Episode 4719： Reforming The Fed; Powell's Job In Jeopardy
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Summary
In this episode, we talk about the Democratic Party's new found enthusiasm for the 2020 election, the impact of AOC on the 2020 Democratic primary field, and the potential impact of the Tax Cuts and Jobs Act on the midterm elections.
Transcript
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It's titled The Rising Democratic MAGA Movement. You write Democrats needing, quote,
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their own version of a populist anti-establishment MAGA-like makeover. So what does that look like,
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Jim? It looks like what you were just talking about with Gavin Newsom, right? Trying to adopt
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a lot of the techniques that you saw from Trump that you've seen from MAGA. Get on social media,
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be a warrior, curse a lot, try to have a lot of edge, insert yourself into the news cycle.
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I think the bigger part, though, is what you've seen happening in New York,
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what you've seen happen in Minneapolis, the popularity of Bernie Sanders,
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the number of people turning out for AOC events, that right now the momentum in the party
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is very much for the very progressive wing of the Democratic Party, which is not that much of a
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shock, but I think is probably problematic in the off-year elections for Democrats. It's just not
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where the vast majority of the country seems to be. I think it's one of the reasons that the
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Democratic brand overall is low. And so I think that's an important thing to watch.
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And in terms of your conversation about the backlash to the bill, to me, this is going to
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be a really, really important conversation three months from now. In three months, we're going to
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know what's happening with redistricting. If Republicans can really rewire the map in a way
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where they could pick up anywhere from five to 10 seats, that is meaningful. That is deeply,
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deeply meaningful. It's harder in these Democratic states to do it. It's easier in Texas and
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Republican states to do it. The other is watch the next month. If inflation does what I think
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inflation is going to do, it is going to be deeply, deeply problematic for the Republican Party.
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If you look at what's happening with the stock prices of Chipotle or Sweetgreen or any of these
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restaurants where people take their money when they have a little bit extra and go and spend it,
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they're all tanking. If you look at what you're hearing from Home Depot, your Walmarts and others,
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they're basically saying, listen, we've absorbed as much of a loss as we can from the tariffs. Come
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August, we have to start passing that on to consumers. If that happens, if that happens in
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home goods, if that happens in groceries, if that happens in autos, which I think could be the next
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piece to fall, that is going to make all of this talk about the bill that much more problematic because
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you're going to say, wait a second, what Joe was saying was right. They legitimately did get a
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massive tax cut, especially if you're super wealthy or you're running a big company. And a
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lot of people who were on Medicaid or requiring these government programs. Yes, there's some fraud,
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but yes, there's a lot of people who are authentically not going to get benefits
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tomorrow that are getting them today. That's when this becomes much, much more than a sideshow
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at one specific event. It becomes a deep, deep systematic problem for the Republican Party.
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I think for a lot of democracy watchers, this is the nightmare scenario, attacking our elections,
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rigging our elections. It's not just the gerrymandering, it's the attacks on the actual
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way people vote. What are your thoughts on how vigorously or not vigorously it's being protected?
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Well, I think it needs to be protected much more vigorously. And I think we need to learn from 2020.
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Look, none of us can get inside Donald Trump's brain. Thank goodness. I'm open to the theory that
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maybe just Vladimir Putin just has some magic spell over him and anything Vladimir Putin says, he
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reiterates. I think that could be one theory. But I think that there's another likely reason why he's
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targeting mail-in voting or other types of voting right now. And it's something that we've all lived
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through. It's something that Stephen lived through most acutely in 2020, which is laying the groundwork
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for contesting the election if it goes away he doesn't like. And I think that this is as simple
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as that. We're re-looking at Stop the Steal 2.0. He's starting it early. He started that early,
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really, back in 2020. It's just a lot of us didn't take it that seriously in 2019.
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But he's throwing this chum in the water now. He's laying the groundwork. And so if hypothetically,
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I don't know, the Democrats win the House by three or four votes next time in a close election,
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and there are some close races in states with mail-in voting, like Arizona or Colorado or California
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or Nevada, that he will do what he did in 2020 and try to contest the election and prevent
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those elections from being certified. I think it's pretty clear that that is what, you know,
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is at least an option that they're keeping open. And I think that threat to me is the most acute. I think
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actual protection of the elections is very important, too. But I think that post-election
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2026 time is what we're already seeing kind of a Groundhog Day preview of.
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Got a lot of things. Being a NATO member involves a lot of things. But the best thing you get in
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exchange for being a part of NATO is Article 5, the security guarantee that if anybody attacks you,
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it's like attacking all the other NATO members and you get the benefit from that. NATO has actually,
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Ukraine has actually done a lot of NATO-ish stuff, right, since 1994. Their army operates more like
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NATO armies' militaries operate. They've got that interoperability. So tell me about what NATO,
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without being in NATO, would look like for Ukraine, the security guarantee that everybody's talking
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about that doesn't necessarily at the moment involve NATO membership. What does that even look like?
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Well, so a step down from NATO membership, which, as you point out, Ali, is the gold standard. It's
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also the cheapest and the most effective security guarantee that there is. But if that's not on the
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table for now, don't give up on it, but it's not on the table for now. Then this coalition of the
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willing, putting troops on the ground with an Article 5-like commitment. That is,
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this coalition of willing, which is led by the French and the British, but it's got like 30
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members, 30 nations that are there, including now the Americans, would say that NATO-like, it says,
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if you're attacked, we're with you. You know, we support you. Doesn't say exactly how we're with
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you, and each of those 30 nations will do it a little differently, as it is in NATO, as in the actual
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About this idea of how easy it would be to attack the fact that rich are getting richer.
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This isn't actually a political argument. It is a empirical argument. There's no doubt that the
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rich are getting a lot richer, that the poor are not getting that much richer, if getting richer at
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all, that that tax bill undoubtedly favors the most wealthy. Then you look at your stock market and you
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say, what's happening? Well, most of the growth in portfolios is coming from your biggest tech
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companies, the top seven, the FANG companies. Well, who are those? That's your Zuckerbergs of
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the world, right? That's these big, big companies that are already doing well, that are getting
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massive assistance from the federal government. And the only people who can really invest in a lot
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of these companies are people who themselves are already rich, right? If you look at people who have
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money in 401ks or in the stock market, tend to start with a lot of money to begin with. So the rich
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are going to keep getting richer. This is a fantastic environment if you have money. There's no doubt
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about it. And I think that is, then it always sits on top of politics, right? People are always
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feeling like, is the system rigged? Is the system fair? And if somebody is paying a lot more for a
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car, a lot more for oranges, a lot more for eggs, a lot more for stuff at the next trip to Home Depot,
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yes, bitterness rises. And it's why, interesting, Eugene talks about there are no labels. If you really
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get the Steve Bannons of the world on true serum, they agree a lot with what Bernie Sanders is saying.
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About the dangers of AI, about the rich getting richer, about some of the dangers in that bill
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going after Medicaid. They're not loud about it right now, but make no mistake, when Trump is gone,
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there's a bigger disconnect there than people realize. Because the Bannons of the world, I would
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say, are tied more tightly to the working class because they understand that's why Trump exists
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today. It might not be Trump's worldview per se, but it certainly is there.
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The headlines, Trump's selective stance on justice, redemption for some, scorn for others.
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Mr. Trump himself, a felon, they like to point that out, has shown particular leniency to criminals
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he seems to identify with, people who are white or wealthy or who he believes have been unfairly
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persecuted or who rioted in his name on January 6th. Also in the article, this quote from him,
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they will never be an asset to society. He said, I don't care. I know we all want to say,
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oh, they're going to be rehabbed. They're not going to be rehabbed. That was when he was
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holding up five mugshots of people of color. What's the difference there? What do you read
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from that? This is a president who got his political start by trying to undermine the
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legitimacy of the first black president. The racism of this man and this candidate is baked
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into everything that he does. One of the things that's saddest for me hearing that quote and
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comparing it to what happened on January 6th and the subsequent pardons is with January 6th,
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you had an overwhelmingly white riot against a perhaps majority or near majority minority
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police force. I talked to a lot of officers and one of them said something that has stuck with
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me for several years now. He said, look, I have worked a lot of riots in my career, but this is
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the first riot that I worked where the rioters thought that they were right. They thought that
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they were the ones that were in charge. And what scares me is when you see the president using such
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racist or racialized language like this, it risks legitimizing what those rioters believed and proves
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them correct. Yeah. And I think the question is what happens with the rest of America, right? Who
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stands up for American democracy when it doesn't go the way they want? And, you know, we have not seen
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a lot of bravery from pretty much anyone, right? Billion from billionaires to, you know, Republican
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politicians to the Supreme Court. Everyone has basically rubber stamped anything Donald Trump
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wants to do. So there is going to be a moment where we're going to need it for democracy to keep
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going. People are going to have to stand up and that's going to mean people who are Republicans,
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members of the Supreme Court, they're going to have to say like this is this election was free and fair
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and certified. And you'll remember this Supreme Court did, in fact, do that in 2020. They did not
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take up the, you know, Trump's many, many cases. So I think there's a real question about whether that
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moment will happen again. And that is perhaps the most, if you're going to be concerned about anything,
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This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on
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these people. I got a free shot. All these networks lying about the people, the people have had a
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belly full of it. I know you don't like hearing that. I know you've tried 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 line? MAGA Media. I wish in my soul, I wish that any of these people
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had a conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my
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country, this country will be saved. War Room. Here's your host, Stephen K. Bannon.
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It's Wednesday, 20 August in the year of our Lord, 2025. Throughout the world, just more news,
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more things happening. And so let's get to the signal, not the noise. Number one for 2026,
00:11:38.320
Gavin Newsom's getting traction among Democrats. Why? He's trying to mimic Trump. He's trying to be
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fight club. Of course it's a parody. Of course it's a vaudeville act. I mean, it's Gavin Newsom after
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all, right? But he's, you know, sitting there, he's being a tough guy. He's tweeting out. He's,
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and so the Democrats love it. One of the reasons they love it, they don't have any fighters over
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there. They're all gutless. They have no policies. Now that nobody's, their shows are all collapsing.
00:12:07.200
Their networks are collapsing. Nobody's reading their newspapers. They have, they can't control it
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anymore. They can't control us. They can't control it now. Are we winning on every front? No, but we're
00:12:16.860
making progress on so many fronts. The, um, and remember for 2026, the mid, uh, decade census that
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has to be right this time, no illegal aliens, and you got to get the algorithms right in the
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collection, all of the mistakes that we had. Also the redistricting and down in Texas, some people are,
00:12:37.260
are, are some conservatives are sitting there and wetting themselves going, oh my gosh, well,
00:12:41.300
you know, there are rules and regulations, but the Democrats, there's no rules and regulations.
00:12:46.700
You put them on notice. You put the Republicans on notice. That's how we got this far.
00:12:50.780
Don't come back with Robert's rules of order right now. In particular, people say, well, you got to
00:12:55.220
10, you got to 10, uh, district map show. Yeah. Well, good. Fine. Your governor's talked about it.
00:13:00.940
Why don't you, why don't you lighten up your governor? You know, where are the conservatives
00:13:07.760
right now? Get up, besides the war room, some others get up on the ramparts. We have to go
00:13:13.020
maximalist on this. It wasn't Steve Bannon that said 10. We're the ones who started the fight for five.
00:13:21.900
But then of course, the feckless Republicans let them all leave and wasted week after week after week.
00:13:28.000
So you should get one for every week. You were, you wasted. That's at least seven. But the governor
00:13:32.320
said he got 10. If you got 10, go for 10. Look what do look what Newsom's doing in California.
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The last is the mail-in ballots and Senator Mike Lee, the best constitutional we've got is going
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to come in on mail-in ballots. And yes. And, and the left sitting there going, well, gosh,
00:13:47.080
they take away mail-in ballots. People are going to have to show up. They're going to have ice agents
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around. People are going to be so afraid, intimidated. They're going to afraid they're going to be arrested.
00:13:53.220
Well, Hey, if you're an illegal alien, you shouldn't be going to the polls anyway.
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And if you go to try to, try to, uh, to try to vote, then you got a couple of felonies.
00:14:05.040
Other explosive news. It looks like a sitting governor of the Federal Reserve is going to get
00:14:11.960
indicted for the same thing Leticia James did. We'll get to all that. We got so much going on. Also,
00:14:18.920
remember we mentioned here, remember we mentioned security guarantees on war room. And I told all
00:14:24.280
these guys are big talk. Kurt Starmer goes back. He just heard that was the, uh, that was the
00:14:29.760
ambassador, I think to Ukraine at the time that would, that was a witness for the Trump impeachment.
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That's scumbags. And they're going, Oh yeah, France and England are in, and they're going to be at the
00:14:39.160
front line. It's article five. The British have told us no mass, no mass, no troops. Can't do it.
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Maybe they're going to guard a port. Maybe they're going to look at the air. They're going to do some
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air, but they didn't, they are not in short break. We'll explain it all to you next in the war room.
00:14:58.940
This July, there's a global summit of BRICS nations in Rio de Janeiro, the block of emerging
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superpowers, including China, Russia, India, and Persia are meeting with the goal of displacing
00:15:12.540
the United States dollar as the global currency. They're calling this the Rio reset as BRICS nations
00:15:19.780
push forward with their plans. Global demand for us dollars will decrease bringing down the value of
00:15:24.880
the dollar in your savings. While this transition won't not happen overnight, but trust me, it's going
00:15:31.720
to start in Rio. The Rio reset in July marks a pivotal moment when BRICS objectives move decisively
00:15:38.860
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Because Voice Family, are you on Getter yet? No. What are you waiting for? It's free. It's uncensored.
00:16:33.100
And it's where all the biggest voices in conservative media are speaking out.
00:16:37.900
Download the Getter app right now. It's totally free. It's where I put up exclusively all of my
00:16:42.620
content. 24 hours a day. You want to know what Steve Bannon's thinking? Go to Getter.
00:16:46.600
That's right. You can follow all of your favorites. Steve Bannon, Charlie Kirk, Jack Posobiec,
00:16:56.380
Well, I mean, Steve Bannon will tell you just that. He's a fan of Lisa Kahn's. He believes,
00:17:03.100
like me, that monopolies should be broken up. I mean, he believes, like me, that billionaires
00:17:09.860
should not be getting tax cuts right now while working class Americans are struggling more and
00:17:16.500
more every day. And, you know, the thing is, too, I mean, it is empirical. I mean, we're not
00:17:23.380
talking about opinions here. We're talking about facts. The richest billionaires on the planet
00:17:29.500
are getting a lot richer because of this bill. And working Americans are falling further
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and further behind. It's not even a close call. Also, again, America's national debt
00:17:45.020
will go up $20 trillion over the next decade. $20 trillion. The total national debt for the first
00:17:55.200
220 years of this republic's existence, $4 trillion. So over 220 years, the United States government
00:18:06.740
accumulated $4 trillion of debt. This Congress, with a bill they just passed, will allow the federal
00:18:17.060
debt to go up five times that much in the next decade. Why did they do it? Because they wanted to
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give billionaires. They wanted to give multinational corporations. They wanted to give the richest of the
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rich. They wanted to give monopolists tax cuts. I just say, if you're a Democrat, and you're running
00:18:45.840
next year, and you can't win in a swing district, go into something else. Like, take up watercolor
00:18:54.100
painting or something like that. So it's going to be game on. Folks, we're going to have a chance to
00:19:02.800
refute all that with facts. If it's refutable, I say it is, but you're going to have to really get
00:19:10.220
to the math because guess what? It's the 20th of August. And as we've told you on the show over and
00:19:17.980
over again, and you know, at midnight on the 30th of September, fiscal year runs out. Got to start
00:19:25.060
over. President Trump does not want to shut down his government because he's in charge. And quite
00:19:28.740
frankly, we control every aspect of it, right? The Supreme Court, the Senate, the House, the executive
00:19:34.920
branch. Well, we're trying to. Of course, the deep state hasn't been turfed out, although Tulsi Gabbett
00:19:42.420
has a start with 37 principally Grundoons. There's some non-Grundoons having their security
00:19:49.280
clearances taken away. I'd like to see some bigger names on there, and I'm sure they're working on
00:19:54.280
them. It's a process. We got to get to this math though. It's not me. For instance, we sell the big
00:20:06.220
beautiful bill here and the supply side tax cut of it in a more sophisticated way, not just the Fox News
00:20:12.400
talking points in a more sophisticated way with bright people than anybody. Okay. I noticed
00:20:19.460
Speaker Johnson that, you know, on the August recess that everybody had to have, you had to have the
00:20:27.440
August recess. You had to do it because you had to get back to your constituents. You had to get back
00:20:31.920
to your town halls. I noticed a paucity of town halls. And I realize that there are, you know,
00:20:38.560
Democrats, some of these groups, thugs are showing up and trying to shout people down. So it's
00:20:42.380
not the easiest, but I haven't seen a massive effort to sell the big beautiful bill and actually what
00:20:49.440
it stands for. So we got to get to that part of what's happening right now. Also with everything
00:20:56.020
going on, you have Lindsey Graham and Tom Cotton and the Mitch McConnell faction are pushing through,
00:21:03.500
trying to push through a $58 billion bailout for Ukraine. Let me be blunt.
00:21:11.560
Zelensky's plan came over. It's $300 billion. They need this. They're going to do $100 billion
00:21:15.300
purchase of our weapons. That's a big thing in his thing. He gave the Financial Times. He leaked the
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Financial Times. So that's a country that has no money. All that money comes from you because
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Europeans are not stepping up. They're not going to step up because why? Their voters are turf them out.
00:21:29.380
The voters are going to say, well, hang on. You're taking back my pension. You're taking back my
00:21:32.920
August break. You're taking back my health care, my universal health care to pay for Ukraine. No,
00:21:39.240
you can't have that. I told you it was all a farce. We had the ambassador. Oh yes, the two that are
00:21:45.820
really going to be here for Article 5 are going to be the French and the British. The British are already
00:21:49.620
out. They're already out. Remember, you make this commitment. You're there for years and years and
00:21:57.100
years and years and years and decades and decades and decades and decades. We're still in Germany
00:22:02.840
at the end of the Second World War. We're still in Japan at the end of the Second World War. We're
00:22:08.480
still in South Korea on the armistice or truce, not a peace deal, just a ceasefire in Korea. Still there.
00:22:18.760
Still there. So you're going to be in Ukraine for decades. You're going to be in Ukraine when the
00:22:25.060
kids, I was crawling around the carpet, little rug rats, will be 40 years old. Yep. So you got to
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go in tight right now of all that cursed armor over here to Article 5 and all the deep thoughts on,
00:22:40.860
you know, all the David Ignatius and Richard Haas and Admiral Stavridis, deep thoughts. It was deep
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thoughts over the weekend, deep thoughts on Monday, deep thoughts. Ripping on President Trump.
00:22:53.200
There's no, there's no, Starmer gets over. First thing he does is the British military comes out
00:22:57.280
and says, you know, we, I think we can help around a port. The Royal Navy can help around a port. We
00:23:01.500
can't, we can't keep the Suez Canal open from the Houthis, from guys fighting from the fifth century,
00:23:06.820
except they got a couple of drones. We got to have the, a couple of American carrier battle groups.
00:23:12.280
I don't know, you know, 5 million bucks a day. We got to put two carrier battle groups up there
00:23:18.620
to keep the Suez open and we can give you a frigate, but we can, we can go maybe off of Odessa,
00:23:24.040
right? We can go off Odessa. We steam off Odessa or we'll sit back, you know, in Hungary on the border
00:23:30.440
or Moldavia with some air search and we'll help. They're not going to be there. Told you it was a joke.
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They're not going to be there. They want the Americans in. They want to tie us up. They're not prepared
00:23:43.360
to do anything. It's all happy talk. And the Brits are the best you got. Those are the guys who really
00:23:48.620
have fought with us. Germans already said, can't do it. No troops can't do it. The Polish guys wouldn't
00:23:54.060
even come. Posobiec told you that. They knew it was a farce. They said, hey, how about this? We're not going
00:23:59.160
to show up. Because they realized these guys are going to try to entangle President Trump in something.
00:24:04.940
So the opportunity cost of Ukraine, let's set it over there and let Marco work on it for a while.
00:24:10.740
Somebody working around and let's get back to, let's get back to the important stuff, which is
00:24:14.060
getting affordability down, getting inflation down, getting the economy rip roaring because that will
00:24:22.320
crush them in 26. I don't care what Gavin Newsom and these guys are skipping around. And mom, Donnie.
00:24:28.100
But we got to get in the 55 billion is an insult to the American people. We don't have the luxury of
00:24:37.680
going around the world anymore and looking for places to stick our nose in. That's a European
00:24:43.020
problem. They want to be a EU nation. They want to be a European nation. They're in Eurasia right now.
00:24:48.360
God bless you. Go ahead and do it. Go ahead. But not with American money, not with American troops,
00:24:53.940
not with American arms. So you have Zelensky with a hundred billion dollars that he doesn't have.
00:24:58.840
Remember, he's broke. They have no money. We pay for the military, but also you also pay for their
00:25:05.700
government every month. You're paying for it, baby. They're pension funds. They got nice pension funds.
00:25:11.280
The nurses teach. They got pension funds. How's your pension fund working out? Is it working out okay
00:25:14.680
for you? That's good. You got that one? They're trying to, they're trying to, you know, these guys are
00:25:20.260
coming after social security all the time. The, the billionaires, the oligarchs on your tiny little
00:25:25.300
social security. How's that? Because you're underwriting Ukraine. So they got another 55
00:25:29.460
billion. It's going to be more because they're addicted to American money. So they, they got a
00:25:34.440
hundred billion dollars of money they don't have coming to us on arms. We don't have because we've
00:25:39.800
stripped the Pacific. We stripped everything from the, from the Persian, the first, you know,
00:25:45.320
the total obliteration of the nuclear program of the Persians and what we've given and what we fed
00:25:51.840
into Ukraine. We don't have the weapons right now. So there's a hundred billion dollars a guy
00:25:55.140
that has no money for a country that doesn't have the weapons right now. That would be us
00:25:59.960
with a bunch of allies around who won't put up any manpower and the Ukrainians won't put up any
00:26:05.960
manpower because they're out of manpower. The parents are saying, you're not taking any more of my
00:26:11.020
kids and they're actually allowing 60 year olds. So they're going to have a, you know, the cutting
00:26:15.340
edge 60 year olds at the, at the front lines. And folks, this ain't hunting terrorists. This is a
00:26:21.060
good old fashioned war. This is brutal. Okay. This is a war. This is like the Western front in World
00:26:29.200
War I. The Russians don't, they don't do maneuver warfare. They do ground it out. They've either
00:26:35.040
artillery, the queen of battle, the tanks, the infantry, and they're not particularly shy about
00:26:42.040
how many folks they lose. Remember the first thing that they go into a place like Stalingrad,
00:26:47.220
it's a little bogged down. The first thing they do is the commissars, they stand up a couple of
00:26:50.800
generals against the one. They shoot them for, for, for, for morale purposes. These are not, they're,
00:26:57.740
they're not, uh, uh, they're not holistic and they're not about self-actualization. They're
00:27:03.580
about take an inch and hold an inch. That's what you're fighting over there. That's what you would
00:27:08.480
get entangled with. And you're great. Our greatest ally, the guys that actually fought side by side
00:27:15.100
with us, the Brits, Kurt Starmer is not even off the plane. And Andrew Neil, the old conservative
00:27:21.840
war horse, he's got a tweet up that just blows the whole thing up. He says, this thing's totally
00:27:26.600
phony. We're broke. We don't have a military. We can't even defend what we've got our own territory.
00:27:31.700
I got, I got a, I got a thing. They want to give a security guarantee. Why don't they give a security
00:27:36.500
guarantee to, uh, the English whose churches are being burned down? Historical, uh, monuments are
00:27:44.300
being burned down. They got another one today. I think outside of Liberty being burned down and
00:27:47.980
you got a mosque in route. Why don't you go into central London, go into Soho, send the troops to
00:27:52.900
Soho, go give a security guarantee for the British people. How about that? I think they'd vote for that.
00:27:58.800
Start with your own country since you're now, and it's not me. It's the British
00:28:04.500
lieutenant colonel from the other day saying, Hey, I think we're on the brink of civil war.
00:28:08.480
Think you might need your troops. That car, Starmer knows that no money, no arms, no men
00:28:14.780
short break. Talk about the federal reserve next in the word.
00:28:21.260
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That's next move. The Fed's next move is in Jackson Hole, Wyoming, when the chairman gets the
00:29:54.220
committee together and has a big conversation about the future. The elephant in the room is
00:29:58.220
the political pressure coming from the other side of Washington, DC, more specifically coming
00:30:02.860
from the White House. This was the latest this morning. We've been tracking this story. The director
00:30:06.720
of the Federal Housing Finance Agency, Bill Pulte, is urging the attorney general, Pat Bondi, to
00:30:12.340
investigate the Federal Reserve governor, Lisa Cook, over a pair of mortgages. The president taking
00:30:18.160
that story, putting it out on social media just moments ago and writing this, that Cook must resign
00:30:24.260
now. This feels somewhat predictable in some ways because there has been a focus of reshaping the
00:30:31.120
Federal Reserve. Putting some of the allegations aside, it just highlights how fraught this meeting is
00:30:36.680
in Jackson Hole at a time where there is so much political focus on reshaping the way that they
00:30:41.960
set monetary policy. Framework review. How valuable is this framework review when we've got a lamed up
00:30:47.500
Fed chair and an administration pushing to change the Federal Reserve as an institution from the bottom
00:30:53.180
up? People will be asking that question. And how much does that threat kind of loom large over some
00:30:59.360
of the way that these things are shifted? Look, a real question here, and this is something that the
00:31:03.640
market is looking for, is how much credibility will whoever comes into the Fed continue to lend to
00:31:10.000
the idea of independence? And how much will global leaders on central banks try to edify that message?
00:31:17.620
Okay, folks, it looks like they're going to indict a sitting governor of the Federal Reserve,
00:31:24.620
Lisa Cook, for this mortgage fraud. The same thing as Letitia James. I think Pulte over at,
00:31:31.000
I don't know, Freddie Mac, Fannie Mae, one of them, went through the, went through, I guess went through
00:31:36.100
the files and came back and turned it over to the Justice Department, referred to the Justice Department
00:31:42.600
for a criminal referral. And me thinks that Ed Martin and his weaponization team, and he's all over
00:31:48.220
Letitia James. Ed Martin actually put out a statement yesterday telling Letitia James to resign
00:31:54.480
as Attorney General of New York. Big Tish James, right? And he essentially said, we're going to
00:32:03.820
indict you, and we're going to put you in prison, because you're a guilty girl. Lisa Cook looks like
00:32:09.840
the same thing. And happening, I'm going to bring in David Malpass. David, I don't believe this has
00:32:13.500
ever happened before. And on the eve of the Jackson Hole meetings, why don't you tell our audience first,
00:32:18.420
what are the Jackson Hole meetings? Why have they become so important, sir?
00:32:24.700
Hi, Steve. In general, the Federal Reserve is not transparent. So there are meetings where
00:32:30.900
it's hard to know who's on the invite list, who is there. Some will be on TV. They meet in Jackson
00:32:37.600
Hole, Wyoming. So it's an exclusive, controlled environment. There are chosen TV reporters who will
00:32:45.280
be there interviewing people, and they put out the message. And in general, the message is central
00:32:51.520
banking is great and should run the world. And that is the core of the problem. If you think about the
00:32:58.900
deep state, it applies to the military complex, the trade complex, the regulatory complex, the spending,
00:33:07.180
government spending and getting bigger, and to central banking. It's the core, in many ways,
00:33:13.060
of the deep state. And they're not transparent about what the senior people do in terms of their
00:33:18.760
investments, how they get mortgages, all of that, which I guess they're looking into.
00:33:26.620
You wrote this piece. I'm getting very concerned that there hasn't been the effort to support
00:33:33.100
President Trump. I mean, he had to whip the vote to get the thing done. I mean, think about that for a
00:33:36.760
second. Of course, the Senate left. They didn't think President Trump was trustworthy enough
00:33:42.140
to go on real recess so he could have recess appointments. So as you know, it's not nobody
00:33:47.220
staffed, right? You got the cabinet heads. We don't really have anybody else. You got hundreds
00:33:51.260
of people backed up, including the U.S. Attorney. So that thing's a fiasco. But there really hasn't
00:33:56.880
been a huge effort by the Senate and the House to get out and to basically sell the big, beautiful
00:34:03.280
bill. Now, you've got a piece, I think, in the Wall Street Journal. You're a growth guy. You're a
00:34:08.420
supply side guy. Walk me through where we are right now and how you believe the central bank
00:34:14.260
is thwarting our ability to really take the chains off and unleash the animal spirits on growth,
00:34:20.540
sir. The interest rates are too damn high. And the central banking around the world thinks
00:34:28.380
that they know what the right interest rate is for a market economy. That's not possible,
00:34:34.040
especially nowadays, because they pay interest to banks. And so they're distorting and controlling
00:34:41.720
the market. And it hurts growth. It means that there's not enough lending to small businesses.
00:34:47.940
They aren't creating the supply chain that's needed to hold down prices. So they work on this fiction
00:34:54.260
that a fast growth causes inflation. Think what that does to the Trump agenda. President Trump
00:35:01.240
has a full growth program in terms of energy, in terms of the dollar as the global reserve currency,
00:35:07.700
the growth of crypto, the trade changes that are going to bring manufacturing home. All of that is
00:35:15.580
undercut precisely by the way the Fed regulates small businesses and discourages banks from doing
00:35:24.660
that. The banks are lending to governments and big corporations. And that just kills growth at
00:35:31.220
the median level. The working person is not getting the new jobs. It's going elsewhere to the upper
00:35:40.580
end of the economy. And my point in the Wall Street Journal article today, this is a big article
00:35:48.100
pointing out that the likelihood is that the academics will join ranks and prevent change at the Federal
00:36:02.780
And how are you optimistic at all that power? Because clearly Powell and the 8,000 economists
00:36:12.540
at the Federal Reserve do not agree with you. They don't agree with President Trump. They don't agree
00:36:19.060
with, was it James Fishback? And all these guys come on here and say, or Scott Besson, Secretary of
00:36:24.460
Treasury, come and say, hey, the natural interest rates, and we make this analytical argument that
00:36:30.480
rates could be cut. And I think Besson, who's a pretty, you know, safe pair of hands guy, he's no
00:36:35.940
radical. He's saying that it could be cut by 100 to 175 basis points. So they don't agree with,
00:36:42.160
you would, you would, you're in agreement with me that they don't, that Powell and his team of
00:36:47.460
economists don't believe that, correct? That's right. They have their head in the sand. But isn't
00:36:53.280
that what's going on in so many of the deep state areas? If you say how many of the traditional
00:36:59.440
economists agreed with Trump on trade, it was 2%. And if you say how many of them actually realize
00:37:07.780
that government spending subtracts from the will of the people and subtracts from the growth of the
00:37:14.300
economy, they don't agree with that. They've been skilled, schooled in Keynesianism, which says
00:37:20.520
government spending is great. And it's the same at the Fed. They really do think that fast growth is
00:37:28.280
dangerous for the economy because somebody might get to raise their prices. And they also think,
00:37:34.220
and this is what's important right now, that in some way, high interest rates holds down the
00:37:39.600
inflation rate. They just don't see that the high interest rates hurt small businesses the most.
00:37:46.000
And so they actually are keeping the inflation going within the economy. I think we have to have
00:37:54.440
a full upheaval in the models at the Fed. It's not just the personnel. It's the actual economic thinking
00:38:01.380
on how the economy works. And it's very, President Trump is exactly on the right track.
00:38:07.720
And I think unless there's this magnitude of change at the Fed, then they will undercut what
00:38:17.140
What do you mean? Not just, I mean, financial models come from people. I know today AI comes
00:38:22.500
with some, but you've got to purge. You've got to rethink, like Besson's been saying, you've got to
00:38:26.500
go back to the beginning on a whiteboard and say exactly what are we doing here? Why do we need a
00:38:31.700
central bank? Maybe we should audit the central bank. What's the mission of the central bank?
00:38:37.360
Does it have too many mandates? Does it have not enough mandates? And I guess you're saying
00:38:42.140
really rethink this because this deep state on the financial side tied to the Wall Street,
00:38:48.140
tied to the Larry Finks of the world, the hedge funds of the world, they're actually, it's
00:38:53.680
closely independent. It's actually controlled. It's just not controlled by the American people.
00:38:58.780
Is that the case you're making that this has to be totally rethought?
00:39:01.740
Our concept of the central banks and how it interacts with other central banks throughout
00:39:07.460
the world? That's right. I'm trying to simplify it down for people because I think that people
00:39:15.060
around the country can understand it better than the Federal Reserve can. The high interest rates
00:39:20.040
pays Wall Street. It pays rich people for interest on money, but it's not necessary for fighting
00:39:28.160
inflation. If the Federal Reserve had the rate, let's say, 50 basis points lower in September,
00:39:36.340
that would be better for the economy. That's what foreign central banks are doing. The Bank of England
00:39:41.500
has cut three times this year. The pound is not weaker. The inflation rate there is not higher.
00:39:48.340
And so because it allows more growth within the economy. So I invite people not to overthink this
00:39:57.820
in terms of economic models and fancy PhD economists. They've had it wrong. That's why we keep getting
00:40:06.080
these waves of inflation that really hurt median income. They hurt people's wages more than inflation.
00:40:14.440
So people lose ground when the central bank is operating and controlling the economy the way
00:40:21.020
it is now. They set the floor on interest rates and they set it. The Federal Reserve is setting the
00:40:30.260
interest rate high enough to benefit rich people. And that is not necessary within economic theory.
00:40:39.580
The U.S. is the world's superpower. Why are interest rates higher here than in weaker countries? It
00:40:48.720
doesn't make sense. Important in this, Steve, is that I think the Trump plan has to bring in more about
00:40:58.300
defending the dollar as the world's reserve currency. The whole world wants to attack that and take down
00:41:04.340
the U.S. China in particular wants to do that. And so a core thing within the Trump plan is to realize
00:41:12.980
that the dollar is going to be a stable store of value for 50 years. It's the Trump dollar. And if
00:41:19.520
they said that, then interest rates could come down quickly right now, I think.
00:41:26.920
Also, I love that about the stable. This is one of the things we teach in the end of the dollar
00:41:32.200
empire, what you have to do. This plan, our supply side plan, which Scott Besson said,
00:41:39.340
this is going to be the last shot you're going to have to really have a supply side solution.
00:41:43.560
It's predicated on three, three and a half percent, maybe even higher growth.
00:41:47.740
We hit three. Now, people are saying that's an anomaly because of the tariffs and people trying
00:41:51.620
to get ahead of the tariffs. But if rates don't come down, we've only got about a minute here.
00:41:56.440
If rates don't come down, do you see the possibility we could get the three and a half percent
00:42:00.260
growth, which is kind of what we need to grow our way out of this financial fiasco that handed
00:42:07.260
to us by Biden? I don't think we can get there because the Fed is setting the interest rate at
00:42:13.780
such a high level. So it's hard to see that the supply chain can be repaired by the small businesses
00:42:20.680
that need working capital unless the Fed really makes the interest rate cuts. I think they're against
00:42:27.280
Trump and will resist and resist. That's going on this week at Jackson Hole, but it will go on over
00:42:33.220
the coming months that all the the PhD economists will say, oh, we can't possibly cut interest rates,
00:42:40.700
even though if you look around the world, everybody else has been able to do it.
00:42:45.280
So this is the moment of truth. It's a golden opportunity for President Trump to really create
00:42:51.100
an upheaval, a full upheaval in the Fed's models that give us better growth and more market confidence.
00:43:01.040
If real quickly, if Lisa Cook has to step down, President Trump's demanding she step down from the
00:43:06.340
from the board of governors of the Federal Reserve. If she was a step down, are you available to step in,
00:43:12.100
sir? Well, Steve, you know, I'm a mega guy. I'm a manufacturing guy. I want to see the country do
00:43:19.360
really well. So everyone should step up to the moment. And so I don't know about that.
00:43:27.980
David Malpass, former head of the World Bank under President Trump,
00:43:31.300
undersecretary for international finance, I think number three job in the Treasury. Thank you so much,
00:43:36.320
sir. What's your social media? Can you hit it to me quick? Yeah, at David R. Malpass. So that's
00:43:42.960
the Twitter or the X dot com. Thank you, sir. Appreciate you. What if he had the brightest
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mind in the war room delivering critical financial research every month? Steve Bannon here. War room
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listeners know Jim Rickards. I love this guy. He's our wise man, a former CIA, Pentagon and White House
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advisor with an unmatched grasp of geopolitics and capital markets. Jim predicted Trump's electoral
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free book. That's Rickards war room dot com. Do it today. Republicans in Washington, wake up.
00:45:05.260
You're losing it on the most important issue in America, and that's the economy. And that's not my
00:45:10.860
opinion. It is the reality as expressed by all credible polling, including my own surveys. Now,
00:45:17.220
my newest survey, it was positive overall for Trump and for the GOP voters. Thankfully, they trust
00:45:23.400
Republicans on security issues from street safety to the border, and they massively back deportations.
00:45:29.980
But they are also super upset and anxious about the economy, and for very good reason. Right now,
00:45:37.020
a scant 23 percent say that your big, beautiful bill will help them. Independence? Today, they're far
00:45:45.040
more pessimistic on the economy than they were last November when Trump won. Here's why. They can't
00:45:51.420
afford their lives, and they now blame you, Republicans, as the governing party. So the time for real action
00:45:59.340
and the time for a new media campaign is right now. Or get ready to get rinsed in the 2026 midterms,
00:46:09.000
especially without the help of Trump on the ballot. Now, there are solutions if you get a sense of
00:46:15.600
urgency immediately. See my column for the details.
00:46:20.040
Okay, Steve Cortez joins us also. You just heard Malpass about the dollar we're going to get.
00:46:29.600
Also, hopefully, Philip Patrick this morning, if we can do it. If not, it'll be tomorrow morning.
00:46:35.200
Birch Gold, you'll understand it all. It's not the price of gold. It's the process of how the price is
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determined. Birchgold.com, the end of the dollar empire. Birchgold.com slash Bannon. That would be me.
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That's the promo code. End of the dollar empire. Seven free installments now. Eight and nine are
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underway. We're also coming out with a physical copy of it, so you can have it.
00:47:01.900
Steve Cortez. Jeffrey Tucker, who I think very highly of. Jeffrey Tucker's got a big piece in
00:47:09.000
Epoch Times, which is the best broadsheet in this nation as a paper that's been linked to by Zero Hedge.
00:47:15.000
I love the Zero Hedge, guys. Although, let's be blunt. Every now and again, when you're clicking
00:47:20.060
through the Zero Hedge, I tell people this. You may click through to RT or to one of these think
00:47:25.920
tanks in Moscow that maybe took a dollar or two from the KGB. Not that some of our think tanks don't
00:47:32.580
take money from USAID or the CIA, but just be aware when you go through. But Tucker's got a thing
00:47:38.420
about the inflation. His piece, and he's an economist, it really backs up yours that we've
00:47:45.540
got to get serious about this now. And my concern is, Steve, is that the House and the Senate are not
00:47:51.900
outselling the big, beautiful bill. They're not selling the supply-side tax cut of this. We're
00:47:55.840
not getting any momentum on that. And we're coming back, folks. And guess what? Get ready to bend over
00:48:02.080
and grab them because they've got a $55 billion. Uncle Sugar is going to be tapped for $55 billion,
00:48:08.420
up to $100 billion since the Ukraine fiasco immediately. And they're going to jam in the
00:48:13.440
third week of September. Take your number two, Prince Aladdin, write it down. They're going to
00:48:17.760
come back with a nom to bust it. They're working on right now. It's going to have a $2 trillion deficit
00:48:22.060
for next year. And they're going to put a gun to President Trump's head and say, hey, we've got to
00:48:26.060
take care of all this at one time, or your government's going to have to shut down. We've got to get
00:48:30.120
funding. It's all going to happen, folks. It's all out there to be happening. Steve Cortez,
00:48:34.420
your thoughts? Yeah. So listen, Steve, you're exactly correct. You're exactly correct. There
00:48:41.000
is way too much complacency, way too much complacency among Republicans in Washington,
00:48:46.040
D.C. on the foundational issue of the economy. And as I point out in that video and in my article,
00:48:51.600
because of my polling, and I just polled the state of Georgia, right, key swing state, overall,
00:48:56.340
good poll for Republicans. But on the economy, the numbers are bad and they are trending worse.
00:49:01.920
As a matter of fact, Republicans and this administration are roughly where Biden was on
00:49:06.300
the economy before the election last year. So think about that, okay, and take that seriously
00:49:11.200
and get a sense of urgency. You're exactly correct that neither the admin nor Republicans on Capitol
00:49:16.520
Hill are selling the economic message the way they should. You know, they believe that once they
00:49:21.980
passed the big, beautiful bill that they were done selling. No, that's in many ways the start of the
00:49:26.240
campaign, right? And they should be promoting the winds on trade, the winds on onshoring, the fact
00:49:32.080
that wages are going up. There is a lot of good news to tell, but there's also really worrisome news.
00:49:37.060
And I think you're exactly right. That article from Jeffrey Tucker, who's brilliant, he points out,
00:49:41.600
for example, that M2 aggregate money supply is now back near the highs of 2022 when inflation was raging
00:49:47.740
at its worst levels of the Bidenomics fiasco. I point out in my article, you right now have beef
00:49:53.400
prices at all time highs. They have set a new all time high in each of the last six months. Chicken
00:49:59.220
at all time highs, bananas at all time highs. When you look at the United States dollar, one of the
00:50:03.840
reasons that that pain is at the grocery store is a lot of Americans, Steve, they don't realize that
00:50:08.440
they are implicitly currency traders. They may never watch currency markets, but you are buying
00:50:12.660
these goods in dollars. And when you go into a Walmart, the majority of the goods in there are from
00:50:17.160
overseas, which is a shame, but that's the reality right now. So the value of the dollar is directly
00:50:21.660
tied to your buying power at Walmart or wherever you shop. And when you look at the dollar, the
00:50:26.640
euro currency for all the problems of Europe, the euro currency has been kicking the dollar's ass
00:50:30.820
all year. Gold, well above $3,000 an ounce. Bitcoin, well above $100,000, just hit $118,000
00:50:38.760
per coin. So the dollar is sliding demonstrably. So what I want to see from Capitol Hill and the
00:50:44.300
administration is a decided effort on messaging to start defending the dollar, by the way. I think David
00:50:49.560
Malpass is exactly correct to start jawboning the dollar because if the Fed lowers interest rates
00:50:54.460
and we don't have a concurrent strong dollar policy, then the dollar is going to get absolutely
00:50:59.240
rinsed from here. And that is a very real danger. And in terms of a policy change, tangible policy
00:51:04.880
change, President Trump has floated these tariff rebate checks. Steve, that needs to happen and it
00:51:10.020
needs to happen now and make them a consequential amount only for middle class folks. Hang on a second.
00:51:17.900
Hang on a second. You're not a crazy man. You're very, you're very, you know, you're always very
00:51:22.620
safe pair of hands. You talk about the economy. You are coming empirically. Last time I looked,
00:51:27.300
we had 37 trillion in debt. We just had 37. We've got, we're going to have a $2 trillion deficit by
00:51:32.180
the time midnight strikes when it strikes for Cinderella at midnight on the 30th, $2 trillion for
00:51:38.560
this year. They're going to jam us. I telling you, they're going to jam us in the third week of
00:51:43.620
September. They're going to jam us with an omnibus is going to have another $2 trillion
00:51:48.520
deficit. That's why they kicked up the debt limit to $5 trillion. So how can we give rebate checks
00:51:54.980
off the top when we got to pay down that deficit? Steve Cortez, give me 30 seconds. I'm going to
00:51:59.920
hold you through the break. What do you got? Sure. You know, I'll tell you two ways. One is to cut
00:52:03.980
defense, right? Which we can and should do if we're smarter about our defense budget and not defending
00:52:08.280
the world. And the second one related to that is stop spending on Ukraine. Okay. But also look,
00:52:13.380
I don't want to hear that Republicans on Capitol Hill are going to suddenly get religion on the
00:52:16.980
deficit after, after they pass this gargantuan, uh, profligacy bill, right? I mean, don't tell me
00:52:22.480
now that you've got religion when we need to deliver tangible benefits to middle-class people,
00:52:26.700
middle-class people need to have a seat at the table in trade negotiations. They need to have skin in
00:52:31.200
the game in this, in these terrorists. They need to feel a financial benefit from what president Trump is
00:52:36.180
doing. And again, I don't want to hear that they suddenly have religion on debt.
00:52:41.140
Okay. Hang on, hang on a second. We're going to go out with the right stuff because that's what this show
00:52:47.440
promotes. Mike Lee is going to join us. The great constitutionalist in the United States Senate from
00:52:54.200
Utah. Steve Cortez is going to stick around. We're going to talk about the make America healthy again
00:52:58.460
and Brazil next. You missed the IRS tax deadline. You think he's just going to go away? Well,
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