Bannon's War Room - March 12, 2026


Episode 5209: Mixed Messaging With The War With Iran; Russian Intel And Leaks To Iran


Episode Stats

Length

54 minutes

Words per Minute

169.49771

Word Count

9,280

Sentence Count

522

Misogynist Sentences

4

Hate Speech Sentences

31


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, Peter Bergen talks about how the White House failed to have a strategic plan for the attack on Iran, and why it s time to focus on domestic politics, not Iran's nuclear program. He also talks about the economic consequences of the strike on Iran's Strait of Hormuz Strait, and what Iran can do to retaliate.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 I think we're at a very dangerous moment.
00:00:15.520 It is clear that the White House did little to no strategic planning for this war.
00:00:20.720 You can see that in the shifting objectives, where at first this was a regime-changed war,
00:00:25.240 then it wasn't.
00:00:26.360 It was to re-obliterate the Iranian nuclear program, and now that's not one of the objectives
00:00:30.980 they list.
00:00:31.520 You can see it in the failure plan to get American citizens out of harm's way in the
00:00:36.540 Gulf to evacuate our embassies that were put in harm's way.
00:00:40.360 You can see this in the fact that they were surprised that the Iranians have launched
00:00:45.400 attacks against Gulf nations, even though the Iranians have threatened that multiple
00:00:49.100 times over the years.
00:00:49.960 And you see that I think most of all in the White House's lack of any plan for Iran closing the Strait of Hormuz, something that everyone that's worked in the national security community can tell you has always been their number one kind of point of leverage.
00:01:07.160 That's their ace and that's the ace card that they have.
00:01:09.520 And so now what you see is a president who clearly gets that this is a political problem for him.
00:01:16.100 You can see a couple of days ago he started trying to talk about how we, you know, we're getting close to ending the war,
00:01:21.140 although then an hour later he'll come out and say, but we still have weeks to go.
00:01:24.240 You can tell he feels the problem.
00:01:27.380 What I worry about now, look, I think the president is likely to end the war sooner rather than later.
00:01:32.500 I think the military campaign probably has two weeks or so to go until it reaches its objectives.
00:01:36.380 but the president may decide to stop the bombing, that doesn't mean Iran is going to end the war.
00:01:41.780 They may decide that they have lost all of their other deterrent measures.
00:01:44.900 They've lost their proxies that they had throughout the region.
00:01:47.200 Their missile program has been decimated first in the attacks last June
00:01:51.020 and then over the course of the last almost two weeks.
00:01:54.020 The one deterrent they have is the economic pain that they can cause us.
00:01:57.760 And they may decide that they want to ramp the pain up, even if the president wants the war to end,
00:02:02.020 to send a message to Donald Trump in the future and to future American presidents and future
00:02:06.080 Israeli prime ministers that they do have leverage and they're willing to use it.
00:02:09.480 You can disagree with the war, but not the war effort. We are accelerating these bombing runs
00:02:16.780 and their offensive output is collapsing. You have to look at it honestly, like these two
00:02:22.240 colleagues to my left said, everything that the Iranians have tried has failed.
00:02:27.840 They tried to have a war of attrition, hunker down, let us run out of munitions and interceptors.
00:02:32.800 That didn't work. They tried to hit the Arab allies.
00:02:35.820 All it did was force them into America's arms.
00:02:38.360 And then they tried to jack up the price of oil.
00:02:40.420 So the base felt the pain at the pump and the market could pressure Trump to take a knee.
00:02:44.540 That didn't happen. The market is stabilized.
00:02:47.600 Oil's down to 80 bucks a barrel. And right now the straits open.
00:02:50.960 It's not completely, but they are moving tankers.
00:02:53.960 And we have things we can do there.
00:02:56.080 We can use ships as sentries. We could do escorts or we could seize Carg Island and just like turn off their revenue with a little spigot.
00:03:04.600 When Trump and Hegseth say that we're only just getting started or they ain't seen nothing yet.
00:03:11.120 That's not saying the war is going to last forever. That's a psyop to the Iranians to say we're holding a lot back.
00:03:17.960 We could be hitting their electrical grids, bridges, oil depots.
00:03:23.020 what we're doing is that they act stupid. We're going to reserve those targets for that punishment
00:03:28.200 right now. We're almost executing this war compassionately. This thing could be much,
00:03:32.940 much bigger. The timing of the war is really intelligent because if you see the
00:03:37.020 volley of these drones and ballistic missiles, imagine five years from now,
00:03:42.300 how much blood and treasure the American Alliance would have to spend
00:03:47.120 busting down these barrages to take out the nuclear program. Their goal was to build a
00:03:54.200 shield around it so we couldn't even consider the strike. People have to be a little bit more
00:03:58.740 patient. We took 10 years to nail bin Laden, two years for Milosevic, eight months for Gaddafi,
00:04:06.540 nine months for Saddam. Hitler died after six years. We got this guy in 50 seconds.
00:04:14.300 You have to acknowledge how great that was.
00:04:44.300 worst the worst president in the history of our country had we've got our eyes on all of them but
00:04:50.460 the war itself is being prosecuted at a level that nobody's seen before it's pretty it's pretty
00:04:56.540 amazing to work i mean if the u.s were to stop um why do you think the the iranians would continue
00:05:06.220 might be in part as a expression of domestic politics you know this is a regime that since
00:05:11.980 Since 1979 has defined itself in part, it's anti-Zionist, but also anti-American, the great Satan.
00:05:19.000 Nothing that's happened, shall we say, in the last two weeks has changed any of that.
00:05:24.180 They also want to show that they've got the ability and will to push back.
00:05:28.440 They may want reparations.
00:05:29.800 They certainly are going to want the relaxation of sanctions.
00:05:32.980 So by continuing to act against energy to make it impossible for tankers to go through the straits, this gives them an awful lot of leverage.
00:05:40.300 My own sense is no matter what the president says, we are moving towards some kind of a negotiation with Iran.
00:05:47.080 And they want to have some leverage.
00:05:48.960 And by continuing the war, that puts pressure on the United States.
00:05:52.660 They read the polls.
00:05:53.800 They look at stock markets.
00:05:55.260 They look at the price of energy internationally.
00:05:58.580 They know that by continuing the war, that gives them an awful lot of leverage.
00:06:02.560 Try to read the bargain, buy oil futures as a means to keep the oil prices down.
00:06:07.220 Or wouldn't it be in very good shape?
00:06:09.420 you see what's happening. They are pretty much at the end of the line. Doesn't mean we're going
00:06:14.880 to end it immediately, but they are. They've got no Navy. They've got no Air Force. They've got no
00:06:20.040 anti-air traffic anything. They have no systems of control. We're just riding free range over
00:06:28.340 that country. And now we're going to look very strongly at the Straits. The Straits are
00:06:33.100 in great shape. We've knocked out all of their boats. They have some missiles, but not very
00:06:38.980 many. I think we're in very good, we're in very good shape. Look, there are three huge
00:06:45.900 challenges that this administration has tackled. The first is that, and they should have frankly
00:06:52.860 moved on this on day one, they have to keep the Strait of Hormuz open. Yes. I don't care what it
00:06:58.460 costs. If they can't keep it open, this war will in fact be an American defeat before very long,
00:07:05.200 because the entire world, including the American people, will react to the price of oil if the
00:07:11.400 straight stays closed right along. So I lived through this with Reagan, as you did in the late
00:07:15.740 80s. Keeping the straight open is the number one job because it buys you time for the two other
00:07:22.760 jobs. The second job is we're going to discover that the Revolutionary Guard is tougher than we
00:07:28.160 thought it was, better connected, and have at least 200,000 people who are true believers,
00:07:34.100 and they have no future. I mean, Trump can say unconditional surrender. These folks know
00:07:41.240 if they lose power, they have no future. And the third challenge is, how do you arouse and
00:07:47.920 organize the street, the 85 million or so people in Iran who do not want the current regime,
00:07:56.020 but they're unarmed, they're unorganized, and that has to be solved. These three problems
00:08:03.040 are going to decide whether this was a stroke of genius or, frankly, a step into quicksand.
00:08:10.940 And I think that the president has to focus very hard on solving these three issues.
00:08:16.840 ...reserves. Victory would also mean the enemy and its surrogates would no longer be pouring
00:08:22.360 missiles into northern Israel. But they are again tonight. This is new video of it.
00:08:27.900 Yet the president declared victory today. And then just a few minutes later, he
00:08:31.640 kind of undeclared it. We don't want to leave early, do we? We got to finish the job, right?
00:08:43.160 He said it several more times. We've got to finish the job. Yet this morning, he also suggested there
00:08:48.060 was little left to do, telling Axios' Barack Ravie there was, quote, practically nothing left
00:08:53.500 to target, a little this and that, and saying, quote, anytime I want to end, it will end. Now,
00:08:59.420 if you're not already confused about that or whether we've won or not, listen to the
00:09:03.680 president also today on what to even call what we are or aren't yet winning.
00:09:11.300 And we did a little excursion. We had to take this little couple of weeks, few weeks of
00:09:17.000 excursion, but it's been incredible. Our military is unbelievable, the job they're doing.
00:09:22.780 I would say, to put it mildly, way ahead of schedule. So we had to take an excursion,
00:09:27.940 But it's doing well.
00:09:29.780 The market's holding up well.
00:09:31.600 Oil will be coming down.
00:09:33.320 That's just a matter of war that happens.
00:09:38.940 You can almost predict it.
00:09:40.320 You just said it is a little excursion, and you said it is a war.
00:09:44.860 So which one is it?
00:09:46.340 Well, it's both.
00:09:47.260 It's both.
00:09:47.860 It's an excursion that will keep us out of a war.
00:09:52.920 And the war is going to be, I mean, for them it's a war.
00:09:56.380 For us, it's turned out to be easier than we thought.
00:10:01.980 Publicly, President Xi Jinping's government is striking a more diplomatic tone, calling for restraint.
00:10:08.380 China's foreign minister, Wang Yi, says this is a war that should never have happened and a war that benefits no one.
00:10:16.280 China has long been Iran's economic lifeline.
00:10:19.840 Beijing buying most of their oil exports despite years of U.S.-led sanctions.
00:10:24.600 And now U.S. officials say they're watching signs Beijing could soon provide more crucial financial support to Tehran.
00:10:32.860 The war is shaking global energy markets, oil prices surging to four-year highs, attacks threatening shipping routes in the Middle East.
00:10:42.480 For China, the world's biggest energy importer, that's a serious risk.
00:10:47.660 But strategically, Beijing may also see opportunity as the two superpowers compete on the world stage,
00:10:57.220 with the CIA putting out these official recruitment videos, brazenly and openly luring Chinese officials to spy for the U.S.
00:11:07.180 Analysts say a prolonged war could pull American attention and military resources back to the Middle East
00:11:14.140 and away from Asia, allowing China to flex its military muscle around Taiwan in the South China
00:11:21.000 Sea and disputed islands near Japan without U.S. interference. We have crossed the Rubicon here,
00:11:28.020 Anderson. We're in a very difficult situation. I believe it's important to carry out what is left
00:11:34.860 of the military campaign. I can't put a time frame on that. I'm sure within CENTCOM they have a sense
00:11:39.400 And they're probably briefing the president. But if if we cut this short and Iran has reconsolidated its hardline elements within the system, which they appear to have done, although we don't know exactly.
00:11:50.160 And they can still reconstitute because they have enough of the capability on the missiles and the drones and maybe even the nuclear.
00:11:57.080 We could be in an even worse position. And a final point.
00:12:00.120 You know, Iran has had a strategic policy for decades, Anderson, to spread the revolution through terrorism, through proxies and to deter any blowback inside their own borders.
00:12:09.400 And they've done that through what they see as deterrence.
00:12:11.840 They used to have very good air defense systems.
00:12:13.900 Hezbollah, very strong, used to be very strong on Israel's border with hundreds of thousands of missiles and rockets and missiles, drones.
00:12:22.240 So there was a deterrence against an attack.
00:12:24.260 It's one reason no president has ever actually done this.
00:12:27.240 If you've taken out those deterrent elements, but they have now restored their deterrence because they control the vital artery of the world
00:12:35.400 And now demonstrated they can use it and it really bites. You might actually come out of this where Iran might be weaker, but they have deterrence against any future attacks.
00:12:45.400 So I'm looking at this strategically. It's a really precarious moment, Anderson. And I think the president's mixed messaging is not helping.
00:12:52.720 uh it is a thursday 12 march in the year of our lord 2026 we're going to get to the bottom of
00:13:00.720 all this break it all down for you so you can see every element of it and come to your own
00:13:05.760 conclusion which is most important right now we need maga and we need the particularly the
00:13:10.220 maga grassroots uh folks that would be this audience to really think this situation through
00:13:16.780 uh you're in the war room we're going to start with jim rickens we have jim up in a moment we
00:13:20.840 got eric bowling here eric bowling called shot yesterday about the release of the um the first
00:13:27.780 off the iea petroleum reserve which i think they said there's going to be 400 million
00:13:31.960 barrels released also the um the the strategic petroleum reserve anyway we'll talk about oil
00:13:38.960 the straits the gulf we will compare and contrast what you just heard jim rickard's one of the best
00:13:44.320 geopolitical strategists and capital market strategists we'll start with we're absolutely
00:13:48.880 packed this morning uh you're here in the war room take your phone out and text bannon b-a-n-n-o-n
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00:14:10.020 and you get to get to philip patrick and philip patrick will be on the show this evening
00:14:14.160 We'll go through all of this
00:14:16.440 Short commercial break
00:14:17.560 Natasha Owens will take you out
00:14:19.760 Jim Rickards is going to bring you in
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00:14:48.680 What about when you took your shot
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00:14:55.500 Where is this song for justice
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00:16:22.480 Here's your host, Stephen K. Mann.
00:16:28.180 Okay, welcome back.
00:16:30.300 Philip Patrick tonight, Jim Rickards this morning.
00:16:32.800 so you can't get two better thinkers about this um i'm gonna play newt gingrich and bring jim on
00:16:39.400 we got to hear this um newt again because when you lose newt um of course newt's a regime change
00:16:47.680 guy guardian newspaper has a story this morning very well sourced from israeli intelligence and
00:16:56.860 israeli political class about how they admit they were not ready for and they're and they
00:17:04.120 wanted regime change uh they basically said it was a hope and a prayer do some bombing and people
00:17:08.780 are going to rise up that's why netanyahu uh went public yesterday with you have to rise up
00:17:14.060 and overthrow overthrow the atollah the mullahs the revolutionary guard that's not happening
00:17:20.160 and that's because of their many reasons but the bombing on saturday night the fire bombing of
00:17:25.880 tehran made this a persian nationalist situation so now we're in it so everybody's talking about
00:17:32.600 hey why did we get in this yes there'll be plenty of time later for that but we're in it now
00:17:36.920 we're in it and we need victory now we got to define victory be very precise about it but
00:17:44.020 this is this is as dark as it possibly gets let's play newt gingrich no one bring jim
00:17:50.500 Richardson? Look, there are three huge challenges that this administration has tackled.
00:17:59.020 The first is that, and they should have frankly moved on this on day one,
00:18:04.040 they have to keep the Strait of Hormuz open. I don't care what it costs, if they can't keep it
00:18:09.540 open, this war will in fact be an American defeat before very long, because the entire world,
00:18:16.500 including the American people, will react to the price of oil if the strait stays closed right
00:18:21.800 long. So I lived through this with Reagan, as you did in the late 80s. Keeping the strait open
00:18:27.000 is the number one job because it buys you time for the other two other jobs. The second job is
00:18:33.520 we're going to discover that the Revolutionary Guard is tougher than we thought it was,
00:18:38.580 better connected, and have at least 200,000 people who are true believers, and they have no future.
00:18:46.000 I mean, right. Trump can say unconditional surrender. These folks know if they lose power, they have no future.
00:18:54.040 And the third challenge is how do you arouse and organize the street, the eighty five million or so people in Iran who do not want the current regime, but they're unarmed, they're unorganized.
00:19:08.700 And that has to be solved.
00:19:11.140 These three problems are going to decide whether this was a stroke of genius or, frankly, a step into quicksand.
00:19:20.260 And I think that the president has to focus very hard on solving these three issues.
00:19:27.820 I gave a speech in June and said the problem we have is not in Tehran.
00:19:31.440 The problem we have is in the streets of New York City.
00:19:33.620 mandami today in a budget crisis i think they're four or five billion dollars short and uh they're
00:19:39.540 supposed to have testimony today his director i think of his omb can't testify because he's
00:19:45.080 fasting for ramadan have you seen these photos coming out of new york city and new jersey over
00:19:49.860 the last couple days you understand they're in a war of conquest here do soft power we're in a
00:19:57.020 crisis folks hope you take your number two points a lot and write that down jim rickerts uh your
00:20:02.680 thoughts and observations, sir? Where are we? Is Jesse Waters right, or is Newt Gingrich right?
00:20:09.440 I take it Jesse Waters is a nice guy, but he's on another planet. I listened very carefully to
00:20:15.560 the opening of the show and what he was saying in particular. He got about everything wrong,
00:20:21.020 but in fairness to him, he's suffering the same confusion that I think most analysts and
00:20:26.000 commentators are suffering. We'll talk about that in a second. As far as Newt Gingrich is concerned,
00:20:31.380 he was exactly right. So he said three issues, keep the strait open, disable the Iran Revolutionary
00:20:38.540 Guard Corps, IRGC, and encourage an uprising in the streets. So that's the right analysis.
00:20:43.940 But the United States is 0 for 3. The straits are not open. And there are a lot of reasons for that.
00:20:49.260 They're not mined. There's no Iranian Navy. But the insurance companies won't underwrite the
00:20:54.340 cargoes and the vessels. The owners of the vessels, Norwegians, Greeks, whatever, they want that
00:20:59.560 through the owners of the cargoes, Chinese and Asians. They don't want them blown up.
00:21:05.140 The naval escort, fine, but Iran still has a lot of land-based power. No Air Force, no Navy,
00:21:11.200 got it, no mines, but they've got a lot of land-based power. But what Iran has done,
00:21:16.100 they've started blowing up tankers near Basra, in Iraq. They're not in the Straits of Hormuz.
00:21:21.800 You can't even get to the Straits of Hormuz. The point is, it's not, yeah, the Straits are a choke
00:21:25.940 point, obviously, geographically. But it's not just the Straits. They're blowing up tankers in
00:21:32.060 the Persian Gulf all the way up to Iraq. And as long as that's the case, then that traffic is
00:21:38.640 closed. No one's going to fill up a tanker. No one's going to set it underway. Now, Jesse Waters
00:21:43.100 said, you know, price of oil spiked to $120, which he did for about a minute. There was panic buying
00:21:48.300 on Monday. And it's back down to $80. Well, he said $80. Right now, it's $95. I checked my ticker
00:21:53.300 a few minutes ago. So oil is $95 a barrel. But regardless, it was $60 a barrel a month ago.
00:22:01.160 So even if you go 60 to 90, that's a 50% increase. So OK, forget 120. That was a super spike. But
00:22:07.680 even at 90, you're going to shut down the global economy and you can't even get the oil.
00:22:12.380 Iran Revolutionary Guard Corps, get rid of them. Yeah, good idea. They control 40% of the economy.
00:22:17.820 They're not just an armed force and a Praetorian Guard. I mean, yeah, they perform functions like
00:22:22.580 that. They control 40% of the economy, the oil industry, the transportation industry,
00:22:28.560 et cetera, minerals and mining, et cetera. And they have for years. So they're a military force
00:22:34.840 in one sense, but they've really taken over the Iranian economy. So you're talking about
00:22:39.460 shutting down Iran. As far as an uprising is concerned, they had an uprising about two months
00:22:44.380 ago. And the Ayatollah killed 5,000 people, just gunned them down in the streets. So you want to
00:22:52.020 be the first one to you know come out of your apartment and start waving a banner i don't think
00:22:56.060 so and it reminds me of you know dick cheney saying that when we you know in the gulf war
00:23:00.500 well 2003 when we get to baghdad they'll be lining the streets with flowers and american flags and
00:23:06.040 greeting us not what happened what you had was uh you know hundreds of thousands of people
00:23:11.160 were killed they were they didn't have guns they were using electric drills to drill people in the
00:23:14.700 head uh so we're repeating all the same jim jim but hang on let me just ask you this if we started
00:23:24.240 and the proposition was and we hear this from admiral cooper and general kane every day on
00:23:29.580 the military and captain finnell comes on here and helps us walk through the degradation if we
00:23:34.560 started with the nuclear program of whatever reality it was if you start with the radars if
00:23:42.220 you start with the air defense systems if you start with degrading their ability to project
00:23:46.260 power of to you know against israel and their gulf neighbors as the starting proposition and
00:23:51.600 you weren't for regime change like we weren't the issue is and the problem is is that they the game
00:23:59.740 has changed the game has changed from saturday night when you when you because you there was
00:24:04.720 this thought that the iranian people would would rise up not the 30 000 that were killed a couple
00:24:09.680 months ago but or a month ago but even more to overthrow this this um this radical and detested
00:24:16.720 islamic theology but since the the revolutionary garden these guys have punch they very they focus
00:24:23.620 on two things this is what i said in the first couple days folks the center of gravity in a
00:24:27.700 closvician sense is not tehran what they're bombing it's the gulf they're going after our
00:24:32.440 gulf allies and they're hitting desalination plants water and they're hitting their oil
00:24:37.040 storage and refineries and that's why lindsey graham comes on here after five minute juleps
00:24:41.700 on tv and says hey saudi arabia will offer you a pact in perpetuity right but you got to step up
00:24:47.620 here you got to start attacking and why the gulf nations are not attacking iran what they're doing
00:24:52.160 is calling the president united states and saying you got to get us out of here we never signed up
00:24:56.140 for this plus the fact that with drone technology i was there at the beginning of this thing 47 years
00:25:02.720 ago my kid brother was a helicopter pilot on the reasoner uss reasoner during the tanker wars that
00:25:08.280 you talked about with reagan the 86 87 88 tanker wars where american navy had to escort these ships
00:25:14.960 through as captain finnell laid out the other day the difference is you didn't have drone technology
00:25:20.040 that can swarm the navy goes in to stop the speedboats from coming along with they did the
00:25:24.220 coal although that was anchored the speedboats from coming and dropping a torpedo uh and they
00:25:29.420 has some radars, but the radars is very tough in the Persian Gulf and the Straits, as you know,
00:25:33.800 Jim, for those radars. Now you have this swarm technology of these cheap drones that are just
00:25:38.980 all over the place. The Navy said today, the Secretary of Energy said from the White House
00:25:43.620 this morning that the Navy is not going to be prepared to even escort the ships to the end of
00:25:48.320 the month. And I'm telling people that's not a panacea. It's not as simple to say, oh, we're
00:25:52.240 going to put a Navy combatant on every ship. It doesn't work like that. It's quite difficult
00:25:56.440 to it's quite difficult on the military evolution to actually escort the ships and it's very
00:26:02.360 difficult today and the Revolutionary Guard knows how to play that game Jim Rickards well that's
00:26:09.140 exactly right if you want to lose the war and lose the American people and lose MAGA all at the same
00:26:13.480 time just have a you know U.S. Navy destroyer struck or badly damaged doesn't even have to
00:26:18.940 sink the Navy said we're not going to escort these tankers because we can't secure the Navy
00:26:24.380 which comes first. The key thing to all this, Steve, you have to separate the military performance
00:26:31.520 from the strategic vision. People mush them together. You got to separate. The military
00:26:37.080 performance has been about flawless. We sank the Iranian Navy. We sank their mine layers.
00:26:44.140 We've eliminated practically all their S-300, S-400 anti-aircraft systems. We've achieved
00:26:50.960 air supremacy, which is one notch higher than air superiority. We've blown up a lot of their
00:26:57.260 missile launchers, not all of them. We wiped out their leadership. If we want to go into Cargill
00:27:02.860 with Special Operations Command, we haven't done that, but that's feasible. So the military
00:27:07.480 performance has been brilliant. You could say mission accomplished. The problem is there's no
00:27:12.820 strategic vision. Now, about four or five days ago, President Trump said, I demand unconditional
00:27:18.900 surrender. There are only two presidents in U.S. history who have demanded unconditional surrender.
00:27:23.940 One of them was Ulysses S. Grant in the Civil War. He wasn't president at the time,
00:27:27.860 but he got the nickname unconditional surrender grant, and he achieved it. The other one was FDR
00:27:32.500 in World War II, who along with Churchill said, we insist on unconditional surrender of the Nazis
00:27:38.580 and the Japanese, and we got it. They were both successful in that. So those are powerful words.
00:27:44.100 Jim, hang on one second.
00:27:47.840 I want to get into all this in the next break.
00:27:51.760 Rickardswarroom.com.
00:27:52.940 It's a landing page.
00:27:54.400 You go there, you get access to Strategic Intelligence,
00:27:58.320 which is a newsletter read by Chairman of the Board,
00:28:00.980 big-time investors, CEOs throughout the world.
00:28:03.980 It puts you right into the C-suite, where you should be.
00:28:08.000 It's predicated on predictive analytics,
00:28:10.860 of which we'll have Jim talk about when he returns.
00:28:14.100 Strategic Intelligence, available for you now at RickardsWarRoom.com.
00:28:20.940 Okay, can we talk about what's really happening right now?
00:28:23.940 New data shows financial stress is at an all-time high.
00:28:27.300 Millions of Americans are at a breaking point.
00:28:29.720 Debt maxed out, no extra money, no room to breathe.
00:28:33.900 And this isn't just lower-income households anymore.
00:28:36.960 Middle-class families are hitting their limits too.
00:28:40.540 This isn't about reckless spending.
00:28:42.780 everyday people are running out of options so if debt has been weighing on you you're not alone
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00:29:40.940 donewithdebt.com that's donewithdebt.com and do it today here's your host steven k man
00:29:48.840 okay bowling who had a called shot yesterday as uh he has been on this situation or as the
00:29:59.420 traitors mentality uh beau french also running uh to head the railroad commission in um in texas
00:30:06.480 which is about the oil and gas industry not about the railroad industry uh and uh on deck and jim
00:30:12.300 records is with it uh jim records uh continue on unconditional surrender abraham lincoln had his
00:30:17.140 instrument to destroy the confederacy in the army of northern virginia that was ulysses s grant
00:30:22.980 who understood that it had to be unconditional surrender or the confederacy would have fought
00:30:27.920 on forever uh same with nazi germany and uh and and imperial japan you got to tell them there's
00:30:34.360 no way out of here president trump put that message out a week ago continue on sir well
00:30:40.680 trump put that message out again the word is very powerful you took my grant and fdr
00:30:44.720 then four days later he says it's an excursion um you know and technically it might be expeditionary
00:30:51.000 force well excursion you know in 1916 uh general blackjack pershing one of only two six-star
00:30:56.740 generals in US history, invaded Mexico to chase Pancho Villa. And then he came back. That's an
00:31:02.860 excursion. But my question for the president is, which is it? Is it unconditional surrender or is
00:31:07.480 it an excursion? I can debate both of those. Maybe you can even defend both of those. But my point is
00:31:12.700 they're projecting confusion. I mean, you don't say those two things within three days of each
00:31:17.300 other and expect people to think that you have a coherent strategy, which they don't. So this is
00:31:23.300 the problem. Now, in terms of the other thing that Americans don't understand, the White House
00:31:27.960 does not understand, and I don't know why they don't understand it, this is a radical theocracy.
00:31:34.100 They don't understand the religious aspect of this. Samuel Huntington laid it out in 1991 in
00:31:39.140 The Clash of Civilizations. He said, take a map of the world, put a transparency over it, and draw
00:31:43.680 the line where blood is being shed, every battle in the world. Take another transparency and draw
00:31:48.560 a line where the religious divides are. Overlay one on the other. They're the same. Whether it's
00:31:54.860 Shiite, Sunni, Christian, Islam, etc. Now, the Muslim, these particular Shiite Muslims,
00:32:03.840 they welcome death. They welcome it. They consider it the divine will of Allah. They're
00:32:08.600 going straight to paradise. There's even a thesis, which I don't have any strong evidence,
00:32:12.860 but it's interesting that they gather, the Aitohan, the head of the Revolutionary Guard,
00:32:17.940 current defense minister, they gathered intentionally knowing they were going to be
00:32:21.080 hunted down and killed so they could all die at once and be martyrs. That's a mentality that is
00:32:26.100 so distant from what people in the United States and the White House think. They don't understand
00:32:30.820 what they're up against. So going down the list, regime change, failure. We've had a leadership
00:32:38.000 change, but we haven't had regime change. Now we've got the mini Ayatollah, Moshtaba is the son
00:32:46.280 of ayatollah khomeini uh he's clearly a puppet he's going to do what the iranian revolutionary
00:32:50.760 guard corps tell him he's not a distinguished scholar you know he's got some mid-level you know
00:32:56.940 uh the uh you know religious credentials but nothing nothing personal he's just going to do
00:33:02.360 he's going to do what he's told he's a puppet the guard corps running the country um so there's no
00:33:07.740 uprising the guard because they're not they're they're they're not they're not into they're not
00:33:13.200 into they're not into hereditary so but it shows continuity but what are they into because now
00:33:19.600 we were all for hey you get over there get your stuff done get your punch list or your or what
00:33:24.980 the navy and the and the air force are doing with the uh with your degradation and then get an offer
00:33:30.400 let's get the hell out of here however the shift to go against the gulf uh allies which trust me
00:33:37.520 they ain't allies okay uh we pretend they're allies um because they're all bailing out and
00:33:43.500 going after the Straits of Hormuz although as you know it's it doesn't really affect right now the
00:33:50.940 the the supply of oil it disrupts it and the speculators get in there the we've allowed the
00:33:56.580 Iranians to change the nature of this conflict correct and that's why Newt Gingrich when you
00:34:02.360 lose new gingrich when you lose new gingrich they've changed the nature of the conflict and
00:34:07.640 so now the gulf and keeping the gulf open becomes paramount doesn't it that's exactly right there
00:34:13.680 are two uh theoretically there are two kinds of escalation and you know president eisenhower i
00:34:19.780 rank him maybe top five presidents and he's brilliant he he once said when you can't solve
00:34:25.100 a problem enlarge the problem make the problem bigger and then you might see the solution now
00:34:30.740 in terms of escalation, vertical escalation, if you want to call it that, is my weapons are bigger
00:34:35.940 than your weapons. You send a bomb, I send a bigger bomb, and we keep going up. That is the
00:34:40.260 dynamic that was in play between the Soviet Union and the US during the Cold War. What the Iranians
00:34:45.460 done is not vertical escalation. They can't do that. They can't match this weapon for weapon.
00:34:49.780 This is horizontal escalation. They spread out the problem, they enlarge the problem,
00:34:54.500 as Eisenhower would put it. Yes, and now they're blowing up oil tankers, not in the Straits of
00:34:59.620 from Uzbut in Iraq. They're bombing Dubai. I know people who were moving a lot of wealth from
00:35:06.100 Singapore to Dubai in recent months. They're like, hey, Singapore's a little too close to China.
00:35:10.960 Dubai looked pretty safe. Not anymore. I've been there many times. There are places that are
00:35:16.520 burning. They disabled to a great extent. People don't know the Fifth Fleet, the United States
00:35:22.140 Navy Fifth Fleet is based in Bahrain. They've disabled those port facilities. Those vessels
00:35:27.200 might have to go to diego garcia which is four days each way um and so they and they but they've
00:35:32.540 been doing this with drones they still have some ballistic missiles um they they don't yeah they've
00:35:38.080 been substantially degraded and we have air air supremacy but they've widened the war very
00:35:44.680 inexpensively by the way as you know these drones are about ten thousand dollars a piece so um yeah
00:35:49.620 they're driving a wedge between the gulf states but here's here okay here's the question though
00:35:53.840 for those of us for those of for those of us that were adamantly opposed to regime change
00:35:59.880 right regime change is newt saying it the reality or because of their ability to have a vote in this
00:36:09.360 they've now forced the issue around the gulf in the straits of her moves that you almost have to
00:36:16.220 have a regime change i'm not saying i support that but i'm saying just strategically otherwise
00:36:21.720 they're going to continue on and iran's going to say hey for all the great american effort for all
00:36:26.020 the great american military for all the israelis bombing us we control the gulf saudi arabia doesn't
00:36:31.100 control it a big tough talking mbz doesn't control it we the americans don't control it we control it
00:36:37.560 your thoughts sir well i think that's exactly right and by the way we've been talking we talked
00:36:42.660 about the military aspects of this where our performance has been great but it was we're
00:36:47.260 losing. And then we talk the strategic aspect of it, which is a muddle. The White House just has
00:36:52.200 not had a clear message from day one, and they still don't. We haven't talked about the economy.
00:36:57.980 I mean, obviously, everyone understands the importance of, well, you're going to drive
00:37:01.020 the entire global economy into a global recession at best, and maybe a market panic. And such as
00:37:08.980 well, we've been talking about it all, but natural gas. Qatar has declared force majeure. It's a
00:37:13.960 technical legal term, but it says, all those contracts we signed, they're negated. You can't
00:37:18.660 sue me, no damages, no contractual lawsuits. I'm just not performing because a greater force,
00:37:24.660 force majeure, has come into play. Well, this is like 40% of the world's natural gas. The US has
00:37:30.140 a lot. Australia has some, but not enough to make up the difference. Europe is going to have to buy
00:37:36.460 natural gas from Russia. Think about that. The last four years, Russia's horrible, they're evil.
00:37:41.480 Oh no, we're giving India, we're giving Russia, and Russia's playing both sides, they're giving targeting information to the Iranians and telling us how they're buddies and they're going to play in India.
00:37:53.240 Let me let me it. The military performance, the valor of our arms, the courage of our troops, the tenacity of our war making capabilities in Korea and in Vietnam and the global war on terror in Iraq, the march up country in Iraq and Afghanistan.
00:38:14.900 originally with those volunteers unparalleled can't be questioned because you see the results
00:38:22.600 of what these folks did in korea and vietnam in the global war on terror and guess what we lost
00:38:28.480 in korea we lost in vietnam and we've lost the global war on terror you've got mandami sitting
00:38:34.500 on rugs having what the iftar dinner or whatever it is sitting on rugs with the portrait of
00:38:39.640 Washington in front of you? You seen that in New York City? You got that? We're going to Brandon
00:38:46.200 Hall on here from Texas on the state education board. You see what they're doing to change the
00:38:50.540 history books in Texas? Understand what I've been saying about it ain't in Tehran where your problem
00:38:56.780 is. They're coming here and they're winning here. They control New York City and today in a middle
00:39:03.320 of budget crisis, the director of the budget can't talk because he's fasting for Ramadan.
00:39:07.680 suck on that right korea and vietnam and the global war terror we're here we're here where
00:39:15.820 we are today yes we've got a military and this training and the kids the young men and women
00:39:20.860 that do it are the best that we got like they were the best in vietnam and like they were the
00:39:26.400 best in korea and look since world war ii we haven't had definitive victories go ahead sir
00:39:32.340 We lost the war in Vietnam, but we never lost a battle.
00:39:36.520 We never lost a single battle in Vietnam, but we lost the war.
00:39:40.980 And something like that is playing out in Iran today or in the Persian Gulf.
00:39:45.020 Look at what the Marine Corps did in Hawaii after the Tet Offensive.
00:39:48.040 I mean, that was door to door, street to street.
00:39:50.260 That was urban fighting, and they prevailed.
00:39:52.300 It was brutal, but they prevailed.
00:39:54.520 We won that battle, but we lost the war.
00:39:56.880 And in Iran, like I said, we sank the Navy, disabled the anti-aircraft systems, wiped out the leadership.
00:40:04.100 If we found, you know, many, many Khamenei today, I mean, I'm not being glib.
00:40:08.580 What's his name?
00:40:09.860 Mojaba.
00:40:10.660 Let's say we killed him.
00:40:11.620 And that may happen.
00:40:12.500 That could happen tonight.
00:40:14.020 They'll just pick somebody else.
00:40:15.340 The point is, that's not regime change.
00:40:17.560 He's a puppet.
00:40:18.540 They don't even believe in heredity.
00:40:19.820 They did that to get in Trump's grill.
00:40:22.980 He's kind of a nobody.
00:40:24.260 They did it to show continuity.
00:40:25.520 they don't believe in hereditary it's it's kind of against their thing they did it to say suck on
00:40:30.220 this here's how much we fear you suck on this because they're dead okay we got to bounce jim
00:40:36.000 i i need go ahead sir go ahead i'm just gonna say they'll keep doing it we can kill five more
00:40:40.640 supreme leaders and they'll pick in other ones that's not regime change
00:40:44.080 um jim records strategic intelligence give me a minute on why people should care and why should
00:40:52.480 they go to your site? Why should they go to RickardsWarRoom.com? Why should they subscribe,
00:40:58.460 sir? Thanks, Steve. When you go to RickardsWarRoom.com, you can subscribe to our flagship
00:41:04.500 publication, Strategic Intelligence. It comes out once a month. We put a ton of work into it. But
00:41:09.200 what's behind it are predictive analytics. We have the best systems. And when I say that,
00:41:15.420 we're using base theory, behavioral psychology, history, complexity theory, etc. When I say we
00:41:20.800 have the best systems. We have the track record to back that up. We called Brexit in 2016 when
00:41:27.060 it was 70% remain. We called Trump's victory in 2016 when it was 92% Hillary. We were the only
00:41:34.620 forecaster, the only one that said 312 electoral votes in 2024, including Michigan, seven out of
00:41:40.720 seven swing states. Nate Silver, all these other big names are not disparaging anyone. We were the
00:41:45.120 only ones who got that right. We have the track record to back it up. What we say to our readers
00:41:49.940 is we don't tell you what happened we tell you what's going to happen next that's our that's
00:41:55.760 our hallmark that's our claim to fame but we have the track record to back that up
00:41:59.040 thank you sir i appreciate you jim records recordsworm.com and there was in a free book on
00:42:07.180 fiat currency and artificial intelligence is to make your night even tougher uh i've got about
00:42:15.740 a minute here bowling i don't have time to play what you did but dude you're so good you told us
00:42:22.680 hey the iea strategic reserve of 400 million what is it barrels the the the strategic patrolling
00:42:30.220 reserve if you do it it's going to go up we did it and i think it i think oil went up eight bucks
00:42:37.980 at one time is that what tell us again give me 30 seconds for a break yeah i'll give you why was
00:42:42.940 So last night we've been talking about how useless tapping into SPRs are, whether it's the massacre or international.
00:42:49.760 Steve, you texted me last night with a headline.
00:42:52.420 Axios, by the way, great call on that pipeline.
00:42:55.540 Axios headline saying Trump said he's going to tap our SPR.
00:42:58.780 And my answer to you was terrible idea.
00:43:01.420 It's never worked.
00:43:02.360 And it doesn't solve the problem.
00:43:04.200 It just puts a piece of gauze on a hemorrhage.
00:43:07.660 And sure enough, oil went straight up.
00:43:09.400 I'll just very quickly, the reason why, Steve, oil traders are smart.
00:43:13.460 They realize there's no real plan to solve this thing.
00:43:16.760 Tapping an SPR is very, very temporary.
00:43:21.040 Hang on for one second.
00:43:23.200 Beau French running to head the Railroad Commission in Texas.
00:43:27.420 That means the top oil and gas guy, Eric Bolling, in the pits with amazing insights
00:43:34.320 and a called shot yesterday right here in the Warburg.
00:43:37.520 Short commercial break.
00:43:38.380 Back in a moment.
00:43:39.400 fellow patriots the federal reserve has betrayed america for over a century printing fiat
00:43:51.020 inflating away your savings serving globalist masters but president trump is ending it
00:43:58.020 president trump is wielding a 112 year old law to reclaim control over the rogue federal reserve
00:44:05.380 He's replacing Jerome Powell, slashing rates, and igniting America's re-industrialization.
00:44:11.520 This isn't theory.
00:44:13.360 Government-backed industry plus low rates unleashes super cycles.
00:44:18.400 History repeats.
00:44:20.040 Gold's already exploding.
00:44:21.720 Miners are up 400% in the last year.
00:44:24.900 What Rickards is calling Trump's gift is wealth for American patriots, not global handouts.
00:44:32.520 Now it's America's turn.
00:44:34.320 Gold to 27,000 in the coming years.
00:44:37.200 Jim Rickards, CIA and Pentagon veteran, says act now.
00:44:41.640 Go to Insider2026.com.
00:44:45.020 That's Insider2026.com to get Jim Rickards' strategic intelligence newsletter today.
00:44:54.440 Here's your host, Stephen K. Mann.
00:44:59.260 For those of you old enough to remember back to the early 70s,
00:45:03.380 the the uh arab oil crisis remember the lines of cars around the corner and one of the things that
00:45:09.460 brought down um one of the many things that that brought down carter's presidency but also
00:45:14.500 with nixon there was there was this big issue all of a sudden with the middle east which we'd never
00:45:20.040 really paid that much attention to uh all of a sudden became it had an impact in everybody's
00:45:26.680 life where that cartel that kind of met in geneva of these arab nations the oil producing nations
00:45:32.060 based their based their uh based their cartel nature around a relatively obscure institution
00:45:40.080 in the great state of texas and that would be the railroad commission uh it is not about the
00:45:44.440 railroads is about the control of oil and gas both frenchers running for that and say the head of
00:45:49.000 it's a publicly elective office bo you're in the middle of this why is the railroad commission
00:45:53.720 important why should people pay attention and most importantly today when we talk about what's
00:45:59.120 happening in the Straits of Hormuz and we're to Karg Island. We're going to send the 82nd
00:46:02.680 Airborne in to seize their assets. We're taking incoming from drones. Why is the position you're
00:46:07.820 running for one of the most important positions in the United States of America, sir?
00:46:15.600 Thanks for having me on. You're absolutely right. Texas produces almost half of the oil and gas for
00:46:21.020 the United States. And as President Trump rightly recognizes, energy is national security. And so
00:46:26.980 Given the focus here in Texas, given President Trump's focus on Venezuela, his focus on Iran, his recent announcement two days ago of the new first in 50 years refinery that they're building in South Texas, I think this just shows that he recognizes how important it is.
00:46:44.800 And so I'm running for this position because, you know, I'm running against an incumbent who performed the worst ever for an incumbent in an election, which is why we're in a runoff.
00:46:54.480 And because he's straddled the industry with, or excuse me, saddled the industry with new regulations, environmental regulations, increased cost on operators, which is just the wrong direction.
00:47:07.380 You know, we need energy dominance here in Texas and in the United States.
00:47:10.500 And so, look, I think that when you talk about energy, when you talk about what's happening in the world, you know, there's lots of criticisms to be, you know, thrown around about how things are prosecuted, you know, militarily around the world.
00:47:24.280 But I think at the end of the day, what we have to do is, and I think this is really important, I never judge President Trump on what he says.
00:47:30.620 I always look at what he does. And so we'll see how this ends up in Iran. But control of the first
00:47:37.900 largest oil reserves in the world in Venezuela, the third largest oil reserves in the world in
00:47:43.020 Iran, clearly this is an important issue. When just a little military action over there
00:47:48.820 around the Straits of Hormuz spikes oil prices, I think consumers recognize how important the
00:47:54.440 free flow of oil around the world really is. And so given how much we produce here in Texas,
00:48:00.620 We need to be producing more here in Texas.
00:48:02.680 We need to be drilling more.
00:48:04.280 We need to free up our operators to produce more oil.
00:48:07.700 Okay, so I hear that.
00:48:09.440 I hear that.
00:48:09.840 But if we want full-spectrum energy dominance, I think a lot of people thought, well, heck, we're there.
00:48:15.960 You're saying we're not.
00:48:16.900 So give me two or three things you're going to do immediately to get us back to full-spectrum energy dominance from the state of Texas.
00:48:25.420 Yeah, you're exactly right.
00:48:26.580 The first thing is we're going to roll back the new Biden-era EPA-type environmental regulations that they saddled the industry with just this last July.
00:48:36.800 So we really haven't even felt the effects of those yet, which means we can reduce the break-even point for operators, which is good for consumers.
00:48:44.080 It's good for jobs in Texas.
00:48:45.900 The other thing we have to do is they've had this, like, bizarre obsession with DEI.
00:48:50.060 We're going to roll back all of the DEI contracts they've been awarding.
00:48:54.080 We're just going to eliminate that totally.
00:48:55.320 So those are the two big things I would say. And then just as a statewide elected official, you know, I view that we need to have elected officials who fight for the values of America, right? And so just having that platform, doing what I've been doing for the last couple of years, just being a fierce advocate, America first warrior for the values that make America great.
00:49:16.200 Bo, where can people find out more about you and your campaign? Where do they go?
00:49:19.660 yeah steve the best place is at my website beaufrench.com or on x i'm their prolific
00:49:25.780 poster on x beau french tx comes in a little hot folks go follow beau french uh one of the most
00:49:34.780 important positions elected positions in this country uh thank you beau appreciate you
00:49:40.120 thank you steve a real warrior right there so yesterday 24 hours ago you did called shots
00:49:48.900 on on the petroleum reserves and you also had some you've had some ideas you put you put forward
00:49:53.980 to the white house so 24 hours later bowling as we rolled you out of the rack are we are you feeling
00:50:02.000 better directionally of where this is going hopefully to the sunlit uplands or is eric
00:50:08.300 bowling not feeling better sir no feeling i'm feeling like we're headed into some badlands
00:50:14.000 couple of things so steve we talked yesterday about don't release sprs certainly not in
00:50:18.840 America. Ours is for emergency use only. We don't have an emergency supply problem in America.
00:50:25.360 And then you texted me last night. Trump just said he's going to release it. And I said,
00:50:29.500 this is a terrible idea. And sure enough, overnight oil traded, the Brent crude oil
00:50:34.260 traded $100 a barrel. We traded around $95 a barrel in West Texas Intermediate.
00:50:39.740 I would like to tell you, it won't work. Releasing SPR oil never works. It's a temporary.
00:50:45.780 And I think traders realize that if this is all we got, oh, so what happens just now with some breaking news right now, per Reuters, Trump announces that he's going to suspend the Jones Act, suspend the Jones Act, 100-year-old act law that will, when he suspends it, allow foreign tankers to help supply our ports.
00:51:08.260 Like right now, you have to have U.S. built and manned tankers that pull into U.S. ports.
00:51:14.120 For 100 years, it's happened.
00:51:15.580 It's been suspended a couple of times.
00:51:17.360 Here's the point.
00:51:18.360 These SPR releases and suspending these Jones Act, they don't have any effect.
00:51:23.600 In fact, it was just announced, and oil is still over $100 a barrel for the Brent and 95 for us.
00:51:30.080 I'll tell you what's happening, Steve.
00:51:31.280 Like it or not, they've got the solution.
00:51:33.380 I sent it in via of you and me talking about it.
00:51:36.980 They have it.
00:51:37.800 I'm just hoping that they're gonna show him
00:51:40.420 and they're not gonna hold it back
00:51:41.960 because they didn't come up with it internally.
00:51:44.140 Because the ideas that are coming up internally,
00:51:45.880 unfortunately, are Band-Aids on hemorrhages
00:51:48.880 and it's gonna get worse.
00:51:50.320 Oil prices are gonna go up.
00:51:51.420 And I will tell you this, I said this to you,
00:51:53.680 I'm going to pay this oil market to go down.
00:51:56.140 I hope it gets to 120
00:51:57.780 because it is gonna be back at 80, 70, $80 in no time.
00:52:01.720 There are so many simple solutions
00:52:03.300 that for whatever reason,
00:52:04.800 the administration seems to be ignoring.
00:52:07.800 Okay, let's take a short commercial break.
00:52:12.600 I'm going to keep Eric.
00:52:13.400 We've also got the Mass Deportation Coalition.
00:52:17.920 Huge story, one of the lead stories in Politico today.
00:52:22.000 Because why?
00:52:23.040 Let me hang on.
00:52:23.980 Wait for it.
00:52:24.340 Oh, polling.
00:52:25.820 Just like the Brownstone guys and Dr. Jeffrey Tucker came up with their massive polling about the Make America Healthy Again movement.
00:52:33.060 in the reality where two-thirds of the American people support many things that Bobby Kennedy's
00:52:38.280 working on. So you're going to be shocked. Folks in this country support deportations,
00:52:45.020 lots of them. The math is there. It's going to be presented. Eric Bolling,
00:52:49.360 Rosemary Jenks, Mike Howell next in the War Room.
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