Stephen K. Baughn and Ben Harnell join host Steve Kamb ( ) in the War Room to discuss the latest on the latest in the ongoing immigration debate, the ongoing government shutdown, and more.
00:00:51.000It's Saturday, 27 September in the year of our Lord 2025.
00:00:55.000The President of the United States has authorized by a request from the Secretary of Homeland Security,
00:01:02.000Kristi Noem, to direct the Secretary of War, Pete Hegseth, if we can get that up, the True Social,
00:01:08.000to send all necessary force into Portland, Oregon to immediately put down the Antifa raids against ICE in the federal facilities in Portland.
00:01:25.000At the same time, Jack Posobiec said at the opening of the show that Pam Bondi, the Justice Department, has authorized the opening up of the trigger and the coordination of the Joint Terrorism Task Force to go after Antifa and all its associates,
00:01:40.000the transgender militias, the queer guns or armed queers of Salt Lake City and others leading up to also using the Joint Terrorism Task Force tool set to go after the financiers,
00:01:56.000the media partners, the political partners, all of it.
00:01:59.000All of it. This is why the Democratic Party is in complete absolute seizure and all weekend, all you're going to hear is about President Trump and how bad he is.
00:02:06.420And so we dare you, Democratic Party, shut down the government for funding.
00:02:11.220If you want funding of illegal alien medical, it ain't going to happen.
00:03:31.800Well, Steve, I mean, this comes back to the point I was saying before the break.
00:03:37.320One of the things that is moving this up the escalator is the fact that everyone now thinks
00:03:44.100that America is going to be involved in one way or another in the defense of Europe.
00:03:49.260There are, look, with all due respect to Maria Zakharova, it's absolutely clear that Russia is instigating
00:03:55.720a lot of these provocations with the drone incursions into Poland and into Denmark over the Danish airports.
00:04:06.180And you have the Russian fighter planes coming in that happened this week.
00:04:11.180I think they were seen of escorted out by three Italian fighter planes that were there policing Estonia for the Estonians.
00:04:24.180The reason why we're on the cusp of World War III, and this isn't simply a territorial dispute, is because of the United States.
00:04:35.420And as I was saying before the break, NATO and the European leaders are acting with a swagger
00:04:40.740because they think America is now going to be coming to their defense because they don't have the economic means to keep this going.
00:04:49.500That is why we're on the cusp of World War III, because of the ambiguity of the U.S. position.
00:04:56.320And, you know, you saw, you asked me about Mark Reuter, the Secretary General of NATO.
00:05:03.140He sort of, he's reiterated in the last couple of days the absolute viability of NATO forces shooting down both, obviously, the Russian trains, but also Russian jets.
00:05:31.800It wasn't just that he had spoken to President Trump about getting some long-range missiles to attack the energy infrastructure deep into Russia.
00:05:42.200That's not really, I think, what Zelensky was signaling.
00:05:46.160He made it clear that he had President Trump's explicit authorization to do that.
00:05:52.220That's the signal, if you will, Steve, rather than the noise.
00:05:56.000He was making it absolutely clear to Russia that if he attacks deep into Russia, including, in Zelensky's own words, the attack striking the Kremlin, he would do that with President Trump's authorization, which he now claims to have.
00:06:11.760That's why, Steve, we're on the verge of World War III.
00:06:16.700In fact, no, I would add further, as you have said tightly, we are already in World War III.
00:06:22.860The point now is to get ourselves out of it without this becoming even more kinetic.
00:06:30.800I'm going to talk to you about the economic warfare with Philip Patrick because, folks, we're getting very close to the point of no return here.
00:06:44.540At the exact time that Stephen Miller and others are talking about the sedition here in the United States, President Trump just ordered the Secretary of War, the U.S. Army, to go into Portland, Oregon with full force.
00:06:57.740And as Jack Posobiec texted me, that is kind of going to be a shoot-to-kill order.
00:07:04.800We're just sending – as we've argued for a long time, it's not going to stop until you make it stop.
00:07:11.860And President Trump today is authorizing the Secretary of War to use all necessary force to put down the Antifa anti-ice riots in Portland, Oregon.
00:07:23.860That's where we've got to focus, not in the Russian-speaking eastern provinces of Ukraine.
00:07:30.100Ben Harnwell, you're doing an amazing job on this, and particularly you've got the buried lead in the Axios interview where Zelensky accuses President Trump of giving him full authorization to do these strikes deep into Russia.
00:07:42.360And now he wants Tomahawk missiles, the same Tomahawk missiles fired from those great Navy submarines that took out the operations of the Iranian, the Persian nuclear weapons program.
00:08:19.960I want to pivot now to tell politics, ground game politics, because what's going to happen in New York, you think we got a revolution going on, a color revolution at the ballot box in November.
00:08:33.400The city of New York is going to put up a mayor of the Global Financial Center, the global capital of the world, New York City, the greatest city in the United States of America, to a combination of Marxist and jihadist.
00:08:45.280That's who's going to run the government, and they ain't never going to give it up when they get control.
00:08:49.300And this is brought to you by the elites in New York City, who now are bending the knee to this guy.
00:08:55.080Sophia Georges came on here months ago, and she said, hey, I'm running for a town council in New Jersey, but I see what's happening, the ground truth, because I have a real estate business.
00:09:11.460Affordability in housing and the electrical bills.
00:09:14.600And right now, we have a race in New Jersey, in blue New Jersey, that Scott Presser and others are trying to make into purple New Jersey, where it's basically a dead heat for the governorship.
00:10:01.060I mean, we started seeing a decrease in the qualifications for them to afford a home.
00:10:07.600I was seeing more and more people in multigenerational households.
00:10:11.920I was seeing young adults just coming out of school with great paying jobs but still could not afford a home.
00:10:18.020And now we're seeing families, as I'm knocking on doors here in Franklin Township, Somerset County, who say, hey, I have a modest-sized home and I'm paying $900 a month in utility bills.
00:10:29.400And this is becoming unsustainable for families.
00:10:32.740As I knock on doors here in Franklin Township, Steve, it doesn't matter if you're a Republican, an Independent, or a Democrat.
00:10:39.920People are feeling the pinch of the day-to-day grind of sustaining their household.
00:11:14.360Dave, you have been preaching this for a while, and now I've got an article about Pennsylvania.
00:11:18.280We've got a huge team up at the Penn State-Oregon game today in Pennsylvania.
00:11:23.040Real Clear Wire is saying, basically agreeing with you, that the midterm elections in Pennsylvania, they say it's going to come down to the electrical bills.
00:11:32.000What is going on in New Jersey, in Pennsylvania?
00:11:35.700Pennsylvania is the Saudi Arabia natural gas.
00:11:38.280What is the problem in New Jersey, Pennsylvania, everywhere, that these electrical bills are exploding on people?
00:11:45.920As Sophie had just said, people say, I've got a modest-sized house.
00:11:48.360I've got $900 a month in utility bills.
00:11:57.560Well, Steve, we've had in PJM, which includes Pennsylvania, New Jersey, Maryland, Delaware, other states, Virginia, eastern Ohio, PJM,
00:12:05.840that grid of the U.S., we have now seven years to eight years of zero baseload construction of power plants, of any new power plants.
00:12:16.100We've had power plants that matter, ones that run on natural gas or coal.
00:12:21.500What we have had is the shutdown during that time period of many, many more hundreds of power plants that run on coal, some on oil,
00:12:28.760along with the non-building of baseload combined cycle plants, and the endeavor to replace that with four-hour-a-day, five-hour-a-day solar, and seven-hour-a-day in some markets, wind.
00:12:43.520In addition to that, just now in the last year and a half, we've had this performative – I call it performative because it hasn't really happened yet – AI boom.
00:12:52.380AI and server centers are a big deal already – server centers in northern Virginia.
00:12:57.320AI is announcing a number of projects across PJM where they – some companies are now building their own capacity.
00:13:05.280Others are stealing capacity, such as Google just bought two dams on the Susquehanna, 700 megawatts worth of hydropower that they're now claiming they're going to be green.
00:13:14.680But that power's been there in supporting the grid and the average rate payer for 60 years, the 700 megawatts they're acquiring to support another AI facility that they're building.
00:13:25.120So you've got this nexus of the shortage to begin with of baseload electricity that's caused rates to escalate rapidly along with all the announcements of the build-out of more AI and data centers up there.
00:13:37.760So you've got a fight between the average rate payer who is compromised by this or Microsoft, Google, Facebook can't afford to pay a lot more and have utilities wait around in the background of gas turbines they've purchased for their use and not the average rate payer.
00:13:57.100We've talked about Germany deindustrializing around this bizarre theory of net carbon zero.
00:14:02.020Ohio, Pennsylvania, New Jersey, Maryland, that part of Virginia.
00:14:06.260Did that – when you said nothing added to the grid just taken off, for all this whack job stuff on solar, was this the same theory of the case?
00:14:15.020Are they going – are they really – with everything else going on trying to go to a net carbon zero and the rate payers and the citizens of New Jersey are bearing the brunt of this?
00:15:11.240A former CIA, Pentagon, and White House advisor with an unmatched grasp of geopolitics and capital markets, Jim predicted Trump's Electoral College victory exactly 312 to 226, down to the actual number itself.
00:15:26.640Now he's issuing a dire warning about April 11th, a moment that could define Trump's presidency in your financial future.
00:15:35.000His latest book, Money GPT, exposes how AI is setting the stage for financial chaos, bank runs at lightning speeds, algorithm-driven crashes, and even threats to national security.
00:15:46.580Right now, war room members get a free copy of Money GPT when they sign up for Strategic Intelligence.
00:15:52.740This is Jim's flagship financial newsletter, Strategic Intelligence.
00:16:16.180Ohio, Pennsylvania, New Jersey, Maryland, Virginia, and remember, Pennsylvania is the Saudi Arabia of natural gas.
00:16:27.060Did the officials there and these public utilities, all this, did they do the same thing the German elites did in basically de-industrializing through this bizarro theory of net carbon zero, Dave Walsh?
00:16:40.760They've been doing it for about 10 years.
00:16:43.180PJM has destructed huge amounts of coal and nuclear power, baseload power, shut down plants, shuttered them permanently, and attempted to displace them more recently in the last seven years with solar power that runs only about four and a half hours a day up there in wind power.
00:17:00.400This has created a huge net electrification shortage, compounded now by AI coming on stream in the last year and a half with a lot of announcements of wanting to build massive new capacity up there that takes huge amounts of more electrification demand by them off the system.
00:17:17.540We had nationally, because of all this solar and wind growth, we had only 0.4% growth over the whole six-year period from 2020 to 2025, the whole six-year period, 0.4% growth in national electrification, while demand last year alone grew 2.9%, and now it's forecast to grow 4.5%, 5% over the next 10 years, and we've got a basis of all solar and wind that run part-time now.
00:17:45.440Yeah, because the AI is going to kick in, and it's going to go back to the average citizen to pay for it with these data centers.
00:17:54.900Sophia, Sophia, you told us four or five months ago this race is going to come down, and the Republicans are going to win because they're going to come down to affordability on housing and the electrical bills.
00:18:05.860You were talking about the electrical bills when nobody else talked about it, and I said, hey, she's a sweet kid.
00:18:09.920It's her first time in politics, but it's all coming true.
00:18:29.260I knock on Republicans, Independents, Democrats, and particularly when I knock on the Democrats' doors, the first thing I say to them is, have you checked your property tax bills?
00:18:37.880They say, yes, I did, and I'm a lifelong Democrat.
00:18:42.260But this year, I am not voting Democrat.
00:18:44.920And when I hear that, it was a light bulb went off saying, you know, it's all going to come down to affordability.
00:18:51.140There's two things that's really affected the affordability here in Franklin Township, which is a microcosm, like I said, for the state, what's going on.
00:18:58.360And that is true, fair, and transparent property tax assessments on the homes, and also these bloated budgets.
00:19:06.840Right here in Franklin, we saw a 16.6, 16.6% average increase, and that's their numbers.
00:19:13.040I believe it's even higher in assessments.
00:19:15.860The year-to-date values of assessments in Franklin Township have only gone up 5.7%, according to the Real Estate Commission.
00:19:26.440Well, then that brings us to the budgets.
00:19:28.820They thought that homeowners would think that the property taxes have gone up because of the crazy real estate market with these home prices.
00:19:37.280In New Jersey, they've seen a 70% increase in this budget, which I know in the current race is a hot topic that we're going to try to reduce that.
00:19:44.680Here in Franklin, we have a $73.9 million budget with an almost $20 million cushion.
00:20:00.340So that's one place that we can attack the budget to help bring relief to some of our homeowners.
00:20:05.520And also, these assessments, we need to make sure that they're true, honest, and open because it's not only about our assessments, this crazy real estate market.
00:20:17.520This is about grabbing money to fund projects such as the Board of Education, which makes up 61% of these property taxes.
00:20:25.080So there's laws that were in place to cap that value, but they've exceeded it this year.
00:20:31.540$11 million exceeded in Franklin Township.
00:21:50.660Well, I'm on the True Social X and Getter on the topic.
00:21:54.020I've been speaking around Florida on this topic.
00:21:56.120I've met 17 Republican groups talking about the issues with this, people paying rabid attention to it, very, very animated in their disgust for this happening here as well.
00:22:07.940The same devotion to solar power over baseload conventional gas power is ruining electricity costs here in Maryland, in New Jersey.
00:22:17.000Ten years' worth of these policies by the Democrats up there have not worked.
00:22:20.560And President Trump couldn't be more adamant that he doesn't support any of this, and it's outrageous.
00:23:01.260So there's a lot of life in this affordability issue, which they're using it falsely in New York for Marxist jihadists to steal that city is real.
00:23:11.780And it's going to be a huge thing in the midterms.
00:23:15.400Josh Pettit, we got you up here, brother.
00:23:18.900Quickly, I wanted to have more time, but we don't have it.
00:23:20.740President Trump went to Bethpage yesterday, absolutely had the time of his life.
00:23:26.220Just talk to us about the reason it's important is that course is open to the public.
00:23:30.100What does that mean, and why is this course so revered, sir?
00:23:36.500Yeah, Steve, very quickly, let me connect some dots and point out the importance of why, of how important it was that President Trump attended the Ryder Cup yesterday.
00:23:45.300I have my weekend edition of your beloved FT, and just below the Comey story, the headline,
00:23:51.880first U.S. president to attend the Ryder Cup in nearly 100-year history.
00:23:57.040And I think for President Trump, this was very much a full-circle moment, having been exiled from the world of golf, which he committed so much of his life to and loved so dearly.
00:24:05.280The Ryder Cup is one of the biggest events in all of golf and all of sport, really, and it's managed by the PGA of America.
00:24:13.440And the PGA of America is the same body that contracted with the Trump Organization to host what would have been the 2022 PGA Championship at his course at Bedminster.
00:24:21.640And that was pulled after the stolen election in January 6th.
00:24:26.980So for him to return, it was like, you know, and he had his event from Doral pulled from the BGA Tour.
00:24:34.560And as we've talked about Turnberry, that venue has been pulled from the Open Rota.
00:24:39.800So he was very much persona non grata in the world of golf.
00:24:44.140And to come in yesterday, like Charlemagne, I think it was a very special moment for him.
00:24:49.220And to do it in his own backyard in New York at the People's Golf Course.
00:24:53.560Bethpage Black has this great history.
00:24:58.820It's always been a public – it's a public state park, actually, run by the Long Island Parks Commission.
00:25:04.120And there's five golf courses there, but the black is, like, the toughest.
00:25:09.240It's, you know, it's like they call it a man-killer golf course.
00:25:14.200It has this reputation of being one of the most brutally difficult golf courses in the entire world.
00:25:20.540And, you know, to get into golf course architecture, it's very much of the penal school of design as opposed to, like, heroic or strategic.
00:25:29.880And this golf course is absolutely brutal, but people love it.
00:25:32.660They love going there and getting absolutely destroyed by this golf course.
00:25:36.480They line up at 2 o'clock in the morning to play there.
00:25:40.380And it's very much, you know, it's where the, you know, just your local everyday Joe can go out and play one of the world's all-time greatest golf courses,
00:25:50.540designed by a great architect, A.W. Tillinghast, in the 1930s.
00:25:55.080By the way, your assessment, President Trump, Doral, the blue monster, pulled from the PGA Tour.
00:26:04.180Bedminster taking away a PGA Championship.
00:26:07.060The Turnberry, Turnberry, Turnberry taken out of the Open Rota.
00:26:11.740President Trump, really, a big part of his life is supporting golf.
00:27:16.960You are one of the leaders of the Maha movement, sir.
00:27:20.160Where do people go to get these great products?
00:27:23.120Yeah, you can go to sacredhumanhealth.com.
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00:27:29.100I wanted to mention, too, you know, although our new towel moisturizer and creatine monohydrate have been selling super fast since we launched,
00:27:36.040our 100% grass-fed beef liver is still our number one product and remains undefeated.
00:27:41.540So I just want to say thank you to the War Room for being a huge supporter since we launched our beef liver,
00:27:46.980which has been our number one product, an original product.
00:28:27.280It just cannot keep up with that demand.
00:28:29.700I don't know about you, but I don't like the idea of being without power, even for a day.
00:28:33.840That's why I got the Grid Doctor 3300 from my patron supply.
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00:29:57.400Philip, the question, I've got a lot to talk about.
00:29:59.660The rate cut, the rate cut, the geopolitics of what's happening right now, not just simply in Gaza and the South China Sea, but really this situation with Russia and in the Ukraine.
00:30:12.080This article the other day that the Financial Times London had said that we are now globally at $338 trillion of debt.
00:30:20.280But I want to start with just a basic question people ask me all the time.
00:30:26.340How did gold get to – every day we're reaching a new high and it backs off a little bit.
00:30:33.180How did we get here in a situation where gold goes from, I don't know, $1,100 a couple of years ago when we started this partnership of trying to explain to people about gold as a hedge?
00:30:44.520How did it get to $3,800 and what are the top financiers in the world seeing that's driving gold almost sometimes like a stock, which is not traditionally how it moves?
00:31:04.140Obviously, what we've been seeing since 2008, since 2020 has been unprecedented in terms of gold's movement.
00:31:10.820But it started really growing at the turn of the century.
00:31:14.580Gold, since January 1st, year 2000, has more than doubled the growth of the Dow and the S&P.
00:31:21.440And what's interesting is what changed at the turn of the century.
00:31:24.540It's when we started to massively increase the money supply.
00:31:28.620So surprise, surprise, there is a direct correlation between growth in debt, the money supply, and growth in gold.
00:31:35.780Look at what the Biden administration did, $8 trillion of liquidity pumped through the markets in four years.
00:31:43.080It's no surprise gold is moving at the level that it is.
00:31:47.260Now factor in $2 trillion deficits that were inherited from the Biden administration.
00:31:52.900We're looking fiscally unsound, and creditors are demanding more interest to lend us money, and they're looking for alternatives outside of the U.S. dollar.
00:32:06.140Gold is now becoming, slowly, the favoured central bank reserve asset.
00:32:12.380I've mentioned before, it overtook the euro last year.
00:32:15.880It's now a larger share of global reserves than U.S. government debt.
00:32:20.640I think that trend will continue, and it'll support gold's price movement upwards.
00:32:26.500Ultimately, the biggest driver of all is all-time high demand, and it's central banks driving that demand for different reasons, right?
00:32:35.260It's dollar devaluation, but it's also predominantly Biden's weaponization of the dollar back in 2022.
00:32:42.700It made a lot of countries around the world start thinking, this isn't a safe place to hold on to our wealth.
00:32:49.120And gold's benefiting from that upside.
00:32:56.080Yesterday, on Friday, we found out, or I think it might have been Thursday night, that the Germans are now in on the $350 billion of dollar-denominated assets that have been seized by the West.
00:33:10.600And now they're actually thinking of monetizing those or taking those, essentially stealing them from the Russian people, and use it to finance the Europeans' commitments to support the Ukraine war.
00:33:24.420I want to go back and make sure people understand this.
00:33:27.140When you said the central bank reserves have either been euros or U.S. dollars, essentially, right?
00:33:32.600And now gold is really taking the place of certain fiat currencies.
00:33:37.960Folks, this is something you must understand because this is central to your financial security going forward, the dollar itself, and also the gold as a hedge.
00:33:50.560Because right now, the central banks of the world are telling you, because all this stuff going on, geopolitics, what's happening with actually the weaponization of currencies and taking people's assets, we like gold, right?
00:34:07.340Is that the big shift you've seen happening now that they're actually the central banks who a lot of people like you and I as investment bankers, I remember I was trained at Harvard Business School in globalization and then went to work for Goldman Sachs.
00:34:23.420People that were like Ron Paul, people that were gold bugs were looked at as kind of wingnuts, right, back in the 80s, in the 90s, right?
00:34:34.100And even Nixon and those guys thought so.
00:34:35.980That's why they got us off the gold standard.
00:34:41.760And, folks, you've got to understand the smartest people in finance right now, this is why Ray Dalio came out the other day and said it, that now the central banks are looking this as almost the reserve currency.
00:34:57.340I mentioned before on the show, Taleb, Nicholas Taleb, the author of Black Swan on Bloomberg, said it.
00:35:03.400He said the dollar is losing global reserve currency status.
00:35:07.180And it is clear to see 73% of central banks that were surveyed said over the next five years they were looking at massively increasing gold holdings and reducing U.S. dollar holdings.
00:35:33.380But think about the precedent we are setting, right?
00:35:37.060By seizing Russia's assets, we told any nation around the world, if you make a decision that we morally object to, your assets can become liabilities.
00:35:47.580That's not a business plan or a good business plan moving forward if you're looking to attract, you know, if you're looking for people to hold your currency.
00:35:56.860Listen, we've got half the world that don't see things in the way that we do in the West.
00:36:02.660They're now starting to look for alternatives.
00:36:05.020And I think that's a train that we cannot stop.
00:36:07.860By the way, gold historically has been a much larger share of central banks' reserves.
00:36:13.660This shift towards the dollar has really been happening since the 80s.
00:36:18.020This is a reversion back now to larger gold holdings by central banks.
00:36:22.800And I don't think we're going to be able to stop it.
00:37:12.900And I am seeing it over and over again every day now with all-time highs.
00:37:17.720And I don't think it's going to stop anytime soon.
00:37:20.660Lula, who turns out to be very charming, and people should know that, very charming, he's going to meet with the president this week.
00:37:28.360Now, I believe it actually may be by teleconference or Zoom or something like that, but it may actually be a bilat in the White House given their brief meeting at the UN.
00:37:39.500And Lula, because Brazil always goes first by tradition and custom, before the president came up, he essentially ripped the United States on everything without naming the president's name.
00:37:52.520The president is getting briefed by a number of people, some of those very close to the war room this weekend.
00:37:58.380Philip Patrick, we're going to throw your notes in there too.
00:38:01.340If you had a chance to directly talk to the president about Lula, his involvement in the BRICS nations, and what the BRICS nations are thinking of, because you would be the only person briefing the president that was actually at the Rio reset.
00:38:27.760I think we need to handle this situation with care.
00:38:31.480I am no fan of President Lula, absolutely not.
00:38:35.040But you heard, Lula came out with fighting words.
00:38:39.400I think there's an opportunity here for President Trump to build some bridges, to use carrots over sticks, and to try and pull Brazil towards us and away from China.
00:38:53.100Look, the one thing I heard when I was out in Brazil, hey, the Chinese are here.
00:39:51.980People have to understand this is kind of an organization now, what we call the Global South,
00:39:56.800although obviously it carries a lot of weight north of the equator.
00:40:01.900But you're almost implying to me, Philip, that this alignment, the BRICS nations, is something you've got to be very careful screwing with because they've got a ton.
00:40:12.300First of all, they have all the natural resources on Earth virtually, right?
00:40:15.940And they're not particularly pro-Western, sir.
00:40:20.760Yeah, look, we saw it when we went there, right?
00:40:24.200President Trump, you know, he knows how to drop the hammer.
00:44:42.100Philip, before I let you go, I want people to figure out how to work with you directly.
00:44:55.520But I want to just talk one more topic.
00:44:57.820The Financial Times, like I said, had this piece out, this article out, had this analysis that for the first time in history, most debt ever, $338 trillion.
00:45:06.420When you add up everything from municipalities, cities, state governments, local governments, international governments, corporate bonds, private debt, all of $338 trillion.
00:45:17.520Ray Dalio is now picking up the mantra of the war room that we're concerned about the world's largest margin call.
00:45:27.980And what happens, particularly in something like a hedge, which gold has been by now, the central banks, if we do have –
00:45:35.300Right now, with the situation geopolitically, I just keep telling people, I said, hey, until we solve this geopolitical situation in Ukraine, in that part of Eurasia, and down in the Middle East, we are getting sucked in every day more and more to the kinetic part of the Third World War.
00:45:52.140What are your concerns about this, sir?
00:45:54.860Look, I mean, debt is the problem of the West today.
00:45:59.600And I think the world's largest margin call means a lot of lenders are going to take a haircut.
00:46:06.580And I think, quite honestly, central banks around the world, they see the writing on the wall.
00:46:13.440They understand the history of currency very well, better than most.
00:46:19.080And it's exactly why, partially, central banks are buying gold again in record levels.
00:47:36.180And when Russ Vogt sets the trap for him, if they're going to shut down the government, he's going to have massive layoffs, which would cut costs and cut spending.
00:47:44.300And if they capitulate, it'll be on this one topic.
00:47:46.600So it shows you that we've got such a long way to go in this country until we start dealing with the underlying fiscal and monetary issues.
00:47:54.780That's why I think now more than ever, you need to think about gold.
00:47:58.540People ask me all the time, how do we get direct relationship with Philip Patrick?
00:48:02.960How do we get a working relationship with him?
00:48:44.040As you look forward, rate cuts coming in the future, do you think the Fed is going to hit us with two more 25 basis points cuts before the end of the year?
00:49:32.480People love working with you guys, and it's been quite a run.
00:49:35.700But I think the takeaway, folks, is that we're giving you an insight, and Philip Patrick is giving you insight.
00:49:41.180You're not getting from a lot of other people.
00:49:42.720Before it was euro dollars and dollars that were kind of the reserves of these banks, that is going through a radical transformation.
00:49:50.560And they're going back and really what Philip's saying is kind of reverting back to the beginning of the Bank of England and the central banks back to the late 19th century and early 20th century when gold was a much higher part of their reserves than it got to be in the latter part of the 20th century.
00:50:10.780That's reversed, and that reversion means that gold's got a substrate in it and is now being looked at as kind of, I think, eventually, maybe the world's reserve currency, the rate we're going.
00:50:24.700Philip Patrick, once again, where do people go to get you?
00:50:57.000There are, what, decades in which nothing happens, and then weeks in which decades happen, because we keep telling you, we're having week after week after week after week of this.
00:51:13.040Just absolutely incredible, just what's going on.
00:51:15.640I want to thank everybody on our production team here, Wayne Allen Root.
00:51:22.320On Saturday, Wayne Allen Root follows us during the work day.
00:51:27.200It's the Charlie Kirk show, but on Saturday is Wayne Allen Root.
00:51:46.680We're going to leave you with the right stuff, a way to kind of kick you off into the afternoon of a Saturday on Ryder Cup weekend here in the United States.
00:51:57.140See you back here Monday, 10 a.m. Eastern Daylight Time, when you will be back in the war room.
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