.
I think 89 and 91.
So that's one of the most prestigious research places in the world, correct?
Yes.
Okay.
How did a guy like you get on the board of Rockefeller, a blue-blood, internationally known, internationally known, hard research, Nobel Prize winners all over the place?
How do they pick a guy like you, a trader from, or basically some guy from Bear Cearns?
Let me just stop right here.
Okay.
First and foremost, the way that Bannon frames the interview in the very beginning, I mean, we're two minutes deep here.
Is how I would frame something if I were interviewing someone for a documentary film.
If you watch Shade the Motion Picture, you only hear my voice when I'm being interviewed.
Basically, it was an interview for myself to kind of fill the gaps.
Within a minute, Bannon breaks with that and starts getting chummy with him.
Just point how does a schmuck like you?
So, you know, obviously there's pre-coordination here.
Out of the gates, we have discussed what was revealed in that first dump and in that New York Times article that, in fact, Jeffrey Epstein is in the Rockefeller records, had met David Rockefeller personally, and now he's talking about being on the board of Rockefeller and getting involved in medicine.
I mean, this guy was a globalist.
He was the real deal.
I want to make that really clear.
From Iran-Contra to the Trilateral Commission, all right, Jeffrey Epstein is actually what globalism looks like.
Good question.
So I was asked to be on the board of Rockefeller, and I think it was, I was on the board of Rockefeller.
There was a money manager who said Rockefeller needs someone with financial expertise because the university is growing and there's lots of new things.
You have to, again, we go back to the original discussion the last time.
Up until the mid-80s or sort of early mid-70s, the most important thing was your name.
If you were Rockefeller, you already were considered to be brilliant.
If you were a head of General Motors, it was your reputation.
It was who you knew, who your family was, what was your character.
And then in the mid-70s, basically, if you remember, you probably had a calculator.
It was very advanced in those days to have a Texas instrument calculator where it could, by putting in the numbers, it would multiply for you to do square roots.
And that was the first thing.
Everyone who had a calculator was already advanced on Wall Street.
A simple, almost like your accountant.
The most important parts of business were really now going to calculations.
So it's not only mathematics, but it's things that could be calculated.
Reputation couldn't be calculated.
I could give you, are you a 10 on a reputation scale, an eight?
What does it mean to have a measurement of your reputation?
We'll get to that later.
But people, places like Rockefeller needed someone to say, look, we're entering a different world where numbers and the numbers of companies, portfolio management was going to be balanced.
It was going to be statistical.
Jeffrey, could you come on the board, potentially sit on the finance committee, Nancy Kissinger and a bunch of other people.
And David Rockefeller and I got along very well.
He was just, he was this unbelievable human being.
Respectful to everyone.
He introduced his driver as his colleague, not his driver.
He would never say, this is my driver.
He said, it's my colleague.
And David started to explain to me world politics.
So David would say, Jeffrey, money is going to be sort of the most important things.
People don't understand money.
You seem to have this knack for money.
So I just got to stop here.
Everything he's saying about David Rockefeller and his persona.
First of all, it seems like later in life, when he gets on this board, he looks at him as another quote-unquote mentor.
I mean, that's already in Epstein's persona with this.
But, you know, I've done the videos on Rockefeller, and he was very smart.
He was military intelligence and naval intelligence.
Okay.
He had his own Dewey decimal system type deal.
For those that don't forget the Dewey system at libraries, you know, I know that if you're watching this, you're probably from that generation.
He had these little index cards just like that for every individual he met and those meetings.
Okay.
You can say a lot of things about these people.
Okay?
To say that they are, the predator class is not organized and intelligent, that is ignorance.
They are extremely intelligent and extremely organized.
I said to David, tell me about your life.
What was the worst and the best part of your life?
So David said, when I grew up, everyone knew I was a Rockefeller.
They didn't know that my father told me he would not leave me a dime, no money.
But every time we went out to eat, me and my five friends in school, they would leave me the bill.
They would expect me to pick up the check because I was a Rockefeller.
And he said, I was chairman of Chase Bank.
And he said, I remember like it was yesterday, one of the headlines in Time magazine said, David, please fire yourself.
So he thought that there was a world that existed that would be a combination of both politics and business and leadership.
What do I mean?
He formed something called the Trilateral Commission.
The trilateral commission is some spooky stuff.
People said it was some of the people that, the Illuminati, there's some mystery about it, people that ran the world.
It was politicians, but David said, most countries, the politicians get elected for four years or eight years, separate from the royal families in England or in the Middle East.
Someone's there for four years and then they're not there anymore.
Let me just stop here.
Just to reiterate, again, how the world actually works.
Over my entire career, have I not talked about royal bloodlines, not just European, but Middle Eastern?
Have I not discussed these things?
Now, we've also discussed how the Trilateral Commission came out of necessity via Rockefeller and Brzezinski because those within the Anglo-American-Israeli Saudi alliance that are part of Bilderberg at that time prior don't want Japan and the Asian influence in there.
I mean, this guy's laying it down.
He was an insider.
The most important people to have stability and consistency would be businessmen.
So he formed this trilateral commission of businessmen and politicians from three major continents.
So it was the North Americans, the Europeans, and the Asians.
So he said to me, would you like to be on the trilateral commission?
Leaders Understand Assets00:15:16
Now, I was 30 years old, 32 years old.
I said, great.
And he said, well, you have to fill out this application so they have your bio.
And I looked at the list of people, and it was Bill Clinton, former president of the United States, Paul Volcker, every great leader in America, the Asians, the Japanese, and with a very long description of their history.
And they asked me to fill in what I would like to have written.
And I wrote, Jeffrey Epstein, just a good kid, which I thought was funny.
Nobody else did.
So in answer to your question, at that time, I recognized around the world that monies and currencies were not really well understood.
But again, it was only numbers.
So numbers, and I'll get to the fact that it was bad thinking.
Numbers are very good for most people.
Most people that you meet, even on Friar Law Commission, when you meet most people, do you find most leaders financially illiterate, economically illiterate?
Most again, most political leaders don't come out of a background of finance.
Most political leaders come out of a background of being popular.
So in some of the countries, except in the African countries, for example, they might have been a military person.
They were a general.
In some of the African countries, they might have been a disc jockey.
Or in our country, they would have been an actor.
The knowledge of money isn't, they don't have an expertise.
They have no degrees in finance.
They really, and this is one of the major problems.
Their expertise, if they have any financial knowledge, is of their own checking account or bank account and filling in their own taxes.
So many world leaders who don't really have a financial underpinning make fundamental errors when it comes to money on a country or institutional level.
Let me give you an example.
If you, Mr. Bannon, if I said your assets increased last year, you'd say, well, that sounds pretty good.
And I'd say, what does that mean to you?
You'd say, well, I have more money.
I guess I'm wealthier.
I'd say, yes.
And if your debt increased, would you feel wealthier or poorer?
You'd say, well, I don't want to have increased debt.
I don't like the idea of that sounds increased debt.
Now, that, and world leaders understand when their assets go up, they feel better.
However, institutions like banks, things that people don't really understand are financial underpinnings of banks.
When I say your bank, Mr. Bannon, you have the Bannon Bank, you doubled your assets.
Sounds good, but what does it really mean?
It means people owe you more money.
You don't have any money, more money.
What?
Yeah.
A bank's assets are how much it is owed by other people.
Now, we already played yesterday a small snippet of this in which what Epstein is talking about, fractional banking.
And that's probably coming up here as well.
But once again, Epstein is displaying that he has more than a base knowledge of finance.
And this would be why he was a money manager for guys like Khashoggi in dealings, you know, with guys like Teal.
Okay?
Because Staley is another one, Jeff Staley, especially.
I mean, the guy's not stupid.
Let's continue.
That's crazy.
So if the bank goes from a $2 billion of assets to $10 billion, it means people owe it an additional $8 billion, but their assets have gone up.
So the terminology of assets and liabilities is different for banks.
It's not natural.
And what most people, and you ask questions about world leaders, this many people, I think your old boss Mercer understood, there's a fundamental part of money, which is called fractionalized banking.
And fractionalized banking is something that finance people understand.
And the people on the street, and when I say people on the street, that's where I was when I started on Wall Street, would find it impossible to believe.
Impossible.
Why?
Bang and Bank.
I give you $1, just one single dollar.
In our system of banking, I would say, okay, Steve, I gave you a dollar.
How much could you lend out to your friends?
And your natural reaction would be, probably something less than a dollar, because I want to keep something in my pocket.
The way our system works is if you as a bank are holding my dollar, you can lend out an additional eight or nine dollars.
No, it's impossible.
I only have a dollar, Jeffrey.
We have something called fractionalized reserves.
If you have one, you can lend out nine.
That's the way our system works.
And so not only do world leaders not understand banking, but the man on the street, my father worked in the park department, it would be beyond his imagination that people could lend out more money than they actually had in their pocket.
And, you know, I've seen people commenting that, you know, Ron Paul was right and he's been talking about it for 40 years.
Jeffrey Epstein has been involved on the ground level for 40 plus years via Bear Stearns.
Next question.
How does this in understanding that when you get on something like the trilateral commissioner and you're on the board at Rockefeller, which is the most advanced research, you get brought into the trilateral, which is the elite of the elite?
How, since you're only at that time, 30, so eight years from teaching at Dalton, right?
You're adults.
Two years.
Ten years teaching at Dalton.
Yes.
Walk us through.
I mean, put us in the room.
Walk me through exactly what it felt like.
What it felt like being on the board at Rockefeller.
You got these Nobel laureates and you're sitting there making decisions and you start to meet these people at Rockefeller.
You start to meet these people at trilateral commissionering.
What would it feel like?
That's a great question.
So what did it feel like?
What does it feel like meeting some of these people like Kissinger or Rockefeller?
And those are two extraordinary people.
But in general, I think the question, the people on Wall Street, I tell the story.
One of the first days when I was in Wall Street, someone said to me, would you like to buy ATV?
And I was looking in the brochure and I couldn't figure out what stock had a symbol of ATV.
And when I finally said, well, I can't find it.
And they said, what's the matter with you?
Do you want to buy ATV?
Which is he was selling hot televisions, stolen televisions from the floor of the American Stock Exchange, referred to in common policies, the televisions fell off the truck.
So I knew what that phrase meant from Coney Island.
But what I found was most people, be it in business, in normal life, or in the world leaders, don't really understand money.
It is something they think about.
They have a sense of what it is.
They certainly want more of it.
But they also make statements like, we want more money, but we don't want more debt, which just shows a misunderstanding of what money at its core really is.
So they don't, most people don't, they want to make it, they want to save it, but to understand it intimately is not a normal characteristic.
At the first trilateral Well, we got a blackout here.
Huh.
Or something.
Yeah, yeah, good.
Just give me a proximate.
You joined the trilateral commission.
It might be.
And we'll be able to show that.
We'll pull down the chart of where your name was, but just give me roughly when it was.
I think it could be 90.
I don't remember.
Let's say early 90s.
Yes.
When you got on the trilateral commission and had the first, where was the, do you remember the first meeting was?
It was in Tokyo.
In Tokyo.
And what hotel?
I would like to say the Hilton boats, probably not.
And it's a three-day, four-day three-day event.
And walk me through the whole thing.
It starts with a dinner.
Just walk me through it.
It was boring.
I can't.
You couldn't possibly think it was boring.
It's bullshit.
It was boring.
You had to be stars in your eyes.
No.
Do you fly over privately?
Yes, but it wasn't my plane.
So it didn't count?
No.
You fly over.
Yes.
Who are the first, like when you first met those leaders, you had to be wowed.
No.
You're 10 years out of Coney Island.
No, I'm not wowed by people of position.
I'm wowed by people of great ideas.
And I don't care if it's the bus driver.
I don't care if it's the student I had who has teeth coming out.
Well, these guys have to have great ideas of the leaders of the three great continents of the world, North America, Europe, and Japan.
No, many of these world leaders become world leaders because they're popular and they were able to get votes or they were able to convince people to vote for them.
I learned later.
Many of them were just good at what they did in terms of politics.
Remember, world leaders are politicians in general.
They're not scientists.
They're not intellectuals.
They're not great thinkers.
They're great politicians.
At the first trilateral commission meeting that you remember in Tokyo in sometime in the early 90s, do you remember what were the big issues of the day that they were talking about and what did you think about it?
Yeah, in fact, it was funny because they were talking about inflation and they were worried that what would happen, how do you control inflation?
And as a mathematician, I didn't understand the concept.
I don't understand the concept today.
How's that possible?
Well, when you talk about most things to do with money, they're really money is meant to be local.
It's U.S. dollars.
Then I understand what it means.
If inflation, it means my dollar today inflates and it doesn't buy as much as it did a couple of years ago.
The prices go up.
I don't have as it seems that everything is great, but in fact, my dollar is shrinking in value.
If you, and you're the financial genius here, I'm just a lowly MA guy.
If you let me finish the thought.
Go ahead.
So if you're in America, you can feel inflation.
You have salaries gone up, but you don't buy as can't buy the same car.
In fact, it starts to feel weird because that's why I wanted to ask the question then.
This is my point.
The people who live and breathe this, the central banks, have been haunted by the specter of inflation since the late 70s.
Yes.
First off, tell our audience, how did that happen?
The two great financial events in the 20th century, I'm not going to get to the 21st, were the great inflation in Europe after World War I, the Great Depression, the hyperinflation in Germany that led to the rise of Hitler, and then this inflation in the mid-70s.
Before you go explain information, why is this specter of inflation always the central thing in central bankers' minds?
Because it goes back to this, the first concept I said, the weird concept of fractionalized reserves.
The system is not well understood.
And well, most systems, in fact, are not well understood.
We don't know how our digestive system.
This is impossible.
That's impossible.
The world banking system, the world currency system, the world monetary system has to be so well understood by the greenspans of the world and the Bernanke's of the world and you, right?
The currency traders, the guys making billion-dollar bets every day, the legendary guy on Wall Street, late 90s, Solon Brothers.
Lou Ranieri?
The guy that wrote the money Michael Lewis?
Lars Poker?
Yeah, Larry Spoker.
Who's that about that?
Great trader.
Lou Rinieri.
No, it wasn't the guy that ran the desk.
That eventually ran the hedge fund that went long-term capital.
Ah, yes, I don't remember.
Who's the guy?
I want to say, I don't remember.
I'm sorry.
Lou Rineri is big, but those guys have to understand the system perfectly.
No, they don't understand the system.
They understand the local part of the system.
So, for example, why is not only inflation, most bankers are terrified if the public understood that the bank really doesn't have their money at any one time.
One of the things during the Depression, there were runs on the bank.
The reason the banks don't keep much money in the actual bank is they assume that not everyone's going to want their money on the same day.
So it's not really the fear of inflation.
The fear is a run on the bank.
Everybody wants to take out something that doesn't really exist.
Inflation is tied to interest rates.
It's a more complicated example.
But when your money doesn't buy the same amount of product this year that it did last year, if it buys less and less, like it happened, you used the term hyperinflation.
There's certain countries that are not managed well, like in Africa at the current, a $100 billion bill, a $100 billion bill in Zimbabwe is worth one American cent.
That's the perfect example of hyperinflation.
It goes up, it doubles every day.
So people are afraid that their value and the system starts to break down.
Systems Breakdown00:04:52
But so if I said to you, does your doctor understand your body system?
You'd say, well, I hope so because I want him to keep me healthy.
But you could have a kidney infection.
You could have a heart attack.
You could have a broken knee.
There's lots of pieces of this system.
And in fact, when you ask the question, very few doctors understand your entire body.
There's a specialist for your knee.
There's a specialist for your polynoidal cyst.
There's a specialist for your head.
And now we have specialists in different areas.
So I'm going to get to your first question about Santa Fe Institute.
The world economy and your body are both comprised of little systems interacting with each other and making one big decision.
This is what's stunning for all the little guys out there, the populist movement, the little guys that haven't had a pay raise in 30 years.
They think that these elites have everything.
The guys in the room making the decisions, the party of Davos guys.
You're sitting there, you don't think many people today really understand the complexity and really all the moving pieces and how they interconnect the world's financial system.
No, not only don't they understand the complexity, and that goes back to Santa Fe Institute was an attempt of trying to see if there was a way to mathematize, formularize, or algorithmically understand what the term complexity means.
That goes back to the original question.
Complex systems are complex by definition.
But there's not necessarily, it's not one level of complexity.
We might say, well, our fingers are complex, the movements, the muscles of our hands, but it's not as complex as the blood system.
Now I have a circulatory system.
I have systems on top of systems.
So that there's no one group or person that really understands the way the body works.
There's no one group that understands the way the financial systems work.
You might understand U.S. bond markets.
Now, you've asked about the trade of long-term capital.
That was a bond fund.
Very small part of this very.
I would just say this: you know, as he talks about these complex systems, I think at the very top, for the people that he represents, remember, we went over the email yesterday between him and Peter Thiel, where he says, as you may know, I represent the Rothschilds.
As you may know.
Okay, and by the way, the insider stuff is really there.
It's right here, actually.
So everybody can just take a look.
As you probably know, I represent the Rothschilds.
I think they damn well know how these global systems work.
And that's how they've been able to maneuver, manipulate, and stay at the tippity top of it for so long.
Complex system.
So the goal of the Santa Fe Institute was to see: is there a way to get in somehow understand how complex systems interact?
Fast forward, Steve, to today, where Google and these other engine companies, the other tech companies, are trying to build artificial intelligence.
The strangest thing that they found, one of the strangest things, is that the systems that they design, this artificial intelligence, which lot of people have heard about, is they design a bunch of systems.
They're called neural nets.
Terms simply taken out of brain work, neurons in the brain, nets because they actually look like a net.
They put in some inputs.
The computers work, spit out an answer.
Sounds normal to you.
It's because you're thinking about that calculator you had in 1976 on your desk.
When you ask the person who designed the system, how did it come to that answer?
How did your neural net, can you show me the calculations?
They say, no, we don't know.
We don't know how the thing we designed actually came up with that answer.
That's pretty strange.
They take the same neural net now and they put it in front of a video game.
No learning, nothing.
They said, to the computer, they say, sit in front of your video game and learn how to play.
It seems the computer learns better than any human in history, faster than any human history, beats any human in history.
But when you ask the designer, how did it do it?
No one knows.
Understanding Derivatives' Cause00:15:37
Now, let me just say this.
This kind of echoes what Dennis Bushnell has talked about via these neuron nets, neural nets, I'm sorry, and even biomimetics, aka a combination.
You remember we have the organoid systems where it's traditional robotics and biological materials.
I think to some extent, what they're saying, in other words, Bushnell says, you just have to make it work.
You don't have to know how it works.
But at the same time, they put restrictions constantly through programming to ensure that if it does give an answer outside of the great narrative in which they are trying to project with these artificial intelligence, it's unable to do so.
Or at least we'll begin by obfuscating that fact.
Just want to point that out.
It just did it.
It's just the first little touch of things that we already have gotten to a place where we don't understand it and we built it on Sunday afternoon, September 14th, 2008.
Where were you?
Sorry.
It was the night they put Lehman Brothers in bankruptcy in London.
I was in jail.
Seriously.
Yes.
So the financial crisis of 2008 happened when you were in jail?
Oh, this is going to be so amazing.
This is so amazing.
I take it you didn't have your Wall Street Journal dropped off to you in the morning or Financial Times.
No.
How did you hear about the, how did you hear about, because I want to, I forgot about this, but yes, I'm trying to get this going to be amazing.
Oh, this is going to be amazing.
Now, let me just stop here.
From so many accounts, including a private investigator who followed Epstein around, I mean, maybe he was in jail that evening, but he was leaving on a daily basis.
Okay.
So Bannon joking about him not having access to like the Wall Street Journal.
I don't even know how much time he actually spent in a jail cell when this was happening.
Just got to point that out.
Let's go back and do that again.
Sunday afternoon, because I want to find out about people, the geniuses understanding the complexity of the financial system.
Because I think the best example we have is the financial crisis of the crash of 2008.
Sunday afternoon, September 14th, I think it was, 2008, is when they were working feverishly in Midtown Manhattan at the Lehman Brothers offices and various law firms around town and with the Secretary of Treasury about in the Federal Reserve what they're going to do with Lehman.
They decided they weren't going to save it.
And so they prepared to put it into bankruptcy at the opening of the market in London the next day.
How did you hear about what was going to happen to Lehman Brothers?
And what did you immediately think when you heard they were going to be put into bankruptcy?
I'm glad you asked that question.
I was in solitary confinement September 14th.
And again, some of the public stories about the wonderful time I had in jail and my work release, which didn't come until months after, I'd been there since June in an 8 by 10 cell with a bed in the back, a six-foot bed in the back, a chrome sink with a toilet attached to it, and a little piece of metal sticking out that was supposed to act as a table.
Now, since I was in jail, there were no books.
Why?
There's no library, no library, but you're in jail.
No, I was in jail, not prison.
So in jail, I was in a place what's called the special housing unit, which is for the roughest, toughest, meanest people.
They had put me there, they said, for my own protection.
So I was in an 8x10 cell with a little slit in the door where they would serve my food on a tray about 9 inches by 4 inches.
And then as soon as I finished eating, they would take the tray and close it down.
And one of the guards said, Do you understand there's a Wall Street's crashing?
I'm worried about my pension fund.
What should I do?
And I said, sorry, Wall Street's crashing.
What's happened?
And he said, there's some crisis and some companies are going bankrupt.
I said, are you sure?
And he said, yeah, it's all over the papers.
Everybody's terrified.
We're all terrified.
We're going to lose our life savings because we have either a 401k or our pension funds.
We don't know anything about money.
Mr. Epstein, can you tell us, like, what's going on?
Am I going to, am I going to be able to afford my children's education?
Am I going to be bankrupt?
Like this company called Lehman Brothers.
And there's another company in the front page today called Bear Stearns.
Oh, no, I said.
So let's just stop.
You know, obviously Bannon and Epstein had worked something out prior even to get these interviews sitting down.
As I sit here and listen to this, it really feels like this question was crafted number one to try to get people to be sympathetic to Epstein and reiterate he was actually in jail and how bad that was and how he was in the worst area, blah, blah, blah.
But then, I mean, look at the smile on the guy's face to make him out to be a sympathetic character that only wanted to help the guard that was feeding him at prison.
Just an observation, you tell me.
Why?
Because that's the company I was a partner in.
And in fact, that was a company I had a very large investment in.
So there's a great story.
I didn't have my Wall Street Journal, but in the early mornings, you're allowed to make two phone calls, collect.
And when you pick up the phone, you can dial a number.
And when the person picks up, they say, you're getting a call from the Palm Beach County jail.
Will you accept reverse charges?
And the person either says yes, and the call goes through or the person says no.
The person I had called was Jimmy Kane, the president of Bear Stearns.
And I said, tell me what's going on.
And so that my knowledge of the financial crisis happened with Jimmy, who was at the center of the storm, telling me about what Lehman had gone under.
And they were trying to figure out a way, should they bail out Bear Stearns?
Did it strike you at the time of the mess you had made of your life to be in a situation that you're one of the greatest financial minds in the world, looked at by world leaders and asked their, you know, your thinking by the most prominent and important people in the world.
And here you are in solitary confinement.
You can't even, you can't, you got to make a collect call to somebody, did it strike you at the time how all the threads of your life had come together and put you in a position, or you had put yourself in that position?
No.
So it never struck you when you had to make a collect, your one collect call, one of your two, 50% of your collect calls that day, you call the president or the head of the CEO of Bear Stearns.
The biggest financial event in your life is taking place, of which one, every important person in the world would be seeking your opinion.
Number two would be a once-in-a-lifetime opportunity to apply your craft.
Number three, it would be a once-in-a-lifetime opportunity to make money if you were smart.
And obviously, you're smart.
You're telling me here, truthfully, that it never hit you at all of how you'd ended up in a place where you had to make a collect phone call from a jail cell that was six by nine with a steel bed and your food being passed into a slot.
The question you want to ask is: who was the other call to?
Who was the other call to?
The other call was to my friend at JP Morgan, who was then, I didn't know it at the time, trying to buy Bear Stearns.
So at one point, I had two phones.
It was difficult because they're afraid people are going to hang themselves with the phone cord.
So they don't actually come together when they're pretty short.
So I was actually going between two phones talking to Bear Stearns and JP Morgan at the same time.
So I found it amusing.
Oh, that wacky Jeffrey Epstein.
He's in a conical situation in jail.
This is the question you want to ask, Steve.
I mean, it seems pretty puff PC.
Just saying, okay, that we're only a little over a half an hour deep.
Again, this is almost two hours and supposedly, again, over a dozen hours of video with Epstein.
And it never struck you about how to end up in a situation like this?
No, that would be probably means I would be too self-aware.
You can't possibly expect me to believe this.
I know.
I don't believe it.
It's even you're telling me that during that day, you never had a moment.
You sat there and go, what the fuck have I done with my life that I'm in a six by nine jail cell when I should be on a trading desk or I should be in my $250 million, you know, the greatest townhouse in New York City taking calls from the king of Saudi Arabia, the president of China, the head of Russia, the president of the United States to save the world's population from a financial debacle.
You're honestly expecting me to believe that that never happened.
You're suggesting I was somewhat depressed, and how could this happen to me?
I'm not saying depressed.
I'm saying a moment of awareness of how could I get myself into this situation.
No, I would just say how strange that this happens.
Just, it's strange.
I'm wearing a jumpsuit and flip-flops.
What color was the jumpsuit?
Brown.
Brown.
Brown jumpsuit.
Yes.
I noticed I don't see you in a lot of brown.
No.
Brown jumpsuit and flip-flops.
Flip-flops, yes.
With no access to books, no access to newspapers, no access to anything.
You had lived on information.
Except my almond joy bars.
It has extra almond joy bars.
Did you eat almond joy bars and things like that because you're afraid of what the cooks did to your food?
Yes.
Is that because you were in for the crimes that you were in for?
No, it was just because, in fact, because you're wealthy?
Yes.
How did you know that?
Well, people would constantly come.
If I was passing by, I'd have to go for my medical.
People would either ask to borrow money or make some other types of comments about what were the comments.
At the beginning, what were the comments?
It serves you fucking rich guys right that you're here next to me.
There was nothing about your crimes.
No.
So all this rumor you hear all the time about people in prison that commit the type of crimes you commit.
That's you're saying in your personal thing is not true.
No.
It was all because you were rich.
Yes.
And it was all because they wanted to borrow money.
Or get advice.
Yes.
Where they get advice to go long, to go long.
You're telling me in solitary confinement, they're interested in going long.
Yeah.
They want to know what's going on.
What does that say about human nature?
Well, I think people find one of the reasons they wanted to keep me in solitary confinement was they're afraid that everybody would want to know which stocks to buy.
But what happened was after this crisis, now it's on the front page of every newspaper.
I don't want to lose this day.
Sorry, sorry.
When you first heard that, did you was it Bear Stearns had been kicked into bankruptcy, what, six months before?
No, no, this is the same time.
This is part of the same deal.
I thought, no, no, Bear Stearns, they decided the Bear Stearns, they saved Bear Stearns and didn't save Lehman Brothers.
That's right.
Six months before they had bailed out Bear Stearns.
But Bear Stearns was still a zombie.
What, Michelle of its former self?
Former self.
But they had, quote unquote, saved it.
Why did they make the decision in your mind?
Why did Hank Paulson and Bernanke, what's this concept of moral hazard?
Explain to the audience what moral hazard is and why did they save Bear Stearns six months before?
And why did the smartest guys in the room decide not to save Lehman Brothers?
It's a good question.
The real issue is I'd have to go back when you have these systems to the way your doctor responds to any type of emergency in your body.
If they might decide to save your kidneys and let your gallbladder go because the gallbladder is less important to your overall system.
People, if at that time, even it's not that long ago, the boogeyman was when said, well, what really happened?
Jeffrey, what really happened?
What is this financial crisis?
And, you know, some of the progressives and the right wing blame it on the banks.
It was the banks' fault.
And it's the fault of this very esoteric, unknown concept of derivatives.
It was really the derivatives that caused this financial crisis because the derivatives got somehow out of control.
And like in the Mickey Mouse.
And that was the way you started your financial, your financial, your road to a bayonet went right through derivatives.
Yes.
But it's, but derivatives were not the cause.
Derivatives were not the cause at all.
It's like saying your hair was the cause of your heart attack because it was on top of your head.
So what was the cause?
There isn't, let me say, there's no one specific cause.
These are system collapses.
So when many times when they have to make your death certificate, when you say, well, what did he die from?
They'll say heart failure.
But if you say, what was the cause of his heart failure?
Well, he had blood pressure.
His sugar was high.
He was diabetic.
He had all these other problems.
They say, no, no, no.
We need a word on your death certificate.
Did he die from brain damage?
Did he die from heart failure?
Liquidity Matters00:07:24
That's the financial crisis.
Many said people said, well, what caused it?
They wrote like on its death certificate derivatives.
But the truth is, it was massive layers of corruption over decades through the fractional reserve system that he already talked about and alluded to before.
But derivatives were not a fundamental, derivatives are not a fundamental cause of anything.
So was it Sunday or Monday?
I take it was Monday morning when you made your two collect calls and you're talking to Bear Stearns on one hand and Morgan Stanley on the other.
JP Morgan, JP Morgan, did you?
That was Monday morning.
Did you, Jeffrey, Being one of the financial geniuses in the world, did you understand what Lehman Brothers is going to bankruptcy?
The domino effect that by Thursday the financial system would be under such extremis that if it didn't have a trillion-dollar cash infusion in the United States, it might collapse.
Did you know that at the time?
Did you view that at the time?
Yes.
You did?
Yeah.
Why?
Again, I don't want to bore you or the audience with the idea of it's a medical procedure, but you had system failures.
So you'd recognize that if I said to you, did you realize when your father was on the ground and he was clutching his chest and he couldn't breathe, it was a bad situation.
He could die.
That's how I saw it.
Did you know?
You notice he doesn't want to talk at all about the corruption and these different things.
But he's talking about the injection, really the production, the manufacture of $1 trillion out of nowhere in a globally corrupt system pegged to a petro dollar as the global reserve at the time.
Remember, the time period we're talking about is really the first emergence of competing currencies in that realm via the BRICS nations, for example.
Did you immediately think about the commercial paper market?
I mean, the mechanical triggers that actually had to blow through these circuit boards.
Did you know the circuits?
Did you understand the circuits?
Or did you have a concept of the circuits that were going to get blown through?
Yes.
But only because of an analogy to a body.
And, in fact, from my telephones against the wall with my little metal wires, because the next day I talked to another person in Washington about the issues of what I thought was happening, and I made the same discussion about the— They were at the Treasury Department?
Yes.
Yes.
So in a six by nine cell in Connie, in Palm Beach County, California.
West Palm Beach, Florida.
West Palm Beach, Florida.
That's what you juice diet.
West Palm Beach, Florida, West Palm Beach, Florida, West Palm Beach, Florida.
You're making a call to Washington, D.C. to talk to some deputy deputy secretary.
Someone in Treasury.
Somewhere in Treasury.
Right.
And that does not the night before, before you go to bed, it doesn't dawn on you at all.
You never have a moment of self-reflection that how did I end up on this metal cot when I should be at the center of things?
No, I had a telephone.
So I've said, I can talk to, it makes no difference where I am.
In fact, I'm still talking to the same person if I was at my home in Palm Beach.
But I'm here in January.
I'm at your home in Palm Beach.
I can dial my own phone.
That's bullshit.
No, but you can also make a thousand phone calls.
Here, you got to make one, and he's got to take it.
Think how much better that was.
I had to decide who was the right person to call.
That was unusual for me because I would have called 20 people.
And what was the advice you gave you?
I said, you have a sick patient, and it's very much like a sick patient in the emergency room.
You can't think about it like your car.
People in normal walks of life think about money and things as a machine.
And unfortunately, so if your car breaks, cars are always easy to fix.
My jets, my cars, if it breaks, I know it can be fixed because it simply follows the same pattern.
If this part breaks, you replace the part and the thing works again.
People and the financial system are not machines.
They can't be fixed the same way.
You can't simply take out the put some more juice into the commercial paper market, and that's like replacing the carburetor on the car.
It's much more, I have a patient who can't breathe, has a stomach problem, can't see, looks bleeding at the same time.
What do I do first?
Have to think about it as a system.
Where's the most logical place?
What's the most dangerous place?
If your heart stopped, we have to start your heart again.
If the equivalent to the money market, why do I have to start your heart again?
I need to get your blood flowing.
If your blood stops, you're dead.
If liquidity, which is the equivalent of blood in the financial system, dries up.
Once liquidity is basically cash, putting cash into the system.
Forget about what it is.
Liquidity is liquidity.
It allows the system, it's the blood of the system.
You need to pump blood hard into the body of the economy to keep it flowing.
Let me just stop you right there.
You notice how he stopped him at cash.
He said it doesn't matter what it is.
All right.
And what he meant by that, in my opinion, is he's talking about the lending power of the banks, the zeros and ones, not necessarily cash, the liquidity, because you have these institutions and individuals that have hoarded that, or the banking institutions have lent out way more fractionalized than they could ever be called on, which he talked about.
Okay, these are the corrupt aspects, and they're not willing to give up their resources, right?
I mean, properly be dissolved through bankruptcy and what they actually have.
Instead, you constantly bail them out through more liquidity.
You know, this honestly, again, obviously ties into inflation, which he's not talking about.
We talked about inflation earlier.
He gives these baseline analogies from a car to a person on the importance of it so he can obfuscate the actual crimes that were committed.
And if you, if you, especially when you're worried about someone dying, you're not going to be worried about the niceties of, well, you got the shirt dirty and there was some damage.
Pump in that blood, keep that flowing.
When you talked to the person at Treasury on Tuesday, the 16th, did you get a feeling as you were sitting in your six by nine jail cell in West Palm Beach, Florida, that they were on top of things?
No, you can't.
It's impossible to be on top of things.
There's no such thing.
It's again, the doctor watching the patient die, you hopefully have some confidence that he's seen it before.
He recognizes that there are some steps he has to take first before he bandages the guy's finger or worries about what shoes he has on.
Subprime Ownership Risks00:13:32
So you hope that the people in charge, your doctors who are working on the emergency patient, have enough experience and, frankly, judgment to try to keep the patient alive.
Did you think that they had those things, patience and judgment?
They had pretty good judgment, and you needed a lot of luck, just like in the dead patient.
Let me just stop it here because we're talking about the Treasury Department.
We're talking about 2008.
Now, I'm just wondering, we're going to look it up.
We're going to do it live.
I don't know who this person is, but I do know that Epstein and Larry Summers had an extensive relationship.
And I wonder if in 2008, Larry Summers was part of the Treasury Department.
So we're going to type it in right here.
I could be wrong.
I mean, maybe other people have a different idea.
2008, Larry Summers, Treasury Department.
Let's see.
Oh.
Wow, I spelled department wrong.
Let's see.
He was not part of the Treasury Department, but was appointed by President-elect Barack Obama to lead the National Economic Council.
Okay.
So maybe not him.
Maybe not him.
But he did serve as Treasury Secretary from 99 to 2001.
And there is, of course, that Harvard connection with him.
But let's go back to Epstein.
You need to, hopefully, you put that blood in and it's not too late.
And you maybe you make some mistakes, but you have to know you can have to give it a shock.
In the run-up to the September crash of 2008, I guess you weren't occupied with finance.
That whole summer, how long had you been in jail?
I went to jail June 30th.
So the entire summer.
Yes.
Before you went into jail, you were still very active in the financial markets.
Yes.
When I say active, you trade currencies every day, you trade stocks every day.
I don't think someone like you, or you give advice to people to trade stocks or trade currencies.
I don't trade every day.
I think that's like Woody Allen said, you can't beat the bank.
So I try to pick my spots.
You know, George Soros picked his spot when the pound collapsed.
This would have been a great money-making opportunity that passed me by when I was in jail, but that's not how I think.
In the run-up to that, in the spring of 2008, were you, that's when Bear Stearns got in problems, I think, in the spring of 2008, and they decided to bail it out.
Did the Bear Sterns guys talk to you for advice at that time when the big crisis in Bear Searns?
No, but see, again, unbeknownst to most people, and it's easy to blame people for the financial crisis, like you'd blame someone for giving your father the drink before he had his heart attack.
But what really happened, the real enemy of the finance system was Bill Clinton.
And if you asked me what and who caused the financial crisis, I would tell you it was Bill Clinton.
Because of what Bob Rubin and he did to the financial, deregulate the financial system?
No.
Because as the last time we had our 60-minute interview, you talked to me about home ownership.
So let's just stop right here.
Okay.
What was revealed?
First of all, that should be headlines everywhere that Epstein said that Bill Clinton caused the economic collapse of 2008.
And just something I just garnered from that last statement is that obviously this is not the first interview that Bannon's already done with Epstein.
And he said there's already at least been one other 60-minute interview.
It's a pretty large revelation right there from Epstein.
He's about to talk about home ownership.
And you asked me whether everyone should own a home.
And I told you, no, it's too risky.
So the financial collapse of 2008 is because of hardworking African Americans, Hispanics, and whites who wanted to have a peace, have an ownership stake in the society that all rests on their shoulders.
They're the culprits.
No, not at all.
Okay.
I didn't say they were the conversation.
I was pretty clear it was Bill Clinton.
Okay.
Why was it Bill Clinton?
Because Bill Clinton wanted to get votes from those people.
And he sold them the idea that instead of renting a house, and historically, the values of houses have gone up.
And he said, you guys in these local communities who haven't been able to afford a house before, I'm going to show you a way.
I'm going to give you a way because I'm sure I'll get your vote.
That you can own a house because I want your vote.
So, what we're going to do is, I'm going to let you buy a house, Mr. Bannon, when you really're right on the border, maybe, or not even on the border.
Your credit is not good.
Okay, let's be honest.
And it's not my fault, it's not Bill Clinton's fault.
But whatever happens, at the moment, your credit score or whatever it is, your credit's not good.
Now, normally, you come to me and you want to borrow money, I'm a bank, and I say, I'm sorry, Mr. Bannon, I can't lend you money because your credit score is not up to where it needs to be.
Hopefully, if you work harder and clean up some of your problems, it will be.
But no, what I say to you is, I'm going to figure out a way to lend you, lend you, not give you.
I'm going to lend you money anyway, though you don't have a good credit score.
And don't worry, I'm going to get rid of the term that you don't have bad credit.
Bad credit sounds pejorative.
You don't want to be a person.
Sounds judgmental.
Yeah, it sounds judgmental.
So, what we're going to do is we're going to call your credit situation subprime.
Oh, nobody knows what that means.
Subprime.
I mean, he is revealing the tricks of semantics in finances and the lies of political leaders in order to get them elected.
You got to give them credit there.
That means prime is good credit.
Subprime is not good credit, less than good credit.
So, we'll call it something that people really won't follow.
And we'll tell you what: we're going to have people lend you money though you are a subprime borrower.
And I will figure out some government agencies to guarantee your loan, though I don't think you're a good risk.
So, the banks say, No, no, no.
We don't want initially.
The banks say, Sorry, this is too risky, Mr. President, for us.
We're in the business of managing risk.
It's not our money, it's the hard-working people's money sitting in our bank.
We can't lend to people whose credit is not prime.
You're asking us to lend people who are subprime.
And he says, Here's the key: if you don't, Mr. Bannon, I'm going to make sure the Justice Department charges you with discriminatory lending because you refuse to lend to my subprimers.
In business terms, you should never lend to.
But what we'll do is we're going to, I'm going to form an agency called Fannie Mae and Ginny Mae, another agency names.
They'll guarantee your loan.
So, don't worry.
Don't worry.
You don't have to pay it back anymore.
Even though you, and maybe you don't even have to work as hard anymore, that's probably a harsh statement, but these players, these two big firms, Fannie Mage, will guarantee the fact that that bank will receive its money.
Now, the bank says, Wow, best deal in history.
I refused to lend to Mr. Bannon, but now he has the big brother, his Uncle Sam.
He went to his Uncle Sam, and Uncle Sam says, I'm guaranteeing it.
And by the way, this also represents the shift in westernized society where you would have ownership over things, right?
And instead, this essentially is the feeling, the thought you might have ownership, but at the end of the day, this institution, whether or not it is a bank or a government, can pull the rug out at any time and say, no, no, Ours, actually.
Ours, actually.
And that really does step in line with this idea of you will own nothing and you will be happy.
The bank says, I want everybody.
Give me as many people as you can give me because Uncle Sam is the best credit in the world.
Not only the United States government.
We'll take it all.
We'll take as much subprime as we can handle because it's the best investment for the moment.
It's a strange investment because it has politics that has inserted its way into the numbers.
Politics doesn't belong in the markets, but now we're going to have: I want the votes, we'll make guarantees that you who can't get a house normally will be able to get a house from the bank.
The bank says, this is the best deal in history.
We will package 100, 300, 1,000 of you subprimers and will sell it off to somebody else.
And the whole system becomes mired in subprime mortgages.
That becomes the point.
What do you mean, mired?
This is too much supply.
Is it a supply-demand problem?
Did you get too much supply?
No, it's a very good question.
What does too much supply mean?
Well, then you get to people, go back to your first question to me.
Government leaders.
Government leaders know if they're good, and they can do mathematics, they can balance their checkbooks.
So certain people in Congress said, Well, how do you value these subprime mortgages?
The banks say, We've been valuing them the same way we've always valued them for the past 20 years.
The accounting firms, there's something in this country called gap accounting, which is a standard type of accounting.
And we account for them the same way we've always accounted for them.
If we paid $1,000 for your mortgage last night, when we put it on our books today, we're going to say its value is $1,000.
Makes sense.
I paid for it last.
What's its value?
It's $1,000.
That's what I paid for it last night.
No.
The Congress people said, that's not really a good answer.
That doesn't give us confidence that you know what you're doing.
Because what happens if you have to sell it tomorrow morning?
If something's happened and you have to sell it, remember it's kind of stress tests.
Would you be able to value it at what you paid for it the day before?
And Wall Street says, that's not the way you can think about this.
This is crazy.
We always value things at the cost from the day before.
And they change the accounting method, in essence, to say, not what it was worth yesterday, but if I have to sell, what would it be worth?
That's impossible.
So what happens is every bank now has to value something they bought yesterday at lower than they paid.
Never before in 20 years did they have to do this.
So something they bought at 1,000 on their books was 1,000 is now 990.
That starts to, you asked the question about what did I start to think about.
Something's 1,000 and 990.
This person now has to value it at 980.
When did you first start to get nervous?
Understanding Bill Clinton.
Seconds Matter00:02:43
So let's just stop it right there for a second.
You notice there's an outfit change here.
And there seemed to be some beeping at the very end here.
But the time code itself, and we'll just go to that raw, doesn't seem to change much right there.
So you wonder whether like it got cut there.
I guess 53.18, but that's just seconds, right?
Yeah.
Yeah.
It seems like maybe there's a couple seconds that are taken off.
I'm going to say this, guys.
There's a little more than an hour left in this.
I think because we have the shift and we have the wardrobe change and we ended up having to get started a half an hour later than I thought.
We were going to remember, I thought I was streaming at two.
I wasn't.
If you saw the beginning of this, that was like the taped over thing.
I don't know that I'm going to have the time to go through this other hour.
And then I got to take my niece to volleyball and go through it.
So we're going to break this up into two parts.
We've already been going for an hour and 20 minutes.
Later this evening, 1,000%.
I don't know what time we're going to do it, but we're going to watch the rest of Bannon and Epstein and what's available.
We're going to talk about some of the other stuff that may be out there.
We're going to pay attention to this.
I do want to remind people, this is true independent journalism.
I need your support.
$5, $10, $15, it absolutely means the world to me.
Big donors.
Thank you so much for keeping me afloat.
Okay.
There are other links down below outside of the buy me a coffee, including the PayPal and other things.
If this doesn't tell you that this and really everything is about geopolitics, is about things outside of this notion of left or right.
I don't know what, I mean, this is right in your face, pun intended.
Bannon, you know, Mr. Populist, right wing.
Epstein, you look at these emails, somebody trying to take Trump out.
Rockefeller in the mix talking about George Soros.
This is a lot of the stuff that a lot of people aren't going to be talking about, but we're going to continue to do so because as always, it is not about left or right.
Always about right and wrong.
Absolutely love you guys.
Will be back for part two later on, and we will see you all on the The flip side.