Episode 4397： Turn Around Tuesday; Markets Bounce Back Cont.
Episode Stats
Words per Minute
170.59947
Summary
Zero Hedge's Peter Schiff and Spencer Morrison join host Stephen K.K.M. ( ) to debate whether or not the Trump administration is on track to deliver on its promise of tax cuts and infrastructure spending increases.
Transcript
00:00:07.140
Pray for our enemies, because we're going medieval on these people.
00:00:12.360
Here's the time I got a free shot at all these networks lying about the people.
00:00:20.020
I know you try to do everything in the world to stop that,
00:00:23.960
And where do people like that go to share the big lie?
00:00:28.260
I wish in my soul, I wish that any of these people had a conscience.
00:00:34.160
Ask yourself, what is my task and what is my purpose?
00:00:37.900
If that answer is to save my country, this country will be saved.
00:00:52.080
It's Tuesday, 8 April in the year of our Lord, 2025.
00:00:59.400
because this situation with the Chinese Communist Party,
00:01:03.380
May Crabb sideways, massive naval exercise over the past couple of days around Taiwan
00:01:13.300
I think trying to send a signal and a message to the Americans
00:01:16.260
that don't think you can defend Taiwan with the 7th Fleet,
00:01:19.920
because we're a lot closer and are bringing a lot of firepower.
00:01:27.260
Tonight there's a very special event, and it's free.
00:01:31.520
And it's sponsored by one of my favorite news sites and websites.
00:01:36.460
It's got amazing analysis on it, amazing articles.
00:01:45.200
So at 7 p.m. tonight, if we can put the graphic up,
00:01:48.140
and there are a lot of people that worked on this to make it happen.
00:01:51.940
And I want to thank them for reaching out to us
00:01:57.360
But tonight at 7 p.m. on Zero Hedge, totally free,
00:02:01.760
there will be a debate between the great Peter Schiff,
00:02:12.780
We're trying to get Peter up, but Peter's like me on making Skype work.
00:02:20.220
Spencer, this is, first of all, give us your assessment.
00:02:25.780
And we're also going to be doing a pregame on this
00:02:31.900
and it really will transfer you guys over to Zero Hedge at 7.
00:02:38.440
we're going to try to stream it ourselves off of Zero Hedge
00:02:41.340
because this is a big deal, and I think only Zero Hedge,
00:02:44.380
which has so much great analysis about Wall Street
00:02:49.140
global capital markets, a perfect place to have it.
00:02:52.040
So tell me, give me your assessment of the last couple days,
00:02:55.500
particularly the day the global stock market has kind of come back
00:03:10.860
Well, I think we're in a really great position,
00:03:12.900
and I think when I was on the show with you on Liberation Day,
00:03:16.060
I think we discussed this and we sort of called it,
00:03:18.360
the markets are going to fluctuate, they're going to bounce back.
00:03:21.320
And I think I made the point, and I'll make it again,
00:03:22.860
if President Trump said he was going to cut income tax,
00:03:32.360
because that's how much it costs to do the taxes every year, right?
00:03:41.080
And sometimes it's short term, sometimes it's medium term.
00:03:43.360
But I think what President Trump is doing here is he's shifting the economy
00:03:47.640
from consumption and financialization of the economy
00:03:51.580
over to an industrialized economy and a production-based economy.
00:03:58.000
And I think it's positive that the market is responding,
00:04:00.920
but I don't think the market is a be-all and end-all
00:04:03.260
in terms of a barometer up to the economic health of America.
00:04:07.180
I mean, there's so many other metrics we have to look at.
00:04:10.660
You know, do people have money to support their families?
00:04:14.000
That's more important than the stock market to me.
00:04:19.560
Given that this was announced at the close of the market last Wednesday,
00:04:24.640
and tomorrow is really the day that the reciprocity kicks in,
00:04:28.620
one week into this, are you feeling pretty good?
00:04:35.460
I think that there's a lot of nations that are in the process of coming to the table.
00:04:39.700
I think many more are going to come to the table.
00:04:41.920
I'm excited to see what the president can do in terms of working out new deals.
00:04:45.980
And, you know, if these new deals are structured in such a way
00:04:48.500
that benefit both players by lowering overall trade barriers, I think that's great.
00:04:53.720
I think that's going to, you know, cause a lot of other nations to step forward.
00:04:57.540
I think this is going to be great for American industry.
00:05:01.820
and ultimately it's going to reshore, you know, a large portion,
00:05:05.740
I hope, of the economic production that's been shipped abroad to China,
00:05:11.480
Okay, tonight at 7 o'clock on the great site, Zero Hedge,
00:05:17.720
there's going to be a debate between Spencer Morrison and the great Peter Schiff.
00:05:23.660
Peter, before I get into anything, I don't want to give up too much of the debate.
00:05:26.460
We're going to have a whole hour of pregame today on our 6 o'clock show before,
00:05:30.480
because I'm so excited about having two heavyweights actually lay out these two plans.
00:05:36.820
But since you're such a prominent thinker of capital markets,
00:05:39.880
just give us where you think we are overall with the American economy.
00:05:44.260
You know, you've got the reconciliation we're working on,
00:05:46.440
obviously this big trade war that President Trump's engaged in.
00:05:52.800
Well, you know, I think we're in a very bad place as an economy.
00:06:00.440
I urged my followers to vote for him, not because I wanted him to do these tariffs,
00:06:05.400
but because I thought he was, you know, much better than the alternative.
00:06:10.500
But Trump understands that, yes, over the last 20 years or so in particular,
00:06:25.380
And the rest of the world has accumulated assets.
00:06:27.940
But what Trump doesn't seem to get, and a lot of people that surround him,
00:06:32.640
is the current nature of the economy and how this big bubble has been inflated.
00:06:39.000
We run these huge deficits, you know, government deficits, a couple trillion dollars a year.
00:06:45.800
And so Americans get a lot of money to spend as a result of these deficits.
00:06:49.040
But the problem is Americans aren't making the products that these Americans want to buy.
00:06:56.200
And so if we just had to spend our money here, you know, prices would have gone through the roof.
00:07:01.140
But what we've been able to do is we have an escape valve for the inflation.
00:07:05.840
And it's the rest of the world because they have lots of capacity, lots of factories.
00:07:13.100
And so what Americans do is they take that money and they go shopping and we buy all sorts of stuff.
00:07:17.780
Over a trillion dollars worth of merchandise comes in every year that we didn't have to produce.
00:07:24.360
We didn't have to save to make the capital investments.
00:07:32.940
So we send our money abroad and they send their stuff here.
00:07:36.920
Now, the cycle gets even better for us in the short run because foreigners take the dollars that they earn,
00:07:43.980
selling us the stuff that we didn't have to make, and they buy our financial assets.
00:07:49.920
And as a result of that, our stock market goes up, our bond market goes up, and so our interest rates go down.
00:07:56.340
And so everybody thinks they're richer because stock prices are higher.
00:07:59.480
We get to borrow all this cheap money so we can keep on going further into debt to buy more foreign products.
00:08:05.680
Now, if that's going to stop and if the tariffs may very well stop it by making goods so expensive
00:08:12.780
that Americans can't afford to import them anymore,
00:08:15.640
then what's going to happen is the money that we create stays in America, bidding prices through the roof,
00:08:22.860
and foreigners no longer buy our stocks and no longer buy our bonds, sending interest rates through the roof.
00:08:29.920
We have a massive economic implosion as the entire service sector economy collapses.
00:08:35.140
We have another financial crisis because a lot of the borrowed money can't be repaid.
00:08:40.320
A lot of the stores have to close down because they no longer have goods that anybody can afford to buy.
00:08:47.520
So in the short run, this is an unmitigated disaster.
00:08:50.780
The problem is Trump has not prepared the public for just how bad it's got to get before it's going to get good.
00:08:57.720
And I don't think we have the stomach for the financial crisis and the collapse that's coming.
00:09:03.400
I think we're just going to go back to the same thing that got us here,
00:09:07.020
which is asking the Fed to cut interest rates and print more money.
00:09:10.900
And then we risk what's always been the worst case scenario, a complete dollar collapse and runaway inflation.
00:09:18.200
So I think we're very close to the precipice of that right now.
00:09:23.340
Let me ask you, let me just take it in a slightly different direction.
00:09:26.440
If you see the because at the same time we're going through this, they've now talking about these reconciliation bills.
00:09:33.300
And if you just cut down to the basics of the reconciliation, they're once talking about a four trillion dollar increase.
00:09:41.020
The House is talking about a four trillion dollar increase to the debt ceiling.
00:09:44.180
The Senate is talking about a five trillion dollars.
00:09:46.300
My understanding, and it's not you haven't seen the language, my understanding, that's a two year deal or just gets us past the midterm elections sometime into 2027.
00:09:55.520
The model we have, they're also these deficits, particularly given tax cuts that he's promised the working class on tips and on Social Security,
00:10:04.980
that the deficits could be north of two trillion dollars.
00:10:11.260
Just leave aside the trade situation for a second, what he's gotten into.
00:10:15.520
Is the model that we have right now of just because, and I want to just tell the audience, neither the reconciliation, what they're talking about, or even in fiscal year 2025, because there have been no impoundments.
00:10:28.660
To date, there has not been, outside of USAID and DOE, which were identified by the, you know, the Eli Cranes of the world, on fraud, there hasn't been one penny that's been put over to people to say, actually, this is where we found it, this is where we cut.
00:10:45.760
So, you're going to have a two to two and a half trillion dollar deficit every year, you're going to get up to 42 or 43 trillion dollars in debt, and you just continue on.
00:10:55.400
Is the basic model we have today, leave aside what he's doing on trade and trying to bring manufacturing back, is the model we have today sustainable?
00:11:06.500
The fact that we've sustained it for so long is why the problem has gotten so big, and the deficits will be much larger as we go into a deeper recession, which I believe we're in, and it's going to get a lot worse, especially with the tariffs.
00:11:20.020
You know, what Trump should be doing right now is telling Congress that no way will he sign off on this bill.
00:11:30.580
But, you know, Rand Paul says, hey, let's do it by, you know, 500 million, 500 billion, not five trillion.
00:11:45.860
If I was Trump, I would make it clear to Congress that I am not signing an unbalanced budget.
00:11:56.800
And if you don't balance this budget, I'm vetoing it.
00:11:59.300
And the only way you're going to pass this increase in the debt ceiling is with two-thirds of both houses, because I'm not going to be a party to the destruction of the country.
00:12:07.340
I'm not going to take on another five trillion in debt, because that means another 10 trillion in debt.
00:12:14.540
If we're going to take the pain, that's pain worth taking.
00:12:17.800
The pain of the tariffs is just pain for pain's sake.
00:12:22.480
But if we actually force the government to stop spending and we really get into the root cause of the problem, that's the kind of pain that I would want to sign on for.
00:12:33.540
And you're prepared in that regard, because he just put forward a trillion dollar defense budget.
00:12:40.160
You're prepared to say, hey, we've got to cut some Medicaid.
00:12:44.020
But I don't want a 10-year or where Scott Besson says we're at 6.5% or 7% of deficit to GDP.
00:12:53.380
Peter, you're saying, hey, that's not good enough.
00:12:55.620
I want to plan not over 10 years but over a year or two to get to a balanced budget to get to a zero deficit.
00:13:04.880
I've been around long enough to know that every time Congress says they're going to cut the deficit in the future, they never do it.
00:13:11.440
They always say, oh, we will have these future spending cuts.
00:13:16.400
Look, I'm prepared to give up 100% of my Social Security.
00:13:20.500
And a lot of people should say, yeah, we don't need any Social Security, because the money's not there.
00:13:25.100
And the young people can't afford to pay the payroll taxes.
00:13:28.120
But we have to reform entitlements, which means cut entitlements, Medicare, Medicaid, Obamacare, all that stuff.
00:13:34.340
And yes, we're spending too much money on defense.
00:13:38.260
Donald Trump says we should stop defending Europe.
00:13:42.000
Let's bring home the troops so we can save that money.
00:13:46.220
But we need to cut, bring the troops out of Japan.
00:13:50.480
You know, we have $36 trillion in debt, $37 trillion.
00:13:53.300
And what's worse, over the next four years, $26 trillion of that debt comes due.
00:14:20.480
We couldn't be prouder to help pull this together.
00:14:22.400
We're going to drive a big audience to this tonight.
00:14:33.940
You don't go out and buy a life jacket when the boat is already sinking.
00:15:03.920
And you don't buy gold when the economy has already collapsed.
00:15:07.920
Clearly, others are heeding this advice as gold hit an all-time high the first part of 2025 multiple times.
00:15:17.380
The company I trust to help you diversify into physical gold is Birch Gold, the company I buy my gold from.
00:15:23.620
Birch Gold specializes in helping you convert an existing IRA or 401k into a tax-sheltered IRA in physical gold for no money out of pocket.
00:15:45.760
Get your free info kit on gold by texting the word Bannon, B-A-N-N-O-N, to 989898.
00:15:53.860
Just useful information with an A-plus rating from the Better Business Bureau and countless five-star reviews.
00:16:04.440
And let the experts at Birch Gold help you secure your financial future today with gold.
00:16:19.240
I can tell you, Peter, the audience is—the Warren posse is quite excited that you're on.
00:16:23.940
One thing we talk about all the time is the difficulty Scott Besson, who is a contributor here at the Warren for years,
00:16:29.820
has in having to sell, I think, $10 trillion this year of U.S. government securities.
00:16:35.860
You're saying it's $25 trillion over the next couple of years that Besson has to sell, essentially, to foreigners or, I guess, by ourselves.
00:16:43.320
I mean, how are we going to do that, given our financial situation?
00:16:46.880
Yeah, well, the worst part about our enormous national debt is the way we've gone about financing it.
00:16:52.120
Instead of taking on long-term debt, selling 30-year treasuries, we've financed with T-bills.
00:17:01.940
Instead of taking on a 30-year fixed-rate mortgage, they get a one-year arm.
00:17:06.020
Now, maybe they make that trade-off because the arm is cheaper, but they're accepting a lot of risk.
00:17:11.320
The person who does the 30-year fixed, he has a payment.
00:17:17.280
And so we did the same thing because by borrowing in the T-bill market, we got lower interest rates.
00:17:23.280
Because if the government had financed these debts on 10 years to 30 years, it would have pushed those long-term interest rates up, pushed mortgage rates up.
00:17:33.500
So the government played Russian roulette with the country by the short—
00:17:54.080
Yeah, it started with Robert Rubin under Clinton.
00:17:56.680
He started the shortening of the maturities of the national debt to bring down the interest rate expense by borrowing short.
00:18:04.400
So the reason I'm saying we have to do $26 trillion is over the next 10 years, $26 trillion of that short-term debt matures.
00:18:13.260
And a lot of that debt is at much lower rates than the current rates.
00:18:16.820
And as it matures, we have to resell it, right?
00:18:20.420
And somebody has to want to buy it because not only have foreigners supplied America with the goods that we don't produce, they lend us the money that we don't save.
00:18:31.620
See, when Trump says that, you know, the world's been screwing us and taking advantage of us, he's got it backwards.
00:18:36.940
We've actually been taking advantage of the world.
00:18:38.760
We're relying on the world because they supply us with goods and lend us the money to support the whole economy, including the deficits that the government has.
00:18:47.400
So Trump's got to—Bessett's got to go around and convince people to buy these treasuries at, you know, 4% yield.
00:18:54.980
When inflation is much higher than that, look at the price of gold over $3,000 an ounce.
00:19:00.340
The reason gold is at $3,000 is because foreign central banks don't want our dollars.
00:19:06.160
They don't want to buy our treasuries because the yields are too low to cover what they're going to lose.
00:19:15.320
And it's going to get even worse if the dollar really starts to fall.
00:19:18.680
Because, you know, that's what's going to happen.
00:19:21.420
Then why would somebody in Europe or Asia want to loan us money at 4% when they're going to lose 10% or 20% a year just on the foreign exchange?
00:19:31.260
Do you think part of this negotiation should be—I hate to be so blunt—jamming them with actually part of the trade negotiations is that they actually take as part of that long-term securities at some sort of lower interest rate and they just have to eat it, sir?
00:19:49.380
You remember, Trump thinks we've got all the cards.
00:19:53.620
Again, the cards belong to the producer, not the consumer, right?
00:20:12.580
But as long as the world wants our dollars, okay, they'll give us their stuff for our paper.
00:20:17.940
But when they don't want our dollars anymore, then we're stuck.
00:20:34.260
And when people talk about, oh, we're going to reindustrialize the U.S., we're going to build factories, with what money?
00:20:40.100
And what are we going to stop doing to finance it?
00:20:42.920
And if we're going to finance the reindustrialization of America, which is going to cost trillions, we can't finance the government.
00:20:50.180
We can't have all this government and reindustrialize.
00:20:54.560
We got rid of our industry so we can have this big government, right?
00:20:58.040
But in the long run, that was a bad deal that we made.
00:21:05.180
Social media, website, people, I can tell already in our chat room, they're really excited about tonight's debate on Zero Hedge.
00:21:13.620
Peter, where do people go to get all your thinking?
00:21:15.440
Well, you know, I do my own podcast, you know, usually once or twice a week, shiftradio.com.
00:21:26.880
You know, you can go to my website at europac.com.
00:21:29.840
I also have a free newsletter at shiftsovereign.com.
00:21:34.460
But also, you know, on the Europac website, you can talk to some of our representatives.
00:21:41.500
You know, I think that either way, you're going to see a big decline in the dollar.
00:21:45.540
I think a lot of the inflation that has been in our financial markets is about to move to Main Street, out of Wall Street.
00:21:52.240
And so that means U.S. stocks and bonds are headed a lot lower.
00:21:55.020
And that means if you are a retiree, what you've got to do is you've got to diversify into offshore assets.
00:22:02.620
You've got to get, you know, assets that will be a good inflation hedge and will provide meaningful income.
00:22:07.500
As we go through this painful process, it's going to be a lot of pain for investors and savers.
00:22:13.960
But you've got to act pretty quickly to reposition your portfolio.
00:22:29.580
I would love to be able to put that proposal on this spending to folks immediately.
00:22:37.100
Peter shift saying, hey, get to a balanced budget and you've got to do it in two years, not over 10 years.
00:22:41.260
And you have to have significant cuts across the board.
00:22:44.440
I hope people are listening to this because this reconciliation is going to be a fiasco, I can tell you.
00:22:50.120
Spencer Morrison, not to do a counter to Peter.
00:22:52.620
We want to hold it for tonight because it's going to be a Donnybrook.
00:22:54.580
Donnybrook, where do people go to get reshoring?
00:23:03.260
So where do people get all your information before tonight's debate?
00:23:09.440
We agree on a lot of stuff, I've got to tell you.
00:23:19.560
It's a reshore how tariffs are going to revive the economy and restore the American dream.
00:23:27.160
Spencer, look forward to tonight, 7 p.m. on Zero Hedge.
00:23:37.600
I want to thank the Zero Hedge people for putting this on and others that work behind the scenes to pull this off.
00:23:49.780
I think I got these over to you, but I want to repeat what Zero Hedge is saying.
00:23:53.840
They say the Chinese Communist Party, China has three basic options.
00:23:57.960
Number one, and if we can get this up on the split screen with Forrest, you don't need me.
00:24:01.880
Concede defeat to whatever terms President Trump demands immediately.
00:24:06.800
Number two, devalue the RMB or the yuan by 20 to 40 percent.
00:24:11.460
Number three, unleash biggest fiscal stimulus in its history, talking $2 to $3 trillion, which will push the debt of China off the charts.
00:24:22.840
Do you think the Chinese Communist Party will take any of those three, sir?
00:24:27.960
But they do have another method, which they will not hesitate to do.
00:24:34.840
They will plunge the world into even more chaos.
00:24:39.360
They can start, if they need to start a kinetic war or if they need to start the economic war, they will do so.
00:24:46.440
Maybe in another biological warfare, they will do so.
00:24:52.000
Again, as we said, this is their final ranking.
00:24:55.980
They won't hesitate to do anything to keep them in power.
00:25:02.940
That's why I think the audience, as your guest Peter just mentioned, but I don't agree with him,
00:25:09.440
because I believe we do need to make the manufacture here in the U.S. and decouple from Chinese Communist Party
00:25:18.280
because all the economy based on the inslivery of Chinese people and other nations, this will not sustain.
00:25:31.260
What President Trump is doing, I think it's 100% in the right way.
00:25:39.760
And I think the other day, Mr. Benson was talking about, he's not using the word redistribution,
00:25:45.960
but just taking care of the bottom half, the 50%.
00:25:52.520
We decouple from the CCP 100% to defeat the paper tiger economy,
00:25:59.260
which support the Chinese Communist Party and their enablers.
00:26:03.600
This will free the Chinese people and also all the lobbying all over the globe.
00:26:15.000
I think the war room policy understands this better.
00:26:19.580
I think more American people need to understand this because this is not a trade war.
00:26:38.320
Forrest, where do people go to get new federal state TV, all your news, the daily news you guys put up?
00:26:43.900
I repost a bunch of those during the day because they're so well-researched and well-written.
00:26:50.580
You can find us on Gather, NFSC TV and NFS Speaks, and also the daily news on Gather.
00:27:09.180
So the day President Trump's dug in, South Korea's reached out, Japan's reached out.
00:27:15.340
I think they're saying right now almost 100 nations of the earth.
00:27:19.880
This does not count the islands with the penguins.
00:27:22.980
Remember, you don't want anybody to game the system, including the penguins.
00:28:14.980
Real peace of mind comes from knowing your family is prepared for anything.
00:28:20.000
My Patriots apply America's most trusted name in emergency preparedness.
00:28:24.440
It's offering a time-limited discount on their best-selling three-month emergency food kit.
00:28:30.820
Now, this is the basic, the three-month emergency food kit.
00:28:36.820
Each kit provides over 2,000 calories and 100% of the recommended value of 12 essential vitamins and minerals daily for 90 days.
00:28:45.820
With delicious meals and extras, including chicken, beef, fruits, and veggies.
00:28:50.360
We're talking quality meals that last up to 25 years in storage and still taste like home-cooked.
00:28:56.900
The pandemic taught us how quickly store shelves can empty.
00:29:02.500
Your three-month emergency food kit includes free shipping, a disaster replacement warranty, and 24-7 U.S.-based customer support.
00:29:10.600
This special discount is available for a limited time on it.
00:29:14.320
Visit MyPatriotSupply.com now to secure your family's future with a $100 discount.
00:29:20.740
If you order by 3 p.m., they'll ship your order within the same day so you have peace of mind right away.
00:29:26.720
Get MyPatriotSupply.com by going to MyPatriotSupply.com.
00:29:51.080
We're going to do a lot of this at 6 o'clock to prep you guys for.
00:30:00.820
Jameson Greer, who's a new U.S. trade rep, is getting lit up in this Senate finance hearing by, guess who?
00:30:08.380
The Democrats, Mark Warner, Virginia, just laid into him.
00:30:12.120
We're going to get that clip here, hopefully in a moment.
00:30:16.940
Shemaine, look, can you explain to people why it's different?
00:30:21.740
The first thing I do, I do my field of greens, and I get that burst of energy.
00:30:34.540
Why is this different than the other brand that you see carpet bombed on cable TV nonstop?
00:30:39.920
But why is being a real organic superfood so important?
00:30:45.880
Well, you know, Steve, since scientists decided to bring back the dire wolves from the ice age,
00:30:51.820
I'm going to keep drinking field of greens to keep up my strength.
00:30:55.300
But even if you're not worried about running from pterodactyls just yet,
00:30:59.440
the most important thing is that we all have to start small.
00:31:06.600
But no matter how hard you try, it's difficult to overhaul your diet completely.
00:31:18.840
Just put a scoop of field of greens like you do in your water, your juice,
00:31:24.800
And it's just that one little tweak that's going to make the huge,
00:31:30.720
And this gets you the fruits and vegetables that people,
00:31:36.840
particularly with the crazy lifestyle brand leads, often don't get to, correct?
00:31:46.880
But when we travel, we can't always get our fruits and veggies.
00:31:50.620
So I like to just do one scoop of field of greens.
00:31:54.240
And every single ingredient is doctor-selected, specifically for heart health,
00:32:00.680
your lungs and your kidney and your metabolism, and healthy weight.
00:32:12.100
You get up in the morning, do you just put it in your juice?
00:32:15.900
You tell people to try it, try it with water, try it with your juice.
00:32:23.500
and that's how I get going in the first part of the day.
00:32:34.620
Maybe we should start putting it in our coffee, Steve.
00:32:47.740
What have you noticed after you used field of greens for a while?
00:32:50.760
Here's the biggest thing that I can tell you and your audience that I notice when I don't
00:32:56.060
When we travel and we don't take it, I feel like I've got brain fog and I'm just a little
00:33:03.340
When I take it every day, I am ready to go, ready to go.
00:33:11.180
And I want to be that grandma that's jumping on the trampoline.
00:33:23.800
Shemaine, where do you have a social media account?
00:33:27.760
You put in a promo code, a war room, you get a discount.
00:33:30.600
Uh, where do people go to find out more about you and what you guys are working on?
00:33:35.260
My book, my brand new book, uh, abundantly well is available now on Amazon.
00:33:42.780
I'm back on Facebook and I'm on Instagram and truth.
00:33:47.380
And my website is shemaine.nugent.rocks, R-O-C-K-S.
00:34:17.740
After the hot cup of coffee, you put it right in the water.
00:34:22.020
Uh, we've got a clip from our favorite, uh, Morning Joe.
00:34:25.160
Let's go ahead and, uh, let's go ahead and play the, uh, the clip from Morning Joe.
00:34:29.060
There's a small group, uh, now left that shares the president's view that with a few tariffs,
00:34:34.520
he can quickly remake the global economic order.
00:34:37.580
Peter Navarro is making that comment, that, uh, analysis.
00:34:40.460
Howard Lutnick, the commerce secretary as well.
00:34:43.960
But even many of Donald Trump's closest supporters, the people who funded his campaign on Wall
00:34:50.280
Yeah, we'll add Steve Bannon to the list of those who think that this is the right approach,
00:34:53.720
that this is the moment, uh, to, to really play tough, particularly with China, uh, but
00:34:59.160
to deliver these tariffs and to sort of force these companies to invest in the United States.
00:35:03.840
But we have heard from weeks now from economists saying that this doesn't really work anymore.
00:35:08.060
It's out of step with today's economy and it would take too long to do, meaning prolonging
00:35:14.500
First of all, we have seen a split in sort of MAGA world.
00:35:18.420
We saw it early on immigration, uh, between, uh, uh, Steve Bannon and, um, and Elon Musk.
00:35:27.920
We're now seeing it, I think in an even more dramatic and possibly conclusive way, again,
00:35:35.080
between the Steve Bannon, uh, side, Peter Navarro side of the world.
00:35:39.520
By the way, Howard Lutnick wants to be treasury secretary based on everything I hear.
00:35:43.440
So, you know, the true believers, if you want to know who the true believers are, they are
00:35:47.660
Steve Bannon and they are Peter Navarro and they're Donald Trump.
00:35:56.300
And I'm wondering if you had the same reaction I did.
00:36:00.280
We're so used to getting this sort of fire hose of falsehoods coming out of the white
00:36:07.060
house and the Trump campaign and everything that when you see something where you go, yeah,
00:36:16.100
And when that clip we showed of Donald Trump, where he said, listen, I'm the only guy who
00:36:25.260
Nobody else like believes this, but me basically.
00:36:29.620
And he said, if I don't do it now, it's never going to get done.
00:36:34.280
That comes from a man who has had this as his driving ideological belief since 1987.
00:36:42.800
The United States is being taken advantage of our government officials, our suckers, and
00:36:51.340
I'm wondering whether you had the same reaction to me, say what you will about tariffs and
00:36:56.140
But he believed every word he said right there because he's been saying it since 1987.
00:37:05.200
He learned how to really the great Lou Dobbs, a giant who first started doing this on CNN
00:37:13.940
and really woke the nation up to what it really started happening in the early 70s when we
00:37:20.960
had our first in 1973, when we had our first trade deficit.
00:37:28.580
1973, that critical year, we had our first trade deficit.
00:37:36.560
It was Lou Dobbs that brought to people's attention.
00:37:38.840
Donald Trump as a young man and an entrepreneur in New York picked this up.
00:37:44.240
When Trump would go on television and start doing media that was not related to his, at
00:37:52.160
that time he was a real estate developer and then he got into gaming in Atlantic City.
00:37:56.640
But when I was at Goldman Sachs after coming out of Harvard in the 80s in investment banking
00:38:02.860
and finance, Trump was a real estate developer, but he was also on the society pages every
00:38:12.740
And Donald Trump was a massive player in New York City on the social scene.
00:38:16.060
But when he started going on programs and talking about public policy and talking about the state
00:38:31.360
And very few people were talking about what you had is you had the hostile takeovers by Mike
00:38:38.240
Milken and the guys at Drexel with the junk bonds.
00:38:40.600
And they were going after old industrial America, particularly in the in the Midwest and Wall
00:38:46.020
Street at the time was getting ready to shift those that were looking at taking industrial
00:38:51.060
America and shifting, shipping it to a lower cost place.
00:38:58.540
At the same time, you have this whole NAFTA thing building.
00:39:03.920
That was Bob Rubin that Peter Schiff just talked about, who was one of the I don't want to say
00:39:08.520
my bosses, he ran Goldman Sachs at the time on the trading side and a quite brilliant
00:39:14.200
But his he was secretary of the first National Economic Council and then secretary of the
00:39:20.640
They conceived of the whole, you know, NAFTA situation.
00:39:24.380
This was both the globalist Republicans and the Democratic Party.
00:39:28.620
At the same time, they backed the Chinese Communist Party in 89 after Tiananmen Square.
00:39:34.080
We're going to have this conference on the anniversary of Tiananmen that we try to have every
00:39:39.720
At Tiananmen Square, the Bush regime, the Bush with Scowcroft in that crowd, the people
00:39:44.320
that supposedly Reagan's third term, they had essentially taken Reagan's second term
00:39:49.560
They backed the Chinese Communist Party and told him, hey, we're going to give you most
00:39:54.860
That went through the same sort of globalist and people that were turning the United States
00:39:59.340
into the financialization of our economy, the service economy, because they were going to
00:40:03.720
ship all the manufacturing out, out of the upper Midwest particularly.
00:40:07.260
That's where they're going to start in the South with the textile business and the clothing
00:40:13.080
business and out of places even like New York City, the garment district, all gone, all
00:40:17.500
shipped away because they promised a brave new world of services and financialization.
00:40:24.900
It worked for the elites, the people that conceived it and the credential class they built around
00:40:30.160
them of the MBAs and the law firms and the marketing groups and the communication groups,
00:40:39.940
The top one to three percent have now dominate on ownership of the assets of the country.
00:40:44.660
The credential class who are there, who are their lackeys all have pretty good paying jobs.
00:40:50.560
Now, they don't haven't been able to save any money.
00:40:54.220
They've got some that credential class, that whole middle class or working class, the Democratic
00:41:05.240
That's why he said yesterday, not only is he the only one who could do it because of his
00:41:08.620
core belief, he's the only one that has the moral courage to do this and to stand with
00:41:21.480
This is the same individual when they stole the 2020 election and essentially ran him
00:41:34.060
If he had been a good little boy and played the game, they'd give him a big book deal.
00:41:38.840
They were allowed, you know, the big golf turner to start coming to his courses.
00:41:45.520
He made a conscious decision, understanding that the Jack Smiths of the world were out
00:41:53.460
there, that they would indict him and send him to prison, to die in prison.
00:41:58.220
They would bankrupt him and smear him and destroy his name and his reputation and his families
00:42:03.120
and all the people around him and his movement.
00:42:07.820
Remember he told you to watch the film, The Lies of Others, about the Stasi in East Germany
00:42:13.480
and people writing on each other, the psychology?
00:42:16.680
Remember those billboards after January and President Trump went back?
00:42:23.040
So Ed Luce, with all your knowledge and all that kind of Oxford, Cambridge, British intelligence,
00:42:37.460
He came back from all that consciously, with intention, understanding that everything that was in front
00:42:46.720
of him, he was going to return to the White House.
00:42:51.740
And in returning to the White House, in those four years of knowledge and working and building
00:42:56.780
up cadres, building up teams, subject matter experts, that he was going to drop the hammer.
00:43:08.700
What do you think they're doing in Beijing right now?
00:43:10.840
What do you think those conference rooms in the Forbidden City are doing right now?
00:43:16.360
What do you think the Chinese Communist Party's doing, tearing their hair out, about how to
00:43:20.280
respond, not to an emperor, but to a leader of men and women, Donald Trump, who's dug in
00:43:43.840
You diet, lose weight, but gain it all back, plus a few extra pounds for the effort.
00:43:49.160
Then later, you lose it again and regain it again and on and on and on.
00:43:56.460
Studies show that you can increase your risk of heart attack, stroke, type 2 diabetes, and
00:44:03.000
Breaking free of your yo-yo diet pattern is a main reason doctors created Lean.
00:44:08.760
Lean is a supplement, not an injection, and you don't need a prescription.
00:44:16.080
It's studied natural ingredients, target weight loss in three powerful ways.
00:44:22.800
It helps control appetite and cravings, and it helps burn fat by converting fat into energy.
00:44:29.740
Listen, if you're tired of losing weight and gaining it back, if you want to lose meaningful
00:44:34.160
weight at a healthy pace, Lean was created for you.
00:44:37.580
Let me get you started with 20% off when you enter Bannon20.
00:44:56.240
From Posse, today we're going to have another huge war room exclusive at wholesale prices.
00:45:02.160
We're going to start with our MyTowels with that proprietary technology.
00:45:06.780
The bath towels that came in, the big bath sheets are in, the kitchen towels are in with
00:45:14.800
So go to MyPillow.com, scroll down until you see Steve, give them a click, and there it is.
00:45:23.420
Right next to that, you have the spring sheet sale where you save up to 50%.
00:45:28.500
And there's the MyCrosses, the most requested product, I think, ever for MyPillow.
00:45:36.060
And there's the premium MyPillows, $18.98 for the queens and $19.98 for the kings.
00:45:45.820
Help keep my employees going, you guys, and help yourself get the best sleep ever
00:45:50.400
and the best products ever, or call 800-873-1062, 800-873-1062, promo code war room.
00:46:10.420
And I understand this one's the final one, but he'll be out for a couple of days, the great Mike Lindell.
00:46:16.760
And I want to make sure everybody's prayers are with Mike.
00:46:19.240
I think this is the third or fourth surgery here in the last month or two on his throat.
00:46:26.440
Stephen A. Smith has just put out, I think, something that's quite important.
00:46:31.480
I want to make sure because I've been following this one closely.
00:46:33.400
Stephen A. Smith has said, this is a tweet that just popped.
00:46:43.200
I hate the thought of being a politician, but sick of this mess.
00:46:52.640
And he links to a story about Stephen A. Smith is open to running for president of the United States
00:47:04.140
You got the governor's bracket, and then you're going to have the, what I call the celebrities
00:47:07.640
or the all-other bracket, which has Mayor Pete Buttigieg.
00:47:17.820
Newsom, because Newsom's not going to run as a governor.
00:47:22.400
So he's going to go to, this is why the whole outreach of doing conversations with people on the right
00:47:27.820
on his podcast, there'll be many others over that.
00:47:31.540
The governor's bracket, as I said, Governor Polis, when I gave that rip on him in Colorado,
00:47:38.280
I don't think it'll be quite competitive because so much other radical stuff coming out of Colorado
00:47:43.540
we'll try to cover over the next couple of days.
00:47:46.720
President Trump is, though, once again, I should say, dug in.
00:47:50.300
I think the term is dug in on what he's doing as far as the trade goes.
00:47:58.980
And it's going to be dug in all, you know, for the next couple of days.
00:48:02.960
Tomorrow, actually, the reciprocity part, not the baseline, but the reciprocity is supposed to kick in tomorrow.
00:48:12.280
Like I said, President Trump, this gets back to the core of why he ran for president.
00:48:17.360
This is one of his missions and mandates is to make America great again.
00:48:22.760
He doesn't believe he can make America great again until you return America as a manufacturing superpower.
00:48:29.980
And his way is to basically bend the world economic system to what's been the post-war international rules-based order,
00:48:36.960
which the American working, you know, put on his shoulder, the full faith and credit of all this.
00:48:44.720
I don't agree with him, obviously, on trade or his aspects of trade, but you're going to have a great debate tonight.
00:48:51.180
I do agree with him, and we'll get into this in the next couple of days.
00:48:54.800
I just don't understand this, you know, the reconciliation of it all.
00:48:59.180
I think it's now time we have to have an adult's conversation.
00:49:03.460
You know, you guys are doing so much, including backing Article 3 and what the guys are doing over there,
00:49:10.220
the men and women are doing over there to make sure that we have these, I think, bring up for impeachment a couple of these federal judges
00:49:17.440
to make sure that people understand exactly what they're doing, how radical they're being in trying to thwart President Trump.
00:49:26.060
But also, folks have to, I think, we've got to get in this reconciliation bill, which now they want to have a vote tomorrow.
00:49:34.880
I think there may be 40 or 50 votes in the House against it.
00:49:41.420
President Trump's had such amazing clarity here in the world economic system and how it needs to be kind of reformatted to make sure that the Americans are not getting not just ripped off,
00:49:53.480
but the American workers not having it all based upon his shoulders, that we have to have the same type of clarity on the situation with our debt,
00:50:03.740
the refinancing of the debt, spending, and time now to talk about cuts.
00:50:07.940
Any of these two reconciliations and budgets that really don't talk about cuts, and as Peter Schiff said,
00:50:13.160
we've got to stop the nonsense of talking about 10 years.
00:50:15.560
I understand that that's part of a law that you have to do it, but it's also meaningless.
00:50:20.800
You have to talk about what you're going to do in fiscal 26.
00:50:33.520
Where's stuff passed over to Justice Department, the FBI for the fraud?
00:50:40.500
We can at least get, there's been enough publicity, enough headlines, enough talk.
00:50:50.700
There were going to be impoundments and rescissions.
00:50:53.780
The 26 budget can't, the 26 budget, these budgets can't have two and a half trillion dollar deficits.
00:51:02.640
Even with changing the world economic system and tariffs and trade, you can't, you can't use, eventually you're going to have to get to cut spending.
00:51:13.240
Tax Network USA, I want to make sure people go, particularly as the 15th comes upon us, the Ides of April come upon you.
00:51:26.560
If you have any fear, you don't quite understand what's going on, but particularly if you have a letter from the IRS, you have an option before you call the IRS, because you've got to make contact.
00:51:39.840
You give them all, everything you've got, your letter, all that.
00:51:42.760
Have a talk with the people at Tax Network, TNUSA.com.
00:51:47.140
Also, Jim Rickards, maybe try to get Rickards on 6 o'clock tonight, talk about the pregame.
00:51:51.400
There's a debate at zero heads tonight at 7, Spencer Morrison against Peter Schiff, two opposing views, going to be fantastic.
00:52:01.540
Jim Rickards, RickardsWarRoom.com slash Bannon.
00:52:06.780
You get the free book, Artificial Intelligence.
00:52:09.520
That hour last night, shake you a little bit, should have.
00:52:13.420
Okay, the great Charlie Kirk is next, two hours of populist nationalism here on Real America's Voice, followed by Poso, Jack Posobiec, Steve Gruber, Eric Bolling.
00:52:23.600
I will do the handover from Bolling today, 5 and 7 tonight, leading up to the debate on Zero Hedge.
00:52:31.060
We're going to leave you now to jack you up off a magnificent classic novel.
00:52:39.420
The Right Stuff by Tom Wolfe, a fabulous movie by Philip Kaufman, a classic, and Academy Award-winning music by Bill Conte.
00:52:56.700
The April 15th tax deadline is coming, and it's coming fast.
00:53:05.300
The IRS is more than aggressive and more aggressive than ever.
00:53:11.700
Wage garnishments, bank levies, even property seizures are all on the table.
00:53:17.540
You need to get ahead of this, and you need to get ahead of it today.
00:53:21.320
But going up against the IRS alone is a big-time mistake.
00:53:30.280
They have an edge, a preferred direct line to the IRS.
00:53:33.240
They know which agents to deal with and which ones to avoid.
00:53:37.860
Whether you owe $10,000 or $10 million, their genius strategies are designed to quickly settle your tax problems in your favor.
00:53:47.780
Tax Network USA's attorneys and negotiators have already resolved over $1 billion in tax debt.
00:53:54.820
They've already resolved over $1 billion in tax debt.
00:54:04.000
You need to move fast because April 15th is already here.
00:54:07.420
Remember, if you get that letter, don't put it in the drawer.
00:54:40.300
...human really trying to fill this gap of quality supplements.
00:54:44.000
And, of course, the beef liver being our flagship products.
00:54:46.520
For those who don't know, beef liver is loaded with highly bioavailable ingredients such as
00:54:56.660
And because it is 100% grass-fed and natural, your body is able to absorb these nutrients
00:55:02.540
far better than taking any other synthetic multivitamin or any other synthetic vitamin
00:55:11.120
But if you'd like to check us out, you can go to sacredhumanhealth.com and cheers to
00:55:19.560
Yes, heart disease is the number one killer every year, year in and year out.
00:55:25.460
Hypertension, high blood pressure, bad cholesterol, diabetes, all of it affects our heart.
00:55:30.660
A healthy heart is key to being energetic as we get older.
00:55:34.920
It is never too early to take care of your heart.
00:55:41.420
You can start in your 30s, and when this happens, you're at serious risk by the time you turn
00:55:45.100
If you want to take care of your heart and those you care about, please go to warroomhealth.com.
00:55:56.840
Use the code WARROOM at checkout to save 67% of your first shipment.
00:56:05.200
War Room Health, all one word, warroomhealth.com.
00:56:10.940
You need, if you're going to be part of the posse, you need a strong heart.