Bannon's War Room - Episode 2615： They Attack Trump Because They Fear Him And You

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

00:00:10.260 these people here's not got a free shot all these networks lying about the people the people have

00:00:16.860 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:20.620 in the world to stop that but you're not going to stop it it's going to happen and where do

00:00:24.000 people like that go to share the big line mega media i wish in my soul i wish that any of these

00:00:31.720 people had a conscience ask yourself what is my task and what is my purpose if that answer is to

00:00:39.280 save my country this country will be saved war room here's your host stephen k band

00:00:47.180 absolute mystery to me i see the i need to be in the room where it happens sort of mindset

00:00:58.560 i can actually understand that in a way better than i can understand a person an evangelical out of

00:01:04.420 sincere knowing what we know about donald trump's conduct i'm not talking about folks who don't

00:01:09.360 know everything but knowing what we know and with other options particularly in the primary out of

00:01:15.580 sincere conviction saying donald trump is the guy that joe is a mystery to me well and you know

00:01:21.840 i can see i i don't understand it i think it's horrific that these pastors who are hacks who will

00:01:27.720 do anything to be in that room you know that's one thing but if you're a graham you're in your own

00:01:34.600 you don't need trump yeah you don't need no you've got a legacy well that he's he's not helping but you

00:01:42.680 know there's ann of course who's who's who's been extraordinary been on our show a good bit there

00:01:46.860 they've got this ministry that will survive donald trump so why i just tim do you have any answers

00:01:53.760 on this i know we gotta go but it i i i don't want to personalize this too much it just it just hurts

00:02:02.380 when i see the name graham attached to the endorsement of a guy who tried to overthrow an election

00:02:10.340 and inspired so much violence and is still praising violence with a choir of convicts who beat up cops

00:02:21.660 joe the best i can do in answering that question is that um i think we've got an idolatry problem

00:02:29.900 uh for a lot of christian believers in this country who have come to in many cases uh prioritize and even

00:02:37.640 worship this country over the kingdom uh in which their citizenship ultimately belongs and that's

00:02:42.760 a problem for a lot of christians and it's heartbreaking for a lot of christians who are

00:02:46.780 watching it from the outside as you're describing it i i can tell you that it said beautifully i don't i

00:02:53.560 don't understand i just don't understand how people who grew up and if you if you're a believer like

00:03:01.740 we are grew up hearing the greatest story ever told uh and and believing it i know there are a lot of

00:03:11.360 people watching you don't believe that's i that's totally fine but believing in the power of the word

00:03:18.280 and the power of god and understanding that we're all flawed and we're all failed and i certainly am at

00:03:24.960 the top of that list but people that would trade that in and prioritize a failed game show host

00:03:35.260 with all the things he does every day you talk about throwing pearls at swine i mean it is tim's

00:03:45.560 exactly right there's an idolatry problem here that i just don't get people literally say that donald trump

00:03:53.880 i saw a clip on fox where they were going around and people were like comparing donald trump to

00:03:59.540 jesus christ this is this is so blasphemous it is called just read a few of the red words yeah in

00:04:09.860 the gospels just a few of the red words you don't have to even read through the entire sermon on the

00:04:14.960 mount this is pure idolatry pure blasphemy and yet so many people are doing it it's just it is

00:04:23.000 even now it's really heartbreaking david he's not great as far as campaign skills he may get there

00:04:28.140 but he doesn't have them yet uh and who's running his campaign the bushes are all tangled up with him

00:04:34.560 uh bush that can raise him a billion dollars and get him all kinds of money the bush jeb bush

00:04:39.320 yeah they're great carl rove involved carl rove is involved i assume he'll be the coach on the field

00:04:45.720 i think he is but do you know that he's been advising the sand

00:04:48.960 okay monday 27 march year of our lord 2023 um there's so much going on we're gonna get all into

00:04:58.160 idolatry we have an idolatry we have an idolatry we have an idol now we have an idolatry problem

00:05:03.660 from pastor scarborough um i don't even know where to start on that we'll get into it though monday 27

00:05:11.720 march year of our 2023 we've got ben burquam ben burquam's like the rangers in world war ii he's

00:05:17.940 the pathfinder he always goes out ahead when we're going to do specials we're going to be in east

00:05:22.300 palestine tomorrow real america's voice ed and uh karen are going to be there uh for the morning show

00:05:28.480 we're going to be there for war room we've got um uh john fredericks is going to be there john's up

00:05:34.560 and and ben's up ben you're actually out in in the area give us a heads up walk through what we're

00:05:41.080 going to see tomorrow and what's the current status in east palestine sir well i i steve i

00:05:47.300 can't start without addressing joe scarborough and his comments there you're talking from the you know

00:05:53.260 from the democrats who support infanticide murdering children even outside of the womb and all of the

00:05:59.500 transgender craziness that's going on right now you joe you need to read the bible i don't i mean 1.00

00:06:04.800 that's what's sickening to me these people that pretend to be christians and then go come against

00:06:09.020 president trump who god by the way guys newsflash god uses imperfect people because outside of jesus

00:06:15.260 christ we're all imperfect anyways that's my little soapbox on that it was an amazing rally

00:06:19.480 well no no hang on hold on now hang on hang on ben hang on now that you went there uh you know you

00:06:26.500 shouldn't throw out the uh you know the greatest story ever told it's it's not the greatest story

00:06:31.500 ever told it's the living testament of the living god okay and and you should show some respect for that

00:06:37.340 particularly he's not a failed game show host he's only the greatest president in modern american

00:06:44.080 history and did more uh to support the policies that the evangelical movement and the traditional

00:06:49.580 catholics the reason those movements are in back of him and love him is that he's not talk and that's

00:06:55.380 what i want to finish with the bush and israel the the bush in israel bushes are all talk all talk

00:07:01.260 never had evangelical come into the white house never backed any of the policies never backed

00:07:05.380 the big right to life policies trump did the heavy lifting and that's why the evangelical movement

00:07:10.760 loves him that's where the traditional president you can't fool these people these people are the salt

00:07:14.160 of the earth go ahead 100 100 any and the question is any professed christian who supports

00:07:21.320 the democratic platform at this point that's the question is how can you be claim to be a christian

00:07:25.380 and support what they stand for uh but there's no question about it what president trump did was

00:07:29.540 more christian was supported more christian that that's who god uses oh hang exactly listen read

00:07:37.020 the old testament the new testament god uses imperfect instruments the entire old and new testament is

00:07:43.640 nothing but imperfect instruments imperfect instruments okay yes donald trump is an imperfect instrument

00:07:49.900 as we all are but he what he has done is the heavy lifting and the tough work on the policies to turn

00:07:57.760 this nation around and the more they mocking and the more they and the more listen all that's about

00:08:03.040 they're all freaked out about christian nationalism and about turning this country back around again

00:08:07.560 and setting things right that's what really freaks them out and we're gonna have cortez is gonna

00:08:11.660 when cortez is on we're not just gonna talk numbers we're gonna talk about the direction of foreign

00:08:16.680 policy under biden and under what joe scarben mika what what john admiral kirby from the white house

00:08:22.900 tells us is the central organizing principle a core value of uh of our foreign policy cortez and i'll

00:08:29.620 get to that in a minute go ahead ben i'm sorry and and and to transition to where we are now uh it's

00:08:35.760 also what they're deathly afraid of is being exposed for the frauds the hypocrites and the liars that they 0.55

00:08:39.820 are just like jesus exposed them for when he was here two thousand years ago uh this is what and it's

00:08:44.840 exactly what we see on the border them using children uh the trafficking children everything that we see

00:08:49.760 there also up here now i'm in youngstown ohio and the the hypocrisy that we see here where they

00:08:55.320 claim to care about the people uh we're going down back to east palestine tomorrow and and they just

00:09:00.860 abandon them and that's what that that's the reality that that's really steve i think is what they're

00:09:05.160 most afraid of is for the american people and the people of the world to see them for the frauds that

00:09:09.780 they are and that's why we're here to expose it and to actually stand with the people uh the people

00:09:14.280 that president trump stands for and you know it's ironic this is the hotel we're staying in

00:09:18.280 and as the first person we spoke to when we got on the ground here in youngstown we're 20 minutes

00:09:23.340 away from east palestine was a woman who has not been able to return to her house yet every time

00:09:27.940 she goes back to east palestine she gets sick that's the reality of what joe biden's policies

00:09:33.080 or the lack of concern uh this disaster that we had in east palestine that people have already swept 0.89

00:09:38.060 under the rug it's been a month and they're acting like this thing's over and it is just beginning so

00:09:42.960 that's why we're here it's an honor to be here i'll be here with you uh with the morning show with

00:09:47.260 john fredericks with uh ed and karen and that's why real america's voice news exists is to expose

00:09:52.320 and to tell the truth and to give the people a voice we're the we're the voice of the salt of

00:09:58.920 the earth john fredericks you had that you went and were the person that covered the hearings of

00:10:05.180 doug mastriano which were so amazing uh you came up with this idea it's absolutely brilliant talk to

00:10:10.760 talk to us about why it's important that we're in east palestine for the next couple of days

00:10:14.720 we have to give the residents of east palestine eastern ohio and western pennsylvania a platform

00:10:23.200 and a voice steve because no one else says they have been shut out and forgotten that's why we're

00:10:28.760 going we're going to give them a national platform this is a town hall meeting that basically starts

00:10:33.680 6 a.m tomorrow tuesday the 28th by the way it is at the old roadhouse grill everybody knows

00:10:42.440 where it is it's iconic the original roadhouse will be there tuesday that's tomorrow 6 a.m right

00:10:50.260 through 7 p.m there'll be plenty of food plenty of seating then we're going to be back for the people

00:10:55.980 that can't make it on tuesday we're coming back on wednesday the 29th 6 a.m to the end of war room

00:11:01.880 at noon we want to turn out uh christine bouserman my political director has been on the ground there

00:11:08.420 since saturday morning handing out flyers today she's going to meet the fire chief she's going to

00:11:13.880 meet the mayor the people that sit on basically what is known as a city council they call it something

00:11:19.740 else but same thing we're going to try to get the politicians there but the main thing we want to

00:11:24.320 get there is residents who have been affected by what happened there we want them on our shows

00:11:31.980 we want them to speak to the nation and tell everyone including pete buttigieg and joe biden

00:11:38.760 and mike dewine and shapiro and all these other feckless leaders that forgot them what their plight

00:11:44.720 is what has happened to them how their families have been affected what's happening to their health

00:11:50.180 their children in school are they sick what is going on home values we want to get this out

00:11:56.800 and steve that's why our platform here is the only we're the only people that have gone there

00:12:02.100 no one else is bothered to spend five minutes there except us because they don't care

00:12:06.280 right now we've got evidence coming out from a whistleblower in the department of transportation

00:12:13.080 that pete buttigieg and his staff completely ignored east palestine for political reasons he said

00:12:21.360 because it was red and it went 70 for trump this is now leaked out from a whistleblower this is what's

00:12:30.000 going on in america we have to go there and we have to show the nation these people matter steve and

00:12:36.880 that's why we'll be there how do uh people um how do people uh follow you john what is your what is

00:12:44.040 your social media how did they get to the show by the way it'll be global because we've got a big

00:12:48.180 audience in germany italy uh the united kingdom brazil all over we want the world to hear the voices

00:12:54.500 of the salt of the earth these uh these great patriots in east palestine we're going to make sure that

00:13:00.720 everybody hears exactly what happened what went on what their current plight is and solutions about how we get

00:13:06.340 this thing fixed so how do people get to you john we want a really really big turnout tomorrow we want

00:13:13.840 to hear your individual stories that's why we're all out there that's why we've invested the resources

00:13:19.660 for you again east palestine eastern ohio western pennsylvania come join us original roadhouse grill

00:13:28.200 that's tomorrow starting at 6 a.m plenty of seating 10 out in the back plenty of food you'll get looped in

00:13:34.660 i'm the easiest guy to follow in the world at jf radio show at jf radio show by the way my podcast

00:13:41.360 trump this inside the trump campaign to save america we put the third issue up on our youtube channel

00:13:50.960 which is trump this with liz harrington who is the spokesperson of a presidential candidate

00:13:58.080 and youtube took it down and banned us because we talked to the campaign spokesperson of a

00:14:06.720 presidential candidate former president but the censorship here is unbelievable how do you ban

00:14:12.020 not a presidential candidate these people are sick sienna sienna sienna poll today has him up 54 27 over

00:14:19.860 desantis it's not just that he's beating biden in the polls he's crushing desantis in the polls

00:14:25.540 he's he's quickly becoming the prohibitive favorite and they ban him that's where that's

00:14:30.660 what we're up against people gotta face reality here john fredericks we got balsaman and burquam

00:14:35.960 as the rangers his campaign spokesman it's amazing thank you brother we'll see you in east palestine

00:14:44.000 ben burquam's gonna stick around we got cortez we got lou dobbs ben harnwell it's all happening

00:14:50.640 in the war room back in a moment we will fight till they're all gone we rejoice when there's no more 0.97

00:14:57.400 let's take down the sea buy gold and get a free safe to store it in that's right on qualifying

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00:15:20.080 and to claim eligibility for your free safe here's the deal the fed keeps raising rates because it's

00:15:26.500 the only tool they have to keep inflation under control and guess what it's not working you can't

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00:16:10.480 on qualifying purchases again text bannon to nine eight nine eight nine eight here's your host stephen k bannon

00:16:33.280 i pledge allegiance to the flag of the united states of america

00:17:02.620 and to the republic for which it stands

00:17:31.660 one nation

00:17:52.220 one nation

00:17:59.240 under God

00:18:00.960 indivisible with liberty and justice for all

00:18:18.500 for the land of the free and the home of the brave

00:18:33.000 That's the J6 choir with the song that became number one

00:18:52.140 that's what Morning Mika and Joe have such a problem with

00:18:55.380 it was played at the Waco to kick off the Waco rally

00:19:01.180 which was just absolutely incredible

00:19:03.980 and my recommendation is they shouldn't do a scripted speech

00:19:07.260 with President Trump anymore

00:19:08.120 the scripted parts are not as good as the riffs

00:19:11.060 just let him get up there and just speak from the heart

00:19:13.780 we need President Trump to speak from the heart

00:19:16.020 don't need him on the glass anymore

00:19:19.300 not now, maybe later but not now

00:19:22.340 I want to bring in, so that's J6 1.00

00:19:26.240 many of those individuals, I think all of those individuals

00:19:30.080 just held in detention awaiting trial

00:19:32.500 and they sing this every night

00:19:35.100 that's why it's so powerful when you have President Trump there

00:19:37.340 saying the Pledge of Allegiance

00:19:38.820 Ben Berquam, you were in Waco

00:19:41.780 give me your sense of, you were on the ground

00:19:45.360 of the enthusiasm and the passion

00:19:47.600 of the crowd

00:19:49.460 they're mocking the crowd right now

00:19:50.620 Trump can't add to his

00:19:51.920 Trump can't add to his

00:19:54.040 to his

00:19:55.600 to his

00:19:56.460 numbers

00:19:57.260 by the way, it's 74 million

00:19:59.080 which were real votes

00:20:00.100 we stopped the cheating

00:20:02.060 there's no way Joe Biden gets

00:20:03.620 breaks, has a seven handle in front of it

00:20:05.640 because you know, all they're doing right now

00:20:07.280 is spending time trying to figure out

00:20:08.380 how to get Joe Biden off the ticket

00:20:09.840 Ben Berquam, your sense of the event

00:20:12.280 sir

00:20:12.700 it was beautiful

00:20:15.740 I mean, the whole day

00:20:16.860 15,000 plus

00:20:18.600 I wouldn't be surprised

00:20:19.340 I haven't heard the final numbers

00:20:20.460 but I've heard upwards of 20,000

00:20:22.020 I mean, it was a massive number of people

00:20:23.900 and the best people from all over the country

00:20:26.180 all over the world

00:20:26.920 the left makes it out to be

00:20:28.520 this violent, terrible group of people

00:20:30.660 and they were just

00:20:31.220 it was love

00:20:31.940 and when he played that

00:20:33.420 it was absolutely quiet

00:20:35.180 the entire crowd

00:20:36.980 there were people with tears in their eyes

00:20:38.800 praying for the people

00:20:39.840 the J6ers 1.00

00:20:40.620 the travesty of justice

00:20:42.460 that we see going on

00:20:43.460 and just real quick

00:20:44.340 back to the original point

00:20:45.380 the left

00:20:46.700 they are projectionists

00:20:47.860 so everything that they say

00:20:49.140 they say sanctuary

00:20:50.260 they're a den of vipers 0.55

00:20:51.300 they say justice

00:20:52.520 they're the insurrectionists

00:20:54.120 they call us insurrectionists

00:20:55.400 in reality

00:20:55.920 what we're all fighting for is justice

00:20:58.040 they allow BLM and Antifa

00:20:59.420 to burn down our country for four years

00:21:01.040 and they hold these guys

00:21:02.160 as political prisoners

00:21:03.080 and the American people see it

00:21:04.960 and so it really felt reminiscent of 2016

00:21:08.260 but the cool thing now

00:21:09.720 is people know the difference

00:21:10.860 people have a barometer

00:21:12.460 to base this on

00:21:13.240 they saw

00:21:13.660 they lived under President Trump

00:21:15.360 and how good life was

00:21:16.440 up until the China virus

00:21:17.880 and what COVID did

00:21:18.980 to our country

00:21:20.060 and to the world

00:21:20.660 and now they've lived under Joe Biden

00:21:22.400 and the disaster

00:21:23.280 that Joe Biden is

00:21:24.480 and I think we're going to see

00:21:26.280 a massive wave of people

00:21:27.980 starting to come out

00:21:28.900 as 2024 approaches

00:21:30.560 you're absolutely correct

00:21:33.880 they're saying that

00:21:34.920 if you really look at the numbers

00:21:36.160 in the polling

00:21:36.680 whoever can present

00:21:38.120 order and stability

00:21:40.420 versus anarchy and chaos

00:21:42.440 and they're going to show

00:21:43.140 Joe Biden

00:21:43.860 they're going to roll him out

00:21:44.740 like he went to Trudeau

00:21:45.720 and be rubbing up on Trudeau

00:21:47.460 and a bunch of other foreign leaders

00:21:48.660 as the globalist he is

00:21:49.860 giving away the country

00:21:51.540 right

00:21:52.260 and

00:21:52.480 finally CNN and other people

00:21:55.480 understand what's happening here

00:21:56.700 with the dollar

00:21:57.240 and what's happening with our economy

00:21:58.440 Cortez and I are going to get into that

00:22:00.100 with some detail

00:22:00.820 and Lou Dobbs

00:22:01.680 but

00:22:03.440 President Trump

00:22:04.400 look at the golden age

00:22:06.300 he gave us

00:22:06.820 those four years

00:22:07.600 the media was running around

00:22:09.160 with their hair on fire

00:22:09.880 but look at the stability

00:22:10.960 in the American economy

00:22:12.060 we were not at war

00:22:13.360 these gangsters

00:22:14.580 that run these countries

00:22:15.600 like the Persia 0.99

00:22:16.620 with the Ayatollahs

00:22:18.160 out of Tehran

00:22:19.240 you got the Chinese Communist Party

00:22:20.680 the biggest transnational

00:22:22.060 gangster organization ever

00:22:23.860 you've got

00:22:24.920 the KGB and FSB

00:22:26.700 in Moscow

00:22:27.340 you got Erdogan

00:22:28.420 in Turkey

00:22:28.960 only Trump

00:22:30.820 can back these guys down

00:22:32.340 you know why

00:22:32.820 they respect him

00:22:34.000 and they fear him

00:22:34.980 Ben Berquam

00:22:36.540 you're out there

00:22:37.800 Christine Bouserman

00:22:38.560 is out there

00:22:39.000 doing the preliminary work

00:22:40.080 we look forward to

00:22:41.180 seeing you tonight

00:22:42.140 and then Ben's going to be

00:22:43.040 part of the show

00:22:43.700 for the next couple of days

00:22:45.260 in East Palestine

00:22:46.180 Ben

00:22:46.900 any closing observations

00:22:48.180 or thoughts

00:22:49.400 particularly on Joe Scarborough

00:22:50.820 and Morning Mika

00:22:51.640 giving us the bad face

00:22:53.480 on

00:22:54.280 on

00:22:54.960 on people following

00:22:56.500 the Gospels of the Living God

00:22:57.920 yes

00:22:58.480 yes

00:23:00.180 God is in control

00:23:01.360 in all of this

00:23:02.040 Christ is in control 0.97

00:23:02.880 he is raising up

00:23:03.740 his remnant

00:23:04.280 for such a time as this

00:23:05.460 you have been called

00:23:06.740 whether you're sitting

00:23:07.580 on your couch

00:23:08.080 you're watching this

00:23:08.700 you're listening to the podcast

00:23:09.740 driving down the road

00:23:10.680 Christ is calling you

00:23:11.860 to stand up

00:23:12.520 to rise

00:23:13.060 and to rise for justice

00:23:14.000 and that's what we stand for

00:23:15.280 it's an honor

00:23:15.720 to be a part

00:23:16.280 of the posse

00:23:17.120 but also

00:23:17.580 it's the posse of Christ 0.77

00:23:19.080 and that's who we fight for

00:23:20.160 and we're going to continue

00:23:21.180 to fight that

00:23:21.720 and ultimately

00:23:22.280 we win

00:23:23.000 so it's an honor sir

00:23:24.780 Ben Berquam

00:23:26.160 Ben Berquam

00:23:27.080 what's your social media

00:23:28.160 how can people track you today

00:23:29.480 at Ben Berquam

00:23:32.560 on everything

00:23:33.140 B-E-R-G-Q-U-A-M 1.00

00:23:34.920 I'll be posting

00:23:35.620 some of the videos

00:23:36.320 that I haven't released

00:23:37.100 from Waco

00:23:37.720 I also have some new videos

00:23:39.060 from East Palestine

00:23:40.220 we're going to be heading down there

00:23:41.080 in just a little bit

00:23:41.760 so stay tuned for that

00:23:42.900 and of course

00:23:43.400 americasvoice.news

00:23:44.600 make sure you download

00:23:45.260 the app on your phone

00:23:46.240 so you get everything live

00:23:47.580 and then

00:23:48.120 frontlineamerica.com

00:23:49.200 you'll get my articles

00:23:50.020 from the one and only

00:23:51.340 Kerry Donovan

00:23:52.300 Ben

00:23:55.680 thank you very much

00:23:56.640 look forward to seeing you

00:23:57.500 and Kerry Donovan

00:23:58.400 another warrior

00:23:59.540 you're doing a great job

00:24:00.460 you got Balsam

00:24:01.820 and Berquam out there

00:24:02.940 Captain Banner

00:24:03.640 is going to be out there

00:24:04.320 early

00:24:04.800 the landing

00:24:05.960 the landing party

00:24:07.160 has arrived

00:24:07.880 thank you very much

00:24:09.380 Cortez

00:24:10.660 I got to tell you

00:24:11.340 Cortez

00:24:11.900 I want to start with

00:24:12.700 I was going to start

00:24:13.540 with economics capital markets

00:24:14.660 but I think

00:24:15.400 it's a good transition

00:24:16.780 if we can play

00:24:17.460 if we can get

00:24:18.020 Admiral Kirby

00:24:18.680 do we have that

00:24:19.460 can we get Admiral Kirby

00:24:20.380 we don't have Admiral Kirby up

00:24:22.240 okay fine

00:24:24.200 let me maybe

00:24:24.860 Steve

00:24:26.860 tell me about

00:24:28.120 Admiral Kirby

00:24:28.760 about what he said

00:24:29.540 what he said

00:24:31.020 in the

00:24:31.380 what he said

00:24:32.300 let's hear Admiral Kirby

00:24:34.200 and then we're going to

00:24:35.420 then we're going to

00:24:36.040 then we'll come back to you

00:24:37.340 and President Biden

00:24:38.940 has been

00:24:39.560 nothing but consistent

00:24:41.160 about his

00:24:42.560 belief

00:24:43.920 foundational belief

00:24:45.020 in human rights

00:24:46.060 and

00:24:46.540 LGBTQ plus

00:24:48.240 rights are

00:24:49.400 human rights

00:24:50.160 and

00:24:51.380 we again

00:24:52.280 back to the earlier

00:24:53.180 question

00:24:53.560 we're never going to

00:24:54.240 shy away

00:24:54.820 be bashful about

00:24:55.760 speaking up

00:24:56.820 for those rights

00:24:57.420 and for

00:24:58.080 for individuals

00:24:59.560 to live as they 0.99

00:25:00.740 deem fit

00:25:01.680 as they want to live

00:25:02.960 and that's something

00:25:03.800 that's a core part

00:25:04.580 of our foreign policy

00:25:05.320 and it will remain so

00:25:06.460 Steve Cortez

00:25:10.180 we have

00:25:10.960 Xi

00:25:11.560 and the gangsters

00:25:13.060 in Beijing

00:25:13.540 have now put together

00:25:14.540 an alliance

00:25:15.180 that's what it is

00:25:16.040 it's an axis

00:25:16.660 the new axis

00:25:17.500 the legion of doom

00:25:19.140 you got the economists

00:25:20.240 go the world

00:25:20.800 according to Xi

00:25:21.580 you notice it doesn't

00:25:22.220 say the world

00:25:22.820 according to the

00:25:23.400 United States

00:25:23.880 the world

00:25:24.260 according to Xi

00:25:24.920 you've got

00:25:26.100 the worst gangsters

00:25:27.440 on earth

00:25:28.060 that have

00:25:29.040 have their people

00:25:31.140 Lao Bai Jing

00:25:32.060 the deplorables

00:25:33.120 of China

00:25:34.420 under the boot

00:25:35.980 right

00:25:36.860 I mean we have

00:25:37.540 a problem

00:25:38.080 this regime

00:25:39.160 has created

00:25:39.620 a problem

00:25:40.200 that will take

00:25:41.100 us decades

00:25:41.740 to unwind

00:25:42.260 even with someone

00:25:42.840 like a Trump

00:25:43.960 and you've got

00:25:45.480 Admiral Kirby

00:25:46.200 saying

00:25:46.940 what

00:25:47.360 LGBTQ

00:25:48.220 plus rights

00:25:49.700 are central core

00:25:50.740 to the foreign

00:25:52.000 policy

00:25:52.480 of the United States

00:25:53.540 how do you think

00:25:54.060 that sets

00:25:54.620 sir

00:25:55.080 right

00:25:55.980 a core part

00:25:57.160 of the foreign

00:25:57.940 policy of the United States

00:25:58.840 talk about

00:25:59.320 majoring in the minors

00:26:00.780 you know

00:26:01.020 you're exactly

00:26:01.500 correct Steve

00:26:02.220 the worst adversaries

00:26:04.120 and regimes

00:26:04.700 in the world

00:26:05.320 are increasingly

00:26:06.180 allying against

00:26:07.580 the United States

00:26:08.580 the Saudis

00:26:09.580 and the Iranians 0.89

00:26:10.600 the crips and bloods

00:26:11.620 of the Middle East

00:26:12.220 are even making peace

00:26:13.780 at the behest

00:26:14.640 of the CCP

00:26:15.720 to form an

00:26:16.760 anti-American alliance

00:26:17.860 and at a time

00:26:18.820 of that kind

00:26:19.480 of global danger

00:26:20.340 for the United States

00:26:21.640 what is the focus

00:26:22.740 of permanent Washington

00:26:23.740 of the foreign policy

00:26:24.680 establishment

00:26:25.220 of Biden and Kirby

00:26:26.760 it's spreading

00:26:28.040 an agenda

00:26:28.820 of homosexuality 1.00

00:26:30.120 from America

00:26:30.720 to the rest

00:26:31.280 of the world

00:26:31.860 now Steve

00:26:32.680 look

00:26:32.880 this is absurd

00:26:33.920 on a couple

00:26:34.440 of angles

00:26:34.880 number one

00:26:35.380 it's just immoral

00:26:36.480 for us

00:26:36.940 to try to project

00:26:38.460 our perversion

00:26:39.560 onto the rest

00:26:40.320 of the world

00:26:40.760 most of which

00:26:41.360 still believes

00:26:42.400 in traditional marriage

00:26:43.700 but secondly

00:26:44.660 just putting aside

00:26:45.560 the ethics

00:26:46.100 and the morality

00:26:46.920 of it

00:26:47.300 just from a

00:26:48.040 practical perspective

00:26:49.420 this is terrible

00:26:50.840 state crack

00:26:51.620 this is terrible

00:26:52.380 diplomacy

00:26:53.220 this is cultural

00:26:54.400 imperialism

00:26:55.400 and these countries

00:26:56.540 understandably

00:26:57.400 even the ones

00:26:57.980 that are very

00:26:58.380 pro-American

00:26:59.020 even the ones

00:26:59.760 that act in our interest

00:27:00.660 they are understandably

00:27:02.220 revolting against

00:27:04.000 this cultural

00:27:05.340 imperial

00:27:06.060 you know Steve

00:27:06.500 tell you a quick story

00:27:07.440 I was traveling

00:27:08.300 in Africa

00:27:09.000 in a mostly Muslim

00:27:10.280 country chatting

00:27:11.080 with one of the locals

00:27:11.820 there and he said

00:27:12.720 the only rainbow flag

00:27:14.140 you'll see in this town

00:27:15.220 is at the American

00:27:16.260 consulate

00:27:16.840 and he was incredibly

00:27:18.040 disappointed by that

00:27:19.300 because he's a very

00:27:19.740 pro-American person

00:27:20.760 but he said

00:27:21.040 we don't want that here

00:27:21.980 it's not our culture

00:27:23.000 it's not our faith

00:27:23.780 it's not who we are

00:27:24.780 and yet

00:27:26.000 yet from Washington

00:27:27.480 D.C.

00:27:27.980 right from the podium

00:27:29.040 in the White House

00:27:30.280 we see what does

00:27:31.480 Kirby prioritize

00:27:32.520 what does Biden

00:27:33.360 prioritize

00:27:33.820 they prioritize

00:27:34.600 a cultural

00:27:36.220 imperialism

00:27:37.500 rather than

00:27:38.400 realpolitik

00:27:39.620 an America first

00:27:40.860 foreign policy

00:27:41.500 of realism

00:27:42.040 and restraint

00:27:42.700 yeah

00:27:44.760 what we're talking

00:27:45.680 about here

00:27:46.140 when you're talking

00:27:46.940 about these gangsters

00:27:47.980 you've got to be

00:27:49.160 very practical

00:27:49.960 and pragmatic

00:27:50.580 right now

00:27:51.280 or they're going to

00:27:52.600 they are running

00:27:53.360 the table

00:27:53.820 and they're going

00:27:54.360 to run the table

00:27:54.980 they're going to

00:27:55.460 destroy the dollar

00:27:56.420 they're going to

00:27:58.300 take over the

00:27:59.960 Eurasian landmass

00:28:00.880 they're going to

00:28:01.840 drive us out of Taiwan 0.99

00:28:03.240 all next

00:28:05.000 in the war room

00:28:05.800 citizens

00:28:18.420 anyone who thinks

00:28:20.300 they won't need

00:28:21.660 emergency food

00:28:22.680 isn't paying attention

00:28:23.920 every day

00:28:24.540 the headlines

00:28:25.360 get worse

00:28:26.100 and worse

00:28:26.940 and worse

00:28:27.700 is the unthinkable

00:28:29.140 next

00:28:29.480 it pays to prepare

00:28:30.840 that's why

00:28:31.960 I seriously

00:28:33.000 recommend

00:28:33.880 you stock up

00:28:34.860 on emergency food

00:28:35.820 and you do it

00:28:36.340 right away

00:28:36.760 you never know

00:28:37.720 when the next shoe

00:28:38.340 will drop

00:28:38.960 and when it does

00:28:39.780 emergency food

00:28:40.720 will be hard to find

00:28:41.680 so get yours now

00:28:42.920 while it's on sale

00:28:43.860 go to

00:28:44.200 mypatriotsupply.com

00:28:45.740 and check out

00:28:46.580 their popular

00:28:47.160 three month

00:28:47.760 emergency food kit

00:28:48.880 right now

00:28:49.820 you'll save

00:28:50.380 $200 per kit

00:28:52.540 let me repeat that

00:28:53.460 $200 per kit

00:28:55.180 savings

00:28:55.840 each kit

00:28:56.900 gives you a wide

00:28:57.600 variety of delicious

00:28:58.480 breakfasts

00:28:59.240 lunches

00:28:59.760 dinners

00:29:00.300 drinks

00:29:00.680 and snacks

00:29:01.360 providing over

00:29:02.380 2,000 calories

00:29:03.760 per day

00:29:04.440 for optimum

00:29:05.480 strength

00:29:06.260 and energy

00:29:06.880 act now

00:29:07.640 and claim

00:29:08.020 your $200

00:29:08.500 savings per kit

00:29:09.940 you'll sleep better

00:29:11.180 knowing your family

00:29:12.040 won't suffer

00:29:12.700 if the worst

00:29:13.420 ever happens

00:29:14.140 go to

00:29:14.480 mypatriotsupply.com

00:29:15.900 and you'll enjoy

00:29:17.040 free shipping

00:29:17.980 too

00:29:18.280 that's

00:29:18.640 mypatriotsupply.com

00:29:21.060 the most interesting

00:29:23.880 outcome of the

00:29:24.800 three-day summit

00:29:25.700 between Vladimir Putin

00:29:26.820 and Xi Jinping

00:29:27.520 got limited media

00:29:29.100 attention

00:29:29.620 describing their talks

00:29:31.620 Putin said

00:29:32.400 we are in favor

00:29:34.180 of using the

00:29:35.020 Chinese Yuan

00:29:35.940 for settlements

00:29:37.240 between Russia

00:29:38.140 and the countries

00:29:38.820 of Asia

00:29:39.340 Africa

00:29:39.860 and Latin America

00:29:40.940 so

00:29:42.280 the world's

00:29:43.800 second largest

00:29:44.480 economy

00:29:45.060 and its largest

00:29:46.500 energy exporter

00:29:47.780 are together

00:29:48.900 actively trying

00:29:50.100 to dent

00:29:50.760 the dollar's

00:29:51.640 dominance

00:29:52.040 as the anchor

00:29:53.020 of the

00:29:53.420 international

00:29:53.960 financial system

00:29:55.020 will they succeed

00:29:57.200 the dollar

00:29:58.180 is America's

00:29:59.000 last surviving

00:30:00.220 superpower

00:30:01.220 it gives

00:30:02.180 Washington

00:30:02.640 unrivaled

00:30:03.720 economic

00:30:04.200 and political

00:30:04.820 muscle

00:30:05.260 it can slap

00:30:06.440 sanctions

00:30:06.860 on countries

00:30:07.480 unilaterally

00:30:08.420 which frees

00:30:09.440 that country

00:30:10.020 out of large

00:30:10.820 parts of the

00:30:11.440 world economy

00:30:12.100 and Washington

00:30:13.180 can spend

00:30:14.120 freely

00:30:14.620 certain that

00:30:15.720 its debt

00:30:16.200 will be bought

00:30:16.900 up by the

00:30:17.700 rest of the

00:30:18.140 world

00:30:18.480 the war

00:30:20.040 against Ukraine

00:30:21.040 combined with

00:30:22.040 Washington's

00:30:22.720 increasingly

00:30:23.460 confrontational

00:30:24.420 approach to

00:30:25.040 China

00:30:25.440 have created

00:30:26.440 a perfect

00:30:27.040 storm

00:30:27.580 in which

00:30:28.240 both Russia

00:30:28.960 and China

00:30:29.560 are accelerating

00:30:30.680 efforts

00:30:31.220 to diversify

00:30:32.520 away from

00:30:33.000 the dollar

00:30:33.420 their central

00:30:34.620 banks are

00:30:35.080 keeping less

00:30:35.760 of their

00:30:36.060 reserves in

00:30:36.640 dollars

00:30:36.960 and most

00:30:37.920 trade between

00:30:38.600 them is being

00:30:39.200 settled in

00:30:39.820 the Yuan

00:30:40.240 they are also

00:30:41.700 making efforts

00:30:42.240 to get other

00:30:42.860 countries to

00:30:43.500 follow suit

00:30:44.080 the Biden

00:30:45.900 let's

00:30:46.320 CNN

00:30:47.640 over two

00:30:48.980 years after

00:30:49.460 we started

00:30:49.900 talking about

00:30:50.460 this

00:30:50.800 now finally

00:30:51.800 is catching

00:30:52.240 up

00:30:52.560 so we

00:30:53.180 talk about

00:30:53.540 Admiral Kirby

00:30:54.240 it's fine

00:30:55.680 if those

00:30:56.040 are your

00:30:56.220 domestic

00:30:56.700 priorities

00:30:57.660 it's a free

00:30:58.800 country

00:30:59.180 right and

00:30:59.760 we gotta

00:31:00.100 fight that

00:31:00.700 out or argue

00:31:01.140 that out

00:31:01.600 on domestic

00:31:02.460 policy

00:31:02.860 you talk

00:31:03.120 about

00:31:03.260 international

00:31:03.680 this is

00:31:04.540 everything

00:31:05.020 right now

00:31:05.520 and it's

00:31:07.020 not about

00:31:07.280 the confrontation

00:31:07.920 it gets

00:31:08.700 back to

00:31:09.200 Steve Cortez

00:31:10.020 it's not

00:31:11.080 the Ukraine

00:31:11.580 war

00:31:12.000 it's not

00:31:13.420 the confrontation

00:31:14.740 with China

00:31:15.460 of which

00:31:16.040 we ought to

00:31:16.520 ramp up

00:31:16.980 to the

00:31:17.540 hundredth

00:31:17.980 degree

00:31:18.460 and use

00:31:19.500 the dollar

00:31:20.000 it is

00:31:21.200 because

00:31:21.520 of the

00:31:22.240 continual

00:31:22.920 devaluation

00:31:23.880 with the

00:31:24.680 BRICS 0.99

00:31:25.100 and what

00:31:25.560 China's 0.76

00:31:26.000 putting

00:31:26.220 together

00:31:26.620 with the

00:31:26.980 BRICS 0.99

00:31:27.480 which is

00:31:28.520 the global

00:31:29.080 south

00:31:29.440 essentially

00:31:29.920 is the

00:31:31.020 fact that

00:31:31.360 they say

00:31:31.640 we own

00:31:32.000 the resources

00:31:32.580 and you

00:31:33.100 are

00:31:33.520 continuing

00:31:34.200 to do

00:31:35.560 a devaluation

00:31:36.380 on your

00:31:36.660 currency

00:31:37.080 non-stop

00:31:38.140 because of

00:31:39.040 your out-of-control

00:31:39.760 spending

00:31:40.440 and your

00:31:41.000 inflation

00:31:41.460 Steve Cortez

00:31:42.760 your thoughts

00:31:43.420 and observations

00:31:44.180 about this

00:31:44.740 which should

00:31:45.100 be the

00:31:45.440 centerpiece

00:31:46.160 right now

00:31:46.980 as always

00:31:47.380 has been

00:31:47.980 of our

00:31:49.020 national security

00:31:50.360 and our

00:31:50.780 foreign policy

00:31:51.440 because as I

00:31:52.260 say

00:31:52.600 and by the way

00:31:53.080 go to

00:31:53.340 birchgold.com

00:31:54.320 slash

00:31:55.440 Bannon

00:31:55.720 right now

00:31:56.120 we started

00:31:56.700 this series

00:31:57.300 over a year

00:31:58.520 ago

00:31:58.820 and we

00:31:59.840 started doing

00:32:00.280 it with

00:32:00.700 with

00:32:01.380 with

00:32:02.300 Birch Gold

00:32:02.760 talking about

00:32:03.360 it right

00:32:03.660 after Biden

00:32:04.100 got in

00:32:04.420 office

00:32:04.740 the first

00:32:05.820 the end

00:32:06.620 of the

00:32:06.840 dollar empire

00:32:07.440 it's called

00:32:07.880 go to

00:32:08.200 birchgold.com

00:32:09.180 slash

00:32:10.200 Bannon

00:32:10.660 right now

00:32:11.240 the end

00:32:11.680 of the

00:32:11.880 dollar empire

00:32:12.420 it's a

00:32:12.680 three part

00:32:13.100 series

00:32:13.340 it's going

00:32:13.620 to be

00:32:13.800 ten parts

00:32:14.300 when we

00:32:14.580 finish

00:32:14.800 the third

00:32:15.240 part

00:32:15.480 just

00:32:15.720 dropped

00:32:16.100 the debt

00:32:17.080 trap

00:32:17.660 that talks

00:32:18.280 about the

00:32:18.600 debt ceiling

00:32:19.020 and everything

00:32:19.400 related to it

00:32:20.220 but

00:32:20.920 Steve

00:32:22.120 connect the

00:32:23.140 dots

00:32:23.440 the fall

00:32:24.280 of the

00:32:24.560 banks

00:32:24.920 the bailouts

00:32:26.320 it all

00:32:27.200 gets back

00:32:27.820 to the

00:32:28.300 out-of-control

00:32:28.880 spending

00:32:29.540 most of it

00:32:30.480 on their

00:32:30.820 woke and

00:32:32.220 weaponized

00:32:32.700 social programs

00:32:33.660 that we

00:32:34.560 can't afford

00:32:35.140 we can't

00:32:35.680 pay for

00:32:36.240 there's

00:32:37.200 no

00:32:37.380 international

00:32:37.980 buyers

00:32:38.400 for the

00:32:38.800 securities

00:32:39.460 the

00:32:39.760 Chinese

00:32:40.040 are dumping

00:32:40.500 this

00:32:40.760 now

00:32:41.100 because

00:32:41.860 they

00:32:42.040 know

00:32:43.260 these

00:32:43.480 bonds

00:32:43.760 are getting

00:32:44.060 more worthless

00:32:45.240 it gets

00:32:47.280 back to the

00:32:47.860 railhead of

00:32:48.440 out-of-control

00:32:48.900 spending

00:32:49.300 Steve

00:32:49.620 Cortez

00:32:50.100 absolutely

00:32:51.200 and I'll

00:32:51.780 show a

00:32:52.060 couple

00:32:52.200 charts

00:32:52.560 to prove

00:32:53.080 that

00:32:53.280 point

00:32:53.540 but

00:32:53.700 first

00:32:54.300 I want

00:32:54.560 to

00:32:54.660 welcome

00:32:55.000 Fareed

00:32:55.400 Zakaria

00:32:55.880 you're

00:32:56.220 late

00:32:56.400 to the

00:32:56.660 party

00:32:56.920 but

00:32:57.140 better

00:32:57.360 late

00:32:57.640 than

00:32:57.840 never

00:32:58.200 in

00:32:58.820 realizing

00:32:59.440 that

00:32:59.700 in

00:32:59.860 many

00:33:00.100 ways

00:33:00.560 the

00:33:01.000 economic

00:33:01.520 folly

00:33:02.120 of

00:33:02.360 the

00:33:02.460 United

00:33:02.720 States

00:33:03.100 right

00:33:03.320 now

00:33:03.520 under

00:33:03.760 Joe

00:33:04.000 Biden

00:33:04.260 these

00:33:05.120 are

00:33:05.260 late

00:33:05.740 stage

00:33:06.400 empire

00:33:07.220 developments

00:33:08.140 and

00:33:08.520 Steve

00:33:09.180 you

00:33:09.340 pointed

00:33:09.580 out

00:33:09.760 correctly

00:33:10.140 many

00:33:10.420 times

00:33:10.800 the

00:33:10.940 most

00:33:11.080 valuable

00:33:11.580 export

00:33:12.120 the

00:33:12.280 United

00:33:12.600 States

00:33:12.840 have

00:33:13.120 is

00:33:13.260 actually

00:33:13.500 not

00:33:13.720 a

00:33:13.860 product

00:33:14.160 or

00:33:14.360 service

00:33:14.820 it

00:33:15.260 is

00:33:15.440 the

00:33:15.700 United

00:33:16.000 States

00:33:16.340 dollar

00:33:16.740 and

00:33:16.900 it

00:33:16.980 is

00:33:17.080 only

00:33:17.260 because

00:33:17.880 of

00:33:18.380 the

00:33:18.520 primacy

00:33:19.060 of

00:33:19.540 king

00:33:19.840 dollar

00:33:20.200 that

00:33:20.740 we

00:33:20.900 have

00:33:21.060 been

00:33:21.220 able

00:33:21.580 at least

00:33:22.000 until

00:33:22.320 recently

00:33:22.860 we

00:33:23.140 have

00:33:23.300 been

00:33:23.440 able

00:33:23.820 to

00:33:24.340 afford

00:33:24.980 far

00:33:25.560 too

00:33:25.780 much

00:33:26.060 borrowing

00:33:26.640 and

00:33:26.920 spending

00:33:27.620 our

00:33:27.840 profligacy

00:33:28.580 to some

00:33:29.200 degree

00:33:29.400 was

00:33:29.600 enabled

00:33:30.060 because

00:33:30.700 of

00:33:31.080 the

00:33:31.220 dollar

00:33:31.480 and

00:33:31.640 by

00:33:31.760 the

00:33:31.820 way

00:33:31.920 why

00:33:32.440 do

00:33:32.600 we

00:33:32.720 have

00:33:32.960 that

00:33:33.120 dollar

00:33:33.400 strength

00:33:33.740 chiefly

00:33:34.400 because

00:33:34.820 of

00:33:35.400 United

00:33:35.740 States

00:33:36.040 military

00:33:36.620 strength

00:33:37.060 because

00:33:37.300 of

00:33:37.460 our

00:33:37.580 military

00:33:37.980 and

00:33:38.220 strategic

00:33:44.360 bank

00:33:44.500 transfer

00:33:44.920 or

00:33:45.420 a

00:33:45.620 drug

00:33:45.820 deal

00:33:46.100 is

00:33:46.380 done

00:33:46.640 in

00:33:46.840 United

00:33:47.140 States

00:33:47.480 dollars

00:33:47.880 that

00:33:48.420 primacy

00:33:48.920 though

00:33:49.080 that

00:33:49.300 centrality

00:33:51.320 of

00:33:51.560 king

00:33:51.740 dollar

00:33:52.060 is

00:33:52.540 very

00:33:52.900 much

00:33:53.120 at

00:33:53.300 risk

00:33:53.480 now

00:33:53.740 because

00:33:54.320 of

00:33:54.640 Joe

00:33:54.820 Biden

00:33:55.120 and

00:33:55.560 because

00:33:55.880 he

00:33:56.320 has

00:33:56.500 taken

00:33:56.760 a

00:33:56.940 government

00:33:57.400 that

00:33:57.580 was

00:33:57.700 already

00:33:58.080 borrowing

00:33:58.420 and

00:33:58.580 spending

00:33:58.800 too

00:33:59.000 much

00:33:59.240 put

00:33:59.680 it

00:33:59.800 into

00:34:00.040 absolute

00:34:00.700 overdrive

00:34:01.580 at

00:34:01.940 the

00:34:02.100 same

00:34:02.380 time

00:34:02.780 that

00:34:03.200 he

00:34:03.300 is

00:34:03.440 risking

00:34:03.780 World

00:34:04.100 War

00:34:04.340 III

00:34:04.680 through

00:34:04.940 a

00:34:05.060 needless

00:34:05.620 escalation

00:34:06.180 in

00:34:06.480 Ukraine

00:34:06.900 and

00:34:07.880 convincing

00:34:08.580 and

00:34:08.880 compelling

00:34:09.360 some

00:34:09.900 of

00:34:10.000 the

00:34:10.120 worst

00:34:10.300 enemies

00:34:10.600 of

00:34:10.720 the

00:34:10.760 United

00:34:10.940 States

00:34:11.240 to

00:34:11.400 form

00:34:11.600 alliances

00:34:12.020 such

00:34:12.560 as

00:34:12.740 Beijing

00:34:13.180 and

00:34:13.740 Moscow

00:34:14.180 so

00:34:14.380 let's

00:34:14.560 show

00:34:14.700 this

00:34:14.840 though

00:34:15.000 in

00:34:15.460 chart

00:34:16.080 form

00:34:16.500 because

00:34:16.740 I

00:34:16.880 want

00:34:16.980 to

00:34:17.080 look

00:34:17.240 at

00:34:17.580 what's

00:34:17.840 going

00:34:17.980 on

00:34:18.180 for

00:34:18.280 example

00:34:18.580 with

00:34:18.840 the

00:34:19.080 Fed

00:34:19.260 balance

00:34:19.580 sheet

00:34:19.720 to

00:34:19.860 connect

00:34:20.080 this

00:34:20.220 back

00:34:20.420 to

00:34:20.580 current

00:34:21.000 events

00:34:21.400 and

00:34:21.500 what's

00:34:21.680 going

00:34:21.800 on

00:34:21.940 with

00:34:22.060 this

00:34:22.180 present

00:34:22.560 banking

00:34:23.220 crisis

00:34:23.660 in

00:34:23.960 the

00:34:24.040 United

00:34:24.280 States

00:34:24.600 that

00:34:24.760 was

00:34:24.900 spurred

00:34:25.440 and

00:34:25.780 generated

00:34:26.540 by

00:34:26.980 Biden's

00:34:27.580 inflation

00:34:28.040 if we

00:34:28.260 look at

00:34:28.540 chart

00:34:28.820 number

00:34:29.040 one

00:34:29.360 this

00:34:29.600 is

00:34:29.740 the

00:34:29.900 Fed

00:34:30.180 balance

00:34:30.740 sheet

00:34:31.020 this

00:34:31.420 is

00:34:31.540 effectively

00:34:31.920 the

00:34:32.140 credit

00:34:32.400 card

00:34:32.680 of

00:34:32.780 the

00:34:32.880 Fed

00:34:33.040 which

00:34:33.200 means

00:34:33.420 folks

00:34:33.700 it's

00:34:33.980 really

00:34:34.160 your

00:34:34.560 national

00:34:35.280 credit

00:34:35.560 card

00:34:35.780 whether

00:34:35.960 you

00:34:36.140 know

00:34:36.360 it

00:34:36.480 or

00:34:36.560 not

00:34:36.760 it's

00:34:36.900 maybe

00:34:37.040 not

00:34:37.200 as

00:34:37.340 obvious

00:34:37.760 as

00:34:37.980 the

00:34:38.120 fiscal

00:34:38.540 national

00:34:39.000 debt

00:34:39.300 but

00:34:39.680 it

00:34:39.780 is

00:34:39.900 nonetheless

00:34:40.180 a

00:34:40.500 debt

00:34:40.660 that

00:34:40.780 you're

00:34:40.960 responsible

00:34:41.420 for

00:34:41.740 that

00:34:41.900 chart

00:34:42.140 goes

00:34:42.340 back

00:34:42.640 a

00:34:43.120 year

00:34:43.420 and

00:34:43.560 as

00:34:43.700 you

00:34:43.800 can

00:34:43.960 see

00:34:44.280 until

00:34:44.620 recently

00:34:45.180 until

00:34:45.420 just

00:34:45.620 a

00:34:45.740 few

00:34:45.860 weeks

00:34:46.120 ago

00:34:46.380 the

00:34:46.860 balance

00:34:58.820 happen

00:34:59.220 on

00:34:59.320 the

00:34:59.420 very

00:34:59.620 right

00:34:59.880 side

00:35:00.120 of

00:35:00.220 that

00:35:00.360 screen

00:35:00.740 and

00:35:00.880 by

00:35:01.000 way

00:35:01.100 that's

00:35:01.300 only

00:35:01.580 updated

00:35:02.000 through

00:35:02.200 last

00:35:02.480 Wednesday

00:35:02.960 they

00:35:03.160 update

00:35:03.400 this

00:35:03.580 every

00:35:04.140 Wednesday

00:35:04.480 it

00:35:05.000 is

00:35:05.140 absolutely

00:35:05.540 shot

00:35:06.160 higher

00:35:06.560 because

00:35:06.900 of

00:35:07.480 the

00:35:07.620 bailout

00:35:08.060 of

00:35:08.420 Silicon

00:35:08.720 Valley

00:35:09.100 and

00:35:09.620 the

00:35:09.800 banking

00:35:10.240 crisis

00:35:10.820 so

00:35:11.040 the

00:35:11.180 Fed

00:35:11.360 balance

00:35:11.760 sheet

00:35:12.000 reductions

00:35:12.560 that

00:35:12.880 were

00:35:13.080 occurring

00:35:13.520 guess

00:35:13.840 what

00:35:14.120 they've

00:35:15.000 ended

00:35:15.400 and

00:35:15.920 then

00:35:16.280 some

00:35:16.520 we

00:35:16.680 have

00:35:16.780 the

00:35:16.920 Fed

00:35:17.080 balance

00:35:17.360 sheet

00:35:17.560 exploding

00:35:18.280 higher

00:35:18.600 again

00:35:18.800 now

00:35:18.940 what

00:35:19.060 are

00:35:19.140 some

00:35:19.260 of

00:35:19.340 the

00:35:19.420 consequences

00:35:19.900 of

00:35:20.080 that

00:35:28.820 China's 0.76

00:35:29.440 holding

00:35:29.740 of

00:35:29.900 US

00:35:30.180 treasuries

00:35:30.640 and

00:35:30.760 that

00:35:30.880 goes

00:35:31.020 all

00:35:31.260 the

00:35:31.340 way

00:35:31.440 back

00:35:31.740 to

00:35:32.160 2010

00:35:33.220 as

00:35:34.020 you

00:35:34.120 can

00:35:34.280 see

00:35:34.620 for

00:35:34.840 several

00:35:35.140 years

00:35:35.520 now

00:35:35.740 but

00:35:35.940 particularly

00:35:36.480 in

00:35:37.000 the

00:35:37.160 last

00:35:37.600 year

00:35:37.940 it

00:35:38.440 is

00:35:38.560 in

00:35:38.680 a

00:35:38.860 demonstrable

00:35:39.780 decline

00:35:40.760 meaning

00:35:41.560 China

00:35:42.240 no

00:35:42.820 longer

00:35:43.180 the

00:35:43.400 CCP

00:35:43.840 listen

00:35:44.140 the

00:35:44.320 CCP

00:35:44.660 Steve

00:35:45.340 those

00:35:45.760 folks

00:35:46.000 are

00:35:46.180 evil

00:35:46.560 but

00:35:46.960 they're

00:35:47.120 not

00:35:47.340 dumb

00:35:47.700 they

00:35:48.280 do

00:35:48.580 not

00:35:48.880 want

00:35:49.120 to

00:35:49.280 hold

00:35:49.620 United

00:35:50.180 States

00:35:50.540 Treasuries

00:35:50.980 anymore

00:35:51.440 because

00:35:51.880 they

00:35:52.080 realize

00:35:52.480 how

00:35:52.720 risky

00:35:53.320 United

00:35:53.960 States

00:35:54.220 Treasuries

00:35:54.560 are

00:35:54.840 they

00:35:55.000 realize

00:35:55.560 that

00:35:55.980 the

00:35:56.160 business

00:35:56.560 of

00:35:56.940 the

00:35:57.020 United

00:35:57.320 States

00:35:57.840 has

00:35:58.220 become

00:35:58.580 a

00:35:58.840 very

00:35:59.280 risky

00:35:59.920 borrower

00:36:00.600 so

00:36:01.100 they

00:36:01.280 are

00:36:01.460 dumping

00:36:01.880 Treasuries

00:36:02.520 at a

00:36:02.980 significant

00:36:03.680 pace

00:36:04.420 and

00:36:04.900 what

00:36:05.040 that

00:36:05.220 means

00:36:05.600 is

00:36:05.940 when

00:36:06.400 somebody

00:36:06.680 like

00:36:06.940 Joe

00:36:07.220 Biden

00:36:07.640 presents

00:36:08.120 a

00:36:08.380 clown

00:36:08.860 budget

00:36:09.280 and

00:36:09.640 that's

00:36:09.860 what

00:36:09.960 it

00:36:10.080 was

00:36:10.320 we've

00:36:11.700 got

00:36:11.800 an

00:36:11.920 inflation

00:36:12.180 problem

00:36:12.520 let's

00:36:13.000 spend

00:36:13.180 6.8

00:36:13.780 trillion

00:36:14.280 dollars

00:36:14.680 let's

00:36:14.880 spend

00:36:15.040 a

00:36:15.200 third

00:36:15.580 more

00:36:16.040 than

00:36:16.420 we

00:36:16.560 were

00:36:16.700 spending

00:36:17.000 pre

00:36:17.300 pandemic

00:36:17.740 maybe

00:36:18.020 that'll

00:36:18.360 take

00:36:18.520 care

00:36:18.640 of

00:36:18.720 inflation

00:36:24.560 to

00:36:24.680 buy

00:36:25.100 America's

00:36:25.880 debt

00:36:26.120 and

00:36:26.860 we

00:36:26.980 put

00:36:27.180 forward

00:36:27.440 a

00:36:27.680 clown

00:36:28.060 budget

00:36:28.440 like

00:36:29.100 Joe

00:36:29.500 Biden's

00:36:30.000 that

00:36:30.340 we

00:36:30.500 have

00:36:30.660 been

00:36:30.780 able

00:36:30.960 to

00:36:31.160 previously

00:36:31.640 finance

00:36:32.180 at

00:36:32.340 low

00:36:32.480 interest

00:36:32.760 rates

00:36:33.060 suddenly

00:36:33.840 we

00:36:34.160 can't

00:36:34.660 finance

00:36:35.100 it

00:36:35.260 at

00:36:35.360 low

00:36:35.500 interest

00:36:35.760 rates

00:36:35.940 Steve

00:36:36.180 and

00:36:36.660 that's

00:36:37.180 where

00:36:37.460 if

00:36:37.740 the

00:36:37.920 dollar

00:36:38.280 loses

00:36:38.880 its

00:36:39.620 primacy

00:36:40.080 if

00:36:40.300 it

00:36:40.420 loses

00:36:40.700 its

00:36:40.960 status

00:36:41.260 as

00:36:41.420 the

00:36:41.520 global

00:36:41.780 reserve

00:36:42.220 currency

00:36:43.040 the

00:36:43.680 United

00:36:43.960 States

00:36:44.320 can

00:36:44.560 quickly

00:36:45.140 become

00:36:45.740 a

00:36:46.540 nation

00:36:47.100 that

00:36:47.280 is

00:36:47.420 mired

00:36:48.060 in

00:36:48.300 hyper

00:36:48.660 inflation

00:36:49.140 we

00:36:49.320 can

00:36:49.460 quickly

00:36:54.560 look

00:36:54.900 back

00:36:55.140 historically

00:36:55.580 Argentina

00:36:56.260 a little

00:36:56.800 over a

00:36:57.160 century

00:36:57.380 ago

00:36:57.740 was

00:36:58.200 as

00:36:58.380 wealthy

00:36:58.720 if

00:36:58.940 not

00:36:59.180 wealthier

00:36:59.780 than

00:37:00.300 the

00:37:00.560 United

00:37:00.840 States

00:37:01.180 it

00:37:01.320 was

00:37:01.400 a

00:37:01.520 country

00:37:01.740 that

00:37:01.880 had

00:37:01.980 an

00:37:02.100 economy

00:37:02.460 that

00:37:02.620 very

00:37:02.760 much

00:37:02.960 resembled

00:37:03.880 the

00:37:04.280 United

00:37:04.580 States

00:37:04.960 it

00:37:05.200 entered

00:37:05.560 a

00:37:05.760 period

00:37:06.140 of

00:37:06.640 hyper

00:37:06.920 inflation

00:37:07.340 didn't

00:37:07.940 have

00:37:08.160 a

00:37:08.300 reserve

00:37:09.080 currency

00:37:09.580 to fall

00:37:10.000 back

00:37:10.280 on

00:37:10.520 and

00:37:11.160 they

00:37:11.320 have

00:37:11.480 been

00:37:11.640 mired

00:37:11.940 in

00:37:12.220 turmoil

00:37:12.700 and

00:37:13.260 economic

00:37:13.980 depravity

00:37:15.100 ever

00:37:15.480 since

00:37:15.980 that

00:37:16.500 can

00:37:16.760 happen

00:37:17.280 in

00:37:17.820 the

00:37:18.100 United

00:37:18.360 States

00:37:18.660 don't

00:37:19.140 assume

00:37:19.520 that

00:37:19.640 can't

00:37:20.080 just

00:37:20.580 because

00:37:21.080 we

00:37:21.440 have

00:37:21.580 enjoyed

00:37:22.100 this

00:37:22.580 status

00:37:22.920 for

00:37:23.100 so

00:37:23.260 long

00:37:23.580 we've

00:37:26.800 got

00:37:27.000 some

00:37:27.340 so

00:37:27.820 this

00:37:28.100 is

00:37:28.300 the

00:37:29.000 primacy

00:37:29.560 of

00:37:30.040 your

00:37:30.220 foreign

00:37:30.820 policy

00:37:31.360 and

00:37:31.640 this

00:37:31.800 is

00:37:31.920 why

00:37:32.080 I

00:37:32.220 keep

00:37:32.400 saying

00:37:32.620 now

00:37:32.840 you're

00:37:33.020 at

00:37:33.080 the

00:37:33.160 beginning

00:37:33.380 stages

00:37:33.740 of

00:37:33.900 World

00:37:34.080 War

00:37:34.280 III

00:37:34.460 you've

00:37:34.760 got

00:37:34.900 a

00:37:35.040 geopolitical

00:37:35.800 and

00:37:36.440 national

00:37:36.760 security

00:37:37.180 and

00:37:37.380 military

00:37:37.780 issue

00:37:38.480 on the

00:37:38.740 Eurasian

00:37:39.060 landmass

00:37:39.640 and

00:37:39.860 particularly

00:37:40.300 focus

00:37:41.260 on

00:37:41.520 Taiwan

00:37:41.960 President

00:37:43.060 Trump's

00:37:44.180 national

00:37:44.540 security

00:37:45.020 advisor

00:37:45.400 last

00:37:45.700 national

00:37:45.980 security

00:37:46.300 advisor

00:37:46.700 said

00:37:47.580 over

00:37:47.740 the

00:37:47.900 weekend

00:37:48.260 that

00:37:48.680 in

00:37:49.060 an

00:37:49.220 interview

00:37:49.600 that

00:37:50.040 the

00:37:50.980 backup

00:37:52.520 plan

00:37:52.960 is

00:37:53.220 if

00:37:55.560 the

00:37:55.780 CCP

00:37:56.420 invades

00:37:57.060 Taiwan

00:37:58.380 is

00:37:58.720 actually

00:37:59.000 to

00:37:59.220 destroy

00:37:59.820 the

00:38:00.580 chip

00:38:00.760 factories

00:38:01.260 that

00:38:02.020 may

00:38:02.780 be

00:38:02.920 a

00:38:03.020 way

00:38:03.120 to

00:38:03.240 keep

00:38:03.380 it

00:38:03.480 out

00:38:03.560 of

00:38:03.580 the

00:38:03.680 CCP's

00:38:04.300 hands

00:38:04.460 but

00:38:04.620 that

00:38:04.780 will

00:38:04.900 also

00:38:05.120 drop

00:38:05.520 the

00:38:05.740 world's

00:38:06.100 economy

00:38:06.580 the

00:38:07.140 US

00:38:07.340 economy

00:38:07.760 will

00:38:07.940 take

00:38:08.120 a

00:38:08.260 real

00:38:08.740 hit

00:38:08.920 on

00:38:09.060 that

00:38:09.300 like

00:38:09.780 a

00:38:09.920 10%

00:38:10.340 drop

00:38:10.700 or

00:38:10.840 more

00:38:11.040 to

00:38:11.160 GDP

00:38:11.560 since

00:38:12.000 they

00:38:12.260 fuel

00:38:13.100 so

00:38:13.300 much

00:38:13.440 the

00:38:13.580 economy

00:38:13.860 so

00:38:14.040 it's

00:38:14.540 easier

00:38:14.820 said

00:38:15.260 than

00:38:15.940 done

00:38:16.220 in

00:38:16.360 the

00:38:16.480 second

00:38:16.700 and

00:38:16.880 third

00:38:17.000 order

00:38:17.300 magnitude

00:38:18.160 but

00:38:18.680 I

00:38:18.760 want

00:38:18.880 to

00:38:18.960 talk

00:38:19.120 about

00:38:19.340 if

00:38:19.540 the

00:38:19.920 centrality

00:38:20.500 is

00:38:20.740 keeping

00:38:21.040 your

00:38:21.200 domestic

00:38:21.620 house

00:38:21.960 in

00:38:22.080 order

00:38:22.340 economically

00:38:23.500 so

00:38:23.820 you've

00:38:24.000 got

00:38:24.180 that

00:38:24.400 vibrant

00:38:24.800 robust

00:38:25.300 growing

00:38:25.680 economy

00:38:26.120 and

00:38:26.320 strength

00:38:26.700 coupled

00:38:27.300 with

00:38:27.940 a

00:38:28.140 reasonable

00:38:29.040 America

00:38:29.580 first

00:38:30.040 national

00:38:30.760 security

00:38:31.180 policy

00:38:31.580 where

00:38:31.740 you're

00:38:31.860 not

00:38:32.000 trying

00:38:32.160 to

00:38:32.260 go

00:38:32.400 and

00:38:32.540 stick

00:38:32.700 your

00:38:32.860 nose

00:38:33.060 in

00:38:33.180 everybody's

00:38:33.700 business

00:38:34.100 right

00:38:34.780 but

00:38:35.580 you're

00:38:35.760 focused

00:38:36.060 on

00:38:36.260 the

00:38:36.400 priorities

00:38:36.780 of

00:38:37.360 the

00:38:38.100 country

00:38:38.580 and

00:38:39.160 maybe

00:38:39.380 those

00:38:39.780 are

00:38:39.920 not

00:38:40.180 the

00:38:40.360 priorities

00:38:40.720 of

00:38:41.040 Avril

00:38:41.300 Kirby

00:38:41.660 maybe

00:38:41.920 those

00:38:43.000 are

00:38:43.180 the

00:38:44.080 priorities

00:38:44.520 of

00:38:45.160 stability

00:38:45.760 and

00:38:46.520 order

00:38:46.920 throughout

00:38:47.660 the

00:38:47.880 world

00:38:48.100 not

00:38:48.380 the

00:38:48.560 chaos

00:38:48.900 we

00:38:49.580 have

00:38:49.960 talk

00:38:50.560 about

00:38:50.740 a couple

00:38:51.020 of

00:38:51.160 the

00:38:51.260 land

00:38:51.500 mines

00:38:51.900 I

00:39:09.920 you've

00:39:10.820 bailed

00:39:11.100 out

00:39:11.460 that's

00:39:12.100 directly

00:39:12.600 on

00:39:12.800 you

00:39:13.000 printing

00:39:13.560 money

00:39:13.860 at

00:39:14.020 the

00:39:14.140 federal

00:39:14.300 reserve

00:39:14.600 plus

00:39:14.900 higher

00:39:15.160 bank

00:39:15.480 fees

00:39:15.820 that

00:39:16.360 you're

00:39:16.500 going

00:39:16.600 to

00:39:16.660 pay

00:39:16.820 for

00:39:17.040 but

00:39:17.520 we

00:39:17.700 got

00:39:17.980 a

00:39:18.820 couple

00:39:19.080 of

00:39:19.220 claymore

00:39:19.580 mines

00:39:20.080 out

00:39:20.740 there

00:39:20.920 for

00:39:21.140 Steve

00:39:21.440 Cortez

00:39:21.800 let's

00:39:22.560 talk

00:39:22.700 about

00:39:22.840 mortgage

00:39:23.140 banks

00:39:23.420 and

00:39:23.580 commercial

00:39:23.880 real

00:39:24.100 estate

00:39:24.400 sure

00:39:25.000 now

00:39:25.480 listen

00:39:25.660 I'm

00:39:25.900 extremely

00:39:26.540 concerned

00:39:27.100 about

00:39:27.720 commercial

00:39:28.280 real

00:39:28.520 estate

00:39:28.760 as

00:39:28.960 being

00:39:29.140 one

00:39:29.320 of

00:39:29.400 the

00:39:29.520 biggest

00:39:29.800 risks

00:39:30.360 now

00:39:30.720 to

00:39:30.880 the

00:39:30.980 United

00:39:31.160 States

00:39:31.360 economy

00:39:31.780 and

00:39:32.460 specifically

00:39:33.100 to

00:39:33.580 smaller

00:39:33.980 banks

00:39:34.320 to

00:39:34.480 these

00:39:34.740 regional

00:39:35.280 banks

00:39:35.600 which

00:39:35.780 are

00:39:35.960 already

00:39:36.500 imperiled

00:39:37.160 which

00:39:37.360 are

00:39:37.520 already

00:39:37.980 being

00:39:38.560 bailed

00:39:38.900 out

00:39:39.020 by

00:39:39.240 the

00:39:39.400 United

00:39:39.640 States

00:39:39.900 taxpayer

00:39:40.440 who

00:39:41.020 don't

00:39:41.320 need

00:39:41.520 an

00:39:42.320 additional

00:39:42.760 risk

00:39:43.180 that

00:39:43.620 is

00:39:43.740 coming

00:39:43.940 around

00:39:44.220 the

00:39:44.520 bend

00:39:44.780 but

00:39:44.940 I

00:39:45.060 really

00:39:45.260 believe

00:39:45.560 it

00:39:45.680 is

00:39:45.840 if

00:39:45.940 we

00:39:46.060 look

00:39:46.300 at

00:39:46.760 commercial

00:39:47.180 real

00:39:47.400 estate

00:39:47.660 we

00:39:47.900 know

00:39:48.300 as

00:39:48.980 a

00:39:49.120 consequence

00:39:49.560 of

00:39:49.980 the

00:39:50.160 lockdowns

00:39:50.840 and

00:39:50.980 work

00:39:51.240 from

00:39:51.420 home

00:39:51.680 that

00:39:51.880 a

00:39:52.060 lot

00:39:52.220 of

00:39:52.360 the

00:39:52.500 city

00:39:52.900 center

00:39:53.300 real

00:39:53.640 estate

00:39:53.920 focused

00:39:54.360 funds

00:39:54.720 are

00:39:55.200 in

00:39:55.420 tremendous

00:39:56.100 trouble

00:39:56.480 we

00:39:56.680 also

00:39:56.920 know

00:39:57.220 that

00:39:57.660 much

00:39:57.940 of

00:39:58.040 the

00:39:58.140 real

00:39:58.260 estate

00:39:58.460 market

00:39:58.740 is

00:39:58.900 having

00:39:59.100 a

00:39:59.280 terrible

00:39:59.580 time

00:40:00.060 grappling

00:40:00.740 with

00:40:01.040 higher

00:40:01.380 interest

00:40:01.820 rates

00:40:02.160 if

00:40:02.320 we

00:40:02.420 can

00:40:02.520 pull

00:40:02.680 up

00:40:02.840 chart

00:40:03.380 number

00:40:03.600 three

00:40:03.960 what

00:40:04.160 I

00:40:04.240 want

00:40:04.380 to

00:40:04.480 show

00:40:04.680 which

00:40:04.840 a lot

00:40:05.020 of

00:40:05.100 folks

00:40:05.260 in

00:40:05.360 the

00:40:05.400 audience

00:40:05.620 may

00:40:05.920 not

00:40:06.140 realize

00:40:06.600 is

00:40:07.280 that

00:40:07.500 small

00:40:08.000 banks

00:40:08.420 dominate

00:40:10.420 the

00:40:10.700 commercial

00:40:11.160 real

00:40:11.700 estate

00:40:11.980 market

00:40:12.240 so

00:40:12.380 what

00:40:12.480 that

00:40:12.620 chart

00:40:12.920 shows

00:40:13.380 right

00:40:13.980 there

00:40:14.240 and

00:40:14.340 that

00:40:14.440 chart

00:40:14.620 goes

00:40:14.780 back

00:40:15.000 a

00:40:15.100 little

00:40:15.200 over

00:40:15.380 five

00:40:15.740 years

00:40:16.120 it

00:40:16.800 shows

00:40:17.020 the

00:40:17.160 share

00:40:17.580 of

00:40:17.780 domestic

00:40:18.120 commercial

00:40:18.480 banks

00:40:18.820 real

00:40:19.360 estate

00:40:19.660 loans

00:40:20.140 from

00:40:20.640 smaller

00:40:21.340 banks

00:40:21.740 the

00:40:21.940 big

00:40:22.200 boys

00:40:22.460 are

00:40:22.720 not

00:40:23.020 the

00:40:23.200 dominant

00:40:23.520 player

00:40:23.860 here

00:40:24.020 it's

00:40:24.120 not

00:40:24.320 JP

00:40:24.580 Morgan

00:40:24.980 and

00:40:25.980 Wells

00:40:26.460 Fargo

00:40:26.840 it

00:40:26.980 is

00:40:27.100 the

00:40:27.260 smaller

00:40:27.780 bank

00:40:28.120 that

00:40:28.280 control

00:40:28.620 as

00:40:28.760 that

00:40:28.920 chart

00:40:29.180 shows

00:40:29.460 almost

00:40:29.920 70%

00:40:31.040 of

00:40:31.780 commercial

00:40:32.300 real

00:40:32.560 estate

00:40:32.820 and

00:40:32.960 Steve

00:40:33.140 I

00:40:33.240 think

00:40:33.340 in

00:40:33.420 a

00:40:33.500 lot

00:40:33.640 of

00:40:33.740 ways

00:40:33.900 that

00:40:34.060 makes

00:40:34.280 sense

00:40:34.580 because

00:40:34.940 real

00:40:35.640 estate

00:40:35.880 is

00:40:36.060 by

00:40:36.220 definition

00:40:36.880 a

00:40:37.300 local

00:40:37.740 business

00:40:38.260 local

00:40:38.700 banks

00:40:39.020 tend

00:40:39.320 to

00:40:39.480 know

00:40:39.700 much

00:40:40.300 better

00:40:47.020 makes

00:40:47.180 sense

00:40:47.560 in

00:40:47.960 a

00:40:48.180 lot

00:40:48.300 of

00:40:48.400 ways

00:40:48.580 that

00:40:48.740 smaller

00:40:49.080 banks

00:40:49.360 would

00:40:49.500 be

00:40:49.640 there

00:40:49.840 but

00:40:50.080 here's

00:40:50.620 the

00:40:50.780 risk

00:40:51.140 if

00:40:51.400 commercial

00:40:51.820 real

00:40:52.060 estate

00:40:52.360 is

00:40:52.680 indeed

00:40:53.160 rolling

00:40:53.880 over

00:40:54.360 and

00:40:54.700 nearly

00:40:54.960 every

00:40:55.480 metric

00:40:55.920 suggests

00:40:56.700 that

00:40:56.880 it

00:40:57.020 is

00:40:57.360 in

00:40:57.720 a

00:40:57.900 significant

00:40:58.360 way

00:40:58.860 this

00:40:59.460 is

00:40:59.580 a

00:40:59.740 massive

00:41:00.320 additional

00:41:01.160 risk

00:41:01.660 to

00:41:02.340 the

00:41:02.580 small

00:41:02.860 banks

00:41:03.220 and

00:41:03.320 there

00:41:03.400 was

00:41:03.480 a

00:41:03.600 recent

00:41:03.840 Wall

00:41:04.340 Street

00:41:04.480 Journal

00:41:04.740 article

00:41:05.140 if

00:41:05.320 we

00:41:05.360 can

00:41:05.480 pull

00:41:05.620 up

00:41:05.960 chart

00:41:06.420 number

00:41:06.620 three

00:41:07.020 I

00:41:07.160 want

00:41:07.260 to

00:41:07.360 show

00:41:07.860 how

00:41:08.040 important

00:41:08.420 this

00:41:08.620 can

00:41:08.760 be

00:41:09.040 to

00:41:09.640 the

00:41:10.040 vitality

00:41:11.040 of

00:41:11.260 small

00:41:11.620 business

00:41:12.160 in

00:41:12.500 the

00:41:12.740 United

00:41:13.020 States

00:41:13.400 because

00:41:13.860 this

00:41:14.120 is

00:41:14.280 key

00:41:14.440 I'm

00:41:14.840 sorry

00:41:15.000 not

00:41:15.180 chart

00:41:15.400 three

00:41:15.560 that

00:41:15.680 was

00:41:15.760 my

00:41:15.880 mistake

00:41:16.240 chart

00:41:16.980 number

00:41:17.140 four

00:41:17.460 I

00:41:17.560 want

00:41:17.660 to

00:41:17.740 show

00:41:18.160 the

00:41:18.320 quote

00:41:18.560 here

00:41:18.720 this

00:41:18.880 is

00:41:18.980 from

00:41:19.200 a

00:41:19.320 Wall

00:41:19.440 Street

00:41:19.560 Journal

00:41:19.720 article

00:41:19.980 about

00:41:20.480 this

00:41:20.700 exact

00:41:21.240 issue

00:41:21.640 where

00:41:21.800 it

00:41:21.900 says

00:41:22.120 the

00:41:22.440 headline

00:41:22.700 is

00:41:22.860 local

00:41:23.120 banks

00:41:23.420 could

00:41:23.600 leave

00:41:23.760 gaps

00:41:24.080 that

00:41:24.460 are

00:41:24.580 hard

00:41:24.980 to

00:41:25.280 fill

00:41:25.620 and

00:41:25.840 in

00:41:26.020 that

00:41:26.200 article

00:41:26.620 they

00:41:27.140 stated

00:41:27.460 this

00:41:27.660 is

00:41:27.780 a

00:41:28.140 quote

00:41:28.380 from

00:41:28.800 University

00:41:29.160 Chicago

00:41:29.720 economist

00:41:30.320 he

00:41:30.540 says

00:41:30.780 quote

00:41:31.120 I

00:41:31.560 highlighted

00:41:31.940 there

00:41:32.160 these

00:41:32.440 loans

00:41:32.920 are

00:41:33.120 built

00:41:33.340 on

00:41:33.520 strength

00:41:33.960 of

00:41:34.180 character

00:41:34.700 and

00:41:35.380 handshake

00:41:36.320 that

00:41:36.540 is

00:41:36.640 from

00:41:36.760 Professor

00:41:37.220 Rajan

00:41:38.240 from

00:41:38.460 the

00:41:38.580 University

00:41:38.900 of

00:41:39.100 Chicago

00:41:39.480 the

00:41:40.020 point

00:41:40.260 is

00:41:40.460 Steve

00:41:40.740 the

00:41:41.280 more

00:41:41.640 that

00:41:41.820 these

00:41:42.040 small

00:41:42.420 banks

00:41:42.800 suffer

00:41:43.320 the

00:41:43.800 more

00:41:43.980 pain

00:41:44.420 that

00:41:44.540 is

00:41:44.640 inflicted

00:41:45.060 upon

00:41:45.280 these

00:41:45.480 small

00:41:45.720 banks

00:41:46.000 and

00:41:46.120 again

00:41:46.440 remember

00:41:46.760 the

00:41:46.940 headwater

00:41:47.400 of

00:41:47.580 all

00:41:47.780 this

00:41:48.000 is

00:41:48.200 Biden's

00:41:48.640 inflation

00:41:49.040 the

00:41:49.700 less

00:41:50.140 we

00:41:50.400 lose

00:41:50.840 that

00:41:51.300 kind

00:41:51.860 of

00:41:52.300 granular

00:41:52.960 American

00:41:53.640 business

00:41:54.040 those

00:41:54.460 kinds

00:41:54.820 of

00:41:55.020 handshake

00:41:55.620 deals

00:41:55.980 which

00:41:56.580 have

00:41:56.740 been

00:41:56.900 the

00:41:57.180 hallmark

00:41:57.700 of

00:41:57.920 main

00:41:58.280 street

00:41:58.580 success

00:41:59.060 and

00:41:59.540 small

00:41:59.940 business

00:42:00.340 success

00:42:00.900 in

00:42:01.180 this

00:42:01.360 country

00:42:01.620 so

00:42:01.820 not

00:42:02.260 only

00:42:02.420 is

00:42:02.540 it

00:42:02.620 a

00:42:02.740 systemic

00:42:03.160 problem

00:42:03.620 if we

00:42:03.880 have

00:42:04.000 commercial

00:42:04.360 real

00:42:04.600 estate

00:42:04.840 rolling

00:42:05.080 over

00:42:05.360 but

00:42:05.840 it's

00:42:05.960 also

00:42:06.180 a

00:42:06.460 bigger

00:42:06.780 I

00:42:07.020 would

00:42:07.140 argue

00:42:07.520 Steve

00:42:07.880 almost

00:42:08.160 a

00:42:08.340 cultural

00:42:08.820 problem

00:42:09.280 to

00:42:09.780 the

00:42:09.960 United

00:42:10.260 States

00:42:10.660 that

00:42:10.920 if

00:42:11.340 we

00:42:11.460 lose

00:42:11.820 small

00:42:12.280 and

00:42:12.460 regional

00:42:12.700 banks

00:42:13.020 which

00:42:13.180 I

00:42:13.280 think

00:42:13.400 we're

00:42:13.540 in

00:42:13.600 the

00:42:13.700 process

00:42:14.020 of

00:42:14.260 right

00:42:14.440 now

00:42:14.740 we

00:42:15.200 also

00:42:15.560 lose

00:42:16.120 that

00:42:16.400 kind

00:42:16.640 of

00:42:16.740 local

00:42:17.100 dynamism

00:42:17.820 which

00:42:18.260 has

00:42:18.380 been

00:42:18.500 so

00:42:18.720 critical

00:42:19.200 to

00:42:19.880 the

00:42:20.060 United

00:42:20.340 States

00:42:20.720 to

00:42:20.860 the

00:42:20.980 kind

00:42:21.360 of

00:42:21.500 country

00:42:21.780 we

00:42:22.000 are

00:42:22.180 to

00:42:22.320 the

00:42:22.460 entrepreneurial

00:42:22.920 spirit

00:42:23.440 that

00:42:23.880 we

00:42:24.020 previously

00:42:24.560 had

00:42:24.940 and

00:42:25.040 what

00:42:25.180 does

00:42:25.320 that

00:42:25.480 lead

00:42:25.660 to

00:42:25.840 Steve

00:42:26.160 it

00:42:26.640 leads

00:42:26.820 to

00:42:26.940 an

00:42:27.080 even

00:42:27.440 greater

00:42:27.980 concentration

00:42:28.920 of

00:42:29.380 economic

00:42:29.900 and

00:42:30.120 political

00:42:30.400 power

00:42:30.860 in

00:42:31.240 the

00:42:31.360 hands

00:42:31.640 of

00:42:31.760 some

00:42:31.900 of

00:42:31.980 the

00:42:32.140 worst

00:42:32.420 actors

00:42:32.860 in

00:42:33.020 the

00:42:33.100 United

00:42:33.340 States

00:42:33.720 the

00:42:33.900 oligarchs 1.00

00:42:34.580 this

00:42:36.620 is

00:42:36.780 how

00:42:36.900 they

00:42:37.060 debank

00:42:37.600 you

00:42:37.780 this

00:42:38.660 is

00:42:38.800 exactly

00:42:39.180 how

00:42:39.440 they

00:42:39.620 end

00:42:39.840 up

00:42:40.020 debanking

00:42:40.460 they

00:42:40.680 want

00:42:41.740 power

00:42:42.260 consolidated

00:42:42.960 in a

00:42:43.300 handful

00:42:43.560 of

00:42:44.240 big

00:42:44.740 tech

00:42:44.960 companies

00:42:45.380 a

00:42:46.000 handful

00:42:46.280 of

00:42:46.480 Wall

00:42:46.660 Street

00:42:46.860 oligarchs 1.00

00:42:47.880 and a

00:42:48.120 handful

00:42:48.360 of

00:42:48.540 money

00:42:48.700 sending

00:42:48.900 banks

00:42:49.280 it's

00:42:49.700 pretty

00:42:49.920 obvious

00:42:50.340 Steve

00:42:51.020 we're

00:42:51.400 going to

00:42:51.440 take a

00:42:51.660 short

00:42:51.840 break

00:42:52.020 we're

00:42:52.160 coming

00:42:52.340 back

00:42:52.620 over the

00:42:53.200 weekend

00:42:53.440 heard a lot

00:42:53.920 of

00:42:54.040 chatter

00:42:54.400 oh

00:42:55.340 the battle

00:42:56.400 on inflation

00:42:56.980 is done

00:42:57.620 they've done

00:42:58.040 such a great

00:42:58.560 job

00:42:59.000 the battle

00:42:59.600 inflation

00:43:00.000 is done

00:43:00.400 what you

00:43:00.700 can't

00:43:00.940 do

00:43:01.040 is raise

00:43:01.360 any more

00:43:01.660 rates

00:43:01.980 it

00:43:02.120 kicks

00:43:02.320 into

00:43:02.580 a

00:43:02.720 recession

00:43:09.180 inflation

00:43:09.680 is over

00:43:10.220 short

00:43:10.840 commercial

00:43:11.180 break

00:43:11.600 Cortez

00:43:12.620 and

00:43:13.280 Lou

00:43:13.520 Dobbs 0.99

00:43:13.860 is going

00:43:14.060 to join

00:43:14.320 us

00:43:14.460 here

00:43:14.580 momentarily

00:43:15.180 in Joe

00:43:22.000 Biden's

00:43:22.460 America

00:43:22.940 criminals

00:43:23.580 are

00:43:23.980 exalted

00:43:24.460 and the

00:43:25.220 police

00:43:25.540 are

00:43:25.780 condemned

00:43:26.220 sad

00:43:27.300 to say

00:43:27.740 but you

00:43:28.420 need to

00:43:28.700 be

00:43:28.860 prepared

00:43:29.260 and

00:43:29.460 properly

00:43:29.800 trained

00:43:30.180 to

00:43:30.320 defend

00:43:30.640 yourself

00:43:31.180 and

00:43:32.080 to

00:43:32.220 defend

00:43:32.540 your

00:43:32.700 family

00:43:33.040 thankfully

00:43:33.520 there's

00:43:34.360 iTargetPro

00:43:35.180 this

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00:43:43.800 own

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00:43:45.320 inconvenient

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00:43:46.200 to the

00:43:46.440 range

00:43:46.740 and with

00:43:47.060 inflation

00:43:47.480 causing

00:43:47.860 the price

00:43:48.260 of ammo

00:43:48.820 to skyrocket

00:43:49.660 you save

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00:43:51.200 just

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00:43:54.220 load the

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00:44:08.500 can stay

00:44:08.860 sharp

00:44:09.380 with almost

00:44:10.460 any

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00:44:14.540 10% plus

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00:44:18.620 Bannon

00:44:19.000 B-A-N-N-O-N 1.00

00:44:20.740 all one word

00:44:22.240 this makes a

00:44:23.740 great gift for

00:44:24.380 Father's Day

00:44:24.880 and is less

00:44:25.320 expensive

00:44:25.800 than a few

00:44:26.800 hours at the

00:44:27.380 range

00:44:27.740 that's the

00:44:28.880 letter

00:44:29.140 iTargetPro.com

00:44:31.880 that's

00:44:32.220 iTargetPro.com

00:44:34.160 offer code

00:44:35.260 Bannon

00:44:35.700 B-A-N-N-O-N 1.00

00:44:37.960 the new

00:44:38.960 social media

00:44:39.600 taking on

00:44:40.220 big tech

00:44:40.820 protecting

00:44:41.900 free speech

00:44:42.640 and

00:44:44.380 canceling

00:44:44.940 cancel culture

00:44:45.680 join the

00:44:46.780 marketplace

00:44:47.180 of ideas

00:44:47.920 the platform

00:44:49.040 for independent

00:44:49.820 thought has

00:44:50.420 arrived

00:44:50.880 superior technology

00:44:52.340 no more

00:44:52.900 selling your

00:44:53.480 personal data

00:44:54.200 no more

00:44:55.200 censorship

00:44:55.660 no more

00:44:57.100 cancel culture

00:44:58.020 enough

00:44:58.980 Getter has

00:45:00.060 arrived

00:45:00.540 it's time to

00:45:01.880 say what you

00:45:02.480 want

00:45:02.700 the way

00:45:03.560 you want

00:45:04.080 download

00:45:05.240 now

00:45:05.700 okay

00:45:08.600 the Savage

00:45:09.000 Angels

00:45:09.360 were up

00:45:09.660 last night

00:45:10.020 I think

00:45:10.280 they got

00:45:10.540 24,000

00:45:11.620 I think

00:45:12.100 when I saw

00:45:12.500 it

00:45:12.680 we're putting

00:45:13.820 stuff up

00:45:14.200 on Getter

00:45:14.560 all the

00:45:14.860 time

00:45:15.140 I put up

00:45:15.740 stuff

00:45:16.100 non-stop

00:45:17.020 on my

00:45:17.460 feed

00:45:17.860 you can

00:45:18.160 check out

00:45:18.440 all the

00:45:18.760 news

00:45:19.120 and analysis

00:45:20.260 up there

00:45:21.300 plus we're

00:45:21.840 doing live

00:45:22.320 streams all

00:45:22.680 the time

00:45:22.960 we're going

00:45:23.180 to be

00:45:23.320 live streaming

00:45:23.840 from East

00:45:24.540 Palestine

00:45:24.900 over the

00:45:25.160 next couple

00:45:25.460 days

00:45:25.660 it's totally

00:45:26.100 free

00:45:26.440 I'm an

00:45:27.380 idiot

00:45:27.640 I know

00:45:28.360 how to

00:45:28.520 download it

00:45:29.380 I know

00:45:29.680 how to

00:45:29.840 use it

00:45:30.200 you should

00:45:30.600 be able

00:45:30.800 to use

00:45:31.040 the two

00:45:31.360 right

00:45:31.880 my

00:45:34.260 go to

00:45:35.540 birchgold.com

00:45:36.380 slash

00:45:36.680 bannon

00:45:36.880 I want

00:45:37.180 everybody

00:45:37.800 we're going

00:45:38.260 to immerse

00:45:38.700 you in

00:45:39.080 macroeconomics

00:45:40.040 we've got

00:45:40.980 the course

00:45:41.400 from Peter

00:45:41.780 Navarro

00:45:42.380 and if

00:45:42.740 Captain

00:45:43.060 Bannon

00:45:43.400 and Grace

00:45:44.080 or I guess

00:45:44.360 Captain

00:45:44.660 Bannon

00:45:44.880 is in

00:45:45.120 transit

00:45:45.400 if Grace

00:45:45.860 can make

00:45:46.480 sure we

00:45:46.740 put the

00:45:47.020 link up

00:45:47.380 to Peter's

00:45:48.620 course

00:45:49.120 he's

00:45:49.380 showing you

00:45:50.080 he teaches

00:45:50.440 the course

00:45:51.100 he taught

00:45:51.440 I think

00:45:51.700 at Harvard

00:45:52.040 to the

00:45:52.340 undergrads

00:45:52.780 on macroeconomics

00:45:54.380 10 part

00:45:55.260 series

00:45:55.660 you don't

00:45:56.160 want to

00:45:56.360 miss it

00:45:56.600 we're going

00:45:56.800 to immerse

00:45:57.260 you

00:45:57.580 the working

00:45:58.820 people of

00:45:59.420 this country

00:45:59.920 in macroeconomics

00:46:01.740 so that you

00:46:02.300 understand the

00:46:02.840 politics of

00:46:03.400 money

00:46:03.620 because we're

00:46:04.640 in the age

00:46:05.080 of the

00:46:05.300 politics of

00:46:05.820 money

00:46:05.980 and it's

00:46:06.320 going to

00:46:06.500 be quite

00:46:07.060 important

00:46:07.700 for you

00:46:08.520 to understand

00:46:08.940 as we

00:46:09.340 plow through 0.97

00:46:09.900 for these

00:46:10.420 solutions

00:46:11.840 let me call

00:46:12.360 them solutions

00:46:12.900 so go

00:46:14.740 there today

00:46:16.360 and get

00:46:17.520 the third

00:46:18.300 in the series

00:46:18.740 The Debt Trap

00:46:19.360 it's called

00:46:19.780 The End

00:46:20.300 of the Dollar

00:46:20.880 Empire

00:46:21.420 now that

00:46:22.460 Farid Zakara

00:46:23.180 and I got

00:46:23.860 Kim.com

00:46:25.140 is coming

00:46:25.440 out

00:46:25.580 and he's

00:46:25.760 talking

00:46:25.960 we've been

00:46:26.400 talking about

00:46:26.740 this for

00:46:27.020 years

00:46:27.300 we've been

00:46:27.780 putting this

00:46:28.900 series out

00:46:29.440 for over

00:46:30.020 a year

00:46:30.380 it is

00:46:31.860 ripped from

00:46:33.020 today's

00:46:33.500 headlines

00:46:33.860 and you're

00:46:34.200 going to

00:46:34.340 learn a lot

00:46:34.760 that's what

00:46:35.120 this is all

00:46:35.460 about

00:46:35.660 also you can

00:46:36.140 get all the

00:46:36.540 free info

00:46:37.040 kits on

00:46:38.420 all the

00:46:39.360 free info

00:46:39.840 kits on

00:46:40.340 precious metals

00:46:40.980 from Birch

00:46:41.660 Gold and

00:46:42.060 talk to a

00:46:42.800 consultant

00:46:43.400 there

00:46:43.720 remember if

00:46:44.920 China's 0.76

00:46:45.400 dumping

00:46:45.760 if the

00:46:46.480 CCP's

00:46:47.120 dumping

00:46:47.360 security

00:46:47.880 dumping

00:46:48.520 treasuries

00:46:49.320 and they're

00:46:50.100 buying gold

00:46:50.620 with both

00:46:51.060 hands like

00:46:51.500 India and

00:46:51.840 Japan are

00:46:52.340 now it's

00:46:52.840 time for

00:46:53.380 you guys

00:46:53.840 to focus

00:46:54.360 immerse

00:46:54.960 yourself

00:46:55.440 in

00:46:55.640 information

00:46:56.120 you have

00:46:57.060 to make

00:46:57.280 your own

00:46:57.480 decisions

00:46:57.840 but we

00:46:58.240 want you

00:46:58.500 to be

00:46:58.680 up to

00:46:58.980 speed

00:46:59.160 as

00:46:59.300 possible

00:46:59.680 Cortez

00:47:00.860 over the

00:47:01.260 weekend

00:47:01.540 I heard

00:47:04.380 the chatter

00:47:04.820 start

00:47:05.260 you can

00:47:06.020 hear it

00:47:06.420 they put

00:47:06.800 the chatter

00:47:07.200 out over

00:47:07.460 the weekend

00:47:07.860 so then

00:47:08.240 it gets

00:47:08.520 into the

00:47:08.940 bloodstream

00:47:10.380 inflation

00:47:11.320 that the

00:47:12.060 Fed has

00:47:12.420 beaten back

00:47:12.900 inflation

00:47:13.320 done an

00:47:13.760 amazing

00:47:14.040 job

00:47:14.360 inflation

00:47:14.780 dead

00:47:16.300 any

00:47:16.960 truth

00:47:17.300 to that

00:47:17.560 rumor

00:47:17.820 sir

00:47:18.120 well

00:47:19.040 inflation

00:47:19.440 certainly

00:47:19.740 is not

00:47:20.140 dead

00:47:20.380 now Steve

00:47:20.820 I will

00:47:21.080 say this

00:47:21.500 if

00:47:21.900 inflation

00:47:22.480 is coming

00:47:23.060 down

00:47:23.580 it is

00:47:24.340 only

00:47:24.880 because

00:47:25.740 the Fed

00:47:26.760 Joe

00:47:27.340 Biden

00:47:27.780 Janet

00:47:28.380 Yellen

00:47:28.620 have

00:47:28.860 thrown

00:47:29.320 the

00:47:29.540 United

00:47:29.860 States

00:47:30.200 into

00:47:30.420 such

00:47:30.680 a

00:47:30.900 deep

00:47:31.200 recession

00:47:31.800 that

00:47:32.180 it

00:47:32.280 is

00:47:32.420 possible

00:47:32.940 that

00:47:33.140 there

00:47:33.260 will

00:47:33.360 be

00:47:33.500 some

00:47:33.660 downward

00:47:34.200 pressure

00:47:34.660 on

00:47:35.200 inflation

00:47:35.640 but

00:47:35.900 for the

00:47:36.260 worst

00:47:36.560 reasons

00:47:37.000 not

00:47:37.460 for any

00:47:38.100 good

00:47:38.460 explanation

00:47:39.300 for the

00:47:39.920 worst

00:47:40.120 reasons

00:47:40.400 only

00:47:40.760 that

00:47:41.140 the

00:47:41.540 United

00:47:41.780 States

00:47:42.000 economy

00:47:42.500 is

00:47:42.800 absolutely

00:47:43.360 cratering

00:47:44.380 and by

00:47:44.700 the way

00:47:44.920 to that

00:47:45.640 point

00:47:45.960 one more

00:47:46.520 chart

00:47:46.820 this is

00:47:49.060 bank

00:47:49.460 holdings

00:47:50.100 of

00:47:50.740 securities

00:47:51.460 this is

00:47:51.900 from the

00:47:52.100 Wall Street

00:47:52.380 Journal

00:47:52.680 courtesy

00:47:53.060 of the

00:47:53.460 FDIC

00:47:54.200 Federal

00:47:54.540 Deposit

00:47:54.940 Insurance

00:47:55.660 Corporation

00:47:56.200 that chart

00:47:56.700 goes back

00:47:57.220 20 years

00:47:58.500 all the way

00:47:58.940 back

00:47:59.140 a little

00:47:59.500 more

00:47:59.760 to 2002

00:48:00.760 if you

00:48:01.880 look at

00:48:02.040 the market

00:48:02.420 value

00:48:03.020 as a

00:48:03.680 percentage

00:48:04.000 of cost

00:48:04.500 so 100

00:48:05.260 sometimes

00:48:05.620 in financial

00:48:06.280 market

00:48:06.500 you talk

00:48:06.720 about par

00:48:07.380 par

00:48:07.940 is just

00:48:08.220 100

00:48:08.540 it means

00:48:09.000 it's

00:48:09.460 valued

00:48:09.780 where

00:48:10.080 you

00:48:10.280 bought

00:48:10.560 it

00:48:10.720 now

00:48:11.060 banks

00:48:11.360 generally

00:48:11.860 Steve

00:48:12.200 are

00:48:12.340 buying

00:48:12.580 pretty

00:48:12.900 safe

00:48:13.260 securities

00:48:13.780 so you

00:48:14.140 can

00:48:14.260 see

00:48:14.640 that

00:48:15.120 for

00:48:15.280 two

00:48:15.540 decades

00:48:16.020 this

00:48:16.300 number

00:48:16.660 rotates

00:48:17.340 basically

00:48:17.840 around

00:48:18.600 par

00:48:19.060 around

00:48:19.560 100

00:48:20.320 roughly

00:48:20.900 in a range

00:48:21.460 from 98

00:48:22.200 percent

00:48:22.620 to 102

00:48:23.640 percent

00:48:24.000 it's not

00:48:24.520 supposed

00:48:24.820 to fluctuate

00:48:25.460 wildly

00:48:25.920 even back

00:48:27.100 in 08

00:48:27.640 09

00:48:27.880 if you

00:48:28.280 look on

00:48:28.460 the left

00:48:28.720 side

00:48:28.920 of that

00:48:29.140 chart

00:48:29.420 at that

00:48:30.080 dip

00:48:30.460 which by

00:48:31.300 the way

00:48:31.460 produced

00:48:31.780 global

00:48:32.460 calamity

00:48:33.160 it only

00:48:34.160 got down

00:48:34.740 to about

00:48:35.300 96

00:48:35.960 percent

00:48:36.460 what we

00:48:37.100 see right

00:48:37.740 now

00:48:38.300 in this

00:48:38.780 present

00:48:39.320 banking

00:48:39.760 crisis

00:48:40.220 is that

00:48:40.680 it broke

00:48:40.980 90

00:48:41.760 percent

00:48:42.240 so it's

00:48:43.060 absolutely

00:48:43.600 unprecedented

00:48:44.420 this kind

00:48:45.440 of carnage

00:48:46.120 so my

00:48:46.720 point is

00:48:47.080 Steve

00:48:47.300 it's possible

00:48:48.240 that inflation

00:48:48.860 is indeed

00:48:49.760 ticking downward

00:48:50.620 but if it

00:48:51.520 is it's

00:48:52.500 only because

00:48:53.340 the damage

00:48:53.960 done

00:48:54.440 to the

00:48:55.120 financial

00:48:55.460 system

00:48:55.960 to the

00:48:56.460 regular

00:48:56.700 economy

00:48:57.160 to main

00:48:57.580 street

00:48:57.800 to small

00:48:58.200 banks

00:48:58.460 is so

00:48:59.200 severe

00:48:59.780 that it

00:49:00.420 will produce

00:49:00.860 such an

00:49:01.640 intense

00:49:02.120 and deep

00:49:02.920 recession

00:49:03.380 that that

00:49:03.980 may restrain

00:49:04.640 prices

00:49:05.040 but that

00:49:05.360 will be

00:49:05.580 very little

00:49:06.020 solace

00:49:06.600 to anybody

00:49:07.280 nobody's

00:49:07.680 going to

00:49:07.800 say oh

00:49:08.060 my gosh

00:49:08.360 I'm so

00:49:08.640 glad that

00:49:08.960 inflation

00:49:09.300 is down

00:49:09.620 to only

00:49:10.260 five percent

00:49:11.040 even though

00:49:11.460 I'm out

00:49:11.780 of work

00:49:12.260 right

00:49:12.700 it's not

00:49:13.080 going to

00:49:13.320 be helpful

00:49:13.680 to anybody

00:49:14.180 talk to

00:49:16.660 me about

00:49:17.120 you and I

00:49:17.740 discussed

00:49:18.080 over the

00:49:18.400 weekend

00:49:18.680 this audience

00:49:19.880 which we

00:49:20.920 started about

00:49:21.380 we're going

00:49:21.660 to East

00:49:21.920 Palestine

00:49:22.320 to listen

00:49:23.460 and hear

00:49:24.180 from the

00:49:24.720 salt of the

00:49:25.200 earth

00:49:25.460 the patriots

00:49:26.880 that this

00:49:27.500 country is

00:49:27.880 built upon

00:49:28.400 about their

00:49:29.280 bailout

00:49:29.800 about how

00:49:30.420 they how

00:49:30.900 we bailed

00:49:31.400 out the

00:49:31.660 venture

00:49:31.900 capitalist

00:49:32.400 over the

00:49:33.400 last couple

00:49:33.880 of weeks

00:49:34.140 so I have

00:49:35.440 a brand new

00:49:35.800 article up on

00:49:36.360 this point

00:49:36.720 because I

00:49:36.980 think it's

00:49:37.160 really important

00:49:37.700 to sort of

00:49:38.300 expose who

00:49:38.940 venture capital

00:49:39.660 really is

00:49:40.280 so I put it

00:49:40.780 up on my

00:49:41.660 sub stack

00:49:42.140 about Joe

00:49:42.620 Biden who

00:49:43.080 crushes the

00:49:43.640 banks but he

00:49:44.260 saves his

00:49:44.880 friends in

00:49:45.360 Silicon Valley

00:49:45.980 in venture

00:49:46.900 capital because

00:49:47.600 Steve I

00:49:47.900 think venture

00:49:48.300 capital has

00:49:48.940 actually done

00:49:49.420 a pretty good

00:49:50.180 job as an

00:49:50.780 industry of

00:49:51.740 portraying a

00:49:52.620 false image of

00:49:53.720 what the

00:49:54.080 industry is

00:49:55.000 and it's

00:49:55.740 largely based

00:49:56.420 on what the

00:49:56.760 industry used

00:49:57.560 to be because

00:49:58.400 back in the

00:49:59.000 90s and

00:49:59.740 previously it

00:50:00.700 really was

00:50:01.260 this industry

00:50:01.940 of daring

00:50:03.040 risk-taking

00:50:04.020 entrepreneurial

00:50:05.060 investors who

00:50:05.900 were sort of

00:50:06.340 the jet fuel

00:50:07.220 for America's

00:50:08.380 entrepreneurial

00:50:08.940 success but it

00:50:10.420 is anything but

00:50:11.080 that kind of

00:50:11.620 industry now it

00:50:12.460 has now matured

00:50:13.440 into a really

00:50:14.080 parasitic industry

00:50:15.680 that tries to

00:50:16.380 use and

00:50:16.840 successfully often

00:50:17.960 uses its

00:50:19.300 access and

00:50:20.240 its crony

00:50:21.280 public pressure

00:50:22.640 to pervert

00:50:23.340 public policy

00:50:24.640 into private

00:50:25.940 gains.

00:50:26.920 For example

00:50:27.360 in the article

00:50:27.900 I cite and

00:50:28.660 give data about

00:50:29.660 how obsessed

00:50:30.920 Silicon Valley

00:50:31.720 and venture

00:50:32.180 capital are on

00:50:33.180 so-called climate

00:50:34.320 solutions right

00:50:35.060 now regarding

00:50:35.940 businesses and

00:50:36.700 my point there

00:50:37.460 is that look

00:50:38.620 I don't believe

00:50:39.440 in the federal

00:50:39.920 government intervening

00:50:40.700 to save any

00:50:41.380 particular industry

00:50:42.660 but venture

00:50:43.660 capital is the

00:50:44.640 least deserving

00:50:45.780 of any business

00:50:47.200 that we could

00:50:47.700 possibly think of.

00:50:49.100 Venture capital

00:50:49.720 and Silicon Valley

00:50:50.520 more broadly

00:50:51.180 has been a

00:50:52.400 punishing force

00:50:53.600 abusing the

00:50:54.980 prerogatives and

00:50:55.680 interests of

00:50:56.400 regular Americans

00:50:57.620 and they then

00:50:58.660 turn around and

00:51:00.200 shamelessly beg for

00:51:01.780 a bailout which

00:51:02.520 they have at least

00:51:03.040 partially gotten so

00:51:04.100 far and there may

00:51:05.220 be more to come as

00:51:06.340 I also warn about

00:51:07.220 in the article so

00:51:08.360 I want to expose

00:51:09.460 who VC really is

00:51:10.840 what they're really

00:51:11.560 all about.

00:51:12.740 This is not at all

00:51:14.160 your father's

00:51:14.960 venture capital.

00:51:15.860 It is a very

00:51:16.360 different industry

00:51:17.020 right now and it's

00:51:17.880 shameful the way

00:51:18.640 that they are

00:51:19.680 begging for handouts

00:51:20.560 from regular

00:51:21.500 hard-working

00:51:22.220 Americans.

00:51:24.860 Steve, can you

00:51:25.560 hang on?

00:51:26.020 We're going to

00:51:26.200 take a 90-second

00:51:26.880 break.

00:51:27.440 Lou Dobbs is

00:51:28.000 going to join us.

00:51:28.620 Steve Cortez is

00:51:29.260 going to hang

00:51:29.580 through the break.

00:51:30.180 We've got some

00:51:30.560 additional stuff

00:51:31.600 to go through.

00:51:32.220 Ben Harnwell is

00:51:32.840 going to join us

00:51:33.400 from Rome.

00:51:35.920 We are packed

00:51:36.820 wall-to-wall

00:51:37.180 trying to track

00:51:37.740 down Mike Lindell,

00:51:38.740 the Election Crime

00:51:39.660 Bureau, to get

00:51:40.800 his latest update.

00:51:41.600 He was in Waco

00:51:42.280 with the president

00:51:43.560 over the weekend.

00:51:44.940 We're going to

00:51:45.380 take a short

00:51:45.760 commercial break.

00:51:46.240 We'll be back

00:51:46.600 in a moment.

00:51:47.080 When we get back,

00:51:47.840 I'm going to ask

00:51:48.320 Cortez, we've got

00:51:49.120 one more topic

00:51:49.860 the Ukraine to

00:51:51.300 talk about, but

00:51:51.940 I've got to ask

00:51:52.680 him about venture

00:51:53.900 capital used to be

00:51:54.960 the money in back

00:51:55.780 of the big

00:51:56.460 industrial early

00:51:57.480 stage developments

00:51:59.680 in this country

00:52:00.340 that really drove

00:52:01.040 the economy.

00:52:02.140 Now what they do

00:52:02.880 is they back a lot

00:52:03.720 of fantasy on the

00:52:04.800 Green New Deal

00:52:05.400 and also the

00:52:06.600 algorithm business.

00:52:08.080 They're big in the

00:52:08.760 algorithms and in

00:52:09.600 social media.

00:52:10.700 Not so big in

00:52:11.440 making important

00:52:12.640 big bets on

00:52:14.480 industries that

00:52:15.580 could transform

00:52:16.560 this country on

00:52:17.620 a manufacturing

00:52:18.360 base.

00:52:18.720 A short

00:52:18.980 commercial break.

00:52:20.020 We're going to be

00:52:20.420 back with Steve

00:52:21.160 Cortez.

00:52:21.580 We've got Lou

00:52:21.920 Dobbs, Ben

00:52:22.500 Harnwell, all in

00:52:23.420 the next hour of

00:52:24.240 the War Room.

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00:52:43.000 They resell your

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00:52:46.020 lecturing and laughing

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00:53:48.460 Yes, heart disease is

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Bannon's War Room - March 27, 2023

Episode 2615： They Attack Trump Because They Fear Him And You

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