00:02:07.600I've been working together with many of the House members, as you know,
00:02:11.540that were in on the original fight in the House.
00:02:14.400and with about a half a dozen of the senators for the last just about 90 days
00:02:19.480to make sure that we could put together a plan.
00:02:22.240And the Democrats in the House and the Senate really didn't think we were going to be able to come up with anything.
00:02:27.900And so they were already plotting on what they were going to put forward
00:02:33.020in the form of another omnibus or a continuing resolution to go ahead and fund some more of their pet projects.
00:02:40.260And we were able to craft something that for the first time in probably two decades actually starts taking spending back away from Washington.
00:02:51.940I mean, there's four big components of the package that we send forward.
00:02:56.680Number one, it freezes spending at 22 levels.
00:02:59.580I would have loved to have been able to get it froze back at the 2019 levels.
00:03:04.140I just I need I need 217 people like Stephen Kay joining me up here.
00:03:09.980and I don't have that. So we went back to the 22 levels. We're going to have a 1% increase from
00:03:16.760that as we look forward. The other thing is the ridiculous spending that the Biden administration
00:03:22.920has been responsible for over the two years. Much of that we're starting to claw back. So tax
00:03:28.600credits for the Green New Deal, the 87,000 IRS agents, the $400 billion price tag on what I call
00:03:36.880the student loan redistribution program is put back into this revenue that we're going to be
00:03:43.820able to use to pay bills. And so I look at this as being able to fund government responsibly.
00:03:50.900Now, did we have an increase for the debt ceiling there? Yeah. And it's 1.5. Would I have preferred
00:03:57.600to not have a debt ceiling increase? Sure. Would I have preferred to keep it at least
00:04:02.600under one trillion? Sure. But the other thing that I think everybody needs to keep in mind is that
00:04:07.760the debt ceiling is also capped out at March 31st or 1.5, whatever comes first. And based upon the
00:04:15.840revenue projections that we're seeing now, we're going to hit March 31st before we ever get close
00:04:22.740to hitting the $1.5 trillion debt ceiling increase that was just sent over to the Senate. And so
00:04:30.380So that puts us in a position to have another bite at the apple during the appropriation bills process, which is rapidly approaching, and the next time we have to address the debt ceiling.
00:04:40.960Each one of these times, it is my absolute intent to make sure we claw back more unnecessary and out-of-control spending.
00:04:53.840Number one, I want to just go, because Dave Walsh, my co-host this morning, he's going to get into the energy side.
00:04:58.120But part of this and one of the things I said, look, McCarthy's got a different job than we have here.
00:05:02.540We can be the hardcore and the dead enders. We can't have any increase at all.
00:05:06.080Our audience is one thousand percent for that. But McCarthy also went into the Green New Deal and really tried to gut a lot of this radicalness of the of the of the Biden regime.
00:05:17.180Walk us through that, because I'm gonna have Dave Walsh do some analysis for us here in a minute about how central this is to the destruction of our economy.
00:05:23.920Oh, my gosh, absolutely. They have this agenda where they want to force the population to utilize renewable energy at all costs. That is a major problem, whether we're talking about wind energy, solar energy, or electric vehicles.
00:05:40.560And I talk to power companies all across the state of Montana that simply don't have the ability to provide that.
00:05:50.200We have to have coal-fired power plants.
00:05:53.880We have to have the natural gas power plants.
00:05:57.940I know that we've been talking about the nuclear power plants that right now have become so very efficient they can build a package plant in a plant and deliver it.
00:06:09.820And the way that they're able to recycle and reuse the uranium, there's hardly any kind of byproduct whatsoever.
00:06:16.040And that is the kinds of things that we need to focus on and allow business and industry to develop those and take advantage of their technology and their innovation instead of trying to force.
00:06:29.880I mean, I went to a wind farm just north of Model City, Montana.
00:06:38.480And if not for a $30 million rebate that they were receiving from the government, this thing wouldn't even pencil out.
00:06:46.100The other thing that makes it possible for them to function is that they're backing up the power from a coal-fired power plant, which used to be the largest coal-fired power plant west of the Mississippi in Coal Strip, Montana.
00:07:02.460The environmental regulations have forced the closure of two of the four units, and so now they're backfilling this with wind energy, which, by the way, is only reliable at peak performance 40 percent of the time.
00:07:20.580uh comes from rosendale you talked about march or 1.5 trillion whatever comes first
00:07:27.660if when biden comes back and puts this back in your guy's face and saying no thanks not interested
00:07:33.140do you believe the conference particularly moderates get savvy and say hey we got to come
00:07:38.380back with you we got to dig in not concede anything and not just that we ought to be
00:07:42.360thinking of more cuts now to get up in the grill because they're never going to compromise on that
00:07:49.020I think they are, because we're already having those conversations as part of the, as you know, the 12 bills that are required for the appropriations process.
00:07:58.140So we are already having conversations across the conference about where else we're going to be able to fund government responsibly and where we can reduce this out-of-control spending that's been taking place, quite frankly, for decades.
00:08:13.460will the appropriation process be regular order as you see it right now they're saying you guys
00:08:19.380are going to fail on that we're going to get another omnibus as you see it today in late
00:08:23.460april of 23 are we going to go regular order and really get to some cuts there or is it be some
00:08:28.100we are uh omnibus bill at the end no i steve i am absolutely convinced that we are going to go
00:08:34.280through the appropriations process with regular order that these documents will come out to the
00:08:39.300House floor. We will have debate. We will be able to amend, and we're going to have the light of day
00:08:44.700exposed on all the spending. Congressman Rosendale, how do people follow you? How do
00:08:50.960people get to you? At RepRosendale. All of my social media, all of my Twitter, everything,
00:08:57.840at RepRosendale, and you will see what we are doing and why we are doing it.
00:09:04.380Congressman, if it wasn't for you and any bigs and a couple of other of the real patriots,
00:09:08.280So we wouldn't even be in this position to fight.
00:09:10.320Well, nobody would even know about it if it wasn't for you, Steve.
00:09:13.560So we appreciate you sharing our information.
00:09:27.440But it was a tactical decision to show that we could get something done.
00:09:31.100And Biden's going to reject it anyway.
00:09:32.360Real quick, before I go to Philip Patrick, because I want to get, I got to get the Philip Patrick's thing in here.
00:09:38.280One of the centerpiece, and I've got the great Dave Walsh who's my co-host this morning.
00:09:42.100Dave, one of the things was that, and you've been telling people, I say, look, this energy plan they have is so radical and so unworkable.
00:09:50.200It's the centerpiece of the Biden budget all over.
00:09:53.060And we're actually talking about South Carolina in a couple of blocks from now.
00:09:56.080But just what you see, what McCarthy is trying to go in, and a big part of this proposal is to start to gut where we can gut on the Green New Deal your observations.
00:10:08.280Well, the Biden program, the Inflation Reduction Act, the IRA, is one of the most poorly masqueraded, misnamed pieces of legislation ever developed.0.54
00:10:21.200It is a centerpiece of the Green New Deal.
00:10:24.460It is all about implementing the Green New Deal.
00:12:51.420Yeah, look, I think McCarthy's bill at the moment looks to be a genuine attempt to negotiate.
00:12:57.840I mean, capping spending at last year's levels is not a lot to our six point two seven trillion dollars is a lot of money for some context.
00:13:05.600Last year was the third biggest budget in U.S. history. So the Dems can whine all they want.
00:13:11.080This is not austerity. It's barely even a curb on the most outrageous and wasteful forms of spending.
00:13:18.000look I think at this point it's the best that McCarthy could do he's in a tough situation
00:13:23.160but to me it seems like an olive branch and you look at the White House response and you wouldn't
00:13:28.020think so right he's still demanding a no conditions increase the Dems now leaning on on lobbyists to
00:13:34.240try and pressure the Republicans but I think at this point they're being outplayed right the
00:13:39.360White House is is losing allies fast we've got the Chamber of Commerce the Business Roundtable
00:13:44.620are urging they're congratulating the house on the deal and urging the president now to negotiate
00:13:49.560i agree with you i think the deal gets rejected but i think the republicans are playing this smart
00:13:54.840for now so let's see how it unfolds but it's not an unreasonable plan and it's not one the
00:14:00.080democrats should be fighting but here's what rosendale said because they haven't taken our
00:14:06.560philosophy of of of gutting the green new deal and then having massive cuts down you know down
00:14:12.700in the early periods and having the prioritization of payments
00:14:16.880as cash comes in, that if they accepted this deal,
00:14:41.860Central banks throughout the world, these smart guys, these other central banks are buying gold, right?
00:14:47.520Buying gold at the highest rates they've ever bought.
00:14:50.260One of the top guys on Wall Street that I respect and know him for years put out his newsletter said the first time, he says, gold's not a conspiracy anymore.
00:16:46.400The third installment, it's totally free, birchgold.com slash Bannon, is called The Debt Trap.
00:16:51.860This will get you totally immersed and up to speed on all the nomenclature in the process when we talk about this debt ceiling fight.
00:16:58.600We're not here to make you the most interesting person at the backyard barbecue or in the stands at the Little League game or at the dinner parties you go to.
00:17:06.040You will be that. We commit to you. We'll get you the information to be that.
00:17:09.760But it's because you're the creditors committee to save your country.
00:17:13.020The U.S. dollar is inextricably linked to this destruction of our republic and our freedom.
00:17:18.760and we've got to get we make must make sure the populace the population understands this0.95
00:17:25.260because this debt ceiling fight is going to be ongoing ongoing this what the mccarthy put up
00:17:31.620and i do give a hat tip he was able to pull it together and put it up in biden's face
00:17:35.680political said remember the headline said they were stunned and then political took down that
00:17:40.040part of the headline because the white house went nuts they never thought they'd get to anything
00:17:43.760and it's obviously philip patrick it just cut um the rate of growth of out-of-control spending
00:17:51.980we know eventually we're gonna have to get to cut the programs because it's just not the revenues
00:17:55.900and these deficits are going to be bigger than ever that fights upon it we have to be cunning
00:17:59.860and we have to be sophisticated okay and that's what we're trying to do philip patrick i i want
00:18:04.560to go because the bricks and every day foreign policy magazine had the front page article the
00:18:09.340other the lead story the rest of the world's coming us used to laugh at the war room they
00:18:12.980ain't laughing anymore. And they said, hey, what used to be looked at is crazy talk. The BRICS are
00:18:17.980actually organizing. And what I say, and correct me if I'm wrong, you're seeing the natural resource
00:18:23.720guys, the global south, that have the natural resources, particularly oil and natural gas.
00:18:29.420And they're sitting there and they're going, hey, these guys are giving me Federal Reserve notes,
00:18:33.580and I got to convert everything into it. And they're doing a rolling devaluation on me.
00:18:37.500I kind of get it now. I see what they're doing. So how about this? How about I have my central
00:18:41.620banks start buying gold. I've got the national resources. We bind together in something. And,
00:18:46.960you know, I mentioned OPEC and Dave Walsh wants to spit on the floor. They're going to have an
00:18:51.700OPEC in everything, in every resource. And correct me if I'm wrong. You're the expert. I'm not.
00:18:57.620They're building a gold-backed economy with resources in gold. And Putin, who is supposed
00:19:04.280to be out of business, pegged the ruple to gold. And he seems like he's doing OK. So what is the
00:19:10.760Global South finally wised up, because remember, all those guys went to Harvard and Stanford and University of Chicago.
00:19:16.960They've got plenty of guys running numbers, and they're hiring McKinsey and Boston Consulting Group all the time.
00:19:22.220So, Philip, when I see central banks buying gold on a record level on 22, and they're starting off 23 on a record level,
00:19:28.720and I've got hedge fund guys that have always said the gold thing, you gold bugs or a bunch of conspiracy theorists,
00:19:34.060they're putting out reports now saying, hey, look, the number's so big that somebody's got to take this seriously.
00:19:38.820Philip Patrick. Yeah, listen, it's a big problem. De-dollarization is picking up steam globally.
00:19:45.520As we mentioned, Brazil and Argentina signed agreements this week with China to pay for
00:19:51.060imports in yuan rather than dollars. And this is, I think, the latest in China's efforts to
00:19:56.280undermine the dollar's dominance. It's a big, big problem. Now, I don't think the Chinese yuan is
00:20:04.240ready to be the global reserve currency. It's still manipulated. It's pegged rather than the
00:20:09.720free floating or priced only by the market. But strategic rivals like China and Russia,
00:20:16.340regional powers like India and Brazil, they're realizing that China, I think, has a lot to offer,
00:20:21.300maybe more so in their eyes than the US right now. That is very, very concerning. Now, short term,
00:20:27.900what are central governments doing? They're buying gold. Our enemies are pegging their
00:20:32.220currency to gold. You rightly pointed out Putin did that with the ruble. It immediately stabilised
00:20:38.240the ruble. Even our allies are doing the same. We're seeing an increase in central bank gold
00:20:44.500holdings amongst our allies, too, for the same reason that you mentioned. We're watching this
00:20:48.900rolling devaluation of the dollar, and it's a problem for our allies as well as our enemies.
00:20:54.920It's a complete disaster. We are slowly losing grip on global reserve currency status. And as
00:21:00.740we've said before, nations do not come back from that. It is significant. And this in the space of
00:21:07.280two or three years, it's unbelievable. It's one thing for Argentina. It's another thing for
00:21:13.640Malaysia, even Brazil, to say, I want to look at an alternative to the dollar. When you have Iraq1.00
00:21:19.460doing 40-year output deals, when you have Persia doing 40-year output deals, the CCP, when you have0.64
00:21:24.760The House of Saw doing it. When you have these big control entities of oil and gas all of a sudden say, we're not going to use petrodollars, we're going to use a yuan.
00:21:38.420How, sir, has you been in this all your life? How shocking is it how quickly it's happened?
00:21:42.000And by the way, we know they're going to cheat. The yuan's not prepared to do that. But it's directionally what our problem is.
00:21:47.440Steve, I think you're understating it. I think it's more than the global south.
00:21:51.240When you look at the countries really aligned with the net zero decarbonization philosophy, I get nine, Western Europe, Australia, New Zealand, the U.S. and Canada, 13, 13 countries, 170 countries representing over 6.2 billion people not on board with this decarbonization.
00:22:11.540Slow down and give me that again because this is the key point.
00:22:13.860Net zero carbon, these advanced democracies or economies, the information economies want to go to net zero.
00:22:21.340Nine in Western Europe, Australia, New Zealand, U.S., Canada.
00:22:24.320All of the rest, including some that surprise some, Japan, a lot of rhetoric about this, of course, participate in the G7 meetings such as happened in Sapporo 10 days ago.
00:22:33.900A lot of hand-waving, but the reality, my dear friends in Japan built 13 coal plants in the last five years, commissioned 13 coal plants to replace the short-term capacity hiccup with Fukushima.
00:23:26.240India does give happy talk about net zero, decarbonization.
00:23:29.740However, 80 percent of its primary power generation is coal, and it's growing.
00:23:34.660And in the last two months with the European boycott, India has – the Indian oil corporation has tripled down on its procurement of crude from Russia.
00:23:41.920In the last two months, at very preferential prices, we hear $42, $45 a barrel, they are very committed to the use of fossil fuels to promote that they've got the biggest country in the world, biggest need for growth.
00:23:53.860This is at the core of industrial growth.
00:23:56.460Fossil fuels cannot be bifurcated from growing an economy.
00:26:21.480Well, we can talk about the South Carolina example.
00:26:25.920But this is happening in many, many, many of our states.
00:26:28.360South Carolina is a repository, a great recipient of a tremendous amount of foreign investment, particularly from Germany, in terms of chemical plants and most notably car plants, largely because, among other things, of historically very high German electricity costs at roughly four and a half times those prevalent in South Carolina.
00:26:46.780South Carolina has enjoyed about 11 cents a kilowatt hour, lower 20 percent of the U.S. in cost for electricity.
00:26:53.480Germany, before the crisis, 45 cents, four and a half times more, German chemical plants, auto plants have come to South Carolina.
00:27:02.260They've come in part because of the energy cost being preferential.
00:27:05.480However, now we've got the statehouse mandating that a lot of the regional utilities, such as the Santee Cooper in the Midlands,
00:27:12.380but 250,000 South Carolinians are supported by the Santee Cooper Utility.
00:27:17.800The statehouse is commanding that they be net zero by 2050,
00:27:21.900which means they're going to spend, Santee Cooper alone,
00:27:24.760$15 billion on transitioning two great coal plants, the Wiena and Cross plants,
00:27:29.580generating about collectively 3,400 megawatts of electricity,
00:27:33.52061% of their base be eliminated by 2032,
00:27:37.420and is placed with about 17% solar, wind, and the balance with gas-fired technology
00:27:43.360at a cost to ratepayers in the Midlands of about $15 billion to transition off coal.
00:28:37.260I got an emergency medication kit from them.
00:28:40.960The FDA just declared a global shortage of medication and warned that critical antibiotics are in extreme short supply across the United States.
00:28:48.220But you know that because you're a viewer or listener of the show.
00:28:53.200Now, here's the action you can take to correct.
00:28:56.120Do yourself and your family a favor and get your Jace case right now.
00:29:00.380It's a pack of five prescription antibiotics you'll have on hand for common emergencies.
00:29:54.900War Room. Here's your host, Stephen K. Band.
00:30:02.540OK, welcome back. Philip Patrick, the central banks buying all this gold and even the guys on Wall Street,
00:30:11.080I know a bunch of head funds are putting up 30 percent, 40 percent of their portfolios in precious metals.
00:30:17.480What does that mean? Because I think one of the reasons people see this is they don't think still.
00:30:22.800we're serious about getting control of our debt, the deficits, what they're looking at,
00:30:29.380even with the Republican situation. That's a three and a half dollar lift to the debt ceiling.
00:30:34.160We're going to hit that by the fall or by January, February. They even put a thing on
00:30:39.620of March next year. And we're going to be right back to the table with the same situation. Nobody's
00:30:44.700got the political will to cut the spending. Correct. So where does that put us? Because
00:30:49.120This is kind of a unique time in history.
00:30:51.640You know, Nixon went off the gold standard in the early 70s, and now the world looks like it's going back to it.
00:30:58.380Where do you think this puts us, given the fact we haven't shown the discipline yet to be able to make these cuts?
00:31:05.100And Brother Walsh is going to get into this more craziness on net carbon zero, where we're actually taking an industrial society like Germany has, and we're kind of de-industrializing in front of our eyes.
00:31:45.860It ends in a dollar that is significantly devalued. Gold and the dollar have an inverse relationship, right?
00:31:53.540So this is the way that central governments hedge against their currency exposure using gold.
00:31:59.600And like I said, it's a bet against the U.S. dollar. And until we can get our stuff together, I think it's going to continue down that path.
00:32:07.260And we all know where that ends. So it's a dangerous situation. Governments are hedging their exposure using gold.
00:32:13.440And I think individuals heading into the year need to think about doing the same thing because it's a dangerous path that we're heading down, and it only ends one way.
00:32:23.500Have you seen, as the analyst over there at Birch Gold, have you seen anything in our budgetary process, anything in this debate to date that shows you that there's the political will right now given – and I give a hat tip to McCarthy, put the opening bit –
00:32:37.040but that there's any political will with the Senate, the White House, the media to really get the nation's finances in order, sir?
00:32:48.440Even the bill that McCarthy put forward, I think he had to do it because anything else would have been met with an immediate no.
00:32:56.560But I think he had to put forward a bill that would appeal to the Democrats.
00:33:01.100This does. It doesn't really curb spending dramatically. And there's no will on the side of the Democrats at this point to accept it. So across the board, it doesn't look that way. We need something more dramatic, as we know. I think this was a starting point, but it's a reflection of a lack of political will to curb spending on both sides, I think.
00:33:22.700And look, we've got GDP now at 1.1% growth.
00:35:14.280Listen, there are no numbers at the moment coming out of anywhere that are positive.
00:35:18.780I have not seen a situation like this in the U.S. in my lifetime.
00:35:23.000And the path that we're heading down is a disaster.
00:35:25.800No surprise with the GDP number, but not encouraging.
00:35:31.980OK, I want everybody to go over and check out one of Philip's guys over the weekend and get some money on the phone and start talking to him about precious metals.
00:36:12.160And no real intellectual. I want you to walk through and put up these charts. I want to spend a couple of minutes on South Carolina because this is not some radical state.
00:36:19.440This is South Carolina, which has had the Mercedes plants. And I mean, Nikki Haley makes her campaign on how she's brought in foreign investment to South Carolina.0.98
00:36:28.120They did it because of a great workforce, a great regulatory environment and cheap and plentiful and cheap energy.
00:36:34.740And now you have they're actively making decisions today. And these decisions you can't unwind. Correct.
00:36:41.340these are massive decisions that are tough to unwind. Walk me through it. I want to show that
00:36:44.780chart. Very long-term effects. Just to close off on the Santee Cooper example, Santee Cooper is in
00:36:50.280the middle of a fast growth area, 2.2% to 2.5% per year population growth. They'll need 80 million
00:36:57.760megawatt hours of electricity produced by 2050, clearly. As the population grows. As the population
00:37:03.900and industry grows. This plan that converts their coal capacity over to solar wind and a little bit
00:37:09.880more gas results in a 38 percent shortage in megawatt hours that they'll need to facilitate
00:37:16.060just a 2.2 percent per annum population growth that they've been experiencing for the last 10
00:37:20.960years and more industry showing up. They'll be 38 percent short. So that puts them in the cause
00:37:25.520of plentiful cheap energy. And they have and they have that now. That's what I'm saying. That's
00:37:29.580what's drawing people because of the cost of living is lower. There's plentiful jobs, all of
00:37:33.560that. And the statehouse plan is to eliminate that by eliminating the coal resource and then
00:37:38.580turning the place into saying, beggar they neighbor. They'll then have to go to Duke Energy
00:37:43.560and other regional utilities. But this is the problem with this now. The regional and national
00:37:48.400utilities are all doing the same thing. They're no longer building capacity for their neighbors.
00:37:53.820They're doing the same as this. They're displacing a lot of coal and nuclear assets with very part-time
00:37:58.800intermittent renewables, causing a shortfall in electricity across the board, meaning Duke Energy,
00:38:04.300as in the past they might be there to support this deficit? Will not be, because they're doing
00:38:09.220exactly the same thing. They're shortening their net megawatt supply because of the introduction
00:38:14.700of all of this part-time stuff. Renewables, solar that's about 18 percent of the time operational,
00:38:20.900wind that on land is only about 37 percent of the time operational. When you displace nuclear and
00:38:25.940coal with that, you've got a power shortage. So there will be nowhere for the Santee Cooper
00:38:30.800ratepayers to go to make up the deficit of 38% that this plan will bring them. Nationally,
00:38:36.700it's identical. When you look across the country, we have a quick minute. I've got a chart. I'll
00:38:42.880describe it. Give it to that camera right there. It's going to be hard to see it. See this camera0.76
00:38:46.560right here, right there. This is the national picture of a stacked bar chart of what's happening
00:38:51.860to electrical capacity in the country. It starts where we are today, about 1,150 gigawatts of power
00:38:58.680in all of our power plants collectively growing to, that's where we start.
00:39:03.200Here we are right here, and that's where we're going.
00:39:04.020And we end over here, supposedly, at 1,650.
00:40:17.160All of this means you're going to have massive subsidies to make these things work, correct?
00:40:21.360There's $350 billion of taxpayer money to support the wind and solar.
00:40:26.260And inside of the solar and the battery storage, small increment here, $400 billion of Chinese procurement of thin-film PV solar panels and lithium-ion batteries from China to facilitate this tiny growth in electricity capacity.
00:41:41.120And this is what our elites, this is where our elites are driving.0.51
00:41:44.260And I'm telling you, if you're a working class person or a middle class person, if you're a person under 40 years old, just project out what 2050 is going to look like.0.70
00:52:41.980saying that the consultants and the people making money
00:52:44.040this are lying to the american people and lying to representatives this trillion dollar trip you
00:52:48.940call it it will be worse than that and people are getting bad information right now yeah what
00:52:53.520what they're doing is adding as whole values the wind and solar at about 520 gigawatts that are
00:52:59.780actually restated for their useful time that they operate really only about 151 gigawatts or 70
00:53:06.980percent less adding that to whole values of nuclear and coal that run all the time you can't do that
00:53:12.500So when you do that, you wind up, I call it net zero.
00:53:15.420We're at the same net position in 2030 on electricity generation as we are today, not to mention we'll have 19.5% population growth, hopefully 19% to 20% GDP growth between now and then.
00:53:28.760We'll need a lot more electricity before we get to EVs.
00:53:33.020At Harvard Business School, we would say Walsh just cracked the case.
00:53:36.720We're going to have you back particularly in studio.
00:53:38.380The net result would be aluminum making, iron and steel making, petrochemical plants, chemical plants, ammonia plants for fertilizer, chemical plants, plastic and polymer plants will move offshore into the 170 countries that do embrace carbon fuels.