Bannon's War Room - Episode 4719： Reforming The Fed; Powell's Job In Jeopardy

00:00:00.000 It's titled The Rising Democratic MAGA Movement. You write Democrats needing, quote,

00:00:05.060 their own version of a populist anti-establishment MAGA-like makeover. So what does that look like,

00:00:11.360 Jim? It looks like what you were just talking about with Gavin Newsom, right? Trying to adopt

00:00:16.180 a lot of the techniques that you saw from Trump that you've seen from MAGA. Get on social media,

00:00:20.900 be a warrior, curse a lot, try to have a lot of edge, insert yourself into the news cycle.

00:00:26.880 I think the bigger part, though, is what you've seen happening in New York,

00:00:30.580 what you've seen happen in Minneapolis, the popularity of Bernie Sanders,

00:00:34.240 the number of people turning out for AOC events, that right now the momentum in the party

00:00:38.980 is very much for the very progressive wing of the Democratic Party, which is not that much of a

00:00:45.260 shock, but I think is probably problematic in the off-year elections for Democrats. It's just not

00:00:51.180 where the vast majority of the country seems to be. I think it's one of the reasons that the

00:00:55.680 Democratic brand overall is low. And so I think that's an important thing to watch.

00:01:01.860 And in terms of your conversation about the backlash to the bill, to me, this is going to

00:01:06.740 be a really, really important conversation three months from now. In three months, we're going to

00:01:11.000 know what's happening with redistricting. If Republicans can really rewire the map in a way

00:01:15.660 where they could pick up anywhere from five to 10 seats, that is meaningful. That is deeply,

00:01:20.380 deeply meaningful. It's harder in these Democratic states to do it. It's easier in Texas and

00:01:25.160 Republican states to do it. The other is watch the next month. If inflation does what I think

00:01:31.480 inflation is going to do, it is going to be deeply, deeply problematic for the Republican Party.

00:01:36.760 If you look at what's happening with the stock prices of Chipotle or Sweetgreen or any of these

00:01:41.840 restaurants where people take their money when they have a little bit extra and go and spend it,

00:01:45.940 they're all tanking. If you look at what you're hearing from Home Depot, your Walmarts and others,

00:01:50.420 they're basically saying, listen, we've absorbed as much of a loss as we can from the tariffs. Come

00:01:56.020 August, we have to start passing that on to consumers. If that happens, if that happens in

00:02:00.900 home goods, if that happens in groceries, if that happens in autos, which I think could be the next

00:02:05.820 piece to fall, that is going to make all of this talk about the bill that much more problematic because

00:02:12.140 you're going to say, wait a second, what Joe was saying was right. They legitimately did get a

00:02:16.620 massive tax cut, especially if you're super wealthy or you're running a big company. And a

00:02:22.540 lot of people who were on Medicaid or requiring these government programs. Yes, there's some fraud,

00:02:28.280 but yes, there's a lot of people who are authentically not going to get benefits

00:02:31.320 tomorrow that are getting them today. That's when this becomes much, much more than a sideshow

00:02:37.860 at one specific event. It becomes a deep, deep systematic problem for the Republican Party.

00:02:43.000 I think for a lot of democracy watchers, this is the nightmare scenario, attacking our elections,

00:02:49.200 rigging our elections. It's not just the gerrymandering, it's the attacks on the actual

00:02:54.720 way people vote. What are your thoughts on how vigorously or not vigorously it's being protected?

00:03:03.520 Well, I think it needs to be protected much more vigorously. And I think we need to learn from 2020.

00:03:07.720 Look, none of us can get inside Donald Trump's brain. Thank goodness. I'm open to the theory that

00:03:14.360 maybe just Vladimir Putin just has some magic spell over him and anything Vladimir Putin says, he

00:03:19.520 reiterates. I think that could be one theory. But I think that there's another likely reason why he's

00:03:25.800 targeting mail-in voting or other types of voting right now. And it's something that we've all lived

00:03:30.740 through. It's something that Stephen lived through most acutely in 2020, which is laying the groundwork

00:03:36.040 for contesting the election if it goes away he doesn't like. And I think that this is as simple

00:03:42.020 as that. We're re-looking at Stop the Steal 2.0. He's starting it early. He started that early,

00:03:46.940 really, back in 2020. It's just a lot of us didn't take it that seriously in 2019.

00:03:52.260 But he's throwing this chum in the water now. He's laying the groundwork. And so if hypothetically, 1.00

00:03:57.780 I don't know, the Democrats win the House by three or four votes next time in a close election,

00:04:02.260 and there are some close races in states with mail-in voting, like Arizona or Colorado or California

00:04:08.160 or Nevada, that he will do what he did in 2020 and try to contest the election and prevent

00:04:13.700 those elections from being certified. I think it's pretty clear that that is what, you know,

00:04:20.880 is at least an option that they're keeping open. And I think that threat to me is the most acute. I think

00:04:26.900 actual protection of the elections is very important, too. But I think that post-election

00:04:31.120 2026 time is what we're already seeing kind of a Groundhog Day preview of.

00:04:35.680 Got a lot of things. Being a NATO member involves a lot of things. But the best thing you get in

00:04:40.980 exchange for being a part of NATO is Article 5, the security guarantee that if anybody attacks you,

00:04:46.360 it's like attacking all the other NATO members and you get the benefit from that. NATO has actually,

00:04:50.940 Ukraine has actually done a lot of NATO-ish stuff, right, since 1994. Their army operates more like

00:04:58.440 NATO armies' militaries operate. They've got that interoperability. So tell me about what NATO,

00:05:05.840 without being in NATO, would look like for Ukraine, the security guarantee that everybody's talking

00:05:10.020 about that doesn't necessarily at the moment involve NATO membership. What does that even look like?

00:05:14.580 Well, so a step down from NATO membership, which, as you point out, Ali, is the gold standard. It's 1.00

00:05:23.120 also the cheapest and the most effective security guarantee that there is. But if that's not on the

00:05:27.880 table for now, don't give up on it, but it's not on the table for now. Then this coalition of the

00:05:33.600 willing, putting troops on the ground with an Article 5-like commitment. That is,

00:05:40.840 this coalition of willing, which is led by the French and the British, but it's got like 30

00:05:46.960 members, 30 nations that are there, including now the Americans, would say that NATO-like, it says,

00:05:53.620 if you're attacked, we're with you. You know, we support you. Doesn't say exactly how we're with

00:05:57.980 you, and each of those 30 nations will do it a little differently, as it is in NATO, as in the actual

00:06:03.080 Article 5.

00:06:03.880 About this idea of how easy it would be to attack the fact that rich are getting richer.

00:06:09.040 This isn't actually a political argument. It is a empirical argument. There's no doubt that the

00:06:14.660 rich are getting a lot richer, that the poor are not getting that much richer, if getting richer at

00:06:19.800 all, that that tax bill undoubtedly favors the most wealthy. Then you look at your stock market and you

00:06:25.800 say, what's happening? Well, most of the growth in portfolios is coming from your biggest tech

00:06:30.800 companies, the top seven, the FANG companies. Well, who are those? That's your Zuckerbergs of

00:06:36.260 the world, right? That's these big, big companies that are already doing well, that are getting

00:06:40.120 massive assistance from the federal government. And the only people who can really invest in a lot

00:06:44.900 of these companies are people who themselves are already rich, right? If you look at people who have

00:06:49.280 money in 401ks or in the stock market, tend to start with a lot of money to begin with. So the rich

00:06:55.180 are going to keep getting richer. This is a fantastic environment if you have money. There's no doubt

00:06:59.580 about it. And I think that is, then it always sits on top of politics, right? People are always

00:07:04.780 feeling like, is the system rigged? Is the system fair? And if somebody is paying a lot more for a

00:07:10.660 car, a lot more for oranges, a lot more for eggs, a lot more for stuff at the next trip to Home Depot,

00:07:16.660 yes, bitterness rises. And it's why, interesting, Eugene talks about there are no labels. If you really

00:07:22.520 get the Steve Bannons of the world on true serum, they agree a lot with what Bernie Sanders is saying.

00:07:29.580 About the dangers of AI, about the rich getting richer, about some of the dangers in that bill

00:07:34.820 going after Medicaid. They're not loud about it right now, but make no mistake, when Trump is gone,

00:07:40.520 there's a bigger disconnect there than people realize. Because the Bannons of the world, I would 1.00

00:07:45.800 say, are tied more tightly to the working class because they understand that's why Trump exists

00:07:51.620 today. It might not be Trump's worldview per se, but it certainly is there.

00:07:55.480 The headlines, Trump's selective stance on justice, redemption for some, scorn for others.

00:08:00.000 Mr. Trump himself, a felon, they like to point that out, has shown particular leniency to criminals

00:08:05.880 he seems to identify with, people who are white or wealthy or who he believes have been unfairly

00:08:09.920 persecuted or who rioted in his name on January 6th. Also in the article, this quote from him,

00:08:14.840 they will never be an asset to society. He said, I don't care. I know we all want to say,

00:08:19.500 oh, they're going to be rehabbed. They're not going to be rehabbed. That was when he was

00:08:22.300 holding up five mugshots of people of color. What's the difference there? What do you read

00:08:27.060 from that? This is a president who got his political start by trying to undermine the

00:08:31.560 legitimacy of the first black president. The racism of this man and this candidate is baked 0.74

00:08:36.680 into everything that he does. One of the things that's saddest for me hearing that quote and

00:08:42.500 comparing it to what happened on January 6th and the subsequent pardons is with January 6th,

00:08:47.280 you had an overwhelmingly white riot against a perhaps majority or near majority minority

00:08:53.840 police force. I talked to a lot of officers and one of them said something that has stuck with

00:08:59.100 me for several years now. He said, look, I have worked a lot of riots in my career, but this is

00:09:04.460 the first riot that I worked where the rioters thought that they were right. They thought that

00:09:09.460 they were the ones that were in charge. And what scares me is when you see the president using such

00:09:15.620 racist or racialized language like this, it risks legitimizing what those rioters believed and proves

00:09:22.100 them correct. Yeah. And I think the question is what happens with the rest of America, right? Who

00:09:28.400 stands up for American democracy when it doesn't go the way they want? And, you know, we have not seen

00:09:35.100 a lot of bravery from pretty much anyone, right? Billion from billionaires to, you know, Republican

00:09:43.100 politicians to the Supreme Court. Everyone has basically rubber stamped anything Donald Trump

00:09:48.700 wants to do. So there is going to be a moment where we're going to need it for democracy to keep

00:09:55.540 going. People are going to have to stand up and that's going to mean people who are Republicans,

00:10:01.420 members of the Supreme Court, they're going to have to say like this is this election was free and fair

00:10:07.260 and certified. And you'll remember this Supreme Court did, in fact, do that in 2020. They did not

00:10:12.480 take up the, you know, Trump's many, many cases. So I think there's a real question about whether that

00:10:19.800 moment will happen again. And that is perhaps the most, if you're going to be concerned about anything,

00:10:25.040 that would strike me as the most disconcerned.

00:10:28.100 This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on

00:10:39.440 these people. I got a free shot. All these networks lying about the people, the people have had a

00:10:46.280 belly full of it. I know you don't like hearing that. I know you've tried to do everything in the

00:10:49.980 world to stop that, but you're not going to stop it. It's going to happen. And where do people like

00:10:53.580 that go to share the big line? MAGA Media. I wish in my soul, I wish that any of these people

00:11:01.200 had a conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my

00:11:09.140 country, this country will be saved. War Room. Here's your host, Stephen K. Bannon.

00:11:16.360 It's Wednesday, 20 August in the year of our Lord, 2025. Throughout the world, just more news,

00:11:30.640 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

00:11:43.600 fight club. Of course it's a parody. Of course it's a vaudeville act. I mean, it's Gavin Newsom after

00:11:49.640 all, right? But he's, you know, sitting there, he's being a tough guy. He's tweeting out. He's,

00:11:57.540 and so the Democrats love it. One of the reasons they love it, they don't have any fighters over

00:12:01.900 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

00:12:11.000 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

00:12:25.640 has to be right this time, no illegal aliens, and you got to get the algorithms right in the

00:12:29.700 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.

00:13:37.900 The last is the mail-in ballots and Senator Mike Lee, the best constitutional we've got is going

00:13:42.640 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

00:13:49.840 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. 1.00

00:13:56.760 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. 1.00

00:14:34.720 That's scumbags. And they're going, Oh yeah, France and England are in, and they're going to be at the 0.98

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.

00:14:48.020 Maybe they're going to guard a port. Maybe they're going to look at the air. They're going to do some

00:14:52.260 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

00:15:05.760 superpowers, including China, Russia, India, and Persia are meeting with the goal of displacing 0.98

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

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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

00:17:36.640 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

00:18:26.680 give billionaires. They wanted to give multinational corporations. They wanted to give the richest of the

00:18:31.780 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 0.97

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

00:21:19.820 Financial Times. So that's a country that has no money. All that money comes from you because

00:21:25.060 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, 0.80

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 0.91

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 0.95

00:22:25.060 kids, I was crawling around the carpet, little rug rats, will be 40 years old. Yep. So you got to 0.87

00:22:34.040 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

00:22:46.940 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, 1.00

00:23:06.820 except they got a couple of drones. We got to have the, a couple of American carrier battle groups. 0.95

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 1.00

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.

00:23:36.740 They're not going to be there. They want the Americans in. They want to tie us up. They're not prepared 1.00

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 0.99

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 1.00

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, 1.00

00:25:45.320 the total obliteration of the nuclear program of the Persians and what we've given and what we fed 0.98

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 1.00

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, 0.76

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 1.00

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 0.90

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.

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00:29:48.860 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, 0.86

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 1.00

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

00:35:58.460 Reserve.

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

00:38:13.600 the president is trying to do on growth.

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 1.00

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

00:43:49.940 mind in the war room delivering critical financial research every month? Steve Bannon here. War room

00:43:56.360 listeners know Jim Rickards. I love this guy. He's our wise man, a former CIA, Pentagon and White House

00:44:02.300 advisor with an unmatched grasp of geopolitics and capital markets. Jim predicted Trump's electoral

00:44:08.140 college victory exactly 312 to 226 down to the actual number itself. Now he's issuing a dire warning

00:44:17.900 about April 11th, a moment that could define Trump's presidency in your financial future. His

00:44:24.040 latest book, Money GPT, exposes how AI is setting the stage for financial chaos. Bank runs at lightning

00:44:30.880 speeds, algorithm driven crashes and even threats to national security. Right now, war room members get a

00:44:37.000 free copy of Money GPT when they sign up for strategic intelligence. This is Jim's flagship financial

00:44:44.140 newsletter, strategic intelligence. I read it. You should read it. Time is running out. Go to

00:44:50.160 Rickards war room dot com. That's all one word. Rickards war room records with an S. Go now and claim your

00:44:56.680 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

00:46:40.900 determined. Birchgold.com, the end of the dollar empire. Birchgold.com slash Bannon. That would be me.

00:46:47.440 That's the promo code. End of the dollar empire. Seven free installments now. Eight and nine are

00:46:52.640 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 0.99

00:50:30.820 all year. Gold, well above $3,000 an ounce. Bitcoin, well above $100,000, just hit $118,000 0.85

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, 0.63

00:52:26.700 middle-class people need to have a seat at the table in trade negotiations. They need to have skin in 1.00

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,

00:53:06.060 think again. The IRS doesn't mess around and they're applying pressure like we haven't seen

00:53:11.660 in years. So if you haven't filed in a while, even if you can't pay, don't wait and don't face

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00:54:19.240 get ahead of you. Do it today.

Bannon's War Room - August 20, 2025

Episode 4719： Reforming The Fed; Powell's Job In Jeopardy

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