Bannon's War Room - April 12, 2023


Episode 2652： We Need Trade Protectionism

Topics
cheating in China trade protectionism gold investment elite capture commercial real estate crisis
Hosted by
Steve Bannon
Mentioned
Steven Crowder Frank Gaffney Joe Biden Mark Levin Claghorn Pius XII Murdoch Getter Bridge Colby Stephen K. Vance Pius X. Nancy Pelosi Elon Musk Kennedy Ken Griffin Stephen K. Bann Sequoia Capitol Mitch McConnell Graham Allison Philip Patrick and 37 more
Episode 2649： The Standoff In Taiwan Episode 2659： Lula Heads To China; Informants In PB Trials

Episode Stats


Length

55 minutes

Words per minute

170.57

Word count

9,446

Sentence count

843

Harmful content

Misogyny

4

sentences flagged

Toxicity

28

sentences flagged

Hate speech

36

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Learn English with Stephen K. K. Bao. He is a former Navy SEAL and retired Navy SEAL who served in the Korean War, the Vietnam War, and the Philippine Civil War. He served as the chairman of the Select Committee on China and is a regular contributor to CNN and the Wall Street Journal. He has been a member of the House Armed Services Committee and served as a foreign policy adviser to President George W. Bush and has served as an adviser to some of the most powerful men in the world, including John McCain and Hillary Clinton.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.920 This is the primal scream of a dying regime.
00:00:05.780 Pray for our enemies, because we're going medieval on these people.
00:00:11.020 Here's what I got a free shot at all these networks lying about the people.
00:00:15.280 The people have had a belly full of it.
00:00:17.220 I know you don't like hearing that.
00:00:18.640 I know you try to do everything in the world to stop that, but you're not going to stop it.
00:00:21.300 It's going to happen.
00:00:22.560 And where do people like that go to share the big lie?
00:00:25.960 Mega Media.
00:00:26.880 I wish in my soul, I wish that any of these people had a conscience.
00:00:32.760 Ask yourself, what is my task and what is my purpose?
00:00:36.520 If that answer is to save my country, this country will be saved.
00:00:42.800 War Room. Here's your host, Stephen K. Ban.
00:00:52.180 Brazil now is with China. That's in our own hemisphere. 0.98
00:00:55.520 We used to have something called the Monroe Doctrine.
00:00:58.900 Let me read you a list, Sean.
00:01:01.680 Invasion of foreigners. 0.99
00:01:03.100 Severe economic troubles.
00:01:04.680 Division of the empire.
00:01:06.300 Empire stretched too thin.
00:01:08.580 Government corruption and political instability.
00:01:11.000 Loss of traditional values.
00:01:12.520 Weakening of the legions, the military.
00:01:15.780 That is what combined to destroy the Roman Empire.
00:01:19.420 The Roman Empire lasts a thousand years.
00:01:21.780 We're not even close to a thousand years.
00:01:23.500 Every one of those seven or eight issues is something we are confronting today.
00:01:28.720 And Rome fell on 476 CE of its own weight.
00:01:33.380 We have something going on in this country that we've never had before.
00:01:37.300 We have a Marxist revolution that is destroying us from within while the enemy gathers abroad.
00:01:42.600 And there is an access of powers against us right now.
00:01:47.180 It's China, Russia, Iran, and North Korea.
00:01:51.400 This is no joke.
00:01:53.340 China hasn't built the biggest navy on the face of the earth.
00:01:56.980 Military islands in the South China Sea.
00:02:00.580 Over 27 bases of different kinds in our hemisphere.
00:02:03.920 A deep water naval base in Somalia, where my great uncle fought on Guadalcanal.
00:02:12.440 You have China with a base on the western coast of Africa facing us. 0.94
00:02:18.020 Killer satellites.
00:02:19.440 Nuclear missiles.
00:02:20.720 You think they're building all that to defeat Taiwan?
00:02:23.660 They're building all that to defeat us.
00:02:26.180 They're not going to be satisfied with Taiwan. 0.95
00:02:28.340 They're in battles now with the Philippines and Japan, even Vietnam.
00:02:34.900 Australia's being threatened.
00:02:37.380 Unless you're Helen Keller, you can't see this and hear what's going on here. 0.95
00:02:41.680 This is a big damn deal.
00:02:44.260 And let me tell you something that viewers of this audience and others may not want to hear. 0.97
00:02:50.220 We need to prepare for war against China. 0.75
00:02:53.800 I don't mean go to war.
00:02:56.140 I don't mean initiate a war.
00:02:57.680 But they are preparing for war.
00:03:00.380 We are completely unprepared as a nation psychologically.
00:03:04.420 We are completely unprepared economically and immigration-wise in securing our border.
00:03:10.120 Our military is not prepared in the sense that they're pushing this woke ideology.
00:03:15.500 Our military budgets do not reflect the threats that we are facing in the world around us.
00:03:20.600 I want to say it again so the backbenchers regurgitate it.
00:03:24.600 We must prepare for war against China. 0.95
00:03:28.560 Hey, thanks for joining us.
00:03:29.700 I hope that laid it out.
00:03:31.080 I mean, this is a difficult choice.
00:03:34.240 It is, we need the stuff.
00:03:36.100 We want the stuff.
00:03:37.140 They can make the stuff that we can't make.
00:03:39.380 Oh, but at the same time, we may not only be funding a potential army or air force invasion of Taiwan,
00:03:45.760 but a lot of this stuff might be made in forced labor camps.
00:03:48.540 Oh, I understand why companies want to do business in China.
00:03:56.780 They have 1.5 billion people.
00:03:59.920 Their GDP per capita is not nearly as great as ours.
00:04:04.900 It's about 13,000.
00:04:06.280 Ours is about 70,000.
00:04:07.780 But they have a lot of purchasing power.
00:04:11.540 But here's the problem.
00:04:13.780 China is wealthy in part, large part, because we helped admit China to the World Trade Organization on December 11, 2001.
00:04:25.020 China started cheating December 12.
00:04:27.320 What do you mean, Senator, by cheating?
00:04:32.020 We hear that term a lot.
00:04:33.820 But if you were to define it as the head of the Select Committee on China, explain to our audience, many of whom are not D.C. insiders, what that word means.
00:04:43.120 Well, when I say that the Communist Party of China will steal the hair off your head, what I mean is,
00:04:50.000 Communist Party of China controls all business in China.
00:04:53.660 The Communist Party of China directs businesses to steal trade secrets, to surveil illegally American businesses, to steal intellectual property.
00:05:06.740 And if Tesla, for example, opens a plant in China, as it has in part, if Tesla's not careful, China will steal all its intellectual property, 0.92
00:05:19.640 and you'll start seeing a lot of counterfeit goods, a lot of little Chinese Teslas running around.
00:05:25.300 And they won't need Tesla anymore.
00:05:27.500 And that's the problem, right?
00:05:29.340 I don't want to be in a cold war with China or a hot war.
00:05:34.520 I just want China to be a stable member of a global world order.
00:05:41.180 But China's not going to do that by us giving them hugs and hot cocoa. 1.00
00:05:46.920 They understand strength.
00:05:48.440 Not because we want war, not because we're going to cause war, but because they want war. 0.59
00:05:55.060 They've only communicated it 10,000 different ways, whether it's violating our airspace, navigable waters, threatening our ships, threatening our country, threatening our people.
00:06:05.920 What else can they do short of attacking?
00:06:07.840 They're not going to be satisfied with Taiwan. 0.98
00:06:11.560 This is a big damn deal. 0.94
00:06:14.260 And we don't have the military brass in the Pentagon to deal with this, the Secretary of Defense or Secretary of State. 0.97
00:06:20.720 We've never been so weak.
00:06:22.440 That's what Xi sees.
00:06:23.880 He sees what I see. 0.99
00:06:25.620 He sees what the rest of the damn world sees. 0.99
00:06:28.480 This is no joke. 0.99
00:06:29.540 When you have the French, this guy, what is he, Vichy France? 0.86
00:06:33.100 This guy stabs us in the back, Macron.
00:06:36.300 Lafayette.
00:06:36.880 Remember Lafayette?
00:06:37.660 He helped us during the Revolutionary War.
00:06:39.600 He defied the monarchy.
00:06:41.480 He joined Washington.
00:06:42.920 He led the Battle of Brandywine.
00:06:44.820 He got wounded.
00:06:45.520 He was with us.
00:06:46.280 The French helped us at the end of the war.
00:06:48.720 Here's France, where we sent GIs to Europe to liberate France. 0.89
00:06:56.020 And many of them died. 0.99
00:06:58.360 And look what this bastard does to us, the president of France. 0.99
00:07:01.680 He goes over to China at the height of tensions, stabs us in the back, says he will not support us. 0.99
00:07:11.180 He's provoking the Chinese to act, talks about autonomy. 0.95
00:07:15.680 You can stick your autonomy, France.
00:07:18.320 As far as I'm concerned, Joe Biden.
00:07:21.040 Joe Biden gets elected, putatively anyway.
00:07:24.440 He's Mr. Diplomacy.
00:07:26.540 Tells the world we're back.
00:07:28.360 Mr. Globalist.
00:07:29.420 Mr. Experience.
00:07:30.360 Let me tell you something.
00:07:32.680 He's dragging this country into depression.
00:07:35.520 He's dragging this country into war.
00:07:38.120 Not because of what the isolationists say, but because of the opposite.
00:07:43.120 We're not acting like a confident, strong country.
00:07:46.820 And so people are disrespecting us.
00:07:48.700 He keeps calling Xi.
00:07:50.200 We don't know what he's telling him.
00:07:51.700 But I can imagine what he's telling him.
00:07:53.440 What do they keep saying?
00:07:54.580 We don't want conflict.
00:07:56.080 We want competition. 1.00
00:07:57.600 Stop calling Xi because you're demonstrating to him how damn weak you are. 0.99
00:08:04.260 We, the people, deserve a better leader than this and a better government than this. 0.99
00:08:09.780 But this is what we put up with.
00:08:11.420 It's absolutely unbelievable.
00:08:13.100 That's it.
00:08:14.200 I'm done.
00:08:23.620 It's Tuesday, 11 April.
00:08:25.380 In the year of our Lord, wait for it. 0.81
00:08:28.920 Steve Cortez brought, you know, they see the Fox, the TV for stupid people finally waking up after years of Murdoch not allowing this to be on his network. 0.97
00:08:39.540 By the way, Murdoch, who just bailed on, Murdoch, who just bailed on his latest catch, 60-year-old fiancee who he dumped because she had two profound and demonstrable evangelical Christian leanings. 0.97
00:08:55.160 That's why she got rid of her after two weeks. 1.00
00:08:57.220 He was married at one time to Wendy Dang, a Chinese Communist Party intelligence asset.
00:09:02.160 He was married to her for many, many years.
00:09:04.340 Fox has been quiet on this.
00:09:05.500 But now they woke.
00:09:06.620 They're awakened.
00:09:08.220 Steve Cortez, before I get to Gaffney here about the Third World War, Brother Levin, there was a couple of big misses in that.
00:09:16.380 It's the year of our Lord.
00:09:17.820 What, sir?
00:09:21.160 Yes, listen, it is Anno Domini.
00:09:23.360 It is A.D.
00:09:24.080 It is indeed the year of our Lord.
00:09:26.480 We do not use C.E., nor do we use B.C.E.
00:09:29.420 Those are inventions of the academy of the ruling class to try to de-Christianize, to try to inflict a secular humanist worldview on the United States.
00:09:39.420 And we should reject that kind of nomenclature.
00:09:41.680 So it's important to speak in truth.
00:09:43.360 Mark Levin, you can't be talking—
00:09:43.980 It's important to respect tradition.
00:09:46.020 And it is indeed A.D.
00:09:47.240 It is the year of our Lord.
00:09:49.560 Mark Levin, you can't be giving me the big speech about saving the Judeo-Christian West and use common era.
00:09:55.200 Not acceptable, okay?
00:09:58.800 Get it out of your lexicon.
00:10:00.860 It's A.D.
00:10:01.500 Anno Domini.
00:10:03.300 Steve Cortez, talk to me about—I want to go to Senator Claghorn's, because this is what your leadership is.
00:10:12.040 I want to go to Senator Claghorn's.
00:10:14.960 Oh, we just need him as a stable member of a world—we just need him to sit there and just continue to trade with us. 0.98
00:10:20.660 Sucker capital, sucker technology. 0.93
00:10:22.940 Senator Claghorn's considered a hawk. 0.96
00:10:25.380 What's your assessment of Senator Claghorn?
00:10:27.260 His great turn last night—by the way, that show on CNBC at 7 o'clock is a fantastic show.
00:10:33.640 For anybody that, after we finish here at the War Room, it's absolutely fantastic, spectacular, quite frankly, for a good wrap-up of the day's news.
00:10:41.180 Tell me about your thoughts on Senator Claghorn.
00:10:44.180 Listen, you know, Senator Kennedy, I'll be the first to admit, is very good at turning a phrase.
00:10:48.820 And he can be very entertaining.
00:10:50.300 But he is very establishment in his thinking on a host of issues.
00:10:54.580 And that's a shame, because he represents, of course, a deeply read, very patriotic state of Louisiana.
00:10:59.620 He's somebody who should be much more populist in the long tradition of Louisiana politics.
00:11:04.960 And he should be much more bold, because he has the electoral freedom to be bold.
00:11:08.920 When it comes to China specifically, he doesn't understand that this isn't just a commercial mistake.
00:11:13.860 It is certainly a business and commercial mistake, the way that we trade with China, the way that we have allowed and, in fact, incentivized and invited the Chinese Communist Party to abuse us through predatory trade practices. 0.94
00:11:26.000 But it's much more than that.
00:11:27.320 We need to recognize that we are in an existential battle with the Chinese Communist Party and that the CCP, in many facets of this battle, is winning, quite frankly, is winning this Cold War, this new Pacific Cold War that we're in right now. 0.77
00:11:41.960 And so people like Senator Kennedy, you know, I think, again, skilled at the turn of a phrase, but somebody who doesn't really understand the crux of what is going on here.
00:11:50.060 And by the way, so what should be the actionable items?
00:11:53.300 You know, what should be the agenda for confronting China? 0.66
00:11:56.460 In my view, to start with, there needs to be significant tariffs, not just because it makes economic sense, because we should be protecting and protectionism is not a bad word.
00:12:05.540 It has been a bad word for the establishment Republican set, but it shouldn't be.
00:12:09.260 We should be protecting American workers, protecting American industry.
00:12:12.360 So we need protectionism, trade protectionism, to guard American workers and American industry against the predatory mercantilist practices of the CCP.
00:12:20.480 So I think that is the first instance.
00:12:22.220 And Trump made some important steps in this regard, but I believe we need to go much, much further on tariffs.
00:12:28.500 Secondarily, we need biological war reparations.
00:12:31.780 There was an epidemiological Pearl Harbor unleashed on the United States, in fact, the entire world, by the Chinese Communist Party. 0.98
00:12:38.660 They knowingly, even if they didn't create the virus, and there's obviously a lot of evidence that they did, but even if they didn't, they knowingly, still the best case scenario for them is still terrible, which is that they knowingly unleashed it on the world.
00:12:51.360 They got the fake imprimatur, the stamp of approval from the World Health Organization to insist to lie to the world that it was not being passed human to human in the earliest days of the virus.
00:13:02.220 They owe massive reparations to the United States for that crime against the people of the United States.
00:13:08.320 For starters, as a down payment on those reparations, I believe we are an incredibly indebted nation, of course.
00:13:14.220 Unfortunately, this doesn't solve our debt problems, but it is a nice first step toward getting to a place of fiscal sanity.
00:13:21.580 We owe a trillion dollars to the Chinese Communist Party.
00:13:23.580 That trillion dollars, in my view, should be wiped away as a first down payment on the biological war reparations that the CCP owes to the people of the United States.
00:13:34.080 Steve, hang on for one second.
00:13:35.540 I got Frank Gaffney.
00:13:36.680 The operant word here is decoupling.
00:13:39.340 Remember, this is why this audience is so important.
00:13:41.660 You're a vanguard.
00:13:42.820 You're a cadre.
00:13:43.880 You're at the tip of the tip of the spear.
00:13:47.040 Levin and these guys are all great.
00:13:48.220 We take converts.
00:13:49.060 We love converts.
00:13:49.920 They're all converting now. 0.77
00:13:50.940 That's fantastic.
00:13:51.640 But they're converting to the neocons, the neocons default position.
00:13:57.880 Oh, let's go start shooting up over time.
00:13:59.660 No, we can defeat the Chinese Communist Party.
00:14:02.640 The main thing is the main thing.
00:14:05.580 Keep your eye on the prize.
00:14:07.420 The prize is to take down the illegitimate transnational criminal organization in Beijing. 0.80
00:14:14.000 It's not to go to war with China.
00:14:15.580 It's to take them down.
00:14:17.160 How do you take them down?
00:14:18.420 You decouple immediately.
00:14:19.800 You cut them off from capital.
00:14:21.080 You cut them off from technology.
00:14:22.920 All of it immediately.
00:14:24.160 And you seize their assets.
00:14:26.680 First asset I would seize is their front man, Elon Musk.
00:14:30.740 I'd seize all the plants at Tesla, all the battery facilities at Tesla immediately.
00:14:36.440 Seize all the CCP's assets in the United States.
00:14:39.880 You want to break them?
00:14:40.740 We can break them.
00:14:41.840 Capital markets, economics, and technology.
00:14:44.960 Never have to get to the shooting war that they're trying to bait us into.
00:14:47.700 Short break.
00:14:48.820 Frank Gaffney, Committee on the Present Danger of China with a new book, The Indictment.
00:14:53.120 Steve Cortez is with us.
00:14:55.020 Guess what?
00:14:55.880 It's the beginning of the Third World War, and you've got a ringside seat.
00:14:59.200 Inflation has consequences.
00:15:01.100 As the Fed raises interest rates to combat out-of-control government spending, long-term bonds have diminished in value, crippling banks.
00:15:10.580 Depositors are holding their breath, and investors are bailing on bank stocks.
00:15:16.020 Diversification has never looked more important to you.
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00:16:30.560 Take action.
00:16:32.280 Here's your host, Stephen K. Bannon.
00:16:34.920 Okay, the purpose of the exercise is not a war.
00:16:40.940 The purpose of the exercise is victory.
00:16:44.220 This ain't Afghanistan. 0.73
00:16:45.840 This is not Iraq. 0.87
00:16:47.280 This is not Kuwait in the Gulf War.
00:16:51.120 This is not Vietnam.
00:16:52.880 This is not Korea. 0.88
00:16:55.060 You can't walk away from this one.
00:16:57.280 The other ones, we get to say, hey, you know, it didn't work out.
00:16:59.480 We're gone.
00:17:00.480 Okay, this can't it.
00:17:01.400 This is great power fights between two different views of the world, right?
00:17:11.780 And what Gaffney said was so haunting, the American people are psychologically not ready for a massive military defeat in good old-fashioned combat.
00:17:19.800 Not hunting bad guys in Afghanistan, not doing, you know, the three weeks it took us to get to Iraq, and then you had to deal with the insurgents.
00:17:27.380 Understand, that's all horrible.
00:17:29.000 Not the couple of weeks it took in Kuwait.
00:17:31.140 Not in Vietnam where you can decide, oh, we got 50,000 dead, but we don't have the will to do it anymore.
00:17:38.180 You know, it was for the wrong reason.
00:17:39.720 A whole host didn't just leave and just let them have 20 million people killed by Pol Pot and others. 0.84
00:17:44.660 You can't walk away from this one.
00:17:47.660 We're in it, as we keep saying.
00:17:49.420 So we got to win.
00:17:50.580 It's about victory.
00:17:52.240 And the one way you don't have victory is you don't walk into a sucker punch.
00:17:55.560 And that's where we're heading there right now.
00:17:58.480 And we got to be very careful because I don't believe these guys can, as you said, maybe fight the ship.
00:18:04.220 But they got, it's only 90 miles off the coast, and they are, they're armed to the teeth.
00:18:10.520 And you see this envelopment they're doing, this exercises they're doing constantly.
00:18:15.080 Frank Gaffney, Committee on the Present Danger of China.
00:18:17.220 The reason we formed the committee, it was a committee on the present danger years ago, was to warn the American people that this was happening and why it was happening.
00:18:26.780 And most importantly, your new book, The Indictment.
00:18:29.420 We talk about not just Xi, the reason we're in this predicament, the reason we're in this predicament, Fox News, is because of the elites of this country, particularly the Wall Street capitalists and the technology guys in Silicon Valley.
00:18:46.140 To which Sequoia Capital is a front for the Chinese Communist Party.
00:18:49.980 Just is.
00:18:50.560 It's the most powerful venture capital firm in Silicon Valley.
00:18:53.880 There's a fifth column in this country that has sold this country out and is restraining us from decoupling from the Chinese Communist Party.
00:19:02.940 Not China, the Chinese Communist Party.
00:19:04.740 We must decouple. 1.00
00:19:06.180 We can break their back and destroy them in six months without firing a shot. 0.99
00:19:12.720 Frank Gaffney.
00:19:13.380 Steve, one of the things that I appreciate so much about your pedagogy in this program is you have the historical perspective.
00:19:26.300 We have actually done this before.
00:19:28.920 And the Committee on the Present Danger, as you've pointed out, in the late 1970s, helped one of its members, a guy by the name of Ronald Reagan, devise a strategy that had a chance of winning without firing a shot.
00:19:49.100 And he not only embraced that strategy, he ran for office as president of the United States, pledging to execute it.
00:19:59.720 No more, you know, detente.
00:20:03.180 Not even containment.
00:20:05.000 He was talking about rolling back what was, at that time, he was clear-eyed about it, the existential threat to freedom.
00:20:14.680 And he not only got a mandate from the American people to do just that, he brought about 33 members of the Committee into his administration to execute the strategy which they did.
00:20:27.420 And the rest, as they say, is history.
00:20:29.120 And to today's point, we've taken the idea of a Committee on the Present Danger, applied it to China. 0.68
00:20:37.380 With your help and vision, we have begun earnestly making the same sort of case the Committee did back in the 70s.
00:20:45.380 To help, we pray, a new candidate to run for office seeking a mandate to take down the Soviet's successor as the existential threat to freedom of our time, namely the Chinese Communist Party. 0.90
00:21:01.640 And, Steve, what I just want to underscore is your point that we can win, hopefully without fighting, if we take the fight to them using the tools in which we have strength.
00:21:18.300 And, unfortunately, at the moment, it's not the United States military.
00:21:22.720 It's not even probably the case that we could defeat the Chinese, but we're certainly not capable of deterring them at the moment. 1.00
00:21:32.920 So we have to use these other techniques.
00:21:35.500 And the Committee on the Present Danger, China, has been all about this decoupling from the get-go, particularly ending the underwriting of the CCP with our money.
00:21:46.380 That means all of our money, the money that we've invested in pension funds and mutual funds and index funds and so on, that Wall Street has, through the problem of elite capture, insisted on investing massively, $3 to $6 trillion, by some estimates, in Chinese companies and, as a practical matter, the Chinese Communist Party.
00:22:08.140 So here's an example of it.
00:22:10.360 And, look, I love Mark's rant and, you know, latecomers, as you say, converts, whatever.
00:22:14.840 But there's one point that's really vital that we have to get right.
00:22:20.580 This is not about weakness on the part of Joe Biden.
00:22:25.240 Is he weak?
00:22:25.820 Yes, absolutely he's weak.
00:22:27.340 Is he communicating weakness all over the world?
00:22:30.000 Yes, he is.
00:22:30.620 And are people bailing on us because they sense that weakness?
00:22:33.580 Absolutely.
00:22:34.160 But it's so much worse than that.
00:22:36.040 He epitomizes elite capture of the kind you just described.
00:22:39.800 People actively aiding and abetting our mortal enemies.
00:22:46.540 And to have the commander-in-chief of the United States military be doing that at such a time as this is totally unacceptable.
00:22:53.520 So you've mentioned the indictment.
00:22:55.360 Thank you for publishing it and the forward of it.
00:22:58.400 It is available now, I'm sorry to say, not on Amazon, but it is available at Barnes & Noble.
00:23:05.960 You can get Kindle at Amazon, but you can't get the book for some inexplicable reason.
00:23:09.900 But you can get it at Barnes & Noble.
00:23:11.440 I hope people will preorder it now.
00:23:13.620 Because what we talk about, what's right out of the gate, Steve, is we've got to stop allowing people who are working for the Chinese Communist Party, 0.98
00:23:21.960 the captured elites in political life as well as business and finance and academia and the media and so on,
00:23:29.500 from being in leadership positions at a time when you can't possibly lead us to victory if you're working for the Chinese communists.
00:23:39.120 Let me be blunt here.
00:23:40.580 By the way, we had – people realize we have a huge book-buying audience.
00:23:46.100 That's why people try to come on the show with their books.
00:23:47.840 So that's because they understand – their publishers understand they may hate the war room and they may hate Steve Bannon,
00:23:52.760 but they understand our audience buys a lot of books.
00:23:54.980 People know I'm a voracious reader.
00:23:57.940 So when we launched the new imprint, we had lots of different options.
00:24:01.820 I said it's got to be in the indictment, right, because you've got – the main thing's got to be the main thing.
00:24:06.280 And we've got so many other fights.
00:24:07.520 I understand that from ESG to, you know, WOKE to the invasion on the southern border, lack of our sovereignty, the vaccines, all of it.
00:24:16.060 And we're going to get to all of those.
00:24:16.960 We're going to have the leading titles in all this.
00:24:19.460 But I want to make sure people understand something.
00:24:21.240 Larry Fink and his – and Ken Griffins and these oligarchs on Wall Street, the same guys that have the DEI index that are forcing the –
00:24:32.160 and by the way, the companies are willing to comply with it, the same diversity, equity, inclusion crowd,
00:24:37.800 the same ESG crowd, or the same people that are allied with the Chinese Communist Party and have shifted the jobs over there and made a ton of money.
00:24:48.140 This is what I told Graham Allison with his big book, The Vicidities Trap, you know, Destined for War.
00:24:53.100 He and Kissinger.
00:24:53.740 I said, bro, right here in this building.
00:24:56.320 I came over for lunch.
00:24:57.000 I said, here's the question.
00:24:57.920 You've got 14 times and, you know, 12 times they clashed.
00:25:00.880 The rising power, the declining power, Athens and Sparta.
00:25:05.300 I said, look, that's all fine.
00:25:06.840 But show me one example where the elites of the declining power made more money on the way down than they made on the way up.
00:25:13.380 That's the situation we're in.
00:25:15.200 We've been sold out by a fifth column in this nation. 1.00
00:25:19.100 And the great thing about the indictment, it begins naming names, and we're going to do more of it.
00:25:23.360 These people are your enemies.
00:25:25.820 Let me repeat this.
00:25:26.780 The Larry Fink is an enemy of the people of the United States of America.
00:25:30.660 He sold this country out, and there's a slew of them, from Ray Dalio to Ken Griffin.
00:25:35.540 They are in business with the CCP.
00:25:37.640 They hate populism.
00:25:38.760 You know why they hate populism?
00:25:39.980 Because we're willing to stand up and say our sons and daughters are not going to die.
00:25:44.900 We're not going to lose 10,000 sailors in the Seventh Fleet playing your games when you're financing the enemy.
00:25:50.620 You've financed their war machine.
00:25:52.220 You've given them technology.
00:25:53.660 You sit there in your Sequoia Capitol.
00:25:55.520 Democratic Party is raising more money.
00:25:57.000 That's Nancy Pelosi's rise to power. 1.00
00:25:59.000 We're shaking down Silicon Valley.
00:26:01.400 She goes from a Tiananmen Square hardline democracy advocate getting arrested in Tiananmen Square
00:26:07.400 to the biggest buddy of these people that are selling out the country, raising money.
00:26:12.940 This is the issue before us.
00:26:14.780 We have a fifth column in this nation that has sold us out.
00:26:18.360 And now, with our backs against the wall and all the chip plants over there,
00:26:22.800 now you've got to call on the Seventh Fleet that's, quite frankly, not prepared.
00:26:27.160 They're not prepared to fight this war.
00:26:29.940 They're just not.
00:26:31.060 And Frank Gavity said on this show three weeks ago,
00:26:33.380 you're going to lose a carrier battle group and you're going to have 10,000 sailors at the bottom of the South China Sea
00:26:39.320 and the bottom of the Straits of Taiwan, and then the blame game is going to start.
00:26:43.020 It's going to be a new Pearl Harbor. 0.88
00:26:44.760 Okay?
00:26:45.160 Let's avoid that.
00:26:46.700 Let's be smart and let's be tough.
00:26:49.100 The elites in this country always protect their privileges.
00:26:53.200 Let's protect the privileges of the people of this nation.
00:26:56.280 It is time now to declare unrestricted war on the Chinese Communist Party.
00:27:01.160 Today, we should seize all of their assets.
00:27:05.180 I can go into Midtown Manhattan and I can show you the buildings that Wanchi, Sean's family owns,
00:27:10.360 that Xi's family owns, that Deng Xiaoping's family owns.
00:27:14.020 It's like that scene in The Untouchables.
00:27:16.120 When Sean Connery says, everybody knows where the whiskey is.
00:27:19.560 Does anybody have the courage to take the axe and beat down the door?
00:27:24.060 Now is our call to action.
00:27:25.780 I don't need sort of claghorn.
00:27:27.060 Well, you know, we need them in a stable member.
00:27:30.900 We need them in a stable member of a ruler. 0.99
00:27:33.000 No, we don't.
00:27:34.360 We need them defeated.
00:27:35.920 We don't need them in a stable member. 1.00
00:27:37.280 They're never going to be a stable member, you fool. 0.99
00:27:39.880 What are you thinking of? 1.00
00:27:41.520 It's time now to stop the happy talk.
00:27:43.880 It's time now to stop all the claptrap you see all the time.
00:27:47.180 It's time now to identify the enemy.
00:27:49.540 Take the fight to the enemy.
00:27:51.260 Take the torch to the enemy.
00:27:52.840 And that is enemies that are both foreign and domestic.
00:27:56.640 Short commercial break.
00:27:57.780 Gaffney on the other side.
00:27:59.040 Steve Cortez.
00:28:00.080 You're in the war room.
00:28:00.820 Everything's just beginning.
00:28:03.760 But the games you want to play.
00:28:07.320 Bring it on and now we'll fight to the end.
00:28:09.540 Just watch and see.
00:28:10.720 It's all started.
00:28:12.860 Everything's begun.
00:28:14.700 And you are over.
00:28:17.360 Because we're taking down the CCP.
00:28:19.960 Spread the word all through Hong Kong.
00:28:23.660 We will fight till they're all gone.
00:28:26.240 We rejoice when there's no more. 0.95
00:28:28.140 Let's take down the CCP.
00:28:32.280 Citizens, anyone who thinks they won't need emergency food isn't paying attention.
00:28:38.500 Every day the headlines get worse and worse and worse.
00:28:42.780 Is the unthinkable next?
00:28:44.140 It pays to prepare.
00:28:45.760 That's why I seriously recommend you stock up on emergency food and you do it right away.
00:28:51.440 You never know when the next shoe will drop.
00:28:53.520 And when it does, emergency food will be hard to find.
00:28:56.400 So get yours now.
00:28:57.520 While it's on sale, go to MyPatriotSupply.com and check out their popular three-month emergency food kit.
00:29:03.780 Right now you'll save $200 per kit.
00:29:07.040 Let me repeat that.
00:29:08.340 $200 per kit savings.
00:29:10.220 Each kit gives you a wide variety of delicious breakfasts, lunches, dinners, drinks, and snacks.
00:29:16.020 Providing over 2,000 calories per day for optimum strength and energy.
00:29:21.660 Act now and claim your $200 savings per kit.
00:29:24.880 You'll sleep better knowing your family won't suffer if the worst ever happens.
00:29:28.700 Go to MyPatriotSupply.com and you'll enjoy free shipping too.
00:29:32.860 That's MyPatriotSupply.com.
00:29:36.360 Here's your host, Stephen K. Vance.
00:29:38.820 Okay, Frank, we've got to book the indictment if we can get that up.
00:29:49.240 I want to make sure everybody's got a chance to go to Barnes & Noble, pre-order.
00:29:53.420 It's on Kindle, on Amazon.
00:29:55.120 Here's what they're telling us.
00:29:56.020 They've laid off 10,000 people, so they're just back.
00:29:58.160 This is not they're trying to suppress it as of yet.
00:30:01.720 So the hard copies will be out there.
00:30:03.620 Also, Frank, you're going to be at the Alliance for Freedom, American Alliance for Freedom, is going to be on the 21st and 22nd in Los Angeles.
00:30:18.740 The greater L.A. area.
00:30:20.200 22nd, 23rd, thank you.
00:30:21.980 Frank Gaffney is going to kick off the conference.
00:30:24.340 Stephen K. Vance is going to end the conference on Sunday.
00:30:26.520 In between, you've got the best of the best.
00:30:28.600 Just incredible.
00:30:30.060 It's called The Beginning Years of the Third World War.
00:30:33.420 For those in the area that can't get a 25% discount, be a War Room Posse member.
00:30:38.400 Just go to the site and just put in War Room.
00:30:40.860 But if you can't go, we're going to make sure the videos, the live streams, we'll get the top things.
00:30:44.360 We want everybody to see this.
00:30:45.480 We want to make this a big deal.
00:30:46.880 It's a collection.
00:30:48.400 Karen Siegman and the team have put together just an incredible collection of people.
00:30:51.860 Also, there's a bunch of stuff on Getter.
00:30:53.200 I'm putting stuff on Getter all the time.
00:30:54.420 This morning, we had Mark Levin's rant, and we always take converts.
00:30:58.380 Love Mark.
00:30:59.360 As soon as we get his mind right on A.D. versus the common era.
00:31:04.920 But there's also this thing about Colby, Eldridge Colby, Bridge Colby, who was a guy in the – he's kind of like a pottinger type.
00:31:13.460 There's a big article about him, I think in Foreign Policy, Frank.
00:31:17.220 And these guys are important.
00:31:18.140 Remember, the purpose – and Politico – the purpose of what we do on this show is to set the path in a way that they eventually come to us.
00:31:28.740 Trust me.
00:31:29.180 They all – they could come – and they have to take interim – and the stations at the cross, they have to take interim stops.
00:31:34.640 They have to take – in their journeys, they have to take interim stops.
00:31:37.080 But you need the pottingers, you need the Colby's, you need the tuckers, you need the Mark Levin's, you need that.
00:31:43.000 That's all coming our way.
00:31:44.080 It's all coming our way because keep in the fog of war.
00:31:48.100 You must be maniacally focused on what you're trying to do, what you're trying to accomplish.
00:31:54.480 What does victory mean?
00:31:55.700 And victory is very simple.
00:31:57.180 It is to assist Lao Baixing, the 1.2 billion souls in China that hate them with a passion, to be able to overthrow them. 0.96
00:32:07.620 And how has that happened?
00:32:09.080 You stop underwriting it.
00:32:11.480 You stop giving them access to our capital.
00:32:14.440 You stop giving them access to our technology.
00:32:17.440 A hard, cold decoupling immediately.
00:32:21.500 And Steve Cortez is right.
00:32:22.480 You didn't start talking about the bioweapons attack reparations.
00:32:26.540 But you also immediately seize their assets, seize their assets.
00:32:31.500 That's stolen from the Chinese people. 1.00
00:32:33.960 We put them in trust and we figured it out later.
00:32:36.480 We divvy it up between Lao Baixing and ourselves.
00:32:38.660 We'll figure that out.
00:32:39.300 We steal it from them. 0.88
00:32:40.240 You'll cut them off to be done in six months, six months without firing a shot,
00:32:45.260 without a carrier battle group out of San Diego and Pearl at the bottom of the South China Sea
00:32:50.560 because the way you're headed, you can't walk into the sucker punch, okay?
00:32:55.680 I'm all for a gunfight when it's time to have a gunfight.
00:32:59.060 But you only have gunfights when you've done every other thing.
00:33:03.080 What the Chinese have been doing this for 30 years. 1.00
00:33:05.540 They understand this.
00:33:07.140 It's Sun Tzu.
00:33:07.820 They want to win without firing a shot.
00:33:09.360 But if they have to fire a shot, they'll do it.
00:33:11.720 We must become savvy.
00:33:13.620 I'm telling you, it ain't going to turn out well.
00:33:16.660 Frank Gaffney.
00:33:18.160 We're a committee on the present danger of the book.
00:33:19.920 What else we got?
00:33:21.460 Well, I just wanted to make two points, if I may.
00:33:24.720 One is the thesis of the indictment, as you mentioned, is that the Chinese Communist Party
00:33:31.820 is a transnational criminal organization.
00:33:35.520 If we treat it as such, it opens up a whole host of opportunities for, as you say,
00:33:41.100 unrestricted warfare against them.
00:33:43.760 And just think about this as one specific point.
00:33:46.500 If they are a criminal organization, and we document that they are crimes against humanity, war crimes against our country,
00:33:55.480 and we can make the point that those fellow travelers, those captured elites, those fifth columnists in our country, 0.74
00:34:07.060 are accomplices to their criminal conduct.
00:34:10.200 Well, maybe there's opportunities here for racketeering charges to be brought by, who knows, maybe even individual citizens.
00:34:18.780 But certainly in the court of public opinion, we can be prosecuting the case that these people have to be put out of business.
00:34:26.020 We have no other choice.
00:34:27.700 And you've laid out the ways in which to do that.
00:34:29.760 Cutting off their capital, stopping the technology flows, seizing their assets here in the United States.
00:34:37.320 One other example, I just say to my friend, Steve, they owe us about a trillion dollars, American citizens,
00:34:45.060 in sovereign bonds from the regime that they replaced.
00:34:51.060 That's some foul money that could go to reparations and all kinds of other things.
00:34:54.960 Anyway, we can do all sorts of things if we put our head towards it.
00:34:58.000 The Committee on the Present Danger China is a font of information.
00:35:02.160 As you say, we're delighted to bring others along behind us, but there's a wealth of information here,
00:35:07.580 and we've tried to distill it in this book to make it accessible.
00:35:11.780 PresentDangerChina.org is where you can find the webinars, and the distilled essence of it is in theindictmentbook.com.
00:35:20.120 In every revolutionary movement, like in the Revolution of 1776,
00:35:24.000 Sam Adams, John Hancock, Patrick Henry, Thomas Paine,
00:35:28.540 you didn't hear a lot about them after the Revolution and after victory.
00:35:32.420 You serve a purpose for a time.
00:35:34.220 That's a vanguard.
00:35:35.260 That's a cadre.
00:35:36.760 That's what this audience is.
00:35:38.100 You're a cadre.
00:35:38.740 Part of this, you're a cadre.
00:35:40.160 The cadre always pushes your pathfinders.
00:35:42.680 You're always pushing it forward.
00:35:44.320 You're always pushing it forward, and they will come to you.
00:35:47.220 They're coming to us right now.
00:35:48.540 Think about it.
00:35:49.060 You had this talk five years.
00:35:49.940 No, no, no, no, no.
00:35:50.840 Look at it.
00:35:51.340 It's all coming our way, and now we've got to inform them how to be savvy, how to be tough, how to make these tough calls.
00:35:57.880 Frank Gaffney, thank you very much for joining us this morning.
00:36:00.460 Appreciate it.
00:36:00.940 Always a privilege.
00:36:01.680 Thank you, sir.
00:36:03.560 Okay.
00:36:03.820 Look forward to seeing you in L.A.
00:36:05.040 Okay.
00:36:05.800 Cortez, by the way, go to BirchGold.com.
00:36:07.840 Now more than ever, I've been working on this for two years, the end of the dollar empire.
00:36:12.520 Steve Cortez kicked it all off a couple of years ago by writing the end of King Dollar.
00:36:16.440 This is the end of the dollar empire.
00:36:18.520 Go to BirchGold.com right now and get it totally free.
00:36:22.000 The third installment is, wait for it, The Debt Trap, talking about what's going on right now with this massive fight about the debt ceiling,
00:36:31.580 about now they're going to blame you, they're going to blame MAGA Republicans for the whole thing, they're going to blame me for the whole thing.
00:36:36.240 Steve Cortez has got to show us why.
00:36:38.200 That's a lie.
00:36:38.940 But go and get all the information you need right now to get, whether you're IRA, you're 401k, or whatever.
00:36:46.000 We're not telling you what to do except get smart.
00:36:48.960 Go get this information from Philip Patrick and the team right now.
00:36:52.640 BirchGold.com slash Bannon.
00:36:53.920 Cortez, they're blaming MAGA now.
00:36:57.380 The Hill newspaper's got that the debt ceiling fight with the MAGA hardcore Republicans is going to cause interest rates to go up, to get people to buy the bonds.
00:37:08.700 The bonds are going to drop in face amount of value.
00:37:11.140 We're going to exacerbate the bank crisis because it's always the fault of the American people.
00:37:18.620 They're the ones that bring this upon us.
00:37:20.500 Do you believe in that thesis, sir?
00:37:22.000 No, not remotely.
00:37:25.200 The salt of the earth American workers are the victims of the economic pain, the economic failures that are being inflicted upon working class Americans right now.
00:37:35.180 Not the cause.
00:37:36.020 They are the victims.
00:37:37.260 And that is why this debt ceiling showdown, it is absolutely imperative that the GOP hold the line.
00:37:44.300 Now, I believe they're going to, Steve, but I also believe they're going to, at least in large part, because this audience, because the deplorables out there are going to insist on it, are going to put the pressure on through calls and emails and, if necessary, peaceful protests to make sure that this GOP majority, which was very hard fought, which we earned last November.
00:38:04.920 And I know there were a lot of disappointments about last November's election.
00:38:07.720 Believe me, I share in those disappointments.
00:38:09.800 But there were also significant victories.
00:38:11.800 And the most significant victory was taking that Speaker's gavel away from Nancy Pelosi.
00:38:17.920 Now, unfortunately, a lot of that victory was effectively neutered by a lot of Republican establishment senators because they passed a budget in advance of that gavel being passed to Speaker McCarthy.
00:38:29.340 So we don't have as many political weapons as we should, unfortunately, because people like Mitch McConnell and Tom Cotton collaborated with Joe Biden to worsen and exacerbate the economic crisis that we're in and to politically steal away the momentum from our movement.
00:38:45.200 But nonetheless, that's spilled milk at this point.
00:38:47.720 We cannot go back in time.
00:38:48.860 What we can do is, from here forward, insist that the GOP leadership hold the line on the debt ceiling and restore fiscal sanity in this country so that we can get on the path toward reclaiming prosperity for Americans.
00:39:02.680 Because right now, Steve, we are in such a terrible place economically that, according to surveys that go back three decades, 78 percent of American people do not believe their children will live a better life financially than they have lived.
00:39:18.100 That is by far the worst read of all time.
00:39:22.320 78 percent of Americans have no hope that their children are going to live an economically better life than they have lived.
00:39:30.460 People are losing hope.
00:39:32.660 They are in despair and for valid reasons because of the reality they are living day to day, because of the stresses and anxieties that they are suffering, because of the economic pain that Washington, D.C. has inflicted.
00:39:44.580 So, no, not only did they not cause it, regular Americans are the victims of this economic imbroglio.
00:39:50.760 And we thankfully have leverage now.
00:39:53.180 We have the tools to at least begin the process of economic healing and restoration.
00:39:57.580 Let's go to – I want to go to your substack now on this segment.
00:40:02.780 We've got about three minutes, and then in the next one we'll talk about some of the economics and news.
00:40:06.460 But you had a substack that's about the syllabus of eras.
00:40:09.420 And I want to tell people how old school – although Cortez went to Georgetown and was a little twisted by the Jesuits.
00:40:15.060 He came in as his parents – his parents built a strong man.
00:40:18.220 This is how old school – this is how old school an original gangster Cortez is.
00:40:22.540 Most people, when you think about the Catholic Church, they say Pius X, Pius X, Pius X, you know, Melga, Pius X.
00:40:27.960 He's a Pius IX. 0.99
00:40:30.000 That's right.
00:40:31.060 This is the individual that saw the future.
00:40:33.940 In the 19th century, two thinkers saw the vision of the 20th century, Nietzsche and Pope Pius IX.
00:40:42.640 One saw what modernity was going to be.
00:40:44.800 The other saw modernity and said, we've got to stop this.
00:40:46.840 Talk me through the syllabus of eras, sir.
00:40:48.540 Yes, and by the way, I was reticent to even use this title because I have such regard for the real syllabus of eras that I don't want to seem flippant.
00:40:56.940 But I do think that there is – I hope that I presented a cogent syllabus of economic errors, which are unfortunately being inflicted upon the American people right now.
00:41:04.920 But regarding the real syllabus of eras, for folks out there, even if you aren't Catholic, I encourage you to read it.
00:41:10.700 Because this man, Pius IX, the longest-serving pope in the history of the Catholic Church of two millennia, this man in the 1800s truly did see the future.
00:41:20.640 And he rails against modernity.
00:41:22.660 And the syllabus of eras is regarded, by the way, by academics and by the social justice warrior set as some sort of reprobate screed.
00:41:35.040 In reality, the syllabus of eras is exactly correct.
00:41:39.280 It's not very long, by the way.
00:41:40.420 It truly is a syllabus, meaning that it's an outline of the various eras that he sees in modernity, that he sees in the Enlightenment.
00:41:47.760 And because of that, and because of my tremendous regard for Pius IX, who was known as Pio Nono – he was affectionately called by Romans Pio Nono, Pius IX – when I thought of the list of errors, the sequential errors that have led us to this place, to this economic precipice,
00:42:04.100 I thought it would be useful for us to review them because if we don't know how we got here, we can't change the forward trajectory.
00:42:11.940 And I believe right now that the biggest risk to the American economy is commercial real estate.
00:42:16.740 And, you know, Steve, you and I talk a lot about comparisons to 2008 and 2009 and how the current situation is like that and how it's different, right?
00:42:24.680 And in many ways, I think it's actually more dangerous right now.
00:42:29.120 Now, the risks are not as obvious.
00:42:31.280 And what I mean by that is in 2008 and 2009, the risks were almost totally in residential real estate.
00:42:36.660 And because of that, it was very front and center to regular people.
00:42:39.660 What I mean by that is everybody had a friend, a neighbor, a cousin who was over their skis on their mortgages, right?
00:42:45.420 So it was very tangible.
00:42:46.420 It was very sort of real to most Americans.
00:42:48.940 It was front and center to them, the risks in the economy.
00:42:51.720 It's different now because the risks are not there.
00:42:54.160 As a matter of fact, credit standards have gotten so tight, it's actually quite difficult to get a mortgage.
00:42:58.340 Anybody who's gotten a mortgage lately knows that.
00:43:00.480 You know, they want to see everything you've ever done in your life.
00:43:03.500 So we're in a very different place in terms of residential.
00:43:05.980 However, on the commercial side, that's where the risks now lie.
00:43:10.260 And I lay out why we got here, the series of policy errors, the syllabus of errors, which we can go through.
00:43:16.040 Hang on.
00:43:16.520 I want to get into those errors.
00:43:19.320 Take a short break.
00:43:20.120 Steve Cortez is with us.
00:43:21.180 The syllabus of economic errors, of the eras of the elites in the Biden regime, all next in the war room.
00:43:29.460 In Joe Biden's America, criminals are exalted and the police are condemned.
00:43:41.060 Sad to say, but you need to be prepared and properly trained to defend yourself and to defend your family.
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00:45:30.640 You need to immerse yourself today, so go do that.
00:45:34.340 Also, we put up, Grace and Moe put up, we got the link to Peter Navarro's, I think it's $10 or $12 for war room posse members.
00:45:41.760 His macroeconomics course, the one he, I think he taught at Harvard, he got a PhD from Harvard.
00:45:46.760 I think he taught at undergraduates there in his PhD years.
00:45:50.620 But it's the same course, strategic macroeconomics.
00:45:53.220 Go get it 10 episodes.
00:45:54.660 We need to immerse you.
00:45:55.740 I don't care if you never went to high school.
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00:46:00.080 You're going to learn this.
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00:46:03.100 And then you're going to look at politics totally differently.
00:46:06.160 Steve Cortez, the floor is yours, sir.
00:46:08.580 So listen, commercial real estate, I believe, is the biggest economic risk to every American's life.
00:46:14.640 Even if you think you are uninvolved in commercial real estate, it matters to you.
00:46:18.620 And let me lay out the reasons why.
00:46:20.340 And this is my new article, The Syllabus of Economic Errors.
00:46:24.040 And I titled it that, by the way, to pay homage to Pius IX, who wrote the actual syllabus of errors.
00:46:30.780 If we can show chart number four, by the way, let's have a quick laugh or a smile if we can before we start to cry about the syllabus of the errors.
00:46:37.520 So that's Joe Biden, of course, on the left.
00:46:39.640 And that is Pius IX on the right.
00:46:41.060 Which one of these two would you rather be governed by?
00:46:43.300 I'll take the guy on the right any day who wrote the syllabus of errors.
00:46:46.900 But getting to the errors, and these are sequential, and they are compounding over the last three years.
00:46:52.600 Why is commercial real estate in such a perilous condition right now?
00:46:56.680 It starts with the lockdowns, the lockdowns of 2020, which were, of course, totally unscientific.
00:47:01.660 They were illogical.
00:47:03.020 They were unfair.
00:47:04.160 They were illegal in large part.
00:47:05.940 But nonetheless, the lockdowns, one of the economic, there were so many dire consequences that we're still dealing with, social, physical, mental, from the lockdowns.
00:47:13.800 But in terms of the economic consequences of the lockdowns, the lockdowns taught a lot of individuals, by necessity, individuals and companies, both workers and employers, that they could effectively or at least effectively enough work from home.
00:47:26.520 OK, so that was the first predicate of this march toward a commercial real estate crisis.
00:47:31.180 We then had, in the summer of 2020, the BLM riots.
00:47:35.040 We had violence and carnage all over the United States.
00:47:37.960 And by the way, those same public health authorities, and I cite this in my article and give the links, those very same public health authorities who told us that for our own safety, we had to stay home, remember this, never forget this.
00:47:48.620 They said, oh, but you get a hall pass.
00:47:50.640 It's OK to congregate.
00:47:51.940 It's OK to gather as long as it's for BLM riots, as long as it is for agitation for leftist narratives.
00:47:59.320 They literally said that to us.
00:48:01.600 OK, so the BLM riots of 2020 created such carnage, lasting violence to this day, decimating city centers around the United States that have effectively made them into no-go zones. 0.88
00:48:12.480 I was just back, Steve, in my home city of Chicago.
00:48:14.760 And on a regular workday, the Chicago Loop is practically a ghost town.
00:48:18.800 And the few people that you do see roaming around are generally unsavory characters, the same kind of situation in downtown San Francisco.
00:48:26.480 So we taught people, by necessity, that they have to work remotely, that they can work from home.
00:48:31.000 We turned the city centers into dangerous no-go zones.
00:48:34.180 What's the result?
00:48:35.160 Well, the result is, unfortunately, massive spikes in vacancies in downtown office buildings.
00:48:41.660 Now, in my opinion, let's go to the charts.
00:48:43.440 Let's look at chart number two, please, if we could.
00:48:45.280 This is vacancy in downtown offices.
00:48:47.860 That chart goes all the way back to 2006.
00:48:50.760 Notice the massive spike in vacancies right now at the far right end of that graph, far worse than 2008, 2009.
00:48:59.160 And, Steve, as I said in the previous segment, most of the risks in 2008 and 2009 were in the residential real estate sector.
00:49:04.420 That's not the case now.
00:49:05.680 The risks are in the commercial real estate sector.
00:49:08.540 So moving on with the sequence of failures, with the syllabus of economic errors, what's the next massive error?
00:49:15.580 Well, what did Joe Biden do?
00:49:16.860 When he took office, he was handed a wonderful economic handoff of an economy that was recovering with low inflation.
00:49:23.640 And what did he do?
00:49:24.420 He engaged in absolutely exorbitant borrowing and spending with the help, with the assistance of collaborationist Republicans on Capitol Hill, particularly in the U.S. Senate.
00:49:33.820 So you take this situation of an already very vulnerable commercial real estate market, particularly as it pertains to office buildings, and you throw on top of that massive amounts of inflation, inflation that was created by Joe Biden.
00:49:48.660 Always remember that, folks.
00:49:49.700 This isn't bad luck.
00:49:50.540 This isn't the business cycle.
00:49:51.760 This is a created crisis of inflation.
00:49:54.500 And then what is the result from there?
00:49:56.460 The result is bank failures, which we're now experiencing.
00:49:58.920 So let's bring this all the way up to the present day.
00:50:01.100 The Silicon Valley Bank failed for a lot of reasons, but as its depositors in tech who were suffering from the very inflation that Biden caused, as they were suffering from that inflation, as they were clamoring for cash and withdrawing their funds from the bank, the bank couldn't meet those obligations.
00:50:15.680 Why?
00:50:16.380 Because its bond holdings were getting killed because of Biden's inflation.
00:50:21.700 So, again, that's why I say these are compounding errors.
00:50:24.140 One feeds off of the next.
00:50:25.900 And what is the result of this bank crisis that we are presently in?
00:50:29.400 And we see a collapse in bank lending.
00:50:31.920 If we can go to chart number three, this is a recent headline from Bloomberg talking about, and this is bringing it all the way to the present day, the most recent data we have.
00:50:39.800 The last two weeks of March, bank lending, Steve, dropped by $105 billion, with a B, $105 billion.
00:50:48.780 That is the most in history in data that goes back a half century.
00:50:54.380 So we now have a credit crunch.
00:50:55.840 We have an absolute collapse in bank lending.
00:50:59.560 That means that the American economy, particularly Main Street businesses, particularly smaller firms who rely on the smaller regional banks, have an absolute dearth, a desert of capital right now.
00:51:11.320 Why?
00:51:11.740 Because of this syllabus of error.
00:51:13.620 So I hope I have laid out in logical terms with facts and figures and charts how we got here and why these risks are so perilous.
00:51:21.020 Elon Musk is suppressing Substack right now.
00:51:24.700 Everybody knows that.
00:51:25.640 How did they get to your Substack?
00:51:26.700 How did they get to your social media, Steve?
00:51:28.060 This is something people must read.
00:51:30.040 Yes, please.
00:51:30.820 SteveCortez.Substack.com.
00:51:32.840 And I do link to it also on my social medias on Twitter.
00:51:36.180 I'm at CortezSteveCortez with an S.
00:51:37.920 Here's the thing about the credit.
00:51:41.060 They're also going to start – it's not just the lending to the small companies.
00:51:46.060 It's also going to be the credit cards.
00:51:47.960 You're going to see these millennials have added all this debt. 0.98
00:51:50.080 You're going to start getting the call.
00:51:51.320 No more of the credit cards in the mail.
00:51:53.360 What you're going to see next, you've got a $5,000.
00:51:55.140 You're tapped down your $5,000.
00:51:56.480 You're paying exorbitant rates.
00:51:57.980 They're going to come to you and say, hey, oh, by the way, that $5,000 has got to be $3,000.
00:52:01.760 How are you going to pay off the $2,000?
00:52:03.080 You watch.
00:52:04.240 The credit restriction inaccessibility is going to be massive.
00:52:08.540 Cortez, thank you very much, brother.
00:52:10.360 Fantastic.
00:52:11.100 The Syllabus of Eras.
00:52:12.440 He's a Pius IX guy, not a Pius X.
00:52:15.280 That's how hardcore an original gangster – remember, two individuals in the middle of the 19th century saw the 20th century.
00:52:24.120 Nietzsche and Pius IX.
00:52:26.600 That's why he wrote the Syllabus of Eras, the Oath Against Modernity. 0.89
00:52:30.960 He saw what it was going to be.
00:52:33.080 Short commercial break.
00:52:34.660 The one.
00:52:35.780 The only.
00:52:36.520 Alex Jones joins us next in the War Room.
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