Bannon's War Room - Episode 2601： We Have Entered The Rules Of The Jungle： There Are No Rules

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 1.00

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 1.00

00:02:32.360 uh it was donald trump who released yeah like the stupidity into today's session session highs 0.98

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 0.97

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 0.98

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 0.99

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 0.57

00:07:48.240 maybe you know what became a protestant or worse just left the face that you're you're you looked 0.99

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 1.00

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 0.98

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

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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 0.99

00:17:55.000 is going to happen they all denied it right and either too stupid or just uh on purposely just 0.99

00:18:01.020 look the other way that so the spending the biden spending to the biden inflation then he got the 1.00

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 0.98

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 0.83

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 1.00

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 0.95

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 0.86

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 0.56

00:26:13.660 your knuckle draggers you breathe through your mouth the hobbits don't anything about the world 1.00

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 1.00

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 1.00

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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00:29:21.460 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 0.67

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 0.74

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 0.99

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 0.97

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 1.00

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 1.00

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 0.56

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 0.98

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 1.00

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 1.00

00:45:51.060 coming their way if they're going to taiwan i absolutely agree and i 1.00

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 1.00

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 0.99

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 0.99

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 0.94

00:49:43.580 went to cairo and was rubbing up on the muslim brotherhood and saying oh no you can't call the 0.98

00:49:48.860 muslim brotherhood um you know terrorists at all they're all good when they took over the government 1.00

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 0.98

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 0.93

00:50:16.820 like this that are not just in the senate but you have creeps like this that because of the south 0.59

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 0.99

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 0.99

00:52:27.820 you got to get more reliable workforce back in a moment

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Bannon's War Room - March 21, 2023

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

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