Episode 4891： The Devil's In The Detail With China Negotiations
Episode Stats
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Summary
Trump and Xi reached a deal on soybeans and other agricultural goods, but what does that mean for the rest of the trade relationship between the United States and China? And what does it mean for other areas of the relationship?
Transcript
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Let's just just jump right into what President Trump is saying that they actually did agree
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He said, number one, that there was an agreement on China that would be repurchasing soybeans
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that they had effectively stopped purchasing over the course of the summer because of the
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sky high tariffs that were placed on the United States at one point up to 145 percent.
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But President Trump says that he agreed to drop the current tariff rate by 10 percent
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because China committed to addressing the illegal fentanyl trafficking issue.
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At the same time, when you drop it by just 10 percent, President Trump says that he is
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still slapping a 47 percent tariff on all Chinese goods coming into the United States.
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He did also suggest that China would make openings for rare earth minerals to be exported to the
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We don't have details on exactly which rare earth minerals those are.
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We also know that the president of the United States suggested that as part of this exchange
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that he would allow for the exporting of U.S. produced semiconductors and chips and even
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allow NVIDIA to engage directly with the Chinese government.
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And so what was not discussed, number one, Taiwan, there was no word on the finalization of
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I am told that that did not come up over the course of the two hours of this meeting.
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But also when we talk about the buying of soybeans, for example, and the agricultural
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goods that the Trump administration is saying China committed to buying, I want to be very
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And I think we've got a graphic where you can look at last 10 years about the amount of
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soybeans that China has bought from the United States.
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And you look at last year and in 2023, it was 26.8 and 26.4 million metric tons.
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To put that in context, Scott Besson this morning said that China agreed to, at a minimum, purchase
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over the next three years, each of the next three years, 25 million metric tons.
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So the commitment that the president got on soybean purchases would be less than the amount
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The president went over there with the intention of bringing something back.
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I mean, look, it's the old diplomatic strategy, right?
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Take what you get, declare victory and go home.
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Whether it is a victory or not, beyond being able to say you've got one, is the bigger question.
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At this point, it looks like it's relatively modest.
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It's obviously closer than they had been prior to the meeting, but not solving the bigger,
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more sustained, more difficult issues that divide the United States and China.
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I was struck when the president said that he gave this a 12 on a scale of 10 for being
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a great meeting and that they made a lot of progress and were very close on some important
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That's almost word for word the things he said when he met in Alaska with Vladimir Putin.
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He said it was a 10 out of 10, not 12, but it was a 10 out of 10, and they made a lot of
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progress and were very close on some really important things.
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And of course, we all know what happened after Alaska, which is nothing.
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So, you know, you've got to be careful about over-evaluating how much this will be worth.
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If it means, though, that there is sort of a kind of a truce in a way, that there is a
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less hostile relationship for the now, and if the president is going to go to China, as
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he said, now he's going to do next April, and then, of course, President Xi would then
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visit the United States, that at least creates a pathway toward more constructive exchanges,
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at least, rather than the sort of volatile and often hostile things we've been seeing
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At the same time announcing the nuclear weapons testing and the resumption of that, what message
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Well, that looks aimed at Russia, but of course, China has very strong concerns about this,
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They have been increasing their nuclear arsenal after many years of not doing that to the point
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that the Pentagon says that they're going to be much closer to the size of the American
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But Russia, I think, was what Trump was focused on, because Putin recently announced that they
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had tested a nuclear-driven missile, not a nuclear warhead, not a nuclear explosion.
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And so it's not entirely clear what Trump is talking about here.
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If he's actually talking about a nuclear test, that is exploding a bomb, a warhead.
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The United States hasn't done that since 1992, but neither has Russia or China.
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They haven't done that in the last 30 years, for the most part, either.
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And it would be a very big change in our security atmosphere.
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I think probably what he's talking about is something that's meant to be equivalent to
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what Russia did, which is some sort of nuclear-powered missile or device.
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It may be that he doesn't even have a specific thing in mind.
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Pray for our enemies, because we're going medieval on these people.
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Here's the reason I got a free shot at all these networks lying about the people.
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I know you try to do everything in the world to stop that, but you're not going to stop it.
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And where do people like that go to share the big line?
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I wish in my soul, I wish that any of these people had a conscience.
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Ask yourself, what is my task and what is my purpose?
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If that answer is to save my country, this country will be saved.
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It's still, by the way, have they started trick-or-treat over at the White House?
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I'm always, you know, at least we'll start at the beginning.
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Okay, it's kind of a nasty, it's kind of a nasty day back here in D.C.
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It's actually warmed up a bit, but started quite raw and very rainy, so I don't know if
00:06:09.280
But we always try to do at least a little bit of the, of the trick-or-treat.
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Oh, yeah, I'm going to head right over to the White House.
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I don't know, Mo shows up, oh, that's right, you're going to the last 600 meters.
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Mo shows up, I'm only here for a couple hours, and then I hear the White House trick-or-treat.
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You're here for the trick-or-treat, and you're here for the Easter egg hunt, right?
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So China, there's still been not a lot of clarity, even out of the Financial Times, etc.,
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but I think if you look at CNN, if you look at Baker and Vaughn, of course the mainstream
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media has always got to put the most negative spin on things for Trump.
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Let's just go back, and I think we understand this now if they're talking to enough people,
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and I can't emphasize enough, Trump was dealt an incredibly bad hand here, not just
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the incompetence of the Biden administration, and quite frankly, the pro-China, the pro-CCP
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of Biden and the Sun Hunter, and it gets down to rare earths, which happened on Obama's watch
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I still don't think that that was done with all the necessary approvals.
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And, of course, Biden was VP, and Biden was put in, Biden was, you're sitting there going,
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Now that you're on the board at West Point, we can't, no, no more hot takes.
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The knife to the throat of the United States, and I can't emphasize this enough, and I don't
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think anybody's doing a good enough job, even the business media, of saying exactly what
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The magnets and these other things associated with heavy rare earths would have put us in
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a position with our heavy manufacturing, the production lines, that would shut down in
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President Trump, at least what we understand, got a one-year extension on that.
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Will the, I think, the road, the road that Burgum, Burgum is building, the 250-mile road, the
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gravel road up through the wilderness of Alaska to, I don't know, the Arctic Circle?
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Well, the search is on now to process and to get these rare earths to make sure that's
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Remember we had Rosemary on all the time with the API, the active pharmaceutical ingredients?
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We talked about this years ago, how the Chinese Communist Party has strategically gone and got
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these things like active pharmaceutical ingredients, API, that people just sit there and go, why
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Well, it leads to everything that goes into generic medicine, and they control it.
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They control that part of the supply chain, just like rare earths.
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Most of rare earths are just dirt, but some of it is not.
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President Trump and Besson had to come away with that.
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They thought they had it back in June and July when they had the interim agreement.
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Turns out they're not, because the Chinese Communist Party is always going to put a knife
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Cleo Pascal, who I just think, I'm so proud of the China team we have here, just as such
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a brilliant group of analysts and professionals.
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But if she says, hey, you guys got to remember something, they're gangsters.
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As much as we're tariff guys and bring the jobs back, more importantly in that, because
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you've got to look at the escalatory ladder or the, you know, up the value chain.
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Right now, to me, this entire negotiation revolved around three central things.
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Number one, advanced chip design and their access to advanced chips.
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Number two was Taiwan, the defense of Taiwan for guess what?
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And number three was the rare earths, which allow us to continue as an industrial powerhouse.
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If you don't settle those, all the soybeans and everything else, which is absolutely essential,
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important, particularly important to the soybean farm reserve, they're going to fade over time.
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These three, and you rank out what we need on deals.
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And this is why Besant and Trump are a great team.
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Now, the details, and the devil's in the details on this deal.
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For instance, is Jensen Wong going to be the direct, they're going to be in discussions?
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I mean, this is the guy that we saw, and I think that interview is from a month or two
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ago, but he's laying out the issue, and he's saying it doesn't matter who, it's not important
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who, what companies went or what countries went.
00:11:06.980
And we need to, the whole thing I signed on AI the other day, I said a condition pressing
00:11:11.960
this is we have to stop, we have to take the argument away from the accelerationist that
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the Chinese company's party is going to take the high ground and win, you know, after the
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Cut them off of capital, cut them off of training, throw them out of the universities, get them
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And Jensen's making things, well, really, we want the future systems to be based off
00:11:50.980
So one of the parts of the deal that's still unclear, do we have the final say?
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So President Trump said no blackwall chips, which is the most advanced design, and assumed
00:12:00.520
that are no of these other advanced chips going forward.
00:12:06.380
And then, you know, we had Forrest and others, and I talked to others that thought it was
00:12:10.200
almost a precondition of even having the meeting and having the April meeting that some sort
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of framework, some sort of framework for, with Taiwan would be worked out.
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He said, no, we're adamant about the defense of Taiwan.
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Forget the moral issues, the democracy, forget all that.
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Just the practicality that it's, those are the most, that's the, those advanced chips drive
00:12:35.140
And you just can't, you just can't let them go, you know, willy nilly.
00:12:38.640
So, so much coming back, more clarity is going to be there.
00:12:42.360
I think Cleo may have had the best way to look at it.
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It's two heavyweight title contenders that have finished kind of the first round, went
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at each other hard, and they're backing off, and they're trying to, both sides are trying
00:12:55.300
But President Trump, if he got just the extension for a year of full access to the rare earth,
00:13:02.520
that is his, I don't understand why these guys are sitting there going, well, I don't
00:13:06.020
Yo, you're going to have your production lines shut down in six weeks.
00:13:09.200
Now, maybe people didn't explain it in those terms, so you don't understand it, but I see
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for the, that, that big three, which are all kind of inextricably linked, the, you know,
00:13:22.520
The defense of Taiwan and the rare earths, I just see wins all across the place.
00:13:31.900
You get some trade-offs in the tariffs in the absolute amount.
00:13:37.320
I'm not so sure that the guarantees they give, because they're gangsters, they may just give
00:13:43.220
So, but I think the president did, you know, the whole trip was magnificent, particularly
00:13:50.720
the reason, the way he kind of boxed them in a little bit.
00:13:52.620
So, not just that, here's what I really love about it.
00:13:55.800
He got up, I remember last time we were sitting there going, hey guys, the White House say,
00:14:01.300
I go, that's going to be a pretty short meeting, because it's only like an hour and a half.
00:14:06.980
Because the first lady said, you've got to be back, you've got to be back for the, for
00:14:10.460
the Halloween, yeah, I don't want you to miss that.
00:14:13.940
And so, President Trump went to Air Force One, got on, he's going to be back, he's going
00:14:16.800
to be at the Halloween celebration over at the, over at the White House.
00:14:22.800
Mo Bannon's here, we're going to talk a little 600 meters, we've got a, got a special event,
00:14:30.500
Philip Patrick, has there been any turbulence in the capital markets, been any turbulence in
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And it's where all the biggest voices in conservative media are speaking out.
00:16:36.400
It's where I put up exclusively all of my content 24 hours a day.
00:16:54.020
It was almost as though there was a boogeyman out there.
00:16:56.860
We were facing a lot more enemy than we had the capability to deal with.
00:17:23.680
I told him that I wanted to go and he looked at me and said,
00:17:33.140
The hardest thing about fighting this enemy is they're not afraid to die.
00:17:39.520
If they're not afraid to die, then how do you fight them?
00:17:46.160
Be prepared to start at one end of the city and fight your way through to the other end.
00:18:06.320
Two selfless Marines run across this kill zone four times to pull Marines out of there.
00:18:13.800
I wasn't worried about, you know, getting shot or getting wounded.
00:18:29.680
I was worried about the guys to my left and right.
00:18:31.380
You always want to reassure these men that they've done their duty because that memory is seared into their soul.
00:18:54.340
Okay, tonight, after 17 years being suppressed, the great film by Michael Pack about the Marines of 1st Fallujah, Najaf, and 2nd Fallujah.
00:19:07.560
And by the way, there are Army Special Forces here.
00:19:12.160
You see, as we roll up to the 250th commemoration of the birthday of the Marine Corps, the heart of the Marine Corps, which is an infantryman on a battlefield.
00:19:25.640
And after 17 years, it's going to premiere on the 250th anniversary, 10 November at 10 p.m., which is kind of the primetime slot for the documentaries and PBS shows.
00:19:40.140
So on the 10th, that's Monday, the 10th at 10 p.m., the last 600 meters after 17 years of not being seen.
00:19:47.640
And we're going to have a bunch of folks tonight for kind of a special screen.
00:19:54.600
I want to thank you for organizing it with Gina Pack.
00:19:58.840
I know now that you're back up at West Point on the board, how important these veterans' affairs are for you,
00:20:05.960
how important it is to make sure that the men and women that were in combat in the Iraq and Afghan war are taken care of.
00:20:14.520
And that's definitely – I've said it before in speeches I've given that that's a hill I'll die on is to make sure that veterans are taken care of.
00:20:23.620
Because, as we've seen, I mean, the last 600 meters is about two battles at the beginning – towards the beginning of the Iraq War, 2004.
00:20:37.640
People that have been on this show have deployed numerous times.
00:20:43.680
When you took over your command, your first command, I think it was down in Fort Lee.
00:20:49.000
How many non-commissioned officers did you have?
00:20:52.820
Sixteen, and those non-commissioned officers on an average had how many tours in Iraq and Afghanistan?
00:20:59.100
At least four or five, and that was on the lower side.
00:21:02.860
Many of them had close to double-digit deployments.
00:21:08.620
I mean, the families don't take the brunt of that.
00:21:10.320
It does because you have to be a strong person to be able to have your spouse go over, deploy constantly, and especially dual military.
00:21:20.700
I had a lot when I deployed to Iraq in my unit that were dual military.
00:21:25.680
So either – if they were in the same unit, that's very hard on a family, which I had two NCOs that were in my company that were dual military.
00:21:35.740
So their kids were back home with their family members.
00:21:42.480
Usually they try and offset it so one deploys and then the other.
00:21:47.700
And you guys had the specialties of the logistics.
00:21:53.920
I mean, I got to my unit in February, like right after my birthday in February, and they told me, oh, you're not going to deploy.
00:22:02.660
And then in April they said there were short numbers.
00:22:04.460
And I said, I want to go because that at West Point was what we were taught.
00:22:08.720
It was a volunteer army, still is a volunteer army, but it was a time of war.
00:22:13.000
You knew that most likely when you left West Point you were going to deploy to either Iraq or Afghanistan.
00:22:18.760
So when I got to my unit and they were already in Iraq, you know, I felt not useless because I was doing great things back home in the rear.
00:22:28.420
However, when they said they needed people, I said, well, you can send me.
00:22:32.340
How many people in your class, how many KIAs, how many killed in actions do you have severely wounded?
00:22:38.440
I know a couple of folks in your class were severely wounded.
00:22:41.920
There are, I believe, five or six killed in action.
00:22:45.280
And then, you know, three of them were killed very shortly into their deployments.
00:22:51.580
I had a friend who played Army football who he deployed in his unit.
00:22:59.040
So the outgoing unit was basically doing ride-alongs with the incoming unit.
00:23:04.100
And there was an IED, and he was killed by the IED.
00:23:09.060
So he was in country in Afghanistan maybe two weeks, and he was killed.
00:23:13.640
I had another classmate who actually was in the, I believe it's called the Army Mentorship Program.
00:23:23.720
He was kicked out a week or two before graduation because he plagiarized.
00:23:34.000
So they basically kick you out and send you to a deploying unit, and you have to serve a certain amount of time.
00:23:40.080
And you can reapply to come back to West Point, and he was in the. . .
00:23:44.840
It's up to West Point if they want to re-admit you, but you can reapply.
00:23:48.680
He was in the process of reapplying and was killed on his deployment.
00:23:58.920
What, after tonight's premiere and then after the Marine Corps, we're going to do something.
00:24:03.860
We're going to make a special effort to make sure that we can get the last 600 meters out to every person.
00:24:09.300
The reason is that when things come up in Venezuela and there's always, you know, kinetic activity.
00:24:17.540
I think it's very important for us to go back and to think about these wars.
00:24:24.100
This is, like I said, from, I guess it's the relatively early days of, in a 20-year war, the relatively early days of Iraq and Afghanistan.
00:24:34.900
I can tell you in assisting Michael Pack and putting the movie together, you're furious as you go through of the political establishment,
00:24:45.180
of just the decisions that are made and really putting men and women in harm's way.
00:24:49.260
And then just at the last second, making some decision, and you look at all this blood and treasure that you spend,
00:24:55.720
and you realize we really have to think through before we ever deploy people in harm's way.
00:24:59.720
Not that the United States is not a country that can deliver the hammer blow,
00:25:03.640
but you've got to make sure you've really thought it through of what your objectives are.
00:25:07.980
And also, you have to think that people making decisions to send us into these wars,
00:25:13.700
did they have sons and daughters going over there?
00:25:21.300
And the fact that especially the men in this movie, that was back in 2004.
00:25:27.680
Think about the PTSD that they have, the things that they saw compared to when I deployed
00:25:38.120
People I deployed with, numerous people in the later years, have PTSD.
00:25:43.960
However, the things that they saw and the fact that we as a country aren't treating our veterans the way they should be treated or the mental health care that they need.
00:25:55.980
So, I mean, that's a hill that I will die on because we see veterans turning to drugs and alcohol and other avenues of approach to cope with the PTSD from things that they've seen over there.
00:26:07.900
And then we're like, oh, okay, we're not going to help them.
00:26:12.880
And we're not accounting for the correct number of veterans' suicides.
00:26:18.240
You know, the slogan that the military likes to put out or the VA likes to put out is 22 a day.
00:26:31.380
There have been studies that have come out from other organizations besides the military.
00:26:36.920
And the VA is not accounting for anything other than suicides by weapons.
00:26:43.040
So you're not accounting for overdoses or drownings or hangings.
00:26:48.380
A lot of, they're trying to say, oh, that's not a suicide.
00:26:54.520
If you're resorting to drugs to take care of PTSD or to cope.
00:27:05.560
You can find me on Getter and Twitter at Maureen underscore Bannon and also on Instagram at RealMaureenBannon.
00:27:13.280
I'm still a little shadow banned on Twitter, so you'll have to go searching for my stuff.
00:27:19.740
It says Bannon and Steve Bannon's daughter in my bio, so I'm pretty sure.
00:27:30.880
Is Grace back for the Halloween party over at the White House?
00:27:35.180
She's going trick-or-treating at the White House.
00:27:42.380
Moe Bannon, thank you so much, honey, for coming through.
00:27:47.400
It's been a little turbulent for the last couple of days.
00:27:50.220
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00:29:06.700
Okay, the White House, it's done up for Halloween.
00:29:09.160
We had actually some amazing music from the, I guess, the orchestra there.
00:29:22.380
What I love about this, President Trump was under orders from the real boss, the first lady.
00:29:34.820
Because we have the kids over for trick-or-treat.
00:29:40.920
Philip, there's been turmoil, particularly in the gold and precious metals market.
00:29:45.320
But I've got to ask you, do you fully understand the actual deal?
00:29:50.060
Because I think, and the mainstream media is like focused on soybeans, which is very important.
00:29:54.400
You've got to take care of the farmers, and there's other aspects to it.
00:29:57.720
As you know, we're high-tariff guys, so there are some cuts in the tariffs.
00:30:01.120
But the rare earths being extended for a year, that we continue to get our rare earths if they live up to it.
00:30:08.840
The chips, where he said no Blackwells and no advanced chips like that,
00:30:13.440
although he'll allow NVIDIA to get in discussions with the Chinese Communist Party.
00:30:18.820
To me, if you get that alone, you shut down chips, those are massive wins.
00:30:24.840
I don't know why the mainstream media has not given President Trump more props on this, sir.
00:30:32.200
It's a huge win, particularly the rare earth or the delay of the rare earth export restrictions.
00:30:39.300
Those minerals are the lifeblood of our defense and tech manufacturing.
00:30:43.400
So it was certainly a win for the Trump administration.
00:30:45.960
I would say this isn't sort of the grand bargain that everyone's been waiting for.
00:30:51.640
I think this is more of a ceasefire, while essentially two economic heavyweights who can't afford to keep punching sort of sit it out.
00:31:02.520
China, obviously, from a historic real estate crash, we've got a $38 trillion debt load.
00:31:08.580
We've got Fed already cutting rates to keep Washington solvent.
00:31:12.480
So I think from Trump's point of view, this was tactical.
00:31:17.000
He's buying time, time to rebuild industrial base, to secure critical mineral supply chains and to protect American farmers who essentially been the foot soldiers of this trade war.
00:31:27.740
So I think the idea is to stabilize now and reform later, which, quite frankly, is a smart move, because the alternative, a full decoupling, would just torch economies on both sides of the Pacific.
00:31:42.240
I think it's going to take five to 10 years to onshore rare earth mining and refining.
00:31:47.760
And in the meantime, China will have leverage that they could choose to weaponize at any point.
00:31:52.860
So I think coming up to a deal, rare earth was a big win.
00:31:56.740
Kicking the can further down the road buys us time to reduce their leverage.
00:32:08.140
Talk to me about that, particularly the gold market.
00:32:10.380
We've had gold bouncing from, what, almost $4,500 to now $3,900.
00:32:15.640
But the purchasing of the central banks rate continues on.
00:32:21.420
How is the gold market, it's still an alternative asset class, right, that's now getting much more reception at central banks and at money center banks, and it's still a hedge.
00:32:32.860
So put me through, give me the perspective, give the audience the perspective of the gold market.
00:32:37.420
How does the gold market look at the geopolitical and financial risk of the two world superpowers, kind of, as you said, two boxers are taking a timeout?
00:32:54.160
We've seen, look, at the high point, we're up 55% for the year.
00:33:08.640
You have markets responding positively and negatively, which is going to change the day-to-day.
00:33:13.620
But like you said, look at the structural moves.
00:33:21.860
They set another record for the third quarter of this year.
00:33:25.360
So, you know, first three quarters have been the biggest three quarters of a year for central bank gold buying ever in history.
00:33:32.700
Look at investment banks rapidly raising their predictions.
00:33:38.660
Structurally, we are seeing a shift away from dollars towards gold.
00:33:44.600
Like I said, nothing goes up in a straight line, not even gold.
00:33:48.380
But I would tell people not to be concerned, right?
00:33:51.880
Look at central banks upping predictions almost on a daily basis as prices go up.
00:34:03.600
Look at Besant's op-ed in the Wall Street Journal, what was it, two months ago, talking about how the Fed had created bubbles.
00:34:16.940
So the ability to buy low and sell high simply doesn't exist in this climate.
00:34:22.760
The question then becomes, what's more conducive for a climate in front of us?
00:34:26.960
And, you know, we have a dollar falling in value.
00:34:36.560
Factor in what I see as structural changes happening with reserve currency, I think we'll see higher gold prices moving forward.
00:34:44.540
And as I said, I think the previous time I was on, I don't think what we're seeing is a rally in gold.
00:34:52.500
I think the problem is gold's been undervalued for so long.
00:35:00.120
So I would say to people, don't expect something's just going to keep going up and up and up.
00:35:05.040
We're always going to see those corrections down.
00:35:13.880
I want to talk about particularly AI when you've got the situation with Jensen and Wong.
00:35:20.220
It's, you know, Summerfore had this great headline.
00:35:23.480
The company broke $5 trillion yesterday in market cap.
00:35:29.240
Man, you remember, it's not all that long ago that Apple broke the $1 trillion barrier.
00:35:35.040
And people thought that that was like the earth was going to turn the other way, right?
00:35:41.720
You've had this at least beginning of some sort of interim deal on advanced chips.
00:35:48.200
President Trump said, hey, NVIDIA can engage directly with the Chinese Communist Party, the Chinese government, but there's going to be restrictions, particularly to Blackwell's and some of the other advanced chips that they can sell.
00:36:06.900
People are arguing that they fear that even with all the layoffs that are coming in the AI apocalypse, when you look at the companies themselves, if they mention anything on AI, they get like a supercharged valuation.
00:36:22.840
Concomitantly, you've got, I think, the greatest liquidity Wall Street's ever had.
00:36:30.140
I mean, there's just pools of capital out there looking for places to go.
00:36:34.540
How do you balance that in looking at the gold market, the potential AI bubble, coupled with this mass liquidity that Wall Street seems to have right now?
00:36:44.040
Listen, it certainly feels like late stage bubble territory.
00:36:49.080
This feels like very similar to the late 90s and the dot-com bubble to follow.
00:36:53.920
And just broadly speaking, it's starting to not make sense.
00:37:00.800
I was looking at inflation-adjusted price-to-earning ratios today.
00:37:08.920
The only times in history Shiller P.E. went above 27 was 1929, year 2000, 2008, and today.
00:37:18.580
So, like I said, there are bubbles all over the place.
00:37:21.900
I think you mentioned to me a few weeks ago there are more private equity firms than the McDonald's branches in the United States today.
00:37:31.000
So, like I said, I think we've been building bubbles, honestly, since the turn of the century through policy.
00:37:39.080
I think the Fed's ability to keep those bubbles going is running out.
00:37:45.780
And when Trump came in, they were talking about a soft landing, other people saying a hard landing.
00:37:56.880
And I think globally there is recognition of that.
00:38:00.560
And I think gold is going to pick up a lot of that safe haven demand.
00:38:10.300
The price-earnings ratio adjusted right now is 41 times.
00:38:20.420
But give me the examples of the other three inflection points and what the P.E. ratio was.
00:38:29.780
So, this is Schiller P.E., Robert Schiller, Nobel Prize-winning economist.
00:38:34.520
So, three times in history, it's gone above 27.
00:38:47.920
You could look back at all of recorded history and say, we've never seen this multiple without a significant drop to follow.
00:38:57.240
And so, with this liquidity, at the same time you get this liquidity, I mean, what are the major houses saying right now?
00:39:04.120
I realize that this is the perfect time that gold could be a hedge for your portfolio or for your other financial assets.
00:39:10.420
But with this liquidity, does it just keep building?
00:39:17.840
I can tell people right now, you can see where it's being used immediately.
00:39:24.200
They're going in and they're getting rid of the homo sapiens, right?
00:39:27.860
You saw this target the other day with 1,000 jobs.
00:39:31.960
And they try to hide it by saying, oh, we're just having better data analytics coupled with our technology.
00:39:38.500
Is the liquidity, you think, going to continue to prop this up, this excess liquidity on Wall Street?
00:39:44.960
Listen, I think it'll keep the bubble going for a while.
00:39:48.260
But there is a realization, I think, broadly, that this thing is unsustainable.
00:39:52.960
And as soon as people start to realize that and move en masse, it'll start to come down fairly quickly.
00:40:01.740
Listen, this thing should have come down a long time ago, right?
00:40:05.480
Based on fundamentals, we should have seen recession a long time ago.
00:40:09.020
And we've kept this thing going over and over and over again.
00:40:14.380
For how much longer before people realize this is a Ponzi scheme and get out?
00:40:26.580
How do they get to you and look to your guidance of how to get involved in physical gold?
00:40:36.180
Unfortunately, I don't have the badge of honor of being shadow banned by Twitter.
00:40:47.900
And then, of course, they can get all the information from Birch to going to birchgold.com forward slash Bannon.
00:41:01.540
Philip, the feedback we get from the Warren Posse is extraordinary.
00:41:06.660
You've done such a great job of guiding people through there.
00:41:09.460
I understand that people, first off, the fear of missing out.
00:41:16.620
And that's why I appreciate you coming on and making yourself available.
00:41:20.120
A lot of people want to figure out how to hedge financial risk.
00:41:24.220
I keep telling folks, don't worry about the price.
00:41:26.800
Think about the process, the pattern recognition that goes in.
00:41:29.640
What's the process that drives the value of gold?
00:41:32.760
When you start to understand that, I think your life will change.
00:41:44.680
We keep saying it's not about when the Third World War comes.
00:41:50.680
What President Trump is trying to do is to bring peace predicated upon prosperity.
00:41:57.880
Now, his number one priority is the United States of America and folks in the United States of America.
00:42:09.880
In the bloodlines of Ukraine, you've got a massive war.
00:42:17.300
They're trying to reorganize what's happening in Israel right now.
00:42:20.600
And then, you know, most importantly, with the Chinese Communist Party, Captain Fennell tells us, keep the main thing, the main thing.
00:42:29.060
President Trump's trying to negotiate where he can, trying to show force where he can.
00:42:34.660
Is that some, is that some, we're going to go, we're going to blow a break or just go to a break?
00:42:44.460
The White House has got the, it's trick or treat at the White House.
00:42:48.740
Hey, I realize you've got many choices when it comes to who you choose for your cell phone service, and there are new ones popping up all the time.
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00:45:38.780
Of everything he's got to do, folks, I want you to look at this.
00:45:45.800
Look at the kids coming up there and doing this.
00:45:51.240
He just got off, I don't know, an 18-hour flight.
00:45:54.500
He was negotiating with the toughest hombre in the world.
00:46:11.200
You're not going to agree with everything he does.
00:46:13.540
There's a lot of stuff that we say, hey, you know, what's going on here?
00:46:17.020
But man, you've never had a president like this, ever.
00:46:33.200
This, the Christmas and the White House over for Christmas.
00:46:37.900
And then, of course, over Easter, the Easter egg.
00:47:28.040
This book, whether you're pro-Israel, evangelical, or you're in the Tucker Carlson camp, or anywhere in between, buy this book.
00:47:39.340
I think it gives you the strategic situation of Israel, what's going on, but it goes through minute by minute of what happened.
00:47:48.900
And this, I think, is the reliance on technology, too much of a reliance on technology.
00:47:54.940
People that think they've got stuff organized and they don't.
00:47:57.760
And this should be a warning to the United States about us, reliance on technology, et cetera.
00:48:02.020
In fact, the movie, The Last 600 Meters Tonight, started out Michael Pack was going to make a movie about high tech in modern warfare.
00:48:09.540
And he ended up making a film that's marine rifle platoons going door-to-door neighborhood-to-neighborhood in places like Najaf in Fallujah.
00:48:17.960
So while Israel slept for an entire hour, I'm going to be with Katz, the author, to go through it.
00:48:23.500
Mike Lindell, Arctic Frost, man, when I read those documents, they were coming after you, brother.
00:48:28.960
Alex Jones and I, I think, were the only two journalists, the only two guys in media.
00:48:34.180
But, brother, they came after you to take you down and burn you to the ground, sir.
00:48:45.120
We've been working on this all week, I have, with lawyers and investigators and stuff.
00:48:49.680
And they went after MyPillow as early as early 2022.
00:49:03.240
They went after, obviously, they took my cell phone in September of 21.
00:49:06.860
They went after everything to do with MyPillow.
00:49:14.420
They also reached out to phone companies, Verizon.
00:49:20.660
We weren't able to text market whatever they did.
00:49:29.620
Because MyPillow's, my employee-owned company, their CEO is out there going,
00:49:44.280
By the way, everybody, remember, I've been fighting against these government private contractors,
00:49:49.300
i.e. voting machines, for four and a half years now.
00:49:53.800
You have the FBI, the IRS, and the DOJ come after me, MyPillow,
00:49:58.360
and then because I'm talking about under my freedom of speech,
00:50:02.340
they talk about government private contractors.
00:50:11.560
And then I want to pivot to how we're going to pay for this.
00:50:14.260
Are you going to pay for this due profits in the company?
00:50:16.840
And that's where we're going to sell more towels, sheets, and pillows.
00:50:20.520
First of all, what action are you going to take?
00:50:23.600
What we're looking in right now is what is the process if you go after this?
00:50:31.640
The IRS, FBI, and the DOJ are the three biggest enemies that came after me with full guns at all sides.
00:50:38.420
And then you couple that with just this week, Smartmatic,
00:50:43.240
a judge in Minnesota finds MyPillow and myself guilty of defaming a corrupt criminal company
00:50:50.240
because it's out in the news right now last week.
00:50:52.960
You can't—obviously, Steve, our First Amendment right of free speech is at—
00:50:58.740
this is—everything that happened to MyPillow should never happen again in history.
00:51:09.480
I don't know if you can go after the government.
00:51:16.720
And so we're going to be making a lot of moves here in the next three, four days.
00:51:21.140
Right now, we're just gathering everything damage it did to MyPillow.
00:51:25.320
The damage it did to MyPillow alone is in the hundreds of millions of dollars, everybody.
00:51:29.820
This doesn't count the stuff that they did with the machine companies and the cancellations.
00:51:42.040
All of our MyPillow products that are made right here, our mattresses, our pillows,
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00:52:08.680
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00:52:19.000
He's our wise man, a former CIA, Pentagon, and White House advisor with an unmatched grasp of geopolitics and capital markets.
00:52:26.160
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00:52:36.040
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00:53:11.580
That's all one word, Rickards War Room, Rickards with an S.