Bannon's War Room - Episode 4006： The Left Wants To See MAGA Broke

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

00:00:10.540 medieval on these people here's not got a free shot all these networks lying about the people

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

00:00:21.300 everything in the world to stop that but you're not going to stop it it's going to happen and

00:00:24.640 where do people like that go to share the big line mega media i wish in my soul i wish that any of

00:00:32.480 these people had a conscience ask yourself what is my task and what is my purpose if that answer

00:00:39.580 is to save my country this country will be saved war room here's your host stephen k bann

00:00:54.640 all right thank you very much uh brother jack posobik dave bratt sitting in the war room with

00:01:00.020 the great stephen k bannon uh very excited uh for the for the return of stephen on tuesday uh we're

00:01:09.200 all looking forward to it make sure you tell everyone share this platform with everyone

00:01:13.500 so we spike the numbers through the roof for the return of steve and uh i cannot wait to hear him

00:01:20.580 go off it's going to be inspiring uh today uh we open all the shows in honor of uh stephen k bann

00:01:27.240 name of the father the son and the holy spirit amen and today we want to pay particular attention

00:01:33.620 on the war room the big the big three issues are always uh the economy uh and then the uh border

00:01:39.740 invasion and then the endless wars and uh today's show we got philip patrick with us we got bill walton

00:01:46.600 with us uh and we're going to cover uh the economy right which uh is uh number one uh for trump all

00:01:54.240 political views are my own uh it's the number one issue in polling for the american people it's the

00:01:59.400 number one for the republican party uh and it's number one in the war room right and they're all

00:02:03.760 tied together of course right the border invasion is linked to cheap wages and the globalists and the

00:02:08.640 endless wars the same thing so today i just want to give a recap of the last four years of what stephen

00:02:14.320 k bannon would highlight peter navarro uh myself uh ej and tony and uh philip patrick as well coming up

00:02:22.640 uh right here and so let's just go through what are the central graphs uh the central charts that

00:02:28.220 explain the reality of what has been and what will be because of this it's not an optimistic outlook

00:02:35.440 in in fact bill walton's going to cover the uh goldman sachs story uh this this week the end of this

00:02:43.300 week goldman sachs came out and said we'll have three percent nominal growth uh in the stock market

00:02:50.040 for the next 10 years nominal means with inflation in it so if you take out uh inflation you're left

00:02:57.960 with one percent and that that's optimistic one percent real growth in the stock market per year

00:03:04.140 for the next 10 years that that folks i can't tell you how dire that is so that that's the lost

00:03:10.560 decade steve bannon's been talking about forever so let's just start off at the top i'm gonna go

00:03:15.240 through these fairly quickly because philip patrick is coming on uh and we're gonna have a discussion of

00:03:20.840 all these charts uh coming right up okay so denver uh just slap up chart number one and then go back

00:03:26.720 to my uh face after i get done introducing what's here uh but you know do you notice anything peculiar

00:03:33.140 here in this chart anything out of the normal that flat line going for you know 30 years uh down at

00:03:40.660 the bottom fairly flat and then all of a sudden the federal reserve uh and this is from them right

00:03:46.760 anytime you see a graph with fred that's the federal reserve data so this is uh we're not making

00:03:51.980 it up uh there's the money supply m2 the money supply goes straight up through the roof so you don't

00:04:00.640 want a conspiracy theory you don't want to say this time is different but folks it is there has

00:04:05.940 never been uh such an irresponsible federal reserve or federal government in all the years of my study

00:04:13.240 in economics you will never see this uh we basically have world war ii uh debt and world war ii spending

00:04:20.280 without world war ii we have covid reaction throwing out checks to everyone in the country we have covid

00:04:25.680 budgets still at seven trillion and two trillion dollar deficits throwing money out to everyone in

00:04:31.820 the economy so if you want to know why the economy is still going up that's why right just like after

00:04:37.560 the 0708 uh financial crisis that gave rise to the tea party movement the people got ripped off uh the

00:04:45.240 feds and the federal reserve came in and saved the rich at the expense of the american people and

00:04:50.120 there's been a revolution brewing ever since and now you got this pop populist phenomenon sweeping the

00:04:56.200 country uh with the old republican party uh dissolving by the day the democrats are imploding uh right they

00:05:03.740 this primal scream of a dying regime folks and that last chart is roughly why but let's go a little

00:05:12.420 deeper and prove our case and the republicans the old guys the old paul ryans and the cheerleader types

00:05:18.940 we'll just grow our way out of it oh really okay next chart denver uh here is productivity growth for

00:05:26.460 the past 70 years all you need to do is go to the far left uh 70 years ago and you had productivity up

00:05:33.640 in the four five six percent range then in the middle is kind of the ronnie reagan two three four

00:05:39.200 percent and to the far right you'll see you know you just put a ruler going down the middle of that

00:05:44.100 stuff it's just going straight down and now we're at about two percent so productivity growth the

00:05:49.580 amount of stuff uh you make per hour uh the amount of stuff our country makes per person

00:05:54.640 is going straight down this this is the most damning graph there is uh this is 70 years of the u.s

00:06:02.420 getting sloppy uh and the next one is just as bad and even worse next chart denver uh this one is

00:06:11.620 congressional budget office just confirming uh the last 70 years down this one shows the next

00:06:17.300 30 years in the future our productivity is forecast to go down as well right from one nine to one six

00:06:25.480 if you're reading that chart right and so uh that's dire that is the economy the only way the numbers can

00:06:32.600 be uh higher than that is if you increase productivity and there's no sign we're doing that

00:06:37.720 or if government comes in and juices the economy by printing nine trillion dollars in money and running

00:06:45.880 two trillion dollar deficits as they are right now under the biden harris uh administration all right

00:06:52.840 next chart the next few are just uh rehashes uh here is the real problem that the liberals used to talk

00:07:00.180 about liberals are nowhere to be found now we got neo-marxists running all over the country

00:07:03.880 doing economic policy tearing a country apart this shows the rich uh the top 10 percent of the rich

00:07:10.760 own 90 percent of the stocks bonds and pensions this is from the federal reserve bank the rich

00:07:16.620 own everything uh the middle class is paying for everything uh not to mention the endless wars a

00:07:23.780 million dead in ukraine and three or four more wars brewing right now next chart denver uh why is this

00:07:31.940 happening productivity uh in the u.s is not good this is a graph of china's capital stock the amount of

00:07:39.900 capital equipment their businesses have to work with it looks like a rocket ship going up to the moon

00:07:44.560 they have a hundred trillion dollars worth of capital to work with this is what makes people productive

00:07:50.540 china currently is cracking up because they're communist uh and all communist regimes eventually crack up 0.95

00:07:57.240 uh but the next chart is gives us no assurance this is the united states capital stock it's going up but

00:08:04.360 at a decreasing rate uh and so if you're putting less capital in the hands of the american worker

00:08:10.000 uh we only have 70 trillion dollars of capital the chinese have 100 trillion uh so and we right

00:08:17.700 and america is the leader in technology in everything right our mit's and our research triangles

00:08:24.960 we're the enemy of the world but it doesn't translate into capital equipment we ship it all abroad to

00:08:30.440 china and it doesn't make its way down to the worker uh next chart uh just quick couple on the labor 0.95

00:08:36.980 market all all new jobs have been part-time the the the little bar you see on the left the red one

00:08:45.760 going down those are full-time jobs for americans they're actually going down all the new jobs are part-time

00:08:53.280 the green one going up next chart uh even worse uh to the far right uh you'll see uh there's two bars

00:09:03.140 the one going straight up all the new jobs for the past four years as shown on that graph uh and all

00:09:09.500 these will be available at the war room you can go look them up but we'll post them all online

00:09:13.300 but all new jobs uh have gone to foreign-born workers in the united states for the past four years

00:09:19.620 uh uh natural-born citizens no new jobs in the past four years this is why uh black brown uh blue

00:09:29.560 collar workers are all moving over into this populist movement uh and i think this election

00:09:37.280 the trend lines right now are all going in that direction and now we have philip patrick coming up and

00:09:44.140 i'll just end on this one right this one this one i'll get his uh blood boiling uh last chart this

00:09:50.720 is just long-term uh chart but it just shows you know inflation what people don't realize about

00:09:56.740 inflation when m2 when you print endless and m2 inflation over the past four years has been about

00:10:03.060 you know 22 and now it went from nine to five to four to three and now they say inflation's down it's

00:10:09.780 only three but prices are still going up by three percent no one seems to get this right so prices

00:10:15.900 are up 22 they're going up another three every year they're going to go up for three all the the rest

00:10:22.720 of the show will will show that in order to pay out the debt the fed's probably going to run higher

00:10:27.240 inflation to pay off that debt and so that last chart just showed uh your purchasing power inflation

00:10:33.500 over the past hundred years has been over a thousand percent inflation uh and it doesn't

00:10:39.260 affect just the money in your wallet it affects your retirement account if you think you got a

00:10:42.760 million bucks in your retirement account uh you do not when you take it out in 20 years you're going

00:10:47.620 to be shocked at what you thought that million bucks would buy you and so what no better person to

00:10:53.440 have on the show uh to respond to the commentary there and to give you some guidance uh philip patrick

00:11:00.360 from birch gold our good friend supporter of the show uh we love having him on and today's all

00:11:05.220 economics and so i wanted to have him on uh philip patrick what's your reaction to the charts and

00:11:09.960 take it away i mean dave i think it's very very important if that doesn't summarize the last four

00:11:16.240 years of bidenomics i don't know what does and it's not showing any signs of slowing down right when he

00:11:23.880 first got into office he had a pandemic excuse why is it continuing four years in right

00:11:30.300 running two trillion dollar deficits without a rationale to do so is an absolute absurdity and

00:11:36.620 one thing you know we we reference briefly debt service payments for the last fiscal year debt

00:11:42.680 service payments have been 1.2 trillion dollars right debt service is now the third largest item

00:11:49.500 in the federal budget the government last year spent 50 percent more on debt service than we do on defense

00:11:55.900 not only is that an absurdity but it's also a national security risk um i'm really glad you went

00:12:03.320 through those charts in a systematic way because the american people need to understand what's going on

00:12:09.500 and i think they do that's why the economy is the number one issue for the election and we need a change

00:12:16.380 in 11 days because if we continue down this path we'll be at the point of no return we have a world

00:12:22.780 running away from the u.s dollar today and you can see why right we're seeing destruction in the

00:12:29.500 purchasing power of the dollar and we have an administration held then on running massive deficits

00:12:35.800 well if i'm a foreign government holding u.s dollars that's going to be a big problem for me

00:12:41.280 the economy cannot suffer another four years of this policy we will we're almost at the point of no

00:12:48.460 return already but these numbers i think tell a story and that's why i say i'm very glad you went

00:12:54.600 through that detailed run through and i think all of the viewers should go on and look at those charts

00:13:00.020 in detail because they tell a very very interesting story yeah well i'm glad you just brought up uh this

00:13:08.220 thesis uh people running away from the dollar and the crash of the dollar empire and the other day

00:13:14.440 msnbc and the the early morning liberal talk shows uh just totally gaslit yeah steve's uh writings and

00:13:22.560 your writings uh and they made it sound like bannon and our team is for the collapse of the dollar

00:13:30.600 loosen our reserve status etc which of course is the exact opposite we're saying if you continue

00:13:37.400 these trends that i just laid out the endless money printing the endless debt the trillion dollars in

00:13:44.300 interest payments you you just pointed out uh we're collapsing the rest of the world is they know

00:13:50.460 now right every every all the financial houses are finally saying now they're the only way to pay off

00:13:55.980 uh this debt is to run high inflation right if you run inflation you pay back that debt with cheaper

00:14:02.960 dollars so that's what's happening uh the bricks are just meeting right over in russia right now

00:14:09.140 and so what why don't you just summarize right and gold i mean i i'd like to be you right i mean the uh

00:14:16.700 the whole world's buying gold uh the u.s now is looking everyone's looking where do you put your money

00:14:23.600 i did a little hit uh yesterday on the war room as well showing warren buffett has gone from a hundred

00:14:29.600 billion in cash to 300 billion in cash pile while the stock market's going up what does he know uh that

00:14:37.340 we don't he knows something negative is going to happen to that stock market and so uh gold ought

00:14:43.540 to be uh part of your solution uh and so philip patrick take it away there yeah look you you're

00:14:49.320 you're absolutely correct actually philip let me let me hold you and i'll come back to you right after

00:14:53.640 the break since we're heading right into a break let me hold you and uh we'll come right back with

00:14:57.440 philip patrick i want to warn you of a huge change that could be coming to our money in our bank

00:15:04.360 accounts first think back to 9-11 shortly after the government pushed through the patriot act

00:15:09.160 this gave the government power to spy on innocent americans by monitoring our phone and email and

00:15:15.220 tracking our movement across the internet now jim rickards editor of the independent financial

00:15:20.740 newsletter strategic intelligence and new york times best-selling author is warning about a coming

00:15:26.340 event that could elevate this governmental surveillance to a terrifying new level in fact some of the guests

00:15:32.860 i've had on the war room believe that the government will soon expand their powers to track our every

00:15:38.180 move if we say the wrong things on social media donate to the wrong causes buy firearms or even vote

00:15:44.980 maga the government may be able to shut us out of our bank accounts i can't say for sure if this will

00:15:51.500 happen but it's an interesting and dire warning fortunately jim rickards an american patriot and friend of

00:15:57.880 mine has made it his mission to educate us on what he believes is coming and how to protect yourself

00:16:03.700 from the possibility of programmable money watch jim's warning video now before it's censored like i've

00:16:12.040 been in the past go to rickardswarroom.com that's rickardswarroom.com now to see the video

00:16:18.800 war room here's your host steven k bannon

00:16:23.020 all right back in the war room dave bratt sitting in for the great steve k bannon uh we have philip

00:16:30.500 patrick in the studio we just teed him up on the left going off on the crash of the dollar regime

00:16:36.540 uh we're setting the record straight and uh we just said uh gold i wouldn't mind being philip patrick

00:16:43.820 they have uh they have read the tea leaves properly for a long time uh and so philip patrick

00:16:49.800 what what's your counsel to folks listening in out there uh where does gold fit in and i'd take it

00:16:55.280 from here of course so the end of the dollar empire is a warning that if we continue down this path

00:17:01.680 we're going to get to the point as i keep saying of no return it's a warning to the american people

00:17:07.080 that we need to do an about turn and this was a topic that's very important and very dear to steve's

00:17:12.240 heart over the last four years as we've been writing it this has been happening the u.s dollar

00:17:17.520 now is a share of foreign currency reserves is at 26 year lows now there is no better alternative to

00:17:26.120 the dollar in terms of currencies today it is still the tallest midget in the room the bricks do not yet 1.00

00:17:32.280 have a currency that can usurp the dollar and that's why they're buying gold and they're doing it

00:17:37.680 in record quantities for the last two and a half years they're using gold as a means to de-dollarize

00:17:44.420 and it makes sense right gold today is a better bet than the u.s dollar in the same time period the

00:17:51.340 dollar's lost 20 of its purchasing power gold prices have increased around 40 percent on top of that

00:17:57.880 the more gold they buy right it allows them to hold less dollars by doing so they drive demand down for

00:18:05.800 the dollar and they make the argument longer term easier for another currency to come in usurp so

00:18:12.140 it's slowly happening around us and that is why we need a change in policy that is why stephen k bannon

00:18:18.720 wrote those reports to let the american people know what's happening so they can go out and vote and if

00:18:24.340 rachel maddow actually opened the report and read the first page she would have known that

00:18:30.400 yeah why don't you take take a minute or two and go over i think we're in the fourth installment

00:18:37.240 already and steve's been an integral part of that with you guys uh tell people first of all how do

00:18:43.240 they reach you and then secondly how do they get those reports and then finally what's in those reports

00:18:48.720 of course so very simple look we have a lot of information at birch including the end of the dollar

00:18:54.440 empire series all people have to do to access it birchgold.com forward slash bannon again birchgold.com

00:19:03.620 forward slash bannon that's going to give them access to end of the dollar empire which will be

00:19:09.080 sort of a history from the creation of the federal reserve to how we got to the position we are today so

00:19:15.520 really just a historical piece which i think is very important they also have access to guides on

00:19:21.460 physical precious metals how and why to invest so birchgold.com forward slash bannon and what i would

00:19:28.760 say to people look we talk about these ideas of debt and the destruction of the dollar it affects all

00:19:34.560 of us on a daily basis so what applies to central banks and central governments around the world

00:19:39.960 it applies to us as individuals of course on a smaller scale

00:19:43.480 yeah and if uh if you want to keep unpacking i know steve uh really likes uh getting into that story

00:19:53.360 about the bricks so how many countries now uh it's not just you know the the bricks the brazils the

00:20:00.900 the the chinas the russias etc india modi's getting a little interesting right he was doing a little

00:20:07.360 dance over the weekend trying to keep one foot in both camps which is smart

00:20:10.920 and the indians are equally intelligent to the chinese uh but uh how many countries are involved

00:20:17.960 here and you know if if trump wins which it looks we're not getting too cocky on this side of the

00:20:24.760 football but it it looks uh like the trends are moving toward an understanding the american people

00:20:30.620 understand uh the risks now i think better than they have and uh so what what you're reading

00:20:37.080 on what these countries have been doing you know they say they just say explicitly we we want to

00:20:41.960 contest with the west and we're building up an army to go up against the west and uh what do you think

00:20:47.300 that looks like if trump wins and and what's your forecast going forward look so first of all in terms of

00:20:53.860 official members the bricks now have 10 official members there's another 35 nations that have been

00:20:59.740 invited there's a lot of interest now look um you know if there's one thing we learn about trump is

00:21:07.160 he has respect on the global stage so if anyone can put pressure on these nations i would say it's

00:21:14.700 trump the only weakness we have as a democracy is like these guys know whoever gets in trump camilla

00:21:21.660 there's a four-year term and i think these guys are looking beyond the next election cycle so

00:21:27.480 whether will it be able to stop it longer term that's a question i can't answer i think trump

00:21:33.260 may be able to slow that train by putting some pressure on certainly we know what we get with

00:21:39.260 another four years of camilla and that is huge deficit spending making the argument easy for these

00:21:45.960 nations and that's what we've been doing for the last four years steve says it on occasion i believe

00:21:51.280 it look a world run ruled by china i think is a frightening proposition in in the west but if i'm in china 1.00

00:21:59.720 with their interests at heart it's starting to make sense these guys are making the argument easier

00:22:06.520 and we've got to stop doing that if we have any chance of stopping this train

00:22:10.360 yeah that's right and so you know i put up some macro charts and that we've been discussing

00:22:16.880 international politics uh you deal with gold and inflation every day why don't you hit uh some

00:22:25.040 examples that come up just the the kitchen table issues the pain people are going through uh the pain

00:22:32.480 people have gone through if they haven't invested properly uh just tell a few stories is how people

00:22:38.680 have been hurt how families have been damaged uh ways you guys can help out uh and so take it from

00:22:44.760 there philip yeah of course look we're we're on the front lines we speak to people every single day

00:22:49.760 about their personal finances these are the people that are being told by the administration that

00:22:54.640 inflation is a fallacy and you know it's just not the reality of the american people and look at what's

00:23:01.040 happening right americans now having as you mentioned before to work multiple jobs just to make

00:23:07.380 make ends meet right there was a report recently most americans are earning over a hundred thousand

00:23:13.400 dollars a year are living paycheck to paycheck credit card debt now over 1.2 trillion dollars people

00:23:21.380 taking out payday loans for groceries right think about the stark contrast to four years ago after trump

00:23:29.680 look at where we are now right it's an absurdity and people are feeling it and that is why i'm getting

00:23:36.160 more and more confident of a trump victory because people can't take this anymore it's absurd dave

00:23:42.340 yeah you're spot on yesterday we had the head of the uh georgia republican party on we had the head of

00:23:52.000 the wisconsin republican party and they were talking about their conversations uh with you know black

00:23:59.100 hispanic voters blue collar uh workers and they just kind of couched it in in those common sense terms

00:24:07.400 it's like we're we're getting crushed we're getting left behind uh in this country uh they're being put to

00:24:14.860 the back of the line in terms of hiring and benefits uh we have a mass immigration crisis going on where

00:24:21.340 people are getting benefits that the uh the middle income american can't dream of and uh so they are

00:24:30.200 hurting and the inflation piece is hard to explain because the mainstream media uh has just gone out of

00:24:37.500 its way not to explain the damage it's a hidden tax and so what we got about a minute to go uh philip

00:24:44.300 why don't you uh tell folks how to reach you again make your closing uh case uh for birch gold

00:24:49.620 of course uh look first of all i just want to say on on that point i think that's why the democrats

00:24:55.460 are struggling because they're not willing to admit anything right and it's just dodging questions and

00:25:01.120 it's going to backfire but the reality is like you said the american people will not fall for it

00:25:06.480 we're feeling the realities of biognomics and you know as we've said if we do not make an about

00:25:12.700 turn from a policy standpoint it is going to be the point of no return we have 11 days now till the

00:25:18.920 election everybody has to go out there and vote vote for donald trump because we need him look i look

00:25:25.940 at this mostly from an economic standpoint there is no comparison between these two policies the

00:25:32.300 democrats do not have an economic policy they are trying to buy votes and that is why we're in the

00:25:38.220 position we are so there needs to be an about turn in the meantime no matter who gets in trump has a

00:25:45.440 lot of work on his hands he has to turn this thing around and it's going to be rough so precious metals

00:25:51.760 in the meantime everyone go to birchgold.com got it forward slash ban and get the information

00:25:57.680 learn read and we'll be here to help you thanks for being in the house philip patrick uh everybody uh

00:26:04.640 spread the good word for philip birch gold take care patrick god bless there's a lot at stake in

00:26:10.200 this upcoming election but regardless of who is sitting in the white house the fuse on the economy

00:26:15.200 has already been lit even four years of a conservative presidency will not be enough to

00:26:20.280 turn the tide on our 35 trillion dollar national debt and if the left wins it's like throwing gas on

00:26:26.520 a dumpster fire the election is in the hands of the american people but what you can do right now is

00:26:32.520 protect your savings by diversifying into gold with the help of birch gold group for millennia

00:26:37.720 gold has stood firm in the face of greedy governments economic upheavals and global strife

00:26:42.480 and it can protect you now birch gold will help you convert an ira or 401k into an ira in physical

00:26:49.600 gold tax-free and penalty-free and it doesn't cost you a penny out of pocket in the past four years the

00:26:55.340 buying power of the u.s dollar has declined significantly price of gold has increased 40

00:27:01.100 percent coincidence text the word bannon to 989898 get your free info kit on gold and trust birch gold

00:27:08.920 to protect your savings text bannon to the number 989898 today america is standing on the brink of an

00:27:16.500 election meltdown and jim rickards editor of strategic intelligence the man who predicted the 2008 financial

00:27:23.560 crisis trump's victory in 2016 and the covid disaster is sounding the alarm rickards has just

00:27:30.120 dropped a bombshell that could change everything you think you know about the 2024 election he's

00:27:35.480 uncovered what he calls the democrats secret plan to keep trump out of the white house even if he

00:27:40.000 wins this isn't some far-off theory he's warning that this meltdown could lead to a 50 market crash

00:27:45.680 the total collapse of the u.s dollar and violent riots in our streets the stakes are higher than ever

00:27:50.500 folks and if you're not prepared you could lose everything but jim rickards isn't just predicting

00:27:55.080 disaster he's laying out five critical steps you need to take now to protect yourself your family

00:28:00.520 and your financial future this isn't fear mongering it's coming straight from a man who's been at the

00:28:05.380 highest levels of intelligence finance and national security go to meltdown24.com right now to watch

00:28:12.560 his urgent presentation don't wait until it's too late meltdown24.com that's it's obvious the

00:28:20.020 unthinkable continues most americans know something is very very wrong the people in charge keep telling

00:28:27.100 you that everything's fine and to stop noticing but you know better that's why self-reliant folks

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00:29:29.460 war room here's your host stephen k vann

00:29:33.620 all right back in the war room uh we're going to hit a little more economics uh come right up to real

00:29:41.320 time headlines uh from yesterday in the news uh we have the great bill walton in house he's a

00:29:47.360 renaissance man across the board he ran financial houses uh on wall street he was chairman of the

00:29:54.300 uh performing arts in washington dc the kennedy center uh he's entered the fray on uh public policy

00:30:02.280 and politics and trying to make our country a better place to live and uh i told bill i'm gonna put up a

00:30:07.420 couple charts first just to warm us up but we we uh these are just the fundamentals uh over the past

00:30:13.340 four years and so denver just put up chart number one which i think says it all a lot of people uh

00:30:19.860 don't like saying this time is different right because everybody always says that in history uh but

00:30:25.280 this chart this increase to the far right on that chart where m2 goes straight off the charts like a

00:30:30.980 rocket ship uh when the past 30 40 years are relatively flat that that is uh new and improved

00:30:36.820 it's not improved that's the federal reserve acting in shock treatments uh because of their

00:30:43.880 failures back in 07 08 and and the failure of our macro economy since uh and so bill and i are going

00:30:49.840 to get to that one and then the next two uh just tee up our long-term uh performance this uh is this

00:30:56.020 by the way is from the head of productivity at northwestern university robert gordon right so these

00:31:00.300 these numbers are are solid this is this guy's life work and he's probably left of center right so

00:31:06.360 that graph shows productivity going down for 70 years in a row uh the next chart denver is cbo again

00:31:13.660 congressional budget office showing productivity is going to continue to go down uh for the next 30

00:31:19.220 years as well congressional budget office data and then the part that liberals used to like highlighting

00:31:25.820 but now the populists uh are starting to grab hold of this territory the last chart uh we're just

00:31:31.620 going to use to tee up this segment denver uh is from the federal reserve also and this shows the rich

00:31:38.200 10 percent own 90 percent of the stocks bonds and pensions so that's right and and it looks like

00:31:44.960 the fed the federal reserve is going to be running inflation to pay off the debt that's a lot of the

00:31:49.540 financial experts are going to get into that and i'm not going to steal bill walton's thunder but i think

00:31:54.900 he's got a headline from goldman sachs and so uh bill walton welcome to the war room great to have

00:32:00.780 you on great to see you again and why don't you just react yeah just uh react to those slides uh and

00:32:08.580 give us your prognosis where do we stand uh what's likely coming and i think you had a story on goldman

00:32:13.340 sachs you want to share as well well i think the tale here is we've had a tale of two economies we've had

00:32:19.440 the elite one percent and you know i've i've made a lot of money but i don't really i'm really not

00:32:26.220 part of that group i consider myself as part of the rest of us and so you've got the group that's

00:32:31.780 done very well with the stock market in the last 10 years it's gone up some three four hundred percent

00:32:37.360 driven largely by the magnificent seven which are three which are the tech stocks uh well the rest of

00:32:44.100 country but has most of their savings in in uh fixed income and not as much in stock and so

00:32:50.140 they've seen a couple really bad things happen one is they've seen inflation go up driving their

00:32:55.820 purchasing power down they're saying the numbers twenty percent overall i think it's a lot higher

00:33:01.040 than that and you know just look at how big max have gone up fifty percent so i think i don't know

00:33:05.800 where they're getting their numbers from but i think that that increases modest and then the other

00:33:10.000 thing is they're seeing the value of their iras decline in real terms i mean they've gone up

00:33:15.160 you know if you look at your statement versus four or five years ago yeah it's gone up but if you do it

00:33:20.260 based on what you can buy with that the value has actually gone down nine or nine or fifteen you know

00:33:26.020 nine or ten percent and that's uh you know that so you get your assets are shrinking your purchasing

00:33:32.920 power is worse and yet we you know we're proceeding at pace with headlines about how the economy is doing

00:33:39.080 doing great than obama or right biden biden harris are trying to make make that claim uh but and if

00:33:47.440 you're wealthy you're really happy because you've seen the stock market go up and up and up and you're

00:33:53.240 you're feeling pretty good now here comes the uh the grinch the grinch is goldman sachs that's our

00:33:59.560 favorite grinch and and usually they're showering good things on on on these on on the wealthy elite

00:34:06.120 but they're not now what they're saying is the stock markets had its run and it's it's statistically

00:34:11.740 almost impossible to have the kind of returns in the next 10 years that that we've seen historically

00:34:17.580 and so the the people who've been benefiting from the asset price inflation and the higher stock market

00:34:23.340 prices are going to see a flat line they're projecting like i think the number is one or two

00:34:28.660 percent in real terms and so the wealth effect which simple big word for you know if you're if you're if

00:34:35.380 your stock if your stock portfolio goes up you feel richer that's the wealth effect well they're not

00:34:40.360 going to be feeling that wealth effect and so i think the the two economies may be converging into

00:34:45.600 one pretty misery one pretty lousy economy yeah and so uh why is that uh why are they is it an

00:34:55.360 earning story or or are they seeing what warren buffett sees just kind of a collapse maybe you know like

00:35:02.200 uh an oh seven oh eight financial crisis uh and then uh years to dig out uh and then i just put up

00:35:09.840 those productivity uh slides right and uh that's the most depressing part right because our our capital

00:35:16.160 formation is less than china our human capital uh in the kids uh the poor kids in the inner cities 0.82

00:35:23.460 uh the human capital development is not what it it should be and so what uh what i think uh goldman

00:35:30.660 gave a few reasons but uh what would you add to their analysis i love that i love that 12 part

00:35:37.000 question i'm going to take all 12 that's good good i i think what goldman is saying is is basically an

00:35:44.680 earning story is you've got seven high flyers and and there's not there's no record in history of

00:35:50.300 companies continuing to grow like a weed and have their earnings increase the way they have

00:35:54.080 and so the absence of some some new high flyers emerging these one are likely the the balloons

00:36:00.180 likely to to to deflate on these and so that it's an earning story i think it's also an economic

00:36:05.920 malaise story where you know stocks get bid up because uh you know people are feeling good about

00:36:12.160 the future and you know if you look at the geopolitical environment you look at the investment

00:36:17.700 environment it's hard to see a lot of reasons for optimism i mean the venture capital industry

00:36:22.700 slowed the private equity industry slowed and so a lot of the drivers of growth or or are hard to

00:36:29.660 see it doesn't mean historically they've always come back but you've you hit on something with the

00:36:34.320 productivity charts and i can't you know i'm more of a business guy than i am an economist and

00:36:40.440 but what i see is just a massive misallocation of capital by that master misallocator the federal

00:36:49.680 government and what they've done is they've taken that our tax dollars and they've allocated it to

00:36:55.400 green energy and you know energy cheap energy there's almost and you probably know this better

00:37:01.460 than i do there's almost a one-to-one correlation between inexpensive energy and uh and economic growth

00:37:07.860 and you know that's why there's such a uh that's why the third world developing countries are so

00:37:13.920 angry at the at the climate people because they're saying look we we need some gasoline to power our

00:37:20.200 generators and and uh the climate people are saying well we think you ought to stick with uh with wind

00:37:26.580 power well that was a great technology in the 12th century but it won't drive a modern economy and it's

00:37:32.260 not going to get these countries out of the ditch when it comes to their the growth and so we got to

00:37:38.100 stare at the massive misallocation of capital that the federal government's been responsible for

00:37:42.680 as one of the reasons for that productivity decline and unless we get we we kick back into gear to put

00:37:48.840 capital we're we're put be the put put the highest use uh we're not going to see any improvement now

00:37:54.640 the good news is trump gets this this drill baby drill is is is shorthand for let's let's use the

00:38:01.520 cheapest most abundant uh energy source which is fossil fuels and i think we'd also be get get

00:38:07.760 encouraged about pushing nuclear and then we can you know everybody that that rising tide is going

00:38:12.620 to benefit everybody yeah i've got a question for you bill you started uh weighing into uh you know

00:38:20.200 the geopolitics and they're they're talking up a good game they're talking like the economy's doing okay

00:38:26.400 uh and that kind of thing but the ceos are responsible right to their shareholders for for uh you know at

00:38:35.780 least an intermediate time horizon uh you see china you know the xi ji peng gave a talk a year ago saying

00:38:43.140 we're going full marxist leninist we're going inward we're not doing economic reforms they're cracking up 0.94

00:38:48.600 a bit uh and i could go on and on and on but the upshot is our ceos are still trading right into this

00:38:55.340 right iran uh russia china uh we have four imminent threats israel uh bombs are going off and the ceo class

00:39:05.920 is like ho-hum whatever i mean i i i fail to see how they're being very responsible uh with risk analysis

00:39:14.480 uh in the face of this world we live in how is that happening well i think it's human nature i guess

00:39:22.880 are in denial and and and particularly in the case in the case of china i mean they made such big bets

00:39:29.000 the jp morgan all the you know mckinsey all of all the nike starbucks all the companies that went all

00:39:36.580 in on uh on china they don't they they they miss the good old days and and they've and they recorded

00:39:43.160 they recorded by the chinese communist party you're not allowed to make money in china unless the party

00:39:48.660 allows you to do that and so they're i don't think they're reading the winds very uh very adroitly

00:39:56.320 and and you know xi is is here's here's here's what the chinese people think of xi's economy

00:40:03.340 uh wall street journal you probably saw yesterday said that a quarter of a trillion dollars left uh china

00:40:10.260 uh chinese savers are trying to find other places to put their capital and i don't even you know i've got

00:40:17.680 to analyze it i haven't had a chance to read a thing in detail but it's really hard to get your

00:40:21.640 money out of china and yet it's happening and and and and and the ceos are are also are stuck with

00:40:29.500 the fact they've made billions and billions of dollars of investments in places that are no longer

00:40:34.080 investable then they don't want to write that off and if you if you abandon china you got to take

00:40:40.680 a big hit and i don't you know that doesn't look very good for your quarterly earnings and so

00:40:44.900 there's a there's a reluctance to abandon uh the things that you thought were going to uh be a big

00:40:51.020 winner when in fact it's turning out to be a big loser yeah it's pretty shocking what you just said

00:40:57.960 about the uh exodus of capital and then their uh business innovation and startups fell off a cliff i

00:41:04.860 mean it's not down 20 it's down to zero and uh you know the the the smart folks know this and then

00:41:14.000 they're having they're getting aggressive china's getting aggressive in the philippines 0.96

00:41:18.200 uh blockades are threatened in taiwan taiwan's new president has a backbone and it's like a david

00:41:25.080 and goliath story and he's standing up to china and saying no you know we're older than you and so

00:41:30.100 i don't buy your story i'm just shocked at the courage they have but our ceos in the face of that

00:41:36.380 yeah go ahead bill well i think the taiwan president also knows something that china's got tremendous

00:41:42.020 vulnerabilities it's not like they can just go in and take over taiwan because taiwan controls

00:41:46.840 the most sophisticated semiconductor operation on the planet and it's tightly integrated into china

00:41:53.680 now it's also tightly integrated in the united states so it's sort of right we're all playing

00:41:59.340 russian roulette here as to yeah right exactly who's gonna blow each other up first let me pause

00:42:05.980 you right there bill let me pause you right there we're going into a commercial break back with

00:42:09.980 the great bill walton uh stay tuned with the war room make sure you spread this platform far and

00:42:14.920 wide steve mannen is back on tuesday and we want the numbers to go through the roof uh so share your

00:42:21.280 whatever platform you are explain to folks how to use it and right back in a minute there's a lot at

00:42:27.460 stake in this upcoming election but regardless of who is sitting in the white house the fuse on the

00:42:32.380 economy has already been lit even four years of a conservative presidency will not be enough to turn

00:42:38.160 the tide on our 35 trillion dollar national debt and if the left wins it's like throwing gas on a

00:42:44.360 dumpster fire the election is in the hands of the american people but what you can do right now is

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00:44:35.160 war room here's your host stephen k bannon

00:44:39.360 all right dave brett sitting in with the great stephen k bannon who is coming back to the chair

00:44:50.820 tuesday we cannot wait to have our leader back uh he's been sorely missed so thoughts and prayers

00:44:58.660 keep with steve pray strong for him and a strong return uh to save this country he was the head he

00:45:05.760 was the ceo of the election of the 16 uh win from president trump and uh they put him in jail for

00:45:13.640 a reason it's uh it's just shocking uh but steve will tell us uh what to make all that on his return

00:45:19.640 we have uh bill walton uh on the show we're going back to him i'm going to read a quote first from jp

00:45:24.940 morgan ceo i honestly think he watches the war room i think this guy is enlightened he i think he

00:45:32.300 wants to be a populist he just he just can't can't do it the other day he said well you know i want a

00:45:39.020 foot in both rooms but you know if harris offers me treasury secretary i'll do it for her and i think

00:45:45.160 the guy is way too smart for that he knows what's gonna happen he if you're listening jamie i know you

00:45:51.440 watch me and you troll my charts and then you borrow them the next day because i just covered this in

00:45:55.880 detail yesterday and so if you're watching come on over come on over to the light side we want to have

00:46:00.440 you over here brother we'd we'd love to have you all right jp morgan ceo jamie diamond quote cash is

00:46:07.400 a very valuable asset sometimes in a turbulent world sounds like our gold commercial and you see

00:46:13.480 my friend warren buffett stockpiling cash right now as uh we just showed in charts for five minutes the

00:46:19.480 other day on the show he went from 100 billion cash position to 300 billion cash position so jamie's

00:46:24.580 watching people should be a little more thoughtful about how we're trying to navigate this world

00:46:29.100 end quote you think so okay jamie like now you know put the put the pedal to the metal and call

00:46:37.540 for uh you know a a return to a a sane federal reserve system and a sane fiscal policy you are

00:46:45.480 in a powerful slot to make that happen uh in the meantime we've got another superstar with us bill

00:46:50.920 walton's on the show bill respond to that quote and uh you got a few more more minutes uh to close

00:46:56.700 out the show thank you for being with us bill uh well i know jamie jamie's a smart guy but i know

00:47:03.180 he's smart enough to not take the job of treasury under under kamala harris be like taking right taking

00:47:09.140 on becoming the bookkeeper on the titanic you're gonna go down with that ship i mean there's no way

00:47:16.000 with all her with all the policies she wants to put in place uh it's a bad job jamie you you've got

00:47:22.800 more sense than that but he's right about cash and you know warren buffett is is it happens to be

00:47:28.760 right about cash except he he put all of his uh half his net worth with bill gates to uh give away

00:47:35.180 to things that yeah bill gates shouldn't be giving away things to but putting that aside yeah cash is

00:47:40.220 a good place i mean i'm not in the business of giving investment advice but you know i've had a

00:47:44.720 nice run in my equity portfolio and i'm i'm i'm looking at uh treasuries as a as a as a relatively

00:47:51.140 safe place to hide i mean treasuries are not treasuries are not gold but on the other hand gold

00:47:56.740 doesn't pay a current return and so if you need a current return to to live on the treasury in the

00:48:03.680 meantime is a pretty good place to be that's so yeah for what it's worth um although i will tell you

00:48:09.840 the chinese bond market has been on a rare tear for the last decade but i don't recommend you

00:48:15.060 putting your money into that because you probably would not get it back right bill walton that great

00:48:21.900 having you on the show today uh it just closed us out uh why should people keep the faith i think the

00:48:28.040 faith is very important fabric of this country uh what's your shout out in closing to the american

00:48:32.600 people in a week to go this is this this this we've got to get trump elected because it's not only

00:48:37.700 donald trump but it's all the people around him and i know a lot of the people i'm here

00:48:41.660 in the washington area we've got some good people to put into positions they get the problem that we

00:48:47.780 see and so you got a team that's in place that's ready to make this happen so it's not like last time

00:48:53.660 2016 he got a slow start this time he's going to get a fast start he knows what the issues are

00:48:59.320 yep bill walton thank you so much for being on brother god bless you we're going to another patriot

00:49:05.420 mike lindell uh mike lindell's been touring the entire country in the past two days i don't know

00:49:11.220 how he does he's still got a smile on his face mike thanks for being on the war room what do you got

00:49:15.400 for us today brother well thanks everybody i was on a debate uh last night with uh two nights ago with

00:49:21.540 uh the young turks everybody check that out on frank speech you won't want to miss that but i wanted

00:49:27.200 to quick tell everybody in celebration of steve getting out uh you're gonna get a free from my pillow

00:49:33.520 my pillow 2.0 with this case the land of the free a friend of mine he's a blind painter one of steve's

00:49:40.260 favorite guys and you're getting this free for the promo code war room just pay shipping and uh this

00:49:47.600 is a war room exclusive if you go ahead and put in the uh um and then if you go to my there it is

00:49:53.880 right there everybody the land of the free this is a commemorative uh pillow plus it's a great pillow

00:50:00.720 you can use uh multi-use my pillow 2.0 no purchase necessary promo code war room but if you go to

00:50:08.140 mypillow.com now we need to break records this weekend let's do it for steve uh you've got the

00:50:14.800 flannel sheets remember everybody he promoted them last year all the new ones are in war room special

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00:50:34.300 there do all your shopping now steve when he went in he gets out on tuesday now we want to make him

00:50:40.140 proud that we broke records it's a win win win everybody you've got my employees we hired 50 new

00:50:47.520 employees these last two weeks right before steve got out he's going to be so happy that we made it

00:50:53.080 through the storm and then also as a win for the war room show kept it going you know they were one

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00:51:03.940 these great products and uh that help you get the best sleep of your life in these times we're in

00:51:09.760 and you guys i want to say one more thing you go to church tomorrow and you go in and that should

00:51:16.780 be all you talk about is getting everyone out to vote and spread it across every media platform you

00:51:22.520 have vote vote vote yeah that's right mike i'm glad you hit that we got a minute left on that and

00:51:30.940 there's a week to go and every preacher uh you know you're talking the day before uh the holy day so

00:51:36.620 say that again and put a little oomph in it these preachers are responsible before god light them up

00:51:42.580 that's right you preachers you don't have to worry about no johnson law you just tell your

00:51:47.520 congregation to vote you don't have to tell they all know who to vote for and you tell them spend

00:51:52.580 their whole sunday spend the whole sunday voting voting voting look at we got glitches they don't

00:51:57.860 even want me to tell you that out there vote vote vote get in there that should be your topic of

00:52:03.080 conversation this is to save our country save the world and we are in the biggest revival in history

00:52:09.580 for jesus christ you preachers need to go out and tell your congregations to vote tomorrow everyone

00:52:15.940 in that congregation if you're watching you go just spend the whole day skip football for one day

00:52:21.100 and just sit with your social media and spread the word to vote vote vote yeah very simple uh the bible

00:52:28.540 and god have made it very clear peace and prosperity are a morally good thing you owe back taxes right

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Bannon's War Room - October 26, 2024

Episode 4006： The Left Wants To See MAGA Broke

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