Bannon's War Room - Episode 4301： Stopping The Destruction Of The US Economy

00:00:00.000 Donald Trump is seeking nothing less than a total restructuring of a global trade environment

00:00:06.320 which penalizes American companies, American workers, and American taxpayers through all

00:00:12.940 manner of unfair trade, tariffs, non-tariff barriers, in this case taxation, as you mentioned,

00:00:19.020 regulation. And it worked back in the 50s when we were trying to help the global economy recover

00:00:27.860 after a war. But we have this practice of just surrendering our treasure to the rest of the

00:00:34.340 world for no good end anymore. And ultimately, these are national security issues because if we

00:00:42.560 don't have a manufacturing and a defense industrial base and tech companies which have every dollar

00:00:49.540 they need for cutting edge AI and research and development, we're not going to be the country

00:00:54.780 we need to be. I mean, the manufacturing sector went into recession back in late 2018, 2019 because

00:01:02.160 of the tariffs. So, I mean, we're in a different world, a globally connected world where, you know,

00:01:07.600 some of these CEOs that we talk to are very concerned about tariffs. They're worried about

00:01:11.400 demand destruction. They're worried about price shocks. They're worried about trading relationships.

00:01:17.140 We heard the same concerns back during the first term when President Trump levied historic

00:01:24.600 tariffs on China, levied historic tariffs on steel and aluminum, levied historic tariffs on things

00:01:30.460 like solar and washing machines. And what we got out of that was not the sky's fall and recession

00:01:38.680 or inflation. What we got was price stability and prosperity. And one of the eight, I think the

00:01:45.340 eighth wonder of the world is you go to the pride of Clyde in Ohio and you go to the whirlpool factory.

00:01:51.880 There's a washer machine that comes off every four seconds out of there.

00:01:56.520 Come back to another like four or five minutes. I beg to differ with her right there. She said it was a

00:02:01.240 recession in 18 and 19. 19, the fourth quarter of 19 was world on fire in a good way. Jim Rickards

00:02:08.960 is going to join us here in a moment. EJ, so President Trump on Tuesday, he just sent out a true social,

00:02:15.640 4% on Mexico, 25% on Mexico, 25% on Canada, two of our largest trading partners. And I don't know if

00:02:25.080 China is a partner or we're in complete submission to them since the trade deficit is so massive,

00:02:30.280 but 10% on them. Your thoughts? Is Peter Navarro right? Is this a total geoeconomic

00:02:39.460 reset for the United States and looking at this as a premium market? Because he's not putting a 25%

00:02:46.740 tariff on an avocado coming from Mexico. He's not putting a 25% tariff on a component part under the

00:02:54.420 hood that gets shipped down from Canada into Detroit to go into a car engine. This is across the board.

00:03:03.760 So is this bigger and is this really national security or are his critics right? Is this going

00:03:09.660 to trigger a massive recession? Well, Steve, there's certainly no way it triggers a massive

00:03:16.700 recession, although that is very much the fear in Canada and in Mexico. We forget that the trade

00:03:22.940 between our countries is not in any way equal. What I mean is that if you look at all of America's

00:03:28.480 exports, only a few percentage points go to a country like Canada or a country like Mexico.

00:03:33.600 Whereas almost all of Canada's exports, almost all of Mexico's exports come here to the United

00:03:40.700 States. And so if they really want to go toe to toe with Trump on this one, if the president of

00:03:45.800 Mexico or the governor of Canada says, all right, let's do this trade war thing, then what will 0.80

00:03:50.020 happen here in the United States will basically be like an economic speed bump, but it will be a

00:03:54.500 probably a full blown recession for a country again, like Canada or like Mexico. This is where

00:04:00.500 Trump's approach to tariffs is so much more like McKinley's than Hoover's. McKinley had an almost

00:04:07.440 scientific approach. It was a very strategic approach to conducting tariff policy. Whereas

00:04:13.060 with Hoover, it was a shotgun style, almost random approach in the infamous Smoot-Hawley tariff act that

00:04:19.060 infamously made the Great Depression even worse than it already was at the start of the 1930s.

00:04:25.640 So, you know, what would the actual effect be? Let's remember that there are a lot of elasticities

00:04:31.720 to deal with. There are fluctuations in the relative value of currencies. In other words,

00:04:36.120 exchange rates. What I'm getting at here, Steve, is the fact that if you put a tariff on a certain item,

00:04:42.160 the actual cost of that tariff is never passed entirely on to the consumer. The producer always

00:04:48.240 ends up eating some of the cost of that tariff. We famously saw this during the first Trump

00:04:52.960 administration that Peter Navarro was just talking about, wherein about 80 percent of the cost of the

00:04:59.100 tariffs we were imposing on the Chinese were simply eaten by the Chinese manufacturers. 0.99

00:05:03.620 They couldn't afford to pass the full freight on to the American consumer in the form of higher

00:05:08.400 prices because the American consumer would choose alternatives. You know, we didn't have to buy

00:05:12.940 steel from China, for example. We could buy it from a domestic producer. We could buy it from

00:05:17.500 another foreign producer like the ones in Sweden. And so in order to remain competitive, it forced 0.98

00:05:23.240 these Chinese exporters, again, to eat most of the cost of that tariff. And we have every expectation 0.94

00:05:29.260 that that would happen today. And then one further thing, Steve, if I may, you know, things like a 25

00:05:34.900 percent tariff rate on Canada, that's perfectly reasonable when you think about reciprocity because

00:05:41.220 they, the Canadians, already impose about a 25 percent tariff or the equivalent thereof once you

00:05:48.860 consider not just tariffs but also non-tariff barriers, think things like quotas, that they have

00:05:54.860 on, you know, American dairy, American automotive parts. And so that is essentially an implicit penalty

00:06:01.160 on Americans, whether it's an American farmer, dairy farmer, or an American factory worker.

00:06:07.380 And so what the president is trying to do here is level the playing field for the American worker,

00:06:13.780 for American exporters, so that we can actually compete on the world stage and make it a level

00:06:20.180 playing field. Jim Rickards, I want to bring you in your thoughts on President Trump's this. It's

00:06:27.860 really a geo-economic and geo-strategic reset on this, and particularly when you look at tariffs. He's got a

00:06:34.120 different economic model. He sees the United States as a premium market, and if you don't,

00:06:39.040 if you can get around tariffs by shipping your, putting your manufacturing here and hiring American

00:06:43.960 citizens at good wages, or you can pay a premium like you would buy a, you'd get a skybox for a

00:06:51.840 sporting event or a front row seat for a concert, sir.

00:06:55.820 Jim, I agree with that, Steve. And I disagree with E.J. a little bit on the difference between

00:07:01.980 McKinley and Hoover. Whether tariffs are a good idea or not depends on whether your economy is in

00:07:07.980 surplus or deficit. If you're running a trade surplus, don't put tariffs on. But if you're

00:07:12.080 running a trade deficit, absolutely do it and help create, exactly as you described, high-paying jobs

00:07:18.140 at home. Say to the foreign trading partners, if you want to sell to the United States, that's fine,

00:07:22.480 but you've got to build it here, put your investment here. Right now, of course, the U.S. is

00:07:26.360 running a huge trade deficit. So tariffs make a lot of sense. And as far as the reset is concerned,

00:07:31.600 yeah, it's a reset. But it's a reset to something that we had from 1790 to 1962, which was the

00:07:38.440 American system. Alexander Hamilton, Henry Clay, Abraham Lincoln, McKinley, Eisenhower, they were

00:07:44.240 all on board. So we're going back to really what we had to most of American history. But the problem

00:07:48.900 with Hoover is not that tariffs are automatically bad. It's that the U.S. was a huge surplus country at

00:07:55.260 the time. So it depends on the initial conditions. But the initial conditions right now are right for

00:08:00.000 tariffs. Describe, this is so important, the American system. There's a document that is,

00:08:10.540 I think, almost as important as a constitution, the Declaration of Independence by the first,

00:08:14.620 by the Secretary of Treasury, Alexander Hamilton, who came out and put forward, our first Secretary

00:08:21.480 Treasurer put forward a report on manufacturers, right, that has resonated down the ages to people

00:08:27.300 like Henry Clay, people like Abraham Lincoln, the American system. Can you just take a second to

00:08:33.440 describe it? Because that's essentially how the country basically ran until globalization,

00:08:38.780 until the high priest of globalization on Wall Street. And it places, I went to the West Point of

00:08:44.100 Capitalism, the West Point of Globalism, Harvard Business School, which all they preach was

00:08:49.060 globalization. But describe to people what the American system is.

00:08:54.600 Sure. Well, first of all, it did start with Alexander Hamilton. Alexander Hamilton and George

00:08:58.800 Washington took, I'll call it, a field trip out to Passaic, New Jersey. And they looked at all these

00:09:03.540 waterfalls, which are there. It's a natural resource. And they said, perfect. This is, you know,

00:09:07.560 at the time you use water to run mills, to run water wheels and so forth. That's how you powered

00:09:14.300 industry. And they said, this would be perfect for, you know, textiles and so forth. But you had

00:09:19.000 to put up tariffs to protect the U.S. industry. We were kind of, you know, in our infancy at the

00:09:24.440 time. And that was, now there was, it was an opposition party that was Jefferson, Madison, and

00:09:30.800 Monroe. And Monroe, you know, Jefferson and Monroe in particular, they were the, they were the agrarians.

00:09:37.240 They represent the Southern interests, actually. This is one of the, not the main one, but this is one of

00:09:41.300 the things that led up to the Civil War, which was the South opposed tariffs. They needed imports and

00:09:46.520 the North favored tariffs because they wanted to, you know, encourage industry. And they, and they

00:09:51.520 did. But that's, that system, you know, basically the, the, the, the early Republican party, which

00:09:58.200 was Thomas Jefferson was pushed aside. And again, Henry Clay was the champion. John Quincy Adams was

00:10:04.360 another one. This thread ran through all the way through American history with very few exceptions.

00:10:08.840 And the, the real turning point was 1962. That was the, uh, the trade act of, uh, trade reform act of

00:10:14.860 1962 when we lowered our tariffs unilaterally. And then we went through multiple rounds of, uh, you know, the

00:10:20.520 Kennedy round, the Tokyo round and so forth. And, but the U S today acts as the consumer of last resort.

00:10:27.060 We sit there to the world and say, Hey, sell us all your stuff, cheap labor. And by the way, uh, you know,

00:10:32.500 Ricardo himself admitted, he was wrong about the theory of free trade comparative advantage,

00:10:37.060 comparative advantage works in a classroom, but in the real world, the factors of production,

00:10:42.180 the inputs are portable. So you may start out with some comparative advantage, but if capital can go

00:10:47.580 where it wants and it does, and if cheap labor is waiting for you overseas and it is, then the,

00:10:53.020 the comparative advantage comes out of thin air. Look at a Taiwan semiconductor. What was Taiwan's 0.65

00:10:57.860 comparative advantage in semiconductors in 1978? Zero. They had comparative advantage in tuna fishing

00:11:03.560 and a couple other things. They created it out of whole cloth. They basically got the capital, got the

00:11:08.940 educational system that if you wanted to leave Taiwan semiconductor and go start your own company, they

00:11:13.940 were like, that's fine. Let's kind of create that act, that, uh, ecosystem. So, so the point being

00:11:18.580 comparative advantage, the theory of free trade falls down because the inputs are portable. Once you realize

00:11:24.800 that, you have to say, okay, what can we do to prevent having all of our industry over intellectual

00:11:30.240 property, uh, and jobs stripped away? And the answer is tariffs. Uh, and you mentioned, I think

00:11:37.680 in the month of December, it was the, it was a, uh, it was a record trade deficit with China. Let me play

00:11:42.800 the Caitlin Collins. I'm going to get EJ in here before he has to bounce and come back to you, Jim. Uh,

00:11:47.280 let's play the Kate, let's play the Caitlin Collins quickly and get EJ's response on this.

00:11:51.040 You just talked about how important the work that Elon Musk is doing is if you pass a continuing

00:11:56.240 resolution, won't that just refund all the programs that he says he's cutting that are full of

00:12:00.640 waste, fraud, and abuse? No, look, you can, that's why I say you add anomalies to a CR. You can increase

00:12:06.960 some spending, you can decrease some spending. You can add language that, that says, for example,

00:12:11.200 the dramatic changes that have been made to USAID would be reflected in the ongoing spending. Uh,

00:12:16.800 it would be a clean CR mostly, I think, uh, but with some of those changes to, uh, to adapt to the

00:12:22.400 new realities here. And the new reality is less government, more efficiency, a better return

00:12:28.000 for the taxpayers. And I think that's something everybody should welcome.

00:12:32.480 What he said earlier also was about the, uh, was about the Democrats trying to put restrictions on

00:12:37.040 President Trump on all of this. Uh, maybe we can play the whole thing for Jim if we can put it

00:12:41.280 together. Uh, EJ right there and not clean CR, but anomalies. What, what do you, what do you

00:12:47.040 anticipate? What do you anticipate, uh, happening here? Because as you know, this audience doesn't

00:12:52.880 like kind of omnibus CRs, but they're, they're talking about anomalies where you're actually going

00:12:58.480 to allow the doge cuts to go through, sir. And Steve, I think that makes a lot of sense,

00:13:05.440 right? You should be counting all of these savings when you're trying to compute, okay, what is the

00:13:10.720 actual, uh, cost of this legislation. They should be counting things like, uh, future revenue from

00:13:17.200 tariffs, for example. And all of these things can be used as quote unquote pay-fors to help cancel

00:13:23.280 some of this supposed costs, according to the CBO from extending the, the Trump era tax cuts,

00:13:28.320 the Trump tax reform. So I, I think it's a very good thing that they're going to help incorporate

00:13:33.440 some of these wins in terms, in terms of cutting government, that they're going to incorporate some

00:13:38.080 of that into the CR and say, okay, this is the new baseline, right? We are cutting out all of

00:13:43.680 these instances of abuse, of fraud, of waste, something, which by the way, both parties used

00:13:49.520 to preach. Let's not forget. It was Bill Clinton of all people who got up to the microphone and said,

00:13:54.560 the era of big government is over and was constantly railing again against abuse, fraud,

00:14:00.160 and waste within the federal budget. Now, whether or not he was true to that, that's a whole nother story.

00:14:04.160 I know, I know Bill Clinton lying. It's a shocker, but whatever the case, at least the Democrats used

00:14:08.880 to pay lip service to this. Today, it is shocking how many of the people in Congress get up to the

00:14:14.800 microphone and rail against all of these cost savings, all of these ways in which we are clawing

00:14:21.040 back Americans tax, Americans tax dollars. EJ, what's your social media? You're coming a little hot on

00:14:28.240 Twitter. I think it's fantastic. You got great information, great charts, great analysis. Where'd they go?

00:14:32.800 Best place to find me is right there on Twitter or X, you know, whatever we call it these days. The

00:14:38.400 handle is at real EJ and Tony. EJ, love you, brother. I hope we got either EJ is going to go in and

00:14:49.040 we'll lose him as an analyst and a contributor, or he'll be the smartest guy out here talking about

00:14:54.560 the details of the budget and inflation. Jim Rickert's next. Have you seen the news from

00:15:01.600 economists forecasting a depression? I'm not talking recession. I mean depression by the year 2030.

00:15:09.360 We're in a perfect storm as Social Security and Medicare hit a breaking point with the largest

00:15:14.240 generation hitting retirement. A smaller workforce means a smaller tax base. Pair that with our growing

00:15:22.060 national debt and rising cost of living, and you got a problem, and I mean a big problem.

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00:16:44.380 Okay, with everything else out there, and I think we're getting some clarity now on the CR,

00:16:51.420 which I'll be able to go into in a little while, and also the taxes part and other parts of this

00:16:57.500 reconciliation bill. And this is quite important because this is going to lay the foundational

00:17:03.300 element for the Trump presidency. And remember, President Trump's always about energy and getting

00:17:09.180 a foundation, a strong foundation for economic growth and opportunity. Jim Rickards, one thing

00:17:15.180 that stands in the way, and you know, we've had the Birch Gold guys in here. You know Philip Patrick

00:17:19.900 very well. He thinks the world of you. Read your newsletter, Strategic Intelligence, which you can

00:17:23.660 get by going to rickardswarroom.com. You can get Strategic Intelligence, but you can also see all the

00:17:30.860 specialty newsletters Jim puts out, and you get this amazing book about artificial intelligence

00:17:38.380 and capital markets, which I will tell people will come as a shock to you, but it should be read.

00:17:43.100 Jim throws it in for free. Jim, there's all this situation where the Bank of England, like,

00:17:50.220 is delaying delivery of physical gold for certain transactions. There's also all this discussion,

00:17:55.700 I think, of 20 metric tons or something that has been shipped from Bank of England and other money

00:18:01.300 center banks in London to New York. Those guys are arbitraging, I guess, the difference in price

00:18:08.020 in physical gold. And then President Trump, and now he's been pretty adamant about it, that he wants to go

00:18:13.700 to Fort Knox and actually wants to see and do a physical inspection and hear from auditors about gold.

00:18:21.140 And now he says he's going to take Elon Musk. Now, Scott Besant, who the show knows very well,

00:18:26.100 former major contributor, he says, hey, look, they do an audit every year. President Trump,

00:18:31.780 we want President Trump to go and they're arranging the visit. How seriously should this audience take?

00:18:38.980 Because we know central banks are still buying at record rates. What is wrong? What is up with,

00:18:44.420 like, physical gold between the Bank of England, New York, Fort Knox, all of it, sir?

00:18:49.140 That's a great question. But we've seen all of this before from the panic of Black Friday,

00:18:55.300 1869, and what they used to call goal points in the early 20th century. But yeah, first of all,

00:19:01.860 I applaud the President and Elon Musk if they're going to Fort Knox. I think that's great. I think

00:19:07.540 it'll be, I call it the mother of all photo ops. But if you've ever lifted a 400-ounce bar, they weighed

00:19:12.420 27 pounds. I've done it. I've been involved. But it's like a freeway. It's kind of, it's a lot heavier

00:19:18.100 than you think. But they'll go in. They'll look around. By the way, the gold is certainly there.

00:19:22.740 I've said that for over 10 years, probably 20 years. But I said it in my book, The New Case

00:19:27.460 for Gold. The gold is there. Just think about it. Would the Treasury let the President go to Fort

00:19:32.340 Knox if the gold wasn't there? Of course they wouldn't. So they're going to go there. The gold

00:19:36.740 is there. I think it'd be great for the American people.

00:19:38.580 But hang on. But hang on. But hang on. But hang on. Hang on. I know when I was a small kid,

00:19:44.020 my dad would tell me when he was a child back in the 20s and 30s that they would look at a map and

00:19:50.980 the map would have pink or where the British Empire was. He said that little country, that little island

00:19:54.980 looked like it could control the world because it looked like half the map was pink. He also said

00:20:01.140 the standard back in those days was the Bank of England. So I hear you that the gold is there.

00:20:06.580 But how do we have a situation where something is supposed to be so solid as the Bank of England,

00:20:12.420 you've now had, and it's been verified by the Bank of England, some problems with actually

00:20:17.780 completing trades. They need delay because they can't get the physical delivery of gold, sir.

00:20:25.380 Well, here's the thing. Blythe Masters, who ran global commodities for JP Morgan for a very long 0.73

00:20:30.420 period of time, she knows more about this than anyone. She's left the bank and on to other things.

00:20:36.260 She had a quote, just a couple of words, and I found it on the internet. I verified it,

00:20:39.780 but then it kind of disappeared. It got scrubbed. But she said, gold never settles.

00:20:45.620 And what that means is that the amount of paper gold transactions, gold futures, gold forwards,

00:20:50.900 unallocated gold, leasing gold, etc. The amount of paper transactions is easily 100 times,

00:20:57.540 probably more, no one knows the exact number, but easily 100 times the amount of physical gold.

00:21:02.500 Now, what she meant was, as long as all the longs and the shorts and the lessees and the lessors and

00:21:07.780 the paper gold holders and everything kind of roll over their contracts, some get in, some get out,

00:21:12.100 it's all good. But if you actually had a situation where the holders of the,

00:21:16.180 those who are long, the paper gold say, you know what, I think I'll take physical delivery.

00:21:20.260 Call the, you know, the CME or call, you know, the COMEX or call the treasury for that matter.

00:21:26.420 Call anybody and say, you know, deliver the gold, please. You couldn't do it. It would be physically

00:21:30.580 impossible. So what would happen then, you'd have the greatest short squeeze in history. You'd have a

00:21:36.180 mass scramble for physical gold. The price would double probably overnight and then just kind of keep

00:21:40.900 going from there. You'd have bankruptcies as various dealers and counterparties failed. Now,

00:21:45.860 that hasn't happened yet on that scale. And again, 1869 was the last time something like it

00:21:51.140 happened, but, um, but the market couldn't stand up to it. Now we're starting to see signs of that.

00:21:56.340 We're starting to see cracks in, in the structure. And the question I have for, for the president,

00:22:01.300 Elon Musk, go to Fort Knox. Okay, the gold's there. That's fine. Ask the treasury, and they probably

00:22:06.500 don't want to ask this. Is that gold leased? Is that gold leased to JP Morgan, Goldman Sachs,

00:22:13.220 city? Hold it, hold it, hold it. Full stop, full stop, full stop. If it's in Fort Knox,

00:22:20.260 it's supposed to be the gold of the United States of America and the United States treasury. Is it?

00:22:25.780 And that's why U.S. troops, it's in actually an army base. And of course the base is a little

00:22:30.180 separate from the gold depository. Right. But I would assume, and I think people watching this show would

00:22:35.300 assume that is a gold of the United States of America. Is it not, sir? What do you mean leased?

00:22:40.420 Well, it is. But if I lease my house to you, you can move in and it's perfectly legal,

00:22:44.820 but I still own the house. Now, people don't understand gold leasing. They hear the gold is

00:22:49.540 leased. They assume that like JP Morgan backs up a truck and takes the gold. No, that's not what

00:22:53.620 happened. That's not what happened. The gold is there. The treasury owns it. I want to be clear

00:22:57.300 about that. The gold is there and the treasury owns it, but they can lease it out. That's a paper

00:23:01.620 transaction. And here's the key. When you're the lessee, you're again, JP Morgan, Goldman Sachs,

00:23:06.820 any of the big banks, you have a right of rehypothecation. That means you can lease it

00:23:11.460 to somebody else or you can sell it to somebody else on what's called an unallocated basis,

00:23:16.340 which is say, yes, Steve, you own the gold, but not really. There are no bars with serial numbers

00:23:22.420 with your name on it, but it's a paper gold transaction. But that's my point. It's a long

00:23:27.380 chain of paper transactions. Everybody thinks, every lessee, every buyer of unallocated gold thinks they own

00:23:33.540 gold. And they do have price exposure, but they don't have the gold. The gold's in the vault where

00:23:39.060 it belongs. But you can actually make money leasing. How could you blame the treasury for

00:23:43.620 picking up a percentage point or two on the gold by leasing that? But the bigger point, the one you

00:23:48.980 refer to, is that the chain of paper gold is 100 times the physical gold. You couldn't possibly

00:23:55.140 settle all those transactions. Now, I don't, by the way, I understand gold leasing. I just described it.

00:23:59.780 I don't know for a fact that the treasury gold is leased. I suspect it is. I don't know that. To

00:24:05.380 me, it's a question, but it's a question that the treasury may not want to answer because the

00:24:10.260 minute you realize it, that's how much that's supporting.

00:24:13.780 Isn't what you just described with hypothecation, where essentially you're breaking off from the

00:24:20.180 physical reality of it and the ownership of it, ways to monetize certain paper transactions,

00:24:26.900 right? You hypothecate it. Isn't what you just described in that chain of custody,

00:24:31.780 chain of events, who everyone's leasing, all of that, much like fractional banking,

00:24:37.380 which people say, how can this happen? It is wrought with potential risk that if the music ever stops,

00:24:44.420 right, the people in the hypothecation chain, just like the fractional banking

00:24:49.460 uh, situation like at, uh, at, uh, at, uh, Silicon Valley bank that they end up, uh,

00:24:56.260 they end up holding it, particularly like, uh, depositors or people, there's some person that gets

00:25:00.980 stuck if the music stops, sir. Sure. I mean, Silicon Valley bank had three, about 3% of their deposits

00:25:08.820 were FDIC insured. The rest of them were completely uninsured. So you're basically,

00:25:13.300 as a depositor, you're, you're an, uh, uninsured, uh, creditor of a, uh, uh, insolvent institution.

00:25:20.020 So, um, that's exactly right. Except fractional banking, they at least require maybe five

00:25:24.740 up to 10% capital in different flavors. And the rest is leverage. We're talking about a market with

00:25:30.500 maybe 1%, probably less. In other words, leverage 99 to one. Uh, and that, that is the issue. Now,

00:25:36.660 even in the, uh, just take the futures exchanges, the conex gold futures contracts,

00:25:40.980 they have a vault and there's physical gold in it. And if I'm long a futures contract,

00:25:44.820 I'm allowed to put in notices. I'd like to take physical delivery, but I'm enough of a geek. I've

00:25:50.740 read the rule books of all these exchanges. They all have a rule in the rule book that says we can

00:25:54.580 change the rules and they tell you, we are not a source of supply. So they just let you take physical

00:25:59.540 delivery just a little bit to keep everything honest. But if there were ever a massive wave of

00:26:04.420 notices, Hey, I'd like to take physical delivery, they would, they would say trade for liquidation,

00:26:08.340 although you're not getting that gold, you're not getting that physical gold. There is not enough.

00:26:12.020 That's just the futures market. Then again, there, there's unallocated gold, bank gold,

00:26:16.660 gold leasing. This is huge market. Uh, and this is what life masters meant when she said gold never

00:26:23.300 settles. What, why do we have, we got a couple of minutes left. Why do we have a bar, a barbaric

00:26:30.740 relic of our savage past in a day of artificial intelligence? You just wrote a book about

00:26:36.740 artificial intelligence and markets that everybody should read. In fact, you go to

00:26:40.740 Rickards war room.com. You get it. He throws it in as a free, um, a free item if you take strategic

00:26:46.740 intelligence, but you've got artificial intelligence. That's changing really the nature of capital

00:26:52.580 markets because the efficiency and effectiveness of artificial intelligence, and you lay out a very

00:26:57.540 couple of scary scenarios. But why is gold this, this relic of 5,000 years? Why is gold still

00:27:04.980 important and still relevant? Well, I think my experience as a kid may be similar to yours

00:27:10.020 because at the kitchen table, my father used to pull two, uh, $20 bills out as well. And he slammed

00:27:14.980 them on the table and said, look at this. And one of them said federal reserve note, which is liability.

00:27:20.180 That's what, what we call money is actually a liability of the federal reserve. It's not an asset.

00:27:24.340 Um, but the other one said silver certificate. He used to carry it around and he would say,

00:27:28.980 this isn't backed by anything. My father was in the, uh, first place. He was actually in

00:27:32.420 the occupation of China. He fought in World War II, but he was in the occupation of China

00:27:36.180 and they had a hyperinflation there that was worse than Weimar. Again, he's say his marine buddies,

00:27:41.940 they would take a wheelbarrow full of, uh, uh, national Chinese money to get a case of beer.

00:27:46.660 Uh, so I, I had this from like a very early age, the difference between solid money and paper money and

00:27:52.100 leverage. And again, the leverage system works as long as no one challenges it, as long as no one

00:27:56.500 questions it. But the minute you do, it collapses very quickly. And that's where gold stands up. And

00:28:01.780 I mean, gold would, would skyrocket in these scenarios. The problem, Steven, and you referred

00:28:06.180 to it with the bank of England. And, um, I mean, it used to be when they ran the gold corner,

00:28:09.860 when they cornered the gold market, this is, uh, Jay Gould and big Jim Fisk in 1869. When they

00:28:14.820 cornered the gold market, I want, I want to, I want to, I want, I want you to, I want you to tell that story.

00:28:20.420 Okay. Short commercial break. Jim Rickards, president Trump and Elon is going to go up to Fort

00:28:25.780 Knox and, uh, check things out. Let's say that check things out, make sure everything's on the

00:28:31.540 up and up with our gold short break records on the other side.

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00:30:08.500 Here's your host, Stephen K.

00:30:10.500 You know, one of the powers of records book, it talks about artificial intelligence and, um,

00:30:20.820 and, uh, capital markets. Swiker, David, I think it's David Swiker, Arizona, just put in a new

00:30:26.900 bill talking about artificial intelligence and prescriptions. I'm gonna get into this,

00:30:31.540 but AI is we've, this is why we have Joe Allen, artificial intelligence. And, and with Elon,

00:30:38.500 I mean, their theory of the case over Doge, I think is to replace part of it is to replace

00:30:45.060 50% of the federal workers with artificial intelligence, right? This is going to cut through,

00:30:50.820 but this is going to be every, um, this is going to be every industry, particularly folks under 30

00:30:58.020 years old. Those first jobs you get in your twenties, a lot of those lower level entry level

00:31:03.220 jobs in management, administration, and technology. I'm not talking about blue collar jobs in factories

00:31:08.900 or driving, you know, Teamsters jobs, driving trucks or, or driving Ubers or taxis, or factories

00:31:16.340 automation or the automation around our ports. A, the, the first, the sith through grass of 0.99

00:31:24.660 artificial intelligence will initially come and it's big in the efficiency moves

00:31:30.900 through administrative managerial and STEM or technology jobs at entry levels and there and

00:31:38.820 above. And then it'll start eating all the way up. Uh, but Jim, people, the gold,

00:31:44.580 one of the things about gold people have tried to corner the gold market before, right? I mean,

00:31:49.220 the Hunt brothers tried to cut it and I think they did for a minute control the silver market back

00:31:55.940 in the eighties. In fact, one of the Hunts is the, uh, is the grandfather of the, of the son that owns

00:32:01.300 the, um, owns the Kansas City Chiefs who used to work for me at Goldman Sachs in LA for a while.

00:32:06.820 Uh, in his training, he's like Boyle, Boyle in journalism, um, Hunt in finance. Um, but people

00:32:15.220 have tried to, to corner the gold market. How, how hard is that, sir? And, and give me the best

00:32:20.820 example you've got of somebody that tried to do it. Um, it's very, it's very hard, but the,

00:32:25.460 the best example was, uh, September, 1869. This is, uh, two of the so-called robber barons,

00:32:30.900 Jay Gold and big Jim Fisk, and they decided to corner the market. Now there was a lot of gold.

00:32:35.780 They were in New York. They, they did basically corner the physical gold supply in New York,

00:32:41.140 but there were two sources of gold that they had to worry about. One was London, but they weren't

00:32:45.140 really worried about that because you had to ship it to the, physically ship it to the United States.

00:32:49.140 That would take weeks or longer. And they knew that that would not come in time to, to break the

00:32:53.540 corner. The other source of gold was the United States treasury. The U S treasury had gold and they had a

00:32:57.460 station in New York. So what they did, they had a middleman who was president grant's son-in-law and

00:33:02.980 he loves his daughter. So they got an audience for president grant. They convinced the president that

00:33:07.620 high commodity prices were good for farmers. So grant kind of naively said, yeah, you're right.

00:33:12.180 He ordered the treasury to stop selling gold. That was the green light because once they knew the

00:33:16.820 treasury goal was off limits, the, the London goal couldn't get here in time. They had cornered the

00:33:22.420 gold market in New York. So they launched the squeeze, which basically means you've sold gold on paper.

00:33:27.140 You don't have it. So you're short. You go to buy it, but there isn't any because they've

00:33:31.060 cornered the market. So this went on for a couple of days and the price of gold skyrocketed. Finally,

00:33:36.820 Sam Brown, uh, Brown brothers Harriman, the original Brown brothers Harriman called the

00:33:41.060 treasurer said, you got to do something. This is out of control. People are going broken.

00:33:44.420 Uh, they called the president and then he said, told the treasury secretary, sell the gold

00:33:48.740 that broke the corner. But the point is you, you really do have to control it all physically.

00:33:52.740 The problem with the hunt brothers, they pretty much cornered the silver market,

00:33:56.260 but they were relying on the futures exchange and the futures exchange at the time, as I said,

00:34:01.460 changed the rules and said, uh, no, no physical delivery in the market. You can only trade for

00:34:05.940 liquidation only. So, so it's hard to do, but, but here's the point. You don't need a good old

00:34:10.740 fashioned corner. You can, you can just have a situation where the who's buying gold, Russia,

00:34:15.300 China, Iran, Turkey, even our friends like Japan, Philippines, Mexico, they're buying all the gold.

00:34:20.100 There's not that much around. It wouldn't take much to cause a buying panic.

00:34:25.940 Well, this is one of the reasons the converging factors why gold is, uh,

00:34:29.220 uh, hitting all time highs every five days. I might want to also mention Jay Gould.

00:34:34.900 How did Jay Gould come up with the idea? He and big Jim Fisk to corner the gold market.

00:34:39.300 You know how it was is financing is actually working as a financier, uh, for the massive

00:34:45.460 budget deficits that were run by president Lincoln and, uh, salmon chase and others,

00:34:51.700 his secretary of the treasury to, to finance the civil war. That's where Google got into the

00:34:57.220 Senate. A bunch of scandals with Jay Gould and others of these newer New York city financiers came

00:35:02.260 down there and saw that, you know, we were thrown all in to win militarily, had a massive defense budget,

00:35:08.020 which we had never had before. And the corruption that came in there and particularly guys that he,

00:35:12.980 he conceived of these ideas by seeing how rickety the system was down in Washington,

00:35:19.300 D.C. as president Lincoln and, and chase and, uh, and, uh, and others on that war cabinet ramped up

00:35:25.620 to defeat the Confederacy in, uh, in the, in the epic civil war, the financing of the, there's an argument

00:35:31.780 that one of the reasons the South lost is that they just, uh, they didn't finance it correctly.

00:35:35.700 They couldn't actually raise the money. So Jay Gould, one of the worst characters or best

00:35:40.740 characters, depending on where you come down, if you're libertarian, you love him.

00:35:44.020 If you're a patriot, he's a guy that's a little sketchy, uh, Rickards, how do people get to your

00:35:48.740 newsletter? Strategic intelligence. You're, you're, you're brilliant. You've got tons of experience.

00:35:53.060 Audience loves when you come on, where do people go to get the newsletter?

00:35:57.380 Thanks, Steve. We have a landing page called Rickardswarroom.com.

00:36:00.900 It's Rickardswarroom.com. You go there, you can subscribe to our new newsletter,

00:36:05.460 Strategic Intelligence. But we have a free copy of my new book, Money GPT, uh, basically

00:36:10.180 looks at artificial intelligence, which is not intelligent at all. It's all math. It's just

00:36:13.940 math and nodes. But I explained all that, you know, in, in, in plain English. Uh, but it's the,

00:36:18.580 it's the interaction of artificial intelligence, which is math and human nature, which hasn't changed

00:36:23.540 in 5,000 years. That's extremely dangerous. Now I'm not bashing AI. It is powerful. It is efficient,

00:36:28.820 but there are hidden dangers. And I talk about those dangers as they relate to the stock market,

00:36:33.780 banking, and actually nuclear war fighting.

00:36:38.020 Yeah. Like I said, this was one, don't read before bedtime, because bedtime will be delayed.

00:36:43.140 It'll keep you up. Rickards, we love you, brother. Everybody go to Rickardswarroom.com,

00:36:48.020 the landing page, get the free book, plus you get access to strategic intelligence. Thank you, sir.

00:36:53.380 Thanks.

00:36:54.100 Thanks. Okay, folks. Uh, we're not manning the ramparts today, but you're thinking through,

00:37:01.700 we're going to think through together and with the president of the United States, what this is,

00:37:05.860 I want to go back. I want to play the, I want to play the Caitlin Collins in its entirety,

00:37:11.060 because you're going to see what one of the hangups are. The Democrats are their number one

00:37:16.020 objective, which always before was to keep the government funded and keep the government going.

00:37:20.420 Because remember, they're the party of big government. Uh, they've had kind of a shift,

00:37:25.700 because there's a guy in the White House called Donald J. Trump, and he's supported by a, uh,

00:37:30.980 a folks in this country that wear the MAGA t-shirt. So they're not so hot on this. Let's play it.

00:37:36.420 We're going to set the strategic context of the firestorm that's going to be before us in the days

00:37:42.420 and weeks ahead. Let's go into it balances out. And we will. None of that's guaranteed. We'll see

00:37:47.060 what those numbers look like. Did Elon Musk approve of the blueprint that you passed last

00:37:51.380 night? Did he think there were enough spending cuts in there? Well, we haven't gotten to that

00:37:56.100 yet. These are, these are numbers, a floor, at least 1.5 trillion in savings that we're going to

00:38:01.300 find, uh, and trying to get higher, maybe 2 trillion or higher. Um, it's a start. Look,

00:38:07.140 you don't turn an aircraft carrier on a dime. It takes miles of open ocean to turn an aircraft

00:38:11.380 carrier. That's what the U S economy is. It took decades to get into this situation,

00:38:15.140 but we are going to begin to bend that curve. It's a great thing for the country.

00:38:18.260 I was just curious since you met with him after, uh, after this happened, uh, speaking of, you know,

00:38:22.500 deadlines that are a lot sooner than what you're talking about, there's a shutdown deadline that

00:38:25.540 is looming on March 14th, which you well know. Do you think Congress is going to end up passing

00:38:29.700 another continuing resolution then? Well, look, I wish we didn't have to, but it looks like the

00:38:34.420 Democrats are trying to push us into that. They've added these really crazy conditions onto the

00:38:39.300 negotiation over the last week or so. They've added a condition that says we have to tie the

00:38:43.700 hands of president Trump, that the legislative branch would, they want us to dictate to the

00:38:48.580 executive branch. For example, a base number of employees for each agency in the executive branch.

00:38:53.860 I don't even think it's constitutional what they're requiring, but it's certainly, uh, an absurd

00:38:58.340 notion, but they're standing by that. So CR go. Do you believe if, well, we haven't negotiated that

00:39:04.180 yet, but if it's a CR, it may be an entire year long CR with some anomalies on it. You know how

00:39:08.420 all this works, but it's not what we prefer. We would like to do individual appropriations bills,

00:39:12.980 but it takes post both parties to negotiate that. And right now the Democrats are trying to,

00:39:18.020 it looks like trying to set up a government shutdown. We can't allow that to happen.

00:39:21.380 And we won't. Well, you just talked about how important the work that Elon Musk is doing is

00:39:25.220 if you pass a continuing resolution, won't that just refund all the programs that he says he's

00:39:29.620 cutting that are full of waste, fraud, and abuse? No, look, you can, that's why I say you

00:39:34.660 add anomalies to a CR. You can increase the spending. You can decrease the spending. You

00:39:38.900 can add language that, that says, for example, the dramatic changes that have been made to USAID

00:39:44.420 would be reflected in the ongoing spending. Uh, it would be a clean CR mostly, I think. Uh,

00:39:49.780 but with some of those changes to, uh, to adapt to the new realities here and the new reality is

00:39:55.140 less government, more efficiency, uh, better return for the taxpayers. And I think that's something

00:40:00.100 everybody should welcome. Okay. Let's interpret because this first time has been said, I think,

00:40:05.620 publicly and Caitlin Collins, uh, I think did a good job there in trying to draw it out of them

00:40:09.460 only months after the war room, but that's fine. Um, the Democrats, we go back to the, uh, the, um,

00:40:18.660 unitary executive theory, uh, where the executive is chief executive commander, chief and chief

00:40:26.500 magistrate has these powers enumerated by the constitution or laid out by the constitution.

00:40:34.180 Right there, Johnson told you that in the negotiations on a CR, whether it's a 30 day

00:40:39.620 CR or to the end of the year, or I would actually think in appropriations, if we did it with the

00:40:47.060 single subject, which is what we want, which they haven't done. And Johnson can't put all of that on

00:40:51.380 the Democrats. He's only done seven of the 12, but that's kind of, we've kind of blown past that

00:40:56.580 folks. What he's saying is the Democrats are going to sit there and say, no, we're not buying off on

00:41:03.860 Trump having these powers and I can buy off on his, on his new buddy, Elon Musk having these powers.

00:41:08.500 We're not going to do it. We're going to, we're going to basically set a base case of employees.

00:41:12.820 And I think programmatically bottom line, there's not, there's not going to be a CR unless you get

00:41:18.980 100% of Republican votes. And as we know, and this audience knows, there's at least 40 to 70 votes

00:41:26.580 in the house and the Republican side are saying, we can't do this again. This is a tantamount to

00:41:31.300 another omnibus. We're not going to do this. What he's saying about anomalies is it won't be a clean

00:41:38.420 CR. It won't be a one-liner. The anomalies will be, because remember I said, hey, you're going to have

00:41:44.340 to eat. It's Biden's budget. It's $2 trillion deficit and none of the doge cuts and what she

00:41:49.380 just said, not that not only the doge cuts, not in there, you're financing the negative. You're

00:41:54.500 financing USAID. So he says, there's going to be anomalies. That's going to be in the actual CR itself.

00:42:03.380 In addition, and this is why we had Tietzel kind of last man standing. There's only a couple of guys

00:42:09.700 over CRA, they're staffing up again because so many of their people are in the administration.

00:42:14.340 Jeff Clark yesterday going to go in as the anti-regulation chief. God bless that. That's

00:42:19.540 amazing. Pay a letter over at OMB as the chief counsel. Dan Bishop's about to get, I think, about

00:42:25.940 to get confirmed, the great Dan Bishop, the congressman, and Russ Vogt with Scott Besson and

00:42:31.460 you know, Jason Treniter, Treasury, Alexander Preet. You got Treasury, you got OMB.

00:42:35.620 And what they have said is that, hey, war room posse, MAGA movement, even on the CR,

00:42:44.020 the impoundments will start shortly thereafter. The impoundments will start. So we're heading,

00:42:52.420 and this is why I had Josh Hammer kind of start the show, folks. Get ready. Not today, not tomorrow.

00:43:00.020 tomorrow. We got to get more details. You need more information. You need to be fully loaded on

00:43:05.380 this one because this sets, as I said, this sets a series of events. This critical path will set a

00:43:13.700 series of events that will go all through the reconciliation, all through the taxes, all through

00:43:19.220 everything President Trump's trying to do. Remember that middle corridor, that middle vertical is the

00:43:23.940 financial and economic crisis that's so important, that's existential to the country and to his

00:43:30.100 presidency, his second term. You have the two things on the side, stopping the kinetic part of the

00:43:35.700 Third World War. Oh, did I mention that the British Prime Minister is about to show up about stopping

00:43:41.780 the war in Ukraine? And President Trump way down the road and stopping the war in the Middle East.

00:43:48.180 And in addition, the deportation securing the border. The border has been kind of secured.

00:43:55.780 Deportations in the top couple of batters in the first inning. But that middle vertical,

00:44:02.340 game on in the nation's capital with President Trump in the MAGA team. Short break.

00:44:07.620 What if he had the brightest mind in the war room delivering critical financial research every month?

00:44:14.260 Steve Bannon here. War Room listeners know Jim Rickards. I love this guy.

00:44:18.580 He's our wise man, a former CIA, Pentagon and White House advisor with an unmatched grasp of

00:44:23.940 geopolitics and capital markets. Jim predicted Trump's Electoral College victory exactly 312 to 226,

00:44:32.340 down to the actual number itself. Now he's issuing a dire warning about April 11th,

00:44:38.820 a moment that could define Trump's presidency in your financial future. His latest book,

00:44:44.180 money GPT exposes how AI is setting the stage for financial chaos, bank runs at lightning speeds,

00:44:50.820 algorithm driven crashes, and even threats to national security. Right now, war room members get a free copy

00:44:57.140 of money GPT when they sign up for strategic intelligence. This is Jim's flagship financial

00:45:03.620 newsletter, strategic intelligence. I read it. You should read it. Time is running out. Go to

00:45:09.620 rickardswarroom.com. That's all one word, Rickards War Room. Rickards with an S.

00:45:14.500 Go now and claim your free book. That's rickardswarroom.com. Do it today.

00:45:20.100 Okay. What I just laid out is kind of everything, and we're going to frame it more and make sure

00:45:31.540 you're fully up to speed and fully understanding this, because this, between now and the 14th,

00:45:35.720 is going to be big league. And it's going to set the, it's going to lay the predicate. And you just

00:45:42.440 heard, and Grace, I'll get it cut. Grace will get it cut. I'm going to play it again on the six o'clock

00:45:47.780 show. What E.J. and Tony said at the end of the first hour, that three or four minutes is reality.

00:45:53.720 I don't believe the White House is doing enough, and we'll do it, but to get out what the actual

00:45:59.100 position of the American economy is. You saw from these numbers today, the inflation number for the

00:46:06.200 fourth quarter was 4.2%, not 2.2%. As the Biden regime said, the Biden regime, every number they gave

00:46:12.000 you had to be reset, particularly in labor. We've gone through that. But this thing is not good right now.

00:46:17.180 And President Trump was handed a disaster. And it's going to take some real leadership,

00:46:23.120 some real discernment, and just flat old toughness. This is going to be painful. It just is. It just

00:46:32.360 is. You don't spend this much money. You don't get this messed up. It's $175 billion they want for

00:46:39.280 the deportation program. Like, what happened to the infrastructure? Where'd it go? $175 billion?

00:46:45.340 Do you understand the scale of that? The breathtaking scale of that? It's across the board. It's

00:46:49.240 everything. This is also China. On Tuesday, President Trump just said a China 10% tariff.

00:46:57.120 Hey, Jace Medical, this is the reason they're a sponsor of ours, because they know we understand

00:47:02.420 this. Rosemary Gibson and the whole thing about the supply chain. You've been warned. So go to the

00:47:07.200 site and just check it out. The Chinese Communist Party are just not going to sit there and take that.

00:47:12.840 It has to be done. What President Trump's doing is smart. It's timely. We've got this, we've got

00:47:19.600 this trade deficit was 100, I think the trade deficit was $100 billion in December. And they're

00:47:24.540 blaming, oh, getting ahead of the tariffs. That's not the case. Totally different. JaceMedical.com

00:47:29.900 slash Bannon. Go check it out today. Go to the site and get Dr. Sean. Those guys are all open

00:47:35.080 to talk to you. Also, MyPatriotSupply.com. I think now's the time to think through,

00:47:41.480 hey, you know, it used to be the preppers were considered kind of kooky or wingnuts. Not anymore.

00:47:46.260 You got to get ahead of the game here. MyPatriotSupply.com, the best company in the

00:47:50.840 preparation business. They got consultants on the phone that walk you through all of it. That's one

00:47:55.220 of the reasons we love partnering with these companies that give you access to information.

00:48:00.000 We understand the Warren Posse wants to see the receipts and your power comes from using

00:48:05.520 your agency when you get those receipts. That's what's going to have to happen over these next

00:48:11.160 days and weeks ahead. We're about to pivot into some tough stuff, folks. It's going to get,

00:48:15.520 it's going to get gnarly. Just is. They're not the votes there now. I mean, as it sits today,

00:48:22.840 just given where we are, you know, President Trump's government will basically shut down at right

00:48:28.200 after midnight on the 14th, unless we get through a very tough political process in the CR.

00:48:35.160 And President Trump, I think it's going to make the case. I think you'll hear some of this today.

00:48:38.660 At the same time, he's trying to bring peace to the Eurasian landmass. Charlie Kirk's going to

00:48:44.940 follow us. You're going to have Sir Keir Starmer show up, the prime minister of the United Kingdom.

00:48:51.940 He's a labor guy, leftist. There'll be a lot of activity this afternoon. There'll be the press

00:48:56.700 conference. Natalie will be here at five. I may dip in and out of that, but I'll definitely be here at

00:49:02.220 six to make sure we go through, you know, what is important from today. And a couple of things I

00:49:09.180 think have been missed in all this. Number one, that chat, I'm getting Colonel Fennell, Captain Fennell

00:49:14.700 to join me from overseas to go through what's happening. These intelligence agencies, these people in

00:49:19.240 these chat rooms, and his point, because he's spent his career in naval intelligence, how he gets

00:49:27.180 beyond just intelligence. How legal is this? Anyway, tons are going on. Roger Kimball, one of the

00:49:31.540 smartest guys, is going to also join me where I go through this day. Another historic day. Tamara

00:49:35.960 Zelensky, President Trump, doing it all. And we're, and I got to tell you, I'm so impressed with EJ

00:49:42.240 and Tony. You know, he's one of the guys that are trying to get in, and I'm saying, hey, we got to have

00:49:45.140 some guys on the outside, can help explain this stuff. That four minutes, and I'll cut it and make

00:49:50.500 Grace from Schwerber gets it, and I'm going to play it again on the six, was the single best summary in

00:49:55.360 three or four minutes of exactly where the economy stands in the mess that President Trump was handed.

00:50:01.580 Mike Lindell, and folks, you should know something about Lindell. I've gotten to be a personal friend

00:50:05.680 and a colleague and a comrade over the last couple of years, but there's so much, this guy gets

00:50:11.620 attacked more than anybody but Trump. And I say that as a guy that went to federal prison.

00:50:18.460 They're after Lindell much more, and they're after me nonstop. They're after Lindell

00:50:22.460 constantly, constantly, constantly. They feel that his connection, he's kind of a Trump that can connect

00:50:28.700 to a working class audience. And particularly Mike then brings in, because he was saved late in his

00:50:33.780 life, you know, he found God and he found Jesus Christ late in his life. Because you read his book,

00:50:37.980 he was a degenerate, right? I mean, degenerate gambler, you know, drugs, the whole thing. But

00:50:43.820 books, I mean, I meet this guy and I say, you're one of the nicest men ever from me. And man, I read

00:50:47.980 that book, you're a flat out gangster. But that's one of the reasons they're after you, Mike Lindell.

00:50:53.860 They understand your conversion story is powerful. You understand how you live your faith is powerful.

00:50:59.160 They understand the message you are just being successful you are and having a happy,

00:51:04.000 successful company is what they want to destroy. And they're trying to destroy you, sir, Mike Lindell.

00:51:10.200 Yeah, it's horrible right now, everybody. And I've decided this morning after talking to my lawyers and

00:51:16.760 CPAs and the Treasury Department, by the way, the IRS has attacked my pillow. And it's something that's

00:51:24.100 going to affect everyone, most people in this country. And we're at the tip of the spear.

00:51:29.040 I'm going all at them. I'm going after the IRS for what they're doing to us right now.

00:51:34.420 And I'll have full disclosure on that, maybe a full report on that for you all as soon as I'm

00:51:40.640 going to find out everything I can and can't say this afternoon. But as far as I'm going,

00:51:44.260 I'm telling it all. I mean, what they're doing is horrific. And this was when Biden left,

00:51:50.460 he put this little thing in here. Let's start with my pillow. Keith Ellison in Minnesota to go after

00:51:57.480 this has been going on all week, piling on since the president did his great shout out for myself

00:52:04.260 and others that have helped this secure our elections and helped him out. And then Keith Ellison,

00:52:12.740 the day after he went in, all attacking my Lindell Recovery Network and also my Lindell Foundation,

00:52:20.820 Lindell Outreach, all the stuff that I put all the funding in.

00:52:24.460 And it's like, it is very intentional and it's very, and they're going, why are they attacking

00:52:32.040 you, Mike? Donald Trump's already in and thinks, boy, you should get relief now. No, it's even worse

00:52:37.700 now because I think they realize I'm not going to stop until we get to secure elections. And like

00:52:44.480 Steve said, they don't like the fact that it's the American dream and be able to get to find Jesus

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Bannon's War Room - February 27, 2025

Episode 4301： Stopping The Destruction Of The US Economy

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