Learn English with Donald Trump. President Donald Trump delivers a blistering response to the ongoing investigation of his family by the House of Representatives, and calls for his removal from the White House. Trump also delivers an impromptu impromptu speech at a public hearing.
00:00:34.680But I'm also here today to correct how the MAGA right has portrayed me for their political purposes.
00:00:42.600I am first and foremost a son, a father, a brother, and a husband from a loving and supportive family.
00:00:54.000I'm proud to have earned degrees from Georgetown University and Yale Law School.
00:00:58.640I'm proud of my legal career and business career.
00:01:03.020I'm proud of my time serving on a dozen different boards of directors.
00:01:06.960And I'm proud of my efforts to forge global business relationships.
00:01:11.640For six years, MAGA Republicans, including members of the House Committees who are in a closed-door session right now,
00:01:22.160have impugned, have impugned my character, invaded my privacy, attacked my wife, my children, my family, and my friends.
00:01:33.980They've ridiculed my struggle with addiction, they've belittled my recovery, and they have tried to dehumanize me, all to embarrass and damage my father,
00:01:46.260who has devoted his entire public life to service.
00:01:51.260For six years, I have been the target of the unrelenting Trump attack machine, shouting,
00:13:27.260The numbers are only getting worse, particularly after his performance this week.
00:13:30.260And they roll this out there and what they're thinking.
00:13:34.260The Democrats are thinking, hey, man, if this is what they're doing to take care of this problem, because you're going to have another historic vote today.
00:13:40.260They're going to vote the impeachment inquiry, I think, today later.
00:13:45.260And the talk is if they got enough votes to the impeachment inquiry, of course, they're not going to start an inquiry that they know they don't have the goods.
00:18:09.260That's the thing that can take a ship in a very bad direction.
00:18:12.260And most of the junior officers are birthing compartment officers.
00:18:15.260I was the engineering birthing compartment officer as an ensign in a JG.
00:18:20.260I might have gotten out of it by the time I was a JG.
00:18:22.260But it's a thing ensigns and JGs do with the chief mastered arm and the chiefs in the various departments was engineering or the boats and mates gunnery, etc.
00:18:36.260Hunter Biden goes down and they catch him selling drugs or distributing drugs to enlisted people in his first like weekend there for a second weekend there.
00:18:44.260And they like do a check, a random check on him.
00:19:31.260You realize he was raised by a pack of feral dogs.
00:19:36.260Let me repeat that he's raised by a pack of feral dogs.
00:19:40.260So if you want to sit there and pitch because they're saying, oh, if you go to the recovery thing and you pitch this and Joe Biden's his love of his son.
00:20:42.260The reason I look, they called me up, Rudy and Costello called me up because of my deep experience understanding the Chinese Communist Party.
00:20:51.260Since I was the lead attack dog, remember, in Joshua Rogan's book, chaos under heaven, they said, hey, they had the hardliners and they had the accommodations, had all these different groups.
00:21:02.260They've always had in every White House.
00:21:03.260But they had a new group there called the Super Hawks.
00:21:05.260It was Bannon and Navarro and Miller and others that questioned the legitimacy of the Chinese Communist Party to even rule over the Chinese people.
00:21:14.260And their focus is to take down the CCP.
00:21:16.260So I brought up there and it took me, I don't know, 15 or 20 minutes.
00:21:32.260It's just the greasy way that Biden did it.
00:21:35.260And actually, if you go through it and read this stuff, I actually think he becomes a relatively as messed up as he is, as screwed up as he is, as bad a guy as he is.
00:21:45.260He's a tragic figure in the classic Greek sense.
00:21:48.260His father and his brother, the brains of the operation, by the way, is Joe Biden's brother, James.
00:21:54.260That's the super bad guy because he's put Hunter Biden.
00:23:12.260I feel like maybe I maybe I toss a dime.
00:23:15.260Maybe I toss a 25 cent piece in this tin cup.
00:23:18.260They're allowed him to come over here and forced him to go see the military and get him up on Capitol Hill and still trying to trying to shame the Republicans.
00:23:25.260There's Republicans sitting there going.
00:24:33.260He says Chinese, a relationship with a Chinese businessman.
00:24:37.260A guy was in federal prison for being a spy that they second that they transferred back to China, a spy, Patrick Ho, that you said was a spy to the New York Times or in that conversation that's recorded about you addressing the New York Times is closing in on you about you were dealing with the number one spy, Patrick Ho.
00:24:56.260Oh, by the way, his boss, the chairman who was on the Lincoln Center board and was fed it around New York by the Asia Society and all this.
00:26:29.260A guy last in his law school at Delaware University of Delaware dead last who Rudy and Trump know heckling all the time by how dumb he is who spent 40 years in the Senate where you can just ossify.
00:26:40.260You know, they got to roll those guys over because they're growing moss on their north side.
00:26:46.260So he's in the Senate for 40 years where you'd never that's not an intellectually, you know, that's not an intellectually cutting edge group.
00:26:54.260If you've noticed with a guy like Mitch McConnell, a big brain in that one and Schumer.
00:32:28.260I don't know if it's Stockholm Syndrome or what.
00:32:31.260It just makes people not see the reality of where we're at.
00:32:34.260You have a $6.5 trillion worth of outlays, and our revenue is $4 trillion, $4 trillion plus.
00:32:42.260You separate mandatory from discretionary in the budget.
00:32:47.260Mandatory means that all we can do is adjust the eligibility criteria, right?
00:32:51.260In 1970, two-thirds of your budget was discretionary, where Congress actually got to control the numbers.
00:32:57.260Now it's been integrated to only one-third.
00:33:00.260So of the discretionary budget for all this argument that your audience is well aware of,
00:33:05.260these 12 appropriation bills that are often talked about, that's only $1.7 trillion.
00:33:09.260That's the size of our deficit, which is why I said a while ago that's 100% of everything we're arguing over is borrowed money.
00:33:16.260The mandatory side, which is Medicare, Social Security, Medicaid, veteran benefits, other elements, but that's the bulk of it.
00:33:24.260Most of that's supported by the payroll tax with supplemental payments from the general purse.
00:33:30.260And so what's astounding to me is that if you really understand it, we're living on 100% borrowed money on what we're appropriating, not just adjusting the eligibility requirements on.
00:33:42.260How in the world can we justify not starting to not just go after waste, fraud, and abuse, which politicians are famous for talking about?
00:33:51.260And if it's not in Article I, Section 8, if it's not among the 18 enumerated powers, as Madison warned us in the codfish debate in 1792 that we have to be chained down to those specified powers, he warned us.
00:34:03.260You start going down the pathway of this general welfare, then it's open for anything.
00:34:10.260And so we've taken away authority from the individuals, from the states, we've taken it to Congress, and we're going towards bankruptcy because we don't understand limited government.
00:34:18.260And to avoid a bankruptcy or to avoid a default, which we're defaulting, I mean, you've had a 17% to 19% drop in purchasing power.
00:34:28.260James Grant at the Grant Interest Rate Observer, which is the best one out there, talks about that today.
00:34:35.260E.J. and Tony's going to join us in a little while to talk about that.
00:34:38.260You've got to do – you can't – like McCarthy's gone.
00:35:03.260You can't work with ADF and all the groups he's worked with and know the Constitution.
00:35:09.260And what I just talked about, Article I, Section 8, it's in his core.
00:35:13.260But I think many of us who respect him, admire him, are wanting him to press more into that constitutional element.
00:35:22.260And you're the average of the five people you hang out with the most.
00:35:25.260I think when you're getting constantly in your ear people that ascribe to the more Mitch McConnell version and then you walk out of there, you've got to have enough people around you consistently talking about the power of the moment.
00:35:42.260And so, look, Mike is a true conservative, and there are many of us that have great hope that he's going to do the right things.
00:35:51.260And so I'm not going to throw him under the bus because I know it's in him to do the right thing, and he's got to have more counsel around him moving that way.
00:35:58.260Look, he's got to have this conference.
00:36:00.260I mean, he's trying to manage a conference that when we put – you know, when I put measures on the floor, I'm only getting 80 to 125 votes just to go back to fiscal year 19.
00:36:21.260And you can't get colleagues out of the Republican conference more than sometimes 80, sometimes up to 125 to support going back to fiscal year 19.
00:36:29.260And he's got to herd those individuals, a lot of the appropriators, a lot of those that have been up here a number of years.
00:36:46.260And I'm looking for this conference to start seeing through those new set of glasses.
00:36:51.260Well, I've got to tell you, I think people – when you're back for Christmas, I think people may have an opinion about why you guys are being back and not coming back to the ninth.
00:37:00.260You come back to the ninth, the 19th is the first CR.
00:37:32.260Burkine.house.gov or Congressman Josh Burkine on Facebook, Twitter.
00:37:39.260Steve, I want to add this really quickly on Ukraine.
00:37:42.260You know, one of the things that we're forgetting is Washington's 1796 farewell address where he talked about that we can advocate more liberty by commerce than we can by force.
00:37:53.260And I think what's happened is we've forgotten that economic security is our national security.
00:37:57.260And the strength by peace that was, you know, under the Reagan administration was when we had a $1 trillion gross national debt.
00:38:05.260And so we have got to get our fiscal house in order.
00:38:08.260To all those that are advocating more spending overseas, the question is what are you willing to sacrifice?
00:38:13.260In World War II, they understood that.
00:38:16.260We're at the same debt-to-GDP ratio we had after coming off of World War II.
00:38:20.260And yet this generation, there's no true willingness to sacrifice.
00:38:24.260Other people's money is easiest to spend.
00:38:27.260So it's easy to put our kids on this bar tab and say they'll pay it off.
00:38:30.260So the question to the Democrats, are you willing to give up your green energy tax credits?
00:38:34.260Are you willing to, you know, get rid of that thing that's actually going to just take away our growth potential by destroying the fossil fuel industry?
00:38:40.260Are you willing to cut some of that to pay for all these asks?
00:39:44.260We're trying to sit down and lock down like a donkey's being pulled on by lead rope saying, you know, we're not willing to go any further.
00:39:51.260And so the country's got to be with us.
00:39:53.260The country's got to be, you know, people appear a reflection of people back home.
00:39:56.260Do you really want your government to cut?
00:39:58.260I mean, that's the question the American people have got to start answering or they keep electing people who just tell them what they want to hear and more free candy giveaways.
00:40:05.260I think, I think, I think, I think if you go back and talk to your sister and they say there's got to be cuts.
00:40:09.260Now, once the cuts come, you're going to have a lot of belly aching, but that's what leadership is.
00:40:37.260One thing we know we're doing is, is if we're not quite saving the Republic financially yet, although I think we're trying to get down the road here by saying no more spending.
00:40:47.260The Congressman is absolutely correct.
00:40:49.260I think we got this Ukraine thing, unless they're going to pull some magic here, which they're trying to do.
00:40:55.260I'm trying to thwart that two zero two, two, two, one, three, one, two, one.
00:45:32.260You need to know what the importance of the prime reserve currency is in your not just your countries, but your own personal life.
00:45:39.260Also, when you're there, talk to Philip Patrick and the team.
00:45:41.260Why the central banks of the BRICS nations in 2022 and now in 2023 record rates for setting gold.
00:45:48.260You'll understand all we let the macro here, the geopolitics, the financial, the economic, the demographics that is driving the price of gold.
00:45:57.260But you can get the specific details from Philip Patrick and the team.
00:46:01.260Once you do that, as I say, what we do here to get jacked up in the morning, Warpath Coffee, Warpath dot coffee slash war room to get your discounts.
00:46:09.260Get a big pot of particularly my favorite.
00:46:14.260If you've never had a dark roast and think it's too acidic, try this.
00:46:18.260Tej Gill and the team of Navy SEALs that run Warpath.
00:46:22.260We've worked on this coffee, I think, for 18 months, almost two years to take the acidic taste out and make, I believe, the perfect dark roast because I'm a dark roast fan.
00:46:32.260But they all got the miles and all that.
00:46:48.260EJ and Tony, people should know we do a lot of stuff here in the bond market because it drives so much of your financial life out there in the audience.
00:46:57.260The Grant Interest Rate Observer is one of the Bibles.
00:47:03.260I would call it the New Testament of people that are in the bond market that have to buy bonds or issue bonds, but particularly buy bonds and trade bonds.
00:47:27.260It's essentially what EJ and Tony over at Heritage and Steve Moore's group talked to us in the war room, I don't know, a month and a half or two months ago.
00:47:37.260In summary is that these these inflation is going to stay here for a while.
00:47:42.260And one of the reasons is that they've crushed the purchasing power of the dollar up to, I don't know, 19 or 20 percent.
00:47:48.260Plus in the refinancing in the short term, which is, by the way, ladies, it's a very sophisticated way for Yellen to get cash into the system.
00:47:55.260Because they're rolling this 34 now, 34 trillion dollars of debt, a third of it, instead of going long in 10s and 30s, which are having a tough time selling.
00:48:05.260They just keep selling the notes and the bills, which they can always sell, but at higher interest rates and therefore is going to be higher interest charges.
00:48:13.260EJ, James Grant gave you essentially a shout out, did he not, sir?
00:48:18.260Well, I don't know if I'd go quite that far, but but you're absolutely right that that he has essentially confirmed what what, as you pointed out, we said here on your show about two months ago, which is that so long as the Treasury is continuing with these multi trillion dollar deficits and putting that kind of demand on the loanable funds market, you can't have interest rates come down.
00:48:41.260If you do, you're going to be right back on the inflation bandwagon.
00:48:45.260And so all of these people who are anticipating that the Fed is is somehow going to magically pivot, as they call it, to lower interest rates in the first quarter of 2024.
00:48:55.260I think they're going to be very, very sadly surprised when the day comes and Powell decides to keep rates where they are.
00:49:03.260He simply can't bring them down so long as this insane level of borrowing by the Treasury continues.
00:49:10.260You see, I believe we might diverge here and I'm thinking through over the holidays, but I believe so.
00:49:19.260So the institutions and we're going to have Tucker on in a minute.
00:49:22.260He's got this great take on on American institutions now controlled by sad and weak people and therefore the institutions need a rejuvenation.
00:49:30.260I think institutionally and particularly both Wall Street, but more importantly, the central bank and the way the Fed structure hate Trump so much and fear the MAGA revolution so much of things like, hey, we got to we got to look at the executive order.
00:49:46.260The emergency executive order Nixon signed about the gold standard that we a big part of us want to end the Fed that they will do anything.
00:49:54.260I actually think that they may actually try to cut rates and try to juice it and let the devil catch the high most on inflation just to just to just to get some juice into the system.
00:50:03.260But we'll determine that at the beginning of the year.
00:50:07.260But the reality is, you see Grant saying this, what you've told people that this is why the credit card debt of one point two trillion, I don't know, 10 or 20 percent, not performing kids today.
00:50:17.260This is by the polling that shows people between 25 and 35 are now coming to Trump because I keep telling you, hey, you're nothing but a Russian serf.
00:50:25.460If you want to keep voting for those, live like that, vote for those policies.
00:50:29.120There's a great awakening going on, not on not the spiritual side, but in the economic reality side, EJ.
00:50:35.880And that's done. It's an awakening that's driven by your analysis to say, hey, at this level of debt, the refinancing of a third of it every year is going to keep interest rates high and basically break the middle class, sir.
00:50:51.440Right. Steve, we actually just got more data from the Treasury yesterday, which confirmed that the interest costs on the debt are already running at an annualized rate of a trillion dollars a year.
00:51:03.380We are spending more just to service the debt, not pay it down, but just the interest on the debt than any line item in the budget except for two, the Department of Health and Human Services and the Social Security Administration.
00:51:15.600So we've already surpassed our military budget in terms of interest on the debt, and it's not going to be that much longer before it becomes the biggest item, period.
00:51:25.100We also talked about the trailing 12 months. The trailing 12 months is 2.5 trillion. This week, we're going to pass 34 trillion. It's 90 days.
00:51:37.420The law of large numbers is starting to metastasize. We're defaulting all the time because you're purchasing the dollars. Purchasing power is down 20%.
00:51:45.100Any closing thoughts, EJ, and where do people go and get you? Your stuff's still the best. Up on Twitter, you're great. Where do people go? What are your closing thoughts?
00:51:52.720Well, the best place to find me is going to be on Twitter. The handle there is at real EJ Antony.
00:51:58.900But, Steve, I think you're absolutely right that this is really starting to break things.
00:52:03.380This incredibly fast pace of interest rate hikes, which was necessitated by all the spending, has caused problems, whether we are looking at the mortgage market, whether you're looking at regional banks.
00:52:13.720And all of these issues have not been solved yet. These crises are not behind us.
00:52:18.100They may be papered over for a time, but things are not better.
00:52:22.720EJ Antony, thank you. Honored to have you on here. Great call.
00:52:27.000When James Grant is getting to what EJ Antony told this audience two months ago, and he's telling all the Wall Street big shots,
00:52:34.040that means we're giving you inside baseball and we're giving it to you early.
00:53:15.540For war room veterans, you know we have been all over this supply chain issue with China and medications and the active pharmaceutical ingredients.
00:53:31.280China has a stranglehold on us where there's a way to break that.
00:53:36.660I got an emergency medication kit from them.
00:53:39.160The FDA just declared a global shortage of medication and warned that critical antibiotics are in extreme short supply across the United States.
00:53:47.680But you know that because you're a viewer or listener of this show.
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