Philip Patrick joins me in the War Room to talk about why we are at an inflection point in the world of gold and why we should all be worried about it. We talk about the current state of the economy, the current political climate, and why the gold price is at an all-time low.
00:10:27.000If those kids were, you know, 8, 9, 10 years old, all the way up to their teens.
00:10:31.000They remember what America looked like in 1932 when Roosevelt came in and you had 25% unemployment.
00:10:38.000And remember, all the stuff in the Great Depression, all the stuff in the FDR, they were throwing stuff up.
00:10:43.000They had, you know, CCC and they had, you know, they were doing job training and they were, you know, trying to make sure everybody's wages came up.
00:10:51.000They were flooding the market with cash and trying to get everything up.
00:10:55.000By 1938, folks, and this is why I tried to rig the Supreme Court, nothing had worked.
00:11:03.000They were essentially by 38, kind of back where they started.
00:11:08.000A little bit better, but they all came to the conclusion, hey, kind of the way you get out of this is kind of the way Germany got out of this.
00:11:17.000Because Germany was the basket case and now all of a sudden their economy's on fire.
00:12:53.000They've thrown everything in and it's not working.
00:12:55.000And America trying to get its commercial relationships right and trade relationships right and trying to bring those manufacturing jobs that the Wall Street and the tech oligarchs sent over there.
00:13:44.000And they are now at a full scale economic war with the United States of America.
00:13:49.000And economic war, folks, I'm telling you, we can win it if we use every tool in the toolbox.
00:13:56.000But in winning it, it's also going to make people around the world go, well, hang on.
00:14:02.000The way these guys win it is through their own economic process, particularly around their dollar and around this whole system of how money transfers.
00:14:11.000It will only drive, it will only drive the interest in gold.
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00:16:55.000If you like geopolitics, capital markets, national security, all of it, and we're not here to make sure you're the smartest person to barbecue or sitting in the stands watching Little League or the kids play sports, although you will be.
00:17:10.000So it's really to make sure that you have the information that you need to be at the tip of the spear of the MAGA movement, full stop, which made you guys so powerful.
00:17:20.000Jim Rickerts, one of our contributors.
00:17:45.000Also, our sponsors and partners at Birch Gold, birchgold.com, promo code Bannon, the end of the dollar empire, and you get access to Philip Patrick.
00:17:55.000And you're going to have access to Philip Patrick right now.
00:17:57.000Philip, your thoughts about my monologue, sir?
00:18:00.000I thought it was one of the best monologues or overviews as to the current situation and why people should be looking at this.
00:18:10.000And as you say, it isn't whether they buy or not.
00:18:41.000And they understood what the BRICS were doing, as nobody else did.
00:18:44.000Number two, when you came back and said, we've got to talk about the asset shifting of the central banks and the money center banks, right?
00:19:20.000Understand how everything we talk about here, both internally to the country, right, and particularly externally, what President Trump's trying to do to bring peace and prosperity.
00:19:30.000If you can connect those dots, you'll come to your own conclusions.
00:19:34.000And that's what we're trying to do here.
00:19:56.000And Jamie Dimon, let's play a short clip from the chairman and CEO of the most powerful bank in the country that's not the Federal Reserve.
00:21:51.000This is the CEO of JP Morgan, the single biggest bank in the United States, which, by the way, makes its money from funding the very deals that are driving asset prices up.
00:22:03.000JP Morgan doesn't make money when investors buy gold.
00:22:06.000So this isn't giant diamond sort of talking his book.
00:22:14.000Ken Griffith, Citadel billionaire, head fund manager, said that, you know, he was starting to view gold or the world was starting to view gold as safer than the dollar and saying that was a very concerning development.
00:22:28.000Same with Taleb, as we mentioned about a month ago.
00:22:31.000He went on Bloomberg and said, you know, the dollar is losing its global reserve currency status.
00:24:47.000But what I what I will do is somebody will sit here and we'll work through this because people in the audience today are saying, man, this nomenclature.
00:24:55.000I don't know what you're talking about.
00:24:59.000As soon as like riding a bike, as soon as it's accessible and you understand this so much about politics and the way the world works is going to become open to you.
00:25:24.000Exactly what we said was going to happen happened.
00:25:28.000This is why we're telling you for the future.
00:25:30.000I want to make sure I get this out there because now you got to bounce.
00:25:33.000I got some other great guests coming on.
00:25:35.000One of the things that's shocking running these massive deficits and we are running massive deficits, even under President Trump and the growth trying to kick in.
00:25:46.000The percentage of our deficit to GDP, I still think, is six, six and a half percent, 6.3 percent, something like that with no end in sight.
00:25:56.000I understand there's a lot of things being worked on and, you know, the investments coming and the supply side cut and all that.
00:26:01.000But I will say, I think the I think the spending was three hundred doge and all that.
00:26:08.000I think it was three hundred billion dollars more.
00:26:09.000I believe that was the interest expense.
00:27:01.000And my fear is that we're not that far away, I think, from a failed treasury auction or something where we really have to crack the whip on banks to start buying this stuff more than they they want to buy it today.
00:27:16.000It's one of the reasons you have the scam of paying of giving them cash for reserves, their own reserves.
00:27:22.000We're paying interest on it by the by the Fed.
00:27:25.000And a lot of people are starting to say, why are we doing this?
00:27:28.000One of the reasons we're doing it, I think it's kind of a bribe.
00:27:32.000It's kind of a bribe to make sure the system works.
00:27:36.000We're going to get to a place that they got to in the late 1930s where you're in a negative feedback loop and you got to hit reset.
00:28:11.000Have you looked at your power bill lately?
00:28:25.000Electricity prices are at all time highs and they're only going up.
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00:29:53.000One last thing before I have Philip answer this.
00:29:56.000Scott Besson, the reason we we've known Scott as a contributor here, dear friend of mine for, you know, many, many, many years.
00:30:03.000And I kept saying he's a safe pair of hands in capital markets, particularly everything that's going on and interpreting President Trump's economic plan to Wall Street and capital market ease.
00:30:13.000Scott Besson, as you notice from his confirmation hearing, we hear him on TV.
00:30:19.000We play clips. He's very precise in his language.
00:30:22.000He wants to send the market very specific signals.
00:30:26.000So it's not all over. You know, we use the example of Lutnik.
00:30:29.000Right. And we know we're not a fan of Lutnik.
00:30:31.000We weren't a fan when Elon pushed him, when Elmo pushed him for Secretary of Treasury.
00:30:34.000He thought it was disastrous and it would have been disastrous because he's not precise.
00:30:38.000Scott Besson, in answering this question about China the other day, he says they're in a depression and they're trying to drag us down to a depression.
00:30:47.000When Scott Besson uses the D word, you better take out your number two pencil and write down the date and in what form you use it in, because that's important.
00:30:59.000The Chinese Communist Party. They've been at war with us for May 19 for May 19.
00:31:06.000You know that if you watch this show at any length of time over many, many, many years where we're the leaders of the anti CCP movement that we have to unplug from this.
00:31:16.000We have to decouple and we have to assist Lao Beijing in taking those guys down.
00:31:21.000Yes, I am for regime change, never from the top down because it doesn't work.
00:31:26.000We'll get sucked into it. But from the bottom up, whether it's in Persia or whether it's in or whether it's in Beijing.
00:31:34.000And I did not say Jerusalem, although I have said it before, but that's a topic for another day.
00:31:41.000Philip Patrick. On the event horizon we have out there, as you see the shift in the central banks and the money center banks, hey, this government debt used to be the safest of all.
00:31:53.000And now it's like, you know, we go and put dollars first and we're going to put maybe gold in second and third.
00:31:59.000Does that portend that we have a failed Treasury auction coming sometime in the next couple of years, sir?
00:32:06.000Listen, it could happen. It's hard to imagine. Right.
00:32:11.000Because, look, we see one of two things.
00:32:13.000We either see a failed Treasury auction, which which would be just almost unimaginable.
00:32:19.000Or what will happen is in the secondary market, banks will step in and essentially buy the debt.
00:32:25.000But the problem is rates are just going to keep rising and rising and rising until that bidder steps in higher yields ultimately will solve the problem.
00:32:37.000But they also create a new problem, an obvious one, which is higher yields cripple us with debt service costs, which means more borrowing and more debt auctions, which creates essentially a negative feedback loop because zero interest rates for 50.
00:32:59.000Philip, by the way, keep going, keep going.
00:33:07.000No, no, please carry on. Sorry, I didn't mean to cut you off.
00:33:10.000I just want to make sure people know in the fiscal year that just ended, September 30th, which we're very focused on, where we said it was going to be $2 trillion.
00:33:17.000If you took the under $1.8, but hey, it's close enough for government work.
00:33:21.000$1.2 trillion, gross amount of interest paid.
00:33:24.000Now they net out what they hold, but hey, it's the gross number to focus on.
00:33:28.000$1.2 trillion for the pleasure of having the debt.
00:33:36.000I want everybody to go to Birch Gold today, birchgold.com, the end of the dollar, promo code Bannon, end of the dollar empire.
00:33:44.000You get direct access to Philip Patrick, or just take your phone out.
00:33:47.000There's a simpler way to see another aspect of that, and that's everything about the IRAs and 401Ks and tax-deferred and tax-delayed and maybe tax-free.
00:34:53.000The reset button is always catastrophic.
00:34:55.000And it's particularly catastrophic to the ruling elites in the class structure, but it's really catastrophic to you, to blue-collar guys like my dad, his family, your family, everybody.
00:35:08.000If you're working stiff, it comes hard and fast.
00:35:12.000Philip Patrick, honored to have you on here.
00:36:34.000You won the parents rights movement, got Virginia for Youngkin, then was at the tip of the spear of leading Trump and supporting Trump on his amazing comeback.
00:36:51.000Look, I was hoping that maybe we could wrap up, but there is so much work to do.
00:36:56.000There are so many blue states and counties that are really struggling and school districts that are even in red states and counties are still,
00:37:53.000I mean, with the assassination of Charlie Kirk, you know, I hate to invoke that right now, but you see the, the extreme measures they're taking because we are winning because they are starting to get scared that America is awake and not going to allow this to happen in our country.
00:38:09.000And so, no, it's not time to slow down.
00:38:11.000It's very frustrating sometimes when people are getting complacent and thinking everything is now solved and fixed because President Trump is in office, but Moms for Liberty is not slowing down.
00:38:19.000We are here for our fourth annual summit.
00:40:10.000But very bravely because you're one of the best people I've met.
00:40:13.000Although I will say it's the moral equivalent of Dave Brat because you are one of the most, no, you're one of the most moral decent people I've ever met.
00:40:22.000And we've had some tough fight situations where I've seen your medal.
00:40:27.000But now you're essentially on a crusade to go to Austin, Texas and to clean things up starting in the Texas Senate.
00:41:22.000And I'm the conservative candidate running for that spot.
00:41:25.000One of the issues we've had in Texas, and we see this from every issue we've dealt with, everything for the last four years for immigration, not securing the border to, you know, what Brian Harrison was able to reveal to us about the redistricting, just all of it is that you because Texas forever was the hardest core Democrat state.
00:41:46.000With Lyndon Johnson and Sam Rayburn and all that.
00:41:48.000And what's evident is that there's still a lot of Democrats there, or they call themselves Republicans.
00:41:53.000I mean, one of the problems we have is that when you say Republicans are this in the House and the Senate, a lot of those folks just don't forget supporting MAGA.
00:42:02.000They don't support really just classic Republican orthodoxy.
00:42:06.000Isn't that one of the issues and one of the reasons you're running?
00:42:09.000Because you're a pure MAGA candidate, but this thing is so screwed up down there that you've got to get MAGA voices in there.
00:42:24.000And think about the dynamics of this race.
00:42:26.000With there not being a primary, there was a Democrat in the race, and then I joined the race.
00:42:31.000And then about three weeks later, a rhino Republican joined the race, not caring about splitting the Republican vote.
00:42:38.000My opponent has 94% of his campaign finance from out-of-state interests.
00:42:43.000My campaign is funded by over 95% in-state with over 300 individual donors.
00:42:50.000My opponent, who's calling himself a Republican, voted for a DEI committee while he was on city council.
00:42:58.000My opponent didn't finish his first term as mayor before he decided to carpet back to another congressional district that he didn't live in and run against the wonderful and amazing Brandon Gill.
00:43:09.000My opponent also, while he was mayor of our city, approved budgets that gave tens of thousands of dollars to taxpayer-funded lobbyists.
00:43:18.000I'm very much opposed to giving our tax dollars to lobbyists in Austin or D.C.
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00:45:33.000We've got some special stuff planned for Saturday.
00:45:36.000And by the way, we're going to be covering nonstop the Moms for Liberty and so much else going on, particularly in Zelensky's visit to the White House on Friday.
00:45:44.000Every day, just so many events going on.
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