Bannon's War Room - May 14, 2024


Episode 3608： Vast Criminal Conspiracy Against Trump And MAGA


Episode Stats

Length

54 minutes

Words per Minute

157.48999

Word Count

8,581

Sentence Count

701

Misogynist Sentences

8

Hate Speech Sentences

20


Summary

Learn English with Sarah Palin. Sarah Palin speaks at the Justice Department's Election Threats Task Force and delivers a blistering attack on Democratic presidential candidate Joe Biden and his campaign in the Sunbelt states of Arizona, Nevada, and Georgia.


Transcript

00:00:00.120 These Sunbelt battleground states, frankly, for the Joe Biden campaign, these numbers are an absolute disaster.
00:00:05.320 The smallest lead is in Arizona for Donald Trump. He's up six.
00:00:08.180 Look at this, nine in Georgia, 13 in Nevada.
00:00:11.160 My goodness gracious, my God, that is a huge lead.
00:00:14.720 No Democrat has lost that state since John Kerry lost it back in 2004.
00:00:19.440 How about these Great Lake battleground states?
00:00:21.320 This is something that the Joe Biden campaign can work with.
00:00:24.220 Look, Pennsylvania, Donald Trump up three, but that's well within the margin of error.
00:00:27.500 Wisconsin, Donald Trump up one, well within the margin of error.
00:00:30.980 And actually, a Joe Biden lead well within the margin of error, up a point here.
00:00:35.040 This they can work with the Joe Biden campaign.
00:00:37.440 This, the Donald campaign, Donald Trump campaign, absolutely loves.
00:00:41.180 And it looks like a lot of the other polling on the Sunbelt.
00:00:43.040 Though, is that when you see these Trump polls and you see these rallies, I'm worried about what we don't see.
00:00:49.880 What are the Democrats cooking up with the votes, legal or illegal?
00:00:55.700 Judging by your ears or your eyes, this election should not even be close.
00:01:00.560 So the Dems have two options.
00:01:01.840 One, accept the outcome, be comforted by the fact that you got one Biden term, a deal with a dementia-ridden devil, or resort to electoral dirty tricks.
00:01:13.100 And that's why we need the utmost transparency, because I fear the Dems will go the second route.
00:01:19.460 Good afternoon.
00:01:20.660 Thank you all for being here.
00:01:22.400 All of you.
00:01:23.000 In a few minutes, we'll begin our meeting of the Justice Department's Election Threats Task Force.
00:01:29.140 We're meeting today for the same reason I launched this task force three years ago.
00:01:34.120 We have seen a dangerous increase in violent threats against public servants, the ones who administer our elections.
00:01:41.660 Those threats endanger our democracy itself.
00:01:44.860 That is why, over the past three years, we have accelerated our efforts to combat the increase in threats against election workers, officials, and volunteers that followed the 2020 election.
00:01:57.140 Our election threats task force has secured the guilty plea of a man who threatened an election worker in Michigan.
00:02:03.980 The defendant made vile threats, saying that the election worker deserved a, quote, throat to the knife.
00:02:10.120 We secured a three-and-a-half-year prison sentence for a man in Texas who threatened the lives of Arizona election officials and their children and advocated for a mass shooting of poll workers and election workers in precincts he believed had, quote, suspect results.
00:02:27.720 We secured a three-and-a-half-year prison sentence for a man who threatened Georgia officials in the wake of the 2020 election, including threatening to, quote, put a bullet behind the ears of an election worker.
00:02:52.120 And we secured a two-and-a-half-year sentence in prison for an Iowa man who threatened to lynch an election official in Arizona.
00:03:02.500 Each of these cases should serve as a warning.
00:03:07.060 If you threaten to harm or kill an election worker, volunteer, or official, the Justice Department will find you, and we will hold you accountable.
00:03:18.220 The public servants who administer our elections must be able to do their jobs without fearing for their safety or that of their families.
00:03:28.780 We will aggressively investigate and prosecute those who threaten election work.
00:03:35.220 Protecting the right to vote was a founding purpose of the Justice Department.
00:03:40.120 Today, fulfilling that charge means confronting the full range of threats to our elections.
00:03:45.480 That includes continuing our work through this task force, our U.S. attorney's offices, and our FBI offices across the country to investigate, disrupt, and combat unlawful threats against those who administer our elections.
00:04:02.940 It includes the Civil Rights Division's essential work to enforce federal voting rights laws and to challenge discriminatory restrictions on access to the ballot.
00:04:13.080 It includes the work of the criminal division's public integrity section, and our U.S.
00:04:17.660 Back in 2020, 84% of the Trump campaigns, the Trump coalition, was white.
00:04:24.900 Look where it is now.
00:04:26.340 It's 78%.
00:04:28.160 The non-white portion of the Trump coalition, it was 13% in 2020.
00:04:33.040 Look at this now.
00:04:34.180 It's 19%.
00:04:35.660 So the Trump coalition is becoming more diverse.
00:04:38.100 And, of course, those Sun Belt battleground states are more diverse than the Great Lake battleground states.
00:04:42.960 You're looking at the Nevadas and the Arizonas here.
00:04:44.880 Of course.
00:04:45.320 If you look at Nevada, Arizona, heavy Hispanic population.
00:04:47.980 Georgia, heavily African-American population.
00:04:50.280 With the Michigan, does have some black voters in it.
00:04:52.660 But Pennsylvania and Wisconsin are heavily, heavily white.
00:04:56.160 Very interesting.
00:04:56.680 Okay.
00:04:56.900 Add it all up.
00:04:57.900 What does it say about where the race stands right now?
00:05:00.360 We're talking electoral college and the race to 270.
00:05:02.620 Yeah, the race to 270.
00:05:03.660 It's advantage Donald Trump, but he's not over the 270 mark just yet.
00:05:09.400 All right.
00:05:09.700 So if we flip Nevada, Arizona, and Georgia here in your lighter shades of pink, you add
00:05:14.700 them to the states and, of course, the 2nd Congressional District up in Maine, which
00:05:18.360 Donald Trump won last time around, that gets him to 268 electoral votes.
00:05:22.460 If we keep Wisconsin, Michigan, and Pennsylvania in the too-close-to-call category, along with
00:05:28.300 Nebraska's 2nd Congressional District, Joe Biden at 225.
00:05:31.500 So it's advantage Donald Trump, but Joe Biden does, at this point, have a path to 270.
00:05:38.660 This is the primal scream of a dying regime.
00:05:43.540 Pray for our enemies, because we're going medieval on these people.
00:05:48.760 I got a free shot at all these networks lying about the people.
00:05:53.020 The people have had a belly full of it.
00:05:54.940 I know you don't like hearing that.
00:05:56.360 I know you try to do everything in the world to stop that, but you're not going to stop
00:05:58.880 it.
00:05:59.060 It's going to happen.
00:06:00.100 And where do people like that go to share the big line?
00:06:03.640 Mega Media.
00:06:05.060 I wish in my soul, I wish that any of these people had a conscience.
00:06:10.520 Ask yourself, what is my task and what is my purpose?
00:06:14.280 If that answer is to save my country, this country will be saved.
00:06:20.580 War Room.
00:06:21.480 Here's your host, Stephen K.
00:06:23.440 It's Tuesday, 14 May in the year of our Lord, 2024.
00:06:33.020 President Trump today in another day of this, quite frankly, fiasco in New York City.
00:06:39.440 Now he has a whole array of Republican elected officials standing in back of him.
00:06:45.240 They'll come to the sticks later, including Speaker Johnson, I believe, showed up today.
00:06:49.060 I wanted to show you the polling.
00:06:51.220 The polling is even more polling than that.
00:06:54.000 That shows even worse.
00:06:54.960 The cross tabs always say the receipts down below the top line are even worse for Biden.
00:07:01.520 Right now, this is a blowout.
00:07:03.260 MAGA's ascendant.
00:07:04.680 People have rejected this whole concept of Joe Biden's 81 million votes.
00:07:10.480 That's a joke.
00:07:12.240 Biden's illegitimate.
00:07:13.260 You're seeing more and more people come to this.
00:07:14.960 This is why we will never, ever, ever stop talking about the stolen election of 2020.
00:07:20.600 That's the railhead of this turnaround.
00:07:22.440 Always remember that the foundational element of this tremendous turnaround, the greatest turnaround
00:07:27.700 in the history of not just American politics, I believe elected politics anywhere.
00:07:33.600 The foundation is the stolen election of 2020.
00:07:36.480 Right now, of course, you know, on cue, the election, that's the three right there.
00:07:43.340 Lisa Monaco, the attorney general, Merritt Garland, and of course, Chris Wray, FBI director.
00:07:50.180 Right now, Johnson should not be up at Trump's trial.
00:07:52.820 He does.
00:07:53.120 President Trump doesn't need him out there.
00:07:54.960 President Trump, I think he actually said yesterday, hey, what I need you guys in Washington,
00:07:58.940 D.C. to do is to start sending subpoenas.
00:08:01.040 We need, as I just said on American Sunrise, if you caught it here in Real America's Voice
00:08:06.200 just a few minutes ago, that we need the Judiciary Committee or the Weaponization Subcommittee,
00:08:16.480 but I'd like to have Judiciary and its entire committee, they need to immediately say,
00:08:20.300 we're going to formalize all these disparate investigations that are going to go on,
00:08:24.100 all these disparate, sharply worded letters that are going around.
00:08:27.780 You need to consolidate it all in a formal investigation to the vast criminal conspiracy,
00:08:33.520 the vast criminal conspiracy against President Trump and others from Arizona to Michigan
00:08:41.460 to the state AGs, Jack Smith, and particularly Matthew Colangelo.
00:08:46.700 Think about it.
00:08:47.260 You had the top two officials in the Justice Department there yesterday giving the press conference
00:08:52.420 on election security.
00:08:54.900 They ought to be giving it about election interference by the regime that they're the front porch of.
00:09:02.860 They can't have their number three person because he's in a New York courtroom seconded by Lisa Monaco
00:09:08.420 and Merrick Garland and the Biden White House to persecute, not prosecute, to persecute President Trump.
00:09:15.380 And it's not working.
00:09:16.380 It's falling apart all around.
00:09:18.320 Why?
00:09:18.620 People are waking up to the fact now he's not a legitimate president, and it's because of their lived experience,
00:09:26.000 the invasion on the southern border, the fiasco geopolitically, the Marxist-jihadist takeover of our universities,
00:09:34.760 and the propaganda poured in, the poison poured into our young people.
00:09:37.920 Most importantly, even more so, I think, than the invasion on the southern border, although this is part of it,
00:09:45.480 is the failed, and I mean epic fail, of Bidenomics.
00:09:51.220 Bidenomics is an absolute catastrophe across the board.
00:09:55.100 In fact, they've thrown that to the curb.
00:09:57.240 And we're going to go into that in quite a bit of detail in the first part of the show.
00:10:01.160 I've got Scott Besson, who joins us from London, and Dave Bratt, who is in studio.
00:10:05.840 I think Dave Bratt's there now.
00:10:06.960 I want to play the cold open.
00:10:08.700 The Producer Price Index announced this morning, accelerating at an accelerating rate.
00:10:15.760 Let's go ahead and play the clip from Rick Santelli over at CNBC, and we'll go to Scott Besson in London.
00:10:21.100 May change.
00:10:22.180 Here we go.
00:10:22.940 We're hitting the wires.
00:10:23.840 April read on Producer Price Index, the wholesale inflation gauge, up a half of 1% on headline, up half of 1%.
00:10:33.480 That's up 0.5%, and that is the hottest read, well, just since February, when it was up 0.6%.
00:10:40.580 And if we look at XFood Energy, same number, more than double expectations, as Becky pointed out, up half of 1%.
00:10:48.500 That is the hottest read there.
00:10:50.280 It equals January, you have to go to July of last year to get a hotter read.
00:10:55.400 Another hot read is XFood Energy and Trade.
00:10:59.700 It's up 0.4%, exactly double expectations.
00:11:03.460 To find a hotter read, you have to go to January of this year, when it was up 0.6%.
00:11:09.160 Now, let's do the year-over-year numbers.
00:11:11.600 Year-over-year, final demand, up 2.2%, as expected, but still 0.1% hotter than the rearview mirror.
00:11:18.900 To find a hotter read than 2.2%, you have to go to 2.3%, and that was in April of last year.
00:11:25.700 Strip out food and energy, your year-over-year numbers, 2.4%.
00:11:29.080 That is one-tenth hotter than we expected, equal to the rearview mirror at 2.4%, and that means we have back-to-back 2.4%.
00:11:38.020 And last month's 2.4% was the hottest number since August of last year.
00:11:43.200 Okay, Scott Besson joins us from London.
00:11:45.520 Scott, thank you.
00:11:46.280 I understand.
00:11:47.200 The producer price, tomorrow will be the consumer price.
00:11:49.560 This is the wholesale.
00:11:50.520 These are the people that actually make the things and order all the material and the services.
00:11:56.180 It's not what the consumers are actually spending.
00:11:59.620 Why is this so important, and why is this another catastrophic hot print for the Biden regime?
00:12:06.240 Look, Steve, it just shows that inflation is not under control, that Jay Powell, Janet Yellen,
00:12:15.980 they failed the American people in 2021.
00:12:19.520 In 2022, they tried to get back credibility.
00:12:23.060 And central banks, all they have is their credibility.
00:12:28.180 And Powell did a reasonable job of recovering from an epic fumble.
00:12:34.260 And then we arrived in late fall last year.
00:12:38.040 Inflation was getting under control.
00:12:40.560 And then in an effort to goose the economy for Biden, Yellen and Powell loosened financial conditions.
00:12:49.780 Loosen financial conditions before the job was done.
00:12:54.100 And stock market took off, which the economy took off.
00:12:58.120 And guess what followed behind it?
00:13:00.380 Inflation.
00:13:01.660 And the inflation, the stock market taken off is great for the top 20%.
00:13:06.840 You know, we've never had it so good.
00:13:10.960 Equities are high.
00:13:12.060 House prices are high.
00:13:13.540 Interest rates are high if you've got savings.
00:13:15.800 But in America, there are two kinds of people.
00:13:18.520 There are people with assets and people with debt.
00:13:22.460 And even the New York Times admitted it today, that high interest rates are hurting the bottom half of Americans.
00:13:30.520 And this is due to the premature launch by Yellen and Powell in the fall to try to goose the economy.
00:13:39.900 And, you know, look, these are linear thinking people and markets, you know, are nonlinear, multivariable animals.
00:13:50.300 And they just don't want to admit that this inflation keeps coming back.
00:13:55.480 Scott, we're going to hold you through the break.
00:13:59.500 You also said something at the time.
00:14:01.180 You said, hey, these guys are working together, not what a central bank and the Treasury Department should be doing,
00:14:06.600 which is by price stability and risk mitigation to make sure that the animal spirits of the economy can kind of take over.
00:14:12.560 You actually said at the time, hey, I've never seen this before.
00:14:16.080 They're kind of working in conjunction and they've politicized themselves to try to drive forward Biden's reelection.
00:14:23.020 I know you've got a lot to say about Janet Yellen.
00:14:24.800 Also, you've you've reconstituted the misery index.
00:14:28.660 We're going to get to all that short commercial break.
00:14:30.980 Dave Bratt is in the studio today in Washington, D.C., in the war room.
00:14:36.060 Of course, we're here in Palm Beach.
00:14:38.660 Scott Besson joins us from London.
00:14:39.880 We've got a lot to talk about.
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00:16:20.180 Here's your host, Stephen K.
00:16:22.300 Bannon.
00:16:24.480 Scott Bessent.
00:16:26.760 Scott, I want to, before I go to talk about the misery index that you've retorked back to the way it used to be counted,
00:16:33.960 I think during the Carter administration, when it was the index that blew him out of, he got landslided by Ronald Reagan.
00:16:43.080 I want to go back to this very important New York Times story that's up this morning.
00:16:46.360 They finally admit, we've been hammering this for years, that the working class, the bottom 50% are getting crushed.
00:16:53.300 Crushed.
00:16:53.880 That Biden is a global, he's a global elitist.
00:16:57.620 The Democratic Party has turned into a party of the credential class and the very wealthy and the proletariat below them, and they don't care about that.
00:17:06.180 They try to buy them off with trinkets while they get crushed by their core economic policies.
00:17:11.180 The New York Times, years in the making, now finally agree with it.
00:17:16.380 And I want to tie that to Janet Yellen.
00:17:18.140 Janet Yellen's getting more, while she's crushing, the policies she's recommending to Biden and implementing are killing working class people.
00:17:25.880 Oh, by the way, also their, their, their invasion policy to drive down wages.
00:17:31.940 She's becoming more and more political and less and less focused on actually doing the job of what Alexander Hamilton had in mind.
00:17:39.340 Scott Besson.
00:17:44.300 Yeah, so Steve, this article, the New York Times finally came around and talks about how high interest rates are hitting poor Americans the hardest.
00:17:55.000 And, you know, it looks to me as though they're pushing for interest rate cuts.
00:18:00.560 The only problem is that Janet Yellen and Jerome Powell jumped the gun in October, November and December and goose the economy and the cause to resurgence in inflation.
00:18:16.420 So, you know, yes, high interest rates are hurting poor Americans the hardest, but on the other side, so is inflation.
00:18:24.720 Inflation hurts poor Americans the hardest.
00:18:27.020 So, you know, it's this vice of interest rates and inflation that working class Americans are called in.
00:18:34.980 And, you know, this narrative that the Biden administration keeps pushing on, you know, the journalists who are on their side, whether, you know, Paul Krugman, Greg Ipp, the economist, you know, this, it's a vibe session.
00:18:49.460 And the American people don't understand what's going on, could not be more wrong, could not be more wrong, is, you know, again, it is a two-tier economy.
00:19:00.780 And the top 20% are doing great.
00:19:06.120 Big companies are doing great.
00:19:08.300 The bottom 50% of earners and small business is getting crushed.
00:19:13.380 Is small business sentiment is at a two-year low?
00:19:18.880 The credit card, 30-day credit card delinquencies is at an all-time high since they've been keeping the sequence.
00:19:26.020 So, you know, what you have is, you know, when they show aggregate economic numbers, you know, that the top end is overweighted because the top end of Americans have, you know, the top 20% has 40% of consumption.
00:19:43.180 The top 50% has 70%.
00:19:45.060 So aggregate numbers look great, but it really doesn't get to the misery that's going on under the hood.
00:19:51.260 Talk to me about the, you've retorked the misery index.
00:19:56.660 You think it ought to be more prominent in this campaign.
00:19:59.860 Walk me through the misery index, what it is, and what's the missing component that you've said, hey, it's got to be back in there.
00:20:06.020 It was back originally.
00:20:07.620 So what is the misery index?
00:20:09.380 Yeah, so Professor Larry Summers from Harvard, who, you know, I will add, he was early on in this, in 21 and 22.
00:20:21.800 Larry was sounding the alarm on inflation, and, you know, the administration did not want to listen to him.
00:20:29.720 And, you know, they insisted on going for this big spending.
00:20:33.420 So, you know, I think Americans and voters understand this was a choice.
00:20:39.880 This was a choice to, you know, overspend.
00:20:43.520 And, you know, look, I'm a middle-aged male.
00:20:46.320 You're supposed to get 2,000 calories a day.
00:20:49.040 Calories 3,000, 4,000, 5,000 are what put weight on.
00:20:52.740 The 2 trillion COVID stimulus, probably necessary, but certainly, you know, stabilized households, and it was a big number.
00:21:05.140 But it was trillions 3, 4, and 5 that set off this inflation.
00:21:11.940 And, by the way, they wanted to spend 7 trillion.
00:21:15.580 So could you imagine where we'd be now?
00:21:17.400 And so Larry Summers has revised the – or taken a look at the misery index as the way it was constituted in the 70s.
00:21:27.680 And there have been adjustments to this.
00:21:31.260 In 1988, they took out mortgage costs.
00:21:35.060 In 1998, they took out auto costs.
00:21:37.620 And, you know, the conclusion here is that working-class Americans, you know, not only have to worry about groceries and insurance and the medical payments, they also have to worry about car payments.
00:21:55.620 They want to buy a house.
00:21:57.360 So, you know, even though maybe auto prices are up 15%, because of the increase in interest rates, auto payments are up 80%.
00:22:08.220 The house prices might be up 50%, but because of the house prices being up and the interest rates being up, the same house, the monthly payment is now up 300%.
00:22:24.480 300% since Joe Biden became president.
00:22:29.260 And, you know, this is what people are feeling.
00:22:32.300 It's what they're seeing.
00:22:33.820 And, you know, this idea that, you know, average American should be grateful for what they've gotten.
00:22:41.760 And, you know, so my firm, I'll come back on, Steve.
00:22:45.940 We're going to try to recreate the data series as it was done in the 70s and compare that to, compare Biden to kind of the misery under Jimmy Carter.
00:22:59.620 But, you know, again, the New York Times has come with high interest rates are hitting poor Americans.
00:23:06.000 Yeah.
00:23:06.400 But, you know, this epic fail, the second epic fail by Powell and Yellen in goosing financial conditions has reignited inflation, which is keeping interest rates high.
00:23:17.960 And, you know, this is a terrible vice.
00:23:21.880 The reason we know it's what you're saying is true, we can look, I keep telling people, look at the crosstabs.
00:23:28.480 When you look at everything about business confidence, voters, what they think of Biden handling the economy, inflation, what their number one concerns are, I keep telling people, the top line numbers are catastrophic for Biden.
00:23:40.520 Again, the crosstabs are even worse.
00:23:43.760 And this is why you're seeing now all this, you know, the Justice Department, all of a sudden they're worried about election, they're worried about election interference.
00:23:49.920 You're going to see this.
00:23:50.860 They understand they've got only two shots here.
00:23:53.740 Number one, number one is lawfare, what you see up in New York.
00:23:57.540 And number two is the big steal, big steal deuce.
00:24:02.020 Do you see the same thing?
00:24:03.240 Is that why you think this polling is so horrible for Biden and the reason they dropped the term Bidenomics?
00:24:08.260 Yeah, look, I, you know, it's almost like a disease, disease, it's Bidenitis, not Bidenomics.
00:24:15.780 And, you know, the inflation target is, you know, inflation is now 75% above target, 75%.
00:24:25.000 So, you know, they haven't been able to get under control and they thought that they were helping their candidate.
00:24:32.180 And, you know, I think what's going to be the sweet irony here is that Janet Yellen and Jerome Powell, by trying to put their thumb on the scale, have actually broken the scale.
00:24:44.240 And they will, in essence, have helped push Joe Biden out of office.
00:24:49.380 So it just goes to show, you know, whenever you try to rig a game, it usually doesn't work.
00:24:55.460 And, you know, I mean, this is, you know, it's, it's ironic.
00:25:01.900 It's really, really ironic, but it's terrible for the American people.
00:25:07.360 And, you know, again, it's why they don't trust the, you know, the Biden administration on this economy.
00:25:14.840 It was a choice.
00:25:15.780 The spending was a choice.
00:25:17.400 They broke open the piggy bank during COVID.
00:25:19.760 You know, never, never let a crisis, a good crisis go to waste.
00:25:24.400 And, you know, they couldn't spend it fast enough.
00:25:26.880 And now, you know, the American people are suffering.
00:25:29.960 And people remember, you know, under Donald Trump, you got a supply shock, excuse me, a demand shock from the Trump tax cuts.
00:25:39.560 But you got a supply response from deregulation that caused inflation to stay around 2%.
00:25:46.780 So we had the very strong growth, but it was non-inflationary growth.
00:25:54.140 Under Biden, we got a demand shock from this, the unsustainable government spending.
00:26:01.980 But they did just the opposite.
00:26:03.640 They constrained supply with all these new regulations.
00:26:07.480 And that's why, you know, even though we're getting away from the COVID supply chain problem, as they keep layering on more regulations and, you know, more requirements for business, then, you know, inflation keeps rearing its head.
00:26:23.000 And Biden, the neoliberal that's crushed the economy now today is a born-again populace.
00:26:30.760 He's got tariffs everywhere.
00:26:31.860 He's trying to match Trump.
00:26:33.240 We'll get you back on, hopefully, tomorrow or the next day from London to talk about.
00:26:37.120 Tomorrow's the Consumer Price Index plus the tariffs and the Economist cover story, the end of the post-war international rules-based order.
00:26:44.740 They're only destroying Bretton Woods single-handedly.
00:26:46.700 Scott Besson, social media, where do people get you in your writing, sir?
00:26:50.560 They come to my firm's mailbox at IR at K-E-Y-S-Q dot com.
00:27:00.380 Okay.
00:27:00.920 We'll put that up and then get Grace and everybody to put it out.
00:27:03.900 Scott, thank you very much for joining us today.
00:27:06.780 Okay.
00:27:07.080 Walk through the signal.
00:27:08.000 That was pure signal.
00:27:09.040 No noise right there.
00:27:10.340 Remember, we talked about this when it happened right after Thanksgiving.
00:27:12.940 We said the financial-industrial complex, just like the biopharmaceutical industry, the defense industry, the deep state, all of it was converging to make sure President Trump did not return to office.
00:27:25.640 Well, guess what?
00:27:27.220 On the financial side, it blew up in their face, as we said it would.
00:27:33.240 Today, proof of that was the producer price index.
00:27:35.860 We'll get Dave Brat.
00:27:36.820 He's in studio this morning.
00:27:38.460 Get Dave Brat to break it all down, including the economist, the tip sheet for the party at Davos about to throw in the towel and the pressure we put on their beloved fetish, the post-war international rules-based order that impoverished workers in the United States to the benefit of the Davos crowd.
00:27:57.300 Open your mind.
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00:29:35.340 Here's your host, Stephen K. Mann.
00:29:38.500 Okay, how do we get ready in the war room pre-dawn?
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00:30:47.120 Dave Bratt, here's where I really respect the audience, folks.
00:30:50.240 When I say hedge fund guys and guys around, some of the big thinkers about finance and
00:30:54.460 Treasury Department and Federal Reserve, Scott Besson is one of the best.
00:30:59.080 You just had a briefing.
00:31:00.020 That's the type of briefing he would give a CEO.
00:31:03.840 That's C-suite.
00:31:04.920 That's boardroom type briefing to kind of walk through the mechanics.
00:31:09.080 He doesn't dumb it down.
00:31:10.320 He puts it up high.
00:31:11.380 I understand for some people, hey, maybe a tad above you.
00:31:14.220 I don't think you've been a follower of this show.
00:31:16.900 We need you to understand capital markets.
00:31:19.560 We need you to understand money.
00:31:21.200 We need you to understand macroeconomics and the economy.
00:31:23.900 And why?
00:31:24.400 Because power and money are inextricably linked.
00:31:29.540 And you are the army of MAGA.
00:31:31.740 You're the one in back of that and back of those huge poll numbers because you're changing
00:31:36.540 the nation and the nation's perception.
00:31:38.580 That's why when Harry Enten says, hey, look out, Wes, look at the Hispanic working class
00:31:43.400 that's coming to the MAGA movement, coming to back President Trump, look what's happening
00:31:46.780 up in places like Michigan.
00:31:48.980 One of the ways you do that is to understand capital markets, understand capital, understand
00:31:55.320 macroeconomics.
00:31:56.220 And the best we've got is Dave Bratt, the professor.
00:31:59.420 Professor Bratt, your thoughts?
00:32:00.720 Yeah, well, Besant knocked it out of the park, and I love the way he parsed it out.
00:32:10.520 The top half of the country own all the stocks and bonds, right?
00:32:15.040 The top 10% own 90%, but the top half own all of it.
00:32:20.300 The bottom half of the country doesn't even have a retirement account.
00:32:24.860 We've covered that on prior shows.
00:32:26.840 The bottom half, instead of holding any assets, holds debt, and they're getting crushed, and
00:32:32.820 that's what the New York Times shows.
00:32:35.120 So when you talk about this new rules-based order, right, used to be the Bretton Woods
00:32:40.520 and the U.S. paid for the free shipping lanes and free trade.
00:32:45.220 And back then, capital usually meant the capital that goes into the workers' hands.
00:32:50.760 And if you put capital into the workers' hands, the American people know what to do, and we
00:32:55.860 all got rich together, that ended about 1970.
00:33:00.120 And if Denver wants to pop up the first chart with the two parallel red lines, right, just
00:33:06.000 throw that one up, Denver.
00:33:08.340 Besant was getting at this in his notes.
00:33:12.280 When you talk about the new rules-based order, here's the part that aligns with the new political
00:33:17.640 polling numbers that you started the show with.
00:33:20.980 Why are the American people upset?
00:33:22.580 Why is there a populist movement?
00:33:24.360 It's because of this chart right here.
00:33:26.880 Since the 1970s, the American people have shifted $150 trillion, not a typo, $150 trillion
00:33:37.740 of gross domestic income from their wages to the rich capitalist class capital.
00:33:46.940 And that capital no longer goes back into Henry Ford assembly lines, where you get a manufacturing
00:33:54.100 high-wage manufacturing is in the tank.
00:33:57.160 We've shipped all the jobs abroad.
00:33:59.560 We now have a service economy with low paying.
00:34:02.720 All the new jobs in the last year have gone to part-time workers.
00:34:06.980 All the new jobs in the last four years have gone to foreign-born workers.
00:34:11.420 And so that's the new rules-based order.
00:34:14.940 And what you really see in many of the charts we've been putting up over the past couple
00:34:20.720 of years.
00:34:21.240 Yeah, Steve.
00:34:21.900 I want to go slow.
00:34:23.600 And Brad is actually going to stay longer than 10, and we're going to interweave him in
00:34:27.340 to what we're talking about, because this is absolutely central.
00:34:30.160 So up until the 1970s, and hey, I don't want to say it kind of simultaneously runs into getting
00:34:36.260 off the gold standard, but there are no coincidences, folks.
00:34:39.840 Hang on, hang on.
00:34:40.960 When you say, and I want to go back, when you say putting capital in the hands of workers,
00:34:45.920 you mean capital equipment.
00:34:47.080 You mean reinvestment into manufacturing, reinvestment into the sinews of this country, what made
00:34:53.340 this country strong.
00:34:54.380 And we had the best workers, right?
00:34:56.280 And workers were craftsmen.
00:34:57.720 They were trained.
00:34:58.460 Quite frankly, the elementary education was better then, right?
00:35:02.520 We had a dedicated, focused workforce.
00:35:05.420 What he's saying is that you reinvest and put capital, in this form, capital equipment,
00:35:11.420 investment back into the, because we were the manufacturing superpower.
00:35:15.020 You continue to do that, you have a robust, growing nation of workers that can support families,
00:35:22.540 of mothers that don't have to go out, if they don't want to, into the workforce and take
00:35:27.480 care of their children.
00:35:28.120 It totally changes the dynamic.
00:35:30.700 What you're seeing here, coupled with the cultural revolution that was going on and getting
00:35:34.960 off the gold standard and what was happening geopolitically because they could see the
00:35:39.760 weakening of the United States, is the reason, that's the railhead back in the 60s and 70s
00:35:44.840 of the railhead.
00:35:46.180 That's the railhead of where we find ourselves today.
00:35:48.500 Is it not Dave Bratt?
00:35:49.760 Yeah, that's exactly right.
00:35:52.720 And what made that happen is the transformation of the Democratic Party.
00:35:57.480 I heard RFK Jr. on the way in.
00:36:01.120 And for those who think the right-winger's hair's on fire, go listen to the other side.
00:36:07.740 RFK, who comes out of President Kennedy and his uncle Bobby, attorney general, ran for
00:36:13.580 president.
00:36:14.580 He will tell you the NIH was the gold standard in science back when his dad was president.
00:36:20.620 What happened after that?
00:36:21.980 Big agriculture, big pharma, big military industrial complex bought off the defense industry.
00:36:29.520 Everything's been bought off.
00:36:31.020 Go listen to his interview with Ben Shapiro.
00:36:33.380 He'll go through all the agencies just in the way we've been talking on the War Room about
00:36:38.160 the administrative state.
00:36:39.700 And so our elites sold out our country.
00:36:43.780 Same with manufacturing.
00:36:46.160 Now we're going to have a contest over Taiwan where they make all the chips.
00:36:50.840 Well, just think that through for a minute, right?
00:36:52.640 If you're in charge of this economy, right, that includes more than just, you know, maximizing
00:36:57.520 short-term profits, quarterly profits.
00:37:01.160 You have to look out for the U.S. strategic interests as a nation and for the welfare of your
00:37:06.400 people.
00:37:06.820 How in the world can you put a monopoly of all chips over in Taiwan next to our upcoming
00:37:13.080 already our chief rival and enemy right now?
00:37:17.800 How can you do that?
00:37:19.020 And I could go on and on across all sectors right now.
00:37:22.540 How in the world have we left so much of our economy dependent on what China will do?
00:37:27.480 It's clearly not rational.
00:37:29.360 And so there's going to be a new set of rules.
00:37:32.180 The old set of rules was fine back in coming out of the 50s and 60s.
00:37:36.820 But then every single industry has been bought off by the deep state.
00:37:41.220 It's affected our economy dramatically.
00:37:44.000 The one piece of evidence that buttresses everything we say is that our productivity
00:37:48.460 has been going down for the past 70 years.
00:37:52.240 That's from Robert Gordon at Northwestern, not a right winger.
00:37:55.920 And the CBO has our productivity falling for the next 30 years.
00:38:00.180 There's no way around that argument, right?
00:38:02.100 That's what has happened in the past.
00:38:04.520 We've lost our productivity.
00:38:06.420 The productivity is the wage rate for the middle class.
00:38:10.120 It's been falling for 70 years.
00:38:12.280 It's going to continue to fall for the next 30 unless we change course, unless we change
00:38:17.940 the rules of the game once again in favor of the American people.
00:38:22.780 And this endless wars defense kind of thing, the hot wars, the defense budget, even that,
00:38:28.760 I think we need to enter into economic warfare.
00:38:32.380 That will not only take care of the China piece.
00:38:35.080 If we put our full weight right now, they're not ready to go.
00:38:38.020 They're not ready to be independent yet.
00:38:39.760 They're trying to get there.
00:38:41.140 But if the United States throws its full weight behind economic warfare, not kinetic warfare
00:38:46.700 with China, but getting the rules of the game straight right now, we can avoid a kinetic
00:38:51.320 war.
00:38:52.500 We can keep all the sea lanes open and we can give the American people their jobs back.
00:38:56.920 I know you get other charts and we're going to go through them, but I want to pivot to
00:38:59.820 the to the to the economists, because this is the key point.
00:39:03.660 The postwar international rules based order, which Bretton Woods and the dollar as a prime
00:39:08.240 reserve currency underpins it all, is essentially, you know, for the for in Western Europe,
00:39:14.400 the Gulf, the Middle East, the Straits of Malacca in the South China Sea in Taiwan, and then
00:39:19.500 up to Korea and Japan, those four hot those four places on the rim of the Eurasian landmass
00:39:26.380 where World War Two was fought, which is the center of the Eurasian landmass in both China
00:39:30.740 and in Russia in places like around Ukraine, where somehow we're dragged into this thing
00:39:36.140 again.
00:39:37.480 The this the elites, what they did is use that to shift.
00:39:42.360 This is why the returns to capital are so much higher than returns to labor, because
00:39:46.940 America was going to have higher wage rates.
00:39:49.820 Right.
00:39:50.380 And eventually more, you know, more societal and environmental controls and regulations.
00:39:55.220 They shifted those jobs because they wanted higher returns.
00:39:58.380 They shifted those jobs to essentially the slave labor of the Lao Bajang.
00:40:03.680 They're the ones that exploited the Lao Bajang with the CCP as their partner.
00:40:08.120 This is why we said as a mantra on this show to assist the Lao Bajang and overthrow their
00:40:13.940 communist, their dictator, dictator, communist masters.
00:40:17.640 All you have to do is cut off the Chinese Communist Party from American capital.
00:40:23.020 And it's twofold.
00:40:24.080 Number one, no access to American capital markets.
00:40:26.500 And you stop the Jeff Yasses of the world and the Ken Griffins of the world of taking your
00:40:31.820 pension money and put it in direct investment.
00:40:34.200 China, if you cut them off from American capital.
00:40:36.640 Right.
00:40:37.400 At the same time, you cut them off from all American technology, which they've stolen like
00:40:41.880 six trillion dollars in intellectual property to cut them off.
00:40:44.780 The Chinese Communist Party will fall to an overthrow by the Lao Bajang.
00:40:49.040 I don't know.
00:40:50.220 A hundred days, six months day, Brett.
00:40:52.320 Am I in the ballpark somewhere there?
00:40:56.340 Yeah.
00:40:56.640 No, they need Walmart.
00:40:59.080 Right.
00:40:59.380 In a nutshell, they need Walmart.
00:41:01.860 They need us way more than we need them.
00:41:04.200 And that's spot on.
00:41:06.260 Your analysis of the Eurasian landmass has been correct.
00:41:11.080 All this impacts the dollar, of course.
00:41:14.760 Let me Denver, if you want to flip through a couple quick charts.
00:41:17.860 So Besant has hit some of this already.
00:41:21.620 But so here's the probability of rate cuts.
00:41:24.280 Right.
00:41:24.500 So everyone was expecting the Federal Reserve to cut the interest rates going forward.
00:41:29.160 But those probabilities have gone down, down, down.
00:41:31.400 And now today, as Besant just showed with the PPI, the producer price index going up.
00:41:37.660 And like Besant said, right, we've covered it a month ago with Summers.
00:41:42.140 Basically, double any inflation number you see, double it.
00:41:45.560 Right.
00:41:45.680 He showed, Summers showed, and Besant just noted, the housing costs and the car costs.
00:41:52.340 Well, that's what a middle class buys, right?
00:41:53.880 That and going to the grocery store to get groceries.
00:41:56.780 And everybody knows that's inflation.
00:41:58.800 And so the next chart, Denver, let me see what they got.
00:42:04.020 That one right there just shows the symmetry between what's called the shadow inflation rate and the Summers rate.
00:42:11.800 That chart right there shows that back in 2021, when inflation was at its peak at 9 percent, it was actually, according to Larry Summers, for housing, 18 percent.
00:42:23.240 So my doubling, say it's double, is not far off.
00:42:28.160 And as Besant noted, Harvard, Larry Summers had that back in a paper in 22 when he said inflation is here to stay.
00:42:36.340 And our Treasury officials were lying through their teeth.
00:42:40.340 And now, again, in 24.
00:42:43.420 And so he's had to walk that back a little bit.
00:42:46.400 Hang on one second.
00:42:47.500 We're going to take a break here and stick around with us.
00:42:49.760 I want folks to understand, we went back, when this first happened in early December, EJ and Tony, Dave Brett, myself, were all over this.
00:42:58.280 Because this was really, with inflation starting a little bit to come under control, it was absolutely not the time to loosen.
00:43:05.560 This was Powell and Yellen coming together, unheard of, the Fed and Treasury coming together to try to drive, to try to hype the economy for Joe Biden.
00:43:16.760 This is why I call it the financial industrial complex, the lords of easy money coming together to try to make sure their boy, Joe Biden, got another illegitimate term in the White House.
00:43:27.120 Guess what?
00:43:28.500 Inflation's raised its ugly head, as we said it would.
00:43:31.760 Short break.
00:43:32.700 Back in a moment.
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00:44:57.080 This is the reason, the lived experience of the American people and seeing all this madness, right?
00:45:06.700 And seeing the wealthy make out like they've never made out before.
00:45:11.260 I want to say something.
00:45:12.220 We talk about the bottom 50% just having debt and no assets.
00:45:15.920 And we talk about the top, you know, 10% or the top 8% or the top 5%, you know, controlling virtually all the stocks and bonds, only almost all of it.
00:45:24.460 Listen, we're not discounting the middle class.
00:45:28.940 You're getting hollowed out.
00:45:31.640 You're getting hollowed out.
00:45:33.740 That's the reason middle class families are always nervous.
00:45:37.380 They feel like they're one step away from financial oblivion.
00:45:40.660 You know why?
00:45:42.220 You're about one step away from financial oblivion.
00:45:44.700 How many middle class families, people in the middle class, two incomes, right?
00:45:48.880 How many could take a layoff?
00:45:50.520 How long would the savings last?
00:45:52.740 How long before you had to start monetizing assets, selling assets?
00:45:57.060 Do you have 90 days, 100 days?
00:45:58.960 That's not how Americans should live.
00:46:00.940 That's not how the middle class should live.
00:46:03.620 This is outrageous.
00:46:05.220 And remember, when Dave Bratt and Scott Besson talk to you and describe these things to you,
00:46:11.060 like when E.J. and Tony and others, these are not immutable laws of nature.
00:46:17.340 This is not the second law of thermodynamics.
00:46:20.300 This is not some property of nature that it has to be this way.
00:46:24.940 This is all about human agency and thinking issues through.
00:46:30.220 And right now, we've had a system that is rigged against the backbone of the country,
00:46:36.860 the people that make this country work, the civic society.
00:46:39.220 We're not an economy.
00:46:40.600 We're a nation.
00:46:42.080 We're a nation.
00:46:44.020 The greatest nation in the history of the earth that has an economy as obviously a key and foundational
00:46:50.320 part of it, but what we've done is we've flipped that on its head and made it that,
00:46:57.100 oh, just the returns on capital are everything.
00:46:59.580 They're not everything.
00:47:00.380 And I'm a capitalist.
00:47:02.020 It's not everything.
00:47:03.940 We are a nation with an economy.
00:47:06.460 And now this system, in its own perverse way, has hollowed out and works against the people
00:47:16.040 that make up the nation, 90 percent of the people that make up the nation.
00:47:20.460 This is why it can't continue.
00:47:22.260 Dave Bratt, thoughts?
00:47:23.660 Yeah, well, I like the way you just brought in the moral context.
00:47:29.660 And let me just say 30 seconds on that.
00:47:31.900 We're a nation, not an economy, right?
00:47:34.280 Post-modernism, here I go again.
00:47:37.200 Go Google that term and teach your kids what that means because it matters.
00:47:40.580 There's a couple of guys named Derrida and Jacques Foucault who about 40 years ago said
00:47:46.500 there's an infinite number of narratives possible with the human language.
00:47:51.420 And the Judeo-Christian West is just one.
00:47:53.720 And why should it be privileged?
00:47:55.140 And blah, blah, blah, blah, blah.
00:47:56.600 Well, that's all fine and dandy.
00:47:58.600 But it's interesting that the post-modern liberals have turned into Marxists
00:48:02.180 and that they've privileged Marxism.
00:48:05.420 And now this Palestinian fascism on campus.
00:48:08.980 Ho, ho, ho, ho, ho, ho, ho, yo, yo, yo.
00:48:11.640 The guys that came up with post-modern theory in the Frankfurt School were Marxist.
00:48:17.020 They were godless, atheistic Marxists.
00:48:19.000 They wanted to cut out the foundation of the Judeo-Christian West.
00:48:23.140 And they did it through language.
00:48:25.600 And language led to concepts.
00:48:27.140 And concepts, that's where they got people's eye off the ball.
00:48:29.920 And this is why I keep saying, when you look at Columbia, when you look at Harvard,
00:48:34.460 when you look at UCLA, the problem's not in the quad.
00:48:37.620 That's a symptom of the problem.
00:48:39.300 The problem's in the faculty lounge.
00:48:40.780 The problem's in the administration.
00:48:41.880 The problems are with the Marxists, the Marxists that put the poison into the heads of these
00:48:47.820 very impressionable kids, they, Brett.
00:48:50.860 Yeah, no, that's exactly right.
00:48:52.860 And so, just in general, post-modernism opens the door for all these conversations.
00:48:59.020 Oh, that sounds neat and liberal artsy.
00:49:00.580 It's not.
00:49:01.180 It's the opening and closing of the American mind at once.
00:49:04.860 Marxism is the chosen vehicle for all them.
00:49:07.900 There's one problem with this.
00:49:10.100 When you go out and explore the social sciences, you better pick a system and a narrative that
00:49:14.200 works over time.
00:49:16.140 And in order for it to work, it better encompass some meaning and some values.
00:49:21.120 And for one minimum value, it might be like survival, right?
00:49:25.260 So if you check on the Marxist regimes, it's not good for the survival of the species, much
00:49:31.360 less good for the survival of the soul.
00:49:34.160 And so that's what we're debating.
00:49:35.640 This new rules-based order is going to, again, re-encompass the Judeo-Christian West because
00:49:42.660 the evidence is now so clear what the alternative looks like.
00:49:46.560 And so going back, if Denver wants to pop up the next chart, getting this back onto the economics
00:49:52.340 track is not that hard because this system has been rigged.
00:49:57.160 The Marxists have rigged academia.
00:49:59.340 The Federal Reserve rigged our economy and held the interest rate, the primary price in the
00:50:06.860 economy.
00:50:07.580 The interest rate is the price of money.
00:50:10.800 It's the amount you have to pay to hold money.
00:50:13.620 They rigged the entire price system and kept the interest rate at approximately zero for over
00:50:19.220 a decade that greatly enhanced the wealth of the modern capital holders, not capital like
00:50:26.160 Steve was saying, manufacturing equipment, but capital that just floats abroad and that
00:50:31.220 the middle class doesn't even get to see.
00:50:33.620 And so when you see charts like this one right here, which is the result of that Federal Reserve
00:50:38.960 malfeasance in our economy, when you see charts that look like this for 40 years, it's roughly
00:50:44.480 a flat line and all of a sudden it's a hockey stick going straight up to the moon, this is
00:50:49.180 a sign that the new rules-based order is coming into play.
00:50:53.260 There are new rules.
00:50:55.020 This is the interest payments that are coming due because of the Fed policy, because they
00:51:00.700 goofed up and generated inflation.
00:51:03.500 And so the interest payments are now at $1.1 trillion per year on their way to $1.6 trillion
00:51:09.960 in just interest payments on the debt.
00:51:12.780 Unbelievable.
00:51:13.480 And then Denver, if you want to go to the next one, this just has a little bit of history.
00:51:19.120 One of the great Oxford...
00:51:20.940 Hang on, hang on, I want to hold this to the next block.
00:51:25.680 These are so important.
00:51:26.300 I want to hold them to the next block.
00:51:27.900 Remember, that interest of $1.6 trillion is on spending that's there to enslave you.
00:51:34.100 This federal spending is not empowering people.
00:51:38.620 It's not energizing people.
00:51:40.380 It's not releasing people of the animal spirits that drive entrepreneurial capitalism.
00:51:46.000 It's doing the exact opposite.
00:51:48.300 So here's the great irony.
00:51:49.520 Here's the part of the Greek tragedy.
00:51:51.960 You, because it's your taxes, your tax dollars and your pension funds are going to support
00:51:58.840 policies by the Uniparty that are 100% set to hollow out the middle class, destroy the working class,
00:52:08.880 make the lived experience of yourselves, but also your children and grandchildren even harder.
00:52:13.360 And what's their response?
00:52:15.820 To import 15 million illegal alien invaders, right?
00:52:21.280 To drive down wages farther and to make sure you keep your mouth shut.
00:52:24.100 Because, hey, we've got a whole new army over there that can vote, can buy, and we can help finance at lower wages.
00:52:32.740 Pretty genius, right?
00:52:33.980 That's what MAGA's to break.
00:52:36.380 We must shatter that.
00:52:38.860 The way you shatter it, at the precinct level, school boards, all the way up to the president of the United States, Donald J. Trump.
00:52:47.620 Stick around.
00:52:48.340 The second hour is going to be even more on fire in the war room.
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