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Steve Bannon: “The Chinese economic system is built on a house of sand.”

Featuring: Steve Bannon, Former White House Chief Strategist | National

Steve Bannon's Warning On China's Trade War

Published August 21, 2019 | Video Starts at 03:50

Whether it's the British coming there at first with the East India Company or later the China schooners from the United States. The China trade. There was always this thing about China, what we've seen and I happen to believe that The Chinese economic system is built on a house of sand. And I think it's going to lead us to a greater financial debacle than 2008 ever was in the same culprits, the exact same culprits that led to the financial crisis in 2008. (03:50–03:54)

CLAIM

Asserts that China's economic system is unstable.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Steve Bannon

“They've essentially taken 350 million of their people from kind of working poverty to middle class, and 400 million people from abject…”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 05:14-05:25
“The average compounded growth of the United States of America from 1946 to 2000 was 3.5%.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 15:49-16:03
“Since China joined the World Trade Organization, the growth of the United States is 1.9%.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 16:15-16:22
“The American banking system has $19 trillion of assets on it.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 23:24-23:28
“The Chinese banking system, I think, has $49 trillion of assets.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 23:41-23:45
“I think 45 trillion have been put on the books since 2008 [in the Chinese banking system].”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 23:41-23:45
“It's one third of the world's trade. It's $5 trillion.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 34:29-34:32
“The grand strategy [of China] is very simple, is to be a hegemonic world power.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 00:35-00:40
“Their strategy of being like the East India Company in Sub Saharan Africa, what they're doing in the Caribbean now, what they're doing in…”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 00:46-00:54
“All areas of government focus on the economic war against the United States.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 00:57-01:03
“They're basically trying to close the South China Sea.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 01:03-01:08
“The Chinese are the only power in world history to ever try to do all three [geopolitical strategies] simultaneously.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 01:31-01:40
“It's going to lead us to a greater financial debacle than 2008 ever was.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 03:54-04:00
“What China was able to do in basically coordination with the elites in the west was de industrialize the industrial democracies of the west.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 04:48-04:59
“Globalization, what's coming out of Davos, has stripped our sovereignty from us.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 08:43-08:48
“The great investment banks in London and in New York became the investor relations department for [the Chinese] regime.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 09:41-09:41
“Trump's program is a half a trillion dollars in tariffs, right, to tariff goods.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 13:06-13:13
“The Chinese look at us as a tributary state to them.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 13:19-13:24
“The central beating heart of [U.S. economic slowdown] is China.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 16:24-16:24
“The new NAFTA deal is setting up a geostrategic manufacturing base to counter East Asia.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 17:39-17:49
“Japan is very quickly going to be part of [a bilateral deal].”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 17:49-17:53
“The EU, Juncker has already told Trump, has already indicated that they're going to be a part of this too.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 18:01-18:08
“Trump has reoriented the entire world's supply chain away from China.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 18:16-18:22
“China has to create, I think it's some number of 11 million jobs a year.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 20:33-20:37
“Every number comes out of China to me, has to be questioned, verified.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 21:12-21:17
“We may be hurtling to another financial crisis driven by this financial model of China.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 21:23-21:30
“On the day that Donald Trump took the oath of office on January 20th of 2017, [the Federal Reserve's balance sheet] was $4.5 trillion.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 22:30-22:38
“Those banks are going to implode.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 24:16-24:20
“The reason Donald Trump's president, the reason you're seeing these populist revolts... is the little guy is fed up with a group of elites.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 25:24-25:40
“They want regime change in the United States.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 30:52-30:55
“Pence said yesterday...that shows that Chinese involvement and meddling.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 31:28-31:36
“China's going to be our big buddy. I think you're going to see a double and triple down on one belt, one road.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 31:46-31:52
“I believe...in five years there'll be in a shooting war in the South China sea.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 33:14-34:09
“They built essentially seven or eight stationary aircraft carriers.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 34:50-34:55
“The United States itself was not really engaged institutionally against China.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 36:56-37:02
“China considers the South China Sea to be an internal sea to China.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 38:06-38:11
“The South China Sea and the Persian Gulf are the two greatest hotspots in the world for a global conflict to start.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 38:44-38:55
“The international courts ruled that it was inappropriate for [China] to be there [in the South China Sea].”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 41:21-41:25
“The health of the American economy is based on trade.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 42:11-42:15
“Populists and economic nationalists are not anti trade. They're anti this radical concept of free trade when you're trading with a…”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 42:15-42:25
“What Trump wants and what he said from day one is fair trade and reciprocity.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 42:25-42:31
“The United States is a Pacific power.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 43:13-43:15
“America first stands for national security, where it's in the vital national security interest of the United States.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 44:07-44:17
“If we lose the South China Sea, we will lose any type of commerce trying to control the whole place.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 45:11-45:17
“The engagement with China is absolutely vital.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 45:39-45:43
“The 300,000 students are here on student visas.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 46:23-46:27
“Up to, I think it's two thirds, could be intelligence assets.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 46:33-46:37
“Stephen Miller had the plan in place to get all 300,000 Chinese students out of the country.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 47:16-47:30
“Pope Francis just cut a deal that lets the atheists that run the regime in Beijing actually pick our bishops.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 49:22-49:30
“They're financed by the [People's Liberation Army].”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 50:05-50:07
“The greatest blowback [President Trump] got on this was the Republicans.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 51:29-51:33
“China's predatory capitalism is what they stand on.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 52:29-52:33
“Mike Pence, yesterday, the Vice President, United States, essentially threw down and said, hey, no more games.”
Steve Bannon's Warning On China's Trade War | Uploaded August 21, 2019 | 52:41-52:46