Episode 2564： The Financial Revolt Going On In The US
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Summary
Trump is the most dangerous time in world history since the late 1930s, early 1940s and the early 1950s. This is the end of an era, and it s time to wake up to the reality that we re entering a new era.
Transcript
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this is the primal scream of a dying regime pray for our enemies because we're going medieval on
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these people here's not got a free shot all these networks lying about the people the people have
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had a belly full of it i know you don't like hearing that i know you try to do everything
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in the world to stop that but you're not going to stop it it's going to happen and where do people
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like that go to share the big line mega media i wish in my soul i wish that any of these people
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had a conscience ask yourself what is my task and what is my purpose if that answer is to save my
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country this country will be saved war room here's your host stephen k band
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and if you put me back in the white house their reign is over their reign will be over
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and they know it and america will be a free nation once again we're not a free nation right now
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we don't have free press we don't have free anything in 2016 i declared i am your voice
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today i add i am your warrior i am your justice and for those who have been wronged and betrayed
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i am your retribution i am your retribution there's no longer a gathering storm the storm is here
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the storm is here this is the most dangerous time in world history since the late 1930s
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early 1940s and how did we get here our betters our elites let us here step by step by step
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what you have now is you have two converging crises a crisis of capital markets and economics
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and a crisis of geopolitical and military and they're converging very rapidly and then they're
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going to conflate and once they conflate they're going to spin out of control and it's anybody's
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bet and i will implement a four-year plan to phase out all chinese imports of essential goods
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and gain total independence from china we have to do it
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we have to do it i will hold china financially accountable for unleashing the china virus upon the world
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and i will again withdraw from the who which stands for we hide outbreaks we hide out the united states
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was paying an old man murdoch while you're at it why don't you know more softball interviews to the
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guys running against him and no more infomercials okay play it straight you play it straight donald trump's
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going to win the primary and donald trump's going to win the presidency
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let me leave you with what trump is up against he's not up against desantis or nikki haley or mike
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pompeo he's up against ken griffin and mitch mcconnell and murdoch okay they have deemed if he wins the
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primary they're going to work for the democrats just like they work for hillary clinton i was there
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i can tell you they were in clinton's camp the entire way all they are is about money and the
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only people can stop them on the face of the earth are you you and you maga maga maga remember
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murdoch you've deemed trump's not going to be president well we've deemed that you're not
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going to have a network because we're going to fight you every step of the way
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we're nation in decline our enemies are desperate to stop us because they know that
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we are the only ones who can stop them they know that this room so important the people in this room
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they know that we can defeat them they know that we will defeat them but they're not coming
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after me they're coming after you and i'm just standing in their way that's all i'm doing i'm
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the elites say you're too stupid you're too lazy and you're too disconnected watching television
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watching the bread and circus of modern culture to care is that true are you sure
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because you underwrite the whole system the neoliberal neocon system globally is underwritten
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by you your taxes your pension money the insurance money and most importantly your sons and daughters
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you're the one that can tell congress hey not one increase to the debt ceiling and we want to see
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massive cuts we want to see massive cuts in spending and we want to see it now not next year
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don't give me some happy talk formula don't give me some set of mathematics i want to see real cut
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we will use all necessary state local federal and military resources to carry out the largest
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domestic deportation operation in american history
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other countries are emptying out their prisons insane asylums and mental institutions and sending
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all of their problems right into their dumping ground the usa think of it they're emptying out
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their prisons and you've heard me say that but they're also emptying out their mental institutions
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and uh to use a strong couple of words insane asylum insane asylum that's where
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anybody see silence of the lamb that's where they come from insane asylum that's a stronger word than a
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mental institution and they're putting them into our country thank you very much i will ask every
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state and federal agency to identify every known or suspected gang member in america and every one of
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them that is here illegally and the towns know who they are the towns and cities or the police we love our police
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okay uh welcome it's uh monday what is it six march year of our lord 2023 thank you production staff
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it's lost it all um you're in the war room that is uh from cpac uh intercut uh president trump's
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really magnificent um uh almost two hour i think hour and a half hour and 45 minute a speech
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that had so many blockbusters in it of course they've only picked up the mainstream media has only
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picked up uh i'm your retribution i love that come retribution but the pot on the policy perspective
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it's just really an incredible what he laid out there i mean deportations cutting off china we're
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gonna get cortez up here uh in in a few minutes but you got on the financial times day beijing's
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expansion target signals end to the era of rip-roaring growth now every number coming out of the ccp there
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you are right there denver beautiful shot you know they got these great shots of the ccp all the time
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it kind of makes you wonder financial times um you've got uh the ccp lies about everything
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and all their numbers uh but they've come out even down they're not talking about the eight percent
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growth the nine percent growth the ten percent growth and president trump right there from a
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policy perspective and this is why i'm so upset with the murdochs and fox um think about it they
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were not going to cover that speech live at all until i called the family out personally
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on friday and i know this because i heard a bunch of other people from other media companies call me
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they're freaking some of their advisors are freaking out and they're freaking out because
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not because they were called out personally as foreigners which they are they're these i said
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in the john frederick they're rootless um and ruthless but they're rootless uh cosmopolitan you
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know metro cosmopolitan elites right and and you know they're they're they're from london or australia or
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you know davos or east hampton they flit around the world they're not really of any one country
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and that's the problem they're not americans and they're not going to sit here we're not going to
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allow them because they're on record they're saying that donald trump will never be present again he
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will not get back to the white house that's just dead wrong trump is going to win the primary trump
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is going to win the general election and trump is going to get back to the white house and take
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down the administrative state defeat uh our enemies uh by not going to war crush them economically
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on the eurasian landmass uh and set all this uh and and start to sort out this incredible um and
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disastrous financial crisis we have you're seeing the end of the neoliberal neocon order and the murdochs
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are a massive supporter of that they're one of the underpinnings of that right so don't and and they
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have um done so much damage to this country because we we got here over a 30 or 40 year period it just
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didn't arrive overnight biden yes we must turf out biden and the illegitimate regime obviously
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from the white house and take on the administrative state these are obviously bad actors but we just
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didn't get here because of radical democrats we got here because of the compromise consistently the
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compromise of the republican party elites okay none of this would have happened right now if it was not
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for what i call the iron uh the iron axis the triangle they have the they triumvirate and that
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is the ken griffin oligarchs the wall street oligarchs coupled with mitch mcconnell his donor base and the
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collaboration of senate that gave gave essentially gave biden all these quote-unquote victories all the
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spending particularly and the murdochs and that group right there is um they're fighting trump in the
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primaries right with various different uh folks and these folks are all decent people and they're good
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people but right now we don't have time for on-the-job training we need a guy that gave us
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four years of peace and prosperity in a world that is in 1938 or 1939 we're hurtling towards a kinetic
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we're already in a third world war we're hurtling towards the kinetic part of that and to think that
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until they took him live on saturday after they were forced to because they were humiliated at being
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called out as a bunch of foreigners in here trying to destroy the united states of america uh until they
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got called out personally and the audience responded remember it was the audience it wasn't steve bannon
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it was the audience response to finally somebody calling them out to their face um that's when they
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picked up trump for the entire 90 minute two hour uh cpac they had nobody at cpac they weren't going to
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cover any of trump okay and then they finished with a mike pillow ad and remember they covered trump
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without commercial interruption which is that's old man murdoch himself's got to make that
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determination but the power of it and the reason this is and think about it for a second from
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donald trump the time he announced in november here's a guy whether you love him or hate him
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where you hate the sound of his voice uh if you detest him he gave us four years of peace and
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prosperity in one of the most uh difficult times in in world history and since he's left it's actually
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obviously been a disaster but to think that in that entire time given all the softball uh interviews
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they did with everybody else all the infomercials they essentially did for everybody else to think
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to think that low uh lowly of their audience that you would not want to hear uh from trump in these
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troubled times think about these policies he laid out wouldn't have been nice if fox had done
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interviews or or talked to him and talked about decoupling because he's talking about decoupling from
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china he's talking about cutting off all imports talk about decoupling from china talking about total
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deportations of uh at the end cis has told us by the end of biden's term there'll be 12 to 15 million
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illegal aliens here by this gamed asylum system 12 to 15 million think about that for 12 to 15 million
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and that's todd bensman's number and trump is not just saying i'm going to secure the board and seal
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and stop this nonsense he says we're going to start deport deportations my point is these are massive
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what he talked about the other day are massive policy differences from the neoliberal neocon order
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he also said he could solve the problem in ukraine in 24 hours and you gotta you gotta you gotta stop
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the madness over there think about it the policy things that donald j trump talked about you don't
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hear this from anybody else look mike pompeo i would like to say mike pompeo is a friend i i have
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tremendous respect for mike pompeo i totally disagree with so many of these policy positions
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and nikki haley you know we've had our differences but she's been a good governor and she's obviously
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a legitimate candidate to see for the presidency but if you look at their cspac speeches which i
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watched them they're they're they're just the old policy formulas of the neoliberal neocons it doesn't
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really have any um it's not informed by the current state of the world and what has to happen because
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you had these two converging crises the crisis of 300 trillion dollars of debt at every level and now
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steve cortez was the first to point out the structure of interest rates in our country that
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are from the one month the the 30-day treasury all the way to the 30 year it's at four percent or
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thereabouts so which you can't survive we can't that debt was all raised in the negative zero interest
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rates era you can't go on that you have that crisis which is now manifested in this um in this
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appropriations bill and how we have to really you know they're talking about two trillion dollars cut out
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of medicaid right and things like that billions of dollars out of the defense budget the crisis of
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that coupled with uh the mullahs in iran the kgb in moscow the chinese communist party uh with let's
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throw in erdogan in there the house of sawd qatar let's give pakistan the radical jihadi just through
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the president of the radical jihadis in pakistan and uh mini me in north korea you have a geopolitics
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we've talked in the show many times now the the collapse of that order you now have a geopolitical
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and financial and debt crisis uh capital markets crisis uh very similar to the late 1930s when
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everything they tried to do together the great depression wasn't working by 37 38 they had run
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out of tools at that time and we were hurtling towards uh the third world war the kinetic part
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of which really started in 35 36 and 37 whether that's ethiopia manchuria uh spain the preamble
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was all there and that's where we are today and donald j trump gives you these massive policy
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uh uh things that he's going to do and it's not covered by fox until they're forced to the humiliated
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the foreigners humiliated so uh and by the way that's just not that's not going to satisfy us
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we need full coverage of trump 24 7 and ask him the hard questions just just cover just be just cover
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just be uh be fair be fair and balanced how about that is that one from the past okay short commercial
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break cortez and i are going to get into it a lot going on over the weekend we'll be back in the
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okay here's here's why um the war room audience and i want to thank everybody and we'll talk more
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about c packers is going today um because we learned a lot of lessons there the intensity of the audience
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is breathtaking here's why the war room is so important the audience is that
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it's not just a massive audience but it's all activist everybody we saw there's either precinct
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committee make sure you go to the precinct strategy if you haven't already joined go there get
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schultz's book uh there's other groups kind of doing a precinct strategy too so just we're precinct
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strategy obviously huge supporters are because it's really the entry level of getting actively
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engaged in something uh and there's other groups too and we try to make sure that we show these other
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groups you're an audience of activists you're an audience of people that understand that they have
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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
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all of it pick whatever your lane is what what um you know whether it's uh parents rights or or
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religious freedom or gun rights you pick it pick pick whatever you want to immerse yourself in
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whatever is hey this is my project this is really where i want to put my heart and soul and fighting
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for this um and we're an activist audience we put first of all it's a massive audience obviously but
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we also even being massive it punches way above its weight all these other audiences foxes these
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are just passive people they have the thing and it's like background noise it's just background noise
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we're an activist audience and people understand that and what we try to do in the active activist
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for the activist audience since you're so important we always try to give you information and news and
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things data that you can then use not just in your personal life but in what is kind of your
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side professional life besides your work efforts which is what you do politically and culturally to
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save our country and so that's what we always try to and a lot of stuff you know originally i got
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criticized said well nobody's gonna be interested in this stuff that's not a business show and they
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said no they want to understand how the system works so that they can understand the system better
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personally for their family and community but also to have a bigger impact and that's why the
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construct here and you kind of see the what i call the dryness or the hollowness even in the nicky
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haley's and the mike pompeo's and these speeches it doesn't really get to the point let's get to the point
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the point is right now we have this system that's kind of a post-world war ii system a neoliberal
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neocon order neoliberal on its economics and capital markets and neocon in its national security
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perspective that system is collapsing before our eyes and one of the reasons it's collapsing it needs
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your consent it needs your compliance you're the ones that underwrite this just very quickly if i
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just go right before i get to cortez and that's why this lead today is manifest in a lot of what trump
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was talking about and look he articulates it very differently than i do i understand that he's got a
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much more direct way the bang just cuts to the heart of it because he's a very direct he's a very direct
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guy and and still the master of mass communications but you see this today as steve cortez has told you
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hey you know this global crisis we have like in 2008 the chinese because the way they juice their
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system were able to have eight ten percent growth and kind of pull everybody out or assist everybody
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out as we're shipping jobs over there out of the 2008 financial crisis at least people could tread water
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now you see today the rippling era is over when when the ccp says five percent that means zero okay
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because they lie about everything that means zero and lao beijing has got some tough years ahead of
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it it's a tough and remember their whole their whole control of the country is based upon that
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economic trade-off they do with people hey we'll give you an economically better life we have totally
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total political and cultural control real quick if i turn to cortez if you go around the world
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particularly around the rim of the eurasian landmass which has really been our foreign policy
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since world war ii if you look at northwest europe which is the nato countries if you look at the
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persian gulf right you look at the persian gulf right there with the oil producing the emirates
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you got iran israel all that you've got then you go around the globe so you get those two then you go
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around the globe to the south china sea the lateral nations around the straits of malacca where 80
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percent of the oil the world comes through straits of malacca south china sea down there around
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vietnam and the philippines then you go up to up to off of korea and japan the east china sea those four
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hot spots that's where you really that's where world commerce is uh that's the interconnectivity to
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america to the global system and um what you have there is you have uh commercial relationships trade
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deals right you have capital markets right you have these interconnected capital markets you have
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obviously cultural the cultural ties some stronger than others but you have commercial activity with
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trade deals you have capital markets and it's all underwritten by an american security guarantee
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whether that's nato whether it's what we've done the centcom and the wars in the middle east
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whether it's patrolling as i was back as a kid back in the 70s in the south china sea
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or the war in vietnam or and then it's up in the still the army we have in korea and the army we
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still the military we still have in japan it's underwritten by an american security guarantee
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and what you're seeing is that and this was the thing of trump america was upside down everywhere
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upside down all those trade deals right the capital market stuff does work with a somewhat but that
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just makes the elite of the financial markets more powerful but it's the american security guarantee
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now up to a trillion dollars of defense budget and your sons and daughters that go and die on these
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foreign battlefields since i think the end of world war ii starting i think with the korean war
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103 000 combat casualties in all these various wars and that does include the contractors you had the
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contractors up to 175 200 000 but also trillions and trillions and trillions of dollars of us
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underwriting the security of the world with quite frankly incredibly wealthy nations not pitching in
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like did i mention nato and you know austria and switzerland and france and germany you go over
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there they get full pensions they have full health care uh that you look at the house of sod and
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cutter and these in these nations uh in in the middle of these iraq just told us all their oil deals are
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going to be taken in chinese currency now not on the dollar it's it's the so it's an american
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security that system that neoliberal neocon system is collapsing part of it is the 300 trillion
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dollars in debt but steve cortez there's a lot that uh i i know that you like reparations he talked
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about reparations for covet he talked about decoupling he says it in different language i'm
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going to stop all the trades of it but he's talking about decoupling from china give us your overview
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first we've got a couple minutes here and i want your perspective because you're one of the few guys
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that understands maga and also understands capital markets let's pull the camera back on the collapse of
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the neoliberal you know robini's talking about uh you know we got five phases here you're going to have
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you know you're going to have a stagflation recession uh you know um you're going to have
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a debt crisis uh and then you could have a a depression right you got the you got this 300
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trillion dollars globally you were the one that first came out and said hey guys i just noticed
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something the entire structure of american capital markets house over of government securities now over
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four percent so pull the camera back and give us your big picture view of this and steve that is so
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critical because globalism is collapsing on so many levels but most of all financially right you
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know it simply cannot be financed anymore through artificially suppressed low interest rates and plus
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suppressed here at home by the fed and all over the world by central banks we got away with exorbitant
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borrowing spending with a lot of profligacy with some terrible policy decisions we got away with them
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temporarily because of low interest rates but the bill always comes due and the bill has come due
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with abandon right now because of the massive policy errors of joe biden and so i put that up on my
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social media you can go and find it as of friday the entirety of the u.s treasury debt structure from
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one month from 30 days all the way to 30 years was above four percent tenure yield has dipped slightly
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below right now but the point is it is all at or above there it is four percent and notice by the
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way on the left side of that screen that's one month money three month money those rates in a normal
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time steve those are supposed to be lower in other words the bars on that chart should be going in
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normal times from the lower left to the upper right instead you see this is the actual representation
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physical representation the visual representation of an inverted yield curve those bars on the left of
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that chart should not be higher than the bars on the right that's part of i want i want to explain
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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
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
00:28:04.900
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bannon b-a-n-n-o-n use your host stephen k bannon
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
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
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
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
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
00:35:34.760
what's so sick about it and quite frankly if african americans and hispanic americans continue to vote for it
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
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
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
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
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
00:37:01.580
always their answer right is we want endless unrelenting migration a stream of people constantly
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
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
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
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
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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
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
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
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00:52:22.260
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