A Quote by Steve Bannon
I'm the guy pushing a trillion-dollar infrastructure plan. With negative interest rates throughout the world, it's the greatest opportunity to rebuild everything. Shipyards, ironworks, get them all jacked up. We're just going to throw it up against the wall and see if it sticks.
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A lot of people out there working hard and finally building up to getting a pretty good income. Higher tax rates on them, you know, the income rates going up, the dividend rates are going up, the capital gains rates all going up before health care kicks in.
I used to throw a lot of stuff against the wall, just to see what ended up sticking; now I'm pretty much using everything that I create for a record.
For people who grew up in the last four decades of the 20th century, it is hard to grasp the concept of negative interest rates. How is it even possible? If interest rates are the price of money, is the marketplace broadcasting that money is on sale? Are we just giving it away?
Interest rates are going to go up because employment is going to go up. If employment goes up, then our apartments get filled. And if employment goes up, our office buildings get filled. The reality is that increased economic activity combined with increased interest rates is basically bullish for real estate.
If you put Canada into $1.5 trillion in debt and interest rates go up just 200 basis points, you cannot provide the services to 36 million people that were guaranteed to them in the social contract they have with Canada. That's a very, very scary prospect. You can't burden this economy with that much debt. The risk you take on is insurmountable. You have to assume for the next 50 years that rates don't go up? That's insane. That's irresponsible. That's stupid.
I think I'm a really hard worker, and I feel like my attitude is to just enjoy the process of being creative and developing and 'just throw a bunch of stuff against the wall and see what sticks.'
If inflation is brought down, interest rates will fall. Once rates fall, we have the opportunity to maybe achieve the goal of 'housing for all' faster; take roads, infrastructure to India's interiors.
The theory is that if you take interest rates negative, people are going to say, "That's a silly game! I'm not going to lend my money to governments who want me to pay them. I am going to go into the stock market where I can get positive returns!"
The more serious the situation, the funnier the comedy can be. The greatest comedy plays against the greatest tragedy. Comedy is a red rubber ball and if you throw it against a soft, funny wall, it will not come back. But if you throw it against the hard wall of ultimate reality, it will bounce back and be very lively. Very, very few people understand this.
Anyone who's really utilized collaboration has a philosophy like, 'Let's throw it all against the wall and see what sticks.' That's how we do it. At a certain point, we're cutting scripts that we love.
The problem is that you're creating a system of bubble finance where interest rates are so low that people can speculate. An asset value goes up. You put it up as collateral. You borrow against it. You buy more of the asset. You then take the rising asset. You borrow against it again. This is the nature of what's going on in the world. This isn't an excess of real savings. This is an excess of artificial credit that's being fueled by all the central banks.
I never have [suffered writer’s block], although I’ve had books that didn’t work out. I had to stop writing them. I just abandoned them. It was depressing, but it wasn’t the end of the world. When it really isn’t working, and you’ve been bashing yourself against the wall, it’s kind of a relief. I mean, sometimes you bash yourself against the wall and you get through it. But sometimes the wall is just a wall. There’s nothing to be done but go somewhere else.
See the investment world as an ocean and buy where you get the most value for your money. Right now the value is in non-callable bonds. Most bonds are callable so when they start going up in price, the debtor calls them away from you. But the non-callable bonds, especially those non-callable for 25-30 years, can go way up in price if interest rates go way down.
Let's throw it on the wall and see if it sticks.
My real dream is that everybody will see their self-interest tied up with someone else, whether or not they see them, and see that as an opportunity for growing closer together as a culture and as a world.
The underlying strategy of the Fed is to tell people, "Do you want your money to lose value in the bank, or do you want to put it in the stock market?" They're trying to push money into the stock market, into hedge funds, to temporarily bid up prices. Then, all of a sudden, the Fed can raise interest rates, let the stock market prices collapse and the people will lose even more in the stock market than they would have by the negative interest rates in the bank. So it's a pro-Wall Street financial engineering gimmick.
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