Episode 3587： The Hatred For MAGA By The Elite
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Summary
This is the primal scream of a dying regime. This is the cry of the dying regime, pray for our enemies. Pray for our enemy. This is a call to arms for the righteous and the righteous!
Transcript
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this is the primal scream of a dying regime pray for our enemies because we're going medieval on
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these people here's not got a free shot all these networks lying about the people the people have
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had a belly full of it i know you don't like hearing that i know you try to do everything
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in the world to stop that but you're not going to stop it it's going to happen and where do people
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like that go to share the big line mega media i wish in my soul i wish that any of these people
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had a conscience ask yourself what is my task and what is my purpose if that answer is to save my
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country this country will be saved war room here's your host stephen k band
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saturday for april year of early 2024 184 and a wake up to election day uh six months till election
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day starting tomorrow but it's actually sooner than that i think carolina north carolina starts
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in early september the rest of all the early voting is going to be september late september to
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to october um so it's game on one of the reasons we're doing this is that you this audience has
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changed the arc of history particularly those of you that were with us back in 14 and 15 with
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president trump to his first term then those of you that came and rallied in 20 when you saw the
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summer love had the massive victory in uh 2020 that was stolen right we didn't close that one stolen
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particularly those that came and joined this group in early 2021 when president trump was a pariah
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and they sent him back like a lion and winner down in mar-a-lago and he made i think one of the most
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courageous choices in the history of this republic to return and say no i'm going to reclaim my
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administration uh come now for his third victory in the second term you've bent the uh the the arc of
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history how your confidence has created a reality and in that confidence that optimism that
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subjective reality you've made an objective reality think about that for a second you this audience
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you've changed from having that confidence and yes trump's our guy and trump can do it maga can win
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these principles we know we can win on this and we're not going to back off we're not going to quit
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even though we have losses on occasion and sometimes it looks like man it's a cloudy day and i just can't do
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this anymore you've changed the objective reality of this country why do you think we started we cure
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it the mainstream media and the pundits and the in the uniparty and the ruling class of this country
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hate your guts they hate you more than they hate trump he just happens to be the target in the foreground
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we do this to steal you for the fight ahead because hey baby you ain't seen nothing yet
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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
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to the covet and the pandemic and the summer of love and the run-up and stealing the election and
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the big fight in january 6 and trump going his line and went back to mar-a-lago and then all the the
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two years with with fox banning him dumping on him desantis young can all of it you ain't seen nothing
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yet so steal yourself and remember they're going to talk about this for hundreds of years to come
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dave right we know we're on the side of the righteous we we have the understanding of what
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the problem is we put it out here and that's why oh gosh banning those guys were talking about this
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two years ago how they come how that how they come to be because we get guys like eric prince like
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colonel derrick harvey like dave walsh like dave brad people that you know oh and i kind of heard
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that guy made a hand and you hear it and you see it and then you go check it out and then you see
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what you see the veil comes down off you see it you see it and then you change history that's what
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this is about that's what this show is about we're not here for entertainment we're not here to make
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jokes and hang out like uh you know buddies and we're going to joke it up and laugh it up that's not
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this show other shows do that they do it damn well not here we're about political societal combat
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and you're the tip of the spear of the legions dave bratt walk me through you got some charts i want
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to make sure our audience got something to chew on right because you teach like a postgraduate i'll
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tell you the economics and capital markets here is like postgraduate level so if you if you have a
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high school degree and you're a thing of the show and you follow along you're getting what they you're
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getting what they teach in like the second year of harvard business school dave bratt
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yeah i don't i don't toot my own horn this is uh due to you the oxford don but you're getting
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better than what they teach you at harvard because we don't just do highly mathematical models right
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we give you the history the ethics the morality how it fits into the judeo-christian west yes
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and i i got a few charts that fit into the broader story i'm a free market guy right so ordinarily i
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don't like taxes but i'm going around talking to my free market guys and whatever and they're into
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these pristine elegant mathematical models uh when the world is at kinetic war sorry you know the models
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never worked in the past uh and so the charts i'm about ready to give you uh shed a new wrinkle on
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what the super rich have been up to over the last decades uh if denver wants to put up the first
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chart uh it shows the 400 richest americans paid more than half of their income uh in taxes back
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uh in the 60s right so the super rich paid over half of their incomes and this is back when we didn't
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have problems and economics did work somewhat right because uh even even the robber barons and the
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the gilded ages what they were investing in capital equipment you know i think henry ford
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plowing money back into capital putting capital in the hands of the american worker when you put
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capital in the hands of the american worker magical things happen because the american people are great
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when you reduce the american people to nothingness that what we're currently doing now when you ship
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all the manufacturing abroad to china when you sell out your country uh when when you use cheap
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illegal labor uh and displace americans uh to enhance your own profits we got a problem on our
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hands houston you have broken the social contract so i'm still a capitalist i'm still a free market guy
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uh but you got to be crazy to think everything's uh the same next chart denver here's the massive
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change uh you will see uh over the last few decades the amount the super rich paid uh goes from
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over half down to just 23 percent uh on on this chart and when you put it together right the next
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chart denver uh shows the convergence uh the top line is the decline in the amount the super rich pay
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and now uh based on their wealth uh the 26 top billionaires uh paid an average income tax rate of
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just 4.8 percent over six over the uh recent six years let me say that again based on their
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wealth growth uh and this is all let the next chart i'll show you where to find it 26 top billionaires
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paid an average income tax rate of just 4.8 percent right so not even the 23 percent this gets
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very complex with realized versus unrealized and wealth taxes and i don't want to hit the great
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american manufacturers uh uh there's some great heroes out there uh in the private sector that
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that's not what we're talking about here uh but the next chart uh denver this is where you can find
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tax fairness uh up at the top line you'll see uh jeff bezos uh with effective tax rate on reported
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income of uh 23 percent the next yellow box effective tax rate on wealth growth at just one percent right
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one percent and you'll see some big numbers there under uh wealth growth 105 billion dollars in wealth
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growth for one person uh so that's fine uh unless uh you're getting your money uh with china deals
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unless you're a monopoly uh unless you have federal state and local government contracts which basically
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make you a monopolist uh if any of those are the case then sorry you're uh your cheap uh low tax rates
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have to come to an end uh and you need to pay your fair share and we need to rebuild the american
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workers bring the capital back to the states and then finally i did some china research you know
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everybody we haven't been covering that as much uh but china is having some issues uh but they're
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fighting back in the next chart uh denver if you want to show it uh they're they're probably going
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aggressive right now uh and devaluing the yuan right their currency and the reason they're doing
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that is they were trying to head toward a consumer economy like we have right 70 percent of our
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economy is the consumer uh they've just had an investment economy they they've coerced through force
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right the uh the government owns a monopoly on the use of force uh is a famous definition that goes
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back to fascism uh so they can coerce their people to save 40 percent which turns into capital
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investment and they shove that around but there's only so many ghost cities and bullet trains and
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infrastructure projects you can do so they're taking their money back from the rest of the world
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the belt and road is collapsing uh they're navel gazing right now right they're looking inward uh
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she's last speech said we're going full-on marxist leninist uh there's going to be no more economic
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reforms right that means uh working with the global economy and we're on a war footing no more china
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language in china right no more confucian stuff no more buddhist peace and harmony stuff and so this
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this devaluation they're doing uh is an attack they're trying to sell more of their products to us
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and it's up to us to respond you can you can also this is what yellen's yammering about oh their
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excess manufacturing and their excess capacity this is the problems we identify with trump this is about
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the decoupling you can tell there's something going on folks because they're hoarding gold and oil
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unnatural resources i think they're getting ready potentially for a huge devaluation so currency wars
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could be upon us dave we're going to have you back on next week uh amazing analysis where do people go
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you put your charts up on getter all the time where do people go to get them yep i'll put them all up
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today uh brad economics and what you just said there's extended articles i'll post what you just said
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is right they're hoarding commodities uh it and none of it is designed to help us it's all designed to
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hurt us uh as the whole show uh focused on today so brad economics on getter and i got an email
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there uh get me i'm going around the country giving talks and get me if you want me to come
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okay fantastic uh dave brad and thank you for your uh for the big picture very few people can go from the
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uh the spiritual and religious uh down to the nuts and bolts of the uh of the chinese economy of how
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they're how they're hoarding and they and there's something big china it the transition to the
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consumer economy didn't work they knee-jerk back to what they know it's a command and control economy
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with state capitalism remember the chinese families the five factions that own the chinese
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communist party are the wealthiest on earth uh i know that makes laobaijing incredibly angry but
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that's just the facts there's something going on there they're they're preparing they're preparing
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for a kinetic war they're preparing the south china sea they're preparing uh in uh in the taiwan
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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
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down here because they're in back they're one of the key parts if not the key part of folks
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in back of this of funding what's happening in these colleges so it's outrageous day brad
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honored to have you on here your range as i say in baseball or in sports or in acting your range
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is unbelievable sir they brett uh and to take that much time on a saturday mike lindell are are you in
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your are you in your orchard where where in the hell are you you come up here in mar-a-lago one day
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or some other beautiful place next day where are you i'm i'm in texas right now yeah um and i'm not
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relaxing everybody i've got a uh i've been working on a new plan that we're going to do in all
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3 143 counties it's a my new flipping democrats project and uh as long as we're approaching all
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the counties anyway we've got to you can get out in front of this everybody and look at check it out
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at lindellplan.com steve we're and you have so many groups going after our base and uh and the
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independents we're going right into the heart of the democrats and we're getting them hold hold hang
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on hang on what what do you mean what do you what do you mean flipping democrats how are you going to
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flip uh hey flipping democrats we're going to educate them we're going to say hey because
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their their eyes are open now they're open to hearing all the problems we have they can see
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it right in front of them and we've been doing this on a small level i just spent a lot of time
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remember in chicago about a month ago and it was overwhelming everybody was flipping to this common
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sense bucket of donald trump so we're going to take what we learned from them and we're going to go
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with all my teams we have over three thousand or three hundred thousand people in all 50 states
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approach every county we're going to work in every county for the next four months and work on flipping
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these democrats to the common sense bucket a lot of it just involves educating them educating what is
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the new republican party of common sense what is this what is it going to manifest to and we already
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have an example of that we have december of 2019 before they gave us the china virus we had what
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what politics can be to help all people not just a party or no people
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mike hang hang on i'm holding you to the breaker and come back talk about deals but he just nailed
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something right there and people talk about this all the time when i'm easy if you go back and remind
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people the headwinds trump had in his first term and what the summer and fall and christmas of 2019
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was and those numbers the three and a half percent economic growth the wages of working class and
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non-college graduates uh the low interest rates right uh incredible low inflation low interest rates
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real economic growth and done with trump and janet yellen was it was the fed chair taking almost a
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trillion dollars of liquidity out of the system shrinking the balance sheet of the federal reserve
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right now millions of americans face prescription medication shortages the fda's medication shortage
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list currently has over a hundred and twenty prescription medications listed some patients are
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being forced into more expensive substitutes while others are rationing what little medication they have
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you know with uh all this uncertainty make sure that your health is also not jeopardized you saw
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this the other day a guy uh i think a former police officer died because couldn't get the
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chemotherapy drugs in the united states of america this is only increasing this is just not the supply
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chains in china the whole complex system there's something wrong you know i had dr sean on the other
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day but what we provided just go over to jace medical jace.com and just go to jace j-a-s-e and
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immerse yourself in the information there find out more about it particularly for the drugs you need
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every day but there's something seriously seriously wrong nobody can quite put their finger on it but
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seriously wrong about the supply chain on medicines and drugs this is more than hurricanes hitting this is
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more than cyber there's something deeply wrong we're going to try to get some reports on that in the
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coming weeks but go to jace medical in the meantime dr sean the team mike lindell our audience it's a
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saturday morning we're finishing now with artificial intelligence and energy is going to blow people's
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heads up actually what they're thinking of what's actually happening versus what they're planning for
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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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for the war room posse everybody and that's a free multi-use my pillow 2.0 absolutely free if that's
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you can and uh no purchase necessary this is in a war room exclusive we're going to run it through
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the weekend at least use promo code war room and if you go to the website now go to go find you to
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scroll down to you see steve there all these specials the 25 specials are still there that's
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the uh of the uh one the one towel so we put our premium ones they're normally 99 for the war room
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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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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
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fink one of our favorites uh new maga larry fink that's who's trying to be a maga adjacent let's go
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and play this and i do believe to properly um build out ai we're talking about trillions of dollars of
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investing so data centers today could be as much as 200 megahertz and they they're now talking about
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data centers are going to be one gigawatt that's a that's what powers a city there there was one
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tech company that i spoke to the ceo last week who said right now all their data centers is about
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five gigawatts by 2030 they need 30 gigawatts 30 um the amount of power that's needed to
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use ai is has huge impact in society where's that power going to come from are we going to take it
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off the grid what does it mean for elevated energy prices for everybody else if it's that i think it's
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going to represent some huge societal questions that we have not addressed the negative side forget
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about the use of it but just the generation of it is massive power okay but that that is a huge
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investment opportunity so that we we you know the world is going to be short power short there's
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there's there's so much to okay so um uh joe allen the ai our ai editor and walsh we're gonna get
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together over the weekend and the next week we're gonna come and hopefully maybe take an hour on the
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six o'clock show and break this whole thing down but i just had to get to this and and dave just
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what he said right there that is because there's so many in the climate cult sphere they think they're
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so much smarter than maga maga is a bunch of rubes that breathe through their mouths and wear bib
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overalls and wear red ball caps right and say donald trump is god right that's what they think
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uh they're so bright if you look at what larry fink's talking about right there of the plans
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already for ai as they look forward just the investment to get a the computing power but then
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when you get i mean the the the the computer ability to do it the algorithms to do it but then we look at
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the data centers and actually the power to drive it correct me if i'm wrong right there it's insane
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you change you literally change the entire structure of uh societal uh the foundations of
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society it requires so much power unless you go to i'm immediately nuclear power or if they come up
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with nuclear fusion am i wrong because everything they're talking about the power side is absolutely
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different than what larry fink's talking about having to go and you had the ai engine that's driving
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everything right now dave walsh make it make sense to us well for sure it's true i mean server centers
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when they hit uh 12 14 years ago or three 400 megawatt power consumers really big ones we built
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for dominion warrent county energy center up west of reston about 1500 megawatts to support growing
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server center need up near western northern virginia now these the ai facilities two to three times
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the energy halt it stop halt it halt it halt it halt it let's be blunt you're up there building the
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power for the deep state they're resting the reason they need it that's the that's the center of the
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deep state baby that's the pentagon suburban office but continue on yeah well but now the ai you're
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talking about facilities with the he's right six six hundred to a thousand megawatts each huge thousand
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megawatts powers about a million people so yeah a city uh now remember blackrock invests in everything
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they're also an investor in independently owned power plants they've always been independent power
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projects wind solar and gas fire combined cycle they're an investor in everything including power
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generation so he's he's correctly pointing out that with this kind of energy demand coming up with
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server centers and ai there is no way the solar and wind that are part-time intermittent resources
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wind 37 of the time solar operates 20 of the time 19 of the time that deficient energy will not work
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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
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the the plan that they're talking about the the climate plan but right now if you hit his forget the
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craziness of the climate plan if we were hitting on all cylinders all power would essentially be taken
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for ai you'd have to have a fundamental restructuring of agriculture and transportation
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and basically just the way we live would we not or have i done the math wrong yeah no this is just
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another incremental adder on top of massive power consumption massive power consumption also of course
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by individuals and residents but pulp and paper aluminum aluminum very heavy user of power steel
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making petrochemical plants refineries auto making uh hospitals all existing huge units of elect
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users of electricity we're in short supply for traditional consumers already there's a boom underway
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right now across the utility industry of now buying gas turbines for simple cycle use to augment
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the shortage created by wind and solar we've really effectively built uh very few new major power
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plants in this country in the last six years five to six years now we're in short supply already
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most regions calling for six to seven percent electricity growth in the next year demand growth
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in the next year the whole the 10-year plan with the renewables boom was only four and a half percent
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growth in 10 years of electricity supply hold it hold it we're in a horrible place right hang on you're
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telling hang and we're in a horrible place and if you'd follow up what larry fink saying on ai
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we're going to be in a more horrible place last question you're saying gas turbines you've been
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telling us gas my destroyer was gas turbine the first the navy ever the u.s navy ever built um
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so i'm very familiar with gas turbines i thought the biden regime was taking out gas stoves
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out of out of federal buildings and don't want any more gas stoves at the same time that the industry
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
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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
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
00:34:56.760
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
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
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
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
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philip just absolutely incredible thank you and thank you for all the support i hear all the time
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from folks that just love uh the uh guidance and counsel you guys are giving them so thank you very
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much love to thank you guys sponsor thank okay i'll be up on getter all weekend uh there's so much going
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on uh just on getter i'll be putting up maybe uh grace and moe maybe we've been coming for a live
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chat you never know we're gonna be streaming a lot of stuff this weekend just stick around and watch
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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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