Bannon's War Room - Episode 2828： Failure Of The School System; Fed Fails With Exit Strategy

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

00:00:09.660 these people here's not got a free shot all these networks lying about the people the people have

00:00:16.240 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:20.000 in the world to stop that but you're not going to stop it it's going to happen and where do people

00:00:23.600 like that go to share the big line mega media i wish in my soul i wish that any of these people

00:00:31.420 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my

00:00:39.340 country this country will be saved war room here's your host stephen k bann

00:00:46.520 breaking news out of london that could have serious economic and political reverberations

00:00:56.400 for the rest of us the cliffhanger vote on whether britain will stay in the european union

00:01:01.420 abc's lama hassan now with the latest on what they're calling brexit the official results are

00:01:07.620 in the people of britain have spoken voting for a british exit dubbed brexit with almost

00:01:13.360 52% of the votes choosing to leave the 28-member European Union.

00:01:19.000 Immigration was at the forefront of the Leave campaign for Britain

00:01:22.120 to take control of its borders and its economy, national identity and culture.

00:01:27.320 Make no mistake, this referendum is huge.

00:01:30.420 This result to Leave is monumentous.

00:01:32.780 A political earthquake with the financial ramifications uncertain.

00:01:36.940 The pound falling sharply, plummeting against the dollar,

00:01:39.880 which, of course, will impact Wall Street and global markets when they open.

00:01:43.760 The Leave campaign hailing June 23rd as Britain's Independence Day.

00:01:48.860 It's that day. It's June the 23rd.

00:01:51.480 Seven years ago today, we went out.

00:01:53.280 We beat not just the British establishment, but the global establishment,

00:01:56.540 despite every effort through Project Fear to frighten the life out of us.

00:02:01.400 Tactics, of course, they'd use again during lockdown.

00:02:04.180 Trouble is, the establishment never accepted it.

00:02:06.300 They never, ever forgave us.

00:02:07.540 And after three and a half years of wrangling and finally getting rid of Theresa May, Boris made a load of promises.

00:02:13.400 I'm afraid his government didn't really believe in it. We've been horribly let down on immigration, on the reduction of EU rules.

00:02:20.240 Frankly, the Tories have sabotaged Brexit. Sure, we've left and we're standing taller in the world.

00:02:25.980 And our financial services industry is bigger than it was, not smaller as predicted.

00:02:29.720 But the two big deliverables on immigration and regulations have been sabotaged.

00:02:35.480 I fear under a Labour government, we may just have to fight this all over again.

00:02:40.440 Do you know what? If we do, we'll win again.

00:02:43.080 Happy Brexit Day.

00:02:44.140 Fascinating. People come up to me and go, you know, you used to be a conservative.

00:02:48.100 Are you a liberal now?

00:02:49.500 All the time.

00:02:50.080 And I say, well, what would you like to talk about?

00:02:53.440 And we finished talking about my issues.

00:02:55.400 I go, you're pretty conservative.

00:02:57.480 I go, yes, please, please.

00:02:59.500 You need to frame this correctly.

00:03:01.300 And I'm dead serious about this.

00:03:02.780 It's people who support democracy, constitutional democracy, versus people who are anti-democracy, who are against constitutional norms, who are willing to throw constitutional norms out the window for Donald Trump, who are willing to just turn a blind eye to January 6th insurrection because of Donald Trump, who are willing to say right now, a Speaker of the House, that it's OK that Donald Trump stole nuclear secrets.

00:03:30.680 I mean, this is democracy versus anti-democracy.

00:03:34.960 I'm going to say one of the things that really has surprised me over the past several years.

00:03:40.300 I've been I've been bitterly disappointed by friends who were fellow conservatives who've completely crumbled and are now part of the anti-democracy forces.

00:03:50.160 And they are. You can judge them, you know, not just by their words, but more importantly, judge them by their deeds.

00:03:57.620 Judge them if they want to hold Donald Trump accountable.

00:03:59.880 Now, when Donald Trump, you take Lindsey Graham, I came in in 1994 with Lindsey Graham.

00:04:04.480 I always considered Lindsey to be a friend of mine.

00:04:06.840 You know, Lindsey Graham, he supported Donald Trump through Donald Trump saying he wanted his attorney general to arrest Joe Biden and Joe Biden's family two weeks before the election.

00:04:19.260 Supported him through all of that, supported him through the first impeachment where he held up money and defensive weapons to Ukraine.

00:04:27.500 trying to get dirt on a political opponent right and then on january the 6th january the 7th he

00:04:34.000 opposed him and then he was chased down a national airport by three people and a hound dog and

00:04:39.740 suddenly he went back to supporting the anti-democracy candidate it's more than that

00:04:44.480 there are other no i know he's knowing donald trump he's scared no it's not it's more listen

00:04:49.060 everybody always says it's more than that it's not it's not more than that they're not scared

00:04:54.980 of donald trump they're scared of their base they're scared to be leaders they're scared to

00:05:03.640 stand up in a town hall meeting and tell people something that people may not want to hear keep

00:05:09.420 their head down and continue telling them that they'll be surprised if they do that what happens

00:05:14.840 but they never take that chance because they're such cowards um but it's democracy versus anti

00:05:22.600 democracy i gotta say jonathan lamir i've also been surprised at some of the people who i would

00:05:26.960 have thought would have gone along with a crowd who have stood up uh and been stalwarts uh even

00:05:34.100 though they're conservatives uh standing for democracy and standing against their old party

00:05:40.380 because as john meacham said we really don't give a damn about what your tax policy is and what

00:05:47.000 Judges you're going to appoint if you don't support our constitutional republic.

00:05:53.220 Now, we can't let that happen again.

00:05:54.920 The country won't be able to take it.

00:05:56.520 The country won't be able to take it.

00:05:58.360 So I just want to thank everybody.

00:06:00.260 I want to congratulate you all.

00:06:02.380 I may sit around and listen to Steve Bannon, because he's really been an exceptional, very

00:06:08.540 smart guy, and they went after him, too.

00:06:11.120 They went after him, and we'll always continue to go after him.

00:06:13.860 We have to win in 24.

00:06:15.620 We have to turn around the country.

00:06:16.720 You know, we were energy independent.

00:06:18.280 Think of gasoline at $1.87.

00:06:21.880 We were independent with energy, and we were so good to be dominant.

00:06:25.900 And we were getting ready to flip where we were going to make so much money with our liquid gold.

00:06:32.020 You know, it's so big as an industry.

00:06:33.880 It's so big, so powerful.

00:06:36.020 We were going to be bigger than Saudi Arabia and Russia combined.

00:06:40.080 I got ANWR approved in Alaska.

00:06:42.840 ANWR is the size that may be bigger than Saudi Arabia.

00:06:46.600 Ronald Reagan couldn't get it done.

00:06:48.440 Bush, of course, couldn't get it done.

00:06:51.520 But Reagan tried, everybody tried, and they couldn't get it done.

00:06:55.200 I got it done.

00:06:57.880 Okay, welcome.

00:06:59.080 We got a lot to go through today, and we're going to get it all done.

00:07:01.860 We're going to chop a lot of wood here.

00:07:02.940 Friday, 23 June, Year of the Lord, 2023.

00:07:07.300 Right there, start off, it's the 7th anniversary.

00:07:09.620 Dave Brett's my wingman for both hours.

00:07:13.040 Peter Navarro's going to be here with the author.

00:07:15.040 What is it, Joe Carr is going to be at 5 o'clock.

00:07:18.380 I'm going to be at 6 with Dave Ramaswamy, I think, Natalie Winters, Jane Zirkle.

00:07:22.800 We are packed today, wall-to-wall, for the four hours.

00:07:25.400 Brad's going to be my wingman this morning, and we've got a lot to go through.

00:07:29.060 The collapse of the education system in this nation, economy.

00:07:32.240 We've got E.J. and Tony from the Steve Moore Group and also over Heritage.

00:07:37.100 Navarro's going to join us.

00:07:38.160 Bloomberg story on the collapse of the ticking time bomb of commercial real estate.

00:07:42.940 Garrett Ziegler, this amazing and, quite frankly, shocking deal, tax deal for Hunter Biden,

00:07:50.840 who was sitting there globbing around last night, I think humiliatingly, in front of Modi at the state dinner for Modi.

00:07:59.000 In fact, Dave Romaswamy is going to be up here to break the whole thing down, the speech, the White House visit, and the state dinner.

00:08:05.500 So let's get into it.

00:08:06.460 Do we have Ed Puzwali?

00:08:08.660 Couldn't get him up?

00:08:09.400 No, let's get AJ.

00:08:10.260 Okay, but I want to start. The reason I wanted to start today, the reason I asked you here, because Liberty is one of the finest universities in the country.

00:08:21.380 You've got Hillsdale, you've got Liberty, you've got a couple others that really are the leading edge of education.

00:08:28.800 And I thought on the seventh anniversary of Brexit, and you remember Brexit was the foreshadowing of the Trump victory seven years ago in June, complete upset.

00:08:40.260 Raheem's going to be with me tomorrow.

00:08:43.080 We're going to try to get to Raheem Day.

00:08:44.100 Raheem was the head of the Nigel Farage effort on Brexit,

00:08:48.860 which did a thousand times more than Boris Johnson.

00:08:51.180 It was Nigel Farage that conceived it, brought it about, etc.

00:08:53.960 But that was the foreshadowing of the massive Trump victory.

00:08:57.280 Seven years later, there's even bigger kind of things going on under the surface.

00:09:03.260 And we want to thank President Trump for the kind words last night about he's a War Room listener and watcher

00:09:08.740 at Cynthia Hughes' that had the Patriot Freedom Project up there

00:09:12.760 with Louie Gohmert, Jeff Clark, Bruce

00:09:16.660 Kowitz, that guy's one of the

00:09:21.400 best influencers out there. So, Pazwale was going to come on because

00:09:25.180 Ed, and we had a technical problem, so hopefully tomorrow, Monday.

00:09:29.360 But I know you got some charts. And here's what I want to get into for the War Room audience

00:09:33.340 is that it's been so busy, we haven't gotten a chance to get to it.

00:09:37.280 I think that I think the polling or the numbers came out on Tuesday, Monday or Tuesday.

00:09:42.200 It is jaw dropping these numbers for American education.

00:09:46.000 Liberty is one of the finest.

00:09:47.400 So you've been dealing for years with young, young, your young students, your young scholars coming from the public school system, from the private school system, from the charter school system and from the homeschool system.

00:09:59.440 You've got some charts.

00:10:00.340 You want to walk us through some of the things?

00:10:02.140 Denver wants to pull up.

00:10:03.620 There's a black chart with a NAEP test scores.

00:10:06.100 and just education in general, right?

00:10:09.520 The main thing you want to look, we talk about the real economy.

00:10:12.480 You got to have a target in mind.

00:10:14.600 And the target, since the rabbinic tradition and the Greeks,

00:10:17.660 has always been the pursuit of truth, right?

00:10:20.400 And so liberty and these Hillsdales and whatever,

00:10:22.980 they have not lost sight of what the target is.

00:10:25.540 We're aiming at truth. 1.00

00:10:27.020 The Greeks set up the quadrivium and the trivium,

00:10:29.800 the liberal arts system of education.

00:10:32.740 Harvard's motto in 1640 was truth for Christ and church.

00:10:37.020 Go read, parents, and I'm serious on this, when you're looking at competing schools,

00:10:40.400 go look at the mission statements.

00:10:42.080 And if all you see is a word salad that you really don't know what you just read,

00:10:46.520 and if it doesn't mention truth and give some historic situation for the truth,

00:10:51.640 you're probably visiting the wrong schools if you care about education.

00:10:55.460 I could go off on that.

00:10:56.720 If you talk to the consultants, education is not even in the top 10

00:10:59.800 of why most students or parents want to send their kid to a school, right?

00:11:03.260 They want a good food court, sports teams, and all this kind of stuff.

00:11:05.860 Which is all frivolous.

00:11:07.160 But what about the feeder system that gets them there?

00:11:10.220 Yeah.

00:11:10.520 I'm not so much worried about the college right now.

00:11:12.900 I am worried about the college because it's got so few good ones,

00:11:15.840 and most of it's a waste of time.

00:11:17.320 Yeah.

00:11:17.580 But what about these scores where math and science, these are free falls.

00:11:20.980 In a modern industrial society, your young workforce,

00:11:26.140 and since we've gone to the entire STEM system, you're not teaching history.

00:11:29.600 You're not teaching art. You're not teaching culture. You're not teaching American civics or civilization.

00:11:34.560 We've gone to STEM, and that is a free fall.

00:11:38.220 Yeah, and not even STEM.

00:11:39.740 Everybody knows, right, funding is tied to these NAEP test scores, right?

00:11:43.820 They've been gaming these test scores.

00:11:45.840 How?

00:11:47.180 Oh, I mean, there's a whole economic literature on this.

00:11:50.000 I mean, there's thousands of articles on gaming the test scores.

00:11:52.900 They serve sugar-high lunches and breakfasts before the testing.

00:11:57.680 I mean, you can't believe the gimmicks they go through to jack up these test scores.

00:12:01.640 And then there's all sorts of, you know.

00:12:03.080 Obviously, it's not working too well because the sugar high is not working, right?

00:12:07.420 And there's other things that matter, too.

00:12:09.900 First of all, I'd like to give the teachers the score.

00:12:12.160 I'm not sure the teachers would pass.

00:12:13.940 I think the teachers are illiterate, have, you know, don't know mathematics, basic.

00:12:20.140 You've got all these weird concepts.

00:12:21.620 Now they've actually admitted that the way they've been teaching reading for 30 years is wrong.

00:12:25.680 The mathematics is wrong.

00:12:26.700 And the signal is the elite universities even are getting away from all the testing, right?

00:12:34.800 So they can just do social experimentation, right?

00:12:37.400 Because that's the moment of truth.

00:12:38.940 And so I don't know if Denver has the NAEP chart up, but after COVID, yeah, there it is, right?

00:12:46.640 So after COVID, you just see a plunge, even if there have been some nominal gains over the last 20 years or so,

00:12:52.960 which I really don't believe, they're all gone now.

00:12:56.700 And, you know, this just ties in the drop in math and reading scores goes along with all the other social, right?

00:13:04.680 Suicide rates are up.

00:13:05.940 Social depression's up.

00:13:07.240 It's all tied.

00:13:08.480 There's other dimensions to education that matter, too.

00:13:10.640 The Greeks knew this.

00:13:11.660 All the classics knew this.

00:13:12.720 It's called character and virtue formation, all this kind of thing.

00:13:15.560 That's not there.

00:13:16.420 Instead of virtues, we're teaching that there are no virtues.

00:13:19.660 There's no God.

00:13:21.000 There's no foundations.

00:13:22.380 There's no absolute truth.

00:13:23.360 You're teaching woke. 0.97

00:13:24.320 And in woke, it's programmatically the LGBTQ ideology. 0.94

00:13:29.660 That goes in. 0.78

00:13:30.180 That goes in.

00:13:31.360 That's embedded.

00:13:32.280 That's a core.

00:13:34.260 That's what they're trying to teach.

00:13:35.460 Right.

00:13:36.000 Right.

00:13:36.280 And so, you know, they're smart enough not to go into the Marxist stuff or the neo-Marxist stuff, right?

00:13:41.880 They don't mention it explicitly, but this is clearly the Marxist project.

00:13:45.480 First, you get rid of God.

00:13:47.140 Then you get rid of truth.

00:13:48.360 Then you get rid of ethics.

00:13:49.960 You get rid of the family.

00:13:52.140 And they've won.

00:13:52.560 So real quickly before we go to break, and we've got some hardcore economics, we've got E.J. and Tony, we've got Navarro, we've got Dave Bratt.

00:14:00.380 When people come to Liberty, the sourcing of the elite prep schools, the public schools, the charter schools, and the home schools, rank order those.

00:14:12.480 Well, the elites, of course, do good.

00:14:14.460 They spend tens of thousands of dollars on these prepping for all the big national test scores.

00:14:19.220 So that's fine.

00:14:20.520 And we're going to get – that's the economy.

00:14:21.960 There's just a bifurcation.

00:14:23.040 There's the top 10%, and then there's the rest of us.

00:14:25.620 But for the rest of us, yeah, the homeschool kids come in.

00:14:28.980 They do science.

00:14:30.380 They do math. 1.00

00:14:31.380 Those moms. 1.00

00:14:31.860 They're quantitative. 1.00

00:14:32.960 The moms are phenomenal.

00:14:34.020 Remember the one great thing about COVID, the moms, this is how Moms for Liberty came.

00:14:37.100 They found out.

00:14:37.440 The moms took a look.

00:14:38.580 Yeah, right.

00:14:39.360 If you just put it on the shoulders of the moms on America, Moms for Liberty, the moms in this country,

00:14:44.940 the history of this nation is built upon the shoulders, the broad shoulders of the moms of this nation.

00:14:51.020 And the moms are also central in the church.

00:14:53.000 They run the church, too.

00:14:54.300 Let's back in a moment.

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00:16:31.540 Your host, Stephen K. Bannon.

00:16:35.240 Okay, from the first segment, what I want to do is offer up to Joe Scarborough

00:16:41.060 that the War Room will put on a town hall just for Joe,

00:16:46.420 and we'll go back to his old congressional district.

00:16:48.480 He's always talking about how they love him so much.

00:16:50.660 And we'll have a MAGA town hall.

00:16:52.600 We'll just invite everybody to show up and have Joe there.

00:16:55.260 And Joe can defend all his city ways, as we say.

00:16:59.960 It's Scarborough, so you've got to think.

00:17:02.280 It's not a challenge, but we offer, the War Room offers,

00:17:05.900 to have a town hall, put it up.

00:17:09.080 It's from Matt Gaetz's district now.

00:17:10.380 We'll do it down in Pensacola near the Naval Air Station. 0.86

00:17:13.640 And by the way, I noticed Morning Mika, since we called out Joe for just being a slug and drafting off her and she's doing all the work. 0.88

00:17:23.160 She doesn't have her name on the show.

00:17:25.600 I'm sure she's not as paid as well.

00:17:29.240 She's been much more deferential.

00:17:31.400 She's been very deferential to Joe.

00:17:33.220 We've noticed.

00:17:33.780 We've watched this.

00:17:34.580 We've deconstructed.

00:17:35.560 Okay.

00:17:36.800 The economy.

00:17:38.540 All you hear on Stephanie Ruhle and everybody on MSNBC and CNBC is how great it is at the greatest economy in the world.

00:17:45.580 Jim Cramer, he's skipping around again.

00:17:47.980 So brothers, Brat, Navarro, and EJ and Tony all disagree.

00:17:54.460 So I'm going to start with EJ.

00:17:55.440 EJ, you want to go through.

00:17:56.600 You just take it, brother.

00:17:58.080 Walk us through these charts.

00:17:59.180 And this is out of the Chicago Fed.

00:18:00.480 This is not us saying this.

00:18:01.460 This is the Chicago Fed's numbers, EJ.

00:18:04.500 So walk us through.

00:18:06.160 Right.

00:18:06.680 Well, Steve, thanks for having me.

00:18:07.780 One of the really amazing things that we're seeing right now is how the official numbers coming out of the Biden administration are contradicting basically all the other economic indicators.

00:18:17.300 And when we look at, for example, the data coming out of the regional Federal Reserve Bank, Chicago is the latest.

00:18:24.020 We see things are just falling off a cliff.

00:18:26.160 I mean, the service sector literally had its worst month in that district since the lockdowns of 2020, when businesses were forcibly closed by the government and it was illegal for you to go to work or to shop at many small businesses.

00:18:40.740 So things are not looking good at all.

00:18:43.400 We're not only seeing, for example, businesses just stop hiring altogether and take down online job postings, but we're also seeing work weeks being shortened, too.

00:18:54.380 And the reason that's such a good indicator is because businesses oftentimes, before they actually start laying off people, since there's an extra cost to laying off and hiring folks, is they just start reducing their hours.

00:19:06.060 And that's a very good indicator when we see that widespread that we're going to have additional layoffs in the future.

00:19:12.420 So I really don't see any indicators going forward that we're going to be able to avoid a recession here, especially when you start factoring Fed policy into the mix as well.

00:19:22.160 walk me through you got some charts don't you can we go through the uh can we go through the

00:19:27.500 charts you put up on your twitter explain those to the audience so you know some people have said

00:19:32.660 how uh you know the fed has essentially never really stopped uh their quantitative tightening

00:19:38.940 and that's a very very good point that's true they're continuing to sell off you know u.s

00:19:43.240 treasuries mortgage-backed securities they're drawing down the balance sheet except what

00:19:47.220 happened in March was they created all of this emergency lending in order to try to prop up the

00:19:53.480 failing banking system. And what that did was undo about half of the so-called quantitative

00:19:59.000 tightening or QT. So in other words, the Fed, as they were allowing money to be extinguished with

00:20:04.720 one hand, was creating it with the other. Now, they are back on track with extinguishing additional

00:20:10.820 money to try to fight inflation. But they are still increasing the amount of lending through

00:20:15.940 something called the Bank Term Funding Program. And what that essentially does is allow banks to

00:20:22.100 take bad assets on their books and temporarily put them on the Fed's books, but the program only

00:20:28.360 lasts a year. And so once that runs out, which we have less than nine months to go at this point,

00:20:33.680 once that runs out, the Fed really has no answer to how it's going to help these banks. In other

00:20:38.580 words, we're going to be right back into the situation we were in March where we had banks

00:20:43.340 that were failing.

00:20:46.860 Can we go to, can you, you got the charts, can we go to the charts?

00:20:50.400 They just, oh, he has, but the, where do I see that on the charts?

00:20:54.860 Because it's got to be specific.

00:20:55.820 Remember, I got a podcast and radio audience here.

00:20:57.820 So where was that shown on the charts?

00:21:01.220 So we have one chart showing the bank term funding program continuing to increase, and

00:21:08.080 that just hit a new record high last week.

00:21:12.480 And even with, amazingly, even when you consider how things like reverse repos have been coming

00:21:18.740 down and how things like interest on reserves, the amount of reserves that banks have at

00:21:23.900 the Fed, that has been coming down as well.

00:21:26.420 And you would say, OK, well, that's a very good sign because we're getting tightening

00:21:30.400 in credit there.

00:21:31.880 A lot of this is being offset by, again, this emergency lending by the Federal Reserve.

00:21:39.100 And so as a consequence of that, I think it – well, first, let me say it really illustrates how the Fed doesn't have an exit strategy here.

00:21:45.100 But as a consequence of that, we're not getting the actual impact in terms of ending inflation that we should be.

00:21:52.800 As I said earlier, this is really the Fed giving with one hand but taking away with the other.

00:21:57.740 Yeah.

00:21:58.360 No, they can't – this is why the Bank of England, I think, yesterday, 50 basis point pop kind of surprised.

00:22:02.940 Dr. Navarro, your assessment of this and also this Bloomberg story you pulled up today and showed me the crack of dawn that doesn't bode well for any of this.

00:22:12.420 What's your assessment of this, sir?

00:22:14.880 Well, Powell said it all. Basically, it's going to take a long time and we're going to have to solve our inflation problem in Powell's terms, not the Trump way, which creates positive growth,

00:22:27.160 but in the Biden way, which is to strangle the economy with high interest rates and stick it to the deplorables.

00:22:33.960 And that's the process we're in.

00:22:35.940 I, as an economist and forecaster, I've always seen both the bond and stock markets as leading indicators of what's going on.

00:22:45.040 And if you just watch the action now, you've had a rally in bonds, meaning bond prices are up,

00:22:51.340 expectation of lower interest rates, not because the Fed's going to lower them,

00:22:55.520 But at the long end, it's because this recession's coming.

00:23:00.680 And stocks have been trading at the upper end of the range, and look out below.

00:23:06.860 The bottom line, Steve, is that we're in stagflation.

00:23:12.140 The story that caught my eye today obviously was this Bloomberg story.

00:23:16.420 Bannon's been all over that for months as we're in the war room.

00:23:21.000 But it's a $30 trillion problem.

00:23:23.520 Here's the nutshell of it.

00:23:25.540 Can we get the story off?

00:23:26.040 Can we get the story off?

00:23:26.260 The nutshell of it is a home mortgage.

00:23:28.360 Hang on a second.

00:23:29.740 Hang on.

00:23:30.540 If Denver could put that story up from Bloomberg because it's very important.

00:23:33.940 And I want Grace and Moe to make sure they put it up.

00:23:36.260 People should read this.

00:23:37.080 But go ahead because this is a ticking time bomb.

00:23:41.240 And here's why.

00:23:42.980 Yeah.

00:23:44.220 Here's the buried lead in the story, okay?

00:23:47.840 In the housing market, the norm is 30-year fixed-rate mortgages, right?

00:23:53.600 So you finance it and you just forget about it, all right?

00:23:57.780 In the commercial real estate market, which is a $30 trillion market,

00:24:02.400 the strategy is very short-term financing with a big balloon payment at the end.

00:24:09.160 And if you can't refinance, you send the keys back to the bank, okay?

00:24:14.440 Now, the problem that these commercial office space has, obviously, is on the demand side, the pandemic, post-pandemic, has totally disrupted the whole model.

00:24:26.580 Even people who are going back to work are only going back for a couple of days.

00:24:30.560 Businesses or huge corporations are consolidating all their space, and the demand side of that market is upside down.

00:24:38.640 But hang on.

00:24:40.760 Whoa, whoa, whoa.

00:24:42.100 But don't bury the lead.

00:24:43.940 There's a big story up today about the gutting of the towns of the Midwest, right?

00:24:49.420 And it's all the same.

00:24:50.560 You get every one of these cities, St. Louis, Detroit, or the big cities.

00:24:56.080 They're all run by Democratic machines.

00:24:59.220 They're lawless.

00:25:00.360 It's anarchy.

00:25:01.160 It's filthy.

00:25:01.940 It's fentanyl.

00:25:02.740 It's homeless.

00:25:03.740 People are tired of it.

00:25:04.680 They're not going to do it.

00:25:05.320 So the work-at-home movement is now.

00:25:08.960 And a lot of the work-at-home tech people are the people that vote for these progressive policies, but then they don't want to live with them, right?

00:25:17.460 So that's why these downtowns are in free fall, and the commercial real estate, I think it's Minneapolis, has 21 million feet of unleashed office space.

00:25:28.040 Minneapolis has always been one of the great cities out there in the Midwest.

00:25:30.600 That's just one small example.

00:25:32.480 But, Peter, continue.

00:25:33.320 Yeah, well, so the problem is that there's trillions of dollars coming due by 2025 that have to be financed.

00:25:44.560 And the interest rates are simply too high for that.

00:25:47.700 Plus, there's a squeeze on banks.

00:25:49.960 A lot of these regional banks now have had to tighten up in the wake of the collapse of the Silicon Valley Bank.

00:25:56.680 So it's basically the ultimate ticking time bomb on top of everything else, Steve.

00:26:03.320 So this is a politician-made disaster.

00:26:07.440 It's all Joe Biden, and we forecast stagflation over a year ago.

00:26:13.660 It's nothing transitory about this, and the people who are in charge don't understand the underlying problem, sir.

00:26:22.180 The core star.

00:26:23.220 Okay, you're going to be here.

00:26:25.060 Let's do a quick advertisement for the 5 o'clock show with you.

00:26:27.920 You've actually got some star talent coming on today.

00:26:30.940 Hot as a firecracker, Commander Jack Carr written The Terminal List.

00:26:38.140 And the reason why I'm talking to a novelist is because his last novel, Only the Dead, which just came out,

00:26:45.420 is like the perfect expression of MAGA from the grassroots.

00:26:49.820 You all know Joe Kent.

00:26:51.120 It's like Joe Kent started writing books.

00:26:54.920 It's just a beautiful expression of what MAGA means.

00:26:58.180 So I thought in the 5 o'clock hour talking to Commander Kerr, we could actually kind of talk about what MAGA means.

00:27:05.740 It's not a four-letter word.

00:27:07.200 It's something beautiful, patriotic, and it's aimed for prosperity and security.

00:27:11.780 So tune in at 5.

00:27:13.120 I'll be honored to guest host for the Admiral.

00:27:16.500 It is a four-letter word to the establishment.

00:27:19.240 We're proud of that.

00:27:20.080 Real quickly, what's your social media?

00:27:22.220 What's your social media?

00:27:23.160 Yeah, peternavarro.substack.com is where to go.

00:27:26.660 peternavarro.substack.com

00:27:28.600 Real Pete Navarro on Getter

00:27:30.560 and Twitter and True Social

00:27:31.900 and you know

00:27:34.460 we just got to keep hammering

00:27:36.460 Steve this is a long term

00:27:38.300 fight and

00:27:39.620 you're doing it great

00:27:41.540 well thank you sir appreciate it

00:27:44.460 thank you Peter Navarro EJ how do people get

00:27:46.500 to you on social media how do they follow

00:27:47.880 the analysis you do

00:27:50.100 best place to find me is on

00:27:52.420 Twitter at Real EJ Antony

00:27:54.260 E.J., thank you very much. Great work over there. Steve Moore, great work at Heritage. You guys are killing it. Thank you so much.

00:28:02.860 OK, Brad's going to stick around. We got we're trying to track down Garrett Ziegler.

00:28:07.280 This tax deal on Hunter Biden is much worse than you thought.

00:28:11.720 Whistleblowers are out. Also, we have a new Cuban missile crisis right in front of us.

00:28:17.160 President Trump talked about it yesterday with Seb.

00:28:20.380 We've got Sam Faddis to talk about the crisis in Cuba, the CCP with a dagger at the heart of America, all next in the war room.

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00:29:55.920 Here's your host, Stephen K. Bannon.

00:30:03.540 Okay, welcome back. We've got some walkthrough with Dave Bratt. We've got some charts. We're going to go through some things. Your basic theory of the case is like EJ. The math here that's coming out of these regional feds is nothing but bad. It reinforces the Peter Navarro stagflation.

00:30:24.680 And this is where we're getting projections of 1% to 1.1% growth, high core inflation, high interest rates, and you're just going to have lost decades in front of you, right?

00:30:35.520 You're just going to kind of grind along, right?

00:30:39.060 This is back to what Japan's had since the 90s because that asset inflation has never really gotten out of it.

00:30:46.720 They're probably in worse shape today than ever.

00:30:49.040 And it's what the United States had, given all the bad decisions we made in Vietnam, the Great Society, the oil crisis, coming off the gold standard, all that.

00:30:58.340 Finally, Volcker, you know, Volcker and Reagan showed up, thank God.

00:31:02.420 I mean, and, you know, we're able, we're two men of courage.

00:31:06.380 Never forget, courage is the key underlying.

00:31:08.500 If you don't have courage, you don't have anything.

00:31:10.020 So walk us through your choice.

00:31:12.780 Yeah, and just to reiterate what you just said, you know, it's becoming common knowledge now.

00:31:17.360 But, you know, the big 10 tech stocks are the only thing that are up.

00:31:20.560 They're about a third of the S&P stock market.

00:31:23.820 And so the market is up because it's been artificially stimulated.

00:31:27.960 As EJ just said, the Fed added another $500 billion after the bank started getting wobbly.

00:31:34.460 And then the catastrophe of the debt ceiling lift that added an additional minimum $4 trillion of federal government spending.

00:31:45.420 The trailing 12 months, which is reality, shows us $2 trillion, so it's going to be a lot worse than $4 trillion, no doubt.

00:31:52.480 Tax revenues, economy slowing, tax revenues because of the structure.

00:31:56.080 You're not going to increase tax rates.

00:31:57.580 And then no growth.

00:31:58.800 No growth, and that means –

00:31:59.860 Last time I was on, the best predictor of that is our capital stock, the total amount of capital we have to work with, is now smaller than China's capital stock.

00:32:08.360 So that, in basic economic terms, that 1% economic growth is going to be with us for your lost decade.

00:32:14.320 And then my charts show what EJ showed, and the service sector is over half of the economy right now.

00:32:20.160 And that's you and me and the people that work in service jobs, and those are not scalable.

00:32:24.080 So you're not going to get rich off those, right?

00:32:25.700 They don't grow at an exponential rate like big tech if you pop a patent or something like that.

00:32:31.380 And so the first chart that Denver has up already are the leading economic indicators, right?

00:32:37.240 So that's a basket of 10 indicators that are leading in the sense they should predict where the economy is going to go.

00:32:43.720 Same as the service sector.

00:32:45.220 It's fallen off a cliff right there.

00:32:47.520 Why is that important?

00:32:48.640 The next chart, Denver.

00:32:50.100 But hey, just for the audience, nomenclature, leading indicator.

00:32:54.080 You hear that a lot on the business.

00:32:55.380 Leading indicator means what?

00:32:56.780 When they see that basket.

00:32:57.760 They're like a basket of housing permits, job losses.

00:33:02.180 That can project the kind of growth of the economy.

00:33:05.060 If things are good, it's going to be robust.

00:33:07.460 If things are neutral, it's going to be neutral.

00:33:09.140 If it's negative, it's going to be bad.

00:33:10.860 Negative, bad.

00:33:12.540 And what do these leading indicators tell you right now?

00:33:15.140 They're telling you the real economy, GDP, which is the total amount of stuff you make per year, right, goods and services, cars, refrigerators, that kind of thing, are going down.

00:33:24.760 No surprise.

00:33:25.540 We're supposed to be in a recession by now, but I just covered, and you just covered on the show every day, the stimulus that keeps that from happening and the markets correcting.

00:33:33.740 So the next chart, it just reemphasizes what we're saying.

00:33:37.700 The leading economic indicators are perfectly correlated with GDP growth.

00:33:43.820 It's the same two graphs.

00:33:45.540 And I'm going to post these at Brad Economics if other people want to pull them and share them.

00:33:49.900 And Grace and Mo, I want you to make sure that they – Captain Bannon and Grace, make sure you put it up. 0.97

00:33:55.080 Hopefully Carly Bonet over at Midnight Ride.

00:33:57.380 Let's get all these out here because I want people to get fully up to speed on what's happening to the economy. 0.92

00:34:00.980 Keep going.

00:34:01.600 Next, the value of the U.S. dollar.

00:34:04.800 This is in the news.

00:34:05.980 You're all over it.

00:34:07.520 There's a few different terms that might confuse people.

00:34:10.400 Depreciation of the dollar is usually referenced with respect to other currencies, right?

00:34:15.580 So your currency goes down versus another currency.

00:34:18.920 That can be a win either way, right?

00:34:20.960 If you depreciate, it's good for exports, bad for imports.

00:34:25.080 Devaluation is used similarly.

00:34:26.860 That's when a country does it.

00:34:27.920 If you don't have floating exchange rates and the country imposes a devaluation, you'll hear that more in the central command economies.

00:34:34.300 But this is the one that affects your lives, right?

00:34:37.140 The purchasing power of the dollar is down 86% since 1972, right?

00:34:44.720 When we got off gold.

00:34:45.740 Hold on.

00:34:46.400 What random event happened?

00:34:49.960 No, I want you to repeat that.

00:34:51.580 Everybody repeat it, okay?

00:34:53.840 Everybody repeat it.

00:34:54.920 Since we went off the gold standard, purchasing power of the dollar has been what?

00:34:59.100 Down 86%.

00:35:00.520 That is not what you call stable prices.

00:35:03.260 and the Fed got off of gold and their number one mandate.

00:35:06.700 Look, for all the things that people say, well, it's an ancient thing.

00:35:09.840 It doesn't make any difference. 0.99

00:35:10.940 There's all this crazy stuff from Egypt and places like that. 1.00

00:35:13.820 But here's what it did.

00:35:15.460 It was a tether to politicians.

00:35:18.400 If you had the gold, you wouldn't have had what you had just here with McCarthy and this crowd, okay,

00:35:23.360 where they've got a printing press over the Federal Reserve.

00:35:25.540 Can't do it.

00:35:26.000 They keep printing money.

00:35:27.220 Just a quick aside.

00:35:28.500 This is why I'm birch gold.

00:35:29.480 60 days from now 0.99

00:35:31.260 and Faddis is going to be on here

00:35:33.040 he's dedicated his life to the CIA in a moment

00:35:35.100 about the new

00:35:36.060 crisis in Cuba

00:35:39.060 the crisis in Cuba, the development

00:35:41.160 of the United States, what's happening in Taiwan

00:35:43.120 and also what's happening

00:35:45.200 in Durban, South Africa

00:35:46.420 the BRIC nations 0.99

00:35:49.300 and now they want

00:35:50.420 Modi yesterday said he wanted the African Union

00:35:53.240 particularly the powerhouses in sub-Saharan

00:35:55.200 Africa have the resources to join the G20

00:35:57.480 here's what's happening

00:35:58.280 around the world, because people say,

00:36:00.540 Steve, how can you say this? The dollar's not that far off

00:36:02.340 of these other currencies. No, you've got to compare it

00:36:04.060 to the commodities.

00:36:05.980 The guys that have

00:36:08.280 these nations,

00:36:09.860 I don't care if they've got turbines or anything,

00:36:11.300 they've got plenty of smart people

00:36:13.540 that went to Harvard and went to MIT

00:36:16.040 Sloan and went to the University of Chicago

00:36:17.960 and went to Stanford and know how to work in HP

00:36:19.940 12C and they can do discounted

00:36:22.040 cash flow and

00:36:23.380 all the perturbations around there.

00:36:25.540 They have come to the conclusion

00:36:26.880 that when they see McCarthy

00:36:29.220 and they see, hey, these supposed to be Republicans

00:36:31.120 that are in charge of this thing, when they

00:36:33.080 see that and look at what these politicians do

00:36:35.260 and they know it's more than $4 trillion

00:36:37.160 to add to the national debt

00:36:39.220 and they don't see any political courage

00:36:41.460 of any faction

00:36:42.920 right besides MAGA and we're getting

00:36:45.200 beaten up every day, no faction is

00:36:47.120 prepared to step up to the plate and say

00:36:48.620 this thing is out of control

00:36:50.220 because of good barriers. So they've taken

00:36:53.060 action on their own and 60 days in Durban

00:36:55.140 And all the BRICS nations led by the CCP because they're instigating it all are going to be there, and they're going to offer up an alternative currency for the first time since Bretton Woods, since the pound went away.

00:37:05.360 And what they're going to say is that – and for them, it's not going to be perfect.

00:37:09.020 It's going to be some sort of basket, but it's a start, and that's the problem.

00:37:12.680 You're seeing – this is the end of the dollar empire.

00:37:14.580 If I go to birchgold.com slash Bannon, you get all the information.

00:37:18.280 We're going to come out hopefully by Monday and have a whole new package for you guys, but go check.

00:37:22.920 You should ask the Birch Gold guys, if the central banks of these countries that have all these resources are buying gold at record rates, is something going on here?

00:37:31.900 Because I think you're seeing, and correct me if I'm wrong, Brad, because they see what they look at and they say, hey, look, the American citizens have got to take it, right, because they voted them in, right?

00:37:42.920 And so if they're taking their purchasing power away, and I think the purchasing power has been 15% drop in the last two years, they're going, they're not going to do it to us.

00:37:50.380 We're going to get some basket of some alternative, and we're going to back it up with gold.

00:37:54.320 And they're going to a quasi-gold standard internationally.

00:37:57.860 Do you agree with that assessment, directionally?

00:37:59.700 I agree with it all economically and geopolitically it's all tied to.

00:38:03.480 They see the weakness of the global north.

00:38:05.600 They're setting up rules of the game.

00:38:07.540 Good luck with that.

00:38:08.120 They're going to have a hard time doing that, right?

00:38:09.460 We ruled the seas and the trade and the post-World War II Bretton Woods liberal order.

00:38:14.700 I don't think they're going to pull it off, but that's where they're going.

00:38:17.420 The global north.

00:38:18.040 That's where they're going.

00:38:18.540 The global north.

00:38:19.580 Yeah. 1.00

00:38:20.000 blue-eyed, white, foreign devils. 0.99

00:38:22.860 Yeah. 0.98

00:38:23.120 Okay, blue-eyed, white, foreign devils 1.00

00:38:25.600 don't know how to manage their own affairs. 1.00

00:38:28.120 They're over in Ukraine killing each other.

00:38:30.100 You've had World War I.

00:38:31.480 You've had World War II. 1.00

00:38:32.860 These foreign devils don't know how to... 1.00

00:38:34.960 I mean, this is the pitch they're making. 1.00

00:38:36.400 They're saying, why do we have to be into that system?

00:38:39.260 Why are we beholden to the Federal Reserve?

00:38:43.800 You got this guy, Powell.

00:38:44.840 When they look at our country

00:38:46.140 and they see Blinken kowtowing,

00:38:47.780 that little worm over the kowtowing to the CCP,

00:38:50.000 and they see pal you see no alpha male all these beta males up there they're all worming around

00:38:55.340 what do you think the world shows me get mitch mcconnell chuck schumer joe biden you got hunter

00:38:59.460 biden you got a pervert you got modi who comes just a standing ovation modi modi modi one of

00:39:05.260 the great nationalists in our world and he's not perfect but man he's a hammer for his country 0.68

00:39:09.080 they're all chanting he's over there and this is the lack of respect and the world sees this you

00:39:14.280 We have Modi, who's a rock star, and they put out a poll today.

00:39:17.280 76% in the world poll, Modi's the number one leader in the world.

00:39:21.660 Okay, but people respect, because people in these other countries say he stands up for the Indian people.

00:39:26.360 It's a billion, they have 800 million votes in a democracy, paper ballot, and guess what?

00:39:32.880 It takes them a month, and they're clean elections. 0.74

00:39:35.940 The Indians are all over this. 1.00

00:39:37.180 You know, the British did a good job of setting it up before they got tossed out.

00:39:42.700 but the indians run a tight ship over there in this and so modi's a rock star and he's one of 0.95

00:39:48.220 the leaders in this thing the biden's when the world looks joe biden brings a pervert son that's

00:39:54.420 on the take from everybody and has the gall to put him in a state dinner and kind of quite frankly 0.96

00:39:59.900 humiliate the indians yeah this is what the world sees the world sees these foreign devils and says 0.65

00:40:04.740 they're not so smart they're not so tough they can't take care of their own affairs the americans 1.00

00:40:10.180 are the are the things that are most screwed up of all yeah and we're not going to just sit there

00:40:14.380 and have our world we have to do every transaction in federal reserve notes well maybe we've got a

00:40:19.840 better system and i'm telling you unless we get our house in order the the durban is just the

00:40:25.640 durban accords which we call them are just the opening salvo they're going to come up with an

00:40:29.800 alternative and then we're going to be like the british professor am i right or wrong here no

00:40:34.820 Oh, you're right. And if you'll notice, I like tying everything back to the utter foundations,

00:40:39.860 and they're always moral when you really look at it. And if you look at Modi's speech also,

00:40:45.440 what no one will ever comment on was the poem that he read and the philosophical underpinnings

00:40:51.860 of light, the sunlit uplands, right? He had these metaphors of hope and promise and whatever.

00:40:58.180 And the U.S., what are we offering? We're telling the people of the Ukraine, we got your back.

00:41:03.420 they're all dead they've lost their shell country the people in taiwan are noticing this moral

00:41:09.740 failing of the united states of america if you promise your buddy you got their back you better

00:41:14.440 have their back our word used to mean something it's shattered the judeo-christian west right now

00:41:20.500 is shattered we have to restore that faith and credibility before it's also tied to financial

00:41:24.800 markets before we go but we're going to get more financial i want to bring in sam faddis right now

00:41:28.580 because faddis you've got an amazing piece up on and magazine i know you're the founder and editor

00:41:33.060 there, but this piece about the current Cuban missile crisis we've got 90 miles from our

00:41:39.640 border.

00:41:40.440 Is Dave Brat right?

00:41:42.000 Have they looked at the United States and say, hey, these guys don't have anybody's

00:41:45.400 back and they don't even have their own back. 0.96

00:41:47.040 And right now, a dagger at the heart of America, the Chinese Communist Party are going to prove 0.95

00:41:51.920 to the world that we cannot defend ourselves. 0.92

00:41:55.240 Sam Faddis.

00:41:57.160 Yeah, 100 percent.

00:41:58.740 That's precisely where we are, right?

00:42:01.420 We have been measured and evaluated and found wanting.

00:42:04.280 And so now you've got the Chinese negotiating an agreement with the Cubans, which we assume will be based on the template they've used multiple other places, which means they're going to establish a military base and bring in military personnel and put them 90 miles from Florida.

00:42:22.660 And, you know, look, they're not coming to train Cubans or hang out and get a tan.

00:42:27.940 So you can look at what they have done elsewhere, and you can presume that this is the first step toward the deployment of offensive military weapons there, pointing directly at us. 0.52

00:42:40.140 That's the second Cuban Missile Crisis, worse, obviously, because we don't have JFK sitting in the White House to push back on this. 0.52

00:42:50.060 Talk to me about – I'll tell you what. Let's take a break. I want to get into this. We've got more economics to go through.

00:42:54.640 we've got this show is actually

00:42:56.620 developing much

00:42:58.660 better than I thought it would. We were so jammed

00:43:00.560 this morning, but I think we're giving enough

00:43:02.340 oxygen to everything. Sam Faddis, and we

00:43:04.480 can get Sam Faddis' peace out.

00:43:06.580 We have a second missile

00:43:08.440 crisis. The problem is we don't have

00:43:10.500 a Jack Kennedy to stare

00:43:12.620 it down. As imperfect an individual

00:43:14.700 as Jack Kennedy was, in that

00:43:16.500 moment in time, he stared it down.

00:43:18.700 Or at least he stared it down. They also

00:43:20.440 had a little side deal with the Turks, with the 0.63

00:43:22.560 missiles in Turkey. A little side deal. 0.79

00:43:24.640 People should remember also, it was under the cover of the Cuban Missile Crisis that the CCP initiated an offensive war against the Indians, against India.

00:43:34.420 And that had massive impact.

00:43:37.680 Geopolitics, capital markets, the economy, all of it in the war room.

00:43:41.820 Short break. Back in a moment.

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00:46:25.600 Action, action, action. 0.61

00:46:29.700 So, Faddis, tell me, when you say the Chinese are putting a military base down there,

00:46:35.180 I understand there are already Chinese personnel down there, PLA from the CCP.

00:46:39.980 When you say it has offensive capabilities, walk me through what we can anticipate is going to be there.

00:46:46.480 Right. Well, again, look, they're not coming there.

00:46:49.500 What is their intent in coming there?

00:46:51.200 It is obviously not that they have a pressing need to go train the Cuban military, right?

00:46:55.700 What they're going to do is they're going to establish a facility.

00:46:58.160 They're going to flow in Chinese personnel from there.

00:47:01.060 What can we expect? 1.00

00:47:02.340 Well, let's start with missiles.

00:47:05.180 Do I expect that that's the first thing that's going to land on the island?

00:47:07.740 Obviously not.

00:47:08.920 But you're alluding to the Cuban missile crisis.

00:47:11.380 Technology has changed, right?

00:47:13.420 If you're talking about Chinese missiles and the command and control mechanisms and all of that stuff,

00:47:17.140 You can bring that stuff in in 40-foot shipping containers on a commercial vessel, drive it to wherever, and have it operational in almost no time, okay?

00:47:26.900 Hypersonic Chinese missiles, flight time, I mean, speed in excess of 7,000 miles an hour.

00:47:32.760 You work that out, my math's not great, but that's about two minutes from Cuba to Miami, maybe 20 minutes to New York, D.C.

00:47:40.160 This changes everything. Anybody who thinks we have the capacity to intercept that, stop that, forget about it.

00:47:47.840 And we're talking not just conventional warheads, but we know that the Chinese are working overtime on putting nuclear warheads in those things. 0.93

00:47:55.860 What about cyber and what about offensive cyber with AI and what about mini Wuhan labs, biological and chemical? 0.92

00:48:07.660 They've got chemical through fentanyl. They've got biological through, you know, through the coronavirus and others they're working on, which we now know from a turner, won't turn over the report, but we know it's came from Wuhan lab as a bio lab in offensive cyber, sir. 0.73

00:48:22.960 Yeah, all of that. I mean, make a list of all the horrible things in the world. Yes. Biological. Why not? 0.93

00:48:27.840 I mean, we've already experienced COVID. We are being attacked, the equivalent of a WMD attack by the Chinese every day with fentanyl. 0.96

00:48:36.460 Keep in mind, I mean, I think people really ought to focus on this. 0.91

00:48:39.580 Look, four years ago, COVID crawled out of a Wuhan lab or was released from a lab.

00:48:44.800 But in one way or the other, it came out of a lab that should have been like at the top of our priority list in terms of collection.

00:48:52.100 right biological warfare program make a virus more dangerous to human beings our number one

00:48:57.940 global enemy nothing trumps that that's literally what they call in the intel community tier zero

00:49:04.000 collection requirement we received from our intelligence community no warning and then when

00:49:10.140 it began to happen and the chinese scrambled to contain it we received no notice of that it was

00:49:15.400 invisible to us four years later our intelligence community when you ask them how did the pandemic

00:49:20.900 start if you read the assessment and cut through the double talk it says uh we still don't know

00:49:26.940 we have no information we have no intel so if you think the chinese are going to begin to come into

00:49:32.140 cuba and we're somehow going to monitor them moment by moment and know precisely when they've

00:49:39.240 got what there i mean you're living in la la land that's not where we are our collection capacity

00:49:45.240 is nil president president trump said on seb last night he gave him 48 hours then he would come in

00:49:52.920 with hard sanctions tariffs everything to try to break him economically what would sam fattis do

00:49:57.520 timing ultimatum and uh action well look i think the the president's instincts are exactly right

00:50:05.500 right what we can't have is we can't have the biden response which will be we're going to issue

00:50:09.780 a strongly worded letter and begin to have negotiations, which is code for we'll do

00:50:14.980 nothing. We have to approach this the way Kennedy did back in the first Cuban missile crisis,

00:50:20.980 which is, no, we're setting a finite period and there's no discussion here about

00:50:26.280 acceptable terms. You will not do this. This is not going to happen. And then I think his

00:50:33.840 instincts again are correct before we move to kinetic military action which i would not take

00:50:40.140 off the table make a list of every economic political pressure point we have and say it's

00:50:46.180 all on the table man tariffs access to capital trading on the stock exchange anything and

00:50:52.240 everything you you got about seven you would you would support gates gates requested and he's

00:50:59.580 kind of an anti-war guy, he requested the authorization of military use for the president

00:51:05.240 to be able to take kinetic action here. You would also say you would go up fairly quickly up the

00:51:10.700 chain of escalation to get to kinetic if you had to? I would definitely put kinetic action on the

00:51:21.140 list of options we are prepared to take. Would that be my preferred way to solve the problem?

00:51:27.060 Obviously not.

00:51:27.960 But look, I think we both know here's the real issue. 0.95

00:51:31.200 The issue is that the Chinese are doing this because they expect there will be no pushback of any kind and no resolve. 0.97

00:51:40.000 That's what has to change. 0.68

00:51:41.740 They have to be told we will and are taking action.

00:51:46.300 This is completely unacceptable.

00:51:48.640 Biden administration, again, we know where they're going to go with this.

00:51:51.520 If they acknowledge it at all, they're going to say, well, we'll begin discussions.

00:51:54.920 with them. Good God, Blinken just came back

00:51:56.840 from China. 100,000 Americans

00:51:58.960 die a year from fentanyl.

00:52:00.660 All the precursor chemicals come from China.

00:52:03.440 He came back and told us with a 1.00

00:52:04.740 straight face, the Chinese are basically 1.00

00:52:06.700 accidentally shipping those 0.77

00:52:08.660 chemicals to Mexico. They don't really know where they're

00:52:10.740 ending up.

00:52:12.420 No, it's a lie. And his thing

00:52:14.820 on Cuba was a disgrace.

00:52:16.300 We're very sternly

00:52:18.120 watching that. Sam, how did they get to

00:52:20.740 Ann Magazine? How did they get to you on social media?

00:52:22.900 and magazine.substack.com that'll take you to every place we are twitter get our every place

00:52:29.600 else and magazine.substack.com and you got a lot on you got a lot on and not just geopolitics but

00:52:37.160 a lot about the local politics up there and other things so and election integrity or election

00:52:41.560 crime so thank you sir appreciate it sam thank you long-term veteran cia real quickly before we

00:52:47.480 go to break. Cuba. Yeah, Cuba, Sam, had it just right. And we have leverage like we just did on

00:52:53.980 the debt ceiling, unique leverage at this moment in history, right? Our economy in the U.S. is

00:52:58.920 only 20 percent traded. China's economy is still 50 percent traded. They're utterly dependent on

00:53:05.080 us, no matter what they say. She's trying to move internal. 80 percent of their energy comes around 0.90

00:53:10.560 India. We have huge leverage right now at this point in history. If we don't use it now, 0.69

00:53:17.560 we do lose what's left of the liberal rules-based order.

00:53:22.240 Does the American elite have the moral courage to stand up here?

00:53:26.840 No.

00:53:27.260 You just heard the undercover work with BlackRock.

00:53:30.200 They own senators. 0.68

00:53:31.400 They want to keep doing business with China to extract every last nickel of profits 0.77

00:53:34.920 on behalf of the ten top financial firms and at the cost to the American people. 0.76

00:53:41.260 Short commercial break.

00:53:42.840 Second hour is going to be lit.

00:53:44.680 Tim Ballard's going to join us

00:53:46.780 Chris Hoare's going to join us

00:53:48.060 Steve Stern's going to join us

00:53:49.580 We're on fire here on a Friday in the World

00:53:52.720 Back in a moment

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Bannon's War Room - June 23, 2023

Episode 2828： Failure Of The School System; Fed Fails With Exit Strategy

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