Bannon's War Room - Episode 2336： The US economy And The Dangers Of China

00:00:01.000 This is the primal scream of a dying regime.

00:00:06.000 Pray for our enemies.

00:00:08.000 Because we're going to medieval on these people.

00:00:11.000 You're just not going to free shot at all these networks lying about the people.

00:00:15.000 The people have had a belly full of it.

00:00:17.000 I know you don't like hearing that.

00:00:19.000 I know you've tried to do everything in the world to stop that, but you're not going to stop it.

00:00:22.000 It's going to happen.

00:00:23.000 And where do people like that go to share the big line?

00:00:26.000 Mega Media.

00:00:27.000 I wish in my soul, I wish that any of these people had a conscience.

00:00:32.000 Ask yourself, what is my task and what is my purpose?

00:00:36.000 If that answer is to save my country, this country will be saved.

00:00:43.000 War Room. Here's your host, Stephen K. Bannon.

00:00:48.000 Okay, welcome.

00:00:49.000 It is Tuesday, 29 November, year of over 2022 is three weeks from the midterm elections.

00:00:56.000 And we've got a lot of work to do because now there's a lot of converging forces still have this runoff in Georgia. 0.98

00:01:01.000 You still have this massive situation in Arizona, which is not going to go away.

00:01:07.000 There's so much going on behind the scenes, lawsuits, affidavits, all of it.

00:01:11.000 What was proven yesterday in Maricopa County at that supervisor meeting, there is no doubt in anybody's mind this thing was stolen.

00:01:20.000 You heard in the cold open or you heard in the cold open for Charlie Kirk that a supervisor in Mojave County said, hey, they threaten me with they threaten me with criminal charges if I didn't certify this.

00:01:31.000 And Cochise, they're sitting there going, hey, tough.

00:01:34.000 We need Katie Hobbs to come down and give a full presentation. 1.00

00:01:37.000 And Elias, the evil genius of the big steal of 2020, has filed a lawsuit representing some group said, hey, the only presentation you supervisors are going to get is in a court of law.

00:01:48.000 Now, this is the way the Democrats play smash mouth and we need to start playing smash mouth just the same way.

00:01:55.000 OK, and this is why I think you have Mike Lindell running for RNC.

00:01:58.000 There's a lot going on.

00:01:59.000 The one thing I've got Ed Dowd on the really the economics of China, which is absolutely essential now to the global financial situation.

00:02:07.000 He and his team have been doing great work.

00:02:09.000 Dr. Bradley Thayer, who I think knows China as well as anybody, is on to talk to us about what's happening even the last 48 hours with Xi.

00:02:16.000 But I want to go back to Cortez and with all that maelstrom, Steve, the people should these Democrats are so crafty and so cunning.

00:02:26.000 What's going to go on here in the lame duck?

00:02:30.000 They're going to try to structurally set it both with the debt ceiling to either remove it or lift it up so that more mass spending can take place, because that's how they run this thing. 0.99

00:02:40.000 And all these bills, all these bills, you've got all their funding, all these NGOs, many of these NGOs are the ones that are out there causing trouble on election day, causing trouble with these elections.

00:02:53.000 This thing is sick. You've got a an omnibus bill, which they want to pass now because the new Congress, when we control the House, will shut it down.

00:03:01.000 It's going to have not just the three and a half trillion dollars of transfer payments of Social Security, Medicaid and Medicare, the three and a half trillion, which essentially is close to what all revenues and fees back to the U.S. government are.

00:03:13.000 But it's anywhere from another trillion to a tree and a half to almost two trillion dollars of deficit spending, of which we're going to have to print money.

00:03:20.000 Then you've got the NDA, the defense authorization.

00:03:23.000 As you've gone through that defense authorization act, it's got all the wokeness that's led the military to collapse on recruiting and have no readiness in the South China Sea of the defense of Taiwan.

00:03:35.000 It's got all that wokeness embedded in the bill. 0.84

00:03:38.000 And that's just three of the big ones.

00:03:41.000 There's so much more. Remember, Pelosi ain't coming back.

00:03:44.000 This is her swan song. Right.

00:03:46.000 And a lot of these were Democrat senators like Tester and Manchin and Sinema understand that in the run up to 2024, when they have, I think, of the 33 senators that are up in the cycle, 24 Democrats in a ton are from red states.

00:03:59.000 They're going to have to heave, too. So this is and you got all the guys leaving.

00:04:03.000 This is going to be an orgy of spending in malfeasance.

00:04:06.000 So, Steve, your perspective on one of the big structuralists.

00:04:09.000 I keep telling people, hey, don't give me the horse race in the Santa's versus Trump.

00:04:13.000 It's all grade school stuff.

00:04:14.000 Talk to me about now, because they're setting the terms of the conversation.

00:04:19.000 They're going to set the terms in the direction of the country.

00:04:22.000 They're going to give another 50 billion dollars to Ukraine.

00:04:24.000 Steve Cortez. No, correct.

00:04:26.000 Listen, the Democrats right now are trying in these coming days and weeks of this year, they're trying to set the table to effectively neuter the incoming House GOP.

00:04:36.000 But thankfully, we can stop it.

00:04:38.000 But I want to, again, implore the deplorables out there to stay at their political battle station.

00:04:43.000 I know it's tempting to take the rest of the year off to focus on family and holidays and football and hunting and all these wonderful things.

00:04:50.000 Well, the Democrats have extremely aggressive and devious plans.

00:04:54.000 You know, in addition to some of the things you mentioned, we also mentioned earlier the attack on religious liberty, a potential amnesty for millions of illegals in this country, a potential attack on so-called assault weapons, on Second Amendment rights.

00:05:07.000 So their agenda in these coming days is vast and it is significant.

00:05:11.000 Now, it can be stopped, but it's going to take nerves of steel, particularly on the Senate side.

00:05:18.000 So nobody should look away. Nobody should take time off.

00:05:21.000 This is going to be a very intense period in these coming weeks.

00:05:25.000 We can and should stop Nancy Pelosi, but we have to do so.

00:05:29.000 The great news is we are taking the gavel away from her.

00:05:32.000 But the bad news is, you know, sometimes when an actual star dies, Steve, it has a thing called a supernova where it explodes with a burst of energy that was greater than it ever had when it was alive.

00:05:41.000 Well, that may be happening in the political sense with Pelosi.

00:05:44.000 There's a political supernova that she is planning. 0.90

00:05:47.000 We can stop it, but we have to stay engaged to do so.

00:05:51.000 You know, Ralph Norman down in South Carolina said on this very show came and said, hey, here's the reason I'm a no and I'm a hard no McCarthy.

00:06:00.000 He said in that in that conference, the closed conference where they had the talk in the debate, he said he asked McCarthy said, hey, the Republican study committee has come up.

00:06:10.000 And these are the guys that kind of think through things for the conferences.

00:06:12.000 So they've come up with a rough overall architecture for a budget that gets you to basically a balanced budget in seven years, takes you seven years to get there.

00:06:22.000 So it'd be outside.

00:06:24.000 It'd be it'd be, you know, outside the term of Trump won in 2024, even be passed, you know, the first year of the following that.

00:06:33.000 So seven years to get to a balanced budget.

00:06:36.000 And there's some pretty big and systemic cuts that have to come to get there.

00:06:41.000 And he said, do you support that?

00:06:43.000 And McCarthy just not a chance.

00:06:45.000 No way.

00:06:46.000 Don't do it.

00:06:47.000 And Norman said, given what he's seen being here in the spending and the out of control spending, that this is the one thing that has to stop.

00:06:55.000 And he said, that's why I'm a hard no.

00:06:57.000 I'm a hard no because we have to get somebody in there.

00:06:59.000 This is what I want to make sure people understand is that this era of easy money that we have had the the the responsibility, but the benefits of being the prime reserve currency.

00:07:11.000 OK, and the prime reserve currency means that every transaction in the world essentially to date, it has to be converted into dollars, whether you're doing a drug deal in Thailand or buying bonds for the little sisters of the poor in in California.

00:07:27.000 Right. You convert into dollars to make sure those all those trades are done everywhere in the world, basically every transaction.

00:07:34.000 And that makes the greatest export we've ever had is the U.S. dollar.

00:07:38.000 That could be quickly coming to an end.

00:07:41.000 The BRICS, what they call, you know, Brazil, Russia, India, China, the BRICS, the kind of the global south is now getting more people are signing on to it.

00:07:50.000 The Middle East is signing on to looking to every alternative of a basket of currencies, you know, state sponsored crypto, you know, different types of Chinese backed by oil.

00:08:01.000 Everything to get off the dollar this what's happening here.

00:08:05.000 And this is what the madness is.

00:08:06.000 They're going to sit there and not even have an adult's conversation about this omnibus bill, which is another train or two train includes a trillion dollars defense spending, then 500 billion, maybe up to another 500 trillion dollars of discretionary spending because they haven't been forced like adults to have to make tough decisions.

00:08:26.000 And this is the specter that hovers over us.

00:08:29.000 When you've got the former economists at PIMCO, you've got every guy in the world.

00:08:33.000 You've got everybody saying, hey, the era of modern monetary theory, fiscal dominance, where governments could just pass these spending bills.

00:08:41.000 Right.

00:08:42.000 Right.

00:08:43.000 And and and not have to worry about the consequences of them because their central banks are kind of in unison printing money that is fueled this inflation.

00:08:51.000 What you told you said at the beginning of the show, the Federal Reserve guy said, hey, note to self is not just 2023.

00:08:57.000 This could go 2024 or longer for us to get down to our target inflation rate.

00:09:03.000 Do people understand the scale of the problem we have in front of us, particularly they're going to be up there.

00:09:08.000 They're going to want to raise that ceiling, pass this omnibus bill and continue on trillions of dollars every year in deficit spending.

00:09:17.000 Steve Cortez.

00:09:18.000 To answer your question, do they understand it in Washington, D.C.?

00:09:21.000 No, absolutely not.

00:09:23.000 Do regular Americans on Main Street understand it?

00:09:26.000 Yes, they certainly do because they are living it right now in their their reality, in their lives, regarding their checking accounts, regarding their confidence.

00:09:33.000 And I would give evidence of consumer confidence at an all time low post World War Two low.

00:09:39.000 So regular people know the consequences of Biden's inflation combined with Biden's recession.

00:09:44.000 They understand, you know, they don't watch global bog markets.

00:09:47.000 They don't use a phrase like an inverted yield curve.

00:09:49.000 They understand what is going on right now.

00:09:51.000 People in Washington, D.C. are still living right now, unfortunately, in a beltway bubble.

00:09:56.000 But here's the thing.

00:09:57.000 The bond market is bursting that bubble, whether D.C. power brokers realize it or not.

00:10:03.000 And the profligacy, the exorbitant borrowing and spending that has dominated Washington, D.C.

00:10:08.000 in recent years is simply no longer sustainable.

00:10:11.000 And you're so right, Steve.

00:10:12.000 The United States has enjoyed really these twin exorbitant privileges.

00:10:16.000 Right. One being the reserve currency status, which I believe is very much in doubt.

00:10:20.000 The dollar is already being devalued against hard assets, things like land, particularly farmland.

00:10:25.000 And then the other privilege being incredibly low, artificially low interest rates.

00:10:29.000 That part is absolutely gone.

00:10:31.000 There's no doubt about whether or not that's gone.

00:10:33.000 Again, only look at the yield curve to know that.

00:10:35.000 So these these twin forces and a loss of these twin privileges combined means that suddenly Washington, D.C.

00:10:43.000 has to make hard decisions that it has punted on for many, many years.

00:10:47.000 And the Democrats are taking the exact opposite approach in these coming weeks.

00:10:51.000 Again, trying to use these closing days as a flurry of exit activity to effectively neuter the incoming U.S. 0.72

00:10:59.000 House that is Republican dominated and led.

00:11:01.000 And we cannot allow it to happen again.

00:11:03.000 We have the numbers to stop it if we have the will to stop it in these coming weeks.

00:11:08.000 And neither those lawmakers nor the deplorables can take the rest of the year off.

00:11:13.000 This is still very serious go time into Christmas.

00:11:17.000 One last thing I need you to comment on is you had mentioned I had it on my punch list, but something that is absolutely we have to stop.

00:11:25.000 And that is the amnesty. Remember, Schumer, not Tucker Carlson, not the war.

00:11:29.000 Schumer walked you through the replacement theory, right?

00:11:32.000 He gives a conference and say, hey, no, he walked you through it.

00:11:34.000 We're not we're you're not we're not, you know, having enough birds.

00:11:38.000 You're not replicating enough. We need we need a massive influx of foreigners. 1.00

00:11:42.000 They're talking the amnesty, everything from 11 million plus amnesty for the illegal aliens to DACA and maybe even take care of the of the five million that come in on his watch to take care of that.

00:11:55.000 This thing is is a front burner. Hopefully only the Senate, you know, put the fear of God into mansion.

00:12:01.000 And so they can't Republicans. So they can't get to 60.

00:12:04.000 How big a deal is this is amnesty in this in the lame duck?

00:12:09.000 Oh, listen, if it were to pass and I don't think it will.

00:12:12.000 But again, we can't rest. If it were to pass, it would change the United States in consequential ways for decades.

00:12:17.000 I'm not sure we could ever recover, frankly, as a country, because, of course, we know it's not 11 million illegals. 0.99

00:12:22.000 It is two to three, maybe even four times that much, according to credible studies from Ivy League institutions, not from right wing think tanks.

00:12:29.000 And the reality is right now in the United States, we have 19 consecutive months of declining real wages for American citizens, meaning pay adjusted for the things that they need to buy in their lives.

00:12:39.000 19 straight months. It's the worst stretch in American history at a time like that.

00:12:45.000 The idea that we would invite and then legalize millions of illegals to compete in the labor market against the citizens of this country is absolute insanity, 0.99

00:12:55.000 is a complete surrender of sovereignty of the United States, and it cannot be allowed to happen.

00:13:01.000 And by the way, you're exactly right. Chuck Schumer, who, as part of the left for years, has been denigrating those of us on the right to say, oh, this replacement theory is an invention from some fever swamp of the right.

00:13:12.000 And then he proceeded to exactly lay out the replacement theory and said, yes, we 100 percent are going to replace you with illegal migrants. 0.95

00:13:19.000 So cognitive dissonance. But nevertheless, again, stay the course, focus.

00:13:24.000 We can defeat all of these measures in this lame duck session. And then we have the speakership and we have power starting in January.

00:13:30.000 Steve, how do people get to all your live streams, your sub stack, all of it?

00:13:35.000 Yeah, please follow me on the Twitter. I'm at Cortez Steve, Cortez with an S, best places on Getter, the free speech platform.

00:13:42.000 I'm simply at Steve and it links to my new sub stack article on indulgences. The big business is paying to the left. Please have a look.

00:13:49.000 How did you get at Steve? I'm like a Grundoon. Cortez is like House of Lords and Getter. I'm House of Commons.

00:13:57.000 Yeah. You know, listen, you've got to be a baller. I mean, to just get the single name address is obvious.

00:14:04.000 It's just big. I tell you, you've arrived. Steve Cortez, thank you so much for spending time with us today.

00:14:09.000 Thank you, sir. OK, Arizona. We're going to talk a little bit about Georgia.

00:14:14.000 We're going to get down to China, the economy, the real economy of China.

00:14:20.000 What's happening, how it's interlinked with us, how this thing could implode at any time.

00:14:24.000 And then Dr. Bradley Thayer is going to talk to us about what's going on, what she's doing.

00:14:29.000 Is there any threat to Taiwan? What's happening in mainland China to the Lao Beijing, these great patriots, these heroes that have stood up in the French concessions, Shanghai, downtown Beijing, throughout the mainland.

00:14:41.000 All next. Two experts on China. Join us. We're going to talk more about Arizona. All next in the war. 0.51

00:14:48.000 Let's take down the CCP. Spread the word all through Hong Kong. We will fight till they're all gone. We rejoice when there's no more. Let's take down the CCP.

00:14:59.000 You know what's never good? When your nation's supposed authority on economic policy completely misses the flashing red lights of impending inflation.

00:15:09.000 Now, Treasury Secretary Janet Yellen has finally admitted, quote, there's been an unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that affected our economy badly that I didn't at the time fully understand.

00:15:26.700 And, end quote, you know who understands the real threat of inflation? People who invested in gold and silver with Birch Gold Group.

00:15:35.120 They're protecting their savings from a highly turbulent economy by diversifying their 401k or IRA into gold, physical gold.

00:15:45.840 It's not too late for you to take action now. Text Bannon, B-A-N-N-O-N, to 989898.

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00:16:23.380 Stephen K. Bannon.

00:16:27.860 There's a crisis in the black community. The destruction of strong black men in the family. 1.00

00:16:33.680 First, they pass laws to lock up our fathers and brothers. And now, the Democrat Party is coming for your kids. 0.95

00:16:40.760 Democrat Senator Raphael Warnock supports the feminization and sexualization of your sons.

00:16:46.100 Do you want the Democrats to turn your boy into a girl?

00:16:48.940 On December 6th, stop Raphael Warnock from creeping on your kids.

00:16:52.220 Okay, that's down in Georgia. Of course, there's a huge election next Tuesday. Early voting's already started.

00:16:59.520 The big question, is MAGA going to turn up in the numbers needed to support Herschel Walker, everybody in the great state of Georgia?

00:17:06.560 All of our audience down there, you've got to turn up. You've got to, we need to win this seat.

00:17:10.400 Because a lot of good things can happen. You never know. Hey, maybe even flip a Democrat and take control of it.

00:17:16.320 It's a long shot, but you never know. You've got to win this seat, though.

00:17:19.340 So that's a new, quite frankly, a brutal ad by Laura Lomer.

00:17:23.420 And her team put up pretty brutal ads in this, in the midterm.

00:17:26.760 They're actually putting ads up against Warnock in, in Georgia.

00:17:33.480 So it'll be a lot more of those. Very intense.

00:17:36.080 Early voting actually looks like it, it looks like it favors the Democrats.

00:17:40.820 So people have got to get your shoulder to the wheel.

00:17:43.700 Herschel Walker's a good man. He'll make a great United States senator.

00:17:47.420 We'll talk more about that.

00:17:48.580 Trying to get Herschel on here someday this week to actually go through, not his, we know his campaign, we know his policies, knows what he supports, but actually what's going to happen in, what's going to happen and where he needs help.

00:17:59.940 Let's go to Ed Dowd.

00:18:02.060 Ed, I want to go through, first off, I want to set the global context for people for 23 and why this, why the lame duck is so important.

00:18:10.560 You and your other econometrics people have been forecasting a recession, and quite frankly, a deep recession, towards the end of the first quarter, maybe into the second quarter of next year.

00:18:23.940 And I think that was even before these perturbations in China, which people in this audience, because they know how close we cover Lao Baixing in China, know about the experts we bring on here.

00:18:38.180 We're probably bringing on more expertise about China than any combination of shows around.

00:18:43.800 Walk me through your assessment.

00:18:45.980 I particularly want people to understand about this thing of the global recession and how your analysis of China plays into that.

00:18:53.360 Sure, no problem.

00:18:54.400 Just a quick history lesson on China.

00:18:56.560 So China was led into the WTO.

00:18:59.360 We exported a lot of our manufacturing over to China.

00:19:02.360 To expand that growth, they had to bring in workers from the rural farms into the cities to get that going.

00:19:07.520 So that growth was fueled by debt.

00:19:12.200 And that debt initially wasn't that bad because it was investment in actual real manufacturing plants.

00:19:19.020 So debt to GDP in China, total government and private non-financial sector debt, grew to about 150% to 2008.

00:19:29.220 Then we had the Great Financial Crisis.

00:19:30.860 And the world economy went into a tailspin.

00:19:35.220 And we know what happened there.

00:19:37.460 It was unprecedented central bank money printing and spending.

00:19:42.320 And China did its part.

00:19:44.000 And they started infrastructure spending and real estate spending.

00:19:48.340 And their demographic growth was already slowing.

00:19:50.700 So they had to continue to build projects, trains to nowhere, cities.

00:19:57.560 And for a while, those cities were filled up.

00:19:59.960 Some of those infrastructure projects were used.

00:20:02.760 But debt to GDP into 2018 grew from 150% after 2008 to 250%.

00:20:11.280 And then in 2020, that's when China hit its demographic wall, meaning their population growth is in decline.

00:20:20.200 And all that debt, real estate debt, malinvestment debt started to come home to roost.

00:20:26.460 And curiously, in 2020, two years after they, in 2020, COVID hit mysteriously.

00:20:33.920 Is that a coincidence?

00:20:34.780 I don't know.

00:20:35.800 But they started to see all sorts of problems in their real estate sector.

00:20:42.100 And then they increased after COVID their total debt, government and private, to 300% of GDP.

00:20:49.500 So right now, they're hitting a demographic wall.

00:20:53.360 Evergrande was the canary in the coal mine.

00:20:55.440 And that was the real estate firm that went bust.

00:20:57.640 So what we have in China is an implosion, an internal implosion of malinvestment and internal debt.

00:21:03.860 Hang, hang, hang, hold, hold.

00:21:05.840 Before we get into the internal implosion and important, I want to go back in time.

00:21:10.260 People that were old enough to remember 2008, the reason the Federal Reserve here,

00:21:15.200 we just started putting massive liquidity into the system.

00:21:19.040 That's where we had this great shift in concentration of wealth.

00:21:21.920 And that helped save the U.S. economy on a temporary basis, but at a massive price, right?

00:21:28.660 A massive price for working class and middle class people.

00:21:31.320 And it allowed us not to deal with the systemic problem, the structural problems we had on

00:21:36.300 manufacturing, everything we had allowed the elites to ship over to China.

00:21:40.900 That being said, China, because they stimulate their economy so much and got the manufacturing stood up,

00:21:46.720 they became kind of the economic engine in the world that actually kind of pulled us out of

00:21:52.020 what would have been a deeper recession slash depression then.

00:21:55.720 Now, as you go through this, that, you know, tool in the toolbox ain't there anymore.

00:22:05.200 That's what I keep telling people.

00:22:06.660 China is not going to pull you through this recession.

00:22:10.560 In fact, if you look at Ed Dowd's analysis, which he's about to show us,

00:22:15.140 they're going to actually go the other way.

00:22:16.740 They may actually be a drag, a massive drag on the world economy,

00:22:20.200 which we have not seen and had to deal with since the rise of China.

00:22:24.400 Am I incorrect in that, Ed Dowd?

00:22:27.040 No, you're not.

00:22:28.460 You know, China is a creditor nation.

00:22:30.980 And most of the debt I just talked about is internal,

00:22:34.340 which is good in that it may not cause a systemic financial crisis worldwide.

00:22:41.120 That's systemic meaning like chaos.

00:22:43.520 But a global economic slowdown is assured because internal restructurings are more painful

00:22:48.880 than external restructurings because the currency is the valve.

00:22:52.780 They're going to have to go through huge internal restructuring,

00:22:56.740 which means they're going to have a lot of unhappy, unemployed people.

00:23:01.600 And I know for a fact, back in 2003, 2004, I sat down in the hall from the energy guys

00:23:06.640 at BlackRock who went to China all the time.

00:23:09.360 And they would come back and say, the CCP's biggest fear is the people.

00:23:14.000 This was 2003, 2004.

00:23:15.820 So that's on top of mind all the time for them is keeping their people working and fed.

00:23:22.700 That's going the other way.

00:23:24.640 And what these riots we're seeing are basically due to economic reasons.

00:23:29.080 And COVID is just a cover to, you know, impose restrictions on gatherings and protests.

00:23:36.140 So COVID...

00:23:36.820 Hang on, hang on.

00:23:38.640 People don't...

00:23:40.160 A lot of people are not familiar with that.

00:23:42.060 You're saying the big restrictions and what we're hearing on the COVID lockdowns

00:23:46.320 and the choking down of any little bit of freedom they have,

00:23:50.440 that's what the kids...

00:23:51.780 That's what the media is picking up and that's what they're saying.

00:23:54.140 But you're saying it's deeper than that.

00:23:55.620 It's about the implosion of their economy and opportunities for workers and for individuals?

00:24:01.100 Absolutely.

00:24:02.840 You know, when the Chinese people can't feed their family,

00:24:07.840 and there's enough of them that can't feed their families,

00:24:10.180 they get together and they start to protest and riot.

00:24:12.780 This is classic economics 101.

00:24:15.500 So what you're seeing in China from the mainstream media is,

00:24:19.220 oh, COVID cases, zero COVID, that's all nonsense.

00:24:22.100 This is definitely being used as a tool to suppress their own people. 0.96

00:24:28.480 And also there's bank runs.

00:24:29.780 We've been hearing about bank runs for the last six to seven months in China

00:24:33.560 and in certain provinces.

00:24:35.860 And these COVID lockdowns are used to prevent people from going to the bank.

00:24:40.120 So this is cover.

00:24:42.520 They're imploding as we speak.

00:24:44.780 The other problem is Japan and South Korea are linked to China as well.

00:24:50.420 They have demographic issues also.

00:24:53.360 So there's a definite threat of like an Asian crisis redo from 1998 that we saw back in the day. 0.95

00:25:02.400 So this, even though there may not be a systemic implosion,

00:25:05.920 there's going to be a deep, deep recession for sure in the U.S.

00:25:09.820 And we're predicting China's growth of high single double-digit GDP growth is over.

00:25:17.460 Over the long term, we're looking at 1% to 3% GDP growth.

00:25:20.560 So what you said about China being the engine is over.

00:25:24.620 Hold it, brother.

00:25:24.860 Hold it, hold it, brother.

00:25:25.880 Brother.

00:25:26.360 Brother.

00:25:26.920 That's, don't bury the lead here.

00:25:29.400 And I'll ask Thayer this when we get Dr. Thayer.

00:25:31.900 If you're, first off, the Chinese make all the numbers. 1.00

00:25:34.040 The CCP make all the numbers off.

00:25:35.500 So they're lying all the time anyway.

00:25:37.060 However, if a smart guy like you is telling me their growth is going to be 1% to 3%,

00:25:42.880 the CCP is not going to last.

00:25:45.460 It's just not.

00:25:46.800 They need bigger growth than that.

00:25:48.680 They get too many mouths to feed. 0.51

00:25:50.940 If you're saying the COVID lockdowns are to stop worker, you know, whether in the Apple factory, right,

00:25:57.460 the slave factories they have, or the people in the cities that have come from the country and say,

00:26:01.540 hey, this is not what we bargained for.

00:26:02.980 Or we want to go home because we can't eat on what you're paying us.

00:26:06.860 If you guys are predicting GDP growth of 1% to 3%, that's going to be massive unemployment.

00:26:12.340 I mean, they've got a country that's got to grow at 5% or 6%, 7% just to kind of keep everybody

00:26:17.160 at some level of subsistence living.

00:26:21.440 So if you're saying 1% to 3%, hey, the revolution may not win this week,

00:26:25.680 but it's just mathematically impossible for the CCP.

00:26:29.600 The CCP is maniacally focused on their legitimacy, on the roots of legitimacy.

00:26:35.780 Their legitimacy is based upon the economic package that they give the Chinese people.

00:26:41.520 So, Ed, that's pretty startling.

00:26:43.680 You guys have come up with that number, and you want to stick to it?

00:26:46.640 Absolutely, and it's even worse because, given what you just said about the worker unrest

00:26:53.580 and the internal restructuring, typically throughout history, a regime like the CCP that fears its

00:27:00.800 people needs to blame someone else other than themselves.

00:27:03.680 So that will likely lead to external conflicts with Japan, Taiwan, maybe South Korea, U.S.

00:27:10.900 They need a boogeyman, and they're going to come up with a boogeyman to stay in power. 0.96

00:27:15.940 China's implosion has geopolitical implications for the rest of us.

00:27:20.260 Massive.

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00:28:35.880 Action, action, action.

00:28:37.440 And we know Juan Xishan.

00:28:38.820 I know this from sources I have that Juan Xishan, really one of the number two or three hatchet men for Xi, has been deeply concerned, Dr. Thayer, about what they call the legitimacy of the regime.

00:28:50.100 The legitimacy of the regime as they pass down power, as they move to evolve in this kind of economic compact they've made with the Chinese people.

00:29:01.240 Dr. Bradley Thayer, your thoughts?

00:29:04.160 Well, Steve, it's great to be with you again today.

00:29:08.060 My thoughts are these.

00:29:09.100 First, of course, what we're witnessing with these protests, of course, and the crackdown against them is a humanitarian disaster.

00:29:17.600 So what we've seen is with the cities broadly, 13 major Chinese cities all have experienced significant protests.

00:29:26.800 Those protests have been multi-class.

00:29:29.000 They've involved working class people, middle class people, intelligentsia students, which is quite noticeable.

00:29:35.680 The party is doing what was inevitable, which is cracking down, but we don't want to detract from the heroism of those people who've participated because they know that they exist in a one-party state, and that state has formidable capabilities to target dissidents and to punish them.

00:29:56.660 So each one of these individuals is incredibly brave for undertaking these actions when they know that with CCTV, with the surveillance software that they have, which is almost omnipresent, they're going to be identified and they're going to be punished.

00:30:14.860 Their families are going to be punished, and their opportunities at a minimum are going to be a forfeit.

00:30:22.660 So each one of these individuals is incredibly brave in undertaking these actions.

00:30:28.400 What we're seeing is what we would expect to see, which is the party is disciplining and reasserting control over these protests.

00:30:38.820 We want to keep in mind, though, that these protests are going to be iterative.

00:30:43.020 As COVID lockdown protests, economic disruptions, economic difficulties, and other measures occur in the future, Steve, so we want to recognize what did the protests reveal?

00:30:55.760 Well, lots of things, but one of which is the power of these individuals and how people can come together from different classes, from different backgrounds, et cetera, to conduct that protest.

00:31:09.460 The parties noticed that as well, obviously, and is going to do their utmost to ensure that doesn't happen.

00:31:15.220 With respect to COVID, well, what is the COVID lockdown?

00:31:18.760 We want to keep in mind, of course, the political component of this.

00:31:22.280 This is a one-party state.

00:31:24.020 This is Xi Jinping controlling the Chinese Communist Party.

00:31:27.460 And he's going to ensure that his rule and the rule of the Chinese Communist Party is not threatened, either internationally or domestically.

00:31:40.060 So the crackdowns of COVID, of course, there's the excuse of the pandemic, but it's also about disciplining.

00:31:47.640 It's about getting rid of his enemies throughout the party, as well as within the society.

00:31:52.880 And it's about ensuring that there's a deterrent component, that if you are going to stand up against the CCP, there are going to be massive consequences arrayed against you.

00:32:05.140 So this is an internal struggle that we're witnessing, and we should expect it to occur in multiple forms and to occur in the future.

00:32:12.600 It's not going to go away, the test between the party, Xi Jinping, and the Communist Party versus the Chinese people.

00:32:21.720 And so that has been a remarkable event and stunning, of course, the world.

00:32:27.380 But hang on a second.

00:32:30.980 Tiananmen, what we know is Tiananmen Square built up over seven or eight weeks, right?

00:32:35.680 And then as soon as Lady Liberty, hey, as soon as Lady Liberty appeared in Tiananmen itself, in front of the Great Hall of the people, it took a different turn.

00:32:47.160 In the West, Scarcroft, Bush 41 in the West bailed out Deng Xiaoping and these guys.

00:32:52.300 Came in and told them, hey, we'll make everything right with the global compact, and you're going to become our manufacturing partner.

00:32:58.360 If you look today at that apple plant, that is the culmination of the World Trade Organization, the most favored nation.

00:33:06.840 This is the West shipping the jobs from Ohio, from Wisconsin, Pennsylvania, from the great industrial heartland of our nation to China to slave labor camps. 0.88

00:33:20.500 And the people saying, hey, we can't do this.

00:33:23.120 This is too much.

00:33:23.980 That Biden and these guys came out with these sayings, these tweets, and these formal sayings that almost imply they're backing Xi.

00:33:37.500 So the bravery of this multi-class, you have workers, you have intelligentsia, you have middle class, you have the professional class.

00:33:44.720 How can they sit there and know that there's no cavalry that's going to come and save them?

00:33:51.800 As much as the war room and others, the new federal state and these other groups here in the West support Lao Baijing and support them.

00:33:59.380 When they see the powers that be in the West, it's going to be a replay of Tiananmen Square.

00:34:03.460 How can these heroes, given what we saw in Hong Kong, given what we saw, those brave students in Hong Kong, many of whom are in prisons today, Dr. Thayer?

00:34:14.940 Indeed, Steve.

00:34:16.380 It's an excellent point.

00:34:17.700 These individuals, again, are incredible.

00:34:21.360 They're heroic in what they're accomplishing and the risks that they're running.

00:34:26.680 And it's very important for the audience to appreciate that.

00:34:30.240 They're living, again, in a totalitarian country that's a surveillance state.

00:34:35.380 And that state has the power to reach out and adversely affect them and their families.

00:34:41.540 And yet they're still conducting it with, again, as you observed, right, very importantly, the Biden administration is not going to help them.

00:34:49.820 The UN is not going to help them.

00:34:51.500 Human rights organizations are not going to help them.

00:34:54.080 But they're nonetheless doing this on their own with very modest support from the Chinese diaspora and obviously abroad.

00:35:04.680 So we have to appreciate that heroism.

00:35:07.700 And we also have to appreciate their steadfastness, that they know the party's coming after them.

00:35:14.080 And maybe the party has won a tactical victory today and in the days to come.

00:35:21.520 But there are going to be other crises.

00:35:23.540 Ed Dow did a great job of illuminating economic problems in China, right?

00:35:27.740 So there are going to be future COVID policies that are going to continue and are still going to generate resentment.

00:35:34.520 There's going to be economic downturns.

00:35:36.220 There could be international crises that reverberate on China.

00:35:40.180 So these protests are going to come back.

00:35:42.440 And you're right to recognize that Tiananmen, the weeks leading up to Tiananmen, but we also want to appreciate that the Tiananmen protests have their antecedents in 1987.

00:35:51.960 With really the rise of student-led pro-democracy movement that was supported by some members of the Chinese Politburo at that time.

00:36:00.960 And so what happened in 1989, the Tiananmen Square Massacre, really was also a deeper phenomenon that had precedents.

00:36:11.840 And so what we should anticipate is that even though they may have suffered a tactical setback presently, in the future, in the months, in the years to come, this movement is going to come back with a vengeance.

00:36:24.740 And it's a very significant threat to Xi Jinping's rule and to the Chinese Communist Party.

00:36:31.260 So hang on a second.

00:36:33.160 He was just at the pinnacle.

00:36:34.460 The whole world's kowtow to him.

00:36:36.620 He takes out the previous premier.

00:36:38.720 He drags him out in front of the world stage, humiliates him, not just loss of face.

00:36:43.780 I'm not even sure we even know where the guy is since then.

00:36:47.140 The pinnacle of power.

00:36:48.400 Emperor for life.

00:36:49.360 They have actually arguably more powerful, more central power than even Mao Zedong, okay, and obviously a much more powerful state, supported by Western partners, by Western capital, by the Western hedge funds, by the Western global corporations.

00:37:02.900 And quite frankly, they've infiltrated everywhere.

00:37:05.840 And this is why we're going to do these huge investigations.

00:37:07.400 This is why we have the Joint Task Force on China in the new house, the select task force, because they are right. 1.00

00:37:14.840 You haven't seen any NGOs or the human rights group, but they've been quiet.

00:37:19.340 The UN has been quiet.

00:37:21.020 Geneva's been quiet where the operating engine room of the UN is.

00:37:25.300 Why?

00:37:25.580 Because the CCP is all over with money and infiltration and agents, okay, in the universities.

00:37:30.700 Where are the protests in American universities supporting the kids in China?

00:37:35.280 You don't see it.

00:37:36.080 Why?

00:37:36.740 They've infiltrated everywhere.

00:37:38.320 The political warfare that they've done, the unrestricted warfare, these are tough and cunning enemies.

00:37:46.520 And they're number one enemies in the streets of the French concession in Shanghai.

00:37:50.140 They're in Beijing.

00:37:51.800 These are heroes.

00:37:53.460 I would actually argue, as much as my heart went out, we supported the students in Hong Kong as brave as they were.

00:37:59.120 These are even braver because this is a brutal totalitarian state.

00:38:03.640 And when you talk about a surveillance state, they know every second of every move that you make, and they know where your family is.

00:38:10.640 And you are seeing heroes that understand by them standing up with the blank white paper and those being out there, when they're recognized or when they're dragged away by the police and they've got the police up there, that it's lights out.

00:38:26.200 That's the heroism that you're seeing in the streets.

00:38:28.440 You want to talk about heroism and being motivated?

00:38:30.660 See what's happening there. 0.99

00:38:31.680 heroism and understanding, and what Biden put out, is absolutely pathetic. 0.97

00:38:37.380 It shows the CCP. 0.95

00:38:39.760 It shows Beijing, does it not, Dr. Thayer, that you're going to get a free pass.

00:38:44.000 Crack down.

00:38:44.560 As much as you've got to crack down, you're going to get a free pass, sir.

00:38:50.080 Steve, that's exactly right.

00:38:51.680 What Biden did was really the worst that could be done.

00:38:56.260 These events require a presidential address at a minimum.

00:38:58.860 He should have been on TV supporting these individuals and every aspect of his administration, every department, every agency should be in lockstep supporting them.

00:39:10.440 And what you saw with the NSC and Kirby was worse than a failure, right?

00:39:15.580 It was humiliating.

00:39:18.380 Again, this takes place in the Cold War context.

00:39:22.280 There's an ideological warfare component here.

00:39:25.200 And by not taking advantage, the Biden administration not taking advantage of the opportunity given to the Biden administration to draw the contrasts between the CCP and its tyranny and how it oppresses the Chinese people.

00:39:39.580 And the opportunities and the advantages of the Western system, of the free world, was a tremendous mistake.

00:39:49.660 There is the need to take advantage of this opportunity.

00:39:55.160 And Biden is blowing it.

00:39:57.620 They're not doing it.

00:39:58.680 And they're doing that intentionally, right?

00:40:01.000 That's the effort to essentially not, as they say, not provoke China, not criticize Xi Jinping.

00:40:07.460 But the problems are deeper than that in the Biden administration and in the West, as you observed, in the financial markets, media, Congress, et cetera.

00:40:17.200 You've very well focused, of course, on elite capture and the problem generated by elite capture and the consequences of it.

00:40:26.300 The Chinese people are paying the price as the American people are in a different context.

00:40:30.560 But right now, these protesters are paying that terrific price.

00:40:35.660 And they're going to pay a terrific price.

00:40:36.840 But hey, this audience, the reason I'm doing this, if you don't think you're not going to pay a huge price for this, we've got Dowd and Thayer when we come back.

00:40:44.300 OK, the 1930s, in hindsight, was called the Dark Valley, called the Dark Valley for a reason. 0.92

00:40:51.480 We're going through starting the journey through the Dark Valley.

00:40:55.140 Trust me.

00:40:55.820 Next in the war room.

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00:42:53.020 Ed Dowd's up there.

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00:43:42.260 Ed Dowd, give me a couple of minutes.

00:43:45.080 You heard there the direction of China's economy and particularly the impact on our audience, sir.

00:43:52.760 Bottom line, demographics is destiny. 1.00

00:43:56.480 And I can't emphasize enough that China hit its demographic wall in 2020, and they're in a population decline.

00:44:02.840 And that's going to reverberate throughout their whole economy.

00:44:06.060 It's going to affect their debt that they've accumulated.

00:44:08.700 And they're going to be looking at a couple lost decades like Japan did in the 90s. 0.74

00:44:13.920 That will affect us, obviously, because a lot of the global growth came from China.

00:44:18.980 And you talked about one of our greatest exports was dollars.

00:44:22.060 Well, after the great financial crisis, we exported a ton of dollars to China in the form of debt.

00:44:27.260 China, Chinese corporations and whatnot issued debt in dollar denomination.

00:44:33.180 So this is a disaster looming.

00:44:36.320 As the dollar goes higher, it puts more pressure on some of the Chinese corporations that issued debt in dollars.

00:44:43.020 So this is going to have knock-on effects.

00:44:45.420 We're going into a recession in Q1 and Q2.

00:44:48.000 It's a global synchronized recession.

00:44:49.700 We haven't seen one of these since 2008, and it's going to affect the world for years to come.

00:44:57.520 We're predicting recoveries and recessions, recoveries and recessions, much like the 70s.

00:45:02.880 We're in a period of stagflation.

00:45:05.640 We think there's going to be a deflationary pressure coming sometime next year, end of 2023.

00:45:11.540 Then they'll print more money, then inflation, then deflation.

00:45:14.760 So the central banks are fighting the end of the monetary debt system as we know it.

00:45:20.240 So this is going to affect the U.S.

00:45:23.200 It's going to affect the globe.

00:45:24.680 What's going on in China has serious implications for the rest of us.

00:45:29.160 The book is coming out on December 13th.

00:45:31.340 You're going back for the workshop.

00:45:34.020 Was it Cause Unknown?

00:45:35.280 You've done all the analysis of this.

00:45:37.300 The book is out by Tony Lyons and guys at Skyhorse.

00:45:41.680 You can get it on Amazon.

00:45:43.760 This thing will shock you.

00:45:45.360 Ed Dow puts his analytical efforts in amazing capabilities to work on this thing about the

00:45:52.540 vaccines and COVID.

00:45:54.160 And you're also there for the workshop with Senator Johnson.

00:45:57.560 You're going to be a major player in the investigations and hearings that come.

00:46:00.580 Ed, how do people get to you?

00:46:01.820 How do they get to the book, get to your site, and how do they get to your social media?

00:46:04.720 Social media, I'm on Getter, at Edward Dowd, at D-O-W-D.

00:46:12.480 I have a personal website, They Lied, People Died, that shows the theory of the case of the

00:46:18.260 vaccines.

00:46:19.500 You can order the book there.

00:46:20.640 You can go to Amazon.

00:46:22.100 I also teamed up with my partners in a new hedge fund reforming called Finance Technologies,

00:46:27.260 P-H-I-Nance Technologies dot com.

00:46:29.800 That's where the Humanities Project is, where we basically have every country with vaccine

00:46:36.020 excess mortality.

00:46:38.120 We just dropped the U.S. into the data set, and we dropped Germany as well.

00:46:43.400 So we have the U.K., Europe, Germany, U.S.

00:46:46.940 We're going to do Canada and Australia next.

00:46:49.760 We're going to check it out.

00:46:50.860 Ed Dowd, thank you for getting up early and joining us here in the war room, brother.

00:46:53.900 Appreciate it.

00:46:55.060 Thanks for having me on.

00:46:57.260 Also, totally free, birchgold.com, birchgold.com slash Bannon.

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00:47:04.940 It's totally free.

00:47:05.920 We're going to be talking so much about this on the debt ceiling, about the U.S. dollar

00:47:10.860 as the prime reserve currency.

00:47:12.320 It's absolutely central.

00:47:13.360 So make sure you get it.

00:47:14.280 It's totally free.

00:47:15.160 Get up to speed so you're not just conversing around the Christmas tree, having an egg

00:47:20.360 dog with your friends, but you're ready to go to work here in the war room because

00:47:23.720 this is of the utmost importance to your personal, your family's life, your personal

00:47:28.380 financial life, and also your nation's life.

00:47:30.900 Dr. Thayer, you reminded me that Admiral Kirby embarrassed himself, kowtowed yesterday

00:47:35.940 at the National Security Council.

00:47:37.020 We'll get to that later.

00:47:38.100 I want to make sure people can get your book.

00:47:40.420 Go to all the great articles you're putting up on American greatness or the Hill, Epoch Times,

00:47:45.980 all of it.

00:47:46.620 You're one of our number one guys.

00:47:48.360 How do they get to your writings?

00:47:49.820 How do they get to you?

00:47:50.760 Well, Steve, they can reach all of my writings at centerforsecuritypolicy.org.

00:47:58.980 Centerforsecuritypolicy is one word, .org.

00:48:02.120 And then I'm on Getter and Truth at Bradley Thayer at Getter and Truth.

00:48:10.180 And the book is doing really well and it's getting a lot of attention.

00:48:14.240 So I'm very pleased with it.

00:48:16.920 Understanding the China threat, which I co-wrote with Leo Chao Han, we're doing a really looking

00:48:22.700 at the causes of why China, the CCP, is a threat to the United States and why the United

00:48:29.120 States has to respond to it.

00:48:31.320 You just heard Dow say we're going to go through recessions, business owners are going to turn

00:48:38.300 to recessions.

00:48:39.000 It's going to be choppy, choppy, choppy for years to come.

00:48:42.560 Bradley Thayer has told you the same thing.

00:48:44.300 Don't think this is just a weekend phenomenon.

00:48:47.140 Watch it very closely.

00:48:48.500 One, because these heroes are trying to free China.

00:48:50.920 As I keep saying, until China's free, because remember, it's slaves. 1.00

00:48:54.380 Until China's free, the rest of the world's not free. 0.84

00:48:57.000 You're not totally free, because we're inextricably bound to the slave labor system that the capitalists

00:49:04.980 on Wall Street and the global corporations, the Uniparty, and the CCP have put together

00:49:10.100 with the party at Davos.

00:49:11.680 Dr. Bradley Thayer, honored to have you on here.

00:49:13.840 Look forward to having you back on for your insights on what's going on in the People's

00:49:18.200 Republic of China, sir.

00:49:20.060 Thank you, Steve, very much.

00:49:21.240 My pleasure.

00:49:23.020 Thanks, brother.

00:49:24.020 Okay, back at five.

00:49:25.420 By the way, stick around for Charlie Kirk.

00:49:28.000 He's going to go.

00:49:28.960 Carrie Lake's going to be on him. 1.00

00:49:29.980 Carrie Lake's going to join us this evening. 1.00

00:49:32.520 We're going to have a lot.

00:49:33.580 We want to get an update on what's going on today, throughout the day in Maricopa County.

00:49:38.880 There's a lot going on.

00:49:40.020 Follow me on Getter.

00:49:41.180 Be back here at five o'clock tonight for two hours of more intensity.

00:49:45.380 It's only going to get more intense as we get into this lame duck as we fight to make

00:49:48.840 sure that we save the greatest nation in the history of mankind.

00:49:51.960 We'll see you back here tonight.

00:49:54.160 Five o'clock at Real America's Voice, our AV, and the world.

00:49:59.280 See you then.

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Bannon's War Room - November 29, 2022

Episode 2336： The US economy And The Dangers Of China

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