What Does “Spiking the Cannon” Mean?
In military terms, "spiking the cannon” is a tactic to disable a weapon, preventing it from being used by the enemy. This phrase captures a growing fear about the U.S. economy for Steve Bannon and Scott Bessent. They argue that the current administration’s financial maneuvers are like a rigged cannon, set to explode on the American people’s doorstep — and they believe it’s a trap that could hinder a Trump comeback and devastate ordinary Americans alike.
Both Bannon and Bessent, who appeared together on Thursday’s WarRoom program, are unusual voices in the populist-conservative movement behind Republican President Donald J. Trump. Like many others, they started their political lives within Democratic circles. Bessent, a prominent figure on Wall Street, has witnessed economic policies from both sides. Now, he stands alongside Bannon to warn Americans about the potential economic pitfalls they foresee under the Biden administration.
Rising Debt and Interest Rates: A National Time Bomb
One of their biggest concerns is the national debt, which they see as a ticking time bomb. Bessent describes this debt as a "financial crisis” waiting to happen. He argues that our government’s unprecedented borrowing and spending have left Americans vulnerable. According to Bessent, the debt has been funded by short-term, high-interest borrowing, which is similar to paying a mortgage with a high-interest credit card.
To make matters worse, interest rates have skyrocketed, meaning that the cost of managing this debt is growing every day. The pair fears that this debt overload could lead to massive inflation, rising costs, and potentially even economic collapse.
The True Cost of Modern Monetary Theory (MMT)
Bannon and Bessent also warn against "Modern Monetary Theory” (MMT), a controversial economic approach that suggests deficits don’t matter because the government can always print more money. They argue that MMT has been disastrous in countries like Argentina and Turkey, leading to runaway inflation and currency devaluation.
In the U.S., they believe MMT has distorted our financial system. For Bannon and Bessent, this approach isn’t just reckless — it’s a weaponized tactic by the elite to keep the average citizen financially dependent and politically powerless. They view it as an attempt by elites to ensure control, claiming that the Biden administration is using these risky economic tactics to entrench their political power.
Potential Impacts on Every American
Bannon and Bessent emphasize that these policies won’t just harm Trump’s agenda if he returns to office — they’ll hurt every American. Rising interest rates mean more expensive mortgages, car loans, and credit card debt. Inflation eats away at purchasing power, making everything from groceries to gas more expensive.
For those already struggling, these changes could mean the difference between making ends meet and slipping into poverty. And they warn that this economic strain is strategically timed: Bessent fears that by the time Trump or another populist leader could take office, there won’t be enough resources or maneuvering room left to address the damage.
Protecting American Jobs and Wealth
Bannon and Bessent argue that Trump’s economic policies, particularly energy independence and deregulation, were essential to keeping inflation low and jobs abundant. They see these as pillars for a strong economy that benefits all Americans, not just the wealthy. If these are dismantled, they argue, it could lead to significant job loss, particularly in industries where wages have seen steady growth.
Energy independence is a major issue for Bannon and Bessent. They believe that relying on foreign oil — especially as tensions rise in global hotspots — will drive up energy costs domestically and further strain American households.
A Call for Americans to Watch the Economy Closely
Bannon and Bessent call for vigilance among Americans, regardless of political affiliation. They argue that every citizen should closely monitor rising interest rates, national debt levels, and inflation. These economic indicators, they say, are like warning sirens. Waiting too long to address them could lead to severe financial hardship nationwide.
In their view, the way forward includes more transparency in government spending, a return to energy independence, and a strong focus on lowering the debt. These steps, they argue, will protect the economic security of all Americans and prevent the "cannon” from being spiked against the public.
Final Thoughts: Bannon and Bessent’s Urgent Warning
Bannon and Bessent’s message is simple but stark: an economic trap is set. Both believe that without a change in direction, Americans will face worsening financial strain, no matter who they voted for. They hope that by raising awareness, Americans will demand accountability from their leaders and take steps to safeguard their financial futures before it’s too late.
For more of our coverage of Scott Bessent:
For more of our coverage of Steve Bannon’s lessons on Economics:
For more of our coverage of the peaceful transfer of power:
For more context on Bannon and Bessent’s Thursday WarRoom discussion:
Steve Bannon And Scott Bessent Discuss The Ticking Time Bomb Of The National Debt
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