Bannon's War Room - Episode 4445： The Elite Watch As You Flounder Financially; Electrical Blackout In Europe

00:00:01.000 This is the primal scream of a dying regime.

00:00:06.000 Pray for our enemies.

00:00:08.000 Because we're going medieval on these people.

00:00:11.000 I got a free shot at all these networks lying about the people.

00:00:15.000 The people have had a belly full of it.

00:00:17.000 I know you don't like hearing that.

00:00:19.000 I know you try to do everything in the world to stop that,

00:00:21.000 but you're not going to stop it. It's going to happen.

00:00:23.000 And where do people like that go to share the big line?

00:00:26.000 Mega Media.

00:00:28.000 I wish in my soul, I wish that any of these people had a conscience.

00:00:33.000 Ask yourself, what is my task and what is my purpose?

00:00:37.000 If that answer is to save my country, this country will be saved.

00:00:43.000 War Room. Here's your host, Stephen K. Banff.

00:00:50.000 Okay, it's Monday, 28 April, Year of Our Lord 2025.

00:00:53.000 Welcome. We were going to go to Rome,

00:00:55.000 but we have Ben Harnwell, head of our International Bureau,

00:00:58.000 working on something. He'll be with us momentarily.

00:01:00.000 Here's what I would like to do.

00:01:02.000 I would like to, if we can do this, I want to play

00:01:05.000 Fareed Zakara and Ray Dalio from yesterday.

00:01:10.000 Let me tee this up because I played the quote open last time.

00:01:14.000 Who is Ray Dalio?

00:01:15.000 Ray Dalio runs the largest hedge fund in the world, Bridgewater.

00:01:19.000 His deputy, McCormick, brother Dave McCormick, West Point grad Dave McCormick,

00:01:24.000 is now in the United States Senate for,

00:01:28.000 is now in the United States Senate for, from Pennsylvania.

00:01:32.000 Can we get this organized?

00:01:34.000 Is this going to get, okay.

00:01:36.000 Hang on a second, not played yet.

00:01:38.000 Dalio was on yesterday with Fareed Zakara.

00:01:45.000 Fareed Zakara, you know, comes out with his whole point of view on GPS

00:01:49.000 and they're talking about the economy and the stock market, all this stuff.

00:01:53.000 He's got Zandi on, who's the head of The Economist.

00:01:56.000 And she's going in with her things, the tariffs and trade, everything, boom, boom, boom, boom.

00:02:00.000 And this is kind of, when I talked to the World Economic Conference,

00:02:04.000 the new Davos in D.C., put on by Summerfore last week.

00:02:07.000 I was in front of those folks.

00:02:08.000 And Ben Smith asked me the first question.

00:02:11.000 Well, how, all this turbulence in the stock markets.

00:02:13.000 I said, dude, it's a casino.

00:02:16.000 However the casino moves in the next roll of the roulette table doesn't matter.

00:02:23.000 And the media gets so obsessed with this because now this is their new thing.

00:02:26.000 They've got to get something else.

00:02:27.000 The signal chat doesn't work.

00:02:30.000 They all got to go.

00:02:32.000 So Ray Dalio is on there, and we're going to play it again.

00:02:35.000 You'll hear what Ray has to say.

00:02:39.000 He completely rips on Fareed Zakara's question.

00:02:45.000 He says, you're missing the point, kid.

00:02:47.000 Boom.

00:02:48.000 It's all about debt.

00:02:49.000 He preaches the gospel of the worm. 0.58

00:02:52.000 And this guy is not a fan of Stephen K. Bannon

00:02:56.000 and certainly not a fan of the worm.

00:02:57.000 Let's go ahead and play it again.

00:02:58.000 It reflects what Zannie was saying and says that all of this produces huge risks.

00:03:06.000 We expect a policy-induced slowdown, including a probability of a recession.

00:03:11.000 The Fed is going to be less able to handle this, and so there are risks of stagflation.

00:03:18.000 The combination of slow growth and inflation.

00:03:21.000 U.S. corporates are under threat.

00:03:23.000 There's an exceptional risk to U.S. assets.

00:03:26.000 Would you agree with that?

00:03:27.000 Yeah, by and large, I agree with that.

00:03:32.000 I don't think it covers what's going on, so let me just clarify.

00:03:36.000 We have a problem with the debt.

00:03:38.000 We have a problem with internal order, democracy as we know it, the system.

00:03:43.000 We have a problem of a geopolitical order, rising power, challenging an existing power in that

00:03:50.000 global environment.

00:03:51.000 These things exist as the backdrop of this set of circumstances.

00:03:55.000 Now, there's been volatility.

00:03:58.000 There's been, yes, in my opinion.

00:04:00.000 I guess what I'm trying to get at is you seem to be reluctant to comment directly.

00:04:07.000 No, I'll comment directly.

00:04:09.000 What are the effects of the Trump administration's policies in the last 100 days economically?

00:04:16.000 The effects of those policies economically is to bring to the surface issues about the polarity that exists.

00:04:24.000 And at the same time, it's doing it in a volatile way that is causing trouble in terms of the volatility of that.

00:04:35.000 So it is dealing with problems.

00:04:37.000 And at the same time, the way it is dealing with problems could be done more smoothly, more cooperatively to produce a less volatile result.

00:04:48.000 Zannie, let me ask you, you said we're still, let me ask you about something you know a lot about.

00:04:53.000 Because we are, right now, the deadlock, the most important deadlock is a U.S.-China deadlock.

00:04:59.000 Where in order to get the world economy to a most-

00:05:02.000 Hold on a second. This one's so good, I want to play it separately.

00:05:05.000 I don't think that gets to the problem.

00:05:08.000 He tells a guy on his own show, that is not supposed to happen.

00:05:13.000 And Freed tees it up with that whole, the whole, oh, you got the trade tariffs and trade.

00:05:18.000 It's everything they can see of the moment.

00:05:21.000 Let me give you some stats.

00:05:24.000 Anytime, like, Zannie starts off, says the economy is doing so good.

00:05:28.000 As Ray Daly just said, it's a debt-financed economy on federal spending.

00:05:34.000 The model we're on right now is not sustainable, full stop.

00:05:38.000 I want to know what everybody off of that model is.

00:05:41.000 Because this is what's killing the working class. 1.00

00:05:44.000 This is what's killing the middle class. 0.85

00:05:46.000 This is why 9 million people have two jobs.

00:05:49.000 This is why the $1.4 trillion of credit card debt, 10% of it's non-performing.

00:05:55.000 This is why you haven't had a wage increase.

00:05:58.000 Dave Brett just went through the twos.

00:06:01.000 Next 30 years, projected growth in the United States of America economy by CBO,

00:06:06.000 Congressional Budget Office, 2%.

00:06:09.000 That 2% also includes the federal spending.

00:06:13.000 If you took the federal spending out the last five years, you have negative growth.

00:06:16.000 You're in a recession.

00:06:18.000 The recession started years ago.

00:06:21.000 And now it's getting to the point that it can't sustain itself.

00:06:25.000 Why?

00:06:26.000 With these crooks over here on Capitol Hill and the Federal Reserve, would they continue to print money? 0.97

00:06:31.000 Hell, all day long they jam it down. 0.96

00:06:33.000 Who's resisting it?

00:06:35.000 The BRICS nations.

00:06:36.000 Remember, the greatest export that the country has is the dollar.

00:06:40.000 We're the prime reserve currency.

00:06:43.000 If you want to give to a convent in sub-Saharan Africa or do a drug deal in Thailand, you convert it into dollars.

00:06:49.000 And everything in between.

00:06:51.000 It's the greatest export we have.

00:06:54.000 The entire post-war international rules-based order is predicated upon Bretton Woods.

00:07:00.000 A ton of institutions, right?

00:07:03.000 They're set up.

00:07:04.000 International Monetary Fund.

00:07:06.000 World Bank.

00:07:08.000 Trade deals.

00:07:09.000 All of it.

00:07:10.000 But all predicated upon the U.S. dollar.

00:07:13.000 It's the U.S. dollar's purchasing power that continues to drop, that has the nations of the world, the BRICS, Brazil, Russia, India, China, South Africa, plus now Saudi Arabia, everybody else.

00:07:26.000 All those people, every one of those central banks, you know what they got?

00:07:30.000 Plenty of young people that went to Harvard Business School and can work an HP-12C computer and can do discounted cash flow and say, hey, guess what? 0.95

00:07:38.000 The Americans are screwing us. 1.00

00:07:40.000 The American elite are screwing us because they continue to run these massive budget deficits to cover themselves.

00:07:47.000 You also simultaneously have the greatest in concentration of wealth in mankind's history starting in 2008 in the financial collapse under the most progressive president in American history, Barack Obama, who was convinced by Geithner and Bernanke and, of course, all of his sponsors on Wall Street, the Lords of Easy Money.

00:08:08.000 Oh, you got to bail it out that way. Hell, he's a constitutional lawyer.

00:08:11.000 You read David Susskind's book, Confidence Men, Obama tried to make the best decisions he could, but he was overwhelmed by neoliberal neocons who said, guess what?

00:08:21.000 We need to do this. We need to bail out everybody except the American working class in the American in the American middle class. 1.00

00:08:28.000 In fact, since I had Chris Leonard on on Friday writing that new book about the Defense Department, Leonard went back.

00:08:36.000 This is why he's so good. He went back to all the all the inner workings of the Federal Reserve.

00:08:44.000 Those notes from the governance meetings are only put out 10 years after they happened.

00:08:48.000 He went back and read all of them from from 2008.

00:08:52.000 It was the governor of of Dallas, the Dallas Fed, who sat there and said, when you go to zero interest rates or negative interest rates,

00:09:02.000 it's the working class and middle class are going to get screwed because a little checking account and their savings account, the things that my dad had all his life. 0.92

00:09:09.000 They have no interest. You have no no ability to have capital formation as a as a working class or middle class people. 1.00

00:09:17.000 None. He says we're going to do this. He says we're going to bail out the entire system on the backs of the working class and middle class. 1.00

00:09:23.000 You know what they said? They voted 11 to one. Hey, thanks for your input.

00:09:27.000 I think he actually actually actually voted for a couple of times so they could show unanimity.

00:09:31.000 But he fought it in these meetings. The entire financial system, the entire financial system rest on your shoulders.

00:09:40.000 You're the full faith and credit of this. It ain't the Federal Reserve. It's not the SEC.

00:09:45.000 It's not Congress. When people say, well, why is the market here liquid?

00:09:50.000 Why do people invest here? Hey, in the city of London, they got the same types of restrictions.

00:09:56.000 Basically, we have here in the United States. Go to Singapore, basically the same type.

00:10:00.000 Frankfurt, Tokyo, a little different, but about the same. The regulatory apparatus is about the same.

00:10:05.000 Slightly different, but about the same. Here, people put their money in.

00:10:09.000 They know they're going to get their money back. Why? It's the little platoons.

00:10:14.000 It's the little platoons of Burke. It's the associations. It's Little League. It's the churches.

00:10:21.000 It's the doctors, the nurses, the first responders. It's everything that makes small town America work.

00:10:26.000 That is the backbone of the nation. That is the full faith and credit of the United States government.

00:10:32.000 It's you. And let me give you another news flash. You get screwed every day of your life in broad daylight.

00:10:39.000 Don't think they're not going up to Scott Besson's office today to work at a deal that benefits you because they're not.

00:10:46.000 OK, they're not making any real cuts to federal spending. None with everything.

00:10:51.000 And here's here's the tell. You know what the tell is? The debt ceiling.

00:10:54.000 Wait to what they asked for in the debt ceiling. It's going to be five trillion dollars. I'm picking a random number.

00:10:59.000 It's going to be five trillion dollars. It's going to be in two years.

00:11:02.000 So if it's five trillion dollars, understand we're going to go from thirty seven to forty two pretty quickly.

00:11:07.000 And they're not going to cut defense spending. We just passed an end of a National Defense Authorization Act at nine hundred billion dollars.

00:11:18.000 And in this reconciliation, the big, beautiful bill, they're going to throw another one hundred and fifty billion dollars.

00:11:25.000 That's over a trillion dollars. And I love Pete Hexeth.

00:11:29.000 But when Pete Hexeth puts out a trillion dollar defense budget, all caps, I'm not feeling good.

00:11:34.000 I'm not feeling like I got control of the building. Here's why.

00:11:37.000 Has President Trump just not walked us through a complete reorganization, geopolitical, geostrategic reorganization from Greenland to the Panama Canal,

00:11:48.000 from the West Central Pacific all the way to the three island chain leading up to East Asia?

00:11:53.000 Is that not actually the hemispheric defense of the United States of America that we're finally off the Eurasian landmass?

00:12:01.000 We don't have to get into these these endless wars that we've been in that all of a sudden, hey, the Russian army is your problem, NATO.

00:12:08.000 We're there to help. But that's your problem. Yes, we'll help sort out the Ukraine. 0.96

00:12:12.000 I think today just announced there's going to be, I think, May 8th, which would be, I think, the 80th anniversary of what the Russians take as their victory in the great war against the fascists as they will do a ceasefire.

00:12:26.000 I think that's what we're hearing right now. But that's all kind of the give and take of daily news.

00:12:31.000 The important thing here is that for America to be safe and to get a defense budget that doesn't drive us into bankruptcy because you are not going to be able to touch social programs until you get cuts in defense.

00:12:46.000 And people up there right now are selling you a bill of goods.

00:12:51.000 Here's the way the math works and the only way the math works. Scott Besson laid it out.

00:12:56.000 Six and a half percent. We're at six and a half or seven percent right now of deficit budget deficits to GDP.

00:13:02.000 It's not sustainable. The BRICS nations, the bond market is going to get a vote just like Liv's trust got turfed out.

00:13:09.000 The bond market is going to reject Ray Dalio and others saying that you're going to have a bond auction.

00:13:15.000 Remember two weeks ago we had this big freeze up. The bond market froze up on morning for a moment.

00:13:19.000 Then Scott Besson had to oversee a auction of treasuries at these kind of debt figures, folks.

00:13:25.000 We got to sell 10 to 12 trillion dollars a year to refinance that debt for years and years and years.

00:13:34.000 Remember Dick Cheney deficits don't matter, but they don't matter.

00:13:37.000 Those folks are running them at the beginning, but they certainly going to matter a lot.

00:13:42.000 If you're under 40 years old, it's going to matter a whole lot because you know what?

00:13:46.000 You're no different than a Russian serf. 0.96

00:13:49.000 OK, you don't own anything and you're not going to own anything.

00:13:52.000 You're being buried every day by federal spending that helps the oligarchs.

00:13:57.000 This is why you've had this great concentration of wealth, right?

00:14:01.000 It's as obvious, obvious, obvious to anybody.

00:14:04.000 Sure is the turning of the earth.

00:14:06.000 We're going to take a short commercial break.

00:14:09.000 Where have we taught this for four years?

00:14:11.000 Birch gold.

00:14:12.000 Look, I was not a gold bug at all.

00:14:15.000 But I could see this day coming.

00:14:17.000 Four years ago started the end of the dollar empire.

00:14:19.000 Sixth re-installment is modern monetary theory.

00:14:24.000 Now, why would a working class and middle class audience want to learn about modern monetary theory?

00:14:29.000 Because it is the idea that broke the world.

00:14:31.000 A radical idea coming from, wait for it, France.

00:14:36.000 But adopted by Capitol Hill, adopted by both parties.

00:14:40.000 They're both guilty.

00:14:42.000 And by Wall Street.

00:14:43.000 Modern monetary theory.

00:14:45.000 End of the dollar empire.

00:14:46.000 Go to birchgold.com slash Ben and also talk to Philip Patrick's team.

00:14:49.000 Short commercial break.

00:14:51.000 We're going to return in just a moment.

00:14:58.000 You don't go out and buy a life jacket when the boat is already sinking.

00:15:03.000 And you don't buy gold when the economy has already collapsed.

00:15:07.000 Clearly, others are heeding this advice as gold hit an all-time high the first part of 2025 multiple times.

00:15:14.000 It's not too late for you.

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00:16:12.000 Here's your host, Stephen K. Bannon.

00:16:17.000 Okay.

00:16:18.000 We're going to go to Rome.

00:16:20.000 I get Dave Walsh up because there's a situation in Portugal and Spain, maybe part of France, about energy.

00:16:27.000 I'm going to get to electricity, I should say.

00:16:29.000 I'm going to get to that in a second.

00:16:30.000 Let's play the second part of this.

00:16:32.000 Ray Dalio.

00:16:33.000 Let me ask you about something you know a lot about.

00:16:36.000 Right now, the deadlock, the most important deadlock is a U.S.-China deadlock, where in order to get the world economy to a more stable place, and you wrote this in your post about a beautiful rebalancing between the U.S. and China, you need the two sides to start talking.

00:16:53.000 The U.S. says they were waiting for China to call.

00:16:57.000 The Chinese say, the U.S. started this, you put these tariffs on, first the U.S. has to reduce the tariffs, then we're willing to talk.

00:17:07.000 How is this going to resolve itself?

00:17:09.000 My sense is the Chinese are holding pretty firm.

00:17:12.000 The United States has too much debt.

00:17:14.000 It cannot add to the debt, the way it is operating.

00:17:18.000 It is the world's biggest consumer, largely financed by government debt in the way that it's operating.

00:17:24.000 China is the biggest producer.

00:17:27.000 They produce a lot of goods, more than the United States, Japan, and Germany combined, and manufactured goods, and they put it out, and they save too much, and they buy the dollars.

00:17:39.000 We cannot continue this debt-money problem.

00:17:42.000 We're at the end of a debt-money world order.

00:17:45.000 So how are we going to get the negotiation?

00:17:48.000 It is only through cooperation, calmness, and analytical work in which we recognize that these imbalances are unsustainable.

00:18:01.000 They're not just financially unsustainable.

00:18:03.000 In a world that is near war, that there could be, there cannot be mutual dependencies.

00:18:10.000 And so how that is done together is the most important thing.

00:18:14.000 Okay, let me ask you about another thing.

00:18:17.000 Ray Dalio is the apostle of coupling, right? Coupling.

00:18:22.000 We here are the apostle of decoupling.

00:18:25.000 And here's why.

00:18:27.000 Let's go back, whereas I told this economic forum last week.

00:18:32.000 Since we, the United States, brought them, and this is after Tiananmen Square, since we brought them out of being an agrarian backward country and actually built their manufacturing capability, 0.99

00:18:46.000 they have gamed the World Trade Organization.

00:18:50.000 They have gamed most favored nation.

00:18:53.000 They have gamed, and Obama cut a deal with them on cyber in 2015.

00:18:58.000 They didn't live up to anything on that.

00:19:00.000 Okay?

00:19:01.000 Then the Hong Kong situation in early 19th.

00:19:05.000 They totally walked away from that, and now they have Hong Kong totally under control as a colony, broke the 70-year deal.

00:19:10.000 For two years, two years, Bob Lighthizer, Peter Navarro, sat and negotiated a deal that would have taken what we call the seven deadly sins with Li Hu, the vice premier, for two years.

00:19:24.000 And in May of 2019, after they had their first Belt and Road conference, I think in Shanghai, that Putin attended, she and Wang Shishan decided if we do this deal, we're totally coupled both technologically and commercially to the foreign devils. 0.95

00:19:44.000 And they will never give us the technology we need.

00:19:49.000 They'll always hold it back.

00:19:50.000 So therefore, no deal.

00:19:51.000 Walked away.

00:19:52.000 And then Wuhan, the virus started, however you want to say it.

00:19:57.000 It either started at the military games in August and September, or it started the following December and November.

00:20:05.000 The skinny deal, by the way, they signed in 2020, didn't live up to anything like that.

00:20:09.000 They have not lived up, whether it was Trump or Obama or Bush or Clinton.

00:20:16.000 You pick them.

00:20:17.000 And you pick any one of the treaties they signed, any one of the agreements they signed.

00:20:21.000 They've never lived up to anything.

00:20:23.000 Why?

00:20:24.000 They're at economic war with us.

00:20:26.000 Remember, in the philosophy of Sun Tzu, if you have to go kinetic, you've already lost.

00:20:31.000 It's like loss of face.

00:20:33.000 They also know and they fear the foreign devils ability with technology to fight. 0.98

00:20:40.000 So unrestricted warfare is to defeat us every other way.

00:20:45.000 Cyber, politically, psychologically, particularly economically.

00:20:50.000 And how do they do that?

00:20:51.000 They infiltrate our institutions.

00:20:53.000 Hell, half the city's on the payroll.

00:20:55.000 The universities are on the payroll.

00:20:58.000 Total on the payroll.

00:20:59.000 Here's what I would do with Harvard.

00:21:02.000 And I don't think President Trump's being hard enough.

00:21:04.000 First off, I would have not focused on the Ivies.

00:21:06.000 But since you did, you know, after Columbia, God bless you.

00:21:09.000 I would have gone to the public Ivies.

00:21:11.000 I would have gone to the University of Michigan in Ann Arbor.

00:21:13.000 And I'd gone to the University of Madison in Wisconsin.

00:21:15.000 Here's the deal.

00:21:16.000 And don't put it all on the Jewish kids and anti-Semitism, right?

00:21:19.000 It's deeper than that.

00:21:20.000 Yes, that's a huge problem, but it's deeper than that.

00:21:22.000 It's neo-Marxist, anti-Americans on the faculty that have tenure.

00:21:28.000 And here's what I do.

00:21:29.000 I give them a list of 200 faculty members and 200 administrators.

00:21:32.000 We're cutting off all federal money, all federal money, until they're gone.

00:21:37.000 Once they're gone, we'll start bleeding it back in.

00:21:39.000 And oh, by the way, all 350,000 Chinese nationals, students that are here in the country, got to leave immediately. 1.00

00:21:47.000 The Chinese, the independent sources say $600 billion a year are stolen and or forced out of intellectual property through joint festers every year.

00:22:00.000 Our trade deficit's $25 trillion.

00:22:02.000 They never want to talk about that.

00:22:03.000 You know why?

00:22:04.000 Oh, it's just an accounting, just a bookkeeping issue.

00:22:06.000 That's not true.

00:22:07.000 It's not true.

00:22:08.000 It's not true.

00:22:09.000 It's resources coming from this country to overseas to pay for the stuff we buy, okay?

00:22:14.000 Because we don't manufacture anything anymore.

00:22:16.000 China alone, the CCP alone, is $18 trillion.

00:22:20.000 The deficit on intellectual property is $25 trillion.

00:22:23.000 It's $600 billion a year.

00:22:26.000 And every businessman will tell you that.

00:22:28.000 To get access to the Chinese market, you have to do a joint venture.

00:22:32.000 To do a joint venture, you've got to dump all your intellectual property into it, which they have free access.

00:22:37.000 Much less would they take on industrial espionage.

00:22:39.000 Chinese nationals are in the weapons labs.

00:22:41.000 They're in the national labs.

00:22:43.000 They're at all the research in the universities.

00:22:45.000 Hey, how about very simple?

00:22:47.000 You have to go home, like today.

00:22:50.000 And you replace them with, okay, wait for it, U.S. citizens.

00:22:55.000 How about that?

00:22:56.000 You don't think you break the ivies.

00:22:58.000 Right now, the ivies, particularly Harvard.

00:23:00.000 Harvard is a cesspool.

00:23:02.000 There's a report out today that Qatar and the Chinese Communist Party put $29 billion into the top universities in the United States.

00:23:13.000 $29 billion.

00:23:15.000 Think about that for a second.

00:23:17.000 Buy you a little access.

00:23:18.000 Maybe get you a couple of three students over here.

00:23:21.000 The whole system is rigged.

00:23:23.000 You pay for all of that.

00:23:25.000 All of those universities you're paying for.

00:23:27.000 They say, oh, no, no, it's privately.

00:23:29.000 It's real simple.

00:23:31.000 Take all the federal spending, not just a couple of billion dollars, Marvin.

00:23:34.000 Take it all.

00:23:35.000 Let's see what big shots they are. 1.00

00:23:37.000 They will fold quicker than the law firms.

00:23:39.000 Remember how big shots the law firms were?

00:23:41.000 You know, Paul Weiss and Karp, the chairman, and they're organizing all this anti-Trump stuff, and they're going to do this and they're going to do that.

00:23:49.000 It took one letter.

00:23:51.000 Now, what did the letter say?

00:23:53.000 The letter said your security clearance is going to be pulled, but that was just a predicate to say no more government work.

00:24:01.000 And oh, by the way, they had a line in there.

00:24:03.000 Oh, by the way, any clients you have that retain you are going to have no access to government programs either.

00:24:11.000 In 24 hours, the other law firms were like jackals on their clients.

00:24:15.000 Not one partner at any major law firm in the country has resigned.

00:24:21.000 Nobody at Skadden Arps.

00:24:23.000 Nobody at Paul Weiss.

00:24:24.000 All the big talk and how liberal they are.

00:24:26.000 When it came down to hard money and getting the nose out of the government trough, they cratered in 24 hours.

00:24:33.000 Just like Harvard, just like the other Ivys, just like Michigan will do, just like Madison will do.

00:24:39.000 Let's go to Berkeley.

00:24:40.000 Let's go to UCLA.

00:24:41.000 Let's go to every public Ivy.

00:24:42.000 Let's go to North Carolina, Charlottesville.

00:24:45.000 Let's do them all.

00:24:46.000 You're all big talkers.

00:24:48.000 You're all big, you know, huge, woke, DEI, anti-MAGA.

00:24:53.000 Hey, that's fine.

00:24:54.000 Do that.

00:24:55.000 Be that.

00:24:56.000 Go to your, in fact, go to the state of Michigan.

00:24:59.000 Go to the state of Wisconsin and ask them to put up to two or three billion dollars the federal government's putting up every year.

00:25:04.000 See how far that takes you.

00:25:06.000 See how far it takes you.

00:25:08.000 This entire thing is on your shoulders.

00:25:11.000 All of it.

00:25:12.000 Now you get zero respect.

00:25:15.000 You get zero respect.

00:25:17.000 You get shafted every day.

00:25:19.000 Shafter every day.

00:25:20.000 If in this tax bill, let me be blunt about this.

00:25:23.000 The math cannot begin to work unless the upper bracket has a, not a tax increase.

00:25:32.000 They just don't get extended the tax cuts they got.

00:25:35.000 What this, this is going to be the most, this will be the mass, most massive tax cut for working class and middle class people in the history of the country.

00:25:43.000 Extend the Trump tax cuts to 17 plus cut no tax on tips, no tax on overtimes, no tax on Social Security.

00:25:52.000 A massive tax cut.

00:25:54.000 And President Trump said the other day, have to get tariffs rolling, no tax on anybody on 200,000.

00:25:58.000 That's aspirational.

00:25:59.000 I'm talking about the here and now.

00:26:01.000 To do that, what do we do?

00:26:04.000 We just, not, we don't extend the tax cuts to the upper bracket.

00:26:08.000 In fact, you can actually say, just create a new bracket at a million, because the upper bracket now thinks 600,000 bucks.

00:26:14.000 Just create a new bracket. 0.71

00:26:15.000 That new bracket at a million dollars goes to, let's round up, 40%.

00:26:20.000 That begins to bridge the gap that you have.

00:26:23.000 Then, with some defense cuts, you can go to Medicaid and smartly restructure that.

00:26:28.000 You can go to some of these social programs like Snap and others and start to restructure and get cuts.

00:26:32.000 That's the way you get from the 6.5% deficit percentage of GDP down to Scott Besson's 3.5%.

00:26:41.000 There's not another choice.

00:26:43.000 This orgy they're going to lay on you has, defense spending is going to be 1.5, excuse me, $1.1 trillion.

00:26:51.000 They're increasing spending.

00:26:54.000 And the games they're going to play is that, oh, Steve, you understand, these conservative wins because over the 10-year cycle, there's one point, I don't want to hear about 10-year cycles.

00:27:02.000 I don't want to hear that's required and you have to do.

00:27:03.860 That's all completely and totally phony.

00:27:06.280 I care about this fiscal year and I care about next fiscal year.

00:27:09.960 And, oh, by the way, I want to see where the doge numbers are.

00:27:12.860 I'm begging for it to be $150 billion.

00:27:15.480 That's fantastic.

00:27:16.860 They're using that as a magic wand to avoid making tough decisions programmatically.

00:27:21.980 The cuts are going to have to come and they're going to have to start in the Defense Department or it's never going to happen.

00:27:33.040 Appropriate defense cuts.

00:27:34.320 And here's all you have to do.

00:27:36.020 Match President Trump's hemispheric defense, really a naval strategy, with the existing Pentagon budget.

00:27:44.500 They're going in two different directions.

00:27:45.860 One's about big land armies on the Eurasian landmass for fighting the 20th century's wars.

00:27:52.820 Or, unfortunately, the early 21st century.

00:27:55.520 That day is over.

00:27:57.280 President Trump's telling you right now he's going to get a negotiated deal in Persia.

00:28:00.780 Not going to be any bombing there.

00:28:02.080 No new Middle East wars.

00:28:05.120 Short commercial break.

00:28:06.520 We're going to go to Spain, Portugal, and France next.

00:28:09.800 Health isn't just a personal issue.

00:28:13.700 It's a family issue.

00:28:14.640 A community issue.

00:28:16.300 We're living in unpredictable times.

00:28:18.100 Supply chains can break down.

00:28:19.400 Hospitals can get overwhelmed.

00:28:20.820 And let's not even start on the natural disasters.

00:28:24.040 These aren't hypotheticals.

00:28:25.240 They're happening.

00:28:25.880 You see it here in the war room and we all know it.

00:28:28.600 The question is simply, are you ready?

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00:29:18.680 Here's your host, Stephen K. Vann.

00:29:21.140 Okay, the president just put out a new true social.

00:29:28.960 When tariffs cut in, many people's income tax will be statually reduced, maybe even completely eliminated.

00:29:34.220 Focus will be on people making less than $200,000 a year.

00:29:37.840 Also, a massive number of jobs are already being created.

00:29:39.820 With new plants, factories currently being built or planned, it will be a bonanza for America.

00:29:44.320 The external revenue service is happening.

00:29:46.340 Remember, folks, it was John Gardner, an expert in small manufacturing and bringing small manufacturing back here to the United States,

00:29:54.400 that named the external revenue service, what, about two months ago, three months ago?

00:29:59.720 Actually, it might have been during, even before inauguration.

00:30:02.020 It might have been during the Mar-a-Lago time.

00:30:04.400 He's from Laguna Beach and an expert.

00:30:07.640 External revenue is going to be very important, aspirationally, to get to no taxes under $200,000.

00:30:13.480 That's fantastic, and that's aspirational.

00:30:16.480 What's happening in the Secretary of Treasury's office today at 4 o'clock, when John Thunan, the Speaker of the House, show up,

00:30:22.160 that's reality, the here and now.

00:30:24.900 Here's the way the math works.

00:30:26.920 If you take that you have to get from 6.5% to 3.5%, and you have to.

00:30:31.460 If you don't do that, the BRICS nations and the global bond market are just going to reject you,

00:30:36.420 and this shows you you have a limited, you have less and less room for maneuver every day

00:30:44.960 because your debt's increasing so quickly, okay?

00:30:47.660 Remember, it's got to be finance.

00:30:49.160 Somebody else has got to buy this, or we end up buying it ourselves, which is another trick the Fed does.

00:30:55.240 Right now, you have to have the back of the people up there that want to cut and cut spending.

00:31:01.040 Spending has to be cut, and we can't have any happy talk over 10 years.

00:31:05.360 We're going to cut 2 trillion dollars.

00:31:06.260 Forget the 10 years.

00:31:07.220 I don't want to hear about it because it's always in the out years, and it never happens.

00:31:10.620 I want to know what you're cutting this year and next year, okay?

00:31:14.820 I want to know how we're going to get from the 6.5% down to I don't know.

00:31:18.800 Let's pick a number, 5, 4.5%.

00:31:21.220 Pick something.

00:31:22.560 That's got to come from cutting federal spending.

00:31:25.160 Let's assume, for purposes of this discussion, that the numbers that Doge is reporting is the numbers they report.

00:31:31.960 It's $150 billion.

00:31:33.360 I doubt that's real, but let's say it is.

00:31:36.140 That's great.

00:31:36.880 That's a great start.

00:31:38.260 Then where do I go on discretionary spending?

00:31:40.540 I go to the Defense Department.

00:31:42.280 I go to the social programs, and that means Medicaid.

00:31:44.460 In Medicaid, you've got to be very smart about how you do it.

00:31:47.620 Why?

00:31:48.620 Well, there's a lot of MAGA on Medicaid.

00:31:50.940 That's reality.

00:31:51.620 Why is that the case?

00:31:52.620 Because there's no manufacturing jobs in this country.

00:31:55.600 They all went to China.

00:31:56.920 And don't sit there and tell me all the happy talkers on Cuomo the other night.

00:31:59.900 Oh, 80% of the nation is service.

00:32:02.600 You ask any worker in a service gig at any media company right now, and you see how secure they feel.

00:32:08.700 You see how they're putting their heads in their pillow every night.

00:32:11.140 They're nervous.

00:32:12.040 It's all a gig economy.

00:32:13.500 They don't have any 401K.

00:32:15.080 They have no retirement plan.

00:32:16.960 They can be laid off next week.

00:32:18.420 The service economy is not stable.

00:32:20.500 It moves and shifts by the economy.

00:32:23.520 Manufacturing is stable.

00:32:24.920 Manufacturing is the backbone of this country.

00:32:27.320 As Chris Leonard told you on Friday, we gave it all away.

00:32:31.160 We gave it all away.

00:32:32.320 The sociopathic overlords on Wall Street, the global corporatists, and the apartheid state of Silicon Valley gave it away.

00:32:39.420 Okay?

00:32:39.600 Now it's President Trump is trying to get it back.

00:32:42.640 Two prongs of that.

00:32:43.780 Number one, tariffs mean more external revenue for people who don't shift their manufacturing here.

00:32:49.120 And the others will shift their manufacturing here, and you'll get higher, better paying, more stable jobs than you actually build a family around.

00:32:58.240 It's going to be tough.

00:32:59.000 Didn't say it was going to be easy.

00:32:59.940 Ray Dalio laid it out right there.

00:33:01.580 It's all about the debt.

00:33:02.660 Anybody that has to start off by talking about the debt in the big, beautiful bill right now, I haven't heard anybody except for chip-roaring these guys talking about you've got to make cuts.

00:33:11.940 You have to make cuts.

00:33:12.820 And how is it going to be paid for?

00:33:14.580 It's going to be paid.

00:33:15.300 The massive tax cut.

00:33:17.220 This is the most, the biggest tax cut for working class and middle class people in the history of this country.

00:33:22.700 The extension of the 2017 tax cuts for the middle class and working class plus no tax on tips, no tax on overtime, no tax on Social Security.

00:33:32.820 Add those three.

00:33:33.980 That's a start to getting no taxes for folks under $150,000.

00:33:38.540 But the upper brackets have to go up.

00:33:41.020 I don't care about the happy talk you hear from Speaker Johnson and all these other, Grover Norcross.

00:33:46.620 It's not relevant because my math is the math that makes sense.

00:33:50.620 They never talk about mathematics.

00:33:53.240 They never talk about debt.

00:33:54.540 They never talk about percentage of GDP deficits are.

00:33:57.520 They never talk about the increase to national debt.

00:33:59.620 They never talk about the interest of spend.

00:34:01.060 They just kind of think that that all goes away.

00:34:03.560 It is crushing you right now.

00:34:05.700 That is why inflation is embedded into the system.

00:34:08.360 The more you have to refinance a bigger number of debt at higher interest rates, that crowds out other money.

00:34:14.680 And that's this embedded inflation that's not going to go away.

00:34:17.520 We don't have a supply chain problem.

00:34:19.260 We have a too much spending, too big a debt problem.

00:34:24.380 If you're under 40, and by the way, you're the lucky beneficiaries of, on top of all that, the $1.7 trillion of student debt, which is these loans are exploding loans.

00:34:35.060 I hate to say it, tough break for a swell guy and gal. 0.98

00:34:37.880 You're completely screwed. 0.90

00:34:39.900 I would love to give you some happy talk, but it's just, if you're under 40 years old, given the economic situation today, the lack of capital formation, the lack of your ability to get into a real asset, right, like real estate, the ability to have any kind of savings or have any kind of capital formation, to have any kind of job that has any kind of stability to it, and not just some glorified gig economy, right? 0.96

00:35:04.420 You add on top of that, and the increased debt payments, think of when this thing hits $50 trillion, when the debt's $2.5 trillion.

00:35:12.420 Excuse me, the interest expense, $2.5 trillion.

00:35:15.340 Is Dave Walsh up?

00:35:16.320 Dave Walsh, talk to me about one way we get out of this.

00:35:19.280 The bedrock for it is energy, sir.

00:35:21.780 Talk to me what happened in Portugal and Spain today.

00:35:23.880 Is that a foreshadowing of what's going to happen in the United States of America?

00:35:27.480 It is.

00:35:28.140 You appear to have about 6 million people in key cities in Spain, Portugal, and now France, out of power for an elongated period.

00:35:35.040 We're not quite sure why.

00:35:36.720 There's some rumors about a spatial event with solar flares, but you know what?

00:35:40.880 That doesn't affect just a tiny, weeny area like Spain and Portugal. 0.72

00:35:44.640 If that were true, that would broadcast over a very large area.

00:35:48.560 Well, it hasn't.

00:35:49.660 It looks like this is about their generation system.

00:35:52.180 How does this affect us here?

00:35:54.340 Spain, over time, has accepted the notion for the whole Iberian Peninsula of all solar, all wind.

00:36:00.180 There are about 50% of their electricity is now produced that way, 65% of their installed capacity.

00:36:06.080 It doesn't work at night.

00:36:07.980 It doesn't work at night.

00:36:09.380 It doesn't work when it's cloudy.

00:36:11.620 So, therefore, you've got like capacity factors, maybe 25%, meaning 75% of the time that doesn't work.

00:36:18.960 They've now announced the shutdown of their last two coal plants and all seven of their nuclear power plants.

00:36:24.460 Over the next 10 years, they will have no nighttime power effectively.

00:36:28.680 The batteries don't solve that.

00:36:30.620 By the way, all of the battery power and solar panels come from, guess who, from China.

00:36:36.560 They're very committed to that.

00:36:37.900 This is what you wind up with.

00:36:39.680 Translate this to the United States of America.

00:36:41.660 In 2012, electricity reserve margins here averaged 25%.

00:36:47.240 We produced more than we needed to take care of the peak times of summer and winter when it's hottest and coldest.

00:36:54.360 Reserve margins have collapsed to 14.5% now, only in about 18 years, because of the mass adoption of these part-time technologies that cost three times the money.

00:37:05.380 And, yeah, batteries are great, but they all come from China.

00:37:08.760 Solar panels all come from China.

00:37:10.320 We're taking in power generation resources that cost 11 times more than basic gas-fired electric power, in solar about three times more costly, battery storage about 11 times more costly.

00:37:23.120 And it all comes from China, and we're incentivizing that. 0.96

00:37:27.080 $42 billion a year of Biden-Ira incentives that continue to this day and are not being attacked in this version of the budget.

00:37:34.180 And then, B, makers inside the IRS tax code, accelerated depreciation on this stuff, five-year lives, massively accelerated depreciation schedules, another $11 billion of subsidies that way.

00:37:46.740 For Chinese-sourced solar panels, 87% of those in the world are made in China.

00:37:51.920 87% of batteries in the world are made in China.

00:37:55.120 Utility-scale battery storage.

00:37:56.420 Hang on, hang on, hang on, hang on, hang on, hang on, whoa, whoa, whoa.

00:38:00.440 Are you saying that we, the taxpayer, are subsidizing that?

00:38:04.140 That's not a subsidy coming from us, is it?

00:38:05.760 Yes, yes, yes, yes.

00:38:06.780 We're subsidizing companies like Sarah, yes.

00:38:09.320 Slow down.

00:38:10.060 Yes.

00:38:10.360 Slow down.

00:38:11.440 Hit rewind.

00:38:12.780 I want to make sure this flows over people on a Monday morning.

00:38:17.940 Give me that again.

00:38:18.880 The ITC investment tax credit, production tax credit, and accelerated depreciation subsidies to wind, solar, and battery storage extended in the Biden IRA that were existent all the last 12 years, including this same administration last time.

00:38:37.820 Those incentives were all there then, continue and cost taxpayers $42 billion a year, the tax subsidy portion in depreciation schedules, accelerating depreciation for tax on this stuff, allows another $10 billion a year.

00:38:51.500 So $52 billion a year in subsidizing part-time, massively, massively expensive energy sources for electricity that come from China, battery storage and solar panels.

00:39:03.560 And hang on, but also, not just the, it's not part of the baseload, but the manufacturing takes place in China.

00:39:12.000 So it's $52 billion we're not getting in tax revenues because we're giving a subsidy to support manufacturing jobs in China, correct?

00:39:19.780 Correct, correct.

00:39:21.060 Now, the way forward to slow this down was the tariffs.

00:39:24.900 Unfortunately, two Saturdays ago, we let China off the hook on battery storage and the thin film PV and batteries.

00:39:33.640 Were exempted from the tariffs for the time being.

00:39:36.540 A timeout.

00:39:37.260 A timeout was declared.

00:39:38.680 That was a huge mistake because that was the only way forward.

00:39:42.440 It wasn't a blink, but maybe it was a wink.

00:39:46.700 Right?

00:39:47.060 No.

00:39:47.780 We've got to get that whole thing sorted because that's the counter to the no rare earths, no magnets, no ball bearings, all that, correct?

00:39:54.500 That was kind of a wink.

00:39:55.680 That's going to get sorted.

00:39:56.440 But the energy cost that that kind of equipment produces here, Spain, for example, $0.32 a kilowatt hour, 2.2 times more costly electricity than here, all because they've decided over time to build this second system, new system, on top of the existing one you must have run at night.

00:40:14.700 And when it's cloudy, called solar and battery storage, that basically doubles the cost of electricity.

00:40:21.340 At $0.35 a kilowatt hour, you won't have any reshored manufacturing here.

00:40:26.200 It won't happen.

00:40:26.600 No, because they're all in the cult.

00:40:28.700 They're all in the cult of decarbonization.

00:40:31.260 And you know how funny that cult is?

00:40:33.000 I'm going to show you how funny that cult is.

00:40:35.720 Do you hear any mention of that?

00:40:36.960 Do you hear Green New Deal?

00:40:37.960 Do you hear Green Thing?

00:40:38.660 Oh, no.

00:40:39.740 Once the oligarch tech bros, the progressive oligarch tech bros, realize they need power to the 10th degree in the United States, you don't hear anything else about climate change or global warming.

00:40:50.920 It's all about AI, and we've got to do the full muscle, right?

00:40:54.700 The Western approach, not the deep seek.

00:40:58.400 Am I correct on that, Dave Walsh?

00:40:59.840 You don't hear much talk about decarbonization anymore?

00:41:02.220 Yes, but, Steve, the people, the people in the populist movement need their fridges on at night.

00:41:09.020 They need their air conditioning on at night.

00:41:11.360 They need their computers on.

00:41:12.660 Mine didn't work this morning.

00:41:13.660 At night and in the day.

00:41:15.220 And in the day.

00:41:16.640 It's the same for them, too.

00:41:17.960 Not just the techs oligarchs.

00:41:19.900 We all need baseload, continuous duty, abundantly low-cost electricity.

00:41:24.280 Oh, no.

00:41:24.840 I'm not saying we don't need it.

00:41:25.960 I'm saying they knew it when it came to something they had to have, all of a sudden, they left the cult of decarbonization.

00:41:34.100 Dave, we've got to bounce.

00:41:35.340 This is amazing.

00:41:36.000 I'm going to try to get you back on.

00:41:37.060 This 100-day thing has got me jammed up.

00:41:38.800 But we've got to get you back on this week to go through all of it.

00:41:41.500 Where's your social media in the interim?

00:41:44.040 Thank you.

00:41:44.680 At DaveWalshEnergy on XTrueSocial and Getter.

00:41:48.660 Thank you, Steve.

00:41:50.680 Incredible.

00:41:52.380 Everything that guy says comes true.

00:41:54.120 You notice that over the last four or five years?

00:41:57.040 And guess what?

00:41:57.580 It's not a solar flare.

00:42:00.160 No way.

00:42:01.320 Impossible.

00:42:01.680 It would have taken a much bigger section of the world.

00:42:04.940 Anyway, we need you up on the ramparts.

00:42:07.280 As you can tell from this morning, they're going to start negotiating.

00:42:10.260 So Scott Besson's got two things going on.

00:42:12.120 Number one, he's leading the charge in the process, particularly with the East Asian companies, with Japan and Korea, Philippines, Taiwan, Vietnam, India.

00:42:21.960 He's got these deals stacked up over Treasury, like flights over LaGuardia on a Friday night.

00:42:28.680 Okay?

00:42:28.900 They're trying to bring him in this week.

00:42:30.100 I think you may have a couple of terms agreed.

00:42:32.720 It'll take months to paper them, but I think you'll have a couple of terms agreed.

00:42:36.040 You'll see the architecture of these deals.

00:42:38.780 And we'll get down to, remember, I've been showing you this thing about Beijing warns of retaliation against nations doing U.S. deals.

00:42:46.960 That's because the center of gravity of these deals will be some sort of, I don't know, basic understanding you're in the American trading bloc or words to that effect.

00:42:57.480 Beijing's going to fight this hard.

00:42:58.640 Also, at 4 p.m. today, John Thune and the Speaker of the House or in the Treasury Department's office are going to start negotiating on the big, beautiful bill.

00:43:09.100 Short commercial break.

00:43:10.160 Back in the warm in a moment.

00:43:11.080 The April 15th tax deadline is coming, and it's coming fast.

00:43:24.020 Do you have unfiled tax returns?

00:43:25.700 Can't pay the IRS?

00:43:27.280 The IRS is more than aggressive and the more aggressive than ever.

00:43:31.400 And the longer you wait, the worse it gets.

00:43:33.220 Wage garnishments, bank levies, even property seizures are all on the table.

00:43:39.220 You need to get ahead of this.

00:43:40.940 You need to get ahead of it today.

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00:45:01.000 Here's your host, Stephen K.

00:45:04.320 Bannon.

00:45:05.780 Okay, folks.

00:45:06.660 You can see that we're going to be at the ramparts later in the week because a lot is going to be going on.

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00:46:03.760 Let's go to Rome.

00:46:04.660 Ben Harnwell.

00:46:06.340 A lot happened over the weekend besides the funeral.

00:46:10.220 A lot of activity, getting ready for the conclave.

00:46:11.920 I think it's been designated as May 7th.

00:46:13.800 That'll be a pretty big weekend, May 7th, which is the 80th anniversary of the victory in Europe from the Western American and British side.

00:46:23.120 I think May 8th is the Russian side.

00:46:26.900 May 8th is supposed to be when the ceasefire is supposed to start in Ukraine.

00:46:31.220 We'll get you on that tomorrow, Ben.

00:46:32.640 But in the Vatican, what is this I'm hearing that a group of cardinals, not all just conservatives or traditionalists, are actually sitting there and making an argument that Francis was actually not legitimate given the retirement of Benedict and many things that happened on that transition.

00:46:50.080 And so, therefore, no cardinals that were ordained by Francis should be included in this conclave.

00:46:57.760 Any truth to this rumor?

00:47:00.180 There is – well, the rumor definitely exists.

00:47:03.280 That's for sure.

00:47:04.040 There's truth that the rumor exists.

00:47:06.560 And I don't want to leak any of the names that I've heard on this show until I've been able to confirm, either with their cooperation or without it, that their presence in these meetings.

00:47:17.740 But essentially, the context is this.

00:47:20.820 It's a statement that was released – I think Liz Yor might have it up on her getter and on her Twitter – by a guy called Professor Joseph Diefa.

00:47:29.800 Now, he was actually a leading member of the Pontifical Academy for Life, which is a great institution founded by Pope John Paul II, and then undermined and almost liquidated by a record of Pope Francis.

00:47:44.880 This guy went off and created a rival academy, sort of very principled, coherent person, and unusual for Vatican Consigliere.

00:47:54.980 He's absolutely insistent on the non-negotiability of the principles.

00:48:03.880 He's released this document, and it's exactly as you say.

00:48:07.260 The thesis is – and here's the argument, without going in on this show in the two minutes I've got.

00:48:12.260 The thesis is this, and it's been rumbling along, not just, by the way, Steve, in the Francis pontificate, but it's basically been rumbling along since the Second Vatican Council itself.

00:48:22.520 The argument is this, that heretics forfeit the ecclesiastical office that includes popes.

00:48:30.780 So if Pope Francis has been guilty of heresy either before his election, during his election as pope, or afterwards, he immediately forfeits his papal office.

00:48:43.460 That's the thesis.

00:48:44.260 In which case, his pontifical acts are therefore illegitimate, because they weren't made by a pope.

00:48:50.340 Now, there are counter-arguments for this.

00:48:52.080 We won't go into them now.

00:48:53.320 The important thing is that Professor Zephardt, one of the most respected theologians living on the planet today, has called on the cardinal,

00:49:00.840 specifically citing Archbishop Vigano's research on this, and he's called on the conclave of cardinals before it meets, as you said, on the 7th of May, to thrash out this issue of Francis' legitimacy,

00:49:15.200 because 80 percent of this conclave was appointed by Francis.

00:49:18.680 If he is illegitimate, his appointments are illegitimate, and then those cardinals cannot be voting in the conclave. 0.51

00:49:24.260 Okay, we're going to get you on tomorrow.

00:49:27.800 You were tied up doing some research for us this morning, and I appreciate that.

00:49:31.140 We'll get you back in the morning.

00:49:32.060 I do want to say one thing.

00:49:33.040 This is the annual.

00:49:33.920 It turns out it's America Week.

00:49:35.260 I think it's that the papal foundation meets once a year to go and meet all the grandees in the Vatican.

00:49:41.260 It just turned out that Pope Francis passed away, died, and then had the funeral.

00:49:46.240 They're there this week.

00:49:46.880 I'm hearing from sources close to some of these cardinals that some of the biggest American donors say, hey, look, you can't give us another Francis if we do.

00:49:55.520 The money from the United States is going to—I think it's already dropped 50 percent.

00:49:58.480 It's going to drop worse.

00:49:59.740 Remember, the Vatican is not bankrupt because they have so many assets, but they have a massive liquidity crisis.

00:50:06.520 They're kind of insolvent, so they need cash money, and that cash money comes from the Americans.

00:50:11.480 Ben Harnwell, where do folks go?

00:50:13.260 We'll delve into all this tomorrow morning in depth.

00:50:15.920 Where do folks go to get you in the meantime?

00:50:18.960 Thanks, Steve.

00:50:19.420 Thanks so much.

00:50:19.940 On Getter at Harnwell.

00:50:22.160 And I have some particularly provocative posts waiting for your perusal, folks, at the top of my feed.

00:50:28.220 Thanks, Steve, so much.

00:50:29.060 God bless.

00:50:29.460 Catch you tomorrow.

00:50:30.900 Very provocative.

00:50:32.000 Remember the conclave's on the 7th, but all the deals will be cut, I'm sure, before then, and we'll be in the middle of all that, folks.

00:50:39.920 Mike Lindell, tomorrow we're doing five-hour—okay, so first off, Charlie Kirk follows us.

00:50:44.200 Jack Posobiec after that, Steve Gruber, then Eric Bowling.

00:50:47.440 We'll do the hard handover from Bowling to ourselves back here at 5 o'clock live.

00:50:51.420 Tomorrow, Eric Bowling will be right here in studio.

00:50:54.700 We're going to have a five-hour special, a lead-up of a couple hours.

00:50:58.540 Why?

00:50:58.820 Because Steve Gruber's going to be actually—Gruber's going to be actually the master of ceremonies.

00:51:03.620 We're at the rally in Michigan, and our own Brian Glenn is going to be on Air Force One going out there with the president.

00:51:11.060 So the wall-to-wall coverage we're going to do a couple hours pregame, and then we'll do the rally itself.

00:51:17.640 Mike Lindell, you'll be in Michigan tomorrow.

00:51:19.700 We'll be interviewing you live.

00:51:21.320 You'll also be with the president after that.

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Bannon's War Room - April 28, 2025

Episode 4445： The Elite Watch As You Flounder Financially; Electrical Blackout In Europe

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