Bannon's War Room - Episode 4649： The Coming Economic Boom; On The Brink Of 3rd World War

00:00:00.000 New information, a new statement coming out from the Justice Department on all of this.

00:00:05.080 What are you learning?

00:00:07.100 Yeah, I mean, this is just came in moments ago, Kate, from a statement from Deputy Attorney

00:00:13.420 General Todd Blanche. I want to read for you what it said, because it seems like this pressure

00:00:17.520 campaign on the White House is working. So Blanche said, quote, at the direction of Attorney

00:00:23.280 General Bondi, I have communicated with counsel for Ms. Maxwell. He's referring to Ghislaine

00:00:27.960 Maxwell, of course, one of Jeffrey Epstein's associates who has been convicted on some of

00:00:33.100 those crimes to determine whether she would be willing to speak with prosecutors from the

00:00:37.780 department. I anticipate meeting with Ms. Maxwell in the coming days. Now, part of that statement as

00:00:44.040 well, we had heard from Blanche saying that if she has information about anyone who has committed

00:00:48.780 crimes against victims, he said the FBI and the DOJ will hear what she has to say. This is a new

00:00:55.160 development, Kate. And this is exactly what we've been now hearing from not just Democrats and the

00:01:01.980 broader American public, from the president's fiercest supporters. You had that graphic of some

00:01:06.380 of the people who are pushing for and supporting that discharge position in the House to try and force

00:01:12.100 a floor vote on this. I mean, this has now become an untenable position for the White House's idea

00:01:18.100 and really their strategy for the last couple of weeks now of trying to move on from this subject.

00:01:22.920 We have now seen the pressure really ratcheted up here. And now we are hearing from the Justice

00:01:27.780 Department that they are planning to meet with Ghislaine Maxwell and see if they can get more

00:01:32.220 information on what she knows. And specifically, as Blanche had said, about anyone who had also

00:01:38.160 committed crimes against victims. I think, of course, a key question is, will this be enough? Because

00:01:43.480 we have now heard from several different of the president's supporters, people like Steve Bannon,

00:01:48.720 like Laura Loomer, but then also many of his supporters on Capitol Hill, Marjorie Taylor Greene,

00:01:53.860 one of them saying, you need to publish this. There needs to be more transparency. And what I found

00:01:58.000 really interesting about, you know, I was watching some of what our colleague Manu Raju, he was catching

00:02:02.280 up with Republicans on Capitol Hill. Many of them were saying, Greene, but also Senator Josh Hawley was

00:02:09.040 another example, saying that they are getting calls, Kate, from their constituents. Greene said that this is what

00:02:14.640 she's been getting calls about more than anything else is to push for more transparency here. And

00:02:19.820 you mentioned this, the president so far has, again, really been trying to move on from this.

00:02:24.200 He's been trying to change the subject. He's been telling his supporters, you know, don't be weaklings.

00:02:28.740 We need to move on from this. But now it looks like the Justice Department is moving forward and

00:02:32.920 trying to get more information on this beyond what we saw the president do last week, which was ask the

00:02:38.220 attorney general, Pam Bondi, to unseal some of the grand jury testimony and transcripts from the Epstein

00:02:45.180 case. And we had heard in from many legal experts and others that that wouldn't be enough. We'll see

00:02:50.240 if this quenches the thirst of many of his supporters, this call to interview Ghislaine Maxwell.

00:02:55.920 This is a combination. It's the tariffs bringing back manufacturing to the U.S. It's the full

00:03:04.740 expensing in the one big, beautiful bill, which I think is one of the most important things that we

00:03:11.800 did. Companies can do 100% expensing for equipment, 100% expensing for factories. If you bring your

00:03:18.520 factory back here, I think we had big pent up demand. We are in the middle of this incredible AI boom

00:03:25.280 that, you know, I don't know whether you want to say this is the third, fourth, fifth industrial

00:03:29.980 revolution. So we're seeing the hyperscaler spin like we never have before. And I think what's really

00:03:37.520 gone unheralded here is the Trump administration's emphasis on deregulation. We are making it possible

00:03:45.460 to build things in America again. For years, if you wanted to build a factory, a pipeline, a transmission

00:03:53.160 grid, you were held up by permitting. And President Trump has given, whether it's EPA, the energy

00:04:02.400 interior, a mandate that these permits should get out within a month. So America is building things

00:04:10.920 again. And I tell you, this is the way that countries get rich and stay rich is through long term

00:04:18.840 investment and productivity. I want to read for you just more of that statement that we got this

00:04:24.000 morning from the deputy attorney general, Todd Blinch. He said at the direction of attorney general

00:04:29.260 Bondi, this is a quote, I've communicated with counsel for Ms. Maxwell to determine whether she

00:04:34.780 would be willing to speak with product prosecutors from the department. I anticipate meeting with Ms.

00:04:40.800 Maxwell in the coming days. And then Kate, we also got a statement from Blaine Maxwell's attorney,

00:04:46.900 David Oscar Marcus. This is what he told CNN. He said, quote, I can confirm that we are in

00:04:52.640 discussions with the government and that Ghislaine will always testify truthfully. We are grateful to

00:04:58.060 President Trump for his commitment to uncovering the truth in this case. So again, of course, a couple

00:05:04.980 key questions now about all of this. One is what exactly are they going to glean from this? Will Maxwell

00:05:11.440 be truthful? Does she have ulterior motives? Of course, you mentioned she's in prison now 0.98

00:05:15.100 for serving a 20 year sentence. You know, they have to determine what she says, whether it's

00:05:20.500 credible and whether they can release it to the public. I'd remind you, the president has now

00:05:24.120 repeatedly said that he's giving the attorney general, Pam Bondi, kind of it's up to her to

00:05:29.580 decide if there's credible information to release. She can choose to do so. But all of this, again,

00:05:36.540 is another question really is if this will be enough for the people who have been pushing

00:05:41.260 for this administration to release the Epstein files. That has really been what people have

00:05:46.920 been asking for. You mentioned those Republican members in Congress who are pushing this effort

00:05:51.120 to force a floor vote to have them release these Epstein files. We heard from many conservative

00:05:57.340 Republicans, Trump allies, I should say, Marjorie Taylor Greene, Senator Josh Hawley, saying that they

00:06:03.140 are getting calls, Kate, from their constituents about this, pressing this White House and this

00:06:08.660 administration to be more transparent on the Epstein case. So what I think is very clear from

00:06:14.440 the attorney general and the DOJ more broadly is doing here is they recognize that their position

00:06:19.640 thus far of trying to get everyone to move on from this, from releasing that memo over two weeks ago

00:06:24.560 now saying that Epstein died by suicide, that there was no so-called client list. They recognize that

00:06:30.060 that is not enough, that enough people are now saying we need more in this. This story and this desire

00:06:36.000 to get more information is not going away. So now it's really up to seeing what will Maxwell say,

00:06:41.720 what would this meeting with her glean, and whether or not that will be enough for the people

00:06:45.360 who are, again, calling for far more transparency than this Trump administration has so far been

00:06:50.020 willing to give.

00:06:52.780 This is the primal scream of a dying regime. Pray for our enemies, because we're going medieval on these

00:07:01.640 people. Here's one time I got a free shot at all these networks lying about the people. The people

00:07:07.940 have had a belly full of it. I know you don't like hearing that. I know you try to do everything in the

00:07:12.040 world to stop that, but you're not going to stop it. It's going to happen. And where do people like

00:07:15.640 that go to share the big lie? Mega media. I wish in my soul, I wish that any of these people had a

00:07:23.880 conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my country,

00:07:32.000 this country will be saved. War Room. Here's your host, Stephen K. Bannon.

00:07:44.080 It's Tuesday, 22 July, Year of the Lord, 2025. Just to add to the announcements this morning,

00:07:51.000 and I understand they've been worked on, I think, for quite some time. Todd Blanche was the

00:07:55.720 president's lawyer. He and Emil Bove, as you remember, got him through all the most difficult

00:08:01.480 years of the persecution of President Trump, something I hope that the Justice Department

00:08:09.240 and the FBI is getting on top of, helping, assisting Tulsi Gabbard. More than that in a while,

00:08:13.880 Derek Harvey. Colonel Derek Harvey is going to join us. Dave Brat is going to join us. I want

00:08:17.120 to just give an update. This is Maxwell's attorney. Quote, her attorney, David Oscar Marcus,

00:08:25.600 just told CNN, I can confirm that we're in discussions with the government and that

00:08:29.700 Ghislaine will always testify truthfully. We are grateful to President Trump for his commitment to

00:08:37.500 uncovering the truth in this case, end quote. We'll have more on that in a little while. Let's go to

00:08:43.040 Signal Not Noise. Joe LaVornay joins us from the Treasury Department. Axios had a story. I don't

00:08:51.260 know if the headline was actually correct, but the story is pretty interesting. But it dovetails

00:08:55.420 what the Secretary of Treasury said, I think it was on Maria. We covered this in the run-up to the vote

00:09:02.460 of the big, beautiful bill about the supply-side nature of the tax cut, and particularly something

00:09:07.660 that I think that was lost even on the business press didn't focus on enough, the expensing

00:09:11.480 of capital equipment, the expensing of entire factories if people want to come here and get

00:09:16.140 around the tariffs and actually build here, which is one of the reasons President Trump is putting up

00:09:21.680 tariff barriers that if you want access to this market, you either manufacture here or you're going

00:09:26.860 to pay some sort of premium. And I think the Secretary reiterated today, the Axios piece

00:09:33.940 is pretty smart when you get into it. It's got a bunch of buried leads that we could be, because

00:09:39.480 of what we've seen so far in the data and people taking advantage of this expensing of capital

00:09:45.520 equipment and particularly office equipment and other things around manufacturing, you could be

00:09:50.620 building for an absolute boom in the economy just like you guys forecasted. Is that a correct

00:09:55.680 assessment of this, Joe? Yes, Steve. Thank you for having me. It is a correct assessment. The

00:10:01.140 Axios article, I think the meat of it, did a very good job of hammering the key points that we need

00:10:06.800 to make that are accurate. I guess I saw that headline there. I would say that it's overlooked

00:10:12.440 data that's already consistent with a CapEx comeback, a capital spending comeback. We've already seen it.

00:10:18.940 We're not predicting anything at this point. We're just highlighting the fact that the policies that

00:10:23.200 we were going to implement, President Trump wanted to implement the one big beautiful bill,

00:10:28.060 is already paying dividends. You talked about the CapEx expensing. The secretary was mentioning that

00:10:33.960 this morning. And what it meant is, is that effective inauguration day, you could expense 100%

00:10:41.800 of what you were going to spend to build your business. Building that business, giving it capital,

00:10:47.960 is going to make workers more productive. It's going to foster a continued blue-collar boom,

00:10:52.920 which has already begun. And this data already shows it's happened. In other words, companies

00:10:57.360 were behaving in anticipation of the one big beautiful bill being passed. But importantly,

00:11:02.980 that bill had that expensing dated back to when President Trump took office. That was a very smart

00:11:07.300 move. So yeah, let's go through this. This was, we framed this for the big beautiful bill,

00:11:15.140 that it was the last chances Scott Besson saw on the show for years. It was the last chance really to

00:11:21.720 have a supply side cut, which really focused on production. And a big part of that was the

00:11:26.700 expensing of capital equipment to make sure that we put an emphasis on manufacturing.

00:11:32.720 And I just want to tell you, this is how we got into this discussion about business models and

00:11:37.060 forecast. You know, people were talking about the CBO was saying, oh, we're going to grow at 1.7%,

00:11:42.260 1.8%. Yeah, Treasury and the administration said, hey, we think the growth could actually be 2.8,

00:11:51.220 maybe over 3%, up to 3.5%. In President Trump's first term in 2019, when you had the impact of

00:11:59.320 his first tax cut, you saw particularly that he grew at, I think, an average, as you and I have

00:12:03.900 discussed, at 2.8%. But most importantly, in the fall of 2019, as it started to peak,

00:12:10.840 he got up to 3.4% growth. This is all predicated upon this. This is what makes that happen. You've

00:12:16.860 got to incentivize corporations, you have to incentivize private equity, you have to incentivize

00:12:21.400 people to put money into capital equipment. Once the money's in capital equipment, workers,

00:12:27.680 managers, etc., take advantage of that capital, and that's how you have growth. So that theory of

00:12:32.640 the case that you guys argued, and quite frankly, based upon historical data from the first Trump,

00:12:38.320 and this is what the left doesn't want to focus on, and quite frankly, the business media has done a

00:12:43.240 terrible job about this. But this is the heart of the matter, right? To incentivize people to invest

00:12:47.940 in capital equipment, and then basically the workers, mid-managers, etc., take advantage of that, sir?

00:12:54.720 That's exactly right. And I'd say, Steve, this bill is even better than the first bill. The first

00:12:59.940 bill was the Tax Cuts and Jobs Act that President Trump pushed through. This one is better,

00:13:04.060 number one. President Trump wanted it on his desk July 4th, which he got. Number two, and that just

00:13:10.040 includes the full expensing of capital equipment, but as Secretary Besson has highlighted, and this

00:13:14.220 is very key, people need to know this, you also get full expensing if you break ground on a new

00:13:18.360 factory. That hadn't existed before. So to your point about supply-side and investing in the future,

00:13:24.080 the U.S. is going to be a re-industrialized manufacturing renaissance where capital comes here,

00:13:29.120 both domestically and abroad, to invest, to build out the infrastructure, to be able to produce the

00:13:34.860 goods and services that people want. And what's important, when we talked about this CapEx

00:13:39.200 comeback, let me just give you a couple of numbers. In the first quarter, production of business...

00:13:44.460 I tell you what, I tell you, Joe, Joe, Joe, Joe, Joe, hang on for the numbers. I want to hold you

00:13:48.620 through the break. I want to make sure everybody hears this in its entirety because it's so important.

00:13:53.680 Um, this is also President Trump's, what I say, the commercial aspects, the tariffs

00:13:59.480 are inextricably linked with this because companies, international companies, foreign

00:14:04.480 companies have a choice. You either move your manufacturing here to get through the golden

00:14:09.520 door, right, which they're going to give you advantages, uh, on, on CapEx to do that. Or if

00:14:14.700 you don't, there'll be a toll called a tariff to get here. And that's why I think it's over a hundred

00:14:20.280 billion dollars already in tariffs. And there's been no, uh, no association with any rising prices

00:14:28.400 whatsoever in the tariffs. So, so far, I don't know. The theory of the case is working out.

00:14:35.020 I certainly wish people that did this full time, like the business media, maybe, I don't know,

00:14:39.700 the wall street journal, CNBC, just don't have some random rando names would get on top of this

00:14:45.840 and understand exactly what the theory of the case was and how it's coming to fulfillment.

00:14:51.100 Short commercial break. We're going to go back to the treasury department in a moment.

00:14:54.160 I got American, baby.

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00:16:23.920 Bannon at 989898 and do it today. Here's your host, Stephen K. Bannon.

00:16:33.220 Okay, welcome back. Derek Harvey's going to join us when we get into a lot of Tulsi, a lot of the

00:16:37.720 Epstein, big breaking news on that, obviously, from the Justice Department. We're going to get

00:16:40.920 into all that. Also, the President of the United States removed America from UNESCO. We're going to

00:16:47.980 go live to Geneva in our own Noor bin Laden that's going to explain all that. I know that's a red-letter 0.98

00:16:53.820 day for everybody. Many years of working on this. Dave Bratstrom, we're going to get in some

00:16:58.720 economics because this is good. The two things that have a massive impact on the midterms is

00:17:05.860 obviously the economy, and I want to talk about the recessions and where are those before these

00:17:11.960 guys go on holiday. By the way, I think the House is thinking of getting out of town. I'm not making

00:17:17.020 this up. I think the House is leaving on Thursday, and they're not back to after Labor Day. Not

00:17:22.880 kidding. Not kidding. With a couple of three appropriations bills still hanging out there.

00:17:30.780 And Dave Bratstrom will be here. We're going to talk about economics. Also, the situation in Texas,

00:17:34.740 now it's getting a national profile. Very, very, very serious. The Hill's got a good piece on it this

00:17:40.580 morning. I've talked to Brian Harrison. We're going to try to – Natalie's going to do the 5 o'clock show

00:17:46.100 for us as currently scheduled. I'm doing the 6 with Joe Allen. A big announcement tomorrow, the AI action

00:17:52.760 plan from the White House. We're covering that wall-to-wall tonight. We're going to give you a

00:17:56.520 preview of how that will impact you and your family and the nation's future. Joe, let's go back to the

00:18:02.920 numbers. The Axios piece, the headline's a little cockeyed, but when you read the piece, it is very

00:18:09.620 informative, particularly about what the plan here was and how it's starting to kick in. So walk us through

00:18:14.560 the math as you have it right now, sir. Yes, Steve. So the fact is the expectation of the one big

00:18:23.340 beautiful bill that people have to understand is groundbreaking, literally, because it expenses

00:18:28.880 all kinds of capital, plants, equipment, factories, et cetera. It's retroactive to January. So

00:18:36.620 if CapEx come back, it's already here, it's already happening, and people need to be aware of that

00:18:41.620 because that positive business psychology, the animal spirits of the business cycle, if you will,

00:18:47.100 will help foster and galvanize very strong growth. In the first quarter, the production of business

00:18:52.020 equipment rose over 23% at an annual rate. When you have that kind of big gain, typically you see a real

00:18:58.960 big retracement in the second quarter. That didn't happen. It grew 11%. So if you look at the first half

00:19:04.420 growth in the production of business equipment, we're up almost 17% at annual rate. When we look

00:19:11.060 at the GDP data, which is what economists focus on, and we look at that CapEx component for the first

00:19:16.280 quarter, it rose at a similar pace as this business equipment series. It rose 24%, actually 1% faster.

00:19:24.040 What we have right now in the first half of the year, and this is what your listeners need to know,

00:19:27.860 is a near 17% when you combine both quarters, production of business equipment, CapEx, the

00:19:34.500 lifeblood, the support of productivity, growth, and wages, all these great things we're seeing,

00:19:40.720 rose 17% at an annual rate. That is the fact, excluding the pandemic, which you can't look at

00:19:46.560 to sort everything, we're running CapEx spending right now at the fastest rate since 1997. So let that

00:19:54.420 sink into people. 1997, that's how fast CapEx is. And when you have that CapEx growth, you get what

00:20:00.180 economists call capital deepening, you're going to get stronger productivity. And when you have

00:20:04.080 stronger productivity, you can pay your workers more. So this blue-collar boom that we're seeing

00:20:08.440 under President Trump, and that Secretary Besson has talked about, should continue and extend

00:20:13.600 through the rest of this year, and through President Trump's term, and of course, hopefully

00:20:18.440 long thereafter. Because as you highlighted earlier, these are supply-side incentives designed to

00:20:24.100 raise the speed limit for how fast this economy can grow. So in agencies like the CBO are predicting

00:20:29.720 growth sub-2%. That, to me, is from a totally different era. That doesn't make any sense to

00:20:35.140 what we're seeing right now in the data. What do you make us smart here? When you look at your

00:20:41.840 dashboard going forward, the first six months, obviously amazing. As you guys go forward on your

00:20:48.860 dashboard, what are the two or three things we should focus on?

00:20:52.760 So number one, certainly, Steve, and the Axios piece was good and highlighted overlooked data.

00:20:57.960 This business equipment series is very important. We're watching that. It comes out monthly. Within

00:21:02.980 the GDP report, which we're going to get in a few weeks for the second quarter, we want to look at

00:21:06.640 equipment spending, or what's known as private business fixed investment. Very important. That's where all

00:21:12.360 the one big, beautiful bill is going to show up. Over time, we expect a rising manufacturing share of

00:21:18.540 output. So you'll see broadly faster industrial production. You'll see things like the ISM

00:21:23.760 manufacturing index. It's a qualitative survey that should move meaningfully above 50. And over time,

00:21:29.580 we should see a lot more manufacturing jobs as the U.S. attracts that foreign capital, as there's more

00:21:34.980 investment, that's more hiring, that's more building, that's more production.

00:21:38.360 Joe, where do people track you over in your social media? You're over there helping the

00:21:44.540 secretary execute and implement the big, beautiful bill. Where do people go? 0.88

00:21:49.320 At LaVornianomics, Steve. At LaVornianomics.

00:21:53.420 Joe, thank you so much. Very informative.

00:21:55.320 My pleasure, Steve. Thank you so much for having me. It was a pleasure. Thank you.

00:21:59.620 Thank you. So if you take the secretary's interview with Maria and about that 100 percent,

00:22:04.380 and that's what the business press is not, and they should, that's their job, right? To focus on

00:22:11.040 that, you tie it to the Axios, where they're talking about the data. Dave Bratt, this is what

00:22:17.320 we've been talking. I want to get to the spending in a second, because I'm not feeling it on the

00:22:23.240 rescissions, but I want to, because this strategy of President Trump, it's not that it's complicated,

00:22:31.560 but it's got a number of pieces that are coming together, and he kind of thought this through in

00:22:35.780 his strategy. Number one, the tariffs, and what do we mean by that? It's commercial relationships

00:22:39.760 with the world. We're the biggest consumer market. We're a, you know, we're inside the golden door,

00:22:46.320 right? You got to pay a premium. He's giving people a choice. Either bring your manufacturing back here

00:22:50.820 to the United States, of which we would give you certain tax incentives, or you're going to pay

00:22:55.400 some sort of premium, and we're going to figure out what that premium is. And that's why even

00:22:59.180 Trump's to the point now saying, hey, I love negotiating these deals, but I'm just going to

00:23:03.960 send you a letter, and this is what it's going to be. And I think the Treasury already has got

00:23:08.180 almost $100 billion of tariffs. You've got energy, right, full-spectrum energy dominance that Dave

00:23:13.980 Walsh walks us through all the time. You've got this, the supply-side tax incentive for CapEx,

00:23:19.900 capital expenditures. And in addition, you have to have the rescissions in the spending cuts, right,

00:23:25.540 either through the appropriations process or outside of it. But let's go back to the productivity.

00:23:30.280 This thing you've been harping on and hammering on for years and years and years. You've got to get

00:23:34.900 money. You've got to get, you have to have cash spent on capital equipment. Therefore, that means

00:23:42.240 you're going to have capital equipment there, capital there, that actual workers, managers,

00:23:48.120 entrepreneurs can actually use, sir. Yeah, no, Joe Livornio was spot on. I like listening to him.

00:23:57.000 He's as clear as can be. The only thing I would distinguish there is he's talking, you know,

00:24:02.780 kind of short run. And he said that, right, a few years while President Trump is in. When I'm talking

00:24:08.040 about productivity and mentioning Robert Gordon, he's the leading growth guy in the field

00:24:12.660 on productivity. He's been working in the field for 50 years. We've got long run productivity,

00:24:18.960 trend, long run trend productivity. That's the key term. People say, Brad's off. He's not looking

00:24:23.940 at the right data. No, I'm looking at the right data. It's been going down for 70 years in a row,

00:24:29.860 right? So there's blips like President Trump in his first term when he did everything right. And we had

00:24:35.080 the most striking feature, right, the one after CapEx. I want to see wages go up for the middle class 0.81

00:24:42.300 worker, right? The working class. That's the key. And the left has never gotten near that one. And 0.94

00:24:48.700 President Trump did. And it's happening right now for all the reasons Joe just listed. So long run

00:24:54.440 productivity, you're right. CBO has it at 1.7 percent for the next 20 years, right? So that's

00:25:01.660 the long run trend of productivity growth. What causes that? What are the three causes of that

00:25:08.220 in the macro growth literature? Number one, capital investment. I'll just give you a short

00:25:13.860 primer right there. China's got $100 trillion in capital, plant, physical capital. The U.S. only

00:25:20.920 has 70 trillion, right? So that's why they were growing. They had huge productivity growth, huge

00:25:27.040 GDP growth because of that variable. Human capital is one third of economic growth. It's a disaster in

00:25:34.300 the United States. CEOs have been investing in plants, green stuff on their rooftops instead of

00:25:40.740 in the workforce in their own communities. It's a disaster. You should get all over the CEOs in your

00:25:47.280 region. If they're not investing in the workforce and they're saying we don't have American workers,

00:25:51.600 that's a disgrace. And then the third part, about a third of economic growth is productivity growth

00:25:58.820 itself, technological change. That's hard to measure, but they do a pretty good job in the

00:26:04.180 growth literature. And that you can just symbolize is the magnificent seven. Artificial intelligence is

00:26:11.180 coming. That's what we mean by technological growth. It makes both human capital and capital more

00:26:17.920 efficient. But all of that goes to the wealthy, right? The proceeds from technological growth goes to

00:26:25.520 the venture capital crew, the Wall Street crew, not to Main Street. And that's the part Trump is

00:26:31.100 correcting with the tariffs and leveling the playing field and focusing on reshoring and bringing capital

00:26:38.040 back. And it looks like a huge success in the short run. In the short run, it's a huge success.

00:26:43.260 Yeah. The golden – they refer to 1997. Remember, in 1997, you had Newt Gingrich control the House.

00:26:50.860 You had Bill Clinton in the presidency. You had Bob Rubin was his secretary of treasury. You also

00:26:56.260 had the end of the Cold War. So you had potential domestic expansion there. You also had – that was

00:27:01.300 the explosive years of the internet. But additionally, you had a Republican House that was able to manage

00:27:08.460 Clinton on the cost side and manage costs and spending. And that's why we had, I think, four – I think

00:27:14.740 we had four budget surpluses in a row that only ended when Bush came in. This is my point about

00:27:22.200 rescissions. The whole package is coming together on kind of the supply side. The only part of this

00:27:28.180 equation that's not happening right now is spending cuts. And we just passed a historic rescission bill,

00:27:34.300 although as small as quite symbolic. My understanding is that they got a couple of rescissions backed up.

00:27:39.920 And I don't think – I don't know why people are leaving this Thursday. I don't know why they leave

00:27:44.200 in town before these – because these rescissions are in 2025 fiscal year. This is now. They have

00:27:51.500 bigger rescissions packages. And if you add the rescissions and the cut in spending with what

00:27:56.640 you're seeing on the supply side with the potential growth and productivity, this is the way you get a

00:28:02.400 renaissance. But you also have to – you have to address the spending. You have to – and they've got a way to

00:28:06.820 do it. Hey, I'm old-fashioned. I want to go back and challenge the Impalment Act of 1971,

00:28:12.220 the one that were 72 when they had Nixon – the second coup when they had Nixon up against the wall.

00:28:17.060 Anyway, short break. Colonel Derek Harvey, Dave Bratt, Noor Ben Laden, all of it this morning in the

00:28:23.160 world.

00:28:27.100 According to the Department of Energy, blackouts could increase by 10,000 percent over the next few

00:28:31.960 years. It's because of massive energy demand from artificial intelligence data centers. We talk

00:28:37.440 about that all the time here in the War Room. And we have a fragile power grid. It just cannot keep

00:28:42.940 up with that demand. I don't know about you, but I don't like the idea of being without power,

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00:29:35.660 prepared today. Here's your host, Stephen K. Bannon.

00:29:43.020 Okay. The president of the Republic of the Philippines is coming to the White House this

00:29:49.600 morning. A very important meeting given the three island chain, our shift. I think President

00:29:57.140 Trump said it. We got to see it. I haven't seen it yet in the defense bill, but to hemispheric

00:30:01.720 defense, the three island chain, the Philippines absolutely central in the fight against the

00:30:07.860 Chinese Communist Party. In fact, I would say even more than Taiwan, although Taiwan, they're doing 0.90

00:30:12.360 the not exercises, they're doing rehearsals. They're really head to head right now in the

00:30:17.560 South China Sea is between the Filipino Navy and the island of the Philippines and the Chinese

00:30:23.500 Communist Party. They're coming today at 11, 1115. We will cut for their formal arrival of what they do

00:30:30.680 on the West Wing. And then I believe President Trump's going to do a press avail. If it's not

00:30:34.920 on the schedule now, it will be. I'm sure President Trump will have people in. But that's a very

00:30:38.260 important, very important given how critical the Philippines is to the national defense of the

00:30:43.980 United States of America. And speaking as a sailor that spent a little bit of time in the,

00:30:48.920 in the Philippines and the Pacific Fleet back in the seventies.

00:30:54.040 The, I got Derek Harvey here. Derek, I've got you here because Colonel, I want to go through Tulsi.

00:30:59.320 You know it better than anybody what's happening. A lot, a lot of explosive developments in that.

00:31:04.660 I understand Grassley is going to put out some more things today, his staff either today or more.

00:31:08.860 So this is really starting to explode. But I got Brad here right now. You see us

00:31:15.040 beginning to get on a roll, getting, I would say the traction to get on a roll. And the way you need

00:31:23.160 that is investment in capital equipment, right? And production and manufacturing. So everything

00:31:27.740 Trump's done to make America great again is built around returning America to a manufacturing

00:31:34.040 superpower and not sending those jobs and those opportunities overseas, particularly to our,

00:31:40.900 the mortal threat of the Chinese Communist Party. Brett continues and he does this, he says,

00:31:46.120 the only thing could throw us off here is actually getting into a war. Now we know

00:31:50.900 the kinetic part of the third world war is already on this situation. Ukraine couldn't be more 0.95

00:31:56.800 deadly and more serious. The situation now in, uh, although it looks like the Persian side of it 0.97

00:32:03.140 settled down for a while because of president Trump in Syria and Gaza. I mean, this thing is heating up

00:32:09.740 nonstop. Uh, so Brett, make your case, make your case. And I want to have Derek respond to that. Make

00:32:15.040 your case. The only thing to throw us off here is actually getting into a war because I thought,

00:32:19.880 given the size of the defense budget, America is basically on a wartime economy anyway. This is

00:32:26.280 what our only industrial policy we have in this country is about defense. That's the trillion

00:32:31.340 dollars that goes into the manufacturing of weapons. We have not beaten our swords into plowshares yet,

00:32:37.140 right? And artificial intelligence. And this is why Natalie's going to do the five. I got to get

00:32:41.960 ready and do the six with Joe is that the AI action plan coming from the white house tomorrow.

00:32:46.500 Let's be blunt. A lot of the artificial intelligence and the drive to it is to weaponize it and to use

00:32:52.920 it as a, as a weapon, as almost any technology or any technological breakthrough, uh, is so Brett,

00:32:59.200 make your case why war is what could up, up end us with this. And then I want to have Harvey tell us

00:33:03.940 how close we are to actually becoming engaged in a kinetic activity, sir.

00:33:08.480 Yeah. Well, as you no doubt know, uh, Chicago economics and Austrian economics, which you love,

00:33:16.040 uh, it makes the important case that you better be using the price system. That's a little humor

00:33:21.720 for Steve in the morning. Uh, China doesn't use the price system. Russia didn't use the price system.

00:33:26.940 They're out of business. Uh, Japan, uh, got, uh, banking in bed with business, uh, and government too

00:33:33.260 much, uh, with, uh, midi and all that stuff. They're out of business. The U S now is getting a

00:33:38.740 increasingly large size of the government involved in your everyday life. That of course is lowering

00:33:43.560 productivity. Uh, but war obliterates the price system. There are no more price signals, right?

00:33:49.280 Anybody that says war is good for productivity and the economy is just so off base. I cannot tell you,

00:33:55.700 of course, the warmongers are going to say that it's good for the defense industry.

00:33:59.140 It is short time. It is short term spending, short term spending growth of G government will go up,

00:34:05.980 uh, but it is not long run productivity enhancing in any way, shape or form. There are also other

00:34:12.600 absurd articles saying, uh, that the immigrant immigration invasion, right? If we reduce the border

00:34:18.320 invasion of 20 million people, our GDP will go down, uh, equally, uh, wrongheaded. Of course, GDP will

00:34:25.220 go down, uh, if you get rid of 20 million people, but GDP per capita per person is the only thing

00:34:32.240 you're worried about. You were worried about American workers welfare. When 20 million people

00:34:36.940 go out where we're spending vast sums of money on them, like war, it's totally inefficient. It lowers

00:34:43.040 the living standards, uh, for American workers. Uh, and president Trump is hitting it across the board.

00:34:48.500 And I'll just mention the, the, uh, the tariff piece, the G20 people need to go look this up. Bank of

00:34:53.580 America had this chart. It's not just the Trump tariffs in Navarro and that chart. Uh, the G20 is

00:34:59.000 80% of world GDP, the richest 20 countries. They have 200 to 300% higher tariff and non-tariff barriers

00:35:09.180 on the U S than we have on them. Right? So what Trump is doing is long overdue. Uh, he's bringing us

00:35:16.260 productivity across the board, but it's, can we keep it? And a war, the warmongers are beating the drums.

00:35:21.980 Israel and the U S took out most of the deck in 53. It's been a nightmare in the Middle East ever 1.00

00:35:27.240 since, uh, Israel is supposed to be a light to the nations. We're supposed to be a light to the 0.86

00:35:32.080 nations, not a bomber of nations. So, uh, I'm looking forward to hear what the great Derek Harvey

00:35:37.980 has to say. By the way, along those lines, this is the whole thing about the bricks. When we talk

00:35:42.500 about the G20, the G7 versus the G20, I think you're seeing solidify right now. This is why it's so

00:35:48.560 important for us to get to a Russian rapprochement. The West versus the BRICS nations are becoming a 0.94

00:35:54.520 geopolitical. This is why president Trump was so upset with what they tried to do in a very

00:35:59.020 sophisticated way. You couldn't fool Trump people around him saying, Hey, uh, they're not going to come

00:36:03.380 out and say de-dollarization. They're going to do these bilateral deals in their own currencies.

00:36:08.060 They're going to hedge that by buying, buying gold at record rates. Uh, to understand this folks,

00:36:12.180 this is the part that you got to understand. Go to, um, uh, birchgold.com slash Bannon,

00:36:17.040 the end of the dollar empire, seven free installments. We're working on the eighth.

00:36:20.320 In fact, we're having a team meeting, uh, tomorrow afternoon to make sure that we, we drive this

00:36:24.840 and get it to you quicker. Uh, you have to understand the BRICS, the de-dollarization 1.00

00:36:28.420 movement, the, the weakness in the dollar, uh, of what's causing that, the spending and the,

00:36:33.340 and the de-dollarization and how the world is trying to hedge themselves against the American

00:36:38.020 dollar. You need to find out how to hedge yourself up against financial insecurity and,

00:36:43.440 uh, turbulence. Birchgold.com slash Bannon and the dollar empire. Get to Philip Patrick and the

00:36:48.260 team. That's what we set you up to do. All of our sponsors make a commitment to give full access to

00:36:52.800 you, to senior level folks. So take advantage of it. Uh, end of the dollar empire, Birch Gold,

00:36:57.500 uh, Derek Harvey. Then if, if, if, if, if war, he's making the case that we're actually at,

00:37:03.500 actually on a war footing. I'm not so sure. I totally agree with that, but he's saying,

00:37:07.880 war could completely blow up Trump's economic plan. Uh, how close, you're, you're not just

00:37:14.020 our intelligence guy. People should know when you were at NSC, uh, and over at House Intel with

00:37:19.820 Nunez, you, you were considered one of the best strategic thinkers because you're a safe pair of

00:37:24.780 hands that kind of think things through and your hair's never on fire. So how close do you think

00:37:28.720 we are actually being sucked in to the kinetic part of the third world war, sir?

00:37:33.280 Well, I agree with, you know, Dave, that there's a real challenge here. If we get into, uh, a major

00:37:41.220 conflict overseas, regardless of where it's at, and we would not want to get in a, to a conflict with

00:37:47.280 a peer, be it Russia or China. I don't think we're close to that in either case right now. Um, I'm very

00:37:55.020 troubled about us getting potentially sucked in now with, with Ukraine in a way that the administration

00:38:01.700 did not want to, um, and so they're trying to work through that with the sanctions that they're, they've

00:38:07.640 threatened to impose, uh, in about 45, 43 days now on Russia, uh, as well as some other things, you know,

00:38:16.040 and then increasing the arms sales to NATO countries that then, that then can transfer them to, to Ukraine.

00:38:21.980 But, you know, we need to contain that. Uh, I still don't see a way out, uh, in that, in that conflict

00:38:29.800 right now, there has to be some sort of an agreement and I don't see a pathway to victory for Ukraine.

00:38:35.060 Uh, but I'll set that aside. I think that is containable. Uh, China has got internal challenges,

00:38:40.660 economic and political. And when a country is having internal and political challenges and someone

00:38:46.500 like president Z who has invested so much on this idea of unifying all of ancient China to include,

00:38:53.020 uh, current Taiwan, you know, that's a potential spark plug and they continue to be aggressive in 0.99

00:38:58.800 that region. And I think what the president is doing is really important. We need, you know,

00:39:03.920 the president Trump is very clear, uh, I think about his red lines, particularly in private conversations

00:39:09.520 and, you know, being clear about that and being steadfast and a strong leader

00:39:15.720 and communicating is part of the issue. The other part is having the capability. And I think if we

00:39:22.680 can settle things down in the Middle East to some degree, and we're, we've gone a long ways there

00:39:27.820 with Israel being able to, you know, reset the table with our major support in dealing with the

00:39:32.980 Iran problem, at least for the next, you know, five to seven years, in my view, the Abraham Accords 0.99

00:39:38.480 and expansion of that, there's opportunities there, you know, with Syria and with Lebanon, but those are

00:39:43.980 both going to be very hard projects, but that should allow us to shift more to the Asia Pacific,

00:39:50.160 something that we've had the desire to do, but not really the means to do. And as far as

00:39:55.900 industrialization and investment in DOD, we are still lacking in investment and building up the types

00:40:02.640 of capabilities in the Navy and the Air Force that are really needed for maintaining deterrence in Asia,

00:40:10.040 as well as having the arm stocks to support, you know, contingencies, as well as a possibility of a

00:40:17.060 major campaign. So I think there needs to be more investment in DOD, but it has to be the right

00:40:22.500 investment. And I think that's where, you know, you get parochialism in the Armed Services Committee and

00:40:28.140 the Senate Armed Services Committee that, you know, prevent us from doing the hard right things to invest

00:40:35.220 in our military capabilities. How do you, how do you square it with the American people? We're talking

00:40:42.080 about spending cuts and rescissions and, you know, the first package was USAID and PBS and NPR. The

00:40:48.260 second package I understand is going to be more maybe a green new scam things. And this is why I

00:40:53.900 think the rescissions package ought to be brought up ASAP. When you have almost a, you have President

00:41:00.220 Trump that's been very articulate about a hemispheric defense, and that would use the vast

00:41:05.360 Pacific as really the centerpiece for our hemisphere against the Chinese Communist Party with the three 0.99

00:41:11.080 island chain. You add Greenland access to the Arctic in the Panama Canal and, of course, allies

00:41:18.660 in South America. You've really got it. But the NDAA doesn't reflect that. So when you sit there and

00:41:26.540 talk about, look, I'm, I'm with Captain Fennell on, we need a naval shipbuilding. I mean, we're both of

00:41:32.840 us are Pacific Fleet sailors. We understand what you have to do with the Navy to build it up. But when

00:41:37.580 you look at the, we're at a trillion dollars right now. And it seems like the Pentagon, the building,

00:41:43.180 uh, it, and I think this is because of the power of CENTCOM, it's just refute that pivot to Asia.

00:41:48.860 Obama didn't do it. Uh, you know, there may be many reasons for that with Joe Biden. We don't know if

00:41:54.160 they were, you know, how corrupt that was, how in bed with the CCP, but it didn't happen.

00:41:58.580 President Trump tried and did a lot in his first term, but there's clearly massive resistance today.

00:42:04.680 I mean, how do you, give me a minute on that. We're going to go to break. Why don't you stick

00:42:08.180 around? How can you do that, uh, and, uh, and have investments when we're already at a trillion dollars?

00:42:15.440 Well, I think part of it is, you know, partnering with our allies and friends in the region. And that

00:42:21.560 means the United Arab Emirates, the Saudis, you know, those members of the Gulf Cooperation Council,

00:42:27.540 uh, letting them finance things, you know, for other allies and partners pay for some of the,

00:42:33.380 the support structure and, and influence operations. And, you know, we can be more of an orchestrator.

00:42:39.500 We've had some of these ideas and laid them out, uh, in, in times before. Um, and there's a way to do

00:42:46.420 that, but, you know, there is such an entrenchment in the Pentagon of, you know, people not wanting

00:42:52.120 to really change what they've been doing for decades. And, you know, there's, there is an

00:42:57.340 interest in, in staying engaged there in a way that, you know, I think harms our overall interest.

00:43:02.900 It doesn't mean that we, we absolutely can't abandon it, uh, because we do have interests there

00:43:08.300 and we could talk about that too. But I think, you know, there has to be real reform, not just talk

00:43:13.940 about reform and it can't be on the margins in the DOD budget. Okay. Uh, we're going to take a

00:43:21.120 short commercial break. Colonel Harvey's with us. Dave Brat's with us. Dave's going to have to bounce.

00:43:25.480 So we'll get him in here in the D block. Uh, Noor Ben Laden's going to join us from Geneva. 0.98

00:43:30.140 We are out of UNESCO. Short break.

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00:46:24.460 today. Hometitlelock.com. Promo code Steve. Try to keep it simple. Dave Bratt, I know you

00:46:30.140 got a bounce. Thoughts on the economy, particularly any comments about the Justice Department with

00:46:34.720 Maxwell. A lot of news today coming out of there. And about, we're going to get Derek Harvey

00:46:40.600 to really drill down on Tulsi and the coup against President Trump. I know it's getting heated up.

00:46:46.040 Axis has got a great story we'll talk about in a moment. Dave Bratt.

00:46:50.960 Yeah, on the CIA, FBI, I think it's the greatest historical corruption case in U.S. history.

00:46:59.860 And the American people all voted for accountability there. I'll just keep it short there because I

00:47:05.360 want to get to the birch gold, our friends, and the inflation piece you brought up.

00:47:13.060 Inflation is, roughly speaking, too much money chasing too few goods, right? So too much money,

00:47:19.560 you got a ton of money going after a few goods. So that bids up the prices of the goods. That's

00:47:23.660 inflation. But if you got the same amount of money and more goods, guess what happens? Inflation goes

00:47:28.980 away. That's what Trump is doing, right? So that's what the Wall Street Journal should focus on. It's

00:47:33.720 fairly simple. They can handle that. Now, second, Trump wants lower interest rates. The way to

00:47:40.400 achieve that, and this is terribly hard, but the spending, right? We're doing $2 trillion deficits

00:47:46.600 for the next 10 years locked into the budget. That is inflationary, right? That's expansionary

00:47:52.840 deficit spending. If you get rid of that deficit spending, though, you might go into recession.

00:47:57.980 So here's where the Fed, the Federal Reserve, could actually be useful. Trump needs to make a deal

00:48:02.400 with the Fed and say, I'm going to cut some spending. But in tandem with that, I need you

00:48:07.300 to lower interest rates. And then that puts the Congress on the hook to reduce spending

00:48:12.380 for the first time ever. It's very hard. Like defense spending, I was in Congress.

00:48:17.240 It's employment. There's contracts made with big, powerful people that they don't want to change.

00:48:22.400 But hang on, hang on, hang on, hang on. The whole thing with the whole thing of the CBO,

00:48:26.500 Joe, if the, if there's $2 trillion deficits per year for the next 10 years, I'm not so sure we make

00:48:35.260 it, right? I think the theory of the case, and that's what we had Joe on, on the supply side,

00:48:40.060 you're growing at over three, you know, growing over 3%. You have the tariffs that if people are not

00:48:46.380 bringing here to manufacture, you're getting tariff revenue. You're having lower energy costs,

00:48:51.640 because you're still doing full dominant, you know, full dominant, full spectrum dominance on

00:48:56.460 energy, right? And you're doing deconstruction, administrative state, massive deregulation,

00:49:02.520 plus either do it through the future appropriations process, because it's all out there to cut,

00:49:08.740 or do it through rescissions or impoundments. You're going to have to cut the spending,

00:49:13.260 but you've got so many other things that are going to drive revenue that I don't think internally,

00:49:17.820 they're looking at $2 trillion deficits for the next 10 years. If they are, then, hey, go to

00:49:23.180 Birch Skull, take your phone, and Bannon and 9-8-9-8-9-8 right now. But I don't think internally,

00:49:30.060 I don't think that's the way they look at things. Do you, sir?

00:49:35.400 Internally, within the administration, I agree with what you just said. And that is a rosy scenario

00:49:41.660 that assumes the left is going to behave themselves, not manufacture more crises,

00:49:47.820 not bring about a war in the courts, that we don't go into war, that we don't have other natural

00:49:54.360 disasters. That's all, you know, all else held constant, as we say in economics. So yeah, we're

00:50:00.760 doing all the right things. Will it last? Will we hold the House? Will we educate the American people

00:50:06.140 that you've got to do this to save this republic? All of that's on the risk side. But yeah, if Trump

00:50:12.780 is able to put all this in place, I mean, you can do the math. It's still very hard to grow your way

00:50:18.000 out of $60 trillion in debt at the end of that 10 years, right? So I think you'd have to be five,

00:50:23.580 six. I'll bring in an Excel spreadsheet and show you what 3% growth gets you, what four, what five,

00:50:28.880 what six. And you need some explosive growth to do that. Yeah. Let's do some perturbations. 0.92

00:50:35.260 I'm not going to, I'm not sure. Let's start with the 37, let's start with the 37 trillion. We'll

00:50:40.760 build off that, but yeah, let's model this out and we'll walk through with people. I think people,

00:50:45.300 this is the type of signal that they need. And that's a set, that's a baseline and a set of

00:50:49.560 perturbations around it that people can say, okay, I can understand that. And then that's what you do

00:50:54.320 a dashboard over and you, and you monitor that every day to see what's happening. I know the president's

00:50:59.620 very focused on a, on a rate cut. I just don't know if that's going to happen given too late,

00:51:04.860 pal. Give me a minute on Tulsi Gabbard and her heroism and putting this out about the coup driven

00:51:11.820 by, driven by Obama and Clinton. Yeah, I just get, I don't get angry too often,

00:51:19.100 but when I see people ripping on Tulsi Gabbard, there's no finer human being. We had her at Liberty 1.00

00:51:24.140 last year. She is just so charming and friendly and loving to everybody. And on top of that,

00:51:30.920 she's powerful, courageous, intelligent, the whole, she's just the best leader you could

00:51:35.880 have. And so when I hear Senator Mark Warner saying, you know, she doesn't know what she's

00:51:40.280 talking about. He's the one that missed Russiagate. He's the senior member of an intelligence committee

00:51:45.360 and he's ripping on her for his mistakes. The left always does this, but the American people keep

00:51:51.420 voting for the same people who have made these colossal mistakes. So I just applaud her.

00:51:58.080 She's doing everything right. I think she's got the goods. The American people want to see

00:52:03.260 consequences. We have to see, not just the talking, we have to see action and people pay

00:52:09.200 for crimes. And I think it's coming. I think it's coming. There's too much there.

00:52:14.240 By the way, if you don't, the people are going to be too dispirited. Dave Bratt,

00:52:17.000 your social media, where do people get you? Yeah, I'll put up the latest charts. Brad Economics

00:52:22.180 on Getter and on X. It's amazing. Dave Bratt, thank you, sir. Appreciate you taking the time.

00:52:29.520 The next hour will be more intense than the first. President's going to welcome the president

00:52:34.280 of the Philippines. I'm sure they're going to do a press avail. Colonel Harvey's going to stick

00:52:38.080 around. We're going to get into the coup. And Noor Bin Laden from Geneva, the United States of America

00:52:43.260 America, has withdrawn after a 90-day review, has finally withdrawn from UNESCO, the United Nations

00:52:50.820 Education Fund. Short break. Back in a moment.

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Bannon's War Room - July 22, 2025

Episode 4649： The Coming Economic Boom; On The Brink Of 3rd World War

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