00:00:30.740He is the only person on the planet who has the ability to make that happen.
00:00:35.960You have to give the president room to work.
00:00:38.860His language and his actions and his decisions shouldn't be second-guessed step by step.
00:00:43.920You have to allow this process to play out.
00:00:45.920I think he's been very clear about what the objective here is, and when he speaks to those issues, what he's talking about is we want to get Ukraine back to a posture of peace.
00:00:55.460There's an idea on the table for them to actually be in partnership with the U.S. with regard to production of the precious minerals that are needed.
00:01:04.080And also, we want to get back to free and fair elections.
00:01:07.480There, just as we fight for here and we fight for around the world, I think those things are all consistent, and I think President Trump is moving the ball forward in a way that all of us should have thought.
00:01:38.840If we can reduce the deficit, even better.
00:01:41.100But here's another thing everybody needs to consider.
00:01:43.360Not only are we working to find savings for the American taxpayer, to find a better, more efficient, more effective use of their dollars, which we are morally obligated to do.
00:01:52.360We also have a moral obligation to bend the curve on the debt.
00:01:56.300All of your children, all of our children and grandchildren, are going to be saddled with the debt that we are spending right now.
00:02:45.780And what we're working on is to get to – we're working on that.
00:02:52.320On a probe, so I'll leave you with that.
00:02:54.480Our House Republican appropriators have been working very hard and in good faith to negotiate with our Democrat counterparts.
00:03:01.440The necessary step, as you know, for a probe is to get to a top-line agreement.
00:03:06.040Chairman Tom Cole addressed the House Republicans this morning on the latest developments about how those – we may be getting close to a number on that.
00:03:13.080The problem is the Democrats have added something new and different that's never been part of this before.
00:03:18.420They are trying to add to the appropriations bill a demand that they want us to somehow limit the ability of the executive branch to do its job.
00:03:26.980They want to limit, tie the hands of the president on what he is able to do with the expenditures in the executive branch.
00:03:35.400House Republicans, as egregious as the actions were of the previous president, Joe Biden, as unconstitutional and outrageous as they were, we never proposed using the appropriations process to tie the president's hands.
00:03:47.700It would be, I think, a gross separation of powers, a violation, and a terrible precedent for Congress to engage in.
00:03:54.260So that's a nonstarter for us, and the Democrats know that.
00:03:56.620And so it looks like they're in a posture right now that they're making individual appropriations bills almost impossible.
00:04:55.820I mean, it's one of the things that the Project 2025, CRA, Russ Vogt over at OMB, many lawyers about the appropriations process,
00:05:05.720that the appropriations is a ceiling and that either through impoundment or rescissions,
00:05:12.800the executive branch has ability to hold back the funds or reprogram.
00:05:19.160And I'm sure that in code, that's what he's talking about.
00:05:23.340They want to have, the Democrats want to have wording in there that that's not going to happen and you have the constitutional fight.
00:05:31.140Now, bottom line, though, that is a bigger and tougher fight.
00:05:34.500But he just told you right there, you ain't getting any Democrat votes on this CR.
00:05:39.580So you tie in with Dusty Johnson saying that there are 15 or 20, what we're hearing, maybe more folks right now saying, hey, you know, there's not we don't see the cuts and we're not going to just kick the can down the road on the 14th.
00:05:58.720I might be wrong, but we follow this pretty close.
00:06:00.900It's the first time I've heard Johnson come across his lips the 14th of March.
00:06:04.920Everything's been on this reconciliation, which to me is a very important.
00:06:08.880But it's a side, it's a, it's a, it's a, it's a sidebar.
00:06:14.880You got to take care of this year of funding the government.
00:06:18.160And I also want to just say to Johnson is brother, when I see these reconciliations and I see these sidebars and you're talking two and three trillion dollars of savings and all this, this is the moral equivalent of conservative wins.
00:06:31.160Remember McCarthy, that's the reason he doesn't have the job and you got it.
00:06:35.960It's 10 year budgeting and the people come back and say, well, Steve, the law says we have the 10 year budget.
00:06:46.800We're not actually going concerned because our expenditures are two trillion dollars every 12 months greater than our revenue.
00:06:58.360And president Trump's doing, you know, he's trying, he's trying to set up the external revenue service, the tariffs, they kick in with Mexico and with Canada on four March.
00:07:11.360That's all going to take a while to kick in.
00:07:15.200And you've got something in front of us and somebody better, somebody better go up to the white house today and tell the president of these United States, Hey, just put this on your calendar, sir.
00:07:25.400At midnight on the 14th, we don't have enough Republican votes because we don't have a plan and we don't have individual appropriations bills.
00:07:37.360And we kind of wasted these 90 days that we gave ourselves and promised you back in December that we would have a budget and have it done.
00:07:46.180Remember, we had this fight before Christmas.
00:08:18.140I'm not interested in anything else right now.
00:08:20.560I'm not interested in all your theoretical exercises of what you're going to do to Medicaid in the out years.
00:08:26.860I want to know what you're doing now, and I want to know how this six and a half or seven trillion dollars becomes less because every month we're running up record deficit numbers.
00:08:39.140I think we're almost to a trillion dollars right now.
00:10:02.400Warren Davidson saying, hey, I'm going in and out of meetings.
00:10:04.600I want somebody to talk about, I'm not interested in talking about a reconciliation now.
00:10:08.660I'm not talking about having a vote on a budget resolution.
00:10:11.140I want to know what the hell you're going to do to finance the government, President Trump's government, between now, March 14th, and the end of the year.
00:10:35.580The discussion about impoundment and rescission and all those that they may put in this bill, if you agreed to all that, they're still going to vote no, I think.
00:10:50.120Because now they're going to say, you guys are big talkers.
00:11:49.400And so we need common sense people in there to advocate because these people who have been there for so long are so far removed, and they're throwing away around all these fancy words and do this and do that and play in games.
00:12:01.860But in reality, if we do not cut right now, like you're saying, Steve, right now is what matters.
00:12:09.200That's what impacts for the next 10 years, and the people are fully cognizant of that.
00:12:15.720Candace, you're not running—today you announced you're not going to run for governor.
00:12:22.060I know there's a bunch of folks that are probably very happy about that, but you're going to run in a primary in the first, in Georgia 1.
00:12:30.040One more time before you bounce, where do people go and find out about your crusade to do this, ma'am?
00:12:37.900So Candace Taylor on all social media apps, I want to say really quick, I want to give a shout-out to Lieutenant Burt Jones.
00:12:42.820I called him this morning. He was very kind and gracious.
00:12:46.160I do have a ton of people in Georgia who wanted me to run for governor as a grassroots candidate, but the Lord said different, and Lieutenant Burt Jones was glad.
00:12:54.360He hasn't announced his run yet, but I think that's on the way, and Burt's a great guy, and I think he'll do a good job for the people.
00:13:00.420I also reached out to Congressman Carter, who is holding the seat currently, as courtesy to him, and let him know that I would be running.
00:13:07.120I plan to honor him. I think we need to honor more people in our society.
00:13:12.360And so I did that this morning, and I am announcing I'm running for First District.
00:17:21.880Massive federal – we're still having a Keynesian – named after John Maynard Keynes.
00:17:26.720We're still having a massive Keynesian stimulus because we're spending so much money, particularly money over and above what we're taking in.
00:17:43.500If we can put the – if we can put the – let's put the Axios part piece up.
00:17:49.920What I really like about the Axios piece in this, we need to get – okay, we need to get you as up to speed as possible what's going on.
00:17:56.720What I really love about this Axios piece of Mike Allen and Jim Vanderhae, it kind of breaks it all down and separates not just the signal from the noise.
00:18:09.320There's tons of smoke and wilderness and mirrors and misinformation.
00:18:15.180You have to keep completely objective about this.
00:18:18.680And this is why I want to make sure we bifurcate for this audience what Doge is doing and then what is about spending.
00:18:30.080Doge right now is going through and doing these audits or doing these kind of – they're like special forces going in there and getting this information.
00:18:36.560They are coming up with what they say is misallocation, inefficiency, waste, fraud, and abuse.
00:18:43.920Some of the numbers they're talking about are huge, are massive.
00:18:48.100What they've shown to date is I think $55 billion, which they validated with the first month.
00:18:54.880Now, there are analysis out by the Wall Street Journal, the New York Times, and Politico that say that's not $55 billion.
00:19:02.380That's more in the line of $15 to $20 billion.
00:19:05.900But let's go with their number to 55 for now.
00:19:09.580They're also out there, and I believe – and this was, I think, reaffirmed in Zero Hedge.
00:19:14.400They have basically terminated 90,000 or let's say 100,000 government employees.
00:19:24.900Now, remember, that employee base started at about $3 million.
00:20:25.460I want to go back to the 2.6 tree, and this is what MTG brought up in her first subcommittee meeting.
00:20:31.620She's going to have a meeting again tomorrow.
00:20:33.160We're going to cover that live because I think she's going to try to – MTG is – she's going to try to merge both together and make the point that why are we not including this in the CR that we're going to do on the 14th, which we've advocated from the beginning back in December when I said that the Doge effort through OMB has to be merged into the appropriation process immediately.
00:20:55.420But Doge is still looking for waste, fraud, and abuse inefficiencies where they hit a target that's been identified by the Eli Cranes and the Matt Gaetzes like USAID.
00:21:18.180It keeps them out of all the nefarious activities.
00:21:20.560Now, the $2.6 trillion has come up through other government reports that there's been $2.6 trillion in – I think there's Medicare and Social Security payments to either people who didn't deserve it or people who didn't exist or whatever.
00:21:36.740Now, that's taken place over a long time, but it's still a significant amount of money.
00:21:40.680It's not that you're going to save it.
00:21:51.740But that still doesn't get down to the basics, and this is why we ran it and ran it and ran it for so long that Elon has to cross the Potomac and go to the Pentagon.
00:22:00.500But the Axios – and I would advise everybody to keep – print the Axios out or put it on your phone where you can get to it.
00:22:10.580It's a very good summary, succinct summary of the physics of what we're dealing with.
00:22:19.000And it particularly shows the big chunks of how it's broken out on the spending itself.
00:22:24.920It works its way up to the $6.5 to $7 trillion of spending.
00:22:28.420Where the inflation is coming from is the – we're still having a Keynesian stimulus, and now we have this added problem that the deficits are so big at $2 trillion.
00:23:31.000Elon in the Oval Office, they said 5%.
00:23:35.760I think Andreessen and these guys are talking 5%.
00:23:39.540If you're talking 5% growth, I would assume that's something to deal with artificial intelligence and cutting out a big swath of the labor force.
00:23:52.100Massive increases to productivity and potentially growth.
00:23:58.160But that in and of itself ain't that easy because that's going to – that's going to have tremendous societal implications.
00:24:07.680You think these people now are hesitant about cutting spending or increased social programs like Medicaid, income security, which is – if you look at – if you look at the Axios, they break it down.
00:24:23.020All the food stamp programs, all that's called income security, which is a big number.
00:24:29.240Bank in Asia today, one of the biggest banks in Asia, announced 4,000 administrative personnel with good-paying jobs gone because of artificial intelligence.
00:24:44.080This is – this is going to – you're going to see this every day now, particularly as artificial intelligence is looked at as an efficiency and not an innovation, not driving innovation, but just driving efficiency.
00:24:59.240So this is not going to be easy, but the first thing you have to do is get a handle on this.
00:25:04.320And I think as of this current year and or next year, you've got to have – we've got to figure out how do we get back to the pre-pandemic levels?
00:25:13.660The pre-pandemic levels, the budget was of $4.5 or $5 trillion.
00:26:06.980There's no way – there's impossible that this process we're going to go through is not going to be painful.
00:26:12.100The question is going to be who's going to get the pain, how is it going to be shared?
00:26:17.400One thing that just is jumping off the page at you is that the additional tax cuts, the populist tax cuts for tips, for overtime, for the military, the veterans, the first responders – that's another one – and Social Security.
00:26:35.000That adds up, folks, my very rough math, that adds up to another trillion dollars per year, that you take that off the revenue side.
00:26:43.760If you did all those, and I strongly recommend that we do them.
00:26:55.760But tax on tips, tax on overtime, tax on the first responders, veterans, military, to cut the taxes there, cut the tax on Social Security.
00:27:04.020Those four add up to about a trillion dollars.
00:27:06.700So I've got a bigger problem in this financing.
00:27:10.320Now, clearly, that is the supply side cut.
00:27:13.640That could be very – that could potentially add a lot of stimulus to the economy.
00:27:20.580But we still have this massive problem.
00:27:22.060Inflation is not going to go away until you cut federal spending because you have these massive deficits.
00:27:26.340You have these huge interest payments.
00:27:28.440And on top of all that, you're increasing this debt.
00:27:32.240But, you know, in our calculations, a trillion dollars about every hundred days that gets added to the face amount and has to be refinanced.
00:29:46.580President Trump is trying – and when I say the change of the geoeconomic model, remember he is – and this is going to take longer to kick in.
00:30:01.860But his idea of this is that – and this is this whole concept of external revenue service,
00:30:07.640that the entire burden of this should not just be on the shoulders of corporations and citizens, internal revenue.
00:30:18.820That part of this should come from the world as far as what he calls external revenues.
00:30:22.460And that's why his tariffs are bigger than just tariffs.
00:30:24.940He's not putting a tariff on an avocado coming from Mexico or an under-the-hood part coming from Canada down into Detroit.
00:30:39.340He sees the fact that this is a premium market.
00:30:43.160People should be paying premium prices or bring your manufacturing and manufacture out of here, out of the United States, to drive jobs and wages.
00:30:53.160And they've got all kind of information.
00:31:07.640Part of that is to drive additional external revenue, to try to close this deficit.
00:31:13.440President Trump understands as a finance guy, as a deal guy, and he's an individual that uses leverage.
00:31:21.800In real estate transactions, the correct amount of debt and the correct capital structure is what can turbocharge returns in real estate by using the asset side to borrow against, using as little equity as possible.
00:31:44.360This is also not lost on Scott Besson.
00:31:49.200Scott Besson keeps talking about using the asset side of our balance sheet to set things right.
00:32:15.480The problem is when you look at the liquidity, you have a liquidity issue.
00:32:20.640The revenues, you don't have revenues coming in to pay it, so therefore you got to borrow additionally.
00:32:24.340And this gets back to modern monetary theory.
00:32:28.620This is why we did the Birch Gold, and you can understand it.
00:32:31.160If you go to birchgold.com slash Bannon now, get the sixth free installment.
00:32:36.800I would recommend you read them all at your leisure.
00:32:39.580Even if you don't understand it, just go through it, and just, you know, all of a sudden, you'll hear these terms, and they'll play over and over again, and this is how you build your mental map.
00:32:48.580This is what we're trying to do here in this show.
00:32:50.000This is why we don't chase most of the rabbits that are out there that other people do.
00:32:59.660The one I did want to get to today, and I've got Michael Benz on, I think, Wednesday in the evening show, and Terry Schilling is going to try to join us and some other folks.
00:33:09.020This thing at the NSA about the chat rooms shows you some of the deep rot we have in the government.
00:33:16.940This chat rooms that I guess have been verified show the depravity of people you have working in the highest, you know, NSA is one of the highest, you know, highest security clearances of anyone, of any people, any sets of people.
00:33:35.760The CIA and the NSA in this chat room, which it looks like has been verified, is depravity.
00:33:46.020That's something we're going to drill down on.
00:33:47.540We normally don't chase a lot of stories like that, but you've got to because I think this shows the problem we've got in the deep state.
00:33:54.540And one of the reasons it's going to be so hard to take it down.
00:33:56.760And this is why President Trump, and this is historic, we're living in historic times.
00:34:38.700He's given blunt force trauma to the administrative state, but look at the pushback there.
00:34:43.740And look at the pushback you're seeing on the networks that are opposed to President Trump and the color revolution folks that Natalie Winters is drilling down on to show you the resistance.
00:35:00.300None of this is going to be easy, but it has to happen.
00:35:03.720Number one, it has to happen to unlock the animal spirits of entrepreneurs in this country and also give us our liberty back.
00:35:11.580Much less financial, also the financial part.
00:35:15.280As I kept saying the entire time, that middle vertical on the financial is the existential threat.
00:35:23.920We said there in the press conference we picked up, we're going to have a vote tonight or we're not.
00:35:28.700When you say or not, I'm not feeling it.
00:35:31.300What I'm hearing is that there are at least 15 or 20 Republicans that are not there on this budget resolution.
00:35:39.520And this is on the sidebar, not the CR.
00:35:41.740And I think now he's finally getting blowback on what we've said is you got to take care of that first.
00:35:47.560And President Trump has to be totally informed, which I'm not sure he is.
00:35:51.120Because I'm not so sure they've given him the details, particularly the three most brutal facts, unless you come up with something different and present to people a CR, like an omnibus CR, that, you know, you waved off on.
00:36:07.980And before Christmas, because nobody was prepared to accept it, they wanted President Trump and the Congress that would control both houses to have a shot at this.
00:36:17.640So now we're coming down to the last couple of weeks.
00:36:20.760We squandered the shot or we shot a brick or an air ball or nobody wanted to address it.
00:36:27.940Because the reality, unless it changes, is that you've got Biden's number, $2 trillion deficit baked in, and not one penny of what Elon's found on the $55 billion plus of his numbers in the Doge audits comes out.
00:36:44.740In fact, you actually finance it for another six months, which is redonkulous.
00:36:56.220Remember, you're not going to get any, none, zero Democratic assistance on any of this.
00:37:05.020Their numbers are falling through the floor.
00:37:06.480Their numbers as a party are horrible.
00:37:07.900They're getting chewed on every night on these cable channels that, that, that support them and back them up, that they're not fighting hard enough.
00:37:42.080President Trump is doing a complete and total reformulation of the, of the system that governs the world.
00:37:51.060And what he's doing is trying to make sure that our allies in World War II, the Russian people, are somehow not in the, in the sphere of control of the Chinese Communist Party.
00:38:04.260Because what Biden left us with is what I warned people he was going to leave us with.
00:38:10.180Beijing, Persia, Russia, and now Turkey, all kind of working in unison to control the Eurasian landmass.
00:38:21.060And when that happens, it's a, it's a, it's a, it's a tough road to slog.
00:40:48.120If that, if we're going to talk, we're going to spend a trillion dollars in defense, particularly in the re, um, the reorganization of our strategy, the kind of President Trump hitting the reset.
00:41:01.100We're not going to make it as a, as a, as a country.
00:41:05.780Now Ferguson, Neil Ferguson has a stat that when interest payments are greater than your defense budget, the country always collapses.
00:41:14.220That's kind of a, a modern day on Paul Kennedy, the great British naval historian that wrote a seminal work during President Reagan's, the last years of President Reagan's term called The Rise and Fall Great Powers, which is still an incredibly powerful book and makes the same point.
00:41:39.060I think 125 are higher than it was in World War II.
00:41:42.680Note to self, the vote, the budget they want to vote on tonight, I think takes the debts, I think takes the debt, total debt to GDP up to a higher number.
00:41:52.780I think it's 135, I had to run, but it's a higher number.
00:42:24.200And now you have the expectations of inflation increasing.
00:42:28.300And you have this, what, the, the conference board, and they're no friend of Trump, and they're no friend of Maggie, according to a collapse in consumer confidence.
00:42:34.320But clearly, consumer confidence is starting to come down.
00:42:36.520President Trump's got to understand, he's going to get no help on this.
00:42:42.660Just the reality, he's going to get no help.
00:42:44.040He's going to have to do this himself.
00:42:46.320That's, he's going to have to do it himself.
00:42:49.420There's not enough, there's not enough courage up on Capitol Hill for them to do it.
00:42:53.440If the political class just wants to kick the can down the road.
00:42:57.260We're going to need you at the ramparts, not today, with Bill Blaster and all that.
00:43:02.460What we need you to do is make sure that you're not a casualty of financial or economic war, like about your title to your home.
00:43:10.260Remember, and particularly in this day and time, I don't know, 80 or 90% of your net worth is tied up in that title.
00:43:58.180He's our wise man, a former CIA, Pentagon, and White House advisor with an unmatched grasp of geopolitics and capital markets.
00:44:05.780Jim predicted Trump's Electoral College victory exactly 312 to 226, down to the actual number itself.
00:44:14.460Now he's issuing a dire warning about April 11th, a moment that could define Trump's presidency in your financial future.
00:44:22.200His latest book, Money GPT, exposes how AI is setting the stage for financial chaos, bank runs at lightning speeds, algorithm-driven crashes, and even threats to national security.
00:44:34.420Right now, War Room members get a free copy of Money GPT when they sign up for Strategic Intelligence.
00:44:40.560This is Jim's flagship financial newsletter, Strategic Intelligence.
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