Bannon's War Room - Episode 2898： The Decline Of Reserve Currency; Unwinding The Debt Deal

00:00:00.000 This is the primal scream of a dying regime.

00:00:07.000 Pray for our enemies.

00:00:09.000 Because we're going medieval on these people.

00:00:12.000 I got a free shot at all these networks lying about the people.

00:00:17.000 The people have had a belly full of it.

00:00:19.000 I know you don't like hearing that.

00:00:20.000 I know you try to do everything in the world to stop that,

00:00:22.000 but you're not going to stop it.

00:00:23.000 It's going to happen.

00:00:24.000 And where do people like that go to share the big lie?

00:00:27.000 Mega Media.

00:00:29.000 I wish in my soul, I wish that any of these people had a conscience.

00:00:34.000 Ask yourself, what is my task and what is my purpose?

00:00:38.000 If that answer is to save my country, this country will be saved.

00:00:44.000 War Room. Here's your host, Stephen K. Banff.

00:00:53.000 I was thrilled to host a screening at Bedminster of the important new film,

00:00:58.000 Sound to Freedom about the power of faith in overcoming evil,

00:01:02.000 and in particular, the evil of child trafficking.

00:01:06.000 Big problem.

00:01:07.000 We had it down to the lowest number in many years just four years ago,

00:01:11.000 and now it's gone through the roof.

00:01:13.000 Even though the fake news media has tried to ignore it,

00:01:16.000 Sound to Freedom has been a national sensation and a colossal success at the box office.

00:01:22.000 It's really big numbers.

00:01:23.000 Everyone should see it.

00:01:25.000 This is a very important film and very important movie,

00:01:29.000 and it's a very important documentary all wrapped up in one.

00:01:33.000 It's really about an issue that has to be discussed.

00:01:37.000 Under my leadership, we did more than any administration in history

00:01:41.000 to combat human trafficking and to end modern-day slavery.

00:01:45.000 In one of my first acts in office, I signed an executive order

00:01:49.000 targeting transnational criminal organizations that traffic and exploit innocent people.

00:01:55.000 I signed the Frederick Douglass Trafficking Victims Prevention and Protection Reauthorization Act,

00:02:01.000 authorizing $430 million to fight sex and labor trafficking.

00:02:06.000 I signed legislation to crack down on foreign countries who are not meeting standards for eliminating trafficking, 1.00

00:02:14.000 of which there are many.

00:02:15.000 I also signed into law the Abolish Human Trafficking Act,

00:02:19.000 which strengthened programs supporting survivors and provided more resources for ending modern slavery.

00:02:26.000 We do have modern slavery, if you can believe it.

00:02:29.000 Additionally, I created the first-ever White House position focused solely on combating human trafficking.

00:02:35.000 And perhaps most importantly, we created the most secure border in U.S. history by far,

00:02:41.000 dealing a major blow to the cartels and traffickers.

00:02:45.000 We built hundreds of miles of wall.

00:02:48.000 We renovated hundreds of miles of wall.

00:02:51.000 We never had anything like it.

00:02:53.000 And then I got Mexico free of charge to give us 28,000 soldiers to protect us

00:02:58.000 from people coming into our country illegally. 0.77

00:03:01.000 When I am back in the White House, I will immediately end the Biden border nightmare that traffickers are using to exploit vulnerable women and children.

00:03:10.000 We will fully secure the border.

00:03:12.000 I will wage war on the cartels just as I destroyed the ISIS caliphate, 100 percent gone, 100 percent destroyed.

00:03:20.000 They'll come back now because we have a weak administration. 0.98

00:03:24.000 I will use Title 42 to end the child trafficking crisis by returning all trafficked children to their families in their home countries and without delay.

00:03:33.000 And I will urge Congress to ensure that anyone caught trafficking children across our border receives the death penalty immediately.

00:03:41.000 And that includes also for women, because women, as you know, are number one in trafficking.

00:03:48.000 Children are actually number two.

00:03:50.000 I want to thank Eduardo, Jim, Tim Ballard and everyone else involved in this film for their incredible efforts and their great genius.

00:03:58.000 Together, we will end the scourge of human trafficking and we will defend the dignity of human life.

00:04:04.000 Thank you very much.

00:04:05.000 It's Saturday, 22 July, Year of Alert 2023.

00:04:08.000 We've got a lot to get through today.

00:04:10.000 But right there, as we played last night, monumental development coming out of the Bedminster screening and the President Trump's great efforts in this death to the traffickers.

00:04:25.000 Death penalty for traffickers.

00:04:26.000 Right. 1.00

00:04:27.000 Death penalty for traffickers. 1.00

00:04:28.000 Right. 1.00

00:04:29.000 Death penalty for traffickers. 0.98

00:04:30.000 Other huge developments will be coming out of this.

00:04:31.000 But I want to start the show off on something monumental because of this audience, because you made Sound of Freedom a massive hit.

00:04:40.000 Because of you, you've made it into a movement is just absolutely incredible.

00:04:43.000 And people can't thank you enough.

00:04:46.000 These children can't thank you enough.

00:04:48.000 Sound of Freedom.

00:04:49.000 Go to what is it?

00:04:52.000 Angel dot com.

00:04:53.000 Angel dot com slash war room to get your tickets for the weekend.

00:04:57.000 Let's make it.

00:04:58.000 Let's have a top.

00:04:59.000 Was it Oppenheimer and Barbie and Mission Impossible?

00:05:02.000 I beat Mission Impossible during the weekdays here.

00:05:04.000 So it's just incredible.

00:05:05.000 Sound of Freedom. 0.95

00:05:06.000 As President Trump says, death to the traffickers.

00:05:09.000 OK, we've got a lot to get to.

00:05:11.000 I've got a Ben Harnwell and Dave Bradt.

00:05:14.000 We're going to be talking about the currency, the road to Durban, also Ukraine.

00:05:17.000 But I want to first let's play.

00:05:19.000 Do I have President Trump before I bring in Bradt and and Brother Harnwell?

00:05:26.000 Let's play President Trump from the other day. 0.62

00:05:29.000 And we have a corrupt, compromised president, crooked Joe Biden, who is dragging us into World War Three. 0.50

00:05:35.000 And that's what's happening on behalf of a nation that paid his family millions and millions of dollars in obvious bribes. 0.70

00:05:43.000 All you have to do is take a look at how much China, how much Ukraine have paid the Biden family.

00:05:48.000 It's a total disgrace and a very dangerous one.

00:05:51.000 Under these circumstances, the notion that we would even consider admitting Ukraine into NATO at this time is completely unhinged.

00:06:01.000 Joe Biden can't even walk up a flight of stairs on Air Force One and he can't put two sentences together.

00:06:08.000 The last thing that this incompetent administration should be doing is risking war with a nuclear armed Russia or China or other countries.

00:06:19.000 We have somebody that doesn't have a clue representing us.

00:06:24.000 Let's bring in Harnwell and Bradt.

00:06:26.000 Dave, Bradt, I want to start with you.

00:06:29.000 And I want to go back your theory of the case.

00:06:32.000 We're going to talk about the road to Durban.

00:06:34.000 We're talking about capital markets, the economy and particularly the U.S. dollar or currency.

00:06:38.000 But I want you to walk through what has led, sir, to the demise of all the previous, I think, five or six nations in modern times.

00:06:49.000 And in modern times, I would say go back five or six hundred years of the empires that have had the prime reserve currency.

00:06:56.000 Walk me through before I bring Ben in.

00:06:59.000 What has brought each one of them down?

00:07:02.000 Yeah, well, it's interesting.

00:07:04.000 This thing, you shot me the article by Krugman and Krugman says nothing to see here on this global reserve currency.

00:07:11.000 And, you know, he's a Nobel laureate in economics proper.

00:07:15.000 Right. So the Krugman types are, you know, they got big craniums.

00:07:19.000 They're good at math puzzles.

00:07:20.000 They're good at working puzzles.

00:07:22.000 But the problem with the genius types is that sometimes they might make the wrong puzzle.

00:07:27.000 Right. They may be in the wrong room.

00:07:29.000 And that's the case with Krugman.

00:07:31.000 So he's talking about the reserve currency in the end of the reserve currency.

00:07:34.000 And he's linking it to just the use of currency.

00:07:36.000 He's got a few charts that look strong that we can go over in detail.

00:07:41.000 But just in brief, he misses the major issues.

00:07:46.000 Why? Why would you lose your currency?

00:07:49.000 Right. Why would you lose your status as a global reserve currency?

00:07:53.000 That takes a lot to lose.

00:07:56.000 And it has to do with a lot of variables we're going to talk through.

00:07:59.000 Trust, the amount of debt your country's in, the credibility of your economy, the productivity, which gets underplayed.

00:08:07.000 Productivity is hugely important.

00:08:09.000 It's been down for 40 years.

00:08:12.000 But all that aside, there's one thing that always comes into play for all five regimes in a row, starting at 1500, starting with Spain and then Portugal and then the Netherlands.

00:08:24.000 Right. The great shipping economy.

00:08:26.000 And then the French lost through the French Revolution.

00:08:30.000 And the UK, Britain wins World War I, World War II, doesn't matter.

00:08:35.000 They still lost their reserve currency.

00:08:37.000 And of course, the thing that unites all those countries and their loss of reserve currency status is war.

00:08:43.000 And so probably very complex stories when you get down into all of it.

00:08:49.000 But going over the news of the day, the show this week covering Ukraine, U.S. squandering precious resources, Ukrainian young people in the charnel house dying, young Christians for what?

00:09:04.000 What's our strategic plan, et cetera?

00:09:07.000 Who knows?

00:09:09.000 It hasn't been spelled out for us at all.

00:09:11.000 But it's a sign of U.S. arrogance.

00:09:14.000 But hang on.

00:09:15.000 When you say war, it's where they were in broader than just the territorial wars that they had fought.

00:09:22.000 They got into expanded empire type clashes where they got spread too thin.

00:09:27.000 They then had to – their currency got debased, the debasement of the currency.

00:09:33.000 Next thing you know, they're weakened in their core productivity of what they do best.

00:09:38.000 And the empire starts to fall.

00:09:40.000 And the leading indicator of the fall of the empire is the currency, correct?

00:09:43.000 Isn't that the historical process they go through?

00:09:46.000 Yeah, no, that's right.

00:09:48.000 And in all cases, the U.K. had an empire spanning the globe.

00:09:57.000 And people in countries tend to get sloppy, right?

00:10:02.000 When the wealth isn't produced the real way with a real economy, which is something else that's a major thesis of the program, of the war room, when you lose track of the real economy, and we're just dealing with all these stimulus dollars, $9 trillion on the Federal Reserve balance sheet, $15 trillion in federal spending, $4 trillion in stimulus.

00:10:25.000 Just in the next two years, iced, cemented in by the Republicans, of all people, it's very illustrative that we are losing our mind.

00:10:38.000 We're paying for wars now instead of debt.

00:10:41.000 We're $50 trillion in debt.

00:10:43.000 The rest of the world now knows we're not going to pay that debt off, right?

00:10:47.000 They know that.

00:10:48.000 We got 5% interest payments.

00:10:49.000 We can't even pay the interest payments coming up in a few years.

00:10:52.000 It's going to be very rough sales.

00:10:55.000 And then Krugman abstracts just covers the economics.

00:10:59.000 But there's two other elements of these BRICS, right?

00:11:03.000 And we'll get into all this in more detail, too.

00:11:05.000 But just as an overview, these BRICS countries, China, Russia, India in particular, if they're in on this thing, that spells trouble.

00:11:15.000 But they're backing two things.

00:11:16.000 They're putting two things together that are very scary.

00:11:19.000 One is a gold-based economy or silver or whatever, but a commodity-based economy.

00:11:26.000 They're talking gold.

00:11:27.000 But then secondly, tying that to blockchain, right, which keeps the information private, very secret.

00:11:36.000 No one can get at it, but it also provides a perfect record and trail of all your financial transactions.

00:11:43.000 So very, very powerful combination of gold and then blockchain.

00:11:49.000 And that bypasses the credibility part.

00:11:53.000 Well, they're also doing blockchain because they get off the SWIFT system.

00:11:57.000 Remember, they've got to get off the currency so we can't weaponize it like we did against Russia. 0.87

00:12:02.000 They've got to get off the SWIFT system.

00:12:04.000 Hang on for right there.

00:12:05.000 Because I want to – before I get into the details of breaking down the currency and the capital markets aspect of this, I want to bring in Ben Harnwell.

00:12:12.000 So, Ben, this – my argument is this is a metastasizing regional conflict that's quite rapidly becoming a broader regional and will hence become a global war.

00:12:25.000 You saw the Russians took out the grain facilities in Odessa this week that are going to cause massive disruptions in the Middle East, Africa, and India as far as the food security goes.

00:12:39.000 Your thoughts?

00:12:42.000 Morning, Steve.

00:12:43.000 Morning, Dean.

00:12:44.000 Yeah, well, you know, the situation here, I mean, following the bombing – it's gone on for about four days now – of Odessa is illustrative, I think, of President Putin's absolute determination that the embargo that he'd imposed before the UN-brokered grain deal, that will return.

00:13:07.000 And that will be a full embargo on that grain, just as it was before, and that will create massive damage, not only, of course, to the Ukrainian domestic economy, which was very much dependent on the funds raised by the export of that grain, but it will also damage the rest of the world, too.

00:13:24.000 So I think this shows that far from a creaking regime on its last legs, driven by the potential threat of civil war, the Russian state right now is powerful and it's solidifying its power.

00:13:39.000 Ben, hang on for one second.

00:13:43.000 We're going to take a short commercial break.

00:13:45.000 We're going to come back.

00:13:46.000 Ben is going to give us some ideas about this massive election tomorrow in Spain, national election, and you're seeing the rise of the MAGA party, the populist party there, Vox.

00:13:58.000 And then we're going to get back to the de-dollarization, the road to Durban, the road to Durban and the Durban Accords, which is going to have a massive impact on the United States economy.

00:14:09.500 Short commercial break.

00:14:10.480 Talking capital markets, currency, and geopolitics.

00:14:15.640 Ben Harnwell from Rome, Dave Bratt, the vice provost down at Liberty University.

00:14:20.860 Short commercial break.

00:14:21.500 Back in a moment.

00:14:22.480 It's all started.

00:14:24.840 Everything's begun.

00:14:26.800 And you are over.

00:14:29.440 Because we're taking down the CCP.

00:14:33.560 Spread the word all through Hong Kong.

00:14:35.820 We will fight till they're all gone.

00:14:38.500 We rejoice when there's no more. 0.95

00:14:40.120 Let's take down the CCP. 0.90

00:14:43.380 They have all died for too long. 0.59

00:14:46.120 We will end what they do wrong.

00:14:48.480 Spread the word all through Hong Kong.

00:14:50.300 Let's take down the CCP.

00:14:52.260 The bull is flying in too long.

00:14:56.040 And you will surrender.

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00:16:25.740 Here's your host, Stephen K. Mann.

00:16:28.240 Okay, birchgold.com slash Bannon.

00:16:32.560 We have the summary of the road to Durban and the new, what, Durban Pact, Durban Accords

00:16:38.640 that's going to come out.

00:16:40.040 The BRICS nations are going to have a gold-backed security to try to compete with the United States.

00:16:46.320 We're going to get into Krugman.

00:16:47.600 We're not saying he's going to compete with the dollar day one,

00:16:50.180 but the first time that you've seen active de-dollarization driven by the Chinese Communist Party.

00:16:55.280 And I don't want to repeat, I don't believe it will be convertible into gold because I can't do that,

00:17:01.040 but somehow it's going to be gold-backed.

00:17:02.460 We're going to help figure that all out.

00:17:05.160 Ben Harnwell.

00:17:07.700 Anything else on Ukraine?

00:17:08.980 Because I want to get to Vox, the rise of Vox, the ultra-MAGA party,

00:17:15.220 which we've known and have loved for years.

00:17:19.520 They've been dismissed.

00:17:20.300 But, like, alternative for Deutschland, they are starting to rise,

00:17:24.720 and they're going to be the key component tomorrow to put together, I think,

00:17:27.640 a coalition government on the right.

00:17:29.920 Any more thoughts on Ukraine before we go to the populist politics on the continent, sir?

00:17:36.660 Well, the only thought I have, if we're going to stick on Ukraine for 30 seconds,

00:17:41.420 is the actual shellacking of Odessa, which was a curious thing for Putin to do.

00:17:52.020 He didn't need to carpet bomb the port for three or four days beforehand

00:17:56.480 to affect a very impermeable trade blockage.

00:18:06.240 So why has he done this?

00:18:09.200 In fact, you remember, Steve, that six months ago we were talking about the possibility

00:18:12.580 of him moving all the way down from the Donbass across the south

00:18:16.300 in the south-westerly direction over to Moldova

00:18:20.260 and just taking that whole land bridge across,

00:18:23.380 taking the whole other southern coast over and leaving, you know,

00:18:26.820 once he's solidified his presence in the Donbass,

00:18:30.280 once he's taken that land bridge,

00:18:31.860 just give the rump of the country back to Zelensky and then negotiate on maintaining that.

00:18:37.480 Why would he damage, why would he hit so hard Ukraine's largest port

00:18:44.700 if he had the intentions of eventually taking it over and using it for himself?

00:18:50.860 The only suggestion I have, and I did mention this a few days ago on the show, Steve,

00:18:54.640 is that it seems to me that he has sacrificed the potential utility of Odessa for his own use

00:19:02.940 in order to draw troops ever further southwards down to its southernmost border,

00:19:09.780 its coastal border with the Black Sea,

00:19:12.260 and therefore inevitably, Steve, to draw troops down from the north of the country down to the south.

00:19:19.420 And in fact, that's exactly what Zelensky said he was going to do.

00:19:22.420 He said he was going to reinforce all the ports on the south coast there.

00:19:28.400 And that only feeds into something I think that we were discussing yesterday on the show

00:19:32.780 and elsewhere in the week,

00:19:34.620 that the manoeuvres behind the presence of the Wagner troops in Belarus

00:19:40.660 with the Belarusians, I think, is a fact that we cannot afford to take our eyes from. 1.00

00:19:47.480 Zelensky is ever more vulnerable up on his northernmost border.

00:19:51.520 And, of course, Poland raised 1,000 troops in order to solidify,

00:19:58.720 to fortify its eastern border with Belarus.

00:20:03.580 And because these training exercise missions,

00:20:07.500 these joint training exercise missions between Wagner and Belarus,

00:20:11.240 are taking place in a town called Brest,

00:20:14.760 which is admittedly three miles away from Poland.

00:20:18.700 But less than 30 miles away, Steve, from the Ukrainian border.

00:20:23.740 So more evidence that there is something going on there, Steve.

00:20:27.480 And I cannot underline enough that we should keep our eyes on that

00:20:30.700 as much as the mainstream media tries to distract us from that.

00:20:35.040 Because when we get to Brett, you find out the overextension.

00:20:39.500 By the way, the National Defense Authorization Act is going to be back,

00:20:43.700 I think, from the Senate next week.

00:20:45.480 It's going to have hundreds of billions of dollars in there for Ukraine.

00:20:48.820 They're going to want a supplemental. 0.75

00:20:50.340 This is a fight we have to win because this Ukraine is not just draining our military, 0.99

00:20:54.860 it's draining our treasury, which we're broke anyway.

00:20:56.860 Spain and Vox.

00:21:00.240 Steve, before I get on to Spain, I just want to cover the events from Thursday in the UK.

00:21:07.520 We had three, what we call in the UK, by-elections.

00:21:10.500 In the States, they're called special elections.

00:21:12.600 Three parliamentary resignations.

00:21:16.140 These were three safe Tory seats.

00:21:19.100 And the Tory party lost.

00:21:22.480 One seat had a majority of 20,000.

00:21:25.860 That was overturned by Labour.

00:21:28.440 A seat with a majority of 19,000 was overturned by the Liberal Democrats.

00:21:33.560 And Boris Johnson's own seat, because he quit Parliament, that was taken down.

00:21:38.120 That was only won by the Tories.

00:21:39.680 It was kept on by the Tories after they'd had a recount by 495 votes.

00:21:45.500 So they kept that seat by the skin of the teeth.

00:21:48.000 I consider that it's a numerical, it isn't, they have maintained that seat numerically.

00:21:54.160 Emotionally, Steve, morally, psychologically, I would say they lost all three in reality.

00:22:00.120 And that is absolutely crucial, I think, because by-elections in the UK are, much like in the United States,

00:22:05.800 they are barometers of satisfaction or more usually dissatisfaction with the government.

00:22:12.380 Rishi Sunak is in trouble, right?

00:22:14.500 He's in big, big trouble.

00:22:15.980 And this is how my pivot onto Spain, because it's the same thing.

00:22:19.800 It's the same thing going on in the States, in Spain, in the UK, wherever we're looking at centre-right political parties.

00:22:29.680 They have, at their heels, either movements within them, or if they're basically two-party systems, first-past-the-post-two-party systems,

00:22:39.400 or if it's proportional representation, they have breakaway movements founded by effectively disaffected members of the centre-right party

00:22:49.060 that are re-establishing and redefining what it means to be of the right in the 21st century.

00:22:57.960 And this is what's happening in Spain.

00:23:00.160 There's a new political party. It's about 10 years old. It's called VOX, which is Latin for voice.

00:23:05.460 And whilst it is not set to win the general elections in Spain tomorrow, it is going to most probably be kingmaker.

00:23:19.160 Firstly, I'll just give a very quick background on what the situation is tomorrow.

00:23:24.080 So the lower chamber, 350 seats, they're all up for grabs.

00:23:28.700 And in the Senate, there are about 208 of 265 seats that are up for grabs.

00:23:35.380 Now, the polling of about three or four days ago by Reuters put the popular party, which is the centre-right party,

00:23:45.220 be it like the equivalent of the Tories or the Republicans, that's due to get 170 seats,

00:23:51.160 not obviously an outright majority. And VOX are set to get about 35. That will give them a majority.

00:23:59.460 Please go ahead.

00:24:01.340 I just want to make sure this ties to what Michael Yan, remember we had Michael Yan in Morocco,

00:24:07.100 I think about six months ago, on the other side of Spain from this immigration, this invasion of their country. 1.00

00:24:15.440 This ties directly to what we're seeing out of Ben Berquam, whether it's Del Rio, Texas, Yuma, Arizona.

00:24:22.860 The issue driving it, there's many things about the economy, but one, VOX is a, just like Nigel Farage has become

00:24:29.780 with his new kind of version of Brexit party, and also in France with the Front National.

00:24:36.940 Now, this, a lot of this is about invasion of their country and immigration, is it not Ben Harnwell?

00:24:44.440 Steve, it's 100 percent, it's the same issues.

00:24:47.620 Specifically in Spain, there's a very anti-woke element of the, of VOX's agenda.

00:24:54.640 It wants to introduce a family ministry to promote to the traditional family.

00:24:59.940 It wants to roll back access to abortion. 0.55

00:25:02.920 It wants to roll back the LGBT, uh, excesses. 1.00

00:25:08.100 Um, basically wants to protect the country back to where it was 20 years ago.

00:25:11.580 And that is already, just earning for itself the epithet of being the most far-right political party,

00:25:19.120 uh, to achieve parliamentary presence since the, since the death of Franco in 75.

00:25:25.180 And it's just an ordinary mainstream, it's where the central right was, as I say, 20 years ago.

00:25:31.100 And it is already being described in the most hysterical, um, language.

00:25:36.280 Steve, your point is absolutely essential here.

00:25:38.260 You know, when you gave, um, your speech, um, uh, a couple of days ago, you made a very important point.

00:25:46.840 And that's directly related to what we're seeing here in Europe.

00:25:48.960 You basically drew a very strong distinction between what you call Fox Republicans and MAGA Republicans.

00:25:56.060 Basically, the Fox Republicans are, they're not even Republicans, really.

00:26:00.480 They're just going along part of the, the emotional heritage without the actual bite, uh, that, that, that, that animated the Republican Party for so long.

00:26:09.600 It's the same thing, as you've mentioned, with Nigel Farage in the UK and the same thing with Santiago Abascal in, in Spain.

00:26:16.560 This is a movement which is where, uh, you know, half of the country is.

00:26:21.740 Crucially, Steve, the popular party, the Spanish popular party, the centre-right party, the Christian Democrat party, is a centre-right, is Christian Democrat in all but name.

00:26:31.940 Wherever you look at conventional centre-right political parties around the world, uh, after 20 or 30 years or 50 years, 60 years of its existence, they are no longer that.

00:26:42.920 What's in the tin is not what's on the, on the label.

00:26:45.340 These are globalist ciphers, and the country is rejecting them.

00:26:50.840 The country, the country is, wherever you look, Steve, people are rejecting them.

00:26:55.300 And they're not just rejecting them sort of, you know, ambivalently, you know, I, I might vote MAGA, I might vote Trump, I might vote Santiago Abascal, I might vote Le Pen, I don't believe in, I might vote Nigel Farage.

00:27:07.320 But it's not that, there is an energy and a passion because people are awake and they are, they are, they're right down to the core, to their marrow and their bones.

00:27:16.680 They know they have been lied to by a corrupt and out-of-touch set of sociopaths who have robbed them blind.

00:27:24.720 And they're not putting it up with it anymore.

00:27:26.800 And this is what we're seeing, Steve, what we're going to see tomorrow, Sunday, in Spain.

00:27:30.980 OK.

00:27:31.180 Real quickly, your social media, Ben, we'll let you go, and you'll be back on Monday to give us the update on this populist revolt in Spain.

00:27:40.620 Yes, of course I will, Steve.

00:27:41.640 Thank you so much.

00:27:42.640 My platform of choice is Getter, and I'm there.

00:27:45.600 You just need to tap in my surname, Harnwell, at Harnwell.

00:27:49.400 And that's where I am uniquely putting out my thoughts, analysis, and observations.

00:27:53.500 Ben, thank you very much.

00:27:57.820 Honored to have you on here.

00:27:58.660 Great work to have you back here Monday.

00:28:01.460 Now, many of the bad guys are also revolting against the fiat currency of the United States of America that has taken their purchasing power down almost 20 percent since the Biden regime has taken office.

00:28:15.300 Dave Brat, next, in the war room.

00:28:17.240 We will fight till they're all gone.

00:28:19.700 We rejoice when there's no more.

00:28:21.600 Let's take down the CC.

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00:29:55.140 This is a global revolt against the neo-Marxist establishment, whether that's in France, whether it's in Spain, whether it's in Brussels or Davos or London,

00:30:15.580 or in the imperial capital of Washington, D.C., and particularly the global financial capital of New York City.

00:30:22.480 Even our enemies, the revolt of the populist right is very much what's happening with BRICS. 0.89

00:30:29.160 Remember, many of these people are our enemies.

00:30:31.540 India is not. 0.99

00:30:33.180 Brazil is not. 0.89

00:30:34.660 Lula is, but Brazil is not. 0.84

00:30:36.820 And the Chinese people aren't, and the Russian people aren't either. 0.95

00:30:40.000 The Lulias are.

00:30:41.140 But we're not leaving them a choice.

00:30:43.180 If there's one thing you can take away from the end of the dollar empire, and one thing, you go to birchgold.com slash Bannon right now to get the summary,

00:30:49.600 the pricey, as we call it, the cheat sheet, because we're 30 days away from Durban.

00:30:55.400 This is our actions.

00:30:56.900 This is the elites in our country, the Republicans and the Democrats that have done this.

00:31:01.480 First, they did it to you, and the rest of the world said, hey, they're doing it to their own citizens.

00:31:06.160 They're destroying their purchasing power and giving them this paper fiat currency, which they continue to devalue.

00:31:12.940 If they're prepared to do it for them, who supposedly have got to vote them in office, what are they going to do to us?

00:31:19.180 Dave Bratt, Krugman says that Bratt and Bannon just have their hair on fire, and this is nothing to worry about.

00:31:25.460 I'm going to turn it over to you because you're the economist.

00:31:28.300 I went to the business school and just yell and scream.

00:31:32.420 You're my reasoned moral philosopher, sir.

00:31:34.740 Take it.

00:31:35.820 Yeah, I'll give it my best.

00:31:36.840 You do a pretty good job with Navarro, the competing Harvard schools, but Hornwell just laid it out very well, too, right, that geopolitical framework we're talking about.

00:31:48.440 What I'm about ready to get into is probably best summarized by Paul Kennedy, right, The Rise and Fall of Great Powers, his great book.

00:31:57.480 His thesis is the ascendancy of the great powers is relative, right?

00:32:03.760 So what I'm about ready to say, you know, it's not like I'm running some regression, and once you hit a certain number, you're in trouble.

00:32:10.280 But, yeah, I really – and let me just jump in here.

00:32:12.600 Paul Kennedy's book, I think Professor Young, came out in, I think, the second term of Reagan, and even then it was a warning to, as you could see, the collapse of the Soviet Union and sort of geopolitical – and, quote, unquote, the end of history is upon us.

00:32:26.660 What he warned is that the extension of empire militarily and economically eventually comes back and destroys all these empires.

00:32:36.440 That happened in the late 80s.

00:32:37.580 This book was a seminal work that everybody had to read back then, Dave Bratt.

00:32:41.540 Yeah, it still is, and it stands to this day as a lesson on why we are where we are.

00:32:50.620 And the reason is it has to do with economic durability, overextension of resources like you just said, and the key word, again, is productivity.

00:33:00.880 And in this case, the reason you're seeing the rise of global tensions, and I hate to sound like Marx, but it has to do with economic growth, it's kind of cooked globally, right?

00:33:13.740 We're going into probably a global recession, very slow growth rates.

00:33:18.780 Wall Street Journal has the lost decade of China today, a major story.

00:33:24.060 Everybody ought to read that one.

00:33:25.760 And the United States has dwindled from Reagan, 5%, 6% economic growth down to 1%, 2%.

00:33:32.780 And productivity, same thing.

00:33:35.340 It used to be 4%, 5%.

00:33:36.920 Now we're down to 1% or 2%.

00:33:38.680 And the government productivity, of course, is 0% to 0.5%, very low.

00:33:44.700 So that's the context.

00:33:47.440 Now, relatively speaking, some regions are growing, right?

00:33:52.320 Asia's growing.

00:33:53.100 We're going to talk about India, the Middle East, and the U.S. has lost its productivity.

00:33:57.520 So the rise of these BRICS countries are a question.

00:34:01.460 Krugman just lays out the basic economic case, just looking at economic variables, the way he chooses to define them.

00:34:09.640 And he kind of rigs the deck a little bit.

00:34:13.100 If Denver wants to put up the first graph, we can talk over that one.

00:34:18.040 And Krugman puts up a measure of just total currency usage, right?

00:34:24.080 So that's not really all reserve currency and U.S. treasuries and what other countries are holding for bad times or for their trade accounts.

00:34:32.300 So he puts up a thing, and the U.S. looks strong in this case.

00:34:36.560 And the euro and the yen is certainly not any threat.

00:34:40.160 So in a nutshell, that's the case he makes.

00:34:43.060 And then the next chart, Denver, I just want to go into a little bit of the complexities here to show this story is not simple.

00:34:50.880 In 1971, we, the United States, gave up the gold standard, right?

00:34:56.400 So everyone says, well, that's a disaster, and it was.

00:34:58.760 In terms of a standard of measure for a currency, we had real money.

00:35:04.300 Now we do not have real money, right?

00:35:06.260 We have what's called fiat currency.

00:35:08.600 I think 2.6% of U.S. dollar is tied to anything real in the sense of gold, minerals, that kind of thing.

00:35:17.360 So it's a true fiat currency.

00:35:19.360 But I do want to point out in the context of the war room, it's kind of interesting looking at this chart, U.S. trade balance, right?

00:35:26.780 When we went off the dollar in 70s, 80s, and in 90s, it starts going down, running big deficits, and way to the far right, we're running big deficits.

00:35:36.200 Why is that?

00:35:37.540 That's because when the U.S. became the undisputed world reserve currency, everybody demanded dollars for everything, right?

00:35:45.260 You need dollars to invest in treasury bills.

00:35:47.540 You need dollars for trade.

00:35:49.360 You need dollars for everything.

00:35:50.440 So everyone invests in trade.

00:35:52.200 That has the nice property of lowering interest rates for the United States, which are elites-like.

00:35:59.160 But when you have a trade deficit, it makes it very hard for you to export stuff.

00:36:04.380 And so our manufacturers got hit.

00:36:06.580 And so this graph, you know, when you get off the gold standard, this also kind of, you know, explains American laxity, getting lazy.

00:36:16.960 We're not hustling.

00:36:18.160 And this comes after the 60s and 70s.

00:36:20.120 Education is not as serious anymore.

00:36:22.880 Productivity is falling.

00:36:24.540 The Federal Reserve has constructed managed decline with interest rate falling, falling, falling.

00:36:29.540 And so I just want to give people a little balance that I'm not telling a one-way story here.

00:36:36.820 That loss of manufacturing to China is due to a lot.

00:36:41.700 But losing the gold standard, I'm going to talk about just with respect to monetary policy.

00:36:47.580 From that standpoint, it was a disaster.

00:36:50.580 But it was hard to manage.

00:36:52.640 It's not just that Nixon woke up someday and said, hey, we're going to get rid of this thing.

00:36:56.000 There were huge global pressures on him to sustain the price.

00:37:01.200 That's the hard part.

00:37:01.940 The gold standard is not a debate at all.

00:37:04.740 The hard part is what price, how many dollars do you pay toward an ounce of gold?

00:37:09.440 Then, look, we're going to go back and do – in August, we're going to do the August three-day weekend that changes the direction of the country with getting off the gold standard.

00:37:19.880 But isn't one of the things – even if you think gold is an ancient – from ancient times, didn't it at least tie politicians that they just couldn't continue to print money?

00:37:29.500 Isn't it a handcuff?

00:37:32.640 Yeah.

00:37:33.120 And what Nixon wanted, he didn't want to go against domestic programs.

00:37:37.820 We know that.

00:37:38.860 He made a deal.

00:37:39.760 Daniel Patrick Monaghan was his guy.

00:37:42.120 He didn't – because the Great Society, he never cut a penny.

00:37:45.420 And the reason he thought the liberals would stay off him, that was wrong.

00:37:48.620 And he kept up the – it was really the guns and butters policy of the Johnson, quote-unquote, Great Society.

00:37:55.760 And that eventually broke us.

00:37:57.080 We had the stagflation.

00:37:58.600 Reagan came in with Volcker and Settler for a while.

00:38:00.780 But by coming detached from the gold – from it being a convertible into gold, we basically gave a credit card to an irresponsible political class, sir?

00:38:10.680 Yeah, no, that's all right.

00:38:13.440 And the same cycle goes, right?

00:38:15.080 To raise money for World War I, II, they broke the gold standard cycle.

00:38:19.860 Then they had to get back on it because they wanted what you just said, that price stability, right?

00:38:24.560 That's the major job of the Federal Reserve.

00:38:26.100 And so I'm just hinting a little bit with that little extension there that there are alternatives, right?

00:38:31.700 You can go to a Taylor rule.

00:38:33.540 The problem, of course, is all of this has to be put through the politicians who want to print money to go to war.

00:38:39.300 And it's no irony that right now, what are we doing?

00:38:42.800 We're printing $2 trillion a year to fund a war, right?

00:38:47.500 And this – you couldn't have had a more perfect setup on the show for this discussion.

00:38:53.060 And so now let me move on.

00:38:54.800 Now, Elon Musk entered the fray versus Krugman and starts to use the right language when it comes to your currency.

00:39:02.740 He says we're using the currency, the US dollar, as a weapon, right, referring to the sanctioning other countries, ticking them off.

00:39:12.100 And then other countries see that we're doing that to them.

00:39:14.540 And then that forms to – that helps form the BRICS alliance, right, of Brazil and Russia, India, China, South Africa, and the road to Durban and the conversation you've been having for years, and especially in the last months, is we come up to that.

00:39:31.660 And so Elon Musk quotes an economist, Peter St. Ange, and he's got some numbers that differ from the Krugman graph, right?

00:39:43.380 I'll just read off a couple.

00:39:44.800 He has the dollar share of reserves, right, going from 73% in 2001 all the way down to 47% in 2020.

00:39:56.160 So that's not staying even like Krugman.

00:39:59.920 That's a significant decline and, you know, kind of a one-off joke, you know, how do countries lose their power?

00:40:08.820 How do you lose your currency gradually at first and then suddenly?

00:40:13.700 And we want to avoid the suddenly part, and that's related to war also, right?

00:40:18.440 You're gradually at war like now, and then suddenly you're in World War III because you're no longer following deterrence strategy.

00:40:25.440 All of this stuff is related.

00:40:27.640 And so the next chart shows some competition to Krugman's data.

00:40:32.480 This is from the Federal Reserve, right?

00:40:34.000 So it's not really in question.

00:40:36.060 And this is the BRICS.

00:40:37.020 So here's the BRICS countries getting off the dollar as defined by holdings of U.S. Treasuries.

00:40:43.880 And you can see at the far right just a straight down decline.

00:40:47.340 So here's the BRICS sending us some warning signals.

00:40:50.460 And it's not just the BRICS.

00:40:51.540 It's the BRICS plus 20 countries.

00:40:53.180 And as we said prior, all of this is relative.

00:40:58.660 And with exchange rates and foreign exchange and reserves, it's a complex story.

00:41:03.400 I'm not going to get into all that stuff, but it's all based on credibility.

00:41:07.280 Credibility, the faith in the currency, the faith in the U.S. dollar, et cetera.

00:41:12.140 We're giving the world some major reasons to lose faith in our system, right?

00:41:17.160 The soap opera at the federal government in the White House over the past week, $50 trillion in debt.

00:41:23.840 And if the BRICS and the 20 countries, if they move toward a gold standard of any sort, some sort of peg that gives price stability, and they link it to blockchain, which gives them the ability to form instant credibility, right?

00:41:39.600 No one's going to put their money in China right now, right?

00:41:42.160 That ain't going to happen.

00:41:43.240 That's why Krugman's got that part of the story.

00:41:46.440 No one's going to put their money in Russia.

00:41:48.520 You're not going to park your money in Brazil.

00:41:50.800 India, maybe I doubt it, right? 1.00

00:41:53.000 So the normal story doesn't hold anymore.

00:41:55.580 If they get a gold standard with blockchain, they have instant credibility and a strong currency argument to make.

00:42:06.120 And so now we'll get to the crux of the thesis here.

00:42:09.440 The next chart just kind of – yeah, yeah, Steve.

00:42:12.340 Yeah.

00:42:12.860 I tell you, hang on.

00:42:14.420 I'm going to hold through a commercial break.

00:42:16.400 We're going to take it to the D block.

00:42:18.520 Good.

00:42:21.160 I also want to give people a heads up.

00:42:22.960 I'm going to break this all down in my speeches at Turning Point last weekend, also with Caviezel and talks we've had with Caviezel and Tim Ballard.

00:42:36.080 Remember, President Trump came out yesterday afternoon.

00:42:38.660 We talked about it on last night's show. 0.94

00:42:40.260 Death to the human traffickers.

00:42:42.580 This is a major component, as I said, it was going to be – but this is all inextricably linked. 0.93

00:42:46.960 This is why we continue to go back to the border, because the border shows you we're losing our sovereignty.

00:42:55.440 The continual printing of money shows you we're losing our currency.

00:43:00.320 This is what a fourth turning is about.

00:43:01.660 And this is not happening naturally.

00:43:05.820 It doesn't have to happen.

00:43:07.640 This is all because of the human agency of the regime that's in charge.

00:43:12.660 They're destroying the southern border.

00:43:15.120 They're destroying our sovereignty.

00:43:16.820 They're destroying our families.

00:43:19.920 They're destroying our culture.

00:43:21.660 And they're destroying our currency.

00:43:23.300 And the world's revolting against that.

00:43:25.400 Even the people that hate us the most are saying, hey, we've had enough of this.

00:43:30.440 Short commercial break.

00:43:32.400 Dave Brat's going to join us on the other side.

00:43:34.800 Short break.

00:43:35.280 Back in the warm in a moment.

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00:45:24.820 Here's your host, Stephen K. Vance.

00:45:29.720 Okay, welcome back.

00:45:31.760 Dave Bratt, you're on a roll about Krugman and the de-dollarization.

00:45:35.720 We're telling people this is important.

00:45:37.580 It's not going to flip immediately, but this is the most organized they've ever been.

00:45:41.380 Dave Bratt, take it away, sir.

00:45:43.520 Yeah, okay.

00:45:44.540 So, you know, we've been sketching out the warm-up and all the related variables.

00:45:50.180 And how does Krugman really miss it?

00:45:53.780 He's just looking at a small snapshot in time.

00:45:57.540 If you're going to study the thing, look at the thing.

00:46:00.020 So, the thing we're studying right here and looking at is, how do you lose your global reserve currency status?

00:46:07.720 That's the research question.

00:46:09.780 Krugman gets an F because he didn't answer the question and even explain what's involved.

00:46:15.500 Since 1500, every country that's lost its global reserve currency was the result of war.

00:46:23.260 War was the final endpoint, but as we've explained prior, what does it mean?

00:46:29.740 Why does war end it?

00:46:31.720 Because you've already lost your economy.

00:46:34.820 You've already lost your productivity, your power to build an economic engine that can sustain your war footing, which we have clearly lost right now.

00:46:46.580 We have no resources to be wasting.

00:46:49.200 And so, here's just a chart that captures the countries and the global reserve currency status over the past 500 years.

00:46:56.720 Since 1500, at first it was Spain and then Portugal, and then the Dutch lost theirs due to war, and then the French Revolution.

00:47:04.480 And then the UK loses it through World War I and World War II, where they were successful. 0.99

00:47:10.880 So, we're not even talking about the success of war.

00:47:13.080 Britain lost its productivity and therefore lost its ability to have an economic engine to maintain its global empire.

00:47:23.100 The U.S., as you just said, we are at that point unless we get some good policy back that focuses on Americans making things again.

00:47:33.420 Right now, we are not there.

00:47:34.720 We'll cover that in another show.

00:47:36.080 Denver wants to go to the next chart, which is a map, right?

00:47:42.960 And when you talk about war in the United States, you should not be talking about pronoun studies.

00:47:49.280 You should not be talking about the Russia and Ukraine.

00:47:53.100 You should be talking about this right here, right?

00:47:55.760 This Taiwan's location along the first island chain anchors a network of U.S. allies.

00:48:02.980 And you can see on this graph, the next war, Taiwan is right in the middle of all of our friends.

00:48:10.020 Taiwan is in the middle, right?

00:48:11.400 Thailand's over to the west, the Philippines, South Korea, Japan.

00:48:16.540 That is the first island chain, and Taiwan is absolutely key.

00:48:21.020 All resources should be pounding right here.

00:48:23.600 You don't hear a word of it from our congressional leaders, from our Senate foreign relations leaders.

00:48:29.620 They're usually a little more serious here and there.

00:48:32.680 They'll mention it in the news.

00:48:34.360 A war here, RAND forecasted, would cost the U.S. 5% to 10% of our GDP, of our economy.

00:48:41.700 The stock markets would be decimated, and we'd be in a Great Depression.

00:48:45.860 And just to give a little more context for the Krugman, if Denver wants to go down two more graphs,

00:48:51.800 and I'll wrap up here with a dollar no more.

00:48:53.900 This is a little bit dated.

00:48:56.820 It's five to 10 years.

00:48:59.380 But what this global graph chart shows is that this process of de-dollarization has been happening,

00:49:08.640 not in the form of BRICS or networks or countries, but through bilateral trade.

00:49:13.420 Here's our buddies right on this map, Korea, Japan, Australia, and then the Asian countries I just listed off,

00:49:23.060 doing bilateral trade with China, for example, or with Russia,

00:49:28.260 which means they're doing one country to one country trade using the yuan or the renminbi, the Chinese currency.

00:49:36.960 And so this Krugman wants to tell a simple story.

00:49:41.300 It's not simple.

00:49:43.040 The rest of the world's getting very nervous with U.S. leadership right now for good reason.

00:49:48.940 We've told the Ukrainians, we have your back.

00:49:51.840 The young Christians are being slaughtered. 1.00

00:49:54.920 No one's in favor of that war.

00:49:57.540 And the best thing the United States State Department could do is get us out of that right now.

00:50:01.760 That would help to stabilize not only humanity and global, but our economy and our kind of strength.

00:50:10.220 And get new leadership.

00:50:11.700 Get new leadership should revolt in the House right now against McCarthy and unwind that debt deal. 0.95

00:50:16.980 They ought to do everything possible, appropriations.

00:50:19.340 I've got to bounce.

00:50:20.040 Dave Bratt, amazing work.

00:50:21.940 Where do people go to get all these charts?

00:50:24.540 Yep.

00:50:24.800 Bratt economics, they're all up there.

00:50:26.700 And it's related to the broader story on the war room over the past year.

00:50:30.400 All of these things are interrelated, as Steve shows, on a daily basis.

00:50:34.720 And so just honored to be on the program, Steve.

00:50:37.400 Thanks very much.

00:50:39.760 Fantastic.

00:50:40.440 Krugman has been beat up this morning.

00:50:43.380 Hold Dave Bratt's beer.

00:50:45.180 Dave Bratt, thank you.

00:50:46.080 Thank you for taking time away today to join us.

00:50:48.040 Appreciate it.

00:50:55.240 In the next hour, we're going to come back.

00:50:57.460 I want to break down my speech at Turning Point.

00:51:02.060 And for those of you who didn't see it, for those of you that have seen it, we're going to break it down.

00:51:06.780 Also talk about this monumental movement President Trump has made now. 0.99

00:51:11.540 Death to the sex traffickers. 1.00

00:51:15.520 Death penalty for the human traffickers. 1.00

00:51:17.260 I actually want to take it up a notch. 1.00

00:51:20.760 I think it would be death to the pedophiles. 0.82

00:51:23.280 If you're a convicted pedophile, if you've done something to small children to destroy them, that ought to be a capital crime also. 0.79

00:51:30.240 But we'll talk about that more in the second hour of the show.

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00:52:11.000 Of course, Mike Lindell has been flying around the country trying to set things right to make sure we have game day voting with paper ballots.

00:52:18.680 God bless him if he can pull it off.

00:52:20.640 Great debate yesterday.

00:52:22.060 Okay, we're going to take a very short commercial break.

00:52:25.260 We're going to be back here in, I think, 90 seconds, 120 seconds, a minute and a half or two minutes.

00:52:30.580 We're going to be right back here with the War Room.

00:52:32.860 Also, make sure we cannot have you, ladies and gentlemen, get crossways with the cyber criminals.

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00:53:03.120 who's going to say, hey, tough break for a swell girl or guy, and you owe me the money. 1.00

00:53:10.040 Go check it out today.

00:53:10.840 HomeTitleLock.

00:53:12.480 120 seconds.

00:53:13.620 We'll be back in the War Room.

00:53:15.660 Just a moment.

00:53:16.940 We will fight till they're all gone.

00:53:19.500 We rejoice when there's no war.

00:53:21.100 Veterans, you know, we have been all over this supply chain issue with China and medications and the active pharmaceutical ingredients.

00:53:31.720 China has a stranglehold on us where there's a way to break that. 0.82

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00:53:40.380 The FDA just declared a global shortage of medication and warned that critical antibiotics are in extreme short supply across the United States.

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00:53:52.640 Now, here's the action you can take to correct.

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00:55:16.040 Heart disease builds over time.

00:55:18.140 Hypertension, high blood pressure, bad cholesterol, diabetes, all of it affects our heart.

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00:55:27.860 It is never too early to take care of your heart.

00:55:32.020 You see, heart disease sneaks up on us.

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Bannon's War Room - July 22, 2023

Episode 2898： The Decline Of Reserve Currency; Unwinding The Debt Deal

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