Bannon's War Room - Episode 3303： The Currency Wars

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

00:00:11.020 these people here's not got a free shot all these networks lying about the people the people have

00:00:17.620 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:21.380 the world to stop that but you're not going to stop it it's going to happen and where do people

00:00:24.960 like that go to share the big line mega media i wish in my soul i wish that any of these people

00:00:32.780 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my

00:00:40.720 country this country will be saved war room here's your host stephen k band

00:00:47.940 it's tuesday 9 january year of our lord 2024 uh we told you about the historic year

00:00:56.500 remember tonight uh we're going to be from uh the las vegas uh ces consumer electronics talking

00:01:03.100 about the advances in artificial intelligence regenerative robotics all of it and going to

00:01:08.140 taiwan we're talking about the really the kickoff to this uh this year of elections where 40 of the

00:01:14.120 world's population are going to vote in just about every election from europe to india uh to taiwan

00:01:19.960 it's all uh nationalists versus these globalists and the taiwanese kicking off about the ccp is 0.88

00:01:25.260 probably the most important way we could kick off 2024 of course 48 hours later president trump will be

00:01:31.500 the iowa caucasus so we're gonna get to all of that in detail a report from the field with laura loomer

00:01:36.780 tonight also um really honored particularly given a historic year a a guy that i have admired and

00:01:44.740 has taught me so much over the last uh decade or so jim rickards joins us from strategic intelligence

00:01:50.640 jim you know i went to i i as a naval officer in the pentagon i was able to get a graduate degree at

00:01:56.800 georgetown in the national kirties studies which was kind of the elite program at the time i think

00:02:01.280 started by gene kirkpatrick then i went to harvard business school and worked at goldman sachs had my own

00:02:06.100 firm but i never really focused i always kind of missed this thing about currency and really

00:02:11.300 understanding currency and i think it was in 2008 i picked up a book currency wars um and uh i think

00:02:18.460 it was 2008 and it really changed my perspective on things in fact that really got me engaged in in

00:02:23.380 making films uh generation zero and others uh and that was your book and it hit like a block one of

00:02:29.640 the things i knew because i still had a lot of relationships in the pentagon uh i did some

00:02:34.380 checkings and you had been uh people had reached out to you for war gaming exercises they said hey

00:02:39.540 and my theory in the pentagon i was there why are we not focused more on economic warfare why are we

00:02:45.780 having these huge defense budget the defense budget at the time or nothing compared to today

00:02:49.260 why are we not focused on economic warfare and in the very opening of your book you said hey by the

00:02:54.540 way i'm a lawyer i went here i did this i'm a wall street guy but i got wrapped up in doing these war

00:03:00.200 games and this is really what the book's about so tell me about that tell us your background because

00:03:04.420 i don't think a lot of people know it your background uh your intellectual you know foundations

00:03:08.980 and how did that lead you to currency war which has led to everything else yeah it's hard to say

00:03:14.560 whether my background is eclectic or i just couldn't decide what i wanted to be when i grew up but i

00:03:19.460 yeah i got a graduate degree from your rival georgetown's rival i went to the school of advanced

00:03:25.380 international studies uh johns hopkins in washington dc got a master's degree in international

00:03:29.980 economics uh you know it's sort of boot camp for the imf tim geithner madeline albright wolf blitzer

00:03:35.760 they all you know went to the same school along with quite a few others um then i went to law school i

00:03:41.480 used to be proud of the fact that i went to penn law school you know there are eight ivy league colleges

00:03:45.420 but only five ivy league law schools because three of them don't have one but uh you know liz mcgill's on 1.00

00:03:51.080 the faculty she was we know what happened to her she just got fired as president and so uh yeah but

00:03:55.820 uh but i stayed on the international side one law degree wasn't enough i got a second law degree um

00:04:01.640 graduate law degree from nyu on taxation and i went to work for city banks my first kind of you know

00:04:07.400 real job i was international tax counsel for a city bank but you're really you're in the belly of

00:04:12.580 the beast if you want to put it that way did that for 10 years loved doing it uh had some great

00:04:17.180 dialogues with walter wrist and i tell people that was back when city bank was a bank before they

00:04:22.080 turned into a hedge fund but uh was also i mean candidly we sort of thought wall street was like

00:04:26.620 getting your hands dirty but the the wrist and ran with city bank is the finance arm of the state

00:04:31.100 department so it fit in perfectly with my background in international studies um then i went to the dark

00:04:36.800 side i joined a wall street investment bank um we were one of the largest dealers in u.s government

00:04:42.940 securities one of the so-called primary dealers and the thing about being a primary dealer

00:04:47.420 it's not a well-known category but it means you get to talk to the fed the fed is uh your customer

00:04:52.420 uh and there are only about 20 firms on the list you know they're all big banks uh but mine was one

00:04:57.420 of them that's really when i really got immersed in federal finance and so forth then i went to work

00:05:01.700 for a hedge fund after about 10 years there a hedge fund uh called long-term capital management

00:05:06.840 uh we did extremely well and then hit uh uh hit an air pocket and almost closed every i think i think

00:05:15.400 i think i think i think i've heard of it it almost took down the america total financial system right

00:05:20.300 eventually well actually you're right steve we were within hours of shutting down every market in the

00:05:24.860 world now we did film the runways bringing in for soft landing if you think of it in deal terms i know

00:05:30.020 you're you're deal maker but this was four billion dollars all cash four days no due diligence that was

00:05:35.860 the deal uh that the 14 banks to go in the 14 families but we did it we got it done but with

00:05:41.360 hours to spare tokyo was hold on hang on hang on hang on i gotta i gotta talk about this they called

00:05:46.340 the new york fed and that's where you're talking about the prime brokers and this will get into you

00:05:50.740 know krugman's out to over the weekend with an article doesn't want trump doesn't want rickers

00:05:56.060 doesn't want war room you can't touch the fed he said next thing they're going to do they're going to

00:05:59.880 start arguing about the fed on long-term capital management didn't they call you guys down to the to

00:06:05.020 the to the federal reserve in new york and that's the one that makes things roll that's where the

00:06:08.620 trading desk is for these government securities and these prime brokers i think with citicorp

00:06:13.220 with citicorp and others oh we don't own they we don't own the fed the federal reserve's trading

00:06:18.840 desk the new york fed which is everything is owned by private institutions or banks didn't they call

00:06:24.560 guys in there say got them around the table say guys here's how it's going to be pony and this is

00:06:28.840 back in the late 90s when four billion dollars a lot of money you're going to pony up four billion

00:06:32.020 dollars no due diligence let's go around the table and see what you're going to kick in and we're not

00:06:35.940 leaving here till we get four billion dollars uh yes and no but we we actually called them so remember

00:06:41.320 we're a hedge fund who in the world we never thought we would be rescued or bailed out or anything of the

00:06:46.700 kind we we could see what was happening we had a bad risk management as it turns out very good

00:06:51.480 accounting we knew exactly what was happening by the way one of our partners david mullins jr was the

00:06:57.660 former vice chairman of the federal reserve of the board of governors so he was a real fed insider but

00:07:02.320 we we called the fed and told them what was happening they didn't know um and so they came

00:07:07.440 up on a sunday afternoon as peter fisher who ran the open market desk which is what you were describing

00:07:12.420 uh gary gensler believe it or not who's now the head of the sec and another guy dean across john

00:07:17.600 merriweather who was our chairman and i we sat in a room for five hours with we have you know of course

00:07:22.560 computers but we had printouts we just turned the pages and went you know paid position by position

00:07:27.940 all around the world and when we were done and peter fisher turned white i mean he's a white guy

00:07:32.300 but he had turned whiter uh and he said we knew you guys could destroy the bond market we didn't know 0.81

00:07:37.840 you could destroy the stock markets we were actually uh the biggest risk garbage charge here we were in

00:07:43.140 every deal mci worldcom city uh travelers um lucky boeing uh not that they all went through but

00:07:50.240 we anyway so then peter went back to new york and got to get got together with the head of jp morgan

00:07:57.100 uh morgan stanley and goldman sachs and said we're going to do something john corzine was involved

00:08:01.360 and then they had the meeting at the fed and it's exactly what you described the 14 families sitting

00:08:07.040 around the table getting pledges it was it was supposed to be 250 million dollars each um and then it

00:08:15.080 would add up to uh to four billion approximately a little bit less um and then but you had you had

00:08:20.540 friends like bear stearns that said no we're not in and you know a lot of drama behind the scenes

00:08:24.260 uh but then they sent us a term sheet and then just for four days nobody slept from wednesday night to

00:08:29.020 sunday night um nobody slept worked around the clock and we got it done but here's what so when you

00:08:35.800 lend a good books written about it but but people say well okay what's the big deal they do what they

00:08:39.920 don't understand is that if it hadn't got done every market in the world would have closed sequentially

00:08:45.800 starting in tokyo london ultimately new york you know they would have reopened at some point but this

00:08:51.520 was a major financial catastrophe that was this close to uh to happening um that was good good

00:08:57.120 experience i was i was saying in the united states when you screw up badly enough they handed over to

00:09:02.420 the lawyers uh so i happened to be the lawyer so i ended up doing the deal what um how did that lead

00:09:10.440 to you running currency war around the time of the of the 2008 uh crash and why did the why did the

00:09:16.380 military start saying hey this is a new way this could be a new way of warfare actually put you into

00:09:20.960 war gaming well i came out of that very dissatisfied with the financial outcome i personally lost money

00:09:27.400 but you know billions were lost uh mostly our money by the way it was that's why we weren't lynched

00:09:32.940 because it was mostly our money but um the point was i was the lawyer and you know compliance was good

00:09:38.720 legal was good we got the deal done etc i wasn't the risk manager but i wasn't intellectually satisfied

00:09:45.240 i was like wait a second these guys really were geniuses and good guys i mean know them all they're

00:09:49.620 all friends uh marmon scholls and bob merton two of our partners won the nobel prize in economics

00:09:55.660 the year before um they had 160 iqs and we we had a bunch of them and so these guys really were the

00:10:02.600 best and brightest they really were the smartest they really did win the nobel prize and yet they

00:10:06.900 they screwed up badly like unimaginably so they must be missing something of course they didn't do it on

00:10:12.940 purpose so i just became intellectually curious i'm like okay what is it about the models that wall

00:10:18.260 street uses that could lead to a result like that and i just started plunging into physics applied

00:10:24.800 mathematics complexity theory a lot of branches of science and i continue my career but um and and i

00:10:31.160 found the answer which is that they assume not to get too technical but there's something called the

00:10:36.160 bell curve which is a normal distribution most events are in the middle kind of boring and then

00:10:41.720 there are these two tails and these are the extreme events but they're extremely rare you know uh

00:10:47.060 jamie diamond jp morgan embarrassed himself a few years ago when they lost money in that

00:10:50.900 big whale trade um and he said this kind of thing only happens once every three billion years well

00:10:57.780 if you do a normal distribution it is every once every three billion years except it actually happens

00:11:02.920 every seven or eight years so that's supposed to tell you when the data doesn't line up with the

00:11:07.080 theory it's supposed to tell you the theory is wrong and it was wrong and then then i started

00:11:11.720 another quest like well what what's right what is the correct way to do it turns out to be a power

00:11:16.440 curve which is a different distribution but these are so anyway with that as background again physics

00:11:21.940 and math and a lot of all supply i started you know lecturing and you know it was a regular you know

00:11:28.080 a guest lecturer at northwestern university and so forth um and then separately after 9-11

00:11:35.420 i was tapped by the cia because there was insider trading ahead of 9-11 um the the 9-11 commission kind

00:11:43.060 of covered it up and i know why and i know who did it but um but it was crystal clear i talked to

00:11:48.160 i talked to the new york stock exchange specialist in american airlines and united airlines who was

00:11:53.660 who were the two airlines that were hijacked and he was he told john maharn passed away a few years ago

00:11:58.440 he said jim i've never seen a more blatant case of insider trading in my life um so so the cia

00:12:05.700 we're not it was not a law enforcement agency that's the sec and the fbi cia is an intelligence

00:12:11.960 agency so what they said was okay if there was insider trading ahead of 9-11 which there was

00:12:17.180 if there were another terrorist attack would there be insider trading again could you find it get a

00:12:23.600 fisa warrant break down the door and stop the attack and we did a two-year the study on that

00:12:29.200 came to the conclusion yes you could do all of those things and then i actually worked with partners

00:12:33.700 and we built uh for the agency we built a prototype of a system that would do exactly that so that was

00:12:39.940 kind of my immersion in the national security world so when this war game idea came up uh the

00:12:45.880 pentagon didn't need any help from me in terms of war games generally but they needed help in terms of

00:12:51.600 wall street because they had never done a financial war game before you know this we don't the whole

00:12:55.800 idea was there were no missiles or bombs or anything you just you're going to use financial weapons

00:12:59.420 currencies stocks bonds commodity you know foreign exchange etc um so i was asked to provide that

00:13:05.700 expertise i was on the development team but then i actually got to participate in the game and very

00:13:09.980 late in the process um we were recruiting you know the participants on the team you have five teams red

00:13:16.360 team blue team all that you know u.s russia china the teams you would expect and uh but i looked at the

00:13:22.580 list and it was you know cia fbi treasury department fed think tanks universities what i call the usual

00:13:30.320 suspects and i said to the director i said you know um war involves you know lying cheating stealing

00:13:37.220 deception and so if you want to have that you need somebody from wall street to to join the group

00:13:41.640 so i got permission to recruit a couple real wall streeters i got a senior guy from ubs uh the big

00:13:49.380 swiss bank and another guy who had run a city bank moscow uh and got them on the team so we had some

00:13:56.100 real world experience um and when i came home after two days uh i said to my wife uh i said i have

00:14:02.140 good news and bad news the the good news is my team won uh the bad news is i played china um and that

00:14:08.240 that was the they have a scorekeeper and that was the outcome so from that uh so that was in 2008 we did

00:14:14.580 at the top secret warfare analysis laboratory at the applied physics lab in washington can you just

00:14:22.000 just hang her for one second we'll take a short commercial break sure the legendary jim records 1.00

00:14:26.420 uh joins us on the other side the uh the founder and the uh driver of strategic intelligence a

00:14:33.300 newsletter that i strongly recommend uh if this is your line of country that you guys get involved

00:14:38.220 with short commercial break we'll be back in a moment

00:14:40.200 as we head toward a presidential election in november one thing you can be sure of 2024

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00:16:16.520 action action action use your host stephen k bannon

00:16:21.480 uh we're so um honored to have jim on and uh and to be talking about the strategic intelligence

00:16:30.700 newsletter but the reason i want him on today paul krugman uh who won the nobel prize um and and and

00:16:37.620 by the way his jim was not for myron shoals was the black shoals i think was the capital asset pricing

00:16:44.280 model which really driven modern finance i mean that's one of the basic tools you're taught krugman i

00:16:50.300 still don't even know what he won for but he's like a political commentator his piece ladies and

00:16:54.780 gentlemen and are we doing our job or what krugman's piece is a is a cry for help because

00:17:02.180 the headline is in the new york times donald trump is about to start attacking the federal reserve and

00:17:07.800 that's what we want to have jim on today and we'll get to that in a minute so you go up in this war game

00:17:11.340 you guys are up at princeton at the advanced studies isn't that the thing einstein in the movie

00:17:16.120 oppenheimer isn't that the big scene up there where they're where they're given uh admiral

00:17:19.900 schwartz is trying to give oppenheimer to be the head of it and and albert einstein is there

00:17:24.600 yeah that well that's the institute for advanced studies in princeton and einstein was there we

00:17:28.860 were in a different location we were at the applied physics laboratory uh which is halfway between

00:17:33.560 baltimore and washington top secret they do a lot of weapons space exploration but other things

00:17:39.140 including is they host they have what they call the warfare analysis laboratory the walrus and

00:17:43.620 that's where we we did the war game um uh yes we had this crew and i got a couple wall streeters in

00:17:49.020 there so before i went down there i had uh dinner in daring connecticut where i lived at the time with

00:17:55.000 um this the one fellow who was who was the russian expert i said i said steve here's what we're going

00:18:00.480 to do uh steve halliwell was his name i said you're on the russian team i'm on the china team when we

00:18:06.540 take our first break and we go to our embassies and whatever to come up with our plans we should both

00:18:11.540 push our team members to go back for those countries to go back to a gold standard the idea

00:18:16.620 was russia and china would jointly announce that from now on if you wanted to buy russian energy

00:18:21.660 or chinese manufactured goods you can only pay for it in a new currency that they had created they're

00:18:26.940 going to set up a bank in london issue a new currency etc but it was 100 backed by gold and if

00:18:32.900 you wanted this currency you could either deposit gold in the bank which is fine which they did

00:18:36.780 or you could run a trade surplus and get some other currency or uh or borrow it but um but but the

00:18:43.240 dollar was done they weren't going to take dollars anywhere and obviously this is not the kind of

00:18:46.700 thing happens overnight it's forward leaning but that's the whole idea of a war game is to lean five

00:18:50.960 or ten years forward and tell people what's going to happen um and so uh my chinese partners including

00:18:57.780 one guy who went on the national security council for obama rejected the idea but the russian team went

00:19:02.720 for it uh and then that was funny the the um they have referees and when we first did it uh announced

00:19:09.260 it the referee said you can't do that you're you're breaking the rules or whatever and i stood up and

00:19:13.320 said wait a second it's a war there aren't no wars you can do whatever you want and they finally

00:19:18.700 agreed they said well it's a legal move but it's a dumb move i said well we'll see how it plays out

00:19:22.060 and after three days russia had gained points china had gained points just a quick footnote

00:19:27.980 uh steve when we did this russia and china each had about 600 metric tons of gold that was their

00:19:33.460 reserve position today russia has 3 000 metric tons china admits to 2 000 metric tons actually a little

00:19:42.360 closer closer to 3 000 metric tons although there's good reason to believe that they have maybe 5 000

00:19:47.620 metric tons or more you know behind the curtain it's something called the state administration of

00:19:52.460 foreign exchange either way uh both countries have quadrupled or more five five times 500 percent

00:19:58.940 increase in their gold reserves which is exactly what we told the pentagon was going to happen in 2008

00:20:04.480 they hosted the worry and they got the results secretary gates said a nice job everybody they

00:20:10.020 didn't do anything but hang but hang but hang on six 16 years later or 15 years later you just laid

00:20:15.780 out and correct me if i'm wrong because this is your line of country i'm i'm kind of a a devotee but not an

00:20:22.000 expert isn't this exactly what the brics nations their central banks led by the chinese communist

00:20:27.460 party and the russians are doing in this de-dollarization isn't this this exactly what you warned people about

00:20:34.180 we warned them about it in 2008 but i've warned them many times since i gotta say i do get the meetings

00:20:40.420 whether it's the you know the treasury or the fed the white house or the pentagon i get in the door i get

00:20:45.880 i get to meet with the people i want to meet with they're very polite they listen to me it's it's all good

00:20:50.100 but they don't do anything um i was in another war game they have what they call tabletop war games

00:20:55.180 which are you know you 10 or 15 people sit around tables less elaborate than what we did

00:21:00.060 at the applied physics laboratory um but i was uh you know kind of basically saying what i'm saying

00:21:05.300 now that this is going to the de-dollarization and my particular point at that time this is a few years

00:21:10.240 later was that we were overusing the sanctions economic sanctions are powerful they can work in certain

00:21:16.040 cases not all but some cases but over time you were going to force people to get away from the

00:21:22.580 dollars like how many times can you hit a punching bag before the punching bag gets up and walks out

00:21:27.200 of the room and that's what the bricks are doing they're walking out of the room that that has

00:21:31.000 accelerated but um so anyway i'm in this meeting and i'm one space away one seat away from this guy

00:21:37.000 david dollar who was a senior official at the u.s treasury and in charge partly in charge of foreign

00:21:42.380 foreign currency in relations with uh with asia and uh so i'm kind of talking along the lines i'm

00:21:48.420 talking right now on dollars interesting name just seems dollar but david says um the u.s dollar is the

00:21:54.660 global reserve currency it always has been the global reserve currency and it always will be the

00:21:59.480 global reserve currency and he slammed you know both hands palm down on the table i said david i feel

00:22:05.200 like i'm sitting in whitehall in 1913 listening to john bull say you know sterling is the global reserve

00:22:10.900 currency and it always will be the global reserve currency of course that's not true sterling was

00:22:15.280 done by in night by 1944 by breton woods so again these things don't happen overnight they happen

00:22:21.560 slowly uh it's like a salami type of push but it is happening and and this is where the ukraine war

00:22:28.580 comes in but but but but but but but hang on one second before hang on before we go back to the to

00:22:33.700 the brits that was before the guns of august before 30 years of catastrophic wars the brits were the top

00:22:40.060 of the game they were the the powers of prime reserve currency they had the greatest navy in

00:22:44.260 the world the greatest trading remember my dad saying if you saw a map when he was a kid i think

00:22:48.860 the pink was britain and it was this little island that controlled so much but 30 years of catastrophic

00:22:54.540 wars and mismanagement of their economy and massive deficits led to the end of world war ii it went to

00:23:01.640 the the conquering power at that time the united states so these things do happen it's not some

00:23:06.160 immutable law of physics that you're just the prime reserve currency am i correct in that

00:23:11.000 you're absolutely correct in fact i can tell you the month that the decline of sterling began as a

00:23:16.600 global reserve currency it was november 1914 because you're right guns of august the war started you know

00:23:21.520 end of july beginning of august 1914 now initially what was happening was that the uk and other european

00:23:27.740 powers but were selling assets in the u.s they were selling stocks selling selling whatever they could

00:23:33.320 to get gold because they you were in a gold standard at the time and they knew they would

00:23:38.160 need the gold to fight the war uh believe it or not john maynard keynes who has got this reputation

00:23:43.660 as a gold basher it's not true he was the guy he was the one voice in the exchequer in the in in the

00:23:50.220 uk at that time saying you must remain on the gold standard and his insight was the following he said

00:23:56.200 you know yeah you know 20 million dead i mean the human sacrifice is beyond imagination be said

00:24:01.880 we're we're not going to win the war with gold we're not going to win the money war with money

00:24:06.260 we're going to win the war with credit your ability to borrow is going to determine your

00:24:11.540 ability to win the war and by staying on the gold standard they had the credit and jack morgan

00:24:16.440 because u.s was neutral at the time we didn't get into 1917 jack morgan raised hundreds of millions

00:24:21.700 of dollars for france in the uk he did not raise one penny for germany not a penny and he could have

00:24:27.200 because again we were neutral and of course the uk won the war but what happened in november was after

00:24:32.920 getting all the gold in from selling assets they needed stuff agriculture clothing weapons uh you

00:24:38.880 know gunpowder they you know resources metals they needed stuff and they had to buy it from the united

00:24:44.680 states so the gold started to go back to the united states to pay for all this stuff and that that

00:24:50.740 flow reversed in november 1914 but it took 30 years it wasn't until uh july 1944 when they signed

00:24:58.240 breton woods that sterling was done and the u.s dollar and the gold standard were the global standard

00:25:03.160 but but that's how it happens it happens over time um you're right it was two wars world war one world

00:25:08.740 war two and a lot else besides and massive debt and overlying on the commonwealth country today

00:25:14.020 and i've said this frequently the world cannot destroy the u.s dollar but we can do it ourselves

00:25:19.700 the united states can destroy the u.s dollar and that's exactly what we're doing and ukraine is a 0.78

00:25:25.580 big part of it because of all these sanctions again um i i i teach um i teach financial warfare at the

00:25:31.580 u.s army war college down in carlisle pennsylvania my class on their handpicked mid-career like lieutenant

00:25:37.420 colonels uh navy commanders i had the the top gun once a you know pilot from the uh the navy in my class

00:25:44.300 small group about you know 12 or so and some civilians cia state department etc and uh i so i

00:25:50.400 taught the class in the spring of 2022 right after the war in ukraine started and i said here's what's

00:25:55.960 going to happen the u.s had thrown every sanction you can think of freezing the assets of the russian

00:26:02.060 central bank um banning exports of oil you know on and on and on and i said the russian economy is

00:26:08.820 going to do just fine they're going to any oil that europe doesn't buy they're going to sell to

00:26:12.940 china and india they're going to ramp up they're going to put their economy in war footing ramp up

00:26:17.560 their uh industrial base etc the sanctions will mean almost nothing to them uh and and and that's and

00:26:24.160 i got a lot of skepticism on the pushback because they were all gung-ho you know it was right right

00:26:28.140 after the war started i taught the class again in the spring of 2023 i said here's what i told the

00:26:33.500 class last year and every single thing i said was right it's exactly what's happened the rupel strong

00:26:39.100 the russian economy they have labor shortages i mean their their economy is expanding faster than

00:26:44.080 the u.s economy their economic problems they have labor shortages because they're growing so quickly

00:26:48.520 they've um they don't need to import all these weapons they're building themselves by the way what

00:26:53.580 this war has shown is that nato i don't mean poland forget they couldn't defend uh france at this

00:26:59.460 point i mean these uh kinjal missiles these hypersonic missiles they're blowing up the

00:27:03.420 patriots we they blew it they've blown up four patriot missile batteries a billion dollars each

00:27:07.920 and they've blown up four of them with these hypersonic missiles etc so russia's doing doing 0.62

00:27:14.220 just fine um but meanwhile they've expanded the bricks they're moving full speed ahead with the

00:27:21.340 currency and by the way china's a big part of it economically but the big brains are in russia you

00:27:26.000 know sergei lavrov the finance minister uh elvia nabialina the head of the central bank putin himself

00:27:31.740 and putin's two favorite sports are uh martial arts and chess so it kind of tells you that he's a you

00:27:37.820 know a very skilled player but uh hey uh hey jim jim just hey jim can you hang on for a second i want

00:27:44.220 to hold you for another segment because i got more to get into i want to drill down on this that no

00:27:50.320 outside power could destroy the dollar it could only be destroyed by the elites in this country

00:27:55.500 jim rickard's strategic intelligence a newsletter you got to check out we're going to make sure you

00:28:00.560 get full access to it modern day holy world take us out brother jim will be on the other side in a moment 0.95

00:28:07.940 you can't handle the truth the truth is the clowns running this joint live for chaos 0.61

00:28:23.880 many of our problems as a country could be solved overnight but the establishment lets them be

00:28:31.640 destruction fuels them if you can handle that truth you need to visit mypatriotsupply.com

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00:29:34.360 go to mypatriotsupply.com today here's your host stephen k bann

00:29:40.820 okay folks and i'm not i'm navigating this up we'll show you the we'll show you the tweet

00:29:47.340 as jim was talking uh john thune this is jake sherman over punch bowl who gets all the scoops john thune

00:29:55.440 the number two in back mcconnell has just told him that uh congress is going to need a cr until at least

00:30:03.200 march to complete the appropriations process these are folks that just got back yesterday

00:30:08.620 after three weeks off they spent all that time off in the fall all the time and you know six weeks

00:30:14.680 in the summer they're sitting here now and hey uh johnson you with the glasses the glass logo which

00:30:21.440 you got to change to the steel balls logo um you promised you promised no more crs that's what

00:30:28.980 did this bifurcated january 19th february 2nd now the bait and switch is happening so jim you said

00:30:35.460 something by the way we're gonna have you back on and this is why i gotta have people uh take a look

00:30:39.180 at the strategic intelligence because this is obviously fascinating it's the reason krugman's

00:30:44.020 worried he understands we're coming for it the fed um the physical we have a unique combination you

00:30:50.400 said hey there's no power on earth by itself that could destroy the dollar that could take us off

00:30:56.960 being the prime reserve currency uh unless we did it to ourselves now there may be a there may be a

00:31:03.520 conversation the american people have over time do we want the commitments to go with it given the

00:31:08.280 benefits although the benefits are quite enormous but this is not what's happened we've had a unique

00:31:13.180 combination of fiscal mismanagement and irresponsibility as seen up here on capitol hill

00:31:19.120 right now coupled with monetary irresponsibility as seen by our central bank the fed and and of course

00:31:27.380 the new york fed also the guys that run it what what are your thoughts i mean how did we have the

00:31:32.820 elites in the country actually working against us and they're crushing the working people in this country 0.99

00:31:38.800 how how can we get out of this i mean the bricks nation are basically saying hey maga and the 0.96

00:31:44.460 deplorables and the bernie sanders guys the bernie bros all that you may have to suck on this every 0.86

00:31:49.520 day but we don't we have a choice i keep telling i said they got plenty of kids that went to harvard 0.56

00:31:53.880 plenty of kids that went to sloan plenty of kids that went to chicago and went to went to stanford

00:31:58.940 they got the hp12c they can do the math because the math is not quantum mechanics and they're saying hey

00:32:04.400 we're opting out it's not gonna be easy for us it's not gonna be overnight but we're not we don't

00:32:08.560 have to take it and maybe american citizens have to take it but we don't have to take it jim

00:32:13.520 rickards yeah the the good news steve is that it's not inevitable there are ways out the bad news is 0.70

00:32:19.400 that the people in charge and we know who they are it's not some deep dark conspiracy you know it's

00:32:24.160 i'm the secretary of the treasury the chairman of the fed um the head of the imf christine lagarde head

00:32:30.260 of the european central bank i mean and others mark garney that the super central banker we know who

00:32:36.820 they are um but they don't they either don't get it or they're in favor of it i can't come up with

00:32:42.180 another explanation the biggest thing driving the decline of the dollar right now i'm not talking

00:32:46.640 about foreign exchange rates per se i'm just talking about the move away from the dollar

00:32:50.800 as a store of value as a as a reserve asset as a global reserve currency are these economic sanctions

00:32:57.720 and by the way just as a quick aside this may be on the brink of getting much much worse meaning

00:33:04.320 destroying the attractiveness or value of the dollar almost overnight uh because mike johnson that

00:33:10.540 you know the uh the speaker of the house and certainly the senate throwing in all the people

00:33:14.660 you mentioned they're they're working on a plan they're supposed to have answers by the end of

00:33:19.700 february to seize uh the russian assets now the russian assets around numbers about 300 billion

00:33:27.780 dollars russia had in the form of treasury notes and treasury securities in western banks most of

00:33:33.940 it's in europe some of it's in the united states most of it's in europe in custody and in belgium

00:33:38.640 actually um now we froze it on day one so as soon as the war in ukraine started we froze it

00:33:44.160 but when you freeze it it's still it still belongs to russia we didn't steal it we just said you can't

00:33:50.760 get it you can't sell it you can't collect the interest you can't use it but it's still your money but

00:33:54.560 we're just going to freeze it until further notice but what they're talking about now is seizing it

00:33:59.280 which is actually converting it to to our use and you and this is again about 300 billion dollars and

00:34:05.200 using the money to pay for the war in ukraine because it looks like the congress doesn't want

00:34:10.200 to approve the 60 billion dollars we'll see we'll see how that plays out now that is a the reddest red

00:34:16.260 line i can think of you're actually stealing the money by the way it would break a bunch of laws

00:34:20.560 hang on hang on hang on hang on trump because we try to make nato get up to the two percent that

00:34:28.040 they are and be a an ally not a protectorate just like in the middle east we don't want these people 1.00

00:34:33.140 as protectorates we're looking for allies around the littoral nation of south china sea but we want

00:34:37.780 allies people step up pay their fair share we're considered the the the uh the the dark the specter

00:34:44.980 of darkness over the post-war international rules-based order that's a combination of

00:34:50.500 treaties and alliances and breton woods in the financial system why is it that trump we're the

00:34:56.140 ones are sitting there saying hey we can't have fisa because we don't want surveillance of american

00:35:00.600 citizens but the progressive democrats and the uniparty republicans want that why are we the ones

00:35:05.740 saying hey we want these nations that are allies to act like allies pitch in have joint operations

00:35:10.800 and help to pay for their own defense why are we the ones saying hey it's bad enough you freeze the

00:35:16.340 russian assets like you didn't even do to the nazis and imperial japan but you can't if you actually

00:35:21.560 take the treasuries convert them to dollars and give them to the ukrainians because in the

00:35:26.320 atlanticists because the american people have said we don't want any more money in ukraine we're

00:35:31.000 we got a two trillion dollar deficit now we can't take another 60 billion and give it to ukraine

00:35:36.280 of just this year because we another 50 and another 50 and another 50 this side we got to nine

00:35:40.700 tree and in iraq and afghanistan why are the why are the purveyors of unity just like this austin

00:35:46.320 situation why is trump the bad guy for wanting stability and they're the good guys when this

00:35:52.820 thing with the russians and i'm not arguing the kgb's position i'm saying if you want to have an

00:35:57.500 immediate breakdown of the international order steal people's assets convert it to dollars and then give

00:36:03.520 it to a country that it's war with them how can this how can they sit there krugman and these guys on

00:36:08.720 msnbc and stavridis and morning joe and sit there and say the trump people are bringing chaos and

00:36:15.320 anarchy when they're sitting there going to the heart of the financial system of stealing the russians

00:36:20.680 keep this money in international banks to to facilitate trade so when they blocked them off

00:36:25.900 they they they seized the asset but just like the the persians we didn't we didn't and the iranians we

00:36:31.560 didn't take it and i steal the money they kept it and that's what they're kind of you know

00:36:35.220 bleeding back to them over time if you take this convert it give it to their enemies their war with 0.77

00:36:40.500 them and doing attacks in crimea and in mainland russia this is a trigger to first off a breakdown

00:36:46.800 of the dollar people will run from the dollar will be like argentina but also i think you'll start an

00:36:52.420 international global economic war sir i i think that's exactly right this this goes back to what i

00:36:59.180 said earlier is others can't destroy the dollar but we can do it to ourselves we're the ones proposing

00:37:03.220 this now uh a couple of things first of all they they're talking about late february because it's

00:37:07.380 the second anniversary of the war being whatever that's that but that is the um the timeline we're

00:37:11.780 on right now so uh so a couple things name one country in the world that would want to invest in

00:37:19.140 u.s treasury securities if you witness the u.s stealing 300 billion dollars of u.s treasury securities

00:37:26.400 from the russians yeah saudi arabia china taiwan japan korea all these countries have you know

00:37:33.320 some cases of a trillion

00:37:35.040 feed those out over time not buy more etc because uh the u.s has shown us willingness to just steal 0.88

00:37:45.860 them so again we do it to ourselves it's stupid but beyond that okay the the something about the 0.98

00:37:50.800 white house they can barely think one move ahead they definitely cannot think two let alone three 0.99

00:37:54.780 moves ahead which a good chess player can do so what do you think russia's going to do if they do

00:37:58.340 this well russia will immediately seize all the assets of western companies in russia now they have

00:38:05.040 you know imposed some counter sanctions and said you can't sell them right away etc but they haven't

00:38:09.380 stolen them and uh and so and most of those assets actually belong to the germans and the french

00:38:15.940 um a little bit the uk but mostly the germans so germans like wait and but a lot of these

00:38:21.540 russian treasury securities are in custody and as i said belgium is the main place but some of them

00:38:26.360 in germany but the point is germany's like well hold on a second yeah i i steal the um the russian

00:38:32.240 treasury securities you the united states use the money to pay for the war and then russia seizes

00:38:37.340 you know industrial and commercial and energy uh assets from you know from uh from moscow to

00:38:44.100 vladysvostok uh and that hurts me so again they haven't really thought through the the the

00:38:48.880 ramifications but the biggest ramifications the one i mentioned which is everybody else's i have

00:38:53.960 no interest in treasury securities because one you'll one day you'll you don't like what i do you

00:38:58.200 don't like uh you know saudi arabia making up to persia or to iran or uh you know china threatening

00:39:04.580 taiwan so you seize my treasury securities there's that's a red line they haven't crossed they're

00:39:09.000 getting ready to cross it and that'll be that'll accelerate the decline of the dollar very rapidly

00:39:13.160 yeah we will cover this and make sure that johnson's guys don't get out of control on this

00:39:18.340 because this will lead to a global economic war uh jim tell us about strategic intelligence i want

00:39:22.880 to make sure the audience gets full access to your thinking your writing everything you've got

00:39:27.240 at that in all your books yeah thank you uh strategic intelligence is our flagship uh newsletter we have

00:39:34.640 a couple other publications they're a little more specialized but comes out once a month um a uh

00:39:40.200 subscription for years you know you get 12 issues very model modestly priced we put more time and

00:39:46.300 effort into that than anything else we do it's i write about 5 000 words which is you know chapter

00:39:51.960 length we have several other contributors are really good ones uh byron king and others uh dan

00:39:57.260 amos who contribute to it as well uh we cover you know mostly economics and markets that's our job but

00:40:03.060 um it used to be economics was one subject and politics was another that's not true anymore they're

00:40:08.280 completely tied up and we've been talking about it today how you know the politicians in congress are

00:40:13.940 destroying the economy and destroying the dollar so we we turn to politics as well uh because we have

00:40:20.160 to because you you can't understand the economic situation without the politics so i love writing

00:40:25.600 it i put a lot of a lot of effort into it i get a lot of good feedback from uh from uh subscribers i was

00:40:32.220 in uh i was with my uh son-in-law the other day we were changing a tire in a workshop in a garage and

00:40:37.940 some guy came up out of nowhere and shook my hand he said hey i'm a subscriber i love it so

00:40:42.000 uh so we really uh really really um enjoy doing that no no i want hang on hang on i want to go to

00:40:48.420 that i want to go to that point because one of the things we pride ourselves in war room is to tell

00:40:52.620 people the way the system works that you can't understand politics and you can't understand

00:40:56.020 what's happening in this country until you understand capital markets and economics and we've

00:41:00.140 been giving a course on that for the last couple years for the audience because a lot of audience

00:41:03.960 members saying hey this may be too uh too above me talk about the guy that came up and shook your

00:41:08.940 hand well for the audience i mean do you need any prior education to to to actually begin to understand

00:41:15.140 the strategic intelligence main newsletter do i have to have a master's degree i mean the target

00:41:19.980 audience i understand a lot of guys on wall street follow you a lot of investors follow you

00:41:23.800 but for a general audience here a mega audience who's who's what's the wheelhouse who's in the strike

00:41:29.320 song for you yeah steve i i pride myself and it's my job on basically taking the most complicated

00:41:35.000 concepts you can think of and putting them in plain english and i just to be clear i do not

00:41:39.540 dumb it down i've never dumped anything down but i do write in plain english and that by the way that's

00:41:44.420 a skill in and of itself because economists love you know they love jargon and nominal nominal wage

00:41:49.500 rigidity well it just means people don't like to take a pay cut so why don't you just say people

00:41:53.300 don't like to take a pay cut why do you have to use a phrase like nominal wage rigidity and i don't

00:41:57.540 so we write in plain english by the way there are very few really advanced economic concepts that

00:42:03.040 are actually that difficult to grasp but they would it's like a priesthood they would like to

00:42:08.040 pretend that it is and they use the jargon to kind of put up a front but the truth is it's not that

00:42:13.780 complicated you know you start with supply and demand and you know get a few factors and go from

00:42:18.380 there so the answer is no you don't need um uh you know you don't need a college degree you don't need

00:42:24.000 a graduate degree uh you don't need to understand all the jargon or if i use it i explain it i'll use

00:42:28.740 a technical term and then i'll explain it in plain english so it's very accessible but i uh you know

00:42:34.240 you get uh you know airports hotel lobbies uh you know whatever people come up and and shake your hand

00:42:40.020 and i i love it i always spend time with uh with anyone who expresses an interest but uh yeah the

00:42:46.420 audience is diverse and it's um uh and the thing that i really you know we sort of have a

00:42:52.600 kind of 50 and older demographic but a lot of younger people a lot of people in their 20s are

00:42:57.220 subscribers and you know write to me and talk to me as well because they've been um they're they're

00:43:02.900 smart they're not uneducated but they're miseducated they've been taught a lot of stuff that just

00:43:07.660 basically isn't true um we're now in the third generation of americans who have no understanding of

00:43:14.080 the gold standard i run into people they're smart people and they go oh gee i never knew we were on

00:43:18.680 a gold standard and it wasn't that long ago 1971 early 70s hey jim jim jim hang on for one second

00:43:26.680 take another break jim rickard is going to join us on the other side

00:43:29.480 debt you go to bed thinking about it you wake up thinking about it now here's the truth

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00:44:38.140 done with debt.com go there today action action action stop the worrying take action

00:44:44.680 war room here's your host steven k band

00:44:49.160 jim i want to thank you for coming on today we look forward to having you back on on a regular basis

00:44:55.560 because these are the issues this look we're fighting right now people are manning the ramparts

00:45:00.560 on this obscenity that speaker johnson has put forward we're not going to let that happen

00:45:06.100 this fiscal mismanagement and this fiscal irresponsibility responsibility stops with this

00:45:12.200 audience uh we're going to be turfing people out of here because it's just outrageous what he's going

00:45:16.520 along with but i want to make sure people get access to the newsletter so where do they go again

00:45:20.700 yeah i'll publish it paradigm press p-a-r-a-d-i-g and paradigm press strategic intelligence put that in

00:45:28.700 any uh you know search engine google whatever our landing page will come up and you'll see all the

00:45:33.880 publications and you know check them out and uh the one that works for you you're uh we're we're

00:45:39.780 we love new subscribers and we welcome uh welcome those folks on board by the way honor to have you

00:45:47.220 on here thanks for spending so much time uh grace and mo let's get it out to all the chat rooms how

00:45:51.100 people get access to jim uh brother thank you for running uh currency wars it was a game changer for me

00:45:57.020 and thank you so much for coming on the show appreciate it thanks

00:46:00.160 krugman uh is a smart savvy guy a very smart savvy guy and he um he understands exactly where this is

00:46:11.380 headed the central bank of this country the federal reserve is one of the biggest problems we have in

00:46:17.660 this nation it's impoverishing you every day and we're gonna get to the bottom of all of it and yes

00:46:23.260 we're full-on and an outright assault on the federal reserve this is one of andrew jackson's

00:46:29.200 central uh themes on his populist movement uh his populist movement which is um was about the central

00:46:36.140 banks of bank of the united states at the time and this populist movement obviously what 150 years

00:46:41.840 later 175 years later 180 years later has many of the same elements to it we don't want central control

00:46:49.200 of the banking system we don't want central control of our currency that's not controlled by the american

00:46:54.720 people and we don't control it we don't control the fed the prime brokers own the federal reserve not

00:47:00.400 the american people so anytime they give you the spin like that it's just not the case and what they do

00:47:05.480 is they work to enrich themselves this is why you've had the greatest concentration of wealth in the

00:47:09.880 history of this nation from the 2008 uh the collapse brought brought on by those guys that they then

00:47:16.680 bailed themselves out people looked the other way in congress bailed themselves out or didn't

00:47:20.760 understand it and remember our task and purpose here is to make sure you understand it because once

00:47:25.300 working class and middle class people understand how the con works how the scam works that's the

00:47:30.900 beginning of the end of the con this is why they never talk about this all these other shows have

00:47:34.880 so many shiny toys and more fun things to talk about i understand the war room is work i got that but

00:47:40.620 it's work for a purpose to empower you to make sure that you can use your agency they've never had

00:47:46.660 fights on capital hell over these budgets like they have because of this audience because you guys are

00:47:50.200 up to and they can't spin you anymore with talking points johnson's talking points the other day were a

00:47:54.900 disgrace he treats you like a bunch of simpletons and johnson and the staff around him you got a man up

00:48:01.620 bro i'm telling you we will count your speakership in weeks not in months in weeks not in months 0.70

00:48:09.740 michael and dell you've seen we're gonna have a report from loomer this afternoon on what's happening

00:48:15.460 on the ground in in iowa you've seen it of course bitter weather is hitting there a lot of people now

00:48:20.680 saying oh nicky and nicky's got the biggest donors all these globalist donors democrats reed hoffman

00:48:25.680 all these evil guys she's going to make a run in new hampshire it's all this that's why this audience

00:48:30.160 has got to be prepared to show up you got to vote you got to have the president's back president

00:48:34.540 trump's doing everything he can he's in court today they're trying to destroy him finally willis has

00:48:38.380 got her alleged boyfriend on the payroll it's just the thing's insane it's lawfare on january 6th

00:48:43.900 that's what they're running on we're going to run on peace and prosperity that only donald trump

00:48:48.100 delivered and only donald trump will deliver uh give me your assessment of where we stand on all

00:48:53.260 this particularly the election being stolen because that's what they're working on how to steal it

00:48:57.360 uh and then give me an update on the company well would you would you rather have the uh the donor

00:49:02.860 money or would you rather have the people's votes our great real president has all the votes and uh

00:49:08.240 people are they're excited they're going to get out like they've never gotten out before and and uh

00:49:15.360 you know i've been down there twice now and over the last week and and it's uh everywhere you go you

00:49:22.180 don't even have a talk of anyone else other than uh our great real president donald trump and uh you

00:49:27.660 can see that all over social media too um it's uh um i'm excited i think you know this is uh i'm glad

00:49:35.200 they're there you know look at our real president putting in all the time down there knowing that

00:49:40.040 it's you know you go through you you breeze through i went with i'm in a landslide and then it's just

00:49:45.820 that's gonna set just set a precedent and the rest of them should just drop out and uh let's uh

00:49:52.160 let's save it for the big general election and get everybody everybody united as a people um

00:49:58.060 you know hang on hold it hold it hold it right there but that's the whole thing that upsets me

00:50:02.940 so much about the rnc about these phony debates about what fox news is doing because all day long

00:50:07.900 it's somebody it's either glenn youngkin or nicky haley or ron de santis they pick anybody but trump

00:50:12.440 that's we need to be focused on the general and we need to be focused on winning the house the senate

00:50:17.700 the president's seeing a landslide these governorships it is obscene the amendment they're

00:50:22.600 going to spend up to a billion dollars on trying to take trump out in these bogus primaries brother

00:50:26.920 it's a big distraction you know we had the the great interview last night with lou dobbs and the

00:50:32.700 and our real president and we were attacked like you've never seen they just don't they don't want

00:50:38.080 anything um they're doing everything they can to stop our great president donald trump and

00:50:44.440 and uh it's uh the resources spent it is it's a big distraction and just like these uh indictments

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00:56:14.940 start

Bannon's War Room - January 09, 2024

Episode 3303： The Currency Wars

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