Bannon's War Room - Episode 5197： Economy Shifts As Iran War Continues

00:00:00.000 this is the primal scream of a dying regime pray for our enemies because we're going medieval on

00:00:11.140 these people here's not got a free shot all these networks lying about the people the people have

00:00:17.760 had a belly full of it i know you don't like hearing that i know you try to do everything

00:00:21.500 the world to stop that but you're not going to stop it it's going to happen and where do people

00:00:25.100 like that go to share the big line mega media i wish in my soul i wish that any of these people

00:00:32.920 had a conscience ask yourself what is my task and what is my purpose if that answer is to save my

00:00:40.840 country this country will be saved war room here's your host stephen k bann

00:00:48.020 i want to make sure welcome it is uh saturday 7 march in the year of our lord 2026 hour two i got

00:01:00.660 dr thayer i want to make sure everybody takes advantage over this weekend on this special

00:01:04.660 that we have from tax network usa call 866-513-5516 that's 866-513-5516

00:01:17.060 make sure you check it out today you get a free discovery call you call that number that number

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00:02:02.120 before many times and negotiated many times so go check it out today uh tax network usa cameron kinsey

00:02:08.360 over there formerly in the white house she's a terrific staffer with johnny mcinty and the team

00:02:13.420 over there in the first uh trump administration and uh she's did a terrific job and now she's over

00:02:18.340 tax network got this for the war and posse dr thayer i want to pull the camera back for a second of

00:02:24.100 to ask you on this saturday morning given everything we got going on militarily you've seen the the

00:02:31.440 methodical way that the uh centcom is going down this target set to make sure and what president

00:02:40.600 trump calls unconditional surrender he has now been a little more precise and says when they don't have

00:02:47.340 the ability militarily to either project power on their own people or project power against their

00:02:53.080 neighbors that's what he thinks is unconditional surrender when they don't have the ability to do it

00:02:57.480 anymore but the concern a lot of people have is with the the russians supposedly given targeting

00:03:02.200 information you got the ccp uh out there this is now going you know there there there have been

00:03:08.140 certain missiles launched towards turkey and cyprus uh azerbaijan i think up and near the caspian sea

00:03:15.180 also the gulf is being hit uh you have uh people concerned are we is this metastasizing

00:03:22.820 into even forming up with gaza in the ukraine as a broader part of the kinetic part of the third world 0.85

00:03:30.980 war sir great to join you it might be uh my concern uh would be this that when he talks about

00:03:39.440 unconditional surrender and caroline levitt yesterday on friday uh said that when the president

00:03:44.940 determines that iran no longer poses that threat that's when under unconditional surrender will take

00:03:50.620 place but my concern hang on hang on hang on hang on right there hang on right there hang on right

00:03:56.100 there i want to be very precise when caroline came out and said that poses that threat define that 0.96

00:04:02.140 threat because the president said it and then caroline said i think we can use that as a benchmark when

00:04:07.100 he said no longer uh they no longer can have that threat what does she mean by that well uh there's

00:04:16.680 there's an element of ambiguity there i think what is uh what she's saying is this my interpretation is

00:04:23.140 this when they no longer have uh the military capabilities to harm their neighbors or to harm

00:04:30.140 uh their people uh that's when unconditional surrender will take place and she envisioned the

00:04:36.440 campaign lasting four to six weeks uh in her statements on on friday so uh my concern is this that you

00:04:45.460 you take a war against the theocracy um which is a limited war uh now and we're turning it into a

00:04:54.440 potentially into a total war against the persian people uh which is a different type of war so

00:05:02.340 the war against the theocracy is uh has great support in iran among the persian people and among the

00:05:10.520 ethnic minorities uh that live in um uh in in iran uh principally the azaris who are about 16 percent of

00:05:19.300 the population and and the kurds which are about 10 percent of the population so you can see there

00:05:25.900 that about one out of every four people living uh in iran is either a zary or kurd if we say 1.00

00:05:33.180 unconditional warfare uh against iran so that um they no longer have the ability to harm their neighbors

00:05:42.400 or to harm the population my fear is that this turns this into a nationalist element begins to surface

00:05:49.800 and the persian people will begin to unite around uh the theocracy which is what we we don't want 1.00

00:05:56.980 about six out of every 10 people living in iran is persian uh and um so uh that's a concern

00:06:05.420 the air campaign the military campaign more broadly does seem to be on track to a trading

00:06:13.000 uh obvious iran's air forces of course hang on i want to go through you laid out five elements

00:06:19.660 the other five elements of this campaign i want to do an update and i i agree with you 100 percent

00:06:25.440 if the persian people this turns into a nationalistic that it's about the nation of persia

00:06:32.120 these people will dig in even some people potentially allies of ours and that's why

00:06:37.340 it's a very thin line and especially on some of these bombing campaigns that cencom as the execution

00:06:45.780 department of policy is really under pressure here and that's why maybe not having all

00:06:54.040 diminutions that we originally thought we're going to have because we're giving them to ukraine 0.98

00:06:57.920 they've been in gaza you know some of the some of these precision instruments when you're talking

00:07:03.060 about i'm gonna have to use gravity bombs well even with some precision guidance on gravity bombs

00:07:08.220 they're still generally it's generally gravity and that puts only any more pressure on cencom and

00:07:14.440 you're right you don't want to segue in to have a fight with the persian people as a nationalist

00:07:19.820 entity then these folks could dig in i mean it's 90 million people six or so what uh 55 million

00:07:26.740 persians some of whom uh hate the regime a lot of them that underneath those restaurants right they 0.98

00:07:35.200 hate it but if it has to be you know it's an ancient and proud people so if it doesn't uh you know if you

00:07:41.500 turn it to that you can have a long tough fight in your hand now you laid out five elements the other day

00:07:46.920 of how you grade the military campaign from cencom let's go through that and see what your grade is

00:07:52.600 today certainly yeah well the underlying point is that this is attritional warfare right this is like

00:07:59.220 muhammad ali fighting joe frazier we're pounding on the iranian uh and so but we need to recognize

00:08:07.060 iran really uh in in this campaign there's a five it's a five front war the first front really is the

00:08:13.740 missile front ballistic missiles cruise missiles uh the uav drone uh campaign and here there does seem

00:08:22.340 to be progress in a trading that uh that is grinding down due to their own launches as well as what

00:08:29.840 israel and the united states have been able to destroy uh second is the air war uh and the air war

00:08:37.820 seems to be uh very successful from our perspective the corridors have been cut into iran the shoulders

00:08:45.320 have been widened and there has been successful destruction of enemy air defenses so they do seem

00:08:51.520 to be suppressed although there's always the possibility of course um that they're lying in wait

00:08:58.540 and they ambush uh american bombers or uh american aircraft or allied aircraft the third front really is

00:09:06.540 the naval war straight up for moves as well as uh more broadly and here we have some concern of course

00:09:15.540 steve as you stressed in the last few days uh on war room that um iran is using a variety of measures

00:09:23.340 uh to uh intimidate which is to coerce through the threat of attacks actual attacks and the threat of more attacks

00:09:32.140 to come uh naval uh traffic uh civilian uh traffic uh in the gulf and in the strait and then we have the

00:09:40.680 ground front fourthly the ground front would be purportedly led by the kurds uh potentially with backing

00:09:48.280 from the u.s intelligence community from israel's uh in intelligence community and potentially other

00:09:55.840 actors as well to serve as the boots on the ground to serve as a ground force that would be able to

00:10:02.380 seize and hold territory within iran that might be used as bastions or that might be used to project

00:10:10.660 additional attacks ground attacks uh against uh iran and then for the fifth and final would be

00:10:18.800 this the front is also the fifth front is uh proxies the fact that the war is expanding and this is shown

00:10:26.100 most clearly in lebanon uh where you have a proxy war between hezbollah and israel although with iran's

00:10:33.620 strong support for terrorism we can see that proxy attacks occur uh for example the loan the attack in

00:10:39.960 austin uh texas uh that we've had that we might see other attacks and sustained attacks due to the fact

00:10:47.940 that there are iranian sleeper cells uh operating in the united states so when we think about the war

00:10:55.580 the the kinetic aspect of the war right leaving aside the economic aspect of it leaving aside the

00:11:02.740 political aspect of it we see those five fronts going on simultaneously uh uh today and there's

00:11:11.420 variation in success the u.s has been very successful in sinking iran's navy

00:11:16.640 uh and keeping um uh hormuz uh open we can see that the fifth fleet though is going to be tasked with a

00:11:25.160 very great responsibility to ensure that civilian traffic is able to transit the strait the missile

00:11:32.760 campaign again as a result of iranian launches and israeli u.s strikes has been successful at

00:11:40.200 destroying any fixed launcher but also finding um what they call the tells the transporter or rector

00:11:47.040 launcher uh vehicles that would actually carry uh ballistic missiles but that's an ongoing campaign

00:11:54.760 and it's quite reasonable to suspect that iran is husbanding some ballistic missiles they launched a

00:12:02.080 lot at the outset of the war and then you see a fall off uh because of the success of the air campaign

00:12:08.480 but also because of iran's desire strategically to keep some of those ballistic missiles and their

00:12:14.840 tells in reserve so that they can be launched to lengthen the war to draw out the war and to it for

00:12:22.880 israel and the united states never to be sure that we've had we've been able to destroy all of their 1.00

00:12:28.960 ballistic missiles uh ballistic missiles likewise um the air war their air defenses seem to be greatly

00:12:36.640 weakened uh as a result of the cyber actions that we've likely taken in conjunction with israel and

00:12:43.080 uh the kinetic actions that we've taken with israel uh and the u.s but we always worry about uh

00:12:49.880 essentially a surface-to-air missile an ambush uh of uh an aircraft the ground war steve we worry

00:12:58.740 about that a lot because of the possibility if you're using kurds that's going to cause a persian 0.99

00:13:04.120 nationalist reaction if you're using kurds to break down the door on the ground and to seize a chunk 0.52

00:13:12.400 of iran uh the persians are the persian people are going to react to that i would suspect vociferously

00:13:21.320 and that's going to feed uh support for the regime and that's not an outcome uh that we want and then

00:13:29.940 of course the proxy front will be ongoing as long as this war is right we will always be worried about

00:13:35.720 a terrorist attack in the united states on american soil or against u.s military targets abroad uh or

00:13:43.680 against allies uh of course do you think as well as cencom goes down what i refer to as the punch list

00:13:50.760 or the target set however you want to describe it uh and i'll you can answer this after the break i

00:13:56.060 appreciate we're gonna keep you for a short period of time in the next uh next segment as cencom goes

00:14:01.720 through systematically this punch list and those five categories or at least three of the categories of

00:14:07.080 war to um make sure that we've degraded and or destroyed because president trump now saying there's

00:14:13.480 no need for combat troops because we're going to so destroy what they've got uh as they do that

00:14:19.020 is one of the concerns how this is metastasizing on persian versus arab muslim versus muslim as this

00:14:26.360 metastasizes into the into the gulf the financial times of london the wall street journal of course

00:14:31.720 obviously bloomberg they're very focused on something they should be focused on and that's oil assets

00:14:36.940 uh being taken offline in the gulf whether that is the uh tanker fleet uh whether it is um uh refineries

00:14:46.100 uh desalination plants all of the gas fields all of it we're gonna take a short commercial break

00:14:51.100 we're gonna return to saturday morning in the warm in just a moment

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00:16:29.220 war room here's your host stephen k bann

00:16:33.640 dr bradley thayer thank you for giving us time on a saturday morning uh persian versus arab

00:16:42.060 because to me this is the most fascinating part of this so far is that and this is a big time

00:16:47.780 military campaign folks ought to understand that since as you guys know as a young naval officer

00:16:52.180 over there in the north arabian sea and persian gulf it amazes me you know 47 years later the types

00:16:57.940 of power naval power we can project uh that we couldn't project back then so as a former naval

00:17:04.160 officer it's awe-inspiring what's happening that being said what really and and dr thayer you were just

00:17:09.680 in australia if we'd asked you at the time i i think all of us have been stunned to see persian

00:17:15.180 versus arab shia versus sunni uh this kind of outright attacks on the uh on the um in the gulf on

00:17:24.080 oil assets desalination plants and quite frankly i think the saudis and other people punching back

00:17:29.000 uh your thoughts about that is that the new center of gravity uh in this war

00:17:33.160 i i think it's it's a key element of of the war i i think what what the iran has done has it has

00:17:42.300 escalated the war uh horizontally by attacking uh the the gulf shakedoms in saudi arabia and

00:17:49.220 azerbaijan uh and many other states uh as well uh their effort is to undermine support for the u.s

00:17:58.520 there's a logic for what they're doing a military logic strategic logic for what they're doing

00:18:03.600 they want to inflict pain on the arab states uh and then by so doing of course that also um reveals 0.98

00:18:12.500 the cleavages the tensions that exist between sunni and shia arabs iranians largely shia uh and between

00:18:20.980 persians uh and arabs so iran's efforts to hurt uh the u.s to draw out the campaign and inflict pain 0.88

00:18:30.080 on the arabs uh is um uh to a degree self-defeating because it's generating at least at the elite level 1.00

00:18:38.660 uh support another issue which needs to be addressed is that by attacking azerbaijan remember 16 of the

00:18:47.060 population of iran is azeri so by attacking azerbaijan you're opening up a window for 0.94

00:18:53.080 azerbaijan to reach out to uh essentially their population the diaspora population uh in iran

00:19:01.140 likewise for uh the kurds so by iran escalating and again there's a logic to do that they're also

00:19:09.820 complicating their strategic situation they're they're adding to their enemies uh and they're adding

00:19:16.360 to the might arranged against them their calculus must be at least with the arabs uh that there'll 0.98

00:19:22.800 be a revolt that at the mass level among in the gulf shakedoms the people don't support the u.s

00:19:28.940 and they don't support this war and they don't support uh essentially their governments um that's

00:19:36.020 there's a logic there but whether that's going to obtain well part of the logic part of the logic

00:19:41.460 is they see they see this as the israeli uh anglo the israeli american uh demons going after going

00:19:49.320 after going after muslims go ahead right saddam hussein attacked israel right as a way to draw in in

00:19:56.060 the in desert storm desert shield in 91 saddam hussein attacked israel as a way to essentially break up

00:20:02.720 the coalition as well as attacking saudi as well as attacking the gulf shakedoms bahrain very uh famously

00:20:08.360 so again there's that military logic there uh but whether that's going to be successful uh or not

00:20:15.760 is um you know is uh uh certainly very difficult to uh you're you're you're following the war very

00:20:22.980 closely where do people go on your on your twitter feed you're also working on a huge book that we'll

00:20:27.360 talk about that hopefully comes out this spring if not early summer that i think puts this all in

00:20:32.300 perspective but where do people go to get your constant updates on this war and particularly your your

00:20:37.840 thoughts on are we segwaying into the kinetic part of the third world war and uniting all these fights

00:20:43.680 in a massive kind of world war one type fiasco right uh brad there uh at x or bradley thayer getter

00:20:51.840 and truth uh uh and so steve you know the major caveat is let's not turn this into a national conflict

00:20:59.700 let's not turn it into a war against the persians uh which is going to greatly complicate um the uh

00:21:07.540 the conflict amen that's why centcom the uh airmen soldiers naval officers the crews of those ships i

00:21:15.500 mean they're on they're on uh the razor's edge right now thank you sir appreciate you thank you steve

00:21:21.860 the centcom that's what we really try to do as many centcom briefings as possible that's cutting edge

00:21:26.800 i want to since they had this dhs we didn't get a lot of time to get into it because so many other

00:21:31.360 things going on but the senator mark wayne mullen i want to get sheila matthews on here he has been

00:21:36.560 and obviously you're very supportive of the president sheila and able child is i think able child you're

00:21:41.120 coming you're having your 25th anniversary gala this week i want to make sure everybody knows about

00:21:46.260 that uh you're very supportive full maga but there's some issues you you've been out constantly

00:21:53.220 saying hey we're missing the point on this mental illness thing we're not getting into the psychiatrist

00:21:58.580 records this is a huge industry for big pharma uh we don't have our arms around it uh senator mark

00:22:04.780 wayne mullins does have some legislation out there that you're saying hey i think this thing needs a

00:22:09.220 mid-course guidance can you walk us through what's the what's this legislation what's the fundamental

00:22:14.160 problems with it and what do you think we need to do to kind of rectify it now that he's going over

00:22:19.000 to dhs well able child works with everybody and um we're looking at senator mullins a co-sponsor of

00:22:28.500 the b-h-i-t act which is the behavioral health information technology act what it is it's a big

00:22:37.020 electronic um network where they collect all our consumer mental health documents and they pass them

00:22:44.280 around to behavioral health vendors and doctors and there's a flaw in this bill and what the flaw is

00:22:51.660 is it does not collect the data associated with the violence that the psychiatric drugs have so what

00:23:00.060 we're excited about is that he is the co-sponsor of this bill so maybe he missed it maybe he missed

00:23:08.320 that loophole so we need to put a patch on it so we need to open that system up and he's the guy to do

00:23:15.580 it now that he's got this big job and he doesn't need a bill to push through he can look at this flaw

00:23:21.060 and say you know what we need to collect the data from the psychiatrists that are associated with these

00:23:29.300 mass shooters so it protects the consumer there's a consumer loophole here this bill is that he co-sponsored

00:23:38.140 is more protective of the uh behavioral health and the drug companies so able child wants but it

00:23:45.040 seems like it seems like this is the fight that you've had it seems like every this will understand

00:23:49.880 it seems like everything we have is to protect the psychiatry the industry of the psychiatrists

00:23:56.120 because they're kind of the the physician the attending physician that prescribes this and this is how

00:24:02.080 big pharma makes so much money i mean is is everything that we have here is it just

00:24:07.640 um like you said hey may overlooked it it sounds like this is not a uh this is not a bug this is

00:24:14.720 actually the way the system works well these bills are crafted by the behavioral health industry and

00:24:21.740 they're pushed on to senators and congressmen and the voice of the consumer is often lost in there

00:24:27.720 they go to the senators we have a great idea we're going to do this whole new database and it was

00:24:33.140 bipartisan so we're all often always cautious of that because we have to make sure that the consumer

00:24:40.100 is protected it took us two years to get the uh tennessee bill passed to um test for the therapeutic

00:24:47.960 levels for psychiatric drugs in mass shooters this bill that he sponsored has a loophole so able child's

00:24:57.140 been chasing this data so you're absolutely right this is a flaw in this bill and he's going to be the

00:25:02.460 homeland security um head and we have mass shootings that become unsolved and um you know as consumers

00:25:10.660 we need this protection we need this data it's a data vacuum for the consumer we need it patched up

00:25:17.200 and you know we're willing to work with him we're aware of this flaw and we are going to stand on the

00:25:23.760 mountain shout about this flaw because it protects it protects the psychiatrist it protects these records

00:25:30.100 and we're forever uh fighting to get these records released to the public and the consumers want to

00:25:36.460 go to movie theaters and malls they don't want to be shot up by psychiatric patients that um are on

00:25:43.660 these dangerous black box suicide warning drugs we gotta we gotta bounce but does it drive you crazy

00:25:49.620 every time we have a mass shooting they all come on tv for a couple days and say no police are really

00:25:54.400 looking for a motive when when the first thing you hear is that they were under psychiatric care

00:25:58.900 and and and taking these drugs but they always for three and four days until it fades from public view

00:26:03.980 say we're really the the the authorities are investigating for what why they did this

00:26:09.560 yeah i mean able child's frustrated but you know what the consumer's frustrated and they know it and you

00:26:16.720 look on the internet on x and they're all talking about it so it's out of the box we need we need the

00:26:23.140 consumer's voice in there and i believe able child provides that bipartisan we work with both

00:26:28.740 democrats and republicans and i do favor uh working with the trump administration you know he's doing

00:26:35.380 a lot of good things you know sheila uh we gotta bounce where do people go to get all the information

00:26:41.360 if they want to support you at the gala where do people go um ablechild25.com we're going to be

00:26:47.860 closing out tickets shortly we are overwhelmed um with the response and please sign our petition

00:26:54.380 on um ablechild.org and so we get our voice in there um with federal hearings on this issue and

00:27:03.960 this flaw so i'll be tracking this flaw steve yeah great job in tennessee we got to model everything

00:27:10.840 after tennessee great job there sheila thank you so much for joining us appreciate you thank you

00:27:16.760 philip patrick's going to join us next of course this uh what is it major military operation and or

00:27:24.820 war whatever you want to call it this conflict in the middle east is driving turbulence in capital

00:27:29.520 markets all over the world so uh philip patrick's going to be here we're going to walk through about

00:27:34.540 gold uh also commodity markets what it means for commodities particularly oil uh the hydrocarbons

00:27:41.200 over there and how that impacts uh the gold and bond market and equity market if you want medical

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00:28:24.440 10 get 10 off short commercial break philip patrick joins us do you owe back taxes or

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00:30:02.560 slash bannon for your free discovery call with tax network usa let me repeat 800-958-1000 tell them

00:30:11.460 bannon sent you don't let the irs be the first to act take advantage of first mover advantage you move

00:30:20.300 welcome back um we've got philip patrick patrick uh joins us philip let's walk through why

00:30:35.220 just generally because i want to get into the specifics of this war and and what it's causing

00:30:40.920 and the turbulence in uh capital markets uh and commodity markets but first off why has gold

00:30:48.380 been a because we're here for the for a discussion that we've kind of come full circle about

00:30:53.560 remember one of the rushes to gold over the last couple of years is that philip patrick and we we

00:30:59.980 partnered with birch gold to talk about the end of the dollar empire now that was not about

00:31:06.740 specifically about gold as a hedge but gold as a financial asset which became as the dollar

00:31:12.960 um was essentially the purchase power the dollar was destroyed by our the elites that run this country

00:31:20.900 right and particularly the massive overspending that when the purchasing power dropped that the world

00:31:28.380 would uh go to particularly central banks and others would go to buying gold and gold would have a floor

00:31:34.280 and then it would become a uh a financial asset as as it has right in in much like the 19th century

00:31:42.180 but classically gold has been a hedge against times of financial turbulence it's been a safe harbor

00:31:48.080 and you definitely have financial turbulence now i use the term geopolitical risk and i tell people

00:31:55.000 that's just a fancy schmancy term for war or the rumors of war when it gets down to it and now we're in

00:32:01.160 it you know we're in a uh we're in a conflict that is in the conflict as our theory of the case is the

00:32:08.040 center gravity of the conflict is not uh the military conflict part of it is tehran in persia itself which

00:32:16.000 is being pounded to degradate their ability to have weapon systems uh that actually can attack their

00:32:22.520 neighbors of the united states also to have a command structure that's still run by radical islam 0.98

00:32:28.220 however the other part is what's different than all these other wars it's muslim versus muslim 0.98

00:32:34.460 that's metastasized that's shifted over to the the persian gulf and whether you like to admit it or

00:32:40.040 not until we were up to more full capacity still much of the world obviously europe in in in asia

00:32:49.360 run on persian gulf oil and gas and so gold has been a traditional hedge what does that mean and what

00:32:56.940 does it mean particularly in a time like this well we're in a short shooting war in a a massive

00:33:02.640 shooting war that is quite frankly even now forget iraq in afghanistan it's bigger than the gulf war

00:33:10.360 sir yeah this is i mean there's a lot to unpack there certainly you know even prior to this as you

00:33:18.140 mentioned we had the perfect storm for for gold we've printed the dollar into oblivion we've made

00:33:24.680 it a much less attractive store of wealth we've talked about how we broke the trust specifically

00:33:30.480 biden through sanctions and weaponization of currency which made the dollar far less attractive

00:33:36.440 people have to understand gold has been the standard for international currency throughout

00:33:41.400 all of human history because ultimately for most of human history countries didn't trust each other and

00:33:47.420 sort of post world war ii this belief was born that the world had transitioned and we moved away from

00:33:54.180 gold towards government debt and specifically u.s government debt but i think clearly that illusion

00:33:59.760 has been shattered first of all the dollar as a store of wealth isn't what it was it's lost 28 percent

00:34:06.380 of its buying power since the pandemic it is an unattractable much less attractive store of wealth than

00:34:12.740 it was secondly broadly the trust has been broken so i think what we're seeing now is the world is

00:34:19.200 reverting back to sound money what has always been the standard um now obviously a war in iran

00:34:26.920 adds another dimension and more instability and you're correct in your assessment look the iranians

00:34:33.200 can't wage a military war or can't win a military war against the united states so the best way to do

00:34:39.760 this is to morph this into an economic war i think it's why they're hitting the gulf states currently to

00:34:45.720 to create uncertainty and chaos and i think it's going to be a very effective strategy obviously

00:34:52.720 oil prices increasing on the back of it significantly if the war is long drawn out and protracted that's

00:34:59.740 going to increase even more and that puts pressure on things domestically ultimately we said this a lot

00:35:05.700 under biden uh you know oil is the most inflationary commodity oil prices go up put pressure on pricing

00:35:13.140 across the board domestically at a time heading into the midterms when we really don't need it so

00:35:19.020 the iranians are smart and i think they're going to continue to play a smart game so we'll have to

00:35:24.460 see how this pans out but economically this is problematic when you see when you on the you know

00:35:32.920 we've had eric bowling on now he used to be a trader of uh oil and gas futures all of it uh in the pits

00:35:39.020 for about a dozen years uh when you're talking to traders we're talking particularly people in the

00:35:43.280 commodities market and people in um in the gold market what are you hearing today listen predictions

00:35:50.780 that what i'm hearing is this is the perfect storm we're seeing now for precious metals right the world

00:35:56.260 is is turning into to chaos sadly the silver lining is it bodes well for investors in in precious metals

00:36:04.160 predictions now are increasing dramatically ubs jp morgan bank of america have scrambled to up

00:36:11.560 predictions now on precious metals they're projecting 6300 now for gold by the end of the year we're

00:36:18.440 trading in you know the 5100 range so significant upside from where we sit this ultimately strengthens

00:36:25.260 the long-term fundamentals and i think the longer the duration the better it is for precious metals

00:36:31.500 the more strain it puts on the dollar and government debt when you say good government there is though

00:36:37.480 there is this um there is this uh flight to quality with the dollar the dollar has strengthened since

00:36:43.620 this started so so people are fleeing certain assets it's not it's not the end of the bricks movement

00:36:50.180 but clearly some of the money market uh folks have said hey given i don't understand what's going on

00:36:57.100 maybe i get more into dollars obviously gold too but but the the the strength of the dollar you've

00:37:03.240 seen that in the last week or so because a lot of people said hey i think gold could be exploded could

00:37:08.360 get to the 6 000 or 6 500 remember we don't forecast the the price of gold here what we want to do

00:37:14.540 is get you the information and get you into like end of the dollar empire and you take you know take

00:37:20.200 your phone and text bannon b-a-n-n-o-n at 9-8-9-8-9-8 you get the ultimate guide for investing

00:37:25.500 totally free no obligations all the information from birch gold in the war room on this topic are

00:37:31.280 always free because we want a smart investor in a smart uh in a smart uh um you know a smart consumer

00:37:39.100 um so uh but what was this about the strength in the gold over the last couple of days

00:37:44.040 the gold strengthened you make an interesting point though initially you saw the dollar

00:37:48.820 strength and it has done and it's good news people ultimately move to cash and it shows that for

00:37:54.660 liquidity people still want dollars what was interesting though is historically during times

00:38:00.740 like this investors run to government debt and yields decline but the opposite happened yields

00:38:07.440 actually increased on the debt and what that suggests is people are less worried about collapse

00:38:12.360 more worried about inflation and i think particularly the impact of higher energy costs on top of

00:38:18.080 today's already elevated price levels so as much as the dollar did strengthen which was good news

00:38:23.780 yields yields on debt increased which is bad news for the government so sort of a mixed bag there

00:38:29.780 in terms of precious metals though like i said i think demand will still increase broadly for metals

00:38:35.760 it's still being driven by central banks de-dollarization is still happening very actively i think we're

00:38:42.540 38 year lows now for central banks around the world holding uh holding dollars for reserves so

00:38:48.940 that trend i think will continue long term nothing is linear right nothing the dollar is not going to

00:38:56.700 go like that there'll be peaks and troughs but i think long term the trend at least at this point

00:39:02.040 is not changing you were the first to bring up this is years ago in fact this is the beginning of the

00:39:09.020 uh but a year so i think after working with you guys you had this uh blinding insight that really

00:39:16.340 not just turbocharged gold at the time but really had such a massive geopolitical um impact when people

00:39:25.780 in this in the beginning of the ukrainian war i guess we might have been into it for the first year

00:39:30.460 when uh the people that were so gung-ho you know that were driving the ukrainians to put more people in

00:39:36.540 and more of their resources in really fight it they came with this idea of first freezing the russians

00:39:43.380 assets and then essentially stealing the russian people's assets dollar denominated assets that were

00:39:49.880 in essentially basically european banks and you came on he said hey this is a game changer uh it's

00:39:56.580 one of the reasons people have had a problem with the swift system they've had a problem with the

00:40:01.060 because the americans can actually weaponize the dollar but we've never done this to the nazis

00:40:06.880 we didn't do this to imperial japan we didn't do this to uh the bolsheviks this is a game changer

00:40:12.600 and you saw the shift into kind of the sentiment to gold particularly among central banks because they

00:40:18.220 realized hey maybe we can't be so dollar denominated we just had in the last 24 48 hours the same

00:40:25.120 situation in uh in in the uae where the uae has warned the persians and 99.99 percent of people didn't

00:40:33.840 understand this because they said hey i thought the arabs and the in the iranians and the persians

00:40:37.800 were kind of at a at a war with each other and you know the iranians were always saying they were

00:40:43.460 threatening militarily and they had all these proxy groups in there and so this thing's not never really

00:40:49.060 it's it's been in the abraham accords showed that uae and others were prepared to work with the

00:40:54.160 israelis the bigger problem was was tehran and then it comes up that dubai is the i call it tortuga to

00:41:01.300 the to the pirates in the caribbean in the uh in the in the 18th 6th 17th and 18th century uh it's

00:41:10.240 uh dubai is like the pirate's den and you had all the resources and all their cash wasn't in wasn't

00:41:17.840 in switzerland it was in dubai and now uae is threatening to say hey look not only might we freeze

00:41:23.620 it we might take it how is that tell me how that's a game changer in this war it reflects what happened in

00:41:30.520 uh in with the russians but it's also going to be another indication of countries throughout the

00:41:37.200 world and central banks said hey maybe i just can't be keeping my cash sitting around maybe i got maybe i

00:41:42.460 have to go go to gold sir this was the this was the point that i was making earlier right for all of

00:41:49.280 human history gold was the standard because trust didn't exist broadly between nations and like i said

00:41:56.140 this sort of post world war ii u.s led order meant that the world broadly trusted each other and when

00:42:02.680 the trust broke down america was there to police it so we saw this transition but that illusion has

00:42:08.540 clearly been shattered the world now is sort of turning to blocks and i think asset seizures things

00:42:15.120 like that have ultimately escalated the inevitability um i'd love to to sort of take credit for some

00:42:21.960 genius foresight when it came to the russia thing but ultimately it's it's common sense right if you

00:42:28.100 want to incentivize the world to hold your currency and trade in it you know you can't do things like

00:42:34.740 seize people's assets and threaten to give them to a country that they're currently at war at to fight

00:42:41.780 against them that's not only a message to the country you're sanctioning but it's a message to 0.71

00:42:47.500 every other country around the world that may want to do things that don't align with your moral compass

00:42:53.940 it's that simple and the more it happens the more the world will revert to gold uh philip can you just

00:43:02.320 hang on i realize it's a saturday but just hang on through the commercial break because i want people

00:43:06.780 to immerse them avail themselves of the opportunity that you have to immerse themselves in information here

00:43:14.080 and become wiser uh i think you'll become financially more and more stable if you do this

00:43:20.240 but if not you'll still learn how the world works uh birchgold.com the end of the dollar empire

00:43:25.900 if you go there today all of the installments are free online but you also if you want a hard copy

00:43:32.460 and the hard copy we did in conjunction with our partners over at birch gold is just nothing short of

00:43:38.480 i think magnificent the patriots edition of the end of the dollar empire it's seven all seven free

00:43:44.600 installments and kind of reads right through like a book and remember it's being taught now in

00:43:49.220 graduate schools i thought it was undergraduate economics and finance classes actually being

00:43:53.380 taught now in graduate level why because we try to make this accessible keep it sophisticated but

00:43:59.720 make sure that you didn't have to have a degree in economics to understand it birchgold.com

00:44:04.340 promo code bannon the end of the dollar empire philip patrick on the other side war in the rumors

00:44:12.320 of war in the war room this morning

00:44:14.120 if you could make one holiday wish would you wish to be free from your credit card and other debt

00:44:25.880 let's see if we can help you with that if we could give yourself one gift this holiday season

00:44:32.520 would it be finally to get some relief from your credit card and other debt i might have a solution

00:44:37.820 here's why now is the time to make a move this time of year credit card and loan companies close

00:44:44.240 out their books they clean up past due accounts they sell a write off the debt to clear their books

00:44:50.900 that means if you have credit card debt and unpaid bills lenders may be more open to negotiating and

00:44:57.380 settling your account before you're in that means right now and i mean right now you may actually

00:45:04.260 have leverage and done with debt knows how to use this to your advantage they monitor lender trends

00:45:11.220 and understand the year-end pressure on creditors they use that timing to negotiate hard on your behalf

00:45:17.720 now's the time to get out from under crushing debt and interest payments without bankruptcy

00:45:23.380 or taking on new loans done with that goes to work for you month one with one clear goal to reduce

00:45:31.980 your total debt and leave you with more money every month get started now because your leverage may

00:45:39.480 disappear at the end of the year chat with a done with that specialist at done with that.com

00:45:46.140 that's done with that.com done with that.com do it today war room here's your host stephen k man

00:45:56.240 okay i just want to make sure everybody to think about this um crypto was supposed to be uh digital

00:46:04.280 gold correct philip and it was going to have all these attributes of gold one things for the audience

00:46:09.660 to understand that history has kind of proven the last couple years is that particularly as the central

00:46:15.400 banks stepped in from throughout the world particularly the chinese communist party right

00:46:20.380 but the central banks have stepped in and and doubled and tripled on their gold reserves is that

00:46:27.320 gold has has been very liquid i think in the past there were some issues well if i got physical gold

00:46:33.260 you know it's not like going in a stock on the new york stock exchange i can't call my broker and cross a

00:46:37.960 trade but that just the the depth of purchasing in the gold market gave you liquidity if you wanted to

00:46:45.100 offload your gold or sell it you weren't looking at taking a 25 discount or something like this

00:46:49.960 because of recent statistics or and crypto was supposed to be the same way i think what we found

00:46:57.020 one i want you to talk about it turned out it didn't move with gold it turned out to be instead of

00:47:02.340 counter cyclical with the cycle uh and i believe more importantly and this is why you saw a lot of the

00:47:09.020 tech bros very early on when president trump won remember these guys all climbed on board and they

00:47:13.960 want not just regulation they also wanted uh some uh the u.s government to step in with these kind

00:47:20.560 of these reserves to essentially add liquidity to the market and now we understand particularly

00:47:27.020 specifically now that we're in the shooting war and crypto has been all over the place there's just

00:47:32.420 not one it's it's not counter cyclical number two it is uh there's a liquidity issue um and so it

00:47:39.420 turns out it's actually not only not digital gold it's kind of anti-digital gold is it not sir

00:47:46.020 it's a good good way to put it and i think not having the american taxpayer be the backstop for that

00:47:52.200 is very very important with the benefit of hindsight it's clear to see what what would have happened

00:47:58.500 on top of that the digital gold story just doesn't hold up anymore and honestly it hasn't for quite a

00:48:04.300 while gold is a safe haven asset it performs incredibly well during times of stagflation

00:48:10.140 things like higher inflation weaker growth monetary instability dollar decline they all drive gold up

00:48:17.440 but what it is is defensive boring it's essentially insurance for a portfolio bitcoin has not behaved that

00:48:25.420 way at all right when liquidity has been abundant when rates are low speculative appetite is high

00:48:31.860 bitcoin absolutely soars and people can do incredibly well when liquidity tightens and when real rates

00:48:38.900 rise sentiment turns from risk on to risk off the thing can absolutely plummet right drop 50 60 percent

00:48:46.480 as we've been seeing so you know gold is on the opposite end of the spectrum to that right you're not

00:48:51.920 going to buy gold and it's worth you know double triple quadruple two weeks from now but by that same

00:48:57.500 token it doesn't drop in half in a week so when it comes to to sort of risk profile i'd put it on the

00:49:03.680 opposite end of the spectrum and as you rightly point out you know gold has thousands of years of

00:49:09.760 history and what we've learned over those years is how it performs in relation to other assets so we

00:49:15.880 understand very well it's defensive and it's counter cyclical it does very well when things are

00:49:21.820 struggling bitcoin seems to be the reverse right and in climates like this when people are looking for

00:49:27.940 safe havens they're looking for wealth preservation bitcoin just doesn't achieve that so i've always

00:49:34.520 viewed it as a speculative asset and i still do today so as some sort of support for the u.s dollar

00:49:40.960 definitely not i also want people to note that uh both um philip and myself came out of investment

00:49:48.380 banking we are we are we are not gold bugs in fact in the 80s and 90s when i really you know left

00:49:54.420 harvard and went to work for goldman sachs had my own firm it was it was really john maynard canes i

00:49:59.960 think it was i said it was a historic relic a barbaric relic uh this has only been really this focus on

00:50:06.800 the uh on the crushing of the u.s dollar over the last couple years because the u.s dollar is still the

00:50:11.780 backbone of the system uh as you're seeing right now in this war uh the reason we partnered with

00:50:17.800 birch gold is that you know i never talk it's not the price it's the process and it's learning

00:50:22.720 this was a great learning experience for you to understand how the world works even if you never

00:50:29.900 invested or you never did anything it's just to have another error in the quiver that the reason

00:50:36.780 you're the smartest most powerful political uh audience in the world and have really bent the arc

00:50:42.780 of history is that you use your agency and you're engaged uh and we've done this on geopolitics we've

00:50:49.240 done it obviously on on politics itself on culture one of the most important things we do in the show

00:50:54.180 is to talk to a blue collar and a middle class audience on things i think are more sophisticated

00:50:59.900 than cnbc or or forget fox business that's just cheerleading or almost like bloomberg tv we're really

00:51:06.500 trying to get people in here and break down what's going on because we say if you don't understand

00:51:11.060 that you're not going to understand how the world works and that's why the partnership with birch gold

00:51:14.680 and all the work we've put in together the birch gold team and the worm team to do it but philip i

00:51:19.620 want people if you go to birchgold.com promo code band and you get access to all the information but

00:51:25.300 most importantly get access to philip patria team and i've had so many people come to me and say hey

00:51:30.140 in my relationship with birch gold has changed my life because i got in a gold at 1500 bucks and it's

00:51:36.080 over 5000 a day but it's really the learning experience i want we got about a minute philip

00:51:41.140 where do people go how do they get access to you and your team it's really simple it's birchgold.com

00:51:48.020 forward slash bannon again birchgold.com forward slash bannon get the end of the dollar empire reports

00:51:54.860 access to guides on how and why to invest in precious metals in today's climate and as you

00:52:00.980 rightly point out you know your viewers your listeners they have a real desire to learn so

00:52:07.680 the feedback we've been getting from this has been fantastic and whether people ultimately buy or not

00:52:13.220 read the information that's going to be the most important part of this so birchgold.com

00:52:19.180 forward slash bannon or text bannon to 989898 ask for the information and do whatever they want from

00:52:26.160 that no obligation totally free also if you go you can get access to the printed edition

00:52:32.620 the patriots edition of the uh of the uh end of the dollar empire uh also we're coming out philip

00:52:39.840 and i have finally philip made some smart tweaks over the last 48 hours and we'll be out with the eighth

00:52:46.840 free edition the eighth installment as we rub this thing up again philip patrick thank you thank you for

00:52:52.800 taking your time away uh on a saturday appreciate you sir thank you for having me steve okay i'm

00:53:00.040 going to be up on social media with grace and mo elizabeth everybody plus remember tomorrow morning

00:53:07.280 at 10 a.m eastern standard time we're going to have our seven day a week we're going to do our sunday

00:53:12.380 show tomorrow to get you up to speed on everything you need to know on is with this the beginning the

00:53:19.920 kinetic part of world war three where did i hear that before oh that's right the guys in the war

00:53:23.820 room have a great saturday we'll see you back here tomorrow morning at 10 a.m eastern standard time

00:53:31.000 and you will be back in the war room

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Bannon's War Room - March 07, 2026

Episode 5197： Economy Shifts As Iran War Continues

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