Bannon's War Room - Episode 2672： The New Era Of Republicanism; Not One Penny To Raising The Debt Ceiling

00:00:01.000 This is the primal scream of a dying regime.

00:00:06.000 Pray for our enemies.

00:00:08.000 Because we're going to medieval on these people.

00:00:11.000 I got a free shot at all these networks lying about the people.

00:00:15.000 The people have had a belly full of it.

00:00:17.000 I know you don't like hearing that.

00:00:19.000 I know you try to do everything in the world to stop that,

00:00:21.000 but you're not going to stop it. It's going to happen.

00:00:23.000 And where do people like that go to share the big lie?

00:00:26.000 Mega Media.

00:00:28.000 wish in my soul, I wish that any of these people had a conscience. Ask yourself, what is my task

00:00:35.380 and what is my purpose? If that answer is to save my country, this country will be saved.

00:00:43.240 War Room. Here's your host, Stephen K. Bannon.

00:00:52.060 Yesterday, the Speaker of the House of Representatives, Kevin McCarthy, went to Wall

00:00:56.880 street he did not tell the wealthy or the powerful on wall street that it was finally time for them

00:01:04.920 to start paying their fair share of taxes that didn't come up

00:01:08.480 other than say they're going to renew the two trillion dollar tax cut anyway i won't

00:01:15.400 instead he proposed huge cuts to important programs that millions of americans count on

00:01:24.100 million middle-class suburban as well as inner city folks. He threatened to become the first

00:01:30.240 speaker to default on our national debt, which took over 230 years to accumulate.

00:01:37.060 He threatened to be the first one to default on the debt, which would throw us in a gigantic

00:01:41.900 recession and beyond, unless he gets what he wants in the budget. Folks, you've got to ask

00:01:48.560 yourself. What are MAGA Republicans in Congress doing? What should terrify every American is that

00:01:55.320 the full extent of DHS's abuse of power against its own citizens are still largely unknown.

00:02:00.680 The public is only recently learning the degree to which the department's cybersecurity

00:02:04.720 and infrastructure security agency, CISA, was employed to surveil and censor American citizens'

00:02:11.220 social media for what it concluded to be misinformation and disinformation. What was

00:02:17.640 the result. Statements about COVID-19 that are now supported by evidence were flagged as

00:02:23.400 disinformation. Statements, including my own, that were once labeled by our government as

00:02:28.840 disinformation, such as opinions on the efficacy of masks, naturally acquired immunity, and the

00:02:36.400 origins of COVID-19 are now supported by the majority of people and by the evidence, but were

00:02:42.500 labeled by the government as misinformation. The government worked with social media, in fact,

00:02:47.220 to censor these opinions. This is something that shouldn't happen in a free country and is contrary

00:02:51.720 to the spirit and the law of the First Amendment. In 2021, DHS even put out a video encouraging

00:02:58.660 children to report their own family members to Facebook for disinformation if they challenge

00:03:04.360 the U.S. government narratives on COVID-19. Does that not sound like something out of 1984? Does

00:03:10.160 that not sound like something out of Stalin's Russia that our government's trying to get our

00:03:14.820 kids to report their parents. I mean, that's crazy. Can you imagine your agency's putting out

00:03:20.560 a video to tell kids to report their parents if they say something like, well, maybe children

00:03:26.100 don't need to be vaccinated. I still say that because it's the truth. The risks for the vaccine

00:03:31.160 are greater than the disease for COVID for children. It's a different for the elderly and

00:03:35.600 those who are targeted for the disease, but that's an opinion based in fact, based on peer review

00:03:39.780 papers. But that's not the government shouldn't get involved with trying to censor and restrict

00:03:45.140 my ability to say these things. In reality, the most significant source of disinformation during

00:03:50.200 the pandemic with the most influence and greatest impact on people's lives was the U.S. government.

00:03:55.920 The greatest purveyor of disinformation has been the U.S. government.

00:04:00.840 It is Wednesday, 19 April in the year of our Lord, 2023. You're in the war room. We're going

00:04:05.920 to talk today about how we're going to pay for this mess and exactly what you are paying for.

00:04:10.920 We are jammed up wall to wall. I want to start with Russ Vought. I got Russ Vought, Cortez,

00:04:15.680 and Navarro out of the box. Let's go to Russ Vought. Russ, there's all types of rumors around

00:04:21.040 everywhere. There's intense negotiation. In fact, right before I walked here in the set,

00:04:25.340 my phone was blowing up with a couple of members of Congress that said there's conferences going

00:04:29.660 on right now, meetings going on, there's lots of discussion. Can you tell our audience where

00:04:34.000 we stand on all this, because this is the creditors committee. You're the lead advisor

00:04:38.740 to the creditors committee. They want to know what's going on this morning.

00:04:42.180 Absolutely. What you have right now is the part of all of the work that's gone in over the last

00:04:48.420 several weeks for Kevin McCarthy to take the views of conservative members, the grassroots,

00:04:55.340 put them into a framework of demands on the debt limit, and come forward this week publicly

00:05:01.280 and begin to get the votes to get that passed.

00:05:04.760 And he did a speech on Monday.

00:05:07.060 We previewed that last week.

00:05:08.480 He then went and talked to his conference yesterday morning,

00:05:12.580 and he's trying to have the conversation with the members.

00:05:16.780 And we're in this new style of coalition government

00:05:19.220 where you have conservatives who are no longer backbenchers

00:05:23.920 participating in what the demands are going to be,

00:05:27.140 and they're putting that forward to be able to get the votes,

00:05:30.500 to be able to start this process and show Mitch McConnell and Joe Biden and this town

00:05:37.720 that there are 218 votes to pass something.

00:05:42.380 And the question is, is that passing something going to be big enough to save our country?

00:05:46.680 I believe what they are putting forward with $4.6 trillion in savings, an immediate fight

00:05:52.800 on woke and weaponized government spending this year, repealing the Inflation Reduction

00:05:57.920 Acton Energy Credits and all the spending in that bill, repealing the student loan bill and all the

00:06:03.580 COVID spending is exactly the kind of thing that they need to do to start this process. But we are

00:06:08.800 only in inning three of a nine-inning game. It's going to take some while, and this is going to

00:06:14.080 play out over the next few months. And over that time, we're going to have to demand that these

00:06:20.800 cuts be enacted, or Joe Biden doesn't get a dime of his debt limit to be able to govern as he

00:06:27.600 thinks he wants to he has to govern on the on the terms of the make america great movement

00:06:32.780 okay pull the camera back for a second because you've laid up uh we love getting nomenclature

00:06:38.880 so the audience and talk about process and the statics and dynamics of negotiations there's two

00:06:44.700 phrases i want you to explain to us again because you've been saying hey we've moved from old

00:06:49.880 testament we're now talking new testament and a whole new you know a whole new way to look at

00:06:55.020 things, plus that you're saying that this could break the cartel. Walk me through both of those,

00:07:02.380 what we're talking about this negotiation. What is it about breaking the cartel, and why is this

00:07:06.280 what you consider New Testament, a new era of kind of republicanism?

00:07:12.480 Really, really important point, and that is House conservatives are at the seat. They have the

00:07:20.880 Rules Committee. They have the Appropriations Committee in independent factions that allow

00:07:25.920 them to direct, in conjunction with Leader McCarthy, Speaker McCarthy. He's got a ton of

00:07:31.380 power. But he's in coalition-style government. He has a junior partner that are no longer

00:07:37.340 backbenchers. So this is not House conservatives raging against what John Boehner would put on the

00:07:43.180 floor. This opening product is informed by what the demands are of the people who are sitting

00:07:50.860 in the House Freedom Caucus, the House Rules Committee, the House Appropriations Committee,

00:07:56.400 both of which them have independent members that can vote on behalf of their faction,

00:08:01.160 House Freedom Caucus. So you have Jake Sherman out there. He's a political

00:08:04.340 kind of regime reporter losing his mind this morning because of the effectiveness and the

00:08:10.060 knowledge that this is an opening product. This is what the House Freedom Caucus would have

00:08:16.520 articulated in their press release on how the demand should go. That's what's different about

00:08:22.020 this. And if it doesn't work out, we're in inning three. If it doesn't work out in inning four,

00:08:28.120 inning five, who has real power to make sure it gets out of that cul-de-sac? The House Freedom

00:08:33.880 Caucus. So that's what this is New Testament. You have some people saying, well, it's not regular

00:08:37.620 order, this or that. Again, this is House conservatives have real power and are executing

00:08:44.560 it in conjunction with Speaker McCarthy.

00:08:48.360 Now, every member has a vote.

00:08:50.260 They're trying to figure out the fine prints of the details.

00:08:52.580 Am I going to like this?

00:08:53.720 Do it go as far enough?

00:08:55.200 And all of that's legitimate.

00:08:56.800 But in terms of the flow of this week, this is moving towards, this is how, if we're trying

00:09:02.740 to win, to be able to use this leverage point in the summer to crush woke and weaponized

00:09:08.040 bureaucracy, this is part of how you would structure that fight.

00:09:12.320 And I'm really positive this morning.

00:09:13.600 I need to read the bill when it finally comes out.

00:09:15.720 But from what I can tell right now, what I'm judging, I'm judging execution at every step of the play, step of the way.

00:09:22.980 This isn't we're in a good place and we're moving in a good direction.

00:09:26.840 So, look, the war room posse in the creditors committee, we're at not one penny do a rust votes, prioritization of payments, enough cash comes in.

00:09:36.040 We never default. So the hardliners are the hardliners.

00:09:38.840 But what I'm hearing is on the table is a trillion and a half to two trillion dollar bump, which would basically take you to next spring to the debt.

00:09:46.920 But concomitantly, at least a trillion, maybe a trillion and a half dollars of real cuts, not over 10 years, but real cuts in the short term.

00:09:56.520 Can you explain to people that? Because the cuts we're talking about, not it's not this thing about get to a balanced budget in 10 years.

00:10:02.100 the Andy Biggs's of the world, and these guys are talking real cuts,

00:10:07.280 demonstrable cuts, out of Woken Weaponized, but done in period zero. Is that correct?

00:10:13.620 Correct. So that's what's different about this, is it's not just the 10 years of setting up the

00:10:20.080 framework for the cuts to happen, but you have a trillion dollars to be able to say,

00:10:25.880 we're getting rid of the COVID bailouts, we're going to get rid of the IRS agents,

00:10:31.860 We're going to get rid of the student loans, unobligated balances, and that annual process, which I'm the most excited about, the 20% cut that works out to be like a 30% cut or a 50% cut of foreign aid, huge structural cuts to the bureaucracy are a part of this framework.

00:10:50.540 That is what would happen in year one.

00:10:52.840 Now, there's a lot of questions about making sure that gets executed, actually passed and sent to the president's desk.

00:10:58.260 I have a lot of opinions on that, and I think we've got to monitor that carefully.

00:11:02.900 But how do you structure that fight?

00:11:05.700 That's what this week and next week is about.

00:11:08.480 And I love that. 0.59

00:11:09.740 I think the war room posse is exactly right.

00:11:12.580 Not a dollar of debt limit increase until these cuts are being enacted.

00:11:19.140 And how you get to that place is going to be inning by inning, but that's the right posture.

00:11:25.940 And we've got to be sending that to the members of Congress because that's what business is usual, and we can't have that.

00:11:33.500 The other thing that I just want to make sure we got this right for the posse that I think is a huge positive, that the way it's structured now, this rolls into – we have this – first off, it's a rolling process.

00:11:44.920 You also have this fight coming again in the spring, early summer of 2024, right at the end of the primary season, right before the convention.

00:11:52.380 So it becomes front and center in the 2024 campaign, which Schumer and all these guys always want to kick it to after the campaign.

00:11:59.680 The structure that we have now of the process means that literally for the next two years, this is a fight over taking the Leviathan down and cutting the spending.

00:12:09.520 Is that essentially what this process looks like to you?

00:12:13.040 You nailed it.

00:12:13.660 And that's why I think that's part of the New Testament of doing it a new way, is that

00:12:17.360 every year you would have some real leverage point that can't be kicked in to ensure that

00:12:22.780 the cuts can happen in every single year that gets us to a balanced budget.

00:12:27.540 So the big problem we have, Steve, is that we work so hard to have this moment in time

00:12:32.120 and a leverage point.

00:12:33.520 And then we don't know what the politics are going to be next year or the year after, but

00:12:37.920 we know that we're going to have to be doing work then to either maintain the cuts we did this year

00:12:43.160 or to additional ones because of the economic environment that we're in. This ensures that we

00:12:48.880 have the sword of Damocles every spring, every summer to force the cartel to come out of the

00:12:55.120 closet, out of the backroom deals, and get to the floor of the House and force them to be at our

00:13:02.160 numbers. I think this puts us on the road to doing that. And I think that's the kind of thing that

00:13:07.340 we are seeing that we were never been able to see on the other side of the speaker's power sharing

00:13:11.920 deal in January. All the criticisms of the chaos of the first week of January, the reason we have

00:13:19.560 ordered a process today and able to really have leverage points is because of that week. Am I

00:13:24.340 correct in that? Right. And a central contention that you've had, Steve, for years is that they

00:13:29.820 always want to come out to us and they say the populace, the MAGA movement, they can't govern.

00:13:33.800 And what the mainstream media has been doing for the last three months is it's all going to be chaos. Kevin McCarthy can't get it done. House conservatives will never help him. And I've been saying that is that is not true. House conservatives knew when they signed the power sharing agreement that they would be governing because for the first time they had real power and they can ensure that their voters interest were at the seat at table.

00:13:57.780 This is an opportunity to disprove what the Jake Shermans of the world, the politicos, the Jake Tappers of the world, that says that our folks can't govern.

00:14:07.600 And I think you're going to see that in the next two weeks.

00:14:11.160 Russ, how do people keep up with you on social media because you're putting stuff up nonstop and how do they get to the site?

00:14:16.920 At RussVoteAmericaRenewing.com, and we'll keep you updated.

00:14:21.360 Appreciate the time.

00:14:24.040 Russ, incredible.

00:14:25.380 Thank you very much.

00:14:26.100 Get back into the negotiating room.

00:14:28.300 Russ Fodor.

00:14:28.760 Okay, we're going to take a short commercial break here.

00:14:31.500 We're going to return.

00:14:32.320 We've got Cortez.

00:14:33.120 We've got Navarro.

00:14:33.820 We're going to break this all down.

00:14:34.900 We're not chasing noise today.

00:14:37.420 We're focused on signal.

00:14:39.240 The signal we're focused on is how do we save our country from an economic and financial debacle

00:14:44.240 that will basically overwhelm generations to come.

00:14:47.940 Short commercial break.

00:14:48.800 Back in the warm in a moment.

00:14:56.100 Let's take down the CCP. 0.52

00:14:59.420 Inflation has consequences.

00:15:01.740 As the Fed raises interest rates to combat out-of-control government spending,

00:15:06.920 long-term bonds have diminished in value, crippling banks.

00:15:10.640 Depositors are holding their breath, and investors are bailing on bank stocks.

00:15:16.080 Diversification has never looked more important to you.

00:15:21.380 The recent surge in gold prices is directly tied to the extreme market volatility right now.

00:15:28.100 This is why gold has historically been a great hedge against the stock market and against inflation.

00:15:34.180 Now would be a great time to diversify into gold with Birch Gold Group.

00:15:39.220 Birch Gold makes it easy to convert an IRA or 401k into an IRA in precious metals.

00:15:45.360 Here's what you need to do.

00:15:47.400 Text Bannon, B-A-N-N-O-N, 298-9898 to get a free info kit on gold.

00:15:54.380 They'll help you convert your existing IRA or 401ks that are tied to a volatile market into an IRA in physical precious metals, either gold or silver.

00:16:05.080 And here's the best part.

00:16:06.520 It's tax sheltered.

00:16:08.220 Let me repeat that.

00:16:09.020 It's tax sheltered.

00:16:10.780 Text Bannon to 989898 to claim your free info kit on gold today.

00:16:15.800 With an A-plus rating with the Better Business Bureau, thousands of happy customers, and countless five-star reviews,

00:16:23.060 Birch Gold is who you can trust to protect your future.

00:16:26.560 Text Bannon to 989898 today.

00:16:30.560 Take action.

00:16:32.120 Your host, Stephen K. Bannon.

00:16:37.380 Okay, we're in the middle of this fight.

00:16:39.000 I want everybody to go to birchgold.com to make sure that you get the end of the dollar empire, particularly the third installment.

00:16:47.780 It's totally free.

00:16:48.900 Third installment, The Debt Trap.

00:16:52.180 We talk about everything that's going on today and about the negotiations.

00:16:56.320 Also, since Japan, India, China, Russia are buying gold nonstop, you might want to talk to Philip Patrick and the guys to get all the free information about your IRA and 401ks and precious metals.

00:17:07.680 Just check it out today, but make sure that you get all of the information we're putting out about the end of the dollar empire.

00:17:13.820 As we told you a couple of years ago, we're entering the phase of the politics of money.

00:17:18.480 Right there, Russ Vogt laid out, this is going to be a continual, tough negotiating process.

00:17:23.160 Because remember, we're a going concern, but we're bankrupt.

00:17:26.340 This is a bankruptcy.

00:17:27.320 This is how bankruptcy negotiation goes.

00:17:29.540 And that's why you're head of the creditors committee.

00:17:32.320 And it's your say-so because, remember, quite frankly, there's 40 votes, 50 votes that we have.

00:17:37.860 So they can't do anything without those votes.

00:17:39.800 That means they can't do anything without this audience.

00:17:41.860 We're going to get into more details of this with Dr. Peter Navarro and Steve Cortez.

00:17:45.780 Steve, first, I did that cold open because I wanted to compare and contrast this whole thing of how we pay for it and what we pay for.

00:17:53.020 But then you get down to the heart of it.

00:17:55.480 What is this government actually doing?

00:17:56.980 What is Leviathan doing?

00:17:58.220 And you got there.

00:17:59.140 You got Rand Paul, one of the best guys in the U.S. Senate.

00:18:01.600 He just laying in and it gets back to the it gets back to the pandemic.

00:18:05.300 It gets back to this whole thing of trying to crush, you know, the free speech dissent.

00:18:10.640 It's just completely. And why are we paying for the woke and weaponized?

00:18:15.180 Steve Cortez. Now, Steve, you make an important point here.

00:18:18.420 It's not just the economic calamity. That's terrible enough on its own.

00:18:22.160 But what is government? What is Leviathan doing with this massive amount of money that is crushing the prosperity of the American people?

00:18:28.720 It's not investing in America, even though they use that term. They throw that term quite a lot.

00:18:32.980 It is oppressing Americans. It is inflicting tyrannical mandates upon Americans.

00:18:37.760 It is making Americans not just poor, but also far less free.

00:18:42.360 And, Steve, I want to point out, you know, right now, this showdown that we're having in Washington, D.C., it is tense, no doubt.

00:18:49.000 But it's also very exciting because it's incredibly consequential.

00:18:52.520 And to all the deplorables out there who worked their tails off last November to earn this victory of control of the House, I want you to quickly give yourself a pat on the back.

00:19:01.940 And I say quickly because then you've got to get right back to work.

00:19:04.200 But all the people who donated, who put out yard signs, who made calls, who knocked on doors, who encouraged their friends and family to get out and vote, we earned this seat at the table by taking the gavel away from Nancy Pelosi.

00:19:16.860 And now we have the showdown that we all wanted to try to reclaim our prosperity and put the country back on a trajectory toward non-inflationary growth.

00:19:27.740 Now, to give the immediacy of this situation, I'm going to give a live, almost real-time update, as real-time as we can get.

00:19:34.160 We have numbers through the end of March on what the deficit is doing right now in the United States.

00:19:39.680 So if we can please pull up chart number three.

00:19:41.840 This shows the deficit through March of this year.

00:19:45.020 this information comes from the Bipartisan Policy Center, which is not a right-wing organization

00:19:49.820 at all. It was founded by Tom Daschle and George Mitchell. That's where I'm getting

00:19:53.040 my numbers. So through March, which is the latest we have, revenues for the federal government have

00:19:58.300 decreased year over year by $2 billion. Outlays have increased by $182 billion, a 36% increase

00:20:09.460 year over year. And so far, the budget deficit is roughly doubled on a year-over-year basis.

00:20:15.720 So Steve, think about how exorbitant the borrowing and spending was last year. We took that

00:20:21.720 untenable, totally unstable level, and we have made it markedly worse so far this year.

00:20:29.000 So the situation is dire. Hold on, hold on. Cortez, slow down for a second. This is the

00:20:33.740 first time I've seen this. It's fascinating. Let's go back and do that all over again. I want to make

00:20:37.380 sure I comprehend it. So I know the audience is probably ahead of me in this. Just hit rewind and

00:20:42.180 take that again. If we can put chart three up there again. And again, this is from the Bipartisan

00:20:46.180 Policy Center. These are updated totals through the month of March. Revenues for the federal

00:20:52.140 government, tax receipts, because Biden's economy is crashing into a ditch. The revenue, if you

00:20:57.940 think of the United States like a company, the revenue is down. It is down by $2 billion year

00:21:03.840 over year. By the way, one of the reasons it's down, Steve, which the Bipartisan Policy Center

00:21:08.520 also pointed out, and I congratulate them for doing this because it's generally a sort of

00:21:12.980 Washington uniparty organization. One of the reasons it's down is last year, there was a $60

00:21:17.960 billion benefit from the Fed who was making interest rates on it, or excuse me, making

00:21:23.440 profits on its interest rate bond buying program. It is now losing money massively month after month.

00:21:28.820 So we have lost that tailwind, OK?

00:21:31.100 So losing that tailwind combined with the weak Biden economy means revenues into the

00:21:37.120 federal government down by $2 billion.

00:21:38.940 At the same time, the spending is exploding, outlays, spending increased by $182 billion.

00:21:47.980 And Steve, let me show you one of the real world ramifications of this in terms of inflation,

00:21:51.940 what this means.

00:21:52.520 And we can go to chart number two, please.

00:21:54.500 I want to show you agricultural prices.

00:21:56.160 Americans are understandably just aghast when they go to the grocery store.

00:22:00.380 And middle-income folks, especially if they have larger families, Steve, they are struggling

00:22:04.240 simply, literally, to put food on the table.

00:22:06.480 That's not a metaphorical statement.

00:22:08.120 That's a literal statement.

00:22:09.500 So what I'm showing you right here is the last three months, this is the agricultural

00:22:13.400 ETF, exchange-traded fund, meaning in one ticker, the ticker is DBA, you get basically

00:22:19.140 all of the physical agricultural commodities put into one.

00:22:22.080 So pork bellies, lean cattle, soybeans, wheat, all of it, corn, OK, put into one single ticker.

00:22:29.220 That's the last three months. Notice what ag is doing recently.

00:22:33.680 So these are the input prices. These are the wholesale prices at the farm, at the feedlot that are going to become your prices very soon at the restaurant or the grocery store.

00:22:43.760 In the last three months, up roughly 10 percent. And these two charts are directly related, Steve.

00:22:49.880 It's not because we're having problems out there because there's some sort of severe drought out there in the country.

00:22:53.960 No, it's because of the chart that I showed previously, Washington's profligacy, its exorbitant borrowing and spending, continues to fuel inflation throughout the U.S. economy.

00:23:05.700 And the place where that inflation right now is most punishing, particularly for middle and lower income folks, is in food, is at the grocery store.

00:23:12.500 And you see it reflected in that chart of DBA.

00:23:15.120 So I hope that those two charts combined provide a sense of urgency out there and convey the immediacy of this situation.

00:23:23.120 That's the terrible news is we are in a corner.

00:23:25.300 The great news is we have leverage.

00:23:27.160 We have we have we earned leverage.

00:23:28.660 We earned the seat of the table.

00:23:30.180 We have the gavel for the House of Representatives.

00:23:32.160 And right now it's it's showtime.

00:23:34.160 I mean, it really is.

00:23:34.980 And like I said, it's tense, but it's exciting.

00:23:38.320 It's going to be tense.

00:23:39.320 And because this audience is going to be at the at the forefront of it.

00:23:42.740 Let me connect some dots here.

00:23:44.660 One of the reasons you heard Chip Roy come out yesterday and say, hey, something is on the table.

00:23:50.520 You've heard us talk about clawbacks of money that hadn't been spent from the pandemic relief, things like this.

00:23:56.540 You also heard Chip Roy yesterday say, hey, I want to shut down, reverse the Inflation Control Act, which was really just build back better in a slightly smaller.

00:24:08.020 Let's go back to the summer of 22.

00:24:10.500 uh they thought the democrats thought in the summer 22 they were going to lose the senate this

00:24:16.620 is why i remember joe manchin got old-time religion and came back and all of a sudden out of nowhere he

00:24:20.460 had this that was the inflation control act the reason you see the bigger spending i just want

00:24:24.620 people to make sure they understand this you have the um you had the uh the the bill we passed

00:24:30.400 of uh the the huge omnibus bill at the end of the year which is a spending for the year but in

00:24:35.760 addition, you've got all these other things they pass. That's when you see this spending

00:24:41.100 exploding. It's even bigger than the deficits that were forecast just in the regular monster

00:24:48.680 Leviathan omnibus bill that they pass. You've got all this, you know, you've got the infrastructure,

00:24:53.560 you've got the inflation, the bill back better. You still have the American Recovery Act. You

00:24:58.460 have all this thing. It's just packed with spending money that we can't finance. Now you're

00:25:04.160 seeing this gap coming up. And look, one of the things they're going to do is that this battle

00:25:09.420 right now between do they run out of money in June and do they run out of money in September,

00:25:13.220 October, one of the things they're going to start coming in now is saying, hey, we are going to

00:25:16.960 start running out of money earlier. That's why we still need to press Treasury for the actual

00:25:23.140 model itself. They still have not come forward. You know, Biden's regime has not come forward

00:25:28.220 and really given us. You're getting this from one of these third party research groups. They're

00:25:32.280 looking at the numbers for the end of the first quarter they have to report at no time has treasury

00:25:36.480 come steve and actually given us a model or their plan they keep talking to republicans about

00:25:41.040 our plan they have really not put their plans the following a 6.8 trillion dollar budget that they

00:25:47.680 can't finance and they want a complete complete lift on the debt ceiling and permanent they don't

00:25:53.180 want a number they just want to raise the debt ceiling and in the devil take the hindmost here

00:25:58.580 and this is what i love about this process this is an ongoing gunfight between now and november

00:26:05.200 2024 and always front and center is going to be cutting the spending and that's why right now

00:26:10.660 this audience more than ever right you didn't get as many seats as you wanted but we got enough

00:26:15.640 seats to get in the fight and really control the fight we have to be the hardliners not one penny

00:26:20.980 increase to the debt ceiling. That's our bid right now. Not one penny increase. Steve Cortez.

00:26:29.620 And Steve, here's the beauty of the current situation. It's not just the right thing to do

00:26:33.840 financially and economically for the American people. It's also politically expedient right

00:26:39.260 now. Paul Bedard, who's an excellent columnist, The Washington Examiner, he put up an article

00:26:43.700 yesterday. I posted it on my social media with some significant polling. Deficit reduction is

00:26:49.360 front and center. It is a primary aim, policy aim, of the majority of the American people right now,

00:26:56.480 including even in Dem-leading Biden voting districts. He broke it down by Biden voting

00:27:03.700 districts. They want deficit reduction. And I think this is maybe even more significant,

00:27:08.260 as significant as that is. This might even be more important. They also say that if a deal is

00:27:12.900 not reached in Dem districts, they are going to blame Joe Biden. Joe Biden refuses to negotiate

00:27:19.160 at all, much less negotiate in good faith. The American people are aware of this. And part of

00:27:23.880 why they're aware of it, again, connecting it back to that agricultural chart, is because they know

00:27:28.240 the price they're paying at the pump, at the grocery store, the rent, the utilities bills,

00:27:33.100 all of it. They're aware of that. And they're smart enough, even though they're not economically

00:27:36.760 minded, they're smart enough to connect the dots and say, this has a lot to do. It flows directly

00:27:42.160 from the insanity in Washington, D.C. And if this insanity is not solved, I'm not going to blame

00:27:47.620 House Republicans. I'm going to blame Joe Biden, even from Dem districts. So it's not just the

00:27:52.640 right policy. It's not just the right thing to do for the United States. It's also politically

00:27:57.800 expedient at this point. That doesn't always line up, but it sure does right now.

00:28:03.360 Cortez, I want you to hang over a second. We'll hold you through the break. By the way,

00:28:05.960 Frank Luntz was on CNN about how to beat Trump. And it got all the way down to the most important

00:28:10.920 issue. This is Frank Luntz from his focus groups, the debt ceiling, the national debt.

00:28:15.780 Okay, short commercial break. We're going to come back to the creditors committee in the war room in just a moment.

00:28:31.060 Stephen K. Bannon here with a warning.

00:28:33.780 When's the last time you checked the legal title to your home?

00:28:37.900 What if the title to your home, the legal document that proves you actually own it, is in some criminal's name?

00:28:45.120 That's home title theft, and it's a total and complete nightmare.

00:28:49.440 Home titles are online now.

00:28:51.200 Once a criminal forges your signature, it's a race against time to stop him before he takes out loans against your home, or worse, sells your home.

00:29:00.760 So when's the last time you checked your home's title?

00:29:02.800 My partners at Home Title Lock demonstrate how criminals get you in minutes.

00:29:08.480 They found the title to my home online and forged my signature, stating I sold my home.

00:29:14.040 Some criminal was now the owner.

00:29:16.560 Home Title Lock helps shut it down.

00:29:19.340 That's what they do better than anyone on this planet.

00:29:23.240 How do you know some criminal hasn't taken over your title to your home?

00:29:26.200 Find out free with a sign-up and get 30 days.

00:29:29.100 Let me repeat that.

00:29:30.060 30 days of free protection when you use promo code Bannon at HomeTitleLock.com.

00:29:35.420 That's HomeTitleLock.com, Bannon.

00:29:38.860 That's promo code Bannon at HomeTitleLock.com.

00:29:42.200 HomeTitleLock.com.

00:29:43.580 Do this today.

00:29:44.500 Take action, action, action.

00:29:47.380 Use your host, Stephen K. Bannon.

00:29:53.820 Okay.

00:29:55.620 You're not going to get many hours of sleep, particularly now that you're at the Ramparts.

00:30:00.120 What you need is to maximize those hours with the best sleep possible.

00:30:03.320 You do that on theproductsofmypillow.com.

00:30:07.220 Sleep the sleep of the just.

00:30:08.420 They got the toppers.

00:30:09.260 massive sale on the toppers this toppers 2.0 whole new technology for the toppers plus you

00:30:15.780 got the my pillow 2.0 a new release there these things are on fire mike's been putting a lot of

00:30:20.800 time effort and r&d into new product release so you got the topper 2.0 with a big super discount

00:30:25.460 you got the buy one get one free on the top on the pillow 2.0 you get all that at mypillow.com

00:30:32.160 uh slash war room promo code war room you go to our square and he's got tons of other sales plus

00:30:38.180 I think he's still got the percal sheets at an inventory clearance price.

00:30:43.040 Once those sheets are gone, you're not going to get a shot at them again.

00:30:45.560 So go check it out.

00:30:46.420 Make sure you support the armor-piercing shell that is Mike Lindell.

00:30:51.140 So that's mypillow.com, promo code WORM.

00:30:53.960 Steve, let's go back to it.

00:30:55.080 I want to go through one of the smartest.

00:30:56.540 I want to make sure the audience understands that this is all inextricably linked with capital markets,

00:31:00.640 and particularly not good guys but smart guys in capital markets.

00:31:06.720 They're actually signaling quite heavily what they're doing.

00:31:10.700 Walk us through.

00:31:11.800 Look, we're not here to tell you what to do with your money,

00:31:13.780 but what we try to do is immerse you in both macroeconomics and enough microeconomics

00:31:17.540 that then you can reach out to your financial advisors.

00:31:20.820 But everybody has got to, at this time in the country's history,

00:31:25.020 you have to immerse yourself in understanding how our economy works,

00:31:29.000 how you fit into it, and then this is a time for self-reliance

00:31:32.940 because I've got to tell you, there are some businesses

00:31:35.560 and some folks are going to get swept away in this, and it's not going to be pretty.

00:31:39.000 Steve Cortez.

00:31:40.120 No, the risks are rising dramatically, and you're exactly right.

00:31:43.560 We're not making investment decisions for folks, but we want to arm them with the information

00:31:46.960 so that they can make the most informed choice.

00:31:48.860 And speaking of choices, BlackRock, which is a firm that we are obviously no fans of

00:31:53.820 in the patriotic populist movement, but nonetheless, a brilliant firm, clearly.

00:31:57.780 You don't build that kind of a behemoth without being extremely smart about money management.

00:32:03.160 So we have to pay attention to what they say and what they do.

00:32:06.760 BlackRock has now gone on the record, and this was the headline, ditches 60-40 portfolio

00:32:11.820 in new regime of high inflation.

00:32:15.400 So what is a 60-40 portfolio?

00:32:17.600 Traditional asset management for individuals most of the time, as long as they have years

00:32:22.380 and years until they need the money into retirement, is you put 60% of the money into stocks,

00:32:26.740 40% into bonds.

00:32:28.480 And over time, most of the gains come from the stock side, but the bond side provides you a stable income and insurance for the times when that 60% gets really volatile.

00:32:37.780 For the last century, it has basically worked very well over time.

00:32:41.500 And that has been sort of the robotic default asset allocation model for individuals to invest.

00:32:47.320 BlackRock is now saying that it's ditching the 60-40 portfolio because of the new regime of high inflation.

00:32:53.900 So that tells us that even if inflation right now is slightly less worse than it was, inflation is still terrible in the estimation of BlackRock, which, again, I absolutely hate the firm, think it's a malevolent force in American society, but extremely smart investing firm.

00:33:10.100 BlackRock clearly believes that that is not transitory, contrary to all the lies told to us by Jay Powell and by Secretary Yellen, that it's not transitory, that we are in a new era of sustained higher inflation.

00:33:23.240 So this is very, very big news. And folks should pay attention. I think that, again, you have to make your own informed decisions, but realize what the oligarchs are doing. And when they're willing to tell you what they're doing, as in the case of BlackRock, I think it's very significant.

00:33:37.240 By the way, getting to that point, to give you information and a data point outside of BlackRock of this sustained era of high inflation, high inputs for individuals and for businesses, J.B. Hunt, let's take this from high finance to trucks, to trucking on the road.

00:33:52.900 J.B. Hunt just came out with an earnings report that, for the most part, was pretty dismal, particularly the comments that came from their CEO.

00:33:59.880 And J.B. Hunt, I think it's the biggest trucking firm, but it's not.

00:34:02.240 It's close to the biggest trucking firm in America.

00:34:04.400 If we can pull up chart number one, please, slide one.

00:34:07.160 I'd like to show this quote, and credit to Bespoke for finding this from the report.

00:34:12.200 The CEO of J.B. Hunt said this, quote, deflationary price pressure for an industry that continues to face inflationary cost pressures.

00:34:22.880 Now, what does that mean?

00:34:24.080 The CEO of J.B. Hunt is saying deflationary price pressures, meaning demand is soft in the economy.

00:34:30.720 So it's hard for J.B. Hunt to continue to charge its customers higher prices to move its goods.

00:34:36.880 So there's deflation on that side.

00:34:38.760 They have to charge lower rates to truck the goods around the United States.

00:34:43.160 But at the same time, their input costs, particularly energy for a trucking firm, their input costs remain in an inflationary period.

00:34:51.280 So this is the worst of all worlds.

00:34:53.340 He is very much describing right there, although he doesn't use the term, he is very much describing stagflation.

00:34:59.500 This is stagflation on steroids, something the United States had not experienced since the 1970s until Joe Biden.

00:35:06.740 So that's the era we're in.

00:35:08.600 And if you connect the dots there between what BlackRock is telling you about high finance and then what J.B. Hunt is telling you about literal trucks on the road,

00:35:17.260 that paints the picture for you, again, of how how worrisome and how dangerous the economic

00:35:24.120 state of the United States is right now and why it is so imperative to hold a line in Washington,

00:35:29.720 D.C. in these present negotiations on the debt. Trucks don't lie. The trucks don't lie.

00:35:36.500 Right. I always say price is true. Right. And Shakira says hips don't lie, which I'm sure is

00:35:42.200 true. But trucks certainly do not lie. By the way, you know, let's go to one more data point,

00:35:46.660 Let's go back to the world of high finance.

00:35:49.100 If we go to chart number four, this is from Bank of America.

00:35:52.280 Bad news out of Bank of America laying off 4,000 people, massive layoffs at Bank of America.

00:35:58.060 And the Financial Times, which is Steve's favorite paper, I don't like the Financial

00:36:01.020 Times, but it's Steve's favorite paper, they also point out here, and this is a quote from

00:36:05.460 the FT about B of A, B of A set aside $934 million to insure against credit losses.

00:36:15.100 And to put that in context, at this time last year, they only had a $50 million insurance fund.

00:36:21.140 That's how non-worried they were a year ago about credit losses.

00:36:26.140 They have now ramped it up 20 times.

00:36:28.600 They have almost a billion dollars set aside to guard the bank against credit losses.

00:36:34.860 This gets steeped to what we were talking about yesterday in terms of the credit crunch, which is ongoing and intensifying in the United States.

00:36:42.080 It's when a firm like B of A says, you know what?

00:36:44.340 We need 20 times the set aside for credit losses.

00:36:47.860 That shows you how dire, again, this situation is.

00:36:51.600 This gets back to your personal life.

00:36:53.280 A lot of people say, hey, can you do a better job of connecting some of this?

00:36:56.260 Because at the high concept level, we understand it, but how does it relate to?

00:37:00.620 When B of A, it's 20 times they've increased it.

00:37:02.480 When they say credit losses, that means they're writing off debts.

00:37:06.320 People are not being able to pay it back, right?

00:37:08.240 So these are going to be – these are losses on the face amount of what they lend versus what they're going to get back.

00:37:16.080 This leads them to the next stage, which is credit contraction.

00:37:19.760 They're going to say, hey, in this part of the business cycle, maybe we're not going to – we can't do this again.

00:37:24.760 We can't write off another $900 million.

00:37:26.780 So let's do it this way.

00:37:28.080 Let's contract the credit before we lend it, and let's make sure that we're charging, obviously, higher rates, but we have much higher requirements.

00:37:36.640 because in this downturn, we're not going to do it.

00:37:39.160 This is why this in the cycle, the next phase to hit people,

00:37:42.300 and I want to get into commercial real estate,

00:37:44.120 but it also is just overall credit availability.

00:37:47.380 You're seeing all the banks talk about right now a contraction in credit.

00:37:50.900 What that means for you is no more for the college kids or the millennials,

00:37:56.080 there's not going to be 10 envelopes in your mail every week

00:37:58.740 with a credit card that you don't even have to fill anything out,

00:38:01.480 and they're going to give you a $1,500 credit line.

00:38:03.680 Those days are over.

00:38:04.580 In fact, what you're probably going to see is pressure on the credit cards you've got to say, hey, maybe that $5,000 credit line that you're tapped out on and you're paying 29% a month, maybe we've got to bring that back.

00:38:17.120 Also, mortgages, mortgages, second mortgages, everything related to credit, unless you're AAA rated plus, which even with a great credit rating as an individual, it's quite difficult to get those types of terms.

00:38:29.520 So Steve Cortez, walk me through commercial real estate and also what Bank of America is telling us about credit contraction.

00:38:37.080 Yeah. And first, just a quick point before I get to commercial real estate on the residential side, since you mentioned the mortgages, you know, you're exactly correct how difficult it was already fairly difficult to get a mortgage.

00:38:46.420 Anybody who's done one lately knows that it has gotten even more difficult, massively so in recent weeks because of what has happened to banks, particularly regional banks.

00:38:54.500 And that connects back to the chalk talk that we showed yesterday that's still up on my social media, where I talk about the growing institutional presence in the single-family home market, which used to be practically zero.

00:39:06.480 It is growing dramatically.

00:39:08.140 Met life projections, say, by the year 2030 at present rates, 40% of new home sales are going to be purchased by institutional investors.

00:39:16.520 That's something that should frighten every American because individual home ownership has always been a bedrock principle and an aspiration of America.

00:39:26.060 It's getting increasingly out of reach. But to get back to the commercial real estate side, because I do believe that the residential real estate market right now, while prices have softened lately, you don't have a lot of leverage over there because the lending standards have been so stringent.

00:39:38.320 So this is not like 08 and 09 in that regard. However, where are the risks? It doesn't mean that we're not in a risky situation.

00:39:45.000 In fact, I think we may be in a more risky situation than 08 and 09. The risks now are in commercial real estate.

00:39:53.040 And if we have a headline from Bloomberg to put up, Bloomberg is catching up.

00:39:56.500 You know, look, Steve, War Room, you are always ahead of the curve. You are ahead of Bloomberg, the Financial Times, all of them.

00:40:02.340 Right. And in this case, Bloomberg, welcome to the party. Hedge fund titan.

00:40:06.580 Marshall warns real estate is the next shoe to drop. Commercial real estate could face the next crisis of confidence.

00:40:14.600 And by the way, I think they're exactly correct, of course.

00:40:17.120 You heard it here first, though.

00:40:18.360 And what's going on with commercial real estate?

00:40:20.300 Well, two things.

00:40:20.960 First of all, commercial real estate was financed, heavily, heavily leveraged and financed on

00:40:26.260 the assumption that interest rates would stay extremely low for very long periods of time.

00:40:31.060 That's the first assumption.

00:40:32.060 The second assumption is high demand, that people need to go to work somewhere, right?

00:40:36.020 It was considered to be relatively safe, relatively boring investment.

00:40:39.740 Well, both of those assumptions have been absolutely blown out of the water, primarily by the Democrats.

00:40:45.040 First, Biden's exorbitant borrowing and spending, his attack on American energy, caused interest rates to absolutely soar.

00:40:50.880 Secondly, the tyrannical and unscientific lockdowns forced Americans to learn to work remotely.

00:40:58.160 And that has persisted into this time.

00:41:00.440 In addition to that, city centers have become wastelands of crime and degradation.

00:41:06.020 And it's very understandable that many Americans simply do not want to commute, even if they'd rather work in the office.

00:41:11.880 They don't want to go into central San Francisco or the Loop in Chicago and get assaulted.

00:41:16.400 So these office towers in those cities, a combination of remote work, higher interest rates and a very dangerous physical environment, all of that, that confluence creates unbelievable risks for commercial real estate.

00:41:29.740 And I would implore folks out there, even if you don't think you're connected to commercial real estate, you are.

00:41:35.520 Number one, you may indirectly be invested through your 401ks and so forth.

00:41:39.220 But number two, it's such a risk to the economy, it just further exacerbates this credit crunch

00:41:44.460 that we're talking about, where there is not going to be capital available for you to buy

00:41:48.460 a home, for a small business to try to expand, for anybody to go to regional banks.

00:41:53.180 These are the consequences, the real-world Main Street consequences of Biden's economic

00:41:59.760 failures.

00:42:00.460 But again, I don't want it to be all bad news.

00:42:02.740 We have a seat at the table.

00:42:03.920 We can start to reverse these dismal trends.

00:42:07.460 We have to hold the line in these coming days.

00:42:10.980 It's not going to be easy.

00:42:12.020 You're going to be called every name of the book.

00:42:13.400 We'll get to that in the next segment.

00:42:14.700 Steve, thank you.

00:42:15.340 By the way, everything you've said about Chicago, sir, when you talk about the commercial real estate collapse and you see what happens over the weekend and people are just going to say, why am I doing this?

00:42:24.040 Can I move it to the suburbs?

00:42:25.440 I have people work from home.

00:42:26.480 It's just too.

00:42:27.020 it is it is it is a it's a sad a tragedy what's happening in new york city chicago san francisco

00:42:34.800 these are some of the greatest cities in the world and it is a full-on collapse of los angeles

00:42:40.200 these major cities are just in total free fall and it is going to have massive massive massive

00:42:45.520 economic consequences steve how do we get to your sub stack how do we get to all your

00:42:49.040 writings and analysis on social media yes and i'll put all these charts up and a lot of what

00:42:54.000 referenced during this appearance are already on my social media. Please follow me at Cortez

00:42:58.280 Steve on the Twitter. Cortez with an S. Thank you. Admiral Bannon. Thank you, brother. Okay,

00:43:05.120 we got a lot to go through this morning. We're going to have Bill Gertz and Rudy are going to

00:43:08.700 join us. We got Joe Allen. We're going to break down the Tucker interview last night with Elon

00:43:14.820 Musk. Elon Musk catching up a little bit with the war room on some of our hardcore policies on

00:43:18.820 artificial intelligence an amazingly amazing amazing a detailed a conversation like that

00:43:24.540 uh our own dr peter navarro is going to be here we got a lot more to break down remember you're

00:43:29.240 head of the creditors committee we're going to go into the whirlwind now you're going to be called

00:43:33.680 every name in the book maga deplorable republicans short commercial break back in the war room 0.96

00:43:40.260 just say rejoice when there's no more let's take down the ccp 0.87

00:43:45.200 in joe biden's america criminals are exalted and the police are condemned sad to say but you need 0.98

00:43:53.760 to be prepared and properly trained to defend yourself and to defend your family thankfully

00:43:58.660 there's i target pro this revolutionary system allows you to dry fire practice with your actual

00:44:05.180 firearm anytime in the safety and privacy of your own home no more inconvenient trips to the range

00:44:11.880 and with inflation causing the price of ammo to skyrocket you save a ton of money just download

00:44:17.680 iTarget's proprietary app load the laser bullet into your firearm and start your training experience

00:44:23.180 iTarget will help you develop muscle memory sharpen target reaction speed sight alignment

00:44:28.860 trigger function and more iTarget Pro comes in all the major calibers so you can stay sharp

00:44:34.520 with almost any firearm go to itargetpro.com right now and save 10 plus get free shipping

00:44:42.120 with the offer code bannon b-a-n-n-o-n all one word this makes a great gift for father's day and

00:44:50.120 is less expensive than a few hours at the range that's the letter itargetpro.com that's i

00:44:57.740 TargetPro.com, offer code BANNON, B-A-N-N-O-N.

00:45:27.740 say what you want, the way you want. Download now. Ron DeSantis tried to cut seniors' benefits.

00:45:35.900 In Congress, DeSantis voted three times to cut Social Security, even to privatize Medicare.

00:45:41.860 Worse, DeSantis wanted to raise the retirement age to 70. Ron DeSantis would make us work longer

00:45:48.000 to get less. President Trump promised. We will protect Medicare and Social Security.

00:45:55.080 President Trump delivers, and he always will.

00:45:58.740 Make America Great Again, Inc. is responsible for the content of this advertising.

00:46:03.720 By the way, I want to thank all the comments we got in the chat room about the better lighting.

00:46:08.040 You know, we thought it was Natalie's natural beauty.

00:46:11.480 Now that I'm here, you got this amazing lighting.

00:46:14.260 Even I look okay.

00:46:15.440 It's not quite as gonzo sometimes as the war room.

00:46:18.760 We're going to be on the road at different studios around the nation for the next couple of weeks.

00:46:23.960 So we're going to be every day, every couple of days doing it from a different location.

00:46:27.720 I want to thank the Real America's Voice team for making all this happen.

00:46:30.660 I want to thank you for the great camera work.

00:46:32.680 All the back office in both Denver, Palm Beach, Washington, D.C., all their different studios.

00:46:37.640 I really want to thank them, and particularly for the better lighting.

00:46:40.140 I've got to talk to my production team in the war room itself, in the original, about our production.

00:46:48.480 Governor DeSantis' lead story in Politico this morning is about this kind of, let's be blunt, it was a disaster yesterday.

00:46:53.640 He went to Washington to garner support.

00:46:56.240 And coming out of there, I think more people came in and endorsed President Trump.

00:46:59.960 Look, Governor Sanz is doing a great job.

00:47:01.280 I think he's doing a fantastic job in Florida.

00:47:03.440 He's in this pitched battle with woke Disney and many woke corporations.

00:47:08.580 But right now, I got to tell you, I put up the headline on Getter.

00:47:11.460 And go to Getter.

00:47:12.120 We're putting up stuff 24 hours a day, all day long.

00:47:15.020 We're also doing live streams.

00:47:16.340 We're trying to do, you know, every night, pick up a couple of either things you've missed during the day or other people's podcasts and have our live chat in there.

00:47:23.040 getting huge audiences and not just that building a real community so download getter it's totally

00:47:28.280 free but i've got up on getter right now failure to launch i mean he has not actually officially

00:47:33.280 come in it's supposed to be after this legislative session i would really have him you know get away

00:47:38.260 from his donors get away from all the consultants get away from everybody's going to make all the

00:47:41.620 money off him because people are going to make 10 20 30 million dollars on his run really think it

00:47:46.240 through but i think that 2028 should look pretty uh should look soon enough for him because right

00:47:52.140 now we have to come together and back a president trump we have a lot of tough fights ahead of us

00:47:57.020 a lot of tough fights the biggest and toughest fight we have right now is in uh everything

00:48:02.500 related to the finances of the country the economics everything that this biden regime

00:48:06.920 the radical regime is doing on the southern border everything but it all ties back to cutting

00:48:10.680 them off for money uh over and above artificial intelligence we're gonna get into that in the

00:48:16.140 next hour with joe allen i want to bring in dr peter navarre dr navarre part of your brilliant

00:48:21.300 sub-stack you've been writing, and of course, the amazing course you've got going on at,

00:48:29.480 you know, everybody's raving about the macroeconomics.

00:48:32.860 You're also, they're now going to put your writings up, I think, in the Washington Times

00:48:37.460 as a columnist.

00:48:38.340 Tell me about that before I ask you about the Keynesian attitude of Joe Biden, because

00:48:43.400 they're going to come in hard.

00:48:44.400 They're not, just because the war room posse is the head of the creditors committee, they

00:48:48.360 don't care.

00:48:49.060 They're going to come in hard.

00:48:51.320 They're not going to back off one inch in the spending.

00:48:53.340 This is going to be a pitched battle.

00:48:54.800 Sir, tell me about the column.

00:48:56.720 Yeah, I couldn't be more pleased.

00:48:58.240 The Washington Times, in my judgment, has one of the best, if not the best, op-ed sections of any newspaper in the world.

00:49:08.600 And what we're going to be doing with the Substack, PeterNavarro.Substack.com, is that once a week on Wednesdays, they're going to publish one of my columns from the Substack, PeterNavarro.Substack.com.

00:49:23.360 I mean, what's what's the inaugural one is up today.

00:49:26.860 I think it's a really important piece, Steve.

00:49:29.540 It's about kind of whether Putin was a chess master or just got lucky.

00:49:36.320 But we're in a situation now where for 70 years it was the United States and Saudi Arabia setting oil prices as a tandem as the two largest oil producers.

00:49:49.720 OPEC, be damned.

00:49:50.820 You could always crush OPEC either with the U.S. or Saudi.

00:49:56.420 And there was a deal, you know, the deal between the Saudis and America is like Americans will protect the Saudis if they'll keep oil prices low.

00:50:03.900 And so during the Trump administration, when we achieve strategic energy dominance, we averaged about $60 per barrel. 0.51

00:50:11.880 And so Putin goes in into Ukraine.

00:50:16.880 Biden talks tough on all these sanctions, and he expects everybody around the world, Europe, India, Japan, everyone to kind of embrace the sanctions, crush Russia, and, you know, it'd be over in a heartbeat, like hubris.

00:50:32.880 You got to go back to Bush and Cheney for more hubris than that.

00:50:36.160 What's happened, Steve, is something that maybe Putin figured out beforehand as a chess master.

00:50:43.120 But Putin now has surpassed America as the partner with Saudi Arabia because Biden embraced strategic energy subservience.

00:50:57.720 America lost its power.

00:50:59.420 So we're in a situation now, Stephen, for the stagflation we're facing.

00:51:03.520 It's really bad. 0.99

00:51:05.040 Saudi and Russia are going to set the price.

00:51:07.920 And Russia needs $100 a barrel of oil to feed its war machine.

00:51:12.340 Saudi needs $80 barrel of oil to feed its social welfare spending.

00:51:18.540 They're basically buying off the Saudi population to keep them with just government spending.

00:51:24.660 So we're in a situation now where we go from strategic energy dominance of Donald Trump controlling world oil prices,

00:51:33.700 keeping them down to a situation now where everybody's saying they're going to be anywhere from $80 to $100 a barrel or more

00:51:40.880 for the next at least two years.

00:51:43.020 And what that's going to mean, of course, for us

00:51:44.760 is the stagflation area.

00:51:46.680 It takes a hit out of our pocketbooks

00:51:49.040 and that causes slower growth

00:51:51.060 and that's where we stand.

00:51:52.540 So you can read the fuller story

00:51:54.520 in today's Washington Times

00:51:56.660 or it's again from the peternovar.substack.com

00:52:02.180 but I couldn't be happier

00:52:03.920 that the Washington Times has embraced this.

00:52:07.880 Hang on a second.

00:52:09.020 If you don't mind, I know you're jammed for time.

00:52:10.640 I want to hold you through the break because there's a bunch of interconnections here that I want to lay out for the posse because they're going to talk about the economy going forward for the nation, the economy for them personally, but also strategically what this means because the de-dollarization, which is inextricably linked to this, they're blaming this on sanctions that were done with Russia.

00:52:37.520 We've got to talk about that because I'm a big believer that you can use the dollar as a weapon, but you've got to be very, very, very, very selective.

00:52:46.920 Short commercial break.

00:52:48.300 What, a minute, 90 seconds, two minutes, real quick.

00:52:50.920 Peter Navarro is going to join us.

00:52:52.160 Joe Allen is going to join us.

00:52:53.400 Rudy Giuliani is going to join us.

00:52:54.900 Bill Gertz is going to join us.

00:52:56.260 We are packed wall to wall, only in the world.

00:52:59.880 War Room Posse, you already know free speech is under constant attack by The Swamp and their big tech allies.

00:53:09.320 They resell your communications and personal data while lecturing and laughing at you.

00:53:13.940 I've got the solution. Unplugged Systems, a secure communications company, has an app suite you can install on any Android phone,

00:53:21.740 including its own uncancellable app store, VPN, antivirus, and highly encrypted messenger

00:53:29.260 better than Wicker, Signal, Telegram, or anything else.

00:53:32.740 None of your message or VPN traffic is stored, analyzed, or sold.

00:53:37.220 Claim your security for only $10 a month.

00:53:40.000 Go to their website, unplugged.com.

00:53:42.660 That's unplugged.com slash war room to install the Unplugged suite.

00:53:47.340 It's secure.

00:53:48.460 It's private.

00:53:49.260 it's the way we stay connected and informed get it now take action action action use your agency

00:53:56.220 folks let me tell you about salty it's a company that makes a soft gel supplement rich in

00:54:01.820 antioxidants to help people like you and me keep a healthy heart while covid gets all the headlines

00:54:08.380 it's important to realize that heart disease kills nearly 700 000 americans every year yes

00:54:14.900 heart disease is the number one killer every year, year in and year out. Heart disease builds over

00:54:19.620 time. Hypertension, high blood pressure, bad cholesterol, diabetes, all of it affects our

00:54:24.880 heart. A healthy heart is key to being energetic as we get older. It is never too early to take

00:54:32.600 care of your heart. You see, heart disease sneaks up on us. You can start in your 30s,

00:54:37.660 and when this happens, you're at serious risk by the time you turn 60. If you want to take care

00:54:41.500 of your heart and those you care about please go to warroomhealth.com that's warroomhealth.com

00:54:49.420 all one word warroomhealth.com use the code warroom at checkout to save 67 percent of your

00:54:55.740 first shipment that's code warroom at checkout to save 67 percent do it again warroomhealth all one

00:55:02.160 word warroomhealth.com go there today you need if you're going to be part of the posse you need a

00:55:08.340 strong heart, you need a lion's heart.

00:55:10.900 How we're going to do that is with

00:55:12.240 Salty. Go there, do it today.

00:55:14.480 Check it out.

Bannon's War Room - April 19, 2023

Episode 2672： The New Era Of Republicanism; Not One Penny To Raising The Debt Ceiling

Episode Stats

Summary

Transcript