Bannon's War Room - Episode 2564： The Financial Revolt Going On In The US

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

00:00:09.740 these people here's not got a free shot all these networks lying about the people the people have

00:00:16.340 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:20.100 in the world to stop that but you're not going to stop it it's going to happen and where do people

00:00:23.680 like that go to share the big line mega media i wish in my soul i wish that any of these people

00:00:31.500 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my

00:00:39.440 country this country will be saved war room here's your host stephen k band

00:00:46.660 and if you put me back in the white house their reign is over their reign will be over

00:00:57.640 and they know it and america will be a free nation once again we're not a free nation right now

00:01:03.200 we don't have free press we don't have free anything in 2016 i declared i am your voice

00:01:10.940 today i add i am your warrior i am your justice and for those who have been wronged and betrayed

00:01:18.960 i am your retribution i am your retribution there's no longer a gathering storm the storm is here

00:01:27.340 the storm is here this is the most dangerous time in world history since the late 1930s

00:01:35.720 early 1940s and how did we get here our betters our elites let us here step by step by step

00:01:45.740 what you have now is you have two converging crises a crisis of capital markets and economics

00:01:53.820 and a crisis of geopolitical and military and they're converging very rapidly and then they're

00:01:59.720 going to conflate and once they conflate they're going to spin out of control and it's anybody's

00:02:05.720 bet and i will implement a four-year plan to phase out all chinese imports of essential goods 1.00

00:02:12.860 and gain total independence from china we have to do it 0.99

00:02:16.020 we have to do it i will hold china financially accountable for unleashing the china virus upon the world 1.00

00:02:27.580 and i will again withdraw from the who which stands for we hide outbreaks we hide out the united states

00:02:43.800 was paying an old man murdoch while you're at it why don't you know more softball interviews to the

00:02:49.100 guys running against him and no more infomercials okay play it straight you play it straight donald trump's

00:02:54.740 going to win the primary and donald trump's going to win the presidency

00:02:57.280 let me leave you with what trump is up against he's not up against desantis or nikki haley or mike

00:03:06.900 pompeo he's up against ken griffin and mitch mcconnell and murdoch okay they have deemed if he wins the

00:03:14.140 primary they're going to work for the democrats just like they work for hillary clinton i was there

00:03:18.080 i can tell you they were in clinton's camp the entire way all they are is about money and the

00:03:24.700 only people can stop them on the face of the earth are you you and you maga maga maga remember

00:03:33.560 murdoch you've deemed trump's not going to be president well we've deemed that you're not

00:03:40.460 going to have a network because we're going to fight you every step of the way 0.95

00:03:43.280 we're nation in decline our enemies are desperate to stop us because they know that

00:03:55.180 we are the only ones who can stop them they know that this room so important the people in this room

00:04:01.340 they know that we can defeat them they know that we will defeat them but they're not coming

00:04:10.300 after me they're coming after you and i'm just standing in their way that's all i'm doing i'm

00:04:15.800 standing in their way

00:04:16.800 the elites say you're too stupid you're too lazy and you're too disconnected watching television

00:04:26.920 watching the bread and circus of modern culture to care is that true are you sure

00:04:32.620 because you underwrite the whole system the neoliberal neocon system globally is underwritten

00:04:38.860 by you your taxes your pension money the insurance money and most importantly your sons and daughters

00:04:45.040 you're the one that can tell congress hey not one increase to the debt ceiling and we want to see

00:04:50.620 massive cuts we want to see massive cuts in spending and we want to see it now not next year

00:04:56.100 don't give me some happy talk formula don't give me some set of mathematics i want to see real cut

00:05:01.340 we will use all necessary state local federal and military resources to carry out the largest

00:05:08.020 domestic deportation operation in american history

00:05:11.900 other countries are emptying out their prisons insane asylums and mental institutions and sending 0.81

00:05:22.440 all of their problems right into their dumping ground the usa think of it they're emptying out

00:05:30.380 their prisons and you've heard me say that but they're also emptying out their mental institutions

00:05:34.640 and uh to use a strong couple of words insane asylum insane asylum that's where

00:05:41.480 anybody see silence of the lamb that's where they come from insane asylum that's a stronger word than a

00:05:47.780 mental institution and they're putting them into our country thank you very much i will ask every 1.00

00:05:52.840 state and federal agency to identify every known or suspected gang member in america and every one of

00:05:59.180 them that is here illegally and the towns know who they are the towns and cities or the police we love our police

00:06:05.900 okay uh welcome it's uh monday what is it six march year of our lord 2023 thank you production staff

00:06:13.880 it's lost it all um you're in the war room that is uh from cpac uh intercut uh president trump's

00:06:20.960 really magnificent um uh almost two hour i think hour and a half hour and 45 minute a speech

00:06:26.520 that had so many blockbusters in it of course they've only picked up the mainstream media has only

00:06:32.260 picked up uh i'm your retribution i love that come retribution but the pot on the policy perspective

00:06:39.760 it's just really an incredible what he laid out there i mean deportations cutting off china we're

00:06:46.440 gonna get cortez up here uh in in a few minutes but you got on the financial times day beijing's

00:06:52.200 expansion target signals end to the era of rip-roaring growth now every number coming out of the ccp there 1.00

00:06:58.000 you are right there denver beautiful shot you know they got these great shots of the ccp all the time 0.99

00:07:02.120 it kind of makes you wonder financial times um you've got uh the ccp lies about everything 0.99

00:07:08.700 and all their numbers uh but they've come out even down they're not talking about the eight percent

00:07:13.760 growth the nine percent growth the ten percent growth and president trump right there from a

00:07:17.920 policy perspective and this is why i'm so upset with the murdochs and fox um think about it they 0.88

00:07:25.420 were not going to cover that speech live at all until i called the family out personally

00:07:29.060 on friday and i know this because i heard a bunch of other people from other media companies call me

00:07:34.460 they're freaking some of their advisors are freaking out and they're freaking out because

00:07:38.560 not because they were called out personally as foreigners which they are they're these i said

00:07:44.740 in the john frederick they're rootless um and ruthless but they're rootless uh cosmopolitan you

00:07:52.480 know metro cosmopolitan elites right and and you know they're they're they're from london or australia or

00:07:58.320 you know davos or east hampton they flit around the world they're not really of any one country

00:08:03.440 and that's the problem they're not americans and they're not going to sit here we're not going to

00:08:07.420 allow them because they're on record they're saying that donald trump will never be present again he

00:08:12.240 will not get back to the white house that's just dead wrong trump is going to win the primary trump

00:08:16.200 is going to win the general election and trump is going to get back to the white house and take

00:08:19.560 down the administrative state defeat uh our enemies uh by not going to war crush them economically

00:08:25.800 on the eurasian landmass uh and set all this uh and and start to sort out this incredible um and

00:08:32.740 disastrous financial crisis we have you're seeing the end of the neoliberal neocon order and the murdochs 0.93

00:08:39.160 are a massive supporter of that they're one of the underpinnings of that right so don't and and they

00:08:44.200 have um done so much damage to this country because we we got here over a 30 or 40 year period it just

00:08:52.560 didn't arrive overnight biden yes we must turf out biden and the illegitimate regime obviously

00:08:57.240 from the white house and take on the administrative state these are obviously bad actors but we just

00:09:02.260 didn't get here because of radical democrats we got here because of the compromise consistently the

00:09:08.100 compromise of the republican party elites okay none of this would have happened right now if it was not

00:09:13.800 for what i call the iron uh the iron axis the triangle they have the they triumvirate and that

00:09:19.880 is the ken griffin oligarchs the wall street oligarchs coupled with mitch mcconnell his donor base and the

00:09:26.220 collaboration of senate that gave gave essentially gave biden all these quote-unquote victories all the

00:09:31.340 spending particularly and the murdochs and that group right there is um they're fighting trump in the

00:09:38.140 primaries right with various different uh folks and these folks are all decent people and they're good

00:09:43.000 people but right now we don't have time for on-the-job training we need a guy that gave us

00:09:46.840 four years of peace and prosperity in a world that is in 1938 or 1939 we're hurtling towards a kinetic

00:09:53.340 we're already in a third world war we're hurtling towards the kinetic part of that and to think that

00:09:58.320 until they took him live on saturday after they were forced to because they were humiliated at being

00:10:03.900 called out as a bunch of foreigners in here trying to destroy the united states of america uh until they 0.98

00:10:10.000 got called out personally and the audience responded remember it was the audience it wasn't steve bannon

00:10:14.080 it was the audience response to finally somebody calling them out to their face um that's when they

00:10:20.200 picked up trump for the entire 90 minute two hour uh cpac they had nobody at cpac they weren't going to

00:10:26.340 cover any of trump okay and then they finished with a mike pillow ad and remember they covered trump

00:10:30.940 without commercial interruption which is that's old man murdoch himself's got to make that

00:10:35.700 determination but the power of it and the reason this is and think about it for a second from

00:10:41.260 donald trump the time he announced in november here's a guy whether you love him or hate him

00:10:45.740 where you hate the sound of his voice uh if you detest him he gave us four years of peace and

00:10:51.480 prosperity in one of the most uh difficult times in in world history and since he's left it's actually

00:10:57.740 obviously been a disaster but to think that in that entire time given all the softball uh interviews

00:11:05.120 they did with everybody else all the infomercials they essentially did for everybody else to think

00:11:09.660 to think that low uh lowly of their audience that you would not want to hear uh from trump in these

00:11:17.400 troubled times think about these policies he laid out wouldn't have been nice if fox had done

00:11:22.600 interviews or or talked to him and talked about decoupling because he's talking about decoupling from

00:11:27.520 china he's talking about cutting off all imports talk about decoupling from china talking about total

00:11:31.600 deportations of uh at the end cis has told us by the end of biden's term there'll be 12 to 15 million

00:11:40.280 illegal aliens here by this gamed asylum system 12 to 15 million think about that for 12 to 15 million

00:11:48.000 and that's todd bensman's number and trump is not just saying i'm going to secure the board and seal

00:11:52.240 and stop this nonsense he says we're going to start deport deportations my point is these are massive

00:11:58.600 what he talked about the other day are massive policy differences from the neoliberal neocon order

00:12:04.700 he also said he could solve the problem in ukraine in 24 hours and you gotta you gotta you gotta stop

00:12:10.040 the madness over there think about it the policy things that donald j trump talked about you don't

00:12:15.920 hear this from anybody else look mike pompeo i would like to say mike pompeo is a friend i i have

00:12:20.540 tremendous respect for mike pompeo i totally disagree with so many of these policy positions

00:12:24.520 and nikki haley you know we've had our differences but she's been a good governor and she's obviously

00:12:28.900 a legitimate candidate to see for the presidency but if you look at their cspac speeches which i

00:12:33.180 watched them they're they're they're just the old policy formulas of the neoliberal neocons it doesn't

00:12:39.680 really have any um it's not informed by the current state of the world and what has to happen because

00:12:46.840 you had these two converging crises the crisis of 300 trillion dollars of debt at every level and now

00:12:53.180 steve cortez was the first to point out the structure of interest rates in our country that

00:12:57.180 are from the one month the the 30-day treasury all the way to the 30 year it's at four percent or

00:13:02.980 thereabouts so which you can't survive we can't that debt was all raised in the negative zero interest

00:13:10.220 rates era you can't go on that you have that crisis which is now manifested in this um in this

00:13:16.500 appropriations bill and how we have to really you know they're talking about two trillion dollars cut out

00:13:19.860 of medicaid right and things like that billions of dollars out of the defense budget the crisis of

00:13:24.960 that coupled with uh the mullahs in iran the kgb in moscow the chinese communist party uh with let's

00:13:33.660 throw in erdogan in there the house of sawd qatar let's give pakistan the radical jihadi just through 0.92

00:13:38.420 the president of the radical jihadis in pakistan and uh mini me in north korea you have a geopolitics

00:13:44.440 we've talked in the show many times now the the collapse of that order you now have a geopolitical

00:13:49.680 and financial and debt crisis uh capital markets crisis uh very similar to the late 1930s when

00:13:56.200 everything they tried to do together the great depression wasn't working by 37 38 they had run

00:14:01.280 out of tools at that time and we were hurtling towards uh the third world war the kinetic part

00:14:06.040 of which really started in 35 36 and 37 whether that's ethiopia manchuria uh spain the preamble

00:14:13.040 was all there and that's where we are today and donald j trump gives you these massive policy

00:14:17.800 uh uh things that he's going to do and it's not covered by fox until they're forced to the humiliated

00:14:23.780 the foreigners humiliated so uh and by the way that's just not that's not going to satisfy us

00:14:29.280 we need full coverage of trump 24 7 and ask him the hard questions just just cover just be just cover

00:14:34.900 just be uh be fair be fair and balanced how about that is that one from the past okay short commercial

00:14:41.300 break cortez and i are going to get into it a lot going on over the weekend we'll be back in the

00:14:46.540 warm in just a moment

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00:16:15.440 host stephen k bannon

00:16:18.200 okay here's here's why um the war room audience and i want to thank everybody and we'll talk more

00:16:27.700 about c packers is going today um because we learned a lot of lessons there the intensity of the audience

00:16:32.360 is breathtaking here's why the war room is so important the audience is that

00:16:37.540 it's not just a massive audience but it's all activist everybody we saw there's either precinct

00:16:44.160 committee make sure you go to the precinct strategy if you haven't already joined go there get

00:16:48.280 schultz's book uh there's other groups kind of doing a precinct strategy too so just we're precinct

00:16:53.420 strategy obviously huge supporters are because it's really the entry level of getting actively

00:16:58.320 engaged in something uh and there's other groups too and we try to make sure that we show these other

00:17:02.700 groups you're an audience of activists you're an audience of people that understand that they have

00:17:08.900 to put their shoulder to the wheel in whatever endeavor you know whether it's veterans whether it's j6

00:17:13.740 whether it's people in economics whether it's people for attack you know the anti-tax groups

00:17:18.800 all of it pick whatever your lane is what what um you know whether it's uh parents rights or or

00:17:25.580 religious freedom or gun rights you pick it pick pick whatever you want to immerse yourself in

00:17:30.440 whatever is hey this is my project this is really where i want to put my heart and soul and fighting

00:17:35.620 for this um and we're an activist audience we put first of all it's a massive audience obviously but

00:17:40.560 we also even being massive it punches way above its weight all these other audiences foxes these

00:17:46.560 are just passive people they have the thing and it's like background noise it's just background noise

00:17:50.920 we're an activist audience and people understand that and what we try to do in the active activist

00:17:56.300 for the activist audience since you're so important we always try to give you information and news and

00:18:03.060 things data that you can then use not just in your personal life but in what is kind of your

00:18:08.920 side professional life besides your work efforts which is what you do politically and culturally to

00:18:14.640 save our country and so that's what we always try to and a lot of stuff you know originally i got

00:18:19.760 criticized said well nobody's gonna be interested in this stuff that's not a business show and they

00:18:22.660 said no they want to understand how the system works so that they can understand the system better

00:18:27.440 personally for their family and community but also to have a bigger impact and that's why the

00:18:33.000 construct here and you kind of see the what i call the dryness or the hollowness even in the nicky

00:18:39.400 haley's and the mike pompeo's and these speeches it doesn't really get to the point let's get to the point

00:18:45.160 the point is right now we have this system that's kind of a post-world war ii system a neoliberal

00:18:51.840 neocon order neoliberal on its economics and capital markets and neocon in its national security

00:18:57.160 perspective that system is collapsing before our eyes and one of the reasons it's collapsing it needs

00:19:03.520 your consent it needs your compliance you're the ones that underwrite this just very quickly if i

00:19:09.780 just go right before i get to cortez and that's why this lead today is manifest in a lot of what trump

00:19:14.520 was talking about and look he articulates it very differently than i do i understand that he's got a

00:19:19.580 much more direct way the bang just cuts to the heart of it because he's a very direct he's a very direct

00:19:25.180 guy and and still the master of mass communications but you see this today as steve cortez has told you

00:19:30.960 hey you know this global crisis we have like in 2008 the chinese because the way they juice their 1.00

00:19:36.300 system were able to have eight ten percent growth and kind of pull everybody out or assist everybody

00:19:42.020 out as we're shipping jobs over there out of the 2008 financial crisis at least people could tread water

00:19:47.840 now you see today the rippling era is over when when the ccp says five percent that means zero okay

00:19:54.260 because they lie about everything that means zero and lao beijing has got some tough years ahead of

00:19:58.780 it it's a tough and remember their whole their whole control of the country is based upon that

00:20:03.640 economic trade-off they do with people hey we'll give you an economically better life we have totally

00:20:07.720 total political and cultural control real quick if i turn to cortez if you go around the world

00:20:12.820 particularly around the rim of the eurasian landmass which has really been our foreign policy

00:20:16.280 since world war ii if you look at northwest europe which is the nato countries if you look at the

00:20:21.060 persian gulf right you look at the persian gulf right there with the oil producing the emirates

00:20:25.200 you got iran israel all that you've got then you go around the globe so you get those two then you go

00:20:29.760 around the globe to the south china sea the lateral nations around the straits of malacca where 80

00:20:35.340 percent of the oil the world comes through straits of malacca south china sea down there around

00:20:39.160 vietnam and the philippines then you go up to up to off of korea and japan the east china sea those four

00:20:44.860 hot spots that's where you really that's where world commerce is uh that's the interconnectivity to

00:20:50.220 america to the global system and um what you have there is you have uh commercial relationships trade

00:20:56.520 deals right you have capital markets right you have these interconnected capital markets you have

00:21:00.760 obviously cultural the cultural ties some stronger than others but you have commercial activity with

00:21:05.960 trade deals you have capital markets and it's all underwritten by an american security guarantee

00:21:10.660 whether that's nato whether it's what we've done the centcom and the wars in the middle east

00:21:14.300 whether it's patrolling as i was back as a kid back in the 70s in the south china sea

00:21:19.280 or the war in vietnam or and then it's up in the still the army we have in korea and the army we

00:21:25.620 still the military we still have in japan it's underwritten by an american security guarantee

00:21:29.220 and what you're seeing is that and this was the thing of trump america was upside down everywhere

00:21:34.780 upside down all those trade deals right the capital market stuff does work with a somewhat but that

00:21:40.160 just makes the elite of the financial markets more powerful but it's the american security guarantee

00:21:45.380 now up to a trillion dollars of defense budget and your sons and daughters that go and die on these

00:21:50.620 foreign battlefields since i think the end of world war ii starting i think with the korean war

00:21:54.900 103 000 combat casualties in all these various wars and that does include the contractors you had the

00:22:01.200 contractors up to 175 200 000 but also trillions and trillions and trillions of dollars of us

00:22:07.000 underwriting the security of the world with quite frankly incredibly wealthy nations not pitching in

00:22:12.200 like did i mention nato and you know austria and switzerland and france and germany you go over

00:22:17.660 there they get full pensions they have full health care uh that you look at the house of sod and

00:22:22.440 cutter and these in these nations uh in in the middle of these iraq just told us all their oil deals are

00:22:27.160 going to be taken in chinese currency now not on the dollar it's it's the so it's an american

00:22:32.620 security that system that neoliberal neocon system is collapsing part of it is the 300 trillion

00:22:38.340 dollars in debt but steve cortez there's a lot that uh i i know that you like reparations he talked

00:22:45.620 about reparations for covet he talked about decoupling he says it in different language i'm

00:22:49.820 going to stop all the trades of it but he's talking about decoupling from china give us your overview

00:22:53.780 first we've got a couple minutes here and i want your perspective because you're one of the few guys

00:22:57.460 that understands maga and also understands capital markets let's pull the camera back on the collapse of

00:23:03.280 the neoliberal you know robini's talking about uh you know we got five phases here you're going to have

00:23:07.820 you know you're going to have a stagflation recession uh you know um you're going to have

00:23:13.220 a debt crisis uh and then you could have a a depression right you got the you got this 300

00:23:18.700 trillion dollars globally you were the one that first came out and said hey guys i just noticed

00:23:23.060 something the entire structure of american capital markets house over of government securities now over 0.57

00:23:28.600 four percent so pull the camera back and give us your big picture view of this and steve that is so

00:23:33.960 critical because globalism is collapsing on so many levels but most of all financially right you

00:23:39.440 know it simply cannot be financed anymore through artificially suppressed low interest rates and plus

00:23:45.760 suppressed here at home by the fed and all over the world by central banks we got away with exorbitant

00:23:52.480 borrowing spending with a lot of profligacy with some terrible policy decisions we got away with them

00:23:57.440 temporarily because of low interest rates but the bill always comes due and the bill has come due

00:24:02.760 with abandon right now because of the massive policy errors of joe biden and so i put that up on my

00:24:08.600 social media you can go and find it as of friday the entirety of the u.s treasury debt structure from

00:24:14.920 one month from 30 days all the way to 30 years was above four percent tenure yield has dipped slightly

00:24:21.420 below right now but the point is it is all at or above there it is four percent and notice by the

00:24:28.180 way on the left side of that screen that's one month money three month money those rates in a normal

00:24:33.720 time steve those are supposed to be lower in other words the bars on that chart should be going in

00:24:39.600 normal times from the lower left to the upper right instead you see this is the actual representation

00:24:46.240 physical representation the visual representation of an inverted yield curve those bars on the left of

00:24:51.640 that chart should not be higher than the bars on the right that's part of i want i want to explain

00:24:56.740 i want to take a second i want to take a second and explain this to our podcast and radio can't see

00:25:01.340 this sure a concept we want you to get in your life out of this is two things to remember the 10-year

00:25:06.960 treasury the 10-year treasury effect basically runs your financial and economic life but in this what

00:25:13.580 steve cortez is saying very it's so important the term inverted yield curve right why is the inverted

00:25:20.400 yield curve important it happens very very infrequently it's a harbinger of something but

00:25:24.940 why is it important for people to understand yeah and it has almost a perfect track record of predicting

00:25:29.560 or coinciding with recessions and often extremely deep recessions what it means steve is this i think

00:25:34.960 often when you talk about global capital markets i think it's it's easier to think of it just in personal

00:25:39.020 finance terms if you go and get a cd a certificate of deposit at a bank you get a certain interest rate

00:25:45.140 if you'll only give the bank your money for say 90 days they will give you a much higher interest rate

00:25:48.980 if you say i'll give you my money for two years that's the way interest rates are supposed to work

00:25:53.900 you get compensated more for lending for longer okay that's a normal yield curve that is upward sloping

00:26:01.080 what we have now is the reverse we have what's known as an inverted yield curve where long-term rates are

00:26:06.740 actually lower than short-term why because inflation is so high right now that the fed has been forced

00:26:13.140 to become very aggressive a crisis of its own doing by the way the fed is no victim here quite the

00:26:17.820 opposite the fed is totally complicit but the fed has been forced into a situation where it must be

00:26:22.520 incredibly aggressive about hiking short-term interest rates so you have short-term interest rates that

00:26:28.140 are skyrocketing steve at the same time you have long-term interest rates that are either staying stable

00:26:34.060 or in some cases actually going down why because the bond market doesn't believe in the growth

00:26:38.660 story anymore so an inverted yield curve you know a simple way to express it steve is it is a bond

00:26:45.760 market revolt it is the bond market rejecting the business model of joe biden and permanent washington

00:26:52.960 for the united states it is a bond market revolt and it's incredibly dangerous right now if you look

00:26:59.380 at the real at the yield curve two's tens which is two-year treasuries versus 10 years treasuries

00:27:04.040 most people focus there when they talk about the yield curve on wall street and elsewhere two's tens

00:27:09.060 is at minus 90 basis points that means it's almost a full percent to put that in historical context steve

00:27:16.880 what does that mean it's the widest it's been since 1982 think of how terrible things were with

00:27:22.300 inflation in 1982 the curve is telling us things are out as bad and getting worse than they were in the

00:27:28.960 late 70s and early 80s we're going we're going to come back to this when a when a system collapses

00:27:35.920 the collateral damage is massive what we're trying to do here is get ahead of the curve

00:27:41.620 so that this damage does not fall the anvil doesn't fall on the deplorables on maga on working class and

00:27:48.060 middle class folks in this country okay we're gonna take a short commercial break cortez is going to join 0.89

00:27:52.200 me on the other side i think we got some footage we're gonna do the footage of cpac as we go out with

00:27:56.380 this i want to thank everybody came to cpac just the energy was incredible the feedback i got for

00:28:01.440 you guys about the show was incredible short break cortez joins us on the other side

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00:29:34.700 patriots let's talk about a tragic reality the harm being inflicted upon children by joe biden and

00:29:47.940 permanent washington because as inflation soars and real wages crash children are being thrown into

00:29:55.960 poverty let's look at the numbers in a chalk talk for the year 2022 the dreadful economic crisis of

00:30:01.960 last year according to new york times reporting a staggering 3.7 million american children were

00:30:10.820 thrown newly into poverty now for comparison purposes let's look at biden versus the economic

00:30:18.200 track record of his predecessor donald trump in 2019 which is really a golden economic year especially for

00:30:24.720 working class americans under trump child poverty hit the lowest levels in 50 years as a matter of

00:30:32.680 fact for the first three years of trump's presidency before the ccp virus the exact opposite scenario of

00:30:39.300 biden almost 3 million 2.8 million american children were lifted out of poverty we know that patriotic

00:30:48.520 economic economic nationalism works especially for children

00:30:53.840 okay we're back uh steve cortez i think that puts it in uh in personal terms tell me about this because

00:31:02.840 here's the thing too remember we are all we have to balance this budget somehow we have to we can't

00:31:11.540 continue on this this maniacal uh modern monetary theory we just think we can continue to print money

00:31:16.720 it's got it's got to stop and you see this got to stop because now they're caught in a conundrum

00:31:20.760 because inflation at the six and a half percent they can't to get it to the target of two they got

00:31:27.060 it they'd have to throw it into a deeper session right now they're clearly not going to do that

00:31:30.880 inflation going to continue i mean they've really caught they've really boxed themselves

00:31:34.700 into right remember it's mitch mcconn these guys that helped them do it

00:31:38.100 don't you can't let those guys off the hook because they're the collaborationists in this

00:31:41.840 but now you're starting to see the manifestations that you know the snap program all all the extra

00:31:46.560 stuff from the covet time are coming off as it has to come off but it's not we're not saying that's

00:31:51.040 not going to add to people's you know the difficulty of their lives when you're with inflation up they

00:31:56.520 cause you're taking i don't know 100 bucks a week off also the the medicaid the medicaid's to you

00:32:01.040 know brusford's talking about two trillion dollars and we're going to get the woke and weaponized but

00:32:04.520 even in doing that if you take out the parts going to illegal aliens it's still coming out of

00:32:10.780 american citizens this is why this stuff in the ukraine is so is so sick that you're paying for 1.00

00:32:15.940 their pensions you're paying for their their health care and the citizens the united states don't have

00:32:21.500 it that's what america first stands for we're going to take care of our citizens first if you take if

00:32:27.100 america takes care of itself the rest of the world it'll be peace and prosperity trust me it's when 0.51

00:32:32.980 america gets in crises they have other crises steve cortez yeah listen and that's why you know i hope

00:32:38.800 in that chalk talk i'm conveying the tangible kitchen table reality that is faced because when

00:32:43.820 we talk about yield curve all those discussions and that analysis it's really important but the

00:32:47.900 point is it's not just academic it's not just for bond market geeks um or for economists the real

00:32:54.120 world ramifications are significant and unfortunately worsening i mean think about i was surprised frankly

00:33:01.220 that the new york times even reported on it 3.7 million american children newly thrown into poverty

00:33:09.460 last year because of what biden's inflation is doing to the prosperity of working class americans the most

00:33:15.920 vulnerable always suffer the first and suffer the most okay working class people of modest means and 0.99

00:33:23.660 children it's the exact opposite of what we enjoyed during patriotic populist economic times during the trump

00:33:31.820 boom when we proved that economic nationalism works and that wages rise for everybody but they rise the most

00:33:38.760 for those who were previously economically disparaged and disenfranchised so the reality that we're facing

00:33:45.420 right now which you're not going to hear much of again i give some credit to the new york times for at least

00:33:49.140 putting that number out there but you'll hear very little about the economic crisis that is the reality

00:33:53.460 of regular working class americans right now in this country and children are suffering as a result so

00:34:00.140 let's identify the problem and then get to the solution well the first step in the solution is the

00:34:06.360 house republicans in these coming weeks because we're now getting to crunch time in these coming

00:34:10.480 weeks holding the line on the debt ceiling because this exorbitant borrowing and spending that is

00:34:17.180 where joe biden is most complicit of course but to your point steve plenty of republicans plenty of

00:34:22.520 people that are after their name who have completely sold out who have gone native in the beltway in

00:34:27.460 washington dc including people we used to think we could count on people like tom cotton who voted for

00:34:32.400 that omnibus monstrosity to end last year they are all responsible for what is happening to american

00:34:39.560 children for 3.7 million new children who are enduring poverty because of these policy errors

00:34:47.100 from washington dc getting that situation situation right fixing this mess which we didn't create

00:34:53.420 but it's incumbent on us to not fix it starts but but but but but but it it gets worse than that i

00:34:59.560 want to get back to your um because you're saying hey energy and immigration you gotta you gotta you

00:35:04.680 gotta get to full spectrum energy dominance immediately back to trump not energy independence

00:35:09.660 full spectrum energy dominance and you've got to solve this immigration beyond this invasion of the 0.93

00:35:15.580 southern border let's be blunt the biden this was so sick of what they're doing remember their

00:35:22.500 theory of the case on the on inflation is that it's a it's now wage driven inflation problem and what

00:35:29.200 they're going to do is go after that they're going to go after that against the working class this is 0.50

00:35:34.760 what's so sick about it and quite frankly if african americans and hispanic americans continue to vote for it 0.99

00:35:39.220 you're voting for your own economic destruction you're voting for your own economic destruction

00:35:43.520 their theory of the case is that we the problem is you got the lower the lowest skilled workers wages

00:35:48.940 are increasing too much we want to get we got to flood the zone with illegal alien labor you saw the 1.00

00:35:54.160 statistics they're bragging on the fact and they talk about it all the time pal talks about all these

00:35:59.020 great thinkers on what they talk about it uh you know in kind of coded language they talk about it

00:36:03.620 now they've got a million statistics show they've got a million illegal aliens in the workforce and

00:36:08.500 that's how they're trying to bring wages down that's only going to kick more kids into poverty 1.00

00:36:12.020 this is and then they're going to come back say we need to get a new medicaid we need more snap 0.81

00:36:16.220 it is because the and it's the it's the it's the it's the it's the it's the company oligarchs

00:36:23.760 that benefit from that by driving down the wages increasing their profit margin and then the

00:36:28.580 taxpayers get some forced pickup when you need medicaid you need you need uh you know school lunch

00:36:33.680 programs you need these programs because the parents aren't making enough where they're not making

00:36:37.160 enough because you're crushing them because you're bringing in illegal alien workers to 1.00

00:36:41.880 compete at the lowest level of the thing exactly this is the sickness of the system

00:36:45.800 go ahead steve steve you know it's almost like it doesn't matter what the question is

00:36:50.980 uh from the ruling class particularly has anything to do with the economy but whatever the question

00:36:55.020 is from the ruling class the answer is always more immigration whether legal or illegal that is 0.94

00:37:01.580 always their answer right is we want endless unrelenting migration a stream of people constantly 1.00

00:37:08.420 into this country and at times actually they're actually honest enough to even say so most of

00:37:13.100 the time they're not but the reality is in a time of crashing real wages okay and this you don't have to

00:37:19.240 be an economist to understand this any person with common sense can understand this in a time of

00:37:23.440 crashing real wages the worst possible idea for the united states is importing millions and millions of 1.00

00:37:29.940 new workers to compete unjustly and illegally in the labor market against american citizens by the way

00:37:37.920 to this point too of minorities who disproportionately suffer from open borders it's a terrible idea for

00:37:43.360 all americans but particularly for working class folks and most black and brown americans by definition

00:37:48.100 are working class citizens of this country uh in that chalk talk when i talk about the 2.8 million

00:37:53.380 children who were lifted out of poverty who were lifted up by the trump boom between the first uh

00:37:59.300 between 2016 and 2019 the first three years of his presidency one million of those 2.8 million

00:38:04.980 according to the census bureau were hispanic children so think of that you had a million hispanic

00:38:10.140 children who are being lifted up economically into a better life because the border was under control

00:38:16.500 because we had tax and regulatory relief and because we were finally starting to get tough on trade

00:38:21.460 right all of which all of which the confluence of those factors resulted in real wages galloping

00:38:27.660 higher for americans again benefiting everybody but benefiting the most uh sending the most benefits

00:38:33.380 to working class folks so the people who had been forgotten about and disregarded for decades yeah

00:38:38.040 now if you go um and you hear biden talk about you know taking out the child tax credit uh lowering the

00:38:46.480 snap the the food stamp you know increased eligibility over covid uh and other issues

00:38:52.620 dealing with medicaid oh that you know we we've ended childhood poverty etc the difference in the trump

00:38:58.760 model and correct me if i'm wrong here brother cortez his was built off a robust economy that is the

00:39:05.300 economy that's growing in in in real wages you know it's super low inflation and you've got and you've

00:39:10.900 got real wages increasing and that's taking people out of poverty and the children out of poverty in the

00:39:17.360 the economic engine is driving them out the way biden did it it's all government it's taxes this and this

00:39:23.560 you have to pay for that you have to pay there's two totally radically different models here right

00:39:29.420 the biden model cannot continue to go on you've got to get back that there's possible and people know

00:39:34.580 i wasn't 100 with the tax with the trump taxing i thought the corporation i thought we should and if we'd

00:39:39.540 done this i think we'd had even more growth that the uh repatriation of the offshore money had to go

00:39:44.480 into capital equipment you cannot do this the purchase and the and the stock repurchases to

00:39:49.040 drive up the stock price for the all the ceos are punching out with their packages that's where

00:39:53.600 they're doing it right and i realize the oracle of omaha and those guys don't like it screw them i

00:39:57.520 don't care they're wrong they're wrong they're wrong on the on the okay it works for them because

00:40:02.900 they're they're they're they're benefiting from but that's not what the american people want to expect

00:40:06.500 in capital markets but talk about those two different models where trump's an engine of

00:40:10.700 growth of economically and lifting people out right as you normally would do versus this radical

00:40:16.260 weird model that biden's got we can't afford anymore sir right correct no so listen you know

00:40:21.020 the the populist economic model is that we're going to empower main street that we're going to protect

00:40:27.020 main street when when necessary and protect small business i'm not afraid of that word protectionism

00:40:31.760 not a dirty word it is to establish from republicans it should not be to our movement

00:40:35.960 because american workers and american businesses need protection from predatory trade practices for

00:40:42.160 example from the ccp which have eviscerated american manufacturing across this country so 1.00

00:40:47.860 protect main street empower main street to thrive and succeed particularly small business the principles

00:40:55.460 of subsidiarity rather than always rewarding big business so that's that's one model that's the model

00:41:00.900 that works that we know works empirically from what it did pre ccp virus and then the second model

00:41:06.820 the biden one is frankly acting like santa claus and just saying we're just going to hand people money

00:41:11.340 we're just going to to increase the dole even though we cannot finance it you know that's so there's lots

00:41:17.420 of things that are wrong with playing santa claus but right now the the principal flaw in that model

00:41:22.300 is that we simply cannot afford it with as we showed earlier interest rates marching higher materially

00:41:29.020 higher uh in this country and around the world for that matter but in this country to a level where

00:41:33.580 we simply cannot afford to even finance the debt forget about racking up new debt okay that is the

00:41:40.140 reality here and that is that is the fundamental uh economic bifurcation of which way do we go from here

00:41:46.460 the great news is we know the model that works and we can relatively quickly go back down that path

00:41:52.540 how do we do it we we once again unleash the full power of domestic american energy production that is

00:41:58.500 an absolute must secondarily on migration we must get a hold of the border we must secure the border

00:42:04.540 and i believe steve we need to go even further than that the work visas have been totally abused by big

00:42:10.580 business and the oligarchs in the united states at least the work visas need to go away the h1b and 0.99

00:42:16.980 similar programs i would go even further than that i think it's time for a moratorium a timeout on legal

00:42:23.380 migration to this country so go to zero on illegal uh and in my view take a timeout from it from legal

00:42:30.100 migration to the united states if we enact those kinds of policies uh american energy migration if we

00:42:35.300 start prioritizing american citizens first and foremost we're going to see real wages absolutely

00:42:41.060 vault higher again as they were during trump in this country and we can see a new era of

00:42:46.580 prosperity but i also want you know steve there has to be a sense of urgency out there and i know

00:42:50.680 there was with the crowds that were watching you uh over the last few days at cpac a sense of urgency

00:42:55.580 because here's the thing we we can save this country okay i don't think we have completely descended

00:42:59.620 into oligarchy but we're teetering on the precipice okay we are losing our republic yeah and the hour is

00:43:05.600 late and the clock is ticking in part the interest rate clock i don't think that i'm gonna talk about

00:43:12.560 this urgency i think the uh the rhino establishment their urgency is about the removal of trump but

00:43:18.920 really the removal of trump is the removal of these policies right he actually used the d word

00:43:24.000 the deportations whoa and and and cortez just said no legal immigration zero for a while back in a

00:43:31.360 moment ends with so much chaos and danger in the world these days i highly recommend you stock up on

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00:44:32.800 protecting free speech and canceling cancel culture join the marketplace of ideas the platform for

00:44:41.300 independent thought has arrived superior technology no more selling your personal data no more censorship

00:44:47.620 no more cancel culture enough getter has arrived it's time to say what you want the way you want

00:44:56.040 download now this is what happens when you have a quantity of something and then you add more to it

00:45:03.460 this is dilution the the principle is so simple that a child can understand and you can create this

00:45:11.480 little science project at home sorry you can have your tea back but the principle is called dilution

00:45:21.380 and when you print five trillion dollars and you put it into the economy you have diluted the value of

00:45:27.840 the money you know something interesting has happened with our debt here recently that hasn't happened

00:45:32.640 in in in history really uh we got to about 26 trillion dollars by borrowing money and then most recently

00:45:43.760 when covid hit and the first two trillion dollar package came to the floor uh there weren't two trillion

00:45:51.500 dollars to borrow it didn't exist uh in circulation so what what happened how did we finance that debt

00:46:00.160 how did we finance that two trillion and the next two trillion and the next trillion in fact we financed

00:46:06.640 five trillion dollars of this debt by printing money the federal reserve printed the money and then the

00:46:14.820 treasury borrowed it from the federal reserve so we kind of borrowed it from ourselves but what came

00:46:21.040 into existence was five trillion dollars that did not exist before now have we borrowed it we would have

00:46:26.280 taken it out of the economy and then when the money was put back into the economy through various programs

00:46:32.900 that were supposed to help businesses but and may or may not have had their intended effect

00:46:37.920 if we had done if we had borrowed the money and put the money back in we wouldn't have increased the

00:46:43.980 money in circulation but what we did over the last three years is increase five by five trillion dollars

00:46:50.340 the amount of money that's in circulation before the banks loaned it out fractionally mr raskin do you

00:46:57.520 think that uh creating new money and putting it into the economy had any effect on inflation

00:47:04.140 okay jamie raskin doesn't have an answer so we don't need to go there and i technically there's a couple of

00:47:12.240 technical um how do i say differences i might have with tom massey but cortez overall you get to

00:47:20.120 joke the creation the federal reserve the system set up and this is the unfairness of the system

00:47:24.880 um is that uh the elites have a mechanism of how to increase their wealth and that is the funding of

00:47:33.000 the federal reserve and the increasing of asset classes whether it's stocks real estate or whatever

00:47:37.480 that's what we now have a situation with the printing of this money and the paying of this is that with

00:47:42.900 no congressional oversight whatsoever is we have essentially a situation where one percent of the citizens of

00:47:49.740 this country control more assets in the bottom 90 that system cannot continue on it just won't that

00:47:56.640 will collapse of its own wage steve cortez correct no it will collapse again 3.7 million children who

00:48:03.520 were newly sent thrown into poverty in the year 2022 under joe biden and and under you know more than

00:48:10.280 just biden under the the broader policy failures of permanent washington um and this absolute exorbitant

00:48:17.460 credit card mentality of the federal government by the way speaking of credit cards we now know

00:48:21.780 regular americans a trillion dollars in credit card debt with delinquencies rising markedly especially

00:48:28.260 among subprime borrowers the risky set of borrowers but the credit card mentality of the federal government

00:48:33.480 as thomas massey you know correctly uh articulated there uh simply is totally unsustainable and massey

00:48:39.460 by the way yeah don't agree with him on everything he certainly leans more libertarian uh than i would

00:48:43.420 but i will say this about him i think there are only a few truly brilliant people i mean really sharp

00:48:48.720 people on capitol hill and he is absolutely one of them and he makes such an important point here

00:48:54.220 um the look the the idea that we can continue to borrow endlessly at rates that are rising dramatically

00:49:01.960 doesn't make sense and you don't have to be an economist to understand that any individual

00:49:05.680 understands that in their own life certainly any small business owner understands that very

00:49:10.580 critically so we are at a pressure point right now we're at a fulcrum moment in the country uh

00:49:17.020 politically i believe this is you know we yeah we we earned the seat of the table right we earned the

00:49:22.040 lever of the house of representatives and it's time to use it the reason you saw the energy at cpac the

00:49:28.560 reason that we're going over this again today this is setting the framework from where all the political

00:49:33.020 discussion will come from and look there's a lot of big topics out there but you got to get

00:49:38.440 you got to move the big muscles you got to get the big things right you get the big things right

00:49:42.800 other things will take care of themselves this is going to be the fight and you can tell with these

00:49:47.200 increased interest rates look first off what we keep talking about this is why mortgages i think are at a

00:49:53.580 20-year low the bottom's falling out of that uh you've got the millennials now have the greatest debt

00:49:58.220 they've ever had and at these higher payments and as i see it right now they're only going to go higher

00:50:03.040 that that's that's that's that's the that's the that's the conundrum we're in is that people's

00:50:07.540 economic and financial lives are going to get harder let's pivot to how this in the financial

00:50:13.240 times remember trump talked about decoupling he didn't say in that language he talked about

00:50:18.760 you know protectionist trade policies but also you know having policies that we're not going to

00:50:23.340 import anything from trying to trying to really get them the financial times they talked about the

00:50:26.880 chinese models totally different why should american people care anything about that uh steve cortez

00:50:31.920 why why does that have any impact on their personal life sir right well listen i wish that

00:50:36.680 we could not care about what's happening in china and we will get there eventually where we truly 0.91

00:50:41.160 don't care what beijing does but unfortunately uh because of the last two decades of you know an

00:50:46.520 absolute abdication of our leaders who have been totally co-opted and absorbed by the chinese 1.00

00:50:51.440 communist party when i say leaders i don't just mean political that's critical but i mean political

00:50:55.500 corporate leaders academic leaders you name it all spheres of society have been effectively taken over

00:51:01.140 by the chinese communist party at the ruling class elite level of the credential class because of that

00:51:06.600 we are so intertwined economically with china in terms of how much we invest over there how dependent

00:51:13.060 we are on sourcing from china for the critical needs of the united states i don't mean just things like

00:51:17.740 cheap toys you know or flip-flop shoes shoes i mean the critical goods pharmaceuticals electronics

00:51:23.280 things that we need for our society to just function uh in the united states so because of how

00:51:28.160 intertwined we are unfortunately what's going on economically in china right now and they have a

00:51:32.700 real crisis that is intensifying there it matters very very much to the united states and even some of

00:51:39.500 these ruling class elites are starting to wake up to that reality by the way of just how how dire the

00:51:44.700 situation is for the ccp i would also add incidentally steve that the ccp as it is increasingly put

00:51:50.720 into a corner economically it becomes far more dangerous from a national security perspective we yes history

00:51:56.580 teaches us that this is this this is the convergence this is the convergence and conflation of the

00:52:01.940 two crises the geopolitical and the capital markets okay we're going to take a short break we're getting

00:52:06.240 more on this is also a ton of election we got jeff clark on the zuckerbergs uh the hoff brothers may

00:52:12.100 join us there's a lot going on and we're going to get to all of it uh to the most important audience

00:52:16.220 in the world the war room posse the activist uh audience that is um changing the direction of

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00:54:26.440 again war room health all one word war room health.com go there today you need if you're going to be part of

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Bannon's War Room - March 06, 2023

Episode 2564： The Financial Revolt Going On In The US

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