Episode 4649： The Coming Economic Boom; On The Brink Of 3rd World War
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Summary
A new development from the Justice Department on the Epstein scandal, as they plan to interview Jeffrey Epstein's former attorney, Ghislaine Maxwell, in order to get more information on what she knows about the Epstein case. But will it be enough?
Transcript
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New information, a new statement coming out from the Justice Department on all of this.
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Yeah, I mean, this is just came in moments ago, Kate, from a statement from Deputy Attorney
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General Todd Blanche. I want to read for you what it said, because it seems like this pressure
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campaign on the White House is working. So Blanche said, quote, at the direction of Attorney
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General Bondi, I have communicated with counsel for Ms. Maxwell. He's referring to Ghislaine
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Maxwell, of course, one of Jeffrey Epstein's associates who has been convicted on some of
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those crimes to determine whether she would be willing to speak with prosecutors from the
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department. I anticipate meeting with Ms. Maxwell in the coming days. Now, part of that statement as
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well, we had heard from Blanche saying that if she has information about anyone who has committed
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crimes against victims, he said the FBI and the DOJ will hear what she has to say. This is a new
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development, Kate. And this is exactly what we've been now hearing from not just Democrats and the
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broader American public, from the president's fiercest supporters. You had that graphic of some
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of the people who are pushing for and supporting that discharge position in the House to try and force
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a floor vote on this. I mean, this has now become an untenable position for the White House's idea
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and really their strategy for the last couple of weeks now of trying to move on from this subject.
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We have now seen the pressure really ratcheted up here. And now we are hearing from the Justice
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Department that they are planning to meet with Ghislaine Maxwell and see if they can get more
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information on what she knows. And specifically, as Blanche had said, about anyone who had also
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committed crimes against victims. I think, of course, a key question is, will this be enough? Because
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we have now heard from several different of the president's supporters, people like Steve Bannon,
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like Laura Loomer, but then also many of his supporters on Capitol Hill, Marjorie Taylor Greene,
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one of them saying, you need to publish this. There needs to be more transparency. And what I found
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really interesting about, you know, I was watching some of what our colleague Manu Raju, he was catching
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up with Republicans on Capitol Hill. Many of them were saying, Greene, but also Senator Josh Hawley was
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another example, saying that they are getting calls, Kate, from their constituents. Greene said that this is what
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she's been getting calls about more than anything else is to push for more transparency here. And
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you mentioned this, the president so far has, again, really been trying to move on from this.
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He's been trying to change the subject. He's been telling his supporters, you know, don't be weaklings.
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We need to move on from this. But now it looks like the Justice Department is moving forward and
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trying to get more information on this beyond what we saw the president do last week, which was ask the
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attorney general, Pam Bondi, to unseal some of the grand jury testimony and transcripts from the Epstein
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case. And we had heard in from many legal experts and others that that wouldn't be enough. We'll see
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if this quenches the thirst of many of his supporters, this call to interview Ghislaine Maxwell.
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This is a combination. It's the tariffs bringing back manufacturing to the U.S. It's the full
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expensing in the one big, beautiful bill, which I think is one of the most important things that we
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did. Companies can do 100% expensing for equipment, 100% expensing for factories. If you bring your
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factory back here, I think we had big pent up demand. We are in the middle of this incredible AI boom
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that, you know, I don't know whether you want to say this is the third, fourth, fifth industrial
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revolution. So we're seeing the hyperscaler spin like we never have before. And I think what's really
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gone unheralded here is the Trump administration's emphasis on deregulation. We are making it possible
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to build things in America again. For years, if you wanted to build a factory, a pipeline, a transmission
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grid, you were held up by permitting. And President Trump has given, whether it's EPA, the energy
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interior, a mandate that these permits should get out within a month. So America is building things
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again. And I tell you, this is the way that countries get rich and stay rich is through long term
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investment and productivity. I want to read for you just more of that statement that we got this
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morning from the deputy attorney general, Todd Blinch. He said at the direction of attorney general
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Bondi, this is a quote, I've communicated with counsel for Ms. Maxwell to determine whether she
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would be willing to speak with product prosecutors from the department. I anticipate meeting with Ms.
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Maxwell in the coming days. And then Kate, we also got a statement from Blaine Maxwell's attorney,
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David Oscar Marcus. This is what he told CNN. He said, quote, I can confirm that we are in
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discussions with the government and that Ghislaine will always testify truthfully. We are grateful to
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President Trump for his commitment to uncovering the truth in this case. So again, of course, a couple
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key questions now about all of this. One is what exactly are they going to glean from this? Will Maxwell
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be truthful? Does she have ulterior motives? Of course, you mentioned she's in prison now
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for serving a 20 year sentence. You know, they have to determine what she says, whether it's
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credible and whether they can release it to the public. I'd remind you, the president has now
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repeatedly said that he's giving the attorney general, Pam Bondi, kind of it's up to her to
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decide if there's credible information to release. She can choose to do so. But all of this, again,
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is another question really is if this will be enough for the people who have been pushing
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for this administration to release the Epstein files. That has really been what people have
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been asking for. You mentioned those Republican members in Congress who are pushing this effort
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to force a floor vote to have them release these Epstein files. We heard from many conservative
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Republicans, Trump allies, I should say, Marjorie Taylor Greene, Senator Josh Hawley, saying that they
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are getting calls, Kate, from their constituents about this, pressing this White House and this
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administration to be more transparent on the Epstein case. So what I think is very clear from
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the attorney general and the DOJ more broadly is doing here is they recognize that their position
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thus far of trying to get everyone to move on from this, from releasing that memo over two weeks ago
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now saying that Epstein died by suicide, that there was no so-called client list. They recognize that
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that is not enough, that enough people are now saying we need more in this. This story and this desire
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to get more information is not going away. So now it's really up to seeing what will Maxwell say,
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what would this meeting with her glean, and whether or not that will be enough for the people
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who are, again, calling for far more transparency than this Trump administration has so far been
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This is the primal scream of a dying regime. Pray for our enemies, because we're going medieval on these
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people. Here's one time I got a free shot at all these networks lying about the people. The people
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have had a belly full of it. I know you don't like hearing that. I know you try to do everything in the
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world to stop that, but you're not going to stop it. It's going to happen. And where do people like
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that go to share the big lie? Mega media. I wish in my soul, I wish that any of these people had a
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conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my country,
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this country will be saved. War Room. Here's your host, Stephen K. Bannon.
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It's Tuesday, 22 July, Year of the Lord, 2025. Just to add to the announcements this morning,
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and I understand they've been worked on, I think, for quite some time. Todd Blanche was the
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president's lawyer. He and Emil Bove, as you remember, got him through all the most difficult
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years of the persecution of President Trump, something I hope that the Justice Department
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and the FBI is getting on top of, helping, assisting Tulsi Gabbard. More than that in a while,
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Derek Harvey. Colonel Derek Harvey is going to join us. Dave Brat is going to join us. I want
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to just give an update. This is Maxwell's attorney. Quote, her attorney, David Oscar Marcus,
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just told CNN, I can confirm that we're in discussions with the government and that
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Ghislaine will always testify truthfully. We are grateful to President Trump for his commitment to
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uncovering the truth in this case, end quote. We'll have more on that in a little while. Let's go to
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Signal Not Noise. Joe LaVornay joins us from the Treasury Department. Axios had a story. I don't
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know if the headline was actually correct, but the story is pretty interesting. But it dovetails
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what the Secretary of Treasury said, I think it was on Maria. We covered this in the run-up to the vote
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of the big, beautiful bill about the supply-side nature of the tax cut, and particularly something
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that I think that was lost even on the business press didn't focus on enough, the expensing
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of capital equipment, the expensing of entire factories if people want to come here and get
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around the tariffs and actually build here, which is one of the reasons President Trump is putting up
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tariff barriers that if you want access to this market, you either manufacture here or you're going
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to pay some sort of premium. And I think the Secretary reiterated today, the Axios piece
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is pretty smart when you get into it. It's got a bunch of buried leads that we could be, because
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of what we've seen so far in the data and people taking advantage of this expensing of capital
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equipment and particularly office equipment and other things around manufacturing, you could be
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building for an absolute boom in the economy just like you guys forecasted. Is that a correct
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assessment of this, Joe? Yes, Steve. Thank you for having me. It is a correct assessment. The
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Axios article, I think the meat of it, did a very good job of hammering the key points that we need
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to make that are accurate. I guess I saw that headline there. I would say that it's overlooked
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data that's already consistent with a CapEx comeback, a capital spending comeback. We've already seen it.
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We're not predicting anything at this point. We're just highlighting the fact that the policies that
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we were going to implement, President Trump wanted to implement the one big beautiful bill,
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is already paying dividends. You talked about the CapEx expensing. The secretary was mentioning that
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this morning. And what it meant is, is that effective inauguration day, you could expense 100%
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of what you were going to spend to build your business. Building that business, giving it capital,
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is going to make workers more productive. It's going to foster a continued blue-collar boom,
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which has already begun. And this data already shows it's happened. In other words, companies
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were behaving in anticipation of the one big beautiful bill being passed. But importantly,
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that bill had that expensing dated back to when President Trump took office. That was a very smart
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move. So yeah, let's go through this. This was, we framed this for the big beautiful bill,
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that it was the last chances Scott Besson saw on the show for years. It was the last chance really to
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have a supply side cut, which really focused on production. And a big part of that was the
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expensing of capital equipment to make sure that we put an emphasis on manufacturing.
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And I just want to tell you, this is how we got into this discussion about business models and
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forecast. You know, people were talking about the CBO was saying, oh, we're going to grow at 1.7%,
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1.8%. Yeah, Treasury and the administration said, hey, we think the growth could actually be 2.8,
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maybe over 3%, up to 3.5%. In President Trump's first term in 2019, when you had the impact of
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his first tax cut, you saw particularly that he grew at, I think, an average, as you and I have
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discussed, at 2.8%. But most importantly, in the fall of 2019, as it started to peak,
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he got up to 3.4% growth. This is all predicated upon this. This is what makes that happen. You've
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got to incentivize corporations, you have to incentivize private equity, you have to incentivize
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people to put money into capital equipment. Once the money's in capital equipment, workers,
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managers, etc., take advantage of that capital, and that's how you have growth. So that theory of
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the case that you guys argued, and quite frankly, based upon historical data from the first Trump,
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and this is what the left doesn't want to focus on, and quite frankly, the business media has done a
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terrible job about this. But this is the heart of the matter, right? To incentivize people to invest
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in capital equipment, and then basically the workers, mid-managers, etc., take advantage of that, sir?
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That's exactly right. And I'd say, Steve, this bill is even better than the first bill. The first
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bill was the Tax Cuts and Jobs Act that President Trump pushed through. This one is better,
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number one. President Trump wanted it on his desk July 4th, which he got. Number two, and that just
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includes the full expensing of capital equipment, but as Secretary Besson has highlighted, and this
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is very key, people need to know this, you also get full expensing if you break ground on a new
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factory. That hadn't existed before. So to your point about supply-side and investing in the future,
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the U.S. is going to be a re-industrialized manufacturing renaissance where capital comes here,
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both domestically and abroad, to invest, to build out the infrastructure, to be able to produce the
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goods and services that people want. And what's important, when we talked about this CapEx
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comeback, let me just give you a couple of numbers. In the first quarter, production of business...
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I tell you what, I tell you, Joe, Joe, Joe, Joe, Joe, hang on for the numbers. I want to hold you
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through the break. I want to make sure everybody hears this in its entirety because it's so important.
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Um, this is also President Trump's, what I say, the commercial aspects, the tariffs
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are inextricably linked with this because companies, international companies, foreign
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companies have a choice. You either move your manufacturing here to get through the golden
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door, right, which they're going to give you advantages, uh, on, on CapEx to do that. Or if
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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
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billion dollars already in tariffs. And there's been no, uh, no association with any rising prices
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whatsoever in the tariffs. So, so far, I don't know. The theory of the case is working out.
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I certainly wish people that did this full time, like the business media, maybe, I don't know,
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the wall street journal, CNBC, just don't have some random rando names would get on top of this
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and understand exactly what the theory of the case was and how it's coming to fulfillment.
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Short commercial break. We're going to go back to the treasury department in a moment.
00:14:59.900
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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
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
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numbers. The Axios piece, the headline's a little cockeyed, but when you read the piece, it is very
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informative, particularly about what the plan here was and how it's starting to kick in. So walk us through
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the math as you have it right now, sir. Yes, Steve. So the fact is the expectation of the one big
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beautiful bill that people have to understand is groundbreaking, literally, because it expenses
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all kinds of capital, plants, equipment, factories, et cetera. It's retroactive to January. So
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if CapEx come back, it's already here, it's already happening, and people need to be aware of that
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because that positive business psychology, the animal spirits of the business cycle, if you will,
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will help foster and galvanize very strong growth. In the first quarter, the production of business
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equipment rose over 23% at an annual rate. When you have that kind of big gain, typically you see a real
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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
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at the GDP data, which is what economists focus on, and we look at that CapEx component for the first
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quarter, it rose at a similar pace as this business equipment series. It rose 24%, actually 1% faster.
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What we have right now in the first half of the year, and this is what your listeners need to know,
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is a near 17% when you combine both quarters, production of business equipment, CapEx, the
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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
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sink into people. 1997, that's how fast CapEx is. And when you have that CapEx growth, you get what
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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
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the GDP report, which we're going to get in a few weeks for the second quarter, we want to look at
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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
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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?
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,
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and that's what the business press is not, and they should, that's their job, right? To focus on
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that, you tie it to the Axios, where they're talking about the data. Dave Bratt, this is what
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we've been talking. I want to get to the spending in a second, because I'm not feeling it on the
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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
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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
00:24:42.300
worker, right? The working class. That's the key. And the left has never gotten near that one. And
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
00:28:27.100
According to the Department of Energy, blackouts could increase by 10,000 percent over the next few
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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
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
00:31:56.800
deadly and more serious. The situation now in, uh, although it looks like the Persian side of it
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
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
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
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
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
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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
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
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
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.
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got a bounce. Thoughts on the economy, particularly any comments about the Justice Department with
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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.
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
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
00:52:57.600
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