Bannon's War Room - Episode 4358： Cutting The Actual Meat Of The Budget; More Commerce Less Media

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

00:00:10.280 these people here's not got a free shot all these networks lying about the people the people have

00:00:16.880 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:20.640 the world to stop that but you're not going to stop it it's going to happen and where do people

00:00:24.220 like that go to share the big line mega media i wish in my soul i wish that any of these people

00:00:32.040 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my

00:00:39.980 country this country will be saved war room here's your host stephen k bann

00:00:47.200 it's saturday 22 march your lord 2025 um the fight continues on all fronts for president trump

00:01:01.120 and uh yes you're not tired of winning yet but there's some huge huge massive victories there's

00:01:06.760 also you know let's be honest this judicial insurrection judicial coup has got to be dealt

00:01:13.000 with one thing that's happened is um president trump last night uh yesterday uh revoked the

00:01:21.320 security clearances of anthony blinken jake sullivan lisa monaco that demon lisa monaco that demon at

00:01:29.820 the um at the justice department mark zade norm eisen letitia james alvin bragg andrew weissman

00:01:36.640 hillary clinton elizabeth cheney kamala harris adam kinzinger fiona hill alexander vindman joseph biden

00:01:44.980 jr and any other members of joseph r biden's jr's family he revoked the security clearance of biden

00:01:55.100 all of them i've got a list of what has to happen since that i'm gonna put it up in a second

00:02:00.620 tage gill i need i need today or first off tage since you put your life in your line on the line

00:02:08.120 with i don't know 12 14 deployments in in combat zones in bad neighborhoods uh when you see president

00:02:16.780 trump taking action like revoking uh security clearances for hillary clinton and people should

00:02:22.300 know that tage he's now the head of i think the finest coffee company out there and i'm an aficionado

00:02:28.000 of coffee particularly well-made coffee and particularly the tougher ones you got to make

00:02:32.620 which is the dark roast because this is the finest ever and people know i'm a dark roast fanatic

00:02:38.360 but you got into actually doing this coming out the seals and being a contractor um or gunman as we

00:02:46.920 call it and then running security for me for a couple of years and others um you started because

00:02:53.240 you got so upset and so incensed by the benghazi situation that you guys started t-shirts and

00:03:00.560 hoodies and stuff as as to to make a point about hillary clinton right and how the established order 1.00

00:03:07.000 didn't care about they just they they they they didn't care about the casualties they didn't care

00:03:14.580 about the deaths they didn't care about they would put people in harm's way uh and not think twice about

00:03:20.600 it and and then not do anything to have people's back that's what got the uh the fighting men and

00:03:27.420 women this country i think started to turn on this interventionist mentality not you got um greater 1.00

00:03:34.540 young patriots today than you've ever had i made this movie with the great michael pack called the last

00:03:40.740 600 meters and it was about uh fallujah first fallujah najaf and second fallujah and second

00:03:48.200 fallujah the first fallujah najaf were bad i mean really bad second fallujah is about as bad a fight

00:03:56.800 as the marine corps and special forces have ever had and uh we took this we were screening it for

00:04:02.500 certain groups and we screened it for a group of force recon marines world war ii veterans from

00:04:09.420 pelelu terawa i mean the killing fields these were these were fights in amphibious assaults

00:04:16.440 as bad or worse than omaha beach okay i mean this is these are killing zones the force recon marines

00:04:23.880 are the ones that are going for it first and we showed last 600 meters and last 600 meters basically

00:04:29.200 has guys like tejio kicking down 200 000 doors in in fallujah after every bad element in the world the

00:04:37.220 chechenians all the bad guys in the world had gotten there and it is a film that's i don't know

00:04:41.980 an hour and 90 minutes two hours it's nothing but bravery the entire time but you see at the highest

00:04:47.600 command level not the military command but the civilian command it's just they're in they're out

00:04:51.920 they can't focus it's terrible so we showed it in this screening out there to these folks in uh that

00:04:57.540 the bravest of the brave the greatest generation's greatest the marines at terawa the marines at

00:05:03.160 pelelu the marines at saipan and this is the leader of the elite and afterwards some little a little

00:05:10.680 because these guys are in the 80s and 90s by that time they turn to like michael pack and say

00:05:14.940 i can't believe the bravery of these young people and you sit there and go well hang on sir you're the

00:05:23.720 greatest generation's greatest you're the tip of the tip of the spear for the greatest generation

00:05:28.420 and they say no no you don't understand we were 17 18 19 years old and we were told

00:05:34.660 you hit the beach and you're going to clear cut everything in front of you is dead you're going

00:05:40.700 to just clear cut it and you they're not going to move back one inch and there's no human thing of

00:05:46.500 kicking down a door and worrying about the children running around or using the children as human shields

00:05:50.780 of the wives he goes i don't know if i can handle that i don't know if i can handle the mental stress

00:05:56.220 and when you sit there you talk to pack and you see what the result of these and then guys from

00:06:02.000 vietnam people saying hey hey you know the the orders back then were very different and then you

00:06:08.400 see what you guys went through and what these people went through you realize and then you this

00:06:12.680 is why it's so powerful he cut the security clearances off these people and this is just the

00:06:17.180 start because remember when you cut their security clearances off they can't make they can't dying

00:06:21.680 off the uh off the uh they can't they can't live like they used to live because he uses they

00:06:27.000 monetize these security clearances to be big shots and get all these big contracts tage gill your

00:06:32.200 thoughts about uh finally you're getting the comeuppance on hillary clinton she had a security 1.00

00:06:37.640 clearance stripped of her last night by the commander in chief of the united states president trump sir

00:06:44.280 i think i think it's long overdue steve um yeah talking about benghazi she she's the reason that

00:06:51.880 benghazi happened you know obama didn't send in reinforcements when benghazi happened but it would

00:06:59.920 have never happened if she wasn't the secretary of state there was over 600 uh requests for security

00:07:08.360 upgrades on in the benghazi um the benghazi state department compound so if those security requests

00:07:17.860 would have been answered and the security would have been upgraded at that compound in benghazi

00:07:22.940 then that compound would have never been overran they had no cameras the gates were unlocked the

00:07:29.660 security guys didn't have their body armor and weapons on them and they had a bunch of ragtag 1.00

00:07:35.460 libyans guarding it and there was there was no marines there i mean i can go on and on but

00:07:42.120 it was a disaster waiting to happen and it was because she denied the security upgrades because

00:07:48.220 she didn't want to put in a threatening american posture in that town the red cross and all the

00:07:54.460 other countries had already pulled out so i think i think it's long overdue that she had her clearance

00:07:59.480 pulled what she doesn't need it anymore she's not part of our government anymore you know if the 0.96

00:08:04.840 administration down the line brings her back they can reinstate the security claims but she doesn't 0.94

00:08:11.060 need it but she's so she started the she's part of the permanent government that's why i'm so glad

00:08:16.060 it was it was stripped of her and the others uh yeah you you went and started doing the t-shirts and

00:08:22.480 now you're doing the coffee tell me i need a cup i need a cup of coffee i need straight and here's

00:08:26.240 the beauty of the coffee you don't need cream and sugar this guy has worked for years to get the

00:08:31.440 right beans the right process to do the process in a correct way it's not mass produced this is this

00:08:37.160 is crap this is like a craft this is like a craft beer right you guys do this as a art in a science 0.89

00:08:43.680 it's a craft beer it's it's the champagne of coffee you can only drink this black don't cut it with milk 0.99

00:08:48.980 and sugar you're not going to get the full taste and flavor of it tage how do you do it yeah you got

00:08:56.040 you go to warpath.coffee that's the website that's where you can buy it and you're right it is like

00:09:00.820 a craft beer or champagne of coffee we we perfectly roast it we don't burn it at all so you can drink it

00:09:07.180 just straight black you don't need milk and sugar to hide the the taste of the burnt beans so our coffee

00:09:13.340 we roast it on a perforated drum it's perfectly roasted and it is amazing i haven't checked the last

00:09:21.340 couple days but it was somewhere around 7 500 five star reviews and it's it's constantly growing

00:09:25.920 and we sell tons of this stuff like we can't roast the coffee fast enough people love it and you can

00:09:32.660 drink it straight black it's healthier that way so for the war room posse we have a promo code war room

00:09:39.780 and that gets you 20 off and the website is warpath coffee you know we do 20 off for the war room posse

00:09:46.460 because the war room posse supports us so we support them the promo code is war room and the

00:09:51.900 website is warpath.coffee you got it you got to try it it's the best coffee we got tons of blends

00:09:58.260 we got ground whole bean we got two pound bags 12 ounce bags we got k-cups we got espresso

00:10:04.280 and it is all on par you have to try it

00:10:07.820 here's the thing you got to do is read the reviews don't take it from tage don't take it from us just go

00:10:14.580 the site look at all the different nuts products but how the whole process is laid out read the

00:10:20.060 reviews of the because these are your compadres these are the guys that watch the show and go on

00:10:24.760 and 7 500 and growing hundreds like feels like every week it's just incredible tage one more time where

00:10:30.660 do people go because i need it's a saturday and the show's been the show's all week there's no let up

00:10:35.820 it's not i would love to talk about something light but there's nothing i mean when you're in the

00:10:40.200 this audience in this movement we're in the middle of this fight now right you got to keep fighting

00:10:45.340 every day so uh where do people go to get a good hot cup of coffee warpath.coffee is a website and

00:10:53.240 use promo code war room you get 20 off your order and that's for the war room posse so warpath.coffee

00:11:00.020 promo code war room you got to try it it's the best coffee stay in the fight keep watching the war room

00:11:05.840 and keep voting for maga politicians that's how we win maga maga maga love you brother

00:11:14.760 thank you get back to work get some more coffee get back to work okay please can we grace or if

00:11:22.440 and mo can you get it in the chat but let's get it up on the screen i want to make sure so i thought

00:11:27.380 this through last night when they revoked the clearance and i attached the uh gunter a eagleman

00:11:33.200 had put up the uh had put up the announcement so i attached it to his tweet and i want to walk

00:11:38.760 through this i want to be uh if we can get this post up i want to walk through this so revoke the

00:11:44.860 security clearance i said step one is complete step two is revoke any government pension

00:11:51.580 step three this is for these people lisa monaco weissman uh hillary clinton kinzinger

00:11:58.800 uh cheney and many more kamala harris biden old man biden's got three so number one's complete

00:12:05.580 take security clearance number two revoke any government pension number three prohibit any

00:12:10.580 government work not requiring a security clearance so no government contracts at all

00:12:14.720 number four commence formal investigations both doj and fbi commence formal investigations number five

00:12:24.140 subject to fruits of that investigation in panel grand jury step six formal indictments step seven

00:12:32.220 trials step eight incarcerations made a left i don't know if i left anything out but that's the

00:12:39.560 arc of what should handle these people we got to clear this rat's nest out this massive victory of

00:12:47.800 the law firm they're cowards they will crumble they're not going to be talking big we got to get now

00:12:52.260 we've already done brennan and the guys the 51 that includes in that group too 0.76

00:12:55.820 when president trump puts the stink eye on you good things are going to happen

00:13:06.400 this is days of thunder this is flood the zone this is everything we ever envisioned all the work in all

00:13:13.620 those years every day pounding away pounding away pounding away department of education and we

00:13:21.440 having him time to play the branch yesterday of the white house staff and people putting this

00:13:25.380 together is that they put the entire 1.7 trillion dollar loan portfolio and other new loans they're

00:13:31.480 cutting off they gave it to the small business association small business authority to manage

00:13:39.520 and then everything with the children everything with health everything they gave to bobby kennedy over

00:13:45.200 health and human services so they gutted 90 of what doe does so the fight over department of education is

00:13:53.900 like a rear guard action every day they're pounding they're pounding they're pounding they're pounding

00:14:01.400 we need you at the ramparts we need you in the next couple weeks that's what i'm so concerned

00:14:10.420 about you guys getting tied up with uh on like your home title if you're lucky enough and remember

00:14:16.240 people under 35 years old most of them don't have homes home title lock.com they get the triple lock

00:14:23.200 million dollar commitment promise protection 24 hour coverage 24 hours in an alarm in the middle of the

00:14:31.520 night if somebody is messing with your title because that's your contractual note that shows you own

00:14:39.160 the real asset that you say you own and if all else fails they have a uh one million dollar

00:14:45.460 restoration project principally around legal go to home title lock.com steve 25 check it out today

00:14:53.940 what if he had the brightest mind in the war room delivering critical financial research every month

00:15:05.940 steve bannon here war room listeners know jim rickards i love this guy he's our wise man a former

00:15:12.060 cia pentagon and white house advisor with an unmatched grasp of geopolitics and capital markets

00:15:17.900 jim predicted trump's electoral college victory exactly 312 to 226 down to the actual number itself

00:15:27.060 now he's issuing a dire warning about april 11th a moment that could define trump's presidency

00:15:33.200 in your financial future his latest book money gpt exposes how ai is setting the stage for financial

00:15:40.500 chaos bank runs at lightning speeds algorithm driven crashes and even threats to national security right

00:15:47.220 now war room members get a free copy of money gpt when they sign up for strategic intelligence this is

00:15:53.960 jim's flagship financial newsletter strategic intelligence i read it you should read it time is running out

00:16:01.360 go to records war room.com that's all one word records war rooms records with an s go now and claim

00:16:08.080 your free book that's records war room.com do it today use your host stephen k bann

00:16:15.540 so philip's going to join me we're going to talk about the um federal reserve and particularly these

00:16:23.300 new forecasts on growth rates because this is going to get down to the economy obviously as we said in the

00:16:29.700 debt's existential i'll go through some of that uh in the segment with um with philip

00:16:36.580 these growth numbers have concerned me a lot particularly when the fed comes out and people

00:16:41.660 don't they kind of miss it we got to talk about that now we have to talk about that now we'll do

00:16:47.100 more next week um why are they saying it's 1.7 percent and you got to back out government spending

00:16:54.520 back out government spending we're gonna and people can tell the business environment is just not

00:16:58.140 clicking because president trump what he's doing is going to take a while to take impact and you're

00:17:03.160 still recovering from the biden situation until you cut the government the massive government spending

00:17:08.300 you're just not going to get there that's why the doge thing is so important but that's why we have to

00:17:12.800 and i'm calling for the impoundments andy biggs broke it last night we got to start the impoundments

00:17:16.860 like in the next couple weeks to know what this number is also the the the secretary of commerce has got

00:17:23.040 to and i don't like to uh criticize these folks is under such pressure to do it but the secretary

00:17:27.700 of commerce are to do more commerce i've got it up on getter more commerce less media his discussions

00:17:33.080 of social security are not helpful they're not helpful president trump has a very complicated

00:17:39.320 uh situation which he's trying to juggle everything to bring peace and prosperity and the pressure is

00:17:45.640 enormous as you can imagine geopolitically and geoeconomically with the tariffs going to go on

00:17:50.580 the reciprocal tariffs going to go on the second he's got a huge huge undertaking he needs assistance

00:17:56.580 we don't need diversions on like you know getting this social security thing up bigger than it is and

00:18:01.820 i think we do need to know because this judge is now trying to shut down what is actually the waste

00:18:06.960 fraud and abuse if it's there kind of identify it what it is even if it's a range um and then get back

00:18:13.860 to the and this is why i was glad that elon was at the pentagon yesterday because we're not making any

00:18:18.960 i don't see any progress at all on the pentagon either the waste fraud abuse i saw you know pete and

00:18:24.300 these guys came with a couple hundred million dollars that's fine but it's a 900 billion dollar

00:18:27.540 enterprise folks and they're going to have to be some cuts you're going to you're going to get

00:18:32.460 people like bannon you can't say that we're not defense hey i'm giving you a reality check if you're

00:18:37.800 not going to cut the defense budget you're not going to get to the rest of the discretionary spending

00:18:40.860 that's just the mathematics the physics of modern american politics and president trump can do a lot

00:18:47.740 but right now he can't change the law of that part of the physics right the votes are just not there

00:18:53.020 anyway win after win after win but commerce secretary more commerce just get off media you're you're not

00:18:59.900 good at it let me be blunt you're not good at it it's not helpful president trump's the master

00:19:04.300 if you got something to say have the master say it because he's he's the best there ever was

00:19:08.540 uh also records i know you like the geopolitics law in the capital markets go to

00:19:14.440 recordswarroom.com you get access to strategic intelligence the monthly newsletter you'll

00:19:19.320 absolutely love it he's a now major contributor over here uh with uh for the war room posse you

00:19:24.840 get the free book too about artificial intelligence and capital markets called money i think gpt it's a

00:19:31.240 must read it'll keep you up at night kind of scary but hey you're big boys and girls uh recordswarroom.com

00:19:37.600 strategic intelligence give it a chance you'll love it if you love the stuff we come to the show you'll

00:19:42.220 love this too strategic intelligence mike lindell i know that you've been you're supporting early

00:19:47.160 voting in in wisconsin because that's the rules of the game you are working with president trump

00:19:52.100 obviously to get one day all paper ballots game day voting uh but that's not here i know you support her

00:19:58.740 i just want to make sure everybody understands that that keith ellison is trying to shut down not just

00:20:03.620 the charity they're doing that your foundation your philanthropic but they're coming after to shut

00:20:07.580 you down your business because they don't want you to have a voice sir that's exactly right and

00:20:13.600 steve i want to i want to reiterate a little bit the importance of this wisconsin race everybody

00:20:18.300 the wisconsin supreme court back in the day they made some good rulings for election on the election

00:20:24.860 platforms and what was going on a few years ago in our fight against robin voss and others that we had

00:20:30.400 in wisconsin wisconsin supreme court this is how important these races can be but this one is

00:20:36.460 critical this one i can't stress the importance of this race coming up on april 1st and um i just

00:20:42.860 wanted to put that in there steve because when we i know where our successes were and where uh where

00:20:48.440 our blocks were and the supreme court they were brave they were brave back then that they made they

00:20:52.800 actually made rulings instead of kicking things out for standing and sanctioning people so i just

00:20:58.520 wanted to put that in there and then on the other on the other side of the coin when we have bad

00:21:02.560 politicians like keith ellison the attorney general of minnesota he is very afraid i they're they're

00:21:08.720 even regurgitating old information mike lindell is going to run for governor of minnesota um we you know

00:21:14.660 so they're pushing this stuff out there um right now and and i don't this big attack on my pillow

00:21:21.700 and on my charities and on my um um the recovery network and it's disgusting steve 0.79

00:21:27.860 it is disgusting talk to me about the company sell me a pillow in the in the time we got

00:21:35.120 with the company here's we had all these sheets all these percale and giza sheets we ordered

00:21:42.100 for this spring we had a couple box stores that we're going to take them back in and now i don't

00:21:47.680 know if it's the news or whatever they're they're sitting silent on us they've gone fox on us they've

00:21:51.980 gone silent on us so what we've done i said you know what i'm tired of it what they would have

00:21:57.640 paid the wholesale prices now the war room posse gets to pay so they there it is 29.98 that's what

00:22:05.160 they would have paid in wholesale they would have doubled the price in the box stores for you you

00:22:09.340 would have paid 60 70 dollars for a queen size set 29.98 for the queen size and uh 34.98 for the king

00:22:18.540 size you guys these and wait and while they're gone and when they're gone they're gone we have so many

00:22:23.320 that were allotted for the box stores we're going to sell it to the war room posse so go to mypillow.com

00:22:29.480 scroll down we put steve front and center there click on him there's your queen specials and there's

00:22:35.760 all the other exclusive war room specials one of the ones you guys is those premium my pillows

00:22:41.440 where it all started they're now made with giza cotton covering 18.98 for the queen 1998 for the king

00:22:48.980 uh call my operators today they're all standing around waiting for the war room posse to give

00:22:54.360 them a call 800-873-1062 i am in my office today i'm gonna go down i'm gonna take one of those calls

00:23:02.340 we're actually doing some other filming i enjoy talking to the posse let's get him let's get the

00:23:07.140 phones ringing amen let's let's light those phone lines up you'll get to get mike lindell on the phone

00:23:13.700 put him to work make him sell you some sheets love you brother all right gotta keep mike lindell

00:23:19.140 going he's absolutely he's absolutely correct about the voter that's all the wisconsin issues

00:23:23.440 you got second amendment issues you got right to life issues you got election integrity

00:23:28.020 the what it means you see how radical she is about the child molesters not even counting the national

00:23:34.680 issues talking about issues this is all about families healthy families in a healthy country

00:23:40.520 make america healthy again make america great again our two great movements and also another

00:23:46.920 one's about having babies kevin dolan natalism means what are we not having enough babies enough

00:23:52.440 healthy happy babies sir no sir uh no one on the planet is having enough babies and uh and particularly

00:24:00.280 not uh in the united states and you mentioned uh the the debt being existential and and sort of the

00:24:06.380 growth numbers being disappointing uh that's sort of uh where the rubber meets the road on the economy

00:24:12.860 um basically there's only two ways an economy can grow one is through technological advancement and one

00:24:18.780 is through population growth and basically with our population declining as fast as it is we're headed

00:24:24.700 for a situation where we cannot maintain the growth necessary to make capital markets function

00:24:29.580 so that's uh you know in terms of your listeners that's that's your 401k that's the value of your home

00:24:34.540 that's the value of the dollars in your checking account it's all predicated on it doesn't have to

00:24:39.180 be like crazy growth all the time it doesn't have to be everybody having eight kids but if you don't have

00:24:43.900 reliable population replacement you can't maintain the basic level of growth that's required for capital

00:24:50.780 markets to function and so everything falls apart in addition to the fact that you know uh i think your

00:24:56.620 listeners are probably seeing in their own families like they want to have grandkids and and uh and that's

00:25:02.380 that's harder and harder to come by uh these days and so we are trying to bring people together both

00:25:08.060 experts and just people who care about this uh to see if we can find solutions to this problem whether

00:25:13.740 it's you know policy solutions we've got a very friendly uh white house in terms of uh elon and and and jd

00:25:21.420 vance and and many of these uh people including the president you know the president's got this great

00:25:26.540 example of a big family that loves him and i think that's that's sort of a legacy that that almost all

00:25:31.740 of us uh want and uh you know it's great to see like little kids around the white house again and so

00:25:38.300 like from a policy perspective we have this really golden opportunity to uh to solve this problem

00:25:46.300 uh what's it you got a big conference coming up i want to give all the details of the conference

00:25:49.900 and how do people go online now and check it out see if they can attend

00:25:52.940 that's right it's natalism.org and we're offering uh promo code war room 50 for 50 off the ticket it's

00:26:01.020 a big discount we're coming into the home stretch uh for this conference it's next saturday next

00:26:05.580 friday and saturday uh in austin texas uh so if you're a if you're an austinite war room person uh

00:26:12.540 check us out at natalism.org war room 50 is the promo code and what is your social media where do they

00:26:20.380 get you where where can they follow you uh in the off hours as our as our audiences want to do

00:26:26.860 yeah so it's uh natalism.org is the twitter account or i'm extra dead jcb

00:26:34.780 thank you brother big happy families

00:26:39.740 what is it dust jesky starts off with anna calarina

00:26:43.420 every happy family all happy families are the same but each unhappy family is unhappy in their

00:26:50.700 own unique way i found that to be true happy families nothing can be better seem wealthy people

00:26:59.420 powerful people all over the world the best thing you'd ever be given as a happy family

00:27:04.700 is it's the bedrock of everything because that's where you get your values your your religious beliefs

00:27:10.540 your your religious practice your spirituality it all comes from that that's the bedrock that's

00:27:17.580 for these natalism folks very very focused on this

00:27:23.260 isn't it ironic i go out with the spiritual warfare modern day holy war

00:27:27.660 from lady nigradia love this song love all the songs we play

00:27:30.940 on a saturday in march in the middle of a fight and we're winning but you cannot

00:27:42.540 flinch for a moment remember the president united states all gas no break we're going to talk the

00:27:48.540 economy and capital markets and get real next philip patrick joins us from birch gold we'll be

00:27:55.500 back in the war room just a moment

00:28:13.420 health isn't just a personal issue it's a family issue a community issue we're living in unpredictable

00:28:19.260 times supply chains can break down hospitals can get overwhelmed and let's not even start

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00:29:27.100 okay welcome back um philip patrick joins me now philip a couple things i want to get into the

00:29:32.620 obviously gold precious precious metals what's driving but i gotta ask you you know the fed came

00:29:37.500 out this week and you know all the noise was about they're not going to cut and uh and in fact

00:29:43.340 they project out two cuts for the rest of this year but they're not cutting now that kind of get

00:29:47.660 the headlines but then underneath it he gave out their numbers and particularly a new projection

00:29:52.940 for the year correct me if i'm wrong my calculation they said the growth for the year for the economy

00:29:58.620 was going to be 1.8 percent and they've ratcheted that down uh and he talked a little bit about a

00:30:04.300 tariff drag although i don't know how that could be since tariffs you know really have um have been

00:30:09.500 held an abeyance not supposed to on april 2nd kick in with these reciprocal tariffs but my concern

00:30:16.780 overall is that unless we see i mean my number is three to three and a half percent if you don't get

00:30:23.100 to three to three and a half percent you we're going to have real problems here the trump supply

00:30:28.060 side tax cut from the first term gave us three and a half percent growth in the fall in christmas

00:30:37.260 season of 2019 before the pandemic hit which is really the best real sustained growth we've had

00:30:42.940 with low inflation and low interest rates i don't know since the early parts of this

00:30:47.900 or at least since before the financial crash in 2008 your thoughts sir yeah i couldn't i couldn't agree

00:30:55.020 more uh numbers coming out were were very concerning gdp growth was revised down 2.1 to 1.7 for this

00:31:02.620 year and as you say 1.8 anemic growth for the next two years meanwhile the feds favored inflation gauge

00:31:10.780 core pce now projected to rise 2.7 percent this year up from 2.5 the general feeling from the meeting

00:31:19.420 was it was a suggestion of a stagflationary climate and i think broadly at the moment and i'm stressing

00:31:26.780 the word shorter term investors seem to agree there was a recent survey amongst bank of america

00:31:34.140 investment managers 71 said they expected to see a stagflationary climate develop over the next year

00:31:42.380 and concerningly at least short term they're doing something about it we're seeing a record sell-off at

00:31:49.020 the moment in u.s assets more concerningly though with the study wall street thinks that the era of

00:31:56.140 american exceptionalism is now behind us two-thirds said that the historic outperformance of u.s capital

00:32:03.340 markets compared to the rest of the world has peaked now this for me is is is a problem right we've

00:32:10.300 discussed before uh the u.s constitutes about a quarter of the world's gdp yet u.s markets hold about

00:32:17.420 60 percent of the world's investments so a shift in sentiment could see a major decline across the board

00:32:24.780 a large sucking sound as a third of the world's net capital flees the u.s now tariffs are being

00:32:32.540 blamed largely for this policy right powell's saying specifically he can't lower rates because of

00:32:39.020 tariffs according to the fed tariffs are the only thing to blame for this potential stagflationary

00:32:45.820 bail um now he didn't use the word stagflation quite interestingly he used the word transitory which i

00:32:53.980 was very surprised about that he would ever call anything transitory again after the the sort of

00:33:00.140 palaver in in in the pandemic panic but look one thing i think people need to understand is shorter

00:33:06.460 term prices will go up but what that means is that the policy is working right the whole point of

00:33:12.300 tariffs is to raise prices if they don't go up the tariffs didn't work but i think the fed at the

00:33:18.540 moment seem to be in a better position right now they have a scapegoat in the form of trump and

00:33:24.140 tariffs but one thing that i do want to stress to people it's a mistake i think to over emphasize the

00:33:30.940 capital flight shorter term we have to remember that short term markets are voting machines but long

00:33:37.900 term they're weighing machines and i think the way to get out of this mess is to get capital to return to

00:33:43.500 the us and trump's economic plan i think will be crucial to that so shorter term a ton of volatility

00:33:50.460 but longer term i'm hopeful i won't go back to the um the gdp number and help me understand this

00:34:01.580 if there's if the fed saying now remember the fed has and i'm sure after doge gets there won't have

00:34:08.220 i think they have 900 professional phds in economics but if they have all this modeling

00:34:14.140 and they're so sophisticated and they're primarily you know you have commerce has their outlook

00:34:20.060 treasury has their outlook uh the national economic council under has it has its outlook you have peter

00:34:28.060 navar over there at the manufacturing czar he has his outlook labor department has their outlook so

00:34:34.220 there's many different uh sources of information and data in the united states government which

00:34:40.380 quite massive then you've got all the investment banks and as you know the institutional architecture

00:34:46.700 of the financial industry is massive you expect something that doing trillions of dollars a year

00:34:51.740 and i think in currency trains of dollars a day what what concerns me i don't think people are

00:34:58.780 sitting there going hey world we have a problem is when they say the united states is 1.7 percent

00:35:04.860 growth this year folks the the the the system we have at 1.7 percent growth and you take out

00:35:13.180 government spending that's a recession in the real world because you still have this massive you have

00:35:19.260 these massive you run into two trillion dollar deficit you're spending six and a half to seven trillion

00:35:24.700 dollars in government money and that doesn't really include all because there's all these side pockets

00:35:30.220 too that are out there but then you look at china and i think the way i calculate china besides the phony 0.87

00:35:35.980 numbers the ccp give you and the bank of china give you you're at around two percent growth two and a half 0.99

00:35:41.900 percent growth max in china you weight average because that's what 60 percent of world's gdp or at least

00:35:48.220 over half the world's gdp you have the two engines that have pulled the train for so long in growth at

00:35:58.300 about two percent the model doesn't work at two percent this is my point about we have three hundred

00:36:03.820 trillion dollars now a face amount of debt at every level credit card debt local war school district

00:36:10.380 debt county debt uh state debt city debt on the globe you know government debt bonds everything you

00:36:17.340 add it all up it's like three hundred trillion dollars are we not heading for the world's

00:36:23.020 biggest margin call because the era of and this is why we did the six free installment of modern

00:36:28.380 monetary theory we wanted people to understand the idea that kind of not that had been bad before but

00:36:34.140 they had a ideological justification to do this the deficits didn't matter every type of government in

00:36:40.380 the world and particularly uh the u.s government they had the ability to print money fell into this trap

00:36:45.980 and now i just see and this is why i keep saying that gold is a hedge you know gold's been on a

00:36:51.980 tremendous run as an investment but it's not really it's never done that in history it's always been a

00:36:56.380 hedge against times of financial turbulence so i look there and just say we have not been wrong in

00:37:01.820 these numbers once in the last five five years since show server particularly since you guys joined as

00:37:07.020 our partner that there's something very scary here and that and here's what really got me when the

00:37:12.940 fed national side the other day it does it didn't go to defcon one which i thought it should have

00:37:18.300 everybody focused on once again the easy money and the easy money under biden is one of the reasons

00:37:24.540 we got here with the inflation it's not a solution right now it's only it's only i think it's only a

00:37:30.620 potential problem so uh philip patrick that's my rant i'll turn it back over to you but i would say

00:37:37.340 for our audience you got to be on the watchtower now not just for the country as we push forward

00:37:43.020 you know and this is my problem with doge i just don't see the cuts coming though i don't see the

00:37:46.860 waste fraud and abuse and people say who has it what i haven't seen hard numbers associated with

00:37:50.860 some of these things what they have done is programmatically has been identified before

00:37:54.780 department of education usa id they've been an instrument to help take down like usa id but actually

00:38:01.100 when you talk about the numbers they get that six and a half trillion spend

00:38:04.700 down to five and a half trillion which is critical then we can kind of survive i don't see it i just

00:38:10.620 think people should have been more general quarters when the fed comes out and said hey the growth

00:38:14.140 ratio is 1.7 sir yeah you're absolutely right and everything we've been talking about for years

00:38:22.460 is coming to fruition but the reality is that our economic model does not work at two percent growth

00:38:29.180 debt at that level grows faster than income and we know what happens when that happens so

00:38:35.740 you know everything we've been talking about for a long time is playing out in front of us and

00:38:40.620 that's why it's time to make the tough decisions that's why we have to push forward with trump's

00:38:47.180 policies look shorter term it's going to create volatility it may push us into recession but at some point

00:38:53.820 we need to start tackling the issues and rebuilding we need to curb the spending i agree with you i don't

00:39:00.140 think at least as it's set up currently doge has the cuts can make the cuts i think if we're unwilling to

00:39:07.740 look at social security or defense spending it's going to be impossible to plug that gap but ultimately

00:39:13.420 we need to look at doing it sooner rather than later because the position we're in we cannot continue

00:39:18.460 with and this is happening on a global scale it's not just here in the united states it's happening

00:39:24.380 around the globe as you say the biggest margin call in history is in front of us and you know

00:39:30.140 precious metals throughout history have always been a way to hedge right not only for stagflationary

00:39:36.220 climates last time we saw stagflation gold grow over two thousand percent from the early 70s to 80s

00:39:42.460 but in climates where you know so much is at risk in terms of currency in terms of the dollar in

00:39:49.740 terms of global reserve status now is the time people need to start looking at precious metals

00:39:55.260 and just look at the prices there they tell the story but this is why gold historically has been

00:40:02.860 impression has been a store of value in a hedge against turbulence why what give us we got a couple

00:40:08.540 minutes here on this side of the break just give me a couple minutes why has it been on such

00:40:12.300 a tear i think we first started with burst gold it was like 1100 an ounce and the last year is like

00:40:18.300 why has this been on a tear when historically that has not been the case sir well listen for for our

00:40:25.500 lifetimes the us dollar has been king and and that position today is i mean we're still king but it's

00:40:32.220 coming under threat right we're seeing de-dollarization happening around the globe we're seeing global debt

00:40:37.740 levels spike we're seeing inflation burning around the globe right and in times like this there is

00:40:45.100 always a flight to safe haven commodities right this century is looking very different to last we're

00:40:50.940 starting to uncover big problems we've lived you know we've amassed debt at a level never seen before

00:40:59.020 on a global scale and when you do that you start to see the fragility of currency and we're doing that

00:41:04.940 let's not forget the dollar's lost 21 of its purchasing power since since the pandemic that's

00:41:10.940 four and a half years ago that's a big problem for us domestically but it's a problem for central

00:41:16.300 banks around the world and they are doing what they have always done which is turning to gold in times of

00:41:22.220 in times of crisis and you know we're seeing a lot of different problems converge and i think like i said

00:41:29.100 and i've said many times there isn't a better asset class for precious metals for climates like this

00:41:35.740 and that's why demand is at all-time highs and it's why gold prices are moving and will continue to move

00:41:43.980 okay we're gonna take a short break when we get back i'm gonna ask um well i'll ask him now look for

00:41:48.940 the answer on the other side central banks are the smartest and i tell people all the time i said look

00:41:53.580 you know i went to harvard business school but now every central bank every country's got guys

00:41:59.100 who went to harvard chicago stanford and they all have the hp 12c which is kind of the union card

00:42:05.900 that's the calculator the hand calculator from hewlett packard that's been the traditional union card i

00:42:10.220 think is the the younger guys have a more sophisticated version but it's basically what

00:42:14.300 you can do net present value and all your discounted cash flows they all have it these are all smart people

00:42:20.460 and what's been shocking to me over the last couple of years is every year we're getting

00:42:25.580 record rates of central banks not you the audience i mean yes on retail side and citizens that want

00:42:31.900 physical gold has been on the rise but you got central banks that are buying at record rates and

00:42:37.340 every new month it's another record rate that is a tell and i'm asking philip patrick to give us the

00:42:43.340 answer why is it a tell why are central banks been setting records of buying gold in the last couple

00:42:48.540 of years and why do you want to own physical gold short commercial break miles grow will take us

00:42:54.620 out with the take down the ccp and hey there's no central bank that's buying more and trying to hide

00:43:02.140 it than the chinese communist party's bank of china short commercial break philip patrick

00:43:07.820 from birch gold on the other side

00:43:21.020 you wish you could have invested in the stock market last year when investors scored the highest profits

00:43:25.420 in decades but between that mountain of bills and credit card debt you had nothing and i mean nothing

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00:44:34.700 war room here's your host steven k man

00:44:41.100 okay so uh philip patrick by the way birchgold.com uh slash bannon you get the uh or slash yeah slash

00:44:47.580 bannon you get the end of the dollar empire the six free installment we're doing something very special

00:44:51.900 gonna announce here shortly but you get the six free installment all of them are free you'll get

00:44:56.540 like a master's degree in uh capital markets and in um debt deficit all of it but the sixth one is the

00:45:03.580 end of the is the modern monetary theory the idea that broke the world and if all these uh uh fights

00:45:11.180 are going to have on debt ceiling all these fights are going to have on deficits and cuts and spending

00:45:15.260 and doge and all of it gets back to the rail head of a big idea and that idea was deficits don't matter

00:45:20.940 guess what they were wrong and it's very important for you to understand why they were wrong uh i tell

00:45:27.740 you somebody who focused on deficits understood this is the central banks why bank of china and

00:45:31.740 bank of china is buying and trying to cover it up the other banks don't do so don't really do that why

00:45:36.540 are one central banks buying at record rates and why is the bank of china gone out of the way to buy

00:45:42.300 at record rates and not want the world to know about it sir yeah uh look central banks have set

00:45:49.740 record uh records for the last three years over a thousand tons of physical gold bullion every single

00:45:56.780 year and the reality is because they understand that the dollar is declining right what we see is

00:46:01.820 inflation nations see as dollar devaluation and they don't want their reserves losing value factor in

00:46:09.100 that biden in 2022 weaponized our dollar making it less attractive for nations like china who have

00:46:16.620 one eye on taiwan to to keep holding large chunks of their wealth in dollars we've disincentivized the

00:46:23.100 world now the dollar is still the tallest midget in the room the problem that the bricks have is they 0.99

00:46:28.940 don't have a currency that can usurp the dollar and that's where the gold buying is coming in by buying

00:46:35.500 gold central banks around the world are achieving two things right number one it's giving them the

00:46:41.100 stability that they need for an international currency in fact gold is a better trade financially

00:46:48.860 than the us dollar today in the same time period the dollars lost 20 percent of its purchasing power

00:46:54.540 gold is up over 40 the second side is a little bit more nefarious gold is a good vehicle for central

00:47:02.620 banks to de-dollarize right the more gold they buy the less dollars they hold and ultimately if that

00:47:09.420 trend continues the weaker the dollar becomes and the weaker the longer term argument becomes for the

00:47:14.940 dollar as the global reserve currency so i think the wheels are in motion bricks are using gold as a tool

00:47:23.260 to de-dollarize and the longer that continues the worse it is for us here in the united states and i think it

00:47:29.580 is going to continue the biggest single quarter was the fourth quarter of last year so the bricks are

00:47:35.660 moving and continuing to do so all of the war and posse rave when they get access to you guys and talk

00:47:43.340 about physical gold and the ownership i want to know right now where do people go to talk to you and

00:47:48.300 your team uh philip because that's really the differentiation of birch gold and everybody else

00:47:52.860 where do folks it is very simple birch gold dot com forward slash bannon that will get them access

00:47:59.500 to free information uh guides on on why and how to invest in gold under a trump administration as well

00:48:06.380 as the end of the dollar empire series which i know people love um so birch gold dot com forward

00:48:13.740 slash bannon or text bannon to nine eight nine eight nine eight either one will get access to free

00:48:20.460 information and they can reach me directly at philip patrick on ghetto uh philip patrick thank you

00:48:30.460 for taking your time on a saturday to join us here on our favorite show the saturday morning show

00:48:34.300 appreciate you sir thank you steve birch gold dot com check it out today but gold's been on a tear

00:48:43.180 our point it's not the price it's what's driving the price that's what you have to understand that's

00:48:48.380 what we're here to teach you once you learn how to fish you'll know how to fish forever okay given

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Bannon's War Room - March 22, 2025

Episode 4358： Cutting The Actual Meat Of The Budget; More Commerce Less Media

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