Bannon's War Room - September 18, 2024


Episode 3912： Political Failures Of The Fed Crippled The American People; Weakness Of The House


Episode Stats

Length

55 minutes

Words per Minute

171.7455

Word Count

9,553

Sentence Count

19

Misogynist Sentences

14

Hate Speech Sentences

13


Summary


Transcript

00:00:00.000 this is the primal scream of a dying regime pray for our enemies because we're going medieval on
00:00:10.420 these people here's not got a free shot all these networks lying about the people the people have
00:00:17.020 had a belly full of it i know you don't like hearing that i know you try to do everything
00:00:20.780 the world to stop that but you're not going to stop it it's going to happen and where do people
00:00:24.360 like that go to share the big line mega media i wish in my soul i wish that any of these people
00:00:32.180 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my
00:00:40.120 country this country will be saved war room here's your host stephen k band
00:00:47.340 is of course that we don't elect our presidents by a popular vote in this country we have a
00:00:57.580 frankly undemocratic system the electoral college it's the reality of how american elections for
00:01:02.940 president have worked for more than 230 years and our citizens and our parties and our candidates
00:01:07.420 everyone who's operating covering the election works within these constraints that's how it works
00:01:12.320 that's one of the sort of ground truths of this election the other ground truth that defines this
00:01:18.940 election and the campaign right now is that one of the two candidates has shown us and told us he will
00:01:25.640 not commit to a peaceful transfer of power harris wall's campaign is i think it's fair to say running
00:01:32.660 uphill in other words the thing is the only option for kamala harris and democrats and the
00:01:40.840 pro-democracy coalition popular front the only thing they can do is to organize and mobilize and
00:01:47.360 persuade voters use democratic means to save democracy and if they win they can and should
00:01:52.060 strongly defend that victory in court and if they lose which is a real possibility they then must
00:01:59.120 peacefully transfer power that's the way it works those are the only options on the table we all know
00:02:05.460 is that kamala harris will then have to deal with what will undoubtedly be a full-scale maga republican
00:02:11.980 effort to overthrow the election the second time in two cycles donald trump will rerun his playbook from
00:02:19.700 2020 he will attempt to use the courts and manipulate state lawmakers and maybe even election county boards
00:02:26.260 and election officials and manipulate members of congress around certification on january 6th he's going to
00:02:31.260 target election fishers he's going to rile up his supporters and let's be honest if passes for a
00:02:36.900 log likely urge them in his own coded not so coded way to violence i mean he's already basically doing
00:02:44.320 this right now every day it's not news anymore but every day he's doing so with 49 days left for the
00:02:51.000 election donald trump day in day out not news anymore but it's happening every day that's why we're
00:02:56.540 leading with it spreading menace and fear undermining the foundational structures of
00:03:02.300 democratic governance and elections making sure his supporters believe the only way the election will
00:03:07.740 be fair is if he wins if you were looking at this set of facts in another country you would rightly think
00:03:14.340 that's a country where democracy was under very acute and dire threat and i don't understand why it's so
00:03:22.660 difficult for the press to have a consistent narrative about how dangerous uh trump is you know the late
00:03:30.260 great uh journalist harry evans uh you know one time uh said that uh you know journalists uh should
00:03:38.440 you know really try to achieve objectivity and by that he said i mean they should cover the object well
00:03:45.260 the object in this case is donald trump uh his demagoguery his uh danger to our country and the
00:03:53.000 world and stick with it welcome to the war room i am monica crowley in today for the great stephen k
00:04:02.460 bannon our dear fearless leader here on the war room and political prisoner it's always an honor and a joy
00:04:09.040 to sit in his chair and join all of you and i am delighted to be here today so thanks guys for being
00:04:15.300 here this is the war room so let's go to war we've got a huge show lined up for you back-to-back guests
00:04:21.780 that you are not going to want to miss so don't miss a second of it no fomo tell everybody you know
00:04:27.020 to tune in right now also please don't forget about my own podcast called the monica crowley podcast
00:04:32.880 which is streaming now on rumble so please go check it out there and i am on the socials on
00:04:39.040 instagram at monica crowley underscore and on twitter and true social at monica crowley so i
00:04:46.360 wanted to begin with that by ending with that clip of mrs clinton and i had heard it the first time but
00:04:53.580 it didn't quite catch my ear so i listened to it a couple of other times and i wanted to come in the
00:04:59.280 show with that particular clip first of all she invokes harry evans how dare she invoke harry evans
00:05:06.380 harry evans was the publisher of random house harry evans published my first two books about
00:05:12.020 president nixon harry evans was a quintessential legendary journalist he was a newspaper man and
00:05:20.020 then he was a book publisher i knew harry evans mrs clinton keep harry evans out of your mouth
00:05:26.340 harry evans new objectivity harry evans was a class act he was brilliant and he would not
00:05:33.660 be condoning what is going on now in terms of american journalism here in the united states
00:05:39.840 and he didn't by the way before he passed away he was on top of the deep corruption happening in
00:05:46.320 journalism so mrs clinton you can stop talking about harry evans right now that's number one number
00:05:52.480 two and i got a couple of points here on mrs clinton because they amplify a much bigger point
00:05:58.840 about what we are dealing with here with the system the regime okay mrs clinton is a creation
00:06:07.640 and a product of the system of the regime so every time you hear mrs clinton speak understand
00:06:15.920 that you are hearing the propaganda you are hearing the lies that the system wants you to hear
00:06:22.900 you are also hearing the dog whistles to the left to the imperial media to leftist organizations to
00:06:32.400 leftist activists you are hearing a dog whistle from mrs clinton to activism so every time she goes out
00:06:39.260 and last night she was on or two nights ago uh from that clip she was on rachel maddow on msnbc
00:06:45.420 and so she felt compelled or the system ordered her to go out there and spew this kind of garbage
00:06:52.460 so that your ears hear it so that it activates the leftist base riles them up but understand
00:06:59.220 she's not freelancing this is all coordinated it's all of a piece of the system that's number one
00:07:07.460 number two about mrs clinton mrs clinton's entire motivation her whole reason for being now is that
00:07:16.480 she is consumed with bitterness bitterness that she never became president of the united states remember
00:07:22.660 mrs clinton was a system tool a willing tool like barack obama like joe biden like kamala harris
00:07:30.400 but she was the latest system puppet now she sits atop the system along with barack obama and so many
00:07:37.380 others but she is a system tool so the idea that mrs clinton has given her entire adult life
00:07:46.900 in service to achieving the presidency remember she hooked up with bill clinton at yale law school
00:07:53.520 she hitched her wagon to him a long time ago when she was in her 20s so much for being a feminist
00:08:00.340 right she hitched her wagon to a man and then had that man bring her to the the very top of american
00:08:08.980 politics first lady of arkansas u.s senator secretary of state then of course running for president
00:08:15.460 she lost the presidency not once but twice now she can't bitch about losing to barack obama because
00:08:23.960 what is she going to do bitch about losing to the black guy of course not she got to sit there and
00:08:29.340 take it but losing to donald trump oh that is a whole other ball of wax guys that is what galls her
00:08:39.300 she cannot believe that she is now president look at the last 50 years of this woman's life
00:08:45.440 she's had to suck up every humiliation from her husband from so many others time and time again
00:08:53.500 but she had her eyes on the prize she was going to be president and that was her deal with bill
00:08:58.460 you first and then me we'll alternate and the fact that she never made it to the top
00:09:04.280 has consumed her it eats her alive and again she can't complain about oh wait because you know she lost
00:09:13.560 to barack obama first black president so she can't do that but she certainly can bitch about losing to
00:09:20.160 donald trump and the fact that she lost to a guy who has never done any of this before never been in
00:09:28.500 politics started a populist movement started this nationalist movement based on economic nationalism
00:09:34.960 and all of the the topics that we talk about here on war room every day she cannot believe it
00:09:41.600 so the bitterness just eats this woman alive and that's why she is wound up she is sent out and
00:09:49.200 of course she wants to do it she's a willing participant but she goes out there and she is is
00:09:55.600 planting all of these seeds with all of this system-based propaganda a couple of other things
00:10:03.340 about mrs clinton and again this is to frame our conversation here for the next two hours on war room
00:10:08.660 because she's so emblematic of the system she lost in 2016 the system was caught flat-footed
00:10:17.520 we all know that the system puts up ghosts that they run candidates that they know that are
00:10:24.620 compromised that they can control one or more of those items right mrs clinton cannot believe that the
00:10:34.080 system candidate herself lost in 2016 to a non-system candidate to somebody that the system again of
00:10:44.300 which she sits atop beat her and beat the system so of course she and the system vowed never again
00:10:53.840 this is why you saw what you saw in 2020 the system pulled out all the stops you had an unprecedented
00:11:01.420 virus that was launched on purpose in the fall of 2019 out of china you had an unprecedented global
00:11:10.020 economic lockdown in order to stop the roaring trump economy you had the george floyd narrative
00:11:18.100 created he died of a fentanyl overdose they created the lie that he was killed by cop then they activated
00:11:24.560 antifa and black lives matter to burn down america then you had the rigged election and then the cherry on
00:11:31.160 top was the fed's direction of january 6th so you had five catastrophic events launched by the system
00:11:38.640 in 2020 all to stop one man and his movement and there's something else there's another reason yes
00:11:46.180 of course it was about stopping donald trump and america first but there's another reason guys
00:11:50.200 the reason they pulled out all of the stops is that donald trump stopped the 2030 globalist agenda
00:11:58.100 america first on shoring manufacturing jobs economic nationalism stopping the globalists out of the
00:12:06.880 world economic forum the un the world health organization all of the the globalist agenda by
00:12:13.580 2030 you will own nothing and be happy he put a stop to all of that so they could not allow him to
00:12:20.280 win re-election in 2020 they couldn't have it so they literally threw the spaghetti against the wall
00:12:26.220 from a virus to antifa to the rigged election to january 6th all to try to stop this man and they
00:12:33.860 did temporarily which brings us to today they thought that the law fair would stop him we've talked about
00:12:41.460 this ad nauseum on this show that has all failed here we are mid-september 48 days away from saving
00:12:47.940 america the law fair stopped so plan b was tried to kill him steve talked about this before he went away
00:12:55.060 we have now had two assassination attempts we're going to have eric prince here in just a couple
00:13:00.920 of minutes uh to walk us through what we know about this latest assassination attempt they're not going
00:13:06.780 to stop they cannot stop institutionally ideologically and in terms of the spiritual war they cannot stop
00:13:16.020 so they will continue to try to neutralize donald trump and by extension all of us and the america first
00:13:23.840 movement and this brings me to my final point here for the monologue and we're going to turn to
00:13:30.880 stephanie pomboy in just a few minutes here on what the fed is going to do later today in terms of
00:13:36.340 interest rates which affects all of us and will have political consequences the system now is a cornered rat
00:13:45.180 i did my podcast yesterday on this very issue so please go check out yesterday's monica crowley
00:13:52.220 podcast they are now cornered rats what do cornered rats do they get increasingly desperate
00:13:59.520 they start looking around and start lashing out the system is a cornered rat mrs clinton's comments
00:14:09.260 there the comments from the media all of the projection like well donald trump needs to
00:14:13.580 ratchet down his rhetoric blaming the victim okay everything is of a piece
00:14:20.800 she is giving voice to the desperation of the system but when the system is desperate it is
00:14:29.360 increasingly dangerous and that's why word of warning we need all hands on deck we're all
00:14:35.460 volunteering i'm going to tell you what i'm doing on the other side of the break as well with
00:14:39.100 the trump campaign we need everybody moving here we need everybody activated we've got 48 days to
00:14:47.060 save america we need to be braced for what the system has planned but that's why you're here in
00:14:52.380 the war room all right let's hit a quick break when we come back we're going to talk to the economy the
00:14:56.480 fed interest rates recession the elites are getting desperate they now want to use the technology behind
00:15:03.960 bitcoin for their own orwellian purposes their gold to dominate our economy by forcing everyone to use
00:15:10.260 central bank digital currencies which they control imagine your every purchase being called into
00:15:16.620 question your every move tracked like you live in a communist country this is not the america we want
00:15:23.000 but it is the america they want to create fortunately you can fight back i believe owning gold is the best
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00:16:09.920 info kit on gold ira here's your host stephen k bannon
00:16:15.660 i'm monica crowley in today for stephen k bannon a huge show lined up for you just before we get to
00:16:26.260 stephenie palm boy just want to let you know i am an official trump surrogate now so the trump
00:16:31.620 campaign is sending me into the swing states to headline different events i was in wisconsin i'm
00:16:38.260 going to arizona at the end of this week to do another big event i'm also helping with the training
00:16:43.920 on the two big entities that we talk a lot about here on war room to have a full mobilization of the
00:16:51.520 war room posse trump force 47.com to volunteer your your time your resources your expertise
00:16:58.600 and protect the vote.com so i'm engaged in some of the training state by state i did a big statewide
00:17:05.560 training in minnesota about a week and a half ago on monday i'm going to do a big statewide training
00:17:10.480 in the state of nevada so please check out those websites we need all hands on deck the army of the
00:17:17.700 wakened as steve calls us we literally need everybody so i'm doing my part i'm here i'm on
00:17:24.300 television doing my podcast i'm in the swing states protect the vote doing the training if i can do it
00:17:30.080 you can do it we need everybody on board 48 days to save america all right big economic news coming
00:17:37.100 today who better to turn to than stephanie palm boy she is the founder and president of macro mavens
00:17:43.640 and she's also my great friend stephanie welcome thanks so much for having me monica it's great to
00:17:49.500 see you i've missed you i know you too i've missed you too all right so let's get to what the fed is
00:17:56.240 going to do today there is a lot of speculation um the consensus is they are going to cut rates
00:18:01.800 speculation is it could be as high as 50 basis points but the general consensus is 25 what do you
00:18:09.200 think well you know i'm not going to weigh in on the odds of 25 or 50 because lord only knows
00:18:15.820 with this gaggle of monetary magoos as i like to call them um but you know the real question is why
00:18:23.880 is the fed cutting rates at all i mean i happen to see a lot of signs of recession but no one on wall
00:18:29.920 street thinks we're going to have a recession everyone's betting on this soft landing including
00:18:34.320 the fed they're not forecasting a recession and the inflation measures are still above their target
00:18:40.160 and per the data we got last week are actually trending higher not lower so the trend is not their
00:18:47.720 friend here um and they're kind of declaring mission accomplished i would say prematurely on the
00:18:54.060 inflation thing so basically the question is what's the what's the um rationale for cutting rates
00:19:00.820 given all of that uh one uh it could be to support uh risk assets since we're in this massive bubble
00:19:08.220 um and two uh you know to uh help the election uh in terms of the incumbent party so i hate to go
00:19:19.420 there but you know if they do a 50 basis point move um given everything i just outlined it would seem
00:19:25.240 to be nakedly political much less at 75 which elizabeth warren and a couple other senators pushed
00:19:32.480 the federal reserve to do the day before yesterday so um you know we'll see what happens but uh the the
00:19:39.340 risk here is that the fed ends up cutting prematurely and inflation uh starts to heat up again and then
00:19:47.720 they're really in a predicament yeah i mean they were late to the game right first of all it didn't
00:19:53.360 take a rocket scientist to figure out we were going to have this astronomical inflation when we saw the
00:19:58.940 massive government spending literally a month or two into the biden harris administration the so-called
00:20:05.540 inflation reduction act which i believe was signed in march of 2021 immediately like that day you started
00:20:12.700 to see inflation start to tick up the fed was so late to the game and i know you and i and so many
00:20:18.500 other economic observers were screaming at the fed you have to start raising rates and they waited way
00:20:24.500 too long and and so now the pickle that you're describing is different but there's still so much
00:20:30.600 money sloshing around the system stephanie trillions of dollars they pushed eight trillion dollars down
00:20:36.660 into the system just over the last three and a half years so i mean they're going to cut rates but to
00:20:42.700 your point it's not really going to solve the problem right it's it's a trajectory so i guess
00:20:49.140 the market is going to respond to to a trend that they assume the fed is going to take correct exactly
00:20:56.160 so the key today won't really be whether the fed cuts 25 or 50 what the fed chairman says in the press
00:21:03.520 conference after the announcement and you know that is what wall street's going to hang up on because
00:21:09.540 if he cuts 25 lays the door open to aggressive uh future rate cuts um that's going to be one thing
00:21:17.940 you know that's entirely possible i think but you know to your broader point the real issue that the fed
00:21:23.880 is dealing with is that the fiscal policy here has been completely uh reckless you know we pumped when
00:21:31.020 biden came in he was pushing money through these uh you know post covid stimulus plans uh to consumers
00:21:39.140 and businesses that didn't need it anymore you know the pandemic was over and they continue to push money
00:21:44.980 out there and that set off the inflation coupled of course with their anti fossil fuel uh agenda that
00:21:52.820 basically shut down domestic production and sent oil prices through the roof so obviously that's a key
00:21:58.660 driver of inflation more broadly so that combination is something that the fed had to grapple with and yet the fed
00:22:05.060 has strenuously tried to avoid weighing in on this reckless fiscal policy that they have to then go out and
00:22:12.340 drive rates up you know the fastest and most aggressive pace since volcker um to to quash and the real uh sad
00:22:21.140 part of it i mean it's all tragic but the really awful part of it is that those higher rates really have
00:22:27.780 only impacted consumers on wall street interest rates went up a lot in anticipation of the fed rate hikes
00:22:35.460 but then starting in october 2022 so two years ago they started uh anticipating these rate cuts and rates
00:22:44.500 to corporate borrowers started coming down so you know there's deals being done every day uh credit issuance
00:22:51.380 in the corporate bond market is very lively from everyone's being able to get credit it's
00:22:57.380 consumers who've been walloped to 23 percent credit card rates you know mortgage rates obviously went up so
00:23:04.180 sharply that now we have a housing problem where no one can move uh so you know the consumer as ever
00:23:11.620 has paid the price for these reckless monetary and fiscal policies and if the fed cuts rates now prematurely
00:23:19.140 um the inflation numbers will heat up again and then they'll have to reverse course um and possibly even
00:23:26.260 raise rates um where they just are beginning to cut you know it really doesn't inspire confidence among
00:23:33.780 the general american public when you see the fed that are supposed to be the the monetary guru scrambling
00:23:40.900 and they're always late to the game or too early to the game and you know i spent two years at treasury
00:23:45.860 stephanie as you well know and there was interaction especially during covid to coordinate the special fed
00:23:52.660 instruments with what we were doing on the fiscal side and i gotta tell you the fed is totally political
00:23:58.340 like every other institution in this country and the fed spends so much time on totally unrelated things
00:24:04.820 like climate change and and social justice stuff rather than focusing on their core mission and like you
00:24:11.940 say it's it's the average american who's left holding the bag going to the grocery store filling up your gas
00:24:18.580 tank all of it is interrelated yeah well i don't call them the monetary magoos for nothing that may be an
00:24:25.460 outdated reference but i remember the cartoon mr magoo was so myopic and he couldn't see he couldn't
00:24:31.460 see what was right in front of his face and that really i think is an apt description for the federal reserve
00:24:36.980 that just can't see they've inflated the largest financial asset bubble in the history of mankind
00:24:42.420 um and you know here they are about to cut rates with the stock market record highs and credit issuance
00:24:49.220 as i said you know going full steam ahead um so it's a problem and also to your broader point on uh the
00:24:56.100 interaction between the fed and the treasury you know what you all went through during the pandemic
00:25:01.620 obviously was critically important to make sure that credit was available to places where it needed to go
00:25:08.180 right now because we're running these monster deficits at a time when the economy is in a
00:25:13.780 expansion and doesn't require this kind of aggressive fiscal stimulus um to avoid interest
00:25:20.820 rates in the treasury complex moving much higher they have been issue they have been financing these
00:25:27.460 massive deficits stephanie i'm sorry i gotta stop you right there we've got to hit a hard break but i want
00:25:32.660 to hold you over because i want you to talk about the the dollar is the reserve currency it's under
00:25:37.940 direct threat you've been talking about this a long time stephanie sit tight we'll be right back
00:25:43.300 did you know there is nearly one trillion dollars of infrastructure and pandemic funds yet to be
00:25:49.220 spent that's right there's a massive amount of money that the lame duck administration is pushing hard to
00:25:54.980 spend in their last few months if biden can push out these funds we could see another prolonged
00:26:00.820 inflation surge just like during covid and i'm sure you remember the terrible effects that high prices
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00:28:57.140 here's your host stephen k bannon
00:29:04.420 welcome back to the war room i am monica crowley and for a great friend and fearless leader stephen k bannon
00:29:10.580 all right we're rejoined here by stephanie pomboy the founder of macro mavens on the fed and what
00:29:16.900 they're likely to do today but stephanie before we let you go i want to ask you about an issue you
00:29:22.260 have been on top of for a very long time you have been raising the alarm for a long time want to talk
00:29:27.700 to you about the status and the threat to the u.s dollar as the world's reserve currency the bricks
00:29:34.180 nations that have been engaged in this constant assault against the dollar and advocating for the
00:29:40.180 removal of the dollar as the world's reserve currency they're meeting next month can you walk
00:29:45.220 us through what we can expect well um first off this bricks meeting doesn't come out of nowhere they've
00:29:51.780 been gathering together multiple times throughout the year for a long long long time i mean years
00:29:57.220 and years and establishing more uh communication and interaction and groups they have a national
00:30:04.900 development bank that you know sort of emulates their version of the imf so they've really developed
00:30:10.900 a lot of the infrastructure there um and they're cobbling together trade agreements in their own local
00:30:17.300 currencies the question is will they come forth with a bricks currency where they can all interact
00:30:24.180 with using one currency rather than each other's discrete uh currency so that announcement could come
00:30:30.260 uh at that meeting in russia in october um but at a minimum they will announce some significant progress
00:30:38.100 toward that end and what's important about this particular meeting is that in contrast to last year
00:30:44.340 putin will be there because it's on russian soil you know since the invasion of the ukraine he
00:30:49.300 hasn't been able to leave russia lest he be extradited um and so he can now be there in attendance
00:30:56.740 along with chairman g which makes for the perfect photo op along with some announcement of real
00:31:02.500 progress toward this joint currency um so this is something nobody in the west is really paying
00:31:07.860 attention to we suffer from this arrogance and this hubris around the dollars reserve standing that
00:31:13.700 it will last forever meanwhile foreigners not just the brics countries but our one-time allies you
00:31:20.580 know japan for example have progressively decreased the amount of treasuries they're buying
00:31:26.580 every year so we have a huge problem you know as we were talking about at the end of the last segment
00:31:31.300 our treasury issuance is over two trillion a year those foreign creditors used to take down all of our
00:31:37.620 issuance now they're just a couple hundred billion a year so we have a you know a one and a half trillion
00:31:43.860 dollar financing gap that we need to fill and the question is how are we going to fill this what i've worried
00:31:50.900 about forever and the reason i've been so concerned about the future of the dollar is that the only
00:31:56.020 audience for the treasury issuance is the federal reserve which can buy those treasuries um via its
00:32:03.460 balance sheet which is what it did obviously during the pandemic and it did post the housing bubble bust
00:32:10.340 back in the financial crisis of two thousand eight nine so that's called quantitative easing and my
00:32:16.340 expectation is that quantitative easing you know all of wall street's focused on fed rate cuts
00:32:22.100 i'm more concerned about what they end up doing eventually with a balance sheet and how much they
00:32:26.820 end up expanding it just to absorb the massive amount of treasury issuance that we have each year
00:32:33.460 that our foreign creditors aren't taking down anymore um and i had this novel idea we probably don't have
00:32:39.700 time to get to it but uh for how uh president trump when he's elected can address this this is a real
00:32:47.540 existential threat to the us that threat of the dollar's reserve standing and how we can fix that
00:32:53.540 and create an audience of domestic uh buyers of u.s treasuries by making treasury debt tax-free the way
00:33:01.940 municipal debt is tax-free that would create domestic interest in buying treasury debt um so we wouldn't have
00:33:09.700 to rely on foreigners who increasingly aren't interested in buying our paper that is such a creative and
00:33:16.980 interesting idea and you know the president has issued all kinds of very innovative uh economic
00:33:23.300 ideas during this campaign from no tax on tips to no tax on social security benefits no tax on overtime
00:33:30.100 this fits right into that so i hope the campaign is listening we will get them that idea for sure
00:33:35.780 um before we let you go stephanie obviously china is part of bricks they are the sea in the bricks
00:33:41.220 acronym they are the existential external threat to the united states so they're the ones really
00:33:47.620 leading the charge they would love to have the dollar no longer be the reserve currency if that
00:33:53.060 happens in that emergency event just very quickly stephanie what does that look like for the nation
00:33:59.300 for the global economy and for individual americans well obviously the dollar uh if it were to go down
00:34:06.820 relative to these other currencies which it would if it lost its reserves standing but even every day you
00:34:12.740 know it's being used less and less in these global trade transactions so its share of global forex reserves
00:34:19.140 is now at a 29 year low so it's losing value every day which your uh audience knows when they go to the grocery
00:34:26.180 store and the price of everything they buy has gone up that's a function in part of the fiscal policy but also
00:34:32.020 the weakness of the dollar and the erosion of the purchasing power so that silent killer that erosion
00:34:38.260 of dollar purchasing power would really ramp up big time were the dollar to uh take a major hit in terms
00:34:45.460 of its reserve status or lose it entirely ultimately i think the end game comes back to a return to a gold
00:34:53.060 standard i know you were around with president nixon when we initially went off the gold standard i think
00:34:59.300 that our solution and the thing that will save the united states is that we have the largest gold reserve
00:35:06.100 so if push came to shove we could back the dollar with gold and reassure the dollar and make it again
00:35:13.460 the world's you know most exemplary currency but there's going to be a lot of pain you know no policy
00:35:19.540 maker is going to do that voluntarily it will be uh on um via these challenges to the dollars reserve
00:35:27.460 status and in that process uh the purchasing power of the dollar is going to go down sharply and
00:35:34.020 inflation everyday prices for consumers here in the u.s will continue to move sharply higher
00:35:42.020 yeah it would be a total economic implosion globally and certainly here at home uh for sure
00:35:47.860 two things stephanie number one i worked with president nixon during the last years of his life so
00:35:52.980 i was not around when he did the gold maneuver so i i was not born when he was elected president
00:35:59.220 do not age me by like 20 years i'm sorry and yeah no no that's okay and the other thing
00:36:05.140 i don't know whatever any more coffee not at all i just want to clarify for the audience
00:36:11.540 the second thing stephanie it was really nice to see your dog join the interview your dog looked
00:36:18.420 like he was having a ball uh stephanie before we let you go where can everybody find you uh they
00:36:24.420 can find me i'm so sorry monica i don't know when i'm thinking about you and and nixon anyway that's
00:36:29.860 fine um so anyway uh they can find me at macromavens.com uh or follow me on twitter at rest plomboy
00:36:40.260 um and both of those work so thank you so much for having me monica this has been great
00:36:44.340 and uh look forward to seeing you hopefully soon my great pleasure thank you so much stephanie
00:36:50.740 everybody go follow her she is the best thanks so much all right joining us now to talk about the
00:36:55.940 massive spending bill the six-month continuing resolution and the save act and where it all
00:37:01.300 stands now is texas congressman and our great friend here on war room chip roy chip it's great
00:37:07.220 to see you thank you so much for being here once again you sponsor the save act the save act passed
00:37:12.420 congress a couple of months ago and now speaker johnson is saying he is attaching it to the six
00:37:18.100 month cr but there's a lot of drama surrounding it so tell us where we are right now yeah well i mean
00:37:25.140 i certainly am grateful that we passed the save act through the house five democrats joined us it's
00:37:29.380 jammed up in the senate uh the bill would actually uh have impact immediately if we were to get it signed
00:37:34.980 into law and it's good all the way through election day because 22 states have registration right
00:37:39.460 up through election day so the people saying there wouldn't have any impact we pass it are just
00:37:43.380 straight up lying and incorrect so we do need to pass it we do need to force the question and the one
00:37:49.060 way to force the question the senate is to attach it to a funding bill uh right yeah go ahead go ahead
00:37:58.100 i sat in the rules committee where the democrat uh ranking uh member uh she said i want we democrats
00:38:05.380 want an omnibus bill in december she said that that is the position of democrats so any republican
00:38:13.540 who gets up and they want to claim the moral high ground and say they are against this play to try to
00:38:20.100 push a cr with the save act they are for or getting a cr in december which means right before christmas
00:38:28.260 because that is what is guaranteed to happen if we don't pick the fight that the speaker is trying
00:38:33.780 to pick right now now look i got all these guys out there who are saying including my good friend
00:38:38.260 thomas massey who's acting like he's freaking nostradamus or something saying oh i've got a
00:38:42.980 prediction for you that suddenly the speaker and the surrender caucus are going to walk away from the
00:38:47.460 fight well no that's what they do they walk away from the fight but we need to pick the fight expose it
00:38:54.660 and then try to land the plane by not having a cr in december so i would dare any one of my colleagues
00:39:00.820 who are against this plan come forward with a better plan that we will actually be able to move
00:39:06.020 pass and unite the republican party to go beat democrats but that's the actual goal between now
00:39:10.740 and november and you know what it's why donald trump put out a tweet in favor of it in july the freedom
00:39:16.420 caucus put out an official position for it and it is why president trump said on the interview with you
00:39:22.660 that he supported at attaching the save act to the cr we should fight don't don't don't predict
00:39:29.780 failure and then be the reason why we fail and that's what some of my friends are doing unfortunately
00:39:37.300 yeah and you know chip president trump also said to me on my podcast that he was willing to see
00:39:42.660 the government shut down over this because if you have no election integrity going into this election
00:39:48.420 and beyond we're lost as a country and this is it so what what are you hearing i mean you are very
00:39:54.820 strong we appreciate you so much but there are so many of your colleagues who are not quite as strong
00:40:00.820 and they do not want a government shut down this close to the election what can you tell us about
00:40:05.540 that dynamic well it's the dynamic we've been wrestling with for a long time remember i was senator
00:40:11.060 cruz's chief of staff when we had the infamous obamacare shutdown in in 2013 he was right to do it we
00:40:17.860 are now living under obamacare um i'm happy to go and do a shutdown personally but here's the thing
00:40:23.540 we have a conference and we've got to hold 216 republicans together and we have about 20 to 25
00:40:29.300 members of the conference who tell the speaker and tell us that they will get destroyed in november
00:40:34.900 if we have a shutdown now i question that but there are pollsters friends of ours i think scott
00:40:40.500 rasmussen has tweeted about this others who say well they wouldn't get destroyed if we have a shutdown
00:40:46.100 i disagree i say have the shutdown take the argument to the american people but you know what
00:40:51.140 i'm one 435th of one half of one third of this disastrous hellhole in washington you've got to come
00:40:58.100 up with 216 people and figure out how to go ride and so for the people who are saying we can't do a cr plus
00:41:05.300 save you are unilaterally disarming you're walking away from the fight and you're guaranteeing the one
00:41:11.540 thing you say you don't want which is a continuation of current funding to expire before christmas to
00:41:18.020 allow for a great big omnibus fight in december we think we should extend to march force that fight
00:41:25.380 and try to have the fight on save act i'd love to go into shutdown but you know what we'll guarantee
00:41:31.060 that we won't get there is don't pass this bill this is like you know exactly chip it's like we got
00:41:37.140 a hard break can i ask you to can i ask you to hold on and just ride with us through this break
00:41:42.900 because people are pissed more with chip roy on the other side americans are tired and frustrated
00:41:49.220 by a stalling economy inflation endless wars and the relentless assault on our values thankfully there
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00:42:12.820 switching to patriot mobile today you'll get the same nationwide coverage as the big providers
00:42:19.060 because patriot mobile operates across all three major networks plus they back their service for the
00:42:25.380 coverage guarantee keep your number keep your phone or upgrade go to patriot mobile dot com slash bannon or
00:42:34.100 call 972 patriot right now get a free month when you use the offer code bannon switch to america's own
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00:43:55.940 1-800-958-1000 or visit tnusa.com slash bannon tnusa.com slash bannon here's your host stephen k bannon
00:44:11.380 welcome back to war room i am monica crowley in today for stephen k bannon and we are rejoined once
00:44:22.180 again by texas congressman chip royce sponsor of the save act so chip we're talking about this before
00:44:29.140 we're going into the break and it's clear that when we're talking about the cr a potential omnibus
00:44:35.220 coming later in the year um and the safe act we're talking about two direct existential threats to
00:44:42.180 the united states government overspending that is careening us toward a brick wall of a major debt
00:44:48.580 crisis the likes of which we've never seen before and election integrity to the point where we're
00:44:54.340 going to have illegal aliens voting by the millions without the save act which is really going to destroy
00:45:00.180 the country so these two existential threats are facing us and they're all wrapped up in this one
00:45:05.860 issue a lot of this audience probably everybody in this audience including me has little to no
00:45:12.260 confidence in speaker johnson to actually take this banner all the way through shut down the government
00:45:18.820 if necessary is speaker johnson going to cave on this issue yeah let's rewind the clock just for one
00:45:25.300 second back to february of 2021 and my good friend russ vote frequently on this show former omb director
00:45:31.060 for president trump he and i were on a stage where we talked about defunding tyranny we were one of the
00:45:36.420 earliest people to lay out this whole idea that we should not be funding the very government that's
00:45:41.060 undermining our freedom and our liberty i stand by that i have no interest in giving this administration
00:45:46.180 another dollar here's the thing there's zero chance no matter who the speaker is that we're going to
00:45:51.700 pick a shutdown fight between now and election day that's just my general belief of the matter i would
00:45:58.260 i don't believe we have the votes for it so the question becomes what do we want to go try to fight
00:46:03.620 for and get my view is we want to avoid a lame duck omnibus so now let's go to the speaker question
00:46:10.900 i had violent disagreement with speaker johnson last spring as is well documented i fought him on the
00:46:16.180 ukraine funding that was tied to israel and i voted against it i took lots of arrows from the jewish
00:46:20.820 community uh christians united for israel other folks said you didn't vote for israel funding
00:46:25.780 well we all talked about this last year when we said you know what if you're gonna do ukraine funding
00:46:31.780 tie hr2 to it demand border security because my belief was that would anchor it down well unfortunately
00:46:38.100 the speaker put it in a great big omnibus spending bill in the spring and he passed it i think that was
00:46:43.460 a terrible mistake and i think he walked away from securing the border so i was one of 11 republicans
00:46:48.900 who voted not to table the motion to vacate the chair but guess what we lost he's the speaker the
00:46:55.860 speaker has been in contact with the trump administration trump team and president trump
00:47:00.260 tweeted out his desire that we pick these fights so here we are i think here's the one thing i know
00:47:06.020 you can't win a fight you don't pick and if my friends say well we're gonna walk away from the fight
00:47:11.860 you're guaranteeing that we will get a cr into december i want to avoid that i don't know whether
00:47:18.180 they'll fold on the save act they probably will but you know what you don't know until you get there
00:47:23.300 but then force the question and then try to use it as leverage to get six months because you know what
00:47:29.540 john tester and the democrats are scared of this vote testers already walking away from this issue
00:47:35.380 sherrod brown in ohio we need to give president trump the biggest senate and the biggest congress
00:47:40.340 we can and then we need to go win primaries and we need to pick speakers and leadership that will
00:47:45.780 carry out the the actual will of where we want to go as patriots but we can't win a fight that we don't
00:47:51.620 pick we walk away right now i promise you what we'll get is a cr into december right before christmas
00:47:58.900 which is exactly what the democrats and republican appropriators want the people opposed to our
00:48:04.580 current play are siding with the democrats and the appropriators to get a december omnibus
00:48:11.140 yeah you know it all gets down to on the spending side chip the fact that government has no profit
00:48:17.380 motive if you're running a public business publicly you know traded business or a private business a
00:48:23.060 small business your bottom line is your bottom line right you have to meet payroll you're trying to
00:48:28.260 turn a profit you've got a profit motive to function government's motive is only power and with power
00:48:34.900 the thing that fuels power is money so there's no incentive to actually cut spending but we're about
00:48:40.420 to hit the wall the american people certainly this audience we are pissed we're so tired of seeing
00:48:46.580 congress running around with their hair on fire the night before christmas it's christmas eve and
00:48:52.020 they're voting on a cr or an omnibus and then we get trillions more and funding all of this
00:48:58.020 bs including the lawfare against president trump so speaker johnson who has said oh i'm all for
00:49:03.940 election integrity well where has he been the last year and a half that he has been speaker or oh we're
00:49:09.220 totally opposed to the weaponization of doj and yet time and again he's shepherding bills through
00:49:14.820 at the last minute hair on fire funding all of this stuff well and these are the right questions to
00:49:22.260 ask and what i would suggest is we've got to set up a framework by which we can actually go
00:49:27.780 cut the spending so i've got friends of mine saying well we shouldn't do this because it continues
00:49:31.940 spending at the current levels i agree i would dramatically cut spending i don't have the votes
00:49:37.060 to do that right now so what i'm trying to do is figure out how do we get to a world in which donald
00:49:42.500 trump is in the white house and we have leverage in the house and the senate to deliver next spring
00:49:47.620 now to be very clear it will be really hard to deliver even then but i like our chances when
00:49:53.700 we've got president trump there we've got steve bannon back in the chair we've got the posse organized
00:49:58.980 to put pressure on the surrender caucus who want this but here's the bottom line until we break the back
00:50:05.140 of the defense industrial complex and the people who are driving the train in this town for spending
00:50:10.580 we will never get off this merry-go-round too many republicans are beholden to what a handful of
00:50:16.180 corporate interest in this town say needs to be our defense spending it's the same thing with
00:50:20.500 health care it's the same thing with hospitals pharmaceuticals all of the people that are
00:50:24.900 killing us for being able to have access to our own health care and frankly to have innovative
00:50:29.140 defense strategies to defend our country against what you saw massad do yesterday god bless him
00:50:34.260 going after hezbollah and all the terrorists but you know what we need to be able to defend against
00:50:38.420 that as americans this defense world is never going to do that and we keep writing them blank
00:50:43.140 checks in the false name of defense we need to fight that but to do that strategically we need
00:50:48.340 trump in the white house and we need to have the house majority in the senate majority so let's pass
00:50:52.820 this bill jam it down the democrats throat in the senate and then let's figure out what we're going
00:50:58.260 to do in october and if the speaker won't shut it down we'll have that debate then but if you don't
00:51:03.780 pick the fight you'll never freaking know and that's the problem people who are self-fulfilling
00:51:08.580 prophecies by opposing it right now yeah that's exactly right chip we have less than a minute so
00:51:13.620 like in 30 seconds you mentioned the senate jam it down the democrats throat there but our republican
00:51:19.540 leadership on the senate side mitch mcconnell he had a senate lunch yesterday not one word about this
00:51:24.900 he was talking about raising taxes when the head of the party president trump is running on cutting
00:51:29.460 taxes just very quickly a word on mcconnell yeah well thankfully we're going to have new leadership in
00:51:35.140 the senate but you know we've got to make sure we have leadership in the senate that will actually
00:51:39.060 want to lead in a direction where the american people are this is not 2000 it's not 2005 we have
00:51:44.980 a new republican party that we're building who believes in protecting american families
00:51:49.460 not having big corporate interests roll over our ability to live our lives you know cut taxes more
00:51:54.580 money in our pockets but we also need to limit government spending and get our take our country back
00:51:59.620 to secure our border we need a side leader amen we're done we're done with this got to tell you
00:52:04.340 chip roy thanks so much more more on the other side i want to warn you of a huge change that could be
00:52:10.580 coming to our money in our bank accounts first think back to 9 11 shortly after the government pushed
00:52:16.660 through the patriot act this gave the government power to spy on innocent americans by monitoring our
00:52:22.420 phone and email and tracking our movement across the internet now jim rickards editor of the
00:52:28.340 independent financial newsletter strategic intelligence and new york times best-selling
00:52:32.900 author is warning about a coming event that could elevate this governmental surveillance to a terrifying
00:52:38.900 new level in fact some of the guests i've had on the war room believe that the government will soon
00:52:44.020 expand their powers to track our every move if we say the wrong things on social media donate to the
00:52:50.660 wrong causes buy firearms or even vote maga the government may be able to shut us out of our bank accounts
00:52:58.100 i can't say for sure if this will happen but it's an interesting and dire warning fortunately jim
00:53:04.340 rickards an american patriot and friend of mine has made it his mission to educate us on what he
00:53:09.540 believes is coming and how to protect yourself from the possibility of programmable money watch jim's
00:53:17.060 warning video now before it's censored like i've been in the past go to rickardswarroom.com that's
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