Bannon's War Room - July 24, 2024


Episode 3779： Wray Held Accountable For Assasination Attempt On Trump


Episode Stats


Length

57 minutes

Words per minute

173.01816

Word count

9,964

Sentence count

803

Harmful content

Misogyny

24

sentences flagged

Hate speech

15

sentences flagged


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

Kamala Harris is running for the Democratic nomination for president of the United States in 2020. Is she a serious contender? Or will she just be a nice guy who doesn t give a shit about politics and let other people do their thing?

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 We have to brace ourselves for what's coming because Donald Trump is still Donald Trump.
00:00:03.480 For the last eight years, he has used invective and personal attack against his opponents.
00:00:10.060 He firmly believes that that sort of a cruel rhetoric actually works for him and helps him.
00:00:16.660 So there is going to be a cataract, a tsunami of negativity heading toward Kamala Harris.
00:00:26.000 The question will be, number one, how she responds, but also it's kind of a test.
00:00:33.380 Donald Trump believes the American people, the voters, will like it, that there won't be a backlash.
00:00:39.060 And we're about to find out whether he's right about that still.
00:00:42.980 Yeah, I mean, Charlie, let me just push back.
00:00:44.580 I don't think it's about how she responds.
00:00:46.280 I think it's about how we respond.
00:00:48.140 And I think when the Republicans start there, there will be macro and microaggressions.
00:00:52.280 There will be overt racist attacks and there will be sort of subliminal racist attacks.
00:00:57.660 She is overqualified to be president of these United States. 0.99
00:01:02.720 She sat in the United States Senate on the intelligence and homeland security.
00:01:07.360 She's traveled the globe.
00:01:09.500 She is a woman who has the receipts and has been in the best position to go after Donald Trump and to defend the values that we hold so dear.
00:01:18.160 Because this is one of the key tests that Americans are going to judge her on between now and when the voting starts, Joy,
00:01:24.860 as to whether or not they're going to trust her with being a potential president of the United States.
00:01:30.440 There are three factors that have to go into play on this.
00:01:33.200 Number one, is the person chosen ready to be president in the event that anything happens?
00:01:38.580 And I know that is paramount for Vice President Harris.
00:01:41.720 She knows better than anybody on the planet how critical making that type of a choice is.
00:01:46.360 Second is, is this person going to help me get to 270 electoral votes?
00:01:52.400 Because that's all that matters.
00:01:54.420 They don't win the election.
00:01:55.740 Democracy is lost and dictatorship is upon us.
00:01:58.740 So that political calculus is going to be paramount in the thinking.
00:02:03.060 Third and most important, maybe the most underrated part of the vice presidential selection process, Joy, is chemistry.
00:02:09.420 You have to have someone that you feel comfortable that you can partner with and have a relationship.
00:02:14.880 Why? If that is not real and if it's forced, the American voters will sense that.
00:02:21.060 It will come across during the campaign.
00:02:23.380 It's got to be a good chemistry fit.
00:02:26.220 The good news for Vice President Harris, I think she has an embarrassment of riches through which to choose from. 1.00
00:02:31.840 All of the names that you put up there earlier on the graphic are folks that she knows, that she trusts, and all of them are viable presidents.
00:02:41.400 And one way or another can help deliver votes and segments of the votes that's going to get Democrats to 270.
00:02:48.600 Because if it's not about 270, it doesn't matter.
00:02:52.340 If Vice President Kamala Harris wins the election, do you think that will be an honest result?
00:02:59.520 No.
00:03:00.860 No one respects her.
00:03:02.560 First of all, her record in 2020 when she ran, she wouldn't talk about who she really was, which was she was an effective prosecutor, an effective attorney general, a sumer advocate, and a senator.
00:03:13.700 So she couldn't be herself because idiots in the Democratic Party decided you couldn't talk about being an effective prosecutor. 1.00
00:03:21.820 That is no longer the case.
00:03:23.500 But her big asset is she was a consumer advocate. 0.58
00:03:26.620 She can go after these companies for price fixing and price gouging. 0.99
00:03:30.640 And that's what I hope she goes around and goes around the country and does events like that, to say, I'm on the side of the consumer.
00:03:37.900 I know these companies are talking to each other.
00:03:39.860 I know they're fixing prices to take advantage of you, the consumer, and I'm going to fight for you.
00:03:44.760 I would love to see that.
00:03:46.500 I'd love to see her be the people's lawyer as president. 1.00
00:03:50.000 I think Democratic culture has too many preachy females. 1.00
00:03:53.960 It's too much don't eat hamburgers, don't watch football, wear condom.
00:03:59.000 Like, man, leave me alone.
00:04:01.080 You OK?
00:04:02.000 I got a goddamn life to lead.
00:04:04.180 You know, a guy who works at a tire repair shop in suburban Atlanta, he doesn't motherf***** work in 50 hours a week, you know, making $16.50 an hour.
00:04:15.300 And he wants to watch the football game.
00:04:18.220 He wants to smoke dope and drink beer.
00:04:20.600 And then everybody's telling him he's slothful.
00:04:25.320 Right.
00:04:25.520 They reject that.
00:04:28.520 And, you know, I just think some of it is this cosmopolitan condensation, if you will.
00:04:39.680 Like, you need to lead the kind of life we lead, not the kind of life you lead.
00:04:44.220 It pisses people off.
00:04:45.380 This is the primal scream of a dying regime.
00:04:53.180 Pray for our enemies.
00:04:55.120 Because we're going medieval on these people.
00:04:58.380 Here's the time I got a free shot at all these networks lying about the people.
00:05:02.660 The people have had a belly full of it.
00:05:04.560 I know you don't like hearing that.
00:05:06.000 I know you've tried to do everything in the world to stop that, but you're not going to stop it.
00:05:08.680 It's going to happen.
00:05:09.940 And where do people like that go to share the big line?
00:05:13.360 Mega Media.
00:05:14.260 I wish in my soul, I wish that any of these people had a conscience.
00:05:20.200 Ask yourself, what is my task and what is my purpose?
00:05:23.900 If that answer is to save my country, this country will be saved.
00:05:30.300 War Room.
00:05:31.100 Here's your host, Stephen K. Bannon.
00:05:40.340 Dave Brout, welcome to the War Room.
00:05:42.260 Sitting in with Stephen K. Bannon, the hero of this show, always sees around the corner years ahead of time.
00:05:51.840 As he always says, there are decades when nothing happens and there are weeks when decades happen.
00:05:58.300 This is one of those weeks.
00:05:59.420 This show, a decade is going to happen.
00:06:01.560 When you see the coverage we have, the opening, the cold open there was just unbelievable.
00:06:07.140 Carville going off on, you know, Kamala Harris is going to care about consumer prices. 1.00
00:06:13.080 We got, you know, 20, 30 percent inflation over the past four or five years that they caused.
00:06:19.780 Right.
00:06:19.900 That's the that's the prices this morning.
00:06:22.560 Before we get there, we got some great guests teed up.
00:06:25.160 But I just have to go over some of the what we're not covering.
00:06:28.740 We're covering the politics right now because it's just thick and wall to wall.
00:06:32.060 Netanyahu today.
00:06:33.340 Ray's got a committee meeting.
00:06:35.260 But the rest of the world is still there.
00:06:37.360 And Steve Bannon would always have us go back to the fundamentals on this show.
00:06:41.960 China is in disarray.
00:06:44.160 They have 13 trillion in local regional debt, 13 trillion dollars.
00:06:49.220 She's given Marxist lingo again, old, tired stuff, manufacturing.
00:06:54.360 There's going to be a slowdown.
00:06:56.200 Our U.S. markets are flat at best.
00:07:00.680 I'm not going to go out on a limb there, but I'm just saying they're getting horizontal.
00:07:05.300 The economic growth, the underlying real economy is not there like Peter Navarro and I have been sharing for four years.
00:07:12.160 There's bad news.
00:07:12.760 Jake Sherman today, you know, comes out punch bowl.
00:07:15.740 Hey, did you see the Republicans aren't following regular order in the budget process?
00:07:20.360 I'm like, come on, Jake, come on.
00:07:23.140 And Mick Mulvaney, old chief of staff, my good friend in the Freedom Caucus, has a funny article on the Hill.
00:07:30.120 Kamala Harris promises balanced budget.
00:07:34.400 Right.
00:07:34.640 And his opening line is just kidding.
00:07:37.180 Right.
00:07:37.360 So Jake, Jake Sherman, punch bowl and the Hill and Politico and all of them total fails.
00:07:43.340 Right.
00:07:43.580 They're just they're they're typists and scribes.
00:07:46.160 They don't report.
00:07:48.140 Jake and all you guys up there on the Hill.
00:07:50.620 Did you miss the two trillion dollar deficits coming out of the Biden Harris administration for the last years?
00:07:58.400 Two trillion per year.
00:07:59.640 Did you miss the one trillion in interest payments?
00:08:03.380 Did you miss debt now, total debt bigger than World War Two without World War Two?
00:08:08.640 Although we are in four wars, the debt's going to be 50 trillion by the end of this budget cycle.
00:08:16.840 None of this reported.
00:08:18.360 The Democrats, nothing on spending, nothing on the border is reported.
00:08:22.620 So I just wanted to bring up to speed a few of those.
00:08:25.440 We got Rickards coming up.
00:08:27.020 He's going to be great.
00:08:28.320 But first, we have our hero in the House.
00:08:31.660 Congressman Eli Crane is with us.
00:08:34.760 And, you know, it's like Russiagate and 51 intelligence officers and corruption run amok for years.
00:08:42.400 And we just get used to it.
00:08:44.080 There's been an assassination attempt on a former president of the United States, a 20-year-old gets up on a roof with a rifle and a ladder and nothing to see here.
00:08:56.920 And so Eli's been out there telling the truth.
00:09:00.420 We don't go down any rabbit holes on the war room.
00:09:02.820 We always have the receipts.
00:09:04.080 And so Congressman Eli Crane, welcome to the war room.
00:09:08.120 Great to have you on, brother.
00:09:09.500 And thanks for all the work you do across the board.
00:09:11.600 But first, the posse's interested in this story, and you're the leading guy to talk about it.
00:09:16.620 Welcome.
00:09:18.100 Thanks, Mr. Brad.
00:09:19.080 Appreciate you having me on.
00:09:21.740 Yeah, you bet.
00:09:22.500 Hey, just lead us.
00:09:23.500 What's the latest news and evidence and receipts on this assassin?
00:09:28.940 The average person just doesn't buy it, right?
00:09:31.980 And I go back to the JFK Warren Commission.
00:09:35.040 The former head of the CIA is put on the Warren Commission.
00:09:38.360 I mean, and you go back, then there had to be a second Warren Commission.
00:09:42.800 No one even knows this.
00:09:43.780 The American people don't like looking at pain and feeling pain.
00:09:47.480 We don't talk about COVID anymore because it was too much pain.
00:09:51.500 And so you're one of the rare few that have your eyes wide open.
00:09:55.380 What are you seeing, brother?
00:09:56.520 What are you seeing out there?
00:09:57.460 Well, I think it's first that we go back and start even before the assassination attempt, right?
00:10:04.320 And it's one of the reasons that people just aren't buying it.
00:10:08.060 And, you know, they're not just buying the surface narrative, you know, of this 20-year-old kid.
00:10:14.700 And that doesn't mean, Dave, that I'm quick to jump to and buy into every conspiracy theorist, you know, out there and every conspiracy out there.
00:10:24.060 But we got to look back on the fact that many of us have been, and Steve, you know, the champion of this show and one of the biggest champions in the movement, you know, who's behind bars right now as a political prisoner.
00:10:39.060 He's been calling this out for months that, you know, they were going to try and assassinate Trump.
00:10:43.940 You know, he – one of the things I talked about in the Homeland Security Committee yesterday was Robert Kagan's article from The Washington Post that Steve continually brought up and how, you know, that whole article was an attempt to justify, you know, why an assassination on former President Donald Trump, you know, was rational, justified, and needed.
00:11:04.760 And so you look at that, you look at how many times the Democrats and the mainstream media tried to portray Donald Trump as Caesar or Hitler, right?
00:11:16.520 You look at the fact that they – how many times they tried to impeach him, you know, with completely drummed up narratives and cases against him.
00:11:26.680 You look at the fact, you know, after that they tried to bankrupt him and destroy his companies.
00:11:31.960 And then you look at the fact that they tried to put him in jail for 750 years because they knew they couldn't beat him fair and square.
00:11:37.900 So we're not – we can't forget all that before we even start looking at the facts of this case.
00:11:42.800 And that's what I've been doing this last week.
00:11:45.300 The Homeland Security Committee, several members went up to Butler, Pennsylvania.
00:11:50.320 The first thing I noticed when getting out of the SUV, Dave, was, you know – and I don't think you need to be a SEAL sniper to see the obvious.
00:11:58.220 But there was this massive water tower that, you know, completely towered over the entire, you know, facilities, the entire parade grounds that, you know, the rally was held on.
00:12:10.020 And as I – the first thing I thought was I wonder if there was any counter-sniper teams up there.
00:12:15.120 And as we started walking the grounds, we went over to the buildings in question, the rooftop where the shooter was at.
00:12:22.040 You know, I just kept, you know, noticing this big water tower that was right above us when I got up on that roof that the director of Secret Service said they couldn't put counter-snipers on because it was too sloped, too steep.
00:12:36.420 And we walked right up that thing no problem, Dave.
00:12:39.280 And a 70-year-old man, member of the Homeland Security Committee, Jimenez from Florida, walked up right behind me and had his phone in his hand taking a video while doing it.
00:12:50.200 That's how easy it was to walk up that roof.
00:12:52.940 So we completely debunked that theory right off the bat.
00:12:57.600 And then I looked up and behind me is this, once again, this water tower that had 360-degree coverage over most of that venue.
00:13:05.720 There was a 160-yard shot.
00:13:07.640 So, again, if Secret Service would have put their counter-sniper teams on that water tower, Dave, not only would this young man have not been able to, you know, crawl up that roof, get to the apex, and take seven or eight shots at the former president, he wouldn't have even made it close to that roof because of the vantage point that that water tower gave.
00:13:30.020 So I want to know who gave the orders and who placed the counter-sniper teams.
00:13:34.600 That's one of the things that we've got to get to the bottom of.
00:13:37.460 But then I noticed this other building right behind the roof where the shooter supposedly took his shots.
00:13:44.600 You had – and the business owner let us into that building and said that law enforcement and Secret Service had full access to that building and showed us even where he thought they had positioned themselves in two offices that had – because of their air conditioning.
00:14:01.000 And so I – myself and others took video from outside that window that's, you know, gone viral this week to show everybody that the coverage from that second-story floor and window had complete coverage over the roof that the shooter was on.
00:14:15.800 It was such an easy – you know, it would have been so easy for anybody looking out that window to dispatch the shooter.
00:14:23.980 I mean, they could have easily done it with a handgun.
00:14:26.840 And so, you know, those are some of the things that, you know, I noticed as soon as I got there.
00:14:31.300 And we've got a lot of questions that need answering.
00:14:34.660 Good.
00:14:35.600 Good.
00:14:36.500 Yeah, thanks, Congressman Eli Cran.
00:14:38.560 We'll hold you over the break for a couple other questions on the other side.
00:14:42.040 Netanyahu coming to town, Ray hearings today, you and some of the friends, Freedom Caucus guys out asking, can the president do his job?
00:14:51.200 There's supposed information from his brother talking about serious health issues.
00:14:56.580 And so stick with us in the war room back in two minutes.
00:14:59.960 The elites are getting desperate.
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00:15:14.380 Imagine your every purchase being called into question.
00:15:17.400 Your every move tracked, like you live in a communist country. 0.56
00:15:21.280 This is not the America we want, but it is the America they want to create.
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00:16:13.060 Here's your host, Stephen K.
00:16:15.380 Back in the war room, Dave Bratt sitting in with Stephen K.
00:16:23.940 Bannon and our guest Congressman Eli Crane, superhero in the House of Representatives.
00:16:30.340 I forgot to open the show in the name of the Father, Son, and Holy Spirit out of respect for Stephen K.
00:16:37.020 Bannon, a great hero.
00:16:40.080 The armor of God is with him.
00:16:41.400 Keep him in your prayers.
00:16:43.000 Eli, in closing, we're going to Eric Prince on this story as well.
00:16:46.700 Anything else you want to bring to our attention in a minute or so and folks how to reach you?
00:16:52.200 No, I'm glad you guys got Eric Prince on the show.
00:16:54.760 I mean, I feel so bad for taking time, you know, away from that guy.
00:16:58.980 I know he's got a bunch of great ideas.
00:17:01.160 And the last thing I want to say is we do have a resolution that myself and Congressman Andy Biggs have sponsored.
00:17:09.540 And it's DHS to turn over all documentation, all communications, et cetera, as we continue our oversight and investigation.
00:17:17.080 So we're going to continue to work this thing from our angle.
00:17:21.100 But, you know, I know there's a lot of great folks out there that are dedicated and have a bunch of great ideas like Prince to making sure this never happens.
00:17:29.560 And so thank you very much, guys, for letting me come on the show.
00:17:32.320 I appreciate it.
00:17:33.460 You bet.
00:17:34.260 Thank you, Eli.
00:17:35.140 Congressman Crane, everybody loves you on the War Room.
00:17:38.080 It's hard when you're up there.
00:17:41.200 Biggs and I are good friends and it's tough.
00:17:44.060 But the American people love you.
00:17:45.600 We just want to enforce that to keep your energy going.
00:17:48.380 Keep fighting for all of us.
00:17:49.500 God bless you, brother.
00:17:50.240 Thank you.
00:17:51.300 Thank you, brother.
00:17:51.840 Appreciate it.
00:17:52.940 You bet.
00:17:53.420 You bet.
00:17:53.900 All right.
00:17:54.360 Honored to have Eric Prince on, a fellow brother from Western Michigan and probably one of the leading experts in these type of issues when it comes to national security,
00:18:07.280 personal security protection.
00:18:09.700 Eric, I don't know whether you got to hear Congressman Eli Crane there, but can you bring us up to speed on, you know, the American people are very frustrated.
00:18:23.060 They're skeptical.
00:18:23.760 They don't think they're getting the real story.
00:18:26.240 Steve Bannon always likes to have the receipts before you proceed.
00:18:29.860 We're not jumping down any rabbit holes.
00:18:32.040 But on the other hand, we're not stupid.
00:18:33.920 The war room and the posse are sick of being fooled and lied to for decades.
00:18:39.580 And so you're the man to clear it up.
00:18:41.240 Eric Prince, what do you got for us?
00:18:44.120 Well, look, a big shout out to Eli Crane.
00:18:48.120 It's great to see a capable, brave frog man in Congress standing tall.
00:18:54.480 Yeah.
00:18:55.940 We need a lot more of them from from all the branches, people that have put skin in the game to serve their country versus the elites that do nothing but but take.
00:19:07.920 Look, I think it's I think they're like he said, the amount of A.I., the amount of other nonsense that's being thrown to almost confuse and obfuscate is is it's high risk of that right now.
00:19:21.880 I think the only way this gets solved in terms of finding out what happened, who did what, where is a public interview process with a panel of experts.
00:19:34.480 If Congress could do it in another subpoena power to get a few credible former Secret Service agents and a few professional sniper types, predators that really understand the hunting from from an assassin's point of view to to walk through interview.
00:19:54.380 I don't think we can have confidence in the FBI doing these kind of investigations anymore.
00:19:59.380 They just become too political, too politically compromised.
00:20:02.920 There's a lot of noise about a second and a third shooter.
00:20:06.300 I don't believe that if it was a second and third shooter, then they're truly incompetent because they all missed their actual mark, which was to kill Donald Trump.
00:20:15.740 Also, I saw a noise about an FBI email address assigned to the shooter back in 2020.
00:20:25.400 I'm not believing that either.
00:20:27.960 I don't think it's not a 21 Jump Street.
00:20:30.420 He wasn't getting recruited by the FBI when he was 16.
00:20:34.460 So so one must be careful about what what sees comes across.
00:20:41.760 What comes through the Internet.
00:20:43.260 But what we did see with our with our unlying eyes is an absolute it's it's a microcosm of the failure of federal government leadership of these institutions, of this woman, Cheadle, on Monday in front of Congress, not answering the questions, not taking ownership for any of it, saying, yes, we screwed up.
00:21:08.260 And this is what I'm doing to fix it, to do better.
00:21:11.160 It was none of that.
00:21:11.940 And the fact that's come out now is that there were four poststanders, four Secret Service agents able to be deployed in that protection detail.
00:21:23.440 I think there was only one full time Secret Service agent actually in the protective detail immediately around Trump.
00:21:30.220 And Jill Biden had 12 poststanders at an event she was doing, an inside event she was doing in Pittsburgh the same afternoon.
00:21:38.780 So Jill Biden took 12 poststanders.
00:21:42.140 They gave four to to Trump.
00:21:45.840 And this is Jill Biden, who has no constitutional or statutory authority, no actual. 0.98
00:21:52.140 She's she's she's clearly not campaigning. 0.51
00:21:56.300 And this is the same Jill Biden that got the Marine Band after almost 250 years. 0.99
00:22:02.540 The Marine Band plays Hail to the Chief.
00:22:04.620 When the president arrives, Jill Biden decided she needed her own walk on music. 1.00
00:22:08.880 And she had the Marine Band create their own music for the first lady, for her. 0.80
00:22:12.860 So this is a woman with a will to power. 1.00
00:22:16.480 And I think that further pointed to to why that near, near miss, near disaster happened.
00:22:23.460 And look, there's a lot of people calling for a private solution that's exceedingly difficult to try to integrate in with a with a federal organization because the private guys will always get screwed 100 percent of the time.
00:22:38.220 But if there was going to be private support done, I would say put it in the advanced side so that you have five professionals that are looking at this from a predator's perspective as as how would they hunt?
00:22:51.840 How would they how would they attack the president, Donald Trump in these outdoor venues?
00:23:01.440 I also very sad to see the Secret Service requesting the Trump campaign no longer does outdoor venues, outdoor rallies.
00:23:08.520 Yeah. I mean, that's it's one of those signature events.
00:23:10.980 And so, yeah, it incompetence at the at the federal level, at the DHS level.
00:23:17.940 You could also call that campaigner influence.
00:23:20.480 So it's it's ridiculous. It's disgusting.
00:23:23.580 Elections have to have consequences.
00:23:25.300 And I think this is just a tip of the iceberg of everything across the entire federal government in every federal agency.
00:23:32.940 This is the kind of people you see that have risen to leadership posts because there is no consequence really for completely incompetent, malign behavior.
00:23:43.640 Right. Right. No, that that is the key.
00:23:45.900 The lack of consequences and the lack of power brought to bear from the House of Representatives on a host of issues over the years.
00:23:54.560 Yesterday, we had Mike Benzon on the corruption of DHS and DHS is over the Secret Service.
00:24:04.640 The corruption of DHS was brought to bear in changing code in the law that lets them kind of be the FBI inward facing group that goes after Americans.
00:24:19.740 Right. The CIA is supposed to be all external, no, no, no, no intelligence gathering on American citizens.
00:24:28.640 The FBI, they couldn't do it because it looks bad.
00:24:31.460 They put DHS in. And so just going back up through the kind of the architecture of our government, you go back to the JFK assassination.
00:24:39.180 The Warren Commission had the former CIA director on that commission.
00:24:44.440 It was so unbelievable and so poorly put together that they had to have a second Warren Commission.
00:24:51.760 And so maybe just a minute from you on these institutions and what we need to do to fix D.C.
00:24:59.940 and the fourth branch of government, these three letters.
00:25:02.360 So this can never happen again.
00:25:03.820 Well, and even when Congress in 1992 passes a law stating that in 25 years, all documents relating to the Kennedy assassination have to be released.
00:25:17.520 That comes out to 2017.
00:25:19.920 Mike Pompeo, director of CIA, blocks the release of those documents.
00:25:25.500 I have a huge problem with that.
00:25:26.860 I don't care what those documents say.
00:25:29.420 If they claim that aliens did it, I don't care. 0.99
00:25:33.480 Release it.
00:25:34.620 It is only the disinfectant effect of transparency do we actually start to get a government we have confidence in again.
00:25:42.120 Otherwise, we're just – this is full Soviet. 0.99
00:25:45.680 This is – we're just – we're dealing with a truly a post-constitutional order.
00:25:49.680 So there has to be actual accountability.
00:25:52.320 This is actually making the case for a removal of civil service laws, of civil service protections that all bureaucrats can be fired for any reason because if you cannot – if elections have consequences, they have to have consequences across the rest of the government.
00:26:08.220 You can't have a truly permanent state, fourth branch of government that is elected by no one, accountable to no one, that has unbelievable authority over our lives.
00:26:19.640 The Chevron decision by the Supreme Court is a tiny first step in that.
00:26:23.720 But, man, the next president needs to carry that ball and run with it down the field.
00:26:27.760 Yep, Eric Prince, thanks for sharing your time.
00:26:33.760 A lot of people in the war room love you, respect you.
00:26:37.000 You've been clear, concise, rational.
00:26:39.400 You always bring the receipts.
00:26:40.900 And so thanks for being with us, brother.
00:26:43.120 Thanks for all you do for this country.
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00:27:47.220 Please do this today.
00:27:49.020 So let's cut to Director Ray of the FBI right here.
00:27:54.220 I think we got him still going live under testimony.
00:27:57.660 We'll just take a minute or two.
00:27:59.240 I just want to showcase what is going on on the Hill today.
00:28:03.440 The different investigations that are going on.
00:28:06.700 So because certainly I understand.
00:28:08.600 Well, and given that I've only got three minutes left and I know other members, I'm really interested because I appreciate your invitation.
00:28:14.240 You said you're prepared to disclose things as questions are asked.
00:28:17.920 So I don't want to waste time sort of.
00:28:19.320 I just want to get to the questions that might, and as many members as can, ask questions that you'll answer.
00:28:24.140 I actually think I'd be glad for you to go on soliloquy, frankly, and tell us what you know.
00:28:28.200 I think the American people want to know.
00:28:30.320 Why was President Trump not kept off the stage?
00:28:32.640 We don't know the answer to that, but I want to be clear, and this is important because I think it goes to questions that I can and cannot answer.
00:28:42.360 Our investigation, the FBI's mandate, is focused on the shooter and all things related to his attack.
00:28:49.480 Now, obviously, I understand very much the intense interest and focus on the Secret Service's performance, actions, decision-making, et cetera.
00:29:00.380 There are two separate after-action reviews, the DHS Inspector General and the outside independent panel that's been convened that are focused on that.
00:29:10.140 Now, our investigation will obviously overlap with that.
00:29:13.420 Here's the problem.
00:29:14.540 We're out 13 days, and you say we've been disclosing.
00:29:18.280 You know, we had the director, the colonel from the Pennsylvania State Police in front of Homeland yesterday.
00:29:24.020 He was quite candid.
00:29:24.880 He disclosed to us that Butler Emergency Services Unit personnel were posted into the windows on the second floor of the AGR building, that they left there to go pursue the person that they spotted, Crooks, that they texted a photo of Crooks to the PSP representative in the command center.
00:29:42.140 That information was relayed to the United States Secret Service.
00:29:44.760 They asked that it be texted to someone else.
00:29:46.920 That was many minutes before President Trump took the stand.
00:29:49.880 What we don't know is why did he not – why were they not keeping him off the stand?
00:29:54.720 And to the extent – you know, I know we always hear when there's a criminal investigation, you've got to wait for that to develop.
00:29:59.960 But do you have any reason to – do you have any other target of your criminal investigation other than Crooks, who's dead?
00:30:06.640 We are investigating the shooter both to determine his motive and his preparations and activities before the shooting, but also to make sure whether or not there are any co-conspirators, accomplices, etc.
00:30:20.140 At this point, have you developed any evidence to so suggest that there are any accomplices or cooperators or assisters?
00:30:26.380 Not at this time, but again, the investigation is ongoing.
00:30:28.680 So here's the thing.
00:30:30.160 While we wait, maybe for months – and I hate to say this, just – I'm not trying to take a pot shot, but the country went for years with the understanding that the Hunter Biden laptop was Russian disinformation as offered by respected former Intel officials.
00:30:44.920 And the whole time, the FBI had the laptop and then let that happen in public until finally offering testimony in a case.
00:30:51.780 To the degree we wait to hear, as a country and as a Congress, what has happened in this event, because the FBI is conducting an investigation, it provides quarter for the U.S. Secret Service not, perhaps, to reckon with the problems that are obvious to everyone.
00:31:10.460 So let's get a couple in while I've got 13 more seconds. 0.80
00:31:14.120 One more question, perhaps.
00:31:15.240 Senator Grassley says that the records of the day show that there was a counter-unmanned aerial surveillance operator on site.
00:31:24.360 You just heard it, Eric Prince, Eli Crane, now Congress holding Ray's feet to the fire.
00:31:31.520 The three-letter agencies are in the news every day in a holding pattern.
00:31:37.320 And the story you heard right there is just key, right?
00:31:40.780 The Russiagate, Russiagate, Russiagate had profound impact on elections.
00:31:47.240 Fifty-one of our top intelligence officers signed a letter saying it was true when they knowingly knew it was false.
00:31:56.240 No repercussions, no discipline, no consequences brought to anyone in the three-letter agencies, right?
00:32:03.220 The book, National Security and Double Government, check that out.
00:32:07.940 There's 100 pages of evidence and footnotes on that relationship.
00:32:12.780 But the congressman there was spot on.
00:32:15.380 We're going to ride this out.
00:32:17.300 The FBI, CIA, DHS deflect.
00:32:22.080 We've got an expert in the House, Josh Hammers, with us.
00:32:26.420 I'm sure he'll give some commentary on here.
00:32:28.400 But, Josh, why don't you give us your view of what's going on on the Hill today?
00:32:33.580 Netanyahu's coming.
00:32:35.040 Any other breaking news you got?
00:32:36.680 Welcome to the War Room.
00:32:37.940 Josh, glad to have you with us.
00:32:40.780 Yeah, Dave, you're a great pastor.
00:32:42.340 Thanks, as always, for filling in for Steve.
00:32:44.200 Look, I'm actually in D.C.
00:32:45.940 I normally live in Florida, but I'm here for a couple speaking events this week.
00:32:49.220 I mean, this place is an absolute madhouse because of Prime Minister Netanyahu in town.
00:32:53.420 I mean, you know, I'm probably not going to leave my hotel, to be honest with you.
00:32:56.100 It's kind of just one of those weeks where every other road is just totally shut down here.
00:33:00.640 Look, I mean, a lot of attention is clearly today on Prime Minister Netanyahu's speech
00:33:05.980 to Congress.
00:33:06.560 And it comes at a less than ideal time, I think would be a charitable way of saying it, because
00:33:12.240 the American people's attention is obviously on everything happening here domestically.
00:33:16.420 I mean, Dave, as you and I both know, we are in the midst of probably an unprecedented
00:33:20.640 series of news cycles, not just in my lifetime, but in the past half century of American history.
00:33:25.880 I mean, ever since that CNN debate on June 27th, it has just been like one bombshell
00:33:30.820 thing after the other.
00:33:31.940 I mean, we got the Secret Service, we have Biden dropping out, we have Kamala, the near
00:33:35.760 assassination, I mean, it's impossible to keep up at this point.
00:33:38.840 But, you know, having said that, and kind of just focusing on what I think is the big
00:33:42.860 story of the day here in D.C.
00:33:44.740 today, which obviously is the Prime Minister's speech to Congress, he's going to have to try
00:33:48.780 to cut through that fog, because from Israel's perspective and the U.S.
00:33:53.140 perspective, this relationship obviously is currently shaky.
00:33:56.420 The Biden administration, Biden-Harris, they have not been reliable supporters of Israel.
00:34:00.320 They have not stood by Israel during this war effort, as a U.S. administration should. 1.00
00:34:05.300 The Democratic Party has been pretty openly and explicitly veering off in a very far-left,
00:34:10.620 very anti-Zionist, pro-Palestinian, dare I say even pro-Hamas direction. 0.66
00:34:15.620 And this is a golden opportunity, I think, for Prime Minister Netanyahu, who has given a number
00:34:20.360 of these speeches over the years, I think actually with today's speech, he actually has, he's
00:34:23.720 surpassing today Winston Churchill for the most speeches by any foreign leader, which
00:34:28.500 is pretty crazy at the U.S. Congress.
00:34:30.000 So he has the opportunity here to really seize the moment and to remind Americans why this
00:34:35.140 relationship matters and why the next president, God willing, it will be Donald Trump, not Kamala
00:34:40.140 Harris, but why the next president has an obligation really to stand shoulder to shoulder
00:34:44.820 with Israel in its fight against our mutual enemies.
00:34:49.400 Yeah, thanks, Josh.
00:34:50.660 I think that does capture the signal, not the noise.
00:34:54.380 We've been paying a lot of attention to the horse race and the politics, etc.
00:34:58.680 Give me a little bit on your take on this politics.
00:35:02.260 All, you know, all political views are just my own.
00:35:05.020 But it's very interesting when you read the headlines from all the papers, right, the New
00:35:09.200 York Times, the Washington Post, all the Hill rags, everything.
00:35:12.320 It's all, you know, Kamala is a superhero and all this kind of thing. 0.59
00:35:16.580 But then when you look at some of the receipts, right, the lines for talks when she's out
00:35:21.540 meeting with people in various cities, they're small.
00:35:25.380 The evidence doesn't seem to show that.
00:35:27.640 So you get the honeymoon and then some articles are talking about when does the hangover come
00:35:32.180 based on your, you know, your professional view.
00:35:37.580 What's going on there?
00:35:38.740 How strong is this going to be?
00:35:40.340 Is this going to pan out for real with Kamala?
00:35:44.440 Why is Obama still in the background, etc.?
00:35:48.100 Well, I definitely think that she's the nominee.
00:35:50.520 I mean, I would be just absolutely flabbergasted if she is not.
00:35:55.160 I mean, they're obviously not going to leapfrog her for, you know, a white man like Gavin Newsom.
00:35:59.780 That's not how that intersectional identity politics party works.
00:36:02.740 It's the party, obviously, that selected Ketanji Brown Jackson to be a Supreme Court
00:36:06.580 Justice two and a half years ago explicitly because she is a black woman. 0.99
00:36:10.400 So, you know, the idea that they would surpass or leapfrog Kamala Harris for anyone
00:36:14.320 other than maybe Michelle Obama, who apparently does not want the job, it's not going to happen.
00:36:19.000 So Kamala Harris is going to be the nominee.
00:36:20.900 Dave, look, I think the Democrats are going to regret this decision.
00:36:23.920 I genuinely do.
00:36:25.240 I think even from their perspective, on their own terms, they would have been better off
00:36:29.660 trying to limp across the finish line with the wounded dog, the octogenarian Joe Biden
00:36:34.320 from Delaware, rather than change horses midstream like this.
00:36:37.780 Kamala Harris, the American people know her. 0.91
00:36:40.240 She's not popular.
00:36:41.620 Her campaign in the 2020 Democratic primaries ended before Iowa.
00:36:46.320 She has an average in the 538 approval ratings of about 38 and a half percent,
00:36:51.460 which is very similar to Joe Biden's ratings.
00:36:53.220 Last year, NBC News actually ranked the best and worst vice presidents of all time.
00:36:58.800 They ranked Kamala Harris the single worst vice president of all time because of her 1.00
00:37:03.560 manifest failures in the very few as it is duties with which she has been assigned already.
00:37:08.720 So the American people know her.
00:37:10.200 They know her record.
00:37:11.180 There's a great new ad out, by the way, by Dave McCormick, the Republican Senate candidate
00:37:15.420 in Pennsylvania, blistering, blistering ad.
00:37:18.500 90 seconds would encourage the War Room Posse to check out if you haven't seen it.
00:37:21.840 Just goes one by one through all the issues.
00:37:24.360 She's coming out in favor of a full national ban on fracking, a full ban on offshore drilling.
00:37:28.900 She wants the Green New Deal. 1.00
00:37:30.200 She wants to defund the police. 1.00
00:37:31.460 I mean, she's basically just an avatar of far left, crazy, woke garbage. 1.00
00:37:37.220 That's essentially who she is as a political animal. 1.00
00:37:40.160 So I really think Democrats are going to regret this one.
00:37:42.700 I think Joe Biden, not Kamala Harris, would have been the better option to try to win
00:37:46.840 maybe a Michigan or Wisconsin.
00:37:48.100 But hey, you know, from a Republican, conservative, MAGA, Trump perspective, I think I'm pretty
00:37:53.120 happy about it, honestly.
00:37:55.760 Yeah, I know.
00:37:56.660 So, hey, on a very serious note, you know, I go into this turf with a little trepidation.
00:38:05.380 But both sides, the country has come to the point where both sides are scared.
00:38:11.300 The left is running on this Trump's a fascist thing and democracy's at stake.
00:38:16.500 What DHS has redefined the very term democracy to mean not the people anymore, but the processes
00:38:23.880 in the institutions, and we had Mike Benz on that with the receipts yesterday.
00:38:29.100 And so on the left right now, if they lose, I agree with your analysis, by the way, they
00:38:33.560 would have been better off limping through.
00:38:35.880 But now they are dug in, right?
00:38:37.980 You've got the FBI, the CIA, the 51 intelligence agents on the record, lying, falsehoods, illegal
00:38:47.380 actions, DHS, redefining terminology, censorship, but massive censorship that's taken place, the
00:38:56.260 Justice Department, lawfare, and the same, you know, Republicans are scared of losing, too,
00:39:02.540 because Stephen K.
00:39:03.720 Bannon's in jail right now.
00:39:05.080 Because a Nancy Pelosi committee that was misformed, like nine to two, with no minority
00:39:14.580 counsel, and they kicked off the minority members, Jimmy Jordan and some of the good guys, and
00:39:21.160 the CEOs are scared to speak out.
00:39:23.400 They won't even mention things like free speech.
00:39:26.940 They're too scared to even mention things like that because it's cryptic, right?
00:39:30.320 People know what that means now.
00:39:32.000 And so in a minute or two, you know, is the country really at this point where we're scared
00:39:39.200 of each other existentially?
00:39:40.840 And do you see a way to break through this?
00:39:43.860 We're just in an awful equilibrium.
00:39:45.900 Josh.
00:39:47.700 Well, Dave, you're asking the million dollar question.
00:39:49.740 I mean, this really has been the question for the past four or five years.
00:39:54.700 I mean, arguably the past eight or nine years.
00:39:56.520 I mean, you know, what do we do?
00:39:58.100 I mean, this country is as divided as ever.
00:39:59.920 We just had the near assassination of a former and likely future president before the entire
00:40:05.200 world there.
00:40:06.300 Look, there are a few options for the path forward.
00:40:08.640 I can identify basically three or four options.
00:40:11.560 One, which is my preferred option, is that we have to meaningfully rediscover federalism
00:40:16.440 in this country.
00:40:17.180 We have to recognize that we simply do not agree on the vast majority of the issues.
00:40:21.780 And a lot of these issues, constitutionally speaking, ought to be decided at a local or state
00:40:26.360 level as it is in the first place.
00:40:28.240 The utter, utter black pill solution is so-called national divorce. 0.59
00:40:32.460 You have a few people on the right that are advocating this.
00:40:34.500 That is not my position.
00:40:35.640 I am born Abraham Lincoln's birthday.
00:40:37.320 I am too much of kind of a nationalist to ever kind of abide by that.
00:40:41.080 The other two options, well, one option, I guess, would just be the status quo, which
00:40:44.640 is just this kind of slow, incremental decline into utter decadence and kind of this ruinous
00:40:49.500 descent into whatever we currently are.
00:40:51.520 That's not a good option.
00:40:52.820 The fourth option, which would be my ideal preference, but I don't see it happening, would
00:40:58.360 be the rise of a Lincolnian national figure to actually unify the country once again on
00:41:04.240 some shared notion of the common good.
00:41:06.380 I don't see it happening.
00:41:07.400 That would be my ideal solution.
00:41:09.000 So if I'm being even semi-realistic, Dave, I think we really have to kind of try to rediscover
00:41:13.500 federalism.
00:41:14.300 That is not to say that we don't give up on governing at the national level.
00:41:17.640 Obviously, the federal government right now is engorged much more than it should be.
00:41:20.700 We have to be able and willing to get our hands dirty at the national level while simultaneously
00:41:24.480 trying, I think, constitutionally and politically to roll as many things, especially morally,
00:41:29.840 culturally, and so forth, roll as much of that back to the states as possible.
00:41:35.260 Josh Hammer, I don't know how you do it.
00:41:37.100 I think you're a genius of some sorts there.
00:41:39.540 You ought to be hosting this show.
00:41:40.900 That was just very clean, real distinct options for the way forward with emphases on what's
00:41:47.880 probably best.
00:41:49.520 You're a national treasure as well.
00:41:51.060 Thanks for coming on The War Room always, Josh.
00:41:52.980 Glad to have you with us.
00:41:54.080 You want to point out your coordinates so folks can reach you?
00:41:57.400 Yeah, thanks so much, Dave.
00:41:58.340 That's really kind of you.
00:41:59.160 So I'm on Twitter, Josh underscore Hammer.
00:42:01.280 Instagram is Josh B. Hammer.
00:42:02.580 I host two shows, The Josh Hammer Show and America on Trial with Josh Hammer.
00:42:06.180 And then I write a weekly syndicated column that goes up in Newsweek, which is where I
00:42:09.840 work, as well as a bunch of other write-up center publications as well.
00:42:13.420 Yep.
00:42:13.860 Josh, thanks for being with us.
00:42:15.260 Thanks, brother.
00:42:16.700 All right.
00:42:17.020 You bet.
00:42:17.540 We've been glossing over a lot of Stephen K. Bannon's premier issues, geopolitics, capital
00:42:24.700 markets.
00:42:26.240 The politics has just dominated.
00:42:28.280 Netanyahu's in town on top of all that.
00:42:31.040 But we have the man who can address all of it, put it into a hole, make sense of it.
00:42:38.880 James Rickards, thanks for joining us on The War Room.
00:42:42.520 Do you want to take off any commentary on China, first of all, maybe?
00:42:47.860 I'm seeing slowdowns, $13 trillion in debt on the local, regional, Xi giving the old stale
00:42:55.340 Marx's commentary.
00:42:57.620 And it's amazing to me, the Fortune 500 and our financial leaders don't seem to be pricing
00:43:04.940 in any of this.
00:43:06.080 What could happen any day in China and then our bond markets gets disciplined for the
00:43:11.420 first time in a while.
00:43:12.820 And so, James, what are we looking at short-term, intermediate-term, long-term in the country?
00:43:18.460 Thank you, Dave.
00:43:19.220 Great to be with you.
00:43:19.940 You make a very good point where, I mean, rightly focused on everything from Biden's
00:43:25.540 debate to the assassination attempt, selection of J.D. Vance, Biden withdrawal, the Kamala
00:43:32.120 coronation.
00:43:33.360 These are any one of those.
00:43:34.900 Any one of those is like a world-class topic.
00:43:38.660 But meanwhile, we've got a deadly war in Ukraine, a war in Gaza, potential war in southern Lebanon
00:43:47.100 with Hezbollah, the Houthis, and so on around the world.
00:43:50.760 And then, of course, that points in the direction of the world's second-largest economy, second-largest
00:43:55.240 population, which is China.
00:43:57.420 And there are, these things are going on.
00:44:00.620 They're going to affect the world, affect the U.S. economy and investors, but they're not
00:44:05.100 getting much attention because of all the other news.
00:44:07.160 But getting specifically to China, China is in very dire shape.
00:44:10.760 The myth of China that they're, you know, giving it enough time, they're going to surpass 0.86
00:44:14.840 the United States, they're the fastest-growing major economy in the world, etc., is not true.
00:44:22.000 Historically, they have had enormous growth since the mid-'90s, particularly in the early
00:44:26.600 2000s up to around 2010.
00:44:29.380 That's true.
00:44:30.100 But that's actually the easy part.
00:44:32.600 And, you know, I'm not a big fan of Paul Krugman since 2000.
00:44:36.560 I think he just turned it into this political, I don't know what, but in the 1990s, Krugman
00:44:41.340 did some pretty good work on development economics, and that was my specialty as well.
00:44:44.640 And here's the thing.
00:44:45.620 In the 70s, when I studied, we thought the hard part was getting from low-income to middle-income.
00:44:50.460 That was going to be really, really difficult.
00:44:51.920 But once you got from middle-income, you had a straight path to high-income.
00:44:55.500 You just had to keep going.
00:44:57.080 It turns out that that theory was not correct.
00:45:00.180 Getting from low-income to middle-income is the easy part.
00:45:03.460 You move people from the countryside to the cities.
00:45:05.680 You build some infrastructure.
00:45:07.140 You attract foreign investment.
00:45:08.720 You do what I call Lego-style manufacturing.
00:45:11.720 You know, China makes most of the iPhones in the world.
00:45:14.060 That's true.
00:45:14.500 But their value added is 5% because they've got to spend money.
00:45:17.580 Ten seconds to break.
00:45:19.200 Yeah.
00:45:19.560 So the point is there's a lot less there than meet the eye.
00:45:22.580 They're stuck.
00:45:23.200 It meets the eye.
00:45:23.720 They're stuck in the middle-income trap.
00:45:26.380 Yep.
00:45:26.860 I agree with you.
00:45:27.720 James Rickert in the house.
00:45:29.060 He's going to be staying with us for quite a bit over the break.
00:45:31.600 He's a wealth of information that, like Steve Bannon, looks over the horizon, around the corners.
00:45:38.560 He knows what's coming up long-term.
00:45:41.220 Make sure you look him up.
00:45:42.680 He'll give his coordinates at the end.
00:45:44.220 But he's been a great supporter of the show and Stephen K. Bannon.
00:45:47.780 And it's an honor for us to have him and his wealth of knowledge with us today on the show.
00:45:52.780 Stay tuned.
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00:46:58.480 Or visit TNUSA.com.
00:47:01.460 That's TNUSA.com slash Bannon.
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00:47:07.740 Do not wait.
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00:47:11.240 Here's your host, Stephen K. Bannon.
00:47:17.360 Back in the war room with the great Stephen K. Bannon, David Bratt sitting in.
00:47:22.900 We got James Rickards up.
00:47:24.520 We're surveying the geopolitics, capital markets.
00:47:28.780 And as usual, James Rickards has been on the money pointing to China weakness.
00:47:34.460 It's kind of stunning when you look at the Fortune 500 firms or broader categories when it comes to fiduciary responsibility, et cetera.
00:47:44.120 Everyone's going to look, you know, after things crack up and plummet, if China collapses, even if they just go into recession, the impact is going to be stunning on the United States of America.
00:47:56.880 And so we want to refer you to our friends over at Birch Gold.
00:48:02.200 In these tumultuous times, gold ought to be part of your portfolio, right?
00:48:07.320 Don't throw the entire investment basket there.
00:48:10.620 But call up Birch Gold.
00:48:12.060 Depending on your age and what you have in your portfolio at present, gold has always been a hedge against a chaotic world.
00:48:20.660 And it's certainly outperforming the dollar, right?
00:48:23.380 The BRICS countries, et cetera, are gathering steam.
00:48:26.740 We're in the process of perhaps losing our reserve currency over time.
00:48:30.940 We're becoming weak.
00:48:32.660 So give our friends at birchgold.com backslash Bannon.
00:48:38.280 Give them a call.
00:48:39.320 They'll talk to you.
00:48:40.200 That's a rare deal.
00:48:41.360 They'll give you some good guidance.
00:48:42.640 Read the materials there.
00:48:43.680 Make the right decision for you.
00:48:45.880 Thank you all for supporting Birch Gold.
00:48:48.560 And Birch Gold, thanks for supporting the war room over time.
00:48:50.920 Back to James Rickards.
00:48:52.420 James, do you want to finish up the China story and the fiduciary piece?
00:48:57.940 Everybody's going to say, I told you.
00:48:59.420 I knew all that was coming.
00:49:01.020 But they didn't say anything like you have been for years.
00:49:03.540 So bring us up to speed on what's coming at us.
00:49:06.540 That's right.
00:49:06.920 So China's dilemma now is how do you get out of middle income to high income?
00:49:10.200 How do you do that?
00:49:10.840 Well, the answer is you can't continue with what I call Lego-style manufacturing, low-value-added.
00:49:15.600 You have to get to high-value-added manufacturing, high-tech.
00:49:19.460 Very few countries have ever done it.
00:49:21.040 I mean, Taiwan, Singapore, Hong Kong, before it was taken over by the communists, were about the only ones.
00:49:26.600 So China says they're going to do that, but they can't do it because they don't have the technology.
00:49:31.760 They're very good at stealing it.
00:49:33.200 They've been stealing U.S. technology with acquiescence of U.S. companies, by the way, for decades.
00:49:38.660 But now that game is practically over.
00:49:41.020 They've also got a lot of accumulative problems.
00:49:43.280 I spent a lot of time in China.
00:49:44.720 I've been to the ghost cities.
00:49:45.880 I was in the city once.
00:49:47.140 It was all built.
00:49:48.000 It had skyscrapers, country clubs, hotels, golf courses, all this stuff.
00:49:52.660 And it was empty.
00:49:53.340 I'm not kidding.
00:49:53.880 It was empty.
00:49:55.180 And there were other buildings on the horizon.
00:49:57.280 I was with some Communist Party officials.
00:49:59.060 It was sort of posing.
00:50:00.340 They thought I was going to be a big tenant or something.
00:50:03.000 I don't know what.
00:50:03.540 But I said, hey, nice buildings.
00:50:05.380 They're all empty.
00:50:06.660 They said, oh, no problem.
00:50:07.860 We're going to fill them up in a couple years.
00:50:09.940 We had agents in the U.S. trying to get all the Chinese scientists to come back to China.
00:50:15.040 I said, they're not coming back.
00:50:16.340 They're in Silicon Valley.
00:50:17.660 Why on earth would you want to – California has its problems, but it's a lot better than China. 1.00
00:50:21.740 So Nanjing South train station, 30-foot high ceilings, marble walls, 128 escalators.
00:50:28.420 It's beautiful.
00:50:29.560 It's empty.
00:50:30.260 I mean, very few people coming and going from that train station.
00:50:33.620 So I've seen all this.
00:50:34.560 All that money was wasted.
00:50:35.720 So a big part of China's GDP is investment, not consumption.
00:50:40.480 And if the investment is wasted and you wrote it off the way accountants would require you to do, their GDP has been less than half of what they've been publishing.
00:50:48.020 And that's just the beginning.
00:50:49.400 They've had a real estate collapse.
00:50:50.720 One of the ways they kept this game going for – how have they kept this game going for the last 15 years?
00:50:55.220 The answer is real estate.
00:50:56.880 And, yeah, there's real steel and copper and glass and cement and all that stuff.
00:51:00.480 But then when you're done, you go to the next ghost city, but you haven't created anything that's going to pay for itself.
00:51:06.040 That's all collapsing.
00:51:06.980 It was all done with debt.
00:51:08.340 Plus it's a kleptocracy. 0.95
00:51:10.140 The rich are super rich and everyone else is struggling.
00:51:14.460 But to put it in kind of economic terms, David, I'll do this very quickly.
00:51:18.320 There's something called the debt-to-GDP ratio.
00:51:21.440 It's a simple fraction.
00:51:22.860 The numerator is the government debt and the denominator is your GDP.
00:51:27.000 There's tons of research.
00:51:28.520 You can fill a room with it.
00:51:29.300 Very good stuff.
00:51:29.980 Carmen Reinhart, Ken Rogoff, and others, it shows.
00:51:32.440 When that ratio goes above 90%, growth slows down.
00:51:38.240 Below that, you can borrow a dollar, spend a dollar, and get more than a dollar of GDP.
00:51:43.360 That's true.
00:51:44.200 But above 90%, you borrow a dollar and spend a dollar.
00:51:47.640 You get less than a dollar of GDP.
00:51:50.140 What does that mean?
00:51:50.820 Well, the numerator is going up by a dollar, but the denominator is going up by 90 cents, 80 cents, 60 cents.
00:51:57.080 By the way, the U.S. is in exactly the same trap.
00:51:59.760 Our debt-to-GDP ratio is 130% highest in history.
00:52:03.580 That's why we're having slow growth.
00:52:05.420 China's is even higher. 0.89
00:52:06.920 So you cannot borrow your way out of a debt trap is the bottom line.
00:52:11.000 So between real estate crash, not being able to steal as much technology, kleptocracy, high debt-to-GDP ratio, these are real economic factors, not ideological, that basically are slowing China down.
00:52:24.160 Now, on top of that, here comes Trump.
00:52:27.180 I fully expect him to be elected president.
00:52:29.680 He's got – Trump has an intuition about this, but he's got two big brains behind him.
00:52:34.740 One is Robert Lighthizer, and the other one is Peter Navarro.
00:52:38.640 Peter just got out of jail.
00:52:39.840 He's going to be in the West Wing probably by –
00:52:41.920 Thank God.
00:52:42.920 Right, my expectation.
00:52:45.060 They are going to reintroduce something called the American Plan.
00:52:49.800 I'm calling it American Plan 2.0.
00:52:51.880 Now, this starts with Alexander Hamilton, and there's a thread that goes from Alexander Hamilton to Henry Clay.
00:52:58.880 One of the biggest implementers, believe it or not, was Abraham Lincoln.
00:53:01.660 And people say, yeah, wasn't Lincoln a little busy with the Civil War?
00:53:04.640 Well, he was, but he was also high-tariff, support manufacturing.
00:53:08.680 The Civil War was mainly about slavery, but it was also about a mercantile manufacturing north versus an agrarian low-tariff cell. 0.83
00:53:16.300 And, of course, the north won.
00:53:17.760 But what that meant was that this high-tariff policy wins.
00:53:21.720 Now, all the free traders and neoliberal consensus and von Mises and Hayek and all these people yell and scream, no, you have to have free trade, free trade.
00:53:30.360 Free trade is a myth.
00:53:31.820 Even David Ricardo said, you know, comparative advantage.
00:53:34.200 If I can grow, if I can make wine, you can make woolens, why don't we trade wine for woolens instead of trying to do it all ourselves?
00:53:42.400 The problem with that is the factors of production today are mobile.
00:53:45.800 In other words, you can take the capital and, to some extent, the brains and move it anywhere you want.
00:53:53.260 And this is what China has done, mostly by stealing it, but aided and abetted by the Black Rocks and the vanguards and the Fidelities and everyone else throwing money into China, Chinese index funds, etc. 0.79
00:54:04.320 That's going to be over.
00:54:05.900 Lighthizer – by the way, Lighthizer was Reagan's deputy trade advisor.
00:54:10.400 He was the one who saved the U.S. auto industry by putting tariffs on Japanese cars. 0.94
00:54:14.520 The Japanese got the message and they soon, you know, conformed to what we wanted. 0.94
00:54:17.980 But really, as I say, saved the U.S. auto industry.
00:54:20.200 He hasn't left the scene.
00:54:21.400 He lives in Palm Beach.
00:54:22.400 He commutes on Air Force One with President Trump when the president was in office.
00:54:27.320 So – and then Peter Navarro.
00:54:30.000 A lot of people are looking at what the Democrats call Project 2025, but it's Mandate for Leadership 2025, Heritage Foundation, 900 pages.
00:54:38.140 Great resource, but it's 900 pages.
00:54:40.460 But if you really want to see the blueprint, Peter Navarro has a new book.
00:54:44.040 I haven't read it.
00:54:44.860 It's not out yet.
00:54:45.880 I'm waitlisted.
00:54:47.820 It's called The New MAGA Deal.
00:54:49.760 And that's the point.
00:54:51.320 Very good.
00:54:52.400 James, we're going to hold you with us over the break.
00:54:55.300 I want to go in an entire new direction on economic growth, take advantage of your development, economic expertise.
00:55:02.280 We're back with Rickards in the War Room.
00:55:06.160 Stay with us for this break.
00:55:11.040 I want to warn you of a huge change that could be coming to our money and our bank accounts.
00:55:16.600 First, think back to 9-11, shortly after the government pushed through the Patriot Act.
00:55:20.760 This gave the government power to spy on innocent Americans by monitoring our phone and email and tracking our movement across the Internet.
00:55:29.620 Now, Jim Rickards, editor of the independent financial newsletter Strategic Intelligence and New York Times bestselling author, is warning about a coming event that could elevate this governmental surveillance to a terrifying new level.
00:55:42.460 In fact, some of the guests I've had on the war room believe that the government will soon expand their powers to track our every move.
00:55:50.320 If we say the wrong things on social media, donate to the wrong causes, buy firearms, or even vote MAGA, the government may be able to shut us out of our bank accounts.
00:56:00.580 I can't say for sure if this will happen, but it's an interesting and dire warning.
00:56:06.780 Fortunately, Jim Rickards, an American patriot and friend of mine, has made it his mission to educate us on what he believes is coming and how to protect yourself from the possibility of programmable money.
00:56:19.260 Watch Jim's warning video now before it's censored like I've been in the past.
00:56:24.520 Go to RickardsWarRoom.com.
00:56:26.880 That's RickardsWarRoom.com now to see the video.
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