Bannon's War Room - March 21, 2023


Episode 2601: We Have Entered The Rules Of The Jungle: There Are No Rules


Episode Stats

Length

54 minutes

Words per Minute

192.76866

Word Count

10,567

Sentence Count

28

Misogynist Sentences

13

Hate Speech Sentences

16


Summary

The Dow and S&P 500 hit new all-time highs in the pre-market, the dollar hits new lows, Treasuries hit new lows and yields hit new multi-year lows. Meanwhile, Trump allies of former president Donald J. Trump are stepping up to defend him, while House Republicans continue to stand by him. Meanwhile, the fed begins its two-day monetary policy meeting, and the Dow hits new session highs.


Transcript

00:00:00.000 this is the primal scream of a dying regime pray for our enemies because we're going medieval on
00:00:10.740 these people here's not got a free shot all these networks lying about the people the people have
00:00:17.340 had a belly full of it i know you don't like hearing that i know you try to do everything
00:00:21.100 the world to stop that but you're not going to stop it it's going to happen and where do people
00:00:24.680 like that go to share the big line mega media i wish in my soul i wish that any of these people
00:00:32.500 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my
00:00:40.440 country this country will be saved war room here's your host stephen k band
00:00:47.660 talk about if as well that we don't know right jay we don't know meanwhile republican allies of
00:00:59.120 former president trump are moving to his defense congressman jim jordan an outspoken trump supporter
00:01:06.540 and chair of the house weaponization committee sent in new york da alvin bragg a letter asking
00:01:14.060 him to testify about his quote decision to pursue such a politically motivated prosecution
00:01:20.120 that's hard get a get a get a get out of third grade that's not even smart yeah that's just that's
00:01:27.580 that's not even like i mean come who are these guys i don't know who are these guys it's not it's
00:01:35.620 not a pro among them house republican leadership seems at least for now to be standing by trump
00:01:42.140 conference chair elise stefanik said yesterday no no no no we're not going to play anything she said
00:01:48.000 we're not going to play anything she said no we're not going to let me tell you let me tell you no i
00:01:54.080 want to tell you why we're not going to play it why because she goes she goes harvard by the way i
00:01:59.420 think she went to harvard it just right another one of these gracing phony populace from an ivy league
00:02:04.680 school they really have to do a better job screening their prospects but anyway i don't want to see
00:02:10.280 so man i don't want to i think you have to face what's going on here she says oh here's another
00:02:17.520 example she tweeted here's another example of of the the justice department or the da or whomever
00:02:25.100 leaking leaking things that that will attack donald trump and george conway just subtweeted and said
00:02:32.360 uh it was donald trump who released yeah like the stupidity into today's session session highs
00:02:39.220 on the s&p 500 right now equity futures doing nicely up eight tenths of one percent on the s&p 500
00:02:45.380 quick snapshot of the market for you yields higher by seven or eight basis points 356
00:02:49.880 on a two-year up by 15 basis points now 4.13 going into the fed tomorrow the two-day central bank
00:02:57.460 meeting begins today if you want a quick look at first republic frc that name doing okay in the
00:03:03.100 pre-market up by 23 percent not doing okay the last few days last few weeks let's be clear about
00:03:08.520 that i keep saying it triple digit stock two weeks ago now just about double digits the secretary
00:03:14.080 yellen of the treasury she'll be speaking in about an hour and 40 minutes here's the quote from her
00:03:19.360 from her remarks that we're expecting for her to deliver our intervention was necessary to protect
00:03:25.060 the broader u.s banking system and similar actions could be warranted if smaller institutions
00:03:29.580 suffer deposit runs that pose the risk of contagion lisa as soon as that came out we both said is
00:03:35.240 that sufficient what's the policy backup the follow-through that's going to come off the back
00:03:39.840 of those comments well it's sufficient if you take a look at very early trading of certain bank
00:03:43.940 stocks of medium-sized banks and that's i guess what people are looking toward right i mean you said
00:03:48.420 this is basically one of the indicators that probably federal reserve officials are looking for
00:03:52.180 today they're parsing through the tea leaves exactly exactly so we're seeing right now you know
00:03:57.580 western alliance share is up about seven percent you're seeing pac west also seeing a pretty big
00:04:01.640 pop so some of these other regionals that have been under pressure getting a bit of a lift is it
00:04:05.980 enough to be sustainable who knows we don't even know what the problem is though what is the problem
00:04:10.820 it's that deposits can leave quickly and that they're invested in things that are rate sensitive and
00:04:15.900 that possibly they haven't hedged sufficiently against that so how do you solve that issue and we
00:04:20.460 don't know how deep that goes we don't does the fed know when they sit around the table today do you
00:04:25.100 think they know how deep this goes you raise the question didn't they have any indication of that
00:04:28.800 before fed chair jay powell got before congress and said i don't know 50 basis points seems like it's
00:04:34.160 possible it's kind of remarkable that you open the door to 50 basis points and we had bank failures
00:04:38.340 two days later isn't that kind of crazy it is it raises a question of how much more intel do they
00:04:43.580 actually have and how much did they understand the imminence of this kind of collapse
00:04:49.120 tuesday 21 march in the year of our lord 2023 we've got a lot to get through the day or we get
00:04:56.340 to it all uh by the way i want to give a shout out to bloomberg tv let's bring in cortez uh lisa
00:05:01.960 abramowitz i think she's the smartest person on all global television uh cortez she always cuts to the
00:05:09.320 heart of the matter when you hear all this cont and all this spin in financial markets and happy
00:05:14.680 talking on you see morning joe that that's a clown show they're to put big red noses on a clown thing
00:05:20.100 it's a clown show she always cuts to the heart she goes hey yeah tell me what the problem is here
00:05:26.360 because nobody's she said it right there we're now two weeks into this the only thing here's the only
00:05:31.420 thing we know ladies and gentlemen that's why we want to play those cuts here's the only thing we do
00:05:34.620 know that your backstop because you're underwriting it all on a global basis whatever whatever spin you
00:05:42.020 hear it's on your shoulders steve cortez tell me about abramowitz first and then let's talk about
00:05:47.100 where we are today yeah listen so as somebody who's not just been in financial markets but i've been
00:05:51.040 in the cable tv world for a very long time i regularly tell people that other than war room
00:05:56.220 the only thing worth watching is bloomberg tv and people can't believe that a lot of my right-wing
00:06:01.240 colleagues get mad at me because they despise michael bloomberg as i do uh but he runs a pretty
00:06:07.180 good network that puts out a lot of solid information without all kinds of narrative spin of
00:06:12.000 course the exact polar opposite of morning mika which you showed there i think it's important
00:06:17.260 by the way for us to pay attention to morning mika not because you get any reasonable information you
00:06:21.680 do not it's completely propaganda but i find that morning mika literally writes the script for the
00:06:28.200 corporate media for the rest of the day so you find out what they're saying what their slogans are
00:06:32.880 where they're focusing what their smears are and for the rest of the day uh they effectively write
00:06:38.220 the script so it's useful from that perspective you know particularly for those of us who are deeply
00:06:41.840 involved in the game by the way a couple points there it was fascinating to watch joe completely
00:06:47.360 mansplain to his wife and tell her on air you are not playing the clip that you want to play as a co-host
00:06:54.520 on the show all right first of all but secondly i also love the dig at elise stefanik because she went
00:07:00.560 to harvard right uh and he called her a phony populist because she went to harvard well uh i'm
00:07:06.960 not sure if he's aware that somebody else who's on air with me right now went to harvard that would
00:07:10.740 be stephen k bannon so a lot of us in the populist movement went to these but hold it but hold it hold
00:07:16.480 it you you went to you went you went to an ivy equivalent as we call or ivy adjacent i guess
00:07:20.780 i went to the catholic it's a cover okay it's a cover it's catholic i've you had the holy cross
00:07:27.900 in georgetown and the catholic ivy um it's it's revealing steve it really is these people they
00:07:33.400 consider you to be part of the club and they consider it some sort of heresy oh big time if
00:07:37.940 you leave the club right uh or if you use your inside knowledge you're you're you're you're an
00:07:43.640 apostate you're an apostate this is like somebody that went in the middle ages that was catholic and
00:07:48.240 maybe you know what became a protestant or worse just left the face that you're you're you looked
00:07:52.960 at horribly forever i want to go back to you think about the railhead the reason we play so much
00:07:56.740 morning joe is uh and by the way as you know here in the war room we call it morning mika and i think
00:08:01.780 it's a perfect example of why it's got to be renamed morning mika no it's she first of all she's the
00:08:06.200 brains of the operation right he's just he's just the side piece they are the i tell people if you
00:08:13.180 want to hear what the conventional wisdom is in the imperial capital it's morning joe and it's not
00:08:18.640 just the politics which they always get wrong right they're always wrong but you got to hear what they
00:08:22.520 have to say because you see what your enemy's laying out they bring in andrew ross sorkin for the
00:08:26.440 finance and they bring in david ignatius and these other you know richard haas in this crowd which is
00:08:32.460 the neo so they get the neoliberal neocon world perspective is right there right and man they hate
00:08:38.140 populism even the whiff yesterday the whiff of populism just just drives them nuts but i want
00:08:43.460 to go back to um this the reason they're calm and the reason the stocks are up ladies and joe if you
00:08:51.560 take away anything from today's show is you are underwriting all of this they have basically spread
00:08:56.740 on a global basis now they've they've they've pumped they've done quantity quantitative easing which
00:09:02.720 is you know forcing liquidity into the system liquidity just being good old american cash right federal
00:09:08.120 reserve notes from switzerland to tokyo to brussels the ecb to the bank of england all of it and
00:09:15.260 they've opened the discount window at the fed and so they're pumping into the into the carcass of the
00:09:20.260 american banking system all over and that is on your shoulders that that'll lead to massive inflation
00:09:25.880 it's going to lead to devaluation of the dollar the rolling devaluation they're doing every day on you
00:09:30.760 the the spread is cortez cortez i think i can guarantee you know we ought to do the over and under we ought to do
00:09:37.240 the guarantees now we're all start doing these side bets we ought to get something in vegas some
00:09:41.460 bookie in vegas to do it about how many months is now biden's regime going to go uh with negative
00:09:46.720 real wages right because you can just tell what they've done to try to salvage this carcass uh tell
00:09:51.540 me and you got ackman and a bunch of every all you see so here's the thing folks you're the head of the
00:09:57.080 creditors committee you're underwriting all of this right worse than 2008 and tell me how the lords of the
00:10:03.060 manor the lords of the manor now are saying well maybe maybe maybe we don't maybe maybe it's time
00:10:08.700 that we we stop going after inflation want me through how lord ackman what is lord ackman's uh
00:10:14.120 theory of the case here brother yeah lord ackman the oligarch he's now begging the fed to stop
00:10:19.660 fighting inflation the very inflation that the fed had an instrumental role in creating by the way but
00:10:24.160 the fed to its credit has finally found and found religion and started fighting the very inflation that
00:10:30.080 helped to inflict upon the american people uh it may now be stopping or stopping extremely soon i think
00:10:35.760 there will be probably a perfunctory 25 basis point 0.25 percent uh increase tomorrow we'll see
00:10:42.360 there's a lot of debate about whether they do anything whether they go 50 basis points whether they go
00:10:45.780 25 i think they probably take the middle road but bill ackman uh who is a billionaire hedge fund
00:10:52.320 financier put out a very lengthy tweet yesterday uh more of an essay really than a tweet begging the fed
00:10:59.000 to not raise interest rates and it's very similar to what he was doing last weekend and there you can
00:11:03.980 see how long you know tweets were supposed to be posts right they were supposed to be quick
00:11:07.360 uh unfortunately the platform now allows folks uh to write long long essays doesn't even have to be
00:11:12.680 a thread that's one single tweet you're looking at there but what ackman says effectively in that
00:11:17.280 is very similar to what he said the previous weekend when he was begging the federal government to
00:11:21.500 guarantee venture capital firms in silicon valley some of the worst people and organizations in the world
00:11:27.600 people who have plenty of money who could have easily solved the liquidity problems of the svp
00:11:33.080 depositor community themselves if they chose to if they were willing to do the honorable thing they
00:11:38.020 didn't want to of course they wanted to be on the backs of a single working mom waitress in the
00:11:43.160 central valley of california or an iron worker in the midwest of the united states now similarly what we
00:11:49.200 have from ackman is he is literally begging the fed please stop fighting inflation now ackman can deal
00:11:55.800 with inflation okay rising prices might be annoying to an oligarch but they don't change their lives
00:12:01.200 not one iota okay and it doesn't even have to be at the level of oligarch just well off people
00:12:05.860 all right it might bother a law partner that his gas fill up is getting more expensive but it doesn't
00:12:10.840 change his life but for working class people the consequences are so much more material and indeed
00:12:17.240 life-changing that's why we have for the first time in american history a trillion dollars of credit card
00:12:23.820 debt um with delinquency rates for subprime borrowers rising rapidly interest rates on that
00:12:30.640 credit card debt of course at the highest level ever okay that's the reality and not just a trillion
00:12:35.540 dollars but also the biggest increase ever in the last quarter of fed data on credit cards so
00:12:41.000 regular americans are tapped out they cannot handle this inflation they cannot afford the necessities of
00:12:47.740 life forget about the luxuries and yet here we have ackman and oligarch who is shamelessly taking to
00:12:54.640 public platforms and saying hey fed we need you to stop fighting inflation this is the scenario we're in
00:12:59.780 this is the mess we're in and it's a created crisis it is because of joe biden's inflation please
00:13:05.180 remember that folks uh look the wokeness absolutely it's a problem corporate cultural marxism is a cancer
00:13:11.920 upon our society needs to be dealt with but that is not the the railhead here that is not the headwater
00:13:17.600 of this crisis it is biden's inflation and the consequences have been intense and severe and they
00:13:24.580 are worsening steve this is why it's it's the interconnections it sure could be linked to the
00:13:31.480 debt ceiling debate in the in the uh in the um uh in the spending bill this is about the 6.8 trillion
00:13:36.680 we told you they're not serious people they actually were called mad men you know we had the head of
00:13:41.020 we had was a richard stern who's no guy with his hair on fire he runs the the balanced budget effort
00:13:46.300 over at heritage he came on the show i think two saturdays ago when when the the fri after the
00:13:50.660 friday that biden presented he called him a madman he said is this not and this is before quote unquote
00:13:55.260 the crisis here's where i get to is that nothing is solved here nothing is solved all they've done
00:14:01.680 right now is taking your money as a backstop and calm the elites the elites are elites are which get they
00:14:07.420 get very scared they're calm right now and they're calm because they know the full faith and credit
00:14:12.720 the united states and remember the full faith and if you want to see the mysterious full faith and
00:14:16.680 credit this ephemeral thing they talk about all the time look in the mirror right now you in this
00:14:22.820 audience are the full faith and credit of the united states always remember that once you embrace that
00:14:29.300 idea the whole thing changes because then you realize well hang on if that's the case
00:14:35.120 aren't i in charge that's what this show's about the empowerment of you to finally take a stand and
00:14:41.020 say we got to stop this madness and the elites don't think the elites know anything we're going
00:14:46.620 to talk a little bit about what's happened the last couple days in the weekend and how it's going
00:14:49.360 to roll through over the next couple of days to put you once again ahead of the curve in the war room
00:14:54.420 steve cortez and i'll join you back here in just a moment buy gold and get a free safe to store it
00:15:01.520 in that's right on qualifying purchases from birch gold group now through march 31st they'll ship a free
00:15:08.600 safe directly to your door just text bannon b-a-n-n-o-n to 9-8-9-8-9-8 to get your free info kit on gold
00:15:18.980 and to claim eligibility for your free safe here's the deal the fed keeps raising rates because it's
00:15:25.400 the only tool they have to keep inflation under control and guess what it's not working you can't
00:15:30.940 spend your way out of inflation you've seen the impact on the stock market you've seen the impact
00:15:35.920 on your savings hedge inflation by owning gold let me repeat that hedge inflation by owning gold
00:15:42.120 whether physical gold and silver in your own safe or through an ira and precious metals where you can
00:15:48.920 hold real gold and silver in a tax sheltered retirement account birch gold has a a plus rating
00:15:55.860 with the better business bureau and thousands of satisfied customers text bannon to 9-8-9-8-9-8 for
00:16:02.960 your free info kit on gold and to claim eligibility for your free home safe by march 31st on qualifying
00:16:10.160 purchases again text bannon to 9-8-9-8-9-8 here's your host stephen k bannon
00:16:19.100 we're going to get into polling and uh and uh the president's this current fiasco ridiculous fiasco
00:16:28.340 in new york um uh later in the show we've got mike davis joins boris is going to join us uh lindale's
00:16:35.020 going to join us about what's happening in arizona today we're going to get to all that
00:16:37.880 i don't want to put too much weight onto the to the new york thing is so outrageous so egregious
00:16:43.240 uh it is crossing the rubicon because it shows you that the elites
00:16:47.360 would rather burn it all down and rule the ashes right rule the ashes then uh look to do anything
00:16:55.540 that's for the good of the country and you can see this this this part uh here cortez i want to go
00:17:01.500 back to acumen because here's what's very important the choices they have is continuing
00:17:06.140 flight inflation and raise continue to raise rates to fight that inflation they're jammed up and they
00:17:12.460 can't do it because the government security is held by the banks right now remember andrew ross
00:17:16.200 sorkin says there's 620 billion dollars there's studies and analysis of two trillion dollars
00:17:22.540 are seeing on the balance sheets of these banks right and and they're they're biden bonds remember
00:17:28.040 once again just write this down with your number two pencil the massive spending of american recovery
00:17:34.900 act and all of it i think it's five to eight trillion dollars of additional spending over and
00:17:38.740 above the budget deficits right the five trillion dollars you build back better and for all that
00:17:42.960 that five trillion dollars along with the mcconnell republican collaborations always remember that
00:17:48.540 that five that spending led to the burning dumpster fire of inflation of which we said from day one this
00:17:55.000 is going to happen they all denied it right and either too stupid or just uh on purposely just
00:18:01.020 look the other way that so the spending the biden spending to the biden inflation then he got the
00:18:07.480 biden bonds the the treasuries remember the 10-year treasuries and people bought these at the low
00:18:12.360 interest rates around when president trump was there those spiked to four percent and other bonds higher
00:18:17.200 their value is inverse they dropped to you know 30 cents on the dollar like an svb's balance sheet so
00:18:23.240 the the bonds right and then you had the banks that's where you have you had the biden banks now it's
00:18:27.860 there it's the new hoover hoovervilles remember herbert hoover in the 1930s after the after the stock
00:18:34.920 market crash when the great depression hit um you know he his policies weren't working working you know
00:18:41.700 people were living in shantytowns they call them hoovervilles this is why it's biden spending to biden's
00:18:46.940 inflation to biden's bonds to biden's bank yet wokeness is all in there too but trust me that
00:18:52.340 that's the timeline of the jammer and now here's the thing the federal reserve has two choices they
00:18:57.140 continue to raise rates to fight inflation the traditional methodology they do that the bonds
00:19:02.500 become worse less the the the the hole in the banks become worse the banks by the way who aren't
00:19:08.620 giving you anything on your on your savings account or your money market people start fleeing
00:19:12.240 to the bonds you have higher returns you have depositors leaving you have a hole blown in your
00:19:17.920 balance sheet because if you have to mark these things to market you're underwater right so all
00:19:22.300 the regulators look the other way hope hope another day comes but what happens on the on the burning
00:19:27.660 dumpster fire of inflation and talk about core inflation here particularly for working people
00:19:31.760 middle class people if you're a wage earner the burning dumpster fire of of inflation you think it's
00:19:37.480 it's a it's a tax it's a regressive tax on you and here's the thing since you're underwriting the
00:19:44.220 whole system you think you get a little something for the effort right when you get a little something
00:19:47.520 for the effort no no no no no that's not going to happen what they're doing these are this peter
00:19:51.680 navarre said yesterday when they open the discount window right and let the federal reserve to shove
00:19:56.800 money into these banks into these insolvent banks let's use the i word the insolvent banks and
00:20:01.660 they open the window so that swiss national bank and the bank of japan and the bank of london can
00:20:07.120 all draw down so they'd say they oh we've infused cash all over the system that is a ticking time
00:20:13.180 bomb of wait for it more inflation right because they don't give a damn about you they could care
00:20:20.700 less that you're getting eaten alive every day by regressive tax this is the way the system works
00:20:27.260 in a nutshell steve cortez is my analysis of this situation fairly accurate yes it is accurate and i
00:20:36.320 think if anything you're maybe not being uh intense enough regarding just how dangerous this is for
00:20:41.840 regular americans by the way regarding that that discount window we've shown the chart several times
00:20:46.280 remember that not only did that borrowing by the banks from the american people okay that the fed is
00:20:51.620 us they're borrowing from the american people uh the fed balance sheet not only did that borrowing spike
00:20:56.080 it is at a far higher level than at the worst levels of 2008 2009 so think about that for a second
00:21:02.220 think of how scary the economic scene was in 08 and 09 well right now according to that metric at least
00:21:09.440 of discount window borrowing we are at a more perilous moment than we were in 08 and 09 and of course back
00:21:16.160 then thankfully at least we entered that crisis without significant inflation in the economy we have
00:21:20.740 the exact opposite now so steve to your point about costs for staples for the for the necessities of
00:21:26.800 life for working class people in this most recent cpi report that we got out which was a very disappointing
00:21:32.100 report um one of the worst elements of it i think when you look at the individual items what i often refer to
00:21:38.020 as the have to basket uh things that you need to live not luxuries in life uh three of the most
00:21:44.140 significant ones were at double digit year-over-year increases that was groceries electricity and other
00:21:50.980 utilities all three of those were still at double digit year-over-year increases and that steve was
00:21:58.380 with the fed you know because it's a backward-looking report that was with a fed that was still pretty
00:22:02.460 aggressively trying to fight inflation so if we're getting double digit inflation for staples with a
00:22:08.480 fed that was being pretty hawkish now that the fed has been cornered and neutralized and trapped
00:22:14.060 effectively uh what's going to happen that inflation from here going forward and that's why steve i've said
00:22:18.940 this before i'm not trying to be alarmist but this is i think simply reality we could be looking at a
00:22:23.920 situation where if we have sustained double digit inflation for the staples of life for these kinds
00:22:29.680 of necessities it's not just the economic calamity that is a risk i think there's a risk of societal
00:22:34.320 upheaval because regular working class people are already in a in a terrible place economically in a bad
00:22:40.280 place mentally quite frankly and we know this from the surveys about confidence if we continue to pour
00:22:46.020 punishing inflation upon them the consequences will not be will not be calm i guarantee that
00:22:51.240 um i want to go to you're absolutely correct and i agree with you 100 on the societal issues of it
00:22:59.040 you're going to wipe out this is why it's also where the storms here were in it uh and you uh it's
00:23:05.400 not gonna be easy to turn around it is you can turn this around but you got to make some tough calls
00:23:10.400 right the first tough call the first thing you're going to see the the canary in the mine shaft here is
00:23:14.400 going to be the debt ceiling debate now i will tell you in fact if you go to my getter account
00:23:18.400 politico has even got a story today if you go to my getter you can pull it up my crack team i didn't
00:23:22.920 get it to you earlier the hill had it over the weekend and then politico had it today the
00:23:29.840 prioritization of payments plan where have you heard that before maybe in the room they're all freaked
00:23:35.000 out now because the ways and means committee is basically going to pass this out of committee and
00:23:38.680 try to take this to the floor that hey you can never have a default you're always going to pay the cash
00:23:43.700 the face amount of debt you're going to pay all social security all medicare so no seniors and
00:23:48.520 then we're going to have a discussion and the democrats are freaking out because they understand
00:23:52.380 that this is a way to take it off the table we have to draw a hard line you're this debt ceiling
00:23:56.920 debate because go back to the go back to the chain of events the critical path it's the spending that
00:24:03.080 is the railhead of all the problems okay and it makes sense this modern monetary theory uh let's say
00:24:08.860 this like many theories that come out came out of france doesn't quite doesn't quite work right
00:24:13.680 um the other thing i want to talk about cortez we've got a lot to get to and i want but i got
00:24:18.560 to talk to if the audience has to understand something you're sitting here and remember you
00:24:23.460 post-war if you talk about ukraine or these geopolitical situation with the neoliberal neocons
00:24:29.740 you get thrown in your face right away well you guys are anti the post-war liberal rules-based order
00:24:36.000 rules-based order just remember that it's rubbed in your face all the time you're in
00:24:40.360 you're insurgents you're insurrectionist you're populist you're nationalist you're going to tear
00:24:46.680 up these great institutions these international things the post-war international rules-based order
00:24:53.960 right rules-based order let me tell you something ladies and gentlemen this is the law this is the um
00:24:59.780 the law of the jungle right now there are no rules and the perfect example steve cortez you've done
00:25:06.420 this for a lot of time you spent a lot of time in switzerland right it has always been the railhead of
00:25:10.820 the of the of the pristine premier bankers in the world right the guys who can launder money for every
00:25:16.380 third world dictator for the nazis for the bolsheviks for everybody for every american that wants a
00:25:21.220 number to bank account right they're they're the creme de la creme this weekend and this is what we keep
00:25:26.060 the shotgun marriage or credit suites and ubs stirs bond holder anger the the wall street journal
00:25:31.940 lead story is credit suites bond wipeout threatens 250 billion dollar market now it's not so much the
00:25:37.720 capital markets aspect of it is that the swiss on sunday the swiss authorities on sunday just decided
00:25:44.060 to get this done because if the market opened on monday and they didn't have these banks put together
00:25:48.220 it would have been a free fall they just took they took the laws and rules of switzerland that have
00:25:53.940 been there from time immemorial on banking and steve they just tore them up they just tore them up and
00:25:58.520 said hey you know we got a new set of rules right the equity holders don't get to vote bondholders
00:26:03.640 going to get wiped out we the same exact thing that happened in s at silicon valley bank all your
00:26:09.140 bettors are sitting there saying maga you're the problem you know you guys in bib overhauls
00:26:13.660 your knuckle draggers you breathe through your mouth the hobbits don't anything about the world
00:26:18.000 you know they're on here in these business shows with the knitted brows and you know talking high
00:26:21.900 finance and highfalutin concepts they will change the rules at any time it suits them and then just
00:26:30.400 look at you and lie and and to protect themselves is anything about that incorrect cortez you know
00:26:36.400 the swiss for that to happen and you've seen it happen with the treasury secretary in the fed last
00:26:42.160 week that's what at least lisa brahma was sitting there going can somebody tell me actually what's at
00:26:46.560 the core of this because nobody's explained it yet steve cortez correct the ruling class both here
00:26:53.100 and globally uh constantly castigates our movement uh because we supposedly want to destroy norms and
00:27:00.240 precedents but the reality is that the ruling class changes the rules on the fly whenever it needs to to
00:27:07.100 protect the prerogatives of the potentates of the powerful of the oligarchs that is the reality both
00:27:13.260 here in the united states and as we saw over the weekend in switzerland and you're also right steve
00:27:17.760 i spend in my hedge fund days a lot of time in switzerland particularly in geneva geneva in many
00:27:22.940 ways is really the epicenter of all the worst aspects of globalism it's sort of the legion of
00:27:28.920 doom of globalism is in geneva it's a place that is physically beautiful but underneath that physical
00:27:34.180 beauty is a lot of actual rot and a lot of incredible corruption it was incredibly telling and really
00:27:40.140 sad for the country of switzerland that they had to go hat in hand to the arabs to beg for money and
00:27:45.800 were refused by the way so uh if i were a swiss to horrible i'd be pretty dang angry about what has
00:27:51.160 gone on in my country hold it hold it you ever find an arab that doesn't want to put money into a swiss bank
00:27:56.280 i've never seen that before from the royal family that's their that's their that's their stock and
00:28:01.640 trade getting it out of the earth you know cashing it out and getting it not putting it back in their
00:28:06.020 country parking it in switzerland and they said hey how about this no short break back in a moment
00:28:12.840 steve cortez citizens the headlines are getting worse and worse day after day it seems like
00:28:21.120 armageddon could be just around the corner that's why i highly recommend you stock up on emergency food
00:28:27.100 right away you already know you're going to need this food someday why not get it now before it's too
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00:28:46.140 things fall apart the grid goes down and any other time you need to fend for yourself by yourself
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00:29:21.460 here's your host steven k band
00:29:25.300 okay two things number one mypillow.com promo code war room um the uh my pillow 2.0 look we're getting
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00:30:06.080 mike will be here in the second hour of the show talk to us about arizona the the supreme court's going
00:30:10.620 to meet today in fact carrie lake's prayer service starts 10 30 to noon out in arizona make sure you go to
00:30:16.300 her site mo and captain or captain bannon grace if you can get that and link to it to make sure
00:30:21.520 everybody knows about this uh so go check it out also birchgold.com slash bannon totally free the
00:30:27.100 third installment the debt trap very proud of the fact we started working on this one the whole series
00:30:33.300 we started working over a year ago this one we started working on mid-november um about the debt
00:30:38.340 ceiling and it's more relevant today than it was then get it you've got to immerse yourself you have to
00:30:43.660 understand money we're going to teach it to you because of the the we're going to revert back to
00:30:48.480 the 19th century and this about the politics of money who controls the money supply right right now
00:30:54.020 you're the one you're you're the underwriter but you have no control of the situation that is
00:31:00.400 fundamentally what has to stop in this country but ending the fed and ending this entire mechanism
00:31:04.680 they they've got i want to make sure and this is why we've toned down a little bit today with you
00:31:10.680 know yesterday with all everything happening because i want to make sure people can start
00:31:16.060 because i understand a lot of this stuff's very foreign to you but you must understand it for your
00:31:20.200 own personal uh your own personal uh well-being your family's well-being your community's well-being
00:31:26.720 and your nation's well-being because we got to sort this mess out um or we're going to have
00:31:31.660 generation after generation here you're going to have 10 20 30 years of like japan the lost decades
00:31:36.700 the somebody asked me to think that uh remember here's one thing they can they can they will
00:31:44.300 attempt to change the rules at any time to protect them and push more of the responsibility of
00:31:49.520 underwriting this to you and when that causes it it's going to continue to cause inflation they're not
00:31:54.920 going to fight it because they don't care that you're have to basket at 10 or 12 percent and so
00:32:00.100 your wages are every month are down you know you get a nominal increase of four percent you do the
00:32:04.660 math that you're you're six percent down every month and getting worse they don't care about that
00:32:08.980 the thing of the insolvent banks remember there's 186 of these banks are just like spv
00:32:14.160 when we talk about that rates of those government securities here's the scam
00:32:19.160 they have not made any of these banks mark to market those securities because they do that you're
00:32:25.880 going to the banking system is going to go oh my god all of them are insolvent all of them are
00:32:29.120 upside down what they've done and cortez jump in here what they've done
00:32:33.880 and you have right now janet young bloomberg's reporting the treasury here's what they're
00:32:38.360 working 24 7 on they're over treasury working 24 7 to figure out a way to guarantee all the
00:32:44.660 deposits that's 19 trillion dollars to guarantee all the deposits to guarantee them all now the
00:32:50.380 average bank account i think savings account in this country is 5 000 bucks or something like that
00:32:54.240 there's 19 trillion most of that money is comes from the fat cats and i realize there are people in
00:32:58.420 our audience that have more than 100 000 in the bank or more than 250 of your business okay
00:33:02.800 uh even though you're maga that's fantastic but what they're they don't care about the little
00:33:07.840 guy what they care about is the fat cat they want to protect they want to protect those deposits and
00:33:12.560 they're going to change just like in switzerland with the prim and proper swiss right they're so prim
00:33:17.340 and proper the outside and you know the the banking guys are the most craven and you're talking about
00:33:21.680 geneva is the worst city in the world because it's got the u.n back office right the engine room of the
00:33:25.360 u.n's there correct the worst w ho then you've got every you got every it's the capital of money
00:33:31.140 laundering in the world essentially it's you know it's got every shady character in the world there
00:33:35.680 in the banking side so um the what they've done here in opening the fed window to infuse the system
00:33:41.760 with cash that's going to lead to burning another quantitative easing will lead to more inflation
00:33:45.980 when they open the discount window they make the banks put up something they make them put up those
00:33:50.460 securities steve at face amount of par value these are 30 cents on the dollar 20 cents on the dollar
00:33:55.740 securities right now the the phony the phony thing is they did and this is entirely so no in no way if
00:34:04.040 you're a banker would you loan against a face amount of a note if it really trades at 20 cents the bid i
00:34:08.860 can get is 20 cents hey dude that's the market the markets right now the mark price is is cortez tells
00:34:15.820 us price is truth okay that's the truth right now at the fed the system's working on truthiness
00:34:22.460 in fact do my i tell you what these memes i see them all the time there's one this morning i saw i
00:34:27.560 started laughing so hard i was crying he put my put my dog up um this this one this one he gets it all
00:34:34.260 was the dog says sir everything everything today is free because i can't do math that sums up as silly
00:34:43.880 as that is as stupid as that is that actually is the heart of the that is actually the reality right
00:34:51.740 now it's the reality they're giving it to people for free because they can't do the math or won't
00:34:59.020 do the math or the math gives them a or the math gives them a thing so hey sir today it's all free
00:35:03.840 that's the discount window of the fed right there and remember when they say the federal reserve
00:35:08.320 that is you make emblazen this into your soul when you hear the full faith and credit we hear
00:35:15.460 these people pontificate we can't the death ceiling we can't we can't do we'll be the full faith and
00:35:20.140 credit united states well let's go ask let's go ask the folks that are the full faith and credit
00:35:24.740 united states that is you that is the american citizen it's on your shoulder steve cortez they're
00:35:30.680 working over bloomberg reports they're working over treasury 24 7 janet yellen started trying to
00:35:35.760 figure out the problem what they're trying to do is figure out a solution that has the hobbits
00:35:40.680 more of the risk to bail out the elites walk me through that sir yeah all of the risk and none of
00:35:47.540 the upside okay does that sound like a good deal doesn't sound like a very good deal to me it's what
00:35:51.500 happened to the deplorables in the 0809 crisis and it's what is at risk of happening and starting to
00:35:56.280 happen in fact right now and steve to your point about the elites about the ruling class ignoring
00:36:01.580 precedent ignoring law and changing the rules on the fly as it suits the ruling class if we're going
00:36:08.640 to back every deposit in this country that needs to go through congress okay we need to have laws
00:36:13.780 changed to do that what they're really furiously working on and i'm sure it was a very busy weekend
00:36:18.760 at these agencies in washington dc they're trying to figure out how to do it by edict how to do it by
00:36:24.200 fiat without the people's participation that doesn't sound very much like a republic does it
00:36:29.300 and your point here too about these risks these additional risks because bonds are not being marked
00:36:35.120 to where they are truly trading right now this is so important because price is indeed truth how much
00:36:41.520 is something worth whatever it is uh whether it's a bond or a work of art it's worth what somebody is
00:36:46.080 willing to pay for it okay that's the harsh reality of financial markets you know steve when i first got
00:36:50.140 into politics and i'm still relatively new to politics got in with donald trump i couldn't believe
00:36:54.620 in the political world um how little people regarded data and evidence you know coming from
00:36:59.940 the world of wall street if you wanted to make a presentation if you had an idea if you had a thesis
00:37:04.040 it better be backed with a lot of charts a lot of numbers even if it was wrong it had that there had
00:37:08.420 to be a process when i got into politics i couldn't believe how little of that exists in the political
00:37:13.220 world so i think it's important for our movement to make sure we do rely on facts and numbers because
00:37:18.300 they matter and right now here's let me tell you an additional risk as if the banking system needed
00:37:22.860 more it's not just the treasuries it's other bonds which were considered to be very very safe which
00:37:28.180 have suddenly been made if not unsafe at least very volatile because of biden's inflation and that
00:37:34.360 is mortgage-backed securities now when i use that term mbs right people probably have some really bad
00:37:39.880 memories of 08 and 09 it's not a similar situation to 08 and 09 because the quality of the mortgages are
00:37:46.300 far higher now we are not a country thankfully of liar loans so the underlying mortgages are much sturdier
00:37:52.340 however biden's inflation is so eroding the value of all bonds including ones that were considered
00:37:59.440 safe and were considered very high quality that now this is an additional risk for the banks because
00:38:04.420 the banks largely if they consider the bond to be something that will be held to duration steve
00:38:09.140 they don't have to market where it's actually trading right now where they would have to sell it but
00:38:14.540 here's the problem if if there's if there are more runs on banks or pseudo runs on banks they have to
00:38:20.540 sell them they have to sell them to raise the money uh and to this point i want to talk about
00:38:25.000 one firm in particular i'm not trying to pick on it because this firm may be fine but the point
00:38:29.200 hang on hang on hang on hang on hang on hang on they have to do it unless the federal reserve just says
00:38:35.900 hey we'll lend you money we'll give you money at the face amount of the bonds only 20 cents on the
00:38:41.220 dollar we're gonna this is my point it's a total and complete scam you can't do it if anybody thinks
00:38:49.020 you can walk to your bank or walk to even a leg breaker uh you know loan shark and do what the
00:38:54.920 federal government and the federal reserve is doing right now you're dreaming they are literally
00:38:59.680 making stuff up as we go along and it's totally funny that's where the dog's a good thing hey it's
00:39:04.280 free today sir but i can't do the math they're they're taking your thesis and instead of market
00:39:09.200 they're allowing them oh yeah i'll hold to duration right they're allowing them to take those bonds and
00:39:14.280 actually infuse the system with cash that's only going to blow up as more inflation this is
00:39:20.760 quantitative easing on testosterone but go ahead cortez i interrupt yeah no it is and again too
00:39:26.880 this is the this is unfortunately uh an acceleration what you've talked about previously where washington
00:39:32.060 dc was at the same time both stoking inflation on the fiscal side right because of what biden and
00:39:37.900 capitol hill were doing and then the fed previously trying to fight inflation right so almost
00:39:42.300 counteracting forces within washington dc well you're now taking the fed effectively into joining
00:39:48.180 uh the the uh the fiscal side of washington dc in fomenting inflation and worsening inflation that's
00:39:55.140 the reality the consequence of this inflation but uh mortgage-backed securities again something that most
00:40:00.100 regular folks haven't had to think about in a long time they're becoming a concern again i want to
00:40:04.740 show you if we can pull up chart number one i want to show you a chart of charles schwab and again
00:40:08.800 i don't have an opinion on charles schwab this stock may very well be a buy here at these levels it's
00:40:13.060 certainly been crushed over the last year that chart goes back one year but the wall street journal
00:40:17.360 noted that charles schwab holds 237 billion dollars in mortgage-backed securities now that may be fine it
00:40:25.100 may not be a problem as long as there's not a rush for withdrawals but if that does happen as obviously
00:40:30.920 happened to svb to signature bank if that does happen these mortgage-backed securities are in all
00:40:38.000 likelihood not trading at the levels where it's currently being marked and and again i'm not just
00:40:43.080 picking on schwab a lot of firms have this position right now have many of these positions but look at
00:40:48.240 that stock price here's my other point stock uh stock traders steve are not waiting around to find
00:40:54.040 out the answers to these questions they are saying i'm out they are dumping and if price is truth
00:40:58.760 right if price is indeed truth look at charles schwab which as of last week's lows had been cut
00:41:03.460 in half off of where it was a year ago this is shows you that guys that you know have to make a
00:41:13.660 living doing this are saying hey i hear all the happy talk i like all the theory get me out of this
00:41:17.780 thing yeah i'm also trading get me out of it this gets back to the the the core problem here
00:41:24.460 is you have and i want to go back if you think about it and i'm not picking on anybody okay so
00:41:32.300 don't take this as a shot at some of the republicans because i'm not but i want everybody in the audience
00:41:37.540 that is a firm believer in the in the constant in the republican part of the republican cards it's the
00:41:43.240 constitution the constitutionalist it's the constitution it's got to be the constitution and
00:41:48.480 you know the names what steve cortez says right there and this is why i did the swiss bank example
00:41:53.600 and what svb there is no chance they can wiggle out of this fdc i see they have to go to congress
00:42:00.260 with this this has to be something that is actually debated approved this is a massive
00:42:04.820 another underwriting by the american people and yet they're sitting up there right now because the
00:42:09.740 banking industry wants it to happen it's another it's a bailout it's a direct bailout of the banking
00:42:14.960 industry and we're all my constant we're all my strict constructionists where all that they
00:42:19.760 sound the banking committee they sound the finance committee have you seen anybody come to the phone
00:42:22.920 the microphone yelling and screaming mchenry was on cbs news on sunday morning and quite frankly it
00:42:28.980 was embarrassing margaret brennan's overhead obviously but it was just it was just more happy
00:42:34.020 talk we were beyond happy talk we need people to look people in the eye and say hey here's the
00:42:39.160 problem here's a fix you might not like it but once they do that they're going to have to explain
00:42:44.440 the american people why the working people why the wage earners in this country are bailing out
00:42:49.640 the oligarchs and bailing out the banking system and bailing out the elites they have to look in the
00:42:54.820 eye and tell them because up there right now they're looking at another con another scam to
00:43:00.020 basically put the screws to you and have you underwrite more malfeasance and incompetence if it
00:43:05.600 wasn't incompetence these guys were actually putting money to work and it was working and growing the
00:43:10.460 economy maybe you can consider discussion but it's not it's not short commercial break we're gonna be back
00:43:17.420 in the war room in just a second in joe biden's america criminals are exalted and the police are
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00:45:06.340 well you know it's a free country but let me just say this if this is not in our vital interest what
00:45:13.100 would be to have a guy invade another country rewrite the map of europe by force of arms this
00:45:20.120 bring back any memories sign an agreement tears it up and he's uh gotten an arrest warrant from the
00:45:27.320 icc which has done a great job and they want to arrest him because he's taken ukrainian children
00:45:33.160 kidnapped them for their families and sent them to russia other than that this doesn't matter to us
00:45:39.640 i don't want to live in a world where that crap goes on without punishment i want him to be punished
00:45:45.860 i want to be defeated i want the ukrainians to kick his ass and i want china to look and see what's
00:45:51.060 coming their way if they're going to taiwan i absolutely agree and i
00:45:55.140 and i think president biden has done an excellent job leading this coalition
00:46:04.360 and by sharing our intelligence with them at the beginning getting the coalition together before the
00:46:11.720 war even started i think you would admit that was yeah i'm trying to be yeah i'm trying to be helpful
00:46:17.340 i think the ukrainians need f-16s yesterday i think i would do more on the military front but we're in
00:46:23.300 it together right i want to help the administration where i can you know you got chi and putin meeting
00:46:27.880 in moscow uh and that's scary because we don't want them well but you don't want them you know
00:46:33.800 aligning together so i'd like to see russia become a state-sponsored terrorism under u.s law
00:46:39.500 because anybody that provides material aid to a state sponsor of terrorism any nation runs into
00:46:45.020 sanctions and that would make it harder for china it would make it a lot harder you would ship arms
00:46:49.640 to them so let's make it harder for china to help russia uh in a cruel barbaric endeavor to change the
00:46:56.140 world for the worst okay now who's the funniest u.s senator while you're there and i always say
00:47:06.000 lindsey graham and they always hate it because they're my crowd and then i tell them this when
00:47:11.900 you were running for president in 16 y'all remember that yeah i remember he had you're the only ones
00:47:17.960 you're like two percent at one point yeah that was i peaked you so one day i go i go in the senate
00:47:25.700 bathroom and i turn to you and i say lindsey if i were a republican i'd vote for you for president
00:47:34.000 and you said that's my problem
00:47:36.100 that's a true story so you know when you get our age you have a lot of time to talk to people in
00:47:47.460 the bathroom so uh and uh yeah that was that was my problem in a nutshell now franken wing of the
00:47:54.480 republican party is not as big as you think it would be let's talk about the border okay uh you and i
00:48:00.260 worked on you were one of the gang of eight yes in 2013 and every gang you can be in just about
00:48:06.200 yeah this is in 2013 right we passed 68 with 68 votes in the senate comprehensive immigration
00:48:14.240 exactly right uh camp uh reform right comprehensive immigration campaign uh reform and i thought that
00:48:21.100 was a great bill i did too and i think we need that you i've heard you say recently we we have
00:48:27.360 uh we don't have enough workers in this country we need immigration reform because we're declining
00:48:32.720 population right people like me i'm not married i don't have any kids i'm screwing it up for the
00:48:37.480 rest of you so the bottom line is that we need to get a workforce that's more reliable let people come
00:48:43.400 here and work and make it a win-win we need to secure a border we need to open up america to uh
00:48:48.720 merit-based let me have it that's one of the most evil it is outrageous this guy's around
00:48:53.420 president trump and i'm i'm very frank with the trump um how do i say high command on my thoughts
00:49:00.040 on on lindsey graham a poisonous individual let's go back in time two things i want to before i turn
00:49:06.080 to uh cortez i know has some thoughts on this in 2013 i was very proud to be part of the breitbart
00:49:12.940 running breitbart at the time that had the back of michelle bachman and steve king and others that
00:49:17.440 in the house of representatives defeated that comprehensive immigration bill of lindsey graham would
00:49:23.240 have destroyed this country even more rapidly as being destroyed today it was outrageous okay
00:49:28.120 outrageous and lindsey graham also during that time remember he's the guy that went to he wants
00:49:33.780 to declare the russian people in in their government a state-sponsored terrorism look the
00:49:38.520 kgb guys are some of the worst people on earth but this is the same lindsey graham that went to
00:49:43.580 went to cairo and was rubbing up on the muslim brotherhood and saying oh no you can't call the
00:49:48.860 muslim brotherhood um you know terrorists at all they're all good when they took over the government
00:49:52.500 there that lasted for about six months he and john mccain the two warmongers and he's never wanted
00:49:57.920 to call the mexican drug cartels uh terrorist he fought the muslim brotherhood being described as
00:50:02.840 terrorist steve cortez you show you see him right there one of the worst people this is the problem
00:50:09.300 we have the problem we have he's a creep okay he's a he's a creep on many levels okay you have creeps
00:50:16.820 like this that are not just in the senate but you have creeps like this that because of the south
00:50:21.260 catalana situation is is running down to mar-a-lago all the time to put more poison in the head of
00:50:27.080 donald j trump steve cortez lindsey graham is just the personification of all the worst aspects of the
00:50:34.520 washington sewer of permanent washington as you saw right there in those clips which i think are hard
00:50:39.240 to even watch but we must watch them because we have to be aware of who our real opponents are and
00:50:43.800 they often have an r after their name in as certainly lindsey graham does in this case he his
00:50:49.660 two great themes his two great loves his two great agenda items are war and amnesty all right and it
00:50:56.520 comes out of his own mouth it's not my interpretation and regarding war he simply doesn't care that the
00:51:03.000 costs are going to be borne by regular americans who are already suffering enough from inflation can't
00:51:08.960 for the necessities of life and yet we are sending 100 billion dollars plus to escalate a conflict
00:51:15.220 that risks tipping into actual all-out world war three and on the war front by the way he also seems
00:51:21.720 to not understand why she and putin are forming a close alliance why they are physically together
00:51:28.060 right now meaning as if the united states had nothing to do with that as if the policy failures of joe
00:51:33.640 biden and the washington foreign policy establishment didn't practically compel this new marriage this
00:51:38.940 newlywed romance of beijing and moscow it was the mistakes of the united states and then on the
00:51:45.020 amnesty side his other great agenda item on the amnesty side we have as we've talked about 24
00:51:51.080 consecutive months of declining real wages crashing real wages for american citizens and yet lindsey
00:51:58.940 graham thinks that importing millions of illegals into the country and millions more people he would
00:52:04.340 legalize is going to legalize is going to help that situation
00:52:06.560 cortez hang on one second take a nice break just to that point don't bury the lead brother
00:52:14.160 why does he want mass immigration quote unquote we need a more reliable workforce
00:52:21.560 we need a more reliable workforce you out there that are underwriting this entire mess
00:52:27.820 you got to get more reliable workforce back in a moment
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