Episode 4382： Victory In Florida Thanks To MAGA Base
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Summary
On today's show, Stephen K. Vann talks about the impact of President Trump's latest trade tariffs on the economy and what they mean for the rest of the world. Plus, the latest on the mid-term elections and the implications for the midterms.
Transcript
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NBC News projects Democrat Susan Crawford has won a seat on the Wisconsin State Supreme Court.
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That means liberals will maintain a majority on the court despite the tens of millions of dollars
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Elon Musk spent on behalf of the Republican candidate. And Republicans did hold on to two
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House seats in Florida, adding to their slim margins in the chamber. In Florida's first
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congressional district, NBC projects a win for GOP candidate Jimmy Petronis over Democrat candidate
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Gaye Valamont. And in the state's sixth district, NBC projects Republican Randy Fine will defeat
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Democrat Josh Weil. But it is worth noting that Donald Trump himself carried these same districts
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by 30 points. Do you know how long ago? Just six months ago. Think about that.
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Here's the latest this morning. Uncertainty around President Trump's tariffs threatening to undercut
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U.S. exceptionalism. The former Obama economic advisor Jason Furman writing in The New York Times,
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where economic relations go, political relations will follow. This week's tariffs are another
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step towards hurting the U.S. economy. Rarely see economic policy just turn on a dime and the
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economy turn on a dime. But that's what we've seen in a very, very short period. A big deterioration
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in confidence, a big increase in uncertainty and a big change in the outlook for the economy.
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Feeling that maybe this actually is all leading up to widening the division between the U.S. and
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China, which is a bipartisan type of outcome. Some people, including Peter Scheer of Academy
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Securities, was saying right now it's kind of doing the opposite. You're seeing China actually get
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closer to a number of former trade alliances. How do you see some of the geopolitical rearrangement
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that's already happening versus what could or would or should happen?
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Look, the United States is a big, important country that gives us leverage in the world,
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but we are not infinitely big and not infinitely important. We really need allies if we want to
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succeed. The majority of countries in the world, their main trading partner is China, not the United
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States. If you made them choose, I'll bet they would choose China over the United States. The only way
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we can deal with China is to work together with the rest of the world. And that just doesn't work
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if you're putting tariffs on the rest of the world and driving them closer to China. Makes no sense as a
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Republicans in Wisconsin have already succeeded in making Wisconsin one of the states where you have
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to show a valid photo ID to vote. Republicans are worried that if they lose control of the Wisconsin
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Supreme Court tonight, that voter ID law could go away. So this year, Republicans also decided to put a
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measure on the ballot to enshrine that voter ID law into the state constitution. So to make it
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basically so as to make it harder for the state Supreme Court to take it away. Telling me NBC News
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projects that the voter ID requirement has passed. Again, this is only with about 21% of the vote in
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in Wisconsin. But NBC is projecting that the voter ID requirement, again, this isn't a new voter ID
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requirement in Wisconsin, but it is enshrining it rather than just being in state law would be in
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the state constitution, which would make it harder to rescind.
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This is the primal scream of a dying regime. Pray for our enemies, because we're going medieval on
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these people. I got a free shot. All these networks lying about the people, the people had a belly full
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of it. I know you don't like hearing that. I know you've tried to do everything in the world to stop
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that, but you're not going to stop it. It's going to happen.
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And where do people like that go to share the big line? Mega Media. I wish in my soul, I wish
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that any of these people had a conscience. Ask yourself, what is my task and what is my purpose?
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If that answer is to save my country, this country will be saved.
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It's Wednesday, 2 April, year of our Lord, 2025. It is Liberation Day in Washington, D.C.,
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the imperial capital throughout the world today at 4 p.m. approximately. The president will go to
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the Rose Garden and have a massive executive order, which he will sign, that will geoeconomically
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and geo-strategically reset the economy of the United States and actually the structure
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of world trade. So quite a historic day coming off last night. I think kind of a mini historic
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night. We've got, I want to start with Denver Cook, head of the St. John's GOP. Denver, you put your
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shoulder to the wheel, the War Room Posse, the great Matt Boyle at Breitbart, and a lot of that
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came, and we want to personally thank you for kind of putting up the flare to say that there was a
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problem in Florida 6, which you'd won by 30. I think we won by 16 last night. But this thing was in
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question a couple weeks ago. I just want to give you a public thanks for, you know, getting Boyle and
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then Boyle, you know, giving us a heads up and you giving my producers a heads up. How did this thing
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play out over the last couple days, sir? Well, first of all, I want to thank you personally for
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staying up till midnight, texting with me that night with Matt and Matt's efforts, and both of
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you driving this to national attention and getting the posse out there across this country to realize
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how important this race was, how we got there. We can talk about it over the holiday special
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elections. It's not the best time to do these things. And the Dems realize this is their chance to
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take out our president and their one fight to do it. They dumped $12 million in this race, the fourth
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that the Democrat candidate, that was the fourth most in Florida history spent on a congressional
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race, 12th in the nation ever. So they put massive amount of funding in, and we were down here in an
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all-volunteer force with these six county chairs and our volunteers working against that kind of
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spending with their paid people. And it was really, you know, y'all leaning in and stepping up that led
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to national attention focusing on this race. So I can't thank your bossy, thank you, and thank Matt.
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You know, that's just my opinion is that was the turning point on Monday night, Tuesday, when we got into
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this. And, you know, I hope that people across the country realize we who support Donald Trump
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need to be on the lookout every day, step up and show up. Just celebrating November's victory isn't
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enough. We're going to, this is just the beginning, as many people have said, we can't let our guard
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down and we need to fight hard every, every single election.
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Denver, we want to thank the Warren Posse and everybody associated with our show and the great
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Matt Bolover, Breitbart, want to thank the volunteers. Folks, this was people going to the
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ramparts. The Democrats put a ton of money in here and they had a candidate they thought was very
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marketable. And this thing went national in MSNBC, New York Times, all of it. This was literally a
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grassroots full court save and with virtually almost no money, which was the incredible thing. I don't
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think the the national RNC, the NRCC, everybody kind of, you know, just wasn't on top of this. They
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just weren't. This was a near death experience. Randy Fine is going to be the the the the congressman
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and we need it. I mean, this thing on reconciliation, I can't tell you how close this is right now.
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Think about it, folks. The house is shut down until next week because there's brouhaha yesterday.
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Denver, what what lesson what lesson do you want to tell the nation of all the Trump followers
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throughout the nation? And particularly, I want to give another hat tip to all the volunteers
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down in Florida six. You guys went to the ramparts and worked your asses off over the last couple of
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days to ensure this actually from last week to get as much early vote as possible and then have a
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massive game day vote. What's the lessons you take away, sir, that you want to share to the whole
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country? My biggest lesson is this, especially on these special elections, is you can't just count on
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the people there to do it. We had just out of one county out there, 40,000 calls come into the district
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last week. So over 220,000 calls were made in in the last week and a half of this race. Largely the
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last, you know, five to six days, the vast majority of those that got the turnout and drove this victory.
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And it was Republicans who wanted it. Wasn't the independents who showed up for Randy.
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It wasn't the Democrats. It was the Republicans who showed up and gave this victory. And it's the hard
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work of our volunteers on the ground who made thousands of phone calls and were out doing flag
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waving and out at the polling locations and out knocking on doors. You know, I give a shout out
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Marion, the chair for Marion County had arm surgery and her vice chair down there has a broken collarbone
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and they were both out Saturday at events, getting people to the poll. So, I mean, this is full court
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press on the ground. And I would tell everyone get involved, contact, you know, not just locally,
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but your neighbors as well and find out what's going on, stay informed and, and get out there
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and do the work. It is the, we lost Pennsylvania, as you know, and that's special because people,
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not enough people paid attention and went out and worked. Um, we need to be out there working and
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the door knocking and the phone calling and, and the volunteering is the biggest impact in these
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races. But if it doesn't happen, we will be losing and we can't afford to lose. So, um, paid
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volunteers aren't the same as a real volunteer.
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So war on posse, uh, one of the key lessons here and for everybody listening throughout the nation,
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because you know, we, we got to work in the precinct strategy and we're the foundational
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element for president Trump's return. We've remade the Republican party. There's one thing
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people have to keep in mind. I think Scott Jennings, uh, over at CNN has, has said this repeatedly as
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we've said it here on, on the show, uh, into our actions and the conference calls we have, but it's
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a, it's a reality in remaking this party to be more of a working class, middle class party.
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We have brought in that, that surge capacity we have are low propensity voters and many of those
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are low information. It doesn't mean they're dumb. It doesn't mean that degree. They're just not
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that engaged in politics. Therefore it's a massive grassroots effort that has to,
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we have to turn this vote out and it's tough. It's tough and you have to do it. We have low
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propensity voters. Historically, some of these folks have only voted when Donald Trump's on the
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ticket. Okay. But look, I know I'm the biggest advocate of 2028, but for the congressionals and
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like the specials and what's going to happen this fall, president Trump is not names, not going to be
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on the ballot. It is about him. It is about MAGA. It is about the direction of the country.
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Today's liberation day, his whole geoeconomic resetting, but the work, you can't do TV ads and
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get these people to the polls. It just doesn't work. We have to put our shoulder to the wheel.
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And now in Florida six, it showed that by doing that, we can win. And we're going to talk about
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Wisconsin here in a second, but Florida six shows with, with an enormous amount of money that the media
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hasn't, um, hasn't presented Denver one, one more time. Just tell me the amount of money spent by
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the Democrats. Where is that in the history of Florida congressional races and national congressional
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races, sir? So that was fourth in, in the history of Florida by a congressional candidate and 12th in
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the nation. I mean, they were not messing around $12 million, the fourth most ever spent in Florida's
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history and the 12th in our country. And if you think about the number of congressional campaigns that have
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existed, it's baffling. Um, but this is how, you know, what we're up against. The, the Democrat
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party has not surrendered. Um, and we can't, we, we can't treat it as if they have, um, they are
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fighting folks after Wisconsin. Yeah. They're, they're engaged. They're engaged. We don't hold that
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against them. This is what democracy is about. This was us back in 21 Denver. What's your social media?
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Denver cook so people can find out more and start to, you know, get you to engage in other places.
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Well, I'll just say real quick, the fastest way is to reach out to our, on our website,
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stjohns.gop, which is S-T-J-O-H-N-S dot G-O-P. That's our website. You can contact us in the
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contact page. Quick way to get hold of us. Reach out there. You'll get right to me. Denver
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fight on brother. Great job to all the volunteers, to everybody that came out in Florida six and did
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the hard work for everybody made phone calls. All those really hundreds of thousands of phone
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calls and contacts where everybody knocked on doors. This victory is yours and it's a powerful
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message sent to Washington DC. I know that, uh, some very serious and high level people have noticed
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this. So Denver say, make sure everybody knows that, uh, they're in our thoughts and they've just done an
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incredible job to help save this country. This thing holds together by a thread folks, right?
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I don't come on here and say, Hey, the inauguration's over because I don't like to party or, you know,
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we're not upbeat. It's reality check. The country hangs in the balance. We're going to take a short
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break. I've got, uh, Jim Rickards is with us this morning. Mike Benz is going to be with us later.
00:14:04.080
Natalie's going to jump in. We've got Chip Roy, but next we're going to go and deconstruct Wisconsin.
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Uh, folks, uh, hopefully last night was a wake up call and it gets back to one simple, basic thing.
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This populist movement rest on your shoulders. President Trump has the burden of the world on
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him, as you'll see today in the Rose Garden. You have to deliver these victories. If you don't,
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it's not going to happen. Short commercial break. We're going to go to Wisconsin next
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to the, um, chairman of the GOP in the war room.
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secure your financial future today with gold. The reason people do specials about the show in the
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audience, the reason they write all these articles and all these features is because of you. They
00:16:24.520
understand that you are the tip of the spear of the MAGA movement. There's a price to pay for that.
00:16:30.740
We have to be ever vigilant. This is why what happened in Florida 6 is so incredible,
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because you guys came to the ramparts. Look, on April 19th, we're going to have Lexington and
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Concord. That DNA, that fighting spirit, that ability to mobilize quickly when you know danger's
00:16:52.420
there or when you're alerted to danger, when we stop at the happy talk and give you the facts,
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the facts where we were in very bad shape in Florida 6. And folks, we cannot afford to lose
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a congressional seat right now. President Trump's agenda hangs by a thread. And that didn't even
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talk about the games being played over there, and I'll hopefully get to that later, if not tomorrow.
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In Wisconsin, Brian Schimming had a plan and led us to victory with President Trump,
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a magnificent victory six months ago, one that kind of put us over the top.
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And last night, we won something that's so important for elections going forward and so
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dear to the people in this audience's heart. And people have worked all over the country,
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and it's a super high priority for President Trump. That's voter ID. And it won big league.
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Yet we lost the Supreme Court seat. And with that Supreme Court seat, in addition to all the issues
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in Wisconsin of life and of being able to defend yourself, everything else, we're going to lose
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two congressional seats. That's just a fact. These radical Democrats, it was over a hundred million
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dollars spent. They didn't put this kind of money in not to take those two seats. And those two seats
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put us right on the cliff, the edge of them trying to impeach President Trump. And it raises the stakes
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in 2026, even higher. And I told you this was going to happen. That these people are not done.
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We won a massive battle in November, incredible battle, a come from behind out of nowhere battle.
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But it's one battle in a continuing war against people that still control the apparatus. Look at
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President Trump. We're in court. I don't know. A hundred lawsuits. We're going to Supreme Court
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and certain things. Today's going to announce Liberation Day. And do you think over at Capitol Hill
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or in the halls of power of Wall Street or the corporatists, they're going to be, they're
00:19:00.700
high-fiving him? No, they're not. It's another massive, another massive, massive battle.
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Brian Schimming, chairman of the GOP. How do we win? Help me out here. Riddle me this, brother.
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How did we win, essentially in a huge margin, the voter ID, which was so controversial,
00:19:21.320
and then lose the, and kind of got blown out, I guess by 10 points or nine points. I don't know
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where it came out. We were down as much, I think, 15 or 16 last night. Some of the Trump counties
00:19:32.200
came in, and I want to, you know, and for everybody who's up there volunteering, it's not, you guys did
00:19:36.360
an amazing job, and the turnout was incredible. But I think we, I don't know if the end of it was
00:19:41.520
around 10 points or something. How did we lose one so badly and win another one that also, you saw
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Rachel Maddow's face. You saw her face understanding it's going to be harder for them to steal elections
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with voter ID and kind of Wisconsin's leading the charge here. How did that happen?
00:19:58.320
Yeah, so the importance of voter ID as a referenda, legislatures actually put that referenda on,
00:20:04.900
and that's always had really wide support. You know, the only two counties that voted against
00:20:10.300
voter ID that I saw in my quick read this morning, we have 72 counties. The two counties that voted
00:20:15.880
against it, Dane and Milwaukee County. The two Democrat liberal, you know, bases in Wisconsin,
00:20:24.240
of course, had to vote against it. So that was, you know, in some ways the lesson is that was a
00:20:29.500
70 percenter issue, right? It passed about a little short of two to one. That's, you know, as we often
00:20:35.840
call it, 70 percenter issues where the average guy, not the folks who buy the TV ads, not all the
00:20:41.580
whatever. But the average Joe Lunchbucket and Susie Bearframe out on the street, they go,
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I get that. I understand why we should do that, and I'm going to vote for it. What I think they got
00:20:55.560
less in the in the Supreme Court race, and this is what the tragedy is there, is that the liberal
00:21:01.260
candidate there, Susan Crawford, argued against voter ID as a private attorney representing, I think,
00:21:08.820
the League One voters or someone. So you sit and you look at that and go, how does that happen?
00:21:14.460
But frankly, this ought to be a lesson for conservatives, especially in court races.
00:21:19.000
And you and I have talked about this. I've argued for years that the movement needed to pay more
00:21:25.320
attention to court races because they're as important as gubernatorial and sometimes presidential
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races. So I think the definition of the candidates in this race and perhaps on our end playing defense,
00:21:38.480
unfortunately having to play defense a little bit too much early on, we have to learn in this state
00:21:44.940
and in this country to take it to the other side. And I think the old playbook of saying, oh, we're the
00:21:54.220
law enforcement, we're the big law enforcement candidate, they're the liberal anti-law enforcement
00:22:00.100
candidates. I think that playbook is worn out. And we have to take it to them on cultural issues
00:22:07.340
and things that matter to our voters. Because we actually had 200,000 more voters come out for
00:22:13.320
Brad Schimmel on our side last night than Dan Kelly got two years ago. But the Dems, as someone said to
00:22:20.960
me last night, our base was pissed off in November. Their base was pissed off now. And it drove them out,
00:22:31.760
What about these low propensity voters? We now have to figure out how to put a permanent apparatus,
00:22:39.240
folks, at the state party level and from the precincts up. We need to get an apparatus to make
00:22:44.600
sure that we get access. These people want to vote for us. They want to vote for MAGA, but they're low
00:22:50.460
propensity voters. And we've changed the party in a great way to do that. But now we have to get a,
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now we have to systemize how we go out and do that. What would you, what would you say about that
00:23:01.120
issue? Yeah, I agree. Absolutely. Because there are a lot of low propensity voters out there who
00:23:08.280
overall, they're with the president and they probably in a box are largely with us, but they didn't turn
00:23:16.340
out last night. I mean, the president endorsed Brad Schimmel and, you know, other clear indications
00:23:22.520
that the president supported Brad Schimmel. And so, I mean, a lot of it is an off-year election
00:23:28.780
where we have a dramatic drop-off, but we can't just accept that as a fate accompli. It certainly
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often happens in Wisconsin where we don't do well in April elections, but you can't just ignore that.
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You've got to go, okay, how do we deal with that? And we've got, I mean, everyone says, in fact,
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I was saying this morning, everyone says, well, we've, you know, we'll have a liberal court for
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three years. Steve, we have two court elections of incumbent conservatives between now and then.
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We have to pull an outside straight between now and then. So I don't, oftentimes the early analysis
00:24:04.060
is not the accurate one, but, but we got, we, you know, we have to ask some hard questions. Number
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one, about how we run these spring races. I'm almost at the point of saying, I'd rather have
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in our state, in Wisconsin, it's a nonpartisan court. I, I almost wonder if we shouldn't be
00:24:19.820
asking the question, should we do what they did in North Carolina and make people run as
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Republicans or Democrats? So it's, it's more clear what they're really about. I mean, we can't count
00:24:30.720
on $50 million campaigns to do it. Yep. Uh, Brian, where do people, uh, to keep up with you? Where do
00:24:38.660
people go? Uh, follow me on X and, uh, or true social at Brian Schimming, uh, encourage you to
00:24:46.560
do so. I'll be talking a lot about this election and frankly, and I said to someone else, uh, Steve
00:24:52.160
earlier today, I said, look, we have to do the analysis. We have spent time. We have to ask hard
00:24:57.500
questions, uh, and do all of that. But, but we got elections coming next year. So I, you will not
00:25:04.060
see me sitting on my hands at any time for a year and a half. We got races to win fights to fight a
00:25:10.940
movement to move along. And that means we keep moving. So anyone who's dispirited this morning,
00:25:16.900
believe me, I get it. But, but this is a long running battle. It's not something that ends at
00:25:23.460
any one election. We have to remember that we got to save the state and save the country. The wind is
00:25:29.760
out there. We have to go get it. Go get it. Thank you, brother. Great job. Thanks, Steve.
00:25:37.140
Great job. Yeah. The grassroots and the volunteers in Wisconsin had tipped to you, Scott Presser,
00:25:43.160
the whole team up there. You guys did a magnificent job against, let me say this big headwinds. Uh,
00:25:49.680
Jim Rickards joins us. Uh, gold is what? 30, six 51. Was it 36 51? I was Susan 30, 31 63. Okay.
00:25:59.120
Everybody get your, don't have a heart attack there. 31 63, but it's moving records. It's
00:26:04.300
liberation day. Plus the day after quite frankly, a massive defeat in the, um, this, this thing in,
00:26:10.580
uh, the Supreme court in Wisconsin is going to resonate down through the next couple of years.
00:26:14.960
Um, put it in perspective for us, particularly liberation day reciprocity. I hope sir.
00:26:22.140
Well, of course, liberation day is about, uh, tariffs, which is one of, um, I'm, I'm calling the
00:26:28.100
term Meganomics, uh, to embrace all of the, uh, economic policies coming out of the White House
00:26:33.380
through various channels. And there are three big ones. Uh, there's, uh, Scott Besson, the treasury.
00:26:38.580
He has the three arrows, uh, basically, you know, keeping deficits below 3% of GDP,
00:26:44.340
real growth over 3% of GDP and 3 million new barrels of oil. That's very well thought out. It's gonna have
00:26:50.660
very positive effects. So that's, and also monetizing the asset side of the balance sheet. So,
00:26:55.220
that's the best in three hours. Um, Peter Navarro, the trade manufacturing czar, uh,
00:27:01.460
as the, the big brain behind tariffs, obviously that's what liberation day is about. Liberation
00:27:06.180
gonna be liberated from unfair trade practices, uh, huge trading surpluses, uh, by our trading
00:27:12.660
partners who cheat, particularly China, uh, but also Europe, uh, Mexico and some others. Vietnam,
00:27:18.020
by the way, Vietnam doesn't get a lot of mention. They have one of the biggest trade surpluses with
00:27:22.580
the United States, uh, of any of these countries, but, uh, but there's a long list of them. Um,
00:27:27.780
and that, again, we've talked about that, the American system, very well thought out,
00:27:32.020
very good for high paying jobs. Um, the third, the third leg. Sorry. Jim, Jim, Jim,
00:27:36.340
hang on, hang on one second. I want to give the third and we get back. We'll take a short commercial
00:27:39.780
break. Jim Rickards strategic intelligence. Go to Rickardswarroom.com. Get access to strategic
00:27:46.980
intelligence. If you like capital markets, national security, geopolitics, all of it's right there
00:27:52.260
in that letter. It's amazing. We read it and we love it. Also, he gives you a book, money,
00:27:58.340
GT, GPT. It's artificial intelligence, currency, capital markets. It'll scare,
00:28:05.860
scare you because it's a reality check. Short commercial break. Chip Roy, Jim Rickards on the
00:28:10.900
other side. The April 15th tax deadline is coming and it's coming fast. Do you have unfiled tax returns?
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TNUSA.com slash Bannon. Here's your host, Stephen K. Bannon.
00:30:01.480
Jim Rickards joins us. Field of Greens, by the way. I get my Warpath coffee here in the morning,
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get my Field of Greens, put it in my drink, mix it up. It's organic superfood. You need one.
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Field of Greens. You're ready to roll for the day. Jim Rickards, what's the third element? We got
00:30:38.520
Besant's, and I'm going to have, if we get Chip Roy up, I think we're going to have to get him by
00:30:42.660
phone. To get to that six and a half to three and a half, I'll tell you what, Jim, if you can hang
00:30:48.760
one second, we do have Chip Roy. Oh, on Skype. Chip Roy joins us. So, brother Roy, what's your
00:30:56.180
assessment of last night? We pulled it out in Florida 6 by the skin of our teeth at the last second.
00:31:02.020
We won a huge issue about voter ID in Wisconsin, but we got crushed on this Supreme Court, and that
00:31:12.380
means two seats. They're going to redistrict immediately and take two seats from us to make
00:31:16.500
2026 all in, hanging by a thread. Your thoughts, sir? Well, it was good to see a fine went down to
00:31:23.380
Florida. We're obviously going to get two new members up here in the House. That's good news. And in the end,
00:31:28.320
you know, I think it was about a 12 to 15 point margin, you know, low name ID. So, I feel good
00:31:33.880
about that. And we'll get, you know, going once those two get up here. I hope they'll join in and
00:31:38.540
get in the fight immediately. But Wisconsin double-edged sword voter ID, that tells you where
00:31:42.440
the American people are on voter ID. You know that. I know that. Anybody on this show knows that.
00:31:46.980
We need to move. It's why we're trying to move the SAVE Act here in Washington. It's been a part of
00:31:50.560
the rule. We got to get it off the House floor and jam it through and get the Senate to act on it.
00:31:53.980
Look, on the Supreme Court, I haven't studied as well as some, you know, politically to know
00:31:59.320
exactly what happened. That's not my state. I know there was a lot of work in there at the last
00:32:03.720
minute. But I feel like it was, if I had to just make my opinion on it, it's that it was late.
00:32:09.080
We needed to be on that a long time ago. And, you know, I will say the Freedom Caucus,
00:32:13.340
for example, we were running ads, I think, six weeks, eight weeks ago, because it was so critically
00:32:17.860
and obviously important that we win that damn race. We were trying to lean into it. And it seemed like
00:32:22.220
there was crickets, at least in the national conversation. And we didn't really nationalize
00:32:26.840
that until the last week. And I think, you know, we should have been in there earlier. That's my
00:32:31.020
quick assessment. What do you, how do you think this, what does this portend for 2026?
00:32:38.980
Well, obviously, we've got an issue now in terms of redistricting and what you just pointed out in
00:32:42.780
terms of the number of seats. And we're going to have to, I mean, and that's going to mean a lot.
00:32:46.040
I mean, you know, that's that any, every seat we lose, that makes it even harder for us to make
00:32:49.900
sure we keep the majority. What it also means is we need to go friggin' deliver on the agenda.
00:32:54.600
It's ridiculous that we're not meeting this week now. And, you know, there are reasons why I won't
00:32:58.380
get into, but your listeners and viewers know that. But we need to be getting the job done.
00:33:03.160
We've got the Senate over there moving their reconciliation budget this week. I don't know
00:33:09.160
what that's going to look like yet. We need to be aggressive. We need to reduce spending. We need to
00:33:13.220
do it significantly so we can fight the inflation tax, killing hardworking American families.
00:33:17.920
We need a tax package that is delivering on the president's agenda, but is also responding to the
00:33:24.220
fact that you need hardworking American families to be able to get by. And the tax package ought to
00:33:29.000
reflect that. So we need to get something good passed before Easter. I think the American people
00:33:33.560
are getting restless. They want to see us deliver. We've done a lot of good things with a razor-thin
00:33:37.560
majority, but, you know, enough. It's time to deliver. And I think that's where the people are.
00:33:41.460
So when you say, I mean, we have to drill in people's heads now that as long as you have
00:33:48.760
this massive Keynesian stimulus, that you're not going to get inflation down. Because, you
00:33:53.920
know, it's best in right now. It's what, 37 going to 38 training in debt. You got to refinance
00:33:58.440
a third of it. So you're talking about selling government security, you know, 10, 12 million,
00:34:04.280
trillion dollars, excuse me, of government securities at higher interest rates. It's, it works itself
00:34:10.400
through the system. The people, are people really bought into the fact that we have to cut
00:34:14.320
spending? And look, the Doge thing, I, I'm a huge supporter of Doge. I would like to see some
00:34:20.060
actual numbers. And I'd like to see some people, there's been this massive fraud. I'd love to see
00:34:24.620
Cash Patel have it. But that aside, or is there any stomach for the programmatic cuts that at some
00:34:33.360
point going to have to cut? If, if Scott Besson's plan, as Rickard just laid out, is a six and a half
00:34:37.860
percent deficit to GDP down to three and a half percent over a number of years. Um, I mean,
00:34:44.360
how do you do that unless programmatically you get in there and start cutting programs, sir?
00:34:49.920
You can't, I mean, that's the straight answer. I mean, I, you know, I visited with Scott last week.
00:34:53.640
I mean, I think he's doing a good job and, and, uh, you know, we have a really good thoughtful
00:34:57.040
conversation on what we need to do. We need to have, uh, spending reductions, uh, and discretionary
00:35:02.500
spending and all the programs you're talking about. Just to give you an example, and your, your,
00:35:06.100
your viewers know this a year and a half ago, Eli Crane, your friend and mine, and, uh, and,
00:35:10.480
uh, often a participant on your show, Eli offered an amendment, uh, based on all the work we had done
00:35:16.040
when we were going through all the amendments after the McCarthy stuff, uh, when we were offering
00:35:19.780
appropriations bills, we said, look, this USAID funding is ridiculous. And so we, you know,
00:35:25.600
Eli offered an amendment to cut 50% of it, but 102 Republicans voted for it, but 114 Republicans
00:35:32.220
voted against it. That's what we're up against. Uh, we're up against Republicans who always find
00:35:37.520
an excuse for why they have to vote for more spending and for a program that continues to
00:35:41.920
rack up debt. You know, Ronald Reagan said famously, and I think you will agree with this,
00:35:46.260
uh, in an interview with Johnny Carson in the seventies, I was speaking out at the Reagan
00:35:49.220
branch, um, two weeks ago to some kids, high school kids. And I was back looking at a bunch
00:35:54.060
of his clips and Reagan said to Carson, every program that a member of Congress brings forward,
00:35:58.920
they ought to have to have a tax increase along with that program to pay for it.
00:36:03.560
Now, neither you nor I support tax increases and Ronald Reagan sure as hell didn't support
00:36:07.780
tax increases, but his point was right. We've got people up here who want to go out there and say,
00:36:12.300
I cut your taxes. I've done all this wonderful stuff for all of you, generally speaking donors.
00:36:17.040
And you know, so, Oh, look at me. I'm a good Republican, but what they don't do is cut the
00:36:21.280
inflation tax, which is being driven by the radical amount of spending. As you pointed out,
00:36:25.520
not just COVID spending the entirety of the morass that is the federal government. And if we don't
00:36:30.820
produce that spending, we are not going to make affordable, make America affordable again,
00:36:35.320
which means you can't make America great again. I do think Scott gets this. I think the president
00:36:40.260
gets this, but we need to get it with more fervor in Congress and frankly, at the other end of
00:36:46.820
Pennsylvania Avenue to get this done. Look, you said earlier, you have to have a tax structure that,
00:36:53.560
that rewards the working class and middle class, you know, no tax on tips and overtime or bonuses
00:36:58.140
on social security. And the reality is I don't support tax cuts unless you don't have an alternative.
00:37:06.460
And I'm a very big proponent. And I think the leader of, if the math is the math, what it is,
00:37:11.960
the math is what it is right now. There's no chance that you can, and reinstating or extending
00:37:18.340
President Trump's tax cuts, you can extend it for the upper bracket. Just can't. I understand
00:37:22.860
everybody over the house or the Senate, but I will tell you behind closed doors, because I talked to
00:37:27.180
a lot of people, they understand what the dilemma is. They don't want to say it out front. So somebody's
00:37:31.680
going to have to step up and we're doing it here at the war. I mean, Chip, you're one, a lot of times
00:37:36.320
and Chip Roy gets a lot of grief. He's a, because Chip, Chip often brings, you know, unwelcome truths,
00:37:44.680
right? Like, here's the math. What are we going to do about it? And the country's hurtling towards
00:37:49.260
a financial crisis. You know, Ray Dalio, and I got Rickards on here a second. Ray Dalio is hinting
00:37:55.660
we're going to have a failed treasury auction. We have a failed treasury auction. That's a sovereign
00:37:59.800
debt crisis, folks. And we have a sovereign debt crisis with 37 or 38, three in a debt with two
00:38:04.880
trillion dollar deficits every year. Trust me, it's not your kids and grandkids worry about it's
00:38:09.560
your life is going to change dramatically. Chip Roy, your thoughts. Yeah, Steve, I couldn't agree
00:38:15.300
more. And let me actually just go ahead and say here, I think it needs to be said that I would,
00:38:20.420
I will be very clear that if it takes not getting the top tax bracket, uh, snapping back from 30,
00:38:27.080
you know, to prevent it from snapping from 37 back to 39, six, right? Which is what will happen
00:38:32.080
when the tax cuts expire this December? I would give that up if that's what is necessary to do
00:38:38.560
what we need to do to reform Medicaid and reconciliation properly, to get it done the
00:38:42.600
right way, to get spending cuts and the discretionary spending that we need to do to get spending down
00:38:47.300
in order to preserve this great republic, which we're going to lose. As you point out,
00:38:52.520
Scott Besson's going to have to go get, you know, another $1.7 trillion in bond issuance over the next
00:38:57.900
nine months. We've got rat a significant amount of refinancing of our debt happening right now at
00:39:03.200
higher rates. If we just raise, if rates are up just another point, it's like another trillion
00:39:08.700
dollars basically in interest over the next decade. We are destroying our kids and our grandkids
00:39:14.400
inheritance if we don't get it right. So to be clear, yes, I want taxes to be low and broad for
00:39:20.300
everybody. I want economic growth from all of that. But don't come talk to me about your precious tax
00:39:25.180
cuts for your upper end donors when you're now ratcheting up debt, which is a massive tax on the
00:39:31.980
average hardworking family. And I do understand that small businesses get caught up in that rate.
00:39:37.160
So do you. So we need to be smart about the 199 pass throughs. So true small businesses aren't
00:39:42.380
hurt. But I don't want to eat this bull crap where multi-billionaire hedge fund guys want their tax cuts.
00:39:48.480
And I'm sitting here while this government is spending money ratcheting up inflation hitting the
00:39:53.920
hardworking American. So Jake Sherman, suck on that, brother. Real quickly, I know you're the
00:40:02.260
SAVE Act. You've been at the forefront. By the way, I think we just made news here on a Wednesday
00:40:07.400
morning. Chip, the SAVE Act, what does this audience need to do to assist you, sir?
00:40:13.720
Well, just keep making your voice heard that you believe that we should ensure that only American
00:40:19.760
citizens vote in American election. That's all the SAVE Act is about. The radical progressive left
00:40:25.460
is trying to turn this into something that it is not. They're trying to say that it prevents
00:40:29.600
God-fearing, awesome American women out there who get married and who take their husband's name.
00:40:35.500
Suddenly, the radical left cares about women who get married and take their husband's name.
00:40:41.100
And they say that, well, they won't be able to vote. That is simply fake news. It's not true.
00:40:45.680
True. We've got a good bill. It says that if you get in and you change your name, there's a life
00:40:51.880
event, you can still use your new passport, your new real ID, or the states can create a solution
00:40:56.500
for you to go vote. What matters is you get out there and you tell your members in Congress,
00:41:02.380
you believe strongly that only citizens should vote. The SAVE Act is the best way to do that.
00:41:07.260
It protects the voting rights of all Americans, but it stops non-citizens, illegal aliens from voting
00:41:12.680
in our elections. So let your representative know that you care about getting that done as soon as
00:41:16.660
possible. Chip Roy, Congressman, where do people go to track you both on social media and at your
00:41:24.040
website? Sure. It's Chip Roy T-X, C-H-I-P-R-O-Y-T-X. That's my Twitter handle or Rep Chip Roy on my
00:41:32.360
official side. I go to Roy.House.gov to be able to sign up for anything from my official office and keep
00:41:38.180
at it. We've got to put our foot on the gas right now. We're nine weeks in. The president's doing a
00:41:43.020
lot of great things. I agree with you. Doge is doing great things, but we need to see them come
00:41:46.800
to fruition. Congress needs to act. It's a thin majority. It is hard, but we're working around
00:41:52.220
the clock to try to deliver. We've done some good things, but we've got to get it done. So stay
00:41:56.260
involved. Keep pushing on it. We'll keep working as hard as we can.
00:42:01.880
Congressman Roy, thank you for coming on today. Thank you for being blunt.
00:42:05.080
I think we need Chip Roy, a fighter. Jim, I got about a minute. I got about a minute. Just
00:42:13.700
Ray Dalio warns us about a potential failed treasury auction. If we don't make some pretty
00:42:20.060
dramatic changes, your thoughts on that, sir? Well, you're never going to have a failed
00:42:25.420
treasury auction. You might, I'm not sure what Ray means by that. You might mean that you've got to
00:42:29.200
pay higher interest rates than you expected. I get a bad auction, but one phone call to Jamie
00:42:34.180
Diamond would take care of that. The primary dealers exist to underwrite the US government
00:42:38.500
debt. They're going to do it. You're not going to have a failed auction. That's a little bit
00:42:41.740
hyperbolic. And I want to rise to the defense of Scott Besson. By the way, Chip Roy is brilliant.
00:42:47.060
I'm a big fan. I spent some time with him down in Texas with Ted Cruz back in the Rick Perry days.
00:42:52.240
So I think he's great. But he's missing a key thing. When he says that Besson's plan won't work
00:42:58.680
because we're not going to cut spending. Yeah, we're whacking certain agencies, but in the
00:43:02.580
aggregate, we're not going to cut spending. Spending is going to go up. It's just, it's going to go
00:43:05.760
up. And so he's suggesting that Besson's plan will fail. But what he's missing is everything
00:43:10.580
Besson's talking about is a ratio. Besson's not talking about absolute numbers. He's talking about
00:43:15.120
ratios. And when you have a ratio, you have a denominator. And what he's missing is the
00:43:19.000
denominator, which is growth. If you can get the growth, you can hit Besson's targets.
00:43:22.960
Hang on. Hang on. Okay. We're going to have a little debate in the last between Jim Rickards
00:43:28.360
and Stephen K. Bannon. Jim Rickards is absolutely correct. To get that six and a half down to
00:43:32.040
three and a half percent, it's predicated upon growth. We're going to talk about the supply
00:43:37.440
side tax cut and what it means for growth. Is it real or is it ephemeral? Short commercial
00:43:52.960
What if he had the brightest mind in the war room delivering critical financial research
00:44:00.040
every month? Steve Bannon here. War room listeners know Jim Rickards. I love this guy. He's our
00:44:06.200
wise man, a former CIA, Pentagon and White House advisor with an unmatched grasp of geopolitics
00:44:12.020
and capital markets. Jim predicted Trump's electoral college victory exactly 312 to 226 down to the
00:44:20.420
actual number itself. Now he's issuing a dire warning about April 11th, a moment that could
00:44:26.940
define Trump's presidency in your financial future. His latest book, Money GPT, exposes how AI is setting
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strategic intelligence. This is Jim's flagship financial newsletter, strategic intelligence.
00:44:53.600
I read it. You should read it. Time is running out. Go to Rickardswarroom.com. That's all one word,
00:44:59.300
Rickardswarroom. Rickards with an S. Go now and claim your free book. That's Rickardswarroom.com.
00:45:13.660
The IRS is going to be coming looking for their dough, particularly if you got a letter. Don't put
00:45:17.900
it in the drawer. That means the fees, the interest rates, the penalties, it all just metastasizes.
00:45:23.160
800-958-1000, Tax Network USA, promo code BAND, and get a free consultation or TNUSA.com.
00:45:30.580
Free consultation tax day arriveth, what is it, next week? I guess a couple weeks from now because
00:45:37.000
the 14th, yeah, a couple Tuesdays from now. Get on it today. Talk to those folks. Don't deal with
00:45:46.000
the IRS by yourself. You need someone that can assist you. So do it. So Jim Rickards, Scott's six and a
00:45:53.500
half to three and a half. You're absolutely correct. It's what's the denominator. Do you believe
00:45:57.620
either through tax cuts, deregulation, the animal spirits, using tariffs to bring manufacturing jobs
00:46:03.660
back? What is it that's going to take to drive actual real growth, not growth through inflation,
00:46:10.700
but real growth in the American economy, sir? Well, exactly the things you mentioned. And by the
00:46:16.860
way, we have a test case for this or a real world example. The first two years of the Reagan
00:46:21.020
administration, 81, 82, we had the worst recession since the Great Depression at that time.
00:46:27.480
We've had worse ones since, but that was a very bad depression. We came out of it from 1983
00:46:32.600
to 1986. The US economy grew 16% real. That's not with inflation. There was inflation, some inflation,
00:46:39.840
but 16% real growth. That's the kind of growth you can have with tax cuts and with the Reagan
00:46:44.680
policies. Now, come forward to Trump. He's proposing many of the same things. And by the way,
00:46:51.280
Trump, sorry, Reagan used tariffs also. Lighthizer was the deputy US trade representative at the time.
00:46:56.740
He's not in the cabinet today, but his protege is. And he's directing a lot of these ideas.
00:47:03.120
In the 80s, Lighthizer took on the Japanese auto industry. Today, he's gonna, his policies rather,
00:47:08.880
and Navarro's, Peter Navarro's policies. We're gonna take on the Chinese auto industry and also
00:47:13.360
Canada and Mexico. So with tariffs, investment in the US, high growth, sorry, high real wages,
00:47:22.260
again, all real, high real wages, better jobs. You can get that kind of growth. We might have a
00:47:27.520
recession this year. We might be in one already. That's the Biden hangover. But coming out of that,
00:47:32.020
you can see very strong growth in 26, 27, 28. And that's what achieves Besson's targets.
00:47:40.580
What is, because you've got enough battle scars to realize they're not going to cut spending.
00:47:45.760
And front page of our favorite Financial Times alone,
00:47:47.980
investors flock to gold as fears mount on eve of Trump tariff announcement. Gold rushed to a haven
00:47:54.700
asset. And of course, over here is the Chinese Navy basically doing drills that shows that they can
00:48:01.140
do a naval quarantine around Taiwan as a signal to us. Your thoughts about why is gold at an all-time
00:48:09.460
high or heading towards an all-time high, I guess, in real numbers, sir?
00:48:13.360
Yeah, there are some fundamental reasons. But in the short run, markets can deal with good news and
00:48:19.240
they can deal with bad news. They cannot deal with uncertainty. So some of the uncertainty is going
00:48:23.820
to be lifted, you know, four o'clock this afternoon. But Trump's going to have further tariff
00:48:28.320
announcements tomorrow. And, you know, Trump's dharma is it's never over, meaning he will, you know,
00:48:35.420
negotiate bilaterally. The market, the markets hate that. And so when you go to gold, gold's not necessarily
00:48:44.120
the best inflation, it does do that. I call it the everything hedge, uncertainty, geopolitics,
00:48:50.060
Ukraine, Putin, China. It's had a long list of things. If you don't know what you're doing or you don't
00:48:54.400
know what's happening next is a better way to put it. Go to gold. But the fundamentals are who's buying it?
00:49:00.400
It's not retail. There's no retail frenzy in the U.S. It's the central banks. It's Russia,
00:49:04.960
China, Iran. Iran's not transparent, but they're buying it. Turkey, Vietnam, Mexico, and others.
00:49:10.580
And they're basically, this is the BRICS currency. There was so much talk two years ago. The BRICS
00:49:14.740
are coming up with a new currency. They're not. I mean, maybe in 10 years, but they're not coming up
00:49:18.700
with a new currency. They already have one. It's gold. And so if you don't, you know, when you see the
00:49:23.080
U.S. trying to steal Russian treasury securities and, you know, Stephen Moran, I've met him, but
00:49:29.060
he's the Mar-a-Lago Accord. He wants to cram 100-year bonds down our trading partners to
00:49:34.580
say, hey, we're going to redeem all your bills. And here's a 100-year bond, century bond,
00:49:38.420
et cetera. When you see that kind of thing going on, I say, just give me gold. I don't want
00:49:42.580
treasuries anymore. So I see. And mining output's flat. So you got fundamentals, but it's really
00:49:47.400
an uncertainty trade, everything hedge right now. But it's going to keep going. We're in the
00:49:57.120
Jim, where do people go to get your writings? I'm going to actually check in with you tonight
00:50:01.020
personally after the show on what you thought of Liberation Day and hopefully have you back
00:50:07.480
on the next couple of days. Where do people go to get Strategic Intelligence, the newsletter
00:50:11.920
and your great book on artificial intelligence and currency?
00:50:15.520
That's right, money, money, GBT. So we have a landing page for the War Room Posse. It's
00:50:21.140
called RickardsWarRoom.com. That's RickardsWarRoom.com. You go there, we've got actually a new video
00:50:27.820
up and you'll be able to subscribe to our flagship newsletter, Strategic Intelligence, where we cover
00:50:32.540
all this. By the way, the next edition is going to be on Magonomics, kind of going through some
00:50:36.840
of the things we spoke about today. Also on Twitter, at Jim, sorry, at Real Jim Rickards,
00:50:45.780
Jim, thank you for joining us on the Morning of Liberation Day. Look forward to talking to you
00:50:53.820
Historic day. Rickards looks at all the political class with a jaundiced eye. You know, his belief
00:50:59.880
is that we're not going to cut spending. If we don't cut spending, man, we need a surge of growth
00:51:04.060
like you've never seen before. So we'll get into all that tomorrow because we're going to see where
00:51:09.660
the structure, there's still a debate over at the White House. Is this going to be reciprocity?
00:51:14.320
In other words, it's going to be each country is going to have a counter tariff put on them and
00:51:19.380
also non-tariff barriers? Or is it going to be some sort of tronching at 20%, maybe down to 10%,
00:51:25.220
maybe tiering country by country? I think that's all being worked out. They should start rolling this
00:51:31.740
out. I think messaging wise, early afternoon, four o'clock in the Rose Garden, I would hope that
00:51:37.120
they would definitely wait to the end of the market, especially at Rose Garden, signing President
00:51:42.420
Trump. Very big day for President Trump. He's worked on this a long time. I love Rickards saying
00:51:47.700
President Trump, his dharma is that he's got to, he's always negotiating. Every day will be Christmas
00:51:54.380
day for him after today because it'll be, this will be the biggest global negotiation ever
00:51:59.080
geo-economically as he repivots the country, biggest since World War II. Natalie Wynn is going
00:52:04.340
to join us. The great Mike Benz is going to join us. I have to depart here shortly. I've got to give
00:52:10.940
a talk today over a tech conference. How does that sound? Also tomorrow is going to be over the Justice
00:52:18.700
Department. So a lot going on back here in the Imperial Capitol to lend a hand and make sure that
00:52:26.340
we get a big launch on, on Liberation Day. Everybody that's worked on populist economics, America first,
00:52:33.240
economic nationalism. Today is a huge day. Going to leave you with the right stuff. We'll be back in
00:52:39.800
the world. Make sure you take out your phone, Bannon, B-A-N-N-O-N. Text that to 989898. Get to
00:52:46.540
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