Episode 2038: Big Tech Oligarch Name Naomi Wolf In CDC Scandal; Financial Meltdown Continues; Detailed Analysis Of Recession; China Real Estate Implosion
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Summary
Stephen K. Bannon's War Room: Pandemic Pandemic is a new term for a viral outbreak that has infected more than 4,500 people around the world, and is on the rise in China. The CDC and Big Tech are colluding to keep the information about it out of the public eye.
Transcript
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The virus has now killed more than 100 people in China and new cases have been confirmed around
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the world. So you don't want to frighten the American public. France and South Korea have
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also got evacuation plans. But you need to prepare for and assume. Broadly warning Americans to avoid
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all non-essential travel to China. That this is going to be a real serious problem. France,
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Australia, Canada, the U.S., Singapore, Cambodia, Vietnam, the list goes on. Health officials are
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investigating more than 100 possible cases in the U.S. Germany, a man has contracted the virus.
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The epidemic is a demon and we cannot let this demon hide. Japan, where a bus driver contracted
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the virus. Coronavirus has killed more than 100 people there and infected more than 4,500.
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We have to prepare for the worst always, because if you don't and the worst happens.
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War Room. Pandemic. Here's your host, Stephen K. Bannon.
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Okay, welcome. It's Friday, 29 July, the year of the Lord, 2022. Tomorrow, we're going to do our
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100 in a wake-up. 100 days is a Sunday from the most important midterm. I know people say the most
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important election, but as far as midterms goes, I think since 1862 in the Civil War, this is by far
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the most important, because this is where we shut down the illegitimate Biden regime. I've got Steve
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Cortez, Ben Harnwell, and Dave Bracken in the first hour. We've got a lot of economic news, a lot of
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geopolitics, a lot of things affecting your life. Also going to try to slide in Naomi Wolf here. She's
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at an airport. Big story about they're finally breaking this CDC, the news on the CDC, big tech,
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oligarchs, collusion to shut down all the information about the CCP virus, therapeutics,
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vaccines, all of it. That's all coming to light now. And don't forget, big tech with their backs
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against the wall. You've got Mike Davis on one hand, you know, hammering these guys on this tech
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breakup. You've got the worm on the other, you know, hammering these guys. You've got other people
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hammering them nonstop. They're going to go all in. They're going to go all in to, to, to save the
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Biden regime on November 8th. Don't think you've heard the last of big tech. Okay. I've got Cortez
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ready to go check. I got a cold open for that, but I want to go. She is traveling. Dr. Naomi Wolf,
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Naomi explained that the audience, this daily caller, and if the guys in Denver, the team in Denver
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could get up on the screen, the great daily caller story that now exposes the collusion between
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the big tech oligarchs and CDC to suppress voices. I think you're prominently named Naomi Wolf. Tell
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us what's up with this. Yeah, it's shocking. I'm curious. Indeed, America First, which I gather is
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Stephen Miller's organization, initiated a lawsuit with Discovery that resulted in 268 pages. That's
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the amount that my lawyers have sent me, of internal communications from the CDC to various big tech
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companies, including Twitter and Facebook, to identify American citizens using their First Amendment
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rights to have conversations. And indeed, a completely, you know, laudably investigative tweet of
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mine is among the tweets that were sent by the CDC to illegally to these big tech platforms that
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then resulted in my being de-platformed and not only de-platformed, but chronologically this resulted.
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I don't yet have the discovery to show, you know, how the dots connected internally, but immediately or
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very soon thereafter, Twitter's spokesperson went to all these major news outlets with tweets of mine
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that had been immediately deleted by me because they were badly phrased or tweets taken out of context,
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and a rash of legacy media ran stories calling me crazy. And, you know, I was multiply de-platformed,
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and literally what I was doing in that tweet, which everyone can see, which the CDC used my tax dollars
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to, you know, single me out as an American citizen speaking freely in my country. What I was doing
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there was simply saying hundreds of women are reporting clotting or bleeding events after vaccination
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needs more verification. But, you know, these are reports. And the last thing I'm going to say about
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this is that this is, sorry for the background noise, but this is a massive crime against the women of the
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United States of America, because the Centers for Disease Control, which is tasked with keeping us
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healthy, conspired with for-profit industries to silence a reporter doing basic journalism that then
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resulted in exactly what I was warning about or beginning to acquire documentation of, which is a year later,
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the NIH and other independent, uh, uh, uh, uh, science organizations have multiply confirmed that
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women's average menses have extended average by one day a month, and that there's massive,
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massive dysregulation of women's menstrual cycles post-vaccination resulting now also, um, again,
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we're just finding out the science now, but it's so predictable, uh, around the world,
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there's also a rise in miscarriages and spontaneous abortion. So it's a massive crime.
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And I'm absolutely furious in taking legal action.
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Well, perfect. And, uh, it shows you how important your voice has been from the beginning.
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Naomi, how do people, I know you got to bounce for a plane. How do people get you to follow breaking
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developments on the story on your social media and your platform, ma'am?
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Yeah. Come to daily cloud.io. I'll be writing all of this up on sub stack. And I'm speaking to,
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um, Jim Ostrowski later today and asking him to represent me to file both, uh, you know,
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civil charges and criminal charges against Rochelle Walensky, because this is bodily harm to American
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women as a class. Um, so people, you know, come to daily cloud and the story of this de-platforming,
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I told it in my book, the bodies of others. So now it's in the news that, that the receipts are
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in, um, you know, that, that you can read for yourself, how your government conspired to take
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down yet another American citizen telling truth. I just want to make sure I heard you. You're going
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to push, you're going to get your lawyer. You're going to push for going to, uh, prosecutors, uh,
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and, and trying to get criminal charges filed against. Absolutely. Absolutely. Thousands and
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thousands of women have been bodily harmed by this agency actively concealing information from them
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that could protect their health and safety. It's a massive crime, a physical crime against the
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bodies of American women, against their fertility, against their, their ability to reproduce.
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It's, it's bodily harm. I'm not a lawyer, so I don't know exactly what crime it is, but,
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you know, to me, it appears that it is a massive crime and I will file criminal charges if they can be
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filed as well as civil. The bodies of others go to Amazon right now, uh, or All Seasons Press,
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their website or Amazon and get it. Uh, very powerful. Naomi, thank you very much. We'll talk
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later in the day. Dr. Naomi. Thank you. Blockbuster story on Daily Caller. Um, and I just want to give
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the audience, you know, your, your, your, um, the intelligence services, hedge funds, um, the source
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apparatus, they all watch the show because they know we drive the narrative because we put the
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smartest and best people out there. We provide a platform and we're not backing down in any area.
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So this does not surprise me, but make sure that when you're, when you're watching or listening to
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it, there's a lot of, a lot of people that are not our allies are also watching and listening to it.
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Let me go to, uh, let me go to Steve Cortez. We're a hundred days out. You've seen this blockbuster
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news of Daily Caller, and I want to make sure we get this up and particularly go to the link
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to the actual lawsuit itself, because there you can see the, the, the discovery of CDC.
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This doesn't surprise you, brother Cortez. You've been one of you've been at the forefront.
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In fact, we're on Mike Davis on later, uh, breaking news in the, in the situation,
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the grand jury in the indictment on the, uh, the guy that flew back to kill to assassinate
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Kavanaugh and his wife. It turns out he has confessed to, or said that he wanted to kill
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three justices because he wanted to permanently change the makeup of the court. We've told you
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this. We said, Hey, they're going to try to assassinate Supreme court justice. That doesn't
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come from us. Now that comes from him. We're on Mike Davis. Mike Davis is leading this effort
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to try to try to break a big tech and at least the beginning of it with this bill that's out there.
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Of course they keep pushing that thing off as they drop the dime on us on, um, on this,
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on the inflation control bill, which is another five, what four or $500 billion of spending,
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but let's go to the tech oligarchs and what, what does CDC and the tech oligarchs collusion
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to suppress the voices that came out about the vaccines, about the mask, about the whole,
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whole fiasco Steve Cortez. You know, big tech too often acts like big brother in America. And what we
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increasingly see is actual fascism. And what I mean by that is the government is working in concert
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with hand selected mega corporations, uh, to enforce its will. And oftentimes to get those
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companies to do things that the government itself is not allowed to do because of constitutional
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protections, uh, like the suppression of free speech. So when big tech acts in, in the place
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of the government, it is every bit as tyrannical. The effect is every bit, um, as, as awful for the
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American people. And we saw this in two key ways, right? Number one was regarding the virus,
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um, and, and simply suppressing information and trying to force people into a compulsory
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vaccination that many of them did not want. And in fact, did not need. Uh, and then the second
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aspect being, of course, suppressing information about the presidential election and completely
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rigging the election. And yes, I used that word. It was a rigged election. And there were several
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aspects to that rigging, but a key part of it was big tech and big media working hand in glove to
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completely suppress and censor the most explosive story of the entire presidential season of the
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entire campaign, the laptop from hell. So big tech is a clear and present danger to the liberties of
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America, to our prosperity, even to our very physical health, as we see in this case. And
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Steve, it's no longer time to skirt around the edges or to tinker on the edges with big tech and
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say, oh, well, we should revise or reform section two 30. No, we need to go way further than that.
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Steve, we need to channel Teddy Roosevelt, one of the greatest Republicans of all time. And we
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need trust busting and we need to absolutely break up and regulate these companies because
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they have effectively cornered the digital public square in modern America. And the effects are
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terrible and consequential for our country. By the way, so don't think big tech and big
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media are going to back off. They know in a hundred days if we win the kind of majorities
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we believe they're there for us to win, it's game over for them. Can Denver play? Let's play the cold
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open. And I want you're going to see how hard they're spinning right now. And then we'll talk
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to you about the Financial Times of London. Let's go ahead. Let's go and play the cold open question.
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Does this play out and how does it play out in November? It's impossible to know, right? I mean,
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yes, they could pass something. There could be a swell of optimism. But at the same time,
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we could get inflation numbers that are horrific. People who normally vote may feel like
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this doesn't impact them enough to get them to the polls. You know, I spent the week actually
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talking to people about their current economic a lot, just because I wanted to know how they observe
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all these big numbers that were coming in, whether it was GDP or inflation. And the truth of the matter
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is that a lot of people just aren't paying as close attention as we do. And what they pay attention to,
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I know this is a little bit of a cliche, but what they really do pay attention to is the price of the
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gallon of milk and whether they need to buy two because it's on sale and it's cheaper.
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And so, you know, yes, I think this does give Biden, if they were to pass a lot of momentum,
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he would have a credible case to make that he's had one of the most consequential first terms
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in office in recent memory, if all goes according to plan. But I don't know if that's enough to
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change historical tides or the sense of doom that has kind of come all over this country and despair
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about the state of the economy itself. The sense of doom, they're saying right now that he's
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miraculously pulling off the best first term. Brother Cortez, I know you're a Wall Street Journal
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guy. I'm an FT guy, right? So that's why we're a good pair. I don't want to go and say the FT
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is a little classier and Wall Street is a little more working man, Wall Street. But hey, it's a
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difference between investment banking and the trading desk. There's a guy in the pits and a guy on...
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You're big timing me a little bit there, Steve. That's your Harvard coming out.
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The two quarters of shrinking output push U.S. into, wait for it, Cortez, quote,
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technical recession. Brother, how hard is the business media and all of them now, particularly
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who's had these two spending bills dropped on us overnight, trying to salvage the Biden regime?
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You know, as I mentioned, this level of spinning, their heads spinning around, it reminds me of the
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girl in The Exorcist, literally. Look, you properly previewed this week on Monday's show when you laid
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it out and said this is going to be a week full of data that is going to set the stage for this
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upcoming election. And indeed, it has been. And all of the data, including today, has been absolutely
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miserable, Steve. And we did get the confirmation of what everyday Americans already know, which is that
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we are in a recession and that we are in a very deep recession, not a shallow one. This is an intense
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recession right now because it's an inflationary recession. Normally, one of the saving graces of
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a recession is at least things get cheaper in your life. So economic output declines, but at least the
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necessities of life get cheaper. So there's some silver lining, typically. That is not the case at
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all in this recession. And that's why real wages continue to crash. And we got some terrible news out
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today yet again. Hang on. Hold it. I'm going to hang. We got 30 seconds and I'm going to hold
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everybody on the edge of the seats. Cortez is coming in with the numbers. He's coming in with
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the math. He's coming in the receipts. What does Steve Cortez say? One of the great quotes. Price is
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You know what's never good? When your nation's supposed authority on economic policy completely
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misses the flashing red lights of impending inflation. Now, Treasury Secretary Janet Yellen
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has finally admitted, quote, there's been an unanticipated and large shocks to the economy
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that have boosted energy and food prices and supply bottlenecks that affected our economy badly
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that I didn't at the time fully understand. End quote. You know who understands the real threat of
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With Stephen K. Bannon. The epidemic is a demon and we cannot let this demon hide.
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War Room. Pandemic. Here's your host, Stephen K. Bannon.
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You can't get MyPillow in Big Box. They pulled it because of Mike Lindell's belief in his country,
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Go check it out. The armor-piercing shell that is Mike Lindell. We're going to be talking tomorrow.
00:17:14.380
Mike's going to join us. We've got a ton of folks, Arizona. All the politics are going on. Big
00:17:20.220
Tuesday's coming up and we're going to be all over it with economics. Geopolitics had all ties together.
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A hundred days and a wake up is tomorrow on the War Room, 10 o'clock until noon. Mike's going to
00:17:31.740
talk about the summit they're having out in Springfield, Missouri on the third weekend in
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August. We'll talk all about that. Steve Cortez, Brother Cortez. By the way, CPAC, go to
00:17:42.620
conservative.org. Check out the CPAC. We're doing a bunch of special broadcasting from there,
00:17:47.100
so go check it out right now. Slash War Room and get into some of the special events.
00:17:51.900
Cortez, the floor is yours. I know you've done a bunch of other analysis. You've got other
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numbers to talk to us about. Just an overview. With all the spin they've put up in the happy talk,
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inflation control bill, which is another massive Keynesian stimulus package and a payoff for
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this is a tell to the Senate. Manchin and those guys know they're going to lose the Senate,
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so they're paying off their donors and their lobbyists. Give us your sense of today's. We're
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on Friday. It's the end of the week. You and I kicked the show off Monday morning talking about
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this, that what a big week it was going to be leading up to this. Walk us through today's numbers
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and your overall assessment, Brother Cortez. Sure. No, listen, a huge week, and the numbers were
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absolutely miserable. They were worse than even I expected, and I went into it, as you know,
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very pessimistically, these numbers are even worse. This economy is absolutely crashing into a ditch.
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That is the reality, and no amount of spin, no amount of narrative is going to change the facts.
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So let's look at the data and the evidence, the newest data, the newest numbers we got out today,
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the PCE, which is the Personal Consumption Expenditure Index. This is an inflation read,
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and it is preferred by the Fed. They believe it's a better capture of inflation than CPI for some
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technical reasons that aren't, honestly, all that important. But what is important is PCE today hit
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yet another 40-year record high. Now, we're showing a chart there because I want to put this in context.
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I think it's important for people, for those who are watching the show, not just listening,
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to actually see it, to visually see this explosion and what it coincided with, which is Joe Biden taking
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office. So the chart that I show there goes back to the beginning of Donald Trump's term. And during all of
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Donald Trump's term, we had contained, predictable, low, stable inflation. Even in 2019, as the economy
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was absolutely soaring, as pay increases for workers were making historic highs, we still
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had contained inflation. That means real wages were galloping higher. We now have the exact opposite.
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Real wages are crashing. And I think that chart shows this is an absolute systemic crisis. It's not
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transitory. It's not a transition. It is a systemic crisis. And so much of this inflation, Steve, I
00:19:58.700
think this is really important, is very sticky. There are aspects of it that are volatile and that
00:20:03.580
can change dramatically. Things like crude oil, natural gas, those are starting to rise again
00:20:08.060
pretty significantly. But thankfully, the consumer did get a little bit of a break off of all-time highs
00:20:13.260
on things like gasoline. But there are also very sticky aspects. And what I mean is prices that do not
00:20:18.140
change quickly, that are not volatile, that are unlikely to come down at all, things like rents. So we have
00:20:23.500
rents in America right now. Again, let's talk numbers. For the first time ever, the average
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rent in America for an apartment is over $2,000 per month. And the annual clip right now, for those
00:20:33.340
who have to re-sign, is 14% increases. Steve, nobody can handle that. Nobody's making a 14%
00:20:39.660
increase at their job. Their pay is not going up anywhere close to 14%. And yet their rent is. And
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that's why we see all of these consumer-facing names, Walmart being the most significant one,
00:20:50.220
because it's the biggest. But these consumer-facing names are absolutely floundering. They are missing
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their numbers. They are gapping down in their stock prices. And look, Americans know intrinsically that
00:21:00.940
we are in a recession. You can't spin somebody to believe other than their personal reality. They
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know their bank account. They know their credit card bills. They know the anxiety that they're facing
00:21:10.380
right now. Consumer confidence, which again has been measured since the 1950s by the University of
00:21:15.500
Michigan. Consumer confidence at an all-time low. It has never been worse than it is right now.
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So no honest person can look at this collection of data, whether it's small business optimism,
00:21:25.980
tanking, personal confidence, consumer confidence, and then inflation data like this at multi-decade
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highs. No honest person can look at that and say, you know what, I don't think we're in a recession,
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or it's just a transition. That is ridiculous doublespeak. It's Orwellian. We reject it. And
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thankfully, as I said, you don't really need to work very hard to convince the American people
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of the economic quagmire that we're in because they all know it. I've mentioned this before too,
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Steve. I've been campaigning all over this country trying to get the best America first candidates,
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elected patriotic populace, not just Republican in name only. And as I meet hundreds and perhaps
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even thousands of people, all of whom watch the war room, by the way, the very first thing they
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mentioned to me, and they say it with real angst, the very first thing they say is inflation. They
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just, they can't afford the things they need in their life. Forget about the luxuries. They can't
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afford the things they need. They're worried for their children. They're worried about paying bills.
00:22:18.380
Their credit card debt is mounting. This is a dire situation, and it is a created crisis
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by Joe Biden with help from the complicit, collaborative Republicans like Mitch McConnell.
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here's what is, it's not confusing, but it's fascinating to watch, and it's only going to
00:22:40.780
exacerbate the problem. You have so many conflicting policy prescriptions that are actually being
00:22:46.940
actuated as we speak. You have the Fed that is increasing interest rates, 75 basis points. So
00:22:53.260
that's going to make it, that's going to flow to your credit card, your mortgages,
00:22:57.100
the cost of doing business for everybody, that's going to get passed along. At the same time,
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they refuse to touch the $9.5 trillion on the balance sheet at the Fed. The tightening,
00:23:07.580
the tightening is off. So they're keeping the liquidity out there. Also, they come in with these
00:23:14.300
massive Keynesian stimulus packages. They call it every different thing in the world. But you know,
00:23:20.300
between the, I think the 300 billion for the chips deal, which only 50 or 80 billion go to the chips.
00:23:25.100
You got a, I don't know, 250, 300 billion that you got Manchin talking about, and it's tough to
00:23:29.820
calculate. I think it's four or $500 million. And they say they're going to have these tax,
00:23:33.020
it's going to be, it's going to be net, but that stuff never gets implemented. That's just all on
00:23:36.940
paper. Yeah. And then you see inside the administration, they're doing executive orders
00:23:42.060
all the time to try to push cash out too. How do you, and they refuse to, when they say transition,
00:23:49.020
when they say transition to stable, that is a code word for this transition
00:23:53.020
to their green, sustainable, you know, economy, the green. And they refuse to actually get to the
00:23:59.580
heart of the energy issue. In fact, they're doing things on the energy issue that only exacerbate
00:24:05.020
this. Correct Cortez, brother Cortez in this dog's breakfast. And I think quite frankly, and I take
00:24:10.460
pride in this because I had some people talking at the financial times the other day. And I think we're
00:24:16.140
the only people that are looking at this holistically and saying, hey, what they're doing now is not
00:24:22.940
going to solve this. It's really throwing gasoline or kerosene right now in the fire. Do you agree
00:24:28.300
with that assessment? No, absolutely. The current actions from Washington DC are greatly exacerbating
00:24:34.860
the existing created crisis, greatly exacerbating rather than trying to fix it. And you mentioned
00:24:40.300
energy. I think we unfortunately have to come to this realization that our political opponents here,
00:24:45.100
it's not just that they're wrong, Steve, about energy. It's that they don't care that it's harming
00:24:50.060
the United States. In other words, they are prioritizing their green agenda. They are following
00:24:55.260
the dictates of a snotty teenager from Sweden, rather than caring about the economic reality of
00:25:00.700
working class Americans. This country, thank goodness, was born by the grace of the almighty.
00:25:06.460
This country has oceans of energy under our feet, oceans of energy that we can harness and have
00:25:12.140
predictable, stable, affordable, plentiful energy. We had it under Donald Trump. We still can't.
00:25:17.660
It's not just that the left gets it wrong on a policy prescription here, Steve. It's that they want
00:25:22.300
to inflict this pain because they want to force a transition, right, which is their new favorite word.
00:25:27.100
The leftists, they love transitioning in all kinds of ways, including apparently in the economy,
00:25:31.820
and its transition to servitude. It is transition to poverty and to dependency upon foreign sources,
00:25:38.700
upon the government. That's the transition. So we need to be realistic. And I hate to be that
00:25:43.100
cynical. Americans by nature are optimistic people and want to believe that even their political
00:25:47.660
opponents have good motives. Steve, that's just not the case right now in 2022 America. We need to
00:25:53.420
realize what time it is in this country, the kind of existential fight for this republic that we are
00:25:58.140
engaged in right now because our republic is increasingly devolving into an oligarchy. And if
00:26:03.500
we don't arrest that trend right now, if we don't stop it right now, it will soon be too late. That's why
00:26:09.100
these 22 elections and 24 elections are so unbelievably consequential. And we cannot have our lives dictated
00:26:15.820
by a group of oligarchs and a group of radical leftists who have joined in an unholy alliance to punish
00:26:21.820
the American people in many ways, but particularly punish us economically. You know, and again,
00:26:26.860
I made this point yesterday and I think it's so important for the American people. You know, we
00:26:30.940
we are born Americans. We're born for greatness in everything, including in the economy. This has
00:26:36.060
been the most prosperous nation in the history of the world. That grand inheritance is being squandered
00:26:41.340
right now by totally irresponsible tyrants in Washington, D.C. and corporate boardrooms.
00:26:46.540
We can stop it, but the clock is ticking, Steve, and we need to stop it very quickly because this
00:26:50.940
inflation is so out of control that, believe me, it is not impossible for the United States to go
00:26:56.300
down the road of other formerly wealthy countries, places like Venezuela and Argentina.
00:27:02.220
Every working class and middle class people, regardless of your ethnicity, your religion,
00:27:06.620
your race, if you vote for the Democratic Party right now, you're voting for your own servitude.
00:27:16.700
It's just that simple. We can walk you through the math. These are anti-democratic institutions right
00:27:22.620
now. The administrative state coupled with their funding mechanism, the Federal Reserve,
00:27:26.380
which would just keep printing money to have the concentration wealth, have the wealthy dictate over
00:27:30.540
you. But this about energy, the buried lead, the tell, let me say the tell, is they will not address
00:27:39.180
energy. Until you address energy, everything else you're talking about this is happy talk, right?
00:27:44.140
Because your fuel costs. Well, Harnwell's going to come in in the next half hour.
00:27:48.060
In Europe, I'm seeing headlines. You can't, that's why I'm putting them up on Getter.
00:27:52.540
People not taking showers, taking cold showers, not going to have any heat this winter, skipping meals
00:27:58.060
as part of now their lives. They're now kind of falling into this. They're accepting it.
00:28:03.660
And it's absolutely stunning. You say a small thing. It's they're changing your behavior to fit what
00:28:10.940
they want you to fit. Short break. Brad, Cortez, Harnwell, all next in the war room.
00:28:24.300
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War Room. Pandemic with Stephen K. Bannon. The epidemic is a demon and we cannot let this demon
00:30:01.800
hide. War Room. Pandemic. Here's your host, Stephen K. Bannon.
00:30:07.140
Okay, welcome back. Unplugged.com slash War Room. Go there. Eric Prince, the great Eric
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Prince has been obsessed with security of your communications. He's building a phone to take
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care of that, but right now he's got an app. Go to unplugged.com, promo code War Room, just
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he's got an encryption key in there for all your phone calls, text messages, all that. So check it
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out today. Unplugged.com. I want to go, I'm bringing in Dave Bratt. The most important thing
00:30:45.240
that happened in your life this week, that's why I'm so proud of the War Room, is this story right
00:30:52.180
here. Beijing seeks $148 billion bailout of their real estate. It's all over the Financial Times,
00:31:01.360
a multiple articles. We were ahead of this. We told you this was going to happen.
00:31:05.880
The sucking sound you're about to hear is the collapse of the Chinese financial system. And
00:31:12.300
that will suck everything down with it in a vortex. But I want to go back to what Cortez said.
00:31:17.900
Brad's going to come up with some more data about here in the United States. This headline the other
00:31:21.640
day is what's changing. World's biggest consumer names announced soaring price increases. Soaring
00:31:30.860
price increases. Their revenues just got hit. That's not going to happen again. They're passing
00:31:36.220
it directly on to you. You think your life's miserable right now? You ain't seen nothing yet,
00:31:40.700
baby. Okay. Dave Bratt, join us here. I know you've got a bunch of analysis you want to go through.
00:31:45.540
The floor is yours, sir. Yeah. Hey, if Cameron wants to put up a couple of the charts, I just
00:31:51.900
wanted to clear up this recession story a bit. And I found a real nice piece that kind of goes along
00:31:58.120
with the theme we've been developing on the hit to the real economy. And the second quarter data that
00:32:05.760
just came out on GDP, right? That's usually always, if you have two quarters in a row, that's a recession.
00:32:12.220
So we're in a recession. There's no doubt about that. You got the mainstream press talking about
00:32:16.960
it. But this chart right here shows the decomposition of that GDP number, what really
00:32:23.420
caused it. And so the second quarter data reflected a noticeable deceleration of economic activity in
00:32:30.240
the real economy made up of middle market businesses that account for about 40 percent of
00:32:36.340
the country's GDP. Middle market businesses, right? So that's our crew and posse out there that watch
00:32:42.140
the show every day due to weakening demand, impact of energy shock, inflation, raising rates. But
00:32:48.560
here's the key. Personal consumption increased by 1 percent in contrast with a 13.5 percent decline in
00:32:57.620
gross private investment, which is driven by an 11 percent decline in outlays on structures
00:33:04.080
and a 14 percent drop in residential investment. And so that is the real economy, middle level, not the
00:33:15.740
high-end guys, the middle of the economy. And then this is just a more detailed shot. And this will
00:33:22.220
Hold it, hold it, hold it. But hang on. Whoa, whoa, whoa, whoa.
00:33:24.460
This dovetails with what Cortez was saying 10 days ago from the Boston Globe. They had the
00:33:30.920
analysis of this. Now, they were a lot of service businesses, too. But what you're talking about
00:33:35.300
here and what's Cortez, those are the companies that drive 80 percent or 90 percent of the job
00:33:41.280
creation. And everything you hear on here, this happy talk, this mindless happy talk, well, the
00:33:46.320
economy, you know, it's really good. It's got jobs and you see help on it. That's all coming. Look
00:33:50.680
over the other side of the hill. The bottom is about to drop out of that. And it's going to drop
00:33:59.340
Yeah. And the real economy, right? So just put those two things together. So output is going down.
00:34:06.060
That's been confirmed now by the official statistics. So there's all sorts of jobs.
00:34:11.500
They're touting the job numbers. Well, how do you have those at the same time? More jobs,
00:34:16.460
more people hired supposedly and less output. Well, in economics, that means one thing. That
00:34:23.060
means productivity is going down. And that's consistent. You know, a couple of months ago,
00:34:28.460
I was on with Robert Gordon. He's the productivity expert in the world at Northwestern University.
00:34:34.460
And you can go out and look at his stuff and total factor productivity. That's the only variable that
00:34:41.100
causes long run economic growth. And it's at zero. Right. And Peter Thiel has got great commentary
00:34:47.780
on this. And so the U.S. is no longer paying attention to its knitting to what really causes
00:34:53.660
growth. All we're doing is this artificial demand stimulus with printing money, printing money.
00:34:59.700
Hang on. Yeah. Ladies and gentlemen, right there, you got the nut of it. And I want to go back to
00:35:04.520
Cortez. Cortez, this is what exactly what you've been talking about. Right. We don't really have a
00:35:10.520
productive economy. Everything you're seeing is this kind of financial engineering. And what you
00:35:14.340
have is the Fed continues to funnel the administrative state by just printing money.
00:35:19.600
Steve Cortez. Yeah. And so it's sort of an economic version of a snake eating its own tail. Right. And
00:35:24.860
we have the financialization of the American economy. Right. Where it's all about, for example,
00:35:29.400
stock buybacks rather than investing into business, rather than real CapEx, rather than raising
00:35:34.440
productivity. And Professor Brad is exactly right. Productivity has been stagnant to declining for far
00:35:40.200
too long in this country. And that's only going to get worse in this present scenario, unfortunately.
00:35:45.060
And regarding those job gains, too, like I don't like to call them gains because we're just recouping
00:35:49.520
the jobs that were that were lost because of the CCP virus in this country. So they're not actual
00:35:55.060
true job gains in any sense. But even those relatively positive numbers are going to start
00:36:01.100
turning around in a significant way. There's just no way to avoid it, given all of these economic
00:36:05.780
realities that we're talking about. But what Brad's talking about is what Brad's talking about.
00:36:11.200
These are just replace you're just replacing the jobs you had with coming back and coming back from
00:36:16.940
from the CCP virus from COVID-19. There's no job creation. Job creation comes from underlying economic
00:36:25.220
performance and productivity. If you don't have an account and by the way, your lot your eyes tell you
00:36:30.100
that. Just look around. Do you see any real growth of real manufacturing or real production or making
00:36:36.320
things and servicing things? Do you see that around your hometown? Do you see? No. What you see is maybe
00:36:44.180
the health care center, which is all government funded, right, or everything that's related to the
00:36:48.040
government. And that's just that's just and here's the lie. They're coming. They just dropped this
00:36:53.920
thing before August. They're coming back in August on the appropriations bill, Brad. They're not going to hit
00:36:58.800
the 30th September because that's when the fiscal year ends. We'll have them up against the wall.
00:37:04.300
The Senate Republicans and the Mitch McConnell, the collaborationists will play ball and you're
00:37:09.080
going to have another continued resolution. And that's literally another discretionary spending
00:37:13.800
unfunded of a trillion to a trillion a half dollars. And how are they going to do it? They'll just crank up
00:37:19.420
the Fed again. When I say crank up the Fed, they'll have the primary brokers. They'll push this money into
00:37:24.500
we're just basically we're the buyer of last resort of our own phony made up kind of treasury
00:37:30.300
bills. Right. There's no other buyers. China ain't going to buy it. Japan can't buy it. Go ahead, Dave.
00:37:35.240
I want to link that to China. Right. So Japan, you can go study your Japan history. China,
00:37:42.120
what's going on now? It's really easy to invest. Right. At first, when you throw money at high speed
00:37:47.080
trains and apartments and real estate and manufacturing, great, great growth at first.
00:37:53.640
Right. So China grew like crazy. But now a communist system does not have the brain. Right.
00:37:58.540
The free market system, the price system is the brain of the economy, the supercomputer.
00:38:03.520
And so they run out of brains. They've hit a brick wall. They got run on banks. Now, the people all that
00:38:09.500
they build, they pay for their housing while they're building it. And that thing's cracked up.
00:38:16.080
So people are very scared over there. Now, that's related to the US, though, right now,
00:38:20.400
because that's what we're going to do with the green energy thing in Manchin. We're throwing good
00:38:24.340
money after bad. So 500 billion, instead of going into real investment, it's going to go into government
00:38:30.100
stuff like you just said on health care and all this kind of nonsense. And it's not. Hang on. Hang
00:38:35.960
on. Hang on. Your point is so well made. The Financial Times today, Cortez, you're going to jump in here.
00:38:40.320
Remember, the reason we're in this jam today, outside of this small window when Trump was there
00:38:46.460
and that really the first couple of years that blossomed into 2019, the greatest economic year
00:38:52.260
we've had in memory, living memory, the 2008 housing crisis that led to the financial crisis
00:38:59.160
is a pimple compared to what's in China. Today, China seeks to mobilize $148 billion bailout for real
00:39:07.340
estate project. And they got the empty houses here and the people coming for their money.
00:39:11.360
Cortez, jump in. When this gets sucked down, the interconnection of the global capital markets
00:39:16.080
and particularly China's buying our bonds and holding over a trillion dollars of our...
00:39:20.280
It used to be a trillion, too. I think it's a trillion, one. They sold 100 billion.
00:39:24.200
They're going to be offloading all of it. Cortez.
00:39:27.880
You know, so China, by the way, speaking of it right now, as we're speaking, FXI, which is the ETF,
00:39:32.660
the exchange-traded fund for the country of China, the most liquid one that's traded here
00:39:36.480
in the United States, it is down right now 4% on the day. But what's really significant,
00:39:41.980
and I'm showing this chart there, that goes on... That's FXI China going all the way back to 2004
00:39:46.380
when this ETF debuted. China's stock performance is so poor as a country right now that it is literally
00:39:53.780
where it was in the fall of 2008. Okay? In the fall of 2008, when the global economy,
00:39:59.940
the global financial structure was falling to pieces, was crashing and careening lower.
00:40:05.360
Okay? In September of 2008, if you bought China FXI, you are unchanged 14 years later.
00:40:11.880
That's pretty stunning, Steve. I mean, it's actually incredible that over 14 years,
00:40:16.280
you have not made a dollar by buying China and buying it during a crash period. And for comparison
00:40:22.300
purposes, I think this is important. Let's put up the U.S. same performance. So this is the S&P 500.
00:40:27.060
And look, the S&P's had a very tough time lately, but if we go all the way back to 2004,
00:40:33.000
okay, if you had bought the S&P at that same time, you'd be buying SPY, you'd be buying that at $115.
00:40:39.820
It has more than tripled since then, not counting dividends. That's just price appreciation. So
00:40:44.580
that's how well you've done if you had the guts to buy the United States at those dark days of 2008.
00:40:51.340
But hang over a second. And this gets to the phoniness of what you told them, the great growth
00:40:55.760
of China. Remember, you go back and lay up the Chinese growth of the economy. The Chinese economy,
00:41:01.960
I think at the time, because it's roughly $20 trillion a day, I think it was like 12 or 10.
00:41:07.400
I think it was just barely breaking. Their economy is essentially doubled. In the law of large numbers,
00:41:12.080
that's not an easy double, right? Right. But you see that the value of it hasn't increased at all
00:41:18.200
in what, 14 years, 13 years? Correct. So here's the thing. And by the way, for people out there
00:41:22.900
who don't understand stock market, what we're trying to do is show you trends in the world that
00:41:27.400
are important to you. When he says SFX and the buying, you're basically instead of buying individual
00:41:32.300
stocks, you buy a basket. But that's a proxy for how the overall value goes. This puts to a lie a lot of
00:41:38.420
things. Why are we putting American pension fund money into China? Right. Why are you doing it?
00:41:45.300
Because Larry Fink and those guys are getting big league fees by putting it together. The other
00:41:50.540
thing is that every number that comes out of China is a lie. That right there is not a lie. You know
00:41:55.100
why? Price is truth. That's what people are prepared to pay for it. Okay. They are also teetering
00:42:00.620
because we've given them so much capital with so fewer controls. They are teetering. They jacked up
00:42:06.620
the real estate market and the CCP skim the profits. Now they got a problem. The prices are
00:42:13.320
dropping 30% in your own personal life, in your own personal health. That's why we got home title
00:42:18.300
lock to protect your deed on your house because that's all you got, baby. 90% of people's net worth
00:42:24.100
is tied up into the house. Get a pen out there with your cup of coffee at the kitchen table. Tell me how
00:42:28.780
you would feel this afternoon at lunch if your house was down 30%. That's what Lao Bai Jing is. They got real
00:42:35.280
estate that's in a free fall and there's no market to get rid of it. They go back to the guy and say,
00:42:39.480
hey, I think you sold me something or I need my cash out of my bank. They show up at the Bank of
00:42:43.920
China, not some regional dog bank out there in the hinterlands. I'm talking about a Bank of China in
00:42:49.000
Hanan, a massive city. They show up to get their money back and they got tanks. It looks like Tiananmen
00:42:54.500
Square in 1989. You got tanks in front of you, right? They got tanks. I don't think, and they could say,
00:43:01.460
hey, your savings has been reclassified as investment products. They can't be, they're
00:43:06.040
not liquid. You don't have access to it. Hey, I tell you what, hang on guys. We got another big
00:43:13.320
block. I'm going to turn you guys loose. We're going to take a short commercial break. The
00:43:16.580
interconnectivity, you talk about globalization. By the way, Der Spiegel last night, I put it up on my
00:43:21.240
getter. Der Spiegel, which is the Time Magazine of Germany, had a massive headline, their cover story,
00:43:28.700
the end of globalization. And it walked the Germans through exactly how globalization's finished
00:43:35.180
over, how it didn't work for them. And there's got to be a new path forward.
00:43:41.500
Short commercial break. Cortez, Brett, and I promise you, you're going to get the one and
00:43:48.100
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00:47:34.300
Okay, breaking. By the way, we're all in Getter. We finally got Brad up there. His wife told him how to use it.
00:47:38.660
So we got Brad up there. Cortez is a beast on Getter. I'm up 24 hours a day putting up stuff.
00:47:43.720
Harnwell's unbelievable. His live streams are incredible. But the whole posse, everybody,
00:47:48.220
Navarro's up there, all of us. So go there. By the way, breaking news, Brad, before you start,
00:47:53.820
U.S. savings rate declined to 5.1% in June, the lowest level since August of 2009.
00:48:03.100
Lao Bai Jing, by the way, the Chinese common man, savings rates 50%, so they have no savings rate.
00:48:08.220
That cash is the only thing they've got, and that's why those tanks are in front of the banks.
00:48:14.160
They ain't getting enough cash. The Chinese common's party is going to keep it to recapitalize
00:48:17.920
themselves. Dave Brad, closing thoughts, observations, analysis, sir.
00:48:22.600
Yeah, China's been the engine. Anything goes south with Taiwan, that's a 5% to 10% hit on U.S. GDP.
00:48:29.300
The Fed orchestrated free money for 10 years, federal funds rate 0%, 10 years. That has been
00:48:37.580
great for the richest 5%. 85% of the people don't have many stocks. It's not funny. It's not funny what's
00:48:44.020
going to happen to the Chinese Lao Bai Jing, 1.4 billion people created in God's image. It's not
00:48:49.340
funny. Navarro came on yesterday, did a great job, and brought in a moral component. He said,
00:48:53.940
this thing's unethical beyond comprehension. Then he went off on some literary tangents. I just want
00:49:03.340
to share one more with you. I'm serious about this. People need to take another look
00:49:07.600
at Dante's Inferno. For the complacent people out there, Dante, back in 1200, puts them in the first
00:49:16.740
ring of hell for being complacent, and puts them with a bunch of wasps and snakes to light them up,
00:49:22.360
give them a little stimulus for their moral complacency. For those who betray their country
00:49:29.080
or family or God, you're in the ninth frozen with Satan. For the fraudsters, there is good and there
00:49:38.280
is evil in this world. There are real things. The Enlightenment faked us out on this stuff a little
00:49:44.080
bit, but there is good and evil. For those who think at the last minute you're going to turn around
00:49:50.000
and say, I'm sorry, I don't think it works that way. Go check out the Judeo-Christian tradition.
00:49:55.720
Dante is a nice fun read to get lit up a little bit, but these moral ideas are central to what's
00:50:03.280
going on in the world. The people ought to be very angry and upset right now at the leaders who have
00:50:08.180
sold you down the river economically and educationally and destroyed your kids' chances
00:50:15.660
at a real future. You ought to be lit, and we need to vote appropriately and put people who
00:50:21.220
care about this country back in power. I think we just got big-legged intellectually there,
00:50:26.720
Cortez, by Princeton. Let's go to Georgetown's finest. That's pretty impressive. Dante's in front of
00:50:32.380
back to the capital markets. I dig that a lot. You know that. When Brett says five, hold it. We just
00:50:38.260
had a 0.9. When Brett says five to 10%, folks, that's depression. That's depression. That's
00:50:45.400
depression. Steve Cortez, China, Taiwan, the South China Sea, Nancy Pelosi, all of it, sir.
00:50:51.920
Yeah. By the way, Nancy Pelosi, I'm not sure I have ever praised her on any broadcast ever.
00:50:56.880
However, she's doing a smart and courageous thing, and she should 100% go to Taiwan, to our friend
00:51:01.720
and ally. So kudos to Nancy Pelosi, assuming that she actually follows through. But regarding Taiwan
00:51:06.820
and to connect the economics here to the national security situation, as the choices diminish for
00:51:13.160
the CCP and as it increasingly believes that it's in a corner with its own people, with its own
00:51:18.220
population because of the crashing Chinese economy, because of what we showed on that chart,
00:51:23.080
no growth in terms of its equity valuation in 14 years, literally no growth in China.
00:51:29.160
Unfortunately, the CCP, Xi and the junta that run that country, that dictatorial group,
00:51:34.640
they are increasingly incentivized to get far more aggressive with Taiwan. It's one of the oldest
00:51:40.640
tricks in the book for dictators, create a massive diversion, try to get the people to unite behind a
00:51:45.700
patriotic cause, a nationalistic cause, even if it's totally misguided. And so this situation gets
00:51:51.300
so dangerous, particularly because of who we have in the Oval Office right now, right? We have an
00:51:55.740
absolutely feckless leader who was just lectured to by Xi, who got on the call with the President of
00:52:02.400
the United States and barked at him like a junkyard dog. He said, you are playing with fire. He neither
00:52:07.840
fears nor respects Joe Biden. And when you combine that with the economic situation in China, it's
00:52:13.620
incredibly dangerous what's going on right now. And in the meantime, by the way, our ruling class,
00:52:18.280
you know, supposed experts, they want to focus on the eastern border of Ukraine, which is irrelevant
00:52:23.100
to the United States instead of focusing on Taiwan, which is critical to the United States. I wish it
00:52:28.340
weren't. I wish we weren't so dependent on them economically, but we are. That is the reality we
00:52:32.960
have to deal with in the present term. And so keep an eye on this situation. Things get a lot more
00:52:37.620
dangerous. Okay. Instead of the southern border or Taiwan, it's not trying to see we're over these. We're
00:52:41.420
going to get into that with Harnwell next hour. Okay, real quickly, 30 seconds. Cortez, you first. And Brad,
00:52:46.000
who had a bigger gangster move yesterday? She barking at Biden like he's having Biden kowtow to
00:52:53.740
him when he threatened him with the fire or Joe Manchin and Schumer coming in and just breaking
00:52:58.240
McConnell. Who was the bigger gangster yesterday? Steve Cortez. Well, unfortunately, I have to say
00:53:03.700
she because I think we should be much more worried about that. They both were gangsters. They both worked
00:53:09.320
against the interests of America, but she is far more dangerous. Dave Brett, who was a bigger gangster
00:53:14.220
yesterday? Joe Manchin coming in for his payday for his lobbyists and his corporation to have to
00:53:18.480
line to people? Or was it she barking at the feckless old man that is head of the regime?
00:53:24.960
Yeah, well, I'm going after my old friend Joe Manchin. He was in our Christian dinner group. And so
00:53:30.140
for me, it's more gangster, fraudster. That's the eighth level of hell, Joe, for fraud. And he's too
00:53:40.660
good of a man to have done that. You know, he got a couple of things from West Virginia. And it's a
00:53:45.760
disaster, relatively speaking. Hey, you know what Joe Manchin said? Dante, Judeo-Christian West, that
00:53:51.760
brother. Dante that. Okay. I'm getting a payday for my corporate sponsors. Dave Brett up at Liberty
00:53:59.920
University. Cortez, what's your handle? How do people get to you and all your writings?
00:54:03.380
Well, I've got the baller handle, Steve. Find me at Getter. I'm at Steve.
00:54:12.780
Brett Economics. Getter. Brett Economics on Getter. I actually put some new stuff up today.
00:54:19.060
Fine. We're going to push it. We're going to link to it. Okay. Thank you.
00:54:22.120
Harnwell, Carrie Lake, Mike Davis about the assassination attempt on Judge
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