Bannon's War Room - December 03, 2024


Episode 4099： Continued Rise Of Economic WarFare


Episode Stats


Length

56 minutes

Words per minute

189.6648

Word count

10,656

Sentence count

1,043

Harmful content

Misogyny

6

sentences flagged

Hate speech

30

sentences flagged


Summary

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

Jim Rickards joins us to talk about an MSNBC article on the bond market and the bond vigilantes of the 1980s and 90s. He also talks about why the Fed is not as strong as it appears and why they should be worried about it.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:01.000 This is the primal scream of a dying regime.
00:00:06.000 Pray for our enemies,
00:00:08.000 because we're going medieval on these people.
00:00:11.000 You're just not going to get a free shot
00:00:13.000 at all these networks lying about the people.
00:00:16.000 The people have had a belly full of it.
00:00:18.000 I know you don't like hearing that.
00:00:19.000 I know you try to do everything in the world to stop that,
00:00:21.000 but you're not going to stop it. It's going to happen.
00:00:23.000 And where do people like that go to share the big lie?
00:00:26.000 Mega Media.
00:00:28.000 I wish in my soul, I wish that any of these people had a conscience.
00:00:33.000 Ask yourself, what is my task and what is my purpose?
00:00:37.000 If that answer is to save my country, this country will be saved.
00:00:43.000 War Room. Here's your host, Stephen K. Bannon.
00:00:52.000 It's Tuesday, 3 December, Year of Our Lord 2024.
00:00:55.000 We're in the Real America's Voice studios in Palm Beach.
00:00:58.000 I think, at least for the rest of the week.
00:01:00.000 Of course, when we're here, everybody is in town.
00:01:03.000 Raheem's down here reporting.
00:01:04.000 Jack Bosovic's going to join me in a moment.
00:01:07.000 I understand he's got a big announcement about his show today.
00:01:09.000 I think Darren Beattie's around.
00:01:10.000 It's just everybody's around West Palm Beach and Palm Beach,
00:01:14.000 obviously for the transition.
00:01:15.000 So a lot going on.
00:01:16.000 I actually give a talk later tonight over at Club 47,
00:01:20.000 this amazing club they have down here in Palm Beach with, I guess,
00:01:24.000 a lot of the War Room Posse.
00:01:25.000 I look forward to seeing you guys tonight to talk about what's going on.
00:01:29.000 Jim Rickards is with us.
00:01:31.000 Okay, MSNBC's got this article up.
00:01:33.000 And, folks, we're trying to give you signal and get ahead of this
00:01:36.000 because this is going to be a big one.
00:01:38.000 They're talking about the bond market.
00:01:40.000 The capital markets throughout the world are going to put the controls on Donald Trump,
00:01:46.000 particularly for things like mass deportations
00:01:51.000 and really taking apart the U.S. government.
00:01:54.000 Jim Rickards, your thoughts about that, sir?
00:01:57.000 Thanks, Stephen.
00:01:59.000 I read that article.
00:02:00.000 My first reaction was to laugh out loud.
00:02:02.000 And my second reaction was, I guess, MSNBC reporters don't have enough to do today.
00:02:06.000 But seriously, one of the things about having been around for a while
00:02:10.000 is I was actually around when the real bond vigilantes were active in the 1980s.
00:02:14.000 But even before that, I started my career of 10 years at Citibank as their international counsel.
00:02:19.000 And I got kind of one-on-one tutorials by Walter Wriston.
00:02:23.000 I was one of the up-and-comers.
00:02:25.000 Wriston's probably the second greatest banker of the 20th century after Pierpont Morgan.
00:02:29.000 He explained to me how the Eurodollar system actually works.
00:02:32.000 So we'll come back to that in a second.
00:02:34.000 But the first thing is the Federal Reserve is impotent.
00:02:37.000 The Federal Reserve is best understood in J-PAL. 0.93
00:02:39.000 It's like one of these Las Vegas magician shows.
00:02:41.000 They're very popular, but don't look too hard to hit the tricks.
00:02:45.000 It's all for show.
00:02:46.000 It means very little in terms of what we're actually concerned about,
00:02:49.000 which is the government bond market, number one.
00:02:51.000 Number two, the Fed controls short-term interest rates.
00:02:54.000 When I say short-term, I mean an overnight rate.
00:02:56.000 You know, banks lending to each other overnight.
00:02:58.000 Okay, they can tweak that.
00:02:59.000 They don't control the yield to maturity on a 10-year Treasury note.
00:03:03.000 They don't control the 30-year bonds.
00:03:05.000 And the second stage of my career, another 10 years, I was a counsel and credit officer at one of the primary dealers.
00:03:12.000 Primary dealers, for those who don't know, they're the dealers who actually get to deal with the Fed.
00:03:16.000 And there aren't many.
00:03:17.000 There are about 20 of them.
00:03:18.000 They actually get to deal with the Fed.
00:03:20.000 So I dealt with the Fed every day for a long stage of my career and kind of know how that all works.
00:03:25.000 So here's the thing.
00:03:26.000 The MSNBC article quotes a couple of stories.
00:03:30.000 One of them was Bill Clinton's shock at learning that he had to pay attention to the bond market.
00:03:34.000 That was from 1993.
00:03:36.000 The other one was the original bond vigilantes from the mid-1980s.
00:03:40.000 Okay, true enough.
00:03:41.000 But one story is 30 years old.
00:03:43.000 One story is 40 years old.
00:03:45.000 That's reaching back pretty far.
00:03:46.000 The situation today is the following.
00:03:48.000 If there are bond vigilantes, they're in the People's Bank of China.
00:03:51.000 They're in the European Central Bank.
00:03:53.000 In other words, it's the central banks and the sovereign wealth funds, number one.
00:03:56.000 Number two, there's a global dollar shortage.
00:03:59.000 And when you say that to people, they're like, what are you talking about?
00:04:01.000 The Fed printed $10 trillion.
00:04:03.000 How could there be a dollar shortage?
00:04:05.000 When the Fed prints money, they buy bonds from the bank.
00:04:08.000 The money does come out from the banks.
00:04:10.000 That money comes out of thin air.
00:04:11.000 But the banks give it back to the Fed in the form of excess reserves.
00:04:15.000 So that money doesn't go anywhere.
00:04:17.000 You're just inflating the balance sheet of the Fed.
00:04:19.000 Real money, the kind that drives the economy,
00:04:21.000 the kind that you and I or anyone else would care about,
00:04:23.000 comes from commercial banks, particularly Eurodollar banks.
00:04:26.000 They're contracting their balance sheet.
00:04:28.000 There is a dollar shortage.
00:04:29.000 And when you see China selling Treasury notes,
00:04:32.000 the Treasury has these TIC reports that come out.
00:04:35.000 You go, oh, China has reduced its holdings of your Treasury securities.
00:04:39.000 They're dumping the dollar.
00:04:40.000 No, they're not.
00:04:41.000 They're desperate for dollars.
00:04:42.000 They're selling Treasuries to get dollars to prop up their own banks.
00:04:46.000 So the truth is there's a dollar shortage.
00:04:48.000 If we're going to have a dollar problem in the near future,
00:04:50.000 it's going to be because the dollar is too strong.
00:04:52.000 You know, we'll leave that for later.
00:04:54.000 So the bond vigilante story is nonsense.
00:04:56.000 Thank you, sir.
00:05:00.000 I want to you.
00:05:01.000 You agree with me that right now the the scab that hasn't been picked yet is in Ukraine.
00:05:06.000 It's the center of everything.
00:05:07.000 Let's play.
00:05:08.000 We got a we got a little cold open.
00:05:09.000 Jack, but so is going to join me with Jim Rickerts is going to play it.
00:05:13.000 You know, here, John, here's what I'm really hoping.
00:05:15.000 I'm hoping that Jake Sullivan talked to Michael Walsh, who's going to be incoming national security advisor or President Biden's talk to President Trump and said, here's what I'm going to do.
00:05:23.000 I'm really hoping that happened because what he has done, Biden through his action, he's actually given President Trump more leverage.
00:05:30.000 Really?
00:05:31.000 Because now he can pull back.
00:05:32.000 He can go left.
00:05:33.000 He can go right.
00:05:34.000 He can do something.
00:05:35.000 I think what he did is he basically said, well, this is what I want to do.
00:05:38.000 And I'm hoping it was there's something to this.
00:05:40.000 I don't know.
00:05:41.000 But it does give the president President Trump more more ability to do to pivot from that.
00:05:47.000 Oh, that's interesting.
00:05:48.000 All right.
00:05:49.000 Just one quick question before we let you go.
00:05:50.000 We have like five seconds, General.
00:05:51.000 But so you're not buying the White House's, the Biden administration's justification that they launched.
00:05:57.000 They approved these new long range weapons because of the North Koreans on the ground inside Ukraine. 0.94
00:06:02.000 It sounds good.
00:06:03.000 But Jillian, what I'm really hoping is there was another reason to it, which allows gives leverage to President Trump.
00:06:10.000 Maybe that may be a good reason to do it.
00:06:12.000 Look, they should have been doing this a year ago.
00:06:15.000 But they've basically pulled back.
00:06:17.000 You do not fight a lot.
00:06:18.000 You don't fight a war allowing other countries to have sanctuaries.
00:06:21.000 If you're going to fight a war, you fight a war.
00:06:23.000 And we we've basically pulled back on letting Zelensky fight a war that he should have been fighting a long time ago.
00:06:29.000 And the casualties were horrific.
00:06:31.000 Yeah, of course.
00:06:32.000 The casualties that he had this last summer are not there anymore.
00:06:35.000 He meaning.
00:06:36.000 Let me have it.
00:06:37.000 Wow.
00:06:38.000 We don't want to fight a war.
00:06:40.000 I love General Kellogg.
00:06:41.000 Keith Kellogg is a good man, former head.
00:06:43.000 I think 82nd Airborne was in the first term.
00:06:46.000 Mike Flynn's wingman.
00:06:47.000 Jack Vosovic, you're here.
00:06:49.000 So the report.
00:06:50.000 A couple of days ago, the White House said, hey, Zelensky, you need 500,000 18 year olds.
00:06:56.000 Drop the thing. 0.99
00:06:57.000 You need them up as combat troops.
00:06:59.000 Reuters is reporting today.
00:07:00.000 The Guardian is reporting today.
00:07:01.000 The Times of London is reporting today that there is looks like a collapse of the Ukrainian front.
00:07:07.000 200,000 troops either have not reported or are actually leaving the front lines.
00:07:14.000 Russia is supposedly massing for a major offensive before President Trump takes over.
00:07:18.000 It looks to me like they're trying to jam up President Trump.
00:07:21.000 But to General Kellogg, the launching of the long range missiles with our technicians over there.
00:07:28.000 I mean, are you down with that, sir?
00:07:31.000 Well, Steve, I think there's a big question here about which red lines are being crossed.
00:07:35.000 And in the comments about we don't want to fight a war with our one hand tied behind our back, who's the we?
00:07:41.000 I'm trying to figure out who the we is here.
00:07:43.000 Because if we're acknowledging that it is, in fact, a proxy war between the United States and Russia,
00:07:50.000 then that's obviously going to change the Russian strategic calculus within the Kremlin.
00:07:54.000 Because guess what?
00:07:56.000 They listen to what Keith Kellogg and what Mike Waltz and Steve Bannon and Jack.
00:08:01.000 So they watch everything.
00:08:02.000 They watch everything.
00:08:03.000 We know their apparatus.
00:08:04.000 We know what their media status is.
00:08:05.000 We get it.
00:08:06.000 They translate it.
00:08:07.000 They send it all around.
00:08:08.000 So they want to know what's going on with this new administration.
00:08:12.000 And the Russians don't necessarily, and for all the talk of Russia collusion,
00:08:15.000 they don't necessarily just trust the Americans when it comes to anything.
00:08:19.000 So they hear, oh, this guy talks a big peace plan.
00:08:21.000 But then the next one comes in and overturns everything that guy did.
00:08:24.000 So why should we make a plan in the first place?
00:08:26.000 So the hardliners are over there saying right now, why should we bother with the peace process?
00:08:31.000 The front line is in collapse.
00:08:33.000 You got conscripts that won't even show up.
00:08:35.000 They're trying to drop the age to 18.
00:08:37.000 You've got a couple of these units that have crossed the line into Kursk.
00:08:41.000 Meanwhile, Russia has already taken back 50% of the territory in Kursk that the Ukrainians put over, and they're encouraged. 1.00
00:08:48.000 Well, they have no idea what they're going to do with, by the way.
00:08:50.000 They're holding a couple of settlements that are essentially worthless from a strategic perspective.
00:08:55.000 They're not on any strategic highways or strategic lines of communication.
00:08:59.000 There's no supply lines that are being cut off.
00:09:01.000 It's all being done for me to say, oh, we invaded Kursk.
00:09:03.000 We invaded the motherland.
00:09:04.000 And so you have the response with the long-range missiles.
00:09:08.000 But here's what I want to understand is we can't be glib about this.
00:09:13.000 And I said this yesterday on the program.
00:09:15.000 We can't be glib about these types of things.
00:09:17.000 Do you mean to say that Donald Trump signed off on long-range missile strikes into Russia?
00:09:23.000 Because it sounds like what you're saying.
00:09:24.000 Keep in mind.
00:09:25.000 Was that what it was saying, right?
00:09:26.000 I mean, it sounds like that's what's coming out of there.
00:09:29.000 And keep in mind, Joe Biden has never come out publicly and said that.
00:09:33.000 Jake Sullivan won't even come out and officially say that we get these leaks, right?
00:09:37.000 We only get these leaks that come out.
00:09:38.000 And this is done.
00:09:39.000 Why?
00:09:40.000 It's done strategically.
00:09:41.000 Because there are people, even Jake Sullivan understands that you don't publicly announce
00:09:46.000 you're attacking Russia. 0.75
00:09:47.000 On Jonathan Karl, on Sunday, Jake Sullivan said we're not, the New York Times reported senior
00:09:52.000 officials in the Biden administration, senior officials in Brussels and in NATO, and the
00:09:59.000 senior guys in Kiev had meetings talking about the redeployment of the old nuclear weapons
00:10:05.000 that Ukraine had back to Ukraine.
00:10:07.000 He denied it.
00:10:08.000 Jim Rickards, your thoughts on the center.
00:10:11.000 By the way, this is why Hunter Biden's got a pardon that goes back to January of 2014 for
00:10:17.000 the color revolution.
00:10:18.000 Your thoughts on Ukraine, sir?
00:10:22.000 Path to nuclear annihilation, and that is not an overstatement.
00:10:25.000 I've studied this since, I personally studied this since the 1960s, and the scholarship goes
00:10:30.000 back to the 1950s.
00:10:31.000 Every expert agrees that nuclear war does not come out of the blue.
00:10:36.000 It happens to escalation.
00:10:37.000 One side does something provocative, the other side answers, and so forth.
00:10:41.000 And you keep going up the ladder.
00:10:42.000 Herman Kahn called it a ladder, had 44 steps in his version.
00:10:46.000 We keep climbing up the ladder.
00:10:48.000 What Herman Kahn said, what you have to do, number one, realize you're on the ladder to
00:10:53.000 nuclear annihilation.
00:10:54.000 Number two, take a beat, stop.
00:10:56.000 Number three, climb down.
00:10:58.000 That's what Kennedy and Khrushchev did in the 1960s.
00:11:02.000 There were other cases in the 1980s where that happened.
00:11:04.000 So we're on that ladder right now.
00:11:06.000 I'm shocked at how little American policymakers understand about Russia.
00:11:10.000 It used to be a real specialty, but it's been lost.
00:11:13.000 They think of Russia as something in the 1990s, you know, with Brezhnev and, sorry, with the, you know, their leadership.
00:11:20.000 Yeltsin.
00:11:22.000 And that kind of loosening up.
00:11:24.000 The 1990s were an anomaly.
00:11:25.000 They were, it was a 400-year anomaly.
00:11:28.000 You first of all have to understand the Russian way of war.
00:11:30.000 The Russian way of war is very slow, very methodical, and deadly. 0.75
00:11:34.000 They create cauldrons.
00:11:35.000 It could take six months to encircle you, and then they kill everybody in the cauldron unless you surrender.
00:11:40.000 They're doing that one by one.
00:11:41.000 The front is collapsing.
00:11:42.000 The Russians are poisoned for a major advance to the Dniper River.
00:11:46.000 And Putin doesn't have to.
00:11:49.000 What's to negotiate?
00:11:50.000 There's nothing to negotiate.
00:11:51.000 The negotiation would say, okay, you can keep the four provinces that you've already turned to the Russian Federation.
00:11:56.000 Maybe two more.
00:11:57.000 Maybe sue me.
00:11:58.000 And Putin doesn't care what anyone says on any U.S. network policymakers.
00:12:03.000 The missiles are landing.
00:12:04.000 The long-range missiles are landing in Russia.
00:12:07.000 It doesn't matter, oh, did we leak it?
00:12:09.000 Did we say it?
00:12:10.000 Is it a policy?
00:12:11.000 Is Trump bound by it?
00:12:12.000 It doesn't matter.
00:12:13.000 They're landing in Russia.
00:12:14.000 The second thing people don't understand, Putin doesn't bluff.
00:12:17.000 He does not bluff.
00:12:18.000 When he says something, he means it, and he'll do it.
00:12:21.000 So stop kidding yourself.
00:12:22.000 Stop saying, oh, we dial it up.
00:12:24.000 They'll back down.
00:12:25.000 We're going to wear out the Russian economy. 1.00
00:12:26.000 The Russian economy is outperforming the U.S. economy, by the way.
00:12:29.000 So there's very little understanding of the Russian economy or the Russian way of war.
00:12:35.000 One of the ways I get into debates like this, I just ask the person, have you been to Russia?
00:12:38.000 They go, oh, no, no.
00:12:39.000 I've read about it.
00:12:40.000 Well, I've been to Russia.
00:12:41.000 I've been to Moscow.
00:12:42.000 I have friends there.
00:12:43.000 I understand.
00:12:44.000 I've studied the history.
00:12:45.000 I understand how it works.
00:12:46.000 Putin doesn't bluff.
00:12:47.000 He should make no concessions.
00:12:49.000 Why should he?
00:12:50.000 I mean, he won.
00:12:51.000 People die.
00:12:52.000 This is a war.
00:12:53.000 Jim, they've lost a million Ukrainians real quickly because now you've got to bounce.
00:12:57.000 Are we on a path now?
00:12:58.000 Are we like in the 1938s?
00:13:00.000 Are we on a path to actually a third world war?
00:13:03.000 When I say that, I mean a shooting war, sir.
00:13:06.000 I think when we're worth it, I think it's the best way to describe it.
00:13:09.000 By the way, there's no evidence that there are North Korean troops in Kurs, but they are
00:13:14.000 in Siberia.
00:13:15.000 But yeah, Putin is systematically killing Americans in Ukraine.
00:13:20.000 When I say systematically, they may be mercenaries.
00:13:22.000 They may not be in uniform or they may be.
00:13:24.000 They may be civilian contractors.
00:13:26.000 But the Ukrainians can't launch these missiles.
00:13:28.000 The Ukrainians can barely fly the F-16s and they get shot down when they do because they 0.99
00:13:32.000 don't speak English.
00:13:33.000 So Putin doesn't need the Oresnik missile.
00:13:37.000 He's got it.
00:13:38.000 It's basically made tactical nuclear weapons obsolete because that's how powerful and fast
00:13:43.000 it is.
00:13:44.000 But he's got a whole bunch of other Zircon and other hypersonic missiles.
00:13:48.000 He's targeting the control sites for the missiles coming into Russia and he's killing
00:13:53.000 Americans in the process. 0.66
00:13:54.000 So you've got your World War III right now.
00:13:56.000 Jim, where do they go to get your newsletters, the books, all of it?
00:14:00.000 We're proud to have you as a contributor.
00:14:01.000 We love being in business with you guys.
00:14:03.000 Where do people go?
00:14:04.000 Thank you.
00:14:05.000 We have a landing page.
00:14:06.000 It's RickardsWarRoom.com, RickardsWarRoom.com.
00:14:10.000 You go there.
00:14:11.000 You can sign up for our flagship newsletter, Strategic Intelligence.
00:14:14.000 And we cover all the issues we talk about and a lot more.
00:14:17.000 It's RickardsWarRoom.com.
00:14:19.000 We'll drive a lot of traffic there.
00:14:21.000 Jim Rickards.
00:14:22.000 He's saying we're in the shooting part, early stages of World War III of all places on the
00:14:29.000 Eurasian landmass.
00:14:30.000 Oh, my Lord.
00:14:32.000 Jim Rickards.
00:14:33.000 Thank you, brother.
00:14:34.000 Jack Posobiec is going to stick with us here in the Real America's Voice studios in West Palm Beach, Florida.
00:14:41.000 Short commercial break.
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00:14:53.000 Short break.
00:14:54.000 Poso will join us after the break.
00:14:56.000 Big victory on 5 November.
00:15:02.000 Now the work can finally start on the big issues facing the country.
00:15:06.000 One of the biggest is the national debt and the deficits that drive it.
00:15:11.000 Hey, you think the country's broke?
00:15:12.000 The country is broke.
00:15:13.000 We're just printing money to keep this house of cards going.
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00:16:20.000 Here's your host, Stephen K.
00:16:22.000 Band.
00:16:24.000 Okay, folks, of everything that's going on, it's so much, we're trying to make sure we keep these different verticals so you know we can tie it all together.
00:16:35.000 The one that's getting increasingly dangerous every day is this Third World War on the Eurasian landmass. 0.85
00:16:42.000 Now up in Syria, it's the Persians and the Russians, we said for years, you got to make sure that the Chinese Communist Party in Beijing and the KGB in Moscow, coupled with the Persians in Tehran, cannot merge together. 0.68
00:16:59.000 Jack Bosobik, brought me through the war against the empire.
00:17:02.000 Well, particularly now, what we're seeing here in Syria, it can't be de-linked from Erdogan and his goal of establishing a neo-Ottoman caliphate.
00:17:17.000 So I've said for years, he's part of this with Russia and with the Persians. 0.94
00:17:22.000 Well, there's an interesting wild card that Erdogan's playing a very dangerous game right now because he has linked up with Russia in the past.
00:17:31.000 However, on Syria, he is in direct opposition with Russia because Russia backs Assad.
00:17:37.000 So what he's doing is pushing down through those northern areas. Why?
00:17:40.000 Because they want Aleppo. They want to establish the buffer zone there. 0.98
00:17:43.000 And then what is just to the east of that, of course, is Kurdistan.
00:17:47.000 And they want all of Kurdistan, by the way, to include, wait for it, the Iraqi side.
00:17:52.000 He wants Iraqi territory. He wants complete control of those border crossings. 0.95
00:17:56.000 This is how ISIS was able to come to power because they controlled the oil lands.
00:18:00.000 They controlled the border crossings. And then they were the ones selling oil to, wait for it, Erdogan's son,
00:18:06.000 when all of that was going on. That's how ISIS was able to expand so quickly because they were selling the oil out of Kurdistan.
00:18:12.000 They controlled all of it. Manbij, as we talked about yesterday, that's where Shannon Kent made the ultimate sacrifice. 1.00
00:18:19.000 And Joe Kent's wife, who lost her life there in the middle of all this because we had American troops in the middle of this absolute hornet's nest.
00:18:28.000 But what you're looking at writ large, you put all of it together.
00:18:32.000 You got Hezbollah in the south. You got Syria. You got the Turks. You got the Russians, of course, playing in there as well.
00:18:36.000 Wagner is still in, to an extent, though not the way they were before.
00:18:39.000 The U.S. is still in, to an extent, not the way they were before.
00:18:42.000 The Kurds are trying to find anybody who will support them at this point.
00:18:45.000 You tie all that back. Israel, of course, is on the southern end of Syria.
00:18:49.000 That's with Hezbollah as well. With their fight in Lebanon, that's what gives the Turks a free reign up there. 0.99
00:18:54.000 Tie that back Russia and Ukraine. So Russia and Ukraine now, this is peace. 0.94
00:18:58.000 Talk to me about that because there's three interlocking pieces of this.
00:19:03.000 The pardon for Hunter Biden that goes all the way back to January 2014, the beginning of the color revolution. 0.61
00:19:09.000 You have, as one of the engine room members are telling me, that the administrative state and the deep state,
00:19:14.000 really the rise of intel becomes their ability to kind of form the deep state, right?
00:19:19.000 That is the rise of war. And in Ukraine is the center of that. And that's why they defended so much, 0.64
00:19:24.000 because they understand we picked that scab. It kind of all the pus that comes out.
00:19:28.000 We can actually use that to actually take down the deep state.
00:19:32.000 Look, look, look, the reason the Hunter Biden pardon goes back 10 years is because Joe Biden was never supposed to be president
00:19:39.000 because Donald Trump was never supposed to be president.
00:19:42.000 You got to go put yourself back into the mindset of 2014. Hillary Clinton was supposed to be president.
00:19:48.000 And all of this was Burisma and all the rest of it. This was the nest egg.
00:19:52.000 This was Joe Biden's nest egg. This was the payoff to the Biden family.
00:19:55.000 Hey, appreciate all the buddy buddy work, you know, doing the co-pilot thing, the the bromance with Barack Obama.
00:20:01.000 Good stuff. You're going to take this. You're going to move up. Why?
00:20:04.000 Because Barack Obama passed over Joe Biden in 2016 when he endorsed Hillary Clinton over his own vice president.
00:20:14.000 Everybody remembers this. And he said, I'm not going to support you, Joe.
00:20:18.000 Joe took that as a backstab. And so the money, the Burisma looking the other way on all this, this was supposed to be the nest egg.
00:20:24.000 A little bit of, you know, maybe they could even call it hush money to ask to say, go away and go enjoy a quid pro quo.
00:20:31.000 A quid pro quo, a Ukrainian quid pro quo, if you will. And keep in mind, keep in mind that president, you know, fast forward a couple of years.
00:20:38.000 President Trump gets impeached for asking for asking who Zelensky was on the other end of the perfect phone call asking him about the crimes that Joe Biden just pardoned his own son.
00:20:51.000 Repeat that. Nobody in the mainstream media, nobody in the right is talking about this.
00:20:54.000 This is the key point. Talk to me about the impeachment, how it links back to this part.
00:20:58.000 Put it all together. This is the Vindmans. This is Eric Charamella, by the way.
00:21:02.000 We're going to say this. And this was the problem of the rat's nest of the original NSC of the first Trump administration, because you had so many people who were there.
00:21:09.000 That McMasters came in.
00:21:10.000 McMasters came in and was lying to him about troops where? In Syria.
00:21:14.000 And saying we need boots on the ground, we need to fight more against Assad, because he wanted to get more Americans involved in a ground war in Syria.
00:21:21.000 That was McMaster. Then you have these NSC types who they would they were told to be left on and said, don't worry about him.
00:21:28.000 These are career professionals, career professionals. We've got to leave them on.
00:21:31.000 And there were people who were associated with Trump's original NSC who said that they should stay and say that they shouldn't be left off like the Vindmans. 0.98
00:21:38.000 Both brothers, by the way, and like Eric Charamella, all of who leaked the transcript of.
00:21:45.000 And by the way, they edited the transcript when they sent it over.
00:21:48.000 They made the whistleblower report. Remember, they never gave you the actual transcript of quid pro quo wasn't there.
00:21:53.000 Even Zelensky at the time came out and said there was no quid pro quo, felt no pressure.
00:21:58.000 And President Trump had said that when he met with with him at Trump Tower here a couple of weeks ago.
00:22:03.000 And all of the all of this was predicated on President Trump reading about Burisma, reading about the inextricable link of the Biden criminal family enterprise to Ukraine,
00:22:16.000 realizing that there was something wrong that had gone on there and going to Zelensky who had run at the time.
00:22:22.000 Keep in mind, 2019. He had just been elected at this point and his only election, by the way.
00:22:26.000 And he was saying that he was running on anti-corruption. That's what Zelensky first ran on.
00:22:31.000 So Trump calls him up and says, hey, make good on this. What's this whole deal with the Biden family, Burisma?
00:22:37.000 And keep in mind that Ukraine and Russiagate had already been waged quite, quite strongly at this point.
00:22:43.000 You're in the midst of Mueller. You're in the midst of all these things.
00:22:46.000 And it was the Ukrainians, remember, who. 1.00
00:22:49.000 Well, they used they used the lesson.
00:22:51.000 The Black Ledger. 0.60
00:22:52.000 Exactly.
00:22:53.000 On Manafort.
00:22:54.000 Manafort. They used the lessons of the color revolution.
00:22:56.000 Yes.
00:22:57.000 On Trump in his first term and then to steal the second election.
00:23:01.000 He's calling the play because he sees what's going on.
00:23:04.000 He says, wait a minute. Something went on in Ukraine and that's similar to what's going on on me here.
00:23:09.000 So if I pull he understands where this is this is this I pull this card.
00:23:13.000 And this is why Cash Patel is essential.
00:23:16.000 And this is why they will move out everything to stop cash.
00:23:20.000 Right. This is why they will say that cash who's got the resume, by the way.
00:23:25.000 He's got the resume and you can't take it away from him.
00:23:27.000 He's got awards for terrorists that he was capturing and tracking down under the Obama DOJ.
00:23:33.000 He was hired by the Obama DOJ.
00:23:36.000 He's got a resume after being hired by you guys, your national security division.
00:23:41.000 By the way, prosecuted more cases than wait for it Kamala Harris. 1.00
00:23:45.000 All right.
00:23:46.000 So more qualified than Kamala Harris when it comes to actually being a trial lawyer and having the qualifications to do this.
00:23:52.000 But the issue is that he had also been a public defender.
00:23:56.000 And by being a public defender, he understood what it meant for someone to be wrongfully accused by the U.S. government.
00:24:02.000 Steve, you might know something about that.
00:24:04.000 And so Cash goes in there with Devin Nunez and he starts.
00:24:08.000 He just starts reading.
00:24:09.000 He just starts reading the documents.
00:24:11.000 And he's one of these guys.
00:24:12.000 And Raheem was saying it earlier.
00:24:13.000 And then Paul Ryan.
00:24:14.000 That he pulls it all out.
00:24:15.000 Makes Nunez recuse himself.
00:24:16.000 Right.
00:24:17.000 The whole thing.
00:24:18.000 The whole thing is a complete setup.
00:24:19.000 And this is why Cash knows it.
00:24:20.000 We're cooking.
00:24:21.000 I want to get a couple of minutes.
00:24:22.000 I know you got to get ready for the show.
00:24:24.000 Your show is very special today.
00:24:26.000 Who are you going to have? 0.90
00:24:27.000 Raheem Beattie in studio right here at this desk.
00:24:29.000 Wow.
00:24:30.000 It's dirty laundry day.
00:24:31.000 It's going to be dirty laundry day for the regime.
00:24:34.000 We're going to walk through Ukraine.
00:24:35.000 We're going to walk through Syria. 0.98
00:24:36.000 Professor Beattie will be here in studio.
00:24:39.000 He's driving up.
00:24:40.000 It's dirty laundry day.
00:24:41.000 And we're so excited to air it all out.
00:24:43.000 Just as a headline.
00:24:44.000 You got to watch Jack at 2.
00:24:45.000 We're going to be back 5 to 7.
00:24:47.000 We're actually going to have about the Supreme Court case tomorrow on transgender ideology.
00:24:52.000 This Tennessee case is going to be important.
00:24:54.000 We're going to have a whole hour on that.
00:24:56.000 I'm going to host that at 6 o'clock.
00:24:57.000 Jack, Ukraine.
00:24:58.000 The battlefield conditions.
00:25:00.000 Is Ukraine going to collapse so much?
00:25:02.000 Is it going to put President Trump at a disadvantage trying to cut a peace deal?
00:25:06.000 Well, the disadvantage would be from a perspective of how much of Ukraine do they want to remain on to. 0.52
00:25:11.000 You're essentially going to get.
00:25:12.000 Well, if they go to the NPR, you know their history.
00:25:14.000 I mean, you're an intelligence officer.
00:25:16.000 They didn't give up a lot after World War II.
00:25:18.000 The Russian tanks go.
00:25:19.000 Zelensky has never said.
00:25:21.000 Zelensky has never said before that he'd be willing to give up territory.
00:25:25.000 And he said that this week.
00:25:26.000 He has said that this week, but he wants in exchange NATO membership.
00:25:31.000 Wasn't that what caused the war in the first place?
00:25:33.000 That's what caused the war in the first place. 0.67
00:25:34.000 I don't think that.
00:25:35.000 I don't think that will happen.
00:25:36.000 The Russians have said no.
00:25:37.000 Zelensky has also rejected security assurances in exchange for NATO membership.
00:25:42.000 So essentially what Russia is going to then do and what the hardliners are calling for is they are going to turn Ukraine into a gift.
00:25:51.000 Just given the current trajectory, they are going to turn Ukraine into a rump state, a dysfunctional rump state, which has potentially. 0.96
00:25:57.000 And if they get everything they want, they don't just want all the way from the four provinces, the four oblasts that they have already.
00:26:04.000 They want to go back across the river and they want to take Odessa.
00:26:06.000 You take Odessa.
00:26:07.000 You take Odessa, you take the entire coastline, Nikolaev, all the rest of it, cut off Ukraine from the Black Sea.
00:26:14.000 So you then cut them off from the ability to export any of that grain from the black soil.
00:26:20.000 Remember, they're the Kansas of Europe, right? 0.73
00:26:22.000 They are the Kansas of Europe, and they are the only place in the bread basket of Europe that is not controlled by the EU.
00:26:28.000 So they don't have the ban on the GMOs.
00:26:31.000 This is why Monsanto.
00:26:32.000 That's why all those at BlackRock, all the rest of it.
00:26:34.000 That's why all the demons are there.
00:26:36.000 That's why they want to get in.
00:26:37.000 So you put that all together and Russia will say, fine, we're going to take complete control of this. 0.60
00:26:42.000 And you want anything else?
00:26:43.000 You can come out of us.
00:26:44.000 And a state like that is just not going to have anywhere near the economic prosperity to to exist on its own.
00:26:50.000 That rump state collapses itself.
00:26:52.000 Charlie Kirk follows us here at noon.
00:26:55.000 Jack Basobo is going to be at 2.
00:26:56.000 We'll be back 5 to 7.
00:26:58.000 We've got a one-hour special tonight.
00:27:00.000 Six you're not going to want to miss on the transgender ideology at the Supreme Court, arguing the Supreme Court tomorrow.
00:27:05.000 Where do people go for you?
00:27:06.000 Your Twitter feed now more than ever, Jack, is real-time breaking news on the Third World War.
00:27:11.000 Where do folks go?
00:27:12.000 Look, it's the Twitter feed.
00:27:14.000 Of course, people can see this.
00:27:15.000 This is the imperial war that we are in.
00:27:18.000 We're putting up, by the way, a new, putting the finishing touches.
00:27:21.000 The audio book for Bulletproof will be out very soon.
00:27:24.000 Read it myself this time around because people said they wanted that.
00:27:27.000 So we're going to put a bundle up for Bulletproof and Unhumans for Christmas.
00:27:30.000 And then, of course, today, the Dirty Laundry Day on Human Events Daily.
00:27:34.000 Myself, Professor Beattie, we are going to go all around the horn from Mackinder to Kennan to Mahan.
00:27:41.000 Mackinder, a little geopolitics there.
00:27:43.000 A little bit.
00:27:44.000 Jack Basobo, Darren Beattie at 2 o'clock right here on Roll America's Voice.
00:27:47.000 Okay, make sure, by the way, Cash, you want to know about the target list?
00:27:51.000 Is that what you call it, a hit list?
00:27:53.000 No, no, no, Steve.
00:27:54.000 No, no, no, no, no, no, no.
00:27:55.000 Persons of interest.
00:27:56.000 Persons of interest.
00:27:57.000 Persons of interest.
00:27:58.000 Go to warroom.films.
00:28:00.000 You've got Government Gangsters.
00:28:02.000 We took the book and we made a film with Cash.
00:28:05.000 It's Must See.
00:28:06.000 It came out a couple months ago.
00:28:07.000 I guess it came out right when I was about to go to federal prison.
00:28:10.000 Short commercial break.
00:28:11.000 Jason Trenert's in the house next here at Real America's Voice, the war room.
00:28:20.000 It's obvious.
00:28:21.000 The unthinkable continues.
00:28:23.000 Most Americans know something is very, very wrong.
00:28:27.000 The people in charge keep telling you that everything's fine and to stop noticing.
00:28:31.000 But you know better.
00:28:32.000 That's why self-reliant folks are investing in emergency food storage. 1.00
00:28:37.000 And you should too.
00:28:39.000 My Patriot Supply, the nation's largest emergency preparedness company, are the ones you can trust.
00:28:45.000 Go to MyPatriotSupply.com and secure their best-selling three-month emergency food kits.
00:28:50.000 Each contains tasty breakfasts, lunches, and dinners averaging over 2,000 calories per day.
00:28:56.000 My Patriot Supply also sells solar generators, gravity-powered water filters, off-grid room heaters for when the power goes out.
00:29:05.000 They also sell heirloom seeds and survival gear.
00:29:08.000 Order by 3 p.m. and your items shipped that same day and arrive quickly on your doorstep in unmarked boxes.
00:29:15.000 Go to MyPatriotSupply.com today.
00:29:17.000 Hope is not a plan.
00:29:19.000 My Patriot Supply is a plan.
00:29:22.000 Time is running out to prepare for what's coming.
00:29:25.000 MyPatriotSupply.com.
00:29:28.000 Go there today.
00:29:29.000 Action, action, action.
00:29:31.000 Trump, who was elected by voters basically begging for relief from high prices,
00:29:37.000 who openly plans an inflationary trade war with tariffs so insane that even Canada's most famous right-wing politician,
00:29:44.000 Ontario Premier Doug Ford, said they were like a family member stabbing you in the heart this week.
00:29:48.000 Mexico's president sent Trump an open letter blasting the terror threat, suggesting the U.S. would face punishing tariffs and retaliation, which is usually how this goes.
00:29:57.000 And still, many Americans seem to be taking Trump neither seriously nor literally on this campaign promise.
00:30:02.000 If you're one of them, you might want to take note of a Trump administration appointment today.
00:30:06.000 Trump announced his choice to be the U.S. trade representative, a lawyer named Jamison Greer.
00:30:11.000 Now, Greer previously served as chief of staff to Trump's former U.S. trade representative, Robert Lighthizer.
00:30:17.000 He's the architect of the tariffs they did the last time around on $370 billion worth of Chinese imports.
00:30:25.000 Those tariffs, as we reported on the show, spurred a trade war, nearly broke the backs of American farmers who lost access to their top Asian market.
00:30:33.000 Just like the Tories and trusts in London two years ago, Donald Trump has told us what he plans to do.
00:30:39.000 And just like that, the critics have said this looks like it's going to be devastating if you do it.
00:30:44.000 And now I guess we just wait right to see if we're about to enter the finding out phase of the story.
00:30:50.000 We were to get in a situation where investors are spooked by the bond market.
00:30:54.000 You could easily see, you know, pretty good sell off.
00:30:58.000 And also you could see that the steeping would would have to happen pretty drastically.
00:31:05.000 And, you know, the market's just not looking at that.
00:31:09.000 But duration risk is not priced properly.
00:31:12.000 And not only enough, there's a pretty concrete example of this exact same thing.
00:31:16.000 OK, when I got one of the most brilliant guys on Wall Street.
00:31:19.000 OK, here's the thing.
00:31:20.000 And Jason Turner joins me.
00:31:22.000 We'll find out why Jason's just wandering through West Palm Beach randomly here in a moment.
00:31:26.000 But you're one of the smartest guys.
00:31:28.000 OK, so this Chris Hayes last week did a very smart piece for their side talking about Liz Truss
00:31:34.000 and the fiasco they had a couple of years ago when they didn't put any numbers
00:31:37.000 and they tried to have a supply side cut without being able to back it up with a set of math.
00:31:41.000 And she got crushed by the bond market.
00:31:43.000 And trying to say, oh, F around and find out.
00:31:46.000 Trump's trying to do the same thing.
00:31:48.000 MSNBC today has another opinion piece how the bond vigilantes are going to come and discipline Trump,
00:31:54.000 both on tariffs, on mass deportations, on Elon and Vivek and Russ Vogt, trying to, you know,
00:32:03.000 disaggregate the administrative state and try to get some spending cuts in here.
00:32:06.000 This is going to be a revolt.
00:32:08.000 Walk me through.
00:32:09.000 Because President Trump, on the other hand, has laid out a pretty rational plan of what to do here.
00:32:13.000 But it's being misinterpreted overall.
00:32:15.000 And I want to make sure this audience is ahead of this because I can see now,
00:32:20.000 since the resistance is breaking down everywhere as President Trump gets ready to go to on January 20th,
00:32:27.000 that they're going to try to use the global capital markets.
00:32:30.000 That's what's going to discipline Trump.
00:32:32.000 Well, listen, it's not.
00:32:33.000 I don't think it's going to work because the U.S. has the world's reserve currency.
00:32:36.000 That's something Liz Truss didn't have. 1.00
00:32:38.000 And I can tell you what's being talked about in terms of Doge, in terms of Vivek and Elon,
00:32:44.000 is unlike anything I've seen in the past 50 years.
00:32:48.000 So the whole idea that you're going to cut government spending is really almost unheard of in the industrialized world.
00:32:56.000 The night of the election, I flew to Korea, believe it or not.
00:33:01.000 Where they have Mausha Lal today.
00:33:03.000 No, I just got it in under the wire.
00:33:05.000 But by the time I landed on Thursday morning, I left Tuesday night.
00:33:09.000 The time I landed on Thursday morning, the institutional investors I talked to in Seoul, Korea, were talking about Doge.
00:33:15.000 And almost with a sense of awe in the idea that an industrial power would actually seek to cut government spending.
00:33:23.000 I went on to London and Europe.
00:33:25.000 The same thing took place.
00:33:28.000 The bottom line is that since President Trump has been elected, bond yields have come down.
00:33:33.000 Yes.
00:33:35.000 They haven't come up.
00:33:36.000 Yes.
00:33:37.000 So the stock market's gone up.
00:33:38.000 Bond yields have come down.
00:33:39.000 And the currency has strengthened.
00:33:41.000 So to me, there's something that the reserve currency gives us a lot of flexibility to do things that other countries don't have.
00:33:49.000 And he put a shot across the bow of the BRICS to say, hey, you do 100 percent.
00:33:53.000 Now, I still think their big complaint is the deterioration of the dollar purchasing power.
00:33:58.000 But his economic plan is going to take care of that.
00:34:00.000 You're not going to see the deterioration you saw in the Biden.
00:34:02.000 That's the central part of it.
00:34:03.000 To me, the most dangerous thing for the dollar is continuing to run budget deficits that are 6 to 7 percent of GDP at full employment.
00:34:12.000 That is very dangerous for inflation.
00:34:14.000 Repeat that.
00:34:15.000 Why is that dangerous?
00:34:16.000 We've never run budget deficits of that magnitude, $2 trillion, roughly $2 trillion a year, when the unemployment rate was ever below 7.
00:34:25.000 It's now below 4.
00:34:27.000 A lot of the – this has been a smoke-and-mirrors economy for the last couple of years.
00:34:31.000 Because of spending.
00:34:32.000 But, okay, if they can – okay, the Wall Street Journal today puts on its cover above the fold, which they're telling you this important story.
00:34:39.000 Le Pen, our friend from France, is bringing down the French government over a budget because their spending is random numbers.
00:34:47.000 Their deficit is 6 percent of their GDP.
00:34:49.000 They can't afford it anymore.
00:34:50.000 The austerity program puts it on the workers, and she's saying, no, I want to take it from the globalists.
00:34:55.000 They could have a new government by this afternoon.
00:34:58.000 This is a global problem, correct?
00:34:59.000 Absolutely.
00:35:00.000 We're totally over-leveraged, and we're about to – and this is what Trump can get you ahead of, is to get you ahead of a global margin call by putting in rational plan of, hey, we have to not just take down the deep state and the administrative state, but we have to, at the same time, with that, cut this massive spending.
00:35:16.000 Amen.
00:35:17.000 And that's globally.
00:35:18.000 Unfortunately, there's a lot of people in Washington and a lot of people around the world that are more interested in being citizens of the world than citizens of the United States.
00:35:27.000 I know the international post-war international rules-based order was designed to get peace.
00:35:33.000 The problem is it went too far, and you're hurting American people, especially since China joined the WTO.
00:35:41.000 So that's over.
00:35:42.000 You're a big fan of Scott Besson and his plan.
00:35:44.000 He's a huge fan.
00:35:45.000 Okay, so – and you're a fan of his because he's not just brilliant.
00:35:48.000 He's a safe pair of hands, right?
00:35:50.000 Absolutely.
00:35:51.000 You've got to have these – hey, Cash Patel, Hegseth to go into these apartments and disaggregate.
00:35:57.000 For the Treasury, you need a guy that the capital markets, when he says something, they believe it.
00:36:01.000 His 3-3-3 program is 3% economic growth predicated upon doing spending cuts, right, and revenue growth that gets us to 3% deficit, not a 6% or 7%.
00:36:15.000 That's right.
00:36:16.000 And then he wants, I think, 3 million barrels of extra oil.
00:36:19.000 Because cheap energy is the predicate in the industrial age for a growing economy.
00:36:24.000 Am I wrong on this?
00:36:25.000 It is an immediate productivity enhancement.
00:36:27.000 And why on earth would a country not take full advantage of its own natural resources?
00:36:33.000 Up until 1945, countries would go to war with one another over natural resources.
00:36:38.000 Here we're ignoring them and basically enriching countries like China that say that they're good actors on the environment, which we all know is a joke.
00:36:46.000 So this is something we have to start focusing on mending fences here at home, on bolstering the middle class here at home, because it's been too long.
00:36:55.000 And the system that we've created has been enormously good for rich people, but it's been terrible for the average person.
00:37:00.000 We have this thing you might know, the common man CPI, which just looks at things that are, it's food, energy, shelter, utilities, children's clothing, and insurance.
00:37:09.000 What you found is that during the Trump years, people's standard of living improved.
00:37:14.000 Wages exceeded that measure of inflation.
00:37:18.000 In the Biden years, people have gotten 5% or 6% poorer.
00:37:21.000 And that, in my opinion, is exactly why Biden lost.
00:37:25.000 And you said this was reflected on the country gave a verdict on the Biden economy on November 5th.
00:37:33.000 Absolutely.
00:37:34.000 We had a referendum based on Biden's economy.
00:37:36.000 Absolutely.
00:37:37.000 Right.
00:37:38.000 And you can see, like, on the surface, you say, well, you know, unemployment rates 4 and stock prices are high, inflation's come down.
00:37:43.000 But why didn't it translate into more votes?
00:37:45.000 It didn't translate into more votes because it was enormously good for wealthy people and not good for the average person, the common man.
00:37:53.000 And I feel very strongly about that.
00:37:54.000 I also think the Fed has contributed to that in a very big way through something called quantitative easing and the size of their balance.
00:38:02.000 Talk to us about that.
00:38:03.000 Basically, what the Fed has done is largely underwritten the amount of debt.
00:38:07.000 And they talk about bond market vigilantes.
00:38:09.000 You might remember James Carville in 1994 said, I want to be reincarnated as the bond market because it scares everyone.
00:38:15.000 One of the things one of the unfortunate parts of having QE or having the Fed expand its balance sheet for 15 years is now the bond market doesn't scare anyone.
00:38:24.000 And Republicans, Democrats alike think that it's a really just a free pass to spend money they don't have.
00:38:29.000 We have to get off of that because, again, it's extremely regressive.
00:38:33.000 It's if you're a rich person with a private equity portfolio or venture capital, you do great.
00:38:38.000 If you're just a person that has a savings account, you get close to zero for 12 years.
00:38:43.000 It's unfair.
00:38:44.000 Exactly.
00:38:45.000 Unfair.
00:38:46.000 One of the things we try to do here with the audience, our working class and middle class audience, is to talk to them about, for years, Washington played like free money.
00:38:53.000 He said deficits don't matter and it doesn't impact anybody.
00:38:56.000 Right now, the federal debt on, I think, households $100,000 and individuals $100,000, households like $225,000.
00:39:06.000 The refinancing of the $36 trillion, the refinancing, particularly the one third has to be refinanced.
00:39:12.000 And like Janet Yellen is doing it like we're Argentina or like old Argentina.
00:39:16.000 Right. Right.
00:39:17.000 That is impacting that impacts inflation into the system where it can't come.
00:39:22.000 That's where people are saying they know something is intuitively wrong.
00:39:26.000 They didn't go to Harvard Business School.
00:39:27.000 They can't point it out.
00:39:28.000 But that is the central problem of the system today.
00:39:30.000 Correct?
00:39:31.000 Amen.
00:39:32.000 The U.S., unfortunately, under Janet Yellen, especially over the last year, has essentially taken out an adjustable rate mortgage on America's future.
00:39:40.000 I love that.
00:39:41.000 The average person would take out a 30-year fixed mortgage at low interest rates.
00:39:46.000 Janet Yellen took out an arm. 1.00
00:39:48.000 So 55% of our debt.
00:39:50.000 Or paid your mortgage, or even worse, paid your mortgage with a credit card.
00:39:53.000 Right.
00:39:54.000 Right.
00:39:55.000 Precisely.
00:39:56.000 Right.
00:39:57.000 So now every time we have bonds that mature and we have to issue new bonds, the interest rate is higher than the old interest rate.
00:40:01.000 So our deficit is increasing just on interest expense alone.
00:40:05.000 So you get nothing for that.
00:40:06.000 It's not productive.
00:40:07.000 And it's, you know, again, it was, I think it was a very crass political move on the part of the Treasury Department to try to help President Biden get reelected.
00:40:16.000 And, you know, I would say the new administration, the Trump administration is going to have to work with this, is going to have to, is not being dealt a great hand here.
00:40:24.000 And that's why the cutting spending, government spending, is an integral part of what has to be done.
00:40:29.000 Be specific.
00:40:30.000 Be specific, because I've said, or as specific as you can, I know you're in discussions with folks around here.
00:40:35.000 We'll talk about that in the next segment.
00:40:37.000 When you say, because I keep saying in the World War Three, they're trying to jam Trump up.
00:40:43.000 On the border, they're trying to jam Trump up and laying more people in before they leave.
00:40:47.000 Talk to me about how President Trump's got a, he's been dealt a bad hand.
00:40:52.000 Well, he's being dealt a bad hand because, again, part of the reason why the economy is growing is because we're running budget deficits of six to seven percent of GDP.
00:40:59.000 And creating government jobs or government adjacent jobs.
00:41:03.000 So that increases GDP, except in the wrong way.
00:41:06.000 It's not through the private sector.
00:41:07.000 It's not through productive ways.
00:41:08.000 It's through spending more money.
00:41:09.000 So if you're going to try to reel that in, you need something to replace it.
00:41:14.000 And what I think President Trump is trying to do, and he's going to do, is going to focus on productivity in the private sector.
00:41:21.000 This is why we have the, this is why Besson keeps saying this is the last chance for a supply side tax cut, deregulation, de-administrative state to get back to the animal spirits of our economy.
00:41:32.000 Yeah, absolutely.
00:41:33.000 Because that's the only way out.
00:41:35.000 Government does not create anything.
00:41:37.000 Government is basically, government can set the tone, rule of law, all those things.
00:41:42.000 It's not completely unnecessary.
00:41:44.000 But in terms of industrial policy, government spending to spur economic growth, it doesn't work.
00:41:49.000 The private sector always does it better.
00:41:52.000 And in my opinion, this is why it's going to be difficult for the new administration in a way, because they're being dealt overspending and also a term structure of the debt outstanding that is extremely short.
00:42:03.000 So this is why the cutting government spending is so important.
00:42:07.000 You can maintain tax rates where they are if you actually start to cut the administrative state.
00:42:13.000 This is going to be, this is going to be vote at OMB.
00:42:15.000 It's going to be the appropriations process.
00:42:17.000 It's going to be the team of Vivek and Elon and their other team pulling together great people over at Doge.
00:42:24.000 Okay, we're taking a short commercial break.
00:42:25.000 A couple of things.
00:42:26.000 Make sure you want to see Cash Patel's The Government Gangsters in film version produced by yours truly.
00:42:32.000 Make sure you go to warroom.film and go there right now.
00:42:36.000 Download it.
00:42:37.000 Talk to your friends about it.
00:42:38.000 You got the entire, he walks through the whole deep state, the disaggregation of it, actually talks about those people that drove it.
00:42:44.000 So it's brilliant.
00:42:45.000 It's an adaptation of his very powerful bestselling book, Government Gangsters.
00:42:49.000 Birchgold.com, birchgold.com slash warroom, the end of the dollar empire.
00:42:54.000 Remember, Rachel Maddow and your team, we're not trying to destroy the dollar.
00:42:58.000 We're actually talking about the elites in our country because the spending have tried to destroy it and what has to happen to get it back.
00:43:04.000 But birchgold.com, you get to talk to Philip Patrick and the team or use your phone, Bannon 989898.
00:43:11.000 Okay, we've got a lot going on.
00:43:14.000 Jason Trenert has joined us here in West Palm Beach.
00:43:16.000 We're going to take a short commercial break.
00:43:18.000 We're going to be back in the warm in just a moment.
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00:44:35.000 Here's your host, Stephen K. Bannon.
00:44:42.000 Jason Trenner, are we going to get a lot more of this?
00:44:44.000 You've seen France.
00:44:45.000 The government's probably going to fall today on exactly the thing.
00:44:47.000 They're trying to take the deficit from 6% to 3% of GDP.
00:44:51.000 Le Pen is saying you're not going to do it on the back of workers.
00:44:53.000 You're going to do it on the back of globalists because she knows that we have to do it.
00:44:56.000 Is that going to happen throughout the world?
00:44:58.000 I think so.
00:44:59.000 I think with President Trump in office, I think that's going to happen.
00:45:02.000 After Korea, I went to Europe, talked to institutional investors there.
00:45:05.000 They're actually quite excited about the idea that Doge will force the hand of European governments
00:45:12.000 to actually live within their means and actually start making smart choices to prioritize the spending they have.
00:45:19.000 I believe France's government spending as a percentage of GDP is close to 60%.
00:45:24.000 I have to double-check that.
00:45:26.000 Well, the deficit, I think they said, is 6%.
00:45:28.000 Six times.
00:45:29.000 But their government is – their economy is almost completely driven by government spending.
00:45:34.000 Yes.
00:45:35.000 And that's why there is no Max 7 in Europe.
00:45:37.000 Right.
00:45:38.000 There is no Max 7 anyplace else.
00:45:40.000 It's all happening here.
00:45:41.000 And so I believe very strongly that politicians have to be forced, unfortunately, to do the right thing.
00:45:49.000 President Trump is going to force other countries to do better things.
00:45:52.000 And that's the lie about the bond vigilantes.
00:45:54.000 That was to control Clinton and these other people.
00:45:57.000 President Trump's actually driving the narrative that the bond market will respond to.
00:46:00.000 Now, they're saying we don't need – you're not going to do mastery potentials.
00:46:03.000 It's all kind of noise.
00:46:04.000 But right now, the bond market is saying we like the cut of this guy's jib.
00:46:07.000 We like the cut of Elon's jib, of Vivek, Russ Vogt.
00:46:11.000 We like the team we're seeing because they're serious.
00:46:13.000 I can tell you, Steve, in my career, some of the most dangerous words to say is the market is wrong.
00:46:20.000 And markets don't always get it right.
00:46:22.000 But generally speaking, you've had a lot of time to digest this and everything's gone the right way.
00:46:27.000 Currency is strengthened, bond yields are down, and stock prices are up.
00:46:30.000 That's telling you that – I mean, the devil will be in the details and the execution.
00:46:34.000 But it's telling you that the direction the new Trump administration is going in is a very positive one.
00:46:39.000 Real quickly, you're down here obviously talking to people, helping out where you can.
00:46:44.000 What do you think about the team he's putting together?
00:46:45.000 Well, listen, I think it's tremendous.
00:46:47.000 I'm trying to help out any way I can.
00:46:49.000 But it's – listen, the transition team, I think it looks like a well-oiled machine.
00:46:53.000 They're getting great people that want to help.
00:46:55.000 And for the right reasons.
00:46:57.000 What about the nominee on Capitol Hill?
00:46:58.000 Your sources are telling you about Scott Besson's confirmation of Secretary of Treasury.
00:47:01.000 Oh, I think that's a layup.
00:47:03.000 It's a layup because also Scott's a markets guy, which I – my opinion, given all the things we've said,
00:47:07.000 it's important to have someone that has that kind of experience.
00:47:10.000 This is why he was perfect casting for this because all the other people you have,
00:47:13.000 they're going to go off the administrative state, the deep state, everything you need to do,
00:47:16.000 the mass deportations, you need a steady Eddie that the market –
00:47:19.000 Absolutely.
00:47:20.000 That global capital markets know, understand, and trust.
00:47:23.000 Right.
00:47:24.000 And right now we have an academic in there.
00:47:26.000 A disaster.
00:47:27.000 A disaster.
00:47:28.000 Nice person.
00:47:29.000 But, you know, I think we need somebody that's kind of from planet Earth, you know, 0.98
00:47:32.000 and not from a faculty lounge that knows how markets work.
00:47:36.000 The common man CPI, all the other stuff, newsletter, if they're –
00:47:39.000 you've got this fund out there that trades in this stuff.
00:47:42.000 Where do people go?
00:47:43.000 Yeah.
00:47:44.000 So strategusetfs.com, and the fund is Strategus Macro Thematic Opportunities Fund.
00:47:49.000 S-A-M-T is the symbol. 0.89
00:47:51.000 And the fund itself, the concept of it is what?
00:47:53.000 Is we focus on big themes and we rotate in and out of themes when we think themes are changing.
00:48:00.000 But right now it's artificial intelligence.
00:48:03.000 It's industrial power, which we think is going to be enormous to fund artificial intelligence.
00:48:08.000 And to power.
00:48:09.000 And to power.
00:48:10.000 And to power.
00:48:11.000 To fund it.
00:48:12.000 We've got –
00:48:13.000 The Green Deal deal is not going to do that. 0.55
00:48:14.000 No.
00:48:15.000 D-globalization.
00:48:16.000 It's nuclear.
00:48:17.000 It's all of the above, but it's not the Green Deal deal.
00:48:19.000 Working the big muscles.
00:48:20.000 D-globalization is another thing we have in there.
00:48:23.000 I tell you what.
00:48:24.000 I would hope the transition spends a lot of time with you, sir.
00:48:27.000 Thank you.
00:48:28.000 You could be the team that President Trump is fielding on economics and capital markets
00:48:32.000 is the best I've ever seen.
00:48:34.000 And I think Jason Turner would be a great addition to that team.
00:48:36.000 Thank you so much, brother.
00:48:37.000 Thank you, sir.
00:48:38.000 Thank you, man.
00:48:39.000 I knew you weren't down here working on that handicap.
00:48:41.000 You're what, a 12?
00:48:42.000 A 14.
00:48:43.000 14?
00:48:44.000 Okay.
00:48:45.000 Generous.
00:48:46.000 President Trump will ask that.
00:48:47.000 Make sure you're not sandbagging him.
00:48:48.000 No, no.
00:48:49.000 Make sure you're not sandbagging him.
00:48:50.000 Jason Turner, thank you so much.
00:48:52.000 HomeTitleLock.com.
00:48:53.000 Make sure you go to HomeTitleLock.
00:48:55.000 We just talked about, right now with the debt, I think it's every person.
00:48:59.000 It's $100,000.
00:49:00.000 Every family, I think it's 225.
00:49:03.000 That's the rough number.
00:49:04.000 Like you got a second mortgage.
00:49:05.000 Your home's your castle.
00:49:07.000 Make sure nobody can get into your title and monetize it with a hard money lender
00:49:11.000 because they don't want to hear your tale of woe.
00:49:14.000 Go to HomeTitleLock.com slash Bannon.
00:49:16.000 Talk to Natalie Dominguez and all the team over there.
00:49:20.000 Also, Warpath.coffee.
00:49:21.000 How do we get jacked up here early in the morning in the war room?
00:49:25.000 Warpath.coffee.
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00:49:33.000 Put that coffee together.
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00:49:36.000 Particularly the dark roast.
00:49:37.000 The French roast.
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00:49:39.000 Mike Lindell joins us.
00:49:40.000 Mike, what do you got for us?
00:49:42.000 Talk deals, brother.
00:49:43.000 People heard enough talk about the economy.
00:49:45.000 They want to talk about their personal economy.
00:49:47.000 What do you got for us?
00:49:48.000 We got some personal stuff going on here real good.
00:49:51.000 The war room supported us and we're giving back.
00:49:55.000 We're giving back.
00:49:56.000 We're running this Cyber Monday and the Black Friday deals exclusive for the war room.
00:50:01.000 We're keeping it going.
00:50:02.000 And all the ones you guys have responded to, the one in the middle there.
00:50:07.000 This is the MyPillow Premium.
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00:50:59.000 People forget about that, but there's the bathroom.
00:51:01.000 We were running this all for the War Room Posse.
00:51:04.000 A lot of these exclusives that are on this page, but get there.
00:51:07.000 We have over, I think it's over 300 products and thousands of SKUs.
00:51:13.000 Another one I want to mention, Steve, is everything is also on sale for the War Room Posse War Room
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00:51:21.000 Thousands of entrepreneurs have their products up there for the Black Friday special and Cyber
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00:51:28.000 This is a War Room exclusive over there, MyStore.com, MyPillow.com.
00:51:33.000 The operators will take both websites, 800-873-1062.
00:51:41.000 This is giving back to you guys.
00:51:43.000 We want to say thank you, thank you, thank you, Steve.
00:51:46.000 Thank you, brother.
00:51:47.000 Appreciate you.
00:51:48.000 I'll see you in the afternoon show.
00:51:49.000 Mike Lindell.
00:51:50.000 Thanks, Steve.
00:51:51.000 Keep it right here on Real America's Voice.
00:51:54.000 Charlie Kirk, two hours of populist nationalism served up hot and urgent.
00:51:59.000 Jack Posobiec after that.
00:52:00.000 He's got Darren Beattie.
00:52:01.000 It's what, Dirty Laundry Day, taking out the laundry day today?
00:52:04.000 Okay, we're back at 5.
00:52:06.000 At 6 o'clock in the 6 o'clock hour, we're actually going to dedicate the whole hour.
00:52:10.000 Massive case in front of the Supreme Court tomorrow on transgender ideology coming out of
00:52:16.000 the great state of Tennessee.
00:52:17.000 We've got a team of experts who are going to go through all of it.
00:52:20.000 You can actually argue that this is one of the key elements of the great victory of November 5th.
00:52:25.000 Everybody go to WarRoom.com right now.
00:52:29.000 Check it out.
00:52:30.000 See you back here at 5.
00:52:31.000 Charlie Kirk next.
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