00:00:39.780Big fat cat real estate owners may like that because the same house becomes worth more, but your rent's going to go up, too, to rent that house if you're not the owner of it.
00:00:49.860It's a bad, bad, horrible situation economically for the U.S.
00:00:55.160The interesting thing is this is happening during a time when you see that classic flight to safety that the U.S. dollar has always had.
00:01:03.440Anyway, Eric, we'll have a lot to talk about tomorrow.
00:01:06.020I'm sure there's going to be a lot of action in the markets overnight as people work their way through this ceasefire.
00:01:11.940Is it going to hold? Is it not going to hold?
00:01:13.180What are the markets telling us this afternoon?
00:02:14.860The closest thing we have to a puppy is Eric Bolling. Thank you, sir. I appreciate you. I'll see you tomorrow morning, sir. Thank you, Eric.
00:02:23.320We're going to do a cold open. We've got a lot of stuff breaking this afternoon. We're going to do a cold open and then Philip Patrick's going to join us.
00:02:29.380But the show is absolutely packed. So let's go ahead and let it rip.
00:02:32.720Today, there is major movement to bolster the fragile two-week ceasefire between the U.S. and Iran after Israeli strikes reportedly killed hundreds in Lebanon on Wednesday and put the truce in limbo.
00:02:46.380President Trump said in an interview with NBC that he asked Israeli Prime Minister Benjamin Netanyahu to be more low-key on Lebanon.
00:03:21.820And the second, a historic, sustainable peace agreement between Israel and Lebanon.
00:03:28.600It just seems like Israel doesn't care about this ceasefire.
00:03:32.220They're going to continue to bubble Lebanon,
00:03:34.780even if it jeopardizes the relative peace that has been established to prepare for these upcoming talks.
00:03:42.040Explain that dynamic, why Israel is so focused on Hezbollah that it's willing to put so much on the line.
00:03:47.380I think the one unmitigated success in the minds of the Israelis' security leadership, and particularly Mossad, was disemboweling Hezbollah after the October 7th military campaigns, of which I think this war in Iran is sort of the culmination.
00:04:03.360We all remember the famous pager gate, the dropping of an enormous bomb on a complex housing secretary general of Hezbollah, Hassan Nasrallah, the utter decimation of their leadership.
00:04:15.260Israel had spent two decades since the second Lebanon war basically mapping the terrain, figuring out everything about Hezbollah, because they anticipated this was going to be the next regional conflict.
00:04:26.560Right. So for them, I think this is they want to deliver the coup de grace.
00:04:30.420Now, it's true that reporting suggests not only was Israel down on the idea of a ceasefire with Iran, but they insisted that Lebanon not be on the table in these negotiations.
00:04:40.080You just played a segment of J.D. Vance coming out of Hungary saying the Iranians got it wrong.
00:04:44.560We never said Lebanon. So that, I think, will offer incentive, if not carte blanche, to the Israelis to escalate.
00:04:50.160And indeed, I mean, just after the ceasefire was announced, within hours, it was the single biggest day of escalation on the Israeli side against Hezbollah.
00:04:58.440Now, the danger here, if you talk to Lebanese, and I have a lot of friends who live in Beirut,
00:05:03.000Quite a lot of Lebanese were happy to see Hezbollah, you know, eviscerated because they saw that Hezbollah was an actual deep state.
00:05:11.420They had control of the country. They were dragging the nation to war.
00:05:14.500And how does Hezbollah have so much control? Because it's a separate entity than the Lebanese government.
00:05:19.640This was the kind of crowning achievement of the IRGC's power projection project.
00:05:23.840The late General Qasem Soleimani kind of constructed this apparatus.
00:05:28.580Hezbollah is not just a terrorist organization. It is a paramilitary.
00:05:31.000a military. They have administrative services. They are a political party. But if ever the term
00:05:36.140deep state should apply, it ought to apply to this organization. They control the airport.
00:05:40.980They control the security apparatus. They had penetrated the Lebanese armed forces.
00:05:44.980You name it, there was a finger in whatever pie in Lebanon. So Lebanese were joyful to see
00:05:51.480Hezbollah finally kind of extirpated from all of these apparatuses. Now we're beginning to get very
00:05:56.880upset and nervous because this is affecting the civilian population. Right. And the one thing you
00:06:01.760don't want to do is alienate people on the ground who might be amenable to seeing, you know, sort of
00:06:06.880emancipation from this terrorist. Right. And reports. That is Michael Weiss. And I think that
00:06:13.560one of the reasons we do cuts and he's on more and more is that he's he's got a way of explaining
00:06:19.800things right there. He cuts to the chase about Hezbollah. As much as I've had a problem with
00:06:26.300this war continue to expand and being in Lebanon there there there is some justification for the
00:06:31.700simple reason they're just not a terrorist organization they are a paramilitary at one time
00:06:35.740I think you could argue the best light infantry uh maybe outside of IDF in the entire Middle East
00:06:42.560uh this so that whole situation now you heard bowling when it was announced earlier that the
00:06:48.180Netanyahu government was prepared to begin discussions oil dropped again now as people
00:06:53.860are thinking about it that's where this truce is very fragile and uh the president and his team
00:07:00.220are trying to work through this and grind through this philip patrick joins us philip um you have
00:07:08.100been on here for a while warning about this but it's always nice to get an outside validation
00:07:14.340particularly from a group as respectable as bloomberg now bloomberg is is michael bloomberg
00:07:19.980owns it. But when we talk Bloomberg, we're really talking about the information that goes to the
00:07:24.660terminal. When we say the terminal, that's to every essential bond trader in the world. Yes,
00:07:29.860equity people have it too also, but it's principally Bloomberg came out of the bond
00:07:34.180department. He was a bond trader at Salomon Brothers back in the 1980s when they were known
00:07:39.500as masters of the universe. If you ever saw the, read the book Bonfire of the Vanities or saw the
00:07:45.480movie with Tom Hanks back in the 1980s. The masters of the universe were then considered the bond
00:07:51.680department of Solomon. I was Goldman Sachs, and that was more M&A and equities, but Solomon kind
00:07:56.860of controlled corporate America through the bond market. So Bloomberg came with this idea to put
00:08:01.480breaking information, important information, right on a terminal that a bond trader wouldn't have to
00:08:07.020read the newspaper and go anywhere. And so today, Philip, I want you to take a moment and walk
00:08:11.620through this. A very important story came out from Bloomberg, and guess what? It's about the
00:08:18.380U.S. dollar and how this entire situation in the Middle East, and particularly as the center of
00:08:24.940gravity of this war, have shifted to the Persian Gulf and the Strait of Hormuz, that this is going
00:08:31.540to have a major impact on the dollar going forward. And I just read the opening paragraph,
00:08:37.160uh philip about gold reserves all of it but when you read this you sit there the war room audience
00:08:43.620you know maybe people that are on bond desk or read the wall street journal the financial times
00:08:48.340of london maybe they're sitting there going this is interesting i hadn't thought about this the
00:08:51.600war and posse would not be a not be part of that group because you have preached this for a while
00:08:57.960but we're validated today by by bloomberg walk us through what this piece tells us and why is it
00:09:03.520important. Look, as you rightly point out, it was referencing things we've been talking about
00:09:08.960on the war room since 2022. And that is that broadly the rules of the global financial system
00:09:15.320have changed. And the Iran conflict, of course, is just another milestone in the longer term
00:09:21.960decline of dollar dominance that really began under President Biden. Now, what's really changed?
00:09:29.020We've talked a lot about weaponization, and we're seeing it now, weaponization of the
00:09:33.220entire financial system. And it's not just one thing, right? Seizing Russia's assets and reserves
00:09:39.720was certainly the catalyst. But now we have tariffs, we have financial sanctions, and now we
00:09:45.680have conflict spillover, right? Iran's declaration that any institution that owns US debt is now a
00:09:52.740legitimate war target was very telling, right? And it shows us that the Iranians are pretty smart,
00:09:58.940they understand our Achilles heel, and they're trying to exert pressure from the inside. But
00:10:04.880look, I don't think this is necessarily a story of collapse, right? The dollar doesn't fall
00:10:11.620overnight. But what it does instead is it erodes milestone by milestone. We saw it exactly the
00:10:18.240same thing with the British pound, right? We saw the economic damage of World War I,
00:10:22.360the Great Depression, Bretton Woods, the Suez crisis, all steps down the path to the same
00:10:28.440destination, not necessarily an apocalypse, but death by a thousand cuts. And it's exactly what
00:10:35.160we're seeing in the current climate. Now, what I don't want to do is come on here and give a
00:10:41.080history lesson, but I want to describe a precedent, right? It isn't just one thing. It's the cumulative
00:10:47.780damage of decisions made over years and decades. Dollar reserves have been trending down really
00:10:53.720since 2013, long before anybody was really talking about this. But today, we can see it
00:11:00.480manifest in the numbers. Central banks used to buy dollars when the dollar fell, sell them into
00:11:05.720rallies. But today, they're not. And that is a massive change in dynamics. And at the same time,
00:11:12.760we need this demand today more than any other time in history. Scott Besson is auctioning off
00:11:19.600$8.2 billion in new debt every trading day this year. So demand matters today more than any other
00:11:28.800point in history. To sort of summarize, the global financial system has worked for years by treating
00:11:36.880U.S. government debt as if it's risk-free. But it's only risk-free while global trust remains
00:11:42.580intact. And that's simply not the case anymore. And we're already starting to see how this is
00:11:47.760playing now in the real world. I want to say also, I want to connect some dots here to what
00:11:55.480we've been talking about. When he says the weaponization, as you remember, we went crazy
00:12:00.100when the EU seized, not just seized, but then we're going to monetize the Russian people's
00:12:09.280assets, not simply the government, but really what the government held for the people of Russia.
00:12:15.180they were going to seize it they were going to monetize it and they were going to actually pay
00:12:19.860because they didn't have the money as we kept telling you they were going to pay for their
00:12:23.080ukraine war defense with the russians cash and and that was the first thing i guess in the
00:12:28.860biden administration that went crazy i have been an advocate of kind of that economic war here and
00:12:34.620i realized that plays into this whole question of the weaponization because the power of what
00:12:39.440Scott Besson did back in December and January to break, was it the real, the currency of
00:12:46.240Iran, this was the thing that forced the people out to the streets.
00:12:51.020They thought the government was going to come down, and I kept advocating, hey, you can
00:12:53.980bring these guys down without firing a shot.
00:12:56.560You don't need this massive military buildup.
00:12:59.120Besson's showing you how you get a revolution going against a regime.
00:13:03.360I mean, when that, for whatever reason, was called off, I've made a huge deal, Patrick, about the only way these guys, the Mullahs, finance themselves.
00:13:13.820They got two ways. They monetize oil to essentially the Chinese Communist Party and now India, but really the CCP.
00:13:19.740They get cash there coming through Hormuz, past a couple of carrier battle groups, through the Malacca Straits to China.
00:13:26.440The other way is in is in the the Tortuga of the Persian Gulf, like the Caribbean pirates used to have in the British Empire.
00:13:34.460You've got Dubai. And this is why I say you can't trust any of these guys.
00:13:37.980Dubai has been the way they've laundered the money and all the assets of the Iranians aren't really sitting in Switzerland.
00:13:44.000Maybe some of the Mullahs and the Aatollahs, but the way they fund the government is in is in UAE and Dubai.
00:13:50.720And I was the first to say, hey, if we're going to send young men and women in harm's way, seize those assets.
00:13:56.620And that does play into this weaponization where the rest of the world goes, well, hey, if the dollar denominated assets can be can every time Trump wants to or the U.S. government wants to, they can just grab it.
00:14:08.580That's much worse than the EU taking the Russians in basically European banks that are in EU-denominated currency.
00:16:29.880Okay, if the other conservative cable news channels are showing puppy dogs and, you know, they want to talk about their new egg omelets,
00:16:39.760it's because they don't want to spend time and talk about what this war is really about and how we're going to work our way through it as a country and as a political movement.
00:16:48.720uh why did we start with end of the dollar empire six years ago and talk about the history of this
00:16:55.820country and populism and fiat currency and the whole history of the populist movement and what
00:17:00.440it meant about you know the jekyll island and the federal reserve and federal income tax and all of
00:17:06.140it and tie it together and talk about current times because we knew this day was coming what
00:17:11.240day is that the day that just like in the british empire and the british pound enormous enormous
00:17:17.540pressure would come on the financial system set up and structured after world war ii
00:17:22.420particularly centered around a place in a system called brenton woods which was a financial system
00:17:29.560that put at the heart of it the um put at the heart of it the u.s dollar as the new prime reserve
00:17:35.440currency to pick up from where the british pound could no longer uh it could no longer rest on its
00:17:41.640shoulders it wasn't their economy wasn't deep enough their capital markets weren't deep enough
00:17:45.980in post-World War II as the victor and remember we were the victor for one of the simple reasons
00:17:51.340that nowhere really in mainland the United States we were intact Germany was shattered
00:17:56.700continental Europe was much of it was shattered Japan was basically driven back to virtually the
00:18:03.840Stone Age same with mainland China so there was massive massive dislocation to the fact that we
00:18:10.340had to step up and write the check for something called the Marshall Plan to put the Europeans back
00:18:14.780on their feet i think that's one of the reasons president trump and others of our age group are
00:18:20.020so furious about nato and why nato stiffed us here in this uh crisis in the middle east but the
00:18:27.620dollar ice our system is under assault it's under assault first number one the elites in this
00:18:32.860country have done a horrible job of mismanaging all of this and you're going to see this this
00:18:39.360week, as we talked about, Russ Vogt's going to go testify to the House Budget Committee, and that
00:18:45.180is there's going to be a firestorm because of the 39 trade and debt, and quite frankly, the Wharton
00:18:51.100School, which President Trump's a graduate of, says there's really $100 trillion in debt resting
00:18:56.380on the shoulders of the dollar. This war has only exacerbated the economic warfare and financial
00:19:02.160warfare around this war is also exacerbated, but nations of the world that don't have bad
00:19:08.880interests in mind with the United States are sitting there going, hey, look, I got to think
00:19:12.560this thing through. Do I want to be that loaded with dollars or I want gold? But the enemies of
00:19:16.840the United States see a perfect opportunity, particularly the BRICS nations led by, wait for
00:19:22.060it, the Chinese Communist Party. And this is why I'm a big advocate. There's no need to go to
00:19:26.160Islamabad. That's just, you're dealing with grundoons that can't deliver and can't execute a
00:19:30.900deal. You've got a state visit set up in mid-May with the Chinese Communist Party and Xi, and
00:19:36.760You'll be in the room, principle to principle, and this has got to be one of the aspects of it.
00:19:41.660Philip Patrick, end of the dollar empire, birchgold.com, promo code Bannon.
00:19:47.620We got the eighth free installment that we talk about the pressures on the dollar even before the war started.
00:19:54.440This is something we've worked on for the last five or six months.
00:19:56.420We edit a little update about the war, but the pressures that were already on the dollar as the prime reserve currency.
00:20:03.320And trust me, the two things that matter in your life every day you should check is is the U.S. dollar in the 10 year bond, because that more those two instruments kind of are proxies for for for kind of capital markets.
00:20:18.520And that is very important to you, your credit card, your car loan, your home loan, your student loan, all of it.
00:28:50.680Now, this is not theory. Government-backed industry plus low rates unleashes super cycles.
00:28:57.400History does repeat. Gold's already exploding. Miners are up over 400 percent in the last year.
00:29:04.620What Rickards is calling Trump's gift is wealth for American patriots, not global handouts.
00:29:11.020now it's america's turn jim rickards former cia and pentagon veteran says act now go to insider
00:29:20.7802026.com that is insider 2026.com to get jim rickards strategic intelligence newsletter today
00:29:30.000strategic intelligence based upon predictive analytics it's what chairman and ceo throughout
00:29:36.360the world read and you should too here's your host stephen k band
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00:30:59.260is extraordinary I think they've saved people on average 1100 bucks plus got them out of plans that
00:31:04.740are just ridiculous that's chapter at 845 war room do it today Rosemary Jenks I just want to hit
00:31:11.240rewind for a moment and just go back you say this is screw American workers bill just take a minute
00:31:16.600or two and go back through this thing because a lot of people are just hearing about this
00:31:19.920and I'm going to talk at the end about why this is a legislative possibility what they can do
00:31:24.760because you've had 20 republicans not squishes these are people that are traitors right led by
00:31:31.540salazar and lawlor who are two of the worst salazar is probably worse than lawlor um walk me through
00:31:36.940just once again why you call it the screw america worker the saw bill yeah because every level of
00:31:44.340american worker whether you're low wage medium wage or high wage you will be screwed by this bill
00:31:49.780It screws American low-wage workers with mass amnesty of more than 10 million illegal aliens who would get permanent right to be here and legal permission to work.
00:32:01.500It screws mid- and high-wage American workers by more than doubling green cards for employment-based immigrants.
00:32:11.160It blows open the door for high-tech American workers.
00:32:16.220It codifies optional practical training OPT. It allows anyone who any foreigner who gets a STEM
00:32:24.160degree in the United States to stay permanently. I mean, the damage that this bill would do
00:32:31.940to American workers is unfathomable. This is, you know, Lawler says, well, if we don't pass this
00:32:39.500now the democrats will pass amnesty this is the democrats amnesty bill it's mass amnesty mass
00:32:47.020immigration and zero deportations because as the amnesty starts ice would not be allowed to deport
00:32:55.380a single illegal alien hey and for at least two years while they have a chance salazar salazar
00:33:02.140salazar and lawlor i want you to suck on this and why you're traitors and you ought to be run out
00:33:07.220they got to be turfed out of Congress. She's worse than he is. And he's terrible,
00:33:11.040but all 20, um, but the, the other thing, Steve, is they say we need, yeah, go ahead, ma'am.
00:33:19.160They claim that they have zero tolerance for criminal aliens in this bill. And that is an
00:33:25.300absolute fabrication. The bill includes very specific waivers for criminals. If you're
00:33:33.000convicted of multiple misdemeanors, you get a waiver. If you've been deported, you get to come
00:33:38.900back and apply for amnesty. If you illegally voted, you get a waiver. So if you're in a state
00:33:48.560or federal gang database, that information can't be used against you. This is lunacy. Oh, and by
00:33:55.940the way, it also gives amnesty to all of the employers who have been hiring all of the illegal
00:34:02.020aliens because none of the information in their applications can be used to hold the employers
00:34:06.900accountable it's disgusting okay i'll do a rant this afternoon when i can i'll have a couple more
00:34:14.460warpath coffees get jacked up and come in hot um but rosemary most importantly for this audience
00:34:20.520because we immerse them in information and then they can use their agency i where do they go
00:34:25.960to you because you've dedicated your life to this you're one of the great patrons in this country
00:34:30.440compare her to salazar rosemary jenks has defended american workers from the first time i met her
00:34:37.180years ago decades ago so where do they go today to find out about this bill and the lives but look
00:34:42.040i don't want to hear about criminal aliens and bad guys yes of course we're gonna get the bad
00:34:45.840guys out but that's just a sop so people are sitting there go no mass deportations we're
00:34:50.600gonna deport all of them every one of them they're all gonna go they all have to go and we should
00:34:56.640have a tension stop all these scams like the h1b scam stop it send them all home in a 10-year
00:35:02.720minimum 10-year moratorium on all immigration then we got time to kind of set this thing up
00:35:09.040sort it out make sure american workers are the priority above all and set up an immigration
00:35:14.560system that's kind of fair but it's going to take a decade to do that and we need a time out
00:35:18.960rosemary jenks where do people go today if you go to iaproject.org iaproject.org we have a fact
00:35:27.920sheet if you type in the search bar salazar or lawler you'll find a list of the bills that they
00:35:33.920have sponsored and the dignity act is one of those we have fact sheets on it we explain all the things
00:35:39.900that they're lying about uh so iaproject.org or follow us on x at iaproject yeah
00:35:47.700you're amazing rosemary thank you get it today immerse yourself in the information then i'll
00:35:54.400have a great rant on this this afternoon thank you ma'am appreciate you dr thayer kind of one
00:36:00.700of our resident strategists i want you to go back you mentioned something on this show
00:36:04.460a couple weeks ago about napoleon talk to me about when napoleon had problems that looked like they
00:36:11.740were like gordian notch you couldn't do it he would say i want you to scale this if you tell
00:36:15.780his marshals. First off, he says, it's your thing that you've got to figure it out. It ain't my job
00:36:20.420to figure it. It's your job to figure it out. He would tell him, scale up your problem. Talk to me
00:36:24.720about that and specifically apply it to the current situation in the Persian Gulf, in the
00:36:31.220Strait or Hormuz, in the entire war with Iran right now, sir. Well, Steve, thanks for having
00:36:39.500me today. What Napoleon did is recognize the logic of escalation that with a great coterie of
00:36:46.800marshals as he had, marshals and generals, these were individuals who could be trusted and they
00:36:52.780could be trusted to execute his vision of the plan. He had the objective and he was confident
00:37:01.460in assigning them their missions knowing that they would be completed. He also emphasized the
00:37:07.920importance of focusing on the objective very importantly. There's one thing on which to focus
00:37:15.160and that's going to have to be achieved. Final point with respect to Napoleon is that he recognized
00:37:20.980that he was the master of improvisation. And here he reminds me so much of Trump. Napoleon said
00:37:27.240the battle begins and the issue develops. And what he meant by that is he's going to start the battle.
00:37:34.300He's going to start the campaign, but because Napoleon was a master in art of the deal, right, he was a master essentially with a mind for war, genius for war, he was always going to be able to outfight his opponent who didn't have Napoleon skills, didn't have Napoleon's abilities.
00:37:55.580So if we apply that to Iran today, what do we see? We see that President Trump is recognizing that however valuable the Iranians are as interlocutors, Beijing is going to really decide this issue, that China has a dominant voice, an important if not dominant voice in Tehran.
00:38:21.140So the question of who rules in Tehran is going to be decided in large measure by Xi Jinping because of the dependence of Iran on communist China.
00:38:35.020So President Trump is recognizing that if he takes this to be resolved with Xi Jinping, as you've suggested, that has advantages for the United States.
00:38:45.800There is a modest coincidence of interest here that Beijing wants oil out of the strait as the U.S. wants the strait open.
00:38:56.460President Trump, like Napoleon, is a master of the deal.
00:39:00.120They both have a genius for war in their respective fields.
00:39:04.780Napoleon obviously kinetic, Trump in everything else as well as the kinetic.
00:39:10.360So he's going to be able to outfight Xi Jinping and get him to place the appropriate pressure on Tehran.
00:39:19.780At the same time, there's U.S. military might and U.S. military in theater, obviously, that could be called upon equally to go back to the kinetic, to go back to warfare if that's going to be required.
00:39:36.540So we want to recognize, I think, the similarities between those individuals and to recognize that President Trump, again, a master dealmaker, is going to be able to ensure that he's using Beijing to put pressure on Tehran to bring to resolution the issues that we have at hand and to ensure that the fragile peace is sustained.
00:40:00.680Well, look, first off, the history of the Persians, the Persians have been negotiating for, I don't know, 3,000 years.
00:40:10.260They fought the Greeks, they fought the Romans, and now they got the Americans as the, also the British, I guess the British was subterfuge, and the Americans.
00:40:22.200So they've taken on the best of the West, right?
00:40:25.600these guys also have a bureaucracy that goes back long before the mullahs they're kind of an
00:40:32.860organized hierarchical society as far as this goes and they they have a way of negotiating
00:40:38.040which is just to tap you along history shows it's just to tap you along why given the fact that we've
00:40:44.840defanged them and declawed them a lot in our military operation go through the punch list
00:40:49.140has been very successful i just don't know now because they're double dealing you all the time
00:40:54.120you see it even the beginning stages of this ceasefire where they're putting out this maximalist
00:40:59.860thing, which President Trump said, I threw it in the trash can. And you guys are lying because
00:41:03.980we're actually dealing with another document and we're pretty far down. We've at least got some
00:41:07.860sort of basis of agreement. They're just going to, all they're going to do is obfuscate and lie
00:41:13.340constantly. And the powers, this is a great power. You've told me, hey, the whole world is shifted
00:41:19.100it now from the global war on terror to a great power struggle particularly the two great powers
00:41:24.560the chinese communist party in the united states of america and this is a global conflict and they
00:41:30.860are they are so far deep inside the wire here than we are there so they're inside the wire
00:41:36.500taking this fight to us here every day at universities on capitol hill on sequoia capital
00:41:42.980the the premier venture capital firm you look at finance you look at all of it they're deep inside
00:41:48.440of here. And they also think they're winning. So why wouldn't we have Trump, who's the master
00:41:54.080dealmaker, and China's always been his central thesis, particularly how he's running them out
00:41:57.860of the Western Hemisphere, and just have a mano a mano with Xi in Beijing, May 13th. It's on the
00:42:04.160books. I don't know why we're dealing with grunt dunes in Pakistan, who are totally controlled
00:42:10.340by the CCP, 100%. And so they're Iranians. Just say, guys, let's put a pin in it. I'm going to
00:42:17.120deal with your paymaster, and we'll figure something out. Dr. Thayer, your thoughts.
00:42:22.700Well, two thoughts. Steve, most folks don't know that during World War II, Iran was occupied.
00:42:30.760The British took the southern half of Iran, and the Soviets occupied the northern half of Iran.
00:42:36.100They didn't ask permission. They just occupied it. And the point of that was to ensure that
00:42:41.500aid, lend-lease aid, could flow from ports on the Persian Gulf into the Soviet Union
00:42:48.300through the Caucasus. So the Soviets and the British just acted. They didn't ask Iranian
00:42:54.500permission. Likewise, President Trump meeting with Xi, I think there's a strategic logic there.
00:43:02.760China has, Communist China has an interest in having this resolved so that they can have access
00:43:10.200to that oil. President Trump has, Beijing has real influence in Tehran. And so what
00:43:18.360Trump is doing is encircling them diplomatically, right? You've got the Chinese working on the
00:43:24.720right flank and we're working on the left flank, essentially, to diplomatically encircle Tehran.
00:43:30.780Dr. Thayer, hang on one second, we're taking a short commercial break.
00:43:35.080Scott Besson is talking about a naval quarantine in the Gulf of Oman.
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