In this episode, we discuss the latest in the ongoing saga between President Trump and Vladimir Putin, including a new report from the Financial Times on a phone call between Trump and a Russian general. We also hear from Sen. Marco Rubio and Sen. Cory Booker on the Epstein scandal.
00:17:33.160We're working on number eight right now coming back from the Rio Reset.
00:17:36.340The BRICS nations, pretty savvy about how they were going to go about this in these bilateral trade deals
00:17:42.220and try to hide it, the de-dollarization, the de-dollarization of the world's economy.
00:17:47.380They want to get away from the United States as having the control factor.
00:17:51.540As people said on the – one of the questions asked President Trump was could he use the SWIFT system to shut down all Russian transactions?
00:17:59.540The reality is we can use the SWIFT system to cut them out internationally.
00:18:03.620That's why it's very important to understand the dollar as the prime reserve currency, the impact it has on your life and the impact it has on the world.
00:18:12.860Birchgold.com slash Bannon, end of the dollar empire.
00:18:15.500Check it out today, and we're going to get Philip Patrick on here at the bottom.
00:18:40.100You guys have been extraordinarily accurate.
00:18:42.460And you can see inflection points, particularly when you say like Afghanistan,
00:18:46.720there's inflection points in a presidency that you can go back later and see in your tracking poll where it hit.
00:18:53.520You made a comment that on July 4th, around July 4th, that President Trump was close to passing Obama on the tracking poll.
00:19:07.020Was Obama at – I guess was he at the highest – is he like a standard for you guys to look at?
00:19:12.780And why was that important that President Trump was close to – you thought within two days would pass that?
00:19:18.840Well, it bucks the historical trend of this idea of a summer of disillusionment where people were promised a whole lot of things on the stump
00:19:28.020and then realized that the establishment candidates can't actually come in and change anything.
00:19:33.260And what's changed over time is that Obama came in with a really, really, really high honeymoon.
00:19:52.860And he's been doing all right, net plus two, net plus three on average, keeping the supporters, picking up a little bit of support from the fall.
00:20:00.520And you look at it and say, well, there's really nothing major that can happen here.
00:20:04.520They already threw every hoax in the world against this guy, and the Democrats are in complete disarray.
00:20:10.500So short of some kind of black swan, some kind of economic implosion, some kind of World War III kicking off in a way that he was unable to control,
00:20:19.460he's been on the world stage for 10 years.
00:30:43.720Trump asked on the call, according to these sources speaking to FT.
00:30:47.760They said Zelensky replied, absolutely, we can if you give us the weapons.
00:30:53.220And that Trump signaled his backing for the idea, describing the strategy as intended to make them, the Russians, feel the pain and force the Kremlin to the negotiating table, according to two people who were briefed on that call.
00:31:07.600Donald Trump was asked a version of this on the White House lawn.
00:31:10.820But this reporting, does that change anything with Vladimir Putin?
00:31:15.880I mean, you know, hell hath no fury like a Trump scorned.
00:31:21.020I think, again, the journey Trump has made here is significant.
00:31:25.500I don't think it changes too much for Putin because, you know, these discussions about attacking deep into Russian territory are not new.
00:31:32.920There were similar discussions that were had during the Biden administration.
00:31:36.220And ultimately where things ended up was that you don't want to go too far there.
00:31:40.720You don't want to acknowledge American involvement in that because that's where the nuclear deterrent comes into play.
00:31:47.320And so my sense is that much as though Trump's pivot here is absolutely worth noting, as we are all doing, it kind of takes you back to where we were a year ago with the Biden administration, which is also to say, Katie, it's still a bit of a stalemate.
00:32:02.960It still doesn't mean we're any closer to an end to the war.
00:32:06.960It doesn't mean that we're any closer to resolving the problem we have with Putin.
00:32:38.360We're going to have Jefferson Morley on tomorrow.
00:32:41.760Jefferson is the amazing writer and wrote the book Ghost about Angleton, one of the most fascinating characters in American history.
00:32:50.080It's about the front page story this morning, what Mark Mitchell just alluded to.
00:32:54.660The CIA, with direct knowledge of Oswald, and I mean very direct knowledge of Oswald, what he was doing in New Orleans and other places, turns out he was been tracked by the CIA.
00:33:08.300A formal file was opened on him in 1959.
00:33:12.900They knew every movement that Oswald made.
00:33:14.640And the head of psychological warfare at the Miami office of the CIA and really the guy heading up all the anti-Castro activities knew about him very closely, actually was monitoring him, might have been even more involved than that, and then lied to everybody.
00:33:33.660So the institutional trust, because it looks like there's some sort of involvement that now can be shown of the CIA in the assassination of President Kennedy.
00:33:43.180Also, you have the judiciary and the CIA and the FBI and the coup against Richard Nixon, and obviously all of this against President Trump, and I've had a ringside seat of this.
00:33:55.360You know the deep states come after President Trump, and I think Mark Mitchell is 100 percent correct.
00:34:21.520I just don't think it's going to – it's only going to go away with people becoming complacent and apathetic, and that's the last thing you need.
00:34:27.320In these midterm elections, you need everybody up on the – you know, at the – on watch.
00:34:36.380And right now you can already tell people are so frustrated with this, in particular the way it's being handled, that if they – you know, they just want it to go away with it.
00:34:45.160When they go away, you're going to lose some of your best people.
00:34:48.600These are not sunshine soldiers and summer patriots.
00:34:52.480These are the hardest core of the hardcore, the people that have been with President Trump forever, the people that had his back in those dark days of 21.
00:34:58.980I want to play those – Philip, I want you on here for the BRICS, right, and the post of BRICS.
00:35:05.820But there's something deeper that's already developing, and that is President Trump has given this 50-day – because you can tell he's very frustrated.
00:35:16.360It looks like there's many geopolitical and geostrategic elements to this that he may have not calculated what Putin and these guys intend to do, the KGB.
00:35:26.040But when he talks about, you know, the giving weapons, the shipping weapons, his real thing he keeps coming back to is sanctions, even deeper sanctions, and no one's really focused on this yet.
00:35:37.660Secondary sanctions would mean sanctions on India, but particularly sanctions on China.
00:35:43.220Given everything you saw in the – down in Rio, and coupled with – we had some – I think we had good news today on inflation.
00:35:53.480President Trump, it looks like the tariffs are kicking in like he felt without inflation.
00:36:02.120It looks like inflation is in a good spot, not a great spot, but in a good spot.
00:36:06.540Obviously, capital markets are responding favorably.
00:36:09.080You've got guys like Ken Langone, who's a Trump hater, saying how great he is, probably the greatest president of the United States.
00:36:15.260And that's a Wall Street guy saying that.
00:36:16.960You know, how concerned are you for what's happened in the last 24, 48 hours about the potential additional economic warfare around Ukraine?
00:36:28.860And how do you think that that will impact gold?
00:36:37.140In terms of its impact on gold, I think the more global instability we see, the more trade wars ignite, the more sort of wars we see around the world.
00:36:47.480Ultimately, this instability creates a good climate for gold, and gold is moving gangbusters in this climate.
00:36:54.620So short term, I think it's good for gold.
00:36:57.860Longer term, we'll have to see how it plays out.
00:37:00.620The one thing you talked about earlier, trust in our institutions being broken, and I think a big part of the de-dollarization movement is we broke the trust, whether it was Biden back in 2022, back in 2014 or the 80s.
00:37:15.420But trust in the United States has been broken.
00:37:18.340And I think sanctions as a policy now, punitive sanctions, they can work shorter term to dissuade, right?
00:37:26.140Maybe it'll be effective in sort of dissuading Putin, I'm not sure if they will, in moving forward in Ukraine.
00:37:33.380But I think longer term, we need carrots.
00:37:36.440And I've said this many times, we need carrots more than sticks.
00:37:39.460I think sanctions dissuade people shorter term, but not longer term.
00:37:43.160And I think this BRICS de-dollarization movement is all about slow and steady steps.
00:37:48.500So what I've said for a long time is we need to start using carrots now, not sticks.
00:37:55.260And I guess this is the one concern when it comes to de-dollarization that I do have with President Trump is when you've got a hammer and he's got the biggest hammer around, every problem starts to look like a nail.
00:38:08.000Well, where I think we need to start getting a little bit smarter is when it comes to structuring trade deals.
00:38:14.460I think what we need to do is move away from sort of punitive sanctions and move more towards incentives, right?
00:38:21.540We can tie, you know, we have the largest consumer market in the world.
00:38:27.700We could tie market access to U.S. dollar trade settlements and financial alignment.
00:38:32.940We could offer industrial infrastructure and nearshoring deals to those that align with us.
00:38:39.300I think we have an opportunity now to make the world choose between our way and the other way.
00:38:45.480And I think if we sort of layer carrots and not sticks, it may be more effective longer term.
00:38:52.960He's got, you know, we have over $110 billion coming in now in tariffs.
00:38:57.240No price increases, at least today, or dramatic price increases.
00:39:01.560You saw, and I think this was your reporting, folks at Treasury and the White House saw that the sophisticated move – because a lot of people said, oh, the BRICS thing laid an egg.
00:39:10.880They actually did a very sophisticated move in these bilateral deals and to have their central banks buy more gold and eventually settle up that way to a de-dollarization move.
00:39:20.620It was part of, and I think the White House confirmed this, when he dropped the 50 percent tariffs on Lula and Brazil, you know, 30 percent of that.
00:39:30.820The 30 percent was tied to Bolsonaro in the trial, and it'll go away if Bolsonaro are the trial.
00:39:35.680But 20 percent, because he had threatened 10, I think he gave Lula another love tap of another 10 to get his attention that, you know, he's focused on this de-dollarization.
00:39:47.940He said it's not going to happen on his watch.
00:39:51.300If you had to have a forcing function to force the world to choose between the two systems – because, folks, you got to understand, this BRICS system is starting to become a reality, right?
00:40:02.220It's starting – it's a very rudimentary stage, very nascent, but it's starting.
00:40:06.700If you had to now force the world to choose – give that to me again.
00:40:27.020Like I said, we can force nations to make a choice and incentivize them with our market to do what we want them to do, right?
00:40:35.460Secondly, I think ultimately trust has been broken, right?
00:40:39.140We talk about trust in our institutions being eroded.
00:40:42.000We need to increase that trust, right?
00:40:43.960We need to start with a clean slate, whether that's auditing the Fed, Treasury balance sheets, auditing Fort Knox potentially, although I don't want to let that sort of rabbit out the hat again.
00:40:54.760But I think overall increasing transparency of our financial governance, that's a straight-up win, right?
00:41:01.300Secondly, like I said before, I think Secretary Besant has an opportunity in trade deals to set them up in a way that incentivizes people to work with us, right?
00:41:12.140Offer infrastructure, nearshoring deals that other countries cannot match, like I said, and essentially build regional friend-sharing blocks, right?
00:41:21.200We've got an opportunity to push forward with soft power, right?
00:41:25.600We killed USAID, and rightly so, by the way.
00:41:28.460It was full of waste, fraud, and abuse.
00:41:30.420But China are filling that gap with their Belt and Road Initiative.
00:41:34.120There's some smart things that we can do there.
00:41:36.680And I think thirdly, what's the BRICS's competitive advantage?
00:41:40.700They've essentially modernized the financial system, right?
00:41:44.020They've built what could be a better system.
00:41:46.640They're offering rival financial stacks, bilateral CBDCs, the new development bank.