Bannon's War Room - Episode 4661： On The Verge Of AI Bank; Empowering Government At The Expense Of The Private Sector

00:00:00.000 trying to rewrite the history of Russia's meddling in the 2016 election

00:00:03.680 in accusing former President Barack Obama of treason.

00:00:08.100 The Director of National Intelligence, Tulsi Gabbard, alleged Obama and his deputies engaged

00:00:12.580 in a, quote, seditious conspiracy by manufacturing a false assessment

00:00:16.560 that Russia meddled in the 2016 election to help Donald Trump's campaign.

00:00:21.880 To be very clear, these allegations are demonstrably false

00:00:26.820 and so ridiculous that it led to a rare, rare rebuke from former President Obama's office, 0.72

00:00:33.560 calling the claim, quote, outrageous, bizarre, and, quote, a weak attempt at distraction. 0.84

00:00:39.460 And former CIA official tells NBC News Gabbard and the White House

00:00:43.640 are lying about intel on Russian interference in 2016.

00:00:48.120 Susan Miller, a retired CIA officer who helped lead the team

00:00:51.560 that produced the report about Russia's actions during the 2016 campaign,

00:00:55.360 told NBC News it was based on credible information

00:00:58.920 that showed Moscow sought to help Trump with the election,

00:01:02.400 but that there was no sign of a conspiracy between the Kremlin and the Trump campaign.

00:01:07.140 The White House and the administration are promising, it seems,

00:01:12.500 to use the full weight and power of the government

00:01:16.520 to try and paint Barack Obama and many others as treasonous to this country.

00:01:22.560 And to be clear, unless it's changed, being guilty of treason is punishable by death in this country.

00:01:29.080 That's what happens if you're found guilty of treason.

00:01:32.200 This is a moment that is shocking.

00:01:34.880 We shouldn't be surprised, but I am still shocked.

00:01:37.240 Yeah, well, I think it's a real mark of desperation

00:01:40.360 that they have resurrected an eight-and-a-half-year-old intelligence community assessment

00:01:45.280 claiming that President Obama and national security officials

00:01:49.320 were involved in this conspiracy, a cabal,

00:01:52.340 that was trying to undermine President-elect Trump.

00:01:56.200 Nothing could be further from the truth.

00:01:57.760 There have been countless reviews of the assessment that's been done over the years

00:02:03.280 in terms of the John Durham investigation, the Bob Mueller investigation,

00:02:06.600 the bipartisan Senate Intelligence Committee review.

00:02:09.800 Every reporter who's covered it.

00:02:10.780 They basically validated and endorsed it.

00:02:12.860 And that Senate committee was, the acting chairman at the time was Marco Rubio.

00:02:17.220 Tom Cotton, the current chairman, was a member of that committee as well.

00:02:20.760 There was a full-throated endorsement of it

00:02:22.780 and basically complimenting the CIA and the intelligence community

00:02:25.780 for putting together that piece on such a very important issue,

00:02:29.500 which is Russian meddling in U.S. presidential elections.

00:02:32.400 I would like to think that all Americans are outraged over that.

00:02:35.580 I'd like to think that Donald Trump and the Republican Party

00:02:37.820 should be outraged over it as well.

00:02:39.500 But clearly, they are not.

00:02:41.060 And now they're using this, I think, as a very shiny distraction

00:02:43.440 in order to, you know, shift the attention away from some of his other problems.

00:02:48.100 On immigration, you better get your act together 1.00

00:02:50.900 or you're not going to have Europe anymore.

00:02:54.100 You've got to get your act together.

00:02:55.900 And we, you know, as you know, last month we had nobody entering our country.

00:02:59.980 Nobody. Shut it down. 0.97

00:03:01.520 And we took out a lot of bad people that got there with Biden.

00:03:04.940 Biden was a total stiff and what he allowed to happen.

00:03:08.920 But you're allowing it to happen to your countries.

00:03:11.440 And you've got to stop this horrible invasion that's happening to Europe, 0.93

00:03:16.520 many countries in Europe.

00:03:18.100 Some people, some leaders have not let it happen.

00:03:22.680 And they're not getting the proper credit.

00:03:26.160 They should.

00:03:26.740 I could name them to you right now, but I'm not going to embarrass the other ones.

00:03:31.420 But stop.

00:03:32.880 This immigration is killing Europe. 1.00

00:03:35.120 What do you now have that refutes those two rules?

00:03:39.920 I will encourage you in my role as the director of national intelligence.

00:03:44.040 My job, again, as I said when I came into this role,

00:03:47.000 was to make sure that we are telling the truth to the American people

00:03:51.420 and that we are ensuring that the intelligence community is not being politicized.

00:03:56.240 So I'm not asking you to take my word for it.

00:03:59.280 I'm asking you and the media to conduct honest journalism

00:04:02.320 and the American people to see for yourself in the documents that we've released now.

00:04:07.300 And is your belief that those two previous investigations missed that or covered it up?

00:04:12.360 I'm telling you to look at the evidence.

00:04:14.780 Look at the evidence and you will know the truth.

00:04:17.800 Director Brennan, we've been looking at this evidence, as you said, for eight years.

00:04:22.380 We know what the truth is.

00:04:24.240 What's she doing there? 0.52

00:04:26.060 I think she's projecting.

00:04:28.140 Obviously, she's engaged in the politicization of intelligence to support Donald Trump. 1.00

00:04:33.440 And so she is pointing to previous intelligence products that we put out

00:04:38.580 and saying that this was a politically designed product.

00:04:45.440 I think what she's trying to do is to gain the good graces of Donald Trump.

00:04:49.920 Clearly, several weeks ago, she was on the outs.

00:04:51.840 Yeah, because Donald Trump said that basically that she was wrong when she said earlier

00:04:58.700 that the Iranian nuclear program, the weaponization program, had not restarted.

00:05:03.920 And so I think there was seen that she was not being invited to meetings.

00:05:08.100 She was not in the confidence of Donald Trump and others.

00:05:11.180 And so in a very, I think, hurried sort of exposition here of information, she puts this out.

00:05:18.160 I wish she would look at the evidence.

00:05:20.200 I wish she would look at the assessment.

00:05:21.980 I wish she would look at the reviews that were done.

00:05:24.100 But clearly, she is not interested in the facts.

00:05:27.240 She's not interested in the truth.

00:05:28.420 She's just interested in trying to cast aspersions at intelligence professionals 1.00

00:05:32.580 who really did their best under difficult circumstances in 2016

00:05:36.360 when Russia was fully engaged in this election interference.

00:05:39.320 This is the primal scream of a dying regime.

00:05:48.400 Pray for our enemies, because we're going medieval on these people.

00:05:53.600 Here's one time I got a free shot at all these networks lying about the people.

00:05:57.860 The people have had a belly full of it.

00:05:59.780 I know you don't like hearing that.

00:06:01.200 I know you try to do everything in the world to stop that, but you're not going to stop it.

00:06:03.880 It's going to happen.

00:06:04.940 And where do people like that go to share the big lie?

00:06:08.480 MAGA Media.

00:06:09.480 I wish in my soul, I wish that any of these people had a conscience.

00:06:15.400 Ask yourself, what is my task and what is my purpose?

00:06:19.100 If that answer is to save my country, this country will be saved.

00:06:25.440 War Room.

00:06:26.320 Here's your host, Stephen K. Band.

00:06:28.700 It's Saturday, 26 July, Year of the Lord, 2025.

00:06:34.500 Of course, we're here for the Saturday morning show on War Room.

00:06:37.200 As you know, it's always my favorite.

00:06:40.860 We're going to get to President Trump in Scotland.

00:06:44.000 We're going to have Matthew Godwin, one of the world's best experts on populist,

00:06:49.700 on the rise of populist nationalism from the United Kingdom.

00:06:53.240 And a specialist in Brexit is going to join us.

00:06:55.360 Ben Harnwell will join us.

00:06:56.440 Josh Pettit is going to talk about President Trump's.

00:06:59.800 We're actually going to walk you through why President Trump's there to see his golf courses

00:07:02.860 and launch a new one that some of them have been very controversial and very controversial

00:07:07.740 why President Trump's turnaround of the classic Turnberry, which is one of the greatest venues

00:07:13.720 in the open rota, is not in the open rota by the rural and ancient because of Donald Trump.

00:07:19.760 We'll get to all that a little later.

00:07:21.380 A lot.

00:07:22.020 We're going to break down.

00:07:22.840 Tulsi was up on.

00:07:23.680 Charlie Kirk did a great job on Fox and Friends this morning.

00:07:26.440 I've already posted some of the stuff from, actually, Carly Bonet, midnight writer.

00:07:32.820 She did some great clips.

00:07:34.500 Charlie did a great job.

00:07:35.560 Tulsi Gabbard's been over there.

00:07:37.800 Eugene Daniels used to be at Politico.

00:07:40.480 Eugene Daniels is now the host of The Weeknd, since The Weeknd crew moved to Every Night on the weeknight in MSNBC.

00:07:47.140 And Eugene Daniels, I think, lays out the case as bad as well as can be.

00:07:52.160 Of course, he says demonstrably false, and this is all a misdirection.

00:07:55.140 But he lays out exactly kind of what the stakes are.

00:07:57.340 And Brennan, you know, Brennan's lawyer ought to tell him just to shut up.

00:08:02.660 But I love what he's doing because he's just burying himself deeper and deeper and deeper.

00:08:05.940 And when he's doing Saturday morning shows, right, does Friday night and Saturday morning, the brother's nervous, right?

00:08:11.960 He's out there all the time.

00:08:12.840 This is a distraction.

00:08:14.100 And, you know, we did this.

00:08:15.380 We got this great product.

00:08:16.400 Okay, fine.

00:08:17.180 We're just going to go through the receipts, bro, before your perp walk.

00:08:20.880 So we'll get to all that a little later.

00:08:23.160 I want to start with one of the most serious people in the country and someone that is a – that people in the White House, people at Treasury, capital markets, and, of course, the MAGA movement takes very seriously when she's ever doing an interview or giving analysis.

00:08:41.080 That's the great Judy Shelton. 0.96

00:08:42.480 I've got a call open for her.

00:08:43.620 I'll do in the second block.

00:08:46.760 Judy, you know, the president – we've got some clips we want to show you a little later.

00:08:49.960 But the president went to the Federal Reserve on the same day Scott Besson, the secretary of the treasury, saying, hey, look, this is just not about a new chairman.

00:08:57.020 We need a fundamental review, strategic review of exactly what we're doing here as a central bank.

00:09:02.580 What's their mandate?

00:09:04.060 What's the plan?

00:09:05.240 Are they helping us or hurting us?

00:09:07.480 I think you've been, and I would say, the most prominent of the critics of the Federal Reserve.

00:09:13.320 Can you walk us through your thoughts about what Scott Besson with the secretary of the treasury is saying?

00:09:18.700 Because the media, as they always do, you know, they've got to focus on palace intrigue.

00:09:23.260 So it's this person, that person.

00:09:25.000 But you've argued for a while we have a much deeper and systemic problem with our central bank, ma'am.

00:09:31.880 The floor is yours, your observations about where we stand with this central bank right now.

00:09:37.220 Well, first, Steve, let me just say how honored I am that you invited me.

00:09:41.920 I'm so glad to be with you this morning.

00:09:45.760 As far as the Federal Reserve, boy, do I welcome this.

00:09:49.840 They really needed a comeuppance.

00:09:53.000 For too long, the Fed has been accumulating power and prominence in financial markets.

00:10:01.020 It's entirely too political itself.

00:10:03.700 And I think that the chair, Jerome Powell, was setting himself up as some kind of an emperor who was going to sit in judgment.

00:10:15.420 And, yes, an elected president could come in and put forward their supply-side program of lower taxes and less regulation and smarter trade policy and better energy policy.

00:10:27.280 And the Fed would just sit there in judgment and decide if it would allow those things.

00:10:33.580 And it really came to a head when Chair Powell made that speech at the Economic Club in Chicago.

00:10:40.960 And I think he bought the farm when he did that.

00:10:44.400 Because, finally, the disconnect between the world of central banking and all the Americans who voted for President Trump and want those policy changes, who want an economy that's growing, who want an emphasis on the private sector, the real economy, they just said, now, wait a minute.

00:11:04.560 He's talking about tariff-caused inflation as if that's a done deal.

00:11:10.900 And it's time to call the Fed out on—it can no longer just say, oh, then you're threatening the sanctity of central bank independence or markets might get roiled.

00:11:24.080 I'm telling you, we're going to see the central bankers double down.

00:11:27.380 Because when Chair Powell goes to Europe and he gets toasted by Christine Lagarde, the head of the European Central Bank, and he gets a standing ovation as she says, oh, yes, we all hope to be as brave as he is in resisting—I presume she means being fired.

00:11:49.120 I mean, no one got fired when we hit 9 percent inflation, the highest, in 40 years.

00:11:55.060 And yet the Fed talks about transparency and accountability.

00:11:59.220 But it's kind of cheap grace, because in the end, the Fed just keeps perpetuating its own power.

00:12:08.560 It has wrong models, wrong mechanisms.

00:12:11.920 It needs an entirely new construct.

00:12:13.500 I welcome when Treasury Secretary Scott Besson said we need fundamental reform.

00:12:19.760 It matters a lot more than whether the Fed reduces 25 basis points in July versus September.

00:12:25.620 And even the building renovation project, that's just the thread that we can now pull to unravel all of the problems at the Fed.

00:12:35.360 Running at an operating loss since September 2022, over $900 billion in unrealized capital losses on its own portfolio.

00:12:45.620 And for me, the worst, the Fed paying interest on reserve balances, which means it doesn't engage in open market operations to set monetary policy.

00:12:55.260 It dictates the interest rate.

00:12:57.320 In a free market economy, it fixes the interest rate, the price of loanable capital.

00:13:04.880 And it does it by paying banks not to make loans and not to put their money in Treasury securities, which would bring down those rates, which do affect the real economy.

00:13:15.740 So I'm happy I'll be meeting with Republican senators next week at their steering committee meeting.

00:13:22.440 You have a number of senators who are finally willing to exercise, I think, their constitutionally mandated oversight responsibility.

00:13:30.740 Section 1, Article 8, they're supposed to regulate the money.

00:13:34.260 Judy, hang on for a second. 1.00

00:13:38.080 We're going to take a short commercial break.

00:13:39.280 Judy Shelton is with us this morning on one of the most fundamental issues in this country about the central bank, currency, interest rates, all of it.

00:13:49.300 Update, as we told you, Fishback has got a court hearing on Monday about whether under the Sunshine Laws, I think from the 1970s, 1980s, they can even have a private meeting.

00:14:01.280 These meetings can be private and not open to the public on Tuesday at the Fed.

00:14:06.260 The Fed, yesterday, I think their lawyers claimed it would be a grave disservice to the public if these things are transparent.

00:14:13.260 So we're getting at all that.

00:14:14.660 End of the dollar empire, eight free installments.

00:14:19.180 Excuse me, seven free installments.

00:14:20.700 We're working on the eighth.

00:14:21.480 End of the dollar empire, birchgold.com slash Bannon.

00:14:24.660 Find out all about the prime reserve currency.

00:14:26.720 One thing I want to ask Judy about is about this fight from the very beginning of our republic about central banks.

00:14:33.860 If you get into the dollar empire, go to birchgold.com slash Bannon.

00:14:37.900 The first, I think, two free installments actually talk about that in the 19th century when we really had debates all the time about currency.

00:14:47.900 Short commercial break.

00:14:49.240 Judy Shelton about our central bank, our currency, all of it.

00:14:53.800 Next in the War Room.

00:14:54.560 According to the Department of Energy, blackouts could increase by 10,000 percent over the next few years.

00:15:02.440 It's because of massive energy demand from artificial intelligence data centers.

00:15:07.140 We talk about that all the time here in the War Room.

00:15:10.040 And we have a fragile power grid.

00:15:12.060 It just cannot keep up with that demand.

00:15:14.440 I don't know about you, but I don't like the idea of being without power, even for a day.

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00:15:51.080 Head to MyPatriotSupply.com slash Bannon.

00:15:53.920 That's MyPatriotSupply.com slash Bannon.

00:15:56.960 And grab the Christmas in July bundle before it's gone.

00:16:00.620 Blackouts are coming.

00:16:02.000 Go to MyPatriotSupply.com slash Bannon and get prepared today.

00:16:07.840 Hello, America's Voice family.

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00:16:39.260 Must find Philadelphia much change.

00:16:41.700 There was more change than I could have imagined, Mr. Hamilton.

00:16:45.800 Not the city itself.

00:16:47.200 All cities swallow everything in their way.

00:16:49.540 That's no surprise to me.

00:16:50.720 That's why I abhor them.

00:16:51.720 But I've been, as you know, in revolutionary France,

00:16:55.300 where the streets are filled with the songs of liberty and brotherhood

00:17:00.160 and the overthrow of ancient tyrannies of Europe,

00:17:03.720 and to return from there to this, our cradle of revolution,

00:17:08.080 and find the dinner table chatter is all of money and banks and authority,

00:17:13.520 is an unwelcome surprise.

00:17:17.360 Unwelcome, perhaps, but necessary.

00:17:19.120 I must admit, Mr. Hamilton,

00:17:24.380 I'm a little uncertain

00:17:26.740 as to the purpose of the Treasury Department.

00:17:30.840 No doubt its function will reveal itself to me in good time.

00:17:35.120 The future prosperity of this nation rests chiefly in trade.

00:17:40.540 Trade depends, among other things,

00:17:42.660 on the willingness of other nations to lend us money.

00:17:45.040 And how would you propose to establish international credit?

00:17:49.360 Our first step would be to incur a national debt.

00:17:52.840 The greater the debt, the greater the credit.

00:17:55.880 And to that end, I have recommended to the President

00:17:58.660 that Congress adopt all the debts incurred by the individual states

00:18:04.120 during the war through a national bank.

00:18:06.940 The idea being that if the states owe Congress money,

00:18:11.080 then other nations will feel more inclined to lend it to us.

00:18:16.700 If the states are indebted to a central authority,

00:18:20.340 it increases the power of the central government.

00:18:22.720 You have it exactly.

00:18:24.540 The greater the government's responsibility,

00:18:26.320 the greater its authority.

00:18:29.580 The moneyed interest in this country

00:18:31.980 is all in the north,

00:18:35.140 so the wealth and power

00:18:36.880 would inevitably be concentrated there

00:18:39.000 in the federal government.

00:18:41.540 To the expense of the south.

00:18:44.480 If that is the case,

00:18:46.460 it is unavoidable if the union is to be preserved.

00:18:51.580 I fear a revolution will have been in vain

00:18:53.780 if a Virginia farmer is to be held in hock

00:18:56.160 to a New York stock jobber

00:18:57.660 who in turn is in hock to a London banker.

00:18:59.920 The opportunities for avarice and corruption

00:19:06.380 would certainly prove irresistible.

00:19:10.720 Well, there you have it.

00:19:12.380 As I have heard said,

00:19:13.980 if men were angels,

00:19:15.460 then no government would be necessary.

00:19:17.640 Right there you see,

00:19:18.900 and that is from the classic John Adams on HBO,

00:19:22.160 and I strongly recommend,

00:19:23.260 if you have not watched that

00:19:24.380 and watched it with the family,

00:19:25.400 you do it right there

00:19:26.280 at the very beginning of the country.

00:19:28.040 That is, ladies and gentlemen,

00:19:29.640 the very first cabinet meeting

00:19:31.460 of General Washington,

00:19:33.280 President Washington,

00:19:34.080 his very first cabinet meeting

00:19:35.300 with Jefferson,

00:19:37.780 newly returned from France,

00:19:39.520 and Alexander Hamilton.

00:19:40.800 And what is the argument

00:19:41.880 at the very first cabinet meeting,

00:19:43.440 the very first topic?

00:19:45.300 Money, debt, central banking, all of it.

00:19:49.460 Judy Shelton,

00:19:50.260 so the beginning of our republic, ma'am,

00:19:53.020 this has been a central issue.

00:19:54.420 It's not taught, right?

00:19:56.140 They don't want you to know about this,

00:19:57.380 but this went all the way

00:19:58.480 through Andrew Jackson,

00:19:59.860 all the way through, in fact,

00:20:01.020 the great 1836 to, I think, 1911, 1913.

00:20:05.460 It was one of the greatest periods

00:20:06.820 of growth in world history.

00:20:08.880 We did it without a central bank.

00:20:10.500 Your assessment of this, ma'am?

00:20:13.820 Steve, that conversation

00:20:15.740 you just aired is so riveting,

00:20:20.240 and it shows that from the beginning,

00:20:22.180 there was this slippery slope

00:20:24.900 between wanting to preserve

00:20:27.200 the founding principles

00:20:29.060 of a nation that believed

00:20:30.720 it was capable of self-government

00:20:32.680 and that it would achieve this

00:20:34.900 by empowering individuals economically.

00:20:38.880 They would have freedom

00:20:40.340 to plan their own lives.

00:20:42.020 They were deemed capable.

00:20:43.860 In the Constitution,

00:20:47.040 in Article I, Section 8,

00:20:49.600 when Congress was granted

00:20:50.860 the authority to regulate the money,

00:20:53.300 it's in the same sentence

00:20:54.940 as the one that gives Congress

00:20:56.960 the power to establish

00:20:58.740 the official standard of weights

00:21:01.120 and measures,

00:21:02.240 because money was meant to be

00:21:04.000 a measure,

00:21:05.160 an honest measure.

00:21:06.880 And so this tension

00:21:08.720 between Alexander Hamilton,

00:21:11.280 who wanted to convince

00:21:12.480 President Washington

00:21:14.020 that the United States

00:21:15.820 needed to be a big player

00:21:17.240 and issue debt

00:21:18.980 and gain credit

00:21:20.500 and become part of that

00:21:22.600 international system

00:21:24.220 for purposes of trade,

00:21:25.840 there's some valid arguments there,

00:21:27.920 and taking on the debt

00:21:29.420 of the individual colonies,

00:21:31.280 which were now

00:21:32.000 newly independent states,

00:21:34.380 but beneath the protection

00:21:37.680 of the United States of America

00:21:39.660 as a nation on its own,

00:21:42.840 Jefferson had written notes

00:21:44.760 on the establishment

00:21:45.740 of a money unit

00:21:46.980 for the United States.

00:21:49.180 And what Jefferson had emphasized

00:21:51.060 is money,

00:21:53.240 we have to have money

00:21:54.900 that people can take straight up,

00:21:56.860 and it shouldn't be

00:21:57.520 a sophisticated thing.

00:21:58.720 It should make sense

00:21:59.740 to the people who carry out

00:22:01.360 their everyday transactions.

00:22:03.320 He said it should be

00:22:04.260 easy to understand,

00:22:05.800 it should be familiar,

00:22:07.340 and it should give confidence,

00:22:08.860 and it will help unite

00:22:10.140 these earlier colonies

00:22:12.860 into their own country.

00:22:16.020 So Jefferson was highly suspicious

00:22:17.980 of central banks

00:22:19.740 because he thought

00:22:20.520 if you approve that

00:22:21.820 and you issue debt

00:22:23.780 and you're putting that burden,

00:22:26.300 adding that to the yoke

00:22:27.580 on members of the public,

00:22:29.600 how are you so different

00:22:30.760 from these other tyrannies

00:22:33.180 dominated by a king?

00:22:36.420 And both gentlemen,

00:22:39.620 both of these great men

00:22:41.120 in U.S. history,

00:22:42.340 wrote lengthy essays

00:22:43.500 to try to convince Washington.

00:22:45.780 Washington was very reluctant

00:22:47.360 to agree to establish a bank.

00:22:51.060 But in the end,

00:22:52.600 I think for these pragmatic purposes

00:22:55.460 of gaining entry

00:22:57.360 into what was then

00:22:58.800 the international trading system

00:23:00.580 and being seen

00:23:01.900 as a legitimate authority

00:23:04.540 and a new nation,

00:23:06.360 he acquiesced.

00:23:07.620 But as you say,

00:23:08.460 later in the 1800s,

00:23:10.460 when we issued greenbacks

00:23:13.720 and during the Civil War,

00:23:16.460 and the idea was

00:23:17.300 the government

00:23:17.700 would just have these IOUs

00:23:19.740 with no connection

00:23:21.140 to gold reserves

00:23:22.860 or backing of any kind,

00:23:24.280 but they had to be accepted

00:23:25.620 as legal tender,

00:23:26.540 that prevailed during the war

00:23:29.240 and right after the war,

00:23:30.660 the very man

00:23:31.340 who had approved that

00:23:32.440 as a Treasury official

00:23:34.940 became the head

00:23:36.680 of the Supreme Court

00:23:37.680 and he said

00:23:39.080 that what he had done

00:23:40.040 was unconstitutional.

00:23:41.940 He ruled that

00:23:42.960 that was a violation

00:23:44.100 of really these same

00:23:45.920 founding principles

00:23:46.880 that are in the Constitution.

00:23:49.440 So this tension goes on

00:23:51.920 and I'm so pleased,

00:23:55.460 it was so gratifying

00:23:56.680 to see President Trump

00:23:58.000 looking very natural

00:23:59.300 in a hard hat

00:24:01.000 for construction,

00:24:02.580 really confronting

00:24:04.140 and I think bringing down

00:24:05.680 to size

00:24:06.500 this chairman of the Fed

00:24:09.680 and the message there

00:24:12.960 for me

00:24:13.560 was that

00:24:14.660 when you have

00:24:15.660 a change of leadership

00:24:16.640 and I think he's hitting

00:24:17.700 on all cylinders remarkably

00:24:19.480 in all these

00:24:20.300 foreign policy areas,

00:24:22.260 on the border,

00:24:23.180 he's doing so much

00:24:24.480 challenging a corrupt DOJ,

00:24:27.200 but on this big question,

00:24:29.220 what is the appropriate role

00:24:30.800 of a central bank

00:24:32.060 in a free market economy?

00:24:35.060 And you hear all the invocation

00:24:38.380 of the dual mandate,

00:24:40.300 but really that's the way

00:24:41.640 the Fed protects itself.

00:24:43.860 I would put

00:24:44.500 the next Fed chairman

00:24:46.500 should be someone

00:24:47.580 who puts the Constitution

00:24:49.320 ahead of

00:24:50.760 the Federal Reserve

00:24:52.220 Reform Act

00:24:53.060 of 1977.

00:24:55.360 And I might also point out

00:24:56.720 that the Humphrey Hawkins Act

00:24:58.400 of 1978,

00:25:00.580 contrary

00:25:01.020 to what people say

00:25:02.520 about establishing

00:25:03.720 central bank independence,

00:25:06.980 says in it several times

00:25:09.120 what we need,

00:25:10.100 and I'm quoting,

00:25:10.980 this is legislative language,

00:25:12.600 is improved coordination

00:25:14.280 among the president,

00:25:16.160 the Congress,

00:25:17.540 and the Board of Governors

00:25:18.620 of the Federal Reserve.

00:25:20.840 And it was meant

00:25:22.260 to help use

00:25:23.620 an all-of-government approach

00:25:25.300 to achieve

00:25:26.040 national economic priorities,

00:25:28.820 one of which was

00:25:30.360 a better trade balance.

00:25:32.560 So I just think

00:25:33.620 the Fed has gone off the rails

00:25:35.280 and kind of

00:25:37.240 believes its own press clippings

00:25:39.620 when, in fact,

00:25:41.060 it is not serving the public

00:25:42.940 and it is not carrying

00:25:45.000 out the function.

00:25:46.220 I mean,

00:25:46.440 even the dual mandate,

00:25:47.800 stable prices,

00:25:48.940 that was meant

00:25:50.300 to mean

00:25:50.920 zero inflation.

00:25:52.760 Again,

00:25:53.180 read the legislation,

00:25:55.020 zero inflation.

00:25:56.600 The Fed,

00:25:57.500 in 1996,

00:25:58.740 when Alan Greenspan

00:25:59.780 was the chair,

00:26:01.200 discussed what it meant

00:26:02.500 to deliver

00:26:03.140 stable prices.

00:26:04.680 And Greenspan thought

00:26:05.660 it meant

00:26:05.960 zero inflation.

00:26:07.340 What else could it mean?

00:26:08.420 But he was talked

00:26:09.740 out of that

00:26:10.440 by Janet Yellen,

00:26:11.980 who was on the

00:26:12.640 Federal Open Market Committee

00:26:14.020 at the Federal Reserve.

00:26:15.920 And she thought,

00:26:16.780 let's have

00:26:17.720 perpetual low inflation,

00:26:20.140 basically because

00:26:21.400 through Keynesian principles,

00:26:23.040 that's how you

00:26:23.660 fool wage earners.

00:26:26.280 If the economy

00:26:27.300 takes a downturn,

00:26:28.680 and let's say normally

00:26:29.600 that meant

00:26:30.220 companies did

00:26:31.440 1% less business

00:26:33.260 and you would

00:26:34.300 maybe cut wages 1%,

00:26:36.640 she said,

00:26:37.140 oh, no, no.

00:26:37.740 If you have inflation

00:26:39.680 at, say,

00:26:40.200 2% or 3%,

00:26:41.220 you can actually

00:26:42.080 give them a raise

00:26:43.160 and they won't realize

00:26:44.720 that in real terms

00:26:45.760 they've lost

00:26:46.480 purchasing power.

00:26:48.340 And that has been

00:26:49.440 the Fed's policy

00:26:50.880 to deliberately

00:26:51.700 debase the dollar.

00:26:53.500 Even at 2% a year,

00:26:54.980 they would pat themselves

00:26:55.840 on the back

00:26:56.520 to get down to 2%.

00:26:57.880 But think of that,

00:26:58.840 over a decade,

00:27:00.280 losing 20%

00:27:01.260 of your purchasing power.

00:27:03.160 I just think,

00:27:04.320 I'm amazed

00:27:05.000 the American people

00:27:05.780 have put up with it

00:27:06.800 and I'm delighted

00:27:08.060 that I think

00:27:09.080 we're now starting

00:27:09.960 to confront the Fed

00:27:11.280 about these

00:27:11.960 longstanding policies

00:27:13.220 that have not served

00:27:14.980 the aims

00:27:15.820 or been consistent

00:27:16.740 with the principles

00:27:18.160 of America.

00:27:20.820 Judy,

00:27:21.400 can you hang on one second?

00:27:22.360 We'd love to hold you

00:27:23.060 to another break.

00:27:23.740 And the reason is

00:27:24.360 that as President Trump,

00:27:26.640 you saw at the beginning

00:27:27.640 with this issue

00:27:28.900 with the deep state

00:27:29.720 and going through

00:27:30.200 this investigation,

00:27:31.640 President Trump,

00:27:32.260 this is signal,

00:27:32.860 not noise.

00:27:33.280 He's going after

00:27:34.040 the fundamental institutions

00:27:35.720 that control your life

00:27:37.460 and actually asking

00:27:38.580 basic questions.

00:27:40.500 Do they serve a purpose?

00:27:41.680 Do they need to be purged?

00:27:42.740 Do they need to be restructured?

00:27:44.180 Or do we even need them?

00:27:47.500 Judy Shelton,

00:27:48.320 one of the biggest

00:27:48.960 observers and critics

00:27:50.640 of our central bank,

00:27:51.940 the Federal Reserve,

00:27:52.760 will be on the other side.

00:27:53.700 Take your phone out.

00:27:54.980 Text Bannon,

00:27:55.800 B-A-N-N-O-N, 1.00

00:27:56.980 at 9-8-9-8-9-8.

00:27:58.360 You get the ultimate guide

00:27:59.520 from Birch Gold,

00:28:01.000 ultimate and free guide

00:28:01.980 for investing in gold

00:28:03.040 and precious metals

00:28:04.000 in the age of Trump.

00:28:05.940 Short break.

00:28:06.840 What if he had

00:28:07.540 the brightest mind

00:28:08.480 in the war room

00:28:09.280 delivering critical

00:28:10.420 financial research

00:28:11.540 every month?

00:28:13.060 Steve Bannon here.

00:28:14.180 War room listeners

00:28:14.820 know Jim Rickards.

00:28:15.880 I love this guy.

00:28:17.320 He's our wise man,

00:28:18.300 a former CIA,

00:28:19.500 Pentagon,

00:28:19.940 and White House advisor

00:28:20.860 with an unmatched grasp

00:28:22.560 of geopolitics

00:28:23.540 and capital markets.

00:28:24.960 Jim predicted

00:28:25.540 Trump's Electoral College

00:28:26.700 victory exactly

00:28:28.040 312 to 226,

00:28:30.540 down to the actual

00:28:32.420 number itself.

00:28:34.220 Now he's issuing

00:28:35.180 a dire warning

00:28:36.040 about April 11th,

00:28:37.560 a moment that could

00:28:38.440 define Trump's presidency

00:28:39.780 in your financial future.

00:28:41.860 His latest book,

00:28:43.320 Money GPT,

00:28:44.340 exposes how AI

00:28:45.460 is setting the stage

00:28:46.480 for financial chaos,

00:28:47.960 bank runs

00:28:48.600 at lightning speeds,

00:28:49.740 algorithm-driven crashes,

00:28:51.560 and even threats

00:28:52.560 to national security.

00:28:53.580 Right now,

00:28:54.240 war room members

00:28:54.820 get a free copy

00:28:55.860 of Money GPT

00:28:57.480 when they sign up

00:28:58.440 for strategic intelligence.

00:28:59.820 This is Jim's

00:29:00.900 flagship financial newsletter,

00:29:03.380 Strategic Intelligence.

00:29:05.080 I read it.

00:29:06.100 You should read it.

00:29:07.180 Time is running out.

00:29:08.020 Go to

00:29:08.300 RickardsWarRoom.com.

00:29:09.860 That's all one word,

00:29:10.800 Rickards War Room.

00:29:11.760 Rickards with an S.

00:29:13.240 Go now

00:29:13.940 and claim your free book.

00:29:15.660 That's

00:29:15.940 RickardsWarRoom.com.

00:29:18.220 Do it today.

00:29:18.800 Here's your host,

00:29:21.720 Stephen K.

00:29:22.440 Mann.

00:29:25.540 So,

00:29:26.140 as you can tell,

00:29:27.180 we're starting a big project here.

00:29:28.460 It's going to take

00:29:28.860 many months,

00:29:30.140 but it is to

00:29:31.860 basically deconstruct,

00:29:34.360 and you will be a part of this,

00:29:36.080 this audience,

00:29:36.720 as you've been in all these

00:29:37.720 fights and wars

00:29:38.440 we've had over the last five years,

00:29:40.180 about the restructuring

00:29:43.720 of exactly

00:29:44.580 how this

00:29:45.920 economic system works.

00:29:49.440 Now,

00:29:49.840 you've already done it.

00:29:50.640 You've had President Trump's back

00:29:51.920 on the commercial relationships

00:29:53.120 and trade.

00:29:53.700 One of the reasons in Scotland

00:29:54.740 he's going to talk to

00:29:55.720 the head of the EU.

00:29:57.380 He's going to talk to Starmer.

00:29:59.020 And like he said today,

00:29:59.920 hey,

00:30:00.140 we're going to talk trade

00:30:01.100 and I want to talk this deal,

00:30:02.500 but

00:30:02.680 you guys got to get your house

00:30:04.200 in order with migration.

00:30:06.280 He was very blunt

00:30:07.240 with these folks.

00:30:09.660 Our former

00:30:10.460 co-host,

00:30:11.340 Peter Navarro,

00:30:12.180 we'll get him on

00:30:12.660 and be part of this.

00:30:13.420 Of course,

00:30:13.720 our contributors,

00:30:14.580 over the years,

00:30:15.380 Russ Vogt

00:30:16.120 and, of course,

00:30:16.720 the Secretary of Treasury,

00:30:18.340 Scott Besant.

00:30:19.700 We'll have him

00:30:20.440 and Joe Lavernier

00:30:21.180 with a lot of analysis

00:30:23.160 and assessment

00:30:23.740 as we go on

00:30:24.460 in the days,

00:30:25.400 weeks,

00:30:25.640 and months ahead.

00:30:27.300 And, of course,

00:30:27.900 we had David Malpass

00:30:29.020 and we'll have E.J.

00:30:30.220 and Tony

00:30:30.600 and all this

00:30:31.100 and we're going to be

00:30:31.640 asking these basic

00:30:32.520 fundamental questions

00:30:33.380 that Scott Besant,

00:30:34.800 a former contributor,

00:30:35.680 put on the table.

00:30:36.960 It is now time

00:30:37.740 to really go through

00:30:38.540 the Federal Reserve

00:30:39.260 and take it apart

00:30:40.720 and look at it

00:30:41.560 and find out

00:30:43.480 what its strategy is,

00:30:44.360 what's actually,

00:30:45.480 you know,

00:30:45.760 happening.

00:30:46.440 What are the control mechanisms?

00:30:48.580 And I think we've got to get back

00:30:49.680 to the very basics,

00:30:51.140 what its purpose is

00:30:52.520 and do we need it.

00:30:54.520 Judy mentioned just,

00:30:55.700 you know,

00:30:56.100 passing,

00:30:57.000 a $900 billion loss,

00:30:59.660 unrealized loss

00:31:00.560 on their balance sheet

00:31:01.260 right now,

00:31:01.660 almost a trillion dollars.

00:31:05.420 Judy,

00:31:06.060 we're on the,

00:31:06.620 you know,

00:31:07.000 we just had the AI

00:31:08.000 action plan,

00:31:09.600 we've got

00:31:10.260 artificial intelligence,

00:31:12.080 we've got,

00:31:12.460 we just beat back

00:31:13.260 a central bank

00:31:13.900 digital currency.

00:31:14.740 This audience

00:31:15.440 with MTG

00:31:16.560 and a handful of others

00:31:17.420 made sure

00:31:17.980 that we had

00:31:18.360 an independent

00:31:18.920 vote passed

00:31:22.300 so we wouldn't go

00:31:23.080 to a central bank

00:31:23.740 digital currency

00:31:24.380 because they were about

00:31:25.080 to pass that up

00:31:25.840 on Capitol Hill.

00:31:27.420 So we're on the

00:31:28.160 age of,

00:31:29.460 we're on the eve

00:31:30.180 of a revolution

00:31:31.140 that will be

00:31:32.100 the greatest

00:31:32.740 industrial revolution

00:31:34.660 at least to date

00:31:36.740 with artificial intelligence

00:31:38.500 and the convergence

00:31:39.400 of quantum computing

00:31:40.680 and regenerative robotics

00:31:42.500 and artificial general

00:31:43.760 intelligence,

00:31:44.460 CRISPR,

00:31:44.760 all that,

00:31:45.060 the singularity

00:31:45.880 is within sight,

00:31:48.120 right?

00:31:48.400 As we said

00:31:49.480 when I was in

00:31:50.240 federal prison,

00:31:50.840 you can see the door.

00:31:53.560 Why is Judy Shelton 1.00

00:31:54.700 then,

00:31:55.940 why are you not

00:31:56.760 just a complete

00:31:57.780 throwback

00:31:58.460 to Jefferson

00:31:59.880 and Hamilton

00:32:00.520 and horse and buggy?

00:32:01.960 You continue

00:32:02.760 to hammer

00:32:03.300 the Fed

00:32:04.560 and the basic core,

00:32:05.880 you talk about gold,

00:32:06.900 gold bonds,

00:32:07.660 you want an audit.

00:32:09.380 Don't you come

00:32:10.360 from the horse

00:32:12.180 and buggy era

00:32:13.040 in that really

00:32:14.400 it's passed you by

00:32:15.560 what they're talking

00:32:17.060 about today

00:32:17.620 with the digitization

00:32:18.620 of money

00:32:19.120 and artificial intelligence

00:32:20.480 and all that

00:32:21.060 and everything we talk

00:32:21.980 about is really

00:32:23.040 about this barbaric

00:32:24.260 metal that really

00:32:25.280 harkens back

00:32:26.140 to the dark ages

00:32:27.480 of mankind,

00:32:28.500 ma'am?

00:32:29.700 I think that

00:32:31.040 talking about

00:32:32.100 the role of gold

00:32:33.620 in anchoring

00:32:35.000 an international

00:32:36.320 level monetary

00:32:38.080 playing field

00:32:39.000 is a very

00:32:40.420 forward-looking,

00:32:42.100 even sophisticated

00:32:43.080 approach.

00:32:43.920 I might note

00:32:44.540 that Secretary

00:32:45.640 Besson said

00:32:46.960 that he was

00:32:47.940 probably best

00:32:48.960 labeled a gold bug

00:32:50.060 during his

00:32:51.020 currency trading days.

00:32:53.940 And it's funny,

00:32:55.920 I even,

00:32:56.280 I was preparing

00:32:57.260 and looking

00:32:58.000 at some notes.

00:32:59.360 I actually have

00:33:00.300 an email

00:33:00.900 from Alan Greenspan.

00:33:03.360 This was from

00:33:04.460 July 2019.

00:33:06.140 I had a great

00:33:08.400 collegial relationship

00:33:10.000 with him

00:33:10.660 since 1990.

00:33:12.260 He'd read my book

00:33:12.980 on the coming

00:33:14.660 Soviet crash 0.82

00:33:15.720 and he had just

00:33:16.520 come back from

00:33:17.100 the Soviet Union

00:33:17.820 and he wanted me

00:33:18.520 to come to D.C.

00:33:19.220 to talk about it.

00:33:20.200 So then I met

00:33:20.780 pretty regularly

00:33:21.720 with him.

00:33:23.140 But when I was

00:33:24.020 a newly named

00:33:26.140 nominee

00:33:26.660 for the Federal

00:33:27.980 Reserve Board

00:33:28.680 by President Trump,

00:33:30.420 there was

00:33:31.020 just a brutal

00:33:33.560 column about me

00:33:35.200 in the Washington Post.

00:33:37.020 So I sent it

00:33:38.040 to Alan,

00:33:38.660 I emailed it,

00:33:39.880 and I started out

00:33:41.020 by saying,

00:33:41.720 I'm noting

00:33:42.200 a certain

00:33:42.800 almost hysterical

00:33:43.980 antagonism

00:33:44.800 toward the gold

00:33:45.500 standard these days.

00:33:47.340 And then said,

00:33:48.100 sound familiar?

00:33:49.040 That was the

00:33:49.740 opening sentence

00:33:50.860 of the paper

00:33:52.520 that Alan Greenspan

00:33:53.920 wrote called

00:33:54.660 Gold and Economic

00:33:55.840 Freedom.

00:33:57.360 A radical paper.

00:33:59.040 And he wrote

00:33:59.780 that for

00:34:00.620 Ayn Rand's

00:34:01.600 compendium,

00:34:02.400 Capitalism,

00:34:03.060 the Unknown Ideal.

00:34:05.320 And he emailed

00:34:06.480 right back,

00:34:07.300 Dear Judy, 1.00

00:34:08.420 interesting times.

00:34:10.400 If gold is such

00:34:11.220 a worthless metal,

00:34:12.300 then why does

00:34:12.880 the U.S.

00:34:13.520 government

00:34:13.860 and all other

00:34:15.040 major governments

00:34:15.920 hold so much

00:34:17.160 of it in storage?

00:34:19.100 Unquote.

00:34:20.060 Best, Alan.

00:34:22.160 So I've also

00:34:23.660 known Paul Volcker

00:34:25.260 since 1994.

00:34:27.700 right up until

00:34:29.340 he passed away.

00:34:31.240 We would always

00:34:32.460 be together

00:34:33.580 at the International

00:34:35.020 Monetary Conference

00:34:36.180 chaired by

00:34:37.140 Robert Mundell.

00:34:38.800 And I co-chaired

00:34:39.680 it the last few

00:34:40.400 years of Mundell's

00:34:41.520 life.

00:34:42.140 He was the

00:34:42.840 Nobel Economics

00:34:44.400 Laureate who was

00:34:45.220 really the

00:34:45.680 intellectual godfather

00:34:47.280 under President

00:34:48.560 Reagan for

00:34:49.360 supply-side

00:34:50.160 economics.

00:34:50.800 And he believed

00:34:51.820 a stable dollar

00:34:53.260 was just vital

00:34:54.960 to assuring

00:34:56.380 prosperity.

00:34:57.720 You needed

00:34:58.080 the proper

00:34:58.600 foundation for

00:35:00.300 market forces

00:35:01.620 to work,

00:35:02.700 for supply

00:35:03.260 and demand

00:35:04.420 to deliver

00:35:06.520 optimal economic

00:35:08.660 performance because

00:35:09.820 the money itself

00:35:11.160 conveyed accurate

00:35:12.800 price signals.

00:35:13.620 And it functioned

00:35:14.760 as a store

00:35:15.460 of value.

00:35:16.580 So it's

00:35:17.760 I've grown

00:35:19.400 a very

00:35:19.940 thick skin

00:35:20.980 and people

00:35:22.280 who criticize

00:35:22.820 gold are

00:35:23.800 not the ones

00:35:24.900 in the arena.

00:35:26.040 Paul Volcker

00:35:26.560 always talked

00:35:27.840 about the role

00:35:28.740 of gold as

00:35:29.560 the anchor

00:35:29.940 for the Bretton

00:35:30.480 Woods system.

00:35:31.560 He wrote

00:35:32.320 in his book

00:35:33.200 Changing

00:35:33.540 Fortunes,

00:35:34.300 he always thought

00:35:35.300 it was embarrassing

00:35:36.200 that the U.S.

00:35:37.180 walked away

00:35:37.860 from the gold

00:35:38.480 convertibility

00:35:39.340 obligation

00:35:40.680 and he was

00:35:42.160 sure we were

00:35:42.760 going to just

00:35:43.320 restore the

00:35:44.400 system but at a

00:35:45.320 higher valuation

00:35:46.420 for gold.

00:35:47.960 So when I see

00:35:49.500 people who have

00:35:50.080 been in the arena

00:35:50.820 and served for

00:35:52.180 many, many years

00:35:53.200 as the head

00:35:54.360 of the most

00:35:55.100 important central

00:35:55.840 bank in the

00:35:56.360 world, like

00:35:57.180 Greenspan, like

00:35:58.180 Volcker, and

00:35:59.580 then to have

00:36:00.200 such a good

00:36:00.660 relationship with

00:36:01.420 Mundell, who

00:36:02.800 his supply-side

00:36:04.540 approach is now

00:36:05.420 being replicated

00:36:06.680 and I think

00:36:07.720 improved and

00:36:08.760 made substantially

00:36:09.500 stronger due to

00:36:11.220 the bold

00:36:11.660 leadership of

00:36:12.680 President Trump,

00:36:13.960 I can

00:36:14.560 laugh off

00:36:16.300 people who

00:36:17.080 think it's

00:36:18.660 better, a

00:36:19.680 better system

00:36:20.540 to listen to

00:36:22.460 the nuanced

00:36:23.180 statement of

00:36:24.860 12 officials on

00:36:26.660 the voting

00:36:27.220 committee that

00:36:28.400 defines, that

00:36:29.820 dictates the

00:36:30.880 rate of interest

00:36:31.820 and they meet

00:36:33.600 eight times a

00:36:34.460 year to decide

00:36:35.620 the cost of

00:36:36.260 loanable capital,

00:36:37.500 I mean, that's

00:36:38.100 barbaric.

00:36:38.860 To me, that

00:36:39.320 violates the

00:36:40.300 norms of

00:36:41.600 democratic governance.

00:36:42.720 So I would

00:36:44.040 rather have, I

00:36:45.320 think I would

00:36:45.720 go with the

00:36:46.220 thinking, not

00:36:47.020 just of central

00:36:47.800 banks, which

00:36:49.040 have been buying

00:36:49.600 up gold like

00:36:50.560 crazy, but all

00:36:51.740 the people buying

00:36:52.460 it at Costco.

00:36:53.460 I trust that

00:36:54.680 aggregate wisdom

00:36:55.800 much more than

00:36:57.580 the rather

00:36:58.060 insulated world of

00:36:59.320 central bankers

00:37:00.340 who think they

00:37:01.380 can control the

00:37:02.380 money supply.

00:37:03.240 You brought up

00:37:04.100 all of this,

00:37:05.320 these evolving

00:37:06.300 electronic payment

00:37:08.640 platforms.

00:37:09.520 How can you

00:37:10.760 control the

00:37:11.380 money supply

00:37:12.080 with stable

00:37:12.960 coins coming

00:37:14.060 on?

00:37:14.400 There's unlimited

00:37:15.020 potential for

00:37:15.960 stable coins to

00:37:17.440 serve as money.

00:37:18.780 You have the

00:37:20.200 explosion of

00:37:20.880 private credit.

00:37:22.380 The whole

00:37:23.040 rationale for

00:37:24.500 a Federal Reserve

00:37:25.300 system was to

00:37:27.060 prevent banking

00:37:28.000 panics.

00:37:29.140 Well, now more

00:37:29.640 than 50% of the

00:37:31.500 loans to small

00:37:32.340 and medium-sized

00:37:33.260 businesses are

00:37:34.340 coming from

00:37:34.860 non-bank

00:37:35.660 institutions,

00:37:37.100 private credit.

00:37:38.020 How is the Fed

00:37:39.260 examining that?

00:37:41.520 There's a

00:37:42.040 regulatory

00:37:42.480 arbitrage going

00:37:43.580 on where the

00:37:44.160 big banks just

00:37:45.820 play footsie

00:37:46.480 with the Fed.

00:37:47.260 They collect

00:37:47.780 hefty interest

00:37:49.060 rates for

00:37:49.660 letting their

00:37:50.060 money sit in

00:37:51.160 cash balances

00:37:52.720 at the Federal

00:37:53.620 Reserve.

00:37:54.760 And then on the

00:37:55.280 side, and we

00:37:56.000 just heard Jamie

00:37:56.880 Diamond talking

00:37:57.700 about this, he

00:37:58.340 says, I think

00:37:58.840 it's dangerous as

00:37:59.640 can be, but we

00:38:00.320 want in on it.

00:38:01.660 So J.P.

00:38:02.520 Morgan is now

00:38:03.580 saying we're

00:38:04.320 going to get

00:38:04.960 into this private

00:38:05.860 credit business

00:38:06.780 big time.

00:38:07.340 Those loans

00:38:08.280 are not under

00:38:09.540 the immediate

00:38:10.200 regulatory oversight

00:38:12.340 of the Federal

00:38:13.180 Reserve.

00:38:14.200 And another very

00:38:15.420 interesting movement,

00:38:17.360 the growing number

00:38:18.140 of states,

00:38:18.880 including Florida

00:38:20.200 and Texas,

00:38:22.360 in the last two

00:38:23.680 months have

00:38:24.540 signed legislation

00:38:25.600 to allow citizens

00:38:27.580 to use gold

00:38:28.780 and silver

00:38:29.400 through debit

00:38:30.940 cards and mobile

00:38:31.980 applications as

00:38:33.380 legal tender for

00:38:34.720 everyday transactions.

00:38:35.760 and it was no

00:38:36.800 mistake.

00:38:37.840 I mean, Greg

00:38:38.980 Abbott, the

00:38:39.700 governor of Texas,

00:38:40.560 when he signed

00:38:41.740 the legislation

00:38:42.520 less than a

00:38:43.220 month ago, he

00:38:44.340 said this is to

00:38:45.300 restore constitutional

00:38:47.120 money.

00:38:48.600 And when Governor

00:38:49.220 DeSantis signed it

00:38:50.380 for Florida just a

00:38:51.440 month before that,

00:38:52.580 he said this is to

00:38:53.520 restore economic

00:38:54.580 freedom.

00:38:55.600 So you have an

00:38:56.260 alternative to a

00:38:57.200 dollar that is being

00:38:58.400 deliberately debased.

00:38:59.960 I think this should

00:39:01.060 be sending a signal

00:39:02.500 to Washington, and I

00:39:04.340 think it is, and I

00:39:05.520 think our members

00:39:06.680 of Congress are

00:39:07.500 picking up on it,

00:39:08.900 that the spell has

00:39:10.700 been broken.

00:39:11.620 When the Fed allowed

00:39:13.160 inflation to get to

00:39:15.280 the point that it

00:39:16.240 did, when the Fed's

00:39:17.420 model predicted doom

00:39:19.280 and gloom, and that

00:39:20.560 didn't happen, when

00:39:21.820 people started to

00:39:22.700 realize that the way

00:39:25.620 you fight inflation is

00:39:26.820 by increasing output,

00:39:28.520 increasing supply, not

00:39:30.760 by trying to suppress

00:39:32.280 demand and curtail

00:39:33.400 growth, what the Fed

00:39:34.780 does, when government

00:39:35.760 is overspending and

00:39:36.960 engaged in classic

00:39:38.100 stimulus deficit

00:39:39.560 spending, and then the

00:39:41.340 Fed becomes a

00:39:42.120 disciplinarian and

00:39:43.000 says, well, we'll run

00:39:43.920 up interest rates to

00:39:45.620 prevent inflation, all

00:39:47.040 they're doing is

00:39:47.640 empowering government

00:39:48.640 at the expense of the

00:39:50.600 private sector, because

00:39:51.760 government has to pay

00:39:53.100 whatever the interest

00:39:54.400 rate is decreed through

00:39:55.500 treasury auctions.

00:39:56.920 But for entrepreneurs,

00:39:59.100 for small business

00:40:00.100 people, who really

00:40:01.140 need access to

00:40:02.060 capital, when you

00:40:04.260 set artificially high

00:40:05.720 interest rates, which

00:40:06.580 is what the Fed means

00:40:07.560 when it says, yes, it's

00:40:09.060 restrictive, they mean

00:40:10.840 it's restricting the

00:40:12.520 amount of real growth

00:40:13.860 that it is permitting,

00:40:15.360 because these people are

00:40:16.640 now having to go

00:40:17.340 elsewhere.

00:40:18.700 And because high cost

00:40:20.400 of capital is a real

00:40:21.260 barrier to people in the

00:40:23.260 real economy, that's why

00:40:25.440 it makes no sense to

00:40:27.460 have fiscal policy

00:40:30.560 working at odds with

00:40:32.200 monetary policy to the

00:40:33.600 benefit of empowering

00:40:34.860 big government.

00:40:37.440 Are the BRICs totally 1.00

00:40:39.920 wrong?

00:40:40.320 I mean, geopolitically,

00:40:41.280 it's becoming anti-Western,

00:40:43.460 but when they talk about

00:40:44.540 the deterioration of the

00:40:47.520 dollar, and they're

00:40:48.420 looking to do bilateral

00:40:49.380 agreements that are

00:40:50.420 backed in gold, and

00:40:51.480 they're talking about some

00:40:52.120 sort of gold-backed

00:40:54.100 currency, and they deem

00:40:58.080 their central banks to

00:40:58.920 go buy gold at record

00:40:59.880 rates, they understand

00:41:01.580 something about the

00:41:02.840 deterioration of the

00:41:03.700 dollar, correct?

00:41:05.560 They have their reasons.

00:41:07.500 Of course, we don't want

00:41:08.540 that to happen.

00:41:09.760 I like that President

00:41:10.780 Trump put it out there

00:41:12.580 that don't do that. 0.71

00:41:16.580 It's hard for them,

00:41:18.020 because we have the

00:41:19.120 deepest financial markets,

00:41:20.720 we have a lot going for

00:41:22.160 us.

00:41:22.520 The U.S.

00:41:23.660 has a legacy of having

00:41:25.180 been the anchor country

00:41:26.340 for the Bretton Woods

00:41:27.180 system, which not only

00:41:29.240 delivered productive

00:41:30.360 growth all over the

00:41:31.840 world, and you had fixed

00:41:33.820 exchange rates, which

00:41:35.020 meant trade was carried

00:41:36.860 out on the basis of a

00:41:39.140 unified money system, just

00:41:40.760 like we had when Adam

00:41:42.420 Smith wrote The Wealth of

00:41:43.960 Nations.

00:41:44.600 You can't talk about

00:41:45.720 comparative advantage if

00:41:49.400 currency manipulation is

00:41:51.700 obscuring the price signals

00:41:53.420 and slanting to the

00:41:55.080 advantage of countries

00:41:56.220 that depreciate their

00:41:57.500 currencies.

00:41:58.880 So the BRICS countries,

00:42:00.360 they want to avoid

00:42:01.060 sanctions.

00:42:01.960 They understand that the

00:42:03.700 U.S.

00:42:04.060 dollar is subject to what

00:42:06.120 we're calling the

00:42:07.180 inability, the fiscal

00:42:11.500 insustainability of our

00:42:14.000 path, which we keep saying

00:42:16.920 we're going to deal with in

00:42:17.800 the long run.

00:42:18.500 Well, I'm waiting for day

00:42:19.640 one of the long run and

00:42:21.620 trying to get down to a

00:42:22.600 balanced budget.

00:42:23.320 You need sound finances to

00:42:25.440 go with sound money.

00:42:27.080 But this is why I say the

00:42:28.700 United States could just 0.90

00:42:30.840 leap ahead.

00:42:32.060 And it would be fairly

00:42:32.820 simple if you had your

00:42:35.120 Treasury secretary.

00:42:36.700 And I say I think Scott

00:42:38.020 Bessent would be amenable to

00:42:39.300 this because he is a

00:42:40.320 student of monetary

00:42:41.080 history, even a professor

00:42:42.860 of monetary history.

00:42:45.140 The Treasury could issue a

00:42:47.000 fall back.

00:42:47.720 Hang on.

00:42:48.380 We've got to go to a break.

00:42:49.620 I want to give the punch

00:42:50.600 line on the other side.

00:42:53.200 Judy Shelton with an

00:42:54.700 amazing hour here to walk

00:42:57.920 us through finance,

00:42:59.200 economics, central banking,

00:43:00.740 currency, all of it.

00:43:02.600 Short commercial break.

00:43:03.440 Judy Shelton on the other 0.99

00:43:04.420 side.

00:43:04.700 There's a lot of talk

00:43:20.400 about government debt,

00:43:21.520 but after four years of

00:43:22.520 inflation, the real crisis

00:43:24.080 is personal debt.

00:43:26.380 Seriously, you're working

00:43:27.440 harder than ever, and you're 0.64

00:43:28.920 still drowning in credit

00:43:30.220 card debt and overdue bills.

00:43:31.980 You need done with

00:43:34.660 debt, and here's why you

00:43:35.900 need it.

00:43:36.280 The credit system is rigged

00:43:37.840 to keep you trapped.

00:43:39.960 Done with debt has unique

00:43:41.700 and, frankly, brilliant

00:43:42.860 escape strategies to help

00:43:44.500 end your debt fast.

00:43:46.620 So you keep more of your

00:43:48.120 hard-earned money.

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00:43:52.600 they don't try to sell you

00:43:53.560 a bankruptcy.

00:43:54.820 They're tough negotiators

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00:43:57.740 your credit card and loan

00:43:58.980 companies with one goal to

00:44:00.320 drastically reduce your bills

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00:44:08.060 month one, and they don't

00:44:10.500 stop until they break you

00:44:12.580 free from debt permanently.

00:44:16.020 Look, take a couple of

00:44:17.840 minutes and visit

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00:44:19.920 Talk with one of their

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00:44:22.560 But listen up.

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00:44:36.100 and do it today.

00:44:38.520 Here's your host, Stephen

00:44:40.180 K.

00:44:40.600 Mann.

00:44:42.680 Judy Shelton's with us, the

00:44:44.380 author of Good is Gold.

00:44:45.780 It's now out.

00:44:46.600 You can get it at Amazon.

00:44:47.540 We're going to get all her 1.00

00:44:48.520 coordinates here in a second.

00:44:50.260 Judy, go ahead and finish 1.00

00:44:51.160 what you were saying about

00:44:52.540 Scott Besson.

00:44:54.500 I think as Treasury

00:44:55.800 Secretary, he could

00:44:57.640 authorize with President

00:44:59.720 Trump's approval.

00:45:00.840 I believe he would love

00:45:02.200 the idea.

00:45:03.500 He could authorize the

00:45:04.880 issuance next year

00:45:06.840 on July 4,

00:45:08.440 2026, of a 50-year

00:45:11.520 Treasury bond

00:45:13.140 convertible into gold

00:45:15.240 at maturity at the

00:45:16.460 option of the bond

00:45:17.500 holder.

00:45:19.160 I think this would be

00:45:20.460 something like a

00:45:21.600 TIPS bond,

00:45:23.380 Treasury Inflation

00:45:24.360 Protected Security.

00:45:25.780 It can just be an

00:45:26.780 offering put out there

00:45:28.080 for investors.

00:45:29.780 I think the demand

00:45:30.660 would be phenomenal.

00:45:33.140 I think this might

00:45:34.620 involve verifying a

00:45:36.700 walkthrough Fort Knox.

00:45:38.240 I think the gold is

00:45:39.100 there, but let's make sure

00:45:40.100 there are no

00:45:40.540 encumbrances.

00:45:41.920 The 261 million

00:45:43.120 ounces the U.S.

00:45:44.460 owns, we carry it at a

00:45:46.700 book value of $11 billion.

00:45:48.180 It's worth closer to a

00:45:49.480 trillion.

00:45:50.220 You could take a windfall

00:45:51.420 profit if you

00:45:53.000 collateralize that gold.

00:45:55.080 Gold are family jewels.

00:45:57.720 We're in a family

00:45:58.440 emergency.

00:45:59.460 You pledge those as

00:46:00.860 specific collateral for

00:46:02.400 these bonds.

00:46:03.700 And I think that starts

00:46:04.940 to establish the

00:46:05.920 lodestar.

00:46:07.420 And what I think that

00:46:08.640 we need to do, and what

00:46:11.620 I would say to the

00:46:12.280 Treasury Secretary and to

00:46:13.840 members of Congress,

00:46:14.780 particularly the Senate,

00:46:15.920 who are looking at the

00:46:16.740 Fed, the Fed is

00:46:18.360 potentially facing an

00:46:19.540 existential crisis.

00:46:20.480 When you have people

00:46:21.320 like a constitutionalist

00:46:23.440 Senator Mike Lee

00:46:24.360 calling for end the

00:46:25.880 Fed and Senator Rand

00:46:27.360 Paul calling for an

00:46:28.400 audit of the Fed, I

00:46:30.380 think the next Fed

00:46:31.440 chair should be

00:46:32.500 concentrating on

00:46:34.400 eliminating the Fed's

00:46:36.420 mechanism of paying

00:46:38.280 interest on reserve

00:46:39.440 balances.

00:46:39.920 It's paying 4.4% on

00:46:42.100 $3.4 trillion sitting

00:46:43.760 in cash.

00:46:44.940 40% of the hundreds of

00:46:47.060 billions it's paying

00:46:48.500 is going to foreign

00:46:50.000 owned banks.

00:46:51.140 I think that's

00:46:52.220 outrageous.

00:46:53.760 And the Fed should

00:46:54.640 instead go back to the

00:46:56.000 Paul Volcker way of

00:46:57.160 open market operations,

00:46:58.680 which means it should be

00:46:59.700 shrinking its portfolio

00:47:00.920 and selling off some of

00:47:02.800 its own Treasuries.

00:47:04.000 And I think as banks

00:47:05.500 got off of that

00:47:06.960 approach of just

00:47:08.460 passively collecting

00:47:09.520 money from the Fed,

00:47:10.900 they would put that

00:47:12.200 money into the Treasury

00:47:13.600 instruments and bring

00:47:14.940 down those interest

00:47:16.520 rates, which really

00:47:17.320 would matter to the

00:47:18.700 real economy.

00:47:19.880 And then my third

00:47:20.600 piece of advice is

00:47:21.700 have Treasury work

00:47:23.040 with the Fed to

00:47:24.460 issue that 50-year

00:47:25.580 bond, because if you

00:47:27.080 compare the rate of

00:47:28.240 return on a bond

00:47:29.880 that's convertible into

00:47:30.760 gold, a dollar

00:47:31.680 denominated in dollars

00:47:33.700 as good as gold, and

00:47:35.780 compare what the U.S. 0.96

00:47:37.000 has to pay for that

00:47:38.300 interest rate relative

00:47:39.780 to fiat money, which

00:47:41.760 denominates normal

00:47:43.180 Treasury securities, that

00:47:45.060 could come to serve not

00:47:46.520 just as an information

00:47:47.500 tool to the Fed about

00:47:49.220 the aggregate expectations

00:47:50.440 of the future purchasing

00:47:51.580 power of the dollar

00:47:53.040 relative to gold, which

00:47:54.340 is a good surrogate for

00:47:56.120 commodities and the real

00:47:57.280 economy.

00:47:59.100 It could become a price

00:48:01.320 rule in the future.

00:48:02.900 Instead of just having

00:48:04.100 wholly discretionary

00:48:05.500 authority of the 12

00:48:07.600 people who decide the

00:48:08.840 rate of capital, maybe if

00:48:10.660 there's a huge discrepancy,

00:48:12.140 a big gap in the interest

00:48:13.980 return on dollar

00:48:16.060 denominated instruments

00:48:17.300 where it's as good as

00:48:18.440 gold compared to fiat

00:48:20.000 money, that would be a

00:48:21.480 signal that the Fed had to

00:48:22.660 take certain actions.

00:48:24.180 The people who worry most

00:48:25.420 about Federal Reserve

00:48:27.160 independence are the

00:48:28.940 ones most resistant to any

00:48:30.480 kind of a rule, and I

00:48:33.040 think that's very telling.

00:48:34.520 So those would be my

00:48:35.300 recommendations.

00:48:35.860 Judy, where do people get

00:48:38.900 your ratings, where they

00:48:39.620 get the new book, Good as

00:48:40.580 Gold, and where they get

00:48:41.560 all your writing, social

00:48:43.260 media, all of it, ma'am?

00:48:45.320 Well, thanks for asking.

00:48:46.860 Amazon, Good as Gold, How to

00:48:48.900 Unleash the Power of Sound

00:48:50.540 Money, and it details my

00:48:53.720 approach, which is that we

00:48:54.980 know central planning doesn't

00:48:56.540 work, so why do we have

00:48:58.020 that at our central bank?

00:49:00.300 And then it gets into the

00:49:01.320 very specifics of the

00:49:02.760 proposal I just outlined.

00:49:04.780 And you can follow me on

00:49:06.920 X at Judy Schell.

00:49:11.280 Judy, thank you for taking

00:49:12.660 an hour on a Saturday

00:49:13.900 morning in July, in late

00:49:15.140 July, to inform our

00:49:16.680 audience.

00:49:17.100 I'm telling you, people

00:49:17.680 loved it, and we'll make

00:49:18.640 sure we get you back on

00:49:19.900 here and talk about all

00:49:20.840 these developments as we

00:49:22.520 push forward for a

00:49:23.580 restructuring of the

00:49:24.640 Federal Reserve, ma'am.

00:49:26.400 It was nice to be with

00:49:27.600 you, Steve.

00:49:28.080 Thank you for inviting me.

00:49:30.200 Thank you, ma'am.

00:49:32.100 Wow.

00:49:32.500 This is what they don't

00:49:35.300 want working class people 0.95

00:49:36.580 and middle class to

00:49:37.420 understand.

00:49:38.040 They don't want you to

00:49:38.820 understand, really, money,

00:49:40.940 currency, the way the

00:49:43.000 system works.

00:49:43.860 If you're going to make

00:49:44.440 changes to the system, you

00:49:45.900 have to understand the

00:49:46.780 system and how it works, so

00:49:48.960 then you can take it

00:49:49.640 apart.

00:49:51.020 President Trump, and this

00:49:51.740 is why this huge fight

00:49:54.440 you've had for years and

00:49:55.680 years and years to return

00:49:57.660 President Trump to the

00:49:59.940 Oval Office is so

00:50:02.060 important because you

00:50:03.320 bring in people like 0.99

00:50:04.460 Russ Vogt, you bring in

00:50:06.300 people like Dr. Peter

00:50:07.840 Navarro, you bring in

00:50:08.860 people like Scott

00:50:09.660 Besant, right?

00:50:11.260 These people that are

00:50:12.160 taking a fundamental and

00:50:14.420 serious look at the

00:50:16.760 system and how to either

00:50:19.020 take it apart and rebuild

00:50:20.580 it so it maximizes

00:50:22.700 freedom for the American

00:50:23.600 people and the benefit of

00:50:24.960 American citizens, and

00:50:27.500 what Judy said right

00:50:28.300 there, we'll get more

00:50:29.020 into that in the days and

00:50:30.400 weeks ahead, about paying

00:50:31.420 interest on these bank

00:50:33.120 reserves, particularly 50%

00:50:34.460 of it going to foreign

00:50:35.200 banks.

00:50:36.540 The rot inside the system

00:50:38.160 is amazing, but the

00:50:39.700 resistance to change, and

00:50:41.040 this is one of the things

00:50:41.820 that's so we have to stick

00:50:42.920 the landing on what

00:50:44.460 Tulsi Gabbard has put

00:50:45.400 before us.

00:50:46.260 We're going to get more

00:50:46.860 into that in the second

00:50:47.700 hour, which is so vitally,

00:50:49.980 vitally important.

00:50:51.980 We're coming up on the

00:50:52.880 second hour.

00:50:53.740 We're going to go and

00:50:54.560 shift our focus a little

00:50:55.940 bit, some of the same

00:50:57.300 problems, but we're going

00:50:58.240 to go and follow

00:50:59.380 President Trump in

00:51:00.360 Scotland and what the

00:51:02.740 Trump revolution means

00:51:03.940 there.

00:51:05.820 On Monday, we're going

00:51:07.260 to spend a lot of time

00:51:08.340 on this redistricting

00:51:09.980 situation.

00:51:11.220 It's now spread to

00:51:12.080 Florida.

00:51:12.560 Governor Sanz has said,

00:51:13.640 hey, I think we've got

00:51:14.940 five seats here that we

00:51:16.100 can redistrict.

00:51:16.860 They have to because of

00:51:17.740 demographic shifts, and

00:51:20.040 now we're calling for a

00:51:21.200 mid-decade audit, a

00:51:23.920 mid-decade census audit.

00:51:25.760 We're going to do the

00:51:26.200 audit in the Federal

00:51:26.680 Reserve right away.

00:51:27.680 Mid-decade census.

00:51:29.980 Patriot Mobile.

00:51:31.540 You know how good they

00:51:32.400 are and how they back

00:51:33.120 your causes.

00:51:33.780 Stop giving money to

00:51:34.780 people that hate you.

00:51:35.800 Do the switch today.

00:51:37.080 972-PATRIOT.

00:51:38.120 Call it right now.

00:51:39.300 Talk to a United States

00:51:40.600 citizen.

00:51:42.140 What did its marketing

00:51:43.460 director say?

00:51:44.120 You're going to get

00:51:44.520 somebody with a hillbilly

00:51:45.460 out of East Texas

00:51:46.380 hillbilly accent?

00:51:48.880 Talk to them today.

00:51:50.620 Make the change.

00:51:51.420 Patriot Mobile dot com

00:51:54.380 slash Bannon to give

00:51:55.220 you a free month of

00:51:56.840 service.

00:51:57.280 Our 972-PATRIOT.

00:51:58.500 Glenn Story and the

00:51:59.160 team.

00:51:59.500 We're going to have a

00:51:59.940 bunch of Texans on

00:52:00.980 Monday to talk about

00:52:01.860 this.

00:52:04.340 Whether they're

00:52:04.940 Quo Vadis, Texas.

00:52:06.600 How about that?

00:52:07.120 Whether they'll go us.

00:52:08.360 Also the great people at

00:52:09.560 Birch Gold.

00:52:10.260 We've got so much going

00:52:11.100 on Birch Gold.

00:52:11.580 We're working on the

00:52:12.180 eighth and ninth

00:52:13.020 installment of the end

00:52:14.680 of the dollar empire.

00:52:15.660 It's been so popular.

00:52:17.220 But take your phone out

00:52:18.020 now and just text

00:52:19.560 Bannon, B-A-N-N-O-N 0.66

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00:52:23.460 It's free for

00:52:24.940 investing in gold and

00:52:25.760 precious metals in the

00:52:26.900 age of Trump.

00:52:29.760 Judy Shelton just

00:52:30.540 talked to you about

00:52:31.160 stable, a stable

00:52:32.580 currency.

00:52:33.440 Learn about it.

00:52:34.100 Short break.

00:52:37.220 You missed the IRS tax

00:52:39.500 deadline.

00:52:40.500 You think it's just

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00:52:41.960 Well, think again.

00:52:43.780 The IRS doesn't mess

00:52:44.680 around and they're

00:52:45.360 applying pressure like

00:52:46.600 we haven't seen in

00:52:47.920 years.

00:52:48.280 So if you haven't

00:52:49.540 filed in a while,

00:52:51.060 even if you can't

00:52:52.020 pay, don't wait. 0.70

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00:53:53.700 Do not let this thing get

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Bannon's War Room - July 26, 2025

Episode 4661： On The Verge Of AI Bank; Empowering Government At The Expense Of The Private Sector

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