Learn English with Warren Buffet. Warren Buffett is a billionaire investor, hedge fund manager, and former World Bank chief economist. He was in Davos, Switzerland this week, attending the World Economic Forum and attending a round table discussion on the state of the world economy.
00:02:55.460In fact, in the 28 countries surveyed, 24 of them hit new lows for this century on this key topic of economic optimism.
00:03:03.260Now, this pessimism, unfortunately, is well-placed.
00:03:06.900If we look at an Oxfam study that was just released, all of the wealth created in the world since the lockdown, since the year 2020, two-thirds of it has gone to the top 1%.
00:03:18.640This concentration of economic and political power is a key pillar of the globalists.
00:03:24.180And it's why the future is all about patriotic populism.
00:03:28.960Well, I think it was fascinating to listen to you talk.
00:03:33.760I think it's not yet really big on people's radar screen here at Davos.
00:06:16.980If we can get that up, if Denver has it, as I bring up Noor, there's a big story in Daily Mail about, they say prostitutes are, I guess, called prostitutes are all over Davos.
00:06:32.340It's one of their biggest weekends of the year, I guess, in Europe.
00:06:35.320And I put up there, the prostitutes are the attendees.
00:06:38.700Please, the men and women that are there for sex work are just simply sex workers.
00:06:48.940Noor bin Laden, can you give us an update on really the first opening kickoff day for it?
00:06:53.480I couldn't have put it better, Steve, than what you just said.
00:06:59.840The prostitutes are very much everybody who is behind me in that Congress hall, having all these discussions and these panels.
00:07:08.780The kickoff really started this morning with the opening remarks between Klaus Schwab and the president of the Swiss Confederation, Alain Berset.
00:07:19.700And they just laid out the whole agenda for the week.
00:07:23.540So I'll start with that and then I'll just highlight a few of the panel discussions that have taken place already and that are going to continue throughout the day here on Tuesday, the second day here at Davos.
00:07:42.040They talk about these challenges, these unprecedented and multiple challenges, to quote Klaus Schwab this morning.
00:07:49.580And again, they talk about the problems.
00:07:52.800Then they talk about the solutions and they portray themselves as the saviors, as those who want to cooperate in order to make the world a better place and for the benefit of humanity.
00:08:08.880But in fact, we know that it's the exact opposite that they intend to implement with their globalist agenda.
00:08:16.940And so, again, we mentioned yesterday the theme of the conference, which is cooperation in a fragmented world.
00:08:24.400And so, Klaus Schwab, to quote again from his opening remarks, talked about the fragmentation of powers and the need for cooperation.
00:08:32.820So we really are in this realm of the coordination of the different entities that make up the globalist architecture in order to move towards, as I mentioned yesterday on your show, the centralization of power.
00:08:46.040And Alain Berset further made this point when he said, quote, the world needs strong multilateral platforms because the greatest present-day challenges are transnational.
00:09:01.080Climate change, pandemic, war, migration, proliferation.
00:09:05.880So, as you said in your open, climate change very much features heavily in the agenda for this week because we know that this is the Trojan horse that they are using in order to digitize our society, to implement social credit score systems with carbon rations.
00:09:23.740We can expect probably climate lockdowns in the future as well, all in the guise of protecting the planet.
00:09:31.580So, we had a preview of certain of the policies with the so-called pandemic.
00:12:05.580Just, Stephen, one thing I'd like to say is, you know, these people, they portray themselves, and they're so drunk on their power.
00:12:11.720But, in fact, they're just like these little, like, again, minions that are clinging on to the little scraps of power that the real people making the decisions behind closed doors are willing to give them to just be the front of all this operation.
00:12:37.500Nora bin Laden, one of the smartest political commentators and observers in the world, lives in Geneva.
00:12:44.360Nora, how do people follow you during the day?
00:12:47.540You can find me on Twitter and on Getter at Nora bin Laden.
00:12:53.240And, Stephen, if I just may say one thing, there are so many things we can highlight this evening with regards to the panels, but there's one in particular that we really need to look out for.
00:13:03.900And your viewers can look at my last, my latest post on Getter from the Deputy Prime Minister of Ukraine, Mikhail Fedorov, who put out last year a very PR, like, slick video on Ukraine 2030.
00:14:45.020Now they're trying to bundle it up for control of you.
00:14:50.140Make sure we all understand this next in the war room.
00:14:53.300Will the lack of a red wave during the midterms lead to a more emboldened Biden, more wasteful government spending, higher taxes, a deepening of inflation?
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00:16:47.480They are on the defensive, as they should be.
00:16:49.600So it is time for us to continue to press the case.
00:16:51.840And by the way, that's not just my opinion.
00:16:53.160That is the opinion of thousands and thousands of regular citizens the world over.
00:16:57.480I really encourage the audience to check out this new survey.
00:17:00.560I mentioned it there in the Chalk Talk.
00:17:01.980I also link to it in my new article on my substack, The Failure of Globalism, a global survey from Edelman.
00:17:09.400If you don't know Edelman, folks out there in the audience, they are a global communications powerhouse.
00:17:13.820Edelman is very intertwined with the global elite ruling class.
00:17:17.200So believe me, I don't think the executives of Edelman are very happy with the results of their own survey.
00:17:22.060But thankfully, they've been doing this survey every single year worldwide since the year 2000.
00:17:27.260And one of the very just primary questions they ask is, are you going to be better off in five years than you are today?
00:17:33.180And historically, strong majorities of people the world over believe that they're going to be better off in five years, particularly in the United States.
00:17:40.860Unfortunately, that number has crashed globally.
00:17:43.560Only 40 percent of the people in the world now believe they will be better off in five years.
00:17:59.260Unfortunately, of the 28 countries that were surveyed, half of them, Steve, saw a double-digit decline in just the last year on that basic question about,
00:18:09.080are you going to be better off economically?
00:18:11.740A double-digit decline in just one year's time.
00:18:15.460That shows you what slow growth or, in many countries, no growth, combined with massive inflation, has done to the well-being and to the optimism or lack thereof of regular citizens.
00:18:50.940It is a movement that is already starting to dominate politics and is going to even further dominate politics in the coming months and years and decades ahead.
00:18:59.800This is the proper revolt, the proper political populist revolt against globalism and what it has done to the health, to the pocketbooks, and to the spirits of regular citizens.
00:19:15.500Niall Ferguson is a very, very smart guy, but he's one of the maestros of globalism, right?
00:19:21.680The Ascent of Money, all of his books.
00:19:23.160He says the quiet part out loud when he breaks down the history, he goes, you had a populist revolt from 2016, Trump, to 2019, but that the pandemic did away with that.
00:19:44.200It's going to get strengthened and come back.
00:19:45.760Why is the years 2016 to 2019 when he points out populist protectionism – well, the year 2016 was the rise and the breakthrough of Trump as the head of this movement.
00:20:00.1002019, Steve Cortez, summarize, would the people in the globe rather have the world of 2019 and Donald Trump in charge of the economy or January of 2023, sir?
00:20:13.960Niall Ferguson, who I think is generally a pretty sharp guy, has some interesting insights.
00:20:18.100In this case, I think he's blinded to reality largely because of his positions, I think, unfortunately, as a faculty member of Harvard and part of the Hoover Institution at Stanford.
00:20:26.520I don't think he understands really what working class people are facing right now.
00:20:30.460But to answer your question, it's interesting that he disparages that period of 2019.
00:20:34.2402019 was, by many metrics, the best year for workers in all of American history.
00:20:41.220We saw massive wage increases, 6.8% wage growth overall with about 2% inflation.
00:20:48.400So you're talking about roughly 5% real wage gains.
00:20:52.800Contrast that to today, where we are suffering from 21 straight months of real wages, meaning incomes adjusted for inflation, crashing.
00:21:02.000The longest, worst streak in all of American history.
00:21:06.160And by the way, back in 2019, everyone was doing well.
00:21:09.020But the people who were doing the best were blue-collar folks, were minorities, people who had not participated previously in the prosperity of America.
00:21:17.180They leapfrogged to the front of the income gains in 2019.
00:21:21.000Blue-collar workers saw above 9% gains in the year 2019.
00:21:52.200And what I mean by that is the entire world wants access to the U.S. consumer market, the biggest and richest and most powerful market in the world.
00:22:18.480We should protect the American people.
00:22:20.560And we should protect American industries against predatory globalist trade practices that have been ruinous for American workers and American communities.
00:22:30.480And we proved in 2019, albeit for too short a period of time, but we proved that it works, that it's efficacious.
00:22:38.180We need to prove it again, starting, by the way, with this GOP House.
00:22:43.520We don't have enough power in Washington, D.C., but we have power.
00:22:46.260We do have a significant lever with control of the House.
00:22:48.740We need to start fighting against this globalism.
00:22:50.900And I don't mean just a Davos, OK, because obviously there's just a lot of symbolism really going on there.
00:22:55.620I mean fighting against globalism in Dayton, in the United States, in the heartland of the U.S., demanding fairness in trade, reestablishing sovereignty over our border.
00:23:19.060Thankfully, because of the failure of globalism, particularly economically, the political field is ripe for us to make significant gains if we can stick to our agenda of patriotic populism.
00:23:32.460If you look at this Edelman survey, which, again, thousands and thousands of people surveyed all over the world annually since the year 2000, this survey is collapsing.
00:23:42.540It is a collapse in economic confidence right now.
00:23:45.200That was actually the word used by the Edelman CEO, not by Steve Cortez.
00:23:48.880And, by the way, I'm sure they're not thrilled that their survey has given plenty of ammunition to people like Steve Bannon and Steve Cortez.
00:24:55.280They're on to something in this regard.
00:24:57.180What we do have right now is economic recession the world over.
00:25:00.960The United States, I believe, already in recession.
00:25:03.320Most economists say it's about to tip into recession.
00:25:05.680You have Europe in recession and China in reality, not according to their official numbers, but in reality, tipping into recession.
00:25:12.480That has not happened yet since China's emergence as a global economic power, beginning with their admission into the World Trade Organization in 2001,
00:25:21.300which unfortunately was was wildly pushed with bipartisan fervor here in the United States.
00:25:27.200The Washington Uniparty was all in for Beijing getting into the World Trade Organization on terms that were incredibly beneficial and generous to the Chinese Communist Party.
00:25:36.400But since then, what we have not seen is a synchronized slowdown, a synchronized recession in the three major economic centers of the world, China, the U.S. and Europe.
00:27:46.520I'm fighting for fiscal responsibility and balanced budgets.
00:27:49.960I've been one of the most fiscally conservative members of the House.
00:27:53.240It's that type of attitude and that type of fighting spirit that we need in the Senate to shake it up.
00:27:59.960And that's why I'm announcing I'm running for the Senate today.
00:28:01.840Friends, you have to be blind not to see what's going on around the world.
00:28:07.520We're facing worldwide chaos on a whole new level.
00:28:10.580And it could all hit home really quickly in the form of food shortages, not to mention sky-high prices for basic groceries.
00:28:19.260That's why so many people are stocking up on emergency food right now.
00:28:23.560This food stays fresh in long-term storage, so it's ready when you need it.
00:28:27.480My Patriot Supply is the nation's largest preparedness company, and right now they're knocking $200 off their three-month emergency food kit.
00:29:29.820Congressman Banks has announced he's running for the United States Senate from Indiana.
00:29:33.860Congressman Banks, first off, given that you're such an important player in where we're heading after the big fight we had a couple weeks ago about the direction of this Congress,
00:29:44.920why would you determine now that the House is not – because you're one of the smartest people about the Chinese Communist Party, about the administrative state,
00:29:55.280so many things that are at the top of the pile in the inbox for this Congress.
00:30:01.360You're a – you know, you're in the vanguard of that.
00:30:04.900You've done such an amazing job with the Republican Study Committee.
00:30:07.580Why now would you pivot to run for the Senate, sir?
00:30:12.660Not a decision that my wife and I take lightly.
00:30:16.360When Mike Braun, our current senator, who, by the way, has been a reliable conservative, has fought the fight for the America First cause in the Senate in his term,
00:30:25.740announced that he's running for governor.
00:30:27.620It opened up an open Senate seat in Indiana.
00:30:29.860We spent the last couple of months praying about it, thinking about it, talking to our friends about it.
00:30:34.680I just believe the United States Senate needs a shakeup, and Indiana deserves a conservative fighter fighting for them in the United States Senate.
00:30:42.960I've been doing that, as you said, in the House.
00:30:44.940And the House is a much better place today than it was when I first got there six years ago under Republican leadership the last time we had the majority who failed to live up to their promises.
00:30:55.260This Republican majority currently, I believe, is going to do what we said we were going to do and address the issues that matter.
00:31:02.380I just think we need that kind of leadership in the Senate.
00:31:04.720I've seen over and over again Republican senators go along to get along with the radical left and the Democrats and not enough fight.
00:31:13.680And I want to take the fight to the United States Senate.
00:31:15.740That's why today I announced that I'm running for the Senate to be the next senator from Indiana.
00:31:23.540You are one of the fighters, and the House is kind of structured to have more fighters in it.
00:31:28.600Is it a structural problem in the Senate?
00:31:32.380And we have seen a number of people that we admire that have been fighters, and once they get to the Senate, they seem to get captured by some invisible ray, and they become relatively passive.
00:31:44.120Look, this whole thing, you know, we're in this debt ceiling fight.
00:31:47.680And one of the reasons we're here is that you had, and I call them the collaborationists.
00:31:52.620If you look at every big thing that Biden got passed in the last couple of years, it's because of these folks in the Senate that went along with it.
00:32:04.240Are you comfortable that's the proper place for your skill set?
00:32:08.560Well, there are some fighters in the Senate who I'm looking forward to joining, like Josh Hawley and Tom Cotton, Mike Lee, Rand Paul, Ted Cruz.
00:32:16.760That's why I'm inspired to go there, because I see a lot of activity there.
00:32:20.760J.D. Vance is going to be one of the most exciting senators in the United States Senate.
00:32:25.520So one thing I learned, Steve, I got elected to Congress in 2016, the same cycle Donald Trump got elected to president.
00:32:31.800And I thought, I naively thought I could go to Washington, work with the other side to get things done, count on Republican leadership to do what they said they were going to do.
00:32:42.260I thought the media would give me a fair shot.
00:32:45.100And for four years, I saw how the radical left operated, how they tried to block Republicans, block the America First agenda that the American people elected Donald Trump to fight for.
00:32:56.500I thought I could go there and would see something different, but I saw how the radical left operate.
00:33:02.300And I learned a lot of valuable lessons from that.
00:33:04.680And it's that type of attitude, that type of shakeup that we need in the United States Senate.
00:33:10.560What you talked about, the $1.7 trillion omnibus bill, which wasn't just about spending.
00:33:16.240It was about spending on left-wing socialist causes.
00:33:20.500And it passes the Senate when Republicans could have blocked it.
00:33:24.100Almost everything, every piece of the Biden agenda that's been passed over the last two years that has turned this country upside down could have been blocked by Republicans in the Senate.
00:33:34.860And for too long, the Republicans have gone along with it.
00:33:37.480So I want to go there to be one of the new fighters, a part of a new generation of conservative fighters in the Senate.
00:33:43.300That's what I'm pledging to Hoosier voters as I kick off my campaign.
00:33:51.400Given Indiana and how it's so much of the backbone of the country, the Hoosiers and the great folks out there, patriots and great Americans, hardworking Americans, give me your perspective.
00:34:03.820Right now, as you see the country, and then particularly Indiana, what are the two or three biggest issues you think facing the nation?
00:34:12.600And how does that inform your thoughts about what faces Indiana and what you would do as their representative in the Senate, sir?
00:34:22.120You know, I've got to start with the drug epidemic.
00:34:25.280I mean, I come from a rural community, a small town.
00:34:30.200Almost every family I talk to in my district has been affected in one way or another by the fentanyl epidemic.
00:34:37.380That's a direct result of the Biden administration opening the border wide open.
00:34:42.320Fentanyl, now the leading cause of death of Americans my age.
00:34:46.220And I look at that issue in and of itself and what this administration has done to open the border, to radically change America and the severe consequences that that's had.
00:35:30.680A union man through and through, blue collar as they can come, working class, which is what most of Indiana reflects.
00:35:37.720And those are the values that I want to take to the United States Senate to fight for the working families of my great state who are counting on new and better leadership in the United States Senate to fight for that.
00:35:48.860When you talk about, you know, working class families and coming from a working class family, the one thing, having come from a blue collar family, too, you have to do is you have to live within your means.
00:36:01.620There's nobody there going to bail you out.
00:36:03.580How does this debt ceiling and just this mentality that we can have this what I call fiscal domination that you continue to vote for these over plus trillion dollar deficits that is just financed by the Federal Reserve just prints the money.
00:36:21.540You got nine and a half trillion dollars in the balance sheet of the Fed.
00:36:24.460We got 30, almost 31 trillion on the, over 31 trillion on the balance sheet of the Treasury.
00:36:29.920Then you've got another, I think, 30 trillion when you really count up Social Security and Medicare, the real number you have to meet.
00:36:37.000And you've got a hundred trillion dollars of unfunded liabilities, which are contingent liabilities that some of them are not that contingent.
00:36:47.720Because the Senate has been the worst in this huge fight we're going to have right now.
00:36:52.180It's the Senate and Mitch McConnell, these guys, going to put pressure on reaching some sort of compromise.
00:36:56.560So what where did the folks and where the Hoosiers stand first in your mind about this issue?
00:37:02.880And where do you expect to exert leadership to get us out of this mess?
00:37:08.060Yeah, I mean, you look at the one point seven trillion dollar omnibus bill and hardly hardly a fight against it in the Senate.
00:37:14.020When House Republicans were unified in voting against it and trying to stop it in the House, which we couldn't do because Democrats, after the lame duck, after the election, they passed out of the House, went to the Senate, and there wasn't much of a fight by Senate Republicans against it.
00:37:31.980And you can kind of see that on the horizon here again, Steve, the debt limit fight.
00:37:35.560If Senate Republicans fold on this and try to convince us that voters are going to forget about it in a year and a half when we get to the next election, the presidential election, the next election, Republicans are going to pay a price for that.
00:37:47.360Because you're right, Hoosiers expect us to address the debt, address deficit spending and cut wasteful spending.
00:37:55.880And that's the type of senator that I'm going to be, just like it's the type of representative I've been, never voting for bloated spending.
00:38:03.540Republican Study Committee, the conservative caucus that I chaired, we were the only group in town that put out a budget.
00:38:11.680And it was a budget that balanced in seven years without touching entitlements that seniors rely on today.
00:38:17.140And there are simple ways to do that, there are simple solutions, but we have to use the leverage of this upcoming debt limit fight to advance balanced budgets and spending reforms that can set us down that path.
00:38:30.800So I hope Senate Republicans don't forsake us again.
00:38:34.520I hope they fight back hard and use the leverage that they have in the debt limit fight.
00:38:40.480I can guarantee you that's what the House Republican majority is going to do.
00:38:43.480The Republican Study Committee, you guys were also at the tip of the spear.
00:38:49.640And I think, quite frankly, the reason we even have this China Select Committee is because of your guys' work.
00:39:46.160The Senate, Steve, doesn't have the same focus on China as America's greatest threat, as the greatest existential threat to America's – to our way of life, to us economically, to us militarily.
00:40:01.440I hear Josh Hawley and Tom Cotton and J.D. Vance and a few others talking about it.
00:40:06.300But when I get to the Senate, I'm going to take that same type of intensity I brought to the House with a focus on addressing the China threat and do everything that we can to position America in a better place to fight back against it.
00:40:19.040So set up a Select Committee in the Senate.
00:40:21.540Have senators working with the Select Committee in the House to develop that whole-of-government approach.
00:40:27.420China has a civil-military fusion approach in how they want to dominate the United States of America.
00:40:34.760Let's have the same type of focus in the Congress across the House and the Senate to do the same thing to confront the biggest challenge that we face.
00:41:32.560I'll go to the Senate and keep up the same fight and intensity in the Senate as a conservative fighter that I've done in the House for the past six years.
00:41:42.100Well, I'm sure they're going to try to – the establishment.
00:41:44.940I mean, that's the problem with the Senate today.
00:42:10.560My dad will hold me accountable to that every single day, Steve, as part of that new working-class coalition of populist Republicans that are part of our party today because of what you've done,
00:42:22.020because of what Donald Trump did for the Republican Party and for our country.
00:42:40.420This is about me giving Hoosiers a voice in the United States Senate to be their conservative fighter, and I take that personally every day.
00:42:48.400Congressman Banks, thank you for joining us on the day that you kick off your run for the United States Senate from the great state of Indiana.
00:49:44.860This is what you get from the National Review and the faculty lounge at the National Review, George Will, all your betters in conservative media.
00:49:53.600They're going to be pushing this guy big.
00:50:11.740You know, Steve, we see this kind of gap between the legacy elected officials and a lot of the donors, frankly, and then regular voters in many of these red states.
00:50:35.100And at the state convention, rather than a primary for state office holders, they have a convention.
00:50:39.560I will tell you, at that convention, being there in the room, in the auditorium, it was really palpable, the difference between the elected officials who were largely on the stage
00:50:47.380and then the delegates, the activists who were in the crowd and on the convention floor.
00:50:52.640They were thoroughly MAGA, all of them War Room fans, by the way, all of them animated by patriotic populism, by the urgency of saving this country,
00:51:01.360of changing things dramatically, not tinkering around the edges, anti-globalist, proud Hoosiers, proud Americans,
00:51:08.660and then contrast that with this very corporatist Indianapolis set.
00:51:34.280In a lot of places, I think it will be in the U.S. Senate.
00:51:36.680I think there are a lot of senators there, people like Tom Cotton, who sort of want to agree with us but need their backbone to be strengthened.
00:51:44.140And they need it to be strengthened by colleagues like J.D. Vance, who we just sent there, who I think is going to do that and going to be that kind of fighter,