Bannon's War Room - 2731： Pushing Back Against The EPA Overstep

00:00:00.000 this is the primal scream of a dying regime pray for our enemies because we're going medieval on

00:00:10.880 these people here's not got a free shot all these networks lying about the people the people have

00:00:17.480 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:21.240 the world to stop that but you're not going to stop it it's going to happen and where do people

00:00:24.820 like that go to share the big line mega media i wish in my soul i wish that any of these people

00:00:32.640 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my

00:00:40.580 country this country will be saved war room here's your host stephen k bann

00:00:47.740 hi thank you so much for coming to new hampshire to answer our questions my question is regarding

00:00:59.000 the economy over the past two years we have seen the prices for everything skyrocket from food to gas

00:01:06.060 to utilities and insurance costs many people's bills are up several hundred dollars a month

00:01:11.720 including mine if elected president again what is the first thing you would do to help bring down

00:01:17.520 the cost to make things more affordable drill baby drill

00:01:21.960 we were energy independent we were soon going to be energy dominant and nobody had ever done what i

00:01:36.960 did we got oil down to a dollar 87 actually it fell lower than that in some cases we had to save the

00:01:42.360 oil companies the price was getting so we were doing incredibly we had the greatest economy the

00:01:47.500 history of our country probably the greatest economy in the history of the world we're energy

00:01:51.380 independent soon to be energy dominant we were going to be bigger than russia and saudi arabia put

00:01:57.120 together times two we have more liquid gold under our feet than any other nation any other nation 1.00

00:02:03.340 and these stupid fools ended it and energy went from a dollar 87 and even lower for gasoline for car 1.00

00:02:12.120 they went from a dollar 87 to five six seven eight and even nine dollars and your electricity bills went through the roof your 1.00

00:02:20.000 heating bills went through the roof and that's what started inflation and it hasn't stopped because people are paying

00:02:26.600 now for bacon and for eggs and for the two and three times what it was just a little while ago we created the

00:02:33.000 greatest economy in history a big part of that economy was i get got you the biggest tax cuts in the history of our country bigger than the

00:02:40.240 reagan cuts bigger than anything and also caitlin also as you know we got the biggest regulation and

00:02:50.040 regulatory cuts we this place was rocking and then we were given a gift from china and china paid a big

00:02:57.160 price and let me tell you something i took in hundreds

00:02:59.800 okay welcome uh saturday 13 may euroville or 2023 remember president trump has a very big and

00:03:08.840 important rally in iowa today we'll also have commentary on that uh in this hour um but i want

00:03:16.080 to go since the ends part of president trump's answer look the question and it is the question because

00:03:21.520 people always say it's the economy stupid at the core of many of our issues is this uh is the economy

00:03:28.420 and of course obviously the debt ceiling and what's going back and forth in this threatening of the 0.92

00:03:32.160 14th amendment and all that um it is very uncertain times uncertain times in capital markets uncertain

00:03:38.260 times in the economy uncertain times in your own personal finance so since uh president trump said

00:03:44.260 liquid gold i thought i'd bring in the two people who i turn to for their judgment both about energy and

00:03:50.320 about um precious metals gold i got philip patrick from birch gold philip thank you for joining us

00:03:56.400 and of course the great dave walsh on energy dave i want to start with you and about trump's uh about

00:04:03.060 full spectrum energy dominance said we were we were energy independent and we have we were very close to

00:04:10.880 to to energy dominant right and and and now we're not and i want people to understand every time you

00:04:18.320 come on here you you talk about the really radical nature and this is what's so important about this

00:04:24.240 budget and the spending issue remember although we didn't get the cuts we wanted and russ vote and

00:04:30.580 the team always talking about woken weaponized getting out of the budget mccarthy half of the 0.50

00:04:35.000 mccarthy in in this budget that he's got half of it is tied to undoing things that biden has done on the

00:04:42.640 energy side but people also miss because there's so much news going on and and so much of the invasion

00:04:48.760 of the southern border and all of it that we miss some of the most radical things they're doing and

00:04:54.480 what they're doing is setting in an infrastructure a template infrastructure template that is i don't

00:05:01.340 know i can't make the math to work out at all but it's going to make the bottom even follow the economy

00:05:05.820 of what they've done so dave walsh i want to first get you in here because the as philip and i always talk

00:05:10.860 about that the underlying thing we need to do is to get the foundational element of this economy

00:05:17.340 sorted and that would be energy uh dave walsh your thoughts and observations well steve to prove

00:05:23.340 that point today um epa administrator reagan came out with the um an additional massive power plant

00:05:30.940 called emissions program for 60 day comment that is a direct full frontal assault on 62 percent of our

00:05:39.640 electrical energy supply in the country i mean this is the very thing that we want to ramp way up

00:05:44.420 supposedly to facilitate evs facilitate displacing gas stoves etc home heating with electricity in the

00:05:51.820 north and midwest they've announced a full frontal assault through epa efforts at 62 percent of our

00:05:58.740 electrical energy resource being two-thirds of that natural gas one-third being coal and by the way

00:06:04.440 that's 77 percent of our continuous duty on demand always their electricity by virtue of a

00:06:11.200 characterizing co2 as something today in this in this proposed plan something that causes thousands

00:06:18.780 of deaths will cost ten thousands of workplace uh uh lost days causes asthma causes clean air not to be

00:06:27.280 breathable this is not the case with co2 co2 has never been characterized before as a harmful pollutant

00:06:34.420 nitrous oxide sulfur mercury heavy particulate are pollutants not co2 their theory on that is it

00:06:41.280 causes warming but in any event this program and they say it's going to cost only about eight billion

00:06:46.040 to utilities and power plants this would affect the 500 to 520 large large power plants in this country

00:06:54.200 and cost them about 1.4 trillion if implemented carbon capture systems were experiment that's what the

00:07:01.760 core of this is mandating either carbon capture systems be installed on all these plants or that

00:07:07.880 they be converted to hydrogen fuel by about 2035 that the cost of this technology this has been tried

00:07:15.960 before at four prototype plants under the obama administration and ceased in 2020 completely

00:07:21.860 at campra county in mississippi at the nrg petra nova plant in houston another big plant called the

00:07:29.240 plant berry plant for southern company my company was involved in two of those the technology didn't

00:07:33.920 work well secondly the cost was absolutely exorbitant you're talking about sucking the carbon out of the

00:07:40.220 emissions at a cost per plant at about 3.5 billion compared to the cost of building

00:07:46.100 hang on one second i just want to make sure people got the framing of this

00:07:50.940 and what maybe pull the camera back a second uh and then describe what what epa is doing here on this

00:07:58.580 the 60 day comic period

00:07:59.780 right now and correct me if i'm wrong but this biden regime has a group of um ideologues in there

00:08:10.940 and they are like have had a religious conversion they are radical net zero carbon or green new deal

00:08:21.700 whatever you want to call them but this is a religion to them and they don't uh they don't

00:08:27.120 brook any uh debate or if they have apostates you know you know people that used to be with them they

00:08:32.700 don't they don't they've they've they've thrown them out the most radical his plan overall and correct

00:08:39.120 me if you're wrong this is why this spending debate is not simply about spending it it's very

00:08:44.100 important spending but it's also about getting revenues up and what they're trying to do in the

00:08:48.940 spending cuts is to cut things that are directly tied to this and quite frankly it's a radical agenda

00:08:55.940 that's never been debated the american people have not really weighed in on this so talk to me about

00:09:01.620 what they're doing on this radical net zero carbon and how this new element of it which i think has

00:09:06.800 shocked everybody about going after the power plants which you say provides 62 percent of the

00:09:11.640 power of the nation talk to us about the radicalness of their overall their overall theory of the case

00:09:16.700 well the spending in in this imposed on the private sector the utilities and the independent

00:09:22.720 power producers who own power plants cross about 520 average being a thousand megawatt power plant

00:09:28.920 would cost each of them about 3.2 billion each plant to install a carbon capture system now the

00:09:36.740 alternative they're giving is to switch the fuel source to hydrogen which we don't have the

00:09:41.800 infrastructure the the infrastructure to build the piping storage and manufacturing of hydrogen

00:09:47.520 through electrolysis or other means is about an equivalent cost per plant to what i've talked

00:09:52.820 about to 3.2 billion so what this does is take takes the original cost of this great recently built by

00:09:59.380 the way generation resource in this country we've just built 250 gas-fired power plants since 2001 in

00:10:06.960 this country many of which just erected in the last five to seven years a tremendous efficiency

00:10:11.860 tremendous low actual pollutant values you're talking again sulfur nitrous oxide mercury these plants no

00:10:19.260 longer really emit any meaningful quantities of co2 is not a harmful pollutant it's involved in a

00:10:26.100 theory of warming but the cost the cost of this will probably quint if this were imposed quintuple

00:10:33.120 electricity prices in the country and cause drastic shortages as many many of these plants really

00:10:38.940 the majority of them will not be able to comply financially therefore close therefore we're only

00:10:45.360 going to be adding to the electricity shortage that we already have vis-a-vis what's happening in

00:10:50.600 california in texas minnesota the carolinas soon to come in florida we have a major shortage of

00:10:57.200 baseload on demand continuous duty electricity aka why the brownouts and the service curtailments in

00:11:03.080 texas and california minnesota colorado the carolinas over the holidays we need much more

00:11:09.940 of this we actually need 50 percent more continuous duty coal and baseload combined cycle plants to get

00:11:18.020 anywhere near meeting this ev target of massively electrifying the nation further between home

00:11:24.480 heating converting to electricity and the ev and the ev boom that the administration wants this this plan

00:11:30.800 is the polar opposite this is about reducing the electricity supply and making what we have

00:11:36.080 massively costly which is again an inflationary thing beyond belief so all this work by the fed

00:11:42.400 you know on interest rates is right out the window when you do things like this to quintuple the cost of

00:11:48.140 electricity i want to lay that in there here's the thing walk me through they're moving to a total

00:11:55.120 electrification of the of the uh of of our basic industry including electric vehicles and take

00:12:02.020 rid of gas turbine cars this kind of counteracts it because at the same time and they have in fact

00:12:07.760 to the zen you're saying the cost quintuples right quintuples excuse me quintuples

00:12:12.400 if this is imposed across the whole state yes yeah here's the issue when you look at and right now

00:12:23.080 we're in this huge fight over models and where the country's going financially and they have a plan

00:12:29.940 and their plan oh it still still adds 50 trillion dollars of debt over the next excuse me it doesn't

00:12:37.600 add 50 trillion dollars that it gets us to 50 trillion dollar face amount just at the federal

00:12:42.900 reserve not even including what's on the excuse me on the on the treasury department not even including

00:12:47.420 what's on the federal reserve and those interest rates of interest rates stay the same kick up you're

00:12:52.140 going to spend two trillion dollars a year in interest payments the what we know from the

00:12:58.300 congressional budget office and others is that we are entering into in a start of the lost decades

00:13:05.000 like japan and these other countries of growth of one percent a 1.1 percent a one and a half percent

00:13:11.220 we can't have a robust economy at one to one and a half percent first off you're going to have a big

00:13:17.960 drop in tax revenues more importantly you're not going to have opportunities you're going to have

00:13:23.000 unemployment you're going to have more people on welfare you're going more people on food stamps

00:13:26.660 the math doesn't work in the middle of this something that's gone on the signal of what they're doing

00:13:32.460 at the same time it's a radical restructuring of our industrial economy a radical restructuring

00:13:39.480 around the electric vehicle and around electrification at the same time

00:13:44.440 they're now going and gutting what our infrastructure was of gas-fired plants and we're

00:13:50.600 going to add tremendous costs that nobody's calculated that in into one model where you

00:13:54.920 understand what are you doing you are literally setting us up not just to have a recession because

00:14:00.760 of your mismanagement of finances and printing of money now you're actually going to the central

00:14:06.420 beating heart of the operating plan of our economy and this is a radical radical transformation

00:14:12.200 of it and they're not having a debate about it they're just mandating it and they're mandating

00:14:17.880 it from epa okay we're gonna take a short break we're gonna get to the bottom of all this uh i've

00:14:22.840 got philip patrick we have dave walsh we're gonna take a short commercial break you're in the war room

00:14:27.800 we're gonna be back in just a moment

00:14:31.480 for the games you want to play

00:14:35.480 bring it on and now we'll fight to the end just watch and see

00:14:38.440 it's all started everything's begun

00:14:42.440 and you are over

00:14:45.480 because we're taking down the ccp 1.00

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00:16:21.480 here's your host stephen k bannon

00:16:26.200 okay uh welcome back i want to go to philip patrick dave i'm coming right back to you i want to go

00:16:30.200 philip patrick philip you've been doing this a long time and it's one of the reasons uh i wanted

00:16:36.200 you and dave on today we're going to talk about the bricks we're going to talk about

00:16:39.320 how they're going to gold and how they have the resources and these countries are um tired

00:16:46.040 of being picked off by a devalued currency i.e the dollar but i want to go back to what

00:16:52.040 to what dave walsh is talking about do you see any way out of this that at some point

00:17:01.720 it's not an operational model thing in other words we are the most advanced industrial economy in the

00:17:07.400 history of mankind the power of the united states since the invention of the steam engine

00:17:12.280 and the invention of all the things that came off the steam and the technology from the what the early

00:17:16.520 19th century first great britain as the industrial power then the united states we've always been built

00:17:22.760 upon a a business model that supports the not just the spanning the government but the entire

00:17:29.480 infrastructure of our society are you concerned as you look out there that we're and here's the thing

00:17:36.360 that concerns me is that it's not getting enough attention there are massive radical changes going on

00:17:41.880 by really what i call the administrative state all dictated to dictated by people that have vested

00:17:47.720 interest in this financially or their uniparty uh factotums and apparatchiks uh that elected officials

00:17:55.560 but i want you to go walk me through your concern about just the overall economy sir i mean look that

00:18:03.240 there is there is not good news anywhere to be seen right and i think this this problem has been

00:18:08.920 brewing for for quite a while and the biden administration have exacerbated i think it started

00:18:14.520 with obama trump came in fixed a lot of the problems and of course uh biden carried on where obama left

00:18:21.960 off but you know we have problems all across the economy right we have inflation still raging we you

00:18:28.200 know we were we're in recession here in the united states despite what people say uh and and there's

00:18:34.600 not really any way out the federal reserve are in a very very tough situation they don't have the tools

00:18:40.520 we're seeing the problems that they have now they want to try and combat inflation but they can't do

00:18:45.480 it we're squeezing the banks it's a very very tough situation in the background right we've got the the

00:18:52.040 government trying to push us towards a green agenda we're not ready to do so i think dave summed up very

00:18:58.120 well the effect that that will have on the economy and of course we've got brics nations now pushing 1.00

00:19:03.880 to move away from the dollar for for international trade that alone is significant and quite frankly

00:19:11.160 it's understandable right how did we get here we weaponized the dollar we sanctioned russia not only

00:19:16.600 the country but citizens corporations alike we banned them from the swift payment network and essentially

00:19:22.360 froze them out of the global financial system printing money on a scale never seen before in united

00:19:28.200 states history fueling inflation right we had this same issue back in the 70s de-dollarization was a

00:19:34.760 thing until volcker came in stamped out the stagflationary climate and turned the ship around

00:19:40.600 right now we can't do what volcker did i don't think we have the tools and the trajectory is very

00:19:46.600 very concerning as we've discussed many times as you've written about if we lose a grip on global

00:19:52.920 reserve currency status there is no coming back from that the united kingdom today is not the united

00:19:58.920 kingdom before 1946 as we know and the u.s dollar and the u.s sadly at the moment we're heading in the

00:20:06.440 same direction so we need a change of course and we need it now we had john katzmatidis on here

00:20:14.520 i think a week ago uh and john's a very successful entrepreneur in the in the uh in the food retail

00:20:19.960 business in uh in uh the uh energy retail business aerospace all this uh and he doesn't totally

00:20:27.160 agree with us on on the debt ceiling but he did say one thing he said the the problem we have and

00:20:32.440 you see that throughout the world because the international businessman is that people now don't

00:20:38.120 have faith in the financial and economic leadership of the united states and no matter what the politics

00:20:44.440 were they always had a sense that you had these kind of hard-nosed capitalists that were making

00:20:50.680 rational decisions and when and and people got confidence off that to i think was gallup this week

00:20:59.320 had polling or was pulling out uh from a very good source that said the financial leadership of the

00:21:05.560 country in the federal reserve in the secretary of treasury had never been lower in that um in that

00:21:13.240 yelling was actually this week calling around the ceos to say how catastrophic the economy was if

00:21:19.000 they didn't uh you know uh if we didn't raise the debt ceiling and kind of implying there might be

00:21:24.120 measures like the 14th amendment or others uh that that were not normally used to come how big

00:21:30.360 and in your history of doing this how big a deal is it is is it looks like the leadership of our

00:21:37.000 economy the leadership of the finances the leadership of the business let's leave the political class out of

00:21:41.720 it uh now i think doesn't give people a high level of confidence that they either know what they're

00:21:47.560 doing or they're they think about the good of the country as much as the good of themselves

00:21:52.920 or they also have these radical ideologies that are not fully disclosed sir there's no optics

00:22:00.280 confidence is everything right i think if we you know there was global confidence in the leadership of

00:22:06.360 the united states the saudis wouldn't have entertained the chinese and it's not just yellen and biden it's 0.52

00:22:12.520 pal too right he has the lowest approval rating of any federal reserve chairman ever he's just one

00:22:19.240 percent above biden's approval rating and you mentioned biden threatening to sort of invoke section

00:22:25.720 four of the 14th amendment it's bonkers right he's trying to sort of light up an old civil war era

00:22:33.240 thing to try and push forward a spending package this isn't the the sort of actions of a politician

00:22:39.720 of a leader this is these are the actions of an autocrat it's bonkers but you're absolutely right

00:22:46.280 there is no confidence in the leadership of the united states and that alone is a big big problem

00:22:52.680 a big problem for us and by by the way they're right to not have confidence sorry please this thing

00:22:58.440 has been mismanaged from the beginning no no that's why i want to get back to the dave walsh thing

00:23:02.440 because you see that these agendas are going on the math just doesn't work out and yet there's never

00:23:08.600 full disclosure all of a sudden you get some you get some factotum over at epa the same guy that blew

00:23:13.640 east palestine the same guy that had responsibility reagan at uh at epa that that the on-scene commanders

00:23:21.320 reported to and it's devolved to him from an executive order the same guy that essentially his

00:23:27.720 group allowed the quote-unquote controlled release and then the controlled burn

00:23:32.840 is now putting out these mandates hey 60-day comment section what's you know we're gonna

00:23:36.840 we'll obviously get war room people up to comment but they've already made their mind up

00:23:42.680 this whole thing of lack of confidence

00:23:44.360 why are central banks particularly central banks of resource the people that have controlled the

00:23:51.640 oil and gas in the world and are using it not the united states that has it and is not using it

00:23:57.240 the people that have the resources throughout the world the mining resources the oil and gas uh

00:24:03.000 the agricultural resources why are those central banks buying gold at the high 2022 was the highest

00:24:10.120 rates ever in 2023 is ahead of that why are they doing that i mean listen it's for the same reason

00:24:15.480 that we as individuals should be looking at it gold is a check on government spending it is a check on

00:24:21.960 on currency devaluation gold and the dollar have an inverse relationship so a bet on gold is a bet

00:24:28.680 against the dollar dollar goes down gold goes up and i think central governments around the world

00:24:34.840 know that there are changes coming right is the chinese yuan going to take over global 0.92

00:24:39.800 reserve currency status from the us tomorrow absolutely not but what we are seeing is a

00:24:45.480 significant reduction in in dollar denominated transactions globally that alone itself will

00:24:52.760 have a significant impact on our currency so i think they know this the us dollar will not be

00:24:58.040 the next global reserve currency i don't think they know what will yet but they're hedging their

00:25:03.480 bets in the meantime and gold is the best way to hedge when currency is up in the air

00:25:10.760 we did that you know you and i are working on this ongoing um the end of the dollar empire and i think

00:25:16.520 we started about two years ago but we've had three parts of the series out the latest one is the

00:25:21.320 debt trap it gets you totally up to speed on uh and remember this is going to be a rolling gun battle

00:25:27.720 right there's gonna be a rolling gun battle when they're talking about gimmicks when you have paul krugman

00:25:32.200 at uh at the new york times talking about printing a commemorative coin a platinum commemorative

00:25:38.040 it would be worth they'll just deem it worth a trillion dollars and they'll put that on the

00:25:41.640 desk of the treasury department and that'll get you through an interim period i mean seriously this 0.88

00:25:46.360 is the if if people would come in and talk to you off the streets are you crazy and you've got a a a

00:25:52.360 amendment to the constitution that was made after the civil war to kind of clean up some of the legal

00:25:57.160 issues regarding the the great rebellion um and they're using that to say and you've got

00:26:03.240 large tribes and they're going well you know i was against it years ago but i think that in this

00:26:08.280 situation because these amaga extremist republicans want to cut spending and we just want to keep on

00:26:13.640 that maybe the president has some inherent powers as he says he's got some inherent powers i haven't

00:26:18.200 thought of before and he can do it we're we're in a we're in a serious bind how can people i just want

00:26:24.360 to make sure people because we talk macro here we're not here to give personal financial advice but where

00:26:28.040 do they go right now you go to you go to birchgold.com slash bannon to get the uh to get

00:26:33.800 the end of the dollar empire and people should read that because philip patrick's right that goes

00:26:37.720 it all goes where they go to talk to your guys uh so it's really simple birchgold.com slash bannon

00:26:44.200 that's going to get them access to a free information guide um you know you'll give you'll be contacted by

00:26:50.120 by one of our professionals like myself we'll be here to guide you through birchgold.com

00:26:55.080 forward slash bannon they can reach me directly at philip patrick on getter

00:27:02.360 now you may you may think about it uh that you say hey what do i know about anything

00:27:08.040 what you should know when you talk to the birchgold guys not just about the the tax-free iras

00:27:13.160 the transfer of the iras and 401ks it's also explaining you and give you the information

00:27:17.720 the central banks remember they got they got all these central banks throughout the world got harvard

00:27:21.560 guys and mit sloan guys university of chicago and stanford all working for them they all got 0.78

00:27:27.240 the hp 12c's they're all running the numbers if they're buying gold you have to actually and you

00:27:33.240 see the fight we're having over this debt ceiling of the budget you got to ask yourself hey maybe

00:27:37.960 they know something i don't well this is the way you get the inside information sit there and go you

00:27:42.120 finally give this piece okay fine i understand it then you can make your own decision but you've got

00:27:46.680 to immerse yourself right now more than ever you have to immerse yourself in this okay we're

00:27:50.200 gonna take a short break phil's gonna stick with me i got dave walsh uh we got a lot to get through

00:27:55.400 this morning but we get through it all we want to set the framework for you understanding this titanic

00:28:00.680 battle over money and power here in washington dc and you're at the head of the table that's why they

00:28:08.280 hate you that's why they hate trump you are the creditors committee in fact you're chairman of the

00:28:13.800 creditors committee short commercial break back in a moment

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00:29:48.520 jace case today action action action war room here's your host stephen k back

00:29:57.080 so dave walsh can we because it's being pitched to low information folks that the creation of all

00:30:08.920 these new jobs that the whole nirvana this radical transformation has a a pot of gold

00:30:15.640 at the end of the rainbow and i just want to ask you right now as you see it because right now we're in

00:30:20.440 these huge massive fights over over the over the over the debt ceiling and that gets down to spending

00:30:28.680 and how that spending is not helping the economy it's hurting the economy because half the spending

00:30:32.200 cuts come out of the the green new deal can we be the economy that we can be

00:30:41.320 if we're driving to something that mathematically doesn't pencil out like is happening in germany i mean

00:30:47.880 isn't this get down to the core of it because we've got the federal reserve printing money we

00:30:51.800 have this spending but until there's a business model for an advanced industrial company country

00:30:59.160 that's foundational elements are based upon energy production and distribution

00:31:05.400 it's it's it's a fantasy this is why trump's answer the woman asked she didn't ask a question about

00:31:12.680 energy she asked a question of trump about the economy understanding the four years of peace and

00:31:20.120 prosperity he gave us she wanted to know in your second term what will you do and what was his first

00:31:26.440 answer the first part of the answer was not about the debt ceiling it was not about the spending it was

00:31:31.640 not about esg or woke he got to all that but the first answer is about energy because in an advanced

00:31:38.760 industrial society the production and distribution of energy is the absolute keystone is the it is the

00:31:47.880 absolute foundational element to it dave walsh yeah it is energy is the blood in the body of any advanced

00:31:55.240 industrial economy and the troubling things are basically the total total contradiction going on of

00:32:02.120 this electrification desire on the one hand with on the other hand today smashing this week smashing

00:32:09.160 and reducing our core energy supply areas and electricity natural gas and coal many of these

00:32:15.160 plants won't be able to comply with this new standard because the costs are absurdly high and they'll close

00:32:21.560 we'll have shortages but if you take i mean the hallmarks of a secure energy system a secure energy

00:32:27.960 strategy are diversity of fuel supply and and self-dependence xi jinping is following this he's adding

00:32:35.560 massive gas plant resources in china to his heavy coal mix of 60 percent he's building 20 nuclear power

00:32:42.840 plants that taking strong actions to diversify their energy supply to make their nation more bulletproof

00:32:49.640 from imports we on the other hand even with this again in contradictory space this devotion to wind and

00:32:56.360 solar resources means a lot more battery storage we're talking about a lot more of course evs

00:33:01.080 that this is all going to be based on a pyramid of cobalt copper and lithium that's all mined abroad

00:33:09.240 so we're talking about displacing natural gas and oil in the u.s with sources for lithium ion batteries in

00:33:16.920 cars and evs and for battery storage next to solar plants to store that power for just

00:33:23.400 a few hours all coming from abroad where we have no control over the pricing and the issue becomes as

00:33:30.040 you commoditize more more of our gdp is is includes a content of commoditized offshore sourced material

00:33:39.240 that we control not of the pricing over inflation goes out of control the currency goes out of control

00:33:45.480 so then we're moving in this direction with a cobalt copper and lithium supply and all the ev

00:33:49.880 and battery storage solutions being and the and the uh thin film pv in all these solar panels that

00:33:56.760 that are offshored and therefore we don't control the cost level over at all compared to today having

00:34:01.800 some notional energy self-sufficiency as president trump supported the cause of in this country that's

00:34:07.320 here we're ruining that which is going to have a massive effect on the currency and on inflation

00:34:12.680 in a negative sense what what you saw in a more advanced way and actually even i guess more

00:34:19.400 radical way was what happened in germany that these elites for somehow are trying to shift to a post

00:34:25.880 industrial economy when they're in an industrial economy and they're going after energy phil patrick

00:34:31.960 here here's the here's what concerns me most if you look at all the models we talk about

00:34:39.160 and and and people and dave bratt comes in here people talks about 50 trillion dollars

00:34:43.640 50 trillion dollars we're at 32 train right now this is the massive fights they have in all the

00:34:47.800 time and and remember what we have on the table doesn't really cut it it it it basically cuts the rate of

00:34:54.920 growth we're not to any true cuts in in federal spending if you look at all the models going forward

00:35:03.400 that gets you to the 50 train because we haven't addressed that it's all based upon growth assumptions

00:35:10.840 to the model that are much higher than what reality is showing us it's the reason that in the first

00:35:16.760 seven months of this fiscal year we are going to blow through a trillion dollar deficit which wasn't

00:35:22.920 planned for why is that because the economy slowing down now our growth is about one to one point one

00:35:28.280 percent if you pencil that if you take what dave walsh is telling you about dramatically increased cost and

00:35:34.280 in in less availability if you start to factor that in to all the other madness we have going on

00:35:41.320 and you pencil out growth anemic growth what i call lost decade of around one percent or one and a half percent

00:35:48.600 at the spending levels we're talking about and projected by the congressional budget office

00:35:52.520 that these these deficits explode more there's more than 50 trillion dollars you can get to 60

00:35:58.360 train 65 70 train you you if you continue on this path that you're on and this is not

00:36:05.720 some sort of a mystical you know we don't need to have mystical powers right and we don't need to do

00:36:11.400 incantations to be able to understand this this is fairly straightforward right it's just kind of

00:36:16.680 arithmetic so given dave walsh's reality check philip patrick as you sit here and see and see

00:36:27.400 what has to happen because at those anemic growth rates from our tax revenues drop it's one of the

00:36:31.800 reasons we have the bigger deficit right here tax revenues drop you can't raise taxes because the

00:36:37.400 wealthy won't let taxes be raised in themselves you can't sell enough bonds the japanese insurance

00:36:42.680 companies in the in the chinese uh communist party who've been in the gulf emirates have a limit to

00:36:47.800 what they'll buy there'll be a gap and the only way that that gap is fulfilled is the federal reserve

00:36:54.040 just essentially prints money they print money given that philip patrick what is your assessment or

00:37:02.040 forecast of what happens to us here that's a very difficult question to answer listen you know and

00:37:11.080 we've discussed this many many many times if we look at the numbers we look at jet we look at productivity

00:37:17.080 debt to gdp you know there are no nations in history that have come back from the position

00:37:23.640 that the united states is in today so you know that the the mathematical brain or that side of my brain

00:37:31.240 tells me that there is no coming back from that the flip side is i look at our potential as dave said you

00:37:38.360 know we could be energy independent very very quickly the resources that we have here in the

00:37:44.520 united states are unparalleled anywhere in the world right so the emotional side of me says look

00:37:50.440 we'll find a way with good leadership to put ourselves on a better trajectory we'll find a way

00:37:55.400 but if i look at it from a mathematical standpoint i don't see a way out of this even where we are today

00:38:01.480 it's going to take a dramatic shift and i don't think we have the leadership to push us in that direction

00:38:08.360 if you don't the political will okay okay work with me on this one let's assume you don't but if my

00:38:14.840 math is correct and i factor in dave walsh's quite logical uh assumptions on what's happening with this

00:38:23.400 radical ideology that and it's not it's not dave walsh and bannon saying this this is epa putting out

00:38:28.440 60 day comment section this is telling you what they're going to do the power plants

00:38:32.440 if you if this goes forward as it's rolling out the bricks brazil russia india china south africa and

00:38:41.160 the other developing nations that are resource rich but in infrastructure and human capital light

00:38:48.600 and they look at that model with what the u.s what the u.s government and the leadership are going to

00:38:54.040 have to do to continue to print money and they look at alternative of their resources and their

00:38:59.320 currency backed by gold or a i keep saying the third world or the development world is coming up

00:39:04.680 with a new gold standard what do you happen what do you think happens in this regard

00:39:11.000 listen i i think it's heading in that direction i think there's no stopping

00:39:15.080 that train and i think they've been very smart right pegging currencies to gold stabilizing

00:39:21.000 we're at the moment getting outsmarted by these bricks nations and my concern is that 1.00

00:39:26.440 other nations friendly nations start to catch on the dollar is a store of value people are losing

00:39:33.240 faith we talked about leadership earlier i think that's having a big effect we look at policy printing

00:39:39.480 money at a scale never seen before that has a big effect but i cannot stress you know the effect

00:39:46.120 the impact that that will have on every citizen in the united states there is no coming back i've been

00:39:52.120 saying for a while i'm scared to you know with you be writing volume four because it's like we write

00:39:58.360 the future every time we write it it happens volume four concerns me but this of all of our problems

00:40:05.960 this is our biggest one by the way philip was philis talking about we conceived this project a couple

00:40:12.440 of years ago the end of the dollar empire it was very speculative at the time but we laid out the

00:40:17.080 first was going to be about the politics of money to talk to people about what the really the political

00:40:21.240 history of this country is tied to the currency from really the founding of the of the republic and

00:40:27.480 and and and brilliant thinkers like hamilton and jefferson and these huge arguments they had

00:40:32.200 about central banking what they had about credit and all this and then go all the way through andrew

00:40:35.960 jackson the huge fights which were before slavery the big fights were over the the central bank over the

00:40:41.320 bank of the united states then about slavery and lincoln and the free soil guys take it all the way

00:40:46.440 to the populace to to william jennings bryant to really when they shut it all down those are the

00:40:50.760 federal the beginning of the federal reserve and the income tax just hey just a random event there

00:40:56.120 but to get people up there and then the second was the end of the us is the prime reserve currency

00:41:00.280 kabam that happened too and now it's the the debt that's you know the the debt trap but the the point is is

00:41:06.840 that very smart people throughout the world look at germany and they look at the united states and

00:41:16.520 they look at these elites and these elites have been dependent upon particularly the united states

00:41:20.920 and the whole west of the supremacy of the dollar and the supremacy of the dollar the full faith and

00:41:26.920 credit is the working men and women of this country that's a full faith and credit not the federal

00:41:30.840 reserve we have a system that is completely out of whack in that you can have the fiscal domination

00:41:38.280 of these executive branches and legislate that continue to pass things that are just not

00:41:43.400 they're not feasible in the fact of you can't pay for it but they have a mechanism in the federal

00:41:47.800 reserve that continues to print money because the rest of the world needs dollars to basically grease

00:41:52.920 the wheel the current the world runs off of dollars it's our greatest export and people go yeah i got

00:41:58.920 that but that dollar continues to devalue because you continue to run these deficits and you got to

00:42:03.480 raise interest rates and that game's just not going to play anymore correct philip patrick where

00:42:08.680 once again where do people get to because i want to make sure people really spend time thinking about

00:42:13.720 this going to our going to our site and reading it but also talking to your advisors so really simple

00:42:20.360 birchgold.com forward slash ban and that's going to get them access to the information kit that's where we

00:42:27.160 start and then like i said there'll be a lot of people like myself at the firm that are there to

00:42:32.040 hold people's hands educate and guide them through the process so again birchgold.com forward slash bannon

00:42:41.160 philip thank you thank you for taking time away on a saturday to join us and uh and thank you for uh

00:42:46.120 for making sure that you're available all i hear is great comments and feedback back from uh

00:42:50.840 the staff over there of helping people through this thank you very much honor to have you on thank you

00:42:55.560 my honor thank you steve and philip's got the warning hey let's not write another one because

00:43:01.240 it'll come true every every time we do a evaluation um or do another installment i'm going to hold dave

00:43:07.480 walsh we're going to take a short commercial break we're going to be back the um how we're going to get

00:43:13.080 to this solution can we wait for the return of donald trump and i want everybody to remember

00:43:18.520 when donald j trump was asked that question about the economy where did he go first full

00:43:26.200 spectrum energy dominance what is the bizarre thing here is that we could be full spectrum

00:43:35.880 energy dominance across the board we're holding ourselves back this is self-imposed

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00:45:56.840 deep cuts to social security and medicare ron desantis yeah he voted to cut social security or medicare

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00:46:09.640 i thought desantis was one of the good ones but he's just another career politician

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00:46:23.160 we talk about this in this uh debt situation in the spending situation you know and president trump

00:46:29.320 said hey look he pulled the rug out from under him he said look i'd go to massive cuts they'd have

00:46:33.800 to accept it if they did not call their bluff and how bad can it be can it be any worse than this

00:46:38.200 than the alternative can you spend yourself in oblivion and now you got dave walsh telling you

00:46:43.080 that the model they're basing all this is a lie because it doesn't it doesn't pencil out

00:46:48.120 as he's told you about germany and these other countries with these radical ideologies dave i know

00:46:54.280 the audience what they're going to ask is that trump's not back to 2025 and it's going to be a brutal slog

00:47:00.440 to get there and once he's in they're going to fight him every step of the way with these ideologues

00:47:04.200 that are throughout the administrative state number one what can be done in the interim

00:47:09.240 and number two um how bad can it get before trump and the cavalry arrives sir well there are things

00:47:20.520 can be done i did one late this week a few days ago i got a hold of patrick morrissey's office ag

00:47:26.760 west virginia empowered him and educated his he and his folks and hey we got to go after this new uh

00:47:33.720 standard here on so-called emissions revisiting the uh the major doctrines thesis of the supreme

00:47:41.240 court ruling against the clean power plan that's what this is it's more it directly violates that

00:47:46.840 so when we get cary running around claiming that we need to simply end calling the u.s by 2030 as a

00:47:53.480 thesis not chemistry or the environment just comments like that this is about the epa stepping

00:47:59.000 way out of their swim lane so you get a hold of your attorney generals ken paxton patrick morrissey

00:48:05.240 and the other part is utilities when you get the opportunity i mean we've got unfortunately in

00:48:10.120 regulated power generation states like this one public utilities jumping on board with guess what

00:48:16.600 if they load up their capital spending plan with whatever the public service commission approves and

00:48:22.280 here in florida our public service commission has improved a massive solar build which will take

00:48:28.520 based on florida power lights recently announced plan increase their capex plan by a factor of nine

00:48:34.680 over the next 25 years which on which they get a guaranteed 10.8 return no matter what the electrical

00:48:41.720 capability is of what they're building they're motivated to get on board with this kind of asset

00:48:47.480 churn to their benefit at the at the horrendous consequence to people so wherever you have a chance to 0.98

00:48:53.080 talk to your public utility in a public forum we you need to do that you need to get out your

00:48:57.800 local elected officials in state houses hang on hang on hang on for a second you're saying that

00:49:03.400 people the powers that be are going to make a ton of money in this transformation is going to take

00:49:08.200 huge capital expenditures they're in the control of all that and that's one of the four what's

00:49:14.040 i don't want to put words you about the one of the forces that are driving this because it doesn't

00:49:17.160 make any sense one of the forces are driving it that people want to change the infrastructure change

00:49:22.840 it because there's a way for them to make more money out of it right it'd be less efficient less 0.95

00:49:27.000 focused but they can actually make money in that transformation major uh large cap uh publicly traded

00:49:34.760 equities in the in the utility business people like florida power and light dominion duke energy

00:49:40.440 energy excellent others have have stepped up to get on board with this stuff and go ahead and

00:49:47.400 and um announce major major capital plans on which in their regulated service territory states they

00:49:53.960 get back much more rapidly the capex they spend in rates and the guaranteed rate of return they get

00:50:01.160 so instead of fighting the epa they've jumped on board with doing the massive solar and the massive

00:50:06.040 offshore wind capex programs because they get a guaranteed rate of return on them

00:50:10.920 uh they they don't really have a big any any motivation but to join in so you need strong

00:50:17.800 governors and strong public service commissions to stand in the way of their egregious overspending

00:50:23.880 on stuff that doesn't work or works only a very part-time because the regulations all support they're

00:50:30.200 they're gaining guaranteed rates of return on the capital they invest in in this or anything it doesn't

00:50:36.040 matter what it is that's how the model works for a regulated utility so we need strong

00:50:40.520 public service commissions strong governors who appoint them strong state senates who approve them

00:50:45.240 to get in the way of these kinds of actions by host utilities that are motivated to spend on on

00:50:51.800 stuff that is very part-time and very costly being solar wind offshore wind particularly

00:50:58.120 it's just uh it it's a bad it's a bad motivation that's developed whereby they get one incentivized

00:51:04.200 and they're motivated to do this give me give me a minute i gotta bounce uh give me

00:51:10.360 a minute on if uh epa if this is uh implemented what they're getting the comment period they started

00:51:16.680 uh you know earlier this week if this is implemented what what impact to the economy

00:51:22.520 as you see it today will this have devastating on electricity prices probably quintupling and and on

00:51:30.360 shortages because okay this this would affect about 525 major power plants at a cost of about a trillion

00:51:36.840 five so let government steps in and subsidizes about 400 billion of that still 1.1 trillion on the

00:51:43.880 private sector books uh it being probably 60 percent of that debt so you pick up to the comments on on

00:51:50.280 where we are with the currency about 600 billion of debt would be incurred to finance all this

00:51:56.120 um huge effect on electricity prices and a big big drag on the economy

00:52:00.040 dave where do people get to you on social media you do you're doing an incredible job where do people

00:52:07.160 get to you on social media it's that at dave walsh energy on both getter and true social thank you steve

00:52:12.520 appreciate it thank you by the way the the third world countries the developing nations of the world

00:52:18.280 understand this they're not dumb by what they're doing they're husbanding their resources they're

00:52:24.440 charging higher prices and they're buying gold with both hands incredible absolutely incredible

00:52:31.160 okay uh i want to thank everybody the iowa um the iowa uh rally is today we'll be back here live on

00:52:39.400 monday morning and i'm sure we're gonna have tons of financial and capital markets news anything comes

00:52:44.680 up and we're gonna do the rally live tonight i'll be in the live chat uh make sure that uh i think it's

00:52:49.720 actually starts at five o'clock five or six o'clock thank you and uh look forward to seeing you at the

00:52:54.360 rally at night on uh getter and we'll be back here monday there's so much going i've never seen a

00:52:59.320 news cycle like this in my life thank you very much for being here in the war room

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Bannon's War Room - May 13, 2023

2731： Pushing Back Against The EPA Overstep

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