The elites say you're too stupid, too lazy, and too disconnected from reality to care. Is that true? Is it because you're not paying attention to what's going on around the world, or because you don't care enough to care enough about what s going on in the world?
00:07:13.540Why is the inverted yield curve important?
00:07:16.140It happens very, very frequently. It's a harbinger of something. But why is it important for people to understand?
00:07:20.500Yeah. And it has almost a perfect track record of predicting or coinciding with recessions and often extremely deep recessions.
00:07:27.820What it means, Steve, is this. I think often when you talk about global capital markets, I think it's easier to think of it just in personal finance terms.
00:07:34.300If you go and get a CD, a certificate of deposit at a bank, you get a certain interest rate if you'll only give the bank your money for, say, 90 days.
00:07:41.540They will give you a much higher interest rate if you say, I'll give you my money for
00:10:29.200that yeah philip lost the audio yourself okay no we're good we got you
00:10:40.660okay let's go ahead and cut him and just let's just reboot him uh so here's the thing is that
00:10:49.060the structure of all this has been at negative interest rates and here's what's happening now
00:10:54.240They're having to jack interest rates to try to kill inflation, and what they're doing is obviously killing the consumer.
00:11:01.940And we're going to talk about this tomorrow.
00:11:04.160There is $19.6 trillion of debt at the households in the United States, $19.6 trillion.
00:11:10.920The millennials alone have $4 trillion, and they're adding more – Phillips, back with me.0.78
00:11:15.860They're adding debt at the fastest clip of any generation in American history because I tell you,0.97
00:11:22.020They give them a credit card, give them a little debt, and they're just kind of a hamster on the wheel.
00:11:26.820Philip, now that we've got this – now that we're jammed up, and the reason I wanted to do – this audience is going to be one of the key decision makers because of the pressure on Congress and the seats we hold and kind of the punch that this activist audience makes.
00:11:40.760So we want to make sure people are fully up to speed.
00:11:43.080That's why the third segment of this is the debt trap.
00:11:46.040It talks about where we are right now as a country and how it's going to affect the dollar.
00:11:50.140Yeah, listen, this is right now the ticking time bomb at the heart of our nation's financial system, this economic weapon of mass destruction that is almost completely assembled and sort of ready for our enemies to trigger.
00:12:04.220But what we have now is just a colossal national debt.
00:12:07.280I'm talking thirty one and a half trillion dollars and counting.
00:12:10.600Now, you know, before the 1970s, we were on a gold standard.
00:12:15.440And what that meant was the government's ability to spend money was curbed.
00:12:19.100ever since then obviously the government have free reign to spend and what's been so concerning is
00:12:25.000spending has become essentially a political tool right it's easy for politicians to appease
00:12:29.820constituents by giving handouts last year federal government spending accounted for 25 percent of
00:12:36.400gdp right that's a quarter of everything right and this was you've got to remember we were a nation
00:12:42.140that was founded on the principles of small government and personal freedoms we couldn't
00:12:46.360be further from that today. So we've got this situation called the debt trap, essentially the
00:12:52.420point of no return, right? And it's a very simple concept. Income rises slowly. GDP averages about
00:12:57.8803% a year. But debt accrues and compounds quickly, up 4.5% a year, plus 77-fold over the last 100
00:13:05.760years. Over time, debt service payments grow, and they consume an increasing percentage of income
00:13:12.060until it starts to exceed income. And that's where we are today, where we're getting close
00:13:16.800to today, almost the point of no return. And we have to, at that point, take on new loans just to
00:13:21.920repay existing ones. Listen, debt service is already one of the federal government's biggest
00:13:27.580expenses. For a little bit of context, this year alone, about $400 billion in debt service,
00:13:33.700that's about 7% of all federal government spending. Now, when we throw these numbers around,
00:13:39.520it's easy to lose some perspective, but let's look at this. The government will spend $100
00:13:44.720billion more on debt service than on veterans' benefits and services. It spends more on debt
00:13:51.660service than education, disaster relief, agriculture, science and space programs,
00:13:56.680and all foreign aid all combined together. It is a lot of money. We are already at that point.
00:14:03.160If this administration continues to spend, we get to the point of no return. That is the debt trap.
00:14:09.520And that is why things like the debt ceiling debate are so important.
00:14:13.800Without a gold standard, the debt ceiling is the only check we have essentially on unlimited government spending.
00:14:21.100We are so close to the point of no return.
00:14:34.860The bottom is falling out as the rates increase.
00:14:37.160That's right. Part of this ticking time bomb is the millennials, people 30 to 38 years old, $4 trillion of debt, and rapidly increasing more than any other generation in American history.0.96
00:14:48.500Short break. Philip Patrick is going to be with me. Dr. Peter Navarro. We're going to go out to Oklahoma to meet the Matt Gaetz of the Plain States out there.0.99
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00:17:02.420the storm is here the storm is here in the financial capital markets uh storm and we're
00:17:08.220going to have you already seen biden when they're talking about the rust vote uh balanced budget
00:17:13.140we're talking about two trillion dollars in over 10 years out of medicaid okay that's just the
00:17:18.860first of the social you know welfare programs the social safety net whatever you call it um
00:17:23.860and that's not even defense these are going to be massive fights this is going to be massive
00:17:28.160fights they're already trying to fight on the on the snap program that they're taking back
00:17:31.720All the excess spending that was done for COVID is starting to reel back in, and they're already going to come up, and every night you're going to have the hungry kids up here.
00:17:40.400But it is money that's being taken back.
00:21:00.020Dr. Navarro, because now – and people should understand, this is behind the scenes what has Washington – this whole thing about the budget, which is going to do top line, the appropriations, which is going to divvy it out to all the different groups, and the debt ceiling.
00:21:15.580Those three elements are, I would say, taking up 80 percent of the time behind closed doors.
00:21:20.520Trust me, this city is about money and power.
00:21:22.900OK, so when you see all these other things running around and you've got the investigations, obviously, these things.
00:21:28.060But I'm saying when they're talking about things they have to do, this appropriations.
00:21:32.420And remember, the appropriations process has been pulled forward a lot because we're not going to have a CR.
00:21:37.600McCarthy and the conference have committed to do this regular order and get them through the House.
00:21:42.620Peter, I wanted to have you on here about how it's going to impact people's lives.0.70
00:21:45.300And I thought of you this morning when I saw Beijing at 5% that you know they lie and these numbers lie.0.69
00:21:50.160But how it impacts – and back to America.
00:21:52.440In 2008, we did get – one of the things that helped pull us out of the crisis of 2008, not just flooding the zone with the bailouts and the liquidity that they put on the Federal Reserve that Obama's administration did, but the Chinese were in a growth mode.0.55
00:22:08.000And they jacked their own – they pumped money in their own system to keep growing.0.93
00:22:27.720And that's my concern about this debt trap.
00:22:29.560You're in a situation now, Peter, as you know, and you've argued with President Trump many times on his policies because you're his manufacturing czar,
00:22:37.920is that we've got to get to those growth rates or it's kind of game over.
00:22:41.320sir. So let's do a couple of things, Steve. If you disaggregate the growth rate, there was a
00:22:50.180pivotal time in the 2000s when Obama came into office with Biden as his vice president, where
00:22:59.300we went through effectively eight years of slow to stagnant growth. The growth rate was no more
00:23:06.320and often didn't hit two percent a year and people were calling it the new normal like okay that's
00:23:13.280the way it had to be and what they didn't understand on the democrat side is that the
00:23:19.820solutions to our economy to make it grow faster really structural in nature so when trump came in
00:23:27.280with deregulation and lower the cost of business tax cuts for for for families which stimulated
00:23:36.320aggregate demand fair trade above all cutting the trade deficit that boosts growth as well
00:23:45.120we were able to hit that three percent margin it was kind of funny because consistently year
00:23:50.500in year out would beat the cbo forecasts and they couldn't figure out what was going on and
00:23:55.700And what's happened now, Steve, as Biden has undone all of the structural elements of Trumpian supply side type growth, for the most part, and fair trade driven growth, we've reverted down towards that new normal 2% and flirting with recession.
00:24:15.860So that's kind of, OK, point one. Point two is you and Phil and Patrick were going over the math of this.
00:24:26.120It's a simple math problem. If your debt service is going up at a faster rate than your ability to generate tax revenues because you're growing too slowly,
00:24:38.180it's only a matter of time before those two lines cross and you wind up in that debt trap.
00:24:44.880I'm reminded when I was in the White House early in the pandemic, and Kudlow's like in one of these meetings with the boss, and he's saying, hey, there's nothing to worry about.
00:24:56.880There's only a few cases here in the U.S.
00:24:59.800And it's like, Mr. Kudlow, don't you understand logarithmic progression?
00:25:10.380Now, the thing about I want to I want to get a little deeper on this Chinese growth rate, because remember, the GDP growth equation is driven by consumption, investment, government spending and your net trade balance.
00:25:24.640Right. So a lot of the growth in China averaged 10 percent a year for 30 years.
00:25:30.100A lot of their growth was driven by the trade sector.
00:25:35.080Their trade surplus was our trade deficit.
00:25:38.940And so they were essentially growth in China. Faster growth wasn't good at that point because it was driven by our trade deficit.
00:25:48.580It was like a giant leech sucking lifeblood out.0.74
00:25:52.580So when you ask me, does slower growth in China mean that we're doomed in a way?
00:25:58.560It depends. I mean, it depends on what's going on with those four components.
00:26:03.020You know, the ideal situation, Steve, which I preached for years and, you know, Leo Ha and Deng Xiaoping, surprisingly, were kind of in favor of this.
00:26:13.500If you if you open up your economy instead of being like a mercantilist like China and they actually bought our stuff, it would have been good for them and good for us.
00:26:24.400But that's not where we're at. So bottom line is I'd love to see Russ Vogt come up with his dirty dozen.
00:26:31.060You know, the 12 things ranked ordered that we've got to cut back in appropriations as they make these negotiations with the Democrats.
00:26:42.700We'll get you on the road to go through that.
00:26:45.200But I'll tell you, one of the things they've talked about is the – you know, and Trump mentioned this yesterday, woke and weaponized spending in agencies.
00:26:54.400I think you've got to go after things systemically.
00:26:56.980And I know two things that they're focused on is one is work requirements for many of these programs.0.88
00:27:01.060about where cuts can the other is to look at medicaid particularly with an illegal alien
00:27:05.960they've already laid out two trillion dollars i mean biden's already responded that said it'll
00:27:09.660never happen over his dead body i want to go to break i got to hold you here because i want to
00:27:14.140go through some of the other aspects you've got um but but i want to leave i want people to think
00:27:18.900about that for a second the since we let him in the world trade i mean this is from the 90s in
00:27:25.320And the time Scowcroft went over and bailed out Deng Xiaoping and these guys on 4 June, around 4 June of 1989, when Tiananmen Square happened a couple of months later, five months later, Berlin wall fell.
00:29:38.360Peter, Dr. Navarro, continue on, sir.0.85
00:29:41.080well we were talking about the uh the way communist china grows and you know they're0.64
00:29:48.780saying they're going to grow five percent what i'm really interested in as all these global supply
00:29:53.960chains dope out post-pandemic is just how many american corporations are actually leaving
00:30:01.040communist china we hear a lot of uh chatter about that uh but our trade deficit with china
00:30:08.300It's higher than it's ever been right now, and it bumped right up right after Biden stole the election.
00:30:16.420And again, for people, people need to understand that the four drivers of growth include consumption, investment, government spending, and the most important one for the United States and China is the trade component.
00:30:30.820And when we run a huge deficit, that shaves off two to three percent a quarter.
00:30:38.480Steve, if we if we were running a balanced trade deficit, our growth rate would be closer to four, four and a half consistently.0.95
00:30:47.160So that's the price of allowing communist China to have their way with our economy.0.95
00:30:52.720So if we're going to get out of that debt trap, there's two things that have to happen.0.87
00:30:56.620One, of course, is that Kevin McCarthy and the Republicans have to be successful in their negotiations and roll back a bunch of expenditures that are that are already embedded in the Biden regime law.
00:31:12.420And number two, we've got to deal with with our trade deficit.
00:31:15.700And that means dealing primarily but not exclusively with communist China.
00:31:20.380I mean, India has the largest tariffs in the world.
00:31:22.740uh europe kind of screws us on half the things uh that we trade with on including automobiles
00:31:30.400uh japan of course i mean we sell about a hundred cars literally to japan every year and they
00:31:36.800inundate us with their stuff so um this is this is all about the deplorable steve it's about
00:31:44.480working class americans having good jobs and this is prosperous wages and everything biden does it
00:31:51.500Everything Biden does, it does just the opposite.
00:31:56.740It takes jobs away from blue-collar America, and it depresses their wages.
00:32:01.100And that's why we've got to take back Trump's America.
00:33:17.500But we lost that opportunity because of the bad advice the globalists in the henhouse basically gave consistently to the boss.
00:33:28.480And again, Mnuchin, Kudlow, they just I mean, it was bad stuff.0.71
00:33:34.160So but decoupling is the only way to do it, because we've learned, Steve, that if you cut a deal with communist China, they won't abide by it.0.85
00:33:45.560And there's the seven deadly sins that that I hope I've made famous that they do.
00:33:51.200So people understand the scope, the intellectual property theft, the currency manipulation, the state owned enterprise, yada, yada, yada.
00:33:58.180That stuff is worse today than it's ever been. Right.
00:34:02.460and we stand by and let them have their way with us and it's it's it's a crime and someday somebody's
00:34:09.740gonna wake up you know it's like i i started this and you did too probably back in 2006
00:34:15.140sounding the alarm and trump was was even earlier and and now everybody's like oh we got to crack
00:34:21.680down yeah no kidding okay but but now it's time to to walk the talk friends okay so let's do that
00:34:28.840I want to just talk just end with this. It's like going all Substack like Robert Malone.
00:34:36.220It's Peter Navarro dot Substack dot com. Peter Navarro dot Substack dot com.
00:34:41.080It's the gateway to the podcast. What I do there, Steve, is not only to have the podcast, but I put the scripts of the podcast, which read like op eds.
00:34:50.400And what I'm trying to do, Steve, is dig in deep to every single issue Donald Trump is going to have to confront.
00:34:56.420As you said, we'll do the forced child labor in America story, which Biden is totally responsible for.
00:35:03.280But if folks out of the posse can take a look at it, it's peternavarro.substack.com.
00:35:08.540Trying to raise a few bucks for my legal defense fund as well as get the message out.
00:41:09.920Yeah, so the interview that I had with him, I sat down with him for over an hour and a half and obviously went into it knowing that it would be edited, knowing that they would use that to try to cast me in a negative light.
00:41:20.740but we have to be willing to go into the lion's den and we have to be able to take on the giants
00:41:25.120of the left which he is considered and so i was more than willing to do that he's the one that
00:41:29.960brought brought up the drag queens and and tried to make that comparison while at the same time
00:41:34.240ignoring the fentanyl crisis so he'll say you know that i'm trying to find this this small incident
00:41:39.080of of trying to protect children from drag queens while ignoring the gun deaths while he's focusing
00:41:44.080on gun deaths while ignoring the fentanyl crisis the other thing too is that factually
00:41:49.600it just froze it just froze okay let's go ahead is are you back up senator
00:41:59.440let's go ahead and reboot yeah i want to hear i want to this guy's important i tell you what
00:42:04.760we're going to reboot you we're going to go to break and we're going to reboot you and get you
00:42:07.640up um a very impressive young man called the matt gates of uh of oklahoma and went head-to-head with
00:45:08.180OK, some breaking news out of Ukraine. The senior staff, general staff there in Zelensky have agreed they're going to, looks like, reinforce Bakhmut.
00:45:17.300We've been following this really horrific battle that's been going around this strategic position, this kind of crossroads towards the eastern part of the country.
00:45:25.860The Russians are also announcing, looks like the Wagner Group saying they're running out of ammunition.
00:45:29.900They've been shelling this. I mean, this is back to World War I type of stuff.
00:45:33.620So Bakhmut is going to continue on.0.98
00:45:35.520I think it was down to under 5,000 civilians there from, I think, 70,000, 50 to 70,000 people.
00:45:42.560Just a horrific battle, but Zelensky and these guys are doubling and tripling down.
00:45:46.780They're going to send more troops in, and the Russians are saying they're shelling it so hard they need to have replenishment of their artillery.
00:45:54.660So somehow that madness has to be brought to an end and stop the killing of all the innocent people over there.
00:46:25.580Make sure you go to MyPillow.com, promo code WARWROOM.
00:46:28.160you saw all the effort we put in at cpac so the way we can get up and do that stand up and do all
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00:47:02.080support our sponsor the great armor piercing show that is mike lindell so senator nathan dom uh you
00:47:08.680know you did the introduction and thank you so much why do they call you why you referred to
00:47:12.660everybody came up to me said hey you know nathan dom's going to introduce you he's our matt gates
00:47:16.760why do they call you matt gates uh because i don't back down uh even to the rhino leadership that we
00:47:23.820have here in Oklahoma. You know, Oklahoma is a Republican state. We have Republican super
00:47:29.200majorities, but we have Republican leadership like Mitch McConnell that operates in that same way
00:47:34.980of working against conservative measures. And I'm not afraid to stand up against them or anyone else
00:47:41.360and call them out for working against the people, working against conservatives, working against
00:47:45.660the Constitution. So I'm always leading the charge, just as Matt Gaetz has done in Washington, D.C.
00:47:54.380You know, you were selected of all that because, you know, the people there were thinking about who did it to introduce me.
00:48:00.440And I'm at a small level, but Jon Stewart is a global media figure, particularly on the left.
00:48:04.700He's very, very highly thought of by these folks.
00:48:07.460Why did Jon Stewart select you of all these different politicians I have in the country?
00:48:11.140Why would they select a state senator from Oklahoma to do an hour and a half interview, sir?
00:48:16.820When they first reached out, it's because they said they'd seen some of the legislation that I had introduced
00:48:21.140that would have allowed our county sheriffs to arrest feds that were trying to do gun confiscation measures in Oklahoma
00:48:27.920or violating other constitutional rights in Oklahoma.
00:48:31.220So they saw that, and that caught their attention, they said.
00:48:33.940That's why they wanted to have me on to talk about the Second Amendment,
00:48:37.920and probably because Oklahoma is considered the reddest of the red states to try to get that perspective on where we stay.
00:48:44.140but here's what surprised me getting out there and and and just want to thank you guys for
00:48:51.260having me out uh the oklahoma county gop it was kind of shocking to me and this is what the point
00:48:56.460i was trying to make with you have tennessee you have florida you have texas you have arizona you
00:49:01.660have ohio you had these mega states uh but really you know they're more at the leadership than
00:49:08.620oklahoma and i couldn't figure that out i said i would argue oklahoma is probably the most maga
00:49:13.980It's the only state in the country that every county went for Trump, even the ones that have the big universities in it.
00:49:21.460Why is why has Oklahoma not taking more leadership in the overall MAGA movement nationwide, given that you've got one of the strongest, if not the strongest MAGA base out there, sir?
00:49:35.620Because our leadership doesn't support the grassroots in many ways.
00:49:39.400They don't even support the Constitution.
00:49:40.920For instance, when I had constitutional carry and I was able to force a vote on that here in the Oklahoma State Senate, the House had passed it over to us.
00:49:51.120We had 39 out of the 48 Senate seats were Republicans, 39 Republicans.
00:49:56.840And when I first went and started talking to them about, hey, we got constitutional carry coming up for a vote, I could only get about a dozen of them to say that, yes, they supported it.
00:50:04.860They wanted to pass constitutional carry.
00:50:06.740At my high watermark, I had 19 out of 39, not even a majority of Republicans that said they wanted to pass or vote on constitutional carry.
00:50:15.120They were doing everything they could behind the scenes to try and stop it so they would – in leadership positions at least.
00:50:31.780So we'll wrap it up with – and we're going to spend more time with you because this question is bugging us about these different states, West Virginia, Montana, Wyoming.
00:50:40.840You see these huge spreads in the support of the people, but you don't see the legislation.
00:50:45.780Real quickly, are we ever going to be able to see the entire hour and a half to see the non-edited version of this Jon Stewart interview?
00:50:54.240I'll keep calling on them to do that and requesting that they do that and release it.
00:50:58.640I'll talk with my legal team to see if I'm if I'm legally able to release it or not.
00:51:02.780I highly doubt that he would be willing to release it because it'll show the the edits.
00:51:07.420It'll show the other points that I that I provided that said that I stood behind on those statistics.
00:51:13.740So I highly doubt that they will do that. That's that's not their MO of fully releasing footage.
00:51:18.960But I went into it knowing that going into the lion's den, willing to take him on because we have to have fighters that are willing to step up and say,
00:51:27.860no, you're wrong. You can use and abuse me, make me look however you want,
00:51:32.640edit it and try to prove me in a bad light, but I'm still going to be willing to take on that battle.
00:51:37.840We've got about 30 seconds. What's your social media? How do people find out more about Senator
00:51:41.520Nathan Dahm? All social media platforms, just at Nathan Dahm, D-A-H-M, Nathan Dahm on all social
00:51:49.640media platforms. Senator, honored to know you and thank you for coming on, sir.
00:51:57.860By the way, Tucker tonight, I think it's going to be the first episodes in the release.
00:52:02.800We'll try to have Julie Kelly and some team on here tomorrow to talk about it.
00:52:06.260Next hour, we're going to break down what exactly Trump said at CPAC and the importance of it.