Bannon's War Room - Episode 3587： The Hatred For MAGA By The Elite

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

00:00:10.520 these people here's not got a free shot all these networks lying about the people the people have

00:00:17.120 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:20.880 in the world to stop that but you're not going to stop it it's going to happen and where do people

00:00:24.460 like that go to share the big line mega media i wish in my soul i wish that any of these people

00:00:32.280 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my

00:00:40.220 country this country will be saved war room here's your host stephen k band

00:00:47.440 saturday for april year of early 2024 184 and a wake up to election day uh six months till election

00:00:56.680 day starting tomorrow but it's actually sooner than that i think carolina north carolina starts

00:01:01.040 in early september the rest of all the early voting is going to be september late september to

00:01:04.940 to october um so it's game on one of the reasons we're doing this is that you this audience has

00:01:13.620 changed the arc of history particularly those of you that were with us back in 14 and 15 with

00:01:20.220 president trump to his first term then those of you that came and rallied in 20 when you saw the

00:01:25.900 summer love had the massive victory in uh 2020 that was stolen right we didn't close that one stolen

00:01:32.400 particularly those that came and joined this group in early 2021 when president trump was a pariah

00:01:39.700 and they sent him back like a lion and winner down in mar-a-lago and he made i think one of the most

00:01:44.880 courageous choices in the history of this republic to return and say no i'm going to reclaim my

00:01:52.660 administration uh come now for his third victory in the second term you've bent the uh the the arc of

00:02:00.320 history how your confidence has created a reality and in that confidence that optimism that

00:02:09.060 subjective reality you've made an objective reality think about that for a second you this audience

00:02:16.440 you've changed from having that confidence and yes trump's our guy and trump can do it maga can win

00:02:22.520 these principles we know we can win on this and we're not going to back off we're not going to quit

00:02:26.920 even though we have losses on occasion and sometimes it looks like man it's a cloudy day and i just can't do

00:02:34.040 this anymore you've changed the objective reality of this country why do you think we started we cure

00:02:40.820 it the mainstream media and the pundits and the in the uniparty and the ruling class of this country

00:02:46.680 hate your guts they hate you more than they hate trump he just happens to be the target in the foreground

00:02:53.840 we do this to steal you for the fight ahead because hey baby you ain't seen nothing yet

00:03:01.860 now we're getting into it to go back to 15 go back to 16 go back to trump's term go back to 22 go back

00:03:09.320 to the covet and the pandemic and the summer of love and the run-up and stealing the election and

00:03:14.040 the big fight in january 6 and trump going his line and went back to mar-a-lago and then all the the

00:03:19.340 two years with with fox banning him dumping on him desantis young can all of it you ain't seen nothing

00:03:27.080 yet so steal yourself and remember they're going to talk about this for hundreds of years to come

00:03:34.540 dave right we know we're on the side of the righteous we we have the understanding of what

00:03:40.180 the problem is we put it out here and that's why oh gosh banning those guys were talking about this

00:03:44.960 two years ago how they come how that how they come to be because we get guys like eric prince like

00:03:50.740 colonel derrick harvey like dave walsh like dave brad people that you know oh and i kind of heard

00:03:58.320 that guy made a hand and you hear it and you see it and then you go check it out and then you see

00:04:02.680 what you see the veil comes down off you see it you see it and then you change history that's what

00:04:11.280 this is about that's what this show is about we're not here for entertainment we're not here to make

00:04:14.740 jokes and hang out like uh you know buddies and we're going to joke it up and laugh it up that's not

00:04:19.280 this show other shows do that they do it damn well not here we're about political societal combat

00:04:28.420 and you're the tip of the spear of the legions dave bratt walk me through you got some charts i want

00:04:35.780 to make sure our audience got something to chew on right because you teach like a postgraduate i'll

00:04:41.240 tell you the economics and capital markets here is like postgraduate level so if you if you have a

00:04:46.460 high school degree and you're a thing of the show and you follow along you're getting what they you're

00:04:50.740 getting what they teach in like the second year of harvard business school dave bratt

00:04:54.440 yeah i don't i don't toot my own horn this is uh due to you the oxford don but you're getting

00:05:00.760 better than what they teach you at harvard because we don't just do highly mathematical models right

00:05:06.600 we give you the history the ethics the morality how it fits into the judeo-christian west yes

00:05:11.880 and i i got a few charts that fit into the broader story i'm a free market guy right so ordinarily i

00:05:18.320 don't like taxes but i'm going around talking to my free market guys and whatever and they're into

00:05:22.600 these pristine elegant mathematical models uh when the world is at kinetic war sorry you know the models

00:05:29.840 never worked in the past uh and so the charts i'm about ready to give you uh shed a new wrinkle on

00:05:37.640 what the super rich have been up to over the last decades uh if denver wants to put up the first

00:05:41.960 chart uh it shows the 400 richest americans paid more than half of their income uh in taxes back

00:05:48.860 uh in the 60s right so the super rich paid over half of their incomes and this is back when we didn't

00:05:55.660 have problems and economics did work somewhat right because uh even even the robber barons and the

00:06:02.640 the gilded ages what they were investing in capital equipment you know i think henry ford

00:06:07.080 plowing money back into capital putting capital in the hands of the american worker when you put

00:06:12.560 capital in the hands of the american worker magical things happen because the american people are great

00:06:18.180 when you reduce the american people to nothingness that what we're currently doing now when you ship

00:06:23.640 all the manufacturing abroad to china when you sell out your country uh when when you use cheap

00:06:30.140 illegal labor uh and displace americans uh to enhance your own profits we got a problem on our

00:06:36.700 hands houston you have broken the social contract so i'm still a capitalist i'm still a free market guy

00:06:42.460 uh but you got to be crazy to think everything's uh the same next chart denver here's the massive

00:06:47.600 change uh you will see uh over the last few decades the amount the super rich paid uh goes from

00:06:54.800 over half down to just 23 percent uh on on this chart and when you put it together right the next

00:07:02.440 chart denver uh shows the convergence uh the top line is the decline in the amount the super rich pay

00:07:09.880 and now uh based on their wealth uh the 26 top billionaires uh paid an average income tax rate of

00:07:18.480 just 4.8 percent over six over the uh recent six years let me say that again based on their

00:07:26.200 wealth growth uh and this is all let the next chart i'll show you where to find it 26 top billionaires

00:07:31.980 paid an average income tax rate of just 4.8 percent right so not even the 23 percent this gets

00:07:39.240 very complex with realized versus unrealized and wealth taxes and i don't want to hit the great

00:07:45.040 american manufacturers uh uh there's some great heroes out there uh in the private sector that

00:07:51.040 that's not what we're talking about here uh but the next chart uh denver this is where you can find

00:07:56.280 tax fairness uh up at the top line you'll see uh jeff bezos uh with effective tax rate on reported

00:08:03.500 income of uh 23 percent the next yellow box effective tax rate on wealth growth at just one percent right

00:08:11.360 one percent and you'll see some big numbers there under uh wealth growth 105 billion dollars in wealth

00:08:18.720 growth for one person uh so that's fine uh unless uh you're getting your money uh with china deals

00:08:26.200 unless you're a monopoly uh unless you have federal state and local government contracts which basically

00:08:32.640 make you a monopolist uh if any of those are the case then sorry you're uh your cheap uh low tax rates

00:08:41.080 have to come to an end uh and you need to pay your fair share and we need to rebuild the american

00:08:47.200 workers bring the capital back to the states and then finally i did some china research you know

00:08:52.580 everybody we haven't been covering that as much uh but china is having some issues uh but they're

00:08:58.520 fighting back in the next chart uh denver if you want to show it uh they're they're probably going

00:09:03.840 aggressive right now uh and devaluing the yuan right their currency and the reason they're doing

00:09:10.960 that is they were trying to head toward a consumer economy like we have right 70 percent of our

00:09:15.540 economy is the consumer uh they've just had an investment economy they they've coerced through force

00:09:22.440 right the uh the government owns a monopoly on the use of force uh is a famous definition that goes

00:09:29.380 back to fascism uh so they can coerce their people to save 40 percent which turns into capital

00:09:35.800 investment and they shove that around but there's only so many ghost cities and bullet trains and

00:09:41.060 infrastructure projects you can do so they're taking their money back from the rest of the world

00:09:45.540 the belt and road is collapsing uh they're navel gazing right now right they're looking inward uh

00:09:51.660 she's last speech said we're going full-on marxist leninist uh there's going to be no more economic

00:09:56.440 reforms right that means uh working with the global economy and we're on a war footing no more china 1.00

00:10:02.340 language in china right no more confucian stuff no more buddhist peace and harmony stuff and so this

00:10:08.020 this devaluation they're doing uh is an attack they're trying to sell more of their products to us

00:10:13.780 and it's up to us to respond you can you can also this is what yellen's yammering about oh their

00:10:20.180 excess manufacturing and their excess capacity this is the problems we identify with trump this is about

00:10:25.120 the decoupling you can tell there's something going on folks because they're hoarding gold and oil

00:10:30.100 unnatural resources i think they're getting ready potentially for a huge devaluation so currency wars

00:10:36.040 could be upon us dave we're going to have you back on next week uh amazing analysis where do people go

00:10:42.380 you put your charts up on getter all the time where do people go to get them yep i'll put them all up

00:10:46.900 today uh brad economics and what you just said there's extended articles i'll post what you just said

00:10:51.760 is right they're hoarding commodities uh it and none of it is designed to help us it's all designed to

00:10:57.440 hurt us uh as the whole show uh focused on today so brad economics on getter and i got an email

00:11:03.980 there uh get me i'm going around the country giving talks and get me if you want me to come

00:11:07.660 to a city near you thank you all god bless

00:11:09.780 okay fantastic uh dave brad and thank you for your uh for the big picture very few people can go from the

00:11:19.200 uh the spiritual and religious uh down to the nuts and bolts of the uh of the chinese economy of how

00:11:24.860 they're how they're hoarding and they and there's something big china it the transition to the 0.99

00:11:30.700 consumer economy didn't work they knee-jerk back to what they know it's a command and control economy

00:11:35.420 with state capitalism remember the chinese families the five factions that own the chinese

00:11:39.820 communist party are the wealthiest on earth uh i know that makes laobaijing incredibly angry but

00:11:46.500 that's just the facts there's something going on there they're they're preparing they're preparing

00:11:51.480 for a kinetic war they're preparing the south china sea they're preparing uh in uh in the taiwan

00:11:56.560 straits uh they've got a whole plan in the uh in the island chains uh so it's if if it's not put

00:12:02.840 down here because they're in back they're one of the key parts if not the key part of folks

00:12:07.600 in back of this of funding what's happening in these colleges so it's outrageous day brad

00:12:11.620 honored to have you on here your range as i say in baseball or in sports or in acting your range

00:12:17.800 is unbelievable sir they brett uh and to take that much time on a saturday mike lindell are are you in

00:12:27.540 your are you in your orchard where where in the hell are you you come up here in mar-a-lago one day

00:12:31.580 or some other beautiful place next day where are you i'm i'm in texas right now yeah um and i'm not

00:12:38.180 relaxing everybody i've got a uh i've been working on a new plan that we're going to do in all

00:12:43.420 3 143 counties it's a my new flipping democrats project and uh as long as we're approaching all

00:12:51.260 the counties anyway we've got to you can get out in front of this everybody and look at check it out

00:12:55.220 at lindellplan.com steve we're and you have so many groups going after our base and uh and the

00:13:01.400 independents we're going right into the heart of the democrats and we're getting them hold hold hang

00:13:06.540 on hang on what what do you mean what do you what do you mean flipping democrats how are you going to

00:13:10.800 flip uh hey flipping democrats we're going to educate them we're going to say hey because

00:13:15.420 their their eyes are open now they're open to hearing all the problems we have they can see

00:13:20.820 it right in front of them and we've been doing this on a small level i just spent a lot of time

00:13:25.140 remember in chicago about a month ago and it was overwhelming everybody was flipping to this common

00:13:31.140 sense bucket of donald trump so we're going to take what we learned from them and we're going to go

00:13:36.000 with all my teams we have over three thousand or three hundred thousand people in all 50 states

00:13:40.340 approach every county we're going to work in every county for the next four months and work on flipping

00:13:46.260 these democrats to the common sense bucket a lot of it just involves educating them educating what is

00:13:52.460 the new republican party of common sense what is this what is it going to manifest to and we already

00:13:57.840 have an example of that we have december of 2019 before they gave us the china virus we had what

00:14:03.760 what politics can be to help all people not just a party or no people

00:14:09.680 mike hang hang on i'm holding you to the breaker and come back talk about deals but he just nailed

00:14:15.180 something right there and people talk about this all the time when i'm easy if you go back and remind

00:14:20.460 people the headwinds trump had in his first term and what the summer and fall and christmas of 2019

00:14:27.160 was and those numbers the three and a half percent economic growth the wages of working class and

00:14:33.340 non-college graduates uh the low interest rates right uh incredible low inflation low interest rates

00:14:41.200 real economic growth and done with trump and janet yellen was it was the fed chair taking almost a

00:14:47.500 trillion dollars of liquidity out of the system shrinking the balance sheet of the federal reserve

00:14:53.080 stunning stunning stunning back in a moment

00:14:56.380 right now millions of americans face prescription medication shortages the fda's medication shortage

00:15:07.240 list currently has over a hundred and twenty prescription medications listed some patients are

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00:16:10.300 you know with uh all this uncertainty make sure that your health is also not jeopardized you saw

00:16:21.020 this the other day a guy uh i think a former police officer died because couldn't get the

00:16:26.020 chemotherapy drugs in the united states of america this is only increasing this is just not the supply

00:16:31.160 chains in china the whole complex system there's something wrong you know i had dr sean on the other

00:16:35.460 day but what we provided just go over to jace medical jace.com and just go to jace j-a-s-e and

00:16:41.860 immerse yourself in the information there find out more about it particularly for the drugs you need

00:16:45.980 every day but there's something seriously seriously wrong nobody can quite put their finger on it but

00:16:51.740 seriously wrong about the supply chain on medicines and drugs this is more than hurricanes hitting this is

00:16:57.520 more than cyber there's something deeply wrong we're going to try to get some reports on that in the

00:17:02.480 coming weeks but go to jace medical in the meantime dr sean the team mike lindell our audience it's a

00:17:07.900 saturday morning we're finishing now with artificial intelligence and energy is going to blow people's

00:17:12.480 heads up actually what they're thinking of what's actually happening versus what they're planning for

00:17:17.080 they want to talk deals give me a deal well we're going to extend the deal that we have exclusive

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00:17:56.160 you can and uh no purchase necessary this is in a war room exclusive we're going to run it through

00:18:02.060 the weekend at least use promo code war room and if you go to the website now go to go find you to

00:18:08.080 scroll down to you see steve there all these specials the 25 specials are still there that's

00:18:14.200 the premium where it all started eight over 80 million sold 25 king or queen doesn't matter

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00:18:27.640 slide sippers and sandals 25 kitchen towels bath towels 25 remember the war room posse we ran out of

00:18:35.960 the uh of the uh one the one towel so we put our premium ones they're normally 99 for the war room

00:18:41.840 posse 25 so steve the war room posse has made it all possible that i can sit here and get this plan

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00:18:53.720 you're getting the best rest and best sleep ever uh keep my operators busy today they work on weekends

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00:19:06.900 that everybody's getting great sleep let's let's load them up we're going to get you back on i want to

00:19:12.580 talk every day about this flipping independence and democrats uh you're the kind of guy can do it

00:19:16.580 because you're kind of a man of the people the people don't think of you as some stiff country

00:19:20.920 club republican mike lindell great work over the weekend we'll see on monday brother mypillow.com

00:19:25.860 all right promo code warm special deals all over the place mike lindell's going to have his way

00:19:30.440 to thank those people that had his back during some of the darkest days in the country okay larry

00:19:35.260 fink one of our favorites uh new maga larry fink that's who's trying to be a maga adjacent let's go

00:19:40.640 and play this and i do believe to properly um build out ai we're talking about trillions of dollars of

00:19:49.820 investing so data centers today could be as much as 200 megahertz and they they're now talking about

00:19:57.020 data centers are going to be one gigawatt that's a that's what powers a city there there was one

00:20:03.900 tech company that i spoke to the ceo last week who said right now all their data centers is about

00:20:09.160 five gigawatts by 2030 they need 30 gigawatts 30 um the amount of power that's needed to

00:20:18.840 use ai is has huge impact in society where's that power going to come from are we going to take it

00:20:27.360 off the grid what does it mean for elevated energy prices for everybody else if it's that i think it's

00:20:32.580 going to represent some huge societal questions that we have not addressed the negative side forget

00:20:38.120 about the use of it but just the generation of it is massive power okay but that that is a huge

00:20:46.160 investment opportunity so that we we you know the world is going to be short power short there's

00:20:54.320 there's there's so much to okay so um uh joe allen the ai our ai editor and walsh we're gonna get

00:21:03.860 together over the weekend and the next week we're gonna come and hopefully maybe take an hour on the

00:21:07.280 six o'clock show and break this whole thing down but i just had to get to this and and dave just

00:21:14.160 what he said right there that is because there's so many in the climate cult sphere they think they're

00:21:20.560 so much smarter than maga maga is a bunch of rubes that breathe through their mouths and wear bib 1.00

00:21:25.020 overalls and wear red ball caps right and say donald trump is god right that's what they think

00:21:30.600 uh they're so bright if you look at what larry fink's talking about right there of the plans

00:21:36.360 already for ai as they look forward just the investment to get a the computing power but then

00:21:43.000 when you get i mean the the the the computer ability to do it the algorithms to do it but then we look at

00:21:50.420 the data centers and actually the power to drive it correct me if i'm wrong right there it's insane

00:21:55.520 you change you literally change the entire structure of uh societal uh the foundations of

00:22:03.580 society it requires so much power unless you go to i'm immediately nuclear power or if they come up

00:22:09.520 with nuclear fusion am i wrong because everything they're talking about the power side is absolutely

00:22:14.400 different than what larry fink's talking about having to go and you had the ai engine that's driving

00:22:20.460 everything right now dave walsh make it make sense to us well for sure it's true i mean server centers

00:22:28.220 when they hit uh 12 14 years ago or three 400 megawatt power consumers really big ones we built

00:22:37.400 for dominion warrent county energy center up west of reston about 1500 megawatts to support growing

00:22:43.980 server center need up near western northern virginia now these the ai facilities two to three times

00:22:51.520 the energy halt it stop halt it halt it halt it halt it let's be blunt you're up there building the

00:22:56.920 power for the deep state they're resting the reason they need it that's the that's the center of the

00:23:02.640 deep state baby that's the pentagon suburban office but continue on yeah well but now the ai you're

00:23:09.600 talking about facilities with the he's right six six hundred to a thousand megawatts each huge thousand

00:23:15.700 megawatts powers about a million people so yeah a city uh now remember blackrock invests in everything

00:23:22.520 they're also an investor in independently owned power plants they've always been independent power

00:23:27.500 projects wind solar and gas fire combined cycle they're an investor in everything including power

00:23:33.840 generation so he's he's correctly pointing out that with this kind of energy demand coming up with

00:23:39.460 server centers and ai there is no way the solar and wind that are part-time intermittent resources

00:23:45.600 wind 37 of the time solar operates 20 of the time 19 of the time that deficient energy will not work

00:23:54.180 for mass use of power hold it hold it hold it hang on hang on hey whoa whoa whoa i got i yes i agree

00:24:00.760 the the plan that they're talking about the the climate plan but right now if you hit his forget the

00:24:06.460 craziness of the climate plan if we were hitting on all cylinders all power would essentially be taken

00:24:12.420 for ai you'd have to have a fundamental restructuring of agriculture and transportation

00:24:17.000 and basically just the way we live would we not or have i done the math wrong yeah no this is just

00:24:23.780 another incremental adder on top of massive power consumption massive power consumption also of course

00:24:29.600 by individuals and residents but pulp and paper aluminum aluminum very heavy user of power steel

00:24:35.460 making petrochemical plants refineries auto making uh hospitals all existing huge units of elect

00:24:42.760 users of electricity we're in short supply for traditional consumers already there's a boom underway

00:24:50.400 right now across the utility industry of now buying gas turbines for simple cycle use to augment

00:24:57.340 the shortage created by wind and solar we've really effectively built uh very few new major power

00:25:05.140 plants in this country in the last six years five to six years now we're in short supply already

00:25:10.840 most regions calling for six to seven percent electricity growth in the next year demand growth

00:25:17.240 in the next year the whole the 10-year plan with the renewables boom was only four and a half percent

00:25:22.220 growth in 10 years of electricity supply hold it hold it we're in a horrible place right hang on you're

00:25:26.960 telling hang and we're in a horrible place and if you'd follow up what larry fink saying on ai

00:25:32.140 we're going to be in a more horrible place last question you're saying gas turbines you've been

00:25:36.760 telling us gas my destroyer was gas turbine the first the navy ever the u.s navy ever built um

00:25:42.320 so i'm very familiar with gas turbines i thought the biden regime was taking out gas stoves

00:25:47.640 out of out of federal buildings and don't want any more gas stoves at the same time that the industry 0.80

00:25:54.600 is actually going back to gas and gas turbine the biden administration also wants to shut down gas

00:26:01.300 gas fire power generation by the mid to late 30s they've said this repeatedly but it is the only

00:26:07.640 technology left in the near term to provide baseload continuous duty and intermediate power

00:26:13.720 that there's nothing else that now that they're going to shut down the balance of our coal supply

00:26:19.120 which is a an increasing disaster think if think is right and he appears to be right based on overall

00:26:26.060 demand we're not making demand this is what i've been saying for three years the the only way out

00:26:31.880 of this for the next 10 years is to build out a lot more gas fire generation because as we've talked

00:26:37.580 before the reciprocal of the time that these renewables don't work the only thing left to do

00:26:42.560 is is install gas turbines to meet the deficiency of time that renewables don't work which is in 80

00:26:49.500 percent of the time solar doesn't work and when 70 percent of time doesn't work

00:26:53.080 so that's not what's happening you're gonna see dave walsh is dave walsh is going to be a hundred

00:26:58.700 percent right in this whole thing walsh where do we get to you on social media brother you're you're

00:27:02.620 a prophet you can find me on the getter at dave walsh energy and true social the same thank you

00:27:08.520 steve dave walsh has become one of the most brilliant guys in this country about talking about

00:27:13.700 energy he's been dead spot on since he started on the show a couple of years ago and now it's all

00:27:18.280 becoming clear of what has to happen if you look at larry fink and what this the whole

00:27:22.580 fantasy on artificial intelligence the dangerous fantasy restructuring of all society okay philip

00:27:28.200 patrick birch go we're going to talk capital markets we're going to talk uh monetary theory

00:27:33.520 fiat currency all of it he's just about up also get yourself a big pot maybe now's the time to do

00:27:39.840 it warpath coffee warpath.coffee war room 4400 i think uh reviews by your compatriots once you read

00:27:48.960 them you want to get some coffee and we'll never go back sacred human health my grass-fed beef liver

00:27:54.700 get that bolt of energy you need on a saturday morning to stay up to speed with the war room

00:28:00.160 philip patrick joins us from birch gold next you're not going to miss this capital markets and the

00:28:06.660 economy next in the war room true or false using your tax refund to pay off credit card debt is a

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00:29:20.760 here's your host steven k band okay welcome back uh now philip patrick now philip patrick falls into a

00:29:31.500 category of like uh mike davis and uh naomi wolf and caroline wren and dave bratt and uh dave walsh

00:29:39.680 uh and and you know a couple of dozen others people we've had on the show many times over years they're

00:29:45.340 now becoming rock stars and so it's very hard to book uh philip i'm so glad i'm so glad to get

00:29:50.360 you now we got you on the on the saturday show i is it just so intense during the week given

00:29:56.080 everything that's happening in the markets everything is happening in gold is that it

00:29:59.140 just makes it just too because i know you deal with customers we send people to you all the time

00:30:02.800 the feedback we get but is it just too intense it used to be like that for me when i was working as an

00:30:08.160 investment banker i said it was just it's just too much going on during the week you got to get to me

00:30:12.380 on on the weekends is that reality now at birch gold it is getting crazy steve i think people are

00:30:18.740 waking up to the realities of of biden's economy and they are taking action to protect themselves

00:30:25.320 and that means busy days but uh it's it's all for the all for the good so very happy and very happy

00:30:32.100 to be on uh on a saturday this is one of the reasons i want to have you on i know uh rogoff put

00:30:39.800 out this piece that i've talked about in last night's show and then again earlier this morning was uh

00:30:44.600 on um the magical thinking on debt remember he's the guy that's really i think in the in our

00:30:51.080 business when you look as people have watched capital markets he wrote the seminal book i think

00:30:55.660 the book's gonna be 10 years old now it's called this time will be completely different or something

00:30:59.940 like that and he and his harvard colleague went back i think they went back a thousand years but

00:31:04.240 they went to every different major empire or major uh country and and the and whether it's a

00:31:10.640 dictatorship or democracy or republic or they all had the same line when when their barring gets so

00:31:17.560 much and it goes over really the line of their gdp they always tell each other and they always say

00:31:23.720 hey this time is completely different for the following reasons and it never is i think he's got

00:31:28.280 100 hit ratio and he finally came out with this piece that said this has got to be this is going to be

00:31:35.400 the end of magical debt thinking and essentially one of his one of his things was about modern

00:31:41.280 monetary theory it's just what's been accepted by our betters and when i say that the war room posse

00:31:47.700 this is a working class middle class these are people that i mean we have hedge fund managers and tv

00:31:52.580 builders a lot of people watch the shows they can pick up what's going on but the reason maga and the

00:31:57.980 reason the guy wrote the book finished what we started about this movement and this show

00:32:01.820 particularly is the fact that people are engaged in what's happening but they want to understand

00:32:07.920 the economy and you know this whole thing of modern monetary theory and other other theories that were

00:32:15.140 put to work are so out of control and people just sit there with their common sense and go

00:32:19.920 i don't understand this how can they go on but i need i need to get stability in my financial life

00:32:26.360 and it looks like gold's been a hedge for i don't know 8 000 years of up and downs of everything

00:32:30.980 that's in the book that rogoff wrote in his warning and so hey for the first time and and many of these

00:32:37.280 people most people are not gold bugs i mean they're not people that followed ron paul or or believe that

00:32:42.360 we should go back to uh to a gold back uh you know to a gold back uh economy but there are people

00:32:48.860 sitting there going hey i can see the purchasing power of my dollar just getting destroyed every day

00:32:54.300 what what do you have to say to them i mean look it's fairly obvious right jamie diamond called the

00:33:00.740 debt the most predictable crisis ever and it is exactly that right at the end of the day this is

00:33:08.540 essentially how every empire in history has collapsed from the roman empire up until world war ii people

00:33:16.060 have to realize the government isn't santa claus right deficit spending doesn't create wealth all it

00:33:21.200 does is devalue every other dollar bill in existence and what we're seeing on the back of that is

00:33:27.820 inflation right and inflation is the most regressive sort of tax what it does is disproportionately punish

00:33:34.580 the poorest people who own the few assets and actually makes them dependent on the government

00:33:39.600 there's a reason that lenin called uh banknote printing press the machine gun of communism he said

00:33:46.220 and this is a direct quote he said by a continuing process of inflation government can confiscate

00:33:52.500 secretly and unobserved an important part of the wealth of their citizens uh and it's a route that

00:33:59.820 that autocracies have have gone down time and time again does this ring any bells right consider the

00:34:06.460 situation we're in at the moment nearly half the job growth over the last three years has been in

00:34:11.680 government jobs because of course we've got to provide services for all those immigrants flooding 1.00

00:34:16.560 over the border um inflation is essentially how the government steals from everybody a little bit of

00:34:22.700 the time to transfer wealth to their supporters inflation creates winners and losers 99 of american

00:34:29.760 people will be the losers the government and their cronies one percent will be the winners but

00:34:35.080 this has never worked in history right like i said from the roman empire up until today it ends in one

00:34:41.720 way and that is destruction of currency and it doesn't bode well for our long-term prospects and

00:34:47.600 by the world the world is by the way the world is waking up we have a world now actively de-dollarizing

00:34:54.400 because they see the writing on the wall

00:34:56.760 when you see and i think the reason rogoff put this out when you see biden's current plan and the

00:35:05.580 acquiescence in this and i started the show with this so people have to bear with me but

00:35:09.420 it's the reason i'm so adamant about a motion to vacate on johnson because we have to take a stand

00:35:14.700 here mccarthy went because of the debt deal he did he gave biden unlimited uh spending and unlimited

00:35:20.820 deficits until past the 2024 election for two years johnson's just continued that right johnson's just

00:35:27.420 continue essentially continue that their their strategy both at the fed and with janet yellen the

00:35:33.220 biden regime so the executive branch but a compliant congress because they're in on the fix

00:35:37.400 is essentially to continue to run these deficits to have the embedded inflation to basically inflate

00:35:43.760 their way out of this and in doing so crush because of drop in purchasing power to crush

00:35:49.160 the working class and middle class to do it on their backs is there any doubt in your mind from

00:35:54.760 the empirical evidence that you have seen that that is their plan and that that will be their

00:35:59.840 outcome sir that will be the outcome sir absolutely not like i said this is the most predictable

00:36:07.100 problem ever and yet they continue down that down this path and the numbers are getting worse not

00:36:13.540 better right in the fourth quarter of 2023 the treasury issued seven trillion dollars in new debt

00:36:19.540 in just three months right for the entire year it came to 23 trillion dollars total that's a

00:36:26.260 combination of new spending and rolling over old debt there are now 27 trillion dollars in government

00:36:32.580 ios floating around up 60 since the pandemic and one third of them have fresh ink on them at this

00:36:40.500 point we've got a federal debt rising by a trillion dollars every 90 days it's an absurdity and all of

00:36:47.540 this when the world like i said is actively de-dollarizing there is no excuse for such wasteful spending

00:36:56.060 outside of the more nefarious as you mentioned there is only one way to really combat 35 trillion

00:37:02.920 dollars in debt and that's to inflate it away and yes it's positive for the debt but who suffers it's

00:37:09.080 the american people we're the ones that that suffer the consequences it's the way it's always been

00:37:14.840 and it's the way it's playing out now you see this is the de-dollarization is is not the problem

00:37:22.180 it's a symptom of the problem because they all have in the central banks in the governments they

00:37:28.220 have guys that went to sloan they have guys that went to harvard they have guys that went to stanford

00:37:32.500 and uh you know what to dalton and and to uh and to um uh you know university of chicago

00:37:39.520 they have they have all those people and they have the hp12c they can run the numbers this is fairly

00:37:44.320 this is not quantum mechanics it's pretty straightforward the de-dollarization see philip

00:37:48.960 we've been called this show in this audience in fact on the subtitle of the book finish what we

00:37:54.220 started the maga movement's ground war to end democracy to end democracy he makes the case in

00:38:00.020 the entire book of how this is actually how democracy works at the grassroots we've been

00:38:04.980 called on the america first side the the agents of chaos and because we want to destroy the post-war

00:38:10.720 international rules-based order that order more than the trade deals in the commerce even more than the

00:38:16.760 american military security underwriting that's cost us trillions and trillions the underpinning of

00:38:22.500 that sir is it not breton woods and the dollar is the prime reserve currency and are not the same

00:38:27.780 people that hector this audience every day about how they're anarchist and order and agents of chaos

00:38:34.180 are they not the ones destroying the dollar and you can see it in the brics nations the global south is 1.00

00:38:40.040 saying yo we understand what's going on here and we're not going to be a participant in it philip patrick

00:38:46.380 look de-dollarization isn't the problem it's the effect of the problem right demand is getting

00:38:53.180 killed by by external forces but we're killing the dollar domestically we are creating the argument

00:39:00.020 for governments around the world and and look at what's happening right on the back of sanctioning

00:39:05.220 ukraine china are now buying oil from saudi arabia in chinese yuan the petrodollar which gave the dollar

00:39:12.460 a lot of its strength this is a sacrosanct agreement from the 70s up until today is effectively over and

00:39:19.260 the reality is you know if if i'm in charge of the you know a brics nation's economy it doesn't make 0.80

00:39:26.920 sense for them to hold dollars anymore and when it doesn't rationally make sense it's no support no no

00:39:33.640 wonder the world like i said is actively de-dollarizing but the problems are here it's this administration

00:39:39.720 that are making the argument easy for governments around and i don't think de-dollarization is a is a

00:39:47.080 is a train we can stop and at the end of the day that is a big problem when this administration is

00:39:53.000 hell-bent on increasing dollar supply at the end of the day currency strength is dictated at the basic

00:39:59.480 level by two things supply and demand and when we have an administration that is actively pushing to

00:40:05.660 increase supply while the rest of the world is moving away from the dollar and killing demand

00:40:10.760 like i said this only ends one way it's only ended one way throughout history and they know it

00:40:17.740 i want to go back you're saying the de-dollarization you don't see that you see that process not only not

00:40:25.820 stopping but accelerating yeah i i do at the end of the day we're we're fueling it right domestic policy

00:40:33.900 increasing the money supply significantly leads to a devaluation of currency right the dollar's lost

00:40:40.380 17 of its purchasing power since the pandemic gold is up over 20 in that same time period why on earth

00:40:49.400 would you hold a plummeting dollar when you can hold an asset that that increases in those climates

00:40:55.520 secondly as we said before by seizing russia's assets we essentially told our enemies you you make a

00:41:03.740 decision that we disagree with your assets can become liabilities overnight not only that we

00:41:10.440 could give them to your enemies to fight against you why rationally would you continue to hold dollars

00:41:17.220 in a climate like that it doesn't make sense the brits are now committed to doing it the petrodollar

00:41:23.520 essentially is no longer and i think that will continue and as that continues we'll start to see

00:41:30.140 a weaker dollar over time the weaker the dollar becomes ultimately the weaker the longer term

00:41:37.140 argument for the dollar as a global reserve currency will become i think we're a ways away from that

00:41:43.000 the dollar is still i've said it before the tallest midget in the room but as de-dollarization 0.95

00:41:48.540 continues as supply continues to increase that argument won't be as strong anymore and we lose that

00:41:54.260 official status the game is up you're saying the canary in the mineshaft is the petrodollar

00:42:01.260 people when we're the prime reserve currency that means every transaction in the world

00:42:05.540 has to be converted into dollars take place whether you're giving to a charity uh in uh in in south

00:42:11.800 america an orphanage in south america or whether you're completing a drug deal in thailand right

00:42:17.060 the good and the uh uh in the uh you know the sun the dollar works for the good and the not good

00:42:22.960 in this world it's just it is the principal source of a currency it's all it's all translated and right

00:42:29.320 now you see in the petrodollar what they're doing is baskets of currencies even sometimes taking the

00:42:34.560 currency risk they're working out every different way they can get off the dollar now as philip says

00:42:39.620 the dollar's promise of current not going to end overnight but it's that increasing de-dollarization

00:42:45.060 that's going to add to the the turmoil let's take a short commercial break i'm gonna ask philip when

00:42:49.080 we get back for those people that are not don't know anything about precious metals are not gold

00:42:53.840 bugs uh don't want to go back to the gold standard how do they begin to understand this and how do

00:42:59.120 they begin to get access to the information really in this time of turbulence because in times of

00:43:04.520 turbulence the smartest people in the world look for what's called a hedge right a hedge against that

00:43:09.000 turbulence that's what gold has been for 8 000 years we're gonna take a short commercial break

00:43:12.520 we're lucky to have philip patrick from birch gold on today short break back in a moment

00:43:17.320 i want to warn you of a huge change that could be coming to our money in our bank accounts first

00:43:26.560 think back to 9-11 shortly after the government pushed through the patriot act this gave the

00:43:31.240 government power to spy on innocent americans by monitoring our phone and email and tracking our

00:43:36.920 movement across the internet now jim rickards editor of the independent financial newsletter

00:43:42.320 strategic intelligence and new york times best-selling author is warning about a coming

00:43:47.420 event that could elevate this governmental surveillance to a terrifying new level in fact

00:43:52.860 some of the guests i've had on the war room believe that the government will soon expand their powers

00:43:57.700 to track our every move if we say the wrong things on social media donate to the wrong causes buy

00:44:04.480 firearms or even vote maga the government may be able to shut us out of our bank accounts

00:44:10.080 i can't say for sure if this will happen but it's an interesting and dire warning fortunately jim

00:44:16.880 rickards an american patriot and friend of mine has made it his mission to educate us on what he

00:44:22.080 believes is coming and how to protect yourself from the possibility of programmable money watch jim's

00:44:29.520 warning video now before it's censored like i've been in the past go to rickardswarroom.com that's

00:44:36.480 rickardswarroom.com now to see the video war room here's your host stephen k bann

00:44:43.280 okay philip patrick uh joins me um philip so i i want to walk through the concept of what a hedge is

00:44:53.200 and this is for people even if you've purchased gold before if you got some gold or particularly if

00:44:58.560 you're not what we call a gold bug or one of these people are not always hammering which i know some

00:45:02.880 people in the war room posse are for to go back to the gold standard i know now like we have jim

00:45:07.600 rickards is one of our contributors now over at uh and if you want to get more about jim go to

00:45:11.440 rickardswarroom.com for his strategic intelligence newsletter i i recommend everybody go check it out

00:45:17.840 you get a free if you order you get a free uh the the currency war book which to me was the definitive

00:45:23.840 book that came out about 12 years ago and and jim teaches economic warfare at the uh at the army war

00:45:29.280 college i think it is you know rickards is not a gold bug he's not a gold standard guy

00:45:33.680 he said you know hey i'm looking at going buying gold more than ever i have a couple of hedge fund

00:45:38.560 guys they know that are among the smartest people i know about capital markets for the first time in

00:45:43.840 the history of their hedge funds they're putting a significant amount of money in gold as a hedge

00:45:48.880 the central banks of the world 22 23 and now in the first couple months of 24 record rates or near

00:45:55.520 record rates of the purchase of gold with their financial analyst at the banks that all went to

00:46:00.640 stanford all went to harvard coming up with this at least a portion of their assets to say the chinese

00:46:05.360 are on an all-time buying binge why is it for people who are not gold bucks what what did we mean by

00:46:12.720 hedge and why are other big institutional entities and high net worth individuals why are they reverting

00:46:18.400 back to something that we thought was just a relic of the sumerian empire right in the egyptians well

00:46:24.960 why is that happening in the 21st century when you know larry fink is talking about artificial

00:46:29.920 intelligence every day sir look you know what does a hedge mean it is a form of it's a financial term

00:46:37.040 for protection or essentially a form of insurance and the reason that that that people are looking at

00:46:43.120 gold today is simply because of the nature of our problems right we mentioned before 2022 2023 single

00:46:49.920 biggest years for gold buying in central bank history and and the reason that they're buying

00:46:54.480 them part of it is de-dollarization as we mentioned but the other part is in in a way they're facing

00:47:00.240 the same challenges that we are economic uncertainty inflation a loss of purchasing power central banks

00:47:07.440 need dollars for international trade but they don't want to hold dollars they're watching a federal

00:47:11.680 government print it into oblivion and they're hedging their dollar exposure using gold because

00:47:17.440 the same problems that we talk about right we talk inflation we talk dollar devaluation we talk the

00:47:23.120 potential for recession these things all function as very positive drivers for safe haven commodities

00:47:30.960 right inflation drives gold and silver up when dollars go down gold goes up right so they're a very good

00:47:38.640 way to protect against the specific problems that we have and you know i've never seen a more

00:47:44.880 conducive climate for gold and silver than the ones i see today the other side of it is in this climate the

00:47:52.240 options out there to hedge are so limited right when we were worried before about the domestic economy

00:47:59.760 we can look at emerging markets or european markets as a hedge what we have today is a global recession right so

00:48:08.160 given the lack of options given the nature of our problems precious metals in this climate

00:48:13.760 are about well maybe not the only way but certainly the best way to hedge against the problems that we

00:48:19.840 have and that is why hedge funds as you mentioned who traditionally have been looking at other assets

00:48:25.680 are really focusing in on precious metals today because they really suit the climate that we're in

00:48:30.880 i know you're one of the you're the lead analyst over there for for birch just before we bounce

00:48:38.880 on a saturday andrew ross sorkin the new york times columnist that sits in on every morning on cnbc is one

00:48:45.120 of the major voices kind of in in the business community understanding economics he's the columnist over there

00:48:52.320 for that and very well read he said on cnbc on the morning squad on squawk box about a week ago

00:48:58.560 he said look there's really nothing biden or the fed can do between now and election day and people

00:49:05.040 have to understand when i say election day you know early voting i think ballots get dropped in north

00:49:08.800 carolina i think it is september 10th so you know people start voting here in september and october a lot

00:49:15.760 of people uh sorkin said that he said hey particularly that's a quite liberal you know

00:49:23.120 with jim kramer in that crowd he said look you got to face from facts when you look at what's there

00:49:27.760 there's not a lot that's going to change there's not a lot that's going to change about inflation

00:49:31.280 for the better there's not a lot that's going to change about prices there's not a ton's going

00:49:35.360 to change about employment in the gap between wages and real wages there's not a lot that's going

00:49:40.000 to change about uh capital markets it's kind of he's not predicting stock markets a bond

00:49:45.280 market he said these these forces are so big and so embedded that until there's a change and that

00:49:53.680 change would be trump there's not going to be a lot of things that change between now and at least

00:49:57.680 in election day is that also your belief yeah i agree vehemently and it's because of the sheer

00:50:04.640 number of problems it's put the federal reserve in a very tough position and what can they do right if

00:50:09.760 they raise interest rates it means torpedoing the banks right we saw what happened to

00:50:15.200 svb we saw what happened with republic first just a few days ago right lowering interest rates means

00:50:21.920 surrendering the fight to inflation and the reality is they just cannot do that when official inflation

00:50:28.720 numbers are double the federal reserve target so what option does it leave them it leaves them i think

00:50:34.320 the only option which is to leave weights where they are and and see this continuation of the inflationary

00:50:40.160 trend but the reality is from the fed's perspective there are no good options at the moment so i agree

00:50:46.480 i don't expect anything dramatic to change between now and the election if we don't get the result we want

00:50:52.480 in the election i don't see any changes moving forward so 2024 as we've said many times is the most

00:50:59.200 important election of my lifetime but i'm not expecting anything anything crazy just a continuation of this

00:51:05.120 same nonsense between now and november if there's not a dramatic and i mean dramatic one of the

00:51:12.800 reasons we're on this motion to vacate and we were the ones leading the fight against the debt ceiling

00:51:17.760 fight if there's not a dramatic change in trajectory this is going to end in tears you can see it's

00:51:25.040 plain like like like uh philip patrick says he says this is the most recognizable crisis uh that's ever

00:51:32.080 come to the united states it's it's predicted forecast you can see the math the math is at such

00:51:37.040 large scale that's gonna be very tough to change we gotta bounce i know you do too thank you for

00:51:41.920 taking time here on saturday morning philip where do people go to to get you if they want to talk to

00:51:45.760 you directly very simple so birchgold.com forward slash banner and that'll get information on precious

00:51:52.160 metals how to invest and you can reach me directly at philip patrick on getter

00:51:57.520 philip just absolutely incredible thank you and thank you for all the support i hear all the time

00:52:03.840 from folks that just love uh the uh guidance and counsel you guys are giving them so thank you very

00:52:08.480 much love to thank you guys sponsor thank okay i'll be up on getter all weekend uh there's so much going

00:52:16.160 on uh just on getter i'll be putting up maybe uh grace and moe maybe we've been coming for a live

00:52:22.000 chat you never know we're gonna be streaming a lot of stuff this weekend just stick around and watch

00:52:28.480 uh war room we'll be back live 10 a.m on monday morning next week we'll be absolutely on fire see you

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00:55:01.200 you

Bannon's War Room - May 04, 2024

Episode 3587： The Hatred For MAGA By The Elite

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